Company: OC
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001370946-25-000077
Chunk: 274

Company: Owens Corning
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 274
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 December 31, 2024$392 $550 $1,478 $423 $2,843 

69

Table of ContentsOWENS CORNING AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)5.    GOODWILL AND OTHER INTANGIBLE ASSETS (continued)

(In millions)RoofingInsulationDoorsCompositesTotalGross carrying amount at December 31, 2022$394 $1,499 $— $425 $2,318 Acquisitions (see Note 7)— — — (1)(1)Foreign currency translation1 21 — 1 23 Gross carrying amount at December 31, 2023395 1,520 — 425 2,340 Accumulated impairment losses at December 31, 2022— (935)— — (935)Foreign currency translation— (13)— — (13)Accumulated impairment losses at December 31, 2023— (948)— — (948)Balance, net of impairment at December 31, 2023$395 $572 $— $425 $1,392 Third Quarter Triggering EventThe annual impairment tests performed in the fourth quarter of 2023 indicated that the business enterprise value of the Composites reporting unit exceeded its carrying value by approximately 5%. Given this narrow cushion of Composites reporting unit fair value in excess of carrying value and the ongoing strategic review of the glass reinforcements business, the Company performed an interim goodwill impairment test as of September 30, 2024 for the Composites reporting unit. The interim testing indicated that the business enterprise value of the Composites reporting unit exceeded its carrying value by less than 10%.Annual Impairment TestThe annual tests performed in the fourth quarter of 2024 and 2023 resulted in no impairment of goodwill. The Company elected to perform the qualitative approach on all of its reporting units. After evaluating and weighing all relevant events and circumstances, we concluded it is more likely than not that the fair value of the Roofing and Insulation reporting units exceeds their respective carrying value amounts while the Doors reporting unit business enterprise value approximates its carrying value given the acquisition that occurred in May 2024. Given the narrow cushion of Composites reporting unit fair value in excess of carrying value as a result of the third quarter of