Company: OC
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001370946-25-000077
Chunk: 376

Company: Owens Corning
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 376
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 million was included in AOCI as of December 31, 2024.Net Investment HedgesThe Company has translation exposure resulting from translating the financial statements of foreign subsidiaries into U.S. Dollars, which is recognized in Currency translation adjustment (a component of AOCI). In the second quarter of 2022, the Company terminated the remaining cross-currency forward contracts related to the hedged portions of the net investment in foreign subsidiaries, resulting in cash proceeds of $11 million. Other DerivativesThe Company uses forward currency exchange contracts to manage existing exposures to foreign exchange risk related to assets and liabilities recorded on the Consolidated Balance Sheets. As of December 31, 2024, the Company had notional amounts of $176 million for non-designated derivative financial instruments related to foreign currency exposures in U.S. Dollars primarily related to the Indian Rupee, Brazilian Real, South Korean Won, Chinese Yuan, Hong Kong Dollar and the European Euro. In addition, the Company had notional amounts of $98 million for non-designated derivative financial instruments related to foreign currency exposures in European Euro primarily related to the Polish Złoty, Danish Krone and the U.S. Dollar.

5.    GOODWILL AND OTHER INTANGIBLE ASSETS

The Company tests goodwill and indefinite-lived intangible assets for impairment as of October 1st each year, or more frequently should circumstances change or events occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. GoodwillThe changes in the net carrying amount of goodwill by segment are as follows:(In millions)RoofingInsulationDoorsCompositesTotalGross carrying amount at December 31, 2023$395 $1,520 $— $425 $2,340 Acquisitions (see Note 7)— — 1,491 — 1,491 Foreign currency translation(3)(34)(13)(2)(52)Gross carrying amount at December 31, 2024392 1,486 1,478 423 3,779 Accumulated impairment losses at December 31, 2023— (948)— — (948)Impairment charge— (10)— — (10)Foreign currency translation— 22 — — 22 Accumulated impairment losses at December 31, 2024— (936)— — (936)Balance, net of impairment at