Momentum Continues in Insulation and Composites; Roofing
Positioned to Deliver Improved Performance for the Remainder of the Year
-
Insulation delivered 15th consecutive quarter of EBIT growth
-
Composites delivered 7th consecutive quarter of EBIT
improvement
TOLEDO, Ohio--(BUSINESS WIRE)--
Owens Corning (NYSE: OC) today reported consolidated net sales of $1.21
billion in the first quarter of 2015, down slightly from $1.28 billion
in 2014.
First-quarter 2015 adjusted earnings were $22 million, or $0.19 per
diluted share, down from adjusted earnings of $35 million, or $0.29 per
diluted share, in 2014. Net earnings in the first quarter of 2015 were
$18 million, or $0.15 per diluted share, compared to net earnings of
$120 million, or $1.01 per diluted share last year. (See Table 3 for a
discussion and reconciliation of these items.)
“Owens Corning had a good start to 2015. Insulation continues to benefit
from growth in U.S. housing starts. Results in Composites reflect strong
execution and operational performance. In Roofing, first quarter
revenues and margins were weak. However, the Roofing business did not
experience the discounting and inventory build in the channel that we
saw in the same quarter last year, positioning the business to deliver
higher volumes for the remainder of the year,” said Chairman and Chief
Executive Officer Mike Thaman.
Consolidated First Quarter 2015 Results
-
Owens Corning maintained a high level of safety performance with a
Recordable Incident Rate (RIR) of 0.64 for the three months ending
March 31, 2015, compared to an RIR rate of 0.49 in the same period a
year ago.
-
Adjusted earnings before interest and taxes (adjusted EBIT) in the
first quarter of 2015 were $60 million, down from $77 million in 2014.
Reported EBIT for the first quarter was $58 million, compared with
$108 million during the same period in 2014. (See Table 2.)
-
To support growth in the North American mineral wool insulation
business, the company’s Board of Directors has approved a $90 million
investment in a new mineral wool plant, to be operational in late 2016.
-
During the first quarter, Owens Corning repurchased 0.3 million shares
of the company’s common stock. As of March 31, 2015, 7.4 million
shares remained available for repurchase under the company’s current
authorization.
Outlook
The company continues to expect to benefit in 2015 from sustained
improvement in the U.S. housing market and moderate global growth.
Insulation should continue to benefit from growth in U.S. residential
new construction, improved pricing and operating leverage.
In Composites, the company previously expected EBIT improvement of $50
million less foreign currency impact of $20 million associated with a
stronger U.S. dollar. Based on a strong start to the year, the company
now anticipates a full-year EBIT improvement of up to $70 million less
foreign exchange impact of $25 million at current exchange rates.
In Roofing, the company continues to expect the full year market demand
to be in line with last year. Market dynamics in the first quarter
positioned the business for stronger volumes at better margins for the
remainder of the year.
The company estimates an effective tax rate of 30 percent to 32 percent,
and a cash tax rate of 10 percent to 12 percent on adjusted pre-tax
earnings, due to the company’s $2.2 billion U.S. tax net operating loss
carryforward.
The company expects general corporate expenses to be $120 million to
$130 million in 2015. Capital expenditures in 2015 are now expected to
total approximately $380 million, a $25 million increase over the prior
estimate due to a portion of the cost for the construction of the new
mineral wool plant. Interest expenses are expected to be about $110
million.
Next Earnings Announcement
Second-quarter 2015 results will be announced on Wednesday, July 22,
2015.
Conference Call and Presentation
Wednesday, April 22, 2015
11 a.m. Eastern Time
All Callers
Live dial-in telephone number: U.S.
1.888.317.6003; Canada 1.866.284.3684; and other international
+1.412.317.6061.
Entry number: 395-3692 (Please dial in 10-15
minutes before conference call start time)
Live webcast: http://services.choruscall.com/links/owens150422.html
Telephone and Webcast Replay
Telephone replay will be
available one hour after the end of the call through April 29, 2015. In
the U.S., call 1.877.344.7529. In Canada, call 1.855.669.9658. In other
international locations, call +1.412.317.0088.
Conference replay
number: 100-627-30
Replay available at http://services.choruscall.com/links/owens150422.html
Webcast
replay available until April 22, 2016
About Owens Corning
Owens Corning (NYSE: OC) develops, manufactures and markets insulation,
roofing and fiberglass composites. Global in scope and human in scale,
the company’s market-leading businesses use their deep expertise in
materials, manufacturing and building science to develop products and
systems that save energy and improve comfort in commercial and
residential buildings. Through its glass reinforcements business, the
company makes thousands of products lighter, stronger and more durable.
Ultimately, Owens Corning people and products make the world a better
place. Based in Toledo, Ohio, Owens Corning posted 2014 sales of $5.3
billion and employs about 15,000 people in 26 countries. It has been a
Fortune 500® company for 60 consecutive years. For more information,
please visit www.owenscorning.com.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements
are subject to risks, uncertainties and other factors that may cause
actual results to differ materially from those projected in these
statements. Such factors include, without limitation: economic and
political conditions, including levels of residential and commercial
construction activity; competitive and pricing factors; levels of global
industrial production; demand for our products; relationships with key
customers; industry and economic conditions that affect the market and
operating conditions of our customers, suppliers or lenders; foreign
exchange and commodity price fluctuations; our level of indebtedness;
weather conditions; availability and cost of credit; availability and
cost of energy and raw materials; issues involving implementation of new
business systems; international economic and political conditions
including new legislation or other governmental actions; our ability to
use our net operating loss carry forwards; research and development
activities and intellectual property protection; interest rate
movements; labor disputes and litigation; uninsured losses; issues
related to acquisitions, divestitures and joint ventures; achievement of
expected synergies, cost reductions and/or productivity improvements;
defined benefit plan funding obligations; and, factors detailed from
time to time in the company’s Securities and Exchange Commission
filings. The information in this news release speaks as of April 22,
2015, and is subject to change. The company does not undertake any duty
to update or revise forward-looking statements except as required by
federal securities laws. Any distribution of this news release after
that date is not intended and should not be construed as updating or
confirming such information.
Owens Corning Investor Relations News
|
Table 1
Owens Corning and Subsidiaries
Consolidated
Statements of Earnings
(unaudited)
(in
millions, except per share amounts)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2015
|
|
2014
|
|
NET SALES
|
|
$
|
1,207
|
|
|
$
|
1,278
|
|
|
COST OF SALES
|
|
998
|
|
|
1,044
|
|
|
Gross margin
|
|
209
|
|
|
234
|
|
|
OPERATING EXPENSES
|
|
|
|
|
|
Marketing and administrative expenses
|
|
129
|
|
|
132
|
|
|
Science and technology expenses
|
|
17
|
|
|
19
|
|
|
Charges related to cost reduction actions
|
|
—
|
|
|
12
|
|
|
Other expenses (income), net
|
|
5
|
|
|
(37
|
)
|
|
Total operating expenses
|
|
151
|
|
|
126
|
|
|
EARNINGS BEFORE INTEREST AND TAXES
|
|
58
|
|
|
108
|
|
|
Interest expense, net
|
|
26
|
|
|
27
|
|
|
EARNINGS BEFORE TAXES
|
|
32
|
|
|
81
|
|
|
Less: Income tax expense (benefit)
|
|
13
|
|
|
(39
|
)
|
|
NET EARNINGS
|
|
19
|
|
|
120
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
1
|
|
|
—
|
|
|
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING
|
|
$
|
18
|
|
|
$
|
120
|
|
|
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON
STOCKHOLDERS
|
|
|
|
|
|
Basic
|
|
$
|
0.15
|
|
|
$
|
1.02
|
|
|
Diluted
|
|
$
|
0.15
|
|
|
$
|
1.01
|
|
|
Dividend
|
|
$
|
0.17
|
|
|
$
|
0.16
|
|
|
WEIGHTED AVERAGE COMMON SHARES
|
|
|
|
|
|
Basic
|
|
117.8
|
|
|
117.8
|
|
|
Diluted
|
|
118.5
|
|
|
118.7
|
|
|
|
|
|
|
|
|
|
|
Table 2
Owens Corning and Subsidiaries
EBIT
Reconciliation Schedules
(unaudited)
|
|
|
|
|
|
Adjusting items are shown in the table below (in millions):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2015
|
|
2014
|
|
Charges related to cost reduction actions
|
|
$
|
—
|
|
|
$
|
(12
|
)
|
|
Other items related to cost reduction actions
|
|
(2
|
)
|
|
—
|
|
|
Gain on sale of Hangzhou, China facility
|
|
—
|
|
|
45
|
|
|
Net loss related to Hurricane Sandy
|
|
—
|
|
|
(2
|
)
|
|
Total adjusting items
|
|
$
|
(2
|
)
|
|
$
|
31
|
|
|
|
|
|
|
The reconciliation from net earnings attributable to Owens Corning
to Adjusted EBIT is shown in the table below (in millions):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2015
|
|
2014
|
|
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING
|
|
$
|
18
|
|
|
$
|
120
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
1
|
|
|
—
|
|
|
NET EARNINGS
|
|
19
|
|
|
120
|
|
|
Less: Income tax expense (benefit)
|
|
13
|
|
|
(39
|
)
|
|
EARNINGS BEFORE TAXES
|
|
32
|
|
|
81
|
|
|
Interest expense, net
|
|
26
|
|
|
27
|
|
|
EARNINGS BEFORE INTEREST AND TAXES
|
|
58
|
|
|
108
|
|
|
Less: adjusting items from above
|
|
(2
|
)
|
|
31
|
|
|
ADJUSTED EBIT
|
|
$
|
60
|
|
|
$
|
77
|
|
|
|
|
|
|
|
|
|
|
|
|
For purposes of internal review of Owens Corning’s year-over-year
operational performance, management excludes from net earnings
attributable to Owens Corning certain items it believes are not the
result of current operations. The adjusted financial measure
resulting from these adjustments is used internally by Owens Corning
for various purposes, including reporting results of operations to
the Board of Directors, analysis of performance, and related
employee compensation measures. Although management believes that
these adjustments result in a measure that provides it a useful
representation of its operational performance, the adjusted measure
should not be considered in isolation or as a substitute for net
earnings attributable to Owens Corning as prepared in accordance
with accounting principles generally accepted in the United States.
|
|
|
|
Table 3
Owens Corning and Subsidiaries
EPS
Reconciliation Schedules
(unaudited)
(in millions,
except per share data)
|
|
|
|
For purposes of internal review of Owens Corning’s year-over-year
operational performance, management excludes from net earnings
attributable to Owens Corning certain items it believes are not the
result of current operations. The adjusted financial measures
resulting from these adjustments are used internally by Owens
Corning for various purposes, including reporting results of
operations to the Board of Directors, analysis of performance and
related employee compensation measures. Although management believes
that these adjustments result in measures that provide it a useful
representation of its operational performance, the adjusted measures
should not be considered in isolation or as a substitute for net
earnings attributable to Owens Corning as prepared in accordance
with accounting principles generally accepted in the United States.
|
|
|
|
A reconciliation from net earnings attributable to Owens Corning to
Adjusted Earnings and a reconciliation from diluted earnings per
share to adjusted diluted earnings per share are shown in the tables
below:
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
RECONCILIATION TO ADJUSTED EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to Owens Corning
|
|
$
|
18
|
|
$
|
120
|
|
|
Adjustment to remove adjusting items, net of tax
|
|
1
|
|
(22
|
)
|
|
Adjustment to remove significant tax reserve reversals
|
|
—
|
|
(74
|
)
|
|
Adjustment to tax expense (benefit) to reflect pro forma tax rate*
|
|
3
|
|
11
|
|
|
ADJUSTED EARNINGS
|
|
$
|
22
|
|
$
|
35
|
|
|
|
|
|
|
|
|
|
RECONCILIATION TO ADJUSTED DILUTED EARNINGS PER SHARE
ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
|
|
|
|
|
|
|
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING
COMMON STOCKHOLDERS
|
|
$
|
0.15
|
|
$
|
1.01
|
|
|
Adjustment to remove adjusting items, net of tax
|
|
0.01
|
|
(0.19
|
)
|
|
Adjustment to remove significant tax reserve reversals
|
|
—
|
|
(0.62
|
)
|
|
Adjustment to tax expense (benefit) to reflect pro forma tax rate*
|
|
0.03
|
|
0.09
|
|
|
ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING
COMMON STOCKHOLDERS
|
|
$
|
0.19
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
RECONCILIATION TO DILUTED SHARES OUTSTANDING
|
|
|
|
|
|
|
Weighted-average number of shares outstanding used for basic
earnings per share
|
|
117.8
|
|
117.8
|
|
|
Non-vested restricted and performance shares
|
|
0.3
|
|
0.4
|
|
|
Options to purchase common stock
|
|
0.4
|
|
0.5
|
|
|
Weighted-average number of shares outstanding and common equivalent
shares used for diluted earnings per share
|
|
118.5
|
|
118.7
|
|
|
|
|
|
|
|
|
|
*
|
For 2015 we have used a pro forma effective tax rate of 31%. For
comparability, in 2014, we have used an effective tax rate of 30%
that excludes the resolution of a significant uncertain tax position
and the reversal of a valuation allowance recorded in prior years
against certain European net deferred tax assets.
|
|
|
|
|
Table 4
Owens Corning and Subsidiaries
Consolidated
Balance Sheets
(unaudited)
(in millions,
except per share data)
|
|
|
|
|
|
|
|
ASSETS
|
|
March 31,
2015
|
|
December 31,
2014
|
|
CURRENT ASSETS
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
77
|
|
|
$
|
67
|
|
|
Receivables, less allowances of $9 at March 31, 2015, and $10 at
December 31, 2014
|
|
844
|
|
|
674
|
|
|
Inventories
|
|
825
|
|
|
817
|
|
|
Assets held for sale
|
|
14
|
|
|
16
|
|
|
Other current assets
|
|
235
|
|
|
233
|
|
|
Total current assets
|
|
1,995
|
|
|
1,807
|
|
|
Property, plant and equipment, net
|
|
2,851
|
|
|
2,899
|
|
|
Goodwill
|
|
1,168
|
|
|
1,168
|
|
|
Intangible assets
|
|
1,013
|
|
|
1,017
|
|
|
Deferred income taxes
|
|
434
|
|
|
444
|
|
|
Other non-current assets
|
|
235
|
|
|
220
|
|
|
TOTAL ASSETS
|
|
$
|
7,696
|
|
|
$
|
7,555
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
895
|
|
|
$
|
949
|
|
|
Short-term debt
|
|
14
|
|
|
31
|
|
|
Long-term debt – current portion
|
|
3
|
|
|
3
|
|
|
Total current liabilities
|
|
912
|
|
|
983
|
|
|
Long-term debt, net of current portion
|
|
2,274
|
|
|
1,991
|
|
|
Pension plan liability
|
|
424
|
|
|
447
|
|
|
Other employee benefits liability
|
|
249
|
|
|
252
|
|
|
Deferred income taxes
|
|
22
|
|
|
22
|
|
|
Other liabilities
|
|
132
|
|
|
130
|
|
|
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 capital
|
|
3,946
|
|
|
3,954
|
|
|
Accumulated earnings
|
|
803
|
|
|
805
|
|
|
Accumulated other comprehensive deficit
|
|
(591
|
)
|
|
(550
|
)
|
|
Cost of common stock in treasury (c)
|
|
(515
|
)
|
|
(518
|
)
|
|
Total Owens Corning stockholders’ equity
|
|
3,644
|
|
|
3,692
|
|
|
Noncontrolling interests
|
|
39
|
|
|
38
|
|
|
Total equity
|
|
3,683
|
|
|
3,730
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
$
|
7,696
|
|
|
$
|
7,555
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
10 shares authorized; none issued or outstanding at March 31, 2015,
and December 31, 2014
|
|
(b)
|
|
400 shares authorized; 135.5 issued and 118.0 outstanding at March
31, 2015; 135.5 issued and 117.8 outstanding at December 31, 2014
|
|
(c)
|
|
17.5 shares at March 31, 2015, and 17.7 shares at December 31, 2014
|
|
|
|
|
|
Table 5
Owens Corning and Subsidiaries
Consolidated
Statements of Cash Flows
(unaudited)
(in
millions)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2015
|
|
2014
|
|
NET CASH FLOW USED FOR OPERATING ACTIVITIES
|
|
|
|
|
|
Net earnings
|
|
$
|
18
|
|
|
$
|
120
|
|
|
Adjustments to reconcile net earnings to cash used for operating
activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
75
|
|
|
76
|
|
|
Gain on sale of fixed assets
|
|
—
|
|
|
(45
|
)
|
|
Deferred income taxes
|
|
4
|
|
|
(45
|
)
|
|
Provision for pension and other employee benefits liabilities
|
|
5
|
|
|
5
|
|
|
Stock-based compensation expense
|
|
8
|
|
|
8
|
|
|
Other non-cash
|
|
—
|
|
|
(1
|
)
|
|
Change in working capital
|
|
(244
|
)
|
|
(377
|
)
|
|
Pension fund contribution
|
|
(14
|
)
|
|
(14
|
)
|
|
Payments for other employee benefits liabilities
|
|
(5
|
)
|
|
(6
|
)
|
|
Other
|
|
4
|
|
|
7
|
|
|
Net cash flow used for operating activities
|
|
(149
|
)
|
|
(272
|
)
|
|
NET CASH FLOW USED FOR INVESTING ACTIVITIES
|
|
|
|
|
|
Additions to plant and equipment (including alloy)
|
|
(56
|
)
|
|
(51
|
)
|
|
Proceeds from the sale of assets (including alloy) or affiliates
|
|
—
|
|
|
(3
|
)
|
|
Net cash flow used for investing activities
|
|
(56
|
)
|
|
(54
|
)
|
|
NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from senior revolving credit and receivables securitization
facilities
|
|
529
|
|
|
484
|
|
|
Payments on senior revolving credit and receivables securitization
facilities
|
|
(247
|
)
|
|
(149
|
)
|
|
Net increase (decrease) in short-term debt
|
|
(17
|
)
|
|
24
|
|
|
Cash dividends paid
|
|
(39
|
)
|
|
—
|
|
|
Purchases of treasury stock
|
|
(19
|
)
|
|
(29
|
)
|
|
Other
|
|
7
|
|
|
5
|
|
|
Net cash flow provided by financing activities
|
|
214
|
|
|
335
|
|
|
Effect of exchange rate changes on cash
|
|
1
|
|
|
(1
|
)
|
|
Net increase in cash and cash equivalents
|
|
10
|
|
|
8
|
|
|
Cash and cash equivalents at beginning of period
|
|
67
|
|
|
57
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
77
|
|
|
$
|
65
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 6
Owens Corning and Subsidiaries
Segment and
Business Information
(unaudited)
|
|
|
|
Composites
|
|
The table below provides a summary of net sales, EBIT and
depreciation and amortization expense for the Composites segment (in
millions):
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
Net sales
|
|
|
|
$
|
478
|
|
|
|
|
$
|
477
|
|
|
% change from prior year
|
|
|
|
—
|
%
|
|
|
|
4
|
%
|
|
EBIT
|
|
|
|
$
|
60
|
|
|
|
|
$
|
27
|
|
|
EBIT as a % of net sales
|
|
|
|
13
|
%
|
|
|
|
6
|
%
|
|
Depreciation and amortization expense
|
|
|
|
$
|
32
|
|
|
|
|
$
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insulation
|
|
The table below provides a summary of net sales, EBIT and
depreciation and amortization expense for the Insulation segment (in
millions):
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
Net sales
|
|
|
|
$
|
379
|
|
|
|
|
$
|
355
|
|
|
% change from prior year
|
|
|
|
7
|
%
|
|
|
|
8
|
%
|
|
EBIT
|
|
|
|
$
|
7
|
|
|
|
|
$
|
1
|
|
|
EBIT as a % of net sales
|
|
|
|
2
|
%
|
|
|
|
—
|
%
|
|
Depreciation and amortization expense
|
|
|
|
$
|
24
|
|
|
|
|
$
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Roofing
|
|
The table below provides a summary of net sales, EBIT and
depreciation and amortization expense for the Roofing segment (in
millions):
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
Net sales
|
|
|
|
$
|
393
|
|
|
|
|
$
|
497
|
|
|
% change from prior year
|
|
|
|
-21
|
%
|
|
|
|
-18
|
%
|
|
EBIT
|
|
|
|
$
|
20
|
|
|
|
|
$
|
80
|
|
|
EBIT as a % of net sales
|
|
|
|
5
|
%
|
|
|
|
16
|
%
|
|
Depreciation and amortization expense
|
|
|
|
$
|
9
|
|
|
|
|
$
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 7
Owens Corning and Subsidiaries
Corporate,
Other and Eliminations
(unaudited)
|
|
|
|
Corporate, Other and Eliminations
|
|
The table below provides a summary of EBIT and depreciation and
amortization expense for the Corporate, Other and Eliminations
category (in millions):
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2015
|
|
|
|
2014
|
|
Charges related to cost reduction actions
|
|
|
|
$
|
—
|
|
|
|
|
$
|
(12
|
)
|
|
Other items related to cost reduction actions
|
|
|
|
(2
|
)
|
|
|
|
—
|
|
|
Gain on sale of Hangzhou, China facility
|
|
|
|
—
|
|
|
|
|
45
|
|
|
Net loss related to Hurricane Sandy
|
|
|
|
—
|
|
|
|
|
(2
|
)
|
|
General corporate expense and other
|
|
|
|
(27
|
)
|
|
|
|
(31
|
)
|
|
EBIT
|
|
|
|
$
|
(29
|
)
|
|
|
|
$
|
—
|
|
|
Depreciation and amortization
|
|
|
|
$
|
10
|
|
|
|
|
$
|
8
|
|
Source: Owens Corning