Company: OC
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022858
Chunk: 17

Company: Owens Corning
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 exchange forward contracts for continuing operationsOther current liabilities$1 $1 Foreign exchange forward contracts for discontinued operationsOther current liabilities of discontinued operations$1 $1 

16

Table of ContentsOWENS CORNING AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)(unaudited)

Consolidated Statements of Earnings ActivityThe following table presents the impact and respective location of derivative activities on the Consolidated Statements of Earnings:    Three Months EndedMarch 31,(In millions)Location20252024Derivative activity designated as hedging instruments:Natural gas cash flow hedges:Amount of (gain) loss reclassified from AOCI (as defined below) into earnings (a)Cost of sales$(1)$6 Amount of loss reclassified from AOCI (as defined below) into earnings (a)Net (loss) earnings from discontinued operations attributable to Owens Corning, net of tax$— $3 Treasury interest rate lock:Amount of gain reclassified from AOCI (as defined below) into earnings (a)Interest expense, net$(1)$— Derivative activity not designated as hedging instruments:Foreign currency:Amount of gain recognized in earnings (b)Other expense, net$(1)$(1)Amount of loss recognized in earnings (c)Net (loss) earnings from discontinued operations attributable to Owens Corning, net of tax$2 $— (a)Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)(b)(Gains)/losses related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures, which were also recorded in Other expense, net. Please refer to the “Other Derivatives” section below for additional detail.(c)(Gains)/losses related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures, which were also recorded in Net (loss) earnings from discontinued operations attributable to Owens Corning, net of tax. Please refer to the “Other Derivatives” section below for additional detail.Consolidated Statements of Comprehensive Earnings ActivityThe following table presents the impact of derivative activities on the Consolidated Statements of Comprehensive Earnings:Amount of Gain Recognized in Comprehensive Earnings(In millions)Three Months EndedMarch 31,Hedging TypeDerivative Financial Instrument20252024Cash flow hedgeNatural gas forward swaps$2 $6 Cash Flow Hedges