Company: OC
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001370946-25-000077
Chunk: 294

Company: Owens Corning
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 294
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 production assets from China to India, which allowed the business to optimize its manufacturing network and support a tariff mitigation strategy. During 2022, the Company recorded $3 million of charges primarily related to severance and other exit costs. During 2023, the Company recorded $2 million of charges primarily related to other exit costs. During 2024, the Company did not incur any charges relating to this project and does not expect any further charges.Santa Clara Insulation SiteDuring the third quarter of 2021, the Company entered into a sales agreement for the Company's Insulation site in Santa Clara, California as part of the Company's on-going strategy to operate a flexible, cost-efficient manufacturing network and geographically locate its assets to better serve its customers. On March 3, 2023, the Company finalized the sale of this site for total proceeds of $234 million, net of transaction fees. Total proceeds included a non-refundable deposit of $50 million received in the third quarter of 2021. During 2024, the Company did not incur any charges relating to this project and does not expect any further charges.                 Consolidated Statements of Earnings ClassificationThe following table presents the impact and respective location of total restructuring, acquisition and divestiture-related costs on the Consolidated Statements of Earnings, which are included within Corporate, Other and Eliminations:Twelve Months Ended December 31,(In millions)Location202420232022Accelerated depreciationCost of sales$(13)$(76)$(26)Other exit costsCost of sales(8)(26)(16)Other exit costsMarketing and administrative expenses(2)(2)— Acquisition and divestiture-related costsMarketing and administrative expenses— — (7)SeveranceOther expense, net(63)(34)(1)Other exit costsOther expense, net— (6)(41)Accelerated amortizationOther expense, net— (25)— Acquisition and divestiture-related gainsGain on equity method investment— — 130 Gain on sale of Santa Clara, California siteGain on sale of site— 189 — Acquisition-related transaction costsOther expense, net(49)— — Acquisition-related integration costsOther expense, net(83)— — Loss on sale of businessLoss on sale of business(91)— — Total restructuring, acquisition and divestiture-related (costs) gains$(309)$20 $39