Acquisitions (Notes)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

.    DIVESTITURES

During the second quarter of 2020, we sold LP’s East River facility located in Nova Scotia, Canada (the East River facility), as well as the assets and brand rights for CanExel®, the fiber-based prefinished siding product manufactured at that facility, for a total purchase price of $17 million, $15 million of which was received in cash in connection with the closing and $2 million of which is payable under a promissory note due in three equal annual installments beginning in June 2021. The current portion is included in prepaid expenses and other current assets and the long-term portion is included in other assets within the Consolidated Balance Sheets. We recognized a gain on sale of $2 million for the year ended December 31, 2020, within other operating credits and charges, net in the Consolidated Statements of Income.

The total net carrying value of assets related to the East River facility and CanExel® at the date of sale was $14 million, consisting primarily of approximately $10 million and $5 million of inventories and property, plant, and equipment, net, respectively.

The Consolidated Statements of Income for the year ended December 31, 2020, include net sales of $14 million related to the divested East River facility and assets and brand rights for CanExel®. The Consolidated Statements of Income for the year ended December 31, 2019, include net sales of $46 million related to the East River facility.