Company: OC
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001370946-25-000241
Chunk: 21

Company: Owens Corning
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 in earnings (c)Net earnings (loss) from discontinued operations attributable to Owens Corning, net of tax$— $— $5 $(3)(a)Accumulated Other Comprehensive Income (Deficit) (“AOCI”)(b)(Gains)/losses related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures, which were also recorded in Other expense, net. Please refer to the “Other Derivatives” section below for additional detail.(c)(Gains)/losses related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures, which were also recorded in Net earnings (loss) from discontinued operations attributable to Owens Corning, net of tax. Please refer to the “Other Derivatives” section below for additional detail.Consolidated Statements of Comprehensive Earnings ActivityThe following table presents the impact of derivative activities on the Consolidated Statements of Comprehensive Earnings:Amount of Gain (Loss) Recognized in Comprehensive Earnings(In millions)Three Months EndedSeptember 30,Nine Months EndedSeptember 30,Hedging TypeDerivative Financial Instrument2025202420252024Cash flow hedgeNatural gas forward swaps$(1)$1 $(6)$14 

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

Cash Flow HedgesThe Company uses a combination of derivative financial instruments, which qualify as cash flow hedges, and physical contracts to manage forecasted exposure to electricity and natural gas prices. As of September 30, 2025, the notional amounts of these natural gas forward swaps for both continuing and discontinued operations were 6 million MMBtu (or MMBtu equivalent) based on U.S. and European indices. The Company has designated these natural gas forward swaps as cash flow hedges, with the last hedge maturing no later than December 2026. A net unrecognized loss of $3 million related to these natural gas forward swaps was included in AOCI as of September 30, 2025, $3 million of which is expected to be reclassified into earnings within the next twelve months.In 2020, the Company entered into a $175 million forward U.S. Treasury rate lock agreement to manage the U.S. Treasury portion of its interest rate risk associated with the anticipated issuance of certain 10-year fixed rate senior notes. The Company designated