Company: LPX
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000060519-25-000005
Chunk: 92

Company: LOUISIANA-PACIFIC CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 92
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 positions3 — (9)(3)— — Revisions to prior year estimates— — (7)(3)2 — Other items, net— — (7)(3)(14)(1)Provision for income taxes$140 25 %$74 29 %$274 24 %We are subject to U.S. federal income tax as well as income taxes of multiple state jurisdictions. Our foreign subsidiaries are subject to income tax in Canada, Chile, Brazil, Peru, Colombia, Argentina, Paraguay, and Mexico. 

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We generally remain subject to U.S. federal and state examinations for tax years 2018 and subsequent. In addition to the U.S., we have tax years that remain open and subject to examination by tax authorities in the following major tax jurisdictions: Brazil and Chile for tax years 2017 and subsequent; and Canada for tax years 2019 and subsequent. Our tax returns are currently under examination by tax authorities in the U.S. for years 2018, 2019, and 2020, and in Chile for years 2016 and 2020.Uncertain Tax PositionsTabular reconciliation of the total amount of unrecognized tax benefits at the beginning and end of the years (dollars in millions):  December 31,202420232022Beginning balance$13 $6 $9 Increases:Tax positions taken in current year1 1 1 Tax positions taken in prior years— 6 — Decreases:Settlements with taxing authorities in current year(3)— — Lapse of statute in current year— — (4)Ending balance$11 $13 $6 Included within other long-term liabilities on our Consolidated Balance Sheets at December 31, 2024, are $11 million of tax benefits that, if recognized, would affect our effective tax rate. We accrued and paid no interest during 2024. We accrued interest of $2 million and paid no interest during 2023.

9.    LEASES

Our lease portfolio consists primarily of real estate, mobile equipment at our manufacturing facilities, rail cars to transport our products, and a fleet of vehicles. We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration.As most of our leases do not