Company Quick10K Filing
Owens Corning
Price60.56 EPS5
Shares110 P/E13
MCap6,662 P/FCF11
Net Debt3,145 EBIT793
TEV9,807 TEV/EBIT12
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-08
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-10
10-Q 2015-09-30 Filed 2015-10-21
10-Q 2015-06-30 Filed 2015-07-22
10-Q 2015-03-31 Filed 2015-04-22
10-K 2014-12-31 Filed 2015-02-11
10-Q 2014-09-30 Filed 2014-10-22
10-Q 2014-06-30 Filed 2014-07-23
10-Q 2014-03-31 Filed 2014-04-23
10-K 2013-12-31 Filed 2014-02-12
10-Q 2013-09-30 Filed 2013-10-23
10-Q 2013-06-30 Filed 2013-07-24
10-Q 2013-03-31 Filed 2013-04-24
10-K 2012-12-31 Filed 2013-02-20
10-Q 2012-09-30 Filed 2012-10-24
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-04-25
10-K 2011-12-31 Filed 2012-02-15
10-Q 2011-09-30 Filed 2011-10-26
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-02-16
10-Q 2010-09-30 Filed 2010-10-27
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-04-28
10-K 2009-12-31 Filed 2010-02-17
8-K 2020-08-06 Officers
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-05-07
8-K 2020-04-29
8-K 2020-04-16
8-K 2020-02-19
8-K 2019-12-05
8-K 2019-10-23
8-K 2019-10-10
8-K 2019-09-18
8-K 2019-08-12
8-K 2019-07-24
8-K 2019-07-01
8-K 2019-06-19
8-K 2019-04-24
8-K 2019-04-18
8-K 2019-04-08
8-K 2019-02-20
8-K 2019-02-06
8-K 2019-01-03
8-K 2018-10-24
8-K 2018-07-30
8-K 2018-07-25
8-K 2018-05-04
8-K 2018-04-25
8-K 2018-03-28
8-K 2018-02-21
8-K 2018-02-01
8-K 2018-02-01
8-K 2018-01-25
8-K 2018-01-23

OC 10Q Quarterly Report

Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 oc-2020x06x30x10qxexh33.htm
EX-31.2 oc-2020x06x30x10qxexh31.htm
EX-32.1 oc-2020x06x30x10qxexh32.htm
EX-32.2 oc-2020x06x30x10qxexh3.htm

Owens Corning Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
2.01.61.20.70.3-0.12012201420172020
Rev, G Profit, Net Income
1.30.80.3-0.3-0.8-1.32012201420172020
Ops, Inv, Fin

oc-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number:     1-33100
Owens Corning
(Exact name of registrant as specified in its charter)
 
Delaware43-2109021
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Owens Corning Parkway,Toledo,OH 43659
(Address of principal executive offices) (Zip Code)
(419) 248-8000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareOCNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ             No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ             No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large Accelerated FilerþAccelerated filer¨
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes            No þ

As of July 24, 2020, 108,014,188 shares of registrant’s common stock, par value $0.01 per share, were outstanding.


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Contents
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



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PART I
ITEM 1. FINANCIAL STATEMENTS
OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(unaudited)
(in millions, except per share amounts)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
  
  
2020201920202019
NET SALES$1,625  $1,918  $3,226  $3,585  
COST OF SALES1,282  1,478  2,577  2,820  
Gross margin343  440  649  765  
OPERATING EXPENSES
Marketing and administrative expenses151  181  330  363  
Science and technology expenses18  22  39  44  
Goodwill impairment charge    944    
Other expenses, net6  10  38  15  
Total operating expenses175  213  1,351  422  
OPERATING INCOME (LOSS)168  227  (702) 343  
Non-operating income(3) (3) (7) (5) 
EARNINGS (LOSS) BEFORE INTEREST AND TAXES171  230  (695) 348  
Interest expense, net36  32  63  68  
EARNINGS (LOSS) BEFORE TAXES135  198  (758) 280  
Income tax expense39  59  63  98  
Equity in net loss of affiliates(1) (1)     
NET EARNINGS (LOSS)95  138  (821) 182  
Net loss attributable to noncontrolling interests(1)       
NET EARNINGS (LOSS) ATTRIBUTABLE TO OWENS CORNING$96  $138  $(821) $182  
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
Basic$0.88  $1.27  $(7.55) $1.67  
Diluted$0.88  $1.26  $(7.55) $1.66  
WEIGHTED AVERAGE COMMON SHARES
Basic108.6  109.0  108.7  109.3  
Diluted108.9  109.5  108.7  109.8  
The accompanying Notes to the Consolidated Financial Statements are an integral part of this Statement.


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OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(unaudited)
(in millions)
 
  
Three Months Ended
June 30,
Six Months Ended
June 30,
  
2020201920202019
NET EARNINGS (LOSS)$95  $138  $(821) $182  
Currency translation adjustment (net of tax of $(9) and $2 for the three months ended June 30, 2020 and 2019, respectively, and $1 and $(1) for the six months ended June 30, 2020 and 2019, respectively)53  10  (69) 21  
Pension and other postretirement adjustment (net of tax of $0 for both the three months ended June 30, 2020 and 2019, and $0 for both the six months ended June 30, 2020 and 2019)(2) 2  5  1  
Hedging adjustment (net of tax of $0 for both the three months ended June 30, 2020 and 2019, and $0 and $1 for the six months ended June 30, 2020 and 2019, respectively)    (1) (1) 
COMPREHENSIVE EARNINGS (LOSS)146  150  (886) 203  
Comprehensive loss attributable to noncontrolling interests(1)       
COMPREHENSIVE EARNINGS (LOSS) ATTRIBUTABLE TO OWENS CORNING$147  $150  $(886) $203  

The accompanying Notes to the Consolidated Financial Statements are an integral part of this Statement.


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OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions, except per share amounts)
ASSETSJune 30,
2020
December 31,
2019
CURRENT ASSETS
Cash and cash equivalents$582  $172  
Receivables, less allowances of $10 at June 30, 2020 and $11 at December 31, 2019986  770  
Inventories951  1,033  
Other current assets85  86  
Total current assets2,604  2,061  
Property, plant and equipment, net3,716  3,855  
Operating lease right-of-use assets168  203  
Goodwill966  1,932  
Intangible assets1,650  1,721  
Deferred income taxes32  46  
Other non-current assets234  188  
TOTAL ASSETS$9,370  $10,006  
LIABILITIES AND EQUITY
Current liabilities$1,393  $1,329  
Long-term debt, net of current portion3,314  2,986  
Pension plan liability208  231  
Other employee benefits liability173  179  
Non-current operating lease liabilities111  138  
Deferred income taxes304  272  
Other liabilities204  200  
OWENS CORNING STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.01 per share (a)    
Common stock, par value $0.01 per share (b)1  1  
Additional paid in capital4,054  4,051  
Accumulated earnings1,445  2,319  
Accumulated other comprehensive deficit(675) (610) 
Cost of common stock in treasury (c)(1,201) (1,130) 
Total Owens Corning stockholders’ equity3,624  4,631  
Noncontrolling interests39  40  
Total equity3,663  4,671  
TOTAL LIABILITIES AND EQUITY$9,370  $10,006  
 
(a)10 shares authorized; none issued or outstanding at June 30, 2020 and December 31, 2019
(b)400 shares authorized; 135.5 issued and 108.0 outstanding at June 30, 2020; 135.5 issued and 109.0 outstanding at December 31, 2019
(c)27.5 shares at June 30, 2020 and 26.5 shares at December 31, 2019
The accompanying Notes to the Consolidated Financial Statements are an integral part of this Statement.


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OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(unaudited)
(in millions)

 Common Stock
Outstanding
Treasury
Stock
APIC (a)Accumulated
Earnings
AOCI (b)NCI (c)Total
  SharesPar ValueSharesCost
Balance at December 31, 2019109.0  $1  26.5  $(1,130) $4,051  $2,319  $(610) $40  $4,671  
Net loss attributable to Owens Corning—  —  —  —  —  (917) —    (917) 
Net earnings attributable to noncontrolling interests—  —  —  —  —  —  —  1  1  
Currency translation adjustment—  —  —  —  —  —  (122) (2) (124) 
Pension and other postretirement adjustment (net of tax)—  —  —  —  —  —  7  —  7  
Deferred loss on hedging transactions (net of tax)—  —  —  —  —  —  (1) —  (1) 
Issuance of common stock under share-based payment plans0.4  —  (0.4) 16  (16) —  —  —    
Purchases of treasury stock(1.6) —  1.6  (96) —  —  —  —  (96) 
Stock-based compensation expense —  —  —  —  11  —  —  —  11  
Dividends declared (d)—  —  —  —  —  (26) —  —  (26) 
Balance at March 31, 2020107.8  $1  27.7  $(1,210) $4,046  $1,376  $(726) $39  $3,526  
Net earnings attributable to Owens Corning—  —  —  —  —  96  —    96  
Net loss attributable to noncontrolling interests—  —  —  —  —  —  —  (1) (1) 
Currency translation adjustment—  —  —  —  —  —  53  1  54  
Pension and other postretirement adjustment (net of tax)—  —  —  —  —  —  (2) —  (2) 
Issuance of common stock under share-based payment plans0.2  —  (0.2) 9  (1) —  —  —  8  
Stock-based compensation expense —  —  —  —  9  —  —  —  9  
Dividends declared (d)—  —  —  —  —  (27) —  —  (27) 
Balance at June 30, 2020108.0  $1  27.5  $(1,201) $4,054  $1,445  $(675) $39  $3,663  

(a)Additional Paid in Capital (APIC)
(b)Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)
(c)Noncontrolling Interest (“NCI”)
(d)Quarterly dividend declarations of $0.24 per share as of June 30, 2020 and March 31, 2020

The accompanying Notes to the Consolidated Financial Statements are an integral part of this Statement.



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OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(unaudited)
(in millions)

 Common Stock
Outstanding
Treasury
Stock
APIC (a)Accumulated
Earnings
AOCI (b)NCI (c)Total
  SharesPar ValueSharesCost
Balance at December 31, 2018109.5  $1  26.0  $(1,103) $4,028  $2,013  $(656) $41  $4,324  
Net earnings attributable to Owens Corning—  —  —  —  —  44  —  —  44  
Currency translation adjustment—  —  —  —  —  —  11  (1) 10  
Pension and other postretirement adjustment (net of tax)—  —  —  —  —  —  (1) —  (1) 
Deferred loss on hedging transactions (net of tax)—  —  —  —