Company: OC
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001370946-25-000241
Chunk: 32

Company: Owens Corning
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 for the nine months ended September 30, 2024, assuming the acquisition had occurred on January 1, 2023.Nine Months Ended September 30,(In millions)2024Pro Forma net sales from continuing operations$8,177 Pro Forma net earnings from continuing operations attributable to Owens Corning$927 

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Table of ContentsOWENS CORNING AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)(unaudited)

The pro forma financial information includes certain adjustments to adhere to the Company's accounting policies and adjustments to the historical results with pro forma adjustments, net of tax, that assume the acquisition occurred on January 1, 2023. This includes removing the results of the Architectural segment that was sold by Masonite prior to the close of the Arrangement, increased depreciation expense to reflect the fair value of property, plant and equipment, and increased amortization expense related to the fair value of identifiable amortizable intangible assets. In addition, adjustments were made to reflect the interest, discount amortization, and capitalized financing cost amortization for the 2027, 2034 and 2054 senior notes that were issued to pay off the 364-Day Credit Facility in the comparative pro forma period, see Note 12 for further detail. Finally, adjustments were made to remove interest expense for the pro forma period related to the Masonite term loan facility that was paid off at closing as part of the consideration for the Arrangement.Significant adjustments to the pro forma financial information are as follows:1.Net sales were decreased by $119 million for the nine months ended September 30, 2024, to remove the sales of the Architectural segment that was sold by Masonite prior to the close of the Arrangement.2.Net earnings were increased by $56 million for the nine months ended September 30, 2024, to remove transaction costs incurred by Masonite.3.Net earnings were increased by $49 million for the nine months ended September 30, 2024, to move transaction costs incurred by the Company to the beginning of the comparative period.4.Net earnings were decreased by $49 million for the nine months ended September 30, 2024, to reflect the interest expense, discount amortization, and capitalized financing cost amortization for the 2027, 2034 and 2054 senior notes that were issued to pay off the 364-Day Credit Facility.5.Net earnings were decreased by $91