Owens Corning Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K, dated June 1, 2009, serves to update specific portions of Owens Corning's Annual Report on Form 10-K for the fiscal year ended December 31, 2008. The filing addresses accounting changes and segment reclassifications effective during the first quarter of 2009.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This document is a procedural update to prior financial statements rather than a report of new financial results. Investors are directed to the Quarterly Report on Form 10-Q for the period ended March 31, 2009, for current financial data.
Material Changes Versus Prior Period
The filing outlines four material changes applied retroactively to all periods presented in the 2008 Form 10-K:
- Inventory Accounting Method: Changed from the last-in, first-out (LIFO) cost method to the first-in, first-out (FIFO) cost method for inventories in the United States, effective in the first quarter of 2009.
- Noncontrolling Interests: Adopted Statement of Financial Accounting Standards No. 160 (SFAS 160), effective January 1, 2009.
- Derivative Disclosures: Adopted Statement of Financial Accounting Standards No. 161 (SFAS 161) regarding disclosures about derivative instruments and hedging activities, effective January 1, 2009.
- Reportable Segments: Implemented a change in reportable segments, effective in the first quarter of 2009.
Guidance, Outlook, and Risks
This filing does not contain new management guidance, outlook, or specific risk factors. It explicitly states that it does not reflect subsequent information or events other than the accounting updates described. The document advises that more current information regarding expectations and developments is contained in the Form 10-Q for the quarter ended March 31, 2009.
Investor Verification Checklist
- Verify the impact of the LIFO to FIFO inventory accounting change on reported gross margins and inventory valuations in the updated 2008 Form 10-K.
- Review the updated reportable segment definitions to ensure accurate comparison with future quarterly results.
- Consult the Form 10-Q for the period ended March 31, 2009, for the most recent revenue, earnings, and liquidity figures.
- Confirm the application of SFAS 160 and SFAS 161 in the updated financial statements and supplementary data.