Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Owens Corning |
Entity Central Index Key | 1370946 |
Document Type | 10-Q |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -19 |
Entity Well Known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock Shares Outstanding | 118,510,793 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF EARNINGS | ||||
NET SALES | $1,320 | $1,276 | $4,017 | $4,013 |
COST OF SALES | 1,067 | 1,074 | 3,284 | 3,386 |
Gross margin | 253 | 202 | 733 | 627 |
OPERATING EXPENSES | ||||
Marketing and administrative expenses | 128 | 115 | 395 | 380 |
Science and technology expenses | 19 | 20 | 57 | 60 |
Charges related to cost reduction actions | 6 | 0 | 8 | 36 |
Other expenses, net | -6 | 8 | -8 | 19 |
Total operating expenses | 147 | 143 | 452 | 495 |
Earnings before interest and taxes | 106 | 59 | 281 | 132 |
Interest expense, net | 29 | 29 | 87 | 85 |
EARNINGS BEFORE TAXES | 77 | 30 | 194 | 47 |
Less: Income tax expense (benefit) | 26 | -14 | 71 | 8 |
Equity in net earnings of affiliates | 0 | 0 | 0 | 0 |
NET EARNINGS | 51 | 44 | 123 | 39 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 1 | 2 |
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | $51 | $44 | $122 | $37 |
Earnings Per Share Abstract | ||||
Basic | $0.43 | $0.37 | $1.03 | $0.31 |
Diluted | $0.43 | $0.37 | $1.02 | $0.31 |
Weighted Average Common Shares [Abstract] | ||||
Basic | 118 | 117.9 | 118.4 | 119.8 |
Diluted | 118.8 | 118.8 | 119.3 | 120.6 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income Abstract | ||||
NET EARNINGS | $51 | $44 | $123 | $39 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 15 | 28 | -30 | 9 |
Pension and other postretirement adjustment (net of tax) | 2 | -1 | 11 | -2 |
Deferred loss on hedging transactions (net of tax) | 0 | 2 | 0 | 3 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 68 | 73 | 104 | 49 |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest | 0 | 0 | 1 | 2 |
Comprehensive Income, Net of Tax, Attributable to Parent, Total | $68 | $73 | $103 | $47 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | $51 | $55 | $51 | $52 | ||
Receivables, less allowances | 758 | 600 | ||||
Inventories | 834 | 786 | ||||
Other current assets | 270 | 176 | ||||
Total current assets | 1,913 | 1,617 | ||||
Property, plant and equipment, net | 2,905 | 2,903 | ||||
Goodwill balance | 1,166 | 1,143 | ||||
Intangible assets | 1,046 | 1,045 | ||||
Deferred income taxes | 482 | 604 | ||||
Other non-current assets | 215 | 256 | ||||
TOTAL ASSETS | 7,727 | 7,568 | ||||
CURRENT LIABILITIES | ||||||
Accounts Payable and Accrued Liabilities, Current | 938 | 907 | ||||
Short-term debt | 8 | 5 | ||||
Long-term debt - current portion | 3 | 4 | ||||
Total current liabilities | 949 | 916 | ||||
Long-term debt, net of current portion | 2,175 | 2,076 | ||||
Pension plan liability | 452 | 480 | ||||
Other employee benefits liability | 265 | 274 | ||||
Deferred income tax liability | 35 | 38 | ||||
Other liabilities | 200 | 209 | ||||
Commitments and Contingencies | ||||||
OWENS CORNING STOCKHOLDERS' EQUITY | ||||||
Preferred stock | 0 | [1] | 0 | [1] | ||
Additional paid in capital | 3,961 | 3,925 | ||||
Accumulated earnings (deficit) | 573 | 451 | ||||
Accumulated other comprehensive deficit | -382 | -364 | ||||
Cost of common stock in treasury (c) | 538 | [2] | 475 | [2] | ||
Total Owens Corning stockholders' equity | 3,615 | 3,538 | ||||
Noncontrolling interest | 36 | 37 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,651 | 3,575 | ||||
TOTAL LIABILITIES AND EQUITY | $7,727 | $7,568 | ||||
[1] | 10 shares authorized; none issued or outstanding at Sep. 30, 2013, and Dec. 31, 2012 | |||||
[2] | 17.8 shares at Sep. 30, 2013, and 17.3 shares at Dec. 31, 2012 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Consolidated Balance Sheets Parentheticals [Abstract] | ||
Allowance for doubtful accounts | $13 | $17 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, authorized | 10 | 10 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 400 | 400 |
Common stock, issued | 135.5 | 135.6 |
Common stock, outstanding | 117.7 | 118.3 |
Treasury stock shares | 17.8 | 17.3 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES | ||
NET EARNINGS | $123 | $39 |
Adjustments to reconcile net earnings to cash provided by (used for) operating activities: | ||
Depreciation and amortization | 235 | 269 |
Gain on sale of business and fixed assets | -6 | -3 |
Impairment of long-lived assets | 0 | 0 |
Deferred income taxes | 57 | -25 |
Provision for pension and other employee benefits liabilities | 27 | 33 |
Share Based Compensation | 21 | 18 |
Other non-cash | -13 | -9 |
Restricted cash | 0 | 0 |
Change in working capital | -214 | -171 |
Pension fund contribution | -30 | -42 |
Payments for other employee benefits liabilities | -16 | -17 |
Other | -21 | 1 |
Net cash flow provided by (used for) operating activities | 163 | 93 |
NET CASH FLOW USED FOR INVESTING ACTIVITIES | ||
Additions to plant and equipment | -199 | -235 |
Payments to Acquire Businesses, Net of Cash Acquired | 62 | 0 |
Proceeds from the sale of assets or affiliates | 16 | 0 |
Net cash flow used for investing activities | -217 | -223 |
Proceeds from Hurricane Sandy Insurance Claims | 26 | 0 |
NET CASH FLOW PROVIDED BY (USED FOR) FINANCING ACTIVITIES | ||
Proceeds from senior revolving credit and receivables securitization facilities | 1,063 | 1,205 |
Payments on senior revolving credit and receivables securitization facilities | -957 | -929 |
Proceeds from long-term debt | 0 | 0 |
Payments on long-term debt | -1 | -13 |
Net decrease in short-term debt | 3 | -9 |
Purchase of treasury stock | -63 | -113 |
Other Financing | 7 | 9 |
Net cash flow provided by (used for) financing activities | 52 | 128 |
Effect of exchange rate changes on cash | -2 | 1 |
Net decrease in cash and cash equivalents | -4 | -1 |
Cash and cash equivalents at beginning of period | 55 | 52 |
Cash and cash equivalents at end of period | $51 | $51 |
GENERAL
GENERAL | 9 Months Ended |
Sep. 30, 2013 | |
General Disclosure [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | 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, 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, 2012, 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 2012 annual report on Form 10-K. Certain reclassifications have been made to the periods presented for 2012 to conform to the classifications used in the periods presented for 2013. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
SEGMENT INFORMATION | 2. SEGMENT INFORMATION | ||||||||||||
The Company has two reportable segments: Composites and Building Materials. Accounting policies for the segments are the same as those for the Company. The Company's reportable segments are defined as follows: | |||||||||||||
Composites – comprised of our Reinforcements and Downstream businesses. Within the Reinforcements business, the Company manufactures, fabricates and sells glass reinforcements in the form of fiber. Within the Downstream business, the Company manufactures and sells glass fiber products in the form of fabrics, mat, veil and other specialized products. | |||||||||||||
Building Materials – comprised of our Insulation and Roofing businesses. Within the Insulation business, the Company manufactures and sells fiberglass insulation into residential, commercial, industrial and other markets for both thermal and acoustical applications. It also manufactures and sells glass fiber pipe insulation, energy efficient flexible duct media, bonded and granulated mineral wool insulation, and foam insulation used in above- and below-grade construction applications. Within the Roofing business, the Company manufactures and sells residential roofing shingles and oxidized asphalt materials used in residential and commercial construction and specialty applications. | |||||||||||||
NET SALES | |||||||||||||
The following table summarizes our net sales by segment, geographic region and product group (in millions). External customer sales are attributed to geographic region based upon the location from which the product is shipped to the external customer. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Reportable Segments | |||||||||||||
Composites | $ | 453 | $ | 459 | $ | 1,384 | $ | 1,433 | |||||
Building Materials | 902 | 855 | 2,762 | 2,719 | |||||||||
Total reportable segments | 1,355 | 1,314 | 4,146 | 4,152 | |||||||||
Corporate eliminations | -35 | -38 | -129 | -139 | |||||||||
NET SALES | $ | 1,320 | $ | 1,276 | $ | 4,017 | $ | 4,013 | |||||
External Customer Sales by Geographic Region | |||||||||||||
United States | $ | 909 | $ | 856 | $ | 2,797 | $ | 2,755 | |||||
Europe | 135 | 133 | 412 | 431 | |||||||||
Asia Pacific | 156 | 165 | 455 | 477 | |||||||||
Other | 120 | 122 | 353 | 350 | |||||||||
NET SALES | $ | 1,320 | $ | 1,276 | $ | 4,017 | $ | 4,013 | |||||
Sales by Product Group | |||||||||||||
Composites | $ | 453 | $ | 459 | $ | 1,384 | $ | 1,433 | |||||
Insulation | 431 | 384 | 1,176 | 1,055 | |||||||||
Roofing | 471 | 471 | 1,586 | 1,664 | |||||||||
Corporate Eliminations | -35 | -38 | -129 | -139 | |||||||||
NET SALES | $ | 1,320 | $ | 1,276 | $ | 4,017 | $ | 4,013 | |||||
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 in the Corporate, Other and Eliminations category. | |||||||||||||
The following table summarizes EBIT by segment (in millions): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Reportable Segments | |||||||||||||
Composites | $ | 21 | $ | 11 | $ | 62 | $ | 68 | |||||
Building Materials | 114 | 86 | 332 | 242 | |||||||||
Total reportable segments | $ | 135 | $ | 97 | $ | 394 | $ | 310 | |||||
Corporate, Other and Eliminations | |||||||||||||
Charges related to cost reduction actions and related items (a) | $ | -11 | $ | -22 | $ | -23 | $ | -109 | |||||
Losses related to Hurricane Sandy | -2 | - | -16 | - | |||||||||
General corporate expense and other | -16 | -16 | -74 | -69 | |||||||||
EBIT | $ | 106 | $ | 59 | $ | 281 | $ | 132 | |||||
For the three months ended September 30, 2013 and 2012, includes $6 million and $0 million, respectively, of charges related to cost reduction actions and $5 million and $22 million, respectively, of other related cost reduction action items. For the nine months ended September 30, 2013 and 2012, includes $8 million and $36 million, respectively, of charges related to cost reduction actions and $15 million and $73 million, respectively, of other related items. | |||||||||||||
INVENTORIES
INVENTORIES | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventories Abstract | ||||||
INVENTORIES | 3. INVENTORIES | |||||
Inventories consist of the following (in millions): | ||||||
Sep. 30, | Dec. 31, | |||||
2013 | 2012 | |||||
Finished goods | $ | 584 | $ | 554 | ||
Materials and supplies | 250 | 232 | ||||
Total inventories | $ | 834 | $ | 786 |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | 4. DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||
The Company is exposed to, among other risks, the impact of changes in commodity prices, foreign currency exchange rates, and interest rates in the normal course of business. The Company's risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes derivative financial instruments to offset a portion of these risks. The Company uses derivative financial instruments only to the extent necessary to hedge identified business risks, and does not enter into such transactions for trading purposes. | |||||||||||||||||
The Company generally does not require collateral or other security with counterparties to these financial instruments and is therefore subject to credit risk in the event of nonperformance; however, the Company monitors credit risk and currently does not anticipate nonperformance by other parties. Contracts with counterparties generally contain right of offset provisions. These provisions effectively reduce the Company's exposure to credit risk in situations where the Company has gain and loss positions outstanding with a single counterparty. It is the Company's policy to offset on the Consolidated Balance Sheets the amounts recognized for derivative instruments with any cash collateral arising from derivative instruments executed with the same counterparty under a master netting agreement. As of September 30, 2013, and December 31, 2012, the Company did not have any amounts on deposit with any of its counterparties, nor did any of its counterparties have any amounts on deposit with the Company. | |||||||||||||||||
The following table presents the fair value of derivatives and hedging instruments and the respective location on the Consolidated Balance Sheets (in millions): | |||||||||||||||||
Fair Value at | |||||||||||||||||
Sep. 30, | Dec. 31, | ||||||||||||||||
Location | 2013 | 2012 | |||||||||||||||
Derivative liabilities designated as hedging instruments: | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||
Accounts payable and | |||||||||||||||||
Natural gas and electricity | accrued liabilities | $ | 1 | $ | 1 | ||||||||||||
Amount of loss recognized in OCI (effective portion) | OCI | $ | 1 | $ | 1 | ||||||||||||
Fair value hedges: | |||||||||||||||||
1 | Accounts payable and | ||||||||||||||||
Interest rate swaps | 1 | accrued liabilities | $ | 1 | $ | - | |||||||||||
Derivative assets not designated as hedging instruments: | |||||||||||||||||
Foreign exchange contracts | Other current assets | $ | 1 | $ | 1 | ||||||||||||
Derivative liabilities not designated as hedging instruments: | |||||||||||||||||
Accounts payable and | |||||||||||||||||
Foreign exchange contracts | accrued liabilities | $ | 1 | $ | 3 | ||||||||||||
The following table presents the impact and respective location of derivative activities on the Consolidated Statements of Earnings (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||||||
Location | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivative activity designated as hedging instruments: | |||||||||||||||||
Natural gas and electricity: | |||||||||||||||||
Amount of loss reclassified from OCI into | |||||||||||||||||
earnings (effective portion) | Cost of sales | $ | 1 | $ | 1 | $ | - | $ | 6 | ||||||||
Interest rate swaps: | |||||||||||||||||
Amount of loss recognized in earnings | Interest expense | $ | - | $ | - | $ | - | $ | - | ||||||||
Derivative activity not designated as hedging instruments: | |||||||||||||||||
Natural gas and electricity: | |||||||||||||||||
Amount of (gain) recognized in earnings | Other (income) expenses, net | $ | - | $ | - | $ | - | $ | -1 | ||||||||
Foreign currency exchange contract: | |||||||||||||||||
Amount of loss recognized in earnings (a) | Other (income) expenses, net | $ | 1 | $ | 1 | $ | 12 | $ | 5 | ||||||||
(a) | Losses related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign denominated balance sheet exposures, which were also recorded in other expenses. | ||||||||||||||||
Cash Flow Hedges | |||||||||||||||||
The Company uses forward and swap contracts, which qualify as cash flow hedges, to manage forecasted exposure to commodity prices. The effective portion of the change in the fair value of cash flow hedges is deferred in accumulated OCI and is subsequently recognized in cost of sales on the Consolidated Statements of Earnings for commodity hedges, when the hedged item impacts earnings. Changes in the fair value of derivative assets and liabilities designated as hedging instruments are shown in other within operating activities on the Consolidated Statements of Cash Flows. Any portion of the change in fair value of derivatives designated as hedging instruments that is determined to be ineffective is recorded in other (income) expenses, net on the Consolidated Statements of Earnings. | |||||||||||||||||
The Company currently has natural gas and electricity commodity derivatives designated as hedging instruments that mature within 15 months. The Company's policy for natural gas exposures is to hedge up to 75% of its total forecasted exposures for the next two months, up to 50% of its total forecasted exposures for the following four months, and lesser amounts for the remaining periods. The Company's policy for electricity exposures is to hedge up to 75% of its total forecasted exposures for the current calendar year and up to 65% of its total forecasted exposures for the first calendar year forward. Based on market conditions, approved variation from the standard policy may occur. The Company performs an analysis for effectiveness of its derivatives designated as hedging instruments at the end of each quarter based on the terms of the contract and the underlying item being hedged. | |||||||||||||||||
As of September 30, 2013, $1 million of losses included in accumulated OCI on the Consolidated Balance Sheets relate to contracts that will impact earnings during the next 12 months. Transactions and events that are expected to occur over the next 12 months that will necessitate recognizing these deferred amounts include the recognition of the hedged item through earnings. | |||||||||||||||||
Fair Value Hedges | |||||||||||||||||
The Company manages its interest rate exposure by balancing the mixture of its fixed and variable rate instruments through interest rate swaps. The swaps are carried at fair value and recorded as other assets or liabilities, with the offset to long-term debt on the Consolidated Balance Sheets. Changes in the fair value of these swaps and that of the related debt are recorded in interest expense, net on the Consolidated Statements of Earnings. | |||||||||||||||||
Other Derivatives | |||||||||||||||||
The Company uses forward currency exchange contracts to manage existing exposures to foreign exchange risk related to assets and liabilities recorded on the Consolidated Balance Sheets. Gains and losses resulting from the changes in fair value of these instruments are recorded in other (income) expenses, net on the Consolidated Statements of Earnings. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | 5. GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||
Intangible assets and goodwill consist of the following (in millions): | |||||||||||||
Sep. 30, 2013 | Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||
Amortizable intangible assets: | |||||||||||||
Customer relationships | 18 | $ | 180 | $ | -65 | $ | 115 | ||||||
Technology | 20 | 196 | -71 | 125 | |||||||||
Franchise and other agreements | 14 | 36 | -16 | 20 | |||||||||
Indefinite-lived intangible assets: | |||||||||||||
Trademarks | 786 | - | 786 | ||||||||||
Total intangible assets | $ | 1,198 | $ | -152 | $ | 1,046 | |||||||
Goodwill | $ | 1,166 | |||||||||||
Dec. 31, 2012 | Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||
Amortizable intangible assets: | |||||||||||||
Customer relationships | 19 | $ | 169 | $ | -58 | $ | 111 | ||||||
Technology | 20 | 198 | -64 | 134 | |||||||||
Franchise and other agreements | 14 | 37 | -14 | 23 | |||||||||
Indefinite-lived intangible assets: | |||||||||||||
Trademarks | 777 | - | 777 | ||||||||||
Total intangible assets | $ | 1,181 | $ | -136 | $ | 1,045 | |||||||
Goodwill | $ | 1,143 | |||||||||||
The changes in the net carrying amount of goodwill by segment are as follows (in millions): | |||||||||||||
Composites | Building Materials | Total | |||||||||||
Balance as of December 31, 2012 | $ | 56 | $ | 1,087 | $ | 1,143 | |||||||
Acquisitions (see Note 7) | 2 | 22 | 24 | ||||||||||
Foreign currency adjustments | -1 | 0 | -1 | ||||||||||
Balance as of September 30, 2013 | $ | 57 | $ | 1,109 | $ | 1,166 | |||||||
Other Intangible Assets | |||||||||||||
The Company expects the ongoing amortization expense for amortizable intangible assets to be approximately $22 million in each of the next five fiscal years. The Company's future cash flows are not materially impacted by its ability to extend or renew agreements related to our amortizable intangible assets. | |||||||||||||
Goodwill | |||||||||||||
The Company tests goodwill and indefinite-lived intangible assets for impairment during the fourth quarter of each year, or more frequently should circumstances change or events occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. No testing was deemed necessary in the third quarter of 2013. |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Property, Plant And Equipment [Abstract] | ||||||
PROPERTY, PLANT AND EQUIPMENT | 6. PROPERTY, PLANT AND EQUIPMENT | |||||
Property, plant and equipment consist of the following (in millions): | ||||||
Sep. 30, | Dec. 31, | |||||
2013 | 2012 | |||||
Land | $ | 222 | $ | 222 | ||
Buildings and leasehold improvements | 817 | 789 | ||||
Machinery and equipment | 3,302 | 3,223 | ||||
Construction in progress | 202 | 147 | ||||
4,543 | 4,381 | |||||
Accumulated depreciation | -1,638 | -1,478 | ||||
Property, plant and equipment, net | $ | 2,905 | $ | 2,903 |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 7. ACQUISITIONS |
During the third quarter of 2013, the Company made cash payments of $10 million related to our July 31, 2011 acquisitions of FiberTEK Insulation West, LLC and FiberTEK Insulation, LLC. Deferred payments totaling $15 million remain outstanding and are due in annual installments through 2018. As of September 30, 2013, the deferred payments are recorded at their net present value of $5 million in accounts payable and accrued liabilities and $8 million in other liabilities on the Consolidated Balance Sheets. | |
During the second quarter of 2013 the Company completed the acquisitions of Thermafiber Inc., a leading manufacturer of mineral wool commercial and industrial insulation products located in Indiana and Tanaka Kikinzoku (Suzhou) Co., Ltd, a producer of glass fiber bushings in China. | |
The Company provided total consideration that had a fair value of $52 million at the acquisition dates. The acquisitions resulted in the recognition of $19 million in intangible assets; and $24 million in goodwill. The pro-forma effect of these acquisitions on revenues and earnings was not material. |
WARRANTIES
WARRANTIES | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Warranties [Abstract] | |||||
WARRANTIES | 9. WARRANTIES | ||||
The Company records a liability for warranty obligations at the date the related products are sold. Adjustments are made as new information becomes available. A reconciliation of the warranty liability is as follows (in millions): | |||||
Nine Months Ended | |||||
Sep. 30, 2013 | |||||
Beginning balance | $ | 41 | |||
Amounts accrued for current year | 18 | ||||
Settlements of warranty claims | -18 | ||||
Ending balance | $ | 41 | |||
COST_REDUCTION_ACTIONS
COST REDUCTION ACTIONS | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | 10. COST REDUCTION ACTIONS | |||||||||||||||||||
2013 Cost Reduction Actions | ||||||||||||||||||||
As a result of the Company's decision to divest its Composites glass reinforcements facility in Hangzhou, Peoples Republic of China discussed in Note 8 above, we have recorded $6 million in charges related to cost reduction actions on the Consolidated Statements of Earnings for the three month period ended September 30, 2013. | ||||||||||||||||||||
The following table summarizes the status of the unpaid liabilities from the Company's 2013 cost reduction actions (in millions): | ||||||||||||||||||||
Beginning Balance Dec. 31, 2012 | Costs Incurred | Payments | Ending Balance Sep. 30, 2013 | Cumulative Charges Incurred | ||||||||||||||||
Severance | $ | - | $ | 6 | $ | - | $ | 6 | $ | 6 | ||||||||||
Total | $ | - | $ | 6 | $ | - | $ | 6 | $ | 6 | ||||||||||
2012 Cost Reduction Actions | ||||||||||||||||||||
As a result of evaluating market conditions in our Composites segment, we took actions to improve the competitive position of our global manufacturing network by closing certain facilities, with our most significant actions taking place in France, Spain and Italy. These actions were primarily due to market conditions that led to lower capacity requirements within the European region. In conjunction with these actions, the Company recorded $5 million and $17 million in charges related to cost reduction actions and related items for the three and nine months ended September 30, 2013, respectively; of which, $0 million and $2 million, respectively, is related to severance and is included in charges related to cost reduction actions on the Consolidated Statements of Earnings. The $5 million and $15 million of other charges consist of $2 million and $6 million in accelerated depreciation due to the shortened expected useful life of the closed facilities and $3 million and $9 million in other related charges that primarily consisted of facility closure and related other exit costs, respectively. | ||||||||||||||||||||
The following table summarizes the status of the unpaid liabilities from the Company's 2012 cost reduction actions (in millions): | ||||||||||||||||||||
Beginning Balance Dec. 31, 2012 | Costs Incurred | Payments | Ending Balance Sep. 30, 2013 | Cumulative Charges Incurred | ||||||||||||||||
Severance | $ | 45 | $ | 2 | $ | 15 | $ | 32 | $ | 53 | ||||||||||
Total | $ | 45 | $ | 2 | $ | 15 | $ | 32 | $ | 53 |
DEBT
DEBT | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Debt Disclosure [Abstract] | |||||||
DEBT | 11. DEBT | ||||||
Details of the Company's outstanding long-term debt are as follows (in millions): | |||||||
Sep. 30, | Dec. 31, | ||||||
2013 | 2012 | ||||||
6.50% senior notes, net of discount, due 2016 | $ | 400 | $ | 400 | |||
9.00% senior notes, net of discount, due 2019 | 248 | 247 | |||||
4.20% senior notes, net of discount, due 2022 | 599 | 599 | |||||
7.00% senior notes, net of discount, due 2036 | 540 | 540 | |||||
Accounts receivable securitization facility, maturing in 2016 | 212 | 141 | |||||
Senior revolving credit facility, maturing in 2016 | 108 | 73 | |||||
Various capital leases, due through and beyond 2050 | 50 | 52 | |||||
Various floating rate debt, maturing through 2027 | 1 | 2 | |||||
Fair value adjustment to debt | 20 | 26 | |||||
Total long-term debt | 2,178 | 2,080 | |||||
Less – current portion | 3 | 4 | |||||
Long-term debt, net of current portion | $ | 2,175 | $ | 2,076 | |||
Senior Notes | |||||||
The Company issued $600 million of senior notes on October 17, 2012, $350 million of senior notes on June 3, 2009, and $1.2 billion of senior notes on October 31, 2006, which are collectively referred to as the “Senior Notes.” The Senior Notes are general unsecured obligations of the Company and rank pari passu with all existing and future senior unsecured indebtedness of the Company. | |||||||
The Senior Notes are fully and unconditionally guaranteed by each of the Company's current and future domestic subsidiaries that are a borrower or guarantor under the Company's Credit Agreement (as defined below). The guarantees are unsecured and rank equally in right of payment with all other existing and future senior unsecured indebtedness of the guarantors. The guarantees are effectively subordinated to existing and future secured debt of the guarantors to the extent of the assets securing that indebtedness. | |||||||
The Company has the option to redeem all or part of the Senior Notes at any time at a “make whole” redemption price. The Company is subject to certain covenants in connection with the issuance of the Senior Notes that it believes are usual and customary. The Company was in compliance with these covenants as of September 30, 2013. | |||||||
In the fourth quarter of 2011, the Company terminated all of its then existing interest rate swaps designated to hedge a portion of the 6.5% senior notes due 2016. The swaps were carried at fair value and recorded as other assets or liabilities, with a fair value adjustment to long-term debt on the Consolidated Balance Sheets. The fair value adjustment to debt will be amortized through 2016 as a reduction to interest expense in conjunction with the maturity date of the notes. | |||||||
On June 28, 2013, the Company entered into interest rate swap agreements effective July 1, 2013 to manage its interest rate exposure by swapping $100 million of fixed rate to variable rate exposure designated against our 4.2% senior notes due 2022. The swaps are carried at fair value and recorded as other assets or liabilities, with a fair value adjustment to long-term debt on the Consolidated Balance Sheets. | |||||||
Senior Credit Facility | |||||||
In July 2011, the Company amended the credit agreement (the “Credit Agreement”) for the $800 million multi-currency senior revolving credit facility (the “Senior Revolving Credit Facility”) to extend the maturity to July 2016 and reduce the pricing. The Senior Revolving Credit Facility includes both borrowings and letters of credit. Borrowings under the Senior Revolving Credit Facility may be used for general corporate purposes and working capital. The Company has the discretion to borrow under multiple options, which provide for varying terms and interest rates including the United States prime rate or LIBOR plus a spread. | |||||||
The Senior Revolving Credit Facility contains various covenants, including a maximum allowed leverage ratio and a minimum required interest expense coverage ratio that the Company believes are usual and customary for a senior unsecured credit agreement. The Company was in compliance with these covenants as of September 30, 2013. | |||||||
The Company had $4 million of letters of credit outstanding under the Senior Revolving Credit Facility at September 30, 2013 and December 31, 2012. | |||||||
Receivables Securitization Facility | |||||||
Included in long-term debt on the Consolidated Balance Sheets are amounts outstanding under a Receivables Purchase Agreement (the “RPA”) that are accounted for as secured borrowings in accordance with ASC 860, Accounting for Transfers and Servicing. Owens Corning Sales, LLC and Owens Corning Receivables LLC, each a subsidiary of the Company, have a $250 million RPA with certain financial institutions. The securitization facility was amended in the third quarter of 2013 to extend maturity to July 2016 and reduce the size of the facility to $200 million during the months of November, December, and January each year. At September 30, 2013, the Company utilized the full amount permitted under the terms of the RPA. The Company had $38 million and $37 million of letters of credit outstanding under the receivables securitization facility at September 30, 2013 and December 31, 2012, respectively. | |||||||
The RPA contains various covenants, including a maximum allowed leverage ratio and a minimum required interest expense coverage ratio that the Company believes are usual and customary for a securitization facility. The Company was in compliance with these covenants as of September 30, 2013. | |||||||
Owens Corning Receivables LLC's sole business consists of the purchase or acceptance through capital contributions of trade receivables and related rights from Owens Corning Sales, LLC and the subsequent retransfer of or granting of a security interest in such trade receivables and related rights to certain purchasers who are party to the RPA. Owens Corning Receivables LLC is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Owens Corning Receivables LLC's assets prior to any assets or value in Owens Corning Receivables LLC becoming available to Owens Corning Receivables LLC's equity holders. The assets of Owens Corning Receivables LLC are not available to pay creditors of the Company or any other affiliates of the Company or Owens Corning Sales, LLC. | |||||||
Short-Term Debt | |||||||
At September 30, 2013 and December 31, 2012, short-term borrowings were $8 million and $5 million, respectively. The short-term borrowings for both periods consisted of various operating lines of credit and working capital facilities. Certain of these borrowings are collateralized by receivables, inventories or property. The borrowing facilities are typically for one-year renewable terms. The weighted average interest rate on short-term borrowings was approximately 5.5% for September 30, 2013, and 4.5% for December 31, 2012. | |||||||
PENSION_PLANS_AND_OTHER_POSTRE
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure Abstract | ||||||||||||||||||
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 12. PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | |||||||||||||||||
Pension Plans | ||||||||||||||||||
The Company sponsors defined benefit pension plans. Under the plans, pension benefits are based on an employee's years of service and, for certain categories of employees, qualifying compensation. Company contributions to these pension plans are determined by an independent actuary to meet or exceed minimum funding requirements. In our U.S. plan prior to 2013 and in all of our Non-U.S plans, the unrecognized cost of any retroactive amendments and actuarial gains and losses are amortized over the average future service period of plan participants expected to receive benefits. As of January 1, 2013, an increase in the number of inactive participants in our U.S. plan resulted in substantially all of the plan participants being inactive. Accordingly, we elected to begin amortizing the unrecognized cost of any retroactive amendments and actuarial gains and losses over the average remaining life expectancy of the inactive participants as opposed to the average remaining service period of the active participants. | ||||||||||||||||||
The following tables provide information regarding pension expense recognized (in millions): | ||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | |||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | |||||||||||||
Components of Net Periodic Pension Cost | ||||||||||||||||||
Service cost | $ | 2 | $ | - | $ | 2 | $ | 3 | $ | 1 | $ | 4 | ||||||
Interest cost | 11 | 5 | 16 | 12 | 5 | 17 | ||||||||||||
Expected return on plan assets | -14 | -7 | -21 | -15 | -7 | -22 | ||||||||||||
Amortization of actuarial loss | 4 | 1 | 5 | 6 | 2 | 8 | ||||||||||||
Net periodic pension cost | $ | 3 | $ | -1 | $ | 2 | $ | 6 | $ | 1 | $ | 7 | ||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | |||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | |||||||||||||
Components of Net Periodic Pension Cost | ||||||||||||||||||
Service cost | $ | 7 | $ | 4 | $ | 11 | $ | 7 | $ | 5 | $ | 12 | ||||||
Interest cost | 33 | 16 | 49 | 37 | 17 | 54 | ||||||||||||
Expected return on plan assets | -44 | -19 | -63 | -45 | -20 | -65 | ||||||||||||
Amortization of actuarial loss | 11 | 4 | 15 | 18 | 4 | 22 | ||||||||||||
Net periodic pension cost | $ | 7 | $ | 5 | $ | 12 | $ | 17 | $ | 6 | $ | 23 | ||||||
Postemployment and Postretirement Benefits Other than Pension Plans | ||||||||||||||||||
The Company maintains healthcare and life insurance benefit plans for certain retired employees and their dependents. The health care plans in the United States are non-funded and pay either (1) stated percentages of covered medically necessary expenses, after subtracting payments by Medicare or other providers and after stated deductibles have been met, or (2) fixed amounts of medical expense reimbursement. | ||||||||||||||||||
The following table provides the components of net periodic benefit cost for aggregated United States and non-United States Plans for the periods indicated (in millions): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
Sep. 30, | Sep. 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 2 | $ | 2 | ||||||||||
Interest cost | 2 | 2 | 7 | 8 | ||||||||||||||
Amortization of prior service cost | -1 | -1 | -3 | -3 | ||||||||||||||
Amortization of actuarial gain | -1 | -1 | -1 | -2 | ||||||||||||||
Net periodic benefit cost | $ | 1 | $ | 1 | $ | 5 | $ | 5 |
CONTINGENT_LIABILITIES_AND_OTH
CONTINGENT LIABILITIES AND OTHER MATTERS | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES AND OTHER MATTERS TEXT BLOCK | 13. CONTINGENT LIABILITIES AND OTHER MATTERS |
Litigation | |
The Company is involved in various legal proceedings relating to employment, product liability and other matters (collectively, “Proceedings”). The Company regularly reviews the status of such Proceedings along with legal counsel. Liabilities for such Proceedings are recorded when it is probable that the liability has been incurred and when the amount of the liability can be reasonably estimated. Liabilities are adjusted when additional information becomes available. Management believes that the amount of any reasonably possible losses in excess of any amounts accrued, if any, with respect to such Proceedings or any other known claim, including the matters described below under the caption Environmental Matters (the “Environmental Matters”) will not be material to the Company's financial statements. Management believes that the ultimate disposition of the Proceedings and the Environmental Matters will not have a material adverse effect on the Company's operations or financial condition taken as a whole. | |
Environmental Matters | |
We have been deemed by the Environmental Protection Agency (“EPA”) to be a Potentially Responsible Party (“PRP”) with respect to certain sites under the Comprehensive Environmental Response Compensation and Liability Act. We have also been deemed a PRP under similar state or local laws and in other instances other PRPs have brought suits against us as a PRP for contribution under such federal, state, or local laws. At September 30, 2013, we had environmental remediation liabilities as a PRP at 20 sites where we have a continuing legal obligation to either complete remedial actions or contribute to the completion of remedial actions as part of a group of PRPs. For these sites we estimate a reserve to reflect environmental liabilities that have been asserted or are probable of assertion, in which liabilities are probable and reasonably estimable. At September 30, 2013, our reserve for such liabilities was $6 million. | |
Kearny, New Jersey Manufacturing Facility | |
During the week of October 29, 2012, the Company experienced a flood at its Kearny, New Jersey manufacturing facility as a result of Hurricane Sandy. This facility is insured for property damage and business interruption losses related to such events, subject to deductibles and policy limits. The Company believes that all costs/losses will be substantially covered by insurance; however, the timing of any recoveries may result in expenses being taken in periods before the insurance receipts are recorded or received. For the three months ended September 30, 2013, the Company incurred losses related to clean up activities and business interruption in the amount of $4 million reported in Cost of Sales and $9 million reported in Other (income) expenses, net, on the Consolidated Statements of Earnings, partially offset by $11 million of insurance proceeds recorded in Other (income) expenses, net, on the Consolidated Statements of Earnings. For the nine months ended September 30, 2013, the Company incurred losses related to clean up activities and business interruption in the amount of $26 million reported in Cost of Sales and $16 million reported in Other (income) expenses, net, on the Consolidated Statements of Earnings, partially offset by $26 million of insurance proceeds recorded in Other (income) expenses, net, on the Consolidated Statements of Earnings. |
STOCK_COMPENSATION
STOCK COMPENSATION | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
STOCK COMPENSATION | 14. STOCK COMPENSATION | |||||||||||||||||
2013 Stock Plan | ||||||||||||||||||
On April 18, 2013, the Company's stockholders approved the Owens Corning 2013 Stock Plan (the “2013 Stock Plan”) which replaced the 2010 Stock Plan. The 2013 Stock Plan authorizes grants of stock options, stock appreciation rights, restricted stock awards, restricted stock units, bonus stock awards and performance stock awards. Under the 2013 Stock Plan, 1.5 million shares of common stock may be granted in addition to the shares of Company common stock that rolled over from the 2010 Stock Plan as of April 18, 2013. Such shares of common stock include shares that were available but not granted, or which were granted but were not issued or delivered due to expiration, termination, cancellation or forfeiture of such awards. There will be no future grants made under the 2010 Stock Plan. At September 30, 2013 the number of shares remaining available under the 2013 Stock Plan for all stock awards was 3.4 million. | ||||||||||||||||||
Stock Options | ||||||||||||||||||
The Company has granted stock options under its stockholder approved stock plans. The Company calculates a weighted-average grant-date fair value using a Black-Scholes valuation model for options granted. Compensation expense for options is measured based on the fair market value of the option on the date of grant, and is recognized on a straight-line basis over a four year vesting period. In general, the exercise price of each option awarded was equal to the market price of the Company's common stock on the date of grant and an option's maximum term is 10 years. The volatility assumption was based on a benchmark study of our peers. | ||||||||||||||||||
During the nine months ended September 30, 2013, 329,800 stock options were granted with a weighted-average grant date fair value of $18.94. Assumptions used in the Company's Black-Scholes valuation model to estimate the grant date fair value were expected volatility of 45.3%, expected dividends of 0%, expected term of 6.25 years and a risk-free interest rate of 1.2%. | ||||||||||||||||||
During the three and nine months ended September 30, 2013, the Company recognized expense of $1 million and $4 million respectively, related to the Company's stock options. During the three and nine months ended September 30, 2012, the Company recognized expense of $1 million and $3 million respectively, related to the Company's stock options. As of September 30, 2013, there was $9 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 2.68 years. The total aggregate intrinsic value of options outstanding as of September 30, 2013 and 2012 was $25 million and $19 million. | ||||||||||||||||||
The following table summarizes the Company's stock option activity for the nine months ended Sep. 30, 2013: | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||||
Sep. 30 2013 | ||||||||||||||||||
Number of Options | Weighted-Average Exercise Price | |||||||||||||||||
Beginning Balance | 3,025,220 | $ | 27.78 | |||||||||||||||
Granted | 329,800 | 42.16 | ||||||||||||||||
Exercised | -540,725 | 26.96 | ||||||||||||||||
Forfeited | -56,500 | 34.58 | ||||||||||||||||
Ending Balance | 2,757,795 | $ | 29.52 | |||||||||||||||
The following table summarizes information about the Company's options outstanding and exercisable: | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Weighted-Average | Weighted-Average | |||||||||||||||||
Range of Exercise Prices | Options Outstanding | Remaining Contractual Life | Exercise Price | Number Exercisable at Sep. 30, 2013 | Remaining Contractual Life | Exercise Price | ||||||||||||
$13.89- $42.16 | 2,757,795 | 5.6 | $ | 29.52 | 1,948,220 | 4.45 | $ | 26.73 | ||||||||||
Restricted Stock Awards and Restricted Stock Units | ||||||||||||||||||
The Company has granted restricted stock awards and restricted stock units (collectively referred to as “restricted stock”) under its stockholder approved stock plans. Compensation expense for restricted stock is measured based on the market price of the stock at date of grant and is recognized on a straight-line basis over the four-year vesting period. Stock restrictions are subject to alternate vesting plans for death, disability, approved early retirement and involuntary termination, over various periods ending in 2017. | ||||||||||||||||||
During the three and nine months ended September 30, 2013, the Company recognized expense of $4 million and $12 million respectively, related to the Company's restricted stock. During the three and nine months ended September 30, 2012, the Company recognized expense of $3 million and $11 million respectively. As of September 30, 2013, there was $28 million of total unrecognized compensation cost related to restricted stock. That cost is expected to be recognized over a weighted-average period of 2.75 years. The total fair value of shares vested during the nine months ended September 30, 2013 and 2012 was $16 million and $11 million, respectively. | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value | |||||||||||||||||
Beginning Balance | 1,875,065 | $ | 27.14 | |||||||||||||||
Granted | 497,694 | 41.13 | ||||||||||||||||
Vested | -602,501 | 25.92 | ||||||||||||||||
Forfeited | -75,869 | 34.54 | ||||||||||||||||
Ending Balance | 1,694,389 | $ | 31.35 | |||||||||||||||
Performance Stock Awards and Performance Stock Units | ||||||||||||||||||
The Company has granted performance stock awards and performance stock units (collectively referred to as “PSUs”) as a part of its long-term incentive plan. Outstanding grants issued in 2013 will be fully settled in stock and outstanding grants issued in 2011 and 2012 will be settled 50 percent in stock and 50 percent in cash. The amount of the stock and/or cash ultimately distributed is contingent on meeting various company or stockholder return goals. | ||||||||||||||||||
Compensation expense for PSUs settled in stock is measured based on the grant date fair value and is recognized on a straight-line basis over the vesting period. Compensation expense for PSUs settled in cash is measured based on the fair value at the end of each quarter and is recognized on a straight-line basis over the vesting period. Vesting will be accelerated in the case of death or disability, and awards earned will be paid at the end of the three-year period. | ||||||||||||||||||
In the first nine months of 2013, the Company granted PSUs. The 2013 grants vest after a three-year period based on the Company's total stockholder return relative to the performance of the companies in the S&P 500 Index for the respective three-year period. The amount of stock distributed will vary from 0% to 200% of PSUs awarded depending on the relative stockholder return performance. | ||||||||||||||||||
For all PSUs, respectively during the three and nine months ended September 30, 2013, the Company recognized a gain of $1 million and an expense of $5 million. During the three and nine months ended September 30, 2012, the Company recognized expense of $5 million and $11 million, respectively, related to PSUs. As of September 30, 2013, there was $12 million of total unrecognized compensation cost related to PSUs. That cost is expected to be recognized over a weighted-average period of 1.86 years. | ||||||||||||||||||
Nine Months Ended | ||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Number of PSUs | Weighted-Average Grant-Date Fair Value | |||||||||||||||||
Beginning Balance | 412,910 | $ | 49.14 | |||||||||||||||
Granted | 207,050 | 56.71 | ||||||||||||||||
Forfeited | -40,550 | 50.36 | ||||||||||||||||
Ending Balance | 579,410 | $ | 51.76 |
EARNINGS_LOSS_PER_SHARE
EARNINGS (LOSS) PER SHARE | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Earnings Per Share Abstract | |||||||||||||||||||||||||||
EARNINGS (LOSS) PER SHARE | 15. EARNINGS PER SHARE | ||||||||||||||||||||||||||
The following table summarizes the number of shares outstanding as well as our basic and diluted earnings per-share (in millions, except per share amounts): | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Net earnings attributable to Owens Corning | $ | 51 | $ | 44 | $ | 122 | $ | 37 | |||||||||||||||||||
Weighted-average number of shares outstanding used for | |||||||||||||||||||||||||||
basic earnings per share | 118 | 117.9 | 118.4 | 119.8 | |||||||||||||||||||||||
Non-vested restricted and performance shares | 0.4 | 0.6 | 0.4 | 0.5 | |||||||||||||||||||||||
Options to purchase common stock | 0.4 | 0.3 | 0.5 | 0.3 | |||||||||||||||||||||||
Weighted-average number of shares outstanding and common | |||||||||||||||||||||||||||
equivalent shares used for diluted earnings per share | 118.8 | 118.8 | 119.3 | 120.6 | |||||||||||||||||||||||
Earnings per common share attributable to Owens Corning | |||||||||||||||||||||||||||
common stockholders: | |||||||||||||||||||||||||||
Basic | $ | 0.43 | $ | 0.37 | $ | 1.03 | $ | 0.31 | |||||||||||||||||||
Diluted | $ | 0.43 | $ | 0.37 | $ | 1.02 | $ | 0.31 |
FAIR_VALUE_MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Fair Value Disclosures [Text Block] | 16. FAIR VALUE MEASUREMENT | |||||||||||
Items Measured at Fair Value | ||||||||||||
The Company classifies and discloses assets and liabilities carried at fair value in one of the following three categories: | ||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | ||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||||||||||
The following table summarizes the fair values, and levels within the fair value hierarchy in which the fair value measurements fall, for assets and liabilities measured on a recurring basis as of September 30, 2013 (in millions): | ||||||||||||
Total Measured at Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Cash equivalents | $ | 18 | $ | 18 | $ | - | $ | - | ||||
Term deposits | 2 | - | 2 | - | ||||||||
Derivative assets | 1 | - | 1 | - | ||||||||
Total assets | $ | 21 | $ | 18 | $ | 3 | $ | - | ||||
Liabilities: | ||||||||||||
Derivative liabilities | $ | -3 | $ | - | $ | -3 | $ | - | ||||
Total liabilities | $ | -3 | $ | - | $ | -3 | $ | - | ||||
The following table summarizes the fair values, and levels within the fair value hierarchy in which the fair value measurements fall, for assets and liabilities measured on a recurring basis as of December 31, 2012 (in millions): | ||||||||||||
Total Measured at Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Assets: | ||||||||||||
Cash equivalents | $ | 1 | $ | 1 | $ | - | $ | - | ||||
Term deposits | 1 | - | 1 | - | ||||||||
Derivative assets | 1 | - | 1 | - | ||||||||
Total assets | $ | 3 | $ | 1 | $ | 2 | $ | - | ||||
Liabilities: | ||||||||||||
Derivative liabilities | $ | -4 | $ | - | $ | -4 | $ | - | ||||
Total liabilities | $ | -4 | $ | - | $ | -4 | $ | - | ||||
Items Disclosed at Fair Value | ||||||||||||
Long-term notes receivable | ||||||||||||
The fair value has been calculated using the expected future cash flows discounted at market interest rates. The Company believes that the carrying amounts reasonably approximate the fair values of long-term notes receivable. Long-term notes receivable were $10 million and $53 million as of September 30, 2013, and December 31, 2012, respectively. The decline in the fair value of long-term notes receivable was due to the reclassification of a receivable to other current assets related to the 2011 sale of our Stone business. | ||||||||||||
Long-term debt | ||||||||||||
The fair value of the Company's long-term debt has been calculated based on quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities. | ||||||||||||
As of September 30, 2013, and December 31, 2012, respectively, the Company's 6.50% senior notes due 2016 were trading at approximately 113% and 112% of par value, the 9.00% senior notes due 2019 were trading at approximately 122% and 127% of par value, the 4.2% senior notes due 2022 were trading at approximately 97% and 102% of par value, and the 7.00% senior notes due 2036 were trading at approximately 109% and 109% of par value. | ||||||||||||
At September 30, 2013, and December 31, 2012, the Company determined that the book value of the remaining long-term debt instruments approximates market value. This approach, using level 1 inputs and utilizing indicative market rates for a new debt issuance, approximated the fair value of the remaining long-term debt at $370 million and $268 million respectively. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 17. INCOME TAXES |
Income tax expense for the three and nine months ended September 30, 2013, was $26 million and $71 million, respectively. For the third quarter and year-to-date 2013, the Company's effective tax rate was 34 percent and 37 percent, respectively. For both periods, the difference between the effective tax rate and the statutory rate of 35 percent is primarily attributable to various tax planning initiatives and the tax accounting treatment related to various locations which are currently in a loss position. | |
Income tax expense for the three and nine months ended September 30, 2012, was a benefit of $14 million and an expense of $8 million, respectively. For the third quarter and year-to-date 2012, the Company's effective tax rate was (47) percent and 17 percent, respectively. The third quarter 2012 effective tax rate is reflective of a cumulative adjustment attributable to lower estimated tax expense for 2012. For both periods, the difference between the effective tax rate and the statutory rate of 35 percent is primarily attributable to the tax accounting treatment related to various locations which are currently in a loss position and |
CHANGES_IN_ACCUMULATED_OTHER_C
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income Loss Net Of Tax Abstract | |||||||||||||||||
ComprehensiveIncomeNoteTextBlock | 18. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||
The following table summarizes the changes in accumulated other comprehensive income ("AOCI") for the three months ended September 30, 2013 (in millions): | |||||||||||||||||
Cash Flow Hedge Activity | Defined Benefit Pension Plan Activity | OCI Valuation Allowance activity | Foreign Currency Translation Adjustment | Total | |||||||||||||
Balance as of June 30, 2013, net of tax | $ | -1 | $ | -270 | $ | -113 | $ | -15 | $ | -399 | |||||||
Amounts classified into AOCI, net of tax | -1 | - | - | 15 | 14 | ||||||||||||
Amounts reclassified from AOCI, net of tax | 1 | 2 | - | - | 3 | ||||||||||||
Change in AOCI, net of tax | - | 2 | - | 15 | 17 | ||||||||||||
Balance as of September 30, 2013, net of tax | $ | -1 | $ | -268 | $ | -113 | $ | - | $ | -382 | |||||||
The following table summarizes the changes in AOCI for the nine months ended September 30, 2013 (in millions): | |||||||||||||||||
Cash Flow Hedge Activity | Defined Benefit Pension Plan Activity | OCI Valuation Allowance activity | Foreign Currency Translation Adjustment | Total | |||||||||||||
Balance as of December 31, 2012, net of tax | $ | -1 | $ | -279 | $ | -114 | $ | 30 | $ | -364 | |||||||
Amounts classified into AOCI, net of tax | -2 | 2 | 1 | -30 | -29 | ||||||||||||
Amounts reclassified from AOCI, net of tax | 2 | 9 | - | - | 11 | ||||||||||||
Change in AOCI, net of tax | - | 11 | 1 | -30 | -18 | ||||||||||||
Balance as of September 30, 2013, net of tax | $ | -1 | $ | -268 | $ | -113 | $ | - | $ | -382 | |||||||
The following table presents the impact and respective location of AOCI reclassifications on the Consolidated Statements of Earnings, net of tax (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||||||
Location | 2013 | 2013 | |||||||||||||||
Cash Flow Hedge Activity | Cost of sales | $ | 1 | $ | 2 | ||||||||||||
Defined Benefit Pension Plan Activity | Cost of sales | 2 | 7 | ||||||||||||||
Defined Benefit Pension Plan Activity | Marketing and administrative expenses | 0 | 2 | ||||||||||||||
Total reclassifications from AOCI | $ | 3 | $ | 11 | |||||||||||||
CONDENSED_CONSOLIDATED_FINANCI
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | OWENS CORNING AND SUBSIDIARIES | OWENS CORNING AND SUBSIDIARIES | 19. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | OWENS CORNING AND SUBSIDIARIES | OWENS CORNING AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF EARNINGS | CONSOLIDATING STATEMENT OF EARNINGS | CONSOLIDATING STATEMENT OF EARNINGS | CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | The following Condensed Consolidating Financial Statements present the financial information required with respect to those entities which guarantee certain of the Company's debt. The Condensed Consolidating Financial Statements are presented on the equity method. Under this method, the investments in subsidiaries are recorded at cost and adjusted for the Company's share of the subsidiaries' cumulative results of operations, capital contributions, distributions and other equity changes. The principal elimination entries eliminate investment in subsidiaries and intercompany balances and transactions. | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | AS OF DECEMBER 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Guarantor and Nonguarantor Financial Statements | (in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Senior Notes and the Senior Revolving Credit Facility are guaranteed, fully, unconditionally and jointly and severally, by each of Owens Corning's current and future 100% owned material domestic subsidiaries that is a borrower or a guarantor under Owens Corning's Credit Agreement, which permits changes to the named guarantors in certain situations (collectively, the “Guarantor Subsidiaries”). The remaining subsidiaries have not guaranteed the Senior Notes and the Senior Revolving Credit Facility (collectively, the “Nonguarantor Subsidiaries”). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ASSETS | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET SALES | $ | - | $ | 921 | $ | 497 | $ | -98 | $ | 1,320 | NET SALES | $ | - | $ | 895 | $ | 485 | $ | -104 | $ | 1,276 | OWENS CORNING AND SUBSIDIARIES | NET SALES | $ | - | $ | 2,846 | $ | 1,461 | $ | -294 | $ | 4,013 | CURRENT ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
COST OF SALES | -3 | 739 | 429 | -98 | 1,067 | COST OF SALES | -3 | 741 | 440 | -104 | 1,074 | CONSOLIDATING STATEMENT OF EARNINGS | COST OF SALES | - | 2,353 | 1,327 | -294 | 3,386 | Cash and cash equivalents | $ | - | $ | 3 | $ | 52 | $ | - | $ | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross margin | 3 | 182 | 68 | - | 253 | Gross margin | 3 | 154 | 45 | - | 202 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | Gross margin | - | 493 | 134 | - | 627 | Receivables, less allowances | - | - | 600 | - | 600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING EXPENSES | - | - | 1 | OPERATING EXPENSES | 1 | 1 | 1 | 1 | (in millions) | OPERATING EXPENSES | 1 | Due from affiliates | - | 2,528 | - | -2,528 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing and administrative expenses | 25 | 68 | 35 | - | 128 | Marketing and administrative expenses | 24 | 58 | 33 | - | 115 | Marketing and administrative expenses | 86 | 190 | 104 | - | 380 | Inventories | - | 473 | 313 | - | 786 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Science and technology expenses | - | 13 | 6 | - | 19 | Science and technology expenses | - | 15 | 5 | - | 20 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Science and technology expenses | - | 47 | 13 | - | 60 | Other current assets | 5 | 75 | 96 | - | 176 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charges related to cost reduction actions | - | - | 6 | - | 1 | 6 | Charges related to cost reduction actions | - | 1 | - | - | - | - | NET SALES | $ | - | $ | 2,872 | $ | 1,451 | $ | -306 | $ | 4,017 | Charges related to cost reduction actions | - | - | 36 | - | 36 | Total current assets | 5 | 3,079 | 1,061 | -2,528 | 1,617 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expenses, net | -10 | 4 | - | - | -6 | Other (income) expenses, net | -6 | 24 | -10 | - | 8 | COST OF SALES | -7 | 2,340 | 1,257 | -306 | 3,284 | Other (income) expenses, net | -25 | 34 | 10 | - | 19 | Investment in subsidiaries | 6,877 | 2,489 | 558 | -9,924 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 15 | 85 | 47 | - | 147 | Total operating expenses | 18 | 97 | 28 | - | 143 | Gross margin | 7 | 532 | 194 | - | 733 | Total operating expenses | 61 | 271 | 163 | - | 495 | Due from affiliates | - | 65 | 1,022 | -1,087 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS BEFORE INTEREST AND TAXES | -12 | 97 | 21 | - | 106 | EARNINGS BEFORE INTEREST AND TAXES | -15 | 57 | 17 | - | 59 | OPERATING EXPENSES | 1 | - | EARNINGS BEFORE INTEREST AND TAXES | -61 | 222 | -29 | - | 132 | Property, plant and equipment, net | 374 | 1,294 | 1,235 | - | 2,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 27 | - | 2 | - | 29 | Interest expense, net | 27 | - | 2 | - | 29 | Marketing and administrative expenses | 89 | 202 | 104 | - | 395 | Interest expense, net | 76 | 2 | 7 | - | 85 | Goodwill | - | 1,068 | 75 | - | 1,143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS BEFORE TAXES | -39 | 97 | 19 | - | 77 | EARNINGS BEFORE TAXES | -42 | 57 | 15 | - | 30 | Science and technology expenses | - | 43 | 14 | - | 57 | EARNINGS BEFORE TAXES | -137 | 220 | -36 | - | 47 | Intangible assets | - | 939 | 302 | -196 | 1,045 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Income tax expense (benefit) | -16 | 32 | 10 | - | 26 | Less: Income tax expense (benefit) | -16 | 11 | -9 | - | -14 | Charges related to cost reduction actions | - | - | 8 | - | 8 | Less: Income tax expense (benefit) | -52 | 56 | 4 | - | 8 | Deferred income taxes | 54 | 525 | 25 | - | 604 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | 74 | 9 | - | -83 | - | Equity in net earnings of subsidiaries | 70 | 25 | - | -95 | - | Other (income) expenses, net | -17 | - | 9 | - | -8 | Equity in net earnings of subsidiaries | 122 | -41 | - | -81 | - | Other non-current assets | 62 | 74 | 120 | - | 256 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net earnings of affiliates | - | - | - | - | 1 | - | Equity in net earnings of affiliates | - | -1 | 1 | - | - | Total operating expenses | 72 | 245 | 135 | - | 452 | Equity in net earnings of affiliates | - | -1 | 1 | - | - | TOTAL ASSETS | $ | 7,372 | $ | 9,533 | $ | 4,398 | $ | -13,735 | $ | 7,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
NET EARNINGS | 51 | 74 | 9 | -83 | 51 | NET EARNINGS | 44 | 70 | 25 | -95 | 44 | EARNINGS BEFORE INTEREST AND TAXES | -65 | 287 | 59 | - | 281 | NET EARNINGS | 37 | 122 | -39 | -81 | 39 | LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | - | - | - | - | 1 | - | Less: Net earnings attributable to noncontrolling interests | - | - | - | - | 1 | - | Interest expense, net | 81 | 1 | 5 | - | 87 | Less: Net earnings attributable to noncontrolling interests | - | - | 2 | - | 2 | CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 51 | $ | 74 | $ | 9 | $ | -83 | $ | 51 | NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 44 | $ | 70 | $ | 25 | $ | -95 | $ | 44 | EARNINGS BEFORE TAXES | -146 | 286 | 54 | - | 194 | NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 37 | $ | 122 | $ | -41 | $ | -81 | $ | 37 | Accounts payable and accrued liabilities | $ | 8 | $ | 620 | $ | 279 | $ | - | $ | 907 | |||||||||||||||||||||||||||||||||||||||
OWENS CORNING AND SUBSIDIARIES | OWENS CORNING AND SUBSIDIARIES | Less: Income tax expense (benefit) | -57 | 91 | 37 | - | 71 | OWENS CORNING AND SUBSIDIARIES | Due to affiliates | 1,419 | - | 1,109 | -2,528 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS | CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS | Equity in net earnings of subsidiaries | 211 | 16 | - | -227 | - | CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS | Short-term debt | - | - | 5 | - | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | Equity in net earnings of affiliates | - | - | - | - | 1 | - | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | Long-term debt – current portion | - | 2 | 2 | - | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | NET EARNINGS | 122 | 211 | 17 | -227 | 123 | (in millions) | Total current liabilities | 1,427 | 622 | 1,395 | -2,528 | 916 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | - | - | 1 | - | 1 | Long-term debt, net of current portion | 1,884 | 28 | 164 | - | 2,076 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 122 | $ | 211 | $ | 16 | $ | -227 | $ | 122 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Due to affiliates | - | 1,022 | 65 | -1,087 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET EARNINGS | $ | 51 | $ | 74 | $ | 9 | $ | -83 | $ | 51 | NET EARNINGS | $ | 44 | $ | 70 | $ | 25 | $ | -95 | $ | 44 | OWENS CORNING AND SUBSIDIARIES | NET EARNINGS | $ | 37 | $ | 122 | $ | -39 | $ | -81 | $ | 39 | Pension plan liability | 331 | - | 149 | - | 480 | |||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 15 | - | - | - | 15 | Currency translation adjustment | 28 | - | - | - | 28 | CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS | Currency translation adjustment | 9 | - | - | - | 9 | Other employee benefits liability | - | 254 | 20 | - | 274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement adjustment (net of tax) | 2 | 0 | - | - | - | 2 | Pension and other postretirement adjustment (net of tax) | -1 | - | 0.1 | - | - | -1 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | Pension and other postretirement adjustment (net of tax) | -2 | - | 0.1 | - | - | -2 | Deferred income taxes | - | - | 38 | - | 38 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income (loss) on hedging (net of tax) | - | - | - | - | 1 | - | Deferred income (loss) on hedging (net of tax) | 2 | - | - | - | 2 | (in millions) | Deferred income (loss) on hedging (net of tax) | 3 | - | - | - | 3 | Other liabilities | 192 | 172 | 41 | -196 | 209 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE EARNINGS | 68 | 74 | 9 | -83 | 68 | COMPREHENSIVE EARNINGS | 73 | 70 | 25 | -95 | 73 | COMPREHENSIVE EARNINGS | 47 | 122 | -39 | -81 | 49 | OWENS CORNING STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Comprehensive earnings attributable to noncontrolling interests | - | - | - | 1 | - | - | Less: Comprehensive earnings attributable to noncontrolling interests | - | -1 | - | - | 1 | - | - | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Less: Comprehensive earnings attributable to noncontrolling interests | - | 0.1 | - | 2 | - | 2 | Preferred stock | - | 0 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 68 | $ | 74 | $ | 9 | $ | -83 | $ | 68 | COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 73 | $ | 70 | $ | 25 | $ | -95 | $ | 73 | NET EARNINGS | $ | 122 | $ | 211 | $ | 17 | $ | -227 | $ | 123 | COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 47 | $ | 122 | $ | -41 | $ | -81 | $ | 47 | Common stock | 1 | - | - | - | 1 | |||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | -30 | - | - | - | -30 | OWENS CORNING AND SUBSIDIARIES | Additional paid in capital | 3,925 | 6,541 | 2,062 | -8,603 | 3,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement adjustment (net of tax) | 11 | - | - | - | 11 | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | Accumulated earnings | 451 | 894 | 427 | -1,321 | 451 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income (loss) on hedging (net of tax) | - | - | - | - | 1 | - | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | Accumulated other comprehensive deficit | -364 | - | - | - | -364 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE EARNINGS | 103 | 211 | 17 | -227 | 104 | (in millions) | Cost of common stock in treasury | -475 | - | - | - | -475 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Comprehensive earnings attributable to noncontrolling interests | - | - | 1 | - | 1 | Total Owens Corning stockholders’ equity | 3,538 | 7,435 | 2,489 | -9,924 | 3,538 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 103 | $ | 211 | $ | 16 | $ | -227 | $ | 103 | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Noncontrolling interests | - | - | 37 | - | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OWENS CORNING AND SUBSIDIARIES | NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES | $ | -64 | $ | 37 | $ | 120 | $ | - | $ | 93 | Total equity | 3,538 | 7,435 | 2,526 | -9,924 | 3,575 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | NET CASH FLOW USED FOR INVESTING ACTIVITIES | TOTAL LIABILITIES AND EQUITY | $ | 7,372 | $ | 9,533 | $ | 4,398 | $ | -13,735 | $ | 7,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | Additions to plant and equipment | -22 | -123 | -90 | - | -235 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Proceeds from the sale of affiliates | - | 5 | 7 | - | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash flow used for investing activities | -22 | -118 | -83 | - | -223 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS | Proceeds from senior revolving credit and receivables securitization facilities | 1,089 | - | 116 | - | 1,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 4 | $ | 46 | $ | - | $ | 51 | Payments on senior revolving credit and receivables securitization facilities | -835 | - | -94 | - | -929 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, less allowances | - | - | 758 | - | 758 | Payments on long-term debt | -4 | - | -9 | - | -13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due from affiliates | - | 2,726 | - | -2,726 | - | Net increase (decrease) in short-term debt | -8 | - | -1 | - | -9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | - | 510 | 324 | - | 834 | Purchases of noncontrolling interest | - | -22 | - | -22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current assets | 43 | 132 | 95 | - | 270 | Purchase of treasury stock | -113 | - | - | - | -113 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 44 | 3,372 | 1,223 | -2,726 | 1,913 | Other intercompany loans | -52 | 103 | -51 | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 7,105 | 2,405 | 558 | -10,068 | - | Other | 9 | - | - | - | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due from affiliates | - | 66 | 966 | -1,032 | - | Net cash flow provided by financing activities | 86 | 81 | -39 | - | . | . | 128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 359 | 1,293 | 1,253 | - | 2,905 | Effect of exchange rate changes on cash | - | - | 1 | - | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | - | 1,127 | 39 | - | 1,166 | Net decrease in cash and cash equivalents | - | - | -1 | - | -1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | - | 1,017 | 283 | -254 | 1,046 | Cash and cash equivalents at beginning of period | - | - | 52 | - | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 60 | 405 | 17 | - | 482 | CASH AND CASH EQUIVALENTS AT END OF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 20 | 68 | 127 | - | 215 | PERIOD | $ | - | $ | - | $ | 51 | $ | - | $ | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 7,588 | $ | 9,753 | $ | 4,466 | $ | -14,080 | $ | 7,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 31 | $ | 599 | $ | 308 | $ | - | $ | 938 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliates | 1,550 | - | 1,176 | -2,726 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | - | - | 8 | - | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt – current portion | - | 2 | 1 | - | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 1,581 | 601 | 1,493 | -2,726 | 949 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net of current portion | 1,914 | 27 | 234 | - | 2,175 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 966 | 66 | -1,032 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension plan liability | 313 | - | 139 | - | 452 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other employee benefits liability | - | 247 | 18 | - | 265 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | - | - | 35 | - | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 165 | 249 | 40 | -254 | 200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OWENS CORNING STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | - | - | - | - | 1 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 1 | - | - | - | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid in capital | 3,961 | 6,558 | 1,962 | -8,520 | 3,961 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated earnings | 573 | 1,105 | 443 | -1,548 | 573 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive deficit | -382 | - | - | - | -382 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of common stock in treasury | -538 | - | - | - | -538 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Owens Corning stockholders’ equity | 3,615 | 7,663 | 2,405 | -10,068 | 3,615 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | - | - | 36 | - | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 3,615 | 7,663 | 2,441 | -10,068 | 3,651 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 7,588 | $ | 9,753 | $ | 4,466 | $ | -14,080 | $ | 7,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OWENS CORNING AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES | $ | -63 | $ | 105 | $ | 121 | $ | - | $ | 163 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET CASH FLOW USED FOR INVESTING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to plant and equipment | -5 | -70 | -124 | - | -199 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries and affiliates, net of cash acquired | - | -51 | -11 | - | -62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Hurricane Sandy insurance claims | - | 26 | - | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale of affiliates | - | - | 17 | - | 1 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of alloy | - | - | -15 | - | -15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of alloy | 16 | - | - | - | 1 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash flow used for investing activities | 11 | -95 | -133 | - | -217 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from senior revolving credit and receivables securitization facilities | 940 | - | 123 | - | 1,063 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on senior revolving credit and receivables securitization facilities | -906 | - | -51 | - | -957 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | - | - | -1 | - | -1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in short-term debt | - | - | 3 | - | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | -63 | - | - | - | -63 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intercompany loans | 75 | -9 | -66 | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 7 | - | - | - | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash flow provided by financing activities | 53 | -9 | 8 | - | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | - | - | -2 | - | -2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | 1 | 1 | -6 | - | -4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | - | 3 | 52 | - | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PERIOD | $ | 1 | $ | 4 | $ | 46 | $ | - | $ | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT_INFORMATION_TABLE
SEGMENT INFORMATION (TABLE) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended | Nine Months Ended | |||||||||||
Sep. 30, | Sep. 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Reportable Segments | |||||||||||||
Composites | $ | 453 | $ | 459 | $ | 1,384 | $ | 1,433 | |||||
Building Materials | 902 | 855 | 2,762 | 2,719 | |||||||||
Total reportable segments | 1,355 | 1,314 | 4,146 | 4,152 | |||||||||
Corporate eliminations | -35 | -38 | -129 | -139 | |||||||||
NET SALES | $ | 1,320 | $ | 1,276 | $ | 4,017 | $ | 4,013 | |||||
Schedule of Revenues by Geographical Areas [Table Text Block] | |||||||||||||
External Customer Sales by Geographic Region | |||||||||||||
United States | $ | 909 | $ | 856 | $ | 2,797 | $ | 2,755 | |||||
Europe | 135 | 133 | 412 | 431 | |||||||||
Asia Pacific | 156 | 165 | 455 | 477 | |||||||||
Other | 120 | 122 | 353 | 350 | |||||||||
NET SALES | $ | 1,320 | $ | 1,276 | $ | 4,017 | $ | 4,013 | |||||
Reconciliation of Revenue from Product Groups to Consolidated [Table Text Block] | Sales by Product Group | ||||||||||||
Composites | $ | 453 | $ | 459 | $ | 1,384 | $ | 1,433 | |||||
Insulation | 431 | 384 | 1,176 | 1,055 | |||||||||
Roofing | 471 | 471 | 1,586 | 1,664 | |||||||||
Corporate Eliminations | -35 | -38 | -129 | -139 | |||||||||
NET SALES | $ | 1,320 | $ | 1,276 | $ | 4,017 | $ | 4,013 | |||||
Schedule of Earnings before Interest and Taxes [Table Text Block] | The following table summarizes EBIT by segment (in millions): | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Reportable Segments | |||||||||||||
Composites | $ | 21 | $ | 11 | $ | 62 | $ | 68 | |||||
Building Materials | 114 | 86 | 332 | 242 | |||||||||
Total reportable segments | $ | 135 | $ | 97 | $ | 394 | $ | 310 | |||||
Corporate, Other and Eliminations | |||||||||||||
Charges related to cost reduction actions and related items (a) | $ | -11 | $ | -22 | $ | -23 | $ | -109 | |||||
Losses related to Hurricane Sandy | -2 | - | -16 | - | |||||||||
General corporate expense and other | -16 | -16 | -74 | -69 | |||||||||
EBIT | $ | 106 | $ | 59 | $ | 281 | $ | 132 | |||||
INVENTORIES_TABLE
INVENTORIES (TABLE) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventory Disclosure [Abstract] | ||||||
Schedule of Inventory Current [Table Text Block] | 3. INVENTORIES | |||||
Inventories consist of the following (in millions): | ||||||
Sep. 30, | Dec. 31, | |||||
2013 | 2012 | |||||
Finished goods | $ | 584 | $ | 554 | ||
Materials and supplies | 250 | 232 | ||||
Total inventories | $ | 834 | $ | 786 |
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS (TABLE) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Schedule of Derivative Assets and Liabilities at Fair Value [Table Text Block] | The following table presents the fair value of derivatives and hedging instruments and the respective location on the Consolidated Balance Sheets (in millions): | ||||||||||||||||
Fair Value at | |||||||||||||||||
Sep. 30, | Dec. 31, | ||||||||||||||||
Location | 2013 | 2012 | |||||||||||||||
Derivative liabilities designated as hedging instruments: | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||
Accounts payable and | |||||||||||||||||
Natural gas and electricity | accrued liabilities | $ | 1 | $ | 1 | ||||||||||||
Amount of loss recognized in OCI (effective portion) | OCI | $ | 1 | $ | 1 | ||||||||||||
Fair value hedges: | |||||||||||||||||
1 | Accounts payable and | ||||||||||||||||
Interest rate swaps | 1 | accrued liabilities | $ | 1 | $ | - | |||||||||||
Derivative assets not designated as hedging instruments: | |||||||||||||||||
Foreign exchange contracts | Other current assets | $ | 1 | $ | 1 | ||||||||||||
Derivative liabilities not designated as hedging instruments: | |||||||||||||||||
Accounts payable and | |||||||||||||||||
Foreign exchange contracts | accrued liabilities | $ | 1 | $ | 3 | ||||||||||||
Schedule of Fair Value Derivative Instruments Statements of Earnings Location [Table Text Block] | The following table presents the impact and respective location of derivative activities on the Consolidated Statements of Earnings (in millions): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||||||
Location | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Derivative activity designated as hedging instruments: | |||||||||||||||||
Natural gas and electricity: | |||||||||||||||||
Amount of loss reclassified from OCI into | |||||||||||||||||
earnings (effective portion) | Cost of sales | $ | 1 | $ | 1 | $ | - | $ | 6 | ||||||||
Interest rate swaps: | |||||||||||||||||
Amount of loss recognized in earnings | Interest expense | $ | - | $ | - | $ | - | $ | - | ||||||||
Derivative activity not designated as hedging instruments: | |||||||||||||||||
Natural gas and electricity: | |||||||||||||||||
Amount of (gain) recognized in earnings | Other (income) expenses, net | $ | - | $ | - | $ | - | $ | -1 | ||||||||
Foreign currency exchange contract: | |||||||||||||||||
Amount of loss recognized in earnings (a) | Other (income) expenses, net | $ | 1 | $ | 1 | $ | 12 | $ | 5 | ||||||||
(a) | Losses related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign denominated balance sheet exposures, which were also recorded in other expenses. | ||||||||||||||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (TABLE) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | 5. GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||||
Dec. 31, 2012 | Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||
Intangible assets and goodwill consist of the following (in millions): | Amortizable intangible assets: | |||||||||||||||||||||||||
Customer relationships | 19 | $ | 169 | $ | -58 | $ | 111 | |||||||||||||||||||
Technology | 20 | 198 | -64 | 134 | ||||||||||||||||||||||
Sep. 30, 2013 | Weighted Average Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Franchise and other agreements | 14 | 37 | -14 | 23 | |||||||||||||||||
Amortizable intangible assets: | Indefinite-lived intangible assets: | |||||||||||||||||||||||||
Customer relationships | 18 | $ | 180 | $ | -65 | $ | 115 | Trademarks | 777 | - | 777 | |||||||||||||||
Technology | 20 | 196 | -71 | 125 | Total intangible assets | $ | 1,181 | $ | -136 | $ | 1,045 | |||||||||||||||
Franchise and other agreements | 14 | 36 | -16 | 20 | Goodwill | $ | 1,143 | |||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||
Trademarks | 786 | - | 786 | |||||||||||||||||||||||
Total intangible assets | $ | 1,198 | $ | -152 | $ | 1,046 | ||||||||||||||||||||
Goodwill | $ | 1,166 | ||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The changes in the net carrying amount of goodwill by segment are as follows (in millions): | |||||||||||||||||||||||||
Composites | Building Materials | Total | ||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 56 | $ | 1,087 | $ | 1,143 | ||||||||||||||||||||
Acquisitions (see Note 7) | 2 | 22 | 24 | |||||||||||||||||||||||
Foreign currency adjustments | -1 | 0 | -1 | |||||||||||||||||||||||
Balance as of September 30, 2013 | $ | 57 | $ | 1,109 | $ | 1,166 |
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (TABLE) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Property, Plant And Equipment [Abstract] | ||||||
Property Plant And Equipment Text Block | Property, plant and equipment consist of the following (in millions): | |||||
Sep. 30, | Dec. 31, | |||||
2013 | 2012 | |||||
Land | $ | 222 | $ | 222 | ||
Buildings and leasehold improvements | 817 | 789 | ||||
Machinery and equipment | 3,302 | 3,223 | ||||
Construction in progress | 202 | 147 | ||||
4,543 | 4,381 | |||||
Accumulated depreciation | -1,638 | -1,478 | ||||
Property, plant and equipment, net | $ | 2,905 | $ | 2,903 |
WARRANTIES_TABLE
WARRANTIES (TABLE) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Warranties [Abstract] | |||||
Schedule of Product Warranty Liability [Table Text Block] | The Company records a liability for warranty obligations at the date the related products are sold. Adjustments are made as new information becomes available. A reconciliation of the warranty liability is as follows (in millions): | ||||
Nine Months Ended | |||||
Sep. 30, 2013 | |||||
Beginning balance | $ | 41 | |||
Amounts accrued for current year | 18 | ||||
Settlements of warranty claims | -18 | ||||
Ending balance | $ | 41 | |||
COST_REDUCTION_ACTIONS_TABLE
COST REDUCTION ACTIONS (TABLE) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Cost Reduction Actions 2012 [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Schedule Of Restructuring Reserve By Type Of Cost Text Block | The following table summarizes the status of the unpaid liabilities from the Company's 2012 cost reduction actions (in millions): | |||||||||||||||||||
Beginning Balance Dec. 31, 2012 | Costs Incurred | Payments | Ending Balance Sep. 30, 2013 | Cumulative Charges Incurred | ||||||||||||||||
Severance | $ | 45 | $ | 2 | $ | 15 | $ | 32 | $ | 53 | ||||||||||
Total | $ | 45 | $ | 2 | $ | 15 | $ | 32 | $ | 53 | ||||||||||
Cost Reduction Actions 2013 [Member] | ||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Schedule Of Restructuring Reserve By Type Of Cost Text Block | The following table summarizes the status of the unpaid liabilities from the Company's 2013 cost reduction actions (in millions): | |||||||||||||||||||
Beginning Balance Dec. 31, 2012 | Costs Incurred | Payments | Ending Balance Sep. 30, 2013 | Cumulative Charges Incurred | ||||||||||||||||
Severance | $ | - | $ | 6 | $ | - | $ | 6 | $ | 6 | ||||||||||
Total | $ | - | $ | 6 | $ | - | $ | 6 | $ | 6 |
DEBT_TABLE
DEBT (TABLE) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Debt Disclosure [Abstract] | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | 11. DEBT | ||||||
Details of the Company's outstanding long-term debt are as follows (in millions): | |||||||
Sep. 30, | Dec. 31, | ||||||
2013 | 2012 | ||||||
6.50% senior notes, net of discount, due 2016 | $ | 400 | $ | 400 | |||
9.00% senior notes, net of discount, due 2019 | 248 | 247 | |||||
4.20% senior notes, net of discount, due 2022 | 599 | 599 | |||||
7.00% senior notes, net of discount, due 2036 | 540 | 540 | |||||
Accounts receivable securitization facility, maturing in 2016 | 212 | 141 | |||||
Senior revolving credit facility, maturing in 2016 | 108 | 73 | |||||
Various capital leases, due through and beyond 2050 | 50 | 52 | |||||
Various floating rate debt, maturing through 2027 | 1 | 2 | |||||
Fair value adjustment to debt | 20 | 26 | |||||
Total long-term debt | 2,178 | 2,080 | |||||
Less – current portion | 3 | 4 | |||||
Long-term debt, net of current portion | $ | 2,175 | $ | 2,076 |
PENSION_AND_OTHER_POSTRETIREME
PENSION AND OTHER POSTRETIREMENT BENEFITS (TABLE) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Pension Plans, Defined Benefit [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The following tables provide information regarding pension expense recognized (in millions): | |||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | |||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | |||||||||||||
Components of Net Periodic Pension Cost | ||||||||||||||||||
Service cost | $ | 2 | $ | - | $ | 2 | $ | 3 | $ | 1 | $ | 4 | ||||||
Interest cost | 11 | 5 | 16 | 12 | 5 | 17 | ||||||||||||
Expected return on plan assets | -14 | -7 | -21 | -15 | -7 | -22 | ||||||||||||
Amortization of actuarial loss | 4 | 1 | 5 | 6 | 2 | 8 | ||||||||||||
Net periodic pension cost | $ | 3 | $ | -1 | $ | 2 | $ | 6 | $ | 1 | $ | 7 | ||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | |||||||||||||||||
U.S. | Non-U.S. | Total | U.S. | Non-U.S. | Total | |||||||||||||
Components of Net Periodic Pension Cost | ||||||||||||||||||
Service cost | $ | 7 | $ | 4 | $ | 11 | $ | 7 | $ | 5 | $ | 12 | ||||||
Interest cost | 33 | 16 | 49 | 37 | 17 | 54 | ||||||||||||
Expected return on plan assets | -44 | -19 | -63 | -45 | -20 | -65 | ||||||||||||
Amortization of actuarial loss | 11 | 4 | 15 | 18 | 4 | 22 | ||||||||||||
Net periodic pension cost | $ | 7 | $ | 5 | $ | 12 | $ | 17 | $ | 6 | $ | 23 | ||||||
Other Postretirement Benefits Other Than Pensions [Member] | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The following table provides the components of net periodic benefit cost for aggregated United States and non-United States Plans for the periods indicated (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
Sep. 30, | Sep. 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||||||
Service cost | $ | 1 | $ | 1 | $ | 2 | $ | 2 | ||||||||||
Interest cost | 2 | 2 | 7 | 8 | ||||||||||||||
Amortization of prior service cost | -1 | -1 | -3 | -3 | ||||||||||||||
Amortization of actuarial gain | -1 | -1 | -1 | -2 | ||||||||||||||
Net periodic benefit cost | $ | 1 | $ | 1 | $ | 5 | $ | 5 |
STOCK_COMPENSATION_TABLE
STOCK COMPENSATION (TABLE) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes the Company's stock option activity for the nine months ended Sep. 30, 2013: | |||||||||||||||||
Nine Months Ended | ||||||||||||||||||
Sep. 30 2013 | ||||||||||||||||||
Number of Options | Weighted-Average Exercise Price | |||||||||||||||||
Beginning Balance | 3,025,220 | $ | 27.78 | |||||||||||||||
Granted | 329,800 | 42.16 | ||||||||||||||||
Exercised | -540,725 | 26.96 | ||||||||||||||||
Forfeited | -56,500 | 34.58 | ||||||||||||||||
Ending Balance | 2,757,795 | $ | 29.52 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | ||||||||||||||||||
The following table summarizes information about the Company's options outstanding and exercisable: | ||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||
Weighted-Average | Weighted-Average | |||||||||||||||||
Range of Exercise Prices | Options Outstanding | Remaining Contractual Life | Exercise Price | Number Exercisable at Sep. 30, 2013 | Remaining Contractual Life | Exercise Price | ||||||||||||
$13.89- $42.16 | 2,757,795 | 5.6 | $ | 29.52 | 1,948,220 | 4.45 | $ | 26.73 | ||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Nine Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value | |||||||||||||||||
Beginning Balance | 1,875,065 | $ | 27.14 | |||||||||||||||
Granted | 497,694 | 41.13 | ||||||||||||||||
Vested | -602,501 | 25.92 | ||||||||||||||||
Forfeited | -75,869 | 34.54 | ||||||||||||||||
Ending Balance | 1,694,389 | $ | 31.35 | |||||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] | Nine Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Number of PSUs | Weighted-Average Grant-Date Fair Value | |||||||||||||||||
Beginning Balance | 412,910 | $ | 49.14 | |||||||||||||||
Granted | 207,050 | 56.71 | ||||||||||||||||
Forfeited | -40,550 | 50.36 | ||||||||||||||||
Ending Balance | 579,410 | $ | 51.76 |
COMPREHENSIVE_EARNINGS_TABLE
COMPREHENSIVE EARNINGS (TABLE) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Comprehensive deficit: | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in accumulated other comprehensive income ("AOCI") for the three months ended September 30, 2013 (in millions): | ||||||||||||||||
Cash Flow Hedge Activity | Defined Benefit Pension Plan Activity | OCI Valuation Allowance activity | Foreign Currency Translation Adjustment | Total | |||||||||||||
Balance as of June 30, 2013, net of tax | $ | -1 | $ | -270 | $ | -113 | $ | -15 | $ | -399 | |||||||
Amounts classified into AOCI, net of tax | -1 | - | - | 15 | 14 | ||||||||||||
Amounts reclassified from AOCI, net of tax | 1 | 2 | - | - | 3 | ||||||||||||
Change in AOCI, net of tax | - | 2 | - | 15 | 17 | ||||||||||||
Balance as of September 30, 2013, net of tax | $ | -1 | $ | -268 | $ | -113 | $ | - | $ | -382 | |||||||
The following table summarizes the changes in AOCI for the nine months ended September 30, 2013 (in millions): | |||||||||||||||||
Cash Flow Hedge Activity | Defined Benefit Pension Plan Activity | OCI Valuation Allowance activity | Foreign Currency Translation Adjustment | Total | |||||||||||||
Balance as of December 31, 2012, net of tax | $ | -1 | $ | -279 | $ | -114 | $ | 30 | $ | -364 | |||||||
Amounts classified into AOCI, net of tax | -2 | 2 | 1 | -30 | -29 | ||||||||||||
Amounts reclassified from AOCI, net of tax | 2 | 9 | - | - | 11 | ||||||||||||
Change in AOCI, net of tax | - | 11 | 1 | -30 | -18 | ||||||||||||
Balance as of September 30, 2013, net of tax | $ | -1 | $ | -268 | $ | -113 | $ | - | $ | -382 | |||||||
The following table presents the impact and respective location of AOCI reclassifications on the Consolidated Statements of Earnings, net of tax (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||||||
Location | 2013 | 2013 | |||||||||||||||
Cash Flow Hedge Activity | Cost of sales | $ | 1 | $ | 2 | ||||||||||||
Defined Benefit Pension Plan Activity | Cost of sales | 2 | 7 | ||||||||||||||
Defined Benefit Pension Plan Activity | Marketing and administrative expenses | 0 | 2 | ||||||||||||||
Total reclassifications from AOCI | $ | 3 | $ | 11 | |||||||||||||
EARNINGS_PER_SHARE_TABLE
EARNINGS PER SHARE (TABLE) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Earnings Per Share Abstract | |||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 15. EARNINGS PER SHARE | ||||||||||||||||||||||||||
The following table summarizes the number of shares outstanding as well as our basic and diluted earnings per-share (in millions, except per share amounts): | |||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Net earnings attributable to Owens Corning | $ | 51 | $ | 44 | $ | 122 | $ | 37 | |||||||||||||||||||
Weighted-average number of shares outstanding used for | |||||||||||||||||||||||||||
basic earnings per share | 118 | 117.9 | 118.4 | 119.8 | |||||||||||||||||||||||
Non-vested restricted and performance shares | 0.4 | 0.6 | 0.4 | 0.5 | |||||||||||||||||||||||
Options to purchase common stock | 0.4 | 0.3 | 0.5 | 0.3 | |||||||||||||||||||||||
Weighted-average number of shares outstanding and common | |||||||||||||||||||||||||||
equivalent shares used for diluted earnings per share | 118.8 | 118.8 | 119.3 | 120.6 | |||||||||||||||||||||||
Earnings per common share attributable to Owens Corning | |||||||||||||||||||||||||||
common stockholders: | |||||||||||||||||||||||||||
Basic | $ | 0.43 | $ | 0.37 | $ | 1.03 | $ | 0.31 | |||||||||||||||||||
Diluted | $ | 0.43 | $ | 0.37 | $ | 1.02 | $ | 0.31 |
FAIR_VALUE_MEASUREMENT_TABLE
FAIR VALUE MEASUREMENT (TABLE) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes the fair values, and levels within the fair value hierarchy in which the fair value measurements fall, for assets and liabilities measured on a recurring basis as of September 30, 2013 (in millions): | The following table summarizes the fair values, and levels within the fair value hierarchy in which the fair value measurements fall, for assets and liabilities measured on a recurring basis as of December 31, 2012 (in millions): | ||||||||||||||||||||||
Total Measured at Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Measured at Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||
Cash equivalents | $ | 18 | $ | 18 | $ | - | $ | - | Cash equivalents | $ | 1 | $ | 1 | $ | - | $ | - | |||||||
Term deposits | 2 | - | 2 | - | Term deposits | 1 | - | 1 | - | |||||||||||||||
Derivative assets | 1 | - | 1 | - | Derivative assets | 1 | - | 1 | - | |||||||||||||||
Total assets | $ | 21 | $ | 18 | $ | 3 | $ | - | Total assets | $ | 3 | $ | 1 | $ | 2 | $ | - | |||||||
Liabilities: | Liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | -3 | $ | - | $ | -3 | $ | - | Derivative liabilities | $ | -4 | $ | - | $ | -4 | $ | - | |||||||
Total liabilities | $ | -3 | $ | - | $ | -3 | $ | - | Total liabilities | $ | -4 | $ | - | $ | -4 | $ | - |
CHANGES_IN_ACCUMULATED_OTHER_C1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (TABLE) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income Loss Net Of Tax Abstract | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes in accumulated other comprehensive income ("AOCI") for the three months ended September 30, 2013 (in millions): | ||||||||||||||||
Cash Flow Hedge Activity | Defined Benefit Pension Plan Activity | OCI Valuation Allowance activity | Foreign Currency Translation Adjustment | Total | |||||||||||||
Balance as of June 30, 2013, net of tax | $ | -1 | $ | -270 | $ | -113 | $ | -15 | $ | -399 | |||||||
Amounts classified into AOCI, net of tax | -1 | - | - | 15 | 14 | ||||||||||||
Amounts reclassified from AOCI, net of tax | 1 | 2 | - | - | 3 | ||||||||||||
Change in AOCI, net of tax | - | 2 | - | 15 | 17 | ||||||||||||
Balance as of September 30, 2013, net of tax | $ | -1 | $ | -268 | $ | -113 | $ | - | $ | -382 | |||||||
The following table summarizes the changes in AOCI for the nine months ended September 30, 2013 (in millions): | |||||||||||||||||
Cash Flow Hedge Activity | Defined Benefit Pension Plan Activity | OCI Valuation Allowance activity | Foreign Currency Translation Adjustment | Total | |||||||||||||
Balance as of December 31, 2012, net of tax | $ | -1 | $ | -279 | $ | -114 | $ | 30 | $ | -364 | |||||||
Amounts classified into AOCI, net of tax | -2 | 2 | 1 | -30 | -29 | ||||||||||||
Amounts reclassified from AOCI, net of tax | 2 | 9 | - | - | 11 | ||||||||||||
Change in AOCI, net of tax | - | 11 | 1 | -30 | -18 | ||||||||||||
Balance as of September 30, 2013, net of tax | $ | -1 | $ | -268 | $ | -113 | $ | - | $ | -382 | |||||||
The following table presents the impact and respective location of AOCI reclassifications on the Consolidated Statements of Earnings, net of tax (in millions): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||||||
Location | 2013 | 2013 | |||||||||||||||
Cash Flow Hedge Activity | Cost of sales | $ | 1 | $ | 2 | ||||||||||||
Defined Benefit Pension Plan Activity | Cost of sales | 2 | 7 | ||||||||||||||
Defined Benefit Pension Plan Activity | Marketing and administrative expenses | 0 | 2 | ||||||||||||||
Total reclassifications from AOCI | $ | 3 | $ | 11 | |||||||||||||
CONDENSED_CONSOLIDATING_FINANC
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (TABLE) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Consolidating Company Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Earnings [Table Text Block] | OWENS CORNING AND SUBSIDIARIES | OWENS CORNING AND SUBSIDIARIES | OWENS CORNING AND SUBSIDIARIES | OWENS CORNING AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF EARNINGS | CONSOLIDATING STATEMENT OF EARNINGS | CONSOLIDATING STATEMENT OF EARNINGS | CONSOLIDATING STATEMENT OF EARNINGS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET SALES | $ | - | $ | 921 | $ | 497 | $ | -98 | $ | 1,320 | NET SALES | $ | - | $ | 895 | $ | 485 | $ | -104 | $ | 1,276 | NET SALES | $ | - | $ | 2,872 | $ | 1,451 | $ | -306 | $ | 4,017 | NET SALES | $ | - | $ | 2,846 | $ | 1,461 | $ | -294 | $ | 4,013 | |||||||||||||||||||||||||||||||||||||||||||||
COST OF SALES | -3 | 739 | 429 | -98 | 1,067 | COST OF SALES | -3 | 741 | 440 | -104 | 1,074 | COST OF SALES | -7 | 2,340 | 1,257 | -306 | 3,284 | COST OF SALES | - | 2,353 | 1,327 | -294 | 3,386 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross margin | 3 | 182 | 68 | - | 253 | Gross margin | 3 | 154 | 45 | - | 202 | Gross margin | 7 | 532 | 194 | - | 733 | Gross margin | - | 493 | 134 | - | 627 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATING EXPENSES | - | - | 1 | OPERATING EXPENSES | 1 | 1 | 1 | 1 | OPERATING EXPENSES | 1 | - | OPERATING EXPENSES | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing and administrative expenses | 25 | 68 | 35 | - | 128 | Marketing and administrative expenses | 24 | 58 | 33 | - | 115 | Marketing and administrative expenses | 89 | 202 | 104 | - | 395 | Marketing and administrative expenses | 86 | 190 | 104 | - | 380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Science and technology expenses | - | 13 | 6 | - | 19 | Science and technology expenses | - | 15 | 5 | - | 20 | Science and technology expenses | - | 43 | 14 | - | 57 | Science and technology expenses | - | 47 | 13 | - | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charges related to cost reduction actions | - | - | 6 | - | 1 | 6 | Charges related to cost reduction actions | - | 1 | - | - | - | - | Charges related to cost reduction actions | - | - | 8 | - | 8 | Charges related to cost reduction actions | - | - | 36 | - | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expenses, net | -10 | 4 | - | - | -6 | Other (income) expenses, net | -6 | 24 | -10 | - | 8 | Other (income) expenses, net | -17 | - | 9 | - | -8 | Other (income) expenses, net | -25 | 34 | 10 | - | 19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 15 | 85 | 47 | - | 147 | Total operating expenses | 18 | 97 | 28 | - | 143 | Total operating expenses | 72 | 245 | 135 | - | 452 | Total operating expenses | 61 | 271 | 163 | - | 495 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS BEFORE INTEREST AND TAXES | -12 | 97 | 21 | - | 106 | EARNINGS BEFORE INTEREST AND TAXES | -15 | 57 | 17 | - | 59 | EARNINGS BEFORE INTEREST AND TAXES | -65 | 287 | 59 | - | 281 | EARNINGS BEFORE INTEREST AND TAXES | -61 | 222 | -29 | - | 132 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | 27 | - | 2 | - | 29 | Interest expense, net | 27 | - | 2 | - | 29 | Interest expense, net | 81 | 1 | 5 | - | 87 | Interest expense, net | 76 | 2 | 7 | - | 85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS BEFORE TAXES | -39 | 97 | 19 | - | 77 | EARNINGS BEFORE TAXES | -42 | 57 | 15 | - | 30 | EARNINGS BEFORE TAXES | -146 | 286 | 54 | - | 194 | EARNINGS BEFORE TAXES | -137 | 220 | -36 | - | 47 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Income tax expense (benefit) | -16 | 32 | 10 | - | 26 | Less: Income tax expense (benefit) | -16 | 11 | -9 | - | -14 | Less: Income tax expense (benefit) | -57 | 91 | 37 | - | 71 | Less: Income tax expense (benefit) | -52 | 56 | 4 | - | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | 74 | 9 | - | -83 | - | Equity in net earnings of subsidiaries | 70 | 25 | - | -95 | - | Equity in net earnings of subsidiaries | 211 | 16 | - | -227 | - | Equity in net earnings of subsidiaries | 122 | -41 | - | -81 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net earnings of affiliates | - | - | - | - | 1 | - | Equity in net earnings of affiliates | - | -1 | 1 | - | - | Equity in net earnings of affiliates | - | - | - | - | 1 | - | Equity in net earnings of affiliates | - | -1 | 1 | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET EARNINGS | 51 | 74 | 9 | -83 | 51 | NET EARNINGS | 44 | 70 | 25 | -95 | 44 | NET EARNINGS | 122 | 211 | 17 | -227 | 123 | NET EARNINGS | 37 | 122 | -39 | -81 | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net earnings attributable to noncontrolling interests | - | - | - | - | 1 | - | Less: Net earnings attributable to noncontrolling interests | - | - | - | - | 1 | - | Less: Net earnings attributable to noncontrolling interests | - | - | 1 | - | 1 | Less: Net earnings attributable to noncontrolling interests | - | - | 2 | - | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 51 | $ | 74 | $ | 9 | $ | -83 | $ | 51 | NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 44 | $ | 70 | $ | 25 | $ | -95 | $ | 44 | NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 122 | $ | 211 | $ | 16 | $ | -227 | $ | 122 | NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 37 | $ | 122 | $ | -41 | $ | -81 | $ | 37 | |||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement Of Comprehensive Earnings [Table Text Block] | OWENS CORNING AND SUBSIDIARIES | OWENS CORNING AND SUBSIDIARIES | OWENS CORNING AND SUBSIDIARIES | OWENS CORNING AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS | CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS | CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS | CONSOLIDATING STATEMENT OF COMPREHENSIVE EARNINGS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET EARNINGS | $ | 51 | $ | 74 | $ | 9 | $ | -83 | $ | 51 | NET EARNINGS | $ | 44 | $ | 70 | $ | 25 | $ | -95 | $ | 44 | NET EARNINGS | $ | 122 | $ | 211 | $ | 17 | $ | -227 | $ | 123 | NET EARNINGS | $ | 37 | $ | 122 | $ | -39 | $ | -81 | $ | 39 | |||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 15 | - | - | - | 15 | Currency translation adjustment | 28 | - | - | - | 28 | Currency translation adjustment | -30 | - | - | - | -30 | Currency translation adjustment | 9 | - | - | - | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement adjustment (net of tax) | 2 | 0 | - | - | - | 2 | Pension and other postretirement adjustment (net of tax) | -1 | - | 0.1 | - | - | -1 | Pension and other postretirement adjustment (net of tax) | 11 | - | - | - | 11 | Pension and other postretirement adjustment (net of tax) | -2 | - | 0.1 | - | - | -2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income (loss) on hedging (net of tax) | - | - | - | - | 1 | - | Deferred income (loss) on hedging (net of tax) | 2 | - | - | - | 2 | Deferred income (loss) on hedging (net of tax) | - | - | - | - | 1 | - | Deferred income (loss) on hedging (net of tax) | 3 | - | - | - | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE EARNINGS | 68 | 74 | 9 | -83 | 68 | COMPREHENSIVE EARNINGS | 73 | 70 | 25 | -95 | 73 | COMPREHENSIVE EARNINGS | 103 | 211 | 17 | -227 | 104 | COMPREHENSIVE EARNINGS | 47 | 122 | -39 | -81 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Comprehensive earnings attributable to noncontrolling interests | - | - | - | 1 | - | - | Less: Comprehensive earnings attributable to noncontrolling interests | - | -1 | - | - | 1 | - | - | Less: Comprehensive earnings attributable to noncontrolling interests | - | - | 1 | - | 1 | Less: Comprehensive earnings attributable to noncontrolling interests | - | 0.1 | - | 2 | - | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 68 | $ | 74 | $ | 9 | $ | -83 | $ | 68 | COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 73 | $ | 70 | $ | 25 | $ | -95 | $ | 73 | COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 103 | $ | 211 | $ | 16 | $ | -227 | $ | 103 | COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING | $ | 47 | $ | 122 | $ | -41 | $ | -81 | $ | 47 | |||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet [Table Text Block] | OWENS CORNING AND SUBSIDIARIES | OWENS CORNING AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | AS OF DECEMBER 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ASSETS | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT ASSETS | CURRENT ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | 4 | $ | 46 | $ | - | $ | 51 | Cash and cash equivalents | $ | - | $ | 3 | $ | 52 | $ | - | $ | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, less allowances | - | - | 758 | - | 758 | Receivables, less allowances | - | - | 600 | - | 600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due from affiliates | - | 2,726 | - | -2,726 | - | Due from affiliates | - | 2,528 | - | -2,528 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | - | 510 | 324 | - | 834 | Inventories | - | 473 | 313 | - | 786 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current assets | 43 | 132 | 95 | - | 270 | Other current assets | 5 | 75 | 96 | - | 176 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 44 | 3,372 | 1,223 | -2,726 | 1,913 | Total current assets | 5 | 3,079 | 1,061 | -2,528 | 1,617 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 7,105 | 2,405 | 558 | -10,068 | - | Investment in subsidiaries | 6,877 | 2,489 | 558 | -9,924 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due from affiliates | - | 66 | 966 | -1,032 | - | Due from affiliates | - | 65 | 1,022 | -1,087 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | 359 | 1,293 | 1,253 | - | 2,905 | Property, plant and equipment, net | 374 | 1,294 | 1,235 | - | 2,903 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | - | 1,127 | 39 | - | 1,166 | Goodwill | - | 1,068 | 75 | - | 1,143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets | - | 1,017 | 283 | -254 | 1,046 | Intangible assets | - | 939 | 302 | -196 | 1,045 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 60 | 405 | 17 | - | 482 | Deferred income taxes | 54 | 525 | 25 | - | 604 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current assets | 20 | 68 | 127 | - | 215 | Other non-current assets | 62 | 74 | 120 | - | 256 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 7,588 | $ | 9,753 | $ | 4,466 | $ | -14,080 | $ | 7,727 | TOTAL ASSETS | $ | 7,372 | $ | 9,533 | $ | 4,398 | $ | -13,735 | $ | 7,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES | CURRENT LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 31 | $ | 599 | $ | 308 | $ | - | $ | 938 | Accounts payable and accrued liabilities | $ | 8 | $ | 620 | $ | 279 | $ | - | $ | 907 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliates | 1,550 | - | 1,176 | -2,726 | - | Due to affiliates | 1,419 | - | 1,109 | -2,528 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | - | - | 8 | - | 8 | Short-term debt | - | - | 5 | - | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt – current portion | - | 2 | 1 | - | 3 | Long-term debt – current portion | - | 2 | 2 | - | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 1,581 | 601 | 1,493 | -2,726 | 949 | Total current liabilities | 1,427 | 622 | 1,395 | -2,528 | 916 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net of current portion | 1,914 | 27 | 234 | - | 2,175 | Long-term debt, net of current portion | 1,884 | 28 | 164 | - | 2,076 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliates | - | 966 | 66 | -1,032 | - | Due to affiliates | - | 1,022 | 65 | -1,087 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension plan liability | 313 | - | 139 | - | 452 | Pension plan liability | 331 | - | 149 | - | 480 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other employee benefits liability | - | 247 | 18 | - | 265 | Other employee benefits liability | - | 254 | 20 | - | 274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | - | - | 35 | - | 35 | Deferred income taxes | - | - | 38 | - | 38 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 165 | 249 | 40 | -254 | 200 | Other liabilities | 192 | 172 | 41 | -196 | 209 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OWENS CORNING STOCKHOLDERS’ EQUITY | OWENS CORNING STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | - | - | - | - | 1 | - | Preferred stock | - | 0 | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 1 | - | - | - | 1 | Common stock | 1 | - | - | - | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid in capital | 3,961 | 6,558 | 1,962 | -8,520 | 3,961 | Additional paid in capital | 3,925 | 6,541 | 2,062 | -8,603 | 3,925 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated earnings | 573 | 1,105 | 443 | -1,548 | 573 | Accumulated earnings | 451 | 894 | 427 | -1,321 | 451 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive deficit | -382 | - | - | - | -382 | Accumulated other comprehensive deficit | -364 | - | - | - | -364 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of common stock in treasury | -538 | - | - | - | -538 | Cost of common stock in treasury | -475 | - | - | - | -475 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Owens Corning stockholders’ equity | 3,615 | 7,663 | 2,405 | -10,068 | 3,615 | Total Owens Corning stockholders’ equity | 3,538 | 7,435 | 2,489 | -9,924 | 3,538 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | - | - | 36 | - | 36 | Noncontrolling interests | - | - | 37 | - | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 3,615 | 7,663 | 2,441 | -10,068 | 3,651 | Total equity | 3,538 | 7,435 | 2,526 | -9,924 | 3,575 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 7,588 | $ | 9,753 | $ | 4,466 | $ | -14,080 | $ | 7,727 | TOTAL LIABILITIES AND EQUITY | $ | 7,372 | $ | 9,533 | $ | 4,398 | $ | -13,735 | $ | 7,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows [Table Text Block] | OWENS CORNING AND SUBSIDIARIES | OWENS CORNING AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES | $ | -63 | $ | 105 | $ | 121 | $ | - | $ | 163 | NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES | $ | -64 | $ | 37 | $ | 120 | $ | - | $ | 93 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET CASH FLOW USED FOR INVESTING ACTIVITIES | NET CASH FLOW USED FOR INVESTING ACTIVITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions to plant and equipment | -5 | -70 | -124 | - | -199 | Additions to plant and equipment | -22 | -123 | -90 | - | -235 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries and affiliates, net of cash acquired | - | -51 | -11 | - | -62 | Proceeds from the sale of affiliates | - | 5 | 7 | - | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Hurricane Sandy insurance claims | - | 26 | - | 26 | Net cash flow used for investing activities | -22 | -118 | -83 | - | -223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale of affiliates | - | - | 17 | - | 1 | 17 | NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of alloy | - | - | -15 | - | -15 | Proceeds from senior revolving credit and receivables securitization facilities | 1,089 | - | 116 | - | 1,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of alloy | 16 | - | - | - | 1 | 16 | Payments on senior revolving credit and receivables securitization facilities | -835 | - | -94 | - | -929 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash flow used for investing activities | 11 | -95 | -133 | - | -217 | Payments on long-term debt | -4 | - | -9 | - | -13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES | Net increase (decrease) in short-term debt | -8 | - | -1 | - | -9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from senior revolving credit and receivables securitization facilities | 940 | - | 123 | - | 1,063 | Purchases of noncontrolling interest | - | -22 | - | -22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on senior revolving credit and receivables securitization facilities | -906 | - | -51 | - | -957 | Purchase of treasury stock | -113 | - | - | - | -113 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on long-term debt | - | - | -1 | - | -1 | Other intercompany loans | -52 | 103 | -51 | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in short-term debt | - | - | 3 | - | 3 | Other | 9 | - | - | - | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | -63 | - | - | - | -63 | Net cash flow provided by financing activities | 86 | 81 | -39 | - | . | . | 128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intercompany loans | 75 | -9 | -66 | - | - | Effect of exchange rate changes on cash | - | - | 1 | - | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 7 | - | - | - | 7 | Net decrease in cash and cash equivalents | - | - | -1 | - | -1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash flow provided by financing activities | 53 | -9 | 8 | - | 52 | Cash and cash equivalents at beginning of period | - | - | 52 | - | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | - | - | -2 | - | -2 | CASH AND CASH EQUIVALENTS AT END OF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | 1 | 1 | -6 | - | -4 | PERIOD | $ | - | $ | - | $ | 51 | $ | - | $ | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | - | 3 | 52 | - | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS AT END OF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PERIOD | $ | 1 | $ | 4 | $ | 46 | $ | - | $ | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (DETAIL) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements Captions [Line Items] | ||||
NET SALES | $1,320 | $1,276 | $4,017 | $4,013 |
COST OF SALES | 1,067 | 1,074 | 3,284 | 3,386 |
Gross margin | 253 | 202 | 733 | 627 |
OPERATING EXPENSES | ||||
Marketing and administrative expenses | 128 | 115 | 395 | 380 |
Science and technology expenses | 19 | 20 | 57 | 60 |
Charges related to cost reduction actions | 6 | 0 | 8 | 36 |
Other Expenses, net | -6 | 8 | -8 | 19 |
Total operating expenses | 147 | 143 | 452 | 495 |
Earnings Before Interest And Taxes | 106 | 59 | 281 | 132 |
Interest expense, net | 29 | 29 | 87 | 85 |
EARNINGS BEFORE TAXES | 77 | 30 | 194 | 47 |
Income Tax Expense (Benefit) | -26 | 14 | -71 | -8 |
Equity in net earnings of affiliates | 0 | 0 | 0 | 0 |
NET EARNINGS | 51 | 44 | 123 | 39 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 1 | 2 |
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | 51 | 44 | 122 | 37 |
Parent Company Member | ||||
Condensed Financial Statements Captions [Line Items] | ||||
NET SALES | 0 | 0 | 0 | 0 |
COST OF SALES | -3 | -3 | -7 | 0 |
Gross margin | 3 | 3 | 7 | 0 |
OPERATING EXPENSES | ||||
Marketing and administrative expenses | 25 | 24 | 89 | 86 |
Science and technology expenses | 0 | 0 | 0 | 0 |
Charges related to cost reduction actions | 0 | 0 | 0 | 0 |
Other Expenses, net | -10 | -6 | -17 | -25 |
Total operating expenses | 15 | 18 | 72 | 61 |
Earnings Before Interest And Taxes | -12 | -15 | -65 | -61 |
Interest expense, net | 27 | 27 | 81 | 76 |
EARNINGS BEFORE TAXES | -39 | -42 | -146 | -137 |
Income Tax Expense (Benefit) | 16 | 16 | 57 | 52 |
Equity in net earnings of subsidiaries | 74 | 70 | 211 | 122 |
Equity in net earnings of affiliates | 0 | 0 | 0 | 0 |
NET EARNINGS | 51 | 44 | 122 | 37 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | 51 | 44 | 122 | 37 |
Guarantor Subsidiaries Member | ||||
Condensed Financial Statements Captions [Line Items] | ||||
NET SALES | 921 | 895 | 2,872 | 2,846 |
COST OF SALES | 739 | 741 | 2,340 | 2,353 |
Gross margin | 182 | 154 | 532 | 493 |
OPERATING EXPENSES | ||||
Marketing and administrative expenses | 68 | 58 | 202 | 190 |
Science and technology expenses | 13 | 15 | 43 | 47 |
Charges related to cost reduction actions | 0 | 0 | 0 | 0 |
Other Expenses, net | 4 | 24 | 0 | 34 |
Total operating expenses | 85 | 97 | 245 | 271 |
Earnings Before Interest And Taxes | 97 | 57 | 287 | 222 |
Interest expense, net | 0 | 0 | 1 | 2 |
EARNINGS BEFORE TAXES | 97 | 57 | 286 | 220 |
Income Tax Expense (Benefit) | -32 | -11 | -91 | -56 |
Equity in net earnings of subsidiaries | 9 | 25 | 16 | -41 |
Equity in net earnings of affiliates | 0 | -1 | 0 | -1 |
NET EARNINGS | 74 | 70 | 211 | 122 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | 74 | 70 | 211 | 122 |
Non Guarantor Subsidiaries Member | ||||
Condensed Financial Statements Captions [Line Items] | ||||
NET SALES | 497 | 485 | 1,451 | 1,461 |
COST OF SALES | 429 | 440 | 1,257 | 1,327 |
Gross margin | 68 | 45 | 194 | 134 |
OPERATING EXPENSES | ||||
Marketing and administrative expenses | 35 | 33 | 104 | 104 |
Science and technology expenses | 6 | 5 | 14 | 13 |
Charges related to cost reduction actions | 6 | 0 | 8 | 36 |
Other Expenses, net | 0 | -10 | 9 | 10 |
Total operating expenses | 47 | 28 | 135 | 163 |
Earnings Before Interest And Taxes | 21 | 17 | 59 | -29 |
Interest expense, net | 2 | 2 | 5 | 7 |
EARNINGS BEFORE TAXES | 19 | 15 | 54 | -36 |
Income Tax Expense (Benefit) | -10 | 9 | -37 | -4 |
Equity in net earnings of subsidiaries | 0 | 0 | 0 | 0 |
Equity in net earnings of affiliates | 0 | 1 | 0 | 1 |
NET EARNINGS | 9 | 25 | 17 | -39 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 1 | 2 |
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | 9 | 25 | 16 | -41 |
Consolidation Eliminations Member | ||||
Condensed Financial Statements Captions [Line Items] | ||||
NET SALES | -98 | -104 | -306 | -294 |
COST OF SALES | -98 | -104 | -306 | -294 |
Gross margin | 0 | 0 | 0 | 0 |
OPERATING EXPENSES | ||||
Marketing and administrative expenses | 0 | 0 | 0 | 0 |
Science and technology expenses | 0 | 0 | 0 | 0 |
Charges related to cost reduction actions | 0 | 0 | 0 | 0 |
Other Expenses, net | 0 | 0 | 0 | 0 |
Total operating expenses | 0 | 0 | 0 | 0 |
Earnings Before Interest And Taxes | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
EARNINGS BEFORE TAXES | 0 | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Equity in net earnings of subsidiaries | -83 | -95 | -227 | -81 |
Equity in net earnings of affiliates | 0 | 0 | 0 | 0 |
NET EARNINGS | -83 | -95 | -227 | -81 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | ($83) | ($95) | ($227) | ($81) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (DETAIL) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements Captions [Line Items] | ||||
NET EARNINGS | $51 | $44 | $123 | $39 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 15 | 28 | -30 | 9 |
Pension and other postretirement adjustment (net of tax) | 2 | -1 | 11 | -2 |
Deferred loss on hedging transactions (net of tax) | 0 | 2 | 0 | 3 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 68 | 73 | 104 | 49 |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest | 0 | 0 | 1 | 2 |
Comprehensive Income Net Of Tax | 68 | 73 | 103 | 47 |
Parent Company Member | ||||
Condensed Financial Statements Captions [Line Items] | ||||
NET EARNINGS | 51 | 44 | 122 | 37 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 15 | 28 | -30 | 9 |
Pension and other postretirement adjustment (net of tax) | 2 | -1 | 11 | -2 |
Deferred loss on hedging transactions (net of tax) | 0 | 2 | 0 | 3 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 68 | 73 | 103 | 47 |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive Income Net Of Tax | 68 | 73 | 103 | 47 |
Guarantor Subsidiaries Member | ||||
Condensed Financial Statements Captions [Line Items] | ||||
NET EARNINGS | 74 | 70 | 211 | 122 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | 0 |
Pension and other postretirement adjustment (net of tax) | 0 | 0 | 0 | 0 |
Deferred loss on hedging transactions (net of tax) | 0 | 0 | 0 | 0 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 74 | 70 | 211 | 122 |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive Income Net Of Tax | 74 | 70 | 211 | 122 |
Non Guarantor Subsidiaries Member | ||||
Condensed Financial Statements Captions [Line Items] | ||||
NET EARNINGS | 9 | 25 | 17 | -39 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | 0 |
Pension and other postretirement adjustment (net of tax) | 0 | 0 | 0 | 0 |
Deferred loss on hedging transactions (net of tax) | 0 | 0 | 0 | 0 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 9 | 25 | 17 | -39 |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest | 0 | 0 | 1 | 2 |
Comprehensive Income Net Of Tax | 9 | 25 | 16 | -41 |
Consolidation Eliminations Member | ||||
Condensed Financial Statements Captions [Line Items] | ||||
NET EARNINGS | -83 | -95 | -227 | -81 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | 0 |
Pension and other postretirement adjustment (net of tax) | 0 | 0 | 0 | 0 |
Deferred loss on hedging transactions (net of tax) | 0 | 0 | 0 | 0 |
Comprehensive Income, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -83 | -95 | -227 | -81 |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest | 0 | 0 | 0 | 0 |
Comprehensive Income Net Of Tax | ($83) | ($95) | ($227) | ($81) |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEET (DETAIL) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | $51 | $55 | $51 | $52 | ||
Receivables, less allowances | 758 | 600 | ||||
Inventories | 834 | 786 | ||||
Other current assets | 270 | 176 | ||||
Total current assets | 1,913 | 1,617 | ||||
Property, plant and equipment, net | 2,905 | 2,903 | ||||
Goodwill | 1,166 | 1,143 | ||||
Intangible assets | 1,046 | 1,045 | ||||
Deferred income taxes | 482 | 604 | ||||
Other non-current assets | 215 | 256 | ||||
TOTAL ASSETS | 7,727 | 7,568 | ||||
CURRENT LIABILITIES | ||||||
Accounts Payable and Accrued Liabilities, Current | 938 | 907 | ||||
Short-term debt | 8 | 5 | ||||
Long-term debt - current portion | 3 | 4 | ||||
Total current liabilities | 949 | 916 | ||||
Long-term debt, net of current portion | 2,175 | 2,076 | ||||
Pension plan liability | 452 | 480 | ||||
Other employee benefits liability | 265 | 274 | ||||
Deferred income tax liability | 35 | 38 | ||||
Other liabilities | 200 | 209 | ||||
Commitments and Contingencies | ||||||
OWENS CORNING STOCKHOLDERS' EQUITY | ||||||
Preferred stock | 0 | [1] | 0 | [1] | ||
Additional paid in capital | 3,961 | 3,925 | ||||
Accumulated earnings (deficit) | 573 | 451 | ||||
Accumulated other comprehensive deficit | -382 | -364 | ||||
Cost of common stock in treasury | -538 | [2] | -475 | [2] | ||
Total Owens Corning stockholders' equity | 3,615 | 3,538 | ||||
Noncontrolling interest | 36 | 37 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,651 | 3,575 | ||||
TOTAL LIABILITIES AND EQUITY | 7,727 | 7,568 | ||||
Parent Company Member | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | 1 | 0 | 0 | 0 | ||
Receivables, less allowances | 0 | 0 | ||||
Due From Affiliate Current | 0 | 0 | ||||
Inventories | 0 | 0 | ||||
Assets held for sale - current | 0 | 0 | ||||
Other current assets | 43 | 5 | ||||
Total current assets | 44 | 5 | ||||
Equity Method Investments | 7,105 | 6,877 | ||||
Due From Affiliate Noncurrent | 0 | 0 | ||||
Property, plant and equipment, net | 359 | 374 | ||||
Goodwill | 0 | 0 | ||||
Intangible assets | 0 | 0 | ||||
Deferred income taxes | 60 | 54 | ||||
Assets Held for Sale - Non-Current | 0 | 0 | ||||
Other non-current assets | 20 | 62 | ||||
TOTAL ASSETS | 7,588 | 7,372 | ||||
CURRENT LIABILITIES | ||||||
Accounts Payable and Accrued Liabilities, Current | 31 | 8 | ||||
Due To Affiliate Current | 1,550 | 1,419 | ||||
Short-term debt | 0 | 0 | ||||
Long-term debt - current portion | 0 | 0 | ||||
Liabilities held for sale - current | 0 | |||||
Total current liabilities | 1,581 | 1,427 | ||||
Long-term debt, net of current portion | 1,914 | 1,884 | ||||
Due To Affiliate Noncurrent | 0 | 0 | ||||
Pension plan liability | 313 | 331 | ||||
Other employee benefits liability | 0 | 0 | ||||
Deferred income tax liability | 0 | 0 | ||||
Liabilities held for sale - non-current | 0 | |||||
Other liabilities | 165 | 192 | ||||
OWENS CORNING STOCKHOLDERS' EQUITY | ||||||
Additional paid in capital | 3,961 | 3,925 | ||||
Accumulated earnings (deficit) | 573 | 451 | ||||
Accumulated other comprehensive deficit | -382 | -364 | ||||
Cost of common stock in treasury | -538 | -475 | ||||
Total Owens Corning stockholders' equity | 3,615 | 3,538 | ||||
Noncontrolling interest | 0 | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,615 | 3,538 | ||||
TOTAL LIABILITIES AND EQUITY | 7,588 | 7,372 | ||||
Guarantor Subsidiaries Member | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | 4 | 3 | 0 | 0 | ||
Receivables, less allowances | 0 | 0 | ||||
Due From Affiliate Current | 2,726 | 2,528 | ||||
Inventories | 510 | 473 | ||||
Assets held for sale - current | 0 | 0 | ||||
Other current assets | 132 | 75 | ||||
Total current assets | 3,372 | 3,079 | ||||
Equity Method Investments | 2,405 | 2,489 | ||||
Due From Affiliate Noncurrent | 66 | 65 | ||||
Property, plant and equipment, net | 1,293 | 1,294 | ||||
Goodwill | 1,127 | 1,068 | ||||
Intangible assets | 1,017 | 939 | ||||
Deferred income taxes | 405 | 525 | ||||
Assets Held for Sale - Non-Current | 0 | 0 | ||||
Other non-current assets | 68 | 74 | ||||
TOTAL ASSETS | 9,753 | 9,533 | ||||
CURRENT LIABILITIES | ||||||
Accounts Payable and Accrued Liabilities, Current | 599 | 620 | ||||
Due To Affiliate Current | 0 | 0 | ||||
Short-term debt | 0 | 0 | ||||
Long-term debt - current portion | 2 | 2 | ||||
Liabilities held for sale - current | 0 | |||||
Total current liabilities | 601 | 622 | ||||
Long-term debt, net of current portion | 27 | 28 | ||||
Due To Affiliate Noncurrent | 966 | 1,022 | ||||
Pension plan liability | 0 | 0 | ||||
Other employee benefits liability | 247 | 254 | ||||
Deferred income tax liability | 0 | 0 | ||||
Liabilities held for sale - non-current | 0 | |||||
Other liabilities | 249 | 172 | ||||
OWENS CORNING STOCKHOLDERS' EQUITY | ||||||
Additional paid in capital | 6,558 | 894 | ||||
Accumulated earnings (deficit) | 1,105 | |||||
Accumulated other comprehensive deficit | 0 | 0 | ||||
Cost of common stock in treasury | 0 | 0 | ||||
Total Owens Corning stockholders' equity | 7,663 | 7,435 | ||||
Noncontrolling interest | 0 | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 7,663 | 7,435 | ||||
TOTAL LIABILITIES AND EQUITY | 9,753 | 9,533 | ||||
Non Guarantor Subsidiaries Member | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | 46 | 52 | 51 | 52 | ||
Receivables, less allowances | 758 | 600 | ||||
Due From Affiliate Current | 0 | 0 | ||||
Inventories | 324 | 313 | ||||
Assets held for sale - current | 0 | 0 | ||||
Other current assets | 95 | 96 | ||||
Total current assets | 1,223 | 1,061 | ||||
Equity Method Investments | 558 | 558 | ||||
Due From Affiliate Noncurrent | 966 | 1,022 | ||||
Property, plant and equipment, net | 1,253 | 1,235 | ||||
Goodwill | 39 | 75 | ||||
Intangible assets | 283 | 302 | ||||
Deferred income taxes | 17 | 25 | ||||
Assets Held for Sale - Non-Current | 0 | 0 | ||||
Other non-current assets | 127 | 120 | ||||
TOTAL ASSETS | 4,466 | 4,398 | ||||
CURRENT LIABILITIES | ||||||
Accounts Payable and Accrued Liabilities, Current | 308 | 279 | ||||
Due To Affiliate Current | 1,176 | 1,109 | ||||
Short-term debt | 8 | 5 | ||||
Long-term debt - current portion | 1 | 2 | ||||
Liabilities held for sale - current | 0 | |||||
Total current liabilities | 1,493 | 1,395 | ||||
Long-term debt, net of current portion | 234 | 164 | ||||
Due To Affiliate Noncurrent | 66 | 65 | ||||
Pension plan liability | 139 | 149 | ||||
Other employee benefits liability | 18 | 20 | ||||
Deferred income tax liability | 35 | 38 | ||||
Liabilities held for sale - non-current | 0 | |||||
Other liabilities | 40 | 41 | ||||
OWENS CORNING STOCKHOLDERS' EQUITY | ||||||
Additional paid in capital | 1,962 | 2,062 | ||||
Accumulated earnings (deficit) | 443 | 427 | ||||
Accumulated other comprehensive deficit | 0 | 0 | ||||
Cost of common stock in treasury | 0 | 0 | ||||
Total Owens Corning stockholders' equity | 2,405 | 2,489 | ||||
Noncontrolling interest | 36 | 37 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,441 | 2,526 | ||||
TOTAL LIABILITIES AND EQUITY | 4,466 | 4,398 | ||||
Consolidation Eliminations Member | ||||||
CURRENT ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Receivables, less allowances | 0 | 0 | ||||
Due From Affiliate Current | -2,726 | -2,528 | ||||
Inventories | 0 | 0 | ||||
Assets held for sale - current | 0 | 0 | ||||
Other current assets | 0 | 0 | ||||
Total current assets | -2,726 | -2,528 | ||||
Equity Method Investments | -10,068 | -9,924 | ||||
Due From Affiliate Noncurrent | -1,032 | -1,087 | ||||
Property, plant and equipment, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Intangible assets | -254 | -196 | ||||
Deferred income taxes | 0 | 0 | ||||
Assets Held for Sale - Non-Current | 0 | 0 | ||||
Other non-current assets | 0 | 0 | ||||
TOTAL ASSETS | -14,080 | -13,735 | ||||
CURRENT LIABILITIES | ||||||
Accounts Payable and Accrued Liabilities, Current | 0 | 0 | ||||
Due To Affiliate Current | -2,726 | -2,528 | ||||
Short-term debt | 0 | 0 | ||||
Long-term debt - current portion | 0 | 0 | ||||
Liabilities held for sale - current | 0 | |||||
Total current liabilities | -2,726 | -2,528 | ||||
Long-term debt, net of current portion | 0 | 0 | ||||
Due To Affiliate Noncurrent | -1,032 | -1,087 | ||||
Pension plan liability | 0 | 0 | ||||
Other employee benefits liability | 0 | 0 | ||||
Deferred income tax liability | 0 | 0 | ||||
Liabilities held for sale - non-current | 0 | |||||
Other liabilities | -254 | -196 | ||||
OWENS CORNING STOCKHOLDERS' EQUITY | ||||||
Additional paid in capital | -8,520 | -8,603 | ||||
Accumulated earnings (deficit) | -1,548 | -1,321 | ||||
Accumulated other comprehensive deficit | 0 | 0 | ||||
Cost of common stock in treasury | 0 | 0 | ||||
Total Owens Corning stockholders' equity | -10,068 | -9,924 | ||||
Noncontrolling interest | 0 | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -10,068 | -9,924 | ||||
TOTAL LIABILITIES AND EQUITY | ($14,080) | ($13,735) | ||||
[1] | 10 shares authorized; none issued or outstanding at Sep. 30, 2013, and Dec. 31, 2012 | |||||
[2] | 17.8 shares at Sep. 30, 2013, and 17.3 shares at Dec. 31, 2012 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (DETAIL) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES ABSTRACT | ||
NET EARNINGS | $123 | $39 |
Adjustments to reconcile net earnings to cash provided by (used for) operating activities: | ||
Depreciation and amortization | 235 | 269 |
Gain on sale of business and fixed assets | -6 | -3 |
Impairment of long-lived assets | 0 | 0 |
Change in deferred income taxes | 57 | -25 |
Provision for pension and other employee benefits liabilities | 27 | 33 |
Share Based Compensation | 21 | 18 |
Other non-cash | -13 | -9 |
Restricted cash | 0 | 0 |
Change in working capital | -214 | -171 |
Pension fund contribution | -30 | -42 |
Payments for other employee benefits liabilities | -16 | -17 |
Other | -21 | 1 |
Net cash flow provided by (used for) operating activities | 163 | 93 |
NET CASH FLOW USED FOR INVESTING ACTIVITIES ABSTRACT | ||
Additions to plant and equipment | -199 | -235 |
Payments to Acquire Businesses, Net of Cash Acquired | -62 | 0 |
Proceeds from Sale of Assets or Affiliates | 16 | 0 |
Net cash flow used for investing activities | -217 | -223 |
NET CASH FLOW PROVIDED BY (USED FOR) FINANCING ACTIVITIES ABSTRACT | ||
Proceeds from senior revolving credit and receivables securitization facilities | 1,063 | 1,205 |
Payments on senior revolving credit and receivables securitization facilities | -957 | -929 |
Proceeds from long-term debt | 0 | 0 |
Payments on long-term debt | -1 | -13 |
Net decrease in short-term debt | 3 | -9 |
Purchase of treasury stock | -63 | -113 |
Other Financing | 7 | 9 |
Net cash flow provided by (used for) financing activities | 52 | 128 |
Effect of exchange rate changes on cash | -2 | 1 |
Net decrease in cash and cash equivalents | -4 | -1 |
Cash and cash equivalents at beginning of period | 55 | 52 |
Cash and cash equivalents at end of period | 51 | 51 |
Parent Company Member | ||
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES ABSTRACT | ||
NET EARNINGS | 122 | 37 |
Adjustments to reconcile net earnings to cash provided by (used for) operating activities: | ||
Net cash flow provided by (used for) operating activities | -63 | -64 |
NET CASH FLOW USED FOR INVESTING ACTIVITIES ABSTRACT | ||
Additions to plant and equipment | -5 | -22 |
Proceeds from Sale of Assets or Affiliates | 16 | 0 |
Net cash flow used for investing activities | 11 | -22 |
NET CASH FLOW PROVIDED BY (USED FOR) FINANCING ACTIVITIES ABSTRACT | ||
Proceeds from senior revolving credit and receivables securitization facilities | 940 | 1,089 |
Payments on senior revolving credit and receivables securitization facilities | -906 | -835 |
Proceeds from long-term debt | 0 | 0 |
Payments on long-term debt | 0 | -4 |
Net decrease in short-term debt | 0 | -8 |
Purchase of treasury stock | -63 | -113 |
Intercompany Loans | 75 | -52 |
Other Financing | 7 | 9 |
Net cash flow provided by (used for) financing activities | 53 | 86 |
Effect of exchange rate changes on cash | 0 | 0 |
Net decrease in cash and cash equivalents | 1 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 1 | 0 |
Guarantor Subsidiaries Member | ||
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES ABSTRACT | ||
NET EARNINGS | 211 | 122 |
Adjustments to reconcile net earnings to cash provided by (used for) operating activities: | ||
Net cash flow provided by (used for) operating activities | 105 | 37 |
NET CASH FLOW USED FOR INVESTING ACTIVITIES ABSTRACT | ||
Additions to plant and equipment | -70 | -123 |
Proceeds from Sale of Assets or Affiliates | 0 | 5 |
Net cash flow used for investing activities | -95 | -118 |
NET CASH FLOW PROVIDED BY (USED FOR) FINANCING ACTIVITIES ABSTRACT | ||
Proceeds from senior revolving credit and receivables securitization facilities | 0 | 0 |
Payments on senior revolving credit and receivables securitization facilities | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net decrease in short-term debt | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Intercompany Loans | -9 | 103 |
Other Financing | 0 | 0 |
Net cash flow provided by (used for) financing activities | -9 | 81 |
Effect of exchange rate changes on cash | 0 | 0 |
Net decrease in cash and cash equivalents | 1 | 0 |
Cash and cash equivalents at beginning of period | 3 | 0 |
Cash and cash equivalents at end of period | 4 | 0 |
Non Guarantor Subsidiaries Member | ||
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES ABSTRACT | ||
NET EARNINGS | 17 | -39 |
Adjustments to reconcile net earnings to cash provided by (used for) operating activities: | ||
Net cash flow provided by (used for) operating activities | 121 | 120 |
NET CASH FLOW USED FOR INVESTING ACTIVITIES ABSTRACT | ||
Additions to plant and equipment | -124 | -90 |
Proceeds from Sale of Assets or Affiliates | 0 | 7 |
Net cash flow used for investing activities | -133 | -83 |
NET CASH FLOW PROVIDED BY (USED FOR) FINANCING ACTIVITIES ABSTRACT | ||
Proceeds from senior revolving credit and receivables securitization facilities | 123 | 116 |
Payments on senior revolving credit and receivables securitization facilities | -51 | -94 |
Proceeds from long-term debt | 0 | 0 |
Payments on long-term debt | -1 | -9 |
Net decrease in short-term debt | 3 | -1 |
Purchase of treasury stock | 0 | 0 |
Intercompany Loans | -66 | -51 |
Other Financing | 0 | 0 |
Net cash flow provided by (used for) financing activities | 8 | -39 |
Effect of exchange rate changes on cash | -2 | 1 |
Net decrease in cash and cash equivalents | -6 | -1 |
Cash and cash equivalents at beginning of period | 52 | 52 |
Cash and cash equivalents at end of period | 46 | 51 |
Consolidation Eliminations Member | ||
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES ABSTRACT | ||
NET EARNINGS | -227 | -81 |
NET CASH FLOW USED FOR INVESTING ACTIVITIES ABSTRACT | ||
Additions to plant and equipment | 0 | 0 |
Proceeds from Sale of Assets or Affiliates | 0 | 0 |
Net cash flow used for investing activities | 0 | 0 |
NET CASH FLOW PROVIDED BY (USED FOR) FINANCING ACTIVITIES ABSTRACT | ||
Proceeds from senior revolving credit and receivables securitization facilities | 0 | 0 |
Payments on senior revolving credit and receivables securitization facilities | 0 | 0 |
Proceeds from long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net decrease in short-term debt | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Intercompany Loans | 0 | 0 |
Other Financing | 0 | 0 |
Net cash flow provided by (used for) financing activities | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 |
Net decrease in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |
SEGMENT_INFORMATION_DETAIL
SEGMENT INFORMATION (DETAIL) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Income (Loss) from Operations before Interest and Taxes Attributable to Segments | $135 | $97 | $394 | $310 |
Restructuring Charges and Related Items | -11 | -22 | -23 | -109 |
General Corporate Expense | -16 | -16 | -74 | -69 |
Earnings Before Interest And Taxes | 106 | 59 | 281 | 132 |
Gains Losses Related To Hurricane Sandy | -2 | 0 | -16 | 0 |
United States [Member] | ||||
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Revenues | 909 | 856 | 2,797 | 2,755 |
Europe [Member] | ||||
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Revenues | 135 | 133 | 412 | 431 |
Asia Pacific [Member] | ||||
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Revenues | 156 | 165 | 455 | 477 |
Other Geographical [Member] | ||||
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Revenues | 120 | 122 | 353 | 350 |
Composites [Member] | ||||
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Revenues | 453 | 459 | 1,384 | 1,433 |
Income (Loss) from Operations before Interest and Taxes Attributable to Segments | 21 | 11 | 62 | 68 |
Building Materials [Member] | ||||
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Revenues | 902 | 855 | 2,762 | 2,719 |
Income (Loss) from Operations before Interest and Taxes Attributable to Segments | 114 | 86 | 332 | 242 |
All Other Segments [Member] | ||||
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Revenues | 4,152 | |||
Corporate Eliminations [Member] | ||||
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Revenues | -35 | -38 | -129 | -139 |
Roofing [Member] | ||||
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Revenues | 471 | 471 | 1,586 | 1,664 |
Insulation [Member] | ||||
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Revenues | 431 | 384 | 1,176 | 1,055 |
Total Segments [Member] | ||||
Segment Reporting, Significant Reconciling Item [Line Items] | ||||
Revenues | $1,355 | $1,314 | $4,146 |
INVENTORIES_DETAIL
INVENTORIES (DETAIL) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Inventory Finished Goods | $584 | $554 |
Inventory Raw Materials And Supplies | 250 | 232 |
Inventory, Net, Total | $834 | $786 |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS BALANCE SHEET (DETAIL) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | ||
DerivativeAssetFairValueNet | $1 | $1 |
Interest Rate Swap Member | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | 1 | |
Accounts Payable and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Natural Gas Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | 1 | 1 |
Accounts Payable and Accrued Liabilities [Member] | Nondesignated [Member] | Foreign Exchange Contract Member | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Net | 1 | 3 |
Other Comprehensive Income Member | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Natural Gas Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Loss Recognized in OCI, Effective Portion | $1 | $1 |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS INCOME STMT (DETAIL) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cost Of Sales [Member] | Designated as Hedging Instrument [Member] | Natural Gas Contract [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative Instruments Loss Reclassified From Accumulated OCI Into Income Effective Portion | $1 | $1 | $0 | $6 |
Other Expense Member | Nondesignated [Member] | Natural Gas Contract [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative Instruments Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing | 0 | 0 | 0 | -1 |
Other Expense Member | Nondesignated [Member] | Foreign Exchange Contract Member | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative Instruments Gain Loss Recognized In Income Net | $1 | $1 | $12 | $5 |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (DETAIL) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Gross | $1,198 | $1,181 |
Finite Lived Intangible Assets Accumulated Amortization | -152 | -136 |
Intangible assets | 1,046 | 1,045 |
Goodwill balance | 1,166 | 1,143 |
Finite Lived Intangible Assets Average Useful Life | 20 years 0 months 0 days | 20 years 0 months 0 days |
Intangible Asset Expense Five Year Average | 22 | |
Customer Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Gross | 180 | 169 |
Finite Lived Intangible Assets Accumulated Amortization | -65 | -58 |
Finite-Lived Intangible Assets, Net, Total | 115 | 111 |
Finite Lived Intangible Assets Average Useful Life | 18 years 0 months 0 days | 19 years 0 months 0 days |
Finite Lived Intangible Assets Net | 115 | 111 |
Technology [Member] | ||
Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Gross | 196 | 198 |
Finite Lived Intangible Assets Accumulated Amortization | -71 | -64 |
Finite-Lived Intangible Assets, Net, Total | 125 | 134 |
Finite Lived Intangible Assets Net | 125 | 134 |
Franchise and Other Agreements [Member] | ||
Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Gross | 36 | 37 |
Finite Lived Intangible Assets Accumulated Amortization | -16 | -14 |
Finite-Lived Intangible Assets, Net, Total | 20 | 23 |
Finite Lived Intangible Assets Average Useful Life | 14 years 0 months 0 days | 14 years 0 months 0 days |
Finite Lived Intangible Assets Net | 20 | 23 |
Trademarks [Member] | ||
Intangible Assets [Line Items] | ||
Finite Lived Intangible Assets Gross | 786 | 777 |
Indefinite Lived Intangible Assets Excluding Goodwill | $786 | $777 |
GOODWILL_ROLLFORWARD_DETAIL
GOODWILL ROLLFORWARD (DETAIL) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $1,143 |
Goodwill, Acquired During Period | 24 |
Goodwill, Translation Adjustments | 1 |
Goodwill, Ending Balance | 1,166 |
Composites [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 56 |
Goodwill, Acquired During Period | 2 |
Goodwill, Translation Adjustments | 0 |
Goodwill, Ending Balance | 57 |
Building Materials [Member] | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 1,087 |
Goodwill, Acquired During Period | 22 |
Goodwill, Ending Balance | $1,109 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (DETAIL) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Gross | $4,543 | $4,381 |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment | 1,638 | 1,478 |
Property, Plant and Equipment, Net, Total | 2,905 | 2,903 |
Precious Metals Percentage | 17.00% | 18.00% |
Precious Metals Depletion Percentage | 3.00% | |
Land Member | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Gross | 222 | 222 |
Buildings and Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Gross | 817 | 789 |
Machinery And Equipment Member | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Gross | 3,302 | 3,223 |
Construction In Progress Member | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Gross | $202 | $147 |
ACQUISITIONS_DETAIL
ACQUISITIONS (DETAIL) (USD $) | Sep. 30, 2013 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||
Business Combinations [Abstract] | ||
BusinessAcquisition goodwill | $24 | |
businessacquisitionintangibleasset | 19 | |
Business Acquisition Fair Value | 15 | 52 |
BusinessAcquisition cash paid | 10 | |
businessacquisition accounts payable | 5 | |
businessacquisition other liabilities | $8 |
DIVESTITURES_DETAIL
DIVESTITURES (DETAIL) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Business Divestitures [Line Items] | |
Divestiture, Amount of Consideration Received | $17 |
Divestiture, Amount of Future Consideration Receivable | 35 |
Divestiture, Amount of Future Consideration Receivable, Present Value | 70 |
Gain loss on disposition of assets (high) | 40 |
GainLossOnDispositionOfAssets (Low) | 30 |
DivestitureAmountOfFutureConsiderationReceivableNextQuarter | $18 |
WARRANTIES_DETAIL
WARRANTIES (DETAIL) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Movement In Standard And Extended Product Warranty Increase Decrease Roll Forward | |
Product Warranty Accrual, Beginning Balance | $41 |
Product Warranty Accrual Warranties Issued | 18 |
Product Warranty Accrual Payments | 18 |
Product Warranty Accrual, Ending Balance | $41 |
COST_REDUCTION_ACTIONS_DETAIL
COST REDUCTION ACTIONS (DETAIL) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Reserve Roll Forward | ||||
Charges related to cost reduction actions | $6 | $0 | $8 | $36 |
OtherExitCost | 3 | 9 | ||
Composites [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Severance Costs | 0 | 2 | ||
Accelerated Depreciation | 2 | 6 | ||
Other costs related to restructuring | 5 | 15 | ||
Restructuring Reserve Roll Forward | ||||
Charges related to cost reduction actions | 5 | 17 | ||
Cost Reduction Actions 2012 [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | 2 | |||
Cost Reduction Actions 2013 [Member] | ||||
Restructuring Reserve Roll Forward | ||||
Restructuring Reserve, Beginning Balance | 0 | |||
Restructuring Reserve Settled With Cash | 0 | |||
Restructuring Reserve, Ending Balance | 6 | 6 | ||
Restructuring And Related Cost Cost Incurred To Date | 6 | |||
Employee Severance Member | Cost Reduction Actions 2012 [Member] | Composites [Member] | ||||
Restructuring Reserve Roll Forward | ||||
Restructuring Reserve, Beginning Balance | 45 | |||
Restructuring Reserve Settled With Cash | -15 | |||
Restructuring Reserve, Ending Balance | 32 | 32 | ||
Restructuring And Related Cost Cost Incurred To Date | $53 |
DEBT_DETAIL
DEBT (DETAIL) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Long-Term Debt [Line Items] | ||
Long Term Debt | $2,178 | $2,080 |
Fair Value Adjustment to Debt | 20 | 26 |
Long Term Debt Current | 3 | 4 |
Long Term Debt Noncurrent | 2,175 | 2,076 |
Debt Instrument Issuance Date | 17-Oct-12 | |
Short-term Debt [Abstract] | ||
Short-term debt | 8 | 5 |
Short Term Debt Weighted Average Interest Rate | 5.50% | 4.50% |
Senior Notes Due 2016 [Member] | ||
Long-Term Debt [Line Items] | ||
Long Term Debt | 400 | 400 |
Debt Instrument Issuance Date | 31-Oct-06 | |
Senior Notes Due 2036 [Member] | ||
Long-Term Debt [Line Items] | ||
Long Term Debt | 540 | 540 |
Debt Instrument Face Amount | 1,200 | |
Senior Notes Due 2019 [Member] | ||
Long-Term Debt [Line Items] | ||
Long Term Debt | 248 | 247 |
Debt Instrument Issuance Date | 3-Jun-09 | |
Debt Instrument Face Amount | 350 | |
Senior Notes Due 2022 [Member] | ||
Long-Term Debt [Line Items] | ||
Long Term Debt | 599 | 599 |
Debt Instrument Face Amount | 600 | |
Interest Rate Swap Agreement, Principal Amount | 100 | |
Senior Revolving Credit Facility B [Member] | ||
Long-Term Debt [Line Items] | ||
Long Term Debt | 108 | 73 |
Line Of Credit Facility Maximum Borrowing Capacity | 800 | |
Letter Of Credit Member | ||
Long-Term Debt [Line Items] | ||
Line Of Credit Facility Amount Outstanding | 4 | 4 |
Capital Lease Obligations Member | ||
Long-Term Debt [Line Items] | ||
Long Term Debt | 50 | 52 |
Floating Rate Debt [Member] | ||
Long-Term Debt [Line Items] | ||
Long Term Debt | 1 | 2 |
Letter Of Credit Under Receivables Purchase Agreement [Member] | ||
Long-Term Debt [Line Items] | ||
Long Term Debt | 212 | 141 |
Long Term Debt Current | 250 | |
Line Of Credit Facility Amount Outstanding | $38 | $37 |
PENSION_PLANS_AND_OTHER_POSTRE1
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (DETAIL) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Defined Benefit Plan, Service Cost | $2 | $4 | $11 | $12 |
Defined Benefit Plan, Interest Cost | 16 | 17 | 49 | 54 |
Defined Benefit Plan, Expected Return on Plan Assets | 21 | 22 | 63 | 65 |
Defined Benefit Plan, Amortization of Gains (Losses) | -5 | -8 | -15 | -22 |
Defined Benefit Plan, Net Periodic Benefit Cost | 2 | 7 | 12 | 23 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Defined Benefit Plan, Contributions by Employer | 30 | |||
United States Pension Plans Of US Entity Defined Benefit Member | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Defined Benefit Plan, Service Cost | 2 | 3 | 7 | 7 |
Defined Benefit Plan, Interest Cost | 11 | 12 | 33 | 37 |
Defined Benefit Plan, Expected Return on Plan Assets | 14 | 15 | 44 | 45 |
Defined Benefit Plan, Amortization of Gains (Losses) | -4 | -6 | -11 | -18 |
Defined Benefit Plan, Net Periodic Benefit Cost | 3 | 6 | 7 | 17 |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 20 | 20 | ||
Foreign Pension Plans Defined Benefit Member | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Defined Benefit Plan, Service Cost | 0 | 1 | 4 | 5 |
Defined Benefit Plan, Interest Cost | 5 | 5 | 16 | 17 |
Defined Benefit Plan, Expected Return on Plan Assets | 7 | 7 | 19 | 20 |
Defined Benefit Plan, Amortization of Gains (Losses) | -1 | -2 | -4 | -4 |
Defined Benefit Plan, Net Periodic Benefit Cost | -1 | 1 | 5 | 6 |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ||||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | 18 | 18 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Defined Benefit Plan, Service Cost | 1 | 1 | 2 | 2 |
Defined Benefit Plan, Interest Cost | 2 | 2 | 7 | 8 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 1 | 1 | 3 | 3 |
Defined Benefit Plan, Amortization of Gains (Losses) | 1 | 1 | 1 | 2 |
Defined Benefit Plan, Net Periodic Benefit Cost | $1 | $1 | $5 | $5 |
CONTINGENT_LIABILITIES_AND_OTH1
CONTINGENT LIABILITIES AND OTHER MATTERS (DETAIL) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Number | Number | |||
Unusual or Infrequent Item [Line Items] | ||||
Environmental Liability Sites | 20 | 20 | ||
Loss Contingency Estimate Of Possible Loss | $6 | $6 | ||
COST OF SALES | 1,067 | 1,074 | 3,284 | 3,386 |
Loss from Catastrophes Reported in Cost of Sales | 4 | 26 | ||
Loss from Catastrophes Reported in Other (income) expenses | 9 | 16 | ||
insurance proceeds | $11 | $26 |
STOCK_COMPENSATION_DETAIL
STOCK COMPENSATION (DETAIL) (USD $) | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jan. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 |
Maximum [Member] | Minimum [Member] | Exercise Price Range One [Member] | Stock Options Member | Stock Options Member | Stock Options Member | Stock Options Member | Restricted Stock Member | Restricted Stock Member | Restricted Stock Member | Restricted Stock Member | Performance Stock Units (PSUs) [Member] | Performance Stock Units (PSUs) [Member] | Performance Stock Units (PSUs) [Member] | Performance Stock Units (PSUs) [Member] | Stock Plan Member, 2013 [Member] | Stock Plan Member, 2013 [Member] | EmployeeStock | EmployeeStock | ||
Years | Years | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Terms of Award, Maximum (in years) | 10 | 10 | ||||||||||||||||||
Allocated Share Based Compensation Expense | $1 | $1 | $4 | $3 | $4 | $3 | $12 | $11 | ($1) | $5 | $5 | $11 | ||||||||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition | 2 years 8 months 4 days | 2 years 9 months 0 days | 1 year 10 months 9 days | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Additional Disclosures Abstract | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 1,875,065 | 412,910 | ||||||||||||||||||
Nonoptions, Number, Grants In Period | 207,050 | 497,694 | ||||||||||||||||||
Nonoptions, Number, Vested In Period | 0 | -602,501 | ||||||||||||||||||
Nonoptions, Number, Forfeited In Period | -40,550 | -75,869 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 1,694,389 | 1,694,389 | 579,410 | 579,410 | ||||||||||||||||
Nonoptions, Weighted Average Fair Value, Beginning Balance | $27.14 | $49.14 | ||||||||||||||||||
Nonoptions, Weighted Average Fair Value, Grants in Period | $56.71 | $41.13 | ||||||||||||||||||
Nonoptions, Weighted Average Fair Value, Vested | $0 | $25.92 | ||||||||||||||||||
Nonoptions, Weighted Average Fair Value, Forfeited | $34.54 | $50.36 | ||||||||||||||||||
Nonoptions, Weighted Average Fair Value, Ending Balance | $31.35 | $31.35 | $51.76 | $51.76 | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant | 3,400,000 | 3,400,000 | 1,500,000 | 2,000,000 | 2,000,000 | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value | $18.94 | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate | 45.30% | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate | 0.00% | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term | 6 years 3 months 0 days | |||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate | 1.20% | |||||||||||||||||||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized | 9 | 9 | 28 | 28 | 12 | 12 | 1 | 1 | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value | 25 | 19 | 25 | 19 | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value | 16 | 11 | ||||||||||||||||||
Employee emergence equity program expense | $0.40 | $0.60 | ||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll Forward | ||||||||||||||||||||
Options, Outstanding, Number, Beginning Balance | 3,025,220 | |||||||||||||||||||
Options, Outstanding, Number, Grants In Period | 329,800 | |||||||||||||||||||
Options, Outstanding, Number, Options Exercised | -540,725 | |||||||||||||||||||
Options, Outstanding, Number, Forfeitures In Period | -56,500 | |||||||||||||||||||
Options, Outstanding, Number, Ending Balance | 2,757,795 | |||||||||||||||||||
Options, Outstanding, Weighted Average Exercise Price, Beginning of Period | $27.78 | |||||||||||||||||||
Options, Outstanding, Grants In Period Weighted Average Exercise Price | $42.16 | |||||||||||||||||||
Options, Outstanding, Exercises In Period Weighted Average Exercise Price | $26.96 | |||||||||||||||||||
Options, Outstanding, Forfeitures In Period Weighted Average Exercise Price | $34.58 | |||||||||||||||||||
Options, Outstanding, Weighted Average Exercise Price, End of Period | $29.52 | |||||||||||||||||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||||||||||||||||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options | 2,757,795 | |||||||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 10 months 6 days | |||||||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $29.52 | |||||||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 1,948,220 | |||||||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 4 years 8 months 15 days | |||||||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $42.16 | $13.89 | $26.73 |
EARNINGS_PER_SHARE_DETAIL
EARNINGS PER SHARE (DETAIL) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share Abstract | ||||
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING | $51 | $44 | $122 | $37 |
Weighted Average Common Shares, Basic | 118 | 117.9 | 118.4 | 119.8 |
Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends | 0.4 | 0.6 | 0.4 | 0.5 |
Incremental Common Shares Attributable To Call Options And Warrants | 0.4 | 0.3 | 0.5 | 0.3 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 118.8 | 118.8 | 119.3 | 120.6 |
Earnings Per Share Basic | $0.43 | $0.37 | $1.03 | $0.31 |
Earnings Per Share Diluted | $0.43 | $0.37 | $1.02 | $0.31 |
Equity Class Of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 8.6 | 8.6 | ||
Stock Repurchase Program, Number of Shares Acquired During Period | 1.4 | |||
Purchase of treasury stock | $54 | $63 | $113 | |
Repurchase Program 2012 [Member] | ||||
Equity Class Of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 10 | 10 | ||
Stock Options Member | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 1 | 0.7 | 0.3 | |
Series A Warrants [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 17.5 | 17.5 | ||
Series B Warrants [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 7.8 | 7.8 | ||
Restricted Stock Member | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0.2 | 0.2 |
FAIR_VALUE_MEASUREMENT_DETAIL
FAIR VALUE MEASUREMENT (DETAIL) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash And Cash Equivalents Fair Value Disclosure | $18 | $1 |
Term Deposits, Fair Value Disclosure | 2 | 1 |
Derivative Assets | 1 | 1 |
Total Assets | 21 | 3 |
Notes Receivable Fair Value Disclosure | 10 | 53 |
Liabilities | ||
Derivative Liabilities | 3 | 4 |
Liabilities | 3 | 4 |
Long-term Debt, Fair Value | 370 | 268 |
Senior Notes Due 2016 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Notes Payable, Fair Value Disclosure, Par Value | 113.00% | 112.00% |
Senior Notes Due 2036 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Notes Payable, Fair Value Disclosure, Par Value | 109.00% | 109.00% |
Senior Notes Due 2019 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Notes Payable, Fair Value Disclosure, Par Value | 122.00% | 127.00% |
Senior Notes Due 2022 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Notes Payable, Fair Value Disclosure, Par Value | 97.00% | 102.00% |
Fair Value Inputs Level 1 Member | ||
Assets | ||
Cash And Cash Equivalents Fair Value Disclosure | 18 | 1 |
Term Deposits, Fair Value Disclosure | 0 | 0 |
Derivative Assets | 0 | 0 |
Total Assets | 18 | 1 |
Liabilities | ||
Derivative Liabilities | 0 | 0 |
Liabilities | 0 | 0 |
Fair Value Inputs Level 2 Member | ||
Assets | ||
Cash And Cash Equivalents Fair Value Disclosure | 0 | 0 |
Term Deposits, Fair Value Disclosure | 2 | 1 |
Derivative Assets | 1 | 1 |
Total Assets | 3 | 2 |
Liabilities | ||
Derivative Liabilities | 3 | 4 |
Liabilities | 3 | 4 |
Fair Value Inputs Level 3 Member | ||
Assets | ||
Cash And Cash Equivalents Fair Value Disclosure | 0 | 0 |
Term Deposits, Fair Value Disclosure | 0 | 0 |
Derivative Assets | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities | ||
Derivative Liabilities | 0 | 0 |
Liabilities | $0 | $0 |
INCOME_TAXES_DETAIL
INCOME TAXES (DETAIL) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ||||
EARNINGS BEFORE TAXES | $77 | $30 | $194 | $47 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Current Income Tax Expense (Benefit) | $26 | ($14) | $71 | $8 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ||||
Effective Income Tax Rate Continuing Operations | 34.00% | -47.00% | 37.00% | 17.00% |
CHANGES_IN_ACCUMULATED_OTHER_C2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (DETAIL) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income Loss Net Of Tax Abstract | ||||||
Accumulated other comprehensive deficit | ($382) | ($382) | ($364) | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent [Abstract] | ||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -1 | -1 | -1 | -1 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 1 | 2 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -1 | -2 | ||||
Deferred loss on hedging transactions (net of tax) | 0 | 2 | 0 | 3 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Abstract] | ||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 0 | 0 | -15 | 30 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 15 | -30 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 15 | 28 | -30 | 9 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent [Abstract] | ||||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -268 | -268 | -270 | -279 | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 2 | 9 | ||||
Other Comprehensive Income Translation Impact On Non US Plans Net Of Tax | 0 | 2 | ||||
Pension and other postretirement adjustment (net of tax) | 2 | -1 | 11 | -2 | ||
Other Comprehensive Income AOCI Valuation | ||||||
Accumulated Other Comprehensive Income Loss AOCI Valuation | -113 | -113 | -113 | -114 | ||
Other comprehensive income translation impact | 0 | 1 | ||||
Other Comprehensive Income Loss Reclassification AOCI Valuation | 0 | 0 | ||||
Other comprehensive income loss AOCI Valuation net of tax | $0 | $1 |