Company: OC
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001370946-25-000077
Chunk: 278

Company: Owens Corning
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 278
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 the carrying value exceeded its fair value of $483 million for the year ended December 31, 2024 which is included in Impairment due to strategic review on the Consolidated Statements of Earnings. These charges include $439 million related to property, plant and equipment, $30 million related to operating lease right-of-use assets and $14 million related to definite-lived intangible assets.The primary assumption used in the fair value analysis was the weighting of the discounted cash flow model and market information. The fair value measurements are classified as Level 3 within the fair value hierarchy as defined in ASC 820, "Fair Value Measurement" due to the unobservable inputs used.Amortization expense for intangible assets for the years ended December 31, 2024, 2023 and 2022 was $132 million, $94 million and $55 million, respectively. In 2023, amortization expense included $25 million of accelerated amortization related to restructuring actions further explained in Note 13 to the Consolidated Financial Statements. The estimated amortization expense for intangible assets for the next five years is as follows:(In millions)Amortization2025$147 2026$132 2027$124 2028$123 2029$103 

6.    PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:December 31,(In millions)20242023Land$211 $168 Buildings and leasehold improvements1,371 1,263 Machinery and equipment5,727 5,402 Construction in progress586 665 Property, plant and equipment, gross7,895 7,498 Accumulated depreciation(3,731)(3,657)Property, plant and equipment, net$4,164 $3,841 Machinery and equipment includes certain precious metals used in our production tooling, which comprise approximately 7% and 10% of total machinery and equipment as of December 31, 2024 and December 31, 2023, respectively.

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Table of ContentsOWENS CORNING AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)6.    PROPERTY, PLANT AND EQUIPMENT (continued)

Our production tooling needs in our Composites segment are changing due to a strategic shift in the Company's metal ownership portfolio, as well as, in response to changes in economic and technological