Company: OC
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022858
Chunk: 114

Company: Owens Corning
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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, 2025.Other DerivativesThe Company uses forward currency exchange contracts to manage existing exposures to foreign exchange risk related to assets and liabilities recorded on the Consolidated Balance Sheets. As of March 31, 2025, the Company had notional amounts for continuing and discontinued operations of $157 million for non-designated derivative financial instruments related to foreign currency exposures in U.S. Dollars primarily related to the Brazilian Real, Korean Won, Indian Rupee, Chinese Yuan, European Euro and the Hong Kong Dollar. In addition, the Company had notional amounts for continuing operations of $96 million for non-designated derivative financial instruments related to foreign currency exposures in European Euro primarily related to the Polish Złoty, Danish Krone, Norwegian Krone and the U.S. Dollar.

6.     GOODWILL AND OTHER INTANGIBLE ASSETS

The Company tests goodwill and indefinite-lived intangible assets for impairment during the fourth quarter of each year, or more frequently should circumstances change or events occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. GoodwillThe changes in the net carrying value of goodwill by segment are as follows:(In millions)RoofingInsulationDoorsTotalGross carrying amount at December 31, 2024$654 $1,549 $1,478 $3,681 Foreign currency translation3 28 4 35 Gross carrying amount at March 31, 2025657 1,577 1,482 3,716 Accumulated impairment losses at December 31, 2024— (936)— (936)Foreign currency translation— (18)— (18)Accumulated impairment losses at March 31, 2025— (954)— (954)Balance, net of impairment, at March 31, 2025$657 $623 $1,482 $2,762 First Quarter Goodwill Triggering EventDuring the first quarter of 2025, our internal reporting and management structure changed, resulting in the identification of three new reportable segments: Roofing, Insulation and Doors. As a result of our segment reorganization, we reassigned the former Composites reportable segment assets and liabilities into the Roofing and Insulation reportable segments. As this change was considered a goodwill triggering event, we performed an interim goodwill impairment test both prior and subsequent to the reorganization using a discounted cash flow approach