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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Net sales $ 1,130 $ 1,168 $ 2,297 $ 2,062
Cost of sales (611) (483) (1,158) (910)
Gross Profit 518 684 1,139 1,152
Selling, general, and administrative expenses (67) (53) (129) (97)
Other Operating Charges And Credits, Net 11 3 10 3
Income from operations 462 634 1,019 1,058
Non-operating income (expense):        
Interest Expense (3) (4) (6) (9)
Investment income 2 0 3 1
Other non-operating items 2 (3) (8) (11)
Income before income taxes 463 629 1,007 1,040
Provision for income taxes (116) (144) (240) (239)
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions 1 1 2 2
Income from continuing operations 348 486 769 802
Income from discontinued operations, net of income taxes 37 11 99 14
Net income 385 497 868 817
Net loss attributed to noncontrolling interest 0 0 1 1
Net income attributed to LP $ 384 $ 498 $ 868 $ 818
Net income attributed to LP per share of common stock:        
Income per share continuing operations - basic (in dollars per share) $ 4.30 $ 4.82 $ 9.25 $ 7.76
Income per share discontinued operations - basic (in dollars per share) 0.46 0.11 1.18 0.14
Net income per share - basic (in dollars per share) 4.76 4.93 10.43 7.90
Income per share continuing operations - diluted (in dollars per share) 4.28 4.79 9.19 7.71
Income per share discontinued operations - diluted (in dollars per share) 0.45 0.11 1.18 0.14
Net income per share - diluted (in dollars per share) $ 4.73 $ 4.90 $ 10.36 $ 7.85
Average shares of common stock used to compute net income per share:        
Basic (in shares) 81 101 83 103
Diluted (in shares) 81 102 84 104