Company: OC
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001370946-25-000241
Chunk: 52

Company: Owens Corning
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 million shares of the Company’s outstanding common stock (together with the 2025 Repurchase Authorization, the "Repurchase Authorizations"). The Repurchase Authorizations enable the Company to repurchase 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 3.8 million shares of its common stock for $545 million, inclusive of applicable taxes, during the nine months ended September 30, 2025, under the Repurchase Authorizations. As of September 30, 2025, 14.6 million shares remain available for repurchase under the Repurchase Authorizations.The Company repurchased 2.1 million shares of its common stock for $332 million, inclusive of applicable taxes, during the nine months ended September 30, 2024.

16.    INCOME TAXES

The following table provides the Income tax expense and effective tax rate for the periods indicated:Three Months Ended September 30,Nine Months Ended September 30,(In millions, except effective tax rate)2025202420252024Income tax expense$102 $118 $300 $302 Effective tax rate-26 %29 %77 %27 %

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

The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three and nine months ended September 30, 2025 is primarily due to U.S. state and local income tax expense, foreign rate differential and non-deductible goodwill impairment.The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three months ended September 30, 2024 is primarily due to U.S. state and local income tax expense, foreign rate differential and U.S. federal taxes on foreign earnings. The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the nine months ended September 30, 2024 is primarily due to U.S. state and local income tax expense and foreign rate differential.

On July 4, 2025, the One Big Beautiful Bill ("OBBB") Act, which includes a broad range of tax reform provisions, was signed into law in the