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Evaluation of Disclosure Controls and Procedures
−Removed: As of September 30, 2021, our Chief Executive Officer and Chief Financial Officer carried out, with the participation of the Company's management, a review and evaluation of the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Exchange Act.
−Removed: Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2021, LP’s disclosure controls and procedures were effective.
+Added: As of March 31, 2022, our Chief Executive Officer and Chief Financial Officer carried out, with the participation of the Company's management, a review and evaluation of the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Exchange Act.
+Added: Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2022, LP’s disclosure controls and procedures were effective.
Changes in Internal Control Over Financial Reporting
−Removed: There were no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter, ended September 30, 2021, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
−Removed: LOUISIANA-PACIFIC CORPORATION AND SUBSIDIARIES
−Removed: KEY PERFORMANCE INDICATORS
−Removed: The following tables set forth:
−Removed: (1) housing starts, (2) our North American sales volume, and (3) OEE.
−Removed: We consider the following items to be key performance indicators because LP’s management uses these metrics to evaluate our business and trends, measure our performance, and make strategic decisions and believes that the key performance indicators presented provide additional perspective and insights when analyzing the core operating performance of LP.
−Removed: These key performance indicators should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the U.S.
−Removed: GAAP financial measures presented herein.
−Removed: These measures may not be comparable to similarly-titled performance indicators used by other companies.
−Removed: We monitor housing starts, which is a leading external indicator of residential construction in the United States that correlates with the demand for many of our products.
−Removed: We believe that this is a useful measure for evaluating our results and that providing this measure should allow interested persons to more readily compare our sales volume for past and future periods to an external indicator of product demand.
−Removed: Other companies may present housing start data differently and therefore, as presented by us, our housing start data may not be comparable to similarly-titled indicators reported by other companies.
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2021 2020 2021 2020
−Removed: Housing starts 1 :
−Removed: Single-Family 294 284 859 716
−Removed: Multi-Family 126 104 355 300
−Removed: 420 388 1,214 1,016
−Removed: 1 Actual U.S.
−Removed: Housing starts data reported by U.S.
−Removed: Census Bureau as published through October 19, 2021.
−Removed: We monitor sales volumes for our products in our Siding, OSB and EWP segments, which we define as the number of units of our products sold within the applicable period.
−Removed: Evaluating sales volume by product type helps us identify and address changes in product demand, broad market factors that may affect our performance, and opportunities for future growth.
−Removed: It should be noted that other companies may present sales volumes differently and, therefore, as presented by us, sales volumes may not be comparable to similarly-titled measures reported by other companies.
−Removed: We believe that sales volumes can be a useful measure for evaluating and understanding our business.
−Removed: The following table sets forth North American sales volumes for the three and nine months ended September 30, 2021, and 2020:
−Removed: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020
−Removed: Sales Volume Siding OSB EWP Total Siding OSB EWP Total
−Removed: Siding Solutions (MMSF) 432 — — 432 395 — — 395
−Removed: OSB - commodity (MMSF) — 533 — 533 — 531 — 531
−Removed: OSB - Structural Solutions (MMSF) — 419 — 419 — 406 — 406
−Removed: I-Joist (MMLF) — — 32 32 — — 28 28
−Removed: LVL (MCF) — — 1,628 1,628 — — 1,791 1,791
−Removed: LSL (MCF) — — 767 767 — — 850 850
−Removed: Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020
−Removed: Sales Volume Siding OSB EWP Total Siding OSB EWP Total
−Removed: Siding Solutions (MMSF) 1,241 — — 1,241 1,005 — — 1,005
−Removed: OSB - commodity (MMSF) — 1,470 — 1,470 — 1,533 — 1,533
−Removed: OSB - Structural Solutions (MMSF) — 1,222 — 1,222 — 1,142 — 1,142
−Removed: I-Joist (MMLF) — — 96 96 — — 78 78
−Removed: LVL (MCF) — — 5,348 5,348 — — 5,084 5,084
−Removed: LSL (MCF) — — 1,744 1,744 — — 2,122 2,122
−Removed: We measure OEE of each of our mills to track improvements in the utilization and productivity of our manufacturing assets.
−Removed: OEE is a composite metric that considers asset uptime (adjusted for capital project downtime and similar events), production rates, and finished product quality.
−Removed: It should be noted that other companies may present OEE differently and, therefore, as presented by us, OEE may not be comparable to similarly-titled measures reported by other companies.
−Removed: We believe that when used in conjunction with other metrics, OEE can be a useful measure for evaluating our ability to generate profits, and that providing this measure should allow interested persons to more readily monitor operational improvements.
−Removed: OEE for the three and nine months ended September 30, 2021, and 2020 for each of our segments is listed below:
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2021 2020 2021 2020
−Removed: Siding 91 % 88 % 89 % 88 %
−Removed: OSB 82 % 87 % 83 % 88 %
−Removed: EWP 84 % 90 % 87 % 89 %
−Removed: South America 80 % 75 % 77 % 72 %
+Added: There were no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter, ended March 31, 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II-OTHER INFORMATION
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.