Company: OC
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001370946-25-000077
Chunk: 271

Company: Owens Corning
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 271
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4December 31, 2023Derivative assets designated as hedging instruments:Cash flow hedges:Natural gas forward swapsOther current assets$4 $— Derivative liabilities designated as hedging instruments:Cash flow hedges:Natural gas forward swapsOther current liabilities$1 $15 Derivative assets not designated as hedging instruments:Foreign exchange forward contractsOther current assets$1 $1 Derivative liabilities not designated as hedging instruments:Foreign exchange forward contractsOther current liabilities$2 $1 

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Table of ContentsOWENS CORNING AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)4.    DERIVATIVE FINANCIAL INSTRUMENTS (continued)

Consolidated Statements of Earnings ActivityThe following table presents the impact and respective location of derivative activities on the Consolidated Statements of Earnings:  Twelve Months Ended  December 31,(In millions)Location202420232022Derivative activity designated as hedging instruments:Natural gas cash flow hedges:Amount of loss (gain) reclassified from AOCI (as defined below) into earnings (a)Cost of sales$17 $52 $(52)Cross-currency swap net investment hedges:Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testingInterest expense, net$— $— $(1)Treasury interest rate lock:Amount of (gain) reclassified from AOCI (as defined below) into earnings (a)Interest expense, net$(1)$— $— Derivative activity not designated as hedging instruments:Foreign currency:Amount of (gain) loss recognized in earnings (b)Other expense, net$(5)$10 $(29)Treasury interest rate lock:Amount of gain recognized in earningsOther expense, net$— $— $(6)(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.Consolidated Statements of Comprehensive Earnings ActivityThe following table presents the impact of derivative activities on the Consolidated Statements of Comprehensive Earnings:Amount of Gain (Loss) Recognized in Comprehensive Earnings(In millions)Twelve Months Ended December 31,H