Company: OC
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022858
Chunk: 68

Company: Owens Corning
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 68
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 partially offset by discrete tax benefits related to valuation allowance and stock-based compensation.

Restructuring Costs

The Company has incurred restructuring and other exit costs in connection with its global cost reduction, product line and productivity initiatives. These costs are recorded within Corporate, Other and Eliminations. Please refer to Note 11 of the Consolidated Financial Statements for further information on the nature of these costs.                        

The following table presents the impact and respective location of these income (expense) items on the Consolidated Statements of Earnings From Continuing Operations :

  Three Months Ended March 31,(In millions)Location20252024Accelerated depreciationCost of sales$— $(4)Other exit costsCost of sales— (3)SeveranceOther expense, net(2)(7)Other exit costsOther expense, net(1)— Total restructuring costs$(3)$(14)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization From Continuing Operations

Adjusted EBITDA from continuing operations is a non-GAAP measure that excludes certain items that management does not allocate to our segment results because it believes they are not representative of the Company’s ongoing operations. Adjusted EBITDA from continuing operations is used internally by the Company for various purposes, including reporting results of operations to the Board of Directors of the Company, analysis of performance and related employee compensation measures. Although management believes that these adjustments result in a measure that provides a useful representation of our operational performance, the adjusted measure should not be considered in isolation or as a substitute for Net earnings from continuing operations attributable to Owens Corning as prepared in accordance with accounting principles generally accepted in the United States.

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Table of ContentsITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

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

  Three Months EndedMarch 31,(In millions)20252024Restructuring excluding depreciation and amortization $(3)$(10)Loss on Assets Held for Sale(2)— Gains on sale of certain precious metals9 — Strategic review-related charges— (2)Paroc marine recall(1)(1)Acquisition-related transaction costs— (18)Acquisition-related integration costs(2)— Total adjusting items$1 $(31)

The reconciliation from Net earnings from continuing operations attributable to Owens Corning to Adjusted EBITDA from continuing operations is shown in the table