$OC
Owens Corning

2011 Q2 Form 10-Q Financial Statement

#000119312511207360 Filed on August 03, 2011

View on sec.gov

Income Statement

Concept 2011 Q2 2010 Q4 2010 Q2
Revenue $1.451B $1.168B $1.378B
YoY Change 5.3% 0.52% 13.04%
Cost Of Revenue $1.172B $968.0M $1.094B
YoY Change 7.13% -3.3% 12.9%
Gross Profit $279.0M $200.0M $284.0M
YoY Change -1.76% 24.22% 13.6%
Gross Profit Margin 19.23% 17.12% 20.61%
Selling, General & Admin $141.0M $131.0M $138.0M
YoY Change 2.17% -10.88% 2.99%
% of Gross Profit 50.54% 65.5% 48.59%
Research & Development $19.00M $21.00M $18.00M
YoY Change 5.56% 31.25% 20.0%
% of Gross Profit 6.81% 10.5% 6.34%
Depreciation & Amortization $85.00M $78.00M $79.00M
YoY Change 7.59% -10.34% 6.76%
% of Gross Profit 30.47% 39.0% 27.82%
Operating Expenses $144.0M $266.0M $159.0M
YoY Change -9.43% 66.25% -1.85%
Operating Profit $135.0M -$66.00M $125.0M
YoY Change 8.0% -6700.0% 42.05%
Interest Expense $28.00M $25.00M $31.00M
YoY Change -9.68% -183.33% 19.23%
% of Operating Profit 20.74% 24.8%
Other Income/Expense, Net
YoY Change
Pretax Income $107.0M -$96.00M $94.00M
YoY Change 13.83% 242.86% 51.61%
Income Tax $29.00M $14.00M -$844.0M
% Of Pretax Income 27.1% -897.87%
Net Earnings $78.00M -$110.0M $937.0M
YoY Change -91.68% 423.81% 2739.39%
Net Earnings / Revenue 5.38% -9.42% 68.0%
Basic Earnings Per Share $0.63 -$0.89 $7.39
Diluted Earnings Per Share $0.62 -$0.89 $7.33
COMMON SHARES
Basic Shares Outstanding 124.0M shares 124.7M shares 126.8M shares
Diluted Shares Outstanding 125.4M shares 127.9M shares

Balance Sheet

Concept 2011 Q2 2010 Q4 2010 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.00M $52.00M $30.00M
YoY Change 70.0% -90.78% -72.73%
Cash & Equivalents $51.00M $52.00M $30.00M
Short-Term Investments
Other Short-Term Assets $203.0M $174.0M $175.0M
YoY Change 16.0% 41.46% 29.63%
Inventory $688.0M $620.0M $623.0M
Prepaid Expenses
Receivables $825.0M $546.0M $740.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.767B $1.408B $1.568B
YoY Change 12.69% -24.06% -10.71%
LONG-TERM ASSETS
Property, Plant & Equipment $2.867B $2.754B $2.711B
YoY Change 5.75% -1.85% -2.52%
Goodwill $1.088B $1.088B
YoY Change
Intangibles $1.083B $1.090B $1.159B
YoY Change -6.56% -6.76%
Long-Term Investments
YoY Change
Other Assets $271.0M $263.0M $222.0M
YoY Change 22.07% 43.72% -0.45%
Total Long-Term Assets $5.806B $5.750B $5.714B
YoY Change 1.61% 8.23% 7.63%
TOTAL ASSETS
Total Short-Term Assets $1.767B $1.408B $1.568B
Total Long-Term Assets $5.806B $5.750B $5.714B
Total Assets $7.573B $7.158B $7.282B
YoY Change 4.0% -0.13% 3.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $954.0M $474.0M $943.0M
YoY Change 1.17% -48.2% 7.65%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $221.0M $1.000M $4.000M
YoY Change 5425.0% -90.91% -55.56%
Long-Term Debt Due $4.000M $5.000M $6.000M
YoY Change -33.33% -44.44% -45.45%
Total Short-Term Liabilities $1.179B $955.0M $953.0M
YoY Change 23.71% 1.27% 5.19%
LONG-TERM LIABILITIES
Long-Term Debt $1.725B $1.629B $1.667B
YoY Change 3.48% -25.17% -25.88%
Other Long-Term Liabilities $151.0M $137.0M $136.0M
YoY Change 11.03% -4.2% -80.35%
Total Long-Term Liabilities $1.876B $1.766B $136.0M
YoY Change 1279.41% 1134.97% -95.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.179B $955.0M $953.0M
Total Long-Term Liabilities $1.876B $1.766B $136.0M
Total Liabilities $3.055B $2.721B $1.089B
YoY Change 180.53% 150.55% -74.76%
SHAREHOLDERS EQUITY
Retained Earnings $296.0M $194.0M $246.0M
YoY Change 20.33% -126.25%
Common Stock $3.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $277.0M $229.0M $106.0M
YoY Change 161.32% 120.19%
Treasury Stock Shares 10.60M shares 9.300M shares 4.900M shares
Shareholders Equity $3.783B $3.648B $3.765B
YoY Change
Total Liabilities & Shareholders Equity $7.573B $7.158B $7.282B
YoY Change 4.0% -0.13% 3.07%

Cashflow Statement

Concept 2011 Q2 2010 Q4 2010 Q2
OPERATING ACTIVITIES
Net Income $78.00M -$110.0M $937.0M
YoY Change -91.68% 423.81% 2739.39%
Depreciation, Depletion And Amortization $85.00M $78.00M $79.00M
YoY Change 7.59% -10.34% 6.76%
Cash From Operating Activities $79.00M $207.0M $161.0M
YoY Change -50.93% -23.9% -15.26%
INVESTING ACTIVITIES
Capital Expenditures -$119.0M -$115.0M -$58.00M
YoY Change 105.17% 25.0% 5.45%
Acquisitions
YoY Change
Other Investing Activities $63.00M $49.00M $9.000M
YoY Change 600.0% -47.06%
Cash From Investing Activities -$56.00M -$66.00M -$49.00M
YoY Change 14.29% -28.26% 28.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -35.00M -128.0M -540.0M
YoY Change -93.52% 2460.0% 297.06%
NET CHANGE
Cash From Operating Activities 79.00M 207.0M 161.0M
Cash From Investing Activities -56.00M -66.00M -49.00M
Cash From Financing Activities -35.00M -128.0M -540.0M
Net Change In Cash -12.00M 13.00M -428.0M
YoY Change -97.2% -92.57% -2775.0%
FREE CASH FLOW
Cash From Operating Activities $79.00M $207.0M $161.0M
Capital Expenditures -$119.0M -$115.0M -$58.00M
Free Cash Flow $198.0M $322.0M $219.0M
YoY Change -9.59% -11.54% -10.61%

Facts In Submission

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CY2011Q2 oc Gain Loss On Sale Of Assets And Other Expenses
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CY2011Q2 oc Precious Metals Depletion Percentage
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CY2011Q2 oc Defined Pension Plan Expected Return On Plan Assets
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March 29, 2012
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oc Defined Pension Plan Contributions By Employer
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CY2010Q2 oc Defined Postemployment And Postretirement Benefits Other Than Pension Plans Service Cost
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CY2011Q2 oc Defined Postemployment And Postretirement Benefits Other Than Pension Plans Amortization Of Gains Losses
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CY2010Q2 oc Defined Postemployment And Postretirement Benefits Other Than Pension Plans Amortization Of Gains Losses
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oc Defined Postemployment And Postretirement Benefits Other Than Pension Plans Amortization Of Gains Losses
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CY2011Q2 oc Environmental Liability Sites
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21000000 USD
CY2011Q2 us-gaap Loss Contingency Estimate Of Possible Loss
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9000000 USD
oc Loss Contingency Damages Sought Value
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123000000 EUR
CY2010Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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3397858 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2010Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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900000 shares
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us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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700000 shares
CY2011Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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500000 shares
CY2010Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
400000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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500000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2011Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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125400000 shares
CY2010Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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127900000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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125400000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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127600000 shares
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25.06
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33.98
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26.22
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20.82
CY2011Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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26.18
CY2011Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
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900000 shares
CY2011Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
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24000000 USD
CY2010Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
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61000000 USD
us-gaap Comprehensive Income Net Of Tax
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CY2010Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease
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1000000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease
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0 USD
CY2011Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Period Increase Decrease
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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Period Increase Decrease
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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Period Increase Decrease
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CY2011Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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101000000 USD
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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2000000 USD
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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2000000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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2000000 USD
CY2011Q2 us-gaap Comprehensive Income Net Of Tax
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99000000 USD
CY2010Q2 us-gaap Comprehensive Income Net Of Tax
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894000000 USD
us-gaap Comprehensive Income Net Of Tax
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164000000 USD
CY2011Q2 us-gaap Derivative Assets
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20000000 USD
CY2011Q2 oc Assets Fair Value Disclosure
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20000000 USD
CY2011Q2 us-gaap Derivative Financial Instruments Liabilities Fair Value Disclosure
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-3000000 USD
CY2011Q2 oc Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
-3000000 USD
CY2011Q2 oc Assets And Liabilities Fair Value Disclosure
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CY2010Q4 oc Assets And Liabilities Fair Value Disclosure
AssetsAndLiabilitiesFairValueDisclosure
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oc Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Earnings
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CY2011Q2 us-gaap Notes Receivable Fair Value Disclosure
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CY2011Q2 oc Long Term Debt Fair Value
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CY2011Q2 us-gaap Income Tax Expense Benefit Continuing Operations
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us-gaap Income Tax Expense Benefit Continuing Operations
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40000000 USD
oc Federal Statutory Income Tax Rate
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0.35 pure
oc Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance Value
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8000000 USD
CY2010Q2 us-gaap Income Tax Expense Benefit Continuing Operations
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844000000 USD
us-gaap Income Tax Expense Benefit Continuing Operations
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835000000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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858000000 USD
CY2011Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.27 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.34 pure
CY2011Q2 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;">19.&#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;">There were no accounting standards issued during the quarter that the Company believes would have a material impact on the financial statements.</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p>

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