QUARTERLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2011

Selected Quarterly Financial Information [Abstract]

Quarterly Financial Information [Text Block]

##NQFI. QUARTERLY FINANCIAL INFORMATION (unaudited)
Select quarterly financial information is presented in the tables below for the quarterly periods of 2011 and 2010, respectively (in millions, except per share amounts):
		Quarter
2011		First		Second		Third		Fourth
Net sales		$	1,238	$	1,451	$	1,450	$	1,196
Cost of sales			1,036		1,172		1,133		966
Gross margin			202		279		317		230
Earnings before interest and taxes			61		135		177		88
Interest expense, net			25		28		28		27
Income tax expense			11		29		23		11
Net earnings attributable to Owens Corning			24		78		124		50
BASIC EARNINGS PER COMMON SHARE
	ATTRIBUTABLE TO OWENS CORNING
	COMMON STOCKHOLDERS	$	0.19	$	0.63	$	1.02	$	0.41
DILUTED EARNINGS PER COMMON SHARE
	ATTRIBUTABLE TO OWENS CORNING
	COMMON STOCKHOLDERS	$	0.19	$	0.62	$	1.01	$	0.41
During the three months ended March 31, 2011, the Company recorded additional pre-tax income of $4 million ($4 million after tax) related to prior periods. The effect was not material to previously issued financial statements.

		Quarter
2010		First		Second		Third		Fourth
Net sales		$	1,265	$	1,378	$	1,186	$	1,168
Cost of sales			1,029		1,094		950		968
Gross margin			236		284		236		200
Earnings (loss) before interest and taxes			83		125		69		(71)
Interest expense, net			26		31		28		25
Income tax expense (benefit)			9		(844)		(19)		14
Net earnings (loss) attributable to Owens Corning			48		937		58		(110)
BASIC EARNINGS (LOSS) PER COMMON SHARE
	ATTRIBUTABLE TO OWENS CORNING
	COMMON STOCKHOLDERS	$	0.38	$	7.39	$	0.46	$	(0.89)
DILUTED EARNINGS (LOSS) PER COMMON SHARE
	ATTRIBUTABLE TO OWENS CORNING
	COMMON STOCKHOLDERS	$	0.38	$	7.33	$	0.46	$	(0.89)
During the three months and six months ended June 30, 2010 the Company recorded additional pre-tax expense of $4 million ($5 million after tax) and pre-tax income of $2 million ($2 million after tax), respectively related to prior periods. The effect was not material to previously issued financial statements.