Company: OC
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001370946-25-000077
Chunk: 53

Company: Owens Corning
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 53
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 a % of net sales19 %18 %

NET SALES

Net sales in our Composites segment decreased $168 million in 2024 compared to 2023. The decrease was primarily driven by lower selling prices of $83 million, lower sales volumes of approximately 1%, unfavorable customer mix and $11 million of unfavorable impact of translating sales denominated in foreign currencies into United States dollars.

EBIT

EBIT in our Composites segment decreased $27 million in 2024 compared to 2023. Lower selling prices of $83 million, unfavorable customer mix, higher start-up costs of $18 million, higher production downtime of $13 million and $7 million of unfavorable impact of translating sales denominated in foreign currencies into United States dollars, which more than offset lower manufacturing costs of $90 million and $23 million of favorable delivery and input costs.

OUTLOOK

Global glass reinforcements market demand has several economic indicators, including residential, non-residential construction and manufacturing production indices, as well as global wind installations. The Company anticipates continued impacts of economic uncertainty in a dynamic global environment, as well as competitive pricing pressure. The Company remains focused on managing costs, capital expenditures and working capital.

Corporate, Other and Eliminations

Certain items, such as general corporate expenses or income and certain other expense or income items, are excluded from the internal evaluation of segment performance. Accordingly, these items are not reflected in EBIT for our reportable segments and are included within Corporate, Other and Eliminations. 

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Table of ContentsITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

The following table summarizes these items and depreciation and amortization expense included within Corporate, Other and Eliminations:

 Twelve Months Ended December 31,(In millions)20242023Restructuring costs$(86)$(169)Gain on sale of Santa Clara, California site— 189 Pension settlement losses— (145)Acquisition-related integration costs(83)— Gains on sale of certain precious metals19 2 Strategic review-related charges(46)— Acquisition-related transaction costs(49)— Loss on sale of business(91)— Recognition of acquisition inventory fair value step-up(18)— Paroc marine recall(58)(15)Impairment of venture investments(15)— Impairment due to strategic review(483)— General corporate expense and other(256)(230)Total Corporate, Other and Eliminations