Company: OC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001370946-25-000205
Chunk: 50

Company: Owens Corning
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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, inclusive of applicable taxes, during the six months ended June 30, 2024.

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

16.    INCOME TAXES

The following table provides the Income tax expense and effective tax rate for the periods indicated:Three Months Ended June 30,Six Months Ended June 30,(In millions, except effective tax rate)2025202420252024Income tax expense$110 $101 $198 $184 Effective tax rate25 %28 %25 %26 %The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three and six months ended June 30, 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 June 30, 2024 is primarily due to U.S. state and local income tax expense, foreign rate differential, U.S. federal taxes on foreign earnings and permanently non-deductible expenses both of which were related to the acquisition of Masonite. The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the six months ended June 30, 2024 is primarily due to U.S. state and local income tax expense and foreign rate differential, partially offset by discrete tax benefits related to valuation allowance and stock-based compensation.

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 United States, and we continue to assess its impact. We currently do not expect the OBBB Act to have a material impact on our estimated annual effective tax rate in 2025.

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

17.    CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT 

The following table summarizes the changes in accumulated other comprehensive income (deficit):Three Months EndedJune 30,Six Months EndedJune 30,(In millions)2025202420252024Currency Translation AdjustmentBeginning balance$(459)$(359)$(534)$(318