Company: OC
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001370946-25-000077
Chunk: 322

Company: Owens Corning
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 322
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401 $373 The reconciliation between the United States federal statutory rate and the Company’s effective income tax rate from continuing operations is:Twelve Months Ended December 31,202420232022United States federal statutory rate21 %21 %21 %State and local income taxes, net of federal tax benefit4 3 2 U.S. tax expense on Foreign Earnings(2)— — Valuation allowance8 1 — R&D Credits(1)— (1)UTP/Audit and Provision to Return(3)— — Non-deductible Executive Compensation1 1 — Other, net2 (1)1 Effective tax rate30 %25 %23 %The Company continues to assert indefinite reinvestment on the majority of its foreign subsidiaries and affiliates in accordance with ASC 740 based on the laws as of enactment of the Tax Act. During the fourth quarter of 2024, the Company removed the permanent reinvestment assertion related to certain business divestitures including the business operations that are subject to Held for Sale accounting. The Company accrued deferred tax liabilities of $8 million as a result of the current year changes. As of December 31, 2024, the Company has not provided for withholding or income taxes on approximately $1.4 billion of undistributed reserves of the foreign subsidiaries and affiliates that are considered by management to be permanently reinvested. Quantification of the deferred tax liability associated with these undistributed reserves is not practicable.

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Table of ContentsOWENS CORNING AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)21.   INCOME TAXES (continued)

The cumulative temporary differences giving rise to the deferred tax assets and liabilities are as follows: December 31, 2024December 31, 2023(In millions)DeferredTaxAssetsDeferredTaxLiabilitiesDeferredTaxAssetsDeferredTaxLiabilitiesOther employee benefits$48 $— $57 $— Pension plans9 — 13 — Loss and tax credit carryforwards107 — 92 — Depreciation— 381 — 363 Capitalized R&D74 — 53 — Leases - right of use assets— 137 — 70 Leases - liabilities137 — 62 — Amortization— 530 — 293 Inventory35 — 30