Company: OC
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001370946-25-000205
Chunk: 19

Company: Owens Corning
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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. The Company uses widely accepted valuation tools to determine fair value, such as discounting cash flows to calculate a present value for the derivatives. The models use Level 2 inputs, such as forward curves and other commonly quoted observable transactions and prices, which are observable market-based inputs or unobservable inputs that are corroborated by market data. The fair value of our derivatives and hedging instruments are all classified as Level 2 investments within the three-tier hierarchy.The following table presents the fair value of derivatives and hedging instruments and their respective location on the Consolidated Balance Sheets:  Fair Value at(In millions)LocationJune 30, 2025December 31, 2024Derivative assets designated as hedging instruments:Cash flow hedges:Natural gas forward swaps for continuing operationsOther current assets$1 $3 Natural gas forward swaps for discontinued operationsOther current assets of discontinued operations$— $1 Derivative liabilities designated as hedging instruments:Cash flow hedges:Natural gas forward swaps for continuing operationsOther current liabilities$2 $1 Natural gas forward swaps for discontinued operationsOther current liabilities of discontinued operations$— $— Derivative assets not designated as hedging instruments:Foreign exchange forward contracts for discontinued operationsOther current assets of discontinued operations$— $1 Derivative liabilities not designated as hedging instruments:Foreign exchange forward contracts for continuing operationsOther current liabilities$— $1 Foreign exchange forward contracts for discontinued operationsOther current liabilities of discontinued operations$1 $1 

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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 EndedJune 30,Six Months EndedJune 30,(In millions)Location2025202420252024Derivative 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$— $3 $(1)$9 Amount of loss reclassified from AOCI (as defined below) into earnings (a)Net earnings (loss) from discontinued operations attributable to Owens Corning, net of tax$— $1 $— $4 Treasury interest rate lock:Amount of gain reclassified from AOCI