10-Q 1 oc-20220930.htm 10-Q oc-20220930
2022Q3false0001370946--12-311121011025981090.010.010.010.01P3Y00013709462022-01-012022-09-3000013709462022-10-21xbrli:shares00013709462022-07-012022-09-30iso4217:USD00013709462021-07-012021-09-3000013709462021-01-012021-09-30iso4217:USDxbrli:shares00013709462022-09-3000013709462021-12-310001370946us-gaap:CommonStockMember2022-09-300001370946us-gaap:CommonStockMember2021-12-310001370946us-gaap:TreasuryStockCommonMember2021-12-310001370946us-gaap:AdditionalPaidInCapitalMember2021-12-310001370946us-gaap:RetainedEarningsMember2021-12-310001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001370946us-gaap:NoncontrollingInterestMember2021-12-310001370946us-gaap:RetainedEarningsMember2022-01-012022-03-3100013709462022-01-012022-03-310001370946us-gaap:NoncontrollingInterestMember2022-01-012022-03-310001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001370946us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001370946us-gaap:CommonStockMember2022-01-012022-03-310001370946us-gaap:TreasuryStockCommonMember2022-01-012022-03-310001370946us-gaap:CommonStockMember2022-03-310001370946us-gaap:TreasuryStockCommonMember2022-03-310001370946us-gaap:AdditionalPaidInCapitalMember2022-03-310001370946us-gaap:RetainedEarningsMember2022-03-310001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001370946us-gaap:NoncontrollingInterestMember2022-03-3100013709462022-03-310001370946us-gaap:RetainedEarningsMember2022-04-012022-06-3000013709462022-04-012022-06-300001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001370946us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001370946us-gaap:CommonStockMember2022-04-012022-06-300001370946us-gaap:TreasuryStockCommonMember2022-04-012022-06-300001370946us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001370946us-gaap:CommonStockMember2022-06-300001370946us-gaap:TreasuryStockCommonMember2022-06-300001370946us-gaap:AdditionalPaidInCapitalMember2022-06-300001370946us-gaap:RetainedEarningsMember2022-06-300001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001370946us-gaap:NoncontrollingInterestMember2022-06-3000013709462022-06-300001370946us-gaap:RetainedEarningsMember2022-07-012022-09-300001370946us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001370946us-gaap:NoncontrollingInterestMember2022-07-012022-09-300001370946us-gaap:CommonStockMember2022-07-012022-09-300001370946us-gaap:TreasuryStockMember2022-07-012022-09-300001370946us-gaap:TreasuryStockCommonMember2022-09-300001370946us-gaap:AdditionalPaidInCapitalMember2022-09-300001370946us-gaap:RetainedEarningsMember2022-09-300001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001370946us-gaap:NoncontrollingInterestMember2022-09-3000013709462022-06-302022-06-3000013709462022-09-302022-09-3000013709462022-03-312022-03-310001370946us-gaap:CommonStockMember2020-12-310001370946us-gaap:TreasuryStockMember2020-12-310001370946us-gaap:AdditionalPaidInCapitalMember2020-12-310001370946us-gaap:RetainedEarningsMember2020-12-310001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001370946us-gaap:NoncontrollingInterestMember2020-12-3100013709462020-12-310001370946us-gaap:RetainedEarningsMember2021-01-012021-03-3100013709462021-01-012021-03-310001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001370946us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001370946us-gaap:CommonStockMember2021-01-012021-03-310001370946us-gaap:TreasuryStockMember2021-01-012021-03-310001370946us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001370946us-gaap:CommonStockMember2021-03-310001370946us-gaap:TreasuryStockMember2021-03-310001370946us-gaap:AdditionalPaidInCapitalMember2021-03-310001370946us-gaap:RetainedEarningsMember2021-03-310001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001370946us-gaap:NoncontrollingInterestMember2021-03-3100013709462021-03-310001370946us-gaap:RetainedEarningsMember2021-04-012021-06-3000013709462021-04-012021-06-300001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001370946us-gaap:CommonStockMember2021-04-012021-06-300001370946us-gaap:TreasuryStockMember2021-04-012021-06-300001370946us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001370946us-gaap:CommonStockMember2021-06-300001370946us-gaap:TreasuryStockMember2021-06-300001370946us-gaap:AdditionalPaidInCapitalMember2021-06-300001370946us-gaap:RetainedEarningsMember2021-06-300001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001370946us-gaap:NoncontrollingInterestMember2021-06-3000013709462021-06-300001370946us-gaap:RetainedEarningsMember2021-07-012021-09-300001370946us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001370946us-gaap:CommonStockMember2021-07-012021-09-300001370946us-gaap:TreasuryStockMember2021-07-012021-09-300001370946us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001370946us-gaap:CommonStockMember2021-09-300001370946us-gaap:TreasuryStockMember2021-09-300001370946us-gaap:AdditionalPaidInCapitalMember2021-09-300001370946us-gaap:RetainedEarningsMember2021-09-300001370946us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001370946us-gaap:NoncontrollingInterestMember2021-09-3000013709462021-09-3000013709462021-06-302021-06-3000013709462021-09-302021-09-3000013709462021-03-312021-03-31oc:segment0001370946country:USoc:CompositesMemberoc:ResidentialMember2022-07-012022-09-300001370946country:USoc:ResidentialMemberoc:InsulationMember2022-07-012022-09-300001370946country:USoc:RoofingMemberoc:ResidentialMember2022-07-012022-09-300001370946country:USoc:ResidentialMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001370946country:USoc:ResidentialMember2022-07-012022-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:CompositesMember2022-07-012022-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:InsulationMember2022-07-012022-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:RoofingMember2022-07-012022-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMember2022-07-012022-09-300001370946country:USoc:CompositesMember2022-07-012022-09-300001370946country:USoc:InsulationMember2022-07-012022-09-300001370946country:USoc:RoofingMember2022-07-012022-09-300001370946country:USus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001370946country:US2022-07-012022-09-300001370946oc:CompositesMembersrt:EuropeMember2022-07-012022-09-300001370946srt:EuropeMemberoc:InsulationMember2022-07-012022-09-300001370946oc:RoofingMembersrt:EuropeMember2022-07-012022-09-300001370946srt:EuropeMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001370946srt:EuropeMember2022-07-012022-09-300001370946oc:CompositesMembersrt:AsiaPacificMember2022-07-012022-09-300001370946oc:InsulationMembersrt:AsiaPacificMember2022-07-012022-09-300001370946oc:RoofingMembersrt:AsiaPacificMember2022-07-012022-09-300001370946srt:AsiaPacificMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001370946srt:AsiaPacificMember2022-07-012022-09-300001370946oc:CompositesMemberoc:RestofWorldMember2022-07-012022-09-300001370946oc:InsulationMemberoc:RestofWorldMember2022-07-012022-09-300001370946oc:RoofingMemberoc:RestofWorldMember2022-07-012022-09-300001370946oc:RestofWorldMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001370946oc:RestofWorldMember2022-07-012022-09-300001370946oc:CompositesMember2022-07-012022-09-300001370946oc:InsulationMember2022-07-012022-09-300001370946oc:RoofingMember2022-07-012022-09-300001370946us-gaap:IntersegmentEliminationMember2022-07-012022-09-300001370946country:USoc:CompositesMemberoc:ResidentialMember2021-07-012021-09-300001370946country:USoc:ResidentialMemberoc:InsulationMember2021-07-012021-09-300001370946country:USoc:RoofingMemberoc:ResidentialMember2021-07-012021-09-300001370946country:USoc:ResidentialMemberus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001370946country:USoc:ResidentialMember2021-07-012021-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:CompositesMember2021-07-012021-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:InsulationMember2021-07-012021-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:RoofingMember2021-07-012021-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMember2021-07-012021-09-300001370946country:USoc:CompositesMember2021-07-012021-09-300001370946country:USoc:InsulationMember2021-07-012021-09-300001370946country:USoc:RoofingMember2021-07-012021-09-300001370946country:USus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001370946country:US2021-07-012021-09-300001370946oc:CompositesMembersrt:EuropeMember2021-07-012021-09-300001370946srt:EuropeMemberoc:InsulationMember2021-07-012021-09-300001370946oc:RoofingMembersrt:EuropeMember2021-07-012021-09-300001370946srt:EuropeMemberus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001370946srt:EuropeMember2021-07-012021-09-300001370946oc:CompositesMembersrt:AsiaPacificMember2021-07-012021-09-300001370946oc:InsulationMembersrt:AsiaPacificMember2021-07-012021-09-300001370946oc:RoofingMembersrt:AsiaPacificMember2021-07-012021-09-300001370946srt:AsiaPacificMemberus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001370946srt:AsiaPacificMember2021-07-012021-09-300001370946oc:CompositesMemberoc:RestofWorldMember2021-07-012021-09-300001370946oc:InsulationMemberoc:RestofWorldMember2021-07-012021-09-300001370946oc:RoofingMemberoc:RestofWorldMember2021-07-012021-09-300001370946oc:RestofWorldMemberus-gaap:IntersegmentEliminationMember2021-07-012021-09-300001370946oc:RestofWorldMember2021-07-012021-09-300001370946oc:CompositesMember2021-07-012021-09-300001370946oc:InsulationMember2021-07-012021-09-300001370946oc:RoofingMember2021-07-012021-09-300001370946us-gaap:IntersegmentEliminationMember2021-07-012021-09-300001370946country:USoc:CompositesMemberoc:ResidentialMember2022-01-012022-09-300001370946country:USoc:ResidentialMemberoc:InsulationMember2022-01-012022-09-300001370946country:USoc:RoofingMemberoc:ResidentialMember2022-01-012022-09-300001370946country:USoc:ResidentialMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300001370946country:USoc:ResidentialMember2022-01-012022-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:CompositesMember2022-01-012022-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:InsulationMember2022-01-012022-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:RoofingMember2022-01-012022-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMember2022-01-012022-09-300001370946country:USoc:CompositesMember2022-01-012022-09-300001370946country:USoc:InsulationMember2022-01-012022-09-300001370946country:USoc:RoofingMember2022-01-012022-09-300001370946country:USus-gaap:IntersegmentEliminationMember2022-01-012022-09-300001370946country:US2022-01-012022-09-300001370946oc:CompositesMembersrt:EuropeMember2022-01-012022-09-300001370946srt:EuropeMemberoc:InsulationMember2022-01-012022-09-300001370946oc:RoofingMembersrt:EuropeMember2022-01-012022-09-300001370946srt:EuropeMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300001370946srt:EuropeMember2022-01-012022-09-300001370946oc:CompositesMembersrt:AsiaPacificMember2022-01-012022-09-300001370946oc:InsulationMembersrt:AsiaPacificMember2022-01-012022-09-300001370946oc:RoofingMembersrt:AsiaPacificMember2022-01-012022-09-300001370946srt:AsiaPacificMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300001370946srt:AsiaPacificMember2022-01-012022-09-300001370946oc:CompositesMemberoc:RestofWorldMember2022-01-012022-09-300001370946oc:InsulationMemberoc:RestofWorldMember2022-01-012022-09-300001370946oc:RoofingMemberoc:RestofWorldMember2022-01-012022-09-300001370946oc:RestofWorldMemberus-gaap:IntersegmentEliminationMember2022-01-012022-09-300001370946oc:RestofWorldMember2022-01-012022-09-300001370946oc:CompositesMember2022-01-012022-09-300001370946oc:InsulationMember2022-01-012022-09-300001370946oc:RoofingMember2022-01-012022-09-300001370946us-gaap:IntersegmentEliminationMember2022-01-012022-09-300001370946country:USoc:CompositesMemberoc:ResidentialMember2021-01-012021-09-300001370946country:USoc:ResidentialMemberoc:InsulationMember2021-01-012021-09-300001370946country:USoc:RoofingMemberoc:ResidentialMember2021-01-012021-09-300001370946country:USoc:ResidentialMemberus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001370946country:USoc:ResidentialMember2021-01-012021-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:CompositesMember2021-01-012021-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:InsulationMember2021-01-012021-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberoc:RoofingMember2021-01-012021-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMemberus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001370946country:USus-gaap:CommercialAndIndustrialSectorMember2021-01-012021-09-300001370946country:USoc:CompositesMember2021-01-012021-09-300001370946country:USoc:InsulationMember2021-01-012021-09-300001370946country:USoc:RoofingMember2021-01-012021-09-300001370946country:USus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001370946country:US2021-01-012021-09-300001370946oc:CompositesMembersrt:EuropeMember2021-01-012021-09-300001370946srt:EuropeMemberoc:InsulationMember2021-01-012021-09-300001370946oc:RoofingMembersrt:EuropeMember2021-01-012021-09-300001370946srt:EuropeMemberus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001370946srt:EuropeMember2021-01-012021-09-300001370946oc:CompositesMembersrt:AsiaPacificMember2021-01-012021-09-300001370946oc:InsulationMembersrt:AsiaPacificMember2021-01-012021-09-300001370946oc:RoofingMembersrt:AsiaPacificMember2021-01-012021-09-300001370946srt:AsiaPacificMemberus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001370946srt:AsiaPacificMember2021-01-012021-09-300001370946oc:CompositesMemberoc:RestofWorldMember2021-01-012021-09-300001370946oc:InsulationMemberoc:RestofWorldMember2021-01-012021-09-300001370946oc:RoofingMemberoc:RestofWorldMember2021-01-012021-09-300001370946oc:RestofWorldMemberus-gaap:IntersegmentEliminationMember2021-01-012021-09-300001370946oc:RestofWorldMember2021-01-012021-09-300001370946oc:CompositesMember2021-01-012021-09-300001370946oc:InsulationMember2021-01-012021-09-300001370946oc:RoofingMember2021-01-012021-09-300001370946us-gaap:IntersegmentEliminationMember2021-01-012021-09-300001370946oc:TotalSegmentsMember2022-07-012022-09-300001370946oc:TotalSegmentsMember2021-07-012021-09-300001370946oc:TotalSegmentsMember2022-01-012022-09-300001370946oc:TotalSegmentsMember2021-01-012021-09-300001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2022-09-300001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2021-12-310001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NetInvestmentHedgingMember2022-09-300001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherNoncurrentAssetsMemberus-gaap:NetInvestmentHedgingMember2021-12-310001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CashFlowHedgingMember2022-09-300001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CashFlowHedgingMember2021-12-310001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMember2022-09-300001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMember2021-12-310001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2022-09-300001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2021-12-310001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:CashFlowHedgingMember2022-09-300001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:CashFlowHedgingMember2021-12-310001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:CashFlowHedgingMember2022-09-300001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMemberus-gaap:CashFlowHedgingMember2021-12-310001370946us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMember2022-09-300001370946us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMember2021-12-310001370946us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:TreasuryLockMember2022-09-300001370946us-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMemberus-gaap:TreasuryLockMember2021-12-310001370946us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMember2022-09-300001370946us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentLiabilitiesMember2021-12-310001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-07-012022-09-300001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-07-012021-09-300001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-09-300001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-09-300001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-07-012022-09-300001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-07-012021-09-300001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-01-012022-09-300001370946us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2021-01-012021-09-300001370946us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-07-012022-09-300001370946us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-07-012021-09-300001370946us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2022-01-012022-09-300001370946us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2021-01-012021-09-300001370946us-gaap:NondesignatedMemberus-gaap:TreasuryLockMember2022-07-012022-09-300001370946us-gaap:NondesignatedMemberus-gaap:TreasuryLockMember2021-07-012021-09-300001370946us-gaap:NondesignatedMemberus-gaap:TreasuryLockMember2022-01-012022-09-300001370946us-gaap:NondesignatedMemberus-gaap:TreasuryLockMember2021-01-012021-09-300001370946us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2022-07-012022-09-300001370946us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2021-07-012021-09-300001370946us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2022-01-012022-09-300001370946us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2021-01-012021-09-300001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300001370946us-gaap:EnergyRelatedDerivativeMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300001370946us-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMember2022-07-012022-09-300001370946us-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMember2021-07-012021-09-300001370946us-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMember2022-01-012022-09-300001370946us-gaap:CashFlowHedgingMemberus-gaap:TreasuryLockMember2021-01-012021-09-300001370946oc:CapitalSpendHedgeMemberus-gaap:CashFlowHedgingMember2022-07-012022-09-300001370946oc:CapitalSpendHedgeMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300001370946oc:CapitalSpendHedgeMemberus-gaap:CashFlowHedgingMember2022-01-012022-09-300001370946oc:CapitalSpendHedgeMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-30utr:MMBTU0001370946us-gaap:InterestRateLockCommitmentsMember2020-03-31xbrli:pure0001370946us-gaap:InterestRateLockCommitmentsMember2022-07-012022-09-300001370946us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMember2021-06-300001370946us-gaap:CrossCurrencyInterestRateContractMember2022-04-012022-06-300001370946us-gaap:ForeignExchangeForwardMembercountry:US2022-09-300001370946us-gaap:ForeignExchangeForwardMembercurrency:EUR2022-09-300001370946oc:CompositesMember2021-12-310001370946oc:InsulationMember2021-12-310001370946oc:RoofingMember2021-12-310001370946oc:CompositesMember2022-09-300001370946oc:InsulationMember2022-09-300001370946oc:RoofingMember2022-09-300001370946srt:MaximumMember2022-01-012022-09-300001370946srt:EuropeMemberoc:InsulationMember2022-09-30oc:tradeName0001370946srt:EuropeMemberoc:InsulationMemberus-gaap:TradeNamesMember2022-09-300001370946us-gaap:TrademarksMember2022-09-300001370946us-gaap:TrademarksMember2021-12-310001370946us-gaap:CustomerRelationshipsMember2022-09-300001370946us-gaap:CustomerRelationshipsMember2021-12-310001370946oc:TechnologyMember2022-09-300001370946oc:TechnologyMember2021-12-310001370946us-gaap:OtherIntangibleAssetsMember2022-09-300001370946us-gaap:OtherIntangibleAssetsMember2021-12-310001370946us-gaap:LandMember2022-09-300001370946us-gaap:LandMember2021-12-310001370946oc:BuildingsAndLeaseholdImprovementsMember2022-09-300001370946oc:BuildingsAndLeaseholdImprovementsMember2021-12-310001370946us-gaap:MachineryAndEquipmentMember2022-09-300001370946us-gaap:MachineryAndEquipmentMember2021-12-310001370946us-gaap:ConstructionInProgressMember2022-09-300001370946us-gaap:ConstructionInProgressMember2021-12-310001370946us-gaap:OtherNonoperatingIncomeExpenseMember2022-07-012022-09-300001370946us-gaap:OtherNonoperatingIncomeExpenseMember2022-01-012022-09-300001370946us-gaap:OtherNonoperatingIncomeExpenseMember2021-07-012021-09-300001370946us-gaap:OtherNonoperatingIncomeExpenseMember2021-01-012021-09-300001370946oc:PultronCompositesMember2022-05-232022-05-230001370946oc:PultronCompositesMember2022-05-230001370946oc:PultronCompositesMemberus-gaap:TechnologyBasedIntangibleAssetsMember2022-05-230001370946oc:PultronCompositesMemberus-gaap:TechnologyBasedIntangibleAssetsMember2022-05-232022-05-230001370946oc:WearDeckMember2022-06-012022-06-010001370946oc:WearDeckMember2022-06-010001370946oc:WearDeckMemberus-gaap:TrademarksMember2022-06-010001370946oc:WearDeckMemberus-gaap:TechnologyBasedIntangibleAssetsMember2022-06-010001370946oc:WearDeckMemberus-gaap:TechnologyBasedIntangibleAssetsMember2022-06-012022-06-010001370946oc:WearDeckMemberus-gaap:CustomerRelationshipsMember2022-06-010001370946oc:WearDeckMemberus-gaap:CustomerRelationshipsMember2022-06-012022-06-010001370946oc:NaturalPolymersLLCMember2022-08-012022-08-010001370946oc:NaturalPolymersLLCMember2022-08-010001370946oc:NaturalPolymersLLCMemberus-gaap:TrademarksMember2022-08-010001370946oc:NaturalPolymersLLCMemberus-gaap:TechnologyBasedIntangibleAssetsMember2022-08-010001370946oc:NaturalPolymersLLCMemberus-gaap:TechnologyBasedIntangibleAssetsMember2022-08-012022-08-010001370946us-gaap:CustomerRelationshipsMemberoc:NaturalPolymersLLCMember2022-08-010001370946us-gaap:CustomerRelationshipsMemberoc:NaturalPolymersLLCMember2022-08-012022-08-010001370946oc:FiberteqLLCMember2022-09-010001370946oc:FiberteqLLCMember2022-09-012022-09-010001370946oc:FiberteqLLCMember2022-07-012022-09-300001370946oc:FiberteqLLCMember2022-01-012022-09-300001370946us-gaap:CustomerRelationshipsMemberoc:FiberteqLLCMember2022-09-012022-09-010001370946oc:ChamberyFranceManufacturingAssetsMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-07-012022-07-010001370946oc:ChamberyFranceManufacturingAssetsMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2022-04-012022-06-300001370946us-gaap:SalesRevenueNetMembercountry:RUus-gaap:GeographicConcentrationRiskMember2022-01-012022-09-300001370946country:RUus-gaap:AssetsTotalMemberus-gaap:GeographicConcentrationRiskMember2022-01-012022-09-300001370946oc:ExitOfDUCSProductLineMemberoc:AcceleratedDepreciationMember2022-01-012022-09-300001370946oc:RoofingMemberoc:RoofingRestructuringActionsMember2022-01-012022-09-300001370946srt:ScenarioForecastMemberoc:RoofingMember2022-12-310001370946srt:MinimumMember2021-07-012021-09-300001370946srt:MaximumMember2021-07-012021-09-300001370946oc:SantaClaraInsulationSiteMember2022-01-012022-09-300001370946oc:AcceleratedDepreciationMember2022-01-012022-09-300001370946oc:A2020InsulationRestructuringActionsMember2022-01-012022-03-310001370946oc:CostReductionsActions2017Memberoc:AcceleratedDepreciationMemberus-gaap:CostOfSalesMember2022-07-012022-09-300001370946oc:CostReductionsActions2017Memberoc:AcceleratedDepreciationMemberus-gaap:CostOfSalesMember2021-07-012021-09-300001370946oc:CostReductionsActions2017Memberoc:AcceleratedDepreciationMemberus-gaap:CostOfSalesMember2022-01-012022-09-300001370946oc:CostReductionsActions2017Memberoc:AcceleratedDepreciationMemberus-gaap:CostOfSalesMember2021-01-012021-09-300001370946oc:CostReductionsActions2017Memberoc:AdditionalExitCostsMemberus-gaap:CostOfSalesMember2022-07-012022-09-300001370946oc:CostReductionsActions2017Memberoc:AdditionalExitCostsMemberus-gaap:CostOfSalesMember2021-07-012021-09-300001370946oc:CostReductionsActions2017Memberoc:AdditionalExitCostsMemberus-gaap:CostOfSalesMember2022-01-012022-09-300001370946oc:CostReductionsActions2017Memberoc:AdditionalExitCostsMemberus-gaap:CostOfSalesMember2021-01-012021-09-300001370946oc:CostReductionsActions2017Memberus-gaap:SellingGeneralAndAdministrativeExpensesMemberoc:AdditionalExitCostsMember2022-07-012022-09-300001370946oc:CostReductionsActions2017Memberus-gaap:SellingGeneralAndAdministrativeExpensesMemberoc:AdditionalExitCostsMember2021-07-012021-09-300001370946oc:CostReductionsActions2017Memberus-gaap:SellingGeneralAndAdministrativeExpensesMemberoc:AdditionalExitCostsMember2022-01-012022-09-300001370946oc:CostReductionsActions2017Memberus-gaap:SellingGeneralAndAdministrativeExpensesMemberoc:AdditionalExitCostsMember2021-01-012021-09-300001370946oc:CostReductionsActions2017Memberus-gaap:OtherIncomeMemberus-gaap:EmployeeSeveranceMember2022-07-012022-09-300001370946oc:CostReductionsActions2017Memberus-gaap:OtherIncomeMemberus-gaap:EmployeeSeveranceMember2021-07-012021-09-300001370946oc:CostReductionsActions2017Memberus-gaap:OtherIncomeMemberus-gaap:EmployeeSeveranceMember2022-01-012022-09-300001370946oc:CostReductionsActions2017Memberus-gaap:OtherIncomeMemberus-gaap:EmployeeSeveranceMember2021-01-012021-09-300001370946oc:CostReductionsActions2017Memberoc:AdditionalExitGainsCostsMemberus-gaap:OtherIncomeMember2022-07-012022-09-300001370946oc:CostReductionsActions2017Memberoc:AdditionalExitGainsCostsMemberus-gaap:OtherIncomeMember2021-07-012021-09-300001370946oc:CostReductionsActions2017Memberoc:AdditionalExitGainsCostsMemberus-gaap:OtherIncomeMember2022-01-012022-09-300001370946oc:CostReductionsActions2017Memberoc:AdditionalExitGainsCostsMemberus-gaap:OtherIncomeMember2021-01-012021-09-300001370946oc:CostReductionsActions2017Memberoc:GainOnEquityMethodInvestmentMemberus-gaap:AcquisitionRelatedCostsMember2022-07-012022-09-300001370946oc:CostReductionsActions2017Memberoc:GainOnEquityMethodInvestmentMemberus-gaap:AcquisitionRelatedCostsMember2021-07-012021-09-300001370946oc:CostReductionsActions2017Memberoc:GainOnEquityMethodInvestmentMemberus-gaap:AcquisitionRelatedCostsMember2022-01-012022-09-300001370946oc:CostReductionsActions2017Memberoc:GainOnEquityMethodInvestmentMemberus-gaap:AcquisitionRelatedCostsMember2021-01-012021-09-300001370946oc:CostReductionsActions2017Memberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:AcquisitionRelatedCostsMember2022-07-012022-09-300001370946oc:CostReductionsActions2017Memberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:AcquisitionRelatedCostsMember2021-07-012021-09-300001370946oc:CostReductionsActions2017Memberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:AcquisitionRelatedCostsMember2022-01-012022-09-300001370946oc:CostReductionsActions2017Memberus-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:AcquisitionRelatedCostsMember2021-01-012021-09-300001370946oc:CostReductionsActions2017Memberus-gaap:NonoperatingIncomeExpenseMemberoc:AdditionalExitCostsMember2022-07-012022-09-300001370946oc:CostReductionsActions2017Memberus-gaap:NonoperatingIncomeExpenseMemberoc:AdditionalExitCostsMember2021-07-012021-09-300001370946oc:CostReductionsActions2017Memberus-gaap:NonoperatingIncomeExpenseMemberoc:AdditionalExitCostsMember2022-01-012022-09-300001370946oc:CostReductionsActions2017Memberus-gaap:NonoperatingIncomeExpenseMemberoc:AdditionalExitCostsMember2021-01-012021-09-300001370946oc:ExitOfDUCSProductLineMember2021-12-310001370946oc:RoofingRestructuringActionsMember2021-12-310001370946oc:SantaClaraInsulationSiteMember2021-12-310001370946oc:A2020InsulationRestructuringActionsMember2021-12-310001370946oc:PittsburghCorningRelatedRestructuringMember2021-12-310001370946oc:ExitOfDUCSProductLineMember2022-01-012022-09-300001370946oc:RoofingRestructuringActionsMember2022-01-012022-09-300001370946oc:A2020InsulationRestructuringActionsMember2022-01-012022-09-300001370946oc:PittsburghCorningRelatedRestructuringMember2022-01-012022-09-300001370946oc:ExitOfDUCSProductLineMember2022-09-300001370946oc:RoofingRestructuringActionsMember2022-09-300001370946oc:SantaClaraInsulationSiteMember2022-09-300001370946oc:A2020InsulationRestructuringActionsMember2022-09-300001370946oc:PittsburghCorningRelatedRestructuringMember2022-09-300001370946us-gaap:EmployeeSeveranceMember2022-09-300001370946oc:SeniorNotesDue2024Member2022-09-300001370946oc:SeniorNotesDue2024Member2021-12-310001370946oc:Seniornotesdue2026Member2022-09-300001370946oc:Seniornotesdue2026Member2021-12-310001370946oc:SeniorNotesDue2029Member2022-09-300001370946oc:SeniorNotesDue2029Member2021-12-310001370946oc:SeniorNotesDue2030Member2022-09-300001370946oc:SeniorNotesDue2030Member2021-12-310001370946oc:SeniorNotesDue2036Member2022-09-300001370946oc:SeniorNotesDue2036Member2021-12-310001370946oc:SeniorNote2047Member2022-09-300001370946oc:SeniorNote2047Member2021-12-310001370946oc:SeniorNote2048Member2022-09-300001370946oc:SeniorNote2048Member2021-12-310001370946us-gaap:CapitalLeaseObligationsMember2022-09-300001370946us-gaap:CapitalLeaseObligationsMember2021-12-310001370946oc:SeniorNotesDue2030Member2020-05-120001370946oc:SeniorNotesDue2029Member2019-08-120001370946oc:SeniorNotesDue2022Member2019-08-122019-08-120001370946oc:SeniorNotesDue2036Member2019-08-122019-08-120001370946oc:SeniorNote2048Member2018-01-250001370946oc:SeniorRevolvingCreditFacilityBMember2018-01-012018-03-310001370946oc:SeniorNote2047Member2017-06-260001370946oc:SeniorNotesDue2019Member2017-06-262017-06-260001370946oc:SeniorNotesDue2036Member2017-06-262017-06-260001370946oc:Seniornotesdue2026Member2016-08-080001370946oc:SeniorNotesDue2016Member2016-08-082016-08-080001370946oc:SeniorNotesDue2024Member2014-11-120001370946oc:SeniorNotesDue2016Member2014-11-122014-11-120001370946oc:SeniorNotesDue2019Member2014-11-122014-11-120001370946oc:SeniorNotesDue2036Member2006-10-3100013709462018-12-310001370946oc:LetterOfCreditUnderReceivablesPurchaseAgreementMember2018-04-010001370946oc:SeniorRevolvingCreditFacilityBMember2022-09-300001370946oc:LetterOfCreditUnderReceivablesPurchaseAgreementMember2022-09-300001370946us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-09-300001370946us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-07-012022-09-300001370946us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-07-012022-09-300001370946us-gaap:PensionPlansDefinedBenefitMember2022-07-012022-09-300001370946us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-07-012021-09-300001370946us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-07-012021-09-300001370946us-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300001370946us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-01-012022-09-300001370946us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2022-01-012022-09-300001370946us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-01-012021-09-300001370946us-gaap:PensionPlansDefinedBenefitMemberus-gaap:ForeignPlanMember2021-01-012021-09-300001370946us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-300001370946srt:ScenarioForecastMembersrt:MaximumMemberus-gaap:ForeignPlanMember2022-12-310001370946us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-09-300001370946us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-07-012022-09-300001370946us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-012021-09-300001370946us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-09-30oc:site0001370946oc:SuperfundSitesMember2022-09-300001370946oc:OwnedorFomerlyOwnedSitesMember2022-09-300001370946oc:StockPlanMember2016Member2022-09-300001370946us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001370946us-gaap:EmployeeStockOptionMembersrt:MinimumMember2022-09-300001370946srt:MaximumMemberus-gaap:EmployeeStockOptionMember2022-09-3000013709462021-01-012021-12-310001370946srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001370946srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001370946us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-09-300001370946us-gaap:RestrictedStockUnitsRSUMember2021-12-310001370946us-gaap:RestrictedStockUnitsRSUMember2022-09-300001370946us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300001370946oc:InternalBasedPerformanceMetricMember2022-01-012022-09-300001370946oc:InternalBasedPerformanceMetricMember2022-01-012022-09-300001370946oc:ExternalBasedPerformanceMetricMember2022-01-012022-09-300001370946oc:PerformanceStockUnitsPSUs2018Member2022-01-012022-09-300001370946oc:ExternalBasedPerformanceMetricMember2022-01-012022-09-300001370946oc:PerformanceStockUnitsPsusMember2022-09-300001370946oc:PerformanceStockUnitsPsusMember2022-01-012022-09-300001370946oc:PerformanceStockUnitsPsusMember2021-12-3100013709462013-04-180001370946oc:EmployeeStockPurchasePlanMember2020-04-160001370946oc:EmployeeStockPurchasePlanMember2022-09-300001370946us-gaap:EmployeeStockOptionMember2022-07-012022-09-300001370946us-gaap:EmployeeStockOptionMember2021-07-012021-09-300001370946us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001370946us-gaap:EmployeeStockMember2022-09-300001370946oc:RepurchaseProgramMember2022-02-140001370946oc:RepurchaseProgramMember2022-01-012022-09-300001370946us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-06-300001370946us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-06-300001370946us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310001370946us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001370946us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-07-012022-09-300001370946us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-07-012021-09-300001370946us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-09-300001370946us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-09-300001370946us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-09-300001370946us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2021-09-300001370946us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionIncludingPortionAttributableToNoncontrollingInterestMember2022-06-300001370946us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionIncludingPortionAttributableToNoncontrollingInterestMember2021-06-300001370946us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310001370946us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001370946us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionIncludingPortionAttributableToNoncontrollingInterestMember2022-07-012022-09-300001370946us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionIncludingPortionAttributableToNoncontrollingInterestMember2021-07-012021-09-300001370946us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-09-300001370946us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-09-300001370946us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionIncludingPortionAttributableToNoncontrollingInterestMember2022-09-300001370946us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetTransitionIncludingPortionAttributableToNoncontrollingInterestMember2021-09-300001370946us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2022-06-300001370946us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-06-300001370946us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-12-310001370946us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001370946us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2022-07-012022-09-300001370946us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-07-012021-09-300001370946us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2022-01-012022-09-300001370946us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-09-300001370946us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2022-09-300001370946us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2021-09-30
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 September 30, 2022
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 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. ¨


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 October 21, 2022, 93,456,304 shares of the registrant’s common stock, par value $0.01 per share, were outstanding.                


Contents
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,
  
  
2022202120222021
NET SALES$2,529 $2,213 $7,476 $6,367 
COST OF SALES1,836 1,617 5,430 4,709 
Gross margin693 596 2,046 1,658 
OPERATING EXPENSES
Marketing and administrative expenses201 186 586 548 
Science and technology expenses26 21 73 63 
Gain on equity method investment(130) (130) 
Other income, net(12)(3)(18)(68)
Total operating expenses85 204 511 543 
OPERATING INCOME608 392 1,535 1,115 
Non-operating income(2)(2)(6)(8)
EARNINGS BEFORE INTEREST AND TAXES610 394 1,541 1,123 
Interest expense, net28 31 82 97 
Loss on extinguishment of debt 9  9 
EARNINGS BEFORE TAXES582 354 1,459 1,017 
Income tax expense114 94 340 250 
Equity in net earnings (loss) of affiliates1 (1)  
NET EARNINGS469 259 1,119 767 
Net (loss) earnings attributable to non-redeemable and redeemable noncontrolling interests(1)(1)2 (1)
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING$470 $260 $1,117 $768 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
Basic$4.88 $2.52 $11.42 $7.36 
Diluted$4.84 $2.50 $11.32 $7.30 
WEIGHTED AVERAGE COMMON SHARES
Basic96.3 103.1 97.8 104.4 
Diluted97.1 103.9 98.7 105.2 
The accompanying Notes to the Consolidated Financial Statements are an integral part of this Statement.


OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(unaudited)
(in millions)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
  
2022202120222021
NET EARNINGS$469 $259 $1,119 $767 
Other comprehensive (loss) income, net of tax:
Currency translation adjustment (net of tax of $0 and $(1) for the three months ended September 30, 2022 and 2021, respectively, and $(1) and $(2) for the nine months ended September 30, 2022 and 2021, respectively)(161)(35)(243)(48)
Pension and other postretirement adjustment (net of tax of $0 and $(10) for the three months ended September 30, 2022 and 2021, and $(1) and $(10) for the nine months ended September 30, 2022 and 2021, respectively)6 33 15 31 
Hedging adjustment (net of tax of $(2) and $(5) for the three months ended September 30, 2022 and 2021, respectively, and $(9) and $(8) for the nine months ended September 30, 2022 and 2021, respectively)6 12 29 22 
Total other comprehensive (loss) income, net of tax(149)10 (199)5 
COMPREHENSIVE EARNINGS320 269 920 772 
Comprehensive (loss) attributable to non-redeemable and redeemable noncontrolling interests(2)(1)(2)(1)
COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING$322 $270 $922 $773 

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


OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions, except per share amounts)
ASSETSSeptember 30,
2022
December 31,
2021
CURRENT ASSETS
Cash and cash equivalents$751 $959 
Receivables, less allowance of $10 at September 30, 2022 and $9 at December 31, 20211,304 939 
Inventories1,322 1,078 
Other current assets190 121 
Total current assets3,567 3,097 
Property, plant and equipment, net3,660 3,873 
Operating lease right-of-use assets182 158 
Goodwill1,367 990 
Intangible assets1,677 1,617 
Deferred income taxes17 31 
Other non-current assets251 249 
TOTAL ASSETS$10,721 $10,015 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$1,320 $1,095 
Current operating lease liabilities51 49 
Other current liabilities643 553 
Total current liabilities2,014 1,697 
Long-term debt, net of current portion2,988 2,960 
Pension plan liability56 77 
Other employee benefits liability152 157 
Non-current operating lease liabilities132 109 
Deferred income taxes398 376 
Other liabilities295 304 
Total liabilities6,035 5,680 
Redeemable noncontrolling interest25  
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 capital4,124 4,092 
Accumulated earnings3,719 2,706 
Accumulated other comprehensive deficit(776)(581)
Cost of common stock in treasury (c)(2,428)(1,922)
Total Owens Corning stockholders’ equity4,640 4,296 
Noncontrolling interests21 39 
Total equity4,661 4,335 
TOTAL LIABILITIES AND EQUITY$10,721 $10,015 
(a)10 shares authorized; none issued or outstanding at September 30, 2022 and December 31, 2021
(b)400 shares authorized; 135.5 issued and 94.7 outstanding at September 30, 2022; 135.5 issued and 100.4 outstanding at December 31, 2021
(c)40.8 shares at September 30, 2022 and 35.1 shares at December 31, 2021
The accompanying Notes to the Consolidated Financial Statements are an integral part of this Statement.


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, 2021100.4 $1 35.1 $(1,922)$4,092 $2,706 $(581)$39 $4,335 
Net earnings attributable to Owens Corning— — — — — 304 — — 304 
Net earnings attributable to noncontrolling interests— — — — — — — 3 3 
Currency translation adjustment— — — — — — (27)(1)(28)
Pension and other postretirement adjustment (net of tax)— — — — — — 3 — 3 
Deferred gain on hedging transactions (net of tax)— — — — — — 24 — 24 
Purchases of noncontrolling interest— — — — 8 — — (17)(9)
Issuance of common stock under share-based payment plans0.4 — (0.4)21 (21)— — — — 
Purchases of treasury stock(2.7)— 2.7 (243)— — — — (243)
Stock-based compensation expense— — — — 12 — — — 12 
Dividends declared (d)— — — — — (36)— — (36)
Balance at March 31, 202298.1 $1 37.4 $(2,144)$4,091 $2,974 $(581)$24 $4,365 
Net earnings attributable to Owens Corning— — — — — 343 — — 343 
Net earnings attributable to noncontrolling interests— — — — — — — — — 
Redeemable noncontrolling interest adjustment to redemption value— — — — — — — — — 
Currency translation adjustment— — — — — — (52)(2)(54)
Pension and other postretirement adjustment (net of tax)— — — — — — 6 — 6 
Deferred loss on hedging transactions (net of tax)— — — — — — (1)— (1)
Issuance of common stock under share-based payment plans0.1 — (0.1)9 3 — — — 12 
Purchases of treasury stock(1.0)— 1.0 (87)— — — — (87)
Stock-based compensation expense— — — — 13 — — — 13 
Dividends declared (d)— — — — — (35)— — (35)
Balance at June 30, 202297.2 $1 38.3 $(2,222)$4,107 $3,282 $(628)$22 $4,562 
Net earnings attributable to Owens Corning— — — — — 470 — — 470 
Net loss attributable to noncontrolling interests— — — — — — — — — 
Redeemable noncontrolling interest adjustment to redemption value— — — — (1)— — — (1)
Currency translation adjustment— — — — — — (160)(1)(161)
Pension and other postretirement adjustment (net of tax)— — — — — — 6 — 6 
Deferred gain on hedging transactions (net of tax)— — — — — — 6 — 6 
Issuance of common stock under share-based payment plans— — — — 5 — — — 5 
Purchases of treasury stock(2.5)— 2.5 (206)— — — — (206)
Stock-based compensation expense— — — — 13 — — — 13 
Dividends declared (d)— — — — — (33)— — (33)
Balance at September 30, 202294.7 $1 40.8 $(2,428)$4,124 $3,719 $(776)$21 $4,661 


(a)Additional Paid in Capital ("APIC")
(b)Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)
(c)Noncontrolling Interest (“NCI”)
(d)Quarterly dividend declarations of $0.35 per share as of September 30, 2022, June 30, 2022 and March 31, 2022

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











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, 2020105.6 $1 29.9 $(1,400)$4,059 $1,829 $(588)$40 $3,941 
Net earnings attributable to Owens Corning— — — — — 210 — — 210 
Net earnings attributable to noncontrolling interests— — — — — — — — — 
Currency translation adjustment— — — — — — (45)(1)(46)
Pension and other postretirement adjustment (net of tax)— — — — — — 1 — 1 
Deferred gain on hedging transactions (net of tax)— — — — — — 12 — 12 
Issuance of common stock under share-based payment plans0.5 — (0.5)22 (15)— — — 7 
Purchases of treasury stock(1.8)— 1.8 (142)— — — — (142)
Stock-based compensation expense — — — — 12 — — — 12 
Cumulative effect of accounting change — — — — — — — — — 
Dividends declared (d)— — — — — (28)— — (28)
Balance at March 31, 2021104.3 $1 31.2 $(1,520)$4,056 $2,011 $(620)$39 $3,967 
Net earnings attributable to Owens Corning— — — — — 298 — — 298 
Net loss attributable to noncontrolling interests— — — — — — — — — 
Currency translation adjustment— — — — — — 32 — 32 
Pension and other postretirement adjustment (net of tax)— — — — — — (3)— (3)
Deferred loss on hedging transactions (net of tax)— — — — — — (2)— (2)
Issuance of common stock under share-based payment plans0.3 — (0.3)14 (4)— — — 10 
Purchases of treasury stock(1.3)— 1.3 (131)— — — — (131)
Stock-based compensation expense — — — — 12 — — — 12 
Cumulative effect of accounting change (d)— — — — — — — — — 
Dividends declared (d)— — — — — (27)— — (27)
Balance at June 30, 2021103.3 $1 32.2 $(1,637)$4,064 $2,282 $(593)$39 $4,156 
Net earnings attributable to Owens Corning— — — — — 260 — — 260 
Net loss attributable to noncontrolling interests— — — — — — — (1)(1)
Currency translation adjustment— — — — — — (35)1 (34)
Pension and other postretirement adjustment (net of tax)— — — — — — 33 — 33 
Deferred loss on hedging transactions (net of tax)— — — — — — 12 —