Company: OC
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022858
Chunk: 45

Company: Owens Corning
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 shares through the open market, privately negotiated, or other transactions. The actual number of shares repurchased will depend on timing, market conditions and other factors and will be at the Company’s discretion. The Company repurchased 0.7 million shares of its common stock for $101 million, inclusive of applicable taxes, during the three months ended March 31, 2025, under the Repurchase Authorization. As of March 31, 2025, 5.7 million shares remain available for repurchase under the Repurchase Authorization.The Company repurchased 0.9 million shares of its common stock for $130 million, inclusive of applicable taxes, during the three months ended March 31, 2024.

16.    INCOME TAXES 

The following table provides the Income tax expense and effective tax rate for the periods indicated:  Three Months Ended March 31,(In millions, except effective tax rate)20252024Income tax expense$88 $83 Effective tax rate26 %23 %The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three months ended March 31, 2025 is primarily due to U.S. state and local income tax expense and foreign rate differential.The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three months ended March 31, 2024 is primarily due to U.S. state and local income tax expense, partially offset by discrete tax benefits related to valuation allowance and stock-based compensation.

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

The Company continues to assert indefinite reinvestment in accordance with ASC 740 based on the laws as of enactment of the tax legislation.

17.    CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT 

The following table summarizes the changes in accumulated other comprehensive income (deficit):Three Months EndedMarch 31,  (In millions)20252024Currency Translation AdjustmentBeginning balance$(534)$(318)Gain (loss) on foreign currency translation75 (41)Other comprehensive income (loss), net of tax75 (41)Ending balance$(459)$(359)Pension and Other Postretirement AdjustmentBeginning balance$(181)$(196)Amounts reclassified from AOCI to net earnings, net of tax (a)—