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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company has three reportable segments: Composites, Insulation and Roofing. Accounting policies for the segments are the same as those for the Company. The Company’s three reportable segments are defined as follows: Composites – Within our Composites segment, the Company manufactures, fabricates and sells glass reinforcements in the form of fiber. Glass reinforcement materials are also used by the Composites segment to manufacture and sell high value applications in the form of fabrics, non-wovens and other specialized products. Insulation – Within our Insulation segment, the Company manufactures and sells thermal and acoustical batts, loosefill insulation, spray foam insulation, foam sheathing and accessories. It also manufactures and sells glass fiber pipe insulation, energy efficient flexible duct media, bonded and granulated mineral wool insulation, cellular glass insulation, and foam insulation used in above- and below-grade construction applications. Roofing – Within our Roofing segment, the Company manufactures and sells residential roofing shingles, oxidized asphalt materials, roofing components used in residential and commercial construction and specialty applications, and synthetic packaging materials. NET SALES The following tables show a disaggregation of our Net sales by segment and geographic region (in millions). Corporate eliminations (shown below) largely reflect intercompany sales from Composites to Roofing. External customer sales are attributed to geographic region based upon the location from which the product is sold to the external customer.
| For the three months ended June 30, 2023
Reportable Segments | Composites | Insulation | Roofing | Eliminations | Consolidated
Disaggregation Categories |  |  |  |  |
U.S. residential | $ | 87 |  | $ | 324 |  | $ | 1,054 |  | $ | (83) |  | $ | 1,382 |
U.S. commercial and industrial | 237 |  | 223 |  | 40 |  | (2) |  | 498 |
Total United States | 324 |  | 547 |  | 1,094 |  | (85) |  | 1,880 |
Europe | 135 |  | 201 |  | 4 |  | — |  | 340 |
Asia-Pacific | 116 |  | 41 |  | 1 |  | — |  | 158 |
Rest of world | 45 |  | 116 |  | 24 |  | — |  | 185 |
NET SALES | $ | 620 |  | $ | 905 |  | $ | 1,123 |  | $ | (85) |  | $ | 2,563 |
| For the three months ended June 30, 2022
Reportable Segments | Composites | Insulation | Roofing | Eliminations | Consolidated
Disaggregation Categories |  |  |  |  |
U.S. residential | $ | 94 |  | $ | 374 |  | $ | 932 |  | $ | (69) |  | $ | 1,331 |
U.S. commercial and industrial | 225 |  | 202 |  | 44 |  | — |  | 471 |
Total United States | 319 |  | 576 |  | 976 |  | (69) |  | 1,802 |
Europe | 197 |  | 213 |  | 5 |  | (1) |  | 414 |
Asia-Pacific | 145 |  | 41 |  | 2 |  | — |  | 188 |
Rest of world | 58 |  | 104 |  | 35 |  | — |  | 197 |
NET SALES | $ | 719 |  | $ | 934 |  | $ | 1,018 |  | $ | (70) |  | $ | 2,601 |
| For the six months ended June 30, 2023
Reportable Segments | Composites | Insulation | Roofing | Eliminations | Consolidated
Disaggregation Categories |  |  |  |  |
U.S. residential | $ | 172 |  | $ | 694 |  | $ | 1,893 |  | $ | (148) |  | $ | 2,611 |
U.S. commercial and industrial | 455 |  | 429 |  | 64 |  | (4) |  | 944 |
Total United States | 627 |  | 1,123 |  | 1,957 |  | (152) |  | 3,555 |
Europe | 272 |  | 395 |  | 8 |  | (1) |  | 674 |
Asia-Pacific | 223 |  | 72 |  | 1 |  | — |  | 296 |
Rest of world | 83 |  | 234 |  | 52 |  | — |  | 369 |
NET SALES | $ | 1,205 |  | $ | 1,824 |  | $ | 2,018 |  | $ | (153) |  | $ | 4,894 |
| For the six months ended June 30, 2022
Reportable Segments | Composites | Insulation | Roofing | Eliminations | Consolidated
Disaggregation Categories |  |  |  |  |
U.S. residential | $ | 181 |  | $ | 725 |  | $ | 1,708 |  | $ | (129) |  | $ | 2,485 |
U.S. commercial and industrial | 435 |  | 381 |  | 71 |  | (3) |  | 884 |
Total United States | 616 |  | 1,106 |  | 1,779 |  | (132) |  | 3,369 |
Europe | 402 |  | 410 |  | 11 |  | (3) |  | 820 |
Asia-Pacific | 296 |  | 76 |  | 4 |  | — |  | 376 |
Rest of world | 119 |  | 201 |  | 62 |  | — |  | 382 |
NET SALES | $ | 1,433 |  | $ | 1,793 |  | $ | 1,856 |  | $ | (135) |  | $ | 4,947 |
EARNINGS BEFORE INTEREST AND TAXES Earnings before interest and taxes (“EBIT”) by segment consist of net sales less related costs and expenses, and are presented on a basis that is used internally for evaluating segment performance. Certain items, such as general corporate expenses or income and certain other expense or income items, are excluded from the internal evaluation of segment performance. Accordingly, these items are not reflected in EBIT for our reportable segments and are included within Corporate, Other and Eliminations. The following table summarizes EBIT by segment (in millions):
| Three Months Ended June 30, | Six Months Ended June 30,
| 2023 | 2022 | 2023 | 2022
Reportable Segments |  |  |  |
Composites | $ | 87 |  | $ | 154 |  | $ | 136 |  | $ | 308 |
Insulation | 163 |  | 157 |  | 319 |  | 286 |
Roofing | 338 |  | 258 |  | 547 |  | 434 |
Total reportable segments | 588 |  | 569 |  | 1,002 |  | 1,028 |
Restructuring costs | (47) |  | (11) |  | (65) |  | (17) |
Gain on sale of Shanghai, China facility | — |  | — |  | — |  | 27 |
Gain on sale of Santa Clara, California site | — |  | — |  | 189 |  | — |
Gains on sale of certain precious metals | — |  | 7 |  | 2 |  | 11 |
Acquisition-related costs | — |  | (3) |  | — |  | (3) |
Impairment loss on Chambery, France assets held for sale | — |  | (29) |  | — |  | (29) |
General corporate expense and other | (54) |  | (44) |  | (107) |  | (86) |
Total corporate, other and eliminations | (101) |  | (80) |  | 19 |  | (97) |
EBIT | $ | 487 |  | $ | 489 |  | $ | 1,021 |  | $ | 931 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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