Company: OC
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001370946-25-000077
Chunk: 215

Company: Owens Corning
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 215
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 be considered in isolation or as a substitute for Net earnings (loss) attributable to Owens Corning as prepared in accordance with accounting principles generally accepted in the United States.

Adjusting (expense) income items to EBIT are shown in the table below:

 Twelve Months Ended December 31,(In millions)20242023Restructuring costs$(86)$(169)Acquisition-related integration costs(83)— Gains on sale of certain precious metals19 2 Loss on sale of business(91)— Strategic review-related charges(46)— Recognition of acquisition inventory fair value step-up(18)— Pension settlement losses— (145)Impairment due to strategic review(483)— Acquisition-related transaction costs(49)— Gain on sale of Santa Clara, California site— 189 Paroc marine recall(58)(15)Impairment of venture investments$(15)$— Total adjusting items$(910)$(138)

The reconciliation from Net earnings attributable to Owens Corning to EBIT and Adjusted EBIT is shown in the table below:

 Twelve Months Ended December 31,(In millions)20242023NET EARNINGS ATTRIBUTABLE TO OWENS CORNING$647 $1,196 Net loss attributable to non-redeemable and redeemable noncontrolling interests— (3)NET EARNINGS647 1,193 Equity in net earnings of affiliates6 3 Income tax expense275 401 EARNINGS BEFORE TAXES916 1,591 Interest expense, net212 76 EARNINGS BEFORE INTEREST AND TAXES1,128 1,667 Less: Adjusting items from above(910)(138)ADJUSTED EBIT$2,038 $1,805 

Segment Results

EBIT by segment consists of net sales less related costs and expenses and is presented on a basis that is used internally for evaluating segment performance. Certain items, such as general corporate expenses or income and certain other expense or income items, are excluded from the internal evaluation of segment performance. Accordingly, these items are not reflected in EBIT for our reportable segments and are included in the Corporate, Other and Eliminations category, which is presented following the discussion of our reportable segments.

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Table of ContentsITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

Earnings before interest, taxes, depreciation and amort