$OC
Owens Corning

2010 Q4 Form 10-Q Financial Statement

#000119312510237308 Filed on October 27, 2010

View on sec.gov

Income Statement

Concept 2010 Q4 2010 Q3 2009 Q3
Revenue $1.168B $1.186B $1.348B
YoY Change 0.52% -12.02% -17.25%
Cost Of Revenue $968.0M $950.0M $1.068B
YoY Change -3.3% -11.05% -21.35%
Gross Profit $200.0M $236.0M $280.0M
YoY Change 24.22% -15.71% 3.32%
Gross Profit Margin 17.12% 19.9% 20.77%
Selling, General & Admin $131.0M $123.0M $140.0M
YoY Change -10.88% -12.14% -10.83%
% of Gross Profit 65.5% 52.12% 50.0%
Research & Development $21.00M $19.00M $15.00M
YoY Change 31.25% 26.67% -6.25%
% of Gross Profit 10.5% 8.05% 5.36%
Depreciation & Amortization $78.00M $83.00M $80.00M
YoY Change -10.34% 3.75% -4.76%
% of Gross Profit 39.0% 35.17% 28.57%
Operating Expenses $266.0M $167.0M $160.0M
YoY Change 66.25% 4.38% -7.51%
Operating Profit -$66.00M $69.00M $120.0M
YoY Change -6700.0% -42.5% 22.45%
Interest Expense $25.00M $28.00M $30.00M
YoY Change -183.33% -6.67% -203.45%
% of Operating Profit 40.58% 25.0%
Other Income/Expense, Net
YoY Change
Pretax Income -$96.00M $41.00M $90.00M
YoY Change 242.86% -54.44% 7.14%
Income Tax $14.00M -$19.00M $8.000M
% Of Pretax Income -46.34% 8.89%
Net Earnings -$110.0M $58.00M $80.00M
YoY Change 423.81% -27.5% -109.91%
Net Earnings / Revenue -9.42% 4.89% 5.93%
Basic Earnings Per Share -$0.89 $0.46 $0.64
Diluted Earnings Per Share -$0.89 $0.46 $0.63
COMMON SHARES
Basic Shares Outstanding 124.7M shares 125.1M shares 124.5M shares
Diluted Shares Outstanding 126.6M shares 127.1M shares

Balance Sheet

Concept 2010 Q4 2010 Q3 2009 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.00M $35.00M $387.0M
YoY Change -90.78% -90.96% 409.21%
Cash & Equivalents $52.00M $35.00M $387.0M
Short-Term Investments
Other Short-Term Assets $174.0M $172.0M $139.0M
YoY Change 41.46% 23.74% -10.32%
Inventory $620.0M $687.0M $695.0M
Prepaid Expenses
Receivables $546.0M $625.0M $729.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.408B $1.537B $1.950B
YoY Change -24.06% -21.18% -2.4%
LONG-TERM ASSETS
Property, Plant & Equipment $2.754B $2.751B $2.790B
YoY Change -1.85% -1.4% 0.29%
Goodwill $1.088B
YoY Change
Intangibles $1.090B $1.158B
YoY Change -6.76%
Long-Term Investments
YoY Change
Other Assets $263.0M $255.0M $230.0M
YoY Change 43.72% 10.87% -0.86%
Total Long-Term Assets $5.750B $5.828B $5.321B
YoY Change 8.23% 9.53% -0.39%
TOTAL ASSETS
Total Short-Term Assets $1.408B $1.537B $1.950B
Total Long-Term Assets $5.750B $5.828B $5.321B
Total Assets $7.158B $7.365B $7.271B
YoY Change -0.13% 1.29% -0.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $474.0M $931.0M $931.0M
YoY Change -48.2% 0.0% -28.05%
Accrued Expenses $38.00M
YoY Change 22.58%
Deferred Revenue
YoY Change
Short-Term Debt $1.000M $3.000M $12.00M
YoY Change -90.91% -75.0% -70.0%
Long-Term Debt Due $5.000M $4.000M $10.00M
YoY Change -44.44% -60.0% 100.0%
Total Short-Term Liabilities $955.0M $947.0M $991.0M
YoY Change 1.27% -4.44% -27.98%
LONG-TERM LIABILITIES
Long-Term Debt $1.629B $1.721B $2.192B
YoY Change -25.17% -21.49% 7.19%
Other Long-Term Liabilities $137.0M $134.0M $752.0M
YoY Change -4.2% -82.18% 53.78%
Total Long-Term Liabilities $1.766B $134.0M $2.944B
YoY Change 1134.97% -95.45% 16.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $955.0M $947.0M $991.0M
Total Long-Term Liabilities $1.766B $134.0M $2.944B
Total Liabilities $2.721B $1.081B $4.421B
YoY Change 150.55% -75.55% 4.2%
SHAREHOLDERS EQUITY
Retained Earnings $194.0M $304.0M
YoY Change -126.25%
Common Stock $3.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $229.0M $207.0M
YoY Change 120.19%
Treasury Stock Shares 9.300M shares 8.600M shares
Shareholders Equity $3.648B $3.803B $2.850B
YoY Change
Total Liabilities & Shareholders Equity $7.158B $7.365B $7.271B
YoY Change -0.13% 1.29% -0.94%

Cashflow Statement

Concept 2010 Q4 2010 Q3 2009 Q3
OPERATING ACTIVITIES
Net Income -$110.0M $58.00M $80.00M
YoY Change 423.81% -27.5% -109.91%
Depreciation, Depletion And Amortization $78.00M $83.00M $80.00M
YoY Change -10.34% 3.75% -4.76%
Cash From Operating Activities $207.0M $147.0M $367.0M
YoY Change -23.9% -59.95% 239.81%
INVESTING ACTIVITIES
Capital Expenditures -$115.0M -$78.00M -$56.00M
YoY Change 25.0% 39.29% -61.9%
Acquisitions
YoY Change
Other Investing Activities $49.00M $2.000M $19.00M
YoY Change -89.47% -56.82%
Cash From Investing Activities -$66.00M -$76.00M -$37.00M
YoY Change -28.26% 105.41% -64.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -128.0M -68.00M -57.00M
YoY Change 2460.0% 19.3% 14.0%
NET CHANGE
Cash From Operating Activities 207.0M 147.0M 367.0M
Cash From Investing Activities -66.00M -76.00M -37.00M
Cash From Financing Activities -128.0M -68.00M -57.00M
Net Change In Cash 13.00M 3.000M 273.0M
YoY Change -92.57% -98.9% -706.67%
FREE CASH FLOW
Cash From Operating Activities $207.0M $147.0M $367.0M
Capital Expenditures -$115.0M -$78.00M -$56.00M
Free Cash Flow $322.0M $225.0M $423.0M
YoY Change -11.54% -46.81% 65.88%

Facts In Submission

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oc Gain On Sale Of Business And Fixed Assets
GainOnSaleOfBusinessAndFixedAssets
-10000000 USD
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
3000000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-874000000 USD
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
15000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
16000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
30000000 USD
us-gaap Other Noncash Income
OtherNoncashIncome
-6000000 USD
us-gaap Other Noncash Income
OtherNoncashIncome
-15000000 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
0 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
0 USD
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-132000000 USD
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-51000000 USD
us-gaap Increase Decrease In Pension Plan Obligations
IncreaseDecreaseInPensionPlanObligations
-29000000 USD
us-gaap Increase Decrease In Pension Plan Obligations
IncreaseDecreaseInPensionPlanObligations
-34000000 USD
us-gaap Increase Decrease In Postretirement Obligations
IncreaseDecreaseInPostretirementObligations
-19000000 USD
us-gaap Increase Decrease In Postretirement Obligations
IncreaseDecreaseInPostretirementObligations
-19000000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
15000000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
0 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
281000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
269000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
199000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
151000000 USD
oc Proceeds From The Sale Of Assets Or Affiliates
ProceedsFromTheSaleOfAssetsOrAffiliates
16000000 USD
oc Proceeds From The Sale Of Assets Or Affiliates
ProceedsFromTheSaleOfAssetsOrAffiliates
39000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-183000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-112000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
406000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
260000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
315000000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
586000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
606000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
13000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-8000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-18000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-622000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-12000000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-5000000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
6000000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-529000000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
151000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
345000000 USD
CY2008Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
236000000 USD
CY2009Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
387000000 USD
oc Provision For Pension And Other Employee Benefits Liabilities
ProvisionForPensionAndOtherEmployeeBenefitsLiabilities
23000000 USD
oc Provision For Pension And Other Employee Benefits Liabilities
ProvisionForPensionAndOtherEmployeeBenefitsLiabilities
26000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
102000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
2000000 USD
us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
0 USD
CY2010Q3 oc Accounting Pronouncements
AccountingPronouncements
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;ACCOUNTING PRONOUNCEMENTS</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;">In June 2009, the FASB issued </font><font style="font-family:Times New Roman;font-size:10pt;">authoritative guidance</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">amending</font><font style="font-family:Times New Roman;font-size:10pt;"> the timing, and considerations, of analyses performed to </font><font style="font-family:Times New Roman;font-size:10pt;">determine if the Company's variable interests give it a controlling financial interest in a variable interest entity</font><font style="font-family:Times New Roman;font-size:10pt;">, as well as requires additional disclosures</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> The guidance</font><font style="font-family:Times New Roman;font-size:10pt;"> was </font><font style="font-family:Times New Roman;font-size:10pt;">effective as of the first annual reporting period beginning after November 15, 2009, for interim periods within the first annual r</font><font style="font-family:Times New Roman;font-size:10pt;">eporting period and thereafter. </font><font style="font-family:Times New Roman;font-size:10pt;">The</font><font style="font-family:Times New Roman;font-size:10pt;"> adoption</font><font style="font-family:Times New Roman;font-size:10pt;"> of this authoritative guidance</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">had no </font><font style="font-family:Times New Roman;font-size:10pt;">impact on the Consolidated Financial Statements or disclosures.</font></p>

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