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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Product Warranties
- PRODUCT WARRANTIES
We offer warranties on the sale of most of our products and record an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The activity in warranty reserves is summarized in the following table (dollars in millions):
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Beginning balance | $8 | $7 |
| Accrued to expense during the year | 2 | 3 |
| Reduced to other operating credits and charges | (1) | — |
| Payments made | (2) | (3) |
| Total warranty reserves | 8 | 8 |
| Current portion of warranty reserves | (2) | (2) |
| Long-term portion of warranty reserves | $6 | $6 |
The current portion of the warranty reserve is included in accounts payable and accrued liabilities, and the long-term portion is included in other long-term liabilities on our Consolidated Balance Sheets.
We believe that the warranty reserve balances at December 31, 2023 are adequate to cover future warranty payments. However, it is possible that additional charges may be required.
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