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Item 1. Financial Statements

2024-08-07 compared with 2024-05-08 · 158 added, 62 removed, 329 unchanged (40% of the section changed)

2 unchanged sentences

Amounts in millions, except per share amounts

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

Net sales $ 814 $ 611 $ 1,539 $ 1,195

2 unchanged sentences

Selling, general, and administrative expenses ( 71 ) ( 66 ) ( 140 ) ( 133 )

Impairment of long-lived assets, net — ( 24 ) — ( 24 )

Other operating credits and charges, net 2 ( 21 ) 3 ( 26 )

3 unchanged sentences

Other non-operating income (expense) 5 ( 8 ) 6 ( 16 )

Income before income taxes 148 23

Income (loss) before income taxes 201 ( 1 ) 349 22

Provision for income taxes ( 53 ) ( 21 ) ( 94 ) ( 22 )

Equity in unconsolidated affiliate 12 1 12 1

Net income $ 108 $ 22

Net income attributed to non-controlling interest — ( 1 )

Net income attributed to LP $ 108 $ 21

Net income attributed to LP per share of common stock:

Net income (loss) $ 160 $ ( 21 ) $ 267 $ 1

Net loss attributed to non-controlling interest — 1 — —

Net income (loss) attributed to LP $ 160 $ ( 20 ) $ 267 $ 1

Net income (loss) attributed to LP per share of common stock:

Basic $ 2.23 $ ( 0.28 ) $ 3.72 $ 0.02

Diluted $ 2.23 $ ( 0.28 ) $ 3.71 $ 0.02

Average shares of common stock used to compute Net income per share:

Average shares of common stock used to compute net income (loss) per share:

Basic 72 72 72 72

Diluted 72 72 72 72

2 unchanged sentences

Amounts in millions

Three Months Ended March 31,

Net income $ 108 $ 22

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

Net income (loss) $ 160 $ ( 21 ) $ 267 $ 1

Other comprehensive income (loss), net of tax

Foreign currency translation adjustments ( 4 ) 1 ( 20 ) 16

Other — — — 4

Other comprehensive income (loss), net of tax ( 4 ) 1 ( 19 ) 21

Comprehensive income 93 42

Comprehensive income associated with non-controlling interest — ( 1 )

Comprehensive income attributed to LP $ 93 $ 41

Comprehensive income (loss) 156 ( 20 ) 248 22

Comprehensive loss associated with non-controlling interest — 1 — —

Comprehensive income (loss) attributed to LP $ 156 $ ( 19 ) $ 248 $ 22

The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

1 unchanged sentence

Amounts in millions, except per share amounts

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Cash and cash equivalents $ 317 $ 222

Receivables, net of allowance for doubtful accounts of $ 2 as of March 31, 2024 and December 31, 2023.

Receivables, net of allowance for doubtful accounts of $ 2 as of June 30, 2024 and December 31, 2023

Inventories 373 378

21 unchanged sentences

Common stock, $ 1 par value, 200 shares authorized;

88 and 72 shares issued and outstanding, respectively, as of March 31, 2024 and December 31, 2023

71 shares issued and outstanding, respectively, as of June 30, 2024;

and 88 and 72 shares issued and outstanding, respectively, as of December 31, 2023

Additional paid-in capital 471 465

Retained earnings 1,595 1,479

Treasury stock, 16 shares at cost as of March 31, 2024 and December 31, 2023

Treasury stock, 16 shares at cost as of June 30, 2024 and December 31, 2023

( 385 ) ( 386 )

5 unchanged sentences

Amounts in millions

Three Months Ended March 31,

Six Months Ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

2 unchanged sentences

Depreciation and amortization 62 57

Impairment of goodwill and long-lived assets — 24

Pension loss due to settlement — 6

Deferred taxes 4 10

Foreign currency remeasurement and transaction gains (1) —

Foreign currency remeasurement and transaction (gain) loss ( 5 ) 13

Other adjustments, net ( 6 ) 29

8 unchanged sentences

Property, plant, and equipment additions ( 77 ) ( 188 )

Acquisition of facility assets — ( 80 )

Proceeds from sales of assets — 1

Other investing activities, net 16 ( 4 )

Net cash used in investing activities ( 61 ) ( 271 )

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowing of long-term debt — 70

Repayment of long-term debt, including call premium — ( 40 )

Payment of cash dividends ( 37 ) ( 35 )

28 unchanged sentences

Compensation expense associated with stock-based compensation — — — — 6 — — 6

Other comprehensive income — — — — — — ( 15 ) ( 15 )

Other comprehensive loss — — — — — — ( 15 ) ( 15 )

Balance, March 31, 2024

88 $ 88 16 $ ( 386 ) $ 465 $ 1,555 $ ( 104 ) $ 1,617

Net income attributed to LP — — — — — 160 — 160

Dividends paid ($ 0.26 per share)

— — — — — ( 19 ) — ( 19 )

Issuance of shares under stock plans — — — 1 1 — — 3

Taxes paid related to net settlement of stock-based awards — — — — — — — —

Purchase of stock ( 1 ) ( 1 ) — — — ( 101 ) — ( 103 )

Compensation expense associated with stock-based compensation — — — — 4 — — 4

Other comprehensive loss — — — — — — ( 4 ) ( 4 )

Balance, June 30, 2024

87 $ 87 16 $ ( 385 ) $ 471 $ 1,595 $ ( 109 ) $ 1,658

Common Stock Treasury Stock Additional

15 unchanged sentences

88 $ 88 16 $ ( 388 ) $ 455 $ 1,375 $ ( 80 ) $ 1,450

Net loss attributed to LP — — — — — ( 20 ) — ( 20 )

Dividends paid ($ 0.24 per share)

— — — — — ( 17 ) — ( 17 )

Issuance of shares under stock plans — — — 2 — — — 2

Taxes paid related to net settlement of stock-based awards — — — ( 1 ) — — — ( 1 )

Compensation expense associated with stock-based compensation — — — — 3 — — 3

Other comprehensive income — — — — — — 1 1

Balance, June 30, 2023

88 $ 88 16 $ ( 387 ) $ 458 $ 1,337 $ ( 78 ) $ 1,419

The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

5 unchanged sentences

The principal customers for our building solutions are retailers, wholesalers, and home building and industrial businesses in North America and South America, and we make limited sales to customers in Asia, Australia, and Europe.

The Company operates 22 plants across the U.S., Canada, Chile, and Brazil, in certain cases, through foreign subsidiaries, an d operates additional facilities through a joint venture.

The Company operates 22 plants across the U.S., Canada, Chile, and Brazil, in certain cases through foreign subsidiaries .

References to "LP," the "Company," "we," "our," and "us" refer to Louisiana-Pacific Corporation and its consolidated subsidiaries as a whole.

15 unchanged sentences

The following tables present our reportable segment revenues, disaggregated by revenue source (dollar amounts in millions):

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

By product type and family:

6 unchanged sentences

$ 415 $ 351 $ 46 $ 2 $ 814

Three Months Ended March 31, 2023

Three Months Ended June 30, 2023

By product type and family:

6 unchanged sentences

$ 320 $ 229 $ 53 $ 9 $ 611

Six Months Ended June 30, 2024

By product type and family:

Siding OSB LPSA Other Total

Siding Solutions $ 772 $ — $ 11 $ — $ 783

OSB - Structural Solutions — 371 79 — 451

772 371 90 — 1,234

OSB - commodity — 283 — — 283

Other products 4 9 3 5 22

$ 776 $ 664 $ 93 $ 5 $ 1,539

Six Months Ended June 30, 2023

By product type and family:

Siding OSB LPSA Other Total

Siding Solutions $ 647 $ — $ 14 $ — $ 661

OSB - Structural Solutions — 239 92 — 330

647 239 106 — 992

OSB - commodity — 175 — — 175

Other products 4 4 2 17 28

$ 651 $ 418 $ 108 $ 17 $ 1,195

Revenue is recognized when obligations under the terms of a contract (e.g.

13 unchanged sentences

We retain title to our products stored at the distribution centers.

As our products are removed from the distribution centers by retailers and

shipped to retailers’ stores, title passes from us to the retailers.

As our products are removed from the distribution centers by retailers and shipped to retailers’ stores, title passes from us to the retailers.

At that time, we invoice the retailers and recognize revenue for these consignment transactions.

5 unchanged sentences

The following table sets forth the computation of basic and diluted earnings per share (dollar and share amounts in millions, except per share amounts):

Three Months Ended March 31,

Net income attributed to LP $ 108 $ 21

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

Net income (loss) attributed to LP $ 160 $ ( 20 ) $ 267 $ 1

Weighted average common shares outstanding - basic 72 72 72 72

9 unchanged sentences

(i) recurring—measured on a periodic basis, and (ii) non-recurring—measured on an as-needed basis.

The net carrying value of the 3.625 % Senior Notes due in 2029 (2029 Senior Notes) was $ 347 million as of March 31, 2024 and December 31, 2023.

Based on market quotations, the fair value of the 2029 Senior Notes was estimated to be $ 319 million and $ 314 million as of March 31, 2024 and December 31, 2023, respectively.

The net carrying value of the 3.625 % Senior Notes due in 2029 (2029 Senior Notes) was $ 347 million as of June 30, 2024 and December 31, 2023.

Based on market quotations, the fair value of the 2029 Senior Notes was estimated to be $ 319 million and $ 314 million as of June 30, 2024 and December 31, 2023, respectively.

The 2029 Senior Notes and other long-term debt are categorized as Level 1 in the U.S.

4 unchanged sentences

All loans under the Credit Agreement become due on November 29, 2028.

As of March 31, 2024, there were no outstanding borrowings under our Amended Credit Facility.

As of June 30, 2024, there were no outstanding borrowings under our Amended Credit Facility.

Carrying amounts reported on the balance sheet for cash and cash equivalents, accounts receivables, and accounts payable approximate fair value due to the short-term maturity of these items.

Receivables consisted of the following (dollar amounts in millions):

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Trade receivables $ 137 $ 104

4 unchanged sentences

Trade receivables are primarily generated by sales of our products to our wholesale and retail customers.

Other receivables as of March 31, 2024 and December 31, 2023 primarily consist of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Other receivables as of June 30, 2024 and December 31, 2023 primarily consist of sales tax receivables, vendor rebates, and other miscellaneous receivables.

Inventories are valued at the lower of cost or net realizable value.

1 unchanged sentence

The major types of inventories (work in process is not material and is included in semi-finished inventory) are as follows (dollar amounts in millions):

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Logs $ 70 $ 81

3 unchanged sentences

Total Inventories $ 373 $ 378

BUSINESS EXIT CHARGES AND CREDITS

During the second quarter of 2023, we ceased the manufacturing operations of Entekra Holdings, LLC (Entekra), an off-site framing operation previously reported within our “Other” category, which comprises other products that are not individually significant.

During the second quarter of 2024, the equity method investment held by Entekra sold substantially all of its net assets resulting in a $ 16 million distribution to LP and a gain of $ 11 million, which was recorded within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income.

Business exit charges and credits consisted of the following (dollar amounts in millions):

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

Impairment of property, plant and equipment, operating lease assets, and other intangible assets 1

$ — $ ( 24 ) $ — $ ( 24 )

Gain on sale of assets from an equity method investment 2

Restructuring and other related charges:

Inventory write-down 3

— ( 6 ) — ( 6 )

Other expenses including personnel-related costs such as severance 4

3 ( 3 ) 3 ( 3 )

$ 14 $ ( 34 ) $ 15 $ ( 34 )

1 Included within impairment of long-lived assets, net on the Condensed Consolidated Statements of Income.

2 Included within equity in unconsolidated affiliate on the Condensed Consolidated Statements of Income.

3 Included within cost of sales on the Condensed Consolidated Statements of Income.

4 Included within other operating credits and charges, net on the Condensed Consolidated Statements of Income.

GOODWILL AND OTHER INTANGIBLES

1 unchanged sentence

The Company’s annual assessment date is October 1.

Changes in goodwill and other intangible assets for the three months ended March 31, 2024 are provided in the following table (dollar amounts in millions):

Changes in goodwill and other intangible assets for the six months ended June 30, 2024 are provided in the following table (dollar amounts in millions):

Timber Licenses 1

3 unchanged sentences

Amortization ( 1 ) — —

Ending balance March 31, 2024

Ending balance June 30, 2024

$ 23 $ 19 $ 7

3 unchanged sentences

Changes in profitability estimates in various jurisdictions will impact our quarterly effective income tax rates.

The provision for income taxes for the three months ended March 31, 2024 and 2023 reflected an estimated annual effective tax rate of 25 % and 28 % , respectively, excluding discrete items discussed below.

The total effective tax rate for the three months ended March 31, 2024 was 28 % , compared to 5 % for the comparable period in 2023.

We recognized a net discrete tax expense of $ 4 million and a net discrete tax benefit of $ 5 million in the three months ended March 31, 2024 and 2023, respectively.

The net discrete tax expense and benefit primarily relates to an excess tax benefit from stock-based compensation and inflationary tax adjustments in certain South American entities.

In 2021 the Organization for Economic Cooperation and Development announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15%.

As of March 31, 2024 none of the jurisdictions in which LP operates has enacted Pillar Two legislation and one jurisdiction has issued proposed legislation.

We are continuing to evaluate the impact of proposed legislative changes as new guidance becomes available.

If proposed Pillar Two model rules are enacted, they are not expected to have a material impact on our 2024 financial statements.

T he provision for income taxes for the six months ended June 30, 2024 and 2023 reflected an estimated annual effective tax rate of 25 % and 34 %, respectively, excluding discrete items discussed below.

The total tax provision for the three and six months ended June 30, 2024 was $ 53 million and $ 94 million, respectively, compared to $ 21 million and $ 22 million for the comparable periods in 2023, respectively.

The total effective tax rate for the six

months ended June 30, 2024 was 26 %, compared to 95 % for the comparable period in 2023.

The year-over-year decrease in the effective tax rate was primarily a result of a discrete tax expense of $22 million recorded in the quarter ended June 30, 2023 relating to the change in indefinite reinvestment assertion on Chile and Brazil earnings.

We recognized net discrete tax expenses of $ 4 million and $ 15 million in the six months ended June 30, 2024 and 2023, respectively.

The net discrete tax expense in the current year primarily relates to inflationary tax adjustments in certain South American entities while the net discrete tax expense in the prior year primarily relates to the change in management’s indefinite reinvestment assertion in the second quarter described in "Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

In 2021 the Organization for Economic Cooperation and Development (OECD) announced an Inclusive Framework on Base Erosion and Profit Shifting including Pillar Two Model Rules defining the global minimum tax, which establishes a global minimum effective tax rate of 15% for multinational enterprise groups with annual global revenue exceeding 750 million Euros.

On June 20, 2024, the Canadian government enacted legislation implementing aspects of the OECD’s minimum tax rules under the Pillar Two Framework, effective in 2024;

however, proposed legislation related to other aspects of the framework has not yet been released by the Canadian government, but is expected in the future.

We considered the new Canadian legislation as part of our second quarter 2024 tax provision and concluded that (i) it had no impact on our consolidated financial statements for the six months ended June 30, 2024, and (ii) we expect there to be no impact on our Consolidated Financial Statements for the year ending December 31, 2024.

No other jurisdictions in which LP operates have enacted Pillar Two legislation at this time.

The Company is continuously monitoring the expanding adoptions of Pillar Two legislation and assessing its potential impact on our future tax liability.

COMMITMENTS AND CONTINGENCIES

We maintain reserves for various contingent liabilities as follows (dollar amounts in millions):

March 31, 2024 December 31, 2023

June 30, 2024 December 31, 2023

Environmental reserves $ 26 $ 26

13 unchanged sentences

These estimates typically reflect assumptions and judgments as to the probable nature, magnitude, and timing of the required investigation, remediation, and/or monitoring activities and the probable cost of these activities, and in some cases, reflect assumptions and judgments as to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of the cost of these activities.

Due to the numerous uncertainties and variables associated with these assumptions and judgments, and the effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties.

Due to the numerous uncertainties and variables associated with these assumptions and judgments, and the effects of

changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties.

We regularly monitor our estimated exposure to environmental loss contingencies and, as additional information becomes known, may change our estimates significantly.

5 unchanged sentences

If demand and pricing for our products fall to levels significantly below cycle average demand and pricing, should we decide to invest capital in alternative projects, or should changes occur related to our wood supply for our mills, it is possible that future impairment charges will be required.

As of March 31, 2024, there were no indications of impairment.

As of June 30, 2024, there were no indications of impairment.

We also review from time to time potential dispositions of various assets, considering current and anticipated economic and industry conditions, our strategic plan, and other relevant factors.

3 unchanged sentences

Such accruals are based upon historical experience and management’s estimate of the level of future claims.

The activity in warranty reserves for the three months ended March 31, 2024 and 2023, is summarized in the following table (dollar amounts in millions):

Three Months Ended March 31,

The activity in warranty reserves for the three and six months ended June 30, 2024 and 2023, is summarized in the following table (dollar amounts in millions):

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

Beginning balance $ 8 $ 8 $ 8 $ 8

4 unchanged sentences

Long-term portion of warranty reserves (included in other long-term liabilities) $ 6 $ 7 $ 6 $ 7

We continue to monitor warranty and other claims associated with our products and believe, as of March 31, 2024, that the warranty reserve balances associated with these matters are adequate to cover future warranty payments.

We continue to monitor warranty and other claims associated with our products and believe, as of June 30, 2024, that the warranty reserve balances associated with these matters are adequate to cover future warranty payments.

However, it is possible that additional changes may be required in the future.

ACCUMULATED COMPREHENSIVE LOSS

Accumulated comprehensive loss is provided in the following table for the three months ended March 31, 2024 and 2023 (dollar amounts in millions):

Accumulated comprehensive loss is provided in the following table for the three months ended June 30, 2024 and 2023 (dollar amounts in millions):

Translation Adjustments Other Total

Balance at December 31, 2023

Balance at March 31, 2024

$ ( 104 ) $ — $ ( 104 )

Translation adjustments ( 4 ) — ( 4 )

Balance at June 30, 2024

$ ( 108 ) $ — $ ( 109 )

Translation Adjustments Other Total

Balance at March 31, 2023

$ ( 79 ) $ ( 1 ) $ ( 80 )

Translation adjustments 1 — 1

Balance at June 30, 2023

$ ( 78 ) $ ( 1 ) $ ( 78 )

Accumulated comprehensive loss is provided in the following table for the six months ended June 30, 2024 and 2023 (dollar amounts in millions):

Translation Adjustments Other Total

1 unchanged sentence

$ ( 89 ) $ ( 1 ) $ ( 89 )

Translation adjustments ( 20 ) — ( 20 )

Balance at June 30, 2024

$ ( 108 ) $ — $ ( 109 )

Translation Adjustments Other Total

Balance at December 31, 2022

$ ( 94 ) $ ( 5 ) $ ( 99 )

Reclassified to income statement, net of taxes 1

Translation adjustments 16 — 16

Balance at March 31, 2023

Balance at June 30, 2023

$ ( 78 ) $ ( 1 ) $ ( 78 )

3 unchanged sentences

Other operating credits and charges, net, is comprised of the following components (dollar amounts in millions):

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

Reorganization charges $ ( 1 ) $ ( 1 ) $ ( 3 ) $ ( 4 )

Legal settlement — ( 16 ) 3 ( 16 )

Other 3 ( 3 ) 3 ( 6 )

2 unchanged sentences

Other non-operating items is comprised of the following components (dollar amounts in millions):

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

Pension settlement charges $ — $ — $ — $ ( 6 )

Foreign currency gain (loss) 5 ( 8 ) 6 ( 11 )

Other — — — 1

Other non-operating items $ 5 $ ( 8 ) $ 6 $ ( 16 )

7 unchanged sentences

• Our OSB segment manufactures and distributes OSB structural panel products, including the innovative value-added OSB product portfolio known as LP ® Structural Solutions (which includes LP TechShield ® Radiant Barrier, LP WeatherLogic ® Air & Water Barrier, LP Legacy ® Premium Sub-Flooring, LP NovaCore ® Thermal Insulated Sheathing, LP FlameBlock ® Fire-Rated Sheathing, and LP TopNotch ® 350 Durable Sub-Flooring).

OSB is manufactured using wood strands arranged in layers and bonded with resins.

OSB products are manufactured using wood strands arranged in layers and bonded with resins.

• Our LPSA segment manufactures and distributes LP OSB structural panel and Siding Solutions products in South America and certain export markets.

3 unchanged sentences

Accordingly, our chief operating decision maker evaluates performance and allocates resources based primarily on net sales and segment Adjusted EBITDA for our business segments.

Segment Adjusted EBITDA is defined as income attributed to LP before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment attributed to LP, business exit charges, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, and other non-operating items.

Segment Adjusted EBITDA is defined as income attributed to LP before interest expense, provision for income taxes, depreciation and amortization, and excludes stock-based compensation expense, loss on impairment attributed to LP, business exit charges and credits, product-line discontinuance charges, other operating credits and charges, net, loss on early debt extinguishment, investment income, pension settlement charges, and other non-operating items.

Information about our business segments is as follows (dollar amounts in millions):

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2024 2023 2024 2023

NET SALES BY BUSINESS SEGMENT

Siding $ 415 $ 320 $ 776 $ 651

OSB 351 229 664 418

LPSA 46 53 93 108

Other 2 9 5 17

Total sales $ 814 $ 611 $ 1,539 1,195

NET INCOME TO ADJUSTED EBITDA RECONCILIATION

Net income $ 108 $ 22

Net income (loss) $ 160 $ ( 21 ) $ 267 $ 1

Add (deduct):

Net income attributed to non-controlling interest — ( 1 )

Income attributed to LP 108 21

Net loss attributed to non-controlling interest — 1 — —

Income (loss) attributed to LP 160 ( 20 ) 267 1

Provision for income taxes 53 21 94 22

2 unchanged sentences

Other operating credits and charges, net 1 17 1 22

Business exit charges ( 1 ) —

Business exit charges and credits ( 14 ) 34 ( 15 ) 34

Interest expense 4 3 8 6

5 unchanged sentences

Siding $ 105 $ 59 $ 195 $ 126

OSB 125 37 215 42

LPSA 10 13 20 24

Other ( 2 ) ( 6 ) ( 3 ) ( 14 )

2 unchanged sentences

SUBSEQUENT EVENTS

On May 3, 2022, LP's Board of Directors authorized a share repurchase program under which LP was authorized to repurchase shares of its common stock totaling up to $600 million (the 2022 Share Repurchase Program).

Subsequent to March 31, 2024, through May 7, 2024, we used $37 million to repurchase 0.5 million shares of LP common stock under the 2022 Share Repurchase Program.

Subsequent to June 30, 2024, through August 6, 2024, we used $ 64 million to repurchase 0.7 million shares of LP common stock under the Company's existing share repurchase program authorized in May 2022.

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.

What changed 10-Q

Item 1. Financial Statements