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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Other Operating and Non-Operating Income (Expense)
- OTHER OPERATING AND NON-OPERATING INCOME (EXPENSE)
Other operating credits and charges, net
The major components of Other operating credits and charges, net in the Consolidated Statements of Income for the years ended December 31, 2023, 2022, and 2021 are reflected in the table below and described in the paragraphs following the table (dollars in millions):
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 · 2022 · 2021 | |||
| Insurance recoveries | $— | $15 | $4 |
| Legal settlement | (16) | — | — |
| Reorganization charges | (8) | (7) | (1) |
| Environment costs | — | (2) | (4) |
| Product liability settlement | — | 8 | — |
| Gain (loss) on asset sales | 6 | (1) | (2) |
| Other | (1) | 2 | 3 |
| $(19) | $16 | $1 | |
During 2023, we agreed to pay $16 million to resolve certain patent-related claims and to obtain certain patent rights. We incurred severance and other charges of $8 million related to certain reorganizations and recognized a $6 million gain on the sale of assets.
During 2022, we received $15 million in insurance recoveries related to business interruption claims for weather-related downtime sustained in the prior year. We incurred severance and other charges of $7 million related to certain reorganizations and we recognized a charge of $2 million related to additional estimated environmental costs associated with a non-operating site.
During 2021, we recognized a charge of $4 million related to additional estimated environmental costs associated with a non-operating site. We incurred severance and other charges of $1 million related to certain reorganizations. Additionally, we received $4 million in insurance recoveries related to business interruption claims for weather-related downtime sustained in the prior year.
Non-operating income (expense)
Non-operating income (expense) is comprised of the following components (dollars in millions):
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Interest expense | $(17) | $(14) | $(15) |
| Amortization of debt charges | (1) | (1) | (2) |
| Capitalized interest | 4 | 5 | 3 |
| Interest expense, net of capitalized interest | $(14) | $(11) | $(14) |
| Interest income | $18 | $14 | $1 |
| Investment income | $18 | $14 | $1 |
| Net periodic pension cost, excluding service cost | $— | $(6) | $(1) |
| Foreign currency gains (losses), net | (40) | (11) | (8) |
| Loss on early debt extinguishment | — | — | (11) |
| Pension settlement charges | (4) | (82) | (2) |
| Other | 1 | 2 | — |
| Other non-operating items | $(43) | $(97) | $(22) |
During 2023, we completed the termination of our U.S. and Canadian defined benefit pension plans resulting in the recognition of non-cash, pre-tax charges of $4 million. Additionally, we recognized $40 million of foreign currency losses primarily driven by $32 million of transactional losses on the Argentine peso.
During 2022, we recognized $82 million of pension settlement expense related to a portion of the unrecognized actuarial loss that was included in accumulated comprehensive loss.
During 2021, we recorded an early debt extinguishment charge of $11 million, which included $9 million of redemption premium and $2 million of unamortized debt costs associated with the early redemption of our Senior Notes due 2024. Additionally, we recognized $2 million of pension settlement expense related to a portion of the unrecognized actuarial loss.
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