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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number:     1-33100
Owens Corning
(Exact name of registrant as specified in its charter)
 
Delaware43-2109021
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Owens Corning Parkway,Toledo,OH 43659
(Address of principal executive offices) (Zip Code)

(419) 248-8000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareOCNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ             No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ   No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large Accelerated Filer 
þ
Accelerated filer  
¨
Non-accelerated filer
¨Smaller reporting company¨
Emerging growth company¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes      No
þ

As of October 20, 2023, 88,874,956 shares of the registrant’s common stock, par value $0.01 per share, were outstanding.        
        


Table of Contents
Contents
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Table of Contents
- 4 -
PART I
ITEM 1. FINANCIAL STATEMENTS
OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
(in millions, except per share amounts)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
  
  
2023202220232022
NET SALES$2,479 $2,529 $7,373 $7,476 
COST OF SALES1,752 1,836 5,305 5,430 
Gross margin727 693 2,068 2,046 
OPERATING EXPENSES
Marketing and administrative expenses201 201 612 586 
Science and technology expenses29 26 85 73 
Gain on equity method investment (130) (130)
Gain on sale of site  (189) 
Other expense (income), net35 (12)77 (18)
Total operating expenses265 85 585 511 
OPERATING INCOME462 608 1,483 1,535 
Non-operating income(1)(2)(1)(6)
EARNINGS BEFORE INTEREST AND TAXES463 610 1,484 1,541 
Interest expense, net17 28 62 82 
EARNINGS BEFORE TAXES446 582 1,422 1,459 
Income tax expense110 114 361 340 
Equity in net earnings of affiliates1 1 2  
NET EARNINGS337 469 1,063 1,119 
Net (loss) earnings attributable to non-redeemable and redeemable noncontrolling interests (1)(2)2 
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING$337 $470 $1,065 $1,117 
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
Basic$3.74 $4.88 $11.75 $11.42 
Diluted$3.71 $4.84 $11.64 $11.32 
WEIGHTED AVERAGE COMMON SHARES
Basic90.0 96.3 90.6 97.8 
Diluted90.9 97.1 91.5 98.7 
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Statements.


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- 5 -
OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(unaudited)
(in millions)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
  
2023202220232022
NET EARNINGS$337 $469 $1,063 $1,119 
Other comprehensive (loss) income, net of tax:
Currency translation adjustment (net of tax of $(2) and $0 for the three months ended September 30, 2023 and 2022, respectively, and $(2) and $(1) for the nine months ended September 30, 2023 and 2022, respectively)
(73)(161)(33)(243)
Pension and other postretirement adjustment (net of tax of $0 and $0 for the three months ended September 30, 2023 and 2022, respectively, and $0 and $(1) for the nine months ended September 30, 2023 and 2022, respectively)
2 6 (1)15 
Hedging adjustment (net of tax of $(2) and $(2) for the three months ended September 30, 2023 and 2022, respectively, and $(4) and $(9) for the nine months ended September 30, 2023 and 2022, respectively)
5 6 11 29 
Total other comprehensive loss, net of tax(66)(149)(23)(199)
COMPREHENSIVE EARNINGS271 320 1,040 920 
Comprehensive loss attributable to non-redeemable and redeemable noncontrolling interests(1)(2)(4)(2)
COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING$272 $322 $1,044 $922 

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Statements.


Table of Contents
- 6 -
OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions, except per share amounts)
ASSETSSeptember 30,
2023
December 31,
2022
CURRENT ASSETS
Cash and cash equivalents$1,323 $1,099 
Receivables, less allowance of $12 at September 30, 2023 and $11 at December 31, 2022
1,300 961 
Inventories1,232 1,334 
Assets held for sale 45 
Other current assets94 117 
Total current assets3,949 3,556 
Property, plant and equipment, net3,688 3,729 
Operating lease right-of-use assets216 204 
Goodwill1,378 1,383 
Intangible assets1,526 1,602 
Deferred income taxes19 16 
Other non-current assets293 262 
TOTAL ASSETS$11,069 $10,752 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$1,161 $1,345 
Current operating lease liabilities60 52 
Other current liabilities605 707 
Total current liabilities1,826 2,104 
Long-term debt, net of current portion3,002 2,992 
Pension plan liability73 78 
Other employee benefits liability116 118 
Non-current operating lease liabilities156 152 
Deferred income taxes430 388 
Other liabilities316 299 
Total liabilities5,919 6,131 
Redeemable noncontrolling interest25 25 
OWENS CORNING STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.01 per share (a)
  
Common stock, par value $0.01 per share (b)
1 1 
Additional paid in capital4,152 4,139 
Accumulated earnings4,718 3,794 
Accumulated other comprehensive deficit(703)(681)
Cost of common stock in treasury (c)(3,063)(2,678)
Total Owens Corning stockholders’ equity5,105 4,575 
Noncontrolling interests20 21 
Total equity5,125 4,596 
TOTAL LIABILITIES AND EQUITY$11,069 $10,752 
(a)10 shares authorized; none issued or outstanding at September 30, 2023 and December 31, 2022
(b)400 shares authorized; 135.5 issued and 88.9 outstanding at September 30, 2023; 135.5 issued and 91.9 outstanding at December 31, 2022
(c)46.6 shares at September 30, 2023 and 43.6 shares at December 31, 2022

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Statements.


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- 7 -
OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(unaudited)
(in millions)

 Common Stock
Outstanding
Treasury
Stock
APIC (a)Accumulated
Earnings
AOCI (b)NCI (c)Total
  SharesPar ValueSharesCost
Balance at December 31, 202291.9 $1 43.6 $(2,678)$4,139 $3,794 $(681)$21 $4,596 
Net earnings attributable to Owens Corning— — — — — 383 — — 383 
Net earnings attributable to non-redeemable noncontrolling interests— — — — — — — — — 
Redeemable noncontrolling interest adjustment to redemption value— — — — (1)— — — (1)
Currency translation adjustment— — — — — — 31 — 31 
Pension and other postretirement adjustment (net of tax)— — — — — — (1)— (1)
Deferred loss on hedging transactions (net of tax)— — — — — — (1)— (1)
Issuance of common stock under share-based payment plans0.7 — (0.7)23 (22)— — — 1 
Purchases of treasury stock(1.8)— 1.8 (161)— — — — (161)
Stock-based compensation expense— — — — 13 — — — 13 
Dividends declared (d)— — — — — (48)— — (48)
Balance at March 31, 202390.8 $1 44.7 $(2,816)$4,129 $4,129 $(652)$21 $4,812 
Net earnings attributable to Owens Corning— — — — — 345 — — 345 
Net earnings attributable to non-redeemable noncontrolling interests— — — — — — — — — 
Redeemable noncontrolling interest adjustment to redemption value— — — — — — — — — 
Currency translation adjustment— — — — — — 10 (1)9 
Pension and other postretirement adjustment (net of tax)— — — — — — (2)— (2)
Deferred gain on hedging transactions (net of tax)— — — — — — 7 — 7 
Issuance of common stock under share-based payment plans0.1 — (0.1)12 — — — — 12 
Purchases of treasury stock(1.1)— 1.1 (116)— — — — (116)
Stock-based compensation expense— — — — 14 — — — 14 
Dividends declared (d)— — — — — (47)— — (47)
Balance at June 30, 202389.8 $1 45.7 $(2,920)$4,143 $4,427 $(637)$20 $5,034 
Net earnings attributable to Owens Corning— — — — — 337 — — 337 
Net earnings attributable to non-redeemable noncontrolling interests— — — — — — — — — 
Redeemable noncontrolling interest adjustment to redemption value— — — — — — — — — 
Currency translation adjustment— — — — — — (73)— (73)
Pension and other postretirement adjustment (net of tax)— — — — — — 2 — 2 
Deferred gain on hedging transactions (net of tax)— — — — — — 5 — 5 
Issuance of common stock under share-based payment plans0.1 — (0.1)2 (2)— — — — 
Purchases of treasury stock(1.0)— 1.0 (145)— — — — (145)
Stock-based compensation expense— — — — 11 — — — 11 
Dividends declared (d)— — — — — (46)— — (46)
Balance at September 30, 202388.9 $1 46.6 $(3,063)$4,152 $4,718 $(703)$20 $5,125 
(a)Additional Paid in Capital (“APIC”)
(b)Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)
(c)Noncontrolling Interests (“NCI”)
(d)Quarterly dividend declaration of $0.52 per share as of September 30, 2023, June 30, 2023 and March 31, 2023

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Statements.









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OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(unaudited)
(in millions)

 Common Stock
Outstanding
Treasury
Stock
APIC (a)Accumulated
Earnings
AOCI (b)NCI (c)Total
  SharesPar ValueSharesCost
Balance at December 31, 2021100.4 $1 35.1 $(1,922)$4,092 $2,706 $(581)$39 $4,335 
Net earnings attributable to Owens Corning— — — — — 304 — — 304 
Net earnings attributable to noncontrolling interests— — — — — — — 3 3 
Currency translation adjustment— — — — — — (27)(1)(28)
Pension and other postretirement adjustment (net of tax)— — — — — — 3 — 3 
Deferred gain on hedging transactions (net of tax)— — — — — — 24 — 24 
Purchases of noncontrolling interest— — — — 8 — — (17)(9)
Issuance of common stock under share-based payment plans0.4 — (0.4)21 (21)— — — — 
Purchases of treasury stock(2.7)— 2.7 (243)— — — — (243)
Stock-based compensation expense— — — — 12 — — — 12 
Dividends declared (d)— — — — — (36)— — (36)
Balance at March 31, 202298.1 $1 37.4 $(2,144)$4,091 $2,974 $(581)$24 $4,365 
Net earnings attributable to Owens Corning— — — — — 343 — — 343 
Net loss attributable to noncontrolling interests— — — — — — — — — 
Currency translation adjustment— — — — — — (52)(2)(54)
Pension and other postretirement adjustment (net of tax)— — — — — — 6 — 6 
Deferred loss on hedging transactions (net of tax)— — — — — — (1)— (1)
Issuance of common stock under share-based payment plans0.1 — (0.1)9 3 — — — 12 
Purchases of treasury stock(1.0)— 1.0 (87)— — — — (87)
Stock-based compensation expense — — — — 13 — — — 13 
Dividends declared (d)— — — — — (35)— — (35)
Balance at June 30, 202297.2 $1 38.3 $(2,222)$4,107 $3,282 $(628)$22 $4,562 
Net earnings attributable to Owens Corning— — — — — 470 — — 470 
Net loss attributable to noncontrolling interests— — — — — — — — — 
Redeemable noncontrolling interest adjustment to redemption value— — — — (1)— — — (1)
Currency translation adjustment— — — — — — (160)(1)(161)
Pension and other postretirement adjustment (net of tax)— — — — — — 6 — 6 
Deferred loss on hedging transactions (net of tax)— — — — — — 6 — 6 
Issuance of common stock under share-based payment plans— — — — 5 — — — 5 
Purchases of treasury stock(2.5)— 2.5 (206)— — — — (206)
Stock-based compensation expense— — — — 13 — — — 13 
Dividends declared (d)— — — — — (33)— — (33)
Balance at September 30, 202294.7 1.0 40.8 (2,428)4,124 3,719 (776)21 4,661 

(a)Additional Paid in Capital (“APIC”)
(b)Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)
(c)Noncontrolling Interests (“NCI”)
(d)Quarterly dividend declaration of $0.35 per share as September 30, 2022, June 30, 2022 and March 31, 2022

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Statements.



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OWENS CORNING AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in millions)
 
  
Nine Months Ended
September 30,
  
20232022
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES
Net earnings$1,063 $1,119 
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization446 400 
Deferred income taxes40 48 
Provision for pension and other employee benefits liabilities3 2 
Stock-based compensation expense38 38 
Gains on sale of certain precious metals(2)(18)
Gain on equity method investment (130)
Gain on sale of site(189) 
Other adjustments to reconcile net earnings to cash provided by operating activities20 (1)
Changes in operating assets and liabilities(384)(333)
Pension fund contribution(4)(5)
Payments for other employee benefits liabilities(8)(5)
Other(2)(30)
Net cash flow provided by operating activities1,021 1,085 
NET CASH FLOW USED FOR INVESTING ACTIVITIES
Cash paid for property, plant, and equipment(390)(306)
Proceeds from the sale of assets or affiliates189 103 
Investment in subsidiaries and affiliates, net of cash acquired(6)(417)
Derivative settlements 52 
Other(12)(5)
Net cash flow used for investing activities(219)(573)
NET CASH FLOW USED FOR FINANCING ACTIVITIES
Purchases of noncontrolling interest  (9)
Net decrease in short-term debt(1)(5)
Dividends paid(142)(103)
Purchases of treasury stock(419)(536)
Finance lease payments(24)(23)
Other1 1 
Net cash flow used for financing activities(585)(675)
Effect of exchange rate changes on cash8 (45)
Net increase (decrease) in cash, cash equivalents and restricted cash225 (208)
Cash, cash equivalents and restricted cash at beginning of period1,107 966 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD$1,332 $758 
 
The accompanying Notes to the Consolidated Financial Statements are an integral part of these Statements.



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OWENS CORNING AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1.    GENERAL

Unless the context requires otherwise, the terms “Owens Corning,” “Company,” “we” and “our” in this report refer to Owens Corning, a Delaware corporation, and its subsidiaries.

The Consolidated Financial Statements included in this report are unaudited, pursuant to certain rules and regulations of the Securities and Exchange Commission, and include, in the opinion of the Company, normal recurring adjustments necessary for a fair statement of the results for the periods indicated, which, however, are not necessarily indicative of results which may be expected for the full year. The December 31, 2022 balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (“U.S.”). In connection with the Consolidated Financial Statements and Notes included in this report, reference is made to the Consolidated Financial Statements and Notes contained in the Company’s annual report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”). Certain reclassifications have been made to the periods presented for 2022 to conform to the classifications used in the periods presented for 2023.

Revenue Recognition

As of December 31, 2022, our contract liability balances (for extended warranties, down payments and deposits, collectively) totaled $89 million, of which $17 million was recognized as revenue in the first nine months of 2023. As of September 30, 2023, our contract liability balances totaled $96 million.

As of December 31, 2021, our contract liability balances totaled $76 million, of which $16 million was recognized as revenue in the first nine months of 2022. As of September 30, 2022, our contract liability balances totaled $86 million.

Cash, Cash Equivalents and Restricted Cash

On the Consolidated Statements of Cash Flows, the total of Cash, cash equivalents and restricted cash includes restricted cash of $9 million as of September 30, 2023, $8 million as of December 31, 2022, and $7 million as of September 30, 2022 and December 31, 2021. Restricted cash primarily represents amounts received from a counterparty related to its performance assurance on an executory contract, which is included in Other current assets on the Consolidated Balance Sheets. These amounts are contractually required to be set aside, and the counterparty can exchange the cash for another form of performance assurance at its discretion.

Related Party Transactions

In the first quarter of 2021, a related party relationship was established as a result of a member of the Company’s Board of Directors being named an executive officer of one of the Company’s preexisting suppliers. The related party transactions with this supplier consist of the purchase of raw materials. Purchases from the related party supplier were $22 million and $72 million for the three and nine months ended September 30, 2023, respectively, and $42 million and $102 million for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023 and December 31, 2022, amounts due to the related party supplier were $5 million and $3 million, respectively.















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OWENS CORNING AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

1.    GENERAL (continued)







Supplier Finance Programs

We review supplier terms and conditions on an ongoing basis, and have negotiated payment terms extensions in recent years in connection with our efforts to reduce working capital and improve cash flow. Separate from those terms extension actions, certain of our subsidiaries have entered into paying agency agreements with third-party administrators. These voluntary supply chain finance programs (collectively, the “Programs”) generally give participating suppliers the ability to sell, or otherwise pledge as collateral, their receivables from the Company to the participating financial institutions, at the sole discretion of both the suppliers and financial institutions. The Company is not a party to the arrangements between the suppliers and the financial institutions. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to sell, or otherwise pledge as collateral, amounts under these arrangements. The Company’s payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. One of the Programs includes a parent guarantee to the participating financial institution for a certain U.S. subsidiary that, at the time of the respective program’s inception in 2015, was a guarantor subsidiary of the Company’s Credit Agreement. The obligations are presented as Accounts payable within Total current liabilities on the Consolidated Balance Sheets and all activity related to the obligations is presented within operating activities on the Consolidated Statements of Cash Flow.

The Company’s confirmed outstanding obligations under the Programs totaled $205 million and $234 million as of September 30, 2023 and December 31, 2022, respectively. The amounts of invoices paid under the Programs totaled $454 million and $481 million for the nine months ended September 30, 2023 and September 30, 2022, respectively.

Accounting Pronouncements

The following table summarizes recent Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”) that had an impact or could have an impact on the Company’s Consolidated Financial Statements:
StandardDescriptionEffective Date for CompanyEffect on the
Consolidated Financial Statements
Recently issued standards:
ASU 2023-05 "Business Combinations - Joint Venture Formations (Subtopic 805-60)"This standard modifies the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements.January 1, 2025We do not believe the adoption of this guidance will have a material effect on our consolidated financial statements.


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OWENS CORNING AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
2.    SEGMENT INFORMATION

The Company has three reportable segments: Composites, Insulation and Roofing. Accounting policies for the segments are the same as those for the Company. The Company’s three reportable segments are defined as follows:

Composites – Within our Composites segment, the Company manufactures, fabricates and sells glass reinforcements in the form of fiber. Glass reinforcement materials are also used by the Composites segment to manufacture and sell high value applications in the form of fabrics, non-wovens and other specialized products.

Insulation – Within our Insulation segment, the Company manufactures and sells thermal and acoustical batts, loosefill insulation, spray foam insulation, foam sheathing and accessories. It also manufactures and sells glass fiber pipe insulation, energy efficient flexible duct media, bonded and granulated mineral wool insulation, cellular glass insulation, and foam insulation used in above- and below-grade construction applications.

Roofing – Within our Roofing segment, the Company manufactures and sells residential roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction and specialty applications.
NET SALES
The following tables show a disaggregation of our Net sales by segment and geographic region (in millions). Corporate eliminations (shown below) largely reflect intercompany sales from Composites to Roofing. External customer sales are attributed to geographic region based upon the location from which the product is sold to the external customer.
For the three months ended September 30, 2023
Reportable SegmentsCompositesInsulationRoofingEliminationsConsolidated
Disaggregation Categories
U.S. residential$98 $351 $1,009 $(82)$1,376 
U.S. commercial and industrial201 218 49 (2)466 
Total United States299 569 1,058 (84)1,842 
Europe115 191 5 (1)310 
Asia-Pacific111 37   148 
Rest of world42 116 21  179 
NET SALES$567 $913 $1,084 $(85)$2,479 

For the three months ended September 30, 2022
Reportable SegmentsCompositesInsulationRoofingEliminationsConsolidated
Disaggregation Categories
U.S. residential$96 $400 $912 $(75)$1,333 
U.S. commercial and industrial222 204 54  480 
Total United States318 604 966 (75)1,813 
Europe141 201 5 (2)345 
Asia-Pacific126 42 1  169 
Rest of world53 118 31  202 
NET SALES$638 $965 $1,003 $(77)$2,529 


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OWENS CORNING AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

2.    SEGMENT INFORMATION (continued)

For the nine months ended September 30, 2023
Reportable SegmentsCompositesInsulationRoofingEliminationsConsolidated
Disaggregation Categories
U.S. residential$270 $1,045 $2,902 $(230)$3,987 
U.S. commercial and industrial656 647 113 (6)1,410 
Total United States926 1,692 3,015 (236)5,397 
Europe387 586 13 (2)984 
Asia-Pacific334 109 1  444 
Rest of world125 350 73  548 
NET SALES$1,772 $2,737 $3,102 $(238)$7,373 
For the nine months ended September 30, 2022
Reportable SegmentsCompositesInsulationRoofingEliminationsConsolidated
Disaggregation Categories
U.S. residential$277 $1,125 $2,620 $(204)$3,818 
U.S. commercial and industrial657 585 125 (3)1,364 
Total United States934 1,710 2,745 (207)5,182 
Europe543 611 16 (5)1,165 
Asia-Pacific422 118 5  545 
Rest of world172 319 93  584 
NET SALES$2,071 $2,758 $2,859 $(212)$7,476 




























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OWENS CORNING AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)

2.    SEGMENT INFORMATION (continued)


EARNINGS BEFORE INTEREST AND TAXES

Earnings before interest and taxes (“EBIT”) by segment consist of net sales less related costs and expenses, and are presented on a basis that is used internally for evaluating segment performance. 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.
The following table summarizes EBIT by segment (in millions):
  
Three Months Ended
September 30,
Nine Months Ended
September 30,
  
2023202220232022
Reportable Segments
Composites$80 $126 $216 $434 
Insulation150 173 469