Revenue

9 Months Ended

Sep. 30, 2025

Disaggregation of Revenue [Abstract]

Revenue

REVENUE

We disaggregate revenue from contracts with customers into major product lines. We have determined that disaggregating revenue into these categories depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

As noted in the segment reporting information in “Note 13. Selected Segment Data” below, our reportable segments are Siding, Oriented Strand Board (OSB), and LP South America (LPSA). The following tables present our reportable segment revenues, disaggregated by revenue source (dollar amounts in millions):

	Three Months Ended September 30, 2025
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	440	$	—	$	3	$	—	$	443
OSB - Structural Solutions	—		105		35		—		140
	440		105		38		—		583
Commodity
OSB - commodity	—		71		—		—		71
Other
Other products	2		3		1		2		9
	$	443	$	179	$	39	$	2	$	663

	Three Months Ended September 30, 2024
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	418	$	—	$	6	$	—	$	423
OSB - Structural Solutions	—		136		40		—		175
	418		136		46		—		599
Commodity
OSB - commodity	—		112		—		—		112
Other
Other products	3		5		1		2		11
	$	420	$	253	$	47	$	2	$	722
	Nine Months Ended September 30, 2025
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	1,298	$	—	$	16	$	—	$	1,313
OSB - Structural Solutions	—		391		116		—		507
	1,298		391		131		—		1,820
Commodity
OSB - commodity	—		295		—		—		295
Other
Other products	7		11		3		6		27
	$	1,305	$	696	$	134	$	6	$	2,141
	Nine Months Ended September 30, 2024
By product type and family:	Siding		OSB		LPSA		Other		Total
Value-add
Siding Solutions	$	1,190	$	—	$	17	$	—	$	1,207
OSB - Structural Solutions	—		507		119		—		626
	1,190		507		136		—		1,833
Commodity
OSB - commodity	—		395		—		—		395
Other
Other products	7		15		4		7		33
	$	1,196	$	917	$	140	$	7	$	2,261

Revenue is recognized when obligations under the terms of contracts (e.g., purchase orders) with our customers are satisfied; generally, this occurs with the transfer of control of our products at a point in time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. The shipping cost incurred by us to deliver products to our customers is recorded in cost of sales. The expected costs associated with our warranties continue to be recognized as an expense when the products are sold.

Our businesses routinely incur customer program costs to obtain favorable product placement, promote sales of products, and maintain competitive pricing. Customer program costs and incentives are accounted for as a reduction in net sales at the time the program is initiated and/or the revenue is recognized. The costs include, but are not

limited to, volume allowances and rebates, promotional allowances, and cooperative advertising programs. These costs are recorded at the later of (i) the time of sale or (ii) the implementation of the program based on management’s best estimates. Estimates are based on historical and projected experience for each type of program or customer. Volume allowances are accrued based on our estimates of customer volume achievement and other factors incorporated into customer agreements, such as new product purchases, store sell-through, merchandising support, and customer training. Management adjusts accruals when circumstances indicate (typically as a result of a change in volume expectations).

We ship some of our products to customers’ distribution centers on a consignment basis. We retain title to our products stored at the distribution centers. As our products are removed from the distribution centers by retailers and shipped to retailers’ stores, title passes from us to the retailers. At that time, we invoice the retailers and recognize revenue for these consignment transactions. We do not offer a right of return for products shipped to the retailers’ stores from the distribution centers.