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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 September 30, 2021
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. ¨


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 22, 2021, 100,486,652 shares of 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 (LOSS)
(unaudited)
(in millions, except per share amounts)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
  
  
2021202020212020
NET SALES$2,213 $1,904 $6,367 $5,130 
COST OF SALES1,617 1,427 4,709 4,004 
Gross margin596 477 1,658 1,126 
OPERATING EXPENSES
Marketing and administrative expenses186 163 548 493 
Science and technology expenses21 20 63 59 
Goodwill impairment charge   944 
Other (income) expenses, net(3)2 (68)40 
Total operating expenses204 185 543 1,536 
OPERATING INCOME (LOSS)392 292 1,115 (410)
Non-operating income(2)(4)(8)(11)
EARNINGS (LOSS) BEFORE INTEREST AND TAXES394 296 1,123 (399)
Interest expense, net31 35 97 98 
Loss on extinguishment of debt9  9  
EARNINGS (LOSS) BEFORE TAXES354 261 1,017 (497)
Income tax expense94 56 250 119 
Equity in net (loss) earnings of affiliates(1)1  1 
NET EARNINGS (LOSS)259 206 767 (615)
Net loss attributable to noncontrolling interests(1) (1) 
NET EARNINGS (LOSS) ATTRIBUTABLE TO OWENS CORNING$260 $206 $768 $(615)
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
Basic$2.52 $1.89 $7.36 $(5.66)
Diluted$2.50 $1.88 $7.30 $(5.66)
WEIGHTED AVERAGE COMMON SHARES
Basic103.1 108.8 104.4 108.7 
Diluted103.9 109.5 105.2 108.7 
The accompanying Notes to the Consolidated Financial Statements are an integral part of this Statement.


OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(unaudited)
(in millions)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
  
2021202020212020
NET EARNINGS (LOSS)$259 $206 $767 $(615)
Currency translation adjustment (net of tax of $(1) and $3 for the three months ended September 30, 2021 and 2020, respectively, and $(2) and $(7) for the nine months ended September 30, 2021 and 2020, respectively)(35)37 (48)(32)
Pension and other postretirement adjustment (net of tax of $(10) and $0 for the three months ended September 30, 2021 and 2020, respectively, and $(10) and $0 for the nine months ended September 30, 2021 and 2020, respectively)33 (3)31 2 
Hedging adjustment (net of tax of $(5) and $(1) for the three months ended September 30, 2021 and 2020, respectively, and $(8) and $(1) for the nine months ended September 30, 2021 and 2020, respectively)12 3 22 2 
COMPREHENSIVE EARNINGS (LOSS)269 243 772 (643)
Comprehensive loss attributable to noncontrolling interests(1) (1) 
COMPREHENSIVE EARNINGS (LOSS) ATTRIBUTABLE TO OWENS CORNING$270 $243 $773 $(643)

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,
2021
December 31,
2020
CURRENT ASSETS
Cash and cash equivalents$920 $717 
Receivables, less allowance of $9 and $10 at September 30, 2021 and December 31, 2020, respectively1,141 919 
Inventories949 855 
Other current assets133 115 
Total current assets3,143 2,606 
Property, plant and equipment, net3,767 3,809 
Operating lease right-of-use assets145 154 
Goodwill995 989 
Intangible assets1,629 1,667 
Deferred income taxes39 28 
Other non-current assets263 228 
TOTAL ASSETS$9,981 $9,481 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current operating lease liabilities$52 $55 
Other current liabilities1,634 1,385 
Total current liabilities1,686 1,440 
Long-term debt, net of current portion2,958 3,126 
Pension plan liability109 159 
Other employee benefits liability167 171 
Non-current operating lease liabilities93 99 
Deferred income taxes397 332 
Other liabilities322 213 
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 capital4,076 4,059 
Accumulated earnings2,515 1,829 
Accumulated other comprehensive deficit(583)(588)
Cost of common stock in treasury (c)(1,799)(1,400)
Total Owens Corning stockholders’ equity4,210 3,901 
Noncontrolling interests39 40 
Total equity4,249 3,941 
TOTAL LIABILITIES AND EQUITY$9,981 $9,481 
 
(a)10 shares authorized; none issued or outstanding at September 30, 2021 and December 31, 2020
(b)400 shares authorized; 135.5 issued and 101.6 outstanding at September 30, 2021; 135.5 issued and 105.6 outstanding at December 31, 2020
(c)33.9 shares at September 30, 2021 and 29.9 shares at December 31, 2020
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 
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 
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 
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 
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 — 12 
Purchases of treasury stock(1.7)— 1.7 (162)— — — — (162)
Stock-based compensation expense— — — — 12 — — — 12 
Dividends declared (d)— — — — — (27)— — (27)
Balance at September 30, 2021101.6 $1 33.9 $(1,799)$4,076 $2,515 $(583)$39 $4,249 

(a)Additional Paid in Capital (APIC)
(b)Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)
(c)Noncontrolling Interest (“NCI”)
(d)Quarterly dividend declarations of $0.26 per share as of September 30, 2021, June 30, 2021 and March 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, 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— — — — — — — 
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 
Net earnings attributable to Owens Corning— — — — — 206 — — 206 
Currency translation adjustment— — — — — — 37 1 38 
Pension and other postretirement adjustment (net of tax)— — — — — — (3)— (3)
Deferred loss on hedging transactions (net of tax)— — — — — — 3 — 3 
Issuance of common stock under share-based payment plans —  1 (1)— — —  
Stock-based compensation expense— — — — 11 — — — 11 
Dividends declared (d)— — — — — (26)— (26)
Balance at September 30, 2020108.0 $1 27.5 $(1,200)$4,064 $1,625 $(638)$40 $3,892 

(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 September 30, 2020, June 30, 2020 and March 31, 2020

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



OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in millions)
 
  
Nine Months Ended
September 30,
  
20212020
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES
Net earnings (loss)$767 $(615)
Adjustments to reconcile net earnings (loss) to cash provided by operating activities:
Depreciation and amortization370 352 
Deferred income taxes54 95 
Provision for pension and other employee benefits liabilities2 (2)
Stock-based compensation expense36 31 
Goodwill impairment charge 944 
Intangible assets impairment charge 43 
Other adjustments to reconcile net earnings (loss) to cash provided by operating activities(27)(41)
       Loss on extinguishment of debt9  
Changes in operating assets and liabilities(26)(53)
Pension fund contribution(5)(20)
Payments for other employee benefits liabilities(9)(10)
Other(3)(7)
Net cash flow provided by operating activities1,168 717 
NET CASH FLOW USED FOR INVESTING ACTIVITIES
Cash paid for property, plant, and equipment(243)(