Company: OC
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001370946-25-000077
Chunk: 323

Company: Owens Corning
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 323
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 — Foreign tax credit carryforwards57 — 53 — Other129 — 103 — Subtotal596 1,048 463 726 Valuation allowances(213)— (140)— Total deferred taxes$383 $1,048 $323 $726 The following table summarizes the amount and expiration dates of our deferred tax assets related to operating loss and tax credit carryforwards and foreign tax credit carryforwards at December 31, 2024:(In millions)Expiration DatesAmountsDomestic loss and tax credit carryforwards (a)2025 - 2043$102 Foreign loss and tax credit carryforwards (b)2025 - Indefinite62 Total loss and tax credit carryforwards$164 (a)The use of certain of the Company's domestic loss carryforwards is limited pursuant to Internal Revenue Code (IRC) Section 382. IRC Section 382 imposes an annual limitation on a corporation's ability to use loss carryforwards that arose before a change in control. A change in control is generally defined as a cumulative change of more than 50% in the ownership positions of certain stockholders during a rolling three-year period. The Company believes that these limitations will not result in the loss of any of the loss carryforwards.(b)The foreign net operating losses ("NOLs") are related to various jurisdictions that provide for both indefinite carryforward periods and others with carryforward periods that range from the tax years 2025 to 2035.The following is a rollforward of the valuation allowances for deferred taxes: December 31,(In millions)202420232022Balance at beginning of period$140 $129 $132 Additions charged to expense77 11 5 Additions charged to other(4)1 (2)Deductions(3)(1)(6)Acquisitions and divestitures3 — — Balance at end of period$213 $140 $129 

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

Deferred income taxes are provided for temporary differences between amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured under enacted tax laws and regulations, as well as NOLs, tax credits and other tax carryforwards. We