Company: LPX
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000060519-25-000005
Chunk: 90

Company: LOUISIANA-PACIFIC CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 90
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 net income tax receivable of $22 million at December 31, 2023.

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Deferred TaxesThe tax effects of significant temporary differences creating deferred tax assets and liabilities were (dollars in millions):December 31,20242023Deferred tax assets:Accrued liabilities$22 $21 Research expenditures26 19 Inventories11 14 Benefit relating to capital loss, operating loss, and credit carryforwards9 10 Operating lease liabilities7 8 Deferred revenue3 3 Other deferred tax assets13 11 Total deferred tax assets91 86 Valuation allowance(10)(4)Total deferred tax asset after valuation allowance81 82 Deferred tax liabilities:Property, plant and equipment(192)(194)Unremitted foreign earnings(19)(21)Operating lease assets(7)(8)Investment in Entekra— (7)Other deferred tax liabilities(4)(4)Total deferred tax liabilities(222)(234)Net deferred tax liabilities$(141)$(152)Balance sheet classification:Long-term deferred tax asset$4 $11 Long-term deferred tax liability(145)(162)Net deferred tax liabilities$(141)$(152)The benefit relating to capital loss, operating loss, and credit carryforwards included in the above table at December 31, 2024, consisted of (dollars in millions):Operating LossBenefit AmountValuation AllowanceExpiration Beginning inCanadian capital loss carryforwards— 4 (4)No expirationMexico operating loss carryforwards2 1 (1)2033State credit carryforwards— 4 (2)2034Total$9 $(7)

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We periodically review the need for valuation allowances against deferred tax assets and recognize these deferred tax assets to the extent that their realization is more likely than not. As part of our review, we consider all positive and negative evidence, including earnings history, the future reversal of deferred tax liabilities, and the relevant expirations of carryforwards. We believe that the valuation allowances provided are appropriate. If future years’ earnings differ from the estimates used to establish these valuation allowances, or other objective positive or negative evidence arises, we may record an adjustment to the valuation allowance resulting in an impact on tax provision (benefit) for that period.In 2023 we made the determination that a substantial portion of unremitted foreign earnings was no longer indefinitely reinvested and as of December 31, 2023,