Owens Corning (OC) 10-Q 27 Jul 22 2022 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
	Jun. 30, 2022	Jul. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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		96,238,504
Entity Central Index Key	0001370946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
NET SALES	$ 2,601	$ 2,239	$ 4,947	$ 4,154
COST OF SALES	1,867	1,621	3,594	3,092
Gross margin	734	618	1,353	1,062
OPERATING EXPENSES
Marketing and administrative expenses	201	188	385	362
Science and technology expenses	24	22	47	42
Other expense (income), net	22	(17)	(6)	(65)
Total operating expenses	247	193	426	339
OPERATING INCOME	487	425	927	723
Non-operating income	(2)	(3)	(4)	(6)
EARNINGS BEFORE INTEREST AND TAXES	489	428	931	729
Interest expense, net	26	33	54	66
EARNINGS BEFORE TAXES	463	395	877	663
Income tax expense	119	97	226	156
Equity in net (loss) earnings of affiliates	(1)	0	(1)	1
NET EARNINGS	343	298	650	508
Net earnings attributable to non-redeemable and redeemable noncontrolling interests	0	0	3	0
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING	$ 343	$ 298	$ 647	$ 508
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
Basic (in dollars per share)	$ 3.51	$ 2.85	$ 6.56	$ 4.84
Diluted (in dollars per share)	$ 3.49	$ 2.82	$ 6.52	$ 4.80
WEIGHTED AVERAGE COMMON SHARES
Basic (in shares)	97.6	104.6	98.6	105
Diluted (in shares)	98.4	105.5	99.3	105.9

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 343	$ 298	$ 650	$ 508
Other comprehensive income (loss), net of tax:
Currency translation adjustment (net of tax of $(1) and $0 for the three months ended June 30, 2022 and 2021, respectively, and $(1) and $(1) for the six months ended June 30, 2022 and 2021, respectively)	(54)	32	(82)	(13)
Pension and other postretirement adjustment (net of tax of $0 and $0 for the three months ended June 30, 2022 and 2021, and $(1) and $0 for the six months ended June 30, 2022 and 2021, respectively)	6	(3)	9	(2)
Hedging adjustment (net of tax of $1 and $1 for the three months ended June 30, 2022 and 2021, respectively, and $(7) and $(3) for the six months ended June 30, 2022 and 2021, respectively)	(1)	(2)	23	10
Other comprehensive income (loss), net of tax	(49)	27	(50)	(5)
COMPREHENSIVE EARNINGS	294	325	600	503
Comprehensive (loss) attributable to non-redeemable and redeemable noncontrolling interests	(2)	0	0	0
COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING	$ 296	$ 325	$ 600	$ 503

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Currency translation tax	$ (1)	$ 0	$ (1)	$ (1)
Pension and other postretirement tax	0	0	(1)	0
Hedging tax	$ 1	$ 1	$ (7)	$ (3)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
CURRENT ASSETS
Cash and cash equivalents		$ 810	$ 959
Receivables, less allowance of $10 at June 30, 2022 and $9 at December 31, 2021, respectively		1,358	939
Inventories		1,254	1,078
Assets held for sale		81		$ 0
Other current assets		186	121
Total current assets		3,689	3,097
Property, plant and equipment, net		3,684	3,873
Operating lease right-of-use assets		189	158
Goodwill		1,079	990
Intangible assets		1,614	1,617
Deferred income taxes		21	31
Other non-current assets		267	249
TOTAL ASSETS		10,543	10,015
CURRENT LIABILITIES
Accounts payable		1,327	1,095
Current operating lease liabilities		54	49
Other current liabilities		593	553
Total current liabilities		1,974	1,697
Long-term debt, net of current portion		2,989	2,960
Pension plan liability		62	77
Other employee benefits liability		154	157
Non-current operating lease liabilities		135	109
Deferred income taxes		376	376
Other liabilities		266	304
Total liabilities		5,956	5,680
Redeemable noncontrolling interest		25	0
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		4,107	4,092
Accumulated earnings		3,282	2,706
Accumulated other comprehensive deficit		(628)	(581)
Cost of common stock in treasury	[3]	(2,222)	(1,922)
Total Owens Corning stockholders’ equity		4,540	4,296
Noncontrolling interests		22	39
Total equity		4,562	4,335
TOTAL LIABILITIES AND EQUITY		$ 10,543	$ 10,015
[1]10 shares authorized; none issued or outstanding at June 30, 2022 and December 31, 2021[2]400 shares authorized; 135.5 issued and 97.2 outstanding at June 30, 2022; 135.5 issued and 100.4 outstanding at December 31, 2021[3]38.3 shares at June 30, 2022 and 35.1 shares at December 31, 2021

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 10	$ 9
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, outstanding (in shares)	0	0
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	135,500,000	135,500,000
Common stock, outstanding (in shares)		100,400,000
Treasury stock (in shares)	38,300,000	35,100,000

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions		Total	Common Stock Outstanding	Treasury Stock	Treasury Stock, Common	APIC		Accumulated Earnings	AOCI		NCI
Beginning balance at Dec. 31, 2020		$ 3,941	$ 1	$ (1,400)		$ 4,059	[1]	$ 1,829	$ (588)	[2]	$ 40	[3]
Common stock, beginning balance (in shares) at Dec. 31, 2020			105.6
Treasury stock, beginning balance (in shares) at Dec. 31, 2020				29.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		210						210
Currency translation adjustment		(46)							(45)	[2]	(1)	[3]
Pension and other postretirement adjustment (net of tax)		1							1	[2]
Deferred gain (loss) on hedging transactions (net of tax)		12							12	[2]
Issuance of common stock under share-based payment plans, shares			0.5	(0.5)
Issuance of common stock under share-based payment plans		7		$ 22		(15)	[1]
Purchases of treasury stock (shares)			1.8	1.8
Purchases of treasury stock		(142)		$ (142)
Stock-based compensation expense		12				12	[1]
Dividends declared	[4]	(28)						(28)
Ending balance at Mar. 31, 2021		3,967	$ 1	$ (1,520)		4,056	[1]	2,011	(620)	[2]	39	[3]
Common stock, ending balance (in shares) at Mar. 31, 2021			104.3
Treasury stock, ending balance (in shares) at Mar. 31, 2021				31.2
Beginning balance at Dec. 31, 2020		3,941	$ 1	$ (1,400)		4,059	[1]	1,829	(588)	[2]	40	[3]
Common stock, beginning balance (in shares) at Dec. 31, 2020			105.6
Treasury stock, beginning balance (in shares) at Dec. 31, 2020				29.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		508
Net earnings attributable to non-redeemable and redeemable noncontrolling interests		0
Ending balance at Jun. 30, 2021		4,156	$ 1	$ (1,637)		4,064	[1]	2,282	(593)	[2]	39	[3]
Common stock, ending balance (in shares) at Jun. 30, 2021			103.3
Treasury stock, ending balance (in shares) at Jun. 30, 2021				32.2
Beginning balance at Mar. 31, 2021		3,967	$ 1	$ (1,520)		4,056	[1]	2,011	(620)	[2]	39	[3]
Common stock, beginning balance (in shares) at Mar. 31, 2021			104.3
Treasury stock, beginning balance (in shares) at Mar. 31, 2021				31.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		298						298
Net earnings attributable to non-redeemable and redeemable noncontrolling interests		0
Currency translation adjustment		32							32	[2]	0	[3]
Pension and other postretirement adjustment (net of tax)		(3)							(3)	[2]
Deferred gain (loss) on hedging transactions (net of tax)		(2)							(2)	[2]
Issuance of common stock under share-based payment plans, shares			0.3	(0.3)
Issuance of common stock under share-based payment plans		10		$ 14		(4)	[1]
Purchases of treasury stock (shares)			1.3	(1.3)
Purchases of treasury stock		(131)		$ (131)
Stock-based compensation expense		12				12	[1]
Dividends declared	[4]	(27)						(27)			0	[3]
Ending balance at Jun. 30, 2021		4,156	$ 1	$ (1,637)		4,064	[1]	2,282	(593)	[2]	39	[3]
Common stock, ending balance (in shares) at Jun. 30, 2021			103.3
Treasury stock, ending balance (in shares) at Jun. 30, 2021				32.2
Beginning balance at Dec. 31, 2021		$ 4,335	$ 1		$ (1,922)	4,092	[5]	2,706	(581)	[6]	39	[7]
Common stock, beginning balance (in shares) at Dec. 31, 2021		100.4	100.4
Treasury stock, beginning balance (in shares) at Dec. 31, 2021		35.1			35.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		$ 304						304			0	[7]
Net earnings attributable to non-redeemable and redeemable noncontrolling interests		3									3	[7]
Currency translation adjustment		(28)							(27)	[6]	(1)	[7]
Pension and other postretirement adjustment (net of tax)		3							3	[6]
Deferred gain (loss) on hedging transactions (net of tax)		24							24	[6]
Purchases of noncontrolling interest		(9)				8	[5]				(17)	[7]
Issuance of common stock under share-based payment plans, shares			0.4		(0.4)
Issuance of common stock under share-based payment plans		0			$ 21	(21)	[5]
Purchases of treasury stock (shares)			2.7		2.7
Purchases of treasury stock		(243)			$ (243)
Stock-based compensation expense		12				12	[5]
Dividends declared	[8]	(36)						(36)
Ending balance at Mar. 31, 2022		4,365	$ 1		$ (2,144)	4,091	[5]	2,974	(581)	[6]	24	[7]
Common stock, ending balance (in shares) at Mar. 31, 2022			98.1
Treasury stock, ending balance (in shares) at Mar. 31, 2022					37.4
Beginning balance at Dec. 31, 2021		$ 4,335	$ 1		$ (1,922)	4,092	[5]	2,706	(581)	[6]	39	[7]
Common stock, beginning balance (in shares) at Dec. 31, 2021		100.4	100.4
Treasury stock, beginning balance (in shares) at Dec. 31, 2021		35.1			35.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		$ 647
Net earnings attributable to non-redeemable and redeemable noncontrolling interests		3
Ending balance at Jun. 30, 2022		$ 4,562	$ 1		$ (2,222)	4,107	[5]	3,282	(628)	[6]	22	[7]
Common stock, ending balance (in shares) at Jun. 30, 2022			97.2
Treasury stock, ending balance (in shares) at Jun. 30, 2022		38.3			38.3
Beginning balance at Mar. 31, 2022		$ 4,365	$ 1		$ (2,144)	4,091	[5]	2,974	(581)	[6]	24	[7]
Common stock, beginning balance (in shares) at Mar. 31, 2022			98.1
Treasury stock, beginning balance (in shares) at Mar. 31, 2022					37.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		343						343			0	[7]
Net earnings attributable to non-redeemable and redeemable noncontrolling interests		0									0	[7]
Currency translation adjustment		(54)							(52)	[6]	(2)	[7]
Pension and other postretirement adjustment (net of tax)		6							6	[6]
Deferred gain (loss) on hedging transactions (net of tax)		(1)							(1)	[6]
Issuance of common stock under share-based payment plans, shares			0.1		(0.1)
Issuance of common stock under share-based payment plans		12			$ 9	3	[5]
Purchases of treasury stock (shares)			1		1
Purchases of treasury stock		(87)			$ (87)
Stock-based compensation expense		13				13	[5]
Dividends declared	[8]	(35)						(35)
Ending balance at Jun. 30, 2022		$ 4,562	$ 1		$ (2,222)	$ 4,107	[5]	$ 3,282	$ (628)	[6]	$ 22	[7]
Common stock, ending balance (in shares) at Jun. 30, 2022			97.2
Treasury stock, ending balance (in shares) at Jun. 30, 2022		38.3			38.3
[1]Additional Paid in Capital ("APIC")[2]Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)[3]Noncontrolling Interest (“NCI”)[4]Quarterly dividend declarations of $0.26 per share as of June 30, 2021 and March 31, 2021[5]Additional Paid in Capital ("APIC")[6]Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)[7]Noncontrolling Interest (“NCI”)[8]Quarterly dividend declarations of $0.35 per share as of June 30, 2022 and March 31, 2022

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends (dollars per share)	$ 0.35	$ 0.35	$ 0.26	$ 0.26

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES
NET EARNINGS	$ 650	$ 508
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	270	241
Deferred income taxes	16	35
Provision for pension and other employee benefits liabilities	1	0
Stock-based compensation expense	25	24
Gains on sale of certain precious metals	(11)	(41)
Other adjustments to reconcile net earnings to cash provided by operating activities	22	9
Changes in operating assets and liabilities	(330)	(62)
Pension fund contribution	(2)	(3)
Payments for other employee benefits liabilities	(5)	(6)
Other	(12)	(3)
Net cash flow provided by operating activities	624	702
NET CASH FLOW USED FOR INVESTING ACTIVITIES
Cash paid for property, plant, and equipment	(212)	(177)
Proceeds from the sale of assets or affiliates	27	1
Investment in subsidiaries and affiliates, net of cash acquired	(173)	0
Derivative settlements	20	(32)
Other	(2)	(5)
Net cash flow used for investing activities	(340)	(213)
NET CASH FLOW USED FOR FINANCING ACTIVITIES
Purchases of noncontrolling interest	(9)	0
Net decrease in short-term debt	(5)	0
Dividends paid	(70)	(55)
Purchases of treasury stock	(330)	(263)
Other	(15)	(2)
Net cash flow used for financing activities	(429)	(320)
Effect of exchange rate changes on cash	(4)	2
Net (decrease) increase in cash, cash equivalents, and restricted cash	(149)	171
Cash, cash equivalents and restricted cash at beginning of period	966	724
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 817	$ 895

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2022
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, 2021 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, 2021 (the "2021 Form 10-K"). Certain reclassifications have been made to the periods presented for 2021 to conform to the classifications used in the periods presented for 2022. Revenue Recognition As of December 31, 2021, our contract liability balances (for extended warranties, down payments and deposits, collectively) totaled $76 million, of which $15 million was recognized as revenue in the first six months of 2022. As of June 30, 2022, our contract liability balances totaled $82 million. 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 as of June 30, 2022, December 31, 2021, June 30, 2021 and December 31, 2020. 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. Related Party Transactions In the first quarter of 2021, a related party relationship was established as a result of a member of the Company’s Board of Directors being named an executive officer of one of the Company’s preexisting suppliers. The related party transactions with this supplier consist of the purchase of raw materials. Purchases from the related party supplier were $39 million and $60 million for the three and six months ended June 30, 2022, respectively, and $27 million and $47 million for the three and six months ended June 30, 2021, respectively.. As of June 30, 2022 and December 31, 2021, amounts due to the related party supplier were $10 million and $1 million, respectively. Leases During the first quarter of 2021, the Company entered into a lease for a to-be-constructed warehouse located near our manufacturing facility in Fort Smith, Arkansas. During the second quarter of 2022, construction was completed, and the lease period commenced, resulting in a finance lease right-of-use asset and corresponding lease liability of $35 million being recognized. At no point during the construction period did the Company control the underlying asset as defined in Accounting Standards Codification (ASC) 842 (Leases). Accounting Pronouncements The following table summarizes recent Accounting Standards Updates (ASU's) issued by the Financial Accounting Standards Board (FASB) that had an impact on the Company's Consolidated Financial Statements: Standard Description Effective Date for Company Effect on the Recently issued standards: ASU 2021-10 "Government Assistance (Topic 832)" This standard modifies the annual disclosure requirements for business entities that receive government assistance and use a grant or contribution accounting model by analogy to other account guidance. January 1, 2022 We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statements. The Company will adopt ASU 2021-10 for the year ending December 31, 2022 and will provide the required disclosures, if material.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	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 by the Composites segment to manufacture and sell high value applications in the form of fabrics, non-wovens and other specialized products. Insulation – Within our Insulation segment, the Company manufactures and sells thermal and acoustical batts, loosefill insulation, foam sheathing and accessories. It also manufactures and sells glass fiber pipe insulation, energy efficient 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 tables show a disaggregation of 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. For the three months ended June 30, 2022 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 94 $ 374 $ 932 $ (69) $ 1,331 U.S. commercial and industrial 225 202 44 — 471 Total United States 319 576 976 (69) 1,802 Europe 197 213 5 (1) 414 Asia-Pacific 145 41 2 — 188 Rest of world 58 104 35 — 197 NET SALES $ 719 $ 934 $ 1,018 $ (70) $ 2,601 For the three months ended June 30, 2021 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 83 $ 285 $ 847 $ (66) $ 1,149 U.S. commercial and industrial 162 177 33 — 372 Total United States 245 462 880 (66) 1,521 Europe 164 194 5 (1) 362 Asia-Pacific 129 53 2 — 184 Rest of world 45 97 30 — 172 NET SALES $ 583 $ 806 $ 917 $ (67) $ 2,239 For the six months ended June 30, 2022 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 181 $ 725 $ 1,708 $ (129) $ 2,485 U.S. commercial and industrial 435 381 71 (3) 884 Total United States 616 1,106 1,779 (132) 3,369 Europe 402 410 11 (3) 820 Asia-Pacific 296 76 4 — 376 Rest of world 119 201 62 — 382 NET SALES $ 1,433 $ 1,793 $ 1,856 $ (135) $ 4,947 For the six months ended June 30, 2021 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 158 $ 548 $ 1,506 $ (121) $ 2,091 U.S. commercial and industrial 308 339 55 — 702 Total United States 466 887 1,561 (121) 2,793 Europe 323 347 8 (1) 677 Asia-Pacific 267 89 5 — 361 Rest of world 86 183 54 — 323 NET SALES $ 1,142 $ 1,506 $ 1,628 $ (122) $ 4,154 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 Six Months Ended 2022 2021 2022 2021 Reportable Segments Composites $ 154 $ 98 $ 308 $ 177 Insulation 157 112 286 194 Roofing 258 234 434 390 Total reportable segments 569 444 1,028 761 Restructuring costs (11) (1) (17) (2) Gain on sale of Shanghai, China facility — — 27 — Gains on sale of certain precious metals 7 21 11 41 Acquisition-related costs (3) — (3) — Impairment loss on Chambery, France assets held for sale (29) — (29) — General corporate expense and other (44) (36) (86) (71) Total corporate, other and eliminations (80) (16) (97) (32) EBIT $ 489 $ 428 $ 931 $ 729

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in millions): June 30, 2022 December 31, 2021 Finished goods $ 779 $ 672 Materials and supplies 475 406 Total inventories $ 1,254 $ 1,078

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021, 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, foreign exchange forward contracts and U.S. treasury rate lock agreements, 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 June 30, 2022 December 31, 2021 Derivative assets designated as hedging instruments: Net investment hedges: Cross-currency swaps Other current assets $ — $ 5 Cross-currency swaps Other non-current assets $ — $ 1 Cash flow hedges: Natural gas forward swaps Other current assets $ 30 $ 16 Treasury interest rate lock Other current assets $ 29 $ 11 Derivative liabilities designated as hedging instruments: Net investment hedges: Cross-currency swaps Other liabilities $ — $ 1 Cash flow hedges: Natural gas forward swaps Other current liabilities $ 6 $ 5 Foreign exchange forward contracts Other current liabilities $ 1 $ 2 Derivative assets not designated as hedging instruments: Foreign exchange forward contracts Other current assets $ 21 $ 1 Derivative liabilities not designated as hedging instruments: Foreign exchange forward contracts Other current liabilities $ — $ 6 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 Six Months Ended Location 2022 2021 2022 2021 Derivative activity designated as hedging instruments: Natural gas cash flow hedges: Amount of gain reclassified from AOCI (as defined below) into earnings (a) Cost of sales $ (16) $ (1) $ (26) $ (2) Cross-currency swap net investment hedges: Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testing Interest expense, net $ — $ (2) $ (1) $ (3) Derivative activity not designated as hedging instruments: Foreign currency: Amount of gain recognized in earnings (b) Other expense (income), net $ (23) $ 4 $ (28) $ (16) (a) Accumulated Other Comprehensive Earnings (Deficit) ("AOCI") (b) 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 expense (income), 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 Six Months Ended Hedging Type Derivative Financial Instrument 2022 2021 2022 2021 Net investment hedge Cross-currency swaps $ (3) $ 1 $ (5) $ (4) Cash flow hedge Natural gas forward swaps $ 10 $ (2) $ (13) $ (6) Cash flow hedge Treasury interest rate lock $ (9) $ 7 $ (19) $ (8) Cash flow hedge Foreign exchange forward contracts $ — $ 1 $ — $ 1 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 June 30, 2022, the notional amounts of these natural gas forward swaps was 9 million MMBtu (or MMBtu equivalent) based on U.S. and European indices. In March 2020, the Company entered into a $175 million forward U.S. Treasury rate lock agreement to manage the U.S. Treasury portion of its interest rate risk associated with the anticipated issuance of certain 10-year fixed rate senior notes before the end of 2022. The Company intends to cash settle this agreement upon a future issuance of certain senior notes thereby effectively locking in the U.S. Treasury fixed interest rate in effect at the time the agreement was initiated. The locked fixed rate of this agreement is 0.994%. The Company has designated this outstanding forward U.S. Treasury rate lock agreement, which expires on December 15, 2022, as a cash flow hedge. In June 2021, the Company entered into five currency forward contracts with unrelated counterparties totaling $23 million to mitigate against unwanted or anticipated moves in the European Euro exchange rate against the U.S. Dollar, pertaining to forecasted Euro denominated invoices for capital expenditures. The Company has designated each of the individual contracts as cash flow hedges, with the last hedge maturing no later than December 2023. 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). In the second quarter of 2022, the Company terminated the remaining cross-currency forward contracts related to the hedged portions of the net investment in foreign subsidiaries, resulting in cash proceeds of $11 million. Other 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 June 30, 2022, the Company had notional amounts of $705 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, Hong Kong Dollar, Indian Rupee, and South Korean Won. In addition, the Company had notional amounts of $7 million for non-designated derivative financial instruments related to foreign currency exposures in European Euro primarily related to the Norwegian Krone and Polish Złoty.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	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 value. No testing was deemed necessary in the first six months of 2022. The changes in the net carrying value of goodwill by segment are as follows (in millions): Composites Insulation Roofing Total Gross carrying amount at December 31, 2021 $ 75 $ 1,481 $ 397 $ 1,953 Acquisitions (see Note 7) 112 — — 112 Foreign Currency Translation (3) (47) (4) (54) Gross carrying amount at June 30, 2022 184 1,434 393 2,011 Accumulated impairment losses at December 31, 2021 — (963) — (963) Foreign Currency Translation — 31 — 31 Accumulated impairment losses at June 30, 2022 — (932) — (932) Balance, net of impairment, at June 30, 2022 $ 184 $ 502 $ 393 $ 1,079 Other Intangible Assets The Company amortizes the cost of other intangible assets over their estimated useful lives which, individually, range up to 45 years. The Company's future cash flows are not materially impacted by its ability to extend or renew agreements related to its amortizable intangible assets. Other intangible assets consist of the following (in millions): June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Trademarks and trade names $ 1,090 $ — $ 1,090 $ 1,096 $ — $ 1,096 Customer relationships 560 (226) 334 559 (218) 341 Technology 316 (175) 141 298 (168) 130 Other (a) 54 (5) 49 53 (3) 50 Total other intangible assets $ 2,020 $ (406) $ 1,614 $ 2,006 $ (389) $ 1,617 (a) Other primarily includes emissions and quarry rights. Amortization expense for intangible assets for the three and six months ended June 30, 2022 was $12 million and $23 million, respectively. Amortization expense for intangible assets for the three and six months ended June 30, 2021 was $13 million and $25 million, respectively. Amortization expense for intangible assets is estimated to be $24 million for the remainder of 2022. The estimated amortization expense for intangible assets for the next five fiscal years ended December 31 is as follows (in millions): Period Amortization 2023 $ 45 2024 $ 42 2025 $ 42 2026 $ 40 2027 $ 31

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following (in millions): June 30, December 31, 2021 Land $ 211 $ 219 Buildings and leasehold improvements 1,231 1,265 Machinery and equipment 5,259 5,343 Construction in progress 356 387 7,057 7,214 Accumulated depreciation (3,373) (3,341) Property, plant and equipment, net $ 3,684 $ 3,873 Machinery and equipment includes certain precious metals used in our production tooling, which comprise approximately 10% of total machinery and equipment as of both June 30, 2022 and December 31, 2021. 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	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS On May 23, 2022, Owens Corning and Pultron Composites ("Pultron") formed a joint venture ("JV") to manufacture and sell fiberglass rebar. The Company contributed approximately $47 million to acquire a 65.5% controlling interest and has established a redeemable noncontrolling interest related to Pultron, the minority holder. The JV expands Owens Corning’s capability to produce high-value material solutions by combining the Company’s glass-fiber material technology, channel access and extensive industry experience with Pultron’s manufacturing expertise and process efficiency. The fully consolidated operating results and a preliminary purchase price allocation for the JV have been included in the Company’s Composites segment within the Consolidated Financial Statements since the date of the formation of the JV. Subsequent to the JV formation, the JV acquired assets and technology from Pultron for approximately $65 million . The purchase price allocation is preliminary and resulted in the recognition of $15 million in intangible assets, consisting of technology, with an estimated weighted average life of 15 years and $42 million in goodwill. The pro-forma effect of this acquisition on revenues and earnings was not material. On June 1, 2022, the Company acquired all of the outstanding assets of WearDeck®, a premium producer of composite weather-resistant decking for commercial and residential applications, for approximately $133 million, net of cash acquired. The acquisition advances the Composites business growth strategy to focus on high-value material solutions within the building and construction industry. The operating results and a preliminary purchase price allocation for WearDeck® have been included in the Composites segment within the Consolidated Financial Statements since the date of the acquisition. The purchase price allocation is preliminary and resulted in the recognition of $38 million in intangible assets and $70 million in goodwill. The intangible assets consist of indefinite-lived trademarks of $7 million, technology of $10 million with an estimated weighted average life of 11 years and customer relationships of $21 million with an estimated weighted average life of 15 years. The pro-forma effect of this acquisition on revenues and earnings was not material. On June 15, 2022, Owens Corning signed an agreement to acquire Natural Polymers, LLC, an innovative manufacturer of spray polyurethane foam insulation for building and construction applications. The transaction has cleared regulatory approvals and other customary conditions and is anticipated to close in the third quarter of 2022. On July 15, 2022, Owens Corning entered into a legally binding agreement to acquire the remaining 50% interest in Fiberteq, LLC. The acquisition is anticipated to close in the third quarter of 2022, subject to customary closing conditions.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE On May 16, 2022, the Company exercised the put option for the sale of the European portion of the dry-use chopped strands ("DUCS") product line located in Chambéry, France, within the Composite's segment. The Company recorded a pre-tax charge of $29 million in Other expense (income), net on the Consolidated Statements of Earnings to reflect fair value less cost to sell of these assets. Assets held for sale as of June 30, 2022 were $81 million and primarily consisted of property, plant and equipment. On July 1, 2022, the Company closed on the sale of the European portion of the DUCS product line located in Chambéry, France.

WARRANTIES

WARRANTIES	6 Months Ended
	Jun. 30, 2022
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 2021 Form 10-K for information about our separately-priced extended warranty contracts. A reconciliation of the warranty liability is as follows (in millions): Six Months Ended June 30, 2022 2021 Beginning balance $ 81 $ 72 Amounts accrued for current year 10 11 Settlements of warranty claims (5) (7) Ending balance $ 86 $ 76

RESTRUCTURING, ACQUISITION AND

RESTRUCTURING, ACQUISITION AND DIVESTITURE-RELATED COSTS	6 Months Ended
	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
RESTRUCTURING, ACQUISITION AND DIVESTITURE-RELATED COSTS	RESTRUCTURING, ACQUISITION AND DIVESTITURE-RELATED COSTS The Company may incur restructuring, transaction and integration costs related to acquisitions and divestitures, and may incur restructuring and other exit costs in connection with its global cost reduction, productivity initiatives and the Company's growth strategy. ACQUISTION-RELATED COSTS In the second quarter of 2022, the Company incurred $3 million of transaction costs related to its announced acquisitions. Please refer to Note 7 of the Consolidated Financial Statements for further information regarding these acquisitions. RESTRUCTURING RELATED-COSTS Exit of DUCS Product Line In May 2022, the Company exercised the put option for the sale of the European portion of the DUCS product line located in Chambéry, France, within the Composite's segment. As a result, the Company recorded a pre-tax charge of $29 million in Other expense (income), net on the Consolidated Statements of Earnings to reflect the fair value less cost to sell of the assets. Please refer to Note 8 of the Consolidated Financial Statements for further information. The Company also took decisions to convert the DUCS manufacturing facilities located in Anderson, South Carolina and Kimchon, Korea to produce other glass fiber products needed to support our growth strategy in building and construction applications. As a result, the Company recorded $2 million of non-cash charges in the second quarter, primarily related to accelerated depreciation for equipment at the Anderson, South Carolina facility and $1 million of cash charges primarily related to retention. The Company does not expect to recognize significant incremental costs related to these actions. Roofing Restructuring Actions In December 2021, the Company took actions to restructure operations within the Roofing segment's components product line by relocating production assets from China to India which will allow the business to optimize its manufacturing network and support a tariff mitigation strategy. During the first six months of 2022, the Company recorded less than $1 million of charges primarily related to accelerated depreciation and severance. The Company expects to recognize $7 million of incremental charges related to these actions in 2022. Santa Clara Insulation Site During the third quarter of 2021, the Company entered into a purchase and sale agreement for the Company's Insulation site in Santa Clara, California. The Company expects to continue operations at this facility through early fourth quarter of 2022 and complete the transaction in the first quarter of 2023. This action is part of the Company's on-going strategy to operate a flexible, cost-efficient manufacturing network and geographically locate its assets to better service its customers. Cumulative cash pre-tax charges associated with the transaction are expected to be in the range of $30 million to $40 million, primarily related to severance and one-time employee termination benefits, demolition costs, and other closing costs. In addition, cumulative non-cash charges are expected to be in the range of $75 million to $85 million, primarily consisting of accelerated depreciation of property, plant and equipment and derecognition of the carrying value of land, which will offset the gross proceeds at closing. During the first six months of 2022, the Company recorded $13 million of charges, primarily related to accelerated depreciation, associated with this agreement. 2020 Insulation Restructuring Actions During the fourth quarter of 2020, the Company took actions to avoid future capital outlays and reduce costs in its global Insulation segment, mainly through decisions to close certain manufacturing facilities in Shanghai, China and Fresno, Texas, and optimize a facility in Parainen, Finland. During the first six months of 2022, the Company recorded $1 million of charges primarily related to accelerated depreciation. The Company does not expect to recognize significant incremental costs related to these actions. In the first quarter of 2022, the Company recognized a gain of $27 million in Other expense (income), net on the Consolidated Statements of Earnings, associated with the sale of the manufacturing facility in Shanghai, China. Acquisition-Related Restructuring Following the acquisitions of Paroc Group Oy ("Paroc") and Pittsburgh Corning Corporation and Pittsburgh Corning Europe NV (collectively, "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 related to these actions. Consolidated Statements of Earnings Classification The following table presents the impact and respective location of total restructuring, acquisition and divestiture-related costs on the Consolidated Statements of Earnings, which are included within Corporate, Other and Eliminations (in millions): Three Months Ended June 30, Six Months Ended June 30, Type of cost Location 2022 2021 2022 2021 Accelerated depreciation Cost of sales $ 7 1 $ 13 $ 2 Other exit costs Marketing and administrative expenses 3 1 3 1 Severance Other expense (income), net 1 (2) 1 (2) Other exit gains/costs Other expense (income), net 29 1 2 1 Acquisition-related costs Marketing and administrative expenses 3 — 3 — Total restructuring, acquisition and divestiture-related costs $ 43 $ 1 $ 22 $ 2 Summary of Unpaid Liabilities The following table summarizes the status of the unpaid liabilities from the Company's restructuring activities (in millions): Exit of DUCS Product Line Roofing Components Restructuring Actions Santa Clara Insulation Site 2020 Insulation Restructuring Actions Acquisition Related Restructuring Balance at December 31, 2021 $ — $ 1 $ 13 $ 1 $ 5 Restructuring costs 3 — 13 1 — Payments — — (4) (1) (2) Accelerated depreciation and other non-cash items (2) — (10) (1) — Balance at June 30, 2022 $ 1 $ 1 $ 12 $ — 3 Cumulative charges incurred $ 3 $ 5 $ 38 $ 28 $ 27 As of June 30, 2022, the remaining liability balance is comprised of $17 million of severance, inclusive of $1 million of non-current severance and $16 million of severance the Company expects to pay over the next twelve months.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
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): June 30, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value 4.200% senior notes, net of discount and financing fees, due 2024 $ 397 100 % $ 397 107 % 3.400% senior notes, net of discount and financing fees, due 2026 397 96 % 397 106 % 3.950% senior notes, net of discount and financing fees, due 2029 446 93 % 446 110 % 3.875% senior notes, net of discount and financing fees, due 2030 298 92 % 297 109 % 7.000% senior notes, net of discount and financing fees, due 2036 368 110 % 368 141 % 4.300% senior notes, net of discount and financing fees, due 2047 589 82 % 589 115 % 4.400% senior notes, net of discount and financing fees, due 2048 390 83 % 390 118 % Various finance leases, due through 2050 (a) 127 100 % 99 100 % Other 2 N/A 2 N/A Total long-term debt 3,014 N/A 2,985 N/A Less – current portion (a) 25 100 % 25 100 % Long-term debt, net of current portion $ 2,989 N/A $ 2,960 N/A (a) The Company determined that the book value of the above noted long-term debt instruments approximates fair value. 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 $300 million of 2030 senior notes on May 12, 2020. Interest on the notes is payable semiannually in arrears on June 1 and December 1 each year, beginning on December 1, 2020. The proceeds from these notes were used for general corporate purposes. The Company issued $450 million of 2029 senior notes on August 12, 2019. 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 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. 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 June 30, 2022. Senior Revolving Credit Facility The Company has an $800 million senior revolving credit facility (the "Senior Revolving Credit Facility") with a maturity date in July 2026 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. The current agreement also includes fallback language related to a benchmark reference rate replacement, when a LIBOR transition occurs. In June 2022, the Senior Revolving Credit Facility was amended to allow the Company to continue to operate in comprehensively sanctioned countries so long as it is not violating any sanctions. The Senior Revolving Credit Facility contains various covenants, including a maximum allowed leverage 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 June 30, 2022. Please refer to the Credit Facility Utilization section below for liquidity information as of June 30, 2022. Receivables Securitization Facility The Company has a Receivables Purchase Agreement (RPA) that is 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. The current agreement also includes fallback language related to a benchmark reference rate replacement, when a LIBOR transition occurs. The RPA has been amended from time to time, with a maturity date in April 2024. The RPA contains various covenants, including a maximum allowed leverage ratio that the Company believes are usual and customary for a securitization facility. The Company was in compliance with these covenants as of June 30, 2022. Please refer to the Credit Facility Utilization section below for liquidity information as of June 30, 2022. 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 June 30, 2022 Senior Revolving Credit Facility Receivables Securitization Facility Facility size or borrowing limit $ 800 $ 280 Collateral capacity limitation on availability N/A — Outstanding borrowings — — Outstanding letters of credit 4 1 Availability on facility $ 796 $ 279 Short-Term Debt Short-term borrowings were $1 million and $6 million as of June 30, 2022 and December 31, 2021, respectively. The short-term borrowings consisted of various operating lines of credit. The weighted average interest rate on all short-term borrowings was approximately 5.7% and 1.5% as of June 30, 2022 and December 31, 2021, respectively.

PENSION PLANS AND OTHER POSTRET

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS	6 Months Ended
	Jun. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS	Pension Plans The Company sponsors defined benefit pension plans. Under the plans, pension benefits are based on an employees' 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 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. 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. The following table provides information regarding pension expense recognized (in millions): Three Months Ended June 30, 2022 2021 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ 1 $ 1 $ 2 $ 2 $ 1 $ 3 Interest cost 6 2 8 5 2 7 Expected return on plan assets (9) (4) (13) (9) (4) (13) Amortization of actuarial loss 3 1 4 3 1 4 Net periodic pension cost $ 1 $ — $ 1 $ 1 $ — $ 1 Six Months Ended June 30, 2022 2021 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ 2 $ 2 $ 4 $ 3 $ 3 $ 6 Interest cost 12 5 17 11 4 15 Expected return on plan assets (18) (8) (26) (18) (9) (27) Amortization of actuarial loss 6 1 7 6 2 8 Net periodic pension cost $ 2 $ — $ 2 $ 2 $ — $ 2 The Company does not expect to contribute to the U.S. pension plans during 2022. The Company expects to contribute $25 million in cash to non-U.S. plans during 2022. The Company made cash contributions of $2 million to the non-U.S. plans during the six months ended June 30, 2022. Postemployment and Postretirement Benefits Other than Pensions ("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 Six Months Ended 2022 2021 2022 2021 Components of Net Periodic Benefit Cost Service cost $ — $ 1 $ 1 $ 1 Interest cost 1 1 2 2 Amortization of prior service credit — (1) — (1) Amortization of actuarial gain (2) (2) (4) (4) Net periodic benefit income $ (1) $ (1) $ (1) $ (2)

CONTINGENT LIABILITIES AND OTHE

CONTINGENT LIABILITIES AND OTHER MATTERS	6 Months Ended
	Jun. 30, 2022
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, contracts, intellectual property 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, use of chemicals in our manufacturing processes, 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 volatile organic air emissions, and protection of biodiversity. Owens Corning is involved in remedial response activities and is responsible for environmental remediation at a number of sites, including certain of its currently owned or formerly owned plants. These responsibilities arise under a number of laws, including, but not limited to, the Federal Resource Conservation and Recovery Act, and similar state or local laws pertaining to the management and remediation of hazardous materials and petroleum. The Company has also been named a potentially responsible party under the U.S. Federal Superfund law, or state equivalents, at a number of disposal sites. The Company became involved in these sites as a result of government action or in connection with business acquisitions. As of June 30, 2022, the Company was involved with a total of 23 sites worldwide, including 10 Superfund and state equivalent sites and 13 owned or formerly owned sites. None of the liabilities for these sites are individually significant to the Company.

STOCK COMPENSATION

STOCK COMPENSATION	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK COMPENSATION	STOCK COMPENSATION Description of the 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 share awards. At June 30, 2022, the number of shares remaining available under the 2019 Stock Plan for all stock awards was approximately 2.7 million. Prior to 2019, employees were eligible to receive stock awards under the Owens Corning 2016 Stock Plan and the Owens Corning 2013 Stock Plan. Total Stock-Based Compensation Expense Stock-based compensation expense included in Marketing and administrative expenses in the accompanying Consolidated Statements of Earnings is as follows (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Total stock-based compensation expense $ 13 $ 12 $ 25 $ 24 Stock Options The Company has granted stock options under its stockholder approved stock plans. 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 closing market price of the Company’s common stock on the date of grant and an option’s maximum term is 10 years. The volatility assumption was based on a benchmark study of our peers prior to 2014. Starting with the options granted in 2014, the volatility was based on the Company’s historic volatility. The Company has not granted stock options since the year ended December 31, 2014. As of June 30, 2022, there was no unrecognized compensation cost related to stock options and the range of exercise prices on outstanding stock options was $37.65 - $42.16. The following table summarizes the Company’s stock option activity: Weighted-Average Number of Options Exercise Price Remaining Intrinsic Value (in millions) Outstanding, December 31, 2021 55,900 $ 39.34 1.71 $ 3 Exercised (4,800) 41.03 Outstanding, June 30, 2022 51,100 $ 39.19 1.26 $ 2 Exercisable, June 30, 2022 51,100 $ 39.19 1.26 $ 2 Restricted Stock Units The Company has granted restricted stock units (RSUs) under its stockholder approved stock plans. Compensation expense for RSUs is measured based on the closing 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 The following table summarizes the Company’s RSU plans: Number of RSUs Weighted-Average Balance at December 31, 2021 1,268,993 $ 62.25 Granted 340,927 91.12 Vested (299,440) 67.70 Forfeited (35,582) 74.48 Balance at June 30, 2022 1,274,898 $ 68.23 As of June 30, 2022, there was $45 million of total unrecognized compensation cost related to RSUs. That cost is expected to be recognized over a weighted-average period of 2.52 years. The total grant date fair value of shares vested during the six months ended June 30, 2022 and 2021 was $20 million and $24 million, respectively. Performance Share Units The Company has granted performance share units (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 six months ended June 30, 2022, the Company granted both internal company-based and external-based metric PSUs. Internal Company-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 300% 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 Dow Jones U.S. Construction & Materials Index. The amount of stock distributed will vary from 0% to 200% of PSUs awarded depending on the relative stockholder return performance. The fair value of external-based metric PSUs has been estimated at the grant date using a Monte Carlo simulation that uses various assumptions. The following table provides a summary of the assumptions for units granted in 2022: Expected volatility 41.65% Risk free interest rate 1.36% Expected term (in years) 2.91 Grant date fair value of units granted $ 122.69 The risk-free interest rate was based on zero-coupon United States Treasury bills at the grant date. The expected term represents the period from the grant date to the end of the three-year performance period. PSU Summary As of June 30, 2022, there was $27 million total unrecognized compensation cost related to PSUs. That cost is expected to be recognized over a weighted-average period of 1.90 years. The following table summarizes the Company’s PSU activity: Number Weighted-Average Balance at December 31, 2021 309,971 $ 74.78 Granted 146,784 98.94 Forfeited (7,459) 80.43 Balance at June 30, 2022 449,296 $ 82.56 Employee Stock Purchase Plan The Owens Corning Employee Stock Purchase Plan ("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. On April 16, 2020, the Company's stockholders approved the Amended and Restated Owens Corning Employee Stock Purchase Plan which increased the number of shares available for issuance under the plan by 4.2 million shares. As of June 30, 2022, 3.7 million shares remain available for purchase.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended 2022 2021 2022 2021 Net earnings attributable to Owens Corning $ 343 $ 298 $ 647 $ 508 Weighted-average number of shares outstanding used for basic earnings per share 97.6 104.6 98.6 105.0 Non-vested restricted and performance shares 0.8 0.8 0.7 0.8 Options to purchase common stock — 0.1 — 0.1 Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share 98.4 105.5 99.3 105.9 Earnings per common share attributable to Owens Corning common stockholders: Basic $ 3.51 $ 2.85 $ 6.56 $ 4.84 Diluted $ 3.49 $ 2.82 $ 6.52 $ 4.80 For the three and six months ended June 30, 2022 and June 30, 2021, there were no non-vested restricted or performance shares that had an anti-dilutive effect on earnings per share. On February 14, 2022, the Board of Directors approved a new 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 will be at the Company's discretion. The Company repurchased 3.5 million shares of its common stock for $315 million during the six months ended June 30, 2022, under the Repurchase Authorization. As of June 30, 2022, 9.9 million shares remain available for repurchase under the Repurchase Authorization.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Income tax expense $ 119 $ 97 $ 226 $ 156 Effective tax rate 26 % 25 % 26 % 24 % The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three months ended June 30, 2022 is primarily due to U.S. state and local income tax expense, U.S. federal taxes on foreign earnings, foreign rate differential and other discrete adjustments. The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the six months ended June 30, 2022 is primarily due to U.S. state and local income tax expense, U.S. federal taxes on foreign earnings, adjustments to valuation allowances against certain deferred tax assets, excess tax benefits related to stock compensation, and other discrete adjustments. The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three months ended June 30, 2021 is primarily due to U.S. state and local income tax expense, U.S. federal taxes on foreign earnings, excess tax benefits related to stock compensation, and other discrete adjustments. The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the six months ended June 30, 2021 is primarily due to U.S. state and local income tax expense, U.S. federal taxes on foreign earnings, adjustments to valuation allowances against certain deferred tax assets, excess tax benefits related to stock compensation, and other discrete adjustments. The Company continues its current practice of asserting indefinite reinvestment in accordance with ASC 740 by applying current U.S. and foreign tax legislation.

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME	CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in accumulated other comprehensive income (deficit) (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Currency Translation Adjustment Beginning balance $ (306) $ (265) $ (279) $ (220) Net investment hedge amounts classified into AOCI, net of tax 2 (1) 4 3 Loss on foreign currency translation (54) 33 (83) (16) Other comprehensive income (loss), net of tax (52) 32 (79) (13) Ending balance $ (358) $ (233) $ (358) $ (233) Pension and Other Postretirement Adjustment Beginning balance $ (315) $ (371) $ (318) $ (372) Amounts reclassified from AOCI to net earnings, net of tax (a) 2 — 2 2 Amounts classified into AOCI, net of tax 4 (3) 7 (4) Other comprehensive income (loss), net of tax 6 (3) 9 (2) Ending balance $ (309) $ (374) $ (309) $ (374) Hedging Adjustment Beginning balance $ 40 $ 16 $ 16 $ 4 Amounts reclassified from AOCI to net earnings, net of tax (b) (12) (1) (20) (2) Amounts classified into AOCI, net of tax 11 (1) 43 12 Other comprehensive income (loss), net of tax (1) (2) 23 10 Ending balance $ 39 $ 14 $ 39 $ 14 Total AOCI ending balance $ (628) $ (593) $ (628) $ (593) (a) These AOCI components are included in the computation of total Pension and Other postretirement expense and are recorded in Non-operating income. See Note 12 for additional information. (b) Amounts reclassified from (loss) gain on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings and is recognized in Cost of sales or Interest expense, net depending on the hedged item. See Note 4 for additional information.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following tables show a disaggregation of 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. For the three months ended June 30, 2022 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 94 $ 374 $ 932 $ (69) $ 1,331 U.S. commercial and industrial 225 202 44 — 471 Total United States 319 576 976 (69) 1,802 Europe 197 213 5 (1) 414 Asia-Pacific 145 41 2 — 188 Rest of world 58 104 35 — 197 NET SALES $ 719 $ 934 $ 1,018 $ (70) $ 2,601 For the three months ended June 30, 2021 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 83 $ 285 $ 847 $ (66) $ 1,149 U.S. commercial and industrial 162 177 33 — 372 Total United States 245 462 880 (66) 1,521 Europe 164 194 5 (1) 362 Asia-Pacific 129 53 2 — 184 Rest of world 45 97 30 — 172 NET SALES $ 583 $ 806 $ 917 $ (67) $ 2,239 For the six months ended June 30, 2022 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 181 $ 725 $ 1,708 $ (129) $ 2,485 U.S. commercial and industrial 435 381 71 (3) 884 Total United States 616 1,106 1,779 (132) 3,369 Europe 402 410 11 (3) 820 Asia-Pacific 296 76 4 — 376 Rest of world 119 201 62 — 382 NET SALES $ 1,433 $ 1,793 $ 1,856 $ (135) $ 4,947 For the six months ended June 30, 2021 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 158 $ 548 $ 1,506 $ (121) $ 2,091 U.S. commercial and industrial 308 339 55 — 702 Total United States 466 887 1,561 (121) 2,793 Europe 323 347 8 (1) 677 Asia-Pacific 267 89 5 — 361 Rest of world 86 183 54 — 323 NET SALES $ 1,142 $ 1,506 $ 1,628 $ (122) $ 4,154
Schedule of Earnings before Interest and Taxes	The following table summarizes EBIT by segment (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Reportable Segments Composites $ 154 $ 98 $ 308 $ 177 Insulation 157 112 286 194 Roofing 258 234 434 390 Total reportable segments 569 444 1,028 761 Restructuring costs (11) (1) (17) (2) Gain on sale of Shanghai, China facility — — 27 — Gains on sale of certain precious metals 7 21 11 41 Acquisition-related costs (3) — (3) — Impairment loss on Chambery, France assets held for sale (29) — (29) — General corporate expense and other (44) (36) (86) (71) Total corporate, other and eliminations (80) (16) (97) (32) EBIT $ 489 $ 428 $ 931 $ 729

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consist of the following (in millions): June 30, 2022 December 31, 2021 Finished goods $ 779 $ 672 Materials and supplies 475 406 Total inventories $ 1,254 $ 1,078

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 December 31, 2021 Derivative assets designated as hedging instruments: Net investment hedges: Cross-currency swaps Other current assets $ — $ 5 Cross-currency swaps Other non-current assets $ — $ 1 Cash flow hedges: Natural gas forward swaps Other current assets $ 30 $ 16 Treasury interest rate lock Other current assets $ 29 $ 11 Derivative liabilities designated as hedging instruments: Net investment hedges: Cross-currency swaps Other liabilities $ — $ 1 Cash flow hedges: Natural gas forward swaps Other current liabilities $ 6 $ 5 Foreign exchange forward contracts Other current liabilities $ 1 $ 2 Derivative assets not designated as hedging instruments: Foreign exchange forward contracts Other current assets $ 21 $ 1 Derivative liabilities not designated as hedging instruments: Foreign exchange forward contracts Other current liabilities $ — $ 6
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 Six Months Ended Location 2022 2021 2022 2021 Derivative activity designated as hedging instruments: Natural gas cash flow hedges: Amount of gain reclassified from AOCI (as defined below) into earnings (a) Cost of sales $ (16) $ (1) $ (26) $ (2) Cross-currency swap net investment hedges: Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testing Interest expense, net $ — $ (2) $ (1) $ (3) Derivative activity not designated as hedging instruments: Foreign currency: Amount of gain recognized in earnings (b) Other expense (income), net $ (23) $ 4 $ (28) $ (16) (a) Accumulated Other Comprehensive Earnings (Deficit) ("AOCI") (b) 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 expense (income), 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 Six Months Ended Hedging Type Derivative Financial Instrument 2022 2021 2022 2021 Net investment hedge Cross-currency swaps $ (3) $ 1 $ (5) $ (4) Cash flow hedge Natural gas forward swaps $ 10 $ (2) $ (13) $ (6) Cash flow hedge Treasury interest rate lock $ (9) $ 7 $ (19) $ (8) Cash flow hedge Foreign exchange forward contracts $ — $ 1 $ — $ 1

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the net carrying value of goodwill by segment are as follows (in millions): Composites Insulation Roofing Total Gross carrying amount at December 31, 2021 $ 75 $ 1,481 $ 397 $ 1,953 Acquisitions (see Note 7) 112 — — 112 Foreign Currency Translation (3) (47) (4) (54) Gross carrying amount at June 30, 2022 184 1,434 393 2,011 Accumulated impairment losses at December 31, 2021 — (963) — (963) Foreign Currency Translation — 31 — 31 Accumulated impairment losses at June 30, 2022 — (932) — (932) Balance, net of impairment, at June 30, 2022 $ 184 $ 502 $ 393 $ 1,079
Schedule of Finite-Lived Intangible Assets	Other intangible assets consist of the following (in millions): June 30, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Trademarks and trade names $ 1,090 $ — $ 1,090 $ 1,096 $ — $ 1,096 Customer relationships 560 (226) 334 559 (218) 341 Technology 316 (175) 141 298 (168) 130 Other (a) 54 (5) 49 53 (3) 50 Total other intangible assets $ 2,020 $ (406) $ 1,614 $ 2,006 $ (389) $ 1,617
Finite-lived Intangible Assets Amortization Expense	The estimated amortization expense for intangible assets for the next five fiscal years ended December 31 is as follows (in millions): Period Amortization 2023 $ 45 2024 $ 42 2025 $ 42 2026 $ 40 2027 $ 31

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consist of the following (in millions): June 30, December 31, 2021 Land $ 211 $ 219 Buildings and leasehold improvements 1,231 1,265 Machinery and equipment 5,259 5,343 Construction in progress 356 387 7,057 7,214 Accumulated depreciation (3,373) (3,341) Property, plant and equipment, net $ 3,684 $ 3,873

WARRANTIES (Tables)

WARRANTIES (Tables)	6 Months Ended
	Jun. 30, 2022
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 2021 Form 10-K for information about our separately-priced extended warranty contracts. A reconciliation of the warranty liability is as follows (in millions): Six Months Ended June 30, 2022 2021 Beginning balance $ 81 $ 72 Amounts accrued for current year 10 11 Settlements of warranty claims (5) (7) Ending balance $ 86 $ 76

RESTRUCTURING, ACQUISITION AN_2

RESTRUCTURING, ACQUISITION AND DIVESTITURE-RELATED COSTS (Tables)	6 Months Ended
	Jun. 30, 2022
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, acquisition and divestiture-related costs on the Consolidated Statements of Earnings, which are included within Corporate, Other and Eliminations (in millions): Three Months Ended June 30, Six Months Ended June 30, Type of cost Location 2022 2021 2022 2021 Accelerated depreciation Cost of sales $ 7 1 $ 13 $ 2 Other exit costs Marketing and administrative expenses 3 1 3 1 Severance Other expense (income), net 1 (2) 1 (2) Other exit gains/costs Other expense (income), net 29 1 2 1 Acquisition-related costs Marketing and administrative expenses 3 — 3 — Total restructuring, acquisition and divestiture-related costs $ 43 $ 1 $ 22 $ 2
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): Exit of DUCS Product Line Roofing Components Restructuring Actions Santa Clara Insulation Site 2020 Insulation Restructuring Actions Acquisition Related Restructuring Balance at December 31, 2021 $ — $ 1 $ 13 $ 1 $ 5 Restructuring costs 3 — 13 1 — Payments — — (4) (1) (2) Accelerated depreciation and other non-cash items (2) — (10) (1) — Balance at June 30, 2022 $ 1 $ 1 $ 12 $ — 3 Cumulative charges incurred $ 3 $ 5 $ 38 $ 28 $ 27 As of June 30, 2022, the remaining liability balance is comprised of $17 million of severance, inclusive of $1 million of non-current severance and $16 million of severance the Company expects to pay over the next twelve months.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
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): June 30, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value 4.200% senior notes, net of discount and financing fees, due 2024 $ 397 100 % $ 397 107 % 3.400% senior notes, net of discount and financing fees, due 2026 397 96 % 397 106 % 3.950% senior notes, net of discount and financing fees, due 2029 446 93 % 446 110 % 3.875% senior notes, net of discount and financing fees, due 2030 298 92 % 297 109 % 7.000% senior notes, net of discount and financing fees, due 2036 368 110 % 368 141 % 4.300% senior notes, net of discount and financing fees, due 2047 589 82 % 589 115 % 4.400% senior notes, net of discount and financing fees, due 2048 390 83 % 390 118 % Various finance leases, due through 2050 (a) 127 100 % 99 100 % Other 2 N/A 2 N/A Total long-term debt 3,014 N/A 2,985 N/A Less – current portion (a) 25 100 % 25 100 % Long-term debt, net of current portion $ 2,989 N/A $ 2,960 N/A
Schedule of Line of Credit Facilities	The following table shows how the Company utilized its primary sources of liquidity (in millions): Balance at June 30, 2022 Senior Revolving Credit Facility Receivables Securitization Facility Facility size or borrowing limit $ 800 $ 280 Collateral capacity limitation on availability N/A — Outstanding borrowings — — Outstanding letters of credit 4 1 Availability on facility $ 796 $ 279

PENSION PLANS AND OTHER POSTR_2

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables)	6 Months Ended
	Jun. 30, 2022
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Benefit Costs	The following table provides information regarding pension expense recognized (in millions): Three Months Ended June 30, 2022 2021 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ 1 $ 1 $ 2 $ 2 $ 1 $ 3 Interest cost 6 2 8 5 2 7 Expected return on plan assets (9) (4) (13) (9) (4) (13) Amortization of actuarial loss 3 1 4 3 1 4 Net periodic pension cost $ 1 $ — $ 1 $ 1 $ — $ 1 Six Months Ended June 30, 2022 2021 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ 2 $ 2 $ 4 $ 3 $ 3 $ 6 Interest cost 12 5 17 11 4 15 Expected return on plan assets (18) (8) (26) (18) (9) (27) Amortization of actuarial loss 6 1 7 6 2 8 Net periodic pension cost $ 2 $ — $ 2 $ 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 Six Months Ended 2022 2021 2022 2021 Components of Net Periodic Benefit Cost Service cost $ — $ 1 $ 1 $ 1 Interest cost 1 1 2 2 Amortization of prior service credit — (1) — (1) Amortization of actuarial gain (2) (2) (4) (4) Net periodic benefit income $ (1) $ (1) $ (1) $ (2)

STOCK COMPENSATION (Tables)

STOCK COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	Stock-based compensation expense included in Marketing and administrative expenses in the accompanying Consolidated Statements of Earnings is as follows (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Total stock-based compensation expense $ 13 $ 12 $ 25 $ 24
Schedule of Share-based Compensation, Stock Options, Activity	The following table summarizes the Company’s stock option activity: Weighted-Average Number of Options Exercise Price Remaining Intrinsic Value (in millions) Outstanding, December 31, 2021 55,900 $ 39.34 1.71 $ 3 Exercised (4,800) 41.03 Outstanding, June 30, 2022 51,100 $ 39.19 1.26 $ 2 Exercisable, June 30, 2022 51,100 $ 39.19 1.26 $ 2
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the Company’s RSU plans: Number of RSUs Weighted-Average Balance at December 31, 2021 1,268,993 $ 62.25 Granted 340,927 91.12 Vested (299,440) 67.70 Forfeited (35,582) 74.48 Balance at June 30, 2022 1,274,898 $ 68.23
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Expected volatility 41.65% Risk free interest rate 1.36% Expected term (in years) 2.91 Grant date fair value of units granted $ 122.69
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: Number Weighted-Average Balance at December 31, 2021 309,971 $ 74.78 Granted 146,784 98.94 Forfeited (7,459) 80.43 Balance at June 30, 2022 449,296 $ 82.56

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended 2022 2021 2022 2021 Net earnings attributable to Owens Corning $ 343 $ 298 $ 647 $ 508 Weighted-average number of shares outstanding used for basic earnings per share 97.6 104.6 98.6 105.0 Non-vested restricted and performance shares 0.8 0.8 0.7 0.8 Options to purchase common stock — 0.1 — 0.1 Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share 98.4 105.5 99.3 105.9 Earnings per common share attributable to Owens Corning common stockholders: Basic $ 3.51 $ 2.85 $ 6.56 $ 4.84 Diluted $ 3.49 $ 2.82 $ 6.52 $ 4.80

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Income tax expense $ 119 $ 97 $ 226 $ 156 Effective tax rate 26 % 25 % 26 % 24 %

CHANGES IN ACCUMULATED OTHER _2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2022
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 Six Months Ended 2022 2021 2022 2021 Currency Translation Adjustment Beginning balance $ (306) $ (265) $ (279) $ (220) Net investment hedge amounts classified into AOCI, net of tax 2 (1) 4 3 Loss on foreign currency translation (54) 33 (83) (16) Other comprehensive income (loss), net of tax (52) 32 (79) (13) Ending balance $ (358) $ (233) $ (358) $ (233) Pension and Other Postretirement Adjustment Beginning balance $ (315) $ (371) $ (318) $ (372) Amounts reclassified from AOCI to net earnings, net of tax (a) 2 — 2 2 Amounts classified into AOCI, net of tax 4 (3) 7 (4) Other comprehensive income (loss), net of tax 6 (3) 9 (2) Ending balance $ (309) $ (374) $ (309) $ (374) Hedging Adjustment Beginning balance $ 40 $ 16 $ 16 $ 4 Amounts reclassified from AOCI to net earnings, net of tax (b) (12) (1) (20) (2) Amounts classified into AOCI, net of tax 11 (1) 43 12 Other comprehensive income (loss), net of tax (1) (2) 23 10 Ending balance $ 39 $ 14 $ 39 $ 14 Total AOCI ending balance $ (628) $ (593) $ (628) $ (593) (a) These AOCI components are included in the computation of total Pension and Other postretirement expense and are recorded in Non-operating income. See Note 12 for additional information. (b) Amounts reclassified from (loss) gain on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings and is recognized in Cost of sales or Interest expense, net depending on the hedged item. See Note 4 for additional information.

GENERAL (Details)

GENERAL (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Contract liability	$ 82		$ 82		$ 76
Contract liability, revenue recognized			15
Restricted cash	7	$ 7	7	$ 7	7	$ 7
Related party transaction, expenses	39	$ 27	60	$ 47
Due to related party supplier	10		10		$ 1
Finance lease right-of-use asset	35		35
Finance lease right-of-use liability	$ 35		$ 35

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting, Significant Reconciling Item [Line Items]
Number of reportable segments | segment			3
Disaggregated revenue	$ 2,601	$ 2,239	$ 4,947	$ 4,154
EBIT	489	428	931	729
Restructuring costs	(11)	(1)	(17)	(2)
Gain on sale of Shanghai, China facility	0	0	27	0
Gains on sale of certain precious metals	7	21	11	41
Acquisition-related costs	(3)	0	(3)	0
Impairment loss on Chambery, France assets held for sale	(29)	0	(29)	0
General corporate expense and other	(44)	(36)	(86)	(71)
Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(70)	(67)	(135)	(122)
EBIT	(80)	(16)	(97)	(32)
U.S.
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	1,802	1,521	3,369	2,793
U.S. | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(69)	(66)	(132)	(121)
U.S. | Residential
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	1,331	1,149	2,485	2,091
U.S. | Residential | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(69)	(66)	(129)	(121)
U.S. | Commercial and Industrial Sector
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	471	372	884	702
U.S. | Commercial and Industrial Sector | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	0	0	(3)	0
Europe
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	414	362	820	677
Europe | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(1)	(1)	(3)	(1)
Asia Pacific
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	188	184	376	361
Asia Pacific | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	0	0	0	0
Rest of world
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	197	172	382	323
Rest of world | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	0	0	0	0
Composites
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	719	583	1,433	1,142
EBIT	154	98	308	177
Composites | U.S.
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	319	245	616	466
Composites | U.S. | Residential
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	94	83	181	158
Composites | U.S. | Commercial and Industrial Sector
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	225	162	435	308
Composites | Europe
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	197	164	402	323
Composites | Asia Pacific
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	145	129	296	267
Composites | Rest of world
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	58	45	119	86
Insulation
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	934	806	1,793	1,506
EBIT	157	112	286	194
Insulation | U.S.
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	576	462	1,106	887
Insulation | U.S. | Residential
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	374	285	725	548
Insulation | U.S. | Commercial and Industrial Sector
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	202	177	381	339
Insulation | Europe
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	213	194	410	347
Insulation | Asia Pacific
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	41	53	76	89
Insulation | Rest of world
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	104	97	201	183
Roofing
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	1,018	917	1,856	1,628
EBIT	258	234	434	390
Roofing | U.S.
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	976	880	1,779	1,561
Roofing | U.S. | Residential
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	932	847	1,708	1,506
Roofing | U.S. | Commercial and Industrial Sector
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	44	33	71	55
Roofing | Europe
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	5	5	11	8
Roofing | Asia Pacific
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	2	2	4	5
Roofing | Rest of world
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	35	30	62	54
Total Segments
Segment Reporting, Significant Reconciling Item [Line Items]
EBIT	$ 569	$ 444	$ 1,028	$ 761

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 779	$ 672
Materials and supplies	475	406
Total inventories	$ 1,254	$ 1,078

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS BALANCE SHEET (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other current assets | Designated as Hedging Instrument | Net Investment Hedging | Cross Currency Interest Rate Contract
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	$ 0	$ 5
Other current assets | Designated as Hedging Instrument | Cash Flow Hedging | Energy Related Derivative
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	30	16
Other current assets | Designated as Hedging Instrument | Cash Flow Hedging | Treasury interest rate lock
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	29	11
Other current assets | Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	21	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	0	1
Other liabilities | Designated as Hedging Instrument | Net Investment Hedging | Cross Currency Interest Rate Contract
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	0	1
Other current liabilities | Designated as Hedging Instrument | Cash Flow Hedging | Energy Related Derivative
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	6	5
Other current liabilities | Designated as Hedging Instrument | Cash Flow Hedging | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	1	2
Other current liabilities | Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 0	$ 6

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS INCOME STATEMENT (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Energy Related Derivative | Cash Flow Hedging
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in earnings	$ 10	$ (2)	$ 13	$ 6
Cross Currency Interest Rate Contract | Net Investment Hedging
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in earnings	(3)	1	5	4
Treasury interest rate lock | Cash Flow Hedging
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in earnings	(9)	7	19	8
Capital Spend Hedge | Cash Flow Hedging
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in earnings	0	(1)	0	(1)
Designated as Hedging Instrument | Energy Related Derivative
Derivative Instruments Gain Loss [Line Items]
Amount of gain reclassified from AOCI (as defined below) into earnings	(16)	(1)	(26)	(2)
Designated as Hedging Instrument | Interest Rate Swap
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testing	0	(2)	(1)	(3)
Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in earnings	$ (23)	$ 4	$ (28)	$ (16)

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS CASH FLOW (Details) MMBTU in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($) MMBTU	Jun. 30, 2021 USD ($)
Derivative [Line Items]
Derivative, nonmonetary notional amount | MMBTU	9
Treasury interest rate lock
Derivative [Line Items]
Derivative, notional amount	$ 175
Derivative, fixed interest rate	0.994%
Foreign exchange forward contracts | Cash Flow Hedging
Derivative [Line Items]
Derivative, notional amount		$ 23
Cross Currency Interest Rate Contract
Derivative [Line Items]
Proceeds from derivative instrument	$ 11
Euro Member Countries, Euro | Foreign exchange forward contracts
Derivative [Line Items]
Derivative, notional amount	7
U.S. | Foreign exchange forward contracts
Derivative [Line Items]
Derivative, notional amount	$ 705

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill Rollforward (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	$ 1,953
Acquisitions (see Note 7)	112
Foreign Currency Translation	(54)
Balance at end of period, gross carrying amount	2,011
Goodwill, Impaired, Accumulated Impairment [Roll Forward]
Balance at beginning of period, accumulated impairment loss	(963)
Foreign Currency Translation	31
Balance at end of period, accumulated impairment loss	(932)
Goodwill, net	1,079	$ 990
Composites
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	75
Acquisitions (see Note 7)	112
Foreign Currency Translation	(3)
Balance at end of period, gross carrying amount	184
Goodwill, Impaired, Accumulated Impairment [Roll Forward]
Balance at beginning of period, accumulated impairment loss	0
Foreign Currency Translation	0
Balance at end of period, accumulated impairment loss	0
Goodwill, net	184
Insulation
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	1,481
Acquisitions (see Note 7)	0
Foreign Currency Translation	(47)
Balance at end of period, gross carrying amount	1,434
Goodwill, Impaired, Accumulated Impairment [Roll Forward]
Balance at beginning of period, accumulated impairment loss	(963)
Foreign Currency Translation	31
Balance at end of period, accumulated impairment loss	(932)
Goodwill, net	502
Roofing
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	397
Acquisitions (see Note 7)	0
Foreign Currency Translation	(4)
Balance at end of period, gross carrying amount	393
Goodwill, Impaired, Accumulated Impairment [Roll Forward]
Balance at beginning of period, accumulated impairment loss	0
Foreign Currency Translation	0
Balance at end of period, accumulated impairment loss	0
Goodwill, net	$ 393

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,020		$ 2,020		$ 2,006
Accumulated Amortization	(406)		(406)		(389)
Net Carrying Amount	1,614		1,614		1,617
Amortization expense for intangible assets	12	$ 13	23	$ 25
Amortization expense for intangible assets for remainder of the year	24		$ 24
Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)			45 years
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,090		$ 1,090		1,096
Net Carrying Amount	1,090		1,090		1,096
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	560		560		559
Accumulated Amortization	(226)		(226)		(218)
Net Carrying Amount	334		334		341
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	316		316		298
Accumulated Amortization	(175)		(175)		(168)
Net Carrying Amount	141		141		130
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	54		54		53
Accumulated Amortization	(5)		(5)		(3)
Net Carrying Amount	$ 49		$ 49		$ 50

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details) $ in Millions	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 45
2024	42
2025	42
2026	40
2027	$ 31

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 7,057		$ 7,057		$ 7,214
Accumulated depreciation	(3,373)		(3,373)		(3,341)
Property, plant and equipment, net	$ 3,684		$ 3,684		$ 3,873
Precious metals depletion percentage	10%		10%		10%
Precious metal percent of deprecation expense	3%		3%
Increase to property, plant and equipment	$ 7	$ 21	$ 11	$ 41
Other Nonoperating Income (Expense)
Property Plant And Equipment [Line Items]
Increase to property, plant and equipment	7	$ 21	11	$ 41
Land
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	211		211		$ 219
Buildings and leasehold improvements
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	1,231		1,231		1,265
Machinery and equipment
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	5,259		5,259		5,343
Construction in progress
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 356		$ 356		$ 387

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions	Jun. 01, 2022	May 23, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill				$ 1,079	$ 990
Pultron Composites
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 47
Percentage of voting rights to be acquired		65.50%
Assets and technology acquired		$ 65
Goodwill		42
Pultron Composites | Technology-Based Intangible Assets
Business Acquisition [Line Items]
Intangible assets acquired		$ 15
Estimated weighted average life of finite-lived intangible assets acquired (in years)		15 years
WearDeck
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 133
Goodwill	70
Intangible assets acquired other than goodwill	38
WearDeck | Trademarks
Business Acquisition [Line Items]
Indefinite lived intangible assets acquired	7
WearDeck | Technology-Based Intangible Assets
Business Acquisition [Line Items]
Intangible assets acquired	$ 10
Estimated weighted average life of finite-lived intangible assets acquired (in years)	11 years
WearDeck | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets acquired	$ 21
Estimated weighted average life of finite-lived intangible assets acquired (in years)	15 years
Fiberteq LLC | Forecast
Business Acquisition [Line Items]
Percentage of voting rights to be acquired			50%

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Chambery, France Manufacturing Assets - USD ($) $ in Millions	May 16, 2022	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax charge	$ 29
Assets held for sale		$ 81

WARRANTIES (Details)

WARRANTIES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Movement In Standard And Extended Product Warranty Increase Decrease Roll Forward
Product warranty accrual, beginning balance	$ 81	$ 72
Amounts accrued for current year	10	11
Settlements of warranty claims	(5)	(7)
Product warranty accrual, ending balance	$ 86	$ 76

RESTRUCTURING, ACQUISITION AN_3

RESTRUCTURING, ACQUISITION AND DIVESTITURE-RELATED COSTS (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
	May 16, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Acquisition related costs		$ 3		$ 0	$ 3	$ 0
Restructuring costs		(43)		(1)	(22)	(2)
Disposal Group, Held-for-sale, Not Discontinued Operations | Chambery, France Manufacturing Assets
Restructuring Cost and Reserve [Line Items]
Pre-tax charge	$ 29
Forecast | Roofing
Restructuring Cost and Reserve [Line Items]
Restructuring cost, expected cost							$ 7
Exit of DUCS Product Line
Restructuring Cost and Reserve [Line Items]
Restructuring costs					(3)
Accelerated depreciation and other non-cash items					(2)
Restructuring reserve		1			1			$ 0
Payments					0
Cumulative charges incurred		3			3
Roofing Components Restructuring Actions
Restructuring Cost and Reserve [Line Items]
Restructuring costs					0
Accelerated depreciation and other non-cash items					0
Restructuring reserve		1			1			1
Payments					0
Cumulative charges incurred		5			5
Roofing Components Restructuring Actions | Roofing
Restructuring Cost and Reserve [Line Items]
Restructuring costs					(1)
Santa Clara Insulation Site
Restructuring Cost and Reserve [Line Items]
Restructuring costs					(13)
Accelerated depreciation and other non-cash items					(10)
Restructuring reserve		12			12			13
Payments					(4)
Cumulative charges incurred		38			38
2020 Insulation Restructuring Actions
Restructuring Cost and Reserve [Line Items]
Restructuring costs					(1)
Accelerated depreciation and other non-cash items					(1)
Gain on sale of manufacturing facility in Shanghai, China					27
Restructuring reserve		0			0			1
Payments					(1)
Cumulative charges incurred		28			28
Acquisition Related Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring costs					0
Accelerated depreciation and other non-cash items					0
Restructuring reserve		3			3			$ 5
Payments					(2)
Cumulative charges incurred		27			27
Accelerated depreciation
Restructuring Cost and Reserve [Line Items]
Restructuring costs					(1)
Accelerated depreciation | Cost Reductions Actions 2017 | Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(7)		(1)	(13)	(2)
Accelerated depreciation | Exit of DUCS Product Line
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(2)
Other exit costs | Cost Reductions Actions 2017 | Marketing and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(3)		(1)	(3)	(1)
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring reserve		17			17
Restructuring reserve, noncurrent		1			1
Restructuring reserve, current		16			16
Severance | Cost Reductions Actions 2017 | Other Income
Restructuring Cost and Reserve [Line Items]
Restructuring costs				2		2
Severance | Cost Reductions Actions 2017 | Other Expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(1)			(1)
Severance | Exit of DUCS Product Line
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(1)
Other exit gains/costs | Cost Reductions Actions 2017 | Other Expense
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(29)		(1)	(2)	(1)
Acquisition-related costs | Cost Reductions Actions 2017 | Marketing and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ (3)		$ 0	$ (3)	$ 0
Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 30
Accelerated depreciation and other non-cash items			(75)
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring charges			40
Accelerated depreciation and other non-cash items			$ (85)

DEBT (Details)

DEBT (Details) - USD ($)		3 Months Ended	6 Months Ended
	Aug. 12, 2019	Sep. 30, 2017	Jun. 30, 2022	Dec. 31, 2021	May 12, 2020	Sep. 30, 2018	Apr. 01, 2018	Jan. 25, 2018	Jun. 26, 2017	Aug. 08, 2016	Nov. 12, 2014	Oct. 17, 2012
Debt Instrument [Line Items]
Carrying Value			$ 3,014,000,000	$ 2,985,000,000
Fair Value			100%	100%
Other			$ 2,000,000	$ 2,000,000
Long-term debt, current maturities			25,000,000	25,000,000
Long-term debt, net of current portion			2,989,000,000	2,960,000,000
Line of credit facility, maximum borrowing capacity						$ 800,000,000
Short-term debt (less than)			$ 1,000,000	$ 6,000,000
Short-term debt, weighted average interest rate, at point in time			5.70%	1.50%
Senior Notes Due 2024
Debt Instrument [Line Items]
Long-term debt, percentage rate			4.20%
Carrying Value			$ 397,000,000	$ 397,000,000
Fair Value			100%	107%
Debt instrument, face amount											$ 400,000,000
Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt, percentage rate			3.40%
Carrying Value			$ 397,000,000	$ 397,000,000
Fair Value			96%	106%
Debt instrument, face amount										$ 400,000,000
Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt, percentage rate			3.95%
Carrying Value			$ 446,000,000	$ 446,000,000
Fair Value			93%	110%
Debt instrument, face amount	$ 450,000,000
Senior Notes, Due 2030
Debt Instrument [Line Items]
Long-term debt, percentage rate			3.875%
Carrying Value			$ 298,000,000	$ 297,000,000
Fair Value			92%	109%
Debt instrument, face amount					$ 300,000,000
Senior Notes Due 2036
Debt Instrument [Line Items]
Long-term debt, percentage rate			7%
Carrying Value			$ 368,000,000	$ 368,000,000
Fair Value			110%	141%
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, percentage rate			4.30%
Carrying Value			$ 589,000,000	$ 589,000,000
Fair Value			82%	115%
Debt instrument, face amount									$ 600,000,000
Senior Notes Due 2048
Debt Instrument [Line Items]
Long-term debt, percentage rate			4.40%
Carrying Value			$ 390,000,000	$ 390,000,000
Fair Value			83%	118%
Debt instrument, face amount								$ 400,000,000
Various finance leases, due through 2032
Debt Instrument [Line Items]
Carrying Value			$ 127,000,000	$ 99,000,000
Fair Value			100%	100%
Senior Notes Due 2022
Debt Instrument [Line Items]
Repayments of debt	$ 416,000,000
Senior Notes Due 2019
Debt Instrument [Line Items]
Repayments of debt		$ 105,000,000	$ 144,000,000
Senior Notes Due 2016
Debt Instrument [Line Items]
Repayments of debt		$ 242,000,000	158,000,000
Senior Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from issuance of debt			600,000,000
Line of credit facility, maximum borrowing capacity			800,000,000
Receivables Securitization Facility
Debt Instrument [Line Items]
Long-term debt, current maturities							$ 280,000,000
Line of credit facility, maximum borrowing capacity			$ 280,000,000

DEBT - Credit Facility Utilizat

DEBT - Credit Facility Utilization (Details) - USD ($) $ in Millions	Jun. 30, 2022	Sep. 30, 2018
Debt Instrument [Line Items]
Facility size or borrowing limit		$ 800
Senior Revolving Credit Facility
Debt Instrument [Line Items]
Facility size or borrowing limit	$ 800
Outstanding borrowings	0
Outstanding letters of credit	4
Availability on facility	796
Receivables Securitization Facility
Debt Instrument [Line Items]
Facility size or borrowing limit	280
Collateral capacity limitation on availability	0
Outstanding borrowings	0
Outstanding letters of credit	1
Availability on facility	$ 279

PENSION PLANS AND OTHER POSTR_3

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2022
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
Contributions by employer			$ 2
Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 2	$ 3	4	$ 6
Interest cost	8	7	17	15
Expected return on plan assets	(13)	(13)	(26)	(27)
Amortization of actuarial gain	4	4	7	8
Net periodic benefit income	1	1	2	2
Other Postretirement Benefits Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	1	1	1
Interest cost	1	1	2	2
Amortization of prior service credit	0	(1)	0	(1)
Amortization of actuarial gain	(2)	(2)	(4)	(4)
Net periodic benefit income	(1)	(1)	(1)	(2)
U.S. | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	2	2	3
Interest cost	6	5	12	11
Expected return on plan assets	(9)	(9)	(18)	(18)
Amortization of actuarial gain	3	3	6	6
Net periodic benefit income	1	1	2	2
Non-U.S. | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1	2	3
Interest cost	2	2	5	4
Expected return on plan assets	(4)	(4)	(8)	(9)
Amortization of actuarial gain	1	1	1	2
Net periodic benefit income	$ 0	$ 0	$ 0	$ 0
Maximum | Scenario, Forecast | Non-U.S.
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
Expected future employer contributions, current fiscal year					$ 25

CONTINGENT LIABILITIES AND OT_2

CONTINGENT LIABILITIES AND OTHER MATTERS (Details) $ in Millions	Jun. 30, 2022 USD ($) site
Unusual or Infrequent Item, or Both [Line Items]
Environmental liability sites	23
Environmental exit costs, accrual | $	$ 6
Environmental exit costs, accrual, current | $	$ 1
Superfund Site
Unusual or Infrequent Item, or Both [Line Items]
Environmental liability sites	10
Owned or Formally Owned Sites
Unusual or Infrequent Item, or Both [Line Items]
Environmental liability sites	13

STOCK COMPENSATION - Narrative

STOCK COMPENSATION - Narrative (Details) $ / shares in Units, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Apr. 16, 2020 shares	Apr. 18, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense (less than)	$ 13,000,000	$ 12,000,000	$ 25,000,000	$ 24,000,000
Compensation not yet recognized, stock options	0		$ 0
Maximum employee subscription rate						85%
Internal Based Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
External Based Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Options Maximum term (in years)			10 years
Employee emergence equity program expense	$ 2,000,000	$ 2,000,000	$ 3,000,000	3,000,000
Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price range, exercisable options, weighted average exercise price | $ / shares	$ 37.65		$ 37.65
Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price range, exercisable options, weighted average exercise price | $ / shares	$ 42.16		$ 42.16
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years 6 months 7 days
Granted, weighted average grant date fair value | $ / shares			$ 91.12
Compensation cost not yet recognized	$ 45,000,000		$ 45,000,000
Vested in period, fair value			$ 20,000,000	$ 24,000,000
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year 10 months 24 days
Granted, weighted average grant date fair value | $ / shares			$ 98.94
Compensation cost not yet recognized	27,000,000		$ 27,000,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized	$ 2,000,000		$ 2,000,000
Stock Plan Member, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant | shares	2.7		2.7
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			3
External Based Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
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	3.7		3.7		4.2
Performance Stock Units (PSUs) 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility			41.65%
Risk free interest rate			1.36%
Expected term (in years)			2 years 10 months 28 days
Grant date fair value of units granted | $ / shares			$ 122.69

STOCK COMPENSATION - Stock Opti

STOCK COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options, beginning balance	55,900
Exercised (in shares)	(4,800)
Number of options, ending balance	51,100	55,900
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning Balance	$ 39.34
Exercised, weighted average exercise price	41.03
Ending Balance	$ 39.19	$ 39.34
Weighted average remaining contractual term (in years)	1 year 3 months 3 days	1 year 8 months 15 days
Exercise price range, exercisable options, weighted average remaining contractual term (in years)	1 year 3 months 3 days
Intrinsic value	$ 2	$ 3
Intrinsic value, exercisable	$ 2

STOCK COMPENSATION - Restricted

STOCK COMPENSATION - Restricted Stock Unit (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at December 31, 2021 | shares	1,268,993
Granted (in shares) | shares	340,927
Vested (in shares) | shares	(299,440)
Forfeited (in shares) | shares	(35,582)
Balance at June 30, 2022 | shares	1,274,898
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at December 31, 2021 | $ / shares	$ 62.25
Granted, weighted average grant date fair value | $ / shares	91.12
Vested, weighted average grant date fair value | $ / shares	67.70
Forfeited, weighted average grant date fair value | $ / shares	74.48
Balance at June 30, 2022 | $ / shares	$ 68.23

STOCK COMPENSATION - Performanc

STOCK COMPENSATION - Performance Stock Units (Details) - Performance Stock Units (PSUs)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at December 31, 2021 | shares	309,971
Granted (in shares) | shares	146,784
Forfeited (in shares) | shares	(7,459)
Balance at June 30, 2022 | shares	449,296
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at December 31, 2021 | $ / shares	$ 74.78
Granted, weighted average grant date fair value | $ / shares	98.94
Forfeited, weighted average grant date fair value | $ / shares	80.43
Balance at June 30, 2022 | $ / shares	$ 82.56

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Feb. 14, 2022
Earnings Per Share [Abstract]
Net earnings attributable to Owens Corning	$ 343	$ 304	$ 298	$ 210	$ 647	$ 508
Weighted-average number of shares outstanding used for basic earnings per share	97,600,000		104,600,000		98,600,000	105,000,000
Non-vested restricted and performance shares	800,000		800,000		700,000	800,000
Options to purchase common stock	0		100,000		0	100,000
Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share	98,400,000		105,500,000		99,300,000	105,900,000
Basic (in dollars per share)	$ 3.51		$ 2.85		$ 6.56	$ 4.84
Diluted (in dollars per share)	$ 3.49		$ 2.82		$ 6.52	$ 4.80
Antidilutive securities excluded from computation of earnings per share amount	0		0		0	0
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased	9,900,000				9,900,000
Repurchase Program 2020
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased							10,000,000
Stock repurchased during period, shares					3,500,000
Payments for repurchase of equity					$ 315

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 119	$ 97	$ 226	$ 156
Effective tax rate	26%	25%	26%	24%
U.S. federal statutory tax rate	21%	21%	21%	21%

CHANGES IN ACCUMULATED OTHER _3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance			$ (581)
Other comprehensive income (loss), net of tax	$ (49)	$ 27	(50)	$ (5)
Amounts classified into AOCI, net of tax	0	0	1	0
Amounts classified into AOCI, net of tax	(1)	(2)	23	10
Total AOCI ending balance	(628)	(593)	(628)	(593)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	(306)	(265)	(279)	(220)
Net investment hedge amounts classified into AOCI, net of tax	2	(1)	4	3
Loss on foreign currency translation	(54)	33	83	16
Other comprehensive income (loss), net of tax	(52)	32	(79)	(13)
Total AOCI ending balance	(358)	(233)	(358)	(233)
Pension and Other Postretirement Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	(315)	(371)	(318)	(372)
Other comprehensive income (loss), net of tax	6	(3)	9	(2)
Amounts reclassified from AOCI to net earnings, net of tax	2	0	2	2
Amounts classified into AOCI, net of tax	4	(3)	7	(4)
Total AOCI ending balance	(309)	(374)	(309)	(374)
Hedging Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	40	16	16	4
Other comprehensive income (loss), net of tax	(1)	(2)	23	10
Amounts reclassified from AOCI to net earnings, net of tax	(12)	(1)	(20)	(2)
Amounts classified into AOCI, net of tax	11	(1)	43	12
Total AOCI ending balance	$ 39	$ 14	$ 39	$ 14