Subsequent Event

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Event

Note 22. Subsequent Event

The following significant event occurred subsequent to December 31, 2021:

•On February 14, 2022, we entered into an agreement with Louisiana-Pacific Canada Ltd., a wholly-owned subsidiary of Louisiana-Pacific Corporation, to acquire the remaining 50% equity interest in two joint ventures that produce I-joists for a cash consideration of $50 million, subject to customary adjustments. These joint ventures, in which we previously owned a 50% equity interest, are comprised of Resolute-LP Engineered Wood Larouche Inc. and Resolute-LP Engineered Wood St-Prime Limited Partnership. The acquisition is subject to certain closing conditions and is expected to close in the first half of 2022. Once approved and completed, the acquisition will be accounted for as a business combination in accordance with the acquisition method of accounting.