8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C., 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date Of Report (Date Of Earliest Event Reported): 2/28/2007

Owens Corning

(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 1-33100

DE	43-2109021
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

One Owens Corning Parkway, Toledo, OH 43659

(Address of Principal Executive Offices, Including Zip Code)

419-248-8000

(Registrant’s Telephone Number, Including Area Code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Items to be Included in this Report

Item 7.01. Regulation FD Disclosure.

Owens Corning (the “Company”) intends to meet with investors and will present certain investor information regarding the Company.

Pursuant to Regulation FD, the Company is hereby furnishing the investor presentation as Exhibit 99.1, which is incorporated by reference into this Item 7.01. This information is being “furnished” to the Securities and Exchange Commission (the “SEC”) and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Securities Act”), except as expressly set forth by specific reference in such filing.

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Further information on factors that could affect the Company’s financial and other results is included in the Company’s recent filings with the SEC.

Exhibit 99.1 contains certain financial measures that are considered “non-GAAP financial measures” as defined in SEC rules. Exhibit 99.2 contains a copy of the financial statements included in the Company’s earnings release filed with the SEC on Form 8-K on February 21, 2007, which contains a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Investor Presentation.
99.2	GAAP Reconciliation.

SIGNATURE

Pursuant to the Requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.

	Owens Corning
Date: February 28, 2007	By:	/s/ Stephen K. Krull
		Stephen K. Krull Senior Vice President, General Counsel and Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Investor Presentation.
99.2	GAAP Reconciliation.

EX-99.1

Owens Corning

Fiscal Q4 and 2006 Year in Review

February 28, 2007

Exhibit 99.1

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2

Forward-looking Statement and Non-GAAP Measures

This presentation contains forward-looking statements within the meaning of

Section 27A of the Securities Act of 1933, as amended, and Section 21E of the

Securities Exchange Act of 1934, as amended. These forward-looking statements

are subject to risks and uncertainties that could cause actual results to differ

materially from those projected in these statements.  The forward-looking

statements speak only to the dates hereof and are subject to change.  The

Company does not undertake any duty to update or revise forward-looking

statements.

Further information on factors that could affect the company's financial and other

results is included in the company's Forms 10-Q and 10-K, filed with the Securities

and Exchange Commission.  Additional company information is available on the

Owens Corning Website: www.owenscorning.com.

Certain data included within this presentation contains "non-GAAP financial

measures"

as

defined

by

the

Securities

and

Exchange

Commission.

A

reconciliation of these

non-GAAP financial measures to their most directly

comparable financial measures calculated and presented in accordance with

generally

accepted

accounting

principles

can

be

found

in

our

Form

8-K,

dated

February 21, 2007 and on our website referenced above.

3

Management Representatives

David Brown

President and Chief

Executive Officer

Michael Thaman

Chairman of the Board and

Chief Financial Officer

Scott Deitz

Vice President, Investor

Relations

•

President & CEO since 2002

•

Joined Owens Corning in 1978

•

Chairman of the Board since 2002

•

Chief Financial Officer since 2000

•

Joined Owens Corning in 1992

•

VP, Investor Relations since 2006

•

Joined Owens Corning in 2005

4

Owens Corning Today

•

Fiscal 2006 sales of $6.5 billion, 19,000 employees in 26 countries

•

Leader in building materials systems and high-performance glass

composites

•

Best

known

for

PINK

FIBERGLAS

®

home

insulation

•

Four business segments

–

Insulating Systems

–

Composite Solutions

–

Roofing & Asphalt

–

Other Building Materials & Services

2006

Fortune

Magazine

Most

Admired

Company

in

the

building

materials

category;

50+ consecutive years on the Fortune 500

5

Market Leadership &

Our Strong Brand Equity

Leading North America Market

Positions

•

Residential Insulation

•

Commercial & Industrial Insulation

•

Manufactured Stone Veneer

•

Residential Shingles

•

Roofing Asphalts

Global Leader

•

Glass Fiber Reinforcement

Materials used for Composites

6

Fiscal 2006 In Review

•

Record sales of $6.461 billion, up 2.2% over 2005

•

Adjusted Income from Operations of $569 million, up

4.6% compared with $544 million in 2005

•

Gross margin as a percent of sales, excluding Fresh-

Start Accounting and other restructuring charges,

17.5%, compared with 18.3% in 2005

•

SG&A 8.3%, compared with 8.9% in 2005

7

2006 Income from Operations (IFO)

$433

Provision for Asbestos Litigation

($13)

C-11 Related Reorganization Items

$55

Other Items

(1)

$94

Total Adjustments

$136

2006 Adjusted Income from Operations

$569

2006 Depreciation and Amortization

(2)

$278

Adjustments to remove items

impacting comparability

Reconciliation of 2006 Adjusted to Reported IFO

($MM)

(1)

Includes the impact

of inventory write-up of  $44MM; write-off of in-process R&D of $21MM; restructuring activities of  $55MM;

gain on sale of  metals of ($45MM); and other of  $19MM

(2)

Includes $21MM

write-off of in-process R&D

8

Fiscal Q4 & Fiscal 2006 Dynamics

Q4

•

Downturn in U.S housing starts

impacted performance, especially

Insulating Systems

•

Below trend-line storm demand, high

asphalt prices and inventories

depressed Roofing & Asphalt results

•

Exit of HOMExperts business;

improved productivity within

manufactured stone veneer

•

Performance improvement in

Composite

Solutions Business,

especially reinforcements, continues

2006

•

Emergence from asbestos-related

Chapter 11, with finality

•

Investment-grade credit ratings

achieved

•

Global Composites JV with Saint-

Gobain announced

•

Strong cash generation

•

R’s on Us™

introduced

•

Innovative

Duration™

Series

roofing

shingle

with

SureNail®

technology introduced

9

Balanced Portfolio of Varied End Markets

Revenue by End Market

2006 Revenue: $6.5 billion

U.S. & Canada

New Residential

Construction

36.0 %

U.S. & Canada

Residential

Repair &

Remodeling

34.0 %

U.S. & Canada

Commercial &

Industrial

18.0 %

International

12.0 %

Source: Management Estimates

10

Business Segment Overview

(1)

Percentages by segment based on revenue of $6.6B before corporate eliminations

(2)

Percentages based on segment results before reconciliation to income (loss) before income tax expense

2006

Income

Before

Income

Tax

Expense:

$711

million

(2)

Insulating

Systems

32%

Roofing and

Asphalt

26%

Composite

Solutions

23%

Other Building

Materials & Services

19%

Insulating

Systems

66%

Roofing and

Asphalt

10%

Composite

Solutions

22%

Other Building Materials & Services

2%

2006

Revenue:

$6.5

billion

(1)

11

Insulating Systems

2006 Revenue by End Market

U.S. & Canada

New

Residential

Construction

60%

U.S. & Canada

Repair &

Remodeling

13%

U.S. & Canada

Commercial &

Industrial

19%

International

8%

Financial performance ($MM)

500

1,000

1,500

2,000

$2,500

2003

2004

2005

2006

0%

5%

10%

15%

20%

25%

Sales

IFO Margin

Management Estimates Based on Channel and Product Mix

12

Roofing & Asphalt

2006 Revenue by End Market

U.S. & Canada

Commercial & Industrial

12%

U.S. & Canada

New

Residential

Construction

21%

U.S. & Canada

Residential

Repair & Remodeling

67%

500

1,000

1,500

2,000

2003

2004

2005

2006

0%

2%

4%

6%

8%

10%

Financial performance ($MM)

Sales

IFO Margin

Management Estimates Based on Channel and Product Mix

13

Other Building Materials & Services

2006 Revenue by End Market

U.S. & Canada

New

Residential

Construction

55%

U.S. & Canada

Residential Repair

& Remodeling

42%

U.S. & Canada

Commercial & Industrial

3%

200

400

600

800

1,000

1,200

$1,400

2003

2004

2005

2006

0%

2%

4%

6%

8%

10%

•

Manufactured Stone Veneer

•

Vinyl Siding, Norandex/Reynolds

Distribution (Exploring Strategic alternatives)

•

Franchising/Construction Services

Financial performance ($MM)

Sales

IFO Margin

Management Estimates Based on Channel and Product Mix

14

Composite Solutions

2006 Revenue by End Market

U.S. & Canada

Commercial

& Industrial

36%

U.S. & Canada

Residential Repair

& Remodeling

13%

U.S. & Canada

New Residential

Construction

4%

International

47%

200

400

600

800

1,000

1,200

1,400

1,600

$1,800

2003

2004

2005

2006

0%

4%

8%

12%

Financial performance ($MM)

Sales

IFO Margin

Management Estimates Based on Channel and Product Mix

15

Strategic Actions

•

Signed JV agreement to merge OC’s composites and

reinforcements business with Saint-Gobain’s

–

Estimated world-wide revenues of $1.8 billion, 10,000 employees

–

Strengthened presence in developed and emerging markets

–

Owens Corning 60% ownership; Saint-Gobain 40%

–

OC option to purchase after 4 years

•

Exploring strategic alternatives for Siding Solutions Business &

Fabwel unit; mid-year completion

•

Owens Corning share buy-back program

–

Authorized to purchase up to 5% of Owens Corning’s outstanding

common stock

–

At current share price, represents approximately $200 million

–

Promote total return and value to shareholders

16

2007 Outlook

•

Housing start slow down continues well into 2007

•

First quarter weak, results improving through the year

•

Insulating Systems Business to lag starts by 90 days

•

Roofing & Asphalt improvement expected through the year

•

JV completed with continued improvement in composites results

through the year

•

As a result of emergence, NOL of $2.8 billion resulting in estimated

cash taxes to

be 10% to 15% of pre-tax income for the next five to

seven years

•

Owens Corning’s Adjusted Income from Operations estimated to

exceed $415 million in 2007, based on current NAHB forecasts for

2007

US. housing starts

17

Owens Corning Financial Strategies

•

Financial performance & discipline

–

Strong operational Cash Flow to foster growth and innovation

–

Continued focus on Return on Net Assets in excess of

Cost of Capital

•

Balanced use of Free Cash Flow

–

Maintain strong balance sheet and sustain investment-grade credit

profile

–

Invest maintenance capital –

estimated at 80% of depreciation

–

Invest remainder of depreciation to improve and grow operations

–

Focused and disciplined organic growth and acquisitions

–

Support shareholder returns

Questions & Discussion

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EX-99.2

Exhibit 99.2

Owens Corning and Subsidiaries

Consolidated Statement of Income (Loss)

(Unaudited)

(Dollars in millions)

	Combined Twelve Months Ended December 31, 2006			Successor			Predecessor
				Two Months Ended December 31, 2006			Ten Months Ended October 31, 2006			Twelve Months Ended December 31, 2005
NET SALES	$	6,461		$	909		$	5,552		$	6,323
COST OF SALES		5,395			799			4,596			5,165
Gross margin		1,066			110			956			1,158
Operating Expenses
Marketing and administrative expenses		537			92			445			565
Science and technology expenses		80			30			50			58
Restructure costs		39			27			12			—
Chapter 11 related reorganization items		55			10			45			45
Provision for asbestos litigation claims - Owens Corning		—			—			—			3,365
Provision (credit) for asbestos litigation claims - Fibreboard		(13	)		—			(13	)		902
Employee emergence equity program		6			6			—			—
(Gain) loss on sale of fixed assets and other		(71	)		5			(76	)		(34	)
Total operating expenses		633			170			463			4,901
INCOME (LOSS) FROM OPERATIONS		433			(60	)		493			(3,743	)
Interest expense, net		270			29			241			739
Gain on settlement of liabilities subject to compromise		(5,864	)		—			(5,864	)		—
Fresh-start accounting adjustments		(3,049	)		—			(3,049	)		—
INCOME (LOSS) BEFORE INCOME TAX EXPENSE		9,076			(89	)		9,165			(4,482	)
Income tax expense (benefit)		997			(28	)		1,025			(387	)
INCOME (LOSS) BEFORE MINORITY INTEREST AND EQUITY IN NET EARNINGS OF AFFILIATES		8,079			(61	)		8,140			(4,095	)
Minority interest and equity in net earnings (loss) of affiliates		(4	)		(4	)		—			(4	)
NET INCOME (LOSS)	$	8,075		$	(65	)	$	8,140		$	(4,099	)
RECONCILIATION TO ADJUSTED INCOME FROM OPERATIONS:
NET INCOME (LOSS)	$	8,075		$	(65	)	$	8,140		$	(4,099	)
Minority interest and equity in net earnings (loss) of affiliates		(4	)		(4	)		—			(4	)
INCOME (LOSS) BEFORE MINORITY INTEREST AND EQUITY IN NET EARNINGS OF AFFILIATES		8,079			(61	)		8,140			(4,095	)
Income tax expense (benefit)		997			(28	)		1,025			(387	)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE		9,076			(89	)		9,165			(4,482	)
Gain on settlement of liabilities subject to compromise		(5,864	)		—			(5,864	)		—
Fresh-start accounting adjustments		(3,049	)		—			(3,049	)		—
Interest expense, net		270			29			241			739
INCOME (LOSS) FROM OPERATIONS		433			(60	)		493			(3,743	)
Adjustments to remove items impacting comparability:
Provison for asbestos litigation		(13	)		—			(13	)		4,267
Chapter 11 related reorganization items		55			10			45			45
Impact of inventory write-up		44			44			—			—
In-process research and development		21			21			—			—
Restructuring activities		55			44			11			—
Gain on sale of metals		(45	)		—			(45	)		(7	)
Other		19			12			7			(18	)
Total adjustments to remove items impacting comparability		136			131			5			4,287
ADJUSTED INCOME FROM OPERATIONS	$	569		$	71		$	498		$	544
DEPRECIATION AND AMORTIZATION	$	278		$	69		$	209		$	234

Owens Corning and Subsidiaries

Consolidated Statement of Income (Loss)

(Unaudited)

(Dollars in millions)

	Combined Three Months Ended December 31, 2006			Successor			Predecessor
				Two Months Ended December 31, 2006			One Month Ended October 31, 2006			Three Months Ended December 31, 2005
NET SALES	$	1,477		$	909		$	568		$	1,713
COST OF SALES		1,269			799			470			1,405
Gross margin		208			110			98			308
Operating Expenses
Marketing and administrative expenses		125			92			33			156
Science and technology expenses		35			30			5			15
Restructure costs		29			27			2			—
Chapter 11 related reorganization items		27			10			17			5
Provision (credit) for asbestos litigation claims - Owens Corning		—			—			—			(69	)
Provision (credit) for asbestos litigation claims -Fibreboard		—			—			—			(5	)
Employee emergence equity program		6			6			—			—
(Gain) loss on sale of fixed assets and other		(5	)		5			(10	)		(24	)
Total operating expenses		217			170			47			78
INCOME (LOSS) FROM OPERATIONS		(9	)		(60	)		51			230
Interest expense, net		48			29			19			199
Gain on settlement of liabilities subject to compromise		(5,864	)		—			(5,864	)		—
Fresh-start accounting adjustments		(3,049	)		—			(3,049	)		—
INCOME (LOSS) BEFORE INCOME TAX EXPENSE		8,856			(89	)		8,945			31
Income tax expense (benefit)		1,151			(28	)		1,179			(304	)
INCOME (LOSS) BEFORE MINORITY INTEREST AND EQUITY IN NET EARNINGS OF AFFILIATES		7,705			(61	)		7,766			335
Minority interest and equity in net earnings (loss) of affiliates		(6	)		(4	)		(2	)		3
NET INCOME (LOSS)	$	7,699		$	(65	)	$	7,764		$	338
RECONCILIATION TO ADJUSTED INCOME FROM OPERATIONS:
NET INCOME (LOSS)	$	7,699		$	(65	)	$	7,764		$	338
Minority interest and equity in net earnings (loss) of affiliates		(6	)		(4	)		(2	)		3
INCOME (LOSS) BEFORE MINORITY INTEREST AND EQUITY IN NET EARNINGS OF AFFILIATES		7,705			(61	)		7,766			335
Income tax expense (benefit)		1,151			(28	)		1,179			(304	)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE		8,856			(89	)		8,945			31
Gain on settlement of liabilities subject to compromise		(5,864	)		—			(5,864	)		—
Fresh-start accounting adjustments		(3,049	)		—			(3,049	)		—
Interest expense, net		48			29			19			199
INCOME (LOSS) FROM OPERATIONS		(9	)		(60	)		51			230
Adjustments to remove items impacting comparability:
Provison for asbestos litigation		—			—			—			(74	)
Chapter 11 related reorganization items		27			10			17			5
Impact of inventory write-up		44			44			—			—
In-process research and development		21			21			—			—
Restructuring activities		45			44			1			—
Gain on sale of metals		—			—			—			(7	)
Other		15			12			3			(5	)
Total adjustments to remove items impacting comparability		152			131			21			(81	)
ADJUSTED INCOME FROM OPERATIONS	$	143		$	71		$	72		$	149
DEPRECIATION AND AMORTIZATION	$	94		$	69		$	25		$	53

Owens Corning and Subsidiaries

Condensed Consolidated Balance Sheet

(Unaudited)

(Dollars in millions)

	Successor		Predecessor
	December 31,   2006		December 31, 2005
ASSETS
Current
Cash and cash equivalents	$	1,089	$	1,559
Receivables, net		573		608
Inventories		749		477
Other current assets		141		61
Total current		2,552		2,705
Other
Restricted cash		—		1,622
Deferred income taxes		549		1,432
Goodwill and other intangible assets		2,611		226
Other noncurrent assets		237		738
Total other		3,397		4,018
Net plant and equipment		2,521		2,012
TOTAL ASSETS	$	8,470	$	8,735
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current
Accounts payable and accrued liabilities	$	1,081	$	1,026
Accrued interest		39		741
Short-term debt and current portion of long-term debt		1,440		19
Total current		2,560		1,786
Long-term debt		1,296		36
Other long-term liabilities		884		1,293
Liabilities subject to compromise		—		13,520
Company obligated securities of entities holding solely parent debentures - subject to compromise		—		200
Minority interest		44		47
Stockholders’ equity (deficit)		3,686		(8,147	)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$	8,470	$	8,735

Owens Corning and Subsidiaries

Condensed Consolidated Statement of Cash Flows

(Unaudited)

(Dollars in millions)

	Combined Twelve Months Ended December 31, 2006			Successor			Predecessor
				Two Months Ended December 31, 2006			Ten Months Ended October 31, 2006			Twelve Months Ended December 31, 2005
NET CASH FLOW FROM OPERATIONS
Net income (loss)	$	8,075		$	(65	)	$	8,140		$	(4,099	)
Adjustments to reconcile net income (loss) to cash provided by operating activities
Provision for asbestos litigation claims		21			—			21			4,277
Depreciation and amortization		278			69			209			234
Change in deferred taxes		160			(48	)		208			(467	)
Provision for (payment of) post-petition interest/fees on pre-petition obligations		(728	)		(31	)		(697	)		735
Fresh-start accounting adjustments, net of tax		(2,243	)		—			(2,243	)		—
Gain on settlement of liabilities subject to compromise		(5,864	)		—			(5,864	)		—
Payments related to Chapter 11 filings		(131	)		(131	)		—			—
Payment to asbestos trust		(1,250	)		—			(1,250	)		—
Changes in receivables, inventories, accounts payable and accrued liabilities		24			312			(288	)		24
Other		(230	)		(91	)		(139	)		42
Net cash flow from operating activities		(1,888	)		15			(1,903	)		746
NET CASH FLOW FROM INVESTING
Additions to plant and equipment		(361	)		(77	)		(284	)		(288	)
Investment in subsidiaries, net of cash acquired		(47	)		—			(47	)		(14	)
Proceeds from the sale of assets or affiliate		82			—			82			19
Net cash flow from investing activities		(326	)		(77	)		(249	)		(283	)
NET CASH FLOW FROM FINANCING
Proceeds from issuance of bonds		1,178			—			1,178			—
Proceeds from issuance of new common stock		2,187			—			2,187			—
Payments to pre-petition lenders		(1,516	)		(55	)		(1,461	)		—
Other cash used for financing activities		(111	)		1			(112	)		(30	)
Net cash flow from financing activities		1,738			(54	)		1,792			(30	)
Effect of exchange rate changes on cash		6			—			6			1
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(470	)		(116	)		(354	)		434
Cash and cash equivalents at beginning of period		1,559			1,205			1,559			1,125
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	1,089		$	1,089		$	1,205		$	1,559

Owens Corning and Subsidiaries

Business Segment Information

(Unaudited)

(Dollars in millions)

	Combined Twelve Months Ended December 31, 2006			Successor			Predecessor
				Two Months Ended December 31, 2006			Ten Months Ended October 31, 2006			Twelve Months Ended December 31, 2005
NET SALES
Insulating Systems	$	2,097		$	331		$	1,766		$	1,976
Roofing and Asphalt		1,723			167			1,556			1,806
Other Building Materials and Services		1,260			178			1,082			1,234
Composite Solutions		1,560			245			1,315			1,495
Total reportable segments		6,640			921			5,719			6,511
Corporate Eliminations		(179	)		(12	)		(167	)		(188	)
Consolidated	$	6,461		$	909		$	5,552		$	6,323
INCOME BEFORE INCOME TAX EXPENSE
Insulating Systems	$	467		$	59		$	408		$	424
Roofing and Asphalt		72			(23	)		95			139
Other Building Materials and Services		13			(4	)		17			17
Composite Solutions		159			34			125			139
Total reportable segments	$	711		$	66		$	645		$	719
RECONCILIATION TO INCOME (LOSS) BEFORE INCOME TAX EXPENSE
Chapter 11 related reorganization items	$	(55	)	$	(10	)	$	(45	)	$	(45	)
Credit (provisions) for asbestos litigation claims		13			—			13			(4,267	)
Restructure costs and other (charges) credits		(68	)		(50	)		(18	)		18
Employee emergence equity program		(6	)		(6	)		—			—
Impact of fresh-start accounting		(65	)		(65	)		—			—
General corporate income (expense)		(97	)		5			(102	)		(168	)
Interest expense, net		(270	)		(29	)		(241	)		(739	)
Gain on settlement of liabilities subject to compromise		5,864			—			5,864			—
Fresh-start accounting adjustments		3,049			—			3,049			—
RECONCILIATION TO INCOME (LOSS) BEFORE INCOME TAX EXPENSE	$	9,076		$	(89	)	$	9,165		$	(4,482	)

Owens Corning and Subsidiaries

Business Segment Information

(Unaudited)

(Dollars in millions)

	Combined Three Months Ended December 31, 2006			Successor			Predecessor
				Two Months Ended December 31, 2006			One Month Ended October 31, 2006			Three Months Ended December 31, 2005
NET SALES
Insulating Systems	$	527		$	331		$	196		$	563
Roofing and Asphalt		304			167			137			492
Other Building Materials and Services		288			178			110			325
Composite Solutions		383			245			138			373
Total reportable segments		1,502			921			581			1,753
Corporate Eliminations		(25	)		(12	)		(13	)		(40	)
Consolidated	$	1,477		$	909		$	568		$	1,713
INCOME BEFORE INCOME TAX EXPENSE
Insulating Systems	$	107		$	59		$	48		$	128
Roofing and Asphalt		(25	)		(23	)		(2	)		34
Other Building Materials and Services		—			(4	)		4			5
Composite Solutions		49			34			15			45
Total reportable segments	$	131		$	66		$	65		$	212
RECONCILIATION TO INCOME (LOSS) BEFORE INCOME TAX EXPENSE
Chapter 11 related reorganization items	$	(27	)	$	(10	)	$	(17	)	$	(5	)
Credit (provisions) for asbestos litigation claims		—			—			—			74
Restructure costs and other (charges) credits		(54	)		(50	)		(4	)		5
Employee emergence equity program		(6	)		(6	)		—			—
Impact of fresh-start accounting		(65	)		(65	)		—			—
General corporate expense		12			5			7			(56	)
Interest expense, net		(48	)		(29	)		(19	)		(199	)
Gain on settlement of liabilities subject to compromise		5,864			—			5,864			—
Fresh-start accounting adjustments		3,049			—			3,049			—
RECONCILIATION TO INCOME (LOSS) BEFORE INCOME TAX EXPENSE	$	8,856		$	(89	)	$	8,945		$	31