Company: OC
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022858
Chunk: 9

Company: Owens Corning
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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718-10-15-3 to determine whether profits interest and similar awards should be accounted for in accordance with Topic 718.January 1, 2025We have adopted and determined that this guidance does not have a material effect on our Consolidated Financial Statements.ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”This standard modifies the rate reconciliation and income taxes paid disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, as well as requiring income taxes paid to be disaggregated by jurisdiction.January 1, 2025We have adopted and determined that this guidance does not have a material effect on our Consolidated Financial Statement disclosures.ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.January 1, 2024We have adopted and determined that this guidance does not have a material effect on our Consolidated Financial Statement disclosures.ASU 2023-06 “Disclosure Improvements”The amendments in this update modify the disclosure or presentation requirements of a variety of TopicsThe effective date for each topic is contingent on future SEC rule setting.We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statement disclosures. We do not believe the adoption of this guidance will have a material effect on our results of operations.

2.    DISCONTINUED OPERATIONS

On February 13, 2025, the Company entered into a definitive agreement ("GR Agreement") for the sale of its glass reinforcements business ("GR") for a purchase price of approximately $436 million, less costs to sell. As of March 31, 2025, the estimated purchase price was $498 million, net of cash, and less costs to sell. The change since signing is due to the changes in customary and transaction-specific price adjustments which are subject to further changes through the date of the final closing adjustments. The purchase price is inclusive of $225 million of promissory notes to be issued to the Company by the purchasers. The GR business, historically part of the Company’s Composites segment, manufactures, fabricates, and sells glass fiber reinforcements for a wide variety of applications in wind energy, infrastructure, industrial, transportation and consumer markets.During the fourth quarter of 2024, the Company determined that certain asset groups should be tested for recoverability, primarily as a result of