2021 Owens Corning Sustainability Report | Our Approach | Ta x | 83 TAX Owens Corning’s tax strategy is guided by the following principles: 1. Ensure that all tax filings and payments are made accurately and in a timely manner. 2. Build and maintain transparent and collaborative relationships with tax authorities. 3. Evaluate and mitigate risk through rigorous review processes and controls, including by external auditors. 4. Implement only those tax initiatives that are consistent with the company’s business objectives and risk profile. The company has a global team of tax professionals in many of its operating jurisdictions. Each location manages their respective tax affairs in accordance with Owens Corning’s Code of Conduct, global tax strategy, policies, and procedures. The chief financial officer has the ultimate responsibility for Owens Corning’s tax strategy. The vice president of tax oversees the day-to-day operations of the tax function including the execution of the company’s tax objectives and policies. Tax matters are reported to the board’s audit and finance committees on a regular basis. Information about Owens Corning’s taxes is provided in Note 19 of the company’s Form 10-K filed with the SEC. The information is bifurcated into U.S. and Foreign because the U.S. provides the majority of the company’s earnings before interest and taxes (EBIT). The management discussion and analysis (MD&A) section of Form 10-K provides an explanation of why the company’s global effective tax rate differs from the U.S. statutory rate. An additional table is provided in Note 19 Income Taxes to further explain the material differences between the effective tax rate and the statutory tax rate. Risk management is a critical part of Owens Corning’s tax function. The tax function has rigorous processes and controls in place to identify, assess, and measure known, new, and emerging risks. The risk of tax law changes is regularly monitored and analyzed using research software, trade and news publications, and active participation in tax associations. The company tracks proposed tax law changes globally to determine which changes could potentially have an impact on the company’s tax position, including the utilization of its tax attributes. Appropriate measures are then taken to mitigate the negative impact of such changes. In addition, the tax function works very closely with the company’s Corporate Financial Planning & Analysis (FP&A) and business finance and operational teams to understand both the short-term and the long-term trends of our global operations. Tax planning and operational initiatives are identified, analyzed, and implemented to support and complement these business objectives. Lastly, Owens Corning seeks to develop and maintain open and constructive relationships with tax authorities. The company strives to resolve disputes through mutual transparency and collaboration, always behaving in the utmost professional and ethical manner. Photo submitted by: Leila Pourzahedi | Granville, Ohio, U.S. Whistler, British Columbia