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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
FORM 10-Q
______________________________________

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
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 Symbol(s)Name 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 Filer 
þ
Accelerated 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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐     No þ
As of November 1, 2024, 85,784,321 shares of the registrant’s common stock, par value $0.01 per share, were outstanding.                

OWENS CORNING AND SUBSIDIARIES
INDEX TO QUARTERLY REPORT ON FORM 10-Q
September 30, 2024
Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


PART I
ITEM 1. FINANCIAL STATEMENTS
OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
(in millions, except per share amounts)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
  
  
2024202320242023
NET SALES$3,046 $2,479 $8,135 $7,373 
COST OF SALES2,138 1,752 5,680 5,305 
Gross margin908 727 2,455 2,068 
OPERATING EXPENSES
Marketing and administrative expenses279 201 740 612 
Science and technology expenses36 29 101 85 
Gain on sale of site— — — (189)
Other expense, net84 35 245 77 
Total operating expenses399 265 1,086 585 
OPERATING INCOME509 462 1,369 1,483 
Non-operating income— (1)(1)(1)
EARNINGS BEFORE INTEREST AND TAXES509 463 1,370 1,484 
Interest expense, net70 17 151 62 
EARNINGS BEFORE TAXES439 446 1,219 1,422 
Income tax expense120 110 318 361 
Equity in net earnings of affiliates2 1 4 2 
NET EARNINGS321 337 905 1,063 
Net loss attributable to non-redeemable and redeemable noncontrolling interests— — — (2)
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING$321 $337 $905 $1,065 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
Basic$3.69 $3.74 $10.38 $11.75 
Diluted$3.65 $3.71 $10.28 $11.64 
WEIGHTED AVERAGE COMMON SHARES
Basic87.0 90.0 87.2 90.6 
Diluted87.9 90.9 88.0 91.5 
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Statements.

OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(unaudited)
(in millions)
 
Three Months Ended
September 30,		Nine Months Ended
September 30,
  
2024202320242023
NET EARNINGS$321 $337 $905 $1,063 
Other comprehensive income (loss), net of tax:
Currency translation adjustment (net of tax of $0 and $(2) for the three months ended September 30, 2024 and 2023, respectively, and $0 and $(2) for the nine months ended September 30, 2024 and 2023, respectively)
68 (73)(37)(33)
Pension and other postretirement adjustment (net of tax of $0 and $0 for the three months ended September 30, 2024 and 2023, respectively, and $0 and $0 for the nine months ended September 30, 2024 and 2023, respectively)
(4)2 (5)(1)
Hedging adjustment (net of tax of $0 and $(2) for the three months ended September 30, 2024 and 2023, respectively, and $(3) and $(4) for the nine months ended September 30, 2024 and 2023, respectively)
1 5 11 11 
Total other comprehensive income (loss), net of tax65 (66)(31)(23)
COMPREHENSIVE EARNINGS386 271 874 1,040 
Comprehensive loss attributable to non-redeemable and redeemable noncontrolling interests(1)(1)(3)(4)
COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING$387 $272 $877 $1,044 
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Statements.

OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions, except per share amounts)
ASSETSSeptember 30,
2024		December 31,
2023
CURRENT ASSETS
Cash and cash equivalents$499 $1,615 
Receivables, less allowance of $4 at September 30, 2024 and $11 at December 31, 2023
1,577 987 
Inventories1,596 1,198 
Other current assets191 117 
Total current assets3,863 3,917 
Property, plant and equipment, net4,593 3,841 
Operating lease right-of-use assets473 222 
Goodwill2,867 1,392 
Intangible assets, net2,771 1,528 
Deferred income taxes32 24 
Other non-current assets455 313 
TOTAL ASSETS$15,054 $11,237 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$1,401 $1,216 
Current operating lease liabilities88 62 
Long-term debt - current portion437 431 
Other current liabilities756 615 
Total current liabilities2,682 2,324 
Long-term debt, net of current portion5,028 2,615 
Pension plan liability69 69 
Other employee benefits liability109 112 
Non-current operating lease liabilities404 165 
Deferred income taxes733 427 
Other liabilities356 315 
Total liabilities9,381 6,027 
Redeemable noncontrolling interest— 25 
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 capital4,204 4,166 
Accumulated earnings5,541 4,794 
Accumulated other comprehensive deficit(531)(503)
Cost of common stock in treasury (c)(3,592)(3,292)
Total Owens Corning stockholders’ equity5,623 5,166 
Noncontrolling interests50 19 
Total equity5,673 5,185 
TOTAL LIABILITIES AND EQUITY$15,054 $11,237 
(a)10 shares authorized; none issued or outstanding at September 30, 2024 and December 31, 2023
(b)400 shares authorized; 135.5 issued and 85.8 outstanding at September 30, 2024; 135.5 issued and 87.2 outstanding at December 31, 2023
(c)49.7 shares at September 30, 2024 and 48.3 shares at December 31, 2023
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Statements.



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, 202387.2 $1 48.3 $(3,292)$4,166 $4,794 $(503)$19 $5,185 
Net earnings attributable to Owens Corning— — — — — 299 — — 299 
Redeemable noncontrolling interest adjustment to redemption value— — — — (1)— — — (1)
Currency translation adjustment— — — — — — (41)(1)(42)
Deferred gain on hedging transactions (net of tax)— — — — — — 5 — 5 
Issuance of common stock under share-based payment plans0.6 — (0.6)21 (20)— — — 1 
Purchases of treasury stock(1.1)— 1.1 (162)— — — — (162)
Stock-based compensation expense— — — — 14 — — — 14 
Dividends declared (d)— — — — — (52)— — (52)
Balance at March 31, 202486.7 $1 48.8 $(3,433)$4,159 $5,041 $(539)$18 $5,247 
Net earnings attributable to Owens Corning— — — — — 285 — — 285 
Net earnings attributable to non-redeemable noncontrolling interests— — — — — — — 1 1 
Currency translation adjustment— — — — — — (62)(1)(63)
Pension and other postretirement adjustment (net of tax)— — — — — — (1)— (1)
Deferred gain on hedging transactions (net of tax)— — — — — — 5 — 5 
Purchases of non-controlling interest— — — — — — — 35 35 
Issuance of common stock under share-based payment plans0.3 — (0.3)60 (47)— — — 13 
Purchases of treasury stock(0.1)— 0.1 (18)— — — — (18)
Stock-based compensation expense— — — — 39 — — — 39 
Fair value of awards included in transaction consideration— — — — 35 — — — 35 
Dividends declared (d)— — — — — (53)— — (53)
Balance at June 30, 202486.9 $1 48.6 $(3,391)$4,186 $5,273 $(597)$53 $5,525 
Net earnings attributable to Owens Corning— — — — — 321 — — 321 
Return of capital to non-redeemable noncontrolling interests— — — — — — — (2)(2)
Currency translation adjustment— — — — — — 69 (1)68 
Pension and other postretirement adjustment (net of tax)— — — — — — (4)— (4)
Deferred gain on hedging transactions (net of tax)— — — — — — 1 — 1 
Issuance of common stock under share-based payment plans0.1 — (0.1)4 (3)— — — 1 
Purchases of treasury stock(1.2)— 1.2 (205)— — — — (205)
Stock-based compensation expense— — — — 21 — — — 21 
Dividends declared (d)— — — — — (53)— — (53)
Balance at September 30, 202485.8 $1 49.7 $(3,592)$4,204 $5,541 $(531)$50 $5,673 
(a)Additional Paid in Capital (“APIC”)
(b)Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)
(c)Noncontrolling Interests (“NCI”)
(d)Quarterly dividend declaration of $0.60 per share as of September 30, 2024, June 30, 2024 and March 31, 2024










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, 202291.9 $1 43.6 $(2,678)$4,139 $3,794 $(681)$21 $4,596 
Net earnings attributable to Owens Corning— — — — — 383 — — 383 
Net earnings attributable to non-redeemable noncontrolling interests— — — — — — — — — 
Redeemable noncontrolling interest adjustment to redemption value— — — — (1)— — — (1)
Currency translation adjustment— — — — — — 31 — 31 
Pension and other postretirement adjustment (net of tax)— — — — — — (1)— (1)
Deferred loss on hedging transactions (net of tax)— — — — — — (1)— (1)
Issuance of common stock under share-based payment plans0.7 — (0.7)23 (22)— — — 1 
Purchases of treasury stock(1.8)— 1.8 (161)— — — — (161)
Stock-based compensation expense— — — — 13 — — — 13 
Dividends declared (d)— — — — — (48)— — (48)
Balance at March 31, 202390.8 $1 44.7 $(2,816)$4,129 $4,129 $(652)$21 $4,812 
Net earnings attributable to Owens Corning— — — — — 345 — — 345 
Net earnings attributable to non-redeemable noncontrolling interests— — — — — — — — — 
Redeemable noncontrolling interest adjustment to redemption value— — — — — — — — — 
Currency translation adjustment— — — — — — 10 (1)9 
Pension and other postretirement adjustment (net of tax)— — — — — — (2)— (2)
Deferred gain on hedging transactions (net of tax)— — — — — — 7 — 7 
Issuance of common stock under share-based payment plans0.1 — (0.1)12 — — — — 12 
Purchases of treasury stock(1.1)— 1.1 (116)— — — — (116)
Stock-based compensation expense — — — — 14 — — — 14 
Dividends declared (d)— — — — — (47)— — (47)
Balance at June 30, 202389.8 $1 45.7 $(2,920)$4,143 $4,427 $(637)$20 $5,034 
Net earnings attributable to Owens Corning— — — — — 337 — — 337 
Net earnings attributable to non-redeemable noncontrolling interests— — — — — — — — — 
Redeemable noncontrolling interest adjustment to redemption value— — — — — — — — — 
Currency translation adjustment— — — — — — (73)— (73)
Pension and other postretirement adjustment (net of tax)— — — — — — 2 — 2 
Deferred gain on hedging transactions (net of tax)— — — — — — 5 — 5 
Redeemable equity redeemed and changes in subsidiary shares from noncontrolling interests— — — — — — — — — 
Issuance of common stock under share-based payment plans0.1 — (0.1)2 (2)— — — — 
Purchases of treasury stock(1.0)— 1.0 (145)— — — — (145)
Stock-based compensation expense— — — — 11 — — — 11 
Dividends declared (d)— — — — — (46)— — (46)
Balance at September 30, 202388.9 $1 46.6 $(3,063)$4,152 $4,718 $(703)$20 $5,125 
(a)Additional Paid in Capital (“APIC”)
(b)Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)
(c)Noncontrolling Interests (“NCI”)
(d)Quarterly dividend declaration of $0.52 per share as of September 30, 2023, June 30, 2023 and March 31, 2023
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Statements.






OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in millions)
Nine Months Ended
September 30,
  
20242023
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES
Net earnings$905 $1,063 
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization483 446 
Deferred income taxes(55)40 
Stock-based compensation expense74 38 
Gains on sale of certain precious metals(19)(2)
Gain on sale of site— (189)
Other adjustments to reconcile net earnings to cash from operating activities(8)23 
Changes in operating assets and liabilities(147)(384)
Pension fund contribution(4)(4)
Payments for other employee benefits liabilities(8)(8)
Other(5)(2)
Net cash flow provided by operating activities1,216 1,021 
NET CASH FLOW USED FOR INVESTING ACTIVITIES
Cash paid for property, plant, and equipment(450)(390)
Proceeds from the sale of assets or affiliates114 189 
Investment in subsidiaries and affiliates, net of cash acquired(2,857)(6)
Other— (12)
Net cash flow used for investing activities(3,193)(219)
NET CASH FLOW PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Proceeds from long-term debt1,968 — 
Payments on long-term debt(473)— 
Proceeds from senior revolving credit and receivables securitization facilities560 — 
Payments on senior revolving credit and receivables securitization facilities(560)— 
Proceeds from term loan borrowing2,784 — 
Payments on term loan borrowing(2,800)— 
Dividends paid(156)(142)
Purchases of treasury stock(388)(419)
Finance lease payments(29)(24)
Other(5)— 
Net cash flow provided by (used for) financing activities901 (585)
Effect of exchange rate changes on cash(28)8 
Net (decrease) increase in cash, cash equivalents, and restricted cash(1,104)225 
Cash, cash equivalents and restricted cash at beginning of period1,623 1,107 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD$519 $1,332 
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Statements.

OWENS CORNING AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1.    GENERAL
Unless the context requires otherwise, the terms “Owens Corning,” “Company,” “we” and “our” in this report refer to Owens Corning, a Delaware corporation, and its subsidiaries.
The Consolidated Financial Statements included in this report are unaudited, pursuant to certain rules and regulations of the Securities and Exchange Commission (“SEC”), and include, in the opinion of the Company, normal recurring adjustments necessary for a fair statement of the results for the periods indicated, which, however, are not necessarily indicative of results which may be expected for the full year. The December 31, 2023 balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (“U.S.”). In connection with the Consolidated Financial Statements and Notes included in this report, reference is made to the Consolidated Financial Statements and Notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”). Certain reclassifications have been made to the periods presented for 2023 to conform to the classifications used in the periods presented for 2024.
Acquisition of Masonite International Corporation
On May 15, 2024, the Company acquired all of the outstanding shares of Masonite International Corporation (“Masonite”) at a purchase price of $133.00 per share (the "Arrangement"). Masonite is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors and door systems for residential new construction and residential repair and remodeling. The addition of Masonite's market-leading doors business creates a new growth platform for the Company, strengthening the Company's position in building and construction and expanding its offering of branded residential building products.
Masonite's operating results and preliminary purchase price allocation have been included in the Company's newly established Doors reportable segment from May 15, 2024, the effective date of the Arrangement, within the Consolidated Financial Statements. Please refer to Note 7 of the Consolidated Financial Statements for further information.
Revenue Recognition
As of December 31, 2023, our contract liability balances (for extended warranties, down payments and deposits, collectively) totaled $101 million, of which $19 million was recognized as revenue in the first nine months of 2024. As of September 30, 2024, our contract liability balances totaled $115 million.
As of December 31, 2022, our contract liability balances totaled $89 million, of which $17 million was recognized as revenue in the first nine months of 2023. As of September 30, 2023, our contract liability balances totaled $96 million.
Cash, Cash Equivalents and Restricted Cash
On the Consolidated Statements of Cash Flows, the total of Cash, cash equivalents and restricted cash includes restricted cash of $20 million as of September 30, 2024, $9 million as of September 30, 2023 and $8 million as of December 31, 2023 and December 31, 2022. Restricted cash primarily represents cash we have placed as collateral for standby letters of credit and amounts received from a counterparty related to its performance assurance on an executory contract. The letters of credit guarantee payment to third parties in the event the Company is in breach of contract terms as detailed in each letter of credit. The amounts received from a counterparty are contractually required to be set aside, and the counterparty can exchange the cash for another form of performance assurance at its discretion. These amounts are included in Other current assets on the Consolidated Balance Sheets.
Accounts Receivable
Our customers consist mainly of distributors, home centers, contractors and retailers. Two of our largest customers accounted for 23% and 15%, respectively, of consolidated accounts receivable as of September 30, 2024 and 11% and 11%, respectively, of consolidated accounts receivable as of December 31, 2023.




- 10 -
OWENS CORNING AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
1.    GENERAL (continued)




Related Party Transactions
In the first quarter of 2021, a related party relationship was established as a result of a member of the Company’s Board of Directors being named an executive officer of one of the Company’s preexisting suppliers. The related party transactions with this supplier consist of the purchase of raw materials. Purchases from the related party supplier were $20 million and $85 million for the three and nine months ended September 30, 2024, respectively, and $22 million and $72 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, amounts due to the related party supplier were $3 million and $5 million, respectively.
Supplier Finance Programs
We review supplier terms and conditions on an ongoing basis, and have negotiated payment terms extensions in recent years in connection with our efforts to reduce working capital and improve cash flow. Separate from those terms extension actions, certain of our subsidiaries have entered into paying agency agreements with third-party administrators. These voluntary supply chain finance programs (collectively, the “Programs”) generally give participating suppliers the ability to sell, or otherwise pledge as collateral, their receivables from the Company to the participating financial institutions, at the sole discretion of both the suppliers and financial institutions. The Company is not a party to the arrangements between the suppliers and the financial institutions. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to sell, or otherwise pledge as collateral, amounts under these arrangements. The Company’s payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. One of the Programs includes a parent guarantee to the participating financial institution for a certain U.S. subsidiary that, at the time of the respective program’s inception in 2015, was a guarantor subsidiary of the Company’s Credit Agreement.
The obligations are presented as Accounts payable within Total current liabilities on the Consolidated Balance Sheets and all activity related to the obligations is presented within operating activities on the Consolidated Statements of Cash Flow.
The Company’s confirmed outstanding obligations under the Programs totaled $180 million and $211 million as of September 30, 2024 and December 31, 2023, respectively. The amounts of invoices paid under the Programs totaled $405 million and $454 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.
Strategic Actions
On February 9, 2024, the Company announced the decision to review strategic alternatives for its global glass reinforcements (“GR”) business, consistent with our strategy to focus on building and construction materials. The GR business, which operates within our Composites segment, supplies a wide variety of glass fiber products for applications in wind energy, infrastructure, industrial, transportation, and consumer markets. The GR business generates annual revenues of approximately $1.3 billion. While a range of options are under consideration, including a potential sale, spin-off or other strategic option, there can be no assurance that the strategic review will result in any transaction or other outcome. During the first nine months of 2024, the Company incurred $33 million of costs related to this review.

Accounting Policies
There have been no changes in the significant accounting policies from those that were disclosed in the 2023 Form 10-K.
Critical Accounting Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates. Accounting estimates and assumptions discussed in this section are those considered to be the most critical to an understanding of our financial statements because they involve significant judgments and uncertainties. There have been no material changes to our critical accounting estimates previously disclosed in Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, except as follows:


- 11 -
OWENS CORNING AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
1.    GENERAL (continued)




Fair values of assets acquired and liabilities assumed in acquisitions — Assets acquired and liabilities assumed in a business combination are recorded at their estimated fair values on the date of acquisition. The difference between the purchase price amount and the net fair value of assets acquired and liabilities assumed is recognized as goodwill on the balance sheet if the purchase price exceeds the estimated net fair value or as a bargain purchase gain on the income statement if the purchase price is less than the estimated net fair value. We apply significant judgment in estimating the fair value of assets acquired and liabilities assumed, which involves the use of significant estimates and assumptions. Changes in these judgments or estimates can have a material impact on the valuation of the respective assets and liabilities acquired and our results of operations in periods after acquisition. The allocation of the purchase price is preliminary for up to one year after the acquisition date as more information is obtained about the fair value of assets acquired and liabilities assumed. See Note 7 of the Consolidated Financial Statements for further information on the fair values of assets acquired and liabilities assumed in recent business combinations, as well as the measurement period adjustments to the purchase price allocation.
Goodwill Impairment Assessment — When it is determined necessary for the Company to perform the quantitative impairment process for goodwill, we estimate fair value using a discounted cash flow approach from the perspective of a market participant, as well as the market approach. For the market approach, we use market multiples derived from a set of similar companies.


Accounting Pronouncements
The following table summarizes recent Accounting Standard Updates ("ASU") issued by the Financial Accounting Standards Board ("FASB") that could have an impact on the Company's Consolidated Financial Statements:
StandardDescriptionEffective Date for CompanyEffect on the
Consolidated Financial Statements
Recently issued standards:
ASU 2024-01 "Compensation - Stock Compensation" (Topic 718): Scope Application of Profits Interest and Similar AwardsThis amendment adds an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted for in accordance with Topic 718.Fiscal years beginning after December 15, 2024We do not believe the adoption of this guidance will have a material effect on our Consolidated Financial Statements.
ASU 2024-02 "Codification Improvements - Amendments to Remove References to the Concepts Statements"Amendments in this update remove references to various FASB Concepts Statements.Fiscal years beginning after December 15, 2024We do not believe the adoption of this guidance will have a material effect on our Consolidated Financial Statements.
ASU 2024-03 "Income Statement – Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40)"The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses.Fiscal years beginning after December 15, 2026We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statements. We do not believe the adoption of this guidance will have a material effect on our results of operations.
ASU 2023-06 “Disclosure Improvements”The amendments in this update modify the disclosure or presentation requirements of a variety of Topics.The effective date for each topic is contingent on future SEC rule setting.We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statement disclosures. We do not believe the adoption of this guidance will have a material effect on our results of operations.
ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.Fiscal years beginning after December 15, 2023We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statement disclosures. We do not believe the adoption of this guidance will have a material effect on our results of operations.
ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”This standard modifies the rate reconciliation and income taxes paid disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, as well as requiring income taxes paid to be disaggregated by jurisdiction.Fiscal years beginning after December 15, 2024We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statements. We do not believe the adoption of this guidance will have a material effect on our results of operations.

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OWENS CORNING AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
2.    SEGMENT INFORMATION
As a result of our acquisition of Masonite International Corporation, which was completed on May 15, 2024, the Company now has four reportable segments: Roofing, Insulation, Doors, and Composites. Accounting policies for the segments are the same as those for the Company. The Company’s four reportable segments are defined as follows:
Roofing – Within our Roofing segment, the Company manufactures and sells residential roofing shingles, oxidized asphalt materials, and roofing components primarily used in residential and commercial construction.
Insulation – Within our Insulation segment, the Company manufactures and sells thermal and acoustical batts, loose fill insulation, spray foam insulation, foam sheathing and accessories. It also manufactures and sells glass fiber pipe insulation, energy efficient flexible duct media, bonded and granulated stone wool insulation, cellular glass insulation, and foam insulation used in above- and below-grade construction applications.
Doors – Within our new Doors segment, the Company manufactures and sells interior and exterior doors and door systems primarily used in residential construction.
Composites – Within our Composites segment, the Company manufactures, fabricates and sells glass reinforcements in the form of fiber. Glass reinforcement materials are also used by the Composites segment to manufacture and sell high value applications in the form of non-wovens, fabrics and composite lumber.
NET SALES
The following tables show a disaggregation of our Net sales by segment and geographic region (in millions). Corporate eliminations (shown below) largely reflect intercompany sales from Composites to Roofing. External customer sales are attributed to geographic region based upon the location from which the product is sold to the external customer.
For the three months ended September 30, 2024
Reportable SegmentsRoofingInsulationDoorsCompositesEliminationsConsolidated
Disaggregation Categories
U.S. residential$1,019 $416 $445 $122 $(82)$1,920 
U.S. commercial and industrial43 195 — 181 (2)417 
Total United States1,062 611 445 303 (84)2,337 
Europe— 183 57 107 (1)346 
Asia-Pacific— 34 — 94 — 128 
Rest of world16 118 71 30 — 235 
NET SALES$1,078 $946 $573 $534 $