Owens Corning (OC) 10-Q 26 Apr 23 2023 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		90,109,351
Entity Central Index Key	0001370946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
NET SALES	$ 2,331	$ 2,346
COST OF SALES	1,742	1,727
Gross margin	589	619
OPERATING EXPENSES
Marketing and administrative expenses	204	184
Science and technology expenses	28	23
Gain on sale of site	(189)	0
Other expense (income), net	12	(28)
Total operating expenses	55	179
OPERATING INCOME	534	440
Non-operating income	0	(2)
EARNINGS BEFORE INTEREST AND TAXES	534	442
Interest expense, net	22	28
EARNINGS BEFORE TAXES	512	414
Income tax expense	130	107
NET EARNINGS	382	307
Net (loss) earnings attributable to non-redeemable and redeemable noncontrolling interests	(1)	3
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING	$ 383	$ 304
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
Basic (in dollars per share)	$ 4.19	$ 3.06
Diluted (in dollars per share)	$ 4.17	$ 3.03
WEIGHTED AVERAGE COMMON SHARES
Basic (in shares)	91.3	99.5
Diluted (in shares)	91.9	100.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 382	$ 307
Other comprehensive income (loss), net of tax:
Currency translation adjustment (net of tax of $0 and $0 for the three months ended March 31, 2023 and 2022, respectively)	31	(28)
Pension and other postretirement adjustment (net of tax of $0 and $(1) for the three months ended March 31, 2023 and 2022, respectively)	(1)	3
Hedging adjustment (net of tax of $0 and $(8) for the three months ended March 31, 2023 and 2022, respectively)	(1)	24
Other comprehensive income (loss), net of tax	29	(1)
COMPREHENSIVE EARNINGS	411	306
Comprehensive (loss) earnings attributable to non-redeemable and redeemable noncontrolling interests	(1)	2
COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING	$ 412	$ 304

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Currency translation tax	$ 0	$ 0
Pension and other postretirement adjustment	0	(1)
Hedging tax	$ 0	$ (8)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents		$ 757	$ 1,099
Receivables, less allowance of $12 at March 31, 2023 and $11 at December 31, 2022		1,388	961
Inventories		1,340	1,334
Assets held for sale		0
Other current assets		108	117
Total current assets		3,593	3,556
Property, plant and equipment, net		3,745	3,729
Operating lease right-of-use assets		212	204
Goodwill		1,387	1,383
Intangible assets		1,610	1,602
Deferred income taxes		18	16
Other non-current assets		275	262
TOTAL ASSETS		10,840	10,752
CURRENT LIABILITIES
Accounts payable		1,243	1,345
Current operating lease liabilities		55	52
Other current liabilities		635	707
Total current liabilities		1,933	2,104
Long-term debt, net of current portion		2,999	2,992
Pension plan liability		78	78
Other employee benefits liability		117	118
Non-current operating lease liabilities		157	152
Deferred income taxes		411	388
Other liabilities		308	299
Total liabilities		6,003	6,131
Redeemable noncontrolling interest		25	25
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		4,129	4,139
Accumulated earnings		4,129	3,794
Accumulated other comprehensive deficit		(652)	(681)
Cost of common stock in treasury	[3]	(2,816)	(2,678)
Total Owens Corning stockholders’ equity		4,791	4,575
Noncontrolling interests		21	21
Total equity		4,812	4,596
TOTAL LIABILITIES AND EQUITY		$ 10,840	$ 10,752
[1]10 shares authorized; none issued or outstanding at March 31, 2023 and December 31, 2022[2]400 shares authorized; 135.5 issued and 90.8 outstanding at March 31, 2023; 135.5 issued and 91.9 outstanding at December 31, 2022[3]44.7 shares at March 31, 2023 and 43.6 shares at December 31, 2022

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 12	$ 11
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)		91,900,000
Treasury stock (in shares)	44,700,000	43,600,000

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, 2021		$ 4,335	$ 1	$ (1,922)		$ 4,092	[1]	$ 2,706	$ (581)	[2]	$ 39	[3]
Common stock, beginning balance (in shares) at Dec. 31, 2021			100.4
Treasury stock, beginning balance (in shares) at Dec. 31, 2021				35.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		304						304
Net earnings attributable to non-redeemable noncontrolling interests		3									3	[3]
Currency translation adjustment		(28)							(27)	[2]	(1)	[3]
Pension and other postretirement adjustment (net of tax)		3							3	[2]
Deferred gain (loss) on hedging transactions (net of tax)		24							24	[2]
Purchases of noncontrolling interest		(9)				8	[1]				(17)	[3]
Issuance of common stock under share-based payment plans, shares			0.4	(0.4)
Issuance of common stock under share-based payment plans				$ 21		(21)	[1]
Purchases of treasury stock (shares)			(2.7)	2.7
Purchases of treasury stock		(243)		$ (243)
Stock-based compensation expense		12				12	[1]
Dividends declared	[4]	(36)						(36)
Ending balance at Mar. 31, 2022		4,365	$ 1	$ (2,144)		4,091	[1]	2,974	(581)	[2]	24	[3]
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, 2022		$ 4,596	$ 1		$ (2,678)	4,139	[5]	3,794	(681)	[6]	21	[7]
Common stock, beginning balance (in shares) at Dec. 31, 2022		91.9	91.9
Treasury stock, beginning balance (in shares) at Dec. 31, 2022		43.6			43.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		$ 383						383
Net earnings attributable to non-redeemable noncontrolling interests		(1)
Redeemable noncontrolling interest adjustment to redemption value		(1)				(1)	[5]
Currency translation adjustment		31							31	[6]
Pension and other postretirement adjustment (net of tax)		(1)							(1)	[6]
Deferred gain (loss) on hedging transactions (net of tax)		(1)							(1)	[6]
Issuance of common stock under share-based payment plans, shares			0.7		(0.7)
Issuance of common stock under share-based payment plans		1			$ 23	(22)	[5]
Purchases of treasury stock (shares)			(1.8)		1.8
Purchases of treasury stock		(161)			$ (161)
Stock-based compensation expense		13				13	[5]
Dividends declared	[8]	(48)						(48)
Ending balance at Mar. 31, 2023		$ 4,812	$ 1		$ (2,816)	$ 4,129	[5]	$ 4,129	$ (652)	[6]	$ 21	[7]
Common stock, ending balance (in shares) at Mar. 31, 2023			90.8
Treasury stock, ending balance (in shares) at Mar. 31, 2023		44.7			44.7
[1]Additional Paid in Capital (“APIC”)[2]Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)[3]Noncontrolling Interest (“NCI”)[4]Quarterly dividend declaration of $0.35 per share as of March 31, 2022[5]Additional Paid in Capital (“APIC”)[6]Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)[7]Noncontrolling Interest (“NCI”)[8]Quarterly dividend declaration of $0.52 per share as of March 31, 2023

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends (dollars per share)	$ 0.52	$ 0.35

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
NET CASH FLOW (USED FOR) PROVIDED BY OPERATING ACTIVITIES
NET EARNINGS	$ 382	$ 307
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	127	132
Deferred income taxes	20	3
Provision for pension and other employee benefits liabilities	1	1
Stock-based compensation expense	13	12
Gains on sale of certain precious metals	(2)	(4)
Gain on sale of site	(189)	0
Other adjustments to reconcile net earnings to cash provided by operating activities	(4)	26
Changes in operating assets and liabilities	(506)	(301)
Pension fund contribution	(1)	(1)
Payments for other employee benefits liabilities	(3)	(3)
Other	(2)	(14)
Net cash flow (used for) provided by operating activities	(164)	158
NET CASH FLOW PROVIDED BY (USED FOR) INVESTING ACTIVITIES
Cash paid for property, plant, and equipment	(158)	(107)
Proceeds from the sale of assets or affiliates	189	10
Derivative settlements	0	11
Other	(7)	(2)
Net cash flow provided by (used for) investing activities	24	(88)
NET CASH FLOW USED FOR FINANCING ACTIVITIES
Purchases of noncontrolling interest	0	(9)
Net decrease in short-term debt	0	(5)
Dividends paid	(48)	(35)
Purchases of treasury stock	(160)	(229)
Finance lease payments	(8)	(7)
Net cash flow used for financing activities	(216)	(285)
Effect of exchange rate changes on cash	14	4
Net decrease in cash, cash equivalents, and restricted cash	(342)	(211)
Cash, cash equivalents and restricted cash at beginning of period	1,107	966
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 765	$ 755

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2023
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, 2022 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 annual report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”). Certain reclassifications have been made to the periods presented for 2022 to conform to the classifications used in the periods presented for 2023. Revenue Recognition As of December 31, 2022, our contract liability balances (for extended warranties, down payments and deposits, collectively) totaled $89 million, of which $14 million was recognized as revenue in the first three months of 2023. As of March 31, 2023, our contract liability balances totaled $89 million. As of December 31, 2021, our contract liability balances totaled $76 million, of which $13 million was recognized as revenue in the first three months of 2022. As of March 31, 2022, our contract liability balances totaled $78 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 $8 million as of March 31, 2023 and December 31, 2022, and $7 million as of March 31, 2022 and December 31, 2021. 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 $21 million for the three months ended March 31, 2023 and 2022. As of March 31, 2023 and December 31, 2022, amounts due to the related party supplier were $6 million and $3 million, respectively. Supplier Finance Programs We review supplier terms and conditions on an ongoing basis, and have negotiated payment terms extensions in recent years in connection with our efforts to reduce working capital and improve cash flow. Separate from those terms extension actions, certain of our subsidiaries have entered into paying agency agreements with third-party administrators. These voluntary supply chain finance programs (collectively, the “Programs”) generally give participating suppliers the ability to sell, or otherwise pledge as collateral, their receivables from the Company to the participating financial institutions, at the sole discretion of both the suppliers and financial institutions. The Company is not a party to the arrangements between the suppliers and the financial institutions. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to sell, or otherwise pledge as collateral, amounts under these arrangements. The Company’s payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. One of our programs includes a parent guarantee to the participating financial institution for a certain U.S. subsidiary that, at the time of the respective program’s inception in 2015, was a guarantor subsidiary of the Company’s Credit Agreement. The obligations are presented as Accounts payable within Total current liabilities on the Consolidated Balance Sheets and all activity related to the obligations is presented within operating activities on the Consolidated Statements of Cash Flow. The Company’s confirmed outstanding obligations under the programs totaled $229 million and $234 million as of March 31, 2023 and December 31, 2022, respectively. The amounts of invoices paid under the programs totaled $158 million and $150 million for the three months ended March 31, 2023 and March 31, 2022. Accounting Pronouncements All Accounting Standards Updates ("ASUs") recently issued by the Financial Accounting Standards Board ("FASB") were either not applicable to the Company or their adoption did not have a material impact on the Company’s Consolidated Financial Statements.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2023
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 – Within our Composites segment, 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, spray foam 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 March 31, 2023 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 85 $ 370 $ 839 $ (65) $ 1,229 U.S. commercial and industrial 218 206 24 (2) 446 Total United States 303 576 863 (67) 1,675 Europe 137 194 4 (1) 334 Asia-Pacific 107 31 — — 138 Rest of world 38 118 28 — 184 NET SALES $ 585 $ 919 $ 895 $ (68) $ 2,331 For the three months ended March 31, 2022 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 87 $ 351 $ 776 $ (60) $ 1,154 U.S. commercial and industrial 210 179 27 (3) 413 Total United States 297 530 803 (63) 1,567 Europe 205 197 6 (2) 406 Asia-Pacific 151 35 2 — 188 Rest of world 61 97 27 — 185 NET SALES $ 714 $ 859 $ 838 $ (65) $ 2,346 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 2023 2022 Reportable Segments Composites $ 49 $ 154 Insulation 156 129 Roofing 209 176 Total reportable segments 414 459 Restructuring costs (18) (6) Gain on sale of Shanghai, China facility — 27 Gain on sale of Santa Clara, California site 189 — Gains on sale of certain precious metals 2 4 General corporate expense and other (53) (42) Total corporate, other and eliminations 120 (17) EBIT $ 534 $ 442

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in millions): March 31, 2023 December 31, 2022 Finished goods $ 843 $ 843 Materials and supplies 497 491 Total inventories $ 1,340 $ 1,334

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022, 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 and foreign exchange forward contracts, all of which are over-the-counter and not traded through an exchange. The Company uses widely accepted valuation tools to determine fair value, such as discounting cash flows to calculate a present value for the derivatives. The models use Level 2 inputs, such as forward curves and other commonly quoted observable transactions and prices. The fair value of our derivatives and hedging instruments are all classified as Level 2 investments within the three-tier hierarchy. The following table presents the fair value of derivatives and hedging instruments and the respective location on the Consolidated Balance Sheets (in millions): Fair Value at Location March 31, 2023 December 31, 2022 Derivative assets designated as hedging instruments: Cash flow hedges: Natural gas forward swaps Other current assets $ 1 $ 2 Derivative liabilities designated as hedging instruments: Cash flow hedges: Natural gas forward swaps Other current liabilities $ 31 $ 32 Derivative assets not designated as hedging instruments: Foreign exchange forward contracts Other current assets $ — $ 1 Derivative liabilities not designated as hedging instruments: Foreign exchange forward contracts Other current liabilities $ 5 $ 2 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 Location 2023 2022 Derivative activity designated as hedging instruments: Natural gas cash flow hedges: Amount of loss (gain) reclassified from AOCI (as defined below) into earnings (a) Cost of sales $ 18 $ (10) Cross-currency swap net investment hedges: Amount of gain recognized in earnings on derivative amounts excluded from effectiveness Interest expense, net $ — $ (1) Derivative activity not designated as hedging instruments: Foreign currency: Amount of loss (gain) recognized in earnings (b) Other expense (income), net $ 6 $ (5) (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 Hedging Type Derivative Financial Instrument 2023 2022 Net investment hedge Cross-currency swaps $ — $ (2) Cash flow hedge Natural gas forward swaps $ 1 $ (23) Cash flow hedge Treasury interest rate lock $ — $ (10) 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 March 31, 2023, the notional amounts of these natural gas forward swaps was 8 million MMBtu (or MMBtu equivalent) based on U.S. and European indices. The Company has designated these natural gas forward swaps as cash flow hedges, with the last hedge maturing no later than June 2024. A net unrecognized loss of $30 million related to these natural gas forward swaps was included in AOCI as of March 31, 2023, $27 million of which is expected to be reclassified into earning within the next twelve months. In 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. The Company designated this forward U.S. Treasury rate lock agreement, which expired on December 15, 2022, as a cash flow hedge. The locked fixed rate of this agreement was 0.994%. In September 2022, a gain of $6 million was recognized as a result of a change in the forecasted issuance of certain senior notes. In December 2022, the Company received cash of $37 million upon the settlement of the rate lock agreement, of which $31 million will be amortized as a component of interest expense upon the future issuance of senior notes. This unrecognized gain of $31 million was included in AOCI as of March 31, 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. 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 March 31, 2023, the Company had notional amounts of $361 million for non-designated derivative financial instruments related to foreign currency exposures in U.S. Dollars primarily related to the European Euro, Indian Rupee, Chinese Yuan, Brazilian Real, South Korean Won, and Hong Kong Dollar. In addition, the Company had notional amounts of $34 million for non-designated derivative financial instruments related to foreign currency exposures in European Euro primarily related to the Polish Złoty and Norwegian Krone.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	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 three months of 2023. 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, 2022 $ 425 $ 1,499 $ 394 $ 2,318 Acquisitions and Divestitures — — — — Foreign Currency Translation 1 7 — 8 Gross carrying amount at March 31, 2023 426 1,506 394 2,326 Accumulated impairment losses at December 31, 2022 — (935) — (935) Foreign Currency Translation — (4) — (4) Accumulated impairment losses at March 31, 2023 — (939) — (939) Balance, net of impairment, at March 31, 2023 $ 426 $ 567 $ 394 $ 1,387 Other Intangible Assets Other intangible assets consist of the following (in millions): March 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Trademarks and trade names $ 1,001 $ — $ 1,001 $ 1,001 $ — $ 1,001 Customer relationships 641 (256) 385 638 (243) 395 Technology 331 (193) 138 330 (187) 143 Other (a) 88 (2) 86 66 (3) 63 Total other intangible assets $ 2,061 $ (451) $ 1,610 $ 2,035 $ (433) $ 1,602 (a) Other primarily includes emissions. There are three indefinite-lived intangible assets that are at an increased risk of impairment. These intangible assets were partially impaired in the fourth quarter of 2022. If assumptions or estimates with respect to the Company’s future performance vary from what is expected, including those assumptions relating to interest rates, forecasted revenue, and economic and geopolitical uncertainty in Europe, future impairment analyses could result in a decline in fair value that may trigger a future impairment charge. The following table presents the carrying values of these assets as of March 31, 2023: Trade names and trademarks March 31, 2023 European building and technical insulation trade name $ 88 Global cellular glass insulation trademark $ 80 Components branded roofing trademark $ 42 Amortization expense for intangible assets for the three months ended March 31, 2023 and 2022 was $18 million and $11 million, respectively. Amortization expense for intangible assets is estimated to be $50 million for the remainder of 2023. The estimated amortization expense for intangible assets for the next five fiscal years ended December 31 is as follows (in millions): Period Amortization 2024 $ 64 2025 $ 58 2026 $ 43 2027 $ 34 2028 $ 34

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	Property, plant and equipment consist of the following (in millions): March 31, December 31, 2022 Land $ 167 $ 166 Buildings and leasehold improvements 1,222 1,221 Machinery and equipment 5,267 5,220 Construction in progress 538 522 7,194 7,129 Accumulated depreciation (3,449) (3,400) Property, plant and equipment, net $ 3,745 $ 3,729 Machinery and equipment includes certain precious metals used in our production tooling, which comprise approximately 10% of total machinery and equipment as of both March 31, 2023 and December 31, 2022. 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	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS On September 1, 2022, the Company acquired the remaining 50% interest in Fiberteq, LLC (“Fiberteq”), the joint venture between Owens Corning and IKO Industries, Ltd, which produces high-quality wet-formed fiberglass mat for roofing applications, for $140 million, net of cash acquired. The acquisition advances the Composites strategy to focus on high-value material solutions and expands Owens Corning’s capacity to produce non-woven mat. The Company’s 50% interest in Fiberteq was accounted for as an equity-method investment and had a carrying value of $17 million at the acquisition date. The Company used the discounted cash flow method to remeasure the previously held equity method investment to its fair value of $147 million, resulting in the recognition of a gain of $130 million, which was recorded in Gain on equity method investment on the 2022 Consolidated Statements of Earnings. The operating results and a preliminary purchase price allocation for Fiberteq have been included in the Composites segment within the Consolidated Financial Statements since the date of the acquisition. The Company is continuing to obtain information to complete its valuation of certain assets and liabilities. The preliminary purchase price allocation included $58 million in intangible assets, which primarily consists of customer relationships with an estimated weighted average life of 3 years, a $62 million unfavorable contract liability and $243 million in goodwill , of which 50% is tax deductible . The factors contributing to the recognition of the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the acquisition. The pro-forma effect of this acquisition on revenues and earnings was not material. On August 1, 2022, the Company acquired Natural Polymers, LLC (“Natural Polymers”), an innovative manufacturer of spray polyurethane foam insulation for building and construction applications for $111 million, net of cash acquired. The acquisition advances the Owens Corning strategy to strengthen the Company’s core building and construction products and expand its addressable markets into higher-growth segments. The operating results and a preliminary purchase price allocation for Natural Polymers have been included in the Insulation segment within the Consolidated Financial Statements since the date of the acquisition. The Company is continuing to obtain information to complete its valuation of certain assets and liabilities. The preliminary purchase price allocation included $44 million in intangible assets and $62 million in goodwill, all of which is tax deductible. The intangible assets consist of definite-lived trademarks of $5 million with an estimated weighted average life of 10 years, technology of $12 million with an estimated weighted average life of 6 years and customer relationships of $27 million with an estimated weighted average life of 17 years. The factors contributing to the recognition of the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the acquisition. 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 Company is continuing to obtain information to complete its valuation of certain assets and liabilities. The preliminary purchase price allocation included $38 million in intangible assets and $68 million in goodwill, of which $61 million is tax deductible. The intangible assets consist of definite-lived trademarks of $7 million with an estimated average life of 10 years, 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 factors contributing to the recognition of the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the acquisition. The pro-forma effect of this acquisition on revenues and earnings was not material. 7. ACQUISITIONS (continued) 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 of $25 million 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 Company is continuing to obtain information to complete its valuation of certain assets and liabilities. The preliminary purchase price allocation included $15 million in intangible assets, consisting of technology, with an estimated weighted average life of 15 years and $42 million in goodwill, of which $37 million is tax deductible. The factors contributing to the recognition of the amount of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the acquisition. The pro-forma effect of this acquisition on revenues and earnings was not material.

DIVESTITURES

DIVESTITURES	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURES On March 3, 2023, the Company finalized the sale of the Company’s Insulation site in Santa Clara, California for total proceeds of $234 million, net of transaction fees. Total proceeds included a non-refundable deposit of $50 million received in the third quarter of 2021. As a result of this sale, the Company recognized a pre-tax gain of $189 million which is recorded in Gain on sale of site on the Consolidated Statements of Earnings. On November 24, 2022, the Company finalized the sale of its Russian operations within the Composites and Insulation segments. As a result of this sale, the Company received $104 million, net of cash sold, in consideration and recorded a pre-tax loss of $33 million in Other expense (income), net on the 2022 Consolidated Statements of Earnings. On July 1, 2022, the Company finalized the sale of the European portion of the dry-use chopped strands (“DUCS”) product line located in Chambéry, France, within the Composites segment. As a result of this sale, the Company received $80 million, net of cash sold, in consideration and recorded a pre-tax loss of $30 million in Other expense (income), net on the 2022 Consolidated Statements of Earnings.

WARRANTIES

WARRANTIES	3 Months Ended
	Mar. 31, 2023
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 2022 Form 10-K for information about our separately-priced extended warranty contracts. A reconciliation of the warranty liability is as follows (in millions): Three Months Ended March 31, 2023 2022 Beginning balance $ 88 $ 81 Amounts accrued for current year 5 4 Settlements of warranty claims (2) (2) Ending balance $ 91 $ 83

RESTRUCTURING, ACQUISITION AND

RESTRUCTURING, ACQUISITION AND DIVESTITURE-RELATED COSTS	3 Months Ended
	Mar. 31, 2023
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. European Operating Structure Optimization In March 2023, the Company took actions to optimize the operating structure of its segments across Europe to increase its competitiveness. These actions are expected to result in cumulative incremental costs of approximately $20 million, primarily related to severance and other exit costs, and generate savings of approximately $20 million annually by 2024. During the first three months of 2023, the Company recorded $11 million of charges primarily related to severance costs. Exit of DUCS Product Line On July 1, 2022, the Company finalized the sale of the European portion of the DUCS product line located in Chambéry, France, within the Composite’s segment. The Company recorded a pre-tax charge of $30 million in Other expense (income), net on the Consolidated Statements of Earnings in 2022 to reflect the fair value less cost to sell the assets. The Company also took actions 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, during the first three months of 2023, the Company recorded $3 million primarily related to accelerated depreciation and other exit costs. 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 three months of 2023, the Company recorded $1 million of charges primarily related to other exit costs. The Company does not expect to recognize significant incremental costs related to these actions. Santa Clara Insulation Site During the third quarter of 2021, the Company entered into a sales agreement for the Company’s Insulation site in Santa Clara, California. This action is part of the Company’s ongoing strategy to operate a flexible, cost-efficient manufacturing network and geographically locate its assets to better serve its customers. On March 3, 2023, the Company finalized the sale of this site for total proceeds of $234 million, net of transaction fees. Total proceeds included a non-refundable deposit of $50 million received in the third quarter of 2021. During the first three months of 2023, the Company recorded $3 million of charges, primarily related to other exit costs, associated with this action. The Company does not expect to recognize significant incremental costs related to this action. 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 March 31, Type of cost Location 2023 2022 Accelerated depreciation Cost of sales $ 1 $ 6 Other exit costs Cost of sales 7 — Severance Other expense (income), net 9 — Other exit costs (gains) Other expense (income), net 1 (27) Gain on sale of Santa Clara, California site Gain on sale of site (189) — Total restructuring, acquisition and divestiture-related (gains) costs $ (171) $ (21) The following table summarizes the status of the unpaid liabilities from the Company’s restructuring activities (in millions): European Operating Structure Optimization Composites Strategic Realignment Actions Roofing Components Restructuring Actions Santa Clara Insulation Site Balance at December 31, 2022 $ — $ 1 $ — $ 7 Restructuring costs 11 3 1 3 Payments — (3) (1) (9) Accelerated depreciation and other non-cash items — 1 — — Balance at March 31, 2023 $ 11 $ 2 $ — $ 1 Cumulative charges incurred $ 11 $ 12 $ 9 $ 63 As of March 31, 2023, the remaining liability balance is comprised of $14 million of severance, inclusive of $2 million of non-current severance and $12 million of severance the Company expects to pay over the next twelve months.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value 4.200% senior notes, net of discount and financing fees, due 2024 $ 398 99 % $ 398 99 % 3.400% senior notes, net of discount and financing fees, due 2026 398 95 % 398 94 % 3.950% senior notes, net of discount and financing fees, due 2029 446 94 % 446 90 % 3.875% senior notes, net of discount and financing fees, due 2030 298 93 % 298 89 % 7.000% senior notes, net of discount and financing fees, due 2036 368 113 % 368 107 % 4.300% senior notes, net of discount and financing fees, due 2047 589 83 % 589 78 % 4.400% senior notes, net of discount and financing fees, due 2048 391 84 % 390 78 % Various finance leases, due through 2050 (a) 138 100 % 131 100 % Other 2 N/A 2 N/A Total long-term debt 3,028 N/A 3,020 N/A Less – current portion (a) 29 100 % 28 100 % Long-term debt, net of current portion $ 2,999 N/A $ 2,992 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 March 31, 2023. 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 March 31, 2023. Please refer to the Credit Facility Utilization section below for liquidity information as of March 31, 2023. 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 March 31, 2023. Please refer to the Credit Facility Utilization section below for liquidity information as of March 31, 2023. 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 March 31, 2023 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 $1 million as of March 31, 2023 and December 31, 2022, respectively. The short-term borrowings consisted of various operating lines of credit. The weighted average interest rate on all short-term borrowings was approximately 3.7% and 2.8% as of March 31, 2023 and December 31, 2022, respectively.

PENSION PLANS AND OTHER POSTRET

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS	3 Months Ended
	Mar. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS	PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Pension Plans The Company sponsors defined benefit pension plans. Under the plans, pension benefits are based on an 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 March 31, 2023 2022 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ 1 $ 1 $ 2 $ 1 $ 1 $ 2 Interest cost 8 4 12 6 3 9 Expected return on plan assets (10) (4) (14) (9) (4) (13) Amortization of actuarial loss 1 1 2 3 — 3 Contractual termination benefit — — — — — — Net periodic pension cost $ — $ 2 $ 2 $ 1 $ — $ 1 The Company expects to contribute $25 million in cash to its defined benefit pension plans during 2023. Actual contributions to the plans may change as a result of a variety of factors, including changes in laws that impact funding requirements. The Company made cash contributions of $1 million to its defined benefit pension plans during the three months ended March 31, 2023. 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 income for U.S. plans for the periods indicated (in millions): Three Months Ended 2023 2022 Components of Net Periodic Benefit Income Service cost $ — $ 1 Interest cost 1 1 Amortization of actuarial gain (2) (2) Net periodic benefit income $ (1) $ —

CONTINGENT LIABILITIES AND OTHE

CONTINGENT LIABILITIES AND OTHER MATTERS	3 Months Ended
	Mar. 31, 2023
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 are required to use 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 March 31, 2023, the Company was involved with a total of 22 sites worldwide, including 10 Superfund and state or country equivalent sites and 12 owned or formerly owned sites. None of the liabilities for these sites are individually significant to the Company.

STOCK COMPENSATION

STOCK COMPENSATION	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the number of shares remaining available under the 2019 Stock Plan for all stock awards was approximately 2.0 million. On April 20, 2023, the Company’s stockholders approved the Owens Corning 2023 Stock Plan (the “2023 Stock Plan”), which authorizes grants of stock options, stock appreciation rights, stock awards (including restricted stock awards, restricted stock units and bonus stock awards), performance share awards and performance share units. Under the 2023 Stock Plan, 1.37 million shares of common stock may be granted in addition to the approximately 2.0 million shares of Company common stock that rolled over from the 2019 Stock Plan as of April 20, 2023. Such shares of common stock include shares that were available but not granted, or which were granted but not issued or delivered due to expiration, termination, cancellation or forfeiture of such awards. There will be no future grants made under the 2019 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 2023 2022 Total stock-based compensation expense $ 13 $ 12 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 March 31, 2023, there was no unrecognized compensation cost related to stock options and the exercise price on outstanding stock options was $37.65. 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, 2022 27,000 $ 37.65 1.10 $ 1 Exercised (800) 37.65 Outstanding, March 31, 2023 26,200 $ 37.65 0.85 $ 2 Exercisable, March 31, 2023 26,200 $ 37.65 0.85 $ 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 activity: Number of RSUs Weighted-Average Balance at December 31, 2022 1,276,160 $ 69.16 Granted 321,238 98.80 Vested (306,214) 71.33 Forfeited (8,245) 85.76 Balance at March 31, 2023 1,282,939 $ 75.83 As of March 31, 2023, there was $57 million of total unrecognized compensation cost related to RSUs. That cost is expected to be recognized over a weighted-average period of 2.65 years. The total grant date fair value of shares vested during the three months ended March 31, 2023 and 2022 was $22 million and $20 million, respectively. Performance Share Units The Company has granted performance share units (“PSUs”) as a part of its long-term incentive plan program under its stockholder approved stock plans. All outstanding performance share units will fully settle in stock. The amount of stock ultimately distributed from all performance share units is contingent on meeting internal Company-based metrics or an external-based stock performance metric. In the three months ended March 31, 2023, 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 200% of PSUs awarded depending on each award’s design and performance versus the internal Company-based metrics. The initial fair value for all internal Company-based metric PSUs assumes that the performance goals will be achieved and is based on the grant date stock price. This assumption is monitored quarterly and if it becomes probable that such goals will not be achieved or will be exceeded, compensation expense recognized will be adjusted and previous surplus compensation expense recognized will be reversed or additional expense will be recognized. The expected term represents the period from the grant date to the end of the vesting period. Pro-rata vesting may be utilized in the case of death, disability or approved retirement and awards, if earned, will be paid at the end of the vesting period. External-based metrics The external-based metrics vest after a three-year period. Outstanding grants issued in or after 2018 until 2022 were based on the Company’s total stockholder return relative to the performance of the Dow Jones U.S. Construction & Materials Index. Outstanding grants issued in 2023 are based on the Company’s total stockholder return relative to a peer group. 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 PSUs granted in 2023 and 2022: Three Months Ended 2023 2022 Expected volatility 44.66% 41.65% Risk free interest rate 3.75% 1.36% Expected term (in years) 2.91 2.91 Grant date fair value of units granted $ 119.33 $ 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 March 31, 2023, there was $31 million total unrecognized compensation cost related to PSUs. That cost is expected to be recognized over a weighted-average period of 2.07 years. The following table summarizes the Company’s PSU activity: Number Weighted-Average Balance at December 31, 2022 303,716 $ 91.47 Granted 155,469 101.76 Forfeited (4,284) 91.53 Balance at March 31, 2023 454,901 $ 94.65 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 March 31, 2023, 3.5 million shares remain available for purchase.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Net earnings attributable to Owens Corning $ 383 $ 304 Weighted-average number of shares outstanding used for basic earnings per share 91.3 99.5 Non-vested restricted stock units and performance share units 0.6 0.7 Options to purchase common stock — — Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share 91.9 100.2 Earnings per common share attributable to Owens Corning common stockholders: Basic $ 4.19 $ 3.06 Diluted $ 4.17 $ 3.03 For the three months ended March 31, 2023 and March 31, 2022, there were no non-vested RSUs or PSUs that had an anti-dilutive effect on earnings per share. On February 14, 2022, the Board of Directors approved a share buy-back program under which the Company is authorized to repurchase up to 10 million shares of the Company’s outstanding common stock (the “February 2022 Repurchase Authorization”). On December 1, 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 “December 2022 Repurchase Authorization”). The December 2022 Repurchase Authorization is in addition to the February 2022 Repurchase Authorization (together, 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 1.5 million shares of its common stock for $136 million, inclusive of applicable taxes, during the three months ended March 31, 2023, under the Repurchase Authorization. As of March 31, 2023, 12.9 million shares remain available for repurchase under the Repurchase Authorization.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Income tax expense $ 130 $ 107 Effective tax rate 25 % 26 % The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three months ended March 31, 2023 is primarily due to U.S. state and local income tax expense, foreign rate differential and other discrete adjustments. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”) into law, which includes a new corporate alternative minimum tax and an excise tax of 1% on the fair market value of net stock repurchases. Both provisions are effective for years after December 31, 2022. The Company does not anticipate being subject to the corporate alternative minimum tax in 2023. The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three months ended March 31, 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 Company continues to assert indefinite reinvestment in accordance with Accounting Standards Codification (“ASC”) 740 based on the laws as of enactment of the tax legislation.

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME	CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT The following table summarizes the changes in accumulated other comprehensive income (deficit) (in millions): Three Months Ended 2023 2022 Currency Translation Adjustment Beginning balance $ (380) $ (279) Net investment hedge amounts classified into AOCI, net of tax — 2 Gain (loss) on foreign currency translation 31 (29) Other comprehensive income (loss), net of tax 31 (27) Ending balance $ (349) $ (306) Pension and Other Postretirement Adjustment Beginning balance $ (301) $ (318) Amounts reclassified from AOCI to net earnings, net of tax (a) — 1 Amounts classified into AOCI, net of tax (1) 2 Other comprehensive (loss) income, net of tax (1) 3 Ending balance $ (302) $ (315) Hedging Adjustment Beginning balance $ — $ 16 Amounts reclassified from AOCI to net earnings, net of tax (b) 14 (8) Amounts classified into AOCI, net of tax (15) 32 Other comprehensive (loss) income, net of tax (1) 24 Ending balance $ (1) $ 40 Total AOCI ending balance $ (652) $ (581) (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)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 85 $ 370 $ 839 $ (65) $ 1,229 U.S. commercial and industrial 218 206 24 (2) 446 Total United States 303 576 863 (67) 1,675 Europe 137 194 4 (1) 334 Asia-Pacific 107 31 — — 138 Rest of world 38 118 28 — 184 NET SALES $ 585 $ 919 $ 895 $ (68) $ 2,331 For the three months ended March 31, 2022 Reportable Segments Composites Insulation Roofing Eliminations Consolidated Disaggregation Categories U.S. residential $ 87 $ 351 $ 776 $ (60) $ 1,154 U.S. commercial and industrial 210 179 27 (3) 413 Total United States 297 530 803 (63) 1,567 Europe 205 197 6 (2) 406 Asia-Pacific 151 35 2 — 188 Rest of world 61 97 27 — 185 NET SALES $ 714 $ 859 $ 838 $ (65) $ 2,346
Schedule of Earnings before Interest and Taxes	The following table summarizes EBIT by segment (in millions): Three Months Ended 2023 2022 Reportable Segments Composites $ 49 $ 154 Insulation 156 129 Roofing 209 176 Total reportable segments 414 459 Restructuring costs (18) (6) Gain on sale of Shanghai, China facility — 27 Gain on sale of Santa Clara, California site 189 — Gains on sale of certain precious metals 2 4 General corporate expense and other (53) (42) Total corporate, other and eliminations 120 (17) EBIT $ 534 $ 442

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consist of the following (in millions): March 31, 2023 December 31, 2022 Finished goods $ 843 $ 843 Materials and supplies 497 491 Total inventories $ 1,340 $ 1,334

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Derivative assets designated as hedging instruments: Cash flow hedges: Natural gas forward swaps Other current assets $ 1 $ 2 Derivative liabilities designated as hedging instruments: Cash flow hedges: Natural gas forward swaps Other current liabilities $ 31 $ 32 Derivative assets not designated as hedging instruments: Foreign exchange forward contracts Other current assets $ — $ 1 Derivative liabilities not designated as hedging instruments: Foreign exchange forward contracts Other current liabilities $ 5 $ 2
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 Location 2023 2022 Derivative activity designated as hedging instruments: Natural gas cash flow hedges: Amount of loss (gain) reclassified from AOCI (as defined below) into earnings (a) Cost of sales $ 18 $ (10) Cross-currency swap net investment hedges: Amount of gain recognized in earnings on derivative amounts excluded from effectiveness Interest expense, net $ — $ (1) Derivative activity not designated as hedging instruments: Foreign currency: Amount of loss (gain) recognized in earnings (b) Other expense (income), net $ 6 $ (5) (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 Hedging Type Derivative Financial Instrument 2023 2022 Net investment hedge Cross-currency swaps $ — $ (2) Cash flow hedge Natural gas forward swaps $ 1 $ (23) Cash flow hedge Treasury interest rate lock $ — $ (10)

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 $ 425 $ 1,499 $ 394 $ 2,318 Acquisitions and Divestitures — — — — Foreign Currency Translation 1 7 — 8 Gross carrying amount at March 31, 2023 426 1,506 394 2,326 Accumulated impairment losses at December 31, 2022 — (935) — (935) Foreign Currency Translation — (4) — (4) Accumulated impairment losses at March 31, 2023 — (939) — (939) Balance, net of impairment, at March 31, 2023 $ 426 $ 567 $ 394 $ 1,387
Schedule of Finite-Lived Intangible Assets	Other intangible assets consist of the following (in millions): March 31, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Trademarks and trade names $ 1,001 $ — $ 1,001 $ 1,001 $ — $ 1,001 Customer relationships 641 (256) 385 638 (243) 395 Technology 331 (193) 138 330 (187) 143 Other (a) 88 (2) 86 66 (3) 63 Total other intangible assets $ 2,061 $ (451) $ 1,610 $ 2,035 $ (433) $ 1,602
Schedule of Impaired Intangible Assets	The following table presents the carrying values of these assets as of March 31, 2023: Trade names and trademarks March 31, 2023 European building and technical insulation trade name $ 88 Global cellular glass insulation trademark $ 80 Components branded roofing trademark $ 42
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 2024 $ 64 2025 $ 58 2026 $ 43 2027 $ 34 2028 $ 34

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consist of the following (in millions): March 31, December 31, 2022 Land $ 167 $ 166 Buildings and leasehold improvements 1,222 1,221 Machinery and equipment 5,267 5,220 Construction in progress 538 522 7,194 7,129 Accumulated depreciation (3,449) (3,400) Property, plant and equipment, net $ 3,745 $ 3,729

WARRANTIES (Tables)

WARRANTIES (Tables)	3 Months Ended
	Mar. 31, 2023
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 2022 Form 10-K for information about our separately-priced extended warranty contracts. A reconciliation of the warranty liability is as follows (in millions): Three Months Ended March 31, 2023 2022 Beginning balance $ 88 $ 81 Amounts accrued for current year 5 4 Settlements of warranty claims (2) (2) Ending balance $ 91 $ 83

RESTRUCTURING, ACQUISITION AN_2

RESTRUCTURING, ACQUISITION AND DIVESTITURE-RELATED COSTS (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, Type of cost Location 2023 2022 Accelerated depreciation Cost of sales $ 1 $ 6 Other exit costs Cost of sales 7 — Severance Other expense (income), net 9 — Other exit costs (gains) Other expense (income), net 1 (27) Gain on sale of Santa Clara, California site Gain on sale of site (189) — Total restructuring, acquisition and divestiture-related (gains) costs $ (171) $ (21)
Schedule of Restructuring Reserve by Type of Cost	The following table summarizes the status of the unpaid liabilities from the Company’s restructuring activities (in millions): European Operating Structure Optimization Composites Strategic Realignment Actions Roofing Components Restructuring Actions Santa Clara Insulation Site Balance at December 31, 2022 $ — $ 1 $ — $ 7 Restructuring costs 11 3 1 3 Payments — (3) (1) (9) Accelerated depreciation and other non-cash items — 1 — — Balance at March 31, 2023 $ 11 $ 2 $ — $ 1 Cumulative charges incurred $ 11 $ 12 $ 9 $ 63 As of March 31, 2023, the remaining liability balance is comprised of $14 million of severance, inclusive of $2 million of non-current severance and $12 million of severance the Company expects to pay over the next twelve months.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
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): March 31, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value 4.200% senior notes, net of discount and financing fees, due 2024 $ 398 99 % $ 398 99 % 3.400% senior notes, net of discount and financing fees, due 2026 398 95 % 398 94 % 3.950% senior notes, net of discount and financing fees, due 2029 446 94 % 446 90 % 3.875% senior notes, net of discount and financing fees, due 2030 298 93 % 298 89 % 7.000% senior notes, net of discount and financing fees, due 2036 368 113 % 368 107 % 4.300% senior notes, net of discount and financing fees, due 2047 589 83 % 589 78 % 4.400% senior notes, net of discount and financing fees, due 2048 391 84 % 390 78 % Various finance leases, due through 2050 (a) 138 100 % 131 100 % Other 2 N/A 2 N/A Total long-term debt 3,028 N/A 3,020 N/A Less – current portion (a) 29 100 % 28 100 % Long-term debt, net of current portion $ 2,999 N/A $ 2,992 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 March 31, 2023 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)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ 1 $ 1 $ 2 $ 1 $ 1 $ 2 Interest cost 8 4 12 6 3 9 Expected return on plan assets (10) (4) (14) (9) (4) (13) Amortization of actuarial loss 1 1 2 3 — 3 Contractual termination benefit — — — — — — Net periodic pension cost $ — $ 2 $ 2 $ 1 $ — $ 1
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 income for U.S. plans for the periods indicated (in millions): Three Months Ended 2023 2022 Components of Net Periodic Benefit Income Service cost $ — $ 1 Interest cost 1 1 Amortization of actuarial gain (2) (2) Net periodic benefit income $ (1) $ —

STOCK COMPENSATION (Tables)

STOCK COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Total stock-based compensation expense $ 13 $ 12
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, 2022 27,000 $ 37.65 1.10 $ 1 Exercised (800) 37.65 Outstanding, March 31, 2023 26,200 $ 37.65 0.85 $ 2 Exercisable, March 31, 2023 26,200 $ 37.65 0.85 $ 2
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the Company’s RSU activity: Number of RSUs Weighted-Average Balance at December 31, 2022 1,276,160 $ 69.16 Granted 321,238 98.80 Vested (306,214) 71.33 Forfeited (8,245) 85.76 Balance at March 31, 2023 1,282,939 $ 75.83
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Three Months Ended 2023 2022 Expected volatility 44.66% 41.65% Risk free interest rate 3.75% 1.36% Expected term (in years) 2.91 2.91 Grant date fair value of units granted $ 119.33 $ 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, 2022 303,716 $ 91.47 Granted 155,469 101.76 Forfeited (4,284) 91.53 Balance at March 31, 2023 454,901 $ 94.65

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Net earnings attributable to Owens Corning $ 383 $ 304 Weighted-average number of shares outstanding used for basic earnings per share 91.3 99.5 Non-vested restricted stock units and performance share units 0.6 0.7 Options to purchase common stock — — Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share 91.9 100.2 Earnings per common share attributable to Owens Corning common stockholders: Basic $ 4.19 $ 3.06 Diluted $ 4.17 $ 3.03

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Income tax expense $ 130 $ 107 Effective tax rate 25 % 26 %

CHANGES IN ACCUMULATED OTHER _2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Currency Translation Adjustment Beginning balance $ (380) $ (279) Net investment hedge amounts classified into AOCI, net of tax — 2 Gain (loss) on foreign currency translation 31 (29) Other comprehensive income (loss), net of tax 31 (27) Ending balance $ (349) $ (306) Pension and Other Postretirement Adjustment Beginning balance $ (301) $ (318) Amounts reclassified from AOCI to net earnings, net of tax (a) — 1 Amounts classified into AOCI, net of tax (1) 2 Other comprehensive (loss) income, net of tax (1) 3 Ending balance $ (302) $ (315) Hedging Adjustment Beginning balance $ — $ 16 Amounts reclassified from AOCI to net earnings, net of tax (b) 14 (8) Amounts classified into AOCI, net of tax (15) 32 Other comprehensive (loss) income, net of tax (1) 24 Ending balance $ (1) $ 40 Total AOCI ending balance $ (652) $ (581) (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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Accounting Changes and Error Corrections [Abstract]
Contract liability	$ 89	$ 78	$ 89	$ 76
Contract liability, revenue recognized	14	13
Restricted cash	8	7	8	$ 7
Related party transaction, expenses	21	21
Due to related party supplier	6		3
Outstanding supplier finance programs	229		$ 234
Invoices paid	$ 158	$ 150

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting, Significant Reconciling Item [Line Items]
Number of reportable segments | segment	3
Disaggregated revenue	$ 2,331	$ 2,346
EBIT	534	442
Restructuring costs	(18)	(6)
Gain on sale of Shanghai, China facility	0	27
Gain on sale of Santa Clara, California site	189	0
Gains on sale of certain precious metals	2	4
General corporate expense and other	(53)	(42)
Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(68)	(65)
EBIT	120	(17)
U.S.
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	1,675	1,567
U.S. | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(67)	(63)
U.S. | Residential
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	1,229	1,154
U.S. | Residential | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(65)	(60)
U.S. | Commercial and Industrial Sector
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	446	413
U.S. | Commercial and Industrial Sector | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(2)	(3)
Europe
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	334	406
Europe | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(1)	(2)
Asia Pacific
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	138	188
Asia Pacific | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	0	0
Rest of world
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	184	185
Rest of world | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	0	0
Composites
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	585	714
EBIT	49	154
Composites | U.S.
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	303	297
Composites | U.S. | Residential
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	85	87
Composites | U.S. | Commercial and Industrial Sector
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	218	210
Composites | Europe
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	137	205
Composites | Asia Pacific
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	107	151
Composites | Rest of world
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	38	61
Insulation
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	919	859
EBIT	156	129
Insulation | U.S.
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	576	530
Insulation | U.S. | Residential
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	370	351
Insulation | U.S. | Commercial and Industrial Sector
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	206	179
Insulation | Europe
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	194	197
Insulation | Asia Pacific
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	31	35
Insulation | Rest of world
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	118	97
Roofing
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	895	838
EBIT	209	176
Roofing | U.S.
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	863	803
Roofing | U.S. | Residential
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	839	776
Roofing | U.S. | Commercial and Industrial Sector
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	24	27
Roofing | Europe
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	4	6
Roofing | Asia Pacific
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	0	2
Roofing | Rest of world
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	28	27
Total Segments
Segment Reporting, Significant Reconciling Item [Line Items]
EBIT	$ 414	$ 459

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 843	$ 843
Materials and supplies	497	491
Total inventories	$ 1,340	$ 1,334

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS BALANCE SHEET (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other current assets | Designated as Hedging Instrument | Cash Flow Hedging | Energy Related Derivative
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	$ 1	$ 2
Other current assets | Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative asset, 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	31	32
Other current liabilities | Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 5	$ 2

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS INCOME STATEMENT (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Energy Related Derivative | Cash Flow Hedging
Derivative Instruments Gain Loss [Line Items]
Amount of gain reclassified from AOCI (as defined below) into earnings	$ 27
Amount of gain recognized in earnings	(1)	$ 23
Cross Currency Interest Rate Contract | Net Investment Hedging
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in earnings	0	2
Treasury interest rate lock | Cash Flow Hedging
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in earnings	0	10
Designated as Hedging Instrument | Energy Related Derivative
Derivative Instruments Gain Loss [Line Items]
Amount of gain reclassified from AOCI (as defined below) into earnings	18	(10)
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	0	(1)
Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in earnings	$ (6)	$ 5

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS CASH FLOW (Details) MMBTU in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2022 USD ($)	Mar. 31, 2023 USD ($) MMBTU	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Derivative [Line Items]
Unrecognized gain included in AOCI		$ 31
Energy Related Derivative | Cash Flow Hedging
Derivative [Line Items]
Derivative, nonmonetary notional amount | MMBTU		8
Unrecognized loss		$ 30
Loss reclassified from AOCI		27
Amount of gain recognized in earnings		$ (1)		$ 23
Treasury interest rate lock
Derivative [Line Items]
Derivative, notional amount						$ 175
Term of derivatives (in years)		10 years
Derivative, fixed interest rate						0.994%
Amount of gain recognized in earnings	$ 6
Cash received upon settlement					$ 37
Amortized portion part of interest expense for future issuance of debt		$ 31
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		34
U.S. | Foreign exchange forward contracts
Derivative [Line Items]
Derivative, notional amount		$ 361

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	$ 2,318
Acquisitions and Divestitures	0
Foreign Currency Translation	8
Balance at end of period, gross carrying amount	2,326
Goodwill, Impaired, Accumulated Impairment [Roll Forward]
Balance at beginning of period, accumulated impairment loss	(935)
Foreign Currency Translation	(4)
Balance at end of period, accumulated impairment loss	(939)
Goodwill, net	1,387	$ 1,383
Composites
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	425
Acquisitions and Divestitures	0
Foreign Currency Translation	1
Balance at end of period, gross carrying amount	426
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	426
Insulation
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	1,499
Acquisitions and Divestitures	0
Foreign Currency Translation	7
Balance at end of period, gross carrying amount	1,506
Goodwill, Impaired, Accumulated Impairment [Roll Forward]
Balance at beginning of period, accumulated impairment loss	(935)
Foreign Currency Translation	(4)
Balance at end of period, accumulated impairment loss	(939)
Goodwill, net	567
Roofing
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	394
Acquisitions and Divestitures	0
Foreign Currency Translation	0
Balance at end of period, gross carrying amount	394
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	$ 394

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) intangibleAsset	Mar. 31, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of indefinite-lived intangible assets are increased risk of impairment | intangibleAsset	3
Amortization expense for intangible assets	$ 18	$ 11
Amortization expense for intangible assets for remainder of the year	$ 50
Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	45 years

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Rollforward (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,061	$ 2,035
Accumulated Amortization	(451)	(433)
Net Carrying Amount	1,610	1,602
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,001	1,001
Net Carrying Amount	1,001	1,001
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	641	638
Accumulated Amortization	(256)	(243)
Net Carrying Amount	385	395
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	331	330
Accumulated Amortization	(193)	(187)
Net Carrying Amount	138	143
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	88	66
Accumulated Amortization	(2)	(3)
Net Carrying Amount	$ 86	$ 63

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Impaired Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Intangible Assets By Major Class [Line Items]
Intangible assets	$ 1,610	$ 1,602
European building and technical insulation trade name
Schedule Of Intangible Assets By Major Class [Line Items]
Intangible assets	88
Global cellular glass insulation trademark
Schedule Of Intangible Assets By Major Class [Line Items]
Intangible assets	80
Components branded roofing trademark
Schedule Of Intangible Assets By Major Class [Line Items]
Intangible assets	$ 42

GOODWILL AND OTHER INTANGIBLE_7

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details) $ in Millions	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 64
2025	58
2026	43
2027	34
2028	$ 34

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 7,194		$ 7,129
Accumulated depreciation	(3,449)		(3,400)
Property, plant and equipment, net	$ 3,745		$ 3,729
Precious metals depletion percentage	10%		10%
Precious metal percent of deprecation expense	3%
Increase to property, plant and equipment	$ 0	$ 4
Other Nonoperating Income (Expense)
Property Plant And Equipment [Line Items]
Increase to property, plant and equipment		$ 4
Land
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	167		$ 166
Buildings and leasehold improvements
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	1,222		1,221
Machinery and equipment
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	5,267		5,220
Construction in progress
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 538		$ 522

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions					12 Months Ended
	Sep. 01, 2022	Aug. 01, 2022	Jun. 01, 2022	May 23, 2022	Dec. 31, 2022	Mar. 31, 2023
Business Acquisition [Line Items]
Goodwill					$ 1,383	$ 1,387
Pultron Composites
Business Acquisition [Line Items]
Percentage of voting rights to be acquired				65.50%
Business combination, consideration transferred				$ 47
Goodwill				42
Goodwill, expected tax deductible amount				37
Redeemable noncontrolling interest				25
Assets and technology acquired				$ 65
Pultron Composites | Technology-Based Intangible Assets
Business Acquisition [Line Items]
Estimated weighted average life of finite-lived intangible assets acquired (in years)				15 years
Intangible assets acquired				$ 15
WearDeck
Business Acquisition [Line Items]
Business combination, consideration transferred			$ 133
Intangible assets acquired other than goodwill			38
Goodwill			68
Goodwill, expected tax deductible amount			61
WearDeck | Trademarks
Business Acquisition [Line Items]
Indefinite lived intangible assets acquired			$ 7
WearDeck | Technology-Based Intangible Assets
Business Acquisition [Line Items]
Estimated weighted average life of finite-lived intangible assets acquired (in years)			11 years
Intangible assets acquired			$ 10
WearDeck | Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated weighted average life of finite-lived intangible assets acquired (in years)			15 years
Intangible assets acquired			$ 21
WearDeck | Trademarks
Business Acquisition [Line Items]
Estimated weighted average life of finite-lived intangible assets acquired (in years)			10 years
Natural Polymers, LLC
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 111
Intangible assets acquired other than goodwill		44
Goodwill		62
Natural Polymers, LLC | Trademarks
Business Acquisition [Line Items]
Indefinite lived intangible assets acquired		$ 5
Natural Polymers, LLC | Technology-Based Intangible Assets
Business Acquisition [Line Items]
Estimated weighted average life of finite-lived intangible assets acquired (in years)		6 years
Intangible assets acquired		$ 12
Natural Polymers, LLC | Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated weighted average life of finite-lived intangible assets acquired (in years)		17 years
Intangible assets acquired		$ 27
Natural Polymers, LLC | Trademarks
Business Acquisition [Line Items]
Estimated weighted average life of finite-lived intangible assets acquired (in years)		10 years
Fiberteq LLC
Business Acquisition [Line Items]
Percentage of voting rights to be acquired	50%
Business combination, consideration transferred	$ 140
Equity method investment carrying value	17
Fair value of equity method investment	147
Gain on equity method investment					$ 130
Intangible assets acquired other than goodwill	58
Unfavorable contract liability	62
Goodwill	$ 243
Fiberteq LLC | Customer Relationships [Member]
Business Acquisition [Line Items]
Estimated weighted average life of finite-lived intangible assets acquired (in years)	3 years

DIVESTITURES (Details)

DIVESTITURES (Details) - USD ($) $ in Millions				3 Months Ended		12 Months Ended
	Mar. 03, 2023	Nov. 24, 2022	Jul. 01, 2022	Jun. 30, 2022	Sep. 30, 2021	Dec. 31, 2022	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
De-recognition of assets				$ (45)			$ 0
Loss on sale of Russian operations						$ 33
CALIFORNIA | Santa Clara Insulation Site
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of business	$ 234
Non-refundable deposit					$ 50
Gain on sale	$ 189
RUSSIAN FEDERATION | Composites And Insulation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of business		$ 104
Disposal Group, Held-for-sale, Not Discontinued Operations | Chambery, France Manufacturing Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of business			$ 80
Pre-tax charge				$ 30		$ 30

WARRANTIES (Details)

WARRANTIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement In Standard And Extended Product Warranty Increase Decrease Roll Forward
Product warranty accrual, beginning balance	$ 88	$ 81
Amounts accrued for current year	5	4
Settlements of warranty claims	(2)	(2)
Product warranty accrual, ending balance	$ 91	$ 83

RESTRUCTURING, ACQUISITION AN_3

RESTRUCTURING, ACQUISITION AND DIVESTITURE-RELATED COSTS (Details) - USD ($) $ in Millions			3 Months Ended				12 Months Ended
	Mar. 03, 2023	Jul. 01, 2022	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ (171)		$ (21)
Disposal Group, Held-for-sale, Not Discontinued Operations | Chambery, France Manufacturing Assets
Restructuring Cost and Reserve [Line Items]
Pre-tax charge				$ 30			$ 30
Proceeds from divestiture of business		$ 80
Santa Clara Insulation Site | CALIFORNIA
Restructuring Cost and Reserve [Line Items]
Proceeds from divestiture of business	$ 234
Non-refundable deposit						$ 50
European Operating Structure Optimization
Restructuring Cost and Reserve [Line Items]
Restructuring cost, expected cost			20
Estimated savings from restructuring			20
Severance costs			11
Restructuring costs			(11)
Restructuring reserve			11				0
Payments			0
Non cash charges			0
Cumulative charges incurred			11
Composites Strategic Realignment Actions
Restructuring Cost and Reserve [Line Items]
Restructuring costs			(3)
Restructuring reserve			2				1
Payments			(3)
Non cash charges			1
Cumulative charges incurred			12
Roofing Components Restructuring Actions
Restructuring Cost and Reserve [Line Items]
Restructuring costs			(1)
Restructuring reserve			0				0
Payments			(1)
Non cash charges			0
Cumulative charges incurred			9
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			(3)
Restructuring reserve			1				$ 7
Payments			(9)
Non cash charges			0
Cumulative charges incurred			63
Accelerated depreciation | Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1		6
Accelerated depreciation | Exit of DUCS Product Line
Restructuring Cost and Reserve [Line Items]
Restructuring costs			(3)
Other exit costs | Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges			7		0
Other exit costs | Other Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1		(27)
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring reserve			14
Severance | Other Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges			9		0
Employee Severance, Noncurrent
Restructuring Cost and Reserve [Line Items]
Restructuring reserve			2
Employee Severance, Current
Restructuring Cost and Reserve [Line Items]
Restructuring reserve			12
Gain on sale of Santa Clara, California site | Gain on sale of site
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ (189)		$ 0

DEBT (Details)

DEBT (Details) - USD ($)					3 Months Ended
	Aug. 12, 2019	Jun. 26, 2017	Aug. 08, 2016	Nov. 12, 2014	Mar. 31, 2018	Mar. 31, 2023	Dec. 31, 2022	May 12, 2020	Jan. 25, 2018	Oct. 31, 2006
Debt Instrument [Line Items]
Carrying Value						$ 3,028,000,000	$ 3,020,000,000
Fair Value						100%	100%
Other						$ 2,000,000	$ 2,000,000
Long-term debt, current maturities						29,000,000	28,000,000
Long-term debt, net of current portion						2,999,000,000	2,992,000,000
Line of credit facility, maximum borrowing capacity						800,000,000
Short-term debt (less than)						$ 1,000,000	$ 1,000,000
Short-term debt, weighted average interest rate, at point in time						3.70%	2.80%
Senior Notes Due 2024
Debt Instrument [Line Items]
Long-term debt, percentage rate						4.20%
Carrying Value						$ 398,000,000	$ 398,000,000
Fair Value						99%	99%
Debt instrument, face amount				$ 400,000,000
Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt, percentage rate						3.40%
Carrying Value						$ 398,000,000	$ 398,000,000
Fair Value						95%	94%
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						94%	90%
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	$ 298,000,000
Fair Value						93%	89%
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						113%	107%
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						83%	78%
Debt instrument, face amount		600,000,000
Senior Notes Due 2048
Debt Instrument [Line Items]
Long-term debt, percentage rate						4.40%
Carrying Value						$ 391,000,000	$ 390,000,000
Fair Value						84%	78%
Debt instrument, face amount									$ 400,000,000
Various finance leases, due through 2032
Debt Instrument [Line Items]
Carrying Value						$ 138,000,000	$ 131,000,000
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		$ 144,000,000		105,000,000
Senior Notes Due 2016
Debt Instrument [Line Items]
Repayments of debt			$ 158,000,000	$ 242,000,000
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]
Debt instrument, face amount						280,000,000
Line of credit facility, maximum borrowing capacity						$ 280,000,000

DEBT - Credit Facility Utilizat

DEBT - Credit Facility Utilization (Details) $ in Millions	Mar. 31, 2023 USD ($)
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
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2023
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
Contributions by employer	$ 1
Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	2	$ 2
Interest cost	12	9
Expected return on plan assets	(14)	(13)
Amortization of actuarial gain	2	3
Contractual termination benefit	0	0
Net periodic benefit income	2	1
Other Postretirement Benefits Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	1
Interest cost	1	1
Amortization of actuarial gain	(2)	(2)
Net periodic benefit income	(1)	0
U.S. | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1
Interest cost	8	6
Expected return on plan assets	(10)	(9)
Amortization of actuarial gain	1	3
Contractual termination benefit	0	0
Net periodic benefit income	0	1
Non-U.S. | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1
Interest cost	4	3
Expected return on plan assets	(4)	(4)
Amortization of actuarial gain	1	0
Contractual termination benefit	0	0
Net periodic benefit income	$ 2	$ 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	Mar. 31, 2023 USD ($) site
Unusual or Infrequent Item, or Both [Line Items]
Environmental liability sites	22
Environmental exit costs, accrual | $	$ 5
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	12

STOCK COMPENSATION - Narrative

STOCK COMPENSATION - Narrative (Details) $ / shares in Units, shares in Thousands		3 Months Ended
	Apr. 20, 2023 shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares	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
Compensation not yet recognized, stock options		$ 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	1,000,000
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
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years 7 months 24 days
Granted, weighted average grant date fair value | $ / shares		$ 98.80
Compensation cost not yet recognized		$ 57,000,000
Vested in period, fair value		$ 22,000,000	$ 20,000,000
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		2 years 25 days
Granted, weighted average grant date fair value | $ / shares		$ 101.76
Compensation cost not yet recognized		$ 31,000,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized		$ 1,000,000
2019 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant | shares		2,000
2023 Stock Plan | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized (in shares) | shares	1,370
Internal Based Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock payout minimum		0
Performance stock payout range maximum		2
External Based Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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		3,500		4,200
Performance Stock Units (PSUs) 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		44.66%	41.65%
Risk free interest rate		3.75%	1.36%
Expected term (in years)		2 years 10 months 28 days	2 years 10 months 28 days
Grant date fair value of units granted | $ / shares		$ 119.33	$ 122.69

STOCK COMPENSATION - Stock Opti

STOCK COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of options, beginning balance	27,000
Exercised (in shares)	(800)
Number of options, ending balance	26,200	27,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning Balance	$ 37.65
Exercised, weighted average exercise price	37.65
Ending Balance	$ 37.65	$ 37.65
Weighted average remaining contractual term (in years)	10 months 6 days	1 year 1 month 6 days
Exercise price range, exercisable options, weighted average remaining contractual term (in years)	10 months 6 days
Intrinsic value	$ 2	$ 1
Intrinsic value, exercisable	$ 2

STOCK COMPENSATION - Restricted

STOCK COMPENSATION - Restricted Stock Unit (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2023 $ / 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, 2022 | shares	1,276,160
Granted (in shares) | shares	321,238
Vested (in shares) | shares	(306,214)
Forfeited (in shares) | shares	(8,245)
Balance at March 31, 2023 | shares	1,282,939
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, 2022 | $ / shares	$ 69.16
Granted, weighted average grant date fair value | $ / shares	98.80
Vested, weighted average grant date fair value | $ / shares	71.33
Forfeited, weighted average grant date fair value | $ / shares	85.76
Balance at March 31, 2023 | $ / shares	$ 75.83

STOCK COMPENSATION - Performanc

STOCK COMPENSATION - Performance Stock Units (Details) - Performance Stock Units (PSUs)	3 Months Ended
	Mar. 31, 2023 $ / 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, 2022 | shares	303,716
Granted (in shares) | shares	155,469
Forfeited (in shares) | shares	(4,284)
Balance at March 31, 2023 | shares	454,901
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at December 31, 2022 | $ / shares	$ 91.47
Granted, weighted average grant date fair value | $ / shares	101.76
Forfeited, weighted average grant date fair value | $ / shares	91.53
Balance at March 31, 2023 | $ / shares	$ 94.65

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 01, 2022	Feb. 14, 2022
Earnings Per Share [Abstract]
Net earnings attributable to Owens Corning	$ 383	$ 304
Weighted-average number of shares outstanding used for basic earnings per share	91,300,000	99,500,000
Non-vested restricted stock units and performance share units	600,000	700,000
Options to purchase common stock	0	0
Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share	91,900,000	100,200,000
Basic (in dollars per share)	$ 4.19	$ 3.06
Diluted (in dollars per share)	$ 4.17	$ 3.03
Antidilutive securities excluded from computation of earnings per share amount	0	0
Combined Repurchase Programs
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased	12,900,000
Stock repurchased during period, shares	1,500,000
Payments for repurchase of equity	$ 136
February 2022 Repurchase Authorization
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased				10,000,000
December 2022 Repurchase Authorization
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, number of shares authorized to be repurchased			10,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 130	$ 107
Effective tax rate	25%	26%
U.S. federal statutory tax rate	21%	21%

CHANGES IN ACCUMULATED OTHER _3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	$ (681)
Other comprehensive income (loss), net of tax	29	$ (1)
Amounts classified into AOCI, net of tax	(1)	24
Total AOCI ending balance	(652)	(581)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	(380)	(279)
Net investment hedge amounts classified into AOCI, net of tax	0	2
Gain (loss) on foreign currency translation	31	(29)
Other comprehensive income (loss), net of tax	31	(27)
Total AOCI ending balance	(349)	(306)
Pension and Other Postretirement Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	(301)	(318)
Other comprehensive income (loss), net of tax	(1)	3
Amounts reclassified from AOCI to net earnings, net of tax	0	1
Amounts classified into AOCI, net of tax	(1)	2
Total AOCI ending balance	(302)	(315)
Hedging Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	0	16
Other comprehensive income (loss), net of tax	(1)	24
Amounts reclassified from AOCI to net earnings, net of tax	14	(8)
Amounts classified into AOCI, net of tax	(15)	32
Total AOCI ending balance	$ (1)	$ 40