Company: OC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001370946-25-000205
Chunk: 12

Company: Owens Corning
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 10-Q for the period ended March 31, 2025, and including this quarterly report on Form 10-Q for the period ended June 30, 2025, GR’s financial results are reflected in the Company’s consolidated financial statements as discontinued operations for all periods presented. As a result of classifying GR as a discontinued operation, a portion of the Goodwill from our former Composites reporting unit was allocated to the balance sheets of the discontinued operation. As of the date of classification of GR as a discontinued operation, the Company determined the amount of Goodwill to allocate based on the relative fair values of the discontinued operation and the former Composites reporting unit. This resulted in an allocation of $98 million of Goodwill to the discontinued operation.After allocating Goodwill to the discontinued operation, as well as at the end of each subsequent quarter, the Company compared the carrying value of the discontinued operation to the fair value of the discontinued operation, defined as the sale price less estimated selling costs. During the three and six months ended June 30, 2025, the Company incurred a pre-tax loss on classification as discontinued operations of $19 million and $381 million, respectively. The loss is presented within Net earnings (loss) from discontinued operations attributable to Owens Corning, net of tax, on the Consolidated Statements of Earnings. An estimated valuation allowance of $354 million is recorded within Non-current assets of discontinued operations, on the Consolidated Balance Sheets.The following table summarizes Earnings from discontinued operations attributable to Owens Corning, net of tax included within the Consolidated Statements of Earnings:Three Months Ended June 30,Six Months Ended June 30,(In millions)2025202420252024NET SALES$306 $292 $576 $575 COST OF SALES230 238 434 469 OPERATING EXPENSESMarketing and administrative expenses18 20 35 42 Loss from classification as discontinued operation19 — 381 — Other expense (income), net3 (5)5 (2)Total operating expenses40 15 421 40 Interest expense, net1 1 2 2 Income tax expense6 9 38 14 NET EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO OWENS CORNING, NET OF TAX$29 $29 $(319)$50 

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Table of ContentsOWENS CORNING AND SUBSIDIARIESNOTES TO CONSOLID