LOUISIANA-PACIFIC CORP
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
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Accumulated Comprehensive Loss
- ACCUMULATED COMPREHENSIVE LOSS
Accumulated comprehensive loss includes cumulative translation adjustments, unrealized gains (losses) on certain financial instruments, and pension and post-retirement adjustments. Other comprehensive income activity, net of tax, is provided in the following table (dollars in millions):
| Pension | Translation Adjustments | Other | Total | |
|---|---|---|---|---|
| Balance at December 31, 2020 | $(81) | $(68) | $(2) | $(151) |
| Reclassified to income statement, net of taxes1 | 5 | — | — | 5 |
| Pension settlement loss, net of taxes | — | — | — | — |
| Translation adjustments | — | (28) | — | (28) |
| Balance at December 31, 2021 | (76) | (96) | (1) | (174) |
| Reclassified to income statement, net of taxes1 | — | — | 1 | 1 |
| Pension settlement loss, net of taxes | 71 | — | — | 71 |
| Translation adjustments | — | 2 | — | 2 |
| Balance at December 31, 2022 | (5) | (94) | — | (99) |
| Reclassified to income statement, net of taxes1 | — | — | — | — |
| Pension settlement loss, net of taxes | 4 | — | — | 4 |
| Translation adjustments | — | 6 | — | 6 |
| Balance at December 31, 2023 | $— | $(89) | $— | $(89) |
1 Amounts of actuarial loss and prior service cost are components of net periodic benefit cost. See "Note 16 - Retirement Plans and Post-Retirement Benefits" above for additional details.
Foreign translation adjustments exclude income tax expense (benefit) given that there are no deferred tax assets or liabilities recorded on outside basis differences on the foreign subsidiaries to which the currency translation losses relates and consequently the translation adjustments will not trigger an incremental U.S. tax effect. The pension amounts reclassified from Accumulated comprehensive loss included an income tax provision of $1 million, $23 million, and $2 million in 2023, 2022, and 2021, respectively.
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