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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Louisiana Pacific Corp | NYSE:LPX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.45 | 0.61% | 74.30 | 76.35 | 74.14 | 75.12 | 703,564 | 22:30:00 |
|
|
|
|
|
DELAWARE
|
|
93-0609074
|
(State or other jurisdiction of
incorporation or organization)
|
|
(IRS Employer
Identification No.)
|
|
Large accelerated filer
|
x
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
o
|
Emerging growth company
|
o
|
|
|
|
•
|
changes in governmental fiscal and monetary policies, including tariffs and levels of employment;
|
•
|
changes in general economic conditions;
|
•
|
changes in the cost and availability of capital;
|
•
|
changes in the level of home construction and repair activity;
|
•
|
changes in competitive conditions and prices for our products;
|
•
|
changes in the relationship between supply of and demand for building products;
|
•
|
changes in the relationship between supply of and demand for raw materials, including wood fiber and resins, used in manufacturing our products;
|
•
|
changes in the cost of and availability of energy, primarily natural gas, electricity and diesel fuel;
|
•
|
changes in the cost of and availability of transportation;
|
•
|
changes in other significant operating expenses;
|
•
|
changes in exchange rates between the U.S. dollar and other currencies, particularly the Canadian dollar, Brazilian
real
and Chilean
peso
;
|
•
|
changes in general and industry-specific environmental laws and regulations;
|
•
|
changes in tax laws, and interpretations thereof;
|
•
|
changes in circumstances giving rise to environmental liabilities or expenditures;
|
•
|
the resolution of existing and future product-related litigation and other legal proceedings; and
|
•
|
acts of public authorities, war, civil unrest, natural disasters, fire, floods, earthquakes, inclement weather and other matters beyond our control.
|
Item 1.
|
Financial Statements.
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
986.7
|
|
|
$
|
928.0
|
|
Receivables, net of allowance for doubtful accounts of $0.8 million and $0.9 million at September 30, 2018 and December 31, 2017
|
143.5
|
|
|
142.5
|
|
||
Inventories
|
284.4
|
|
|
259.1
|
|
||
Prepaid expenses and other current assets
|
11.9
|
|
|
7.8
|
|
||
Current portion of notes receivable from asset sales
|
—
|
|
|
22.2
|
|
||
Total current assets
|
1,426.5
|
|
|
1,359.6
|
|
||
Timber and timberlands
|
56.8
|
|
|
55.7
|
|
||
Property, plant and equipment, net
|
976.2
|
|
|
926.1
|
|
||
Goodwill and other intangible assets
|
26.3
|
|
|
26.7
|
|
||
Investments in and advances to affiliates
|
52.6
|
|
|
7.8
|
|
||
Restricted cash
|
13.3
|
|
|
13.3
|
|
||
Other assets
|
59.8
|
|
|
56.8
|
|
||
Deferred tax asset
|
2.9
|
|
|
2.5
|
|
||
Total assets
|
$
|
2,614.4
|
|
|
$
|
2,448.5
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current portion of long-term debt
|
$
|
5.2
|
|
|
$
|
25.1
|
|
Accounts payable and accrued liabilities
|
213.7
|
|
|
237.1
|
|
||
Income taxes payable
|
11.6
|
|
|
4.5
|
|
||
Current portion of contingency reserves
|
2.3
|
|
|
3.4
|
|
||
Total current liabilities
|
232.8
|
|
|
270.1
|
|
||
Long-term debt, excluding current portion
|
348.6
|
|
|
350.8
|
|
||
Deferred income taxes
|
73.5
|
|
|
33.4
|
|
||
Contingency reserves, excluding current portion
|
9.4
|
|
|
11.7
|
|
||
Other long-term liabilities
|
138.7
|
|
|
178.0
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $1 par value, 200,000,000 shares authorized, 153,358,542 shares issued
|
153.4
|
|
|
153.4
|
|
||
Additional paid-in capital
|
456.5
|
|
|
470.6
|
|
||
Retained earnings
|
1,613.9
|
|
|
1,280.1
|
|
||
Treasury stock, 11,452,109 shares and 8,462,949 shares, at cost
|
(264.4
|
)
|
|
(177.5
|
)
|
||
Accumulated comprehensive loss
|
(148.0
|
)
|
|
(122.1
|
)
|
||
Total stockholders’ equity
|
1,811.4
|
|
|
1,604.5
|
|
||
Total liabilities and stockholders’ equity
|
$
|
2,614.4
|
|
|
$
|
2,448.5
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales
|
$
|
736.8
|
|
|
$
|
718.3
|
|
|
$
|
2,238.9
|
|
|
$
|
2,023.3
|
|
Cost of sales
|
524.0
|
|
|
507.7
|
|
|
1,588.7
|
|
|
1,502.3
|
|
||||
Gross profit
|
212.8
|
|
|
210.6
|
|
|
650.2
|
|
|
521.0
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
51.2
|
|
|
49.3
|
|
|
151.9
|
|
|
145.3
|
|
||||
(Gain) loss on sale or impairment of long lived assets, net
|
0.3
|
|
|
0.7
|
|
|
(0.3
|
)
|
|
(1.8
|
)
|
||||
Other operating credits and charges, net
|
(6.3
|
)
|
|
(0.9
|
)
|
|
(11.2
|
)
|
|
4.5
|
|
||||
Income from operations
|
167.6
|
|
|
161.5
|
|
|
509.8
|
|
|
373.0
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Non-operating income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest expense, net of capitalized interest
|
(3.9
|
)
|
|
(4.9
|
)
|
|
(12.7
|
)
|
|
(14.8
|
)
|
||||
Investment income
|
5.5
|
|
|
2.9
|
|
|
13.5
|
|
|
7.2
|
|
||||
Other non-operating items
|
(2.2
|
)
|
|
(2.2
|
)
|
|
(4.3
|
)
|
|
(7.2
|
)
|
||||
Total non-operating income (expense)
|
(0.6
|
)
|
|
(4.2
|
)
|
|
(3.5
|
)
|
|
(14.8
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations before taxes and equity in loss of unconsolidated affiliate
|
167.0
|
|
|
157.3
|
|
|
506.3
|
|
|
358.2
|
|
||||
Provision for income taxes
|
41.8
|
|
|
46.4
|
|
|
122.7
|
|
|
97.9
|
|
||||
Equity in loss of unconsolidated affiliate
|
1.1
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
||||
Income from continuing operations
|
124.1
|
|
|
110.9
|
|
|
381.9
|
|
|
260.3
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loss from discontinued operations before taxes
|
(0.1
|
)
|
|
(1.7
|
)
|
|
(5.7
|
)
|
|
(1.7
|
)
|
||||
Benefit for income taxes
|
—
|
|
|
(0.6
|
)
|
|
(1.4
|
)
|
|
(0.6
|
)
|
||||
Loss from discontinued operations
|
(0.1
|
)
|
|
(1.1
|
)
|
|
(4.3
|
)
|
|
(1.1
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
124.0
|
|
|
$
|
109.8
|
|
|
$
|
377.6
|
|
|
$
|
259.2
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share of common stock:
|
|
|
|
|
|
|
|
||||||||
Income per share continuing operations
|
$
|
0.87
|
|
|
$
|
0.77
|
|
|
$
|
2.65
|
|
|
$
|
1.80
|
|
Loss per share discontinued operations
|
—
|
|
|
(0.01
|
)
|
|
(0.03
|
)
|
|
(0.01
|
)
|
||||
Net income per share - basic
|
$
|
0.87
|
|
|
$
|
0.76
|
|
|
$
|
2.62
|
|
|
$
|
1.79
|
|
Diluted net income per share of common stock:
|
|
|
|
|
|
|
|
||||||||
Income per share continuing operations
|
$
|
0.86
|
|
|
$
|
0.76
|
|
|
$
|
2.62
|
|
|
$
|
1.78
|
|
Loss per share discontinued operations
|
—
|
|
|
(0.01
|
)
|
|
(0.03
|
)
|
|
(0.01
|
)
|
||||
Net income per share - diluted
|
$
|
0.86
|
|
|
$
|
0.75
|
|
|
$
|
2.59
|
|
|
$
|
1.77
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of stock outstanding - basic
|
142.5
|
|
|
144.5
|
|
|
143.9
|
|
|
144.4
|
|
||||
Weighted average shares of stock outstanding - diluted
|
143.9
|
|
|
146.5
|
|
|
145.6
|
|
|
146.3
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
124.0
|
|
|
$
|
109.8
|
|
|
$
|
377.6
|
|
|
$
|
259.2
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(2.0
|
)
|
|
10.4
|
|
|
(13.5
|
)
|
|
4.7
|
|
||||
Unrealized gain (loss) on investments, net of tax
|
0.2
|
|
|
0.4
|
|
|
0.3
|
|
|
0.8
|
|
||||
Defined benefit pension plans:
|
|
|
|
|
|
|
|
||||||||
Change in benefit obligations, translation adjustment
|
(0.1
|
)
|
|
(0.4
|
)
|
|
0.2
|
|
|
(0.8
|
)
|
||||
Amortization of amounts included in net periodic benefit cost:
|
|
|
|
|
|
|
|
||||||||
Actuarial loss, net of tax
|
1.1
|
|
|
0.9
|
|
|
3.4
|
|
|
2.6
|
|
||||
Prior service cost, net of tax
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
|
0.6
|
|
||||
Other
|
—
|
|
|
(0.1
|
)
|
|
0.1
|
|
|
(0.1
|
)
|
||||
Other comprehensive income (loss)
|
(0.7
|
)
|
|
11.4
|
|
|
(9.2
|
)
|
|
7.8
|
|
||||
Comprehensive income
|
$
|
123.3
|
|
|
$
|
121.2
|
|
|
$
|
368.4
|
|
|
$
|
267.0
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
124.0
|
|
|
$
|
109.8
|
|
|
$
|
377.6
|
|
|
$
|
259.2
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
30.7
|
|
|
31.1
|
|
|
91.8
|
|
|
91.3
|
|
||||
Equity in (income) loss of unconsolidated affiliates, including dividends
|
1.3
|
|
|
(0.2
|
)
|
|
0.2
|
|
|
(1.2
|
)
|
||||
(Gain) loss on sale or impairment of long-lived assets, net
|
0.3
|
|
|
0.7
|
|
|
(0.3
|
)
|
|
(1.8
|
)
|
||||
Other operating credits and charges, net
|
(6.2
|
)
|
|
(0.9
|
)
|
|
(6.9
|
)
|
|
4.5
|
|
||||
Stock-based compensation related to stock plans
|
2.1
|
|
|
2.0
|
|
|
6.9
|
|
|
8.0
|
|
||||
Exchange (gain) loss on remeasurement
|
0.5
|
|
|
(0.1
|
)
|
|
0.5
|
|
|
1.6
|
|
||||
Cash settlements of warranties, net of accruals
|
(0.7
|
)
|
|
0.1
|
|
|
(2.2
|
)
|
|
(5.5
|
)
|
||||
Cash settlements of contingencies, net of accruals
|
(0.6
|
)
|
|
(0.3
|
)
|
|
(2.1
|
)
|
|
(0.5
|
)
|
||||
Pension contributions
|
(35.8
|
)
|
|
(6.1
|
)
|
|
(40.9
|
)
|
|
(12.7
|
)
|
||||
Pension expense
|
2.3
|
|
|
2.9
|
|
|
6.9
|
|
|
8.8
|
|
||||
Other adjustments, net
|
(0.1
|
)
|
|
0.2
|
|
|
0.6
|
|
|
0.4
|
|
||||
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
||||||||
(Increase) decrease in receivables
|
19.2
|
|
|
(17.1
|
)
|
|
(26.2
|
)
|
|
(61.9
|
)
|
||||
(Increase) decrease in inventories
|
1.7
|
|
|
(8.5
|
)
|
|
(11.7
|
)
|
|
4.5
|
|
||||
(Increase) decrease in prepaid expenses
|
1.1
|
|
|
0.6
|
|
|
(4.1
|
)
|
|
(2.7
|
)
|
||||
Increase (decrease) in accounts payable and accrued liabilities
|
1.9
|
|
|
18.1
|
|
|
(17.6
|
)
|
|
12.8
|
|
||||
Increase in income taxes
|
9.5
|
|
|
11.1
|
|
|
46.7
|
|
|
0.2
|
|
||||
Net cash provided by operating activities
|
151.2
|
|
|
143.4
|
|
|
419.2
|
|
|
305.0
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
||||||||
Property, plant and equipment additions
|
(62.8
|
)
|
|
(35.0
|
)
|
|
(150.4
|
)
|
|
(80.7
|
)
|
||||
Proceeds from sales of assets
|
—
|
|
|
0.1
|
|
|
0.9
|
|
|
3.3
|
|
||||
Investments in unconsolidated affiliate
|
—
|
|
|
—
|
|
|
(45.0
|
)
|
|
—
|
|
||||
Payment of long-term deposit
|
—
|
|
|
—
|
|
|
—
|
|
|
(32.0
|
)
|
||||
Receipt of proceeds from notes receivable from asset sales
|
—
|
|
|
—
|
|
|
22.2
|
|
|
—
|
|
||||
Other investing activities
|
(0.1
|
)
|
|
0.1
|
|
|
(0.4
|
)
|
|
0.3
|
|
||||
Net cash used in investing activities
|
(62.9
|
)
|
|
(34.8
|
)
|
|
(172.7
|
)
|
|
(109.1
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
||||||||
Repayment of long-term debt
|
(22.1
|
)
|
|
(1.2
|
)
|
|
(22.4
|
)
|
|
(2.5
|
)
|
||||
Payment of cash dividends
|
(18.5
|
)
|
|
—
|
|
|
(56.1
|
)
|
|
—
|
|
||||
Purchase of treasury stock
|
(59.8
|
)
|
|
—
|
|
|
(98.7
|
)
|
|
—
|
|
||||
Sale of common stock, net of cash payments under equity plans
|
—
|
|
|
—
|
|
|
0.1
|
|
|
(0.4
|
)
|
||||
Taxes paid related to net share settlement of equity awards
|
(1.5
|
)
|
|
(0.5
|
)
|
|
(9.3
|
)
|
|
(5.3
|
)
|
||||
Other financing activities
|
—
|
|
|
—
|
|
|
3.1
|
|
|
—
|
|
||||
Net cash used in financing activities
|
(101.9
|
)
|
|
(1.7
|
)
|
|
(183.3
|
)
|
|
(8.2
|
)
|
||||
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
(0.6
|
)
|
|
1.8
|
|
|
(4.5
|
)
|
|
1.7
|
|
||||
Net increase in cash, cash equivalents and restricted cash
|
(14.2
|
)
|
|
108.7
|
|
|
58.7
|
|
|
189.4
|
|
||||
Cash, cash equivalents and restricted cash at beginning of period
|
1,014.2
|
|
|
753.2
|
|
|
941.3
|
|
|
672.5
|
|
||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
1,000.0
|
|
|
$
|
861.9
|
|
|
$
|
1,000.0
|
|
|
$
|
861.9
|
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Comprehensive
Loss
|
|
Total
Stockholders'
Equity
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||
Balance, December 31, 2017
|
153.4
|
|
|
$
|
153.4
|
|
|
8.4
|
|
|
$
|
(177.5
|
)
|
|
$
|
470.6
|
|
|
$
|
1,280.1
|
|
|
$
|
(122.1
|
)
|
|
$
|
1,604.5
|
|
Effect of adoption of ASU 2014-09
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.4
|
)
|
|
|
|
|
(4.4
|
)
|
||||||
Effect of adoption of ASU 2018-02
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16.7
|
|
|
(16.7
|
)
|
|
—
|
|
||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
377.6
|
|
|
|
|
|
377.6
|
|
||||||
Dividends paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(56.1
|
)
|
|
|
|
|
(56.1
|
)
|
||||||
Issuance of shares for stock plans and stock-based compensation
|
|
|
|
|
|
|
(0.9
|
)
|
|
21.1
|
|
|
(21.0
|
)
|
|
|
|
|
|
|
|
0.1
|
|
||||||
Purchase of treasury stock
|
|
|
|
|
|
|
3.5
|
|
|
(98.7
|
)
|
|
|
|
|
|
|
|
|
|
(98.7
|
)
|
|||||||
Compensation expense associated with stock-based compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
6.9
|
|
|
|
|
|
|
|
6.9
|
|
|||||||
Taxes paid related to net settlement of stock-based awards
|
|
|
|
|
|
|
0.5
|
|
|
(9.3
|
)
|
|
|
|
|
|
|
|
|
|
(9.3
|
)
|
|||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9.2
|
)
|
|
(9.2
|
)
|
||||||
Balance, September 30, 2018
|
153.4
|
|
|
$
|
153.4
|
|
|
11.5
|
|
|
$
|
(264.4
|
)
|
|
$
|
456.5
|
|
|
$
|
1,613.9
|
|
|
$
|
(148.0
|
)
|
|
$
|
1,811.4
|
|
Dollar amounts in millions
|
Balance at December 31, 2017
|
|
ASU 2014-09
|
|
ASU 2018-02
|
|
Balance at January 1, 2018
|
||||||||
Receivables, net of allowance for doubtful accounts
|
$
|
142.5
|
|
|
$
|
(21.7
|
)
|
|
$
|
—
|
|
|
$
|
120.8
|
|
Inventories
|
259.1
|
|
|
15.8
|
|
|
—
|
|
|
274.9
|
|
||||
Deferred tax asset
|
2.5
|
|
|
1.5
|
|
|
—
|
|
|
4.0
|
|
||||
Retained earnings
|
1,280.1
|
|
|
(4.4
|
)
|
|
16.7
|
|
|
1,292.4
|
|
||||
Accumulated comprehensive loss
|
(122.1
|
)
|
|
—
|
|
|
(16.7
|
)
|
|
(138.8
|
)
|
|
Quarter Ended September 30, 2018
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||
Dollar amounts in millions
|
As reported
|
|
Balances without adoption of ASC 606
|
|
Effect of Change Higher (Lower)
|
|
As reported
|
|
Balances without adoption of ASC 606
|
|
Effect of Change Higher (Lower)
|
||||||||||||
Consolidated Statement of Income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net sales
|
$
|
736.8
|
|
|
$
|
725.1
|
|
|
11.7
|
|
|
$
|
2,238.9
|
|
|
$
|
2,245.9
|
|
|
$
|
(7.0
|
)
|
|
Cost of sales
|
524.0
|
|
|
517.6
|
|
|
6.4
|
|
|
1,588.7
|
|
|
1,592.6
|
|
|
(3.9
|
)
|
||||||
Selling, general and administrative expenses
|
51.2
|
|
|
52.4
|
|
|
(1.2
|
)
|
|
151.9
|
|
|
155.0
|
|
|
(3.1
|
)
|
||||||
Provision for income taxes
|
41.8
|
|
|
40.2
|
|
|
1.6
|
|
|
122.7
|
|
|
122.7
|
|
|
—
|
|
||||||
Net income
|
124.0
|
|
|
119.1
|
|
|
4.9
|
|
|
377.6
|
|
|
377.6
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated Balance Sheet
|
September 30, 2018
|
|
|
|
|
|
|
||||||||||||||||
Receivables, net of allowance for doubtful accounts
|
$
|
143.5
|
|
|
$
|
169.1
|
|
|
$
|
(25.6
|
)
|
|
|
|
|
|
|
||||||
Inventory
|
284.4
|
|
|
264.7
|
|
|
19.7
|
|
|
|
|
|
|
|
|||||||||
Income taxes payable
|
11.6
|
|
|
10.1
|
|
|
1.5
|
|
|
|
|
|
|
|
|||||||||
Retained earnings
|
1,613.9
|
|
|
1,618.3
|
|
|
(4.4
|
)
|
|
|
|
|
|
|
|
Quarter Ended September 30, 2017
|
||||||||||||||
Dollar amounts in millions
|
As reported
|
|
ASU 2017-07
|
|
Reclassi- fications
|
|
As adjusted
|
||||||||
Consolidated Statement of Income
|
|
|
|
|
|
|
|
||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below)
|
$
|
478.3
|
|
|
$
|
(1.0
|
)
|
|
$
|
30.4
|
|
|
$
|
507.7
|
|
Depreciation and amortization
|
31.1
|
|
|
—
|
|
|
(31.1
|
)
|
|
—
|
|
||||
Selling, general and administrative expenses
|
49.2
|
|
|
(0.6
|
)
|
|
0.7
|
|
|
49.3
|
|
||||
Income from operations
|
159.9
|
|
|
1.6
|
|
|
—
|
|
|
161.5
|
|
||||
Total non-operating income (expense)
|
(2.6
|
)
|
|
(1.6
|
)
|
|
—
|
|
|
(4.2
|
)
|
|
Nine Months Ended September 30, 2017
|
|||||||||||||
Dollar amounts in millions
|
As reported
|
|
ASU 2017-07
|
|
Reclassi- fications
|
|
As adjusted
|
|||||||
Consolidated Statement of Income
|
|
|
|
|
|
|
|
|||||||
Cost of sales (exclusive of depreciation and amortization shown separately below)
|
$
|
1,416.3
|
|
|
$
|
(3.1
|
)
|
|
89.1
|
|
|
$
|
1,502.3
|
|
Depreciation and amortization
|
91.3
|
|
|
—
|
|
|
(91.3
|
)
|
|
—
|
|
|||
Selling, general and administrative expenses
|
144.8
|
|
|
(1.7
|
)
|
|
2.2
|
|
|
145.3
|
|
|||
Income from operations
|
368.2
|
|
|
4.8
|
|
|
—
|
|
|
373.0
|
|
|||
Total non-operating income (expense)
|
(10.0
|
)
|
|
(4.8
|
)
|
|
—
|
|
|
(14.8
|
)
|
|
Quarter Ended September 30, 2017
|
||||||||||
Dollar amounts in millions
|
As reported
|
|
ASU 2016-18
|
|
As adjusted
|
||||||
Consolidated Statement of Cash Flows
|
|
|
|
|
|
||||||
Net cash provided by (used in) investing activities
|
$
|
(34.8
|
)
|
|
$
|
—
|
|
|
$
|
(34.8
|
)
|
Effect of exchange rate on cash, cash equivalents and restricted cash
|
1.8
|
|
|
—
|
|
|
1.8
|
|
|||
Net increase in cash, cash equivalents and restricted cash
|
108.7
|
|
|
—
|
|
|
108.7
|
|
|||
Cash, cash equivalents and restricted cash at beginning of period
|
740.0
|
|
|
13.2
|
|
|
753.2
|
|
|||
Cash, cash equivalents and restricted cash at end of period
|
848.7
|
|
|
13.2
|
|
|
861.9
|
|
|
Nine Months Ended September 30, 2017
|
||||||||||
Dollar amounts in millions
|
As reported
|
|
ASU 2016-18
|
|
As adjusted
|
||||||
Consolidated Statement of Cash Flows
|
|
|
|
|
|
||||||
Net cash provided by (used in) investing activities
|
$
|
(109.3
|
)
|
|
$
|
0.2
|
|
|
$
|
(109.1
|
)
|
Effect of exchange rate on cash, cash equivalents and restricted cash
|
1.9
|
|
|
(0.2
|
)
|
|
1.7
|
|
|||
Net increase in cash, cash equivalents and restricted cash
|
189.4
|
|
|
—
|
|
|
189.4
|
|
|||
Cash, cash equivalents and restricted cash at beginning of period
|
659.3
|
|
|
13.2
|
|
|
672.5
|
|
|||
Cash, cash equivalents and restricted cash at end of period
|
848.7
|
|
|
13.2
|
|
|
861.9
|
|
Quarter Ended September 30, 2018
|
|||||||||||||||||||||||||||
By Product family:
|
Siding
|
|
OSB
|
|
EWP
|
|
South America
|
|
Other
|
|
Inter-segment
|
|
Total
|
||||||||||||||
SmartSide
®
Strand siding
|
$
|
187.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
191.1
|
|
SmartSide
®
Fiber siding
|
30.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30.4
|
|
|||||||
CanExel
®
siding
|
7.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.0
|
|
|||||||
OSB - commodity
|
13.3
|
|
|
196.5
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
210.8
|
|
|||||||
OSB - value-add
|
0.4
|
|
|
150.9
|
|
|
3.5
|
|
|
30.4
|
|
|
—
|
|
|
—
|
|
|
185.2
|
|
|||||||
LVL
|
—
|
|
|
—
|
|
|
35.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35.7
|
|
|||||||
LSL
|
—
|
|
|
—
|
|
|
18.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18.1
|
|
|||||||
I-joist
|
—
|
|
|
—
|
|
|
34.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34.1
|
|
|||||||
Plywood
|
—
|
|
|
—
|
|
|
7.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.7
|
|
|||||||
Other
|
2.0
|
|
|
1.7
|
|
|
4.7
|
|
|
0.7
|
|
|
7.6
|
|
|
—
|
|
|
16.7
|
|
|||||||
|
$
|
240.8
|
|
|
$
|
349.1
|
|
|
$
|
104.8
|
|
|
$
|
34.5
|
|
|
$
|
7.6
|
|
|
$
|
—
|
|
|
$
|
736.8
|
|
By Product type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commodity
|
$
|
13.3
|
|
|
$
|
196.5
|
|
|
$
|
8.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
218.5
|
|
Value-add
|
225.5
|
|
|
150.9
|
|
|
91.4
|
|
|
33.8
|
|
|
—
|
|
|
—
|
|
|
501.6
|
|
|||||||
Other
|
2.0
|
|
|
1.7
|
|
|
4.7
|
|
|
0.7
|
|
|
7.6
|
|
|
—
|
|
|
16.7
|
|
|||||||
|
$
|
240.8
|
|
|
$
|
349.1
|
|
|
$
|
104.8
|
|
|
$
|
34.5
|
|
|
$
|
7.6
|
|
|
$
|
—
|
|
|
$
|
736.8
|
|
Nine Months Ended September 30, 2018
|
|||||||||||||||||||||||||||
By Product family:
|
Siding
|
|
OSB
|
|
EWP
|
|
South America
|
|
Other
|
|
Inter-segment
|
|
Total
|
||||||||||||||
SmartSide
®
Strand siding
|
$
|
546.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
563.4
|
|
SmartSide
®
Fiber siding
|
84.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84.2
|
|
|||||||
CanExel
®
siding
|
33.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33.4
|
|
|||||||
OSB - commodity
|
34.4
|
|
|
608.5
|
|
|
9.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
651.9
|
|
|||||||
OSB - value-add
|
22.0
|
|
|
435.4
|
|
|
11.4
|
|
|
102.5
|
|
|
—
|
|
|
—
|
|
|
571.3
|
|
|||||||
LVL
|
—
|
|
|
—
|
|
|
112.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
112.7
|
|
|||||||
LSL
|
—
|
|
|
—
|
|
|
48.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48.8
|
|
|||||||
I-joist
|
—
|
|
|
—
|
|
|
97.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97.7
|
|
|||||||
Plywood
|
—
|
|
|
—
|
|
|
23.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23.3
|
|
|||||||
Other
|
9.1
|
|
|
5.9
|
|
|
11.7
|
|
|
2.6
|
|
|
22.9
|
|
|
—
|
|
|
52.2
|
|
|||||||
|
$
|
729.4
|
|
|
$
|
1,049.8
|
|
|
$
|
314.6
|
|
|
$
|
122.2
|
|
|
$
|
22.9
|
|
|
$
|
—
|
|
|
$
|
2,238.9
|
|
By Product type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commodity
|
$
|
34.4
|
|
|
$
|
608.5
|
|
|
$
|
32.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
675.2
|
|
Value-add
|
685.9
|
|
|
435.4
|
|
|
270.6
|
|
|
119.6
|
|
|
—
|
|
|
—
|
|
|
1,511.5
|
|
|||||||
Other
|
9.1
|
|
|
5.9
|
|
|
11.7
|
|
|
2.6
|
|
|
22.9
|
|
|
—
|
|
|
52.2
|
|
|||||||
|
$
|
729.4
|
|
|
$
|
1,049.8
|
|
|
$
|
314.6
|
|
|
$
|
122.2
|
|
|
$
|
22.9
|
|
|
$
|
—
|
|
|
$
|
2,238.9
|
|
Quarter Ended September 30, 2017
|
|||||||||||||||||||||||||||
By Product family:
|
Siding
|
|
OSB
|
|
EWP
|
|
South America
|
|
Other
|
|
Inter-segment
|
|
Total
|
||||||||||||||
SmartSide
®
Strand siding
|
$
|
161.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.3
|
|
|
$
|
—
|
|
|
$
|
(1.7
|
)
|
|
$
|
163.2
|
|
SmartSide
®
Fiber siding
|
28.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28.4
|
|
|||||||
CanExel
®
siding
|
13.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13.1
|
|
|||||||
OSB - commodity
|
20.2
|
|
|
209.5
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
231.5
|
|
|||||||
OSB - value-add
|
—
|
|
|
139.1
|
|
|
3.4
|
|
|
34.0
|
|
|
—
|
|
|
—
|
|
|
176.5
|
|
|||||||
LVL
|
—
|
|
|
—
|
|
|
37.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37.7
|
|
|||||||
LSL
|
—
|
|
|
—
|
|
|
12.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.5
|
|
|||||||
I-joist
|
—
|
|
|
—
|
|
|
32.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32.0
|
|
|||||||
Plywood
|
—
|
|
|
—
|
|
|
8.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.2
|
|
|||||||
Other
|
2.9
|
|
|
2.3
|
|
|
2.5
|
|
|
1.0
|
|
|
6.5
|
|
|
—
|
|
|
15.2
|
|
|||||||
|
$
|
226.2
|
|
|
$
|
350.9
|
|
|
$
|
98.1
|
|
|
$
|
38.3
|
|
|
$
|
6.5
|
|
|
$
|
(1.7
|
)
|
|
$
|
718.3
|
|
By Product type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commodity
|
$
|
20.2
|
|
|
$
|
209.5
|
|
|
$
|
10.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
239.7
|
|
Value-add
|
203.1
|
|
|
139.1
|
|
|
85.6
|
|
|
37.3
|
|
|
—
|
|
|
(1.7
|
)
|
|
463.4
|
|
|||||||
Other
|
2.9
|
|
|
2.3
|
|
|
2.5
|
|
|
1.0
|
|
|
6.5
|
|
|
—
|
|
|
15.2
|
|
|||||||
|
$
|
226.2
|
|
|
$
|
350.9
|
|
|
$
|
98.1
|
|
|
$
|
38.3
|
|
|
$
|
6.5
|
|
|
$
|
(1.7
|
)
|
|
$
|
718.3
|
|
Nine Months Ended September 30, 2017
|
|||||||||||||||||||||||||||
By Product family:
|
Siding
|
|
OSB
|
|
EWP
|
|
South America
|
|
Other
|
|
Inter-segment
|
|
Total
|
||||||||||||||
SmartSide
®
Strand siding
|
$
|
482.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14.1
|
|
|
$
|
—
|
|
|
$
|
(3.5
|
)
|
|
$
|
492.6
|
|
SmartSide
®
Fiber siding
|
86.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86.4
|
|
|||||||
CanExel
®
siding
|
41.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41.6
|
|
|||||||
OSB - commodity
|
53.6
|
|
|
551.5
|
|
|
6.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
612.0
|
|
|||||||
OSB - value-add
|
—
|
|
|
384.3
|
|
|
9.9
|
|
|
97.8
|
|
|
—
|
|
|
—
|
|
|
492.0
|
|
|||||||
LVL
|
—
|
|
|
—
|
|
|
107.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
107.9
|
|
|||||||
LSL
|
—
|
|
|
—
|
|
|
35.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35.1
|
|
|||||||
I-joist
|
—
|
|
|
—
|
|
|
88.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88.1
|
|
|||||||
Plywood
|
—
|
|
|
—
|
|
|
18.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18.8
|
|
|||||||
Other
|
7.6
|
|
|
8.5
|
|
|
7.7
|
|
|
2.9
|
|
|
22.3
|
|
|
(0.2
|
)
|
|
48.8
|
|
|||||||
|
$
|
671.2
|
|
|
$
|
944.3
|
|
|
$
|
274.4
|
|
|
$
|
114.8
|
|
|
$
|
22.3
|
|
|
$
|
(3.7
|
)
|
|
$
|
2,023.3
|
|
By Product type:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commodity
|
$
|
53.6
|
|
|
$
|
551.5
|
|
|
$
|
25.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
630.8
|
|
Value-add
|
610.0
|
|
|
384.3
|
|
|
241.0
|
|
|
111.9
|
|
|
—
|
|
|
(3.5
|
)
|
|
1,343.7
|
|
|||||||
Other
|
7.6
|
|
|
8.5
|
|
|
7.7
|
|
|
2.9
|
|
|
22.3
|
|
|
(0.2
|
)
|
|
48.8
|
|
|||||||
|
$
|
671.2
|
|
|
$
|
944.3
|
|
|
$
|
274.4
|
|
|
$
|
114.8
|
|
|
$
|
22.3
|
|
|
$
|
(3.7
|
)
|
|
$
|
2,023.3
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
Dollar amounts in millions
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Total stock-based compensation expense (cost of sales, selling, general and administrative and other operating credits and charges, net)
|
$
|
2.1
|
|
|
$
|
2.0
|
|
|
$
|
6.9
|
|
|
$
|
8.0
|
|
Income tax provision related to stock-based compensation
|
(0.3
|
)
|
|
0.2
|
|
|
(3.1
|
)
|
|
0.5
|
|
||||
Impact on cash flow due to taxes paid related to net share settlement of equity awards
|
1.5
|
|
|
0.5
|
|
|
9.3
|
|
|
5.3
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||
Share amounts in millions
|
September 30,
|
|
September 30,
|
||||||||
2018
|
|
2017
|
|
2018
|
|
2017
|
|||||
Denominator for basic earnings per share:
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding - basic
|
142.5
|
|
|
144.5
|
|
|
143.9
|
|
|
144.4
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||
Dilutive effect of employee stock plans
|
1.4
|
|
|
2.0
|
|
|
1.7
|
|
|
1.9
|
|
Denominator for diluted earnings per share:
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding - diluted
|
143.9
|
|
|
146.5
|
|
|
145.6
|
|
|
146.3
|
|
Dollar amounts in millions
|
September 30, 2018
|
|
December 31, 2017
|
||||
Trade receivables
|
$
|
124.6
|
|
|
$
|
124.6
|
|
Income tax receivable
|
2.3
|
|
|
2.2
|
|
||
Other receivables
|
17.4
|
|
|
16.6
|
|
||
Allowance for doubtful accounts
|
(0.8
|
)
|
|
(0.9
|
)
|
||
Total
|
$
|
143.5
|
|
|
$
|
142.5
|
|
Dollar amounts in millions
|
September 30, 2018
|
|
December 31, 2017
|
||||
Logs
|
$
|
50.3
|
|
|
$
|
60.3
|
|
Other raw materials
|
24.6
|
|
|
20.8
|
|
||
Semi-finished inventory
|
20.5
|
|
|
24.3
|
|
||
Finished products
|
189.0
|
|
|
153.7
|
|
||
Total
|
$
|
284.4
|
|
|
$
|
259.1
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
Dollar amounts in millions
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Reorganization charges
|
$
|
(0.9
|
)
|
|
$
|
—
|
|
|
$
|
(4.7
|
)
|
|
$
|
—
|
|
Adjustment to product-related warranty reserves
|
7.7
|
|
|
—
|
|
|
7.7
|
|
|
(5.4
|
)
|
||||
Refund of environmental costs
|
—
|
|
|
—
|
|
|
8.3
|
|
|
—
|
|
||||
Refund of sales and use taxes
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
||||
Expenses related to hurricane
|
(0.5
|
)
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
||||
Other
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
||||
|
$
|
6.3
|
|
|
$
|
0.9
|
|
|
$
|
11.2
|
|
|
$
|
(4.5
|
)
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
Dollar amounts in millions
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Beginning balance
|
$
|
12.5
|
|
|
$
|
15.7
|
|
|
$
|
15.0
|
|
|
$
|
15.9
|
|
Adjusted to expense
|
(0.8
|
)
|
|
0.8
|
|
|
(1.6
|
)
|
|
0.9
|
|
||||
Payments made
|
(0.3
|
)
|
|
(1.0
|
)
|
|
(2.0
|
)
|
|
(1.3
|
)
|
||||
Ending balance
|
$
|
11.4
|
|
|
$
|
15.5
|
|
|
$
|
11.4
|
|
|
$
|
15.5
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
Dollar amounts in millions
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
Siding
|
$
|
240.8
|
|
|
$
|
226.2
|
|
|
$
|
729.4
|
|
|
$
|
671.2
|
|
OSB
|
349.1
|
|
|
350.9
|
|
|
1,049.8
|
|
|
944.3
|
|
||||
EWP
|
104.8
|
|
|
98.1
|
|
|
314.6
|
|
|
274.4
|
|
||||
South America
|
34.5
|
|
|
38.3
|
|
|
122.2
|
|
|
114.8
|
|
||||
Other
|
7.6
|
|
|
6.5
|
|
|
22.9
|
|
|
22.3
|
|
||||
Intersegment sales
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
(3.7
|
)
|
||||
|
$
|
736.8
|
|
|
$
|
718.3
|
|
|
$
|
2,238.9
|
|
|
$
|
2,023.3
|
|
Operating profit (loss):
|
|
|
|
|
|
|
|
||||||||
Siding
|
$
|
59.8
|
|
|
$
|
53.3
|
|
|
$
|
167.8
|
|
|
$
|
142.9
|
|
OSB
|
114.8
|
|
|
126.8
|
|
|
369.6
|
|
|
290.6
|
|
||||
EWP
|
8.5
|
|
|
6.5
|
|
|
19.9
|
|
|
12.6
|
|
||||
South America
|
6.5
|
|
|
5.8
|
|
|
25.0
|
|
|
16.4
|
|
||||
Other
|
(1.2
|
)
|
|
(1.6
|
)
|
|
(2.9
|
)
|
|
(2.7
|
)
|
||||
Other operating credits and charges, net
|
6.3
|
|
|
0.9
|
|
|
11.2
|
|
|
(4.5
|
)
|
||||
Gain (loss) on sale or impairment of long-lived assets, net
|
(0.3
|
)
|
|
(0.7
|
)
|
|
0.3
|
|
|
1.8
|
|
||||
General corporate and other expenses, net
|
(27.9
|
)
|
|
(29.5
|
)
|
|
(82.8
|
)
|
|
(84.1
|
)
|
||||
Interest expense, net of capitalized interest
|
(3.9
|
)
|
|
(4.9
|
)
|
|
(12.7
|
)
|
|
(14.8
|
)
|
||||
Investment income
|
5.5
|
|
|
2.9
|
|
|
13.5
|
|
|
7.2
|
|
||||
Other non-operating items
|
(2.2
|
)
|
|
(2.2
|
)
|
|
(4.3
|
)
|
|
(7.2
|
)
|
||||
Income from continuing operations before taxes
|
165.9
|
|
|
157.3
|
|
|
504.6
|
|
|
358.2
|
|
||||
Provision for income taxes
|
41.8
|
|
|
46.4
|
|
|
122.7
|
|
|
97.9
|
|
||||
Income from continuing operations
|
$
|
124.1
|
|
|
$
|
110.9
|
|
|
$
|
381.9
|
|
|
$
|
260.3
|
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
Dollar amounts in millions
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Beginning balance
|
$
|
22.8
|
|
|
$
|
25.3
|
|
|
$
|
24.7
|
|
|
$
|
24.1
|
|
Accrued to expense
|
0.2
|
|
|
0.2
|
|
|
0.8
|
|
|
0.6
|
|
||||
Accrued (reduced) to other operating credits and charges
|
(7.7
|
)
|
|
—
|
|
|
(7.7
|
)
|
|
5.4
|
|
||||
Accrued to discontinued operations
|
—
|
|
|
1.5
|
|
|
—
|
|
|
1.5
|
|
||||
Foreign currency translation
|
(0.1
|
)
|
|
0.6
|
|
|
(0.5
|
)
|
|
2.0
|
|
||||
Payments made
|
(0.8
|
)
|
|
(1.6
|
)
|
|
(2.9
|
)
|
|
(7.6
|
)
|
||||
Total warranty reserves
|
14.4
|
|
|
26.0
|
|
|
14.4
|
|
|
26.0
|
|
||||
Current portion of warranty reserves
|
(4.0
|
)
|
|
(9.0
|
)
|
|
(4.0
|
)
|
|
(9.0
|
)
|
||||
Long-term portion of warranty reserves
|
$
|
10.4
|
|
|
$
|
17.0
|
|
|
$
|
10.4
|
|
|
$
|
17.0
|
|
|
|
|
|
Pension Adjustments
|
|
|
|
|
|
|
||||||||||||||
Dollar amounts in millions
|
|
Foreign currency translation adjustments
|
|
Actuarial losses
|
|
Prior service costs
|
|
Unrealized gain (loss) on investments
|
|
Other
|
|
Total
|
||||||||||||
Balance at June 30, 2018
|
|
$
|
(51.2
|
)
|
|
$
|
(94.3
|
)
|
|
$
|
(4.7
|
)
|
|
$
|
4.3
|
|
|
$
|
(1.4
|
)
|
|
$
|
(147.3
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
(2.0
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
(1.9
|
)
|
||||||
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net other comprehensive income (loss) before reclassifications
|
|
(2.0
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
(1.9
|
)
|
||||||
Amounts reclassified from accumulated comprehensive income (loss)
|
|
—
|
|
|
1.5
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
||||||
Income taxes
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
||||||
Net amounts reclassified from cumulative other comprehensive income (loss)
|
|
—
|
|
|
1.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
||||||
Total other comprehensive income (loss)
|
|
(2.0
|
)
|
|
1.0
|
|
|
0.1
|
|
|
0.2
|
|
|
—
|
|
|
(0.7
|
)
|
||||||
Balance at September 30, 2018
|
|
$
|
(53.2
|
)
|
|
$
|
(93.3
|
)
|
|
$
|
(4.6
|
)
|
|
$
|
4.5
|
|
|
$
|
(1.4
|
)
|
|
$
|
(148.0
|
)
|
|
|
|
|
Pension Adjustments
|
|
|
|
|
|
|
||||||||||||||
Dollar amounts in millions
|
|
Foreign currency translation adjustments
|
|
Actuarial losses
|
|
Prior service costs
|
|
Unrealized gain (loss) on investments
|
|
Other
|
|
Total
|
||||||||||||
Balance at December 31, 2017
|
|
$
|
(39.7
|
)
|
|
$
|
(79.5
|
)
|
|
$
|
(4.9
|
)
|
|
$
|
3.5
|
|
|
$
|
(1.5
|
)
|
|
$
|
(122.1
|
)
|
Effect of adoption of ASU 2018-02
|
|
—
|
|
|
(17.4
|
)
|
|
—
|
|
|
0.7
|
|
|
—
|
|
|
(16.7
|
)
|
||||||
Other comprehensive income (loss) before reclassifications
|
|
(13.5
|
)
|
|
0.2
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
(12.9
|
)
|
||||||
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||
Net other comprehensive income (loss) before reclassifications
|
|
(13.5
|
)
|
|
0.2
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
(13.0
|
)
|
||||||
Amounts reclassified from accumulated comprehensive income (loss)
|
|
—
|
|
|
4.6
|
|
|
0.4
|
|
|
—
|
|
|
0.1
|
|
|
5.1
|
|
||||||
Income taxes
|
|
—
|
|
|
(1.2
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
||||||
Net amounts reclassified from cumulative other comprehensive income (loss)
|
|
—
|
|
|
3.4
|
|
|
0.3
|
|
|
—
|
|
|
0.1
|
|
|
3.8
|
|
||||||
Total other comprehensive income (loss)
|
|
(13.5
|
)
|
|
3.6
|
|
|
0.3
|
|
|
0.3
|
|
|
0.1
|
|
|
(9.2
|
)
|
||||||
Balance at September 30, 2018
|
|
$
|
(53.2
|
)
|
|
$
|
(93.3
|
)
|
|
$
|
(4.6
|
)
|
|
$
|
4.5
|
|
|
$
|
(1.4
|
)
|
|
$
|
(148.0
|
)
|
|
|
|
|
Pension Adjustments
|
|
|
|
|
|
|
||||||||||||||
Dollar amounts in millions
|
|
Foreign currency translation adjustments
|
|
Actuarial losses
|
|
Prior service costs
|
|
Unrealized gain (loss) on investments
|
|
Other
|
|
Total
|
||||||||||||
Balance at June 30, 2017
|
|
$
|
(52.0
|
)
|
|
$
|
(86.4
|
)
|
|
$
|
(4.8
|
)
|
|
$
|
3.1
|
|
|
$
|
(0.7
|
)
|
|
$
|
(140.8
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
10.4
|
|
|
(0.4
|
)
|
|
—
|
|
|
0.7
|
|
|
(0.2
|
)
|
|
10.5
|
|
||||||
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
||||||
Net other comprehensive income (loss) before reclassifications
|
|
10.4
|
|
|
(0.4
|
)
|
|
—
|
|
|
0.4
|
|
|
(0.2
|
)
|
|
10.2
|
|
||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
|
—
|
|
|
1.4
|
|
|
0.3
|
|
|
—
|
|
|
0.1
|
|
|
1.8
|
|
||||||
Income taxes
|
|
—
|
|
|
(0.5
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
||||||
Net amounts reclassified from cumulative other comprehensive income (loss)
|
|
—
|
|
|
0.9
|
|
|
0.2
|
|
|
—
|
|
|
0.1
|
|
|
1.2
|
|
||||||
Total other comprehensive income (loss)
|
|
10.4
|
|
|
0.5
|
|
|
0.2
|
|
|
0.4
|
|
|
(0.1
|
)
|
|
11.4
|
|
||||||
Balance at September 30, 2017
|
|
$
|
(41.6
|
)
|
|
$
|
(85.9
|
)
|
|
$
|
(4.6
|
)
|
|
$
|
3.5
|
|
|
$
|
(0.8
|
)
|
|
$
|
(129.4
|
)
|
|
|
|
|
Pension Adjustments
|
|
|
|
|
|
|
||||||||||||||
Dollar amounts in millions
|
|
Foreign currency translation adjustments
|
|
Actuarial losses
|
|
Prior service costs
|
|
Unrealized gain (loss) on investments
|
|
Other
|
|
Total
|
||||||||||||
Balance at December 31, 2016
|
|
$
|
(46.3
|
)
|
|
$
|
(87.7
|
)
|
|
$
|
(5.2
|
)
|
|
$
|
2.7
|
|
|
$
|
(0.7
|
)
|
|
$
|
(137.2
|
)
|
Other comprehensive income (loss) before reclassifications
|
|
4.7
|
|
|
(0.8
|
)
|
|
—
|
|
|
1.3
|
|
|
(0.2
|
)
|
|
5.0
|
|
||||||
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
—
|
|
|
(0.5
|
)
|
||||||
Net other comprehensive income (loss) before reclassifications
|
|
4.7
|
|
|
(0.8
|
)
|
|
—
|
|
|
0.8
|
|
|
(0.2
|
)
|
|
4.5
|
|
||||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
|
—
|
|
|
4.2
|
|
|
0.9
|
|
|
—
|
|
|
0.1
|
|
|
5.2
|
|
||||||
Income taxes
|
|
—
|
|
|
(1.6
|
)
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
(1.9
|
)
|
||||||
Net amounts reclassified from cumulative other comprehensive income (loss)
|
|
—
|
|
|
2.6
|
|
|
0.6
|
|
|
—
|
|
|
0.1
|
|
|
3.3
|
|
||||||
Total other comprehensive income (loss)
|
|
4.7
|
|
|
1.8
|
|
|
0.6
|
|
|
0.8
|
|
|
(0.1
|
)
|
|
7.8
|
|
||||||
Balance at September 30, 2017
|
|
$
|
(41.6
|
)
|
|
$
|
(85.9
|
)
|
|
$
|
(4.6
|
)
|
|
$
|
3.5
|
|
|
$
|
(0.8
|
)
|
|
$
|
(129.4
|
)
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
Dollar amounts in millions
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
$
|
1.2
|
|
|
$
|
1.4
|
|
|
$
|
3.4
|
|
|
$
|
4.1
|
|
Other components of net periodic pension cost:
|
|
|
|
|
|
|
|
||||||||
Interest cost
|
2.9
|
|
|
3.3
|
|
|
8.6
|
|
|
9.7
|
|
||||
Expected return on plan assets
|
(3.3
|
)
|
|
(3.3
|
)
|
|
(10.1
|
)
|
|
(9.8
|
)
|
||||
Amortization of prior service cost
1
|
0.1
|
|
|
0.2
|
|
|
0.3
|
|
|
0.6
|
|
||||
Amortization of net loss
1
|
1.5
|
|
|
1.4
|
|
|
4.7
|
|
|
4.2
|
|
||||
Net periodic pension cost
|
$
|
2.4
|
|
|
$
|
3.0
|
|
|
$
|
6.9
|
|
|
$
|
8.8
|
|
|
|
|
|
|
|
|
|
||||||||
Net periodic pension cost included in cost of sales
|
$
|
0.8
|
|
|
$
|
0.9
|
|
|
$
|
2.1
|
|
|
$
|
2.7
|
|
Net periodic pension cost included in selling, general, and administrative expenses
|
0.4
|
|
|
0.5
|
|
|
1.3
|
|
|
1.4
|
|
||||
Net periodic pension cost included in other non-operating items
|
1.2
|
|
|
1.6
|
|
|
3.5
|
|
|
4.7
|
|
||||
|
$
|
2.4
|
|
|
$
|
3.0
|
|
|
$
|
6.9
|
|
|
$
|
8.8
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
Quarter Ended September 30, 2018 (Dollar amounts in millions)
|
Siding
|
|
OSB
|
|
EWP
|
|
South America
|
|
Other
|
|
Corporate
|
|
Total
|
||||||||||||
Net income (loss)
|
$
|
59.8
|
|
|
$114.8
|
|
$
|
8.5
|
|
|
$
|
6.5
|
|
|
$
|
(1.3
|
)
|
|
$
|
(64.3
|
)
|
|
$124.0
|
||
Loss from discontinued operations before taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||||
Benefit for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) from continuing operations
|
59.8
|
|
|
114.8
|
|
|
8.5
|
|
|
6.5
|
|
|
(1.2
|
)
|
|
(64.3
|
)
|
|
124.1
|
|
|||||
Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41.8
|
|
|
41.8
|
|
|||||
Interest expense, net of capitalized interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.9
|
|
|
3.9
|
|
|||||
Depreciation and amortization
|
8.2
|
|
|
15.5
|
|
|
3.8
|
|
|
2.1
|
|
|
0.4
|
|
|
0.7
|
|
|
30.7
|
|
|||||
EBITDA from continuing operations
|
68.0
|
|
|
130.3
|
|
|
12.3
|
|
|
8.6
|
|
|
(0.8
|
)
|
|
(17.9
|
)
|
|
200.5
|
|
|||||
Stock-based compensation expense
|
0.3
|
|
|
0.2
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
2.1
|
|
|||||
Loss on sale or impairment of long-lived assets, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.3
|
|
|||||
Investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.4
|
)
|
|
(5.4
|
)
|
|||||
Other operating credits and charges, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.3
|
)
|
|
(6.3
|
)
|
|||||
Other non-operating items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.2
|
|
|
2.2
|
|
|||||
Adjusted EBITDA from continuing operations
|
$
|
68.3
|
|
|
$130.5
|
|
$
|
12.4
|
|
|
$
|
8.6
|
|
|
$
|
(0.8
|
)
|
|
$
|
(25.6
|
)
|
|
$193.4
|
||
Adjusted EBITDA Margin
|
28
|
%
|
|
37
|
%
|
|
12
|
%
|
|
25
|
%
|
|
(11
|
)%
|
|
NA
|
|
|
26
|
%
|
Quarter Ended September 30, 2017
(Dollar amounts in millions)
|
Siding
|
|
OSB
|
|
EWP
|
|
South America
|
|
Other
|
|
Corporate
|
|
Total
|
||||||||||||
Net income (loss)
|
$
|
53.3
|
|
|
$126.8
|
|
$
|
6.5
|
|
|
$
|
5.8
|
|
|
$
|
(2.7
|
)
|
|
$
|
(79.9
|
)
|
|
$109.8
|
||
Loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
|||||
Benefit for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
|||||
Income (loss) from continuing operations
|
53.3
|
|
|
126.8
|
|
|
6.5
|
|
|
5.8
|
|
|
(1.6
|
)
|
|
(79.9
|
)
|
|
110.9
|
|
|||||
Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46.4
|
|
|
46.4
|
|
|||||
Interest expense, net of capitalized interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.9
|
|
|
4.9
|
|
|||||
Depreciation and amortization
|
8.1
|
|
|
15.2
|
|
|
4.0
|
|
|
2.4
|
|
|
0.7
|
|
|
0.7
|
|
|
31.1
|
|
|||||
EBITDA from continuing operations
|
61.4
|
|
|
142.0
|
|
|
10.5
|
|
|
8.2
|
|
|
(0.9
|
)
|
|
(27.9
|
)
|
|
193.3
|
|
|||||
Stock-based compensation expense
|
0.2
|
|
|
0.2
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
2.0
|
|
|||||
Gain on sale or impairment of long-lived assets, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
0.7
|
|
|||||
Investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.9
|
)
|
|
(2.9
|
)
|
|||||
Other operating credits and charges, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|
(0.9
|
)
|
|||||
Other non-operating items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.2
|
|
|
2.2
|
|
|||||
Adjusted EBITDA from continuing operations
|
$
|
61.6
|
|
|
$142.2
|
|
$
|
10.6
|
|
|
$
|
8.2
|
|
|
$
|
(0.9
|
)
|
|
$
|
(27.3
|
)
|
|
$194.4
|
||
Adjusted EBITDA Margin
|
27
|
%
|
|
41
|
%
|
|
11
|
%
|
|
21
|
%
|
|
(14
|
)%
|
|
NA
|
|
|
27
|
%
|
Nine Months Ended September 30, 2018 (Dollar amounts in millions)
|
Siding
|
|
OSB
|
|
EWP
|
|
South America
|
|
Other
|
|
Corporate
|
|
Total
|
||||||||||||
Net income (loss)
|
$
|
167.8
|
|
|
$369.6
|
|
$
|
19.9
|
|
|
$
|
25.0
|
|
|
$
|
(7.2
|
)
|
|
$
|
(197.5
|
)
|
|
$377.6
|
||
Loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.7
|
|
|
—
|
|
|
5.7
|
|
|||||
Benefit for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.4
|
)
|
|
—
|
|
|
(1.4
|
)
|
|||||
Income (loss) from continuing operations
|
167.8
|
|
|
369.6
|
|
|
19.9
|
|
|
25.0
|
|
|
(2.9
|
)
|
|
(197.5
|
)
|
|
381.9
|
|
|||||
Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122.7
|
|
|
122.7
|
|
|||||
Interest expense, net of capitalized interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.7
|
|
|
12.7
|
|
|||||
Depreciation and amortization
|
24.8
|
|
|
43.8
|
|
|
12.5
|
|
|
6.7
|
|
|
1.6
|
|
|
2.4
|
|
|
91.8
|
|
|||||
EBITDA from continuing operations
|
192.6
|
|
|
413.4
|
|
|
32.4
|
|
|
31.7
|
|
|
(1.3
|
)
|
|
(59.7
|
)
|
|
609.1
|
|
|||||
Stock-based compensation expense
|
0.8
|
|
|
0.7
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
4.6
|
|
|
6.4
|
|
|||||
Gain on sale or impairment of long-lived assets, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(0.3
|
)
|
|||||
Investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13.5
|
)
|
|
(13.5
|
)
|
|||||
Other operating credits and charges, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.2
|
)
|
|
(11.2
|
)
|
|||||
Other non-operating items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.3
|
|
|
4.3
|
|
|||||
Adjusted EBITDA from continuing operations
|
$
|
193.4
|
|
|
$414.1
|
|
$
|
32.7
|
|
|
$
|
31.7
|
|
|
$
|
(1.3
|
)
|
|
$
|
(75.8
|
)
|
|
$594.8
|
||
Adjusted EBITDA Margin
|
27
|
%
|
|
39
|
%
|
|
10
|
%
|
|
26
|
%
|
|
(6
|
)%
|
|
NA
|
|
|
27
|
%
|
Nine Months Ended September 30, 2017 (Dollar amounts in millions)
|
Siding
|
|
OSB
|
|
EWP
|
|
South America
|
|
Other
|
|
Corporate
|
|
Total
|
||||||||||||
Net income (loss)
|
$
|
142.9
|
|
|
$290.6
|
|
$
|
12.6
|
|
|
$
|
16.4
|
|
|
$
|
(3.8
|
)
|
|
$
|
(199.5
|
)
|
|
$259.2
|
||
Loss from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
|
1.7
|
|
|||||
Benefit for incomes taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
|||||
Income (loss) from continuing operations
|
142.9
|
|
|
290.6
|
|
|
12.6
|
|
|
16.4
|
|
|
(2.7
|
)
|
|
(199.5
|
)
|
|
260.3
|
|
|||||
Provision for income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97.9
|
|
|
97.9
|
|
|||||
Interest expense, net of capitalized interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.8
|
|
|
14.8
|
|
|||||
Depreciation and amortization
|
23.7
|
|
|
44.8
|
|
|
11.6
|
|
|
6.8
|
|
|
2.1
|
|
|
2.3
|
|
|
91.3
|
|
|||||
EBITDA from continuing operations
|
166.6
|
|
|
335.4
|
|
|
24.2
|
|
|
23.2
|
|
|
(0.6
|
)
|
|
(84.5
|
)
|
|
464.3
|
|
|||||
Stock-based compensation expense
|
0.6
|
|
|
0.6
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
6.6
|
|
|
8.0
|
|
|||||
Gain on sale or impairment of long-lived assets, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.8
|
)
|
|
(1.8
|
)
|
|||||
Investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.2
|
)
|
|
(7.2
|
)
|
|||||
Other operating credits and charges, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.5
|
|
|
4.5
|
|
|||||
Other non-operating items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.2
|
|
|
7.2
|
|
|||||
Adjusted EBITDA from continuing operations
|
$
|
167.2
|
|
|
$336.0
|
|
$
|
24.4
|
|
|
$
|
23.2
|
|
|
$
|
(0.6
|
)
|
|
$
|
(75.2
|
)
|
|
$475.0
|
||
Adjusted EBITDA Margin
|
25
|
%
|
|
36
|
%
|
|
9
|
%
|
|
20
|
%
|
|
(3
|
)%
|
|
NA
|
|
|
23
|
%
|
|
Quarter Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
124.0
|
|
|
$
|
109.8
|
|
|
$
|
377.6
|
|
|
$
|
259.2
|
|
Add (deduct):
|
|
|
|
|
|
|
|
||||||||
Loss from discontinued operations
|
0.1
|
|
|
1.1
|
|
|
4.3
|
|
|
1.1
|
|
||||
(Gain) loss on sale or impairment of long-lived assets, net
|
0.3
|
|
|
0.7
|
|
|
(0.3
|
)
|
|
(1.8
|
)
|
||||
Other operating credits and charges, net
|
(6.3
|
)
|
|
(0.9
|
)
|
|
(11.2
|
)
|
|
4.5
|
|
||||
Reported tax provision
|
41.8
|
|
|
46.4
|
|
|
122.7
|
|
|
97.9
|
|
||||
Normalized tax provision at 25% for 2018 and 35% for 2017
|
(40.0
|
)
|
|
(55.0
|
)
|
|
(123.3
|
)
|
|
(126.3
|
)
|
||||
Adjusted income from continuing operations
|
$
|
119.9
|
|
|
$
|
102.1
|
|
|
$
|
369.8
|
|
|
$
|
234.6
|
|
Diluted shares outstanding
|
143.9
|
|
|
146.5
|
|
|
145.6
|
|
|
146.3
|
|
||||
Adjusted income from continuing operations per diluted share
|
$
|
0.83
|
|
|
$
|
0.70
|
|
|
$
|
2.54
|
|
|
$
|
1.60
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Net sales
|
$
|
240.8
|
|
|
$
|
226.2
|
|
|
6
|
%
|
|
$
|
729.4
|
|
|
$
|
671.2
|
|
|
9
|
%
|
Operating income
|
$
|
59.8
|
|
|
$
|
53.3
|
|
|
12
|
%
|
|
$
|
167.8
|
|
|
$
|
142.9
|
|
|
17
|
%
|
Adjusted EBITDA from continuing operations
|
$
|
68.3
|
|
|
$
|
61.6
|
|
|
11
|
%
|
|
$
|
193.4
|
|
|
$
|
167.2
|
|
|
16
|
%
|
Adjusted EBITDA margin
|
28
|
%
|
|
27
|
%
|
|
|
|
|
27
|
%
|
|
25
|
%
|
|
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
SmartSide
®
strand siding
|
$
|
187.7
|
|
|
$
|
161.6
|
|
|
16
|
%
|
|
$
|
546.3
|
|
|
$
|
482.0
|
|
|
13
|
%
|
SmartSide
®
fiber siding
|
30.4
|
|
|
28.4
|
|
|
7
|
%
|
|
84.2
|
|
|
86.4
|
|
|
(3
|
)%
|
||||
CanExel siding
|
7.0
|
|
|
13.1
|
|
|
(47
|
)%
|
|
33.4
|
|
|
41.6
|
|
|
(20
|
)%
|
||||
OSB - commodity
|
13.3
|
|
|
20.2
|
|
|
(34
|
)%
|
|
34.4
|
|
|
53.6
|
|
|
(36
|
)%
|
||||
OSB - value add
|
0.4
|
|
|
—
|
|
|
100
|
%
|
|
22.0
|
|
|
—
|
|
|
100
|
%
|
||||
Other
|
2.0
|
|
|
2.9
|
|
|
(31
|
)%
|
|
9.1
|
|
|
7.6
|
|
|
20
|
%
|
||||
Total
|
$
|
240.8
|
|
|
$
|
226.2
|
|
|
6
|
%
|
|
$
|
729.4
|
|
|
$
|
671.2
|
|
|
9
|
%
|
|
Quarter Ended September 30,
2018 versus 2017 |
|
Nine Months Ended September 30,
2018 versus 2017 |
||||||||
|
Average Net
Selling Price
|
|
Unit
Shipments
|
|
Average Net
Selling Price
|
|
Unit
Shipments
|
||||
SmartSide
®
strand siding
|
5
|
%
|
|
10
|
%
|
|
5
|
%
|
|
8
|
%
|
SmartSide
®
fiber siding
|
11
|
%
|
|
(5
|
)%
|
|
9
|
%
|
|
(11
|
)%
|
CanExel siding
|
(5
|
)%
|
|
(42
|
)%
|
|
4
|
%
|
|
(22
|
)%
|
OSB
|
(11
|
)%
|
|
(24
|
)%
|
|
16
|
%
|
|
(10
|
)%
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Net sales
|
$
|
349.1
|
|
|
$
|
350.9
|
|
|
(1
|
)%
|
|
$
|
1,049.8
|
|
|
$
|
944.3
|
|
|
11
|
%
|
Operating income
|
$
|
114.8
|
|
|
$
|
126.8
|
|
|
(9
|
)%
|
|
$
|
369.6
|
|
|
$
|
290.6
|
|
|
27
|
%
|
Adjusted EBITDA from continuing operations
|
$
|
130.5
|
|
|
$
|
142.2
|
|
|
(8
|
)%
|
|
$
|
414.1
|
|
|
$
|
336.0
|
|
|
23
|
%
|
Adjusted EBITDA Margin
|
37
|
%
|
|
41
|
%
|
|
|
|
39
|
%
|
|
36
|
%
|
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
OSB - commodity
|
$
|
196.5
|
|
|
$
|
209.5
|
|
|
(6
|
)%
|
|
$
|
608.5
|
|
|
$
|
551.5
|
|
|
10
|
%
|
OSB - value add
|
150.9
|
|
|
139.1
|
|
|
8
|
%
|
|
435.4
|
|
|
384.3
|
|
|
13
|
%
|
||||
Other
|
1.7
|
|
|
2.3
|
|
|
(26
|
)%
|
|
5.9
|
|
|
8.5
|
|
|
(31
|
)%
|
||||
Total
|
$
|
349.1
|
|
|
$
|
350.9
|
|
|
(1
|
)%
|
|
$
|
1,049.8
|
|
|
$
|
944.3
|
|
|
11
|
%
|
|
Quarter Ended September 30,
2018 versus 2017 |
|
Nine Months Ended September 30,
2018 versus 2017 |
||||||||
|
Average Net
Selling Price
|
|
Unit
Shipments
|
|
Average Net
Selling Price
|
|
Unit
Shipments
|
||||
OSB - commodity
|
(4
|
)%
|
|
(4
|
)%
|
|
12
|
%
|
|
(2
|
)%
|
OSB - value-add
|
3
|
%
|
|
8
|
%
|
|
13
|
%
|
|
1
|
%
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Net sales
|
$
|
104.8
|
|
|
$
|
98.1
|
|
|
7
|
%
|
|
$
|
314.6
|
|
|
$
|
274.4
|
|
|
15
|
%
|
Operating income
|
$
|
8.5
|
|
|
$
|
6.5
|
|
|
31
|
%
|
|
$
|
19.9
|
|
|
$
|
12.6
|
|
|
58
|
%
|
Adjusted EBITDA from continuing operations
|
$
|
12.4
|
|
|
$
|
10.6
|
|
|
17
|
%
|
|
$
|
32.7
|
|
|
$
|
24.4
|
|
|
34
|
%
|
Adjusted EBITDA margin
|
12
|
%
|
|
11
|
%
|
|
|
|
|
10
|
%
|
|
9
|
%
|
|
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
LVL
|
$
|
35.7
|
|
|
$
|
37.7
|
|
|
(5
|
)%
|
|
$
|
112.7
|
|
|
$
|
107.9
|
|
|
4
|
%
|
LSL
|
18.1
|
|
|
12.5
|
|
|
45
|
%
|
|
48.8
|
|
|
35.1
|
|
|
39
|
%
|
||||
I-Joist
|
34.1
|
|
|
32.0
|
|
|
7
|
%
|
|
97.7
|
|
|
88.1
|
|
|
11
|
%
|
||||
OSB - commodity
|
1.0
|
|
|
1.8
|
|
|
(44
|
)%
|
|
9.0
|
|
|
6.9
|
|
|
30
|
%
|
||||
OSB - value add
|
3.5
|
|
|
3.4
|
|
|
3
|
%
|
|
11.4
|
|
|
9.9
|
|
|
15
|
%
|
||||
Plywood
|
7.7
|
|
|
8.2
|
|
|
(6
|
)%
|
|
23.3
|
|
|
18.8
|
|
|
24
|
%
|
||||
Other
|
4.7
|
|
|
2.5
|
|
|
88
|
%
|
|
11.7
|
|
|
7.7
|
|
|
52
|
%
|
||||
Total
|
$
|
104.8
|
|
|
$
|
98.1
|
|
|
7
|
%
|
|
$
|
314.6
|
|
|
$
|
274.4
|
|
|
15
|
%
|
|
Quarter Ended September 30,
2018 versus 2017 |
|
Nine Months Ended September 30,
2018 versus 2017 |
||||||||
|
Average Net
Selling Price
|
|
Unit
Shipments
|
|
Average Net
Selling Price
|
|
Unit
Shipments
|
||||
LVL
|
9
|
%
|
|
(10
|
)%
|
|
9
|
%
|
|
(3
|
)%
|
LSL
|
13
|
%
|
|
30
|
%
|
|
10
|
%
|
|
28
|
%
|
I-Joist
|
5
|
%
|
|
4
|
%
|
|
8
|
%
|
|
5
|
%
|
OSB
|
13
|
%
|
|
(24
|
)%
|
|
17
|
%
|
|
5
|
%
|
Plywood
|
(10
|
)%
|
|
5
|
%
|
|
12
|
%
|
|
11
|
%
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Net sales
|
$
|
34.5
|
|
|
$
|
38.3
|
|
|
(10
|
)%
|
|
$
|
122.2
|
|
|
$
|
114.8
|
|
|
6
|
%
|
Operating income
|
$
|
6.5
|
|
|
$
|
5.8
|
|
|
12
|
%
|
|
$
|
25.0
|
|
|
$
|
16.4
|
|
|
52
|
%
|
Adjusted EBITDA from continuing operations
|
$
|
8.6
|
|
|
$
|
8.2
|
|
|
5
|
%
|
|
$
|
31.7
|
|
|
$
|
23.2
|
|
|
37
|
%
|
Adjusted EBITDA margin
|
25
|
%
|
|
21
|
%
|
|
|
|
|
26
|
%
|
|
20
|
%
|
|
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
OSB - value add
|
$
|
30.4
|
|
|
$
|
34.0
|
|
|
(11
|
)%
|
|
$
|
102.5
|
|
|
$
|
97.8
|
|
|
5
|
%
|
SmartSide strand siding
|
3.4
|
|
|
3.3
|
|
|
3
|
%
|
|
17.1
|
|
|
14.1
|
|
|
21
|
%
|
||||
Other
|
0.7
|
|
|
1.0
|
|
|
(30
|
)%
|
|
2.6
|
|
|
2.9
|
|
|
(10
|
)%
|
||||
Total
|
$
|
34.5
|
|
|
$
|
38.3
|
|
|
(10
|
)%
|
|
$
|
122.2
|
|
|
$
|
114.8
|
|
|
6
|
%
|
|
Quarter Ended September 30,
2018 versus 2017 |
|
Nine Months Ended September 30,
2018 versus 2017 |
||||||||
|
Average Net
Selling Price
|
|
Unit
Shipments
|
|
Average Net
Selling Price
|
|
Unit
Shipments
|
||||
OSB
|
7
|
%
|
|
(17
|
)%
|
|
18
|
%
|
|
(10
|
)%
|
Siding
|
2
|
%
|
|
(3
|
)%
|
|
6
|
%
|
|
12
|
%
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
Change
|
|
2018
|
|
2017
|
|
Change
|
||||||||||
Net sales
|
$
|
7.6
|
|
|
$
|
6.5
|
|
|
17
|
%
|
|
$
|
22.9
|
|
|
$
|
22.3
|
|
|
3
|
%
|
Operating losses
|
$
|
(1.2
|
)
|
|
$
|
(1.6
|
)
|
|
25
|
%
|
|
$
|
(2.9
|
)
|
|
$
|
(2.7
|
)
|
|
(7
|
)%
|
Adjusted EBITDA from continuing operations
|
$
|
(0.8
|
)
|
|
$
|
(0.9
|
)
|
|
11
|
%
|
|
$
|
(1.3
|
)
|
|
$
|
(0.6
|
)
|
|
(117
|
)%
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Dollar amounts in millions
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest income
|
$
|
5.1
|
|
|
$
|
2.6
|
|
|
$
|
13.3
|
|
|
$
|
6.4
|
|
Realized gain on sale of long-term security
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
||||
SERP market adjustments
|
0.1
|
|
|
0.3
|
|
|
—
|
|
|
0.8
|
|
||||
Investment income
|
5.4
|
|
|
2.9
|
|
|
13.5
|
|
|
7.2
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(4.7
|
)
|
|
(5.2
|
)
|
|
(15.0
|
)
|
|
(15.5
|
)
|
||||
Amortization of debt charges
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.6
|
)
|
|
(0.7
|
)
|
||||
Capitalized interest
|
1.1
|
|
|
0.5
|
|
|
2.9
|
|
|
1.4
|
|
||||
Interest expense, net of capitalized interest
|
(3.8
|
)
|
|
(4.9
|
)
|
|
(12.7
|
)
|
|
(14.8
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net periodic pension cost, excluding service cost
|
(1.2
|
)
|
|
(1.6
|
)
|
|
(3.5
|
)
|
|
(4.8
|
)
|
||||
Foreign currency gain (loss)
|
(1.0
|
)
|
|
(0.6
|
)
|
|
(0.8
|
)
|
|
(2.4
|
)
|
||||
Other non-operating items
|
(2.2
|
)
|
|
(2.2
|
)
|
|
(4.3
|
)
|
|
(7.2
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Total non-operating expense
|
$
|
(0.6
|
)
|
|
$
|
(4.2
|
)
|
|
$
|
(3.5
|
)
|
|
$
|
(14.8
|
)
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Housing starts
1
:
|
|
|
|
|
|
|
|
||||
Single Family
|
235.6
|
|
|
229.6
|
|
|
687.7
|
|
|
648.6
|
|
Multi-Family
|
95.0
|
|
|
87.8
|
|
|
284.5
|
|
|
263.6
|
|
|
330.6
|
|
|
317.4
|
|
|
972.2
|
|
|
912.2
|
|
1
Actual U.S. Housing starts data reported by U.S. Census Bureau
|
|
Quarter Ended September 30, 2018
|
|
Quarter Ended September 30, 2017
|
||||||||||||||
Sales Volume
|
Siding
|
OSB
|
EWP
|
Total
|
|
Siding
|
OSB
|
EWP
|
Total
|
||||||||
SmartSide® Strand siding (MMSF)
|
290.6
|
|
—
|
|
—
|
|
290.6
|
|
|
263.2
|
|
—
|
|
—
|
|
263.2
|
|
SmartSide® fiber siding (MMSF)
|
62.1
|
|
—
|
|
—
|
|
62.1
|
|
|
65.3
|
|
—
|
|
—
|
|
65.3
|
|
CanExel® siding (MMSF)
|
6.8
|
|
—
|
|
—
|
|
6.8
|
|
|
11.8
|
|
—
|
|
—
|
|
11.8
|
|
OSB - commodity (MMSF)
|
46.6
|
|
660.1
|
|
3.5
|
|
710.2
|
|
|
62.8
|
|
686.6
|
|
6.3
|
|
755.7
|
|
OSB - value added (MMSF)
|
1.2
|
|
435.0
|
|
9.1
|
|
445.3
|
|
|
—
|
|
402.3
|
|
10.2
|
|
412.5
|
|
LVL (MMCF)
|
—
|
|
—
|
|
1.7
|
|
1.7
|
|
|
—
|
|
—
|
|
1.9
|
|
1.9
|
|
LSL (MMCF)
|
—
|
|
—
|
|
1.1
|
|
1.1
|
|
|
—
|
|
—
|
|
0.8
|
|
0.8
|
|
I-joist (MMLF)
|
—
|
|
—
|
|
23.6
|
|
23.6
|
|
|
—
|
|
—
|
|
22.8
|
|
22.8
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Nine Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||
Sales Volume
|
Siding
|
OSB
|
EWP
|
Total
|
|
Siding
|
OSB
|
EWP
|
Total
|
||||||||
SmartSide® Strand siding (MMSF)
|
862.0
|
|
—
|
|
—
|
|
862.0
|
|
|
797.2
|
|
—
|
|
—
|
|
797.2
|
|
SmartSide® fiber siding (MMSF)
|
175.4
|
|
—
|
|
—
|
|
175.4
|
|
|
197.5
|
|
—
|
|
—
|
|
197.5
|
|
CanExel® siding (MMSF)
|
31.7
|
|
—
|
|
—
|
|
31.7
|
|
|
40.6
|
|
—
|
|
—
|
|
40.6
|
|
OSB - commodity (MMSF)
|
111.6
|
|
1,938.6
|
|
28.9
|
|
2,079.1
|
|
|
189.0
|
|
1,973.8
|
|
25.9
|
|
2,188.7
|
|
OSB - value added (MMSF)
|
58.8
|
|
1,218.3
|
|
29.8
|
|
1,306.9
|
|
|
—
|
|
1,207.5
|
|
30.2
|
|
1,237.7
|
|
LVL (MMCF)
|
—
|
|
—
|
|
5.6
|
|
5.6
|
|
|
—
|
|
—
|
|
5.7
|
|
5.7
|
|
LSL (MMCF)
|
—
|
|
—
|
|
3.1
|
|
3.1
|
|
|
—
|
|
—
|
|
2.4
|
|
2.4
|
|
I-joist (MMLF)
|
—
|
|
—
|
|
69.1
|
|
69.1
|
|
|
—
|
|
—
|
|
66.0
|
|
66.0
|
|
|
OSB
Western Canada 7/16" Basis
|
OSB
Southwest 7/16" Basis
|
OSB
N. Central 7/16" Basis
|
Average
|
|
|
|
2017 1st Qtr. Avg.
|
$263
|
$308
|
$292
|
2017 2nd Qtr. Avg.
|
$318
|
$328
|
$327
|
2017 3rd Qtr. Avg.
|
$382
|
$348
|
$401
|
2018 1st Qtr. Avg.
|
$356
|
$346
|
$367
|
2018 2nd Qtr. Avg.
|
$408
|
$435
|
$423
|
2018 3rd Qtr. Avg.
|
$285
|
$306
|
$369
|
Source:
|
Random Lengths
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors.
|
Period
|
Total Number of Shares Repurchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as part of Publicly Announced Purchase Plan or Program
|
|
Maximum Dollar Value of Shares That May Yet be Purchased under the Plans or Programs
|
|||
July 1, 2018 - July 31, 2018
|
1,084,498
|
|
|
$27.63
|
|
1,084,498
|
|
|
$31,158,152
|
|
August 1, 2018 - August 31, 2018
|
551,594
|
|
|
$28.60
|
|
551,594
|
|
|
165,381,161
|
|
September 1, 2018 - September 30, 2018
|
477,442
|
|
|
$29.43
|
|
477,442
|
|
|
151,332,049
|
|
|
2,113,534
|
|
|
$28.29
|
|
2,113,534
|
|
|
|
Item 3.
|
Defaults Upon Senior Securities.
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Other Information.
|
Item 6.
|
Exhibits.
|
|
|
10.1
|
|
|
|
10.2
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
100.INS
|
XBRL Instance Document
|
|
|
100.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
100.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
100.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
100.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
100.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
LOUISIANA-PACIFIC CORPORATION
|
|
|
|
|
|
Date:
|
November 6, 2018
|
B
Y
:
|
/S/ W. BRADLEY SOUTHERN
|
|
|
|
W. Bradley Southern
|
|
|
|
Chief Executive Officer
|
|
|
|
|
Date:
|
November 6, 2018
|
B
Y
:
|
/S/ REBECCA BARCKLEY
|
|
|
|
Rebecca Barckley
|
|
|
|
Controller, Financial Reporting
|
|
|
|
(Principal Accounting Officer)
|
1 Year Louisiana Pacific Chart |
1 Month Louisiana Pacific Chart |
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