Owens Corning (OC) 10-Q 23 Oct 19 2019 Q3 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	9 Months Ended
	Sep. 30, 2019	Oct. 18, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-33100
Entity Registrant Name	Owens Corning
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-2109021
Entity Address, Address Line One	One Owens Corning Parkway,
Entity Address, City or Town	Toledo,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43659
City Area Code	419
Local Phone Number	248-8000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	OC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		108,787,465
Entity Central Index Key	0001370946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false

PENSION PLANS AND OTHER POSTRET

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables)	9 Months Ended
	Sep. 30, 2019
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Benefit Costs	The following tables provide information regarding pension expense recognized (in millions): Three Months Ended September 30, 2019 2018 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ 1 $ 1 $ 2 $ 1 $ 1 $ 2 Interest cost 9 3 12 9 3 12 Expected return on plan assets (13) (4) (17) (14) (4) (18) Amortization of actuarial loss 3 1 4 3 1 4 Net periodic pension cost (income) $ — $ 1 $ 1 $ (1) $ 1 $ — Nine Months Ended September 30, 2019 2018 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ 4 $ 3 $ 7 $ 4 $ 4 $ 8 Interest cost 27 10 37 26 10 36 Expected return on plan assets (39) (12) (51) (41) (14) (55) Amortization of actuarial loss 7 3 10 9 2 11 Net periodic pension (income) cost $ (1) $ 4 $ 3 $ (2) $ 2 $ —
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Benefit Costs	The following table provides the components of net periodic benefit cost for aggregated U.S. and non-U.S. plans for the periods indicated (in millions): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Components of Net Periodic Benefit Cost Service cost $ — $ — $ 1 $ 1 Interest cost 2 3 6 6 Amortization of prior service credit (1) (1) (3) (3) Amortization of actuarial gain (2) (2) (6) (5) Net periodic benefit income $ (1) $ — $ (2) $ (1)

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
NET SALES	$ 1,883	$ 1,818	$ 5,468	$ 5,333
COST OF SALES	1,422	1,370	4,242	4,112
Gross margin	461	448	1,226	1,221
OPERATING EXPENSES
Marketing and administrative expenses	164	159	527	531
Science and technology expenses	21	21	65	66
Other expenses, net	1	13	16	39
Total operating expenses	186	193	608	636
OPERATING INCOME	275	255	618	585
Non-operating income	(2)	(4)	(7)	(11)
EARNINGS BEFORE INTEREST AND TAXES	277	259	625	596
Interest expense, net	33	31	101	92
EARNINGS BEFORE TAXES	212	228	492	504
Income tax expense	61	67	159	127
Equity in net earnings / (loss) of affiliates	0	1	0	(1)
NET EARNINGS	151	162	333	376
Net earnings attributable to noncontrolling interests	1	1	1	2
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING	$ 150	$ 161	$ 332	$ 374
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
Basic (in dollars per share)	$ 1.37	$ 1.46	$ 3.04	$ 3.38
Diluted (in dollars per share)	$ 1.36	$ 1.45	$ 3.02	$ 3.35
WEIGHTED AVERAGE COMMON SHARES
Basic (in shares)	109.2	110	109.2	110.8
Diluted (in shares)	110	110.9	110	111.7
Loss on extinguishment of debt	$ (32)	$ 0	$ (32)	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 151	$ 162	$ 333	$ 376
Currency translation adjustment (net of tax of $(6) and $0 for the three months ended September 30, 2019 and 2018, respectively, and $(7) and $(1) for the nine months ended September 30, 2019 and 2018, respectively)	(57)	(12)	(36)	(101)
Pension and other postretirement adjustment (net of tax of $0 and $(1) for the three months ended September 30, 2019 and 2018, respectively, and $0 and $(3) for the nine months ended September 30, 2019 and 2018, respectively)	(2)	1	(1)	3
Hedging adjustment (net of tax of $(1) and $0 for the three months ended September 30, 2019 and 2018, and $0 for both the nine months ended September 30, 2019 and 2018, respectively)	1	1	0	2
COMPREHENSIVE EARNINGS	93	152	296	280
Comprehensive earnings attributable to noncontrolling interests	1	1	1	2
COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING	$ 92	$ 151	$ 295	$ 278

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Currency translation tax	$ (6)	$ 0	$ (7)	$ (1)
Pension and other postretirement tax	0	(1)	0	(3)
Hedging tax	$ (1)	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents		$ 35	$ 78
Receivables, less allowances of $10 at September 30, 2019 and $16 at December 31, 2018		977	794
Inventories		1,031	1,072
Other current assets		87	76
Total current assets		2,130	2,020
Property, plant and equipment, net		3,759	3,811
Operating lease right-of-use assets		207	0
Goodwill		1,909	1,949
Intangible assets		1,716	1,779
Deferred income taxes		36	43
Other non-current assets		198	169
TOTAL ASSETS		9,955	9,771
LIABILITIES AND EQUITY
Current liabilities		1,261	1,278
Long-term debt, net of current portion		3,180	3,362
Pension plan liability		222	268
Other employee benefits liability		185	190
Non-current operating lease liabilities		143	0
Deferred income taxes		247	141
Other liabilities		195	208
OWENS CORNING STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.01 per share	[1]	0	0
Common stock, par value $0.01 per share	[2]	1	1
Additional paid in capital		4,043	4,028
Accumulated earnings		2,272	2,013
Accumulated other comprehensive deficit		(693)	(656)
Cost of common stock in treasury	[3]	(1,140)	(1,103)
Total Owens Corning stockholders’ equity		4,483	4,283
Noncontrolling interests		39	41
Total equity		4,522	4,324
TOTAL LIABILITIES AND EQUITY		$ 9,955	$ 9,771
[1]	10 shares authorized; none issued or outstanding at September 30, 2019 and December 31, 2018
[2]	400 shares authorized; 135.5 issued and 108.8 outstanding at September 30, 2019; 135.5 issued and 109.5 outstanding at December 31, 2018
[3]	shares at September 30, 2019 and 26.0 shares at December 31, 2018

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 10	$ 16
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	400,000,000	400,000,000
Common stock, issued	135,500,000	135,500,000
Common stock, outstanding	108,600,000	109,500,000
Treasury stock shares	26,900,000	26,000,000

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions		Total	Common Stock Outstanding	Treasury Stock	APIC		Accumulated Earnings	AOCI		NCI
Beginning balance at Dec. 31, 2017		$ 4,204	$ 1	$ (911)	$ 4,011	[1]	$ 1,575	$ (514)	[2]	$ 42	[3]
Beginning balance (in shares) at Dec. 31, 2017			111.5	24
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		92					92
Currency translation adjustment		(14)						(15)	[2]	1	[3]
Pension and other postretirement adjustment (net of tax)		(2)						(2)	[2]
Deferred loss on hedging transactions (net of tax)		1						1	[2]
Issuance of common stock under share-based payment plans, shares			0.6	(0.6)
Issuance of common stock under share-based payment plans		0		$ 21	(21)	[1]
Purchases of treasury stock (shares)			(1.1)	1.1
Purchases of treasury stock		(113)		$ (113)
Stock-based compensation expense		9			9	[1]
Dividends declared	[4]	(24)					(24)
Ending balance at Mar. 31, 2018		4,141	$ 1	$ (1,003)	3,999	[1]	1,631	(530)	[2]	43	[3]
Ending balance (in shares) at Mar. 31, 2018			111	24.5
Beginning balance at Dec. 31, 2017		4,204	$ 1	$ (911)	4,011	[1]	1,575	(514)	[2]	42	[3]
Beginning balance (in shares) at Dec. 31, 2017			111.5	24
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		374
Net earnings attributable to noncontrolling interests		2
Ending balance at Sep. 30, 2018		4,206	$ 1	$ (1,110)	4,017	[1]	1,867	(610)	[2]	41	[3]
Ending balance (in shares) at Sep. 30, 2018			109.3	26.2
Beginning balance at Mar. 31, 2018		4,141	$ 1	$ (1,003)	3,999	[1]	1,631	(530)	[2]	43	[3]
Beginning balance (in shares) at Mar. 31, 2018			111	24.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		121					121
Net earnings attributable to noncontrolling interests		1								1	[3]
Currency translation adjustment		(76)						(74)	[2]	(2)	[3]
Pension and other postretirement adjustment (net of tax)		4						4	[2]
Issuance of common stock under share-based payment plans, shares			0.2	(0.2)
Issuance of common stock under share-based payment plans		10		$ 13	(3)	[1]
Purchases of treasury stock (shares)			(0.3)	0.3
Purchases of treasury stock		(23)		$ (23)
Stock-based compensation expense		13			13	[1]
Dividends declared	[4]	(24)					(23)			(1)	[3]
Ending balance at Jun. 30, 2018		4,167	$ 1	$ (1,013)	4,009	[1]	1,729	(600)	[2]	41	[3]
Ending balance (in shares) at Jun. 30, 2018			110.9	24.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		161					161
Net earnings attributable to noncontrolling interests		1								1	[3]
Currency translation adjustment		(13)						(12)	[2]	(1)	[3]
Pension and other postretirement adjustment (net of tax)		1						1	[2]
Deferred loss on hedging transactions (net of tax)		1						1	[2]
Issuance of common stock under share-based payment plans, shares			0.1	(0.1)
Issuance of common stock under share-based payment plans		0		$ 4	(4)	[1]
Purchases of treasury stock (shares)			(1.7)	1.7
Purchases of treasury stock		(101)		$ (101)
Stock-based compensation expense		12			12	[1]
Dividends declared	[4]	(23)					(23)
Ending balance at Sep. 30, 2018		4,206	$ 1	$ (1,110)	4,017	[1]	1,867	(610)	[2]	41	[3]
Ending balance (in shares) at Sep. 30, 2018			109.3	26.2
Beginning balance at Dec. 31, 2018		4,324	$ 1	$ (1,103)	4,028		2,013	(656)		41
Beginning balance (in shares) at Dec. 31, 2018			109.5	26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		44					44			0	[5]
Currency translation adjustment		10						11	[6]	(1)	[5]
Pension and other postretirement adjustment (net of tax)		(1)						(1)	[6]
Deferred loss on hedging transactions (net of tax)		(1)						(1)	[6]
Issuance of common stock under share-based payment plans, shares			0.4	(0.4)
Issuance of common stock under share-based payment plans		0		$ 14	(14)	[7]
Purchases of treasury stock (shares)			(1.3)	(1.3)
Purchases of treasury stock		(61)		$ (61)
Stock-based compensation expense		11			11	[7]
Dividends declared		(24)					(24)
Ending balance at Mar. 31, 2019		4,302	$ 1	$ (1,150)	4,025	[7]	2,033	(647)	[6]	40	[5]
Ending balance (in shares) at Mar. 31, 2019			108.6	26.9
Beginning balance at Dec. 31, 2018		4,324	$ 1	$ (1,103)	4,028		2,013	(656)		41
Beginning balance (in shares) at Dec. 31, 2018			109.5	26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		332
Net earnings attributable to noncontrolling interests		1
Ending balance at Sep. 30, 2019		4,522	$ 1	$ (1,140)	4,043	[7]	2,272	(693)	[6]	39	[5]
Ending balance (in shares) at Sep. 30, 2019			108.8	26.7
Beginning balance at Mar. 31, 2019		4,302	$ 1	$ (1,150)	4,025	[7]	2,033	(647)	[6]	40	[5]
Beginning balance (in shares) at Mar. 31, 2019			108.6	26.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		138					138			0	[5]
Currency translation adjustment		10						10		0
Pension and other postretirement adjustment (net of tax)		2						2	[6]
Issuance of common stock under share-based payment plans, shares			0.2	(0.2)
Issuance of common stock under share-based payment plans		8		$ 9	(1)	[7]
Stock-based compensation expense		10			10	[7]
Dividends declared		(25)					(25)
Ending balance at Jun. 30, 2019		4,445	$ 1	$ (1,141)	4,034	[7]	2,146	(635)	[6]	40	[5]
Ending balance (in shares) at Jun. 30, 2019			108.8	26.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		150					150			0	[5]
Net earnings attributable to noncontrolling interests		1								1	[5]
Currency translation adjustment		(59)						(57)		(2)	[5]
Pension and other postretirement adjustment (net of tax)		(2)						(2)
Deferred loss on hedging transactions (net of tax)		1						1	[6]
Issuance of common stock under share-based payment plans, shares			0	0
Issuance of common stock under share-based payment plans		0		$ 1	(1)
Stock-based compensation expense		10			10
Dividends declared		(24)					(24)
Ending balance at Sep. 30, 2019		$ 4,522	$ 1	$ (1,140)	$ 4,043	[7]	$ 2,272	$ (693)	[6]	$ 39	[5]
Ending balance (in shares) at Sep. 30, 2019			108.8	26.7
[1]	Additional Paid in Capital (APIC)
[2]	Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)
[3]	Noncontrolling Interest (“NCI”)
[4]	Cumulative effect of accounting change relates to our adoption of accounting standard updates (ASU) 2014-09, "Revenue from Contracts with Customers (Topic 606)," and ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory (Topic 740)."
[5]	Noncontrolling Interest (“NCI”)
[6]	Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)
[7]	Additional Paid in Capital (APIC)

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends (dollars per share)	$ 0.22	$ 0.22	$ 0.21	$ 0.21

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES
NET EARNINGS	$ 333	$ 376
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	337	323
Deferred income taxes	118	77
Stock-based compensation expense	31	34
Other non-cash	8	9
Loss on extinguishment of debt	(32)	0
Changes in operating assets and liabilities	(211)	(265)
Pension fund contribution	(34)	(34)
Payments for other employee benefits liabilities	(13)	(15)
Other	(5)	1
Net cash flow provided by operating activities	596	506
NET CASH FLOW USED FOR INVESTING ACTIVITIES
Cash paid for property, plant, and equipment	(314)	(425)
Purchase of Interwrap	1	11
Proceeds from the sale of assets or affiliates	0	(1,143)
Derivative settlements	28	6
Net cash flow used for investing activities	(285)	(1,551)
NET CASH FLOW (USED FOR) PROVIDED BY FINANCING ACTIVITIES
Proceeds from long-term debt	445	389
Payments on long-term debt	484	0
Proceeds from senior revolving credit and receivables securitization facilities	1,701	1,534
Payments on senior revolving credit and receivables securitization facilities	(1,683)	(1,227)
Net decrease in short-term debt	(13)	0
Dividends paid	(72)	(70)
Purchases of treasury stock	(61)	(236)
Other	(3)	(7)
Net cash flow (used for) provided by financing activities	(370)	953
Effect of exchange rate changes on cash	16	(17)
Net decrease in cash, cash equivalents, and restricted cash	(43)	(109)
Cash, cash equivalents and restricted cash at beginning of period	85	253
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	42	144
Term Loan
NET CASH FLOW (USED FOR) PROVIDED BY FINANCING ACTIVITIES
Payments on senior revolving credit and receivables securitization facilities	(200)	(30)
Proceeds from term loan borrowing	$ 0	$ 600

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFCIT	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT	CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT The following table summarizes the changes in accumulated other comprehensive income (deficit) (in millions): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Currency Translation Adjustment Beginning balance $ (285) $ (272) $ (306) $ (183) Net investment hedge amounts classified into AOCI, net of tax 22 1 24 2 Loss on foreign currency translation (79) (13) (60) (103) Other comprehensive loss, net of tax (57) (12) (36) (101) Ending balance $ (342) $ (284) $ (342) $ (284) Pension and Other Postretirement Adjustment Beginning balance $ (349) $ (329) $ (350) $ (331) Amounts reclassified from AOCI to net earnings, net of tax (a) 1 1 2 3 Amounts classified into AOCI, net of tax (3) — (3) — Other comprehensive (loss)/income, net of tax (2) 1 (1) 3 Ending balance $ (351) $ (328) $ (351) $ (328) Hedging Adjustment Beginning balance $ (1) $ 1 $ — $ — Amounts classified into AOCI, net of tax 1 1 — 2 Other comprehensive income, net of tax 1 1 — 2 Ending balance $ — $ 2 $ — $ 2 Total AOCI ending balance $ (693) $ (610) $ (693) $ (610) (a) These AOCI components are included in the computation of total Pension and OPEB expense and are recorded in Non-operating income. See Note 13 for additional information.

CHANGES IN ACCUMULATED OTHER _2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance			$ (656)
Amounts classified into AOCI, net of tax	$ 0	$ 1	0	$ 3
Total AOCI ending balance	(693)	(610)	(693)	(610)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	(285)	(272)	(306)	(183)
Net investment hedge amounts classified into AOCI, net of tax	22	1	24	2
Loss on foreign currency translation	(79)	(13)	(60)	(103)
Other comprehensive loss, net of tax	(57)	(12)	(36)	(101)
Total AOCI ending balance	(342)	(284)	(342)	(284)
Pension and Other Postretirement Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	(349)	(329)	(350)	(331)
Other comprehensive loss, net of tax	(2)	1	(1)	3
Amounts reclassified from AOCI to net earnings, net of tax	1	1	2	3
Amounts classified into AOCI, net of tax	(3)	0	(3)	0
Total AOCI ending balance	(351)	(328)	(351)	(328)
Hedging Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	(1)	1	0	0
Other comprehensive loss, net of tax	1	1	0	2
Amounts classified into AOCI, net of tax	1	1	0	2
Total AOCI ending balance	$ 0	$ 2	$ 0	$ 2

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]
GENERAL	GENERAL Unless the context requires otherwise, the terms “Owens Corning,” “Company,” “we” and “our” in this report refer to Owens Corning, a Delaware corporation, and its subsidiaries. The Consolidated Financial Statements included in this report are unaudited, pursuant to certain rules and regulations of the Securities and Exchange Commission, and include, in the opinion of the Company, normal recurring adjustments necessary for a fair statement of the results for the periods indicated, which, however, are not necessarily indicative of results which may be expected for the full year. The December 31, 2018 balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States ("U.S."). In connection with the Consolidated Financial Statements and Notes included in this report, reference is made to the Consolidated Financial Statements and Notes contained in the Company’s Form 10-K for the year ended December 31, 2018 (the "2018 Form 10-K"). Certain reclassifications have been made to the periods presented for 2018 to conform to the classifications used in the periods presented for 2019. Cash, Cash Equivalents and Restricted Cash On the Consolidated Statements of Cash Flows, the total of Cash, cash equivalents and restricted cash includes restricted cash of $7 million, $7 million, $8 million and $7 million as of September 30, 2019, December 31, 2018, September 30, 2018 and December 31, 2017, respectively. Restricted cash primarily represents amounts received from a counterparty related to its performance assurance on an executory contract, which is included in Other current assets on the Consolidated Balance Sheets. These amounts are contractually required to be set aside, and the counterparty can exchange the cash for another form of performance assurance at its discretion. Accounting Pronouncements The following table summarizes recent ASU's issued by the Financial Accounting Standards Board (FASB) that could have an impact on the Company's Consolidated Financial Statements: Standard Description Effective Date for Company Effect on the Recently adopted standard: ASU 2016-02, "Leases (Topic 842)," as amended by ASU 2017-13, 2018-01, 2018-10, 2018-11, and 2019-01 The standard requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. The recognition and presentation of expenses will depend on classification as a finance or operating lease. Entities may elect to apply the provisions of the new leasing standard on January 1, 2019, without adjusting the comparative periods presented by recognizing a cumulative-effect adjustment to the opening balance of retained earnings. January 1, 2019 We adopted this standard using the optional transition method in the first quarter of 2019. Please refer to Note 9 of the Consolidated Financial Statements for transition disclosures as well as other ongoing disclosure requirements. Recently issued standard: ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326)," as amended by ASU 2018-19, 2019-04, and 2019-05 This standard replaces the incurred loss methodology for recognizing credit losses with a current expected credit losses model and applies to all financial assets, including trade receivables. Entities will adopt the standard using a modified-retrospective approach. January 1, 2020 We do not believe the adoption of this guidance will have a material effect on our consolidated financial statements. Our current accounts receivable policy (as described in Note 1 of our 2018 Form 10-K) uses historical and forward-looking information to estimate the amount of expected credit losses in our existing accounts receivable. We have determined that our current systems, policies and procedures comply with the requirements of this standard.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
SEGMENT INFORMATION	The Company has three reportable segments: Composites, Insulation and Roofing. Accounting policies for the segments are the same as those for the Company. The Company’s three reportable segments are defined as follows: Composites – The Company manufactures, fabricates and sells glass reinforcements in the form of fiber. Glass reinforcement materials are also used downstream by the Composites segment to manufacture and sell glass fiber products in the form of fabrics, non-wovens and other specialized products. Insulation – Within our Insulation segment, the Company manufactures and sells fiberglass insulation into residential, commercial, industrial and other markets for both thermal and acoustical applications. It also manufactures and sells glass fiber pipe insulation, flexible duct media, bonded and granulated mineral wool insulation, cellular glass insulation and foam insulation used in above- and below-grade construction applications. Roofing – Within our Roofing segment, the Company manufactures and sells residential roofing shingles, oxidized asphalt materials, roofing components used in residential and commercial construction and specialty applications, and synthetic packaging materials. NET SALES The following table summarizes our Net sales by segment and geographic region (in millions). Corporate eliminations (shown below) largely reflect intercompany sales from Composites to Roofing. External customer sales are attributed to geographic region based upon the location from which the product is sold to the external customer. Three Months Ended Nine Months Ended 2019 2018 2019 2018 Reportable Segments Composites $ 531 $ 508 $ 1,579 $ 1,560 Insulation 693 710 1,945 1,988 Roofing 713 645 2,105 1,946 Total reportable segments 1,937 1,863 5,629 5,494 Corporate eliminations (54) (45) (161) (161) NET SALES $ 1,883 $ 1,818 $ 5,468 $ 5,333 External Customer Sales by Geographic Region United States $ 1,273 $ 1,208 $ 3,670 $ 3,525 Europe 310 304 920 909 Asia-Pacific 169 166 492 484 Rest of world 131 140 386 415 NET SALES $ 1,883 $ 1,818 $ 5,468 $ 5,333 EARNINGS BEFORE INTEREST AND TAXES Earnings before interest and taxes (EBIT) by segment consist of net sales less related costs and expenses and are presented on a basis that is used internally for evaluating segment performance. Certain items, such as general corporate expenses or income and certain other expense or income items, are excluded from the internal evaluation of segment performance. Accordingly, these items are not reflected in EBIT for our reportable segments and are included within Corporate, Other and Eliminations. The following table summarizes EBIT by segment (in millions): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Reportable Segments Composites $ 67 $ 64 $ 191 $ 195 Insulation 84 94 141 175 Roofing 143 127 368 351 Total reportable segments 294 285 700 721 Restructuring (costs) / gains — (7) 1 (19) Acquisition-related costs — (1) — (16) Recognition of acquisition inventory fair value step-up — — — (2) General corporate expense and other (17) (18) (76) (88) Total corporate, other and eliminations (17) (26) (75) (125) EBIT $ 277 $ 259 $ 625 $ 596

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The following table shows a disaggregation of Net sales (in millions): For the three months ended September 30, 2019 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 75 $ 237 $ 641 $ (53) $ 900 U.S. commercial and industrial 159 168 46 — 373 Europe 142 165 3 — 310 Asia-Pacific 120 46 4 (1) 169 Rest of world 35 77 19 — 131 NET SALES $ 531 $ 693 $ 713 $ (54) $ 1,883 For the three months ended September 30, 2018 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 62 $ 260 $ 560 $ (40) $ 842 U.S. commercial and industrial 157 161 52 (4) 366 Europe 142 159 3 — 304 Asia-Pacific 115 47 4 — 166 Rest of world 32 83 26 (1) 140 NET SALES $ 508 $ 710 $ 645 $ (45) $ 1,818 For the nine months ended September 30, 2019 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 217 $ 649 $ 1,900 $ (156) $ 2,610 U.S. commercial and industrial 472 480 108 — 1,060 Europe 442 469 10 (1) 920 Asia-Pacific 351 132 10 (1) 492 Rest of world 97 215 77 (3) 386 NET SALES $ 1,579 $ 1,945 $ 2,105 $ (161) $ 5,468 For the nine months ended September 30, 2018 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 213 $ 708 $ 1,696 $ (146) $ 2,471 U.S. commercial and industrial 452 469 141 (8) 1,054 Europe 455 444 10 — 909 Asia-Pacific 343 131 11 (1) 484 Rest of world 97 236 88 (6) 415 NET SALES $ 1,560 $ 1,988 $ 1,946 $ (161) $ 5,333

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in millions): September 30, 2019 December 31, 2018 Finished goods $ 705 $ 730 Materials and supplies 326 342 Total inventories $ 1,031 $ 1,072

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to, among other risks, the impact of changes in commodity prices, foreign currency exchange rates, and interest rates in the normal course of business. The Company’s risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes derivative financial instruments to offset a portion of these risks. The Company uses derivative financial instruments only to the extent necessary to hedge identified business risks, and does not enter into such transactions for trading purposes. The Company generally does not require collateral or other security with counterparties to these financial instruments and is therefore subject to credit risk in the event of nonperformance; however, the Company monitors credit risk and currently does not anticipate nonperformance by other parties. Contracts with counterparties generally contain right of offset provisions. These provisions effectively reduce the Company’s exposure to credit risk in situations where the Company has gain and loss positions outstanding with a single counterparty. It is the Company’s policy to offset on the Consolidated Balance Sheets the amounts recognized for derivative instruments with any cash collateral arising from derivative instruments executed with the same counterparty under a master netting agreement. As of September 30, 2019 and December 31, 2018, the Company did not have any amounts on deposit with any of its counterparties, nor did any of its counterparties have any amounts on deposit with the Company. Derivative Fair Values Our derivatives consist of natural gas forward swaps, cross-currency swaps and foreign exchange forward contracts, all of which are over-the-counter and not traded through an exchange. The Company uses widely accepted valuation tools to determine fair value, such as discounting cash flows to calculate a present value for the derivatives. The models use Level 2 inputs, such as forward curves and other commonly quoted observable transactions and prices. The fair value of our derivatives and hedging instruments are all classified as Level 2 investments within the three-tier hierarchy. The following table presents the fair value of derivatives and hedging instruments and the respective location on the Consolidated Balance Sheets (in millions): Fair Value at Location September 30, 2019 December 31, 2018 Derivative assets designated as hedging instruments: Net investment hedges: Cross-currency swaps Other current assets $ 12 $ 9 Cross currency swaps Other non-current assets $ 9 $ — Derivative liabilities designated as hedging instruments: Net investment hedges: Cross-currency swaps Other liabilities $ — $ 17 Cash flow hedges: Natural gas forward swaps Current liabilities $ 2 $ 1 Derivative assets not designated as hedging instruments: Foreign exchange forward contracts Other current assets $ 18 $ 1 Derivative liabilities not designated as hedging instruments: Foreign exchange forward contracts Current liabilities $ — $ 8 Consolidated Statements of Earnings Activity The following table presents the impact and respective location of derivative activities on the Consolidated Statements of Earnings (in millions): Three Months Ended Nine Months Ended Location 2019 2018 2019 2018 Derivative activity designated as hedging instruments: Natural gas cash flow hedges: Amount of loss/(gain) reclassified from AOCI (as defined below) into earnings Cost of sales $ 2 $ (1) $ 3 $ (1) Cross-currency swap net investment hedges: Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testing Interest expense, net $ (3) $ (3) $ (9) $ (9) Derivative activity not designated as hedging instruments: Foreign currency: Amount of gain recognized in earnings (a) Other expenses, net $ (31) $ (10) $ (45) $ (54) (a) Gains related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures, which were also recorded in Other expenses, net. Please refer to the "Other Derivatives" section below for additional detail. Consolidated Statements of Comprehensive Earnings Activity The following table presents the impact of derivative activities on the Consolidated Statements of Comprehensive Earnings (in millions): Amount of (Gain) Loss Recognized in Comprehensive Earnings Three Months Ended Nine Months Ended Hedging Type Derivative Financial Instrument 2019 2018 2019 2018 Net investment hedge Cross-currency swaps $ (27) $ (1) $ (30) $ (2) Cash flow hedge Natural gas forward swaps $ (1) $ — $ 1 $ (2) Cash Flow Hedges The Company uses a combination of derivative financial instruments, which qualify as cash flow hedges, and physical contracts to manage forecasted exposure to electricity and natural gas prices. As of September 30, 2019, the notional amounts of these natural gas forward swaps was 2 MMBtu (or MMBtu equivalent) based on U.S. and European indices. Net Investment Hedges The 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). The Company uses cross-currency forward contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. As of September 30, 2019, the notional amount of these derivative financial instruments was $516 million related to the U.S. Dollar and European Euro. Other Derivatives The 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 September 30, 2019, the Company had notional amounts of $688 million for non-designated derivative financial instruments related to foreign currency exposures in U.S. Dollars primarily related to Brazilian Real, Chinese Yuan, European Euro, Indian Rupee, and South Korean Won. In addition, the Company had notional amounts of $146 million for non-designated derivative financial instruments related to foreign currency exposures in European Euro primarily related to the Russian Ruble, Polish Zloty and Swedish Krona.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets and goodwill consist of the following (in millions): September 30, 2019 Weighted Gross Accumulated Net Carrying Amortizable intangible assets: Customer relationships 20 years $ 541 $ (158) $ 383 Technology 17 years 317 (148) 169 Other 13 years 61 (31) 30 Indefinite-lived intangible assets: Trademarks 1,134 1,134 Total intangible assets $ 2,053 $ (337) $ 1,716 Goodwill $ 1,909 December 31, 2018 Weighted Gross Accumulated Net Carrying Amortizable intangible assets: Customer relationships 20 years $ 554 $ (138) $ 416 Technology 17 years 321 (134) 187 Other 14 years 60 (28) 32 Indefinite-lived intangible assets: Trademarks 1,144 — 1,144 Total intangible assets $ 2,079 $ (300) $ 1,779 Goodwill $ 1,949 Goodwill The Company tests goodwill and indefinite-lived intangible assets for impairment during the fourth quarter of 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. No testing was deemed necessary in the first nine months of 2019. The changes in the net carrying amount of goodwill by segment are as follows (in millions): Composites Insulation Roofing Total Balance at December 31, 2018 $ 57 $ 1,495 $ 397 $ 1,949 Foreign currency translation — (37) (3) (40) Balance at September 30, 2019 $ 57 $ 1,458 $ 394 $ 1,909 Other Intangible Assets The Other category below primarily includes franchise agreements and quarry and emission rights. The changes in the gross carrying amount of intangible assets by asset group are as follows (in millions): Customer Relationships Technology Trademarks Other Total Balance at December 31, 2018 $ 554 $ 321 $ 1,144 $ 60 $ 2,079 Other additions, net — — — 2 2 Foreign currency translation (13) (4) (10) (1) (28) Balance at September 30, 2019 $ 541 $ 317 $ 1,134 $ 61 $ 2,053 The estimated amortization expense for intangible assets for the next five years is as follows (in millions): Period Amortization 2020 $ 50 2021 $ 50 2022 $ 45 2023 $ 42 2024 $ 39

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPTMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following (in millions): September 30, December 31, 2018 Land $ 220 $ 224 Buildings and leasehold improvements 1,114 1,091 Machinery and equipment 4,857 4,628 Construction in progress 313 443 6,504 6,386 Accumulated depreciation (2,745) (2,575) Property, plant and equipment, net $ 3,759 $ 3,811 Machinery and equipment includes certain precious metals used in our production tooling, which comprise approximately 10% and 11% of total machinery and equipment as of September 30, 2019 and December 31, 2018. Precious metals used in our production tooling are depleted as they are consumed during the production process, which typically represents an annual expense of about 3% of the outstanding carrying value.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	Paroc AcquisitionOn February 5, 2018, the Company acquired all the outstanding equity of Paroc Group Oy ("Paroc"), a leading producer of mineral wool insulation for building and technical applications in Europe, for $1,121 million, net of cash acquired. The acquisition of Paroc expands the Company's mineral wool technology, grows its presence in the European insulation market, provides access to a variety of new end-use markets and will increase the Insulation segment's geographic sales mix outside of the U.S. and Canada. Paroc's operating results have been included in the Company’s Insulation segment within the Consolidated Financial Statements since the date of the acquisition. During the first nine months of 2019, the Consolidated Statements of Earnings included $38 million in Net Sales attributable to the acquisition (net sales from January 1, 2019 through February 4, 2019 that were related to the one-year post-acquisition period). The pro forma effect of this acquisition on Net sales and Net earnings attributable to Owens Corning was immaterial.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
LEASES	LEASES ASU 2016-02 Adoption On January 1, 2019, we adopted ASU 2016-02, "Leases (Topic 842)," and the related amendments (collectively "ASC 842"). We used the optional transition method of adoption, in which the cumulative effect of initially applying the new standard to existing leases was $237 million to record the operating lease right-of-use assets and the related liabilities as of January 1, 2019. Under this method of adoption, the comparative information in the Consolidated Financial Statements has not been revised and continues to be reported under the previously applicable lease accounting guidance (ASC 840). We elected the package of practical expedients permitted under the transition guidance, which included the carry-forward of historical lease classifications. As of December 31, 2018, leases classified as capital leases under Accounting Standard Codification (ASC) 840 of $16 million were included in Property, plant and equipment, net. Finance lease right-of-use assets, which were previously classified as capital leases under ASC 840, are now included in Other non-current assets. As of both December 31, 2018 and September 30, 2019, liabilities associated with capital leases and finance leases are included in Long-term debt, as they represent indebtedness for bank covenant purposes. Leases The Company leases certain equipment and facilities under both operating and finance leases expiring on various dates through 2032. The nature of these leases generally fall into the following five categories: real estate, material handling, fleet vehicles, office equipment and energy equipment. For leases with initial terms greater than 12 months, we consider these our right-of-use assets and record the related asset and obligation at the present value of lease payments over the term. For leases with initial terms equal to or less than 12 months, we do not consider them as right-of-use assets and instead consider them short-term lease costs that are recognized on a straight-line basis over the lease term. Many of our leases include escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when reasonably certain. These options to extend or terminate a lease are at our discretion. We have elected to take the practical expedient and not separate lease and non-lease components of contracts. We estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Our lease agreements do not contain any material residual value guarantees. Balance Sheet Classification The table below presents the lease-related assets and liabilities recorded on the balance sheet (in millions): Leases Classification on Balance Sheet September 30, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 207 Finance lease assets Other non-current assets 22 Total lease assets $ 229 Liabilities Current Operating Current liabilities $ 65 Finance Current liabilities 6 Non-Current Operating Non-current operating lease liabilities 143 Finance Long-term debt, net of current portion 20 Total lease liabilities $ 234 Lease Costs For the three months ended September 30, 2019, the Company recorded $20 million of operating lease expense and $3 million of short-term lease expense. The Company had an immaterial amount of finance lease expense and variable lease expense. Cash paid for operating leases approximated operating lease expense and non-cash right-of-use asset amortization for the three months ended September 30, 2019. We added $8 million of operating lease liabilities as a result of obtaining operating lease right-of-use assets in the three months ended September 30, 2019. For the nine months ended September 30, 2019, the Company recorded $60 million of operating lease expense and $8 million of short-term lease expense. The Company had an immaterial amount of finance lease expense and variable lease expense. Cash paid for operating leases approximated operating lease expense and non-cash right-of-use asset amortization for the nine months ended September 30, 2019. We added $36 million of operating lease liabilities as a result of obtaining operating lease right-of-use assets in the nine months ended September 30, 2019. Other Information The tables below present supplemental information related to leases as of September 30, 2019: Weighted-average remaining lease term (years) September 30, 2019 Operating leases 4.2 Finance leases 4.2 Weighted-average discount rate September 30, 2019 Operating leases 3.44 % Finance leases 6.38 % Maturities of Lease Liabilities As presented in our 2018 Form 10-K, the minimum future rental commitments under ASC 840 for non-cancelable operating leases with initial maturities greater than one year, payable over the remaining lives of the leases as of December 31, 2018 were (in millions): Period Minimum Future Rental Commitments 2019 $ 83 2020 $ 64 2021 $ 47 2022 $ 31 2023 $ 18 2024 and beyond $ 27 Total rent expense was $106 million, $87 million and $79 million in the years ended December 31, 2018, 2017 and 2016, respectively. The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of September 30, 2019 (in millions): Period Operating Leases Finance Leases 2019 (for the three months remaining in 2019) $ 20 $ 2 2020 70 8 2021 55 8 2022 36 6 2023 21 4 2024 and beyond 28 2 Total minimum lease payments 230 30 Less: implied interest 22 4 Present value of future minimum lease payments 208 26 Less: current lease obligations 65 6 Long-term lease obligations $ 143 $ 20 As of September 30, 2019, we have an immaterial amount of leases that have not yet commenced.
LEASES	ASU 2016-02 Adoption On January 1, 2019, we adopted ASU 2016-02, "Leases (Topic 842)," and the related amendments (collectively "ASC 842"). We used the optional transition method of adoption, in which the cumulative effect of initially applying the new standard to existing leases was $237 million to record the operating lease right-of-use assets and the related liabilities as of January 1, 2019. Under this method of adoption, the comparative information in the Consolidated Financial Statements has not been revised and continues to be reported under the previously applicable lease accounting guidance (ASC 840). We elected the package of practical expedients permitted under the transition guidance, which included the carry-forward of historical lease classifications. As of December 31, 2018, leases classified as capital leases under Accounting Standard Codification (ASC) 840 of $16 million were included in Property, plant and equipment, net. Finance lease right-of-use assets, which were previously classified as capital leases under ASC 840, are now included in Other non-current assets. As of both December 31, 2018 and September 30, 2019, liabilities associated with capital leases and finance leases are included in Long-term debt, as they represent indebtedness for bank covenant purposes. Leases The Company leases certain equipment and facilities under both operating and finance leases expiring on various dates through 2032. The nature of these leases generally fall into the following five categories: real estate, material handling, fleet vehicles, office equipment and energy equipment. For leases with initial terms greater than 12 months, we consider these our right-of-use assets and record the related asset and obligation at the present value of lease payments over the term. For leases with initial terms equal to or less than 12 months, we do not consider them as right-of-use assets and instead consider them short-term lease costs that are recognized on a straight-line basis over the lease term. Many of our leases include escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when reasonably certain. These options to extend or terminate a lease are at our discretion. We have elected to take the practical expedient and not separate lease and non-lease components of contracts. We estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Our lease agreements do not contain any material residual value guarantees. Balance Sheet Classification The table below presents the lease-related assets and liabilities recorded on the balance sheet (in millions): Leases Classification on Balance Sheet September 30, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 207 Finance lease assets Other non-current assets 22 Total lease assets $ 229 Liabilities Current Operating Current liabilities $ 65 Finance Current liabilities 6 Non-Current Operating Non-current operating lease liabilities 143 Finance Long-term debt, net of current portion 20 Total lease liabilities $ 234 Lease Costs For the three months ended September 30, 2019, the Company recorded $20 million of operating lease expense and $3 million of short-term lease expense. The Company had an immaterial amount of finance lease expense and variable lease expense. Cash paid for operating leases approximated operating lease expense and non-cash right-of-use asset amortization for the three months ended September 30, 2019. We added $8 million of operating lease liabilities as a result of obtaining operating lease right-of-use assets in the three months ended September 30, 2019. For the nine months ended September 30, 2019, the Company recorded $60 million of operating lease expense and $8 million of short-term lease expense. The Company had an immaterial amount of finance lease expense and variable lease expense. Cash paid for operating leases approximated operating lease expense and non-cash right-of-use asset amortization for the nine months ended September 30, 2019. We added $36 million of operating lease liabilities as a result of obtaining operating lease right-of-use assets in the nine months ended September 30, 2019. Other Information The tables below present supplemental information related to leases as of September 30, 2019: Weighted-average remaining lease term (years) September 30, 2019 Operating leases 4.2 Finance leases 4.2 Weighted-average discount rate September 30, 2019 Operating leases 3.44 % Finance leases 6.38 % Maturities of Lease Liabilities As presented in our 2018 Form 10-K, the minimum future rental commitments under ASC 840 for non-cancelable operating leases with initial maturities greater than one year, payable over the remaining lives of the leases as of December 31, 2018 were (in millions): Period Minimum Future Rental Commitments 2019 $ 83 2020 $ 64 2021 $ 47 2022 $ 31 2023 $ 18 2024 and beyond $ 27 Total rent expense was $106 million, $87 million and $79 million in the years ended December 31, 2018, 2017 and 2016, respectively. The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of September 30, 2019 (in millions): Period Operating Leases Finance Leases 2019 (for the three months remaining in 2019) $ 20 $ 2 2020 70 8 2021 55 8 2022 36 6 2023 21 4 2024 and beyond 28 2 Total minimum lease payments 230 30 Less: implied interest 22 4 Present value of future minimum lease payments 208 26 Less: current lease obligations 65 6 Long-term lease obligations $ 143 $ 20 As of September 30, 2019, we have an immaterial amount of leases that have not yet commenced.

WARRANTIES

WARRANTIES	9 Months Ended
	Sep. 30, 2019
Product Warranties Disclosures [Abstract]
WARRANTIES	WARRANTIES The Company records a liability for warranty obligations at the date the related products are sold. Adjustments are made as new information becomes available. Please refer to Note 1 of our 2018 Form 10-K for information about our separately-priced extended warranty contracts. A reconciliation of the warranty liability is as follows (in millions): Nine Months Ended September 30, 2019 2018 Beginning balance $ 60 $ 55 Amounts accrued for current year 17 16 Settlements of warranty claims (13) (11) Ending balance $ 64 $ 60

RESTRUCTURING AND ACQUISITION-R

RESTRUCTURING AND ACQUISITION-RELATED COSTS	9 Months Ended
	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND ACQUISITION-RELATED COSTS	RESTRUCTURING AND ACQUISITION-RELATED COSTS The Company may incur restructuring, transaction and integration costs related to acquisitions, and may incur restructuring costs in connection with its global cost reduction and productivity initiatives. Restructuring Costs Pittsburgh Corning Acquisition-Related Restructuring On June 27, 2017, the Company acquired all the outstanding equity of Pittsburgh Corning Corporation and Pittsburgh Corning Europe NV (collectively, "Pittsburgh Corning"), the world’s leading producer of cellular glass insulation systems for commercial and industrial markets, for $563 million, net of cash acquired. Following the acquisition of Pittsburgh Corning into the Company's Insulation segment, the Company took actions to realize expected synergies from the newly acquired operations. The Company does not expect to recognize significant incremental costs throughout 2019. 2017 Cost Reduction Actions During the second quarter of 2017, the Company took actions to avoid future capital outlays and reduce costs in its Composites segment, mainly through decisions to close certain sub-scale manufacturing facilities in Asia Pacific (including Doudian, Peoples Republic of China and Thimmapur, India) and North America (Mexico City, Mexico and Brunswick, Maine) and to reposition assets in its Chambery, France operation. The Company expects to recognize approximately $7 million of incremental costs throughout 2019. Insulation Network Optimization Restructuring In October 2019, the Company took actions to restructure certain U.S. insulation operations and to reduce the cost structure throughout the Insulation network. Investments in productivity and process technologies enable the Company to optimize its network and improve its cost position. These actions are expected to result in cumulative incremental costs of approximately $30 million in 2019 and 2020 and generate annual savings of approximately $25 million by 2021. Consolidated Statements of Earnings Classification The following table presents the impact and respective location of total restructuring costs on the Consolidated Statements of Earnings, which are included within Corporate, Other and Eliminations (in millions): Three Months Ended September 30, Nine Months Ended September 30, Type of cost Location 2019 2018 2019 2018 Accelerated depreciation Cost of sales $ — $ 1 $ — $ 9 Other exit costs Cost of sales — 2 2 6 Severance Other expenses, net — 1 — 3 Other exit costs (gains) Other expenses, net — 3 (3) 1 Total restructuring costs (gains) $ — $ 7 $ (1) $ 19 Summary of Unpaid Liabilities The following table summarizes the status of the unpaid liabilities from the Company's restructuring activities (in millions): 2017 Cost Reduction Actions Pittsburgh Corning Acquisition-Related Restructuring Total Balance at December 31, 2018 $ 10 $ 7 $ 17 Restructuring (gains) costs (2) 1 (1) Payments (8) (3) (11) Non-cash items and reclassifications to other accounts 3 — 3 Balance at September 30, 2019 $ 3 $ 5 $ 8 Cumulative charges incurred $ 46 $ 21 $ 67 As of September 30, 2019, the remaining liability balance is comprised of $8 million of severance, inclusive of $2 million of non-current severance and $6 million of severance the Company expects to pay over the next twelve months.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
DEBT	DEBT Details of the Company’s outstanding long-term debt, as well as the fair values, are as follows (in millions): September 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value 4.20% senior notes, net of discount and financing fees, due 2022 $ 183 105 % $ 598 99 % 4.20% senior notes, net of discount and financing fees, due 2024 394 105 % 393 99 % 3.40% senior notes, net of discount and financing fees, due 2026 396 100 % 396 90 % 3.95% senior notes, net of discount and financing fees, due 2029 445 102 % — — % 7.00% senior notes, net of discount and financing fees, due 2036 367 124 % 400 112 % 4.30% senior notes, net of discount and financing fees, due 2047 588 91 % 588 76 % 4.40% senior notes, net of discount and financing fees, due 2048 390 92 % 389 77 % Accounts receivables securitization facility, maturing in 2022 (a) 94 100 % 75 100 % Various finance leases, due through 2032 (a) (b) 26 100 % 24 100 % Term loan borrowing, maturing in 2021 (a) 300 100 % 500 100 % Other 4 n/a 8 n/a Total long-term debt 3,187 n/a 3,371 n/a Less – current portion (a) 7 100 % 9 100 % Long-term debt, net of current portion $ 3,180 n/a $ 3,362 n/a (a) The Company determined that the book value of the above noted long-term debt instruments approximates fair value. (b) Amounts reflected for December 31, 2018 represent capital lease obligations as recorded under ASC 840. The fair values of the Company's outstanding long-term debt instruments were estimated using market observable inputs, including quoted prices in active markets, market indices and interest rate measurements. Within the hierarchy of fair value measurements, these are Level 2 fair values. Senior Notes The Company issued $450 million of 2029 senior notes on August 12, 2019 subject to $5 million of discounts and issuance costs. Interest on the notes is payable semiannually in arrears on February 15 and August 15 each year, beginning on February 15, 2020. The proceeds from these notes were used to repay $416 million of our 2022 senior notes and $34 million of our 2036 senior notes. The Company recognized approximately $32 million of loss on extinguishment of debt in the third quarter of 2019 associated with these actions. The Company issued $400 million of 2048 senior notes on January 25, 2018. Interest on the notes is payable semiannually in arrears on January 30 and July 30 each year, beginning on July 30, 2018. The proceeds from these notes were used, along with borrowings on a $600 million term loan commitment and borrowings on the Receivables Securitization Facility (as defined below), to fund the purchase of Paroc in the first quarter of 2018. The Company issued $600 million of 2047 senior notes on June 26, 2017. Interest on the notes is payable semiannually in arrears on January 15 and July 15 each year, beginning on January 15, 2018. A portion of the proceeds from these notes was used to fund the purchase of Pittsburgh Corning in 2017 and for general corporate purposes. The remaining proceeds were used to repay $144 million of our 2019 senior notes and $140 million of our 2036 senior notes. The Company issued $400 million of 2026 senior notes on August 8, 2016. Interest on the notes is payable semiannually in arrears on February 15 and August 15 each year, beginning on February 15, 2017. A portion of the proceeds from these notes was used to repay $158 million of our 2016 senior notes. The remaining proceeds were used to pay down portions of our Receivables Securitization Facility and for general corporate purposes. The Company issued $400 million of 2024 senior notes on November 12, 2014. Interest on the notes is payable semiannually in arrears on June 1 and December 1 each year, beginning on June 1, 2015. A portion of the proceeds from these notes was used to repay $242 million of our 2016 senior notes and $105 million of our 2019 senior notes. The remaining proceeds were used to pay down our Senior Revolving Credit Facility (as defined below), finance general working capital needs, and for general corporate purposes. The Company issued $600 million of 2022 senior notes on October 17, 2012. Interest on the notes is payable semiannually in arrears on June 15 and December 15 each year, beginning on June 15, 2013. The proceeds of these notes were used to repay $250 million of our 2016 senior notes and $100 million of our 2019 senior notes and pay down our Senior Revolving Credit Facility. On October 31, 2006, the Company issued $550 million of 2036 senior notes. The proceeds of these notes were used to pay certain unsecured and administrative claims, finance general working capital needs and for general corporate purposes. Collectively, the senior notes above are referred to as the “Senior Notes.” The Senior Notes are general unsecured obligations of the Company and rank pari passu with all existing and future senior unsecured indebtedness of the Company. The Company has the option to redeem all or part of the Senior Notes at any time at a “make-whole” redemption price. The Company is subject to certain covenants in connection with the issuance of the Senior Notes that it believes are usual and customary. The Company was in compliance with these covenants as of September 30, 2019. In the first quarter of 2016, the Company terminated interest rate swaps designated to hedge a portion of the 4.20% senior notes due 2022. The residual fair value of the swaps was previously recognized in Long-term debt, net of current portion on the Consolidated Balance Sheets as an unamortized interest rate swap basis adjustment and accounts for $5 million of the Other balance in the above table as of December 31, 2018. As a result of the repurchase of a portion of these notes in a tender offer in the third quarter of 2019, the remaining unamortized portion of the swaps was recognized on the Consolidated Statements of Earnings as a $4 million reduction to the loss on extinguishment of debt. Senior Revolving Credit Facility The Company has an $800 million Senior Revolving Credit Facility that includes both borrowings and letters of credit. Borrowings under the Senior Revolving Credit Facility may be used for general corporate purposes and working capital. The Company has the discretion to borrow under multiple options, which provide for varying terms and interest rates including the United States prime rate, federal funds rate plus a spread or LIBOR plus a spread. In April 2019, the Company entered into an amendment to extend the maturity date of the Senior Revolving Credit Facility by one year to 2024. The Senior Revolving Credit Facility contains various covenants, including a maximum allowed leverage ratio and a minimum required interest expense coverage ratio, that the Company believes are usual and customary for a senior unsecured credit agreement. The Company was in compliance with these covenants as of September 30, 2019. Please refer to the Credit Facility Utilization paragraph below for liquidity information as of September 30, 2019. Term Loan Borrowing The Company obtained a term loan borrowing on October 27, 2017 for $600 million (the "Term Loan"). The Company entered into the Term Loan, in part, to pay a portion of the purchase price of the Paroc acquisition. In the first quarter of 2018, the Company borrowed on the Term Loan, along with borrowings on the Receivables Securitization Facility and the proceeds of the 2048 senior notes, to fund the purchase of Paroc. The Term Loan requires partial quarterly principal repayments, all of which have been paid as of September 30, 2019, and full repayment by February 2021. As of September 30, 2019, the Term Loan had $300 million outstanding. In March 2019, the Term Loan was amended to reduce the applicable interest rate on outstanding borrowings. The Term Loan contains various covenants, including a maximum allowed leverage ratio and a minimum required interest expense coverage ratio, that the Company believes are usual and customary for a term loan. The Company was in compliance with these covenants as of September 30, 2019. Receivables Securitization Facility Included in long-term debt on the Consolidated Balance Sheets are borrowings outstanding under a Receivables Purchase Agreement (RPA) that are accounted for as secured borrowings in accordance with ASC 860, "Accounting for Transfers and Servicing." Owens Corning Sales, LLC and Owens Corning Receivables LLC, each a subsidiary of the Company, have a $280 million RPA with certain financial institutions. The Company has the ability to borrow at the lenders' cost of funds, which approximates A-1/P-1 commercial paper rates vs. LIBOR, plus a fixed spread. In April 2019, the securitization facility (the "Receivables Securitization Facility") was amended to extend the maturity date to April 2022. The Receivables Securitization Facility contains various covenants, including a maximum allowed leverage ratio and a minimum required interest expense coverage ratio that the Company believes are usual and customary for a securitization facility. The Company was in compliance with these covenants as of September 30, 2019. Please refer to the Credit Facility Utilization section below for liquidity information as of September 30, 2019. Owens Corning Receivables LLC’s sole business consists of the purchase or acceptance through capital contributions of trade receivables and related rights from Owens Corning Sales, LLC and the subsequent retransfer of or granting of a security interest in such trade receivables and related rights to certain purchasers who are party to the RPA. Owens Corning Receivables LLC is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Owens Corning Receivables LLC’s assets prior to any assets or value in Owens Corning Receivables LLC becoming available to Owens Corning Receivables LLC’s equity holders. The assets of Owens Corning Receivables LLC are not available to pay creditors of the Company or any other affiliates of the Company or Owens Corning Sales, LLC. Credit Facility Utilization The following table shows how the Company utilized its primary sources of liquidity (in millions): Balance at September 30, 2019 Senior Revolving Credit Facility Receivables Securitization Facility Facility size or borrowing limit $ 800 $ 280 Collateral capacity limitation on availability — — Outstanding borrowings — 94 Outstanding letters of credit 9 3 Availability on facility $ 791 $ 183 Short-Term Debt Short-term borrowings were $3 million and $16 million as of September 30, 2019 and December 31, 2018, respectively. The short-term borrowings for both periods consisted of various operating lines of credit and working capital facilities. Certain of these borrowings are collateralized by receivables, inventories or property. The borrowing facilities are typically for one-year renewable terms. The weighted average interest rate on all short-term borrowings was approximately 8.2% and 3.0% for September 30, 2019 and December 31, 2018, respectively.

PENSION PLANS AND OTHER POSTR_2

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS	9 Months Ended
	Sep. 30, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS	PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Pension Plans The Company sponsors defined benefit pension plans. Under the plans, pension benefits are based on an employee’s years of service and, for certain categories of employees, qualifying compensation. Company contributions to these pension plans are determined by an independent actuary to meet or exceed minimum funding requirements. In our non-U.S. plans, the unrecognized cost of any retroactive amendments and actuarial gains and losses are amortized over the average future service period of plan participants expected to receive benefits. In our U.S. plans, the unrecognized cost of any retroactive amendments and actuarial gains and losses are amortized over the average remaining life expectancy of the inactive participants as substantially all of the plan participants are inactive. The following tables provide information regarding pension expense recognized (in millions): Three Months Ended September 30, 2019 2018 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ 1 $ 1 $ 2 $ 1 $ 1 $ 2 Interest cost 9 3 12 9 3 12 Expected return on plan assets (13) (4) (17) (14) (4) (18) Amortization of actuarial loss 3 1 4 3 1 4 Net periodic pension cost (income) $ — $ 1 $ 1 $ (1) $ 1 $ — Nine Months Ended September 30, 2019 2018 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ 4 $ 3 $ 7 $ 4 $ 4 $ 8 Interest cost 27 10 37 26 10 36 Expected return on plan assets (39) (12) (51) (41) (14) (55) Amortization of actuarial loss 7 3 10 9 2 11 Net periodic pension (income) cost $ (1) $ 4 $ 3 $ (2) $ 2 $ — The Company expects to contribute approximately $25 million in cash to the U.S. pension plans and another $14 million to non-U.S. plans during 2019. The Company made cash contributions of $34 million to the plans during the nine months ended September 30, 2019. On September 25, 2019, the Company entered into an agreement to purchase a non-participating annuity contract from an insurance company to transfer $89 million of the Company's outstanding pension projected benefit obligations related to certain U.S. pension plans. The transaction closed on October 2, 2019 and was funded with pension plan assets of $83 million. As a result of this transaction, the Company will recognize a pre-tax settlement charge of approximately $45 million in the fourth quarter of 2019 from the accelerated recognition of a pro rata portion of plan actuarial losses. This charge will be recorded in Non-operating (income) expense on the Consolidated Statements of Earnings. The transaction is not expected to have a material impact on the plan's funded status. Postemployment and Postretirement Benefits Other than Pension Plans ("OPEB") The Company maintains healthcare and life insurance benefit plans for certain retired employees and their dependents. The health care plans in the United States are non-funded and pay either (1) stated percentages of covered medically necessary expenses, after subtracting payments by Medicare or other providers and after stated deductibles have been met, or (2) fixed amounts of medical expense reimbursement. The following table provides the components of net periodic benefit cost for aggregated U.S. and non-U.S. plans for the periods indicated (in millions): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Components of Net Periodic Benefit Cost Service cost $ — $ — $ 1 $ 1 Interest cost 2 3 6 6 Amortization of prior service credit (1) (1) (3) (3) Amortization of actuarial gain (2) (2) (6) (5) Net periodic benefit income $ (1) $ — $ (2) $ (1)

CONTINGENT LIABILITIES AND OTHE

CONTINGENT LIABILITIES AND OTHER MATTERS	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
CONTINGENT LIABILITIES AND OTHER MATTERS	CONTINGENT LIABILITIES AND OTHER MATTERS The Company may be involved in various legal and regulatory proceedings relating to employment, antitrust, tax, product liability, environmental and other matters (collectively, “Proceedings”). The Company regularly reviews the status of such Proceedings along with legal counsel. Liabilities for such Proceedings are recorded when it is probable that the liability has been incurred and when the amount of the liability can be reasonably estimated. Liabilities are adjusted when additional information becomes available. Management believes that the amount of any reasonably possible losses in excess of any amounts accrued, if any, with respect to such Proceedings or any other known claim, including the matters described below under the caption Environmental Matters (the “Environmental Matters”), are not material to the Company’s financial statements. Management believes that the ultimate disposition of the Proceedings and the Environmental Matters will not have a material adverse effect on the Company’s financial condition. While the likelihood is remote, the disposition of the Proceedings and Environmental Matters could have a material impact on the results of operations, cash flows or liquidity in any given reporting period. Litigation and Regulatory Proceedings The Company is involved in litigation and regulatory proceedings from time to time in the regular course of its business. The Company believes that adequate provisions for resolution of all contingencies, claims and pending matters have been made for probable losses that are reasonably estimable. Environmental Matters The Company has established policies and procedures designed to ensure that its operations are conducted in compliance with all relevant laws and regulations and that enable the Company to meet its high standards for corporate sustainability and environmental stewardship. Our manufacturing facilities are subject to numerous foreign, federal, state and local laws and regulations relating to the presence of hazardous materials, pollution and protection of the environment, including emissions to air, reductions of greenhouse gases, discharges to water, management of hazardous materials, handling and disposal of solid wastes, and remediation of contaminated sites. All Company manufacturing facilities operate using an ISO 14001 or equivalent environmental management system. The Company’s 2030 Sustainability Goals include significant global reductions in energy use, water consumption, waste to landfill, and emissions of greenhouse gases, fine particulate matter and toxic air emissions.

STOCK COMPENSATION

STOCK COMPENSATION	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
STOCK COMPENSATION	STOCK COMPENSATION 2019 Stock Plan On April 18, 2019, the Company’s stockholders approved the Owens Corning 2019 Stock Plan (the “2019 Stock Plan”) which authorizes grants of stock options, stock appreciation rights, restricted stock awards, restricted stock units, bonus stock awards and performance stock awards. At September 30, 2019, the number of shares remaining available under the 2019 Stock Plan for all stock awards was approximately 4.0 million. Stock Options The Company did not grant any stock options during the nine months ended September 30, 2019. The Company calculates a weighted-average grant-date fair value using a Black-Scholes valuation model for options granted. Compensation expense for options is measured based on the fair market value of the option on the date of grant, and is recognized on a straight-line basis over a four-year vesting period. In general, the exercise price of each option awarded was equal to the market price of the Company’s common stock on the date of grant, and an option’s maximum term is 10 years. The Company did not recognize any stock option expense during the nine months ended September 30, 2019. During the nine months ended September 30, 2018, the Company recognized expense of less than $1 million related to the Company's stock options. As of September 30, 2019, there was no unrecognized compensation cost related to stock options. The total aggregate intrinsic value of options outstanding as of September 30, 2019 was $11 million. The following table summarizes the Company’s stock option activity: Nine Months Ended Number of Weighted- Beginning Balance 478,875 $ 37.18 Exercised (34,400) 29.42 Ending Balance 444,475 $ 37.78 The following table summarizes information about the Company’s options outstanding and exercisable: Options Outstanding Options Exercisable Options Weighted-Average Number Exercisable at September 30, 2019 Weighted-Average Range of Exercise Prices Remaining Exercise Remaining Exercise $25.45- $42.16 444,475 3.34 $ 37.78 444,475 3.34 $ 37.78 Restricted Stock Awards and Restricted Stock Units The Company has granted restricted stock awards and restricted stock units (collectively referred to as “restricted stock”) as a part of its long-term incentive plan. Compensation expense for restricted stock is measured based on the market price of the stock at date of grant and is recognized on a straight-line basis over the vesting period, which is typically three or four years. The Stock Plan allows alternate vesting schedules for death, disability, and retirement. During the three and nine months ended September 30, 2019, the Company recognized expense of $7 million and $21 million, respectively, related to the Company's restricted stock. During the three and nine months ended September 30, 2018, the Company recognized expense of $6 million and $17 million, respectively, related to the Company's restricted stock. As of September 30, 2019, there was $37 million of total unrecognized compensation cost related to restricted stock. That cost is expected to be recognized over a weighted-average period of 2.20 years. The total fair value of shares vested during the nine months ended September 30, 2019 and 2018 was $20 million and $22 million, respectively. The following table summarizes the Company’s restricted stock activity: Nine Months Ended September 30, 2019 Number of Shares/Units Weighted-Average Beginning Balance 1,479,374 $ 52.30 Granted 514,860 52.64 Vested (373,225) 53.08 Forfeited (76,544) 62.24 Ending Balance 1,544,465 $ 51.65 Performance Stock Awards and Performance Stock Units The Company has granted performance stock awards and performance stock units (collectively referred to as “PSUs”) as a part of its long-term incentive plan. All outstanding performance grants will fully settle in stock. The amount of stock ultimately distributed from all performance shares is contingent on meeting internal company-based metrics or an external-based stock performance metric. In the nine months ended September 30, 2019, the Company granted both internal company-based and external-based metric PSUs. Internal based metrics The internal company-based metrics are based on various Company metrics and typically vest over a three-year period. The amount of stock distributed will vary from 0% to 200% of PSUs awarded depending on each award's design and performance versus the internal Company-based metrics. The initial fair value for all internal Company-based metric PSUs assumes that the performance goals will be achieved and is based on the grant date stock price. This assumption is monitored quarterly and if it becomes probable that such goals will not be achieved or will be exceeded, compensation expense recognized will be adjusted and previous surplus compensation expense recognized will be reversed or additional expense will be recognized. The expected term represents the period from the grant date to the end of the vesting period. Pro-rata vesting may be utilized in the case of death, disability or approved retirement and awards, if earned, will be paid at the end of the vesting period. External-based metrics The external-based metrics vest after a three-year period. Outstanding grants are based on the Company's total stockholder return relative to the performance of the companies constituting the former S&P Building & Construction Industry Index or Dow Jones Construction and Materials Index. The amount of stock distributed will vary from 0% to 200% of PSUs awarded depending on the relative stockholder return performance. The Company estimated the fair value of the external-based metric performance stock grants using a Monte Carlo simulation. The external-based metric performance stock granted in 2019 uses various assumptions that include expected volatility of 26.7%, and a risk free interest rate of 2.5%, both of which were based on an expected term of 2.90 years. Expected volatility was based on a benchmark study of our peers. The risk-free interest rate was based on zero coupon U.S. Treasury bills at the time of grant. The expected term represents the period from the grant date to the end of the three-year performance period. Compensation expense for external-based metric PSUs is measured based on the grant date fair value and is recognized on a straight-line basis over the vesting period. Pro-rata vesting may be utilized in the case of death, disability or approved retirement, and awards, if earned, will be paid at the end of the three-year period. During the three and nine months ended September 30, 2019, the Company recognized expense of $2 million and $6 million, respectively, related to the Company's PSUs. During the three and nine months ended September 30, 2018, the Company recognized expense of $5 million and $14 million, respectively, related to the Company's PSUs. As of September 30, 2019, there was $13 million of total unrecognized compensation cost related to PSUs. That cost is expected to be recognized over a weighted-average period of 1.70 years. The following table summarizes the Company’s PSU activity: Nine Months Ended Number Weighted-Average Beginning Balance 360,977 $ 75.23 Granted 205,350 58.40 Forfeited (42,750) 69.83 Ending Balance 523,577 $ 69.07 Employee Stock Purchase Plan On April 18, 2013, the Company’s stockholders approved the Owens Corning Employee Stock Purchase Plan (ESPP). The ESPP is a tax-qualified plan under Section 423 of the Internal Revenue Code. The purchase price of shares purchased under the ESPP is equal to 85% of the lower of the fair market value of shares of Owens Corning common stock at the beginning or ending of the offering period, which is a six-month period ending on May 31 and November 30 of each year. At the approval date, 2.0 million shares were available for purchase under the ESPP. As of September 30, 2019, 0.5 million shares remain available for purchase. During the three and nine months ended September 30, 2019, the Company recognized expense of $1 million and $4 million, respectively, related to the Company's ESPP. During the three and nine months ended September 30, 2018, the Company recognized expense of $1 million and $3 million, respectively, related to the Company's ESPP. As of September 30, 2019, there was $1 million of total unrecognized compensation cost related to the ESPP.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table is a reconciliation of weighted-average shares for calculating basic and diluted earnings per-share (in millions, except per share amounts): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Net earnings attributable to Owens Corning $ 150 $ 161 $ 332 $ 374 Weighted-average number of shares outstanding used for basic earnings per share 109.2 110.0 109.2 110.8 Non-vested restricted and performance shares 0.6 0.7 0.6 0.7 Options to purchase common stock 0.2 0.2 0.2 0.2 Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share 110.0 110.9 110.0 111.7 Earnings per common share attributable to Owens Corning common stockholders: Basic $ 1.37 $ 1.46 $ 3.04 $ 3.38 Diluted $ 1.36 $ 1.45 $ 3.02 $ 3.35 For the three and nine months ended September 30, 2019, the number of shares used in the calculation of diluted earnings per share did not include 0.1 million non-vested performance shares, due to their anti-dilutive effect. For the three and nine months ended September 30, 2018, the number of shares used in the calculation of diluted earnings per share did not include 0.3 million non-vested restricted shares and 0.3 million non-vested performance shares, due to their anti-dilutive effect. On October 24, 2016, the Board of Directors approved a share buy-back program under which the Company is authorized to repurchase up to 10 million shares of the Company’s outstanding common stock (the “Repurchase Authorization”). The Repurchase Authorization enables the Company to repurchase shares through the open market, privately negotiated, or other transactions. The actual number of shares repurchased will depend on timing, market conditions and other factors and is at the Company’s discretion. The Company repurchased 1.0 million shares of its common stock for $48 million during the nine months ended September 30, 2019, under the Repurchase Authorization. As of September 30, 2019, 3.6 million shares remain available for repurchase under the Repurchase Authorization.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The following table provides the Income tax expense (in millions) and effective tax rate for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Income tax expense $ 61 $ 67 $ 159 $ 127 Effective tax rate 29 % 29 % 32 % 25 % The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three months ended September 30, 2019 is primarily due to U.S. state and local income tax expense, the impact of U.S. federal taxes on foreign earnings, an increase in tax valuation allowances recorded against certain foreign deferred tax assets and other discrete adjustments. The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the nine months ended September 30, 2019 is primarily due to U.S. state and local income tax expense, the impact of U.S. federal taxes on foreign earnings, legislative changes, an increase in tax valuation allowances recorded against certain foreign deferred tax assets and other discrete adjustments. On March 6, 2019, the U.S. Treasury and the IRS proposed regulations that provide guidance on determining the amount of a domestic corporation’s deduction for the global intangible low-taxed income (GILTI) and foreign-derived intangible income (FDII) recently added by the U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The proposed regulations provide special rules in determining the deduction amount which adjusted the Company’s 2018 tax estimate resulting in an increase to tax expense of $12 million for the nine months ended September 30, 2019. The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three months ended September 30, 2018 is primarily due to U.S. state and local income tax expense, the impact of higher foreign tax rates, an increase in U.S. federal tax expense on foreign earnings and other discrete adjustments offset by a reversal of a valuation allowance recorded in prior years against certain European net deferred tax assets. The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the nine months ended September 30, 2018 is primarily due to U.S. state and local income tax expense, the impact of higher foreign tax rates, an increase in U.S. federal tax expense on foreign earnings, offset by excess tax benefits related to stock compensation, a reversal of a valuation allowance recorded in prior years against certain European net deferred tax assets and other discrete adjustments. The Company continues to assert indefinite reinvestment in accordance with ASC 740 based on the laws as of enactment of the Tax Act.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following table summarizes our Net sales by segment and geographic region (in millions). Corporate eliminations (shown below) largely reflect intercompany sales from Composites to Roofing. External customer sales are attributed to geographic region based upon the location from which the product is sold to the external customer. Three Months Ended Nine Months Ended 2019 2018 2019 2018 Reportable Segments Composites $ 531 $ 508 $ 1,579 $ 1,560 Insulation 693 710 1,945 1,988 Roofing 713 645 2,105 1,946 Total reportable segments 1,937 1,863 5,629 5,494 Corporate eliminations (54) (45) (161) (161) NET SALES $ 1,883 $ 1,818 $ 5,468 $ 5,333
Schedule of Revenues by Geographical Areas	External Customer Sales by Geographic Region United States $ 1,273 $ 1,208 $ 3,670 $ 3,525 Europe 310 304 920 909 Asia-Pacific 169 166 492 484 Rest of world 131 140 386 415 NET SALES $ 1,883 $ 1,818 $ 5,468 $ 5,333
Schedule of Earnings before Interest and Taxes	The following table summarizes EBIT by segment (in millions): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Reportable Segments Composites $ 67 $ 64 $ 191 $ 195 Insulation 84 94 141 175 Roofing 143 127 368 351 Total reportable segments 294 285 700 721 Restructuring (costs) / gains — (7) 1 (19) Acquisition-related costs — (1) — (16) Recognition of acquisition inventory fair value step-up — — — (2) General corporate expense and other (17) (18) (76) (88) Total corporate, other and eliminations (17) (26) (75) (125) EBIT $ 277 $ 259 $ 625 $ 596

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table shows a disaggregation of Net sales (in millions): For the three months ended September 30, 2019 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 75 $ 237 $ 641 $ (53) $ 900 U.S. commercial and industrial 159 168 46 — 373 Europe 142 165 3 — 310 Asia-Pacific 120 46 4 (1) 169 Rest of world 35 77 19 — 131 NET SALES $ 531 $ 693 $ 713 $ (54) $ 1,883 For the three months ended September 30, 2018 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 62 $ 260 $ 560 $ (40) $ 842 U.S. commercial and industrial 157 161 52 (4) 366 Europe 142 159 3 — 304 Asia-Pacific 115 47 4 — 166 Rest of world 32 83 26 (1) 140 NET SALES $ 508 $ 710 $ 645 $ (45) $ 1,818 For the nine months ended September 30, 2019 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 217 $ 649 $ 1,900 $ (156) $ 2,610 U.S. commercial and industrial 472 480 108 — 1,060 Europe 442 469 10 (1) 920 Asia-Pacific 351 132 10 (1) 492 Rest of world 97 215 77 (3) 386 NET SALES $ 1,579 $ 1,945 $ 2,105 $ (161) $ 5,468 For the nine months ended September 30, 2018 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 213 $ 708 $ 1,696 $ (146) $ 2,471 U.S. commercial and industrial 452 469 141 (8) 1,054 Europe 455 444 10 — 909 Asia-Pacific 343 131 11 (1) 484 Rest of world 97 236 88 (6) 415 NET SALES $ 1,560 $ 1,988 $ 1,946 $ (161) $ 5,333

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consist of the following (in millions): September 30, 2019 December 31, 2018 Finished goods $ 705 $ 730 Materials and supplies 326 342 Total inventories $ 1,031 $ 1,072

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets and Liabilities at Fair Value	The following table presents the fair value of derivatives and hedging instruments and the respective location on the Consolidated Balance Sheets (in millions): Fair Value at Location September 30, 2019 December 31, 2018 Derivative assets designated as hedging instruments: Net investment hedges: Cross-currency swaps Other current assets $ 12 $ 9 Cross currency swaps Other non-current assets $ 9 $ — Derivative liabilities designated as hedging instruments: Net investment hedges: Cross-currency swaps Other liabilities $ — $ 17 Cash flow hedges: Natural gas forward swaps Current liabilities $ 2 $ 1 Derivative assets not designated as hedging instruments: Foreign exchange forward contracts Other current assets $ 18 $ 1 Derivative liabilities not designated as hedging instruments: Foreign exchange forward contracts Current liabilities $ — $ 8
Schedule of Fair Value Derivative Instruments Statements of Earnings Location	The following table presents the impact and respective location of derivative activities on the Consolidated Statements of Earnings (in millions): Three Months Ended Nine Months Ended Location 2019 2018 2019 2018 Derivative activity designated as hedging instruments: Natural gas cash flow hedges: Amount of loss/(gain) reclassified from AOCI (as defined below) into earnings Cost of sales $ 2 $ (1) $ 3 $ (1) Cross-currency swap net investment hedges: Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testing Interest expense, net $ (3) $ (3) $ (9) $ (9) Derivative activity not designated as hedging instruments: Foreign currency: Amount of gain recognized in earnings (a) Other expenses, net $ (31) $ (10) $ (45) $ (54) (a) Gains related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures, which were also recorded in Other expenses, net. Please refer to the "Other Derivatives" section below for additional detail. Consolidated Statements of Comprehensive Earnings Activity The following table presents the impact of derivative activities on the Consolidated Statements of Comprehensive Earnings (in millions): Amount of (Gain) Loss Recognized in Comprehensive Earnings Three Months Ended Nine Months Ended Hedging Type Derivative Financial Instrument 2019 2018 2019 2018 Net investment hedge Cross-currency swaps $ (27) $ (1) $ (30) $ (2) Cash flow hedge Natural gas forward swaps $ (1) $ — $ 1 $ (2)

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Intangible assets and goodwill consist of the following (in millions): September 30, 2019 Weighted Gross Accumulated Net Carrying Amortizable intangible assets: Customer relationships 20 years $ 541 $ (158) $ 383 Technology 17 years 317 (148) 169 Other 13 years 61 (31) 30 Indefinite-lived intangible assets: Trademarks 1,134 1,134 Total intangible assets $ 2,053 $ (337) $ 1,716 Goodwill $ 1,909 December 31, 2018 Weighted Gross Accumulated Net Carrying Amortizable intangible assets: Customer relationships 20 years $ 554 $ (138) $ 416 Technology 17 years 321 (134) 187 Other 14 years 60 (28) 32 Indefinite-lived intangible assets: Trademarks 1,144 — 1,144 Total intangible assets $ 2,079 $ (300) $ 1,779 Goodwill $ 1,949
Finite-lived Intangible Assets Amortization Expense	The estimated amortization expense for intangible assets for the next five years is as follows (in millions): Period Amortization 2020 $ 50 2021 $ 50 2022 $ 45 2023 $ 42 2024 $ 39
Schedule of Goodwill	The changes in the net carrying amount of goodwill by segment are as follows (in millions): Composites Insulation Roofing Total Balance at December 31, 2018 $ 57 $ 1,495 $ 397 $ 1,949 Foreign currency translation — (37) (3) (40) Balance at September 30, 2019 $ 57 $ 1,458 $ 394 $ 1,909
Schedule of Finite-Lived Intangible Assets	The changes in the gross carrying amount of intangible assets by asset group are as follows (in millions): Customer Relationships Technology Trademarks Other Total Balance at December 31, 2018 $ 554 $ 321 $ 1,144 $ 60 $ 2,079 Other additions, net — — — 2 2 Foreign currency translation (13) (4) (10) (1) (28) Balance at September 30, 2019 $ 541 $ 317 $ 1,134 $ 61 $ 2,053

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consist of the following (in millions): September 30, December 31, 2018 Land $ 220 $ 224 Buildings and leasehold improvements 1,114 1,091 Machinery and equipment 4,857 4,628 Construction in progress 313 443 6,504 6,386 Accumulated depreciation (2,745) (2,575) Property, plant and equipment, net $ 3,759 $ 3,811

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Finite-lived Intangible Assets Amortization Expense	The estimated amortization expense for intangible assets for the next five years is as follows (in millions): Period Amortization 2020 $ 50 2021 $ 50 2022 $ 45 2023 $ 42 2024 $ 39

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of Lease-Related Assets and Liabilities	The table below presents the lease-related assets and liabilities recorded on the balance sheet (in millions): Leases Classification on Balance Sheet September 30, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 207 Finance lease assets Other non-current assets 22 Total lease assets $ 229 Liabilities Current Operating Current liabilities $ 65 Finance Current liabilities 6 Non-Current Operating Non-current operating lease liabilities 143 Finance Long-term debt, net of current portion 20 Total lease liabilities $ 234
Supplemental Cash Flow Information Related to Leases	The tables below present supplemental information related to leases as of September 30, 2019: Weighted-average remaining lease term (years) September 30, 2019 Operating leases 4.2 Finance leases 4.2 Weighted-average discount rate September 30, 2019 Operating leases 3.44 % Finance leases 6.38 %
Schedule of Future Minimum Rental Payments for Operating Leases	As presented in our 2018 Form 10-K, the minimum future rental commitments under ASC 840 for non-cancelable operating leases with initial maturities greater than one year, payable over the remaining lives of the leases as of December 31, 2018 were (in millions): Period Minimum Future Rental Commitments 2019 $ 83 2020 $ 64 2021 $ 47 2022 $ 31 2023 $ 18 2024 and beyond $ 27
Lessee, Operating Lease, Liability, Maturity	The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of September 30, 2019 (in millions): Period Operating Leases Finance Leases 2019 (for the three months remaining in 2019) $ 20 $ 2 2020 70 8 2021 55 8 2022 36 6 2023 21 4 2024 and beyond 28 2 Total minimum lease payments 230 30 Less: implied interest 22 4 Present value of future minimum lease payments 208 26 Less: current lease obligations 65 6 Long-term lease obligations $ 143 $ 20
Finance Lease, Liability, Maturity	The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of September 30, 2019 (in millions): Period Operating Leases Finance Leases 2019 (for the three months remaining in 2019) $ 20 $ 2 2020 70 8 2021 55 8 2022 36 6 2023 21 4 2024 and beyond 28 2 Total minimum lease payments 230 30 Less: implied interest 22 4 Present value of future minimum lease payments 208 26 Less: current lease obligations 65 6 Long-term lease obligations $ 143 $ 20

WARRANTIES (Tables)

WARRANTIES (Tables)	9 Months Ended
	Sep. 30, 2019
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability	The Company records a liability for warranty obligations at the date the related products are sold. Adjustments are made as new information becomes available. Please refer to Note 1 of our 2018 Form 10-K for information about our separately-priced extended warranty contracts. A reconciliation of the warranty liability is as follows (in millions): Nine Months Ended September 30, 2019 2018 Beginning balance $ 60 $ 55 Amounts accrued for current year 17 16 Settlements of warranty claims (13) (11) Ending balance $ 64 $ 60

RESTRUCTURING AND ACQUISITION_2

RESTRUCTURING AND ACQUISITION-RELATED COSTS (Tables)	9 Months Ended
	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs on the Consolidated Statements of Earnings	Consolidated Statements of Earnings Classification The following table presents the impact and respective location of total restructuring costs on the Consolidated Statements of Earnings, which are included within Corporate, Other and Eliminations (in millions): Three Months Ended September 30, Nine Months Ended September 30, Type of cost Location 2019 2018 2019 2018 Accelerated depreciation Cost of sales $ — $ 1 $ — $ 9 Other exit costs Cost of sales — 2 2 6 Severance Other expenses, net — 1 — 3 Other exit costs (gains) Other expenses, net — 3 (3) 1 Total restructuring costs (gains) $ — $ 7 $ (1) $ 19
Schedule of Restructuring Reserve by Type of Cost	Summary of Unpaid Liabilities The following table summarizes the status of the unpaid liabilities from the Company's restructuring activities (in millions): 2017 Cost Reduction Actions Pittsburgh Corning Acquisition-Related Restructuring Total Balance at December 31, 2018 $ 10 $ 7 $ 17 Restructuring (gains) costs (2) 1 (1) Payments (8) (3) (11) Non-cash items and reclassifications to other accounts 3 — 3 Balance at September 30, 2019 $ 3 $ 5 $ 8 Cumulative charges incurred $ 46 $ 21 $ 67 As of September 30, 2019, the remaining liability balance is comprised of $8 million of severance, inclusive of $2 million of non-current severance and $6 million of severance the Company expects to pay over the next twelve months.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Details of the Company’s outstanding long-term debt, as well as the fair values, are as follows (in millions): September 30, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value 4.20% senior notes, net of discount and financing fees, due 2022 $ 183 105 % $ 598 99 % 4.20% senior notes, net of discount and financing fees, due 2024 394 105 % 393 99 % 3.40% senior notes, net of discount and financing fees, due 2026 396 100 % 396 90 % 3.95% senior notes, net of discount and financing fees, due 2029 445 102 % — — % 7.00% senior notes, net of discount and financing fees, due 2036 367 124 % 400 112 % 4.30% senior notes, net of discount and financing fees, due 2047 588 91 % 588 76 % 4.40% senior notes, net of discount and financing fees, due 2048 390 92 % 389 77 % Accounts receivables securitization facility, maturing in 2022 (a) 94 100 % 75 100 % Various finance leases, due through 2032 (a) (b) 26 100 % 24 100 % Term loan borrowing, maturing in 2021 (a) 300 100 % 500 100 % Other 4 n/a 8 n/a Total long-term debt 3,187 n/a 3,371 n/a Less – current portion (a) 7 100 % 9 100 % Long-term debt, net of current portion $ 3,180 n/a $ 3,362 n/a (a) The Company determined that the book value of the above noted long-term debt instruments approximates fair value. (b) Amounts reflected for December 31, 2018 represent capital lease obligations as recorded under ASC 840.
Schedule of Line of Credit Facilities	The following table shows how the Company utilized its primary sources of liquidity (in millions): Balance at September 30, 2019 Senior Revolving Credit Facility Receivables Securitization Facility Facility size or borrowing limit $ 800 $ 280 Collateral capacity limitation on availability — — Outstanding borrowings — 94 Outstanding letters of credit 9 3 Availability on facility $ 791 $ 183

STOCK COMPENSATION (Tables)

STOCK COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	The following table summarizes the Company’s stock option activity: Nine Months Ended Number of Weighted- Beginning Balance 478,875 $ 37.18 Exercised (34,400) 29.42 Ending Balance 444,475 $ 37.78
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable	The following table summarizes information about the Company’s options outstanding and exercisable: Options Outstanding Options Exercisable Options Weighted-Average Number Exercisable at September 30, 2019 Weighted-Average Range of Exercise Prices Remaining Exercise Remaining Exercise $25.45- $42.16 444,475 3.34 $ 37.78 444,475 3.34 $ 37.78
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the Company’s restricted stock activity: Nine Months Ended September 30, 2019 Number of Shares/Units Weighted-Average Beginning Balance 1,479,374 $ 52.30 Granted 514,860 52.64 Vested (373,225) 53.08 Forfeited (76,544) 62.24 Ending Balance 1,544,465 $ 51.65
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest	The following table summarizes the Company’s PSU activity: Nine Months Ended Number Weighted-Average Beginning Balance 360,977 $ 75.23 Granted 205,350 58.40 Forfeited (42,750) 69.83 Ending Balance 523,577 $ 69.07

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table is a reconciliation of weighted-average shares for calculating basic and diluted earnings per-share (in millions, except per share amounts): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Net earnings attributable to Owens Corning $ 150 $ 161 $ 332 $ 374 Weighted-average number of shares outstanding used for basic earnings per share 109.2 110.0 109.2 110.8 Non-vested restricted and performance shares 0.6 0.7 0.6 0.7 Options to purchase common stock 0.2 0.2 0.2 0.2 Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share 110.0 110.9 110.0 111.7 Earnings per common share attributable to Owens Corning common stockholders: Basic $ 1.37 $ 1.46 $ 3.04 $ 3.38 Diluted $ 1.36 $ 1.45 $ 3.02 $ 3.35

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table provides the Income tax expense (in millions) and effective tax rate for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Income tax expense $ 61 $ 67 $ 159 $ 127 Effective tax rate 29 % 29 % 32 % 25 %

CHANGES IN ACCUMULATED OTHER _3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFCIT (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in accumulated other comprehensive income (deficit) (in millions): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Currency Translation Adjustment Beginning balance $ (285) $ (272) $ (306) $ (183) Net investment hedge amounts classified into AOCI, net of tax 22 1 24 2 Loss on foreign currency translation (79) (13) (60) (103) Other comprehensive loss, net of tax (57) (12) (36) (101) Ending balance $ (342) $ (284) $ (342) $ (284) Pension and Other Postretirement Adjustment Beginning balance $ (349) $ (329) $ (350) $ (331) Amounts reclassified from AOCI to net earnings, net of tax (a) 1 1 2 3 Amounts classified into AOCI, net of tax (3) — (3) — Other comprehensive (loss)/income, net of tax (2) 1 (1) 3 Ending balance $ (351) $ (328) $ (351) $ (328) Hedging Adjustment Beginning balance $ (1) $ 1 $ — $ — Amounts classified into AOCI, net of tax 1 1 — 2 Other comprehensive income, net of tax 1 1 — 2 Ending balance $ — $ 2 $ — $ 2 Total AOCI ending balance $ (693) $ (610) $ (693) $ (610) (a) These AOCI components are included in the computation of total Pension and OPEB expense and are recorded in Non-operating income. See Note 13 for additional information.

GENERAL (Details)

GENERAL (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Restricted cash	$ 7	$ 7	$ 8	$ 7

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)
Segment Reporting, Significant Reconciling Item [Line Items]
Number of reportable segments | segment			3
NET SALES	$ 1,883	$ 1,818	$ 5,468	$ 5,333
EBIT	277	259	625	596
Restructuring (costs) / gains	0	(7)	1	(19)
Acquisition-related costs	0	(1)	0	(16)
Recognition of acquisition inventory fair value step-up	0	0	0	(2)
General corporate expense and other	(17)	(18)	(76)	(88)
U.S.
Segment Reporting, Significant Reconciling Item [Line Items]
NET SALES	1,273	1,208	3,670	3,525
Europe
Segment Reporting, Significant Reconciling Item [Line Items]
NET SALES	310	304	920	909
Asia Pacific
Segment Reporting, Significant Reconciling Item [Line Items]
NET SALES	169	166	492	484
Other Geographical
Segment Reporting, Significant Reconciling Item [Line Items]
NET SALES	131	140	386	415
Composites
Segment Reporting, Significant Reconciling Item [Line Items]
NET SALES	531	508	1,579	1,560
EBIT	67	64	191	195
Insulation
Segment Reporting, Significant Reconciling Item [Line Items]
NET SALES	693	710	1,945	1,988
EBIT	84	94	141	175
Roofing
Segment Reporting, Significant Reconciling Item [Line Items]
NET SALES	713	645	2,105	1,946
EBIT	143	127	368	351
Total Segments
Segment Reporting, Significant Reconciling Item [Line Items]
NET SALES	1,937	1,863	5,629	5,494
EBIT	294	285	700	721
Corporate Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
NET SALES	(54)	(45)	(161)	(161)
EBIT	$ (17)	$ (26)	$ (75)	$ (125)

REVENUE - Disaggregated Revenue

REVENUE - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 1,883	$ 1,818	$ 5,468	$ 5,333
Europe
Disaggregation of Revenue [Line Items]
Disaggregated revenue	310	304	920	909
Asia Pacific
Disaggregation of Revenue [Line Items]
Disaggregated revenue	169	166	492	484
Rest of world
Disaggregation of Revenue [Line Items]
Disaggregated revenue	131	140	386	415
Composites
Disaggregation of Revenue [Line Items]
Disaggregated revenue	531	508	1,579	1,560
Composites | Europe
Disaggregation of Revenue [Line Items]
Disaggregated revenue	142	142	442	455
Composites | Asia Pacific
Disaggregation of Revenue [Line Items]
Disaggregated revenue	120	115	351	343
Composites | Rest of world
Disaggregation of Revenue [Line Items]
Disaggregated revenue	35	32	97	97
Insulation
Disaggregation of Revenue [Line Items]
Disaggregated revenue	693	710	1,945	1,988
Insulation | Europe
Disaggregation of Revenue [Line Items]
Disaggregated revenue	165	159	469	444
Insulation | Asia Pacific
Disaggregation of Revenue [Line Items]
Disaggregated revenue	46	47	132	131
Insulation | Rest of world
Disaggregation of Revenue [Line Items]
Disaggregated revenue	77	83	215	236
Roofing
Disaggregation of Revenue [Line Items]
Disaggregated revenue	713	645	2,105	1,946
Roofing | Europe
Disaggregation of Revenue [Line Items]
Disaggregated revenue	3	3	10	10
Roofing | Asia Pacific
Disaggregation of Revenue [Line Items]
Disaggregated revenue	4	4	10	11
Roofing | Rest of world
Disaggregation of Revenue [Line Items]
Disaggregated revenue	19	26	77	88
Eliminations
Disaggregation of Revenue [Line Items]
Disaggregated revenue	(54)	(45)	(161)	(161)
Eliminations | Europe
Disaggregation of Revenue [Line Items]
Disaggregated revenue	0	0	(1)	0
Eliminations | Asia Pacific
Disaggregation of Revenue [Line Items]
Disaggregated revenue	(1)	0	(1)	(1)
Eliminations | Rest of world
Disaggregation of Revenue [Line Items]
Disaggregated revenue	0	(1)	(3)	(6)
Residential | U.S.
Disaggregation of Revenue [Line Items]
Disaggregated revenue	900	842	2,610	2,471
Residential | Composites | U.S.
Disaggregation of Revenue [Line Items]
Disaggregated revenue	75	62	217	213
Residential | Insulation | U.S.
Disaggregation of Revenue [Line Items]
Disaggregated revenue	237	260	649	708
Residential | Roofing | U.S.
Disaggregation of Revenue [Line Items]
Disaggregated revenue	641	560	1,900	1,696
Residential | Eliminations | U.S.
Disaggregation of Revenue [Line Items]
Disaggregated revenue	(53)	(40)	(156)	(146)
Commercial and Industrial Sector | U.S.
Disaggregation of Revenue [Line Items]
Disaggregated revenue	373	366	1,060	1,054
Commercial and Industrial Sector | Composites | U.S.
Disaggregation of Revenue [Line Items]
Disaggregated revenue	159	157	472	452
Commercial and Industrial Sector | Insulation | U.S.
Disaggregation of Revenue [Line Items]
Disaggregated revenue	168	161	480	469
Commercial and Industrial Sector | Roofing | U.S.
Disaggregation of Revenue [Line Items]
Disaggregated revenue	46	52	108	141
Commercial and Industrial Sector | Eliminations | U.S.
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 0	$ (4)	$ 0	$ (8)

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2018
Revenue from Contract with Customer [Abstract]
Contract liability	$ 58	$ 53
Contract liability, revenue recognized	$ 16

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 705	$ 730
Materials and supplies	326	342
Total inventories	$ 1,031	$ 1,072

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS BALANCE SHEET (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Other current assets | Designated as Hedging Instrument | Net Investment Hedging | Cross Currency Interest Rate Contract
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	$ 12	$ 9
Other current assets | Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	18	1
Other non-current assets | Designated as Hedging Instrument | Net Investment Hedging | Cross Currency Interest Rate Contract
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	9	0
Other liabilities | Designated as Hedging Instrument | Net Investment Hedging | Cross Currency Interest Rate Contract
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	0	17
Current liabilities | Designated as Hedging Instrument | Cash Flow Hedging | Energy Related Derivative
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	2	1
Current liabilities | Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 0	$ 8

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS INCOME STATEMENT (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Cost of sales | Designated as Hedging Instrument | Energy Related Derivative
Derivative Instruments Gain Loss [Line Items]
Amount of loss/(gain) reclassified from AOCI (as defined below) into earnings		$ (2)	$ 1	$ (3)	$ 1
Interest expense, net | Designated as Hedging Instrument | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Derivative, Gain on Derivative		(3)	(3)	(9)	(9)
Other Expense | Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments Gain Loss [Line Items]
Amount of (gain)/loss recognized in earnings	[1]	(31)	(10)	(45)	(54)
Net Investment Hedging | Cross Currency Interest Rate Contract
Derivative Instruments Gain Loss [Line Items]
Amount of (gain)/loss recognized in earnings		27	1	30	2
Cash Flow Hedging | Energy Related Derivative
Derivative Instruments Gain Loss [Line Items]
Amount of (gain)/loss recognized in earnings		$ 1	$ 0	$ (1)	$ 2
[1]	Gains related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures, which were also recorded in Other expenses, net. Please refer to the "Other Derivatives" section below for additional detail.

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS CASH FLOW (Details) $ in Millions	Sep. 30, 2019USD ($)MMBTU
Derivative [Line Items]
Derivative, nonmonetary notional amount | MMBTU	2
United States of America, Dollars | Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative, notional amount	$ 516
Euro Member Countries, Euro | Foreign exchange forward contracts
Derivative [Line Items]
Derivative, notional amount	146
U.S. | Foreign exchange forward contracts
Derivative [Line Items]
Derivative, notional amount	$ 688

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,053	$ 2,079
Accumulated amortization	(337)	(300)
Intangible assets	1,716	1,779
Goodwill	$ 1,909	$ 1,949
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	20 years	20 years
Gross carrying amount	$ 541	$ 554
Accumulated amortization	(158)	(138)
Net carrying amount	$ 383	$ 416
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	17 years	17 years
Gross carrying amount	$ 317	$ 321
Accumulated amortization	(148)	(134)
Net carrying amount	$ 169	$ 187
Other
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life	13 years	14 years
Gross carrying amount	$ 61	$ 60
Accumulated amortization	(31)	(28)
Net carrying amount	30	32
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,134	1,144
Accumulated amortization		0
Indefinite-lived intangible assets	$ 1,134	$ 1,144

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - GOODWILL ROLLFORWARD (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Goodwill [Line Items]
Balance at beginning of period	$ 1,949
Foreign currency translation	(40)
Balance at end of period	1,909
Composites
Goodwill [Line Items]
Balance at beginning of period	57
Foreign currency translation	0
Balance at end of period	57
Insulation
Goodwill [Line Items]
Balance at beginning of period	1,495
Foreign currency translation	(37)
Balance at end of period	1,458
Roofing
Goodwill [Line Items]
Balance at beginning of period	397
Foreign currency translation	(3)
Balance at end of period	$ 394

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - INTANGIBLE ASSETS ROLLFORWARD (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
Balance at beginning of period	$ 2,079
Other additions, net	2
Foreign currency translation	(28)
Balance at end of period	2,053
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Balance at beginning of period	554
Other additions, net	0
Foreign currency translation	(13)
Balance at end of period	541
Technology
Finite-Lived Intangible Assets [Line Items]
Balance at beginning of period	321
Other additions, net	0
Foreign currency translation	(4)
Balance at end of period	317
Trademarks
Finite-Lived Intangible Assets [Line Items]
Balance at beginning of period	1,144
Other additions, net	0
Foreign currency translation	(10)
Balance at end of period	1,134
Other
Finite-Lived Intangible Assets [Line Items]
Balance at beginning of period	60
Other additions, net	2
Foreign currency translation	(1)
Balance at end of period	$ 61

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details) $ in Millions	Sep. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 50
2021	50
2022	45
2023	42
2024	$ 39

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 6,504	$ 6,386
Accumulated depreciation	(2,745)	(2,575)
Property, plant and equipment, net	$ 3,759	$ 3,811
Precious metals depletion percentage	10.00%	11.00%
Precious metal percent of deprecation expense	0.03
Land
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 220	$ 224
Buildings and leasehold improvements
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	1,114	1,091
Machinery and equipment
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	4,857	4,628
Construction in progress
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 313	$ 443

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - Paroc Group - USD ($) $ in Millions	Feb. 05, 2018	Sep. 30, 2019
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 1,121
Net sales recognized		$ 38

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jan. 01, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 207	$ 207	$ 0			$ 237
Operating lease, liability	208	208				$ 237
Capital leases, assets			16
Finance lease, right-of-use asset	22	22
Operating lease cost	20	60
Short-term lease cost	3	8
Right of use asset obtained in exchanged for operating lease liability	8	36
Rent expense			$ 106	$ 87	$ 79
Operating lease, liability, current	$ 65	$ 65

LEASES - Balance Sheet Informat

LEASES - Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease right-of-use assets	$ 207	$ 237	$ 0
Finance lease, right-of-use asset	22
Total lease assets	229
Operating lease, liability, current	65
Finance lease, liability, current	6
Non-current operating lease liabilities	143		$ 0
Non-current finance leases	20
Total lease liabilities	$ 234

LEASES - Supplemental Informati

LEASES - Supplemental Information Related to Leases (Details)	Sep. 30, 2019
Leases [Abstract]
Operating lease, weighted average remaining lease term	4 years 2 months 12 days
Financing lease, weighted average remaining lease term	4 years 2 months 12 days
Operating lease, weighted average discount rate, percent	3.44%
Finance lease, weighted average discount rate, percent	6.38%

LEASES - Schedule of Future Min

LEASES - Schedule of Future Minimum Lease Payments (Details) $ in Millions	Sep. 30, 2019USD ($)
Leases [Abstract]
2019	$ 83
2020	64
2021	47
2022	31
2023	18
2024 and beyond	$ 27

LEASES - Maturity of Payments f

LEASES - Maturity of Payments for Operating and FInancing Leases (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease Liabilities, Payments Due [Abstract]
2019 (for the three months remaining in 2019)	$ 20
2020	70
2021	55
2022	36
2023	21
2024 and beyond	28
Total minimum lease payments	230
Less: interest	22
Present value of future minimum lease payments	208	$ 237
Less: current lease obligations	65
Long-term lease obligations	143		$ 0
Finance Lease Liabilities, Payments, Due [Abstract]
2019 (for the three months remaining in 2019)	2
2020	8
2021	8
2022	6
2023	4
2024 and beyond	2
Total minimum lease payments	30
Less: interest	4
Present value of future minimum lease payments	26
Less: current lease obligations	6
Long-term lease obligations	$ 20

WARRANTIES (Details)

WARRANTIES (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Movement In Standard And Extended Product Warranty Increase Decrease Roll Forward
Product warranty accrual, beginning balance	$ 60	$ 55
Amounts accrued for current year	17	16
Settlements of warranty claims	(13)	(11)
Product warranty accrual, ending balance	$ 64	$ 60

RESTRUCTURING AND ACQUISITION_3

RESTRUCTURING AND ACQUISITION-RELATED COSTS RESTRUCTURING (Details) - USD ($) $ in Millions	Jun. 27, 2017	Oct. 23, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 0	$ 7	$ (1)	$ 19
Non-cash items and reclassifications to other accounts					(3)
Payments					(11)
Restructuring reserve			8		8		$ 17
Cumulative charges incurred			67		67
Pittsburgh Corning Related Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 563				1
Non-cash items and reclassifications to other accounts					0
Payments					(3)
Restructuring reserve			5		5		7
Cumulative charges incurred			21		21
Cost Reductions Actions 2017
Restructuring Cost and Reserve [Line Items]
Restructuring costs					(2)
Non-cash items and reclassifications to other accounts					(3)
Payments					(8)
Restructuring reserve			3		3		$ 10
Cumulative charges incurred			46		46
Subsequent Event | Insulation Network Optimization Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ 30
Annual savings		$ 25
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring reserve			8		8
Restructuring reserve, noncurrent			2		2
Restructuring reserve, current			6		6
Employee Severance | Cost Reductions Actions 2017 | Other Expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs			0	1	0	3
Additional Exit Costs | Cost Reductions Actions 2017
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected cost remaining			7		7
Additional Exit Costs | Cost Reductions Actions 2017 | Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring costs			0	2	2	6
Additional Exit Costs | Cost Reductions Actions 2017 | Other Expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs			0	3
Additional Exit Gains | Cost Reductions Actions 2017 | Other Expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs					(3)	1
Accelerated Depreciation | Cost Reductions Actions 2017 | Cost of sales
Restructuring Cost and Reserve [Line Items]
Accelerated depreciation			$ 0	$ (1)	$ 0	$ (9)

DEBT (Details)

DEBT (Details) - USD ($)	Aug. 12, 2019	Jun. 27, 2017	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2014	Dec. 31, 2012	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Apr. 01, 2018	Jan. 25, 2018	Oct. 27, 2017	Jun. 26, 2017	Aug. 08, 2016	Mar. 31, 2016	Dec. 31, 2015	Nov. 12, 2014	Oct. 17, 2012
Debt Instrument [Line Items]
Long-term debt			$ 3,187,000,000				$ 3,187,000,000		$ 3,371,000,000
Fair value long-term debt									100.00%
Other			4,000,000				4,000,000		$ 8,000,000
Long-term debt, current maturities			7,000,000				7,000,000		9,000,000
Long-term debt, net of current portion			3,180,000,000				3,180,000,000		3,362,000,000
Loss on extinguishment of debt			(32,000,000)	$ 0			(32,000,000)	$ 0
Line of credit facility, maximum borrowing capacity																$ 800,000,000
Short-term Debt			$ 3,000,000				$ 3,000,000		$ 16,000,000
Debt instrument, term							1 year
Short-term debt, weighted average interest rate, at point in time			8.20%				8.20%		3.00%
Senior Notes Due 2022
Debt Instrument [Line Items]
Long-term debt			$ 183,000,000				$ 183,000,000		$ 598,000,000
Fair value long-term debt			105.00%				105.00%		99.00%
Long-term debt, percentage rate			4.20%				4.20%		4.20%
Debt instrument, face amount																		$ 600,000,000
Repayments of debt	$ 416,000,000
Debt instrument, interest rate, stated percentage															4.20%
Senior Notes Due 2024
Debt Instrument [Line Items]
Long-term debt			$ 394,000,000				$ 394,000,000		$ 393,000,000
Fair value long-term debt			105.00%				105.00%		99.00%
Long-term debt, percentage rate			4.20%				4.20%		4.20%
Debt instrument, face amount																	$ 400,000,000
Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt			$ 396,000,000				$ 396,000,000		$ 396,000,000
Fair value long-term debt			100.00%				100.00%		90.00%
Long-term debt, percentage rate			3.40%				3.40%		3.40%
Debt instrument, face amount														$ 400,000,000
Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt			$ 445,000,000				$ 445,000,000		$ 0
Fair value long-term debt			102.00%				102.00%
Debt instrument, face amount	450,000,000
Discounts and issuance costs	5,000,000
Loss on extinguishment of debt			$ 32,000,000
Senior Notes Due 2036
Debt Instrument [Line Items]
Long-term debt			$ 367,000,000				$ 367,000,000		$ 400,000,000
Fair value long-term debt			124.00%				124.00%		112.00%
Long-term debt, percentage rate			7.00%				7.00%		7.00%
Debt instrument, face amount																		$ 550,000,000
Repayments of debt	$ 34,000,000	$ 140,000,000
Senior Notes Due 2047
Debt Instrument [Line Items]
Long-term debt			$ 588,000,000				$ 588,000,000		$ 588,000,000
Fair value long-term debt			91.00%				91.00%		76.00%
Long-term debt, percentage rate			4.30%				4.30%
Debt instrument, face amount													$ 600,000,000
Senior Notes Due 2048
Debt Instrument [Line Items]
Long-term debt			$ 390,000,000				$ 390,000,000		$ 389,000,000
Fair value long-term debt			92.00%				92.00%		77.00%
Long-term debt, percentage rate			4.40%				4.40%
Debt instrument, face amount											$ 400,000,000
Accounts receivables securitization facility, maturing in 2022
Debt Instrument [Line Items]
Long-term debt			$ 94,000,000				$ 94,000,000		$ 75,000,000
Fair value long-term debt			100.00%				100.00%		100.00%
Various finance leases, due through 2032
Debt Instrument [Line Items]
Long-term debt			$ 26,000,000				$ 26,000,000		$ 24,000,000
Fair value long-term debt			100.00%				100.00%		100.00%
Term loan borrowings, maturing in 2021
Debt Instrument [Line Items]
Long-term debt			$ 300,000,000				$ 300,000,000		$ 500,000,000
Fair value long-term debt			100.00%				100.00%		100.00%
Senior Notes Due 2019
Debt Instrument [Line Items]
Repayments of debt		$ 144,000,000			$ 105,000,000	$ 100,000,000
Senior Notes Due 2016
Debt Instrument [Line Items]
Repayments of debt			$ 158,000,000		$ 242,000,000	$ 250,000,000
Term Loan Commitment
Debt Instrument [Line Items]
Availability on facility			300,000,000				$ 300,000,000
Term Loan Commitment Two
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity												$ 600,000,000
Senior Revolving Credit Facility B
Debt Instrument [Line Items]
Proceeds from issuance of debt				$ 600,000,000
Line of credit facility, maximum borrowing capacity			800,000,000				800,000,000
Availability on facility			791,000,000				791,000,000
Letter Of Credit Under Receivables Purchase Agreement
Debt Instrument [Line Items]
Long-term debt, current maturities										$ 280,000,000
Line of credit facility, maximum borrowing capacity			280,000,000				280,000,000
Availability on facility			183,000,000				$ 183,000,000
Extinguishment of Debt
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 4,000,000
Long-term Debt
Debt Instrument [Line Items]
Other									$ 5,000,000

DEBT - Credit Facility Utilizat

DEBT - Credit Facility Utilization (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2015
Debt Instrument [Line Items]
Facility size or borrowing limit		$ 800
Term Loan Commitment
Debt Instrument [Line Items]
Availability on facility	$ 300
Senior Revolving Credit Facility B
Debt Instrument [Line Items]
Facility size or borrowing limit	800
Outstanding borrowings	0
Outstanding letters of credit	9
Availability on facility	791
Letter Of Credit Under Receivables Purchase Agreement
Debt Instrument [Line Items]
Facility size or borrowing limit	280
Collateral capacity limitation on availability	0
Outstanding borrowings	94
Outstanding letters of credit	3
Availability on facility	$ 183

PENSION PLANS AND OTHER POSTR_3

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2019
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
Contributions by employer			$ 34
Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 2	$ 2	7	$ 8
Interest cost	12	12	37	36
Expected return on plan assets	(17)	(18)	(51)	(55)
Amortization of actuarial loss	4	4	10	11
Net periodic benefit income	1	0	3	0
Other Postretirement Benefits Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0	1	1
Interest cost	2	3	6	6
Amortization of prior service credit	(1)	(1)	(3)	(3)
Amortization of actuarial loss	(2)	(2)	(6)	(5)
Net periodic benefit income	(1)	0	(2)	(1)
U.S. | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1	4	4
Interest cost	9	9	27	26
Expected return on plan assets	(13)	(14)	(39)	(41)
Amortization of actuarial loss	3	3	7	9
Net periodic benefit income	0	(1)	(1)	(2)
Foreign Plan | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1	3	4
Interest cost	3	3	10	10
Expected return on plan assets	(4)	(4)	(12)	(14)
Amortization of actuarial loss	1	1	3	2
Net periodic benefit income	$ 1	$ 1	$ 4	$ 2
Scenario, Forecast | U.S.
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
Expected future employer contributions, current fiscal year					$ 25
Scenario, Forecast | Foreign Plan
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
Expected future employer contributions, current fiscal year					$ 14

PENSION PLANS AND OTHER POSTR_4

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Oct. 02, 2019	Sep. 25, 2019
Subsequent Event [Line Items]
Non-participating annuity contract			$ 89
Subsequent Event
Subsequent Event [Line Items]
Non-participating annuity contract, funded amount		$ 83
Scenario, Forecast
Subsequent Event [Line Items]
Non-participating annuity contract, settlement charge	$ 45

CONTINGENT LIABILITIES AND OT_2

CONTINGENT LIABILITIES AND OTHER MATTERS (Details) $ in Millions	Sep. 30, 2019USD ($)site
Unusual or Infrequent Item, or Both [Line Items]
Environmental liability sites	21
Environmental exit costs, accrual | $	$ 8
Environmental exit costs, accrual, current | $	$ 4
Superfund Site
Unusual or Infrequent Item, or Both [Line Items]
Environmental liability sites	7
Owned or Formally Owned Sites
Unusual or Infrequent Item, or Both [Line Items]
Environmental liability sites	14

STOCK COMPENSATION - Narrative

STOCK COMPENSATION - Narrative (Details)	Sep. 30, 2019USD ($)shares	Sep. 30, 2019USD ($)shares	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)shares	Sep. 30, 2018USD ($)	Apr. 18, 2013shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares) | shares				0
Vesting period				4 years
Expected volatility rate				26.70%
Risk free interest rate				2.50%
Expected term (in years)				2 years 10 months 24 days
Maximum employee subscription rate						85.00%
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant | shares						2,000,000
Options Maximum term (in years)					10 years
Allocated share based compensation expense (less than)				$ 0	$ 1,000,000
Compensation not yet recognized, stock options	$ 0	$ 0		0
Intrinsic value	11,000,000	11,000,000		11,000,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense (less than)		7,000,000	$ 6,000,000	21,000,000	17,000,000
Compensation cost not yet recognized	37,000,000	37,000,000		$ 37,000,000
Expected term (in years)				2 years 2 months 12 days
Vested in period, fair value				$ 20,000,000	22,000,000
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Allocated share based compensation expense (less than)		2,000,000	5,000,000	$ 6,000,000	14,000,000
Compensation cost not yet recognized	$ 13,000,000	$ 13,000,000		$ 13,000,000
Period for recognition (in years)				1 year 8 months 12 days
Stock Plan Member, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant | shares	4,000,000	4,000,000		4,000,000
Internal Based Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock payout minimum				0
Performance stock payout range maximum				2
External Based Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock payout minimum				0
Performance stock payout range maximum				2
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant | shares	500,000	500,000		500,000
Allocated share based compensation expense (less than)	$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 4,000,000	$ 3,000,000

STOCK COMPENSATION - Stock Opti

STOCK COMPENSATION - Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning Balance | shares	478,875
Exercised (in shares) | shares	(34,400)
Ending Balance | shares	444,475
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning Balance | $ / shares	$ 37.18
Exercised, weighted average exercise price | $ / shares	29.42
Ending Balance | $ / shares	$ 37.78

STOCK COMPENSATION - Options Ou

STOCK COMPENSATION - Options Outstanding and Exercisable (Details)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Exercise Price Range One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price range, number of outstanding options | shares	444,475
Weighted average remaining contractual term (in years)	3 years 4 months 2 days
Exercise price range, outstanding options, weighted average exercise price	$ 37.78
Exercise price range, number of exercisable options | shares	444,475
Exercise price range, exercisable options, weighted average remaining contractual term (in years)	3 years 4 months 2 days
Exercise price range, exercisable options, weighted average exercise price	$ 37.78
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price range, exercisable options, weighted average exercise price	25.45
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price range, exercisable options, weighted average exercise price	$ 42.16

STOCK COMPENSATION - Restricted

STOCK COMPENSATION - Restricted Stock Activity (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance | shares	1,479,374
Granted (in shares) | shares	514,860
Vested (in shares) | shares	(373,225)
Forfeited (in shares) | shares	(76,544)
Ending Balance | shares	1,544,465
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance | $ / shares	$ 52.30
Granted, weighted average grant date fair value | $ / shares	52.64
Vested, weighted average grant date fair value | $ / shares	53.08
Forfeited, weighted average grant date fair value | $ / shares	62.24
Ending Balance | $ / shares	$ 51.65

STOCK COMPENSATION - Performanc

STOCK COMPENSATION - Performance Stock Units (Details) - Performance Stock Units (PSUs)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance | shares	360,977
Granted (in shares) | shares	205,350
Forfeited (in shares) | shares	(42,750)
Ending Balance | shares	523,577
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance | $ / shares	$ 75.23
Granted, weighted average grant date fair value | $ / shares	58.40
Forfeited, weighted average grant date fair value | $ / shares	69.83
Ending Balance | $ / shares	$ 69.07

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Oct. 24, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Net earnings attributable to Owens Corning	$ 150	$ 138	$ 44	$ 161	$ 121	$ 92	$ 332	$ 374
Weighted-average number of shares outstanding used for basic earnings per share	109,200,000			110,000,000			109,200,000	110,800,000
Non-vested restricted and performance shares	600,000			700,000			600,000	700,000
Options to purchase common stock	200,000			200,000			200,000	200,000
Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share	110,000,000			110,900,000			110,000,000	111,700,000
Basic (in dollars per share)	$ 1.37			$ 1.46			$ 3.04	$ 3.38
Diluted (in dollars per share)	$ 1.36			$ 1.45			$ 3.02	$ 3.35
Equity Class Of Treasury Stock [Line Items]
Stock repurchased during period, shares							1,000,000
Payments for repurchase of equity							$ 48
Stock repurchase program, remaining number of shares authorized to be repurchased	3,600,000						3,600,000
Repurchase Program 2016
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased									10,000,000
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount								300,000
Performance Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount							100,000	300,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 61	$ 67	$ 159	$ 127
Effective tax rate	29.00%	29.00%	32.00%	25.00%
Increase in tax expense			$ 12

Uncategorized Items - oc-201909

Label	Element	Value	[1]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (12,000,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (12,000,000)
[1]	Cumulative effect of accounting change relates to our adoption of accounting standard updates (ASU) 2014-09, "Revenue from Contracts with Customers (Topic 606)," and ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory (Topic 740)."