Company: OC
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001370946-25-000077
Chunk: 429

Company: Owens Corning
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 429
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 cash, cash equivalents and restricted cash as of the dates indicated: December 31,(In millions)202420232022Cash and cash equivalents$361 $1,615 $1,099 Restricted cash8 8 8 Total cash, cash equivalents and restricted cash$369 $1,623 $1,107 Property, plant and equipment additions in accounts payable were $30 million, $30 million and $59 million as of December 31, 2024, 2023 and 2022, respectively.

23.    SUBSEQUENT EVENTS

On February 13, 2025, the Company entered into a definitive agreement for the sale of the GR business for a purchase price of approximately $436 million, less costs to sell. The purchase price is inclusive of $225 million of promissory notes to be issued to the Company by the purchasers. The GR business, 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. In 2024, the GR business generated annual revenues of approximately $1.1 billion. The sale will complete Owens Corning’s review of strategic alternatives for the business, announced on February 9, 2024, and aligns with the Company’s strategy to reshape the Company to focus on residential and commercial building products in North America and Europe.The transaction is expected to close in 2025 and is subject to customary regulatory approvals and other conditions. The Company expects to incur a material loss on disposal which cannot be estimated at this time.

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ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURENone.

ITEM 9A.CONTROLS AND PROCEDURES

The Company maintains (a) disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), and (b) internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).

Management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K. Based on such evaluation, the Company’s Chief Executive Officer