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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Net sales $ 728 $ 852 $ 1,923 $ 3,149
Cost of sales (514) (620) (1,489) (1,778)
Gross Profit 214 232 434 1,370
Selling, general, and administrative expenses (58) (67) (191) (196)
Impairment of long-lived assets, net 1 0 25 0
Other operating credits and charges, net 6 7 (20) 17
Income from operations 161 172 198 1,191
Non-operating income (expense):        
Interest Expense (4) (3) (9) (9)
Investment income 4 5 10 8
Other non-operating items 0 (3) (17) (11)
Income before income taxes 160 172 183 1,178
Provision for income taxes (44) (44) (66) (284)
Equity in unconsolidated affiliate 1 1 3 4
Income from continuing operations 118 129 119 898
Income from discontinued operations, net of income taxes 0 97 0 196
Net income 118 226 119 1,093
Net loss attributed to non-controlling interest 0 0 0 1
Net income attributed to LP $ 118 $ 226 $ 119 $ 1,094
Net income attributed to LP per share of common stock:        
Income per share continuing operations - basic (in dollars per share) $ 1.63 $ 1.75 $ 1.65 $ 11.23
Income per share discontinued operations - basic (in dollars per share) 0 1.32 0 2.45
Net income per share - basic (in dollars per share) 1.63 3.07 1.65 13.67
Income per share continuing operations - diluted (in dollars per share) 1.63 1.74 1.65 11.16
Income per share discontinued operations - diluted (in dollars per share) 0 1.31 0 2.43
Net income per share - diluted (in dollars per share) $ 1.63 $ 3.05 $ 1.65 $ 13.59
Average shares of common stock used to compute Net income per share:        
Basic (in shares) 72 74 72 80
Diluted (in shares) 72 74 72 80