Norbord Inc.

CIK:0000877365|SEC Filings

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
Consolidated Statements of Earnings - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Profit or loss [abstract]
Sales	$ 2,407	$ 1,731
Cost of sales	(1,527)	(1,582)
General and administrative expenses	(23)	(14)
Depreciation and amortization	(133)	(136)
Loss on disposal of assets, net	(4)	(3)
Impairment of assets, net	(13)	(10)
Expense of restructuring activities	(10)	(2)
Operating income (loss)	697	(16)
Non-operating (expense) income:
Finance costs	(43)	(45)
Interest income on deposits	0	2
West Fraser transaction costs	4	0
Contract settlement	3		$ 0
Costs on early extinguishment of 2020 Notes	0	(10)
Earnings (loss) before income tax	647	(69)
Income tax (expense) recovery	(150)	27
Earnings (loss)	$ 497	$ (42)
Earnings (loss) per common share
Basic (in dollars per share)	$ 6.14	$ (0.51)
Diluted (in dollars per share)	$ 6.14	$ (0.51)

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Earnings (loss)	$ 497,000,000	$ (42,000,000)
Items not affecting cash:
Depreciation and amortization	133,000,000	136,000,000
Deferred income tax	10,000,000	20,000,000
Impairment of assets, net	13,000,000	10,000,000
Loss on disposal of assets, net	4,000,000	3,000,000
Other items	5,000,000	16,000,000
Cash flows from (used in) operations	674,000,000	154,000,000
Net change in non-cash operating working capital balances	(16,000,000)	(47,000,000)
Net change in taxes receivable and taxes payable	171,000,000	(88,000,000)
Cash flows from (used in) operating activities	829,000,000	19,000,000
Investing activities
Investment in property, plant and equipment	(102,000,000)	(146,000,000)
Investment in intangible assets	(4,000,000)	(4,000,000)
ERROR in label resolution.	(106,000,000)	(150,000,000)
Financing activities
Common share dividends paid	(72,000,000)	(86,000,000)
Repayments of borrowings	0	(240,000,000)
Payments to acquire or redeem entity's shares		(48,000,000)
Payments of lease liabilities, classified as financing activities	(12,000,000)	(10,000,000)
Proceeds from issuing shares	6,000,000	1,000,000
Cash flows from (used in) financing activities	(175,000,000)	20,000,000
Gain (loss) arising from difference between carrying amount of financial liability extinguished and consideration paid	0	(9,000,000)
Cash Paid For Restructuring Activities	7,000,000	1,000,000
West Fraser transaction costs	2,000,000	0
Current legal proceedings provision	3,000,000	0
Foreign exchange revaluation on cash and cash equivalents held	0	3,000,000
Proceeds from issue of bonds, notes and debentures	0	350,000,000
Increase (decrease) during year	548,000,000	(108,000,000)
Balance, beginning of year	20,000,000	128,000,000
Balance, end of year	568,000,000	20,000,000
Payments for debt issue costs	(1,000,000)	(6,000,000)
Proceeds From (Repayments For) Accounts Receivable Securitization	(68,000,000)	68,000,000
Adjustments for increase (decrease) in derivative financial liabilities	$ 0	$ 10,000,000

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 568,000,000	$ 20,000,000
Accounts receivable	227,000,000	136,000,000
Taxes receivable	0	63,000,000
Inventory	225,000,000	230,000,000
Prepaids	12,000,000	13,000,000
Current assets	1,032,000,000	462,000,000
Non-current assets
Property, plant and equipment	1,417,000,000	1,427,000,000
Intangible assets	19,000,000	21,000,000
Deferred income tax assets	3,000,000	2,000,000
Other assets	6,000,000	9,000,000
Non-current assets	1,445,000,000	1,459,000,000
Assets	2,477,000,000	1,921,000,000
Current liabilities
Accounts payable and accrued liabilities	343,000,000	259,000,000
Taxes payable	112,000,000	1,000,000
Current liabilities	455,000,000	260,000,000
Non-current liabilities
Long-term debt	658,000,000	657,000,000
Other liabilities	44,000,000	40,000,000
Deferred income tax liabilities	200,000,000	192,000,000
Non-current liabilities	902,000,000	957,000,000
Shareholders’ equity	1,120,000,000	704,000,000
Liabilities and shareholders' equity	2,477,000,000	1,921,000,000
Securitisations
Non-current liabilities
Recognised liabilities representing continuing involvement in derecognised financial assets	$ 0	$ 68,000,000