Owens Corning (OC) 10-Q 24 Apr 24 2024 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		86,656,546
Entity Central Index Key	0001370946
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Mar. 31, 2023
Income Statement [Abstract]
NET SALES	$ 2,300	$ 2,331
COST OF SALES	1,620	1,742
Gross margin	680	589
OPERATING EXPENSES
Marketing and administrative expenses	212	204
Science and technology expenses	31	28
Gain on sale of site	0	(189)
Other expense, net	34	12
Total operating expenses	277	55
OPERATING INCOME	403	534
Non-operating expense	0	0
EARNINGS BEFORE INTEREST AND TAXES	403	534
Interest expense, net	17	22
EARNINGS BEFORE TAXES	386	512
Income tax expense	88	130
NET EARNINGS	298	382
Net loss attributable to non-redeemable and redeemable noncontrolling interests	(1)	(1)
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING	$ 299	$ 383
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS
Basic (in dollars per share)	$ 3.42	$ 4.19
Diluted (in dollars per share)	$ 3.40	$ 4.17
WEIGHTED AVERAGE COMMON SHARES
Basic (in shares)	87.3	91.3
Diluted (in shares)	87.9	91.9

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 298	$ 382
Other comprehensive (loss) income, net of tax:
Currency translation adjustment (net of tax of $0 and $0 for the three months ended March 31, 2024 and 2023, respectively)	(42)	31
Pension and other postretirement adjustment (net of tax of $0 and $0 for the three months ended March 31, 2024 and 2023, respectively)	0	(1)
Hedging adjustment (net of tax of $(2) and $0 for the three months ended March 31, 2024 and 2023, respectively)	5	(1)
Other comprehensive (loss) income, net of tax	(37)	29
COMPREHENSIVE EARNINGS	261	411
Comprehensive loss attributable to non-redeemable and redeemable noncontrolling interests	(2)	(1)
COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING	$ 263	$ 412

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Currency translation tax	$ 0	$ 0
Pension and other postretirement adjustment	0	0
Hedging tax	$ (2)	$ 0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents		$ 1,254	$ 1,615
Receivables, less allowance of $3 at March 31, 2024 and $11 at December 31, 2023		1,410	987
Inventories		1,205	1,198
Other current assets		112	117
Total current assets		3,981	3,917
Property, plant and equipment, net		3,796	3,841
Operating lease right-of-use assets		221	222
Goodwill		1,385	1,392
Intangible assets, net		1,510	1,528
Deferred income taxes		30	24
Other non-current assets		346	313
TOTAL ASSETS		11,269	11,237
CURRENT LIABILITIES
Accounts payable		1,177	1,216
Current operating lease liabilities		59	62
Long-term debt - current portion		433	431
Other current liabilities		599	615
Total current liabilities		2,268	2,324
Long-term debt, net of current portion		2,645	2,615
Pension plan liability		68	69
Other employee benefits liability		110	112
Non-current operating lease liabilities		164	165
Deferred income taxes		423	427
Other liabilities		319	315
Total liabilities		5,997	6,027
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		4,159	4,166
Accumulated earnings		5,041	4,794
Accumulated other comprehensive deficit		(539)	(503)
Cost of common stock in treasury	[3]	(3,433)	(3,292)
Total Owens Corning stockholders’ equity		5,229	5,166
Noncontrolling interests		18	19
Total equity		5,247	5,185
TOTAL LIABILITIES AND EQUITY		$ 11,269	$ 11,237
[1]10 shares authorized; none issued or outstanding at March 31, 2024 and December 31, 2023[2] 400 shares authorized; 135.5 issued and 86.7 outstanding at March 31, 2024; 135.5 issued and 87.2 outstanding at December 31, 2023 48.8 shares at March 31, 2024 and 48.3 shares at December 31, 2023

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3	$ 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)	86,700,000	87,200,000
Treasury stock (in shares)	48,800,000	48,300,000

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions		Total	Common Stock Outstanding	Treasury Stock	APIC		Accumulated Earnings	AOCI		NCI
Beginning balance at Dec. 31, 2022		$ 4,596	$ 1	$ (2,678)	$ 4,139	[1]	$ 3,794	$ (681)	[2]	$ 21	[3]
Common stock, beginning balance (in shares) at Dec. 31, 2022			91.9
Treasury stock, beginning balance (in shares) at Dec. 31, 2022				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)	[1]
Currency translation adjustment		31						31	[2]
Pension and other postretirement adjustment (net of tax)		(1)						(1)	[2]
Deferred gain (loss) on hedging transactions (net of tax)		(1)						(1)	[2]
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)	[1]
Purchases of treasury stock (shares)			(1.8)	1.8
Purchases of treasury stock		(161)		$ (161)
Stock-based compensation expense		13			13	[1]
Dividends declared	[4]	(48)					(48)
Ending balance at Mar. 31, 2023		4,812	$ 1	$ (2,816)	4,129	[1]	4,129	(652)	[2]	21	[3]
Common stock, ending balance (in shares) at Mar. 31, 2023			90.8
Treasury stock, ending balance (in shares) at Mar. 31, 2023				44.7
Beginning balance at Dec. 31, 2023		$ 5,185	$ 1	$ (3,292)	4,166	[5]	4,794	(503)	[6]	19	[7]
Common stock, beginning balance (in shares) at Dec. 31, 2023		87.2	87.2
Treasury stock, beginning balance (in shares) at Dec. 31, 2023		48.3		48.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Owens Corning		$ 299					299
Net earnings attributable to non-redeemable noncontrolling interests		(1)
Redeemable noncontrolling interest adjustment to redemption value		(1)			(1)	[5]
Currency translation adjustment		(42)						(41)	[6]	(1)	[7]
Pension and other postretirement adjustment (net of tax)		0						0	[6]
Deferred gain (loss) on hedging transactions (net of tax)		5						5	[6]
Issuance of common stock under share-based payment plans, shares			0.6	(0.6)
Issuance of common stock under share-based payment plans		1		$ 21	(20)	[5]
Purchases of treasury stock (shares)			(1.1)	1.1
Purchases of treasury stock		(162)		$ (162)
Stock-based compensation expense		14			14	[5]
Dividends declared	[8]	(52)					(52)
Ending balance at Mar. 31, 2024		$ 5,247	$ 1	$ (3,433)	$ 4,159	[5]	$ 5,041	$ (539)	[6]	$ 18	[7]
Common stock, ending balance (in shares) at Mar. 31, 2024		86.7	86.7
Treasury stock, ending balance (in shares) at Mar. 31, 2024		48.8		48.8
[1] Additional Paid in Capital (“APIC”) Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”) Noncontrolling Interests (“NCI”) Quarterly dividend declaration of $0.52 per share as of March 31, 2023 Additional Paid in Capital (“APIC”) Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”) Noncontrolling Interests (“NCI”) Quarterly dividend declaration of $0.60 per share as of March 31, 2024

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (dollars per share)	$ 0.60	$ 0.52

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
NET CASH FLOW PROVIDED BY (USED FOR) OPERATING ACTIVITIES
NET EARNINGS	$ 298	$ 382
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	131	127
Deferred income taxes	(8)	20
Stock-based compensation expense	14	13
Gain on sale of site	0	(189)
Other adjustments to reconcile net earnings to cash from operating activities	(1)	(5)
Changes in operating assets and liabilities	(402)	(506)
Pension fund contribution	(1)	(1)
Payments for other employee benefits liabilities	(4)	(3)
Other	(3)	(2)
Net cash flow provided by (used for) operating activities	24	(164)
NET CASH FLOW (USED FOR) PROVIDED BY INVESTING ACTIVITIES
Cash paid for property, plant, and equipment	(152)	(158)
Proceeds from the sale of assets or affiliates	6	189
Other	0	(7)
Net cash flow (used for) provided by investing activities	(146)	24
NET CASH FLOW USED FOR FINANCING ACTIVITIES
Dividends paid	(52)	(48)
Purchases of treasury stock	(161)	(160)
Finance lease payments	(10)	(8)
Other	(11)	0
Net cash flow used for financing activities	(234)	(216)
Effect of exchange rate changes on cash	(5)	14
Net decrease in cash, cash equivalents and restricted cash	(361)	(342)
Cash, cash equivalents and restricted cash at beginning of period	1,623	1,107
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 1,262	$ 765

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2024
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 (“SEC”), 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, 2023 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, 2023 (the “2023 Form 10-K”). Certain reclassifications have been made to the periods presented for 2023 to conform to the classifications used in the periods presented for 2024. Revenue Recognition As of December 31, 2023, our contract liability balances (for extended warranties, down payments and deposits, collectively) totaled $101 million, of which $15 million was recognized as revenue in the first three months of 2024. As of March 31, 2024, our contract liability balances totaled $101 million. As of December 31, 2022, our contract liability balances 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. 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, 2024, December 31, 2023, March 31, 2023 and December 31, 2022. 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 $32 million for the three months ended March 31, 2024 and $21 million for the three months ended March 31, 2023. As of March 31, 2024 and December 31, 2023, amounts due to the related party supplier were $7 million and $5 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 the 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 $173 million and $211 million as of March 31, 2024 and December 31, 2023, respectively. The amounts of invoices paid under the Programs totaled $136 million and $158 million for the three months ended March 31, 2024 and March 31, 2023, respectively. Strategic Actions On February 8, 2024, the Company entered into a definitive agreement to purchase all of the outstanding shares of Masonite International Corporation (“Masonite”). The purchase price for the acquisition of Masonite is approximately $3.9 billion, inclusive of acquired debt, which the Company expects to fund with cash on hand and new committed financing. Masonite is a leading global designer, manufacturer, marketer and distributor of interior and exterior doors and door systems for the new construction and repair, renovation and remodeling sectors of the residential and non-residential building construction markets. The transaction was unanimously approved by the board of directors of both companies and is expected to close mid-2024, subject to regulatory and other customary closing conditions, including the approval of Masonite shareholders. During the first three months of 2024, the Company incurred $18 million of transaction costs related to its announced acquisition of Masonite. On February 9, 2024, the Company announced the decision to review strategic alternatives for its global glass reinforcements (“GR”) business, consistent with our strategy to focus on building and construction materials. The GR business, which operates within our Composites segment, supplies a wide variety of glass fiber products for applications in wind energy, infrastructure, industrial, transportation, and consumer markets. The GR business generates annual revenues of approximately $1.3 billion. While a range of options are under consideration, including a potential sale, spin-off or other strategic option, there can be no assurance that the strategic review will result in any transaction or other outcome. During the first three months of 2024, the Company incurred $2 million of costs related to this review. 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. Standard Description Effective Date for Company Effect on the Recently issued standards: ASU 2023-06 “Disclosure Improvements” The amendments in this update modify the disclosure or presentation requirements of a variety of Topics The effective date for each topic is contingent on future SEC rule setting. We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statement disclosures. We do not believe the adoption of this guidance will have a material effect on our results of operations. ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” This standard modifies the rate reconciliation and income taxes paid disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, as well as requiring income taxes paid to be disaggregated by jurisdiction. Fiscal years beginning after December 15, 2024 We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statements. ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Fiscal years beginning after December 15, 2023 We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statement disclosures. We do not believe the adoption of this guidance will have a material effect on our results of operations.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has three reportable segments: Roofing, Insulation and Composites. Accounting policies for the segments are the same as those for the Company. The Company’s three reportable segments are defined as follows: Roofing – Within our Roofing segment, the Company manufactures and sells residential roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction and specialty applications. Insulation – Within our Insulation segment, the Company manufactures and sells thermal and acoustical batts, loose fill 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 stone wool insulation, cellular glass insulation, and foam insulation used in above- and below-grade construction applications. 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 non-wovens, fabrics and composite lumber. 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, 2024 Reportable Segments Roofing Insulation Composites Eliminations Consolidated Disaggregation Categories U.S. residential $ 923 $ 379 $ 117 $ (80) $ 1,339 U.S. commercial and industrial 20 202 168 (3) 387 Total United States 943 581 285 (83) 1,726 Europe — 176 121 (1) 296 Asia-Pacific — 27 84 — 111 Rest of world 14 120 33 — 167 NET SALES $ 957 $ 904 $ 523 $ (84) $ 2,300 For the three months ended March 31, 2023 Reportable Segments Roofing Insulation Composites Eliminations Consolidated Disaggregation Categories U.S. residential $ 839 $ 370 $ 85 $ (65) $ 1,229 U.S. commercial and industrial 24 206 218 (2) 446 Total United States 863 576 303 (67) 1,675 Europe 4 194 137 (1) 334 Asia-Pacific — 31 107 — 138 Rest of world 28 118 38 — 184 NET SALES $ 895 $ 919 $ 585 $ (68) $ 2,331 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 2024 2023 Reportable Segments Roofing $ 286 $ 209 Insulation 161 156 Composites 46 49 Total reportable segments 493 414 Restructuring costs (14) (18) Gain on sale of Santa Clara, California site — 189 Gains on sale of certain precious metals — 2 Strategic review-related charges (2) — Paroc marine recall (1) — Acquisition-related costs (18) — General corporate expense and other (55) (53) Total corporate, other and eliminations (90) 120 EBIT $ 403 $ 534

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in millions): March 31, 2024 December 31, 2023 Finished goods $ 747 $ 742 Materials and supplies 458 456 Total inventories $ 1,205 $ 1,198

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023, 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 their respective location on the Consolidated Balance Sheets (in millions): Fair Value at Location March 31, 2024 December 31, 2023 Derivative liabilities designated as hedging instruments: Cash flow hedges: Natural gas forward swaps Other current liabilities $ 9 $ 15 Derivative assets not designated as hedging instruments: Foreign exchange forward contracts Other current assets $ 1 $ 1 Derivative liabilities not designated as hedging instruments: Foreign exchange forward contracts Other current liabilities $ 1 $ 1 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 2024 2023 Derivative activity designated as hedging instruments: Natural gas cash flow hedges: Amount of loss reclassified from AOCI (as defined below) into earnings (a) Cost of sales $ 9 $ 18 Derivative activity not designated as hedging instruments: Foreign currency: Amount of (gain) loss recognized in earnings (b) Other expense, net $ (1) $ 6 (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, 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 2024 2023 Cash flow hedge Natural gas forward swaps $ 6 $ (1) Cash Flow Hedges The Company uses a combination of derivative financial instruments, which qualify as cash flow hedges, and physical contracts to manage forecasted exposure to electricity and natural gas prices. As of March 31, 2024, the notional amounts of these natural gas forward swaps were 7 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 2025. A net unrecognized loss of $9 million related to these natural gas forward swaps was included in AOCI as of March 31, 2024, $8 million of which is expected to be reclassified into earnings 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, 2024. 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, 2024, the Company had notional amounts of $199 million for non-designated derivative financial instruments related to foreign currency exposures in United States Dollars primarily related to the European Euro, Indian Rupee, Brazilian Real, Hong Kong Dollar, Chinese Yuan, and the South Korean Won. In addition, the Company had notional amounts of $72 million for non-designated derivative financial instruments related to foreign currency exposures in European Euro primarily related to the Polish Złoty, British Pound Sterling, Danish Krone, and the Norwegian Krone.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2024
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 2024. The changes in the net carrying value of goodwill by segment are as follows (in millions): Roofing Insulation Composites Total Gross carrying amount at December 31, 2023 $ 395 $ 1,520 $ 425 $ 2,340 Foreign currency translation (1) (13) (1) (15) Gross carrying amount at March 31, 2024 394 1,507 424 2,325 Accumulated impairment losses at December 31, 2023 — (948) — (948) Foreign currency translation — 8 — 8 Accumulated impairment losses at March 31, 2024 — (940) — (940) Balance, net of impairment, at March 31, 2024 $ 394 $ 567 $ 424 $ 1,385 Other Intangible Assets Other intangible assets consist of the following (in millions): March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Indefinite-lived trademarks and trade names $ 990 $ — $ 990 $ 992 $ — $ 992 Amortizable intangible assets Customer relationships 608 (293) 315 614 (283) 331 Technology 324 (206) 118 326 (203) 123 Trademarks 12 (2) 10 12 (2) 10 Other (a) 79 (2) 77 74 (2) 72 Total other intangible assets $ 2,013 $ (503) $ 1,510 $ 2,018 $ (490) $ 1,528 (a) Other primarily includes emissions. There are two indefinite-lived intangible assets that are at an increased risk of impairment, both of which are used by our Insulation segment and were partially impaired in the fourth quarter of 2022. A change in the estimated long-term revenue growth rate or discount rate for the segment could increase the likelihood of a future impairment. Trade names and trademarks March 31, 2024 European building and technical insulation trade name $ 88 Global cellular glass insulation trademark $ 80 Amortization expense for intangible assets for the three months ended March 31, 2024 and March 31, 2023 was $16 million and $18 million, respectively. Amortization expense for intangible assets is estimated to be $48 million for the remainder of 2024. Period Amortization 2025 $ 58 2026 $ 44 2027 $ 35 2028 $ 34 2029 $ 33

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	Property, plant and equipment consist of the following (in millions): March 31, December 31, 2023 Land $ 167 $ 168 Buildings and leasehold improvements 1,292 1,263 Machinery and equipment 5,526 5,402 Construction in progress 526 665 7,511 7,498 Accumulated depreciation (3,715) (3,657) Property, plant and equipment, net $ 3,796 $ 3,841 Machinery and equipment include certain precious metals used in our production tooling, which comprise approximately 10% of total machinery and equipment as of March 31, 2024 and December 31, 2023. Precious metals used in our production tooling are depleted as they are consumed during the production process, which typically represents an annual expense of approximately 2% of the outstanding carrying value.

DIVESTITURES

DIVESTITURES	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURES On March 3, 2023, the Company finalized the sale of its 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 in the first quarter of 2023, which is recorded in Gain on sale of site on the Consolidated Statements of Earnings.

WARRANTIES

WARRANTIES	3 Months Ended
	Mar. 31, 2024
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 2023 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, 2024 2023 Beginning balance $ 97 $ 88 Amounts accrued for current year 4 5 Settlements of warranty claims (3) (2) Ending balance $ 98 $ 91

RESTRUCTURING, ACQUISITION AND

RESTRUCTURING, ACQUISITION AND DIVESTITURE-RELATED COSTS	3 Months Ended
	Mar. 31, 2024
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, product line and productivity initiatives and the Company’s growth strategy. ACQUISITION-RELATED COSTS During the first three months of 2024, the Company incurred $18 million of transaction costs related to its announced acquisition of Masonite. Please refer to note 1 of the Consolidated Financial Statements for further information. RESTRUCTURING RELATED COSTS Global Composites Restructuring In December 2023, the Company took actions to reduce costs throughout its global Composites segment given current market conditions, primarily through global workforce reductions, as well as streamlining manufacturing and supply chain operations. These actions primarily include salaried workforce reductions and the relocation of the Changzhou, China operations to Hangzhou, China. In connection with these actions, the Company estimates it will incur cash charges in the range of $20 million to $30 million, primarily related to severance and other exit costs, including termination costs, and non-cash charges in the range of $15 million to $20 million, primarily related to accelerated depreciation. During the first three months of 2024, the Company recorded $9 million of charges, of which $4 million were non-cash charges, primarily related to accelerated depreciation and $5 million of cash charges, primarily related to severance. Protective Packaging Exit In May 2023, the Company made the decision to exit the Protective Packaging business within the Roofing segment, including the production and sale of wood packaging, metal packaging and custom products. Exiting Protective Packaging will allow the Company to focus resources on the growth of its building materials products, which supports the future growth aspirations of the enterprise. With the exit of the Protective Packaging business, the Company closed its plants in Dorval, Quebec and Mission, British Columbia, Canada. The Company also ceased operations at its Qingdao, China facility. In connection with the exit of the Protective Packaging business, the Company estimates that it will incur cash charges of approximately $15 million, primarily related to severance and other exit costs. Additionally, the Company expects to incur total non-cash charges in the range of $70 to $75 million, primarily related to accelerated depreciation of property, plant and equipment and accelerated amortization of definite-lived intangibles. During the first three months of 2024, the Company recorded $3 million of charges, primarily related to other exit costs. The Company does not expect to recognize significant incremental costs related to these actions. Wabash Facility Closure In April 2023, the Company took actions to support its strategy to operate a flexible and cost-efficient manufacturing network through decisions to relocate the Wabash, Indiana mineral wool operations to Joplin, Missouri, and to exit the U.S. granulated mineral wool market. These actions are expected to result in cumulative costs of approximately $30 million, primarily related to severance and accelerated depreciation. During the first three months of 2024, the Company did not incur any charges relating to this project. The Company does not expect to recognize significant incremental costs related to these actions. 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 costs of approximately $20 million, primarily related to severance and other exit costs. During the first three months of 2024, the Company recorded $2 million of charges primarily related to severance costs. Composites Strategic Realignment Actions 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, 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. During the first three months of 2024, the Company did not incur any charges relating to this project. 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 allowed the business to optimize its manufacturing network and support a tariff mitigation strategy. During the first three months of 2024, the Company did not incur any charges relating to this project. 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, as 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 2024, the Company did not incur any charges relating to this project. 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 2024 2023 Accelerated depreciation Cost of sales $ (4) $ (1) Other exit costs Cost of sales (3) (7) Severance Other expense, net (7) (9) Other exit costs Other expense, net — (1) Gain on sale of Santa Clara, California site Gain on sale of site — 189 Total restructuring, acquisition and divestiture-related (costs) gains $ (14) $ 171 Summary of Unpaid Liabilities The following table summarizes the status of the unpaid liabilities from the Company’s restructuring activities (in millions): March 31, 2024 Global Composites Restructuring Protective Packaging Exit Wabash Facility Closure European Operating Structure Optimization Balance at December 31, 2023 $ 12 $ 1 $ 3 $ 6 Restructuring costs 9 3 — 2 Payments (1) (3) (2) (2) Accelerated depreciation and other non-cash items (4) (1) — — Balance at March 31, 2024 $ 16 $ — $ 1 $ 6 Cumulative charges incurred $ 25 $ 81 $ 33 $ 14 As of March 31, 2024, the remaining liability balance was comprised of $23 million of severance, which the Company expects to pay over the next twelve months. March 31, 2023 European Operating Structure Optimization Composites Strategic Realignment Actions Roofing 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

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value 4.200% senior notes, net of discount and financing fees, due 2024 $ 399 99 % $ 399 99 % 3.400% senior notes, net of discount and financing fees, due 2026 399 96 % 398 96 % 3.950% senior notes, net of discount and financing fees, due 2029 447 95 % 447 95 % 3.875% senior notes, net of discount and financing fees, due 2030 298 93 % 298 94 % 7.000% senior notes, net of discount and financing fees, due 2036 369 113 % 369 116 % 4.300% senior notes, net of discount and financing fees, due 2047 589 83 % 589 88 % 4.400% senior notes, net of discount and financing fees, due 2048 391 83 % 391 87 % Various finance leases, due through 2050 (a) 185 100 % 154 100 % Other 1 N/A 1 N/A Total long-term debt 3,078 N/A 3,046 N/A Less – current portion of senior notes 399 99 % 399 99 % Less – current portion of finance leases and other (a) 34 100 % 32 100 % Long-term debt, net of current portion $ 2,645 N/A $ 2,615 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. As of March 31, 2024, the $399 million outstanding principal related to the senior notes was recorded in Long-term debt - current portion on the Consolidated Balance Sheets. The Company issued $550 million of 2036 senior notes on October 31, 2006. Interest on the notes is payable semiannually in arrears on June 1 and December 1 each year, beginning on June 1, 2007. 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, 2024. Senior Revolving Credit Facility On March 1, 2024, the Company entered into an amended and restated senior revolving credit facility (the “Senior Revolving Credit Facility”) to increase the available principal amount from $800 million to $1.0 billion and to extend the maturity to March 2029. The Senior Revolving Credit Facility 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 forward-looking term rate based on the Secured Overnight Financing Rate (“Term SOFR”) plus a spread. 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, 2024. Please refer to the Credit Facility Utilization section below for liquidity information as of March 31, 2024. Receivables Securitization Facility The Company has a Receivables Purchase Agreement (“RPA”) that is accounted for as secured borrowings in accordance with Accounting Standards Codification (“ASC”) 860, “Accounting for Transfers and Servicing.” Owens Corning Sales, LLC and Owens Corning Receivables LLC, each a subsidiary of the Company have an RPA with certain financial institutions. On March 1, 2024, the Company amended and restated the RPA to increase the facility limit from $280 million to $300 million and to extend the scheduled maturity date to February 2025. Under this agreement, the Company has the ability to borrow at the lenders’ cost of funds, which approximates Term SOFR plus a spread; alternatively, the Company may borrow at the higher of the United States prime rate or the Overnight Bank Funding Rate plus a spread. 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, 2024. Please refer to the Credit Facility Utilization section below for liquidity information as of March 31, 2024. 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. 364-Day Credit Facility On March 1, 2024, the Company entered into an unsecured term loan agreement in an aggregate principal amount of $3.0 billion, which matures 364 days after the facility is initially funded (the “364-Day Credit Facility”). Borrowings under the 364-Day Credit Facility will be used to finance a portion of the payments to be made in connection with the Masonite acquisition, the refinancing of certain outstanding indebtedness of Masonite, and the fees and expenses in connection with the foregoing. The Company has the discretion to borrow under multiple options, including the United States prime rate, federal funds rate plus a spread and Term SOFR plus a spread. The agreement governing our 364-Day Credit Facility contains various covenants that we believe are usual and customary. We were in compliance with these covenants as of March 31, 2024. The following table shows how the Company utilized its primary sources of liquidity (in millions): Balance at March 31, 2024 Senior Revolving Credit Facility Receivables Securitization Facility 364-Day Credit Facility Facility size or borrowing limit $ 1,000 $ 300 $ 3,000 Collateral capacity limitation on availability N/A — N/A Outstanding borrowings — — — Outstanding letters of credit 4 1 — Availability on facility $ 996 $ 299 $ 3,000 Short-Term Debt Short-term borrowings were less than $1 million and $1 million as of March 31, 2024 and December 31, 2023, respectively. Short-term borrowings consisted of various operating lines of credit. The weighted average interest rate on all short-term borrowings was approximately 3.9% and 5.1% as of March 31, 2024 and December 31, 2023, respectively.

PENSION PLANS AND OTHER POSTRET

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS	3 Months Ended
	Mar. 31, 2024
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 presents the components of net periodic pension cost (in millions): Three Months Ended March 31, 2024 2023 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ — $ 1 $ 1 $ 1 $ 1 $ 2 Interest cost 5 3 8 8 4 12 Expected return on plan assets (6) (3) (9) (10) (4) (14) Amortization of actuarial loss 1 1 2 1 1 2 Net periodic pension cost $ — $ 2 $ 2 $ — $ 2 $ 2 The Company expects to contribute $20 million in cash to its defined benefit pension plans during 2024. 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, 2024. 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 postretirement benefit income for U.S. plans for the periods indicated (in millions): Three Months Ended 2024 2023 Components of Net Periodic Postretirement Benefit Income Service cost $ — $ — Interest cost 1 1 Amortization of actuarial gain (1) (2) Net periodic postretirement benefit income $ — $ (1) There was no significant net periodic postretirement income attributable to non-U.S. plans.

CONTINGENT LIABILITIES AND OTHE

CONTINGENT LIABILITIES AND OTHER MATTERS	3 Months Ended
	Mar. 31, 2024
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. Except as set forth below under “Litigation and Regulatory Proceedings,” 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. 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. During the second quarter of 2023, the Company’s subsidiary, Paroc Group OY (“Paroc”), which the Company acquired in 2018, notified the appropriate European maritime regulatory authorities that specific products in its marine insulation product line may not meet certain fire safety requirements in accordance with their certifications. Paroc voluntarily withdrew these specific products from the market, issued recalls, and suspended distribution and sales of these products (the “Recalled Products”). Paroc continues to cooperate with the applicable regulatory and government authorities and work with its customers and end-users to assist with remediation for the recall. During the first quarter of 2024, the Company discovered potential nonconformances relating to two other marine insulation product lines. In April 2024, Paroc suspended sales of these marine insulation products as a precautionary measure while it reviews the potential nonconformances, but has not issued recalls. The Company has included an estimated liability for expected future costs related to the Recalled Products on its Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023. The estimated liability is primarily based on assumptions related to the estimated costs of the remedy for the Recalled Products. At this time, we cannot estimate a range of loss for any additional costs related to the Recalled Products that exceed the current estimated liability. We will reevaluate these assumptions each period, and the related liability may be adjusted when factors indicate that the liability is either not sufficient to cover or exceeds the estimated costs related to the Recalled Products. Based on the factors currently known, we believe the appropriate liability has been established at this time. It is reasonably possible that additional costs related to the Recalled Products could be incurred that exceed the estimated liability by amounts that could be material to our Consolidated Financial Statements. As part of its review of the Paroc insulation product portfolio, the Company discovered potential nonconformances relating to certain ventilation duct insulation products. In January 2024, Paroc suspended sales of the affected insulation products as a precautionary measure while it reviews the potential nonconformances, but has not issued recalls. We expect to incur costs associated with the resolution of this matter. The amount or range of any potential loss cannot be reasonably estimated at this time. The Company is continuing its review. 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 either ISO 14001 certified or deploy environmental management systems based on ISO 14001 principles. 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, similar state or local laws pertaining to the management and remediation of hazardous materials and petroleum. The Company became involved in these sites as a result of government action or in connection with business acquisitions. As of March 31, 2024, 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. Remediation activities generally involve a potential range of activities and costs related to soil, groundwater, and sediment contamination. This can include pre-cleanup activities such as fact-finding and investigation, risk assessment, feasibility studies, remedial action design and implementation (where actions may range from monitoring to removal of contaminants, to installation of longer-term remediation systems). A number of factors affect the cost of environmental remediation, including the number of parties involved in a particular site, the determination of the extent of contamination, the length of time the remediation may require, the complexity of environmental regulations, variability in clean-up standards, the need for legal action, and changes in remediation technology. Taking these factors into account, Owens Corning reasonably estimates the costs of remediation to be paid over a period of years. The Company accrues an amount on an undiscounted basis, when a liability is probable and reasonably estimable. Actual cost may differ from these estimates for the reasons mentioned above. At March 31, 2024, the Company had an accrual totaling $4 million for these costs, of which the current portion is $1 million. Changes in required remediation procedures or timing of those procedures, or discovery of contamination at additional sites, could result in material increases to the Company’s environmental obligations. During the first quarter of 2024, the Procuraduría Federal de Protección al Ambiente (“PROFEPA”) issued a ruling to Owens Corning Mexico, S. de R.L. de C.V., a subsidiary of the Company (“OC Mexico”), citing violations of Mexico’s air emissions regulations at OC Mexico’s facility in Mexico City, Mexico and imposing monetary sanctions of approximately $1 million. OC Mexico previously performed all related corrective action and, as of the date of this report, is in compliance with applicable federal and local environmental laws. OC Mexico is in the process of appealing PROFEPA’s ruling and the resulting monetary sanctions.

STOCK COMPENSATION

STOCK COMPENSATION	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK COMPENSATION	STOCK COMPENSATION Description of the Plan 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. At March 31, 2024, the number of shares remaining available under the 2023 Stock Plan for all stock awards was 3.0 million. Prior to the 2023 Stock Plan, employees were eligible to receive stock awards under the Owens Corning 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 2024 2023 Total stock-based compensation expense $ 14 $ 13 Restricted Stock Units The Company has granted restricted stock units (“RSUs”) under its stockholder-approved stock plans. Generally, all outstanding RSUs will fully settle in stock. 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, 2023 1,225,668 $ 79.72 Granted 206,804 154.72 Vested (298,112) 77.74 Forfeited (9,790) 91.48 Balance at March 31, 2024 1,124,570 $ 93.78 As of March 31, 2024, there was $62 million of total unrecognized compensation cost related to RSUs. That cost is expected to be recognized over a weighted-average period of 2.29 years. The total grant date fair value of shares vested during the three months ended March 31, 2024 and 2023 was $23 million and $22 million, respectively. Performance Share Units The Company has granted performance share units (“PSUs”) as a part of its long-term incentive plan. All outstanding PSUs will fully settle in stock. The amount of shares ultimately distributed from all PSUs is contingent on meeting internal company-based metrics or an external-based stock performance metric. In the three months ended March 31, 2024, the Company granted both internal company-based and external-based metric PSUs. Internal Company-based metrics The internal Company-based metric PSUs are based on various Company metrics and typically vest after 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 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 three-year performance period. Pro-rata vesting may be utilized in the case of death, disability or retirement and awards, if earned, will be paid at the end of the three-year period. The following table provides a summary of the grant date fair values of the internal Company-based metric PSUs: Three Months Ended March 31, 2024 2023 Grant date fair value of units granted $ 147.18 $ 92.97 External-based metrics The external-based metric PSUs 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 or after 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 2024 and 2023: Three Months Ended March 31, 2024 2023 Expected volatility 33.88% 44.66% Risk free interest rate 3.94% 3.75% Expected term (in years) 2.91 2.91 Grant date fair value of units granted $ 195.95 $ 119.33 The risk-free interest rate was based on zero-coupon United States Treasury STRIPS 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, 2024, there was $27 million total unrecognized compensation cost related to PSUs. That cost is expected to be recognized over a weighted-average period of 2.09 years. The following table summarizes the Company’s PSU activity: Number of PSUs Weighted-Average Balance at December 31, 2023 268,677 $ 100.57 Granted 95,997 161.12 Vested — — Forfeited (9,882) 100.62 Balance at March 31, 2024 354,792 $ 116.95 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, 2024, 3.2 million shares remain available for purchase. Included in total stock-based compensation expense is $2 million of expense related to the Company’s ESPP recognized during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company recognized expense of $2 million related to the Company’s ESPP. As of March 31, 2024, there was $1 million of total unrecognized compensation cost related to the ESPP.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Net earnings attributable to Owens Corning $ 299 $ 383 Weighted-average number of shares outstanding used for basic earnings per share 87.3 91.3 Non-vested restricted stock units and performance share units 0.6 0.6 Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share 87.9 91.9 Earnings per common share attributable to Owens Corning common stockholders: Basic $ 3.42 $ 4.19 Diluted $ 3.40 $ 4.17 For the three months ended March 31, 2024 and March 31, 2023, there were no non-vested RSUs or PSUs that had an anti-dilutive effect on earnings per share. On December 1, 2022, the Board of Directors approved a new share repurchase program under which the Company is authorized to repurchase up to 10 million shares of the Company’s outstanding common stock (the “Repurchase Authorization”). The Repurchase Authorization enables the Company to repurchase shares through the open market, privately negotiated, or other transactions. The actual number of shares repurchased will depend on timing, market conditions and other factors and will be at the Company’s discretion. The Company repurchased 0.9 million shares of its common stock for $130 million, inclusive of applicable taxes, during the three months ended March 31, 2024, under the Repurchase Authorization. As of March 31, 2024, 8.1 million shares remain available for repurchase under the Repurchase Authorization.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Income tax expense $ 88 $ 130 Effective tax rate 23 % 25 % The difference between the effective tax rate and the U.S. federal statutory tax rate of 21% for the three months ended March 31, 2024 is primarily due to U.S. state and local income tax expense, partially offset by discrete tax benefits related to valuation allowance and stock-based compensation. 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. The Company continues to assert indefinite reinvestment in accordance with ASC 740 based on the laws as of enactment of the tax legislation.

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT	CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT The following table summarizes the changes in accumulated other comprehensive income (deficit) (in millions): Three Months Ended 2024 2023 Currency Translation Adjustment Beginning balance $ (318) $ (380) Net investment hedge amounts classified into AOCI, net of tax — — (Loss) gain on foreign currency translation (41) 31 Other comprehensive (loss) income, net of tax (41) 31 Ending balance $ (359) $ (349) Pension and Other Postretirement Adjustment Beginning balance $ (196) $ (301) Amounts reclassified from AOCI to net earnings, net of tax (a) 1 — Amounts classified into AOCI, net of tax (1) (1) Other comprehensive loss, net of tax — (1) Ending balance $ (196) $ (302) Hedging Adjustment Beginning balance $ 11 $ — Amounts reclassified from AOCI to net earnings, net of tax (b) 7 14 Amounts classified into AOCI, net of tax (2) (15) Other comprehensive income (loss), net of tax 5 (1) Ending balance $ 16 $ (1) Total AOCI ending balance $ (539) $ (652) (a) These AOCI components are included in the computation of total Pension and Other postretirement expense and are recorded in Non-operating expense. See Note 11 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 299	$ 383

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Nico Del Monaco [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 20, 2024, Nico Del Monaco, the Company's President, Insulation, entered into a written plan for the sale of up to 3,423 shares of Company common stock, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act of 1934 (the “Exchange Act”). This plan is scheduled to terminate no later than August 30, 2024.
Name	Nico Del Monaco
Title	President, Insulation
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 20, 2024
Arrangement Duration	192 days
Aggregate Available	3,423
Marcio Sandri [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 23, 2024, Marcio Sandri, the Company's President, Composites, entered into a written plan for the sale of up to 9,697 shares of Company common stock, intended to satisfy the affirmative defense conditions of Rule 10b5-1 (c) under the Exchange Act. This plan is scheduled to terminate no later than February 21, 2025.
Name	Marcio Sandri
Title	President, Composites
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 23, 2024
Arrangement Duration	364 days
Aggregate Available	9,697
Todd Fister [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 14, 2024, Todd Fister, the Company's Executive Vice President and Chief Financial Officer, entered into a written plan for the sale of up to 6,000 shares of Company common stock, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. This plan is scheduled to terminate no later than March 14, 2025.
Name	Todd Fister
Title	Executive Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 14, 2024
Arrangement Duration	365 days
Aggregate Available	6,000

GENERAL (Policies)

GENERAL (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Accounting Pronouncements	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. Standard Description Effective Date for Company Effect on the Recently issued standards: ASU 2023-06 “Disclosure Improvements” The amendments in this update modify the disclosure or presentation requirements of a variety of Topics The effective date for each topic is contingent on future SEC rule setting. We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statement disclosures. We do not believe the adoption of this guidance will have a material effect on our results of operations. ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” This standard modifies the rate reconciliation and income taxes paid disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, as well as requiring income taxes paid to be disaggregated by jurisdiction. Fiscal years beginning after December 15, 2024 We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statements. ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Fiscal years beginning after December 15, 2023 We are currently assessing the impact adopting this standard will have on our Consolidated Financial Statement disclosures. We do not believe the adoption of this guidance will have a material effect on our results of operations.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Reportable Segments Roofing Insulation Composites Eliminations Consolidated Disaggregation Categories U.S. residential $ 923 $ 379 $ 117 $ (80) $ 1,339 U.S. commercial and industrial 20 202 168 (3) 387 Total United States 943 581 285 (83) 1,726 Europe — 176 121 (1) 296 Asia-Pacific — 27 84 — 111 Rest of world 14 120 33 — 167 NET SALES $ 957 $ 904 $ 523 $ (84) $ 2,300 For the three months ended March 31, 2023 Reportable Segments Roofing Insulation Composites Eliminations Consolidated Disaggregation Categories U.S. residential $ 839 $ 370 $ 85 $ (65) $ 1,229 U.S. commercial and industrial 24 206 218 (2) 446 Total United States 863 576 303 (67) 1,675 Europe 4 194 137 (1) 334 Asia-Pacific — 31 107 — 138 Rest of world 28 118 38 — 184 NET SALES $ 895 $ 919 $ 585 $ (68) $ 2,331
Schedule of Earnings before Interest and Taxes	The following table summarizes EBIT by segment (in millions): Three Months Ended 2024 2023 Reportable Segments Roofing $ 286 $ 209 Insulation 161 156 Composites 46 49 Total reportable segments 493 414 Restructuring costs (14) (18) Gain on sale of Santa Clara, California site — 189 Gains on sale of certain precious metals — 2 Strategic review-related charges (2) — Paroc marine recall (1) — Acquisition-related costs (18) — General corporate expense and other (55) (53) Total corporate, other and eliminations (90) 120 EBIT $ 403 $ 534

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consist of the following (in millions): March 31, 2024 December 31, 2023 Finished goods $ 747 $ 742 Materials and supplies 458 456 Total inventories $ 1,205 $ 1,198

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
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 their respective location on the Consolidated Balance Sheets (in millions): Fair Value at Location March 31, 2024 December 31, 2023 Derivative liabilities designated as hedging instruments: Cash flow hedges: Natural gas forward swaps Other current liabilities $ 9 $ 15 Derivative assets not designated as hedging instruments: Foreign exchange forward contracts Other current assets $ 1 $ 1 Derivative liabilities not designated as hedging instruments: Foreign exchange forward contracts Other current liabilities $ 1 $ 1
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 2024 2023 Derivative activity designated as hedging instruments: Natural gas cash flow hedges: Amount of loss reclassified from AOCI (as defined below) into earnings (a) Cost of sales $ 9 $ 18 Derivative activity not designated as hedging instruments: Foreign currency: Amount of (gain) loss recognized in earnings (b) Other expense, net $ (1) $ 6 (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, 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 2024 2023 Cash flow hedge Natural gas forward swaps $ 6 $ (1)

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
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): Roofing Insulation Composites Total Gross carrying amount at December 31, 2023 $ 395 $ 1,520 $ 425 $ 2,340 Foreign currency translation (1) (13) (1) (15) Gross carrying amount at March 31, 2024 394 1,507 424 2,325 Accumulated impairment losses at December 31, 2023 — (948) — (948) Foreign currency translation — 8 — 8 Accumulated impairment losses at March 31, 2024 — (940) — (940) Balance, net of impairment, at March 31, 2024 $ 394 $ 567 $ 424 $ 1,385
Schedule of Finite-Lived Intangible Assets	Other intangible assets consist of the following (in millions): March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Accumulated Net Indefinite-lived trademarks and trade names $ 990 $ — $ 990 $ 992 $ — $ 992 Amortizable intangible assets Customer relationships 608 (293) 315 614 (283) 331 Technology 324 (206) 118 326 (203) 123 Trademarks 12 (2) 10 12 (2) 10 Other (a) 79 (2) 77 74 (2) 72 Total other intangible assets $ 2,013 $ (503) $ 1,510 $ 2,018 $ (490) $ 1,528 (a)
Schedule of Impaired Intangible Assets	The following table presents the carrying values of these assets as of March 31, 2024: Trade names and trademarks March 31, 2024 European building and technical insulation trade name $ 88 Global cellular glass insulation trademark $ 80
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 2025 $ 58 2026 $ 44 2027 $ 35 2028 $ 34 2029 $ 33

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consist of the following (in millions): March 31, December 31, 2023 Land $ 167 $ 168 Buildings and leasehold improvements 1,292 1,263 Machinery and equipment 5,526 5,402 Construction in progress 526 665 7,511 7,498 Accumulated depreciation (3,715) (3,657) Property, plant and equipment, net $ 3,796 $ 3,841

WARRANTIES (Tables)

WARRANTIES (Tables)	3 Months Ended
	Mar. 31, 2024
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability	A reconciliation of the warranty liability is as follows (in millions): Three Months Ended March 31, 2024 2023 Beginning balance $ 97 $ 88 Amounts accrued for current year 4 5 Settlements of warranty claims (3) (2) Ending balance $ 98 $ 91

RESTRUCTURING, ACQUISITION AN_2

RESTRUCTURING, ACQUISITION AND DIVESTITURE-RELATED COSTS (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs on the Consolidated Statements of Earnings	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 2024 2023 Accelerated depreciation Cost of sales $ (4) $ (1) Other exit costs Cost of sales (3) (7) Severance Other expense, net (7) (9) Other exit costs Other expense, net — (1) Gain on sale of Santa Clara, California site Gain on sale of site — 189 Total restructuring, acquisition and divestiture-related (costs) gains $ (14) $ 171
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): March 31, 2024 Global Composites Restructuring Protective Packaging Exit Wabash Facility Closure European Operating Structure Optimization Balance at December 31, 2023 $ 12 $ 1 $ 3 $ 6 Restructuring costs 9 3 — 2 Payments (1) (3) (2) (2) Accelerated depreciation and other non-cash items (4) (1) — — Balance at March 31, 2024 $ 16 $ — $ 1 $ 6 Cumulative charges incurred $ 25 $ 81 $ 33 $ 14 As of March 31, 2024, the remaining liability balance was comprised of $23 million of severance, which the Company expects to pay over the next twelve months. March 31, 2023 European Operating Structure Optimization Composites Strategic Realignment Actions Roofing 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

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value 4.200% senior notes, net of discount and financing fees, due 2024 $ 399 99 % $ 399 99 % 3.400% senior notes, net of discount and financing fees, due 2026 399 96 % 398 96 % 3.950% senior notes, net of discount and financing fees, due 2029 447 95 % 447 95 % 3.875% senior notes, net of discount and financing fees, due 2030 298 93 % 298 94 % 7.000% senior notes, net of discount and financing fees, due 2036 369 113 % 369 116 % 4.300% senior notes, net of discount and financing fees, due 2047 589 83 % 589 88 % 4.400% senior notes, net of discount and financing fees, due 2048 391 83 % 391 87 % Various finance leases, due through 2050 (a) 185 100 % 154 100 % Other 1 N/A 1 N/A Total long-term debt 3,078 N/A 3,046 N/A Less – current portion of senior notes 399 99 % 399 99 % Less – current portion of finance leases and other (a) 34 100 % 32 100 % Long-term debt, net of current portion $ 2,645 N/A $ 2,615 N/A (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, 2024 Senior Revolving Credit Facility Receivables Securitization Facility 364-Day Credit Facility Facility size or borrowing limit $ 1,000 $ 300 $ 3,000 Collateral capacity limitation on availability N/A — N/A Outstanding borrowings — — — Outstanding letters of credit 4 1 — Availability on facility $ 996 $ 299 $ 3,000

PENSION PLANS AND OTHER POSTR_2

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables)	3 Months Ended
	Mar. 31, 2024
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Benefit Costs	The following table presents the components of net periodic pension cost (in millions): Three Months Ended March 31, 2024 2023 U.S. Non-U.S. Total U.S. Non-U.S. Total Components of Net Periodic Pension Cost Service cost $ — $ 1 $ 1 $ 1 $ 1 $ 2 Interest cost 5 3 8 8 4 12 Expected return on plan assets (6) (3) (9) (10) (4) (14) Amortization of actuarial loss 1 1 2 1 1 2 Net periodic pension cost $ — $ 2 $ 2 $ — $ 2 $ 2
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of Net Benefit Costs	The following table provides the components of net periodic postretirement benefit income for U.S. plans for the periods indicated (in millions): Three Months Ended 2024 2023 Components of Net Periodic Postretirement Benefit Income Service cost $ — $ — Interest cost 1 1 Amortization of actuarial gain (1) (2) Net periodic postretirement benefit income $ — $ (1)

STOCK COMPENSATION (Tables)

STOCK COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Total stock-based compensation expense $ 14 $ 13
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, 2023 1,225,668 $ 79.72 Granted 206,804 154.72 Vested (298,112) 77.74 Forfeited (9,790) 91.48 Balance at March 31, 2024 1,124,570 $ 93.78
Share-Based Payment Arrangement, Performance Shares, Activity	The following table provides a summary of the grant date fair values of the internal Company-based metric PSUs: Three Months Ended March 31, 2024 2023 Grant date fair value of units granted $ 147.18 $ 92.97
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following table provides a summary of the assumptions for PSUs granted in 2024 and 2023: Three Months Ended March 31, 2024 2023 Expected volatility 33.88% 44.66% Risk free interest rate 3.94% 3.75% Expected term (in years) 2.91 2.91 Grant date fair value of units granted $ 195.95 $ 119.33
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 of PSUs Weighted-Average Balance at December 31, 2023 268,677 $ 100.57 Granted 95,997 161.12 Vested — — Forfeited (9,882) 100.62 Balance at March 31, 2024 354,792 $ 116.95

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Net earnings attributable to Owens Corning $ 299 $ 383 Weighted-average number of shares outstanding used for basic earnings per share 87.3 91.3 Non-vested restricted stock units and performance share units 0.6 0.6 Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share 87.9 91.9 Earnings per common share attributable to Owens Corning common stockholders: Basic $ 3.42 $ 4.19 Diluted $ 3.40 $ 4.17

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Income tax expense $ 88 $ 130 Effective tax rate 23 % 25 %

CHANGES IN ACCUMULATED OTHER _2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Currency Translation Adjustment Beginning balance $ (318) $ (380) Net investment hedge amounts classified into AOCI, net of tax — — (Loss) gain on foreign currency translation (41) 31 Other comprehensive (loss) income, net of tax (41) 31 Ending balance $ (359) $ (349) Pension and Other Postretirement Adjustment Beginning balance $ (196) $ (301) Amounts reclassified from AOCI to net earnings, net of tax (a) 1 — Amounts classified into AOCI, net of tax (1) (1) Other comprehensive loss, net of tax — (1) Ending balance $ (196) $ (302) Hedging Adjustment Beginning balance $ 11 $ — Amounts reclassified from AOCI to net earnings, net of tax (b) 7 14 Amounts classified into AOCI, net of tax (2) (15) Other comprehensive income (loss), net of tax 5 (1) Ending balance $ 16 $ (1) Total AOCI ending balance $ (539) $ (652) (a) These AOCI components are included in the computation of total Pension and Other postretirement expense and are recorded in Non-operating expense. See Note 11 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
	Feb. 09, 2024	Feb. 08, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Contract liability			$ 101	$ 89	$ 101	$ 89
Contract liability, revenue recognized			15	14
Restricted cash			8	8	8	$ 8
Related party transaction, expenses			32	21
Outstanding supplier finance programs			173		211
Invoices paid			136	158
Revenue			2,300	$ 2,331
Masonite, Outstandig Shares
Related Party Transaction [Line Items]
Consideration transferred		$ 3,900
Transaction costs			18
Global Glass Reinforcements ("GR") Business | Composites
Related Party Transaction [Line Items]
Revenue	$ 1,300
Cost of review			2
Related Party
Related Party Transaction [Line Items]
Due to related party supplier			$ 7		$ 5

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting, Significant Reconciling Item [Line Items]
Number of reportable segments | segment	3
Disaggregated revenue	$ 2,300	$ 2,331
EBIT	403	534
Restructuring costs	(14)	(18)
Gain on sale of Santa Clara, California site	0	189
Gains on sale of certain precious metals	0	2
Strategic review-related charges	(2)	0
Paroc marine recall	(1)	0
Acquisition-related costs	(18)	0
General corporate expense and other	(55)	(53)
Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(84)	(68)
EBIT	(90)	120
U.S.
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	1,726	1,675
U.S. | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(83)	(67)
U.S. | Residential
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	1,339	1,229
U.S. | Residential | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(80)	(65)
U.S. | Commercial and Industrial Sector
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	387	446
U.S. | Commercial and Industrial Sector | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(3)	(2)
Europe
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	296	334
Europe | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	(1)	(1)
Asia Pacific
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	111	138
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	167	184
Rest of world | Eliminations
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	0	0
Composites | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	523	585
EBIT	46	49
Composites | U.S. | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	285	303
Composites | U.S. | Residential | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	117	85
Composites | U.S. | Commercial and Industrial Sector | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	168	218
Composites | Europe | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	121	137
Composites | Asia Pacific | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	84	107
Composites | Rest of world | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	33	38
Insulation | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	904	919
EBIT	161	156
Insulation | U.S. | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	581	576
Insulation | U.S. | Residential | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	379	370
Insulation | U.S. | Commercial and Industrial Sector | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	202	206
Insulation | Europe | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	176	194
Insulation | Asia Pacific | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	27	31
Insulation | Rest of world | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	120	118
Roofing | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	957	895
EBIT	286	209
Roofing | U.S. | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	943	863
Roofing | U.S. | Residential | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	923	839
Roofing | U.S. | Commercial and Industrial Sector | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	20	24
Roofing | Europe | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	0	4
Roofing | Asia Pacific | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	0	0
Roofing | Rest of world | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
Disaggregated revenue	14	28
Total Segments | Operating Segments
Segment Reporting, Significant Reconciling Item [Line Items]
EBIT	$ 493	$ 414

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 747	$ 742
Materials and supplies	458	456
Total inventories	$ 1,205	$ 1,198

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other current assets | Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	$ 1	$ 1
Other current liabilities | Designated as Hedging Instrument | Cash Flow Hedging | Energy Related Derivative
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	9	15
Other current liabilities | Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative liability, fair value	$ 1	$ 1

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Energy Related Derivative | Cash Flow Hedging
Derivative Instruments Gain Loss [Line Items]
Amount of gain reclassified from AOCI (as defined below) into earnings	$ 8
Amount of gain recognized in earnings	6	$ (1)
Designated as Hedging Instrument | Energy Related Derivative
Derivative Instruments Gain Loss [Line Items]
Amount of gain reclassified from AOCI (as defined below) into earnings	9	18
Nondesignated as Hedging Instrument | Foreign Exchange Contract
Derivative Instruments Gain Loss [Line Items]
Amount of gain recognized in earnings	$ (1)	$ 6

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow (Details) MMBTU in Millions, $ in Millions	1 Months Ended		3 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2024 USD ($) MMBTU	Mar. 31, 2023 USD ($)	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			7
Unrecognized loss			$ 9
Loss reclassified from AOCI			8
Amount of gain recognized in earnings			$ (6)	$ 1
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
Euro Member Countries, Euro | Foreign exchange forward contracts
Derivative [Line Items]
Derivative, notional amount			$ 72
U.S. | Foreign exchange forward contracts
Derivative [Line Items]
Derivative, notional amount			$ 199

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	$ 2,340
Foreign currency translation	(15)
Balance at end of period, gross carrying amount	2,325
Goodwill, Impaired, Accumulated Impairment [Roll Forward]
Balance at beginning of period, accumulated impairment loss	(948)
Foreign currency translation	8
Balance at end of period, accumulated impairment loss	(940)
Goodwill, net	1,385	$ 1,392
Composites
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	425
Foreign currency translation	(1)
Balance at end of period, gross carrying amount	424
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	424
Insulation
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	1,520
Foreign currency translation	(13)
Balance at end of period, gross carrying amount	1,507
Goodwill, Impaired, Accumulated Impairment [Roll Forward]
Balance at beginning of period, accumulated impairment loss	(948)
Foreign currency translation	8
Balance at end of period, accumulated impairment loss	(940)
Goodwill, net	567
Roofing
Goodwill [Roll Forward]
Balance at beginning of period, gross carrying amount	395
Foreign currency translation	(1)
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, 2024 USD ($) intangible_asset	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of indefinite-lived intangible assets are increased risk of impairment | intangible_asset	2
Amortization expense for intangible assets	$ 16	$ 18
Amortization expense for intangible assets for remainder of the year	$ 48
Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted average useful life (in years)	25 years

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Rollforward (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (503)	$ (490)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amount	2,013	2,018
Accumulated Amortization	(503)	(490)
Net Carrying Amount	1,510	1,528
Indefinite-lived trademarks and trade names
Acquired Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived trademarks and trade names	990	992
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	608	614
Accumulated Amortization	(293)	(283)
Net Carrying Amount	315	331
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(293)	(283)
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	324	326
Accumulated Amortization	(206)	(203)
Net Carrying Amount	118	123
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(206)	(203)
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12	12
Accumulated Amortization	(2)	(2)
Net Carrying Amount	10	10
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(2)	(2)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	79	74
Accumulated Amortization	(2)	(2)
Net Carrying Amount	77	72
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (2)	$ (2)

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Impaired Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Intangible Assets By Major Class [Line Items]
Intangible assets, net	$ 1,510	$ 1,528
European building and technical insulation trade name
Schedule Of Intangible Assets By Major Class [Line Items]
Intangible assets, net	88
Global cellular glass insulation trademark
Schedule Of Intangible Assets By Major Class [Line Items]
Intangible assets, net	$ 80

GOODWILL AND OTHER INTANGIBLE_7

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details) $ in Millions	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 58
2026	44
2027	35
2028	34
2029	$ 33

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 7,511	$ 7,498
Accumulated depreciation	(3,715)	(3,657)
Property, plant and equipment, net	$ 3,796	$ 3,841
Precious metals depletion percentage	10%	10%
Precious metal percent of deprecation expense	2%
Land
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 167	$ 168
Buildings and leasehold improvements
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	1,292	1,263
Machinery and equipment
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	5,526	5,402
Construction in progress
Property Plant And Equipment [Line Items]
Property plant and equipment, gross	$ 526	$ 665

DIVESTITURES (Details)

DIVESTITURES (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Mar. 03, 2023	Mar. 31, 2023	Sep. 30, 2021	Dec. 31, 2022
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
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]
Pre-tax charge				$ 30

WARRANTIES (Details)

WARRANTIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement In Standard And Extended Product Warranty Increase Decrease Roll Forward
Product warranty accrual, beginning balance	$ 97	$ 88
Amounts accrued for current year	4	5
Settlements of warranty claims	(3)	(2)
Product warranty accrual, ending balance	$ 98	$ 91

RESTRUCTURING, ACQUISITION AN_3

RESTRUCTURING, ACQUISITION AND DIVESTITURE-RELATED COSTS (Details) - USD ($) $ in Millions		3 Months Ended			12 Months Ended
	Mar. 03, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2023	May 31, 2023	Apr. 30, 2023
Restructuring Cost and Reserve [Line Items]
Acquisition related costs		$ 18	$ 0
Restructuring costs		14	(171)
Masonite, Outstandig Shares
Restructuring Cost and Reserve [Line Items]
Transaction costs		18
Disposal Group, Held-for-sale, Not Discontinued Operations | Chambery, France Manufacturing Assets
Restructuring Cost and Reserve [Line Items]
Pre-tax charge					$ 30
Santa Clara Insulation Site | CALIFORNIA
Restructuring Cost and Reserve [Line Items]
Proceeds from divestiture of business	$ 234
Non-refundable deposit				$ 50
Protective Packaging Exit
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(3)
Restructuring reserve		0				$ 1
Payments		(3)
Accelerated depreciation and other non-cash items		(1)
Cumulative charges incurred		81
Wabash, Indiana Facility Closure
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0
Restructuring reserve		1				3
Payments		(2)
Accelerated depreciation and other non-cash items		0
Cumulative charges incurred		33
European Operating Structure Optimization
Restructuring Cost and Reserve [Line Items]
Restructuring cost, expected cost			20
Severance costs		2
Restructuring costs		(2)	(11)
Restructuring reserve		6	11		0	6
Payments		(2)	0
Accelerated depreciation and other non-cash items		0	0
Cumulative charges incurred		14	11
Composites Strategic Realignment Actions
Restructuring Cost and Reserve [Line Items]
Restructuring costs			(3)
Restructuring reserve			2		1
Payments			(3)
Accelerated depreciation and other non-cash items			1
Cumulative charges incurred			12
Roofing Restructuring Actions
Restructuring Cost and Reserve [Line Items]
Restructuring costs			(1)
Restructuring reserve			0		0
Payments			(1)
Accelerated depreciation and other non-cash items			0
Cumulative charges incurred			9
Santa Clara Insulation Site
Restructuring Cost and Reserve [Line Items]
Restructuring costs			(3)
Restructuring reserve			1		$ 7
Payments			(9)
Accelerated depreciation and other non-cash items			0
Cumulative charges incurred			63
Global Composites Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(9)
Restructuring reserve		16				12
Payments		(1)
Accelerated depreciation and other non-cash items		(4)
Cumulative charges incurred		25
Accelerated depreciation | Protective Packaging Exit | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring cost, expected cost							$ 70
Accelerated depreciation | Protective Packaging Exit | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring cost, expected cost							75
Accelerated depreciation | Cost Reductions Actions 2017 | Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring costs		4	1
Accelerated depreciation | Global Composites Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(4)
Accelerated depreciation | Global Composites Restructuring | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring cost, expected cost						15
Accelerated depreciation | Global Composites Restructuring | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring cost, expected cost						20
Employee Severance And Other Exit Costs | Protective Packaging Exit
Restructuring Cost and Reserve [Line Items]
Restructuring cost, expected cost							$ 15
Employee Severance And Other Exit Costs | Wabash, Indiana Facility Closure
Restructuring Cost and Reserve [Line Items]
Restructuring cost, expected cost								$ 30
Employee Severance And Other Exit Costs | Global Composites Restructuring | Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring cost, expected cost						20
Employee Severance And Other Exit Costs | Global Composites Restructuring | Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring cost, expected cost						$ 30
Other exit costs | Cost Reductions Actions 2017 | Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring costs		3	7
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring reserve		23
Severance | Cost Reductions Actions 2017 | Other Income
Restructuring Cost and Reserve [Line Items]
Restructuring costs		7	9
Severance | Global Composites Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring costs		(5)
Gain on sale of Santa Clara, California site | Cost Reductions Actions 2017 | Gain on sale of site
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0	(189)
Other exit costs | Cost Reductions Actions 2017 | Other Income
Restructuring Cost and Reserve [Line Items]
Restructuring costs		0	$ 1
Asset Write-Off And Employee Severance | Protective Packaging Exit
Restructuring Cost and Reserve [Line Items]
Restructuring costs		$ (3)

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions						3 Months Ended
	Mar. 01, 2024	Aug. 12, 2019	Jun. 26, 2017	Aug. 08, 2016	Nov. 12, 2014	Mar. 31, 2018	Mar. 31, 2024	Feb. 29, 2024	Dec. 31, 2023	May 12, 2020	Jan. 25, 2018	Oct. 31, 2006
Debt Instrument [Line Items]
Carrying Value							$ 3,078		$ 3,046
Fair Value							100%		100%
Fair Value							99%		99%
Other							$ 1		$ 1
Less – current portion of senior notes							399		399
Long-term debt, current maturities							34		32
Long-term debt, net of current portion							2,645		2,615
Line of credit facility, maximum borrowing capacity							1,000	$ 800
Short-term debt (less than)							$ 1		$ 1
Short-term debt, weighted average interest rate, at point in time							3.90%		5.10%
Senior Notes Due 2024
Debt Instrument [Line Items]
Long-term debt, percentage rate							4.20%
Carrying Value							$ 399		$ 399
Fair Value							99%		99%
Debt instrument, face amount					$ 400
Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt, percentage rate							3.40%
Carrying Value							$ 399		$ 398
Fair Value							96%		96%
Debt instrument, face amount				$ 400
Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt, percentage rate							3.95%
Carrying Value							$ 447		$ 447
Fair Value							95%		95%
Debt instrument, face amount		$ 450
Senior Notes, Due 2030
Debt Instrument [Line Items]
Long-term debt, percentage rate							3.875%
Carrying Value							$ 298		$ 298
Fair Value							93%		94%
Debt instrument, face amount										$ 300
Senior Notes Due 2036
Debt Instrument [Line Items]
Long-term debt, percentage rate							7%
Carrying Value							$ 369		$ 369
Fair Value							113%		116%
Debt instrument, face amount												$ 550
Repayments of debt		34	$ 140
Senior Notes Due 2047
Debt Instrument [Line Items]
Long-term debt, percentage rate							4.30%
Carrying Value							$ 589		$ 589
Fair Value							83%		88%
Debt instrument, face amount			600
Senior Notes Due 2048
Debt Instrument [Line Items]
Long-term debt, percentage rate							4.40%
Carrying Value							$ 391		$ 391
Fair Value							83%		87%
Debt instrument, face amount											$ 400
Various finance leases, due through 2032
Debt Instrument [Line Items]
Carrying Value							$ 185		$ 154
Fair Value							100%		100%
Senior Notes Due 2022
Debt Instrument [Line Items]
Repayments of debt		$ 416
Senior Notes Due 2019
Debt Instrument [Line Items]
Repayments of debt			$ 144		105
Senior Notes Due 2016
Debt Instrument [Line Items]
Repayments of debt				$ 158	$ 242
Senior Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from issuance of debt						$ 600
Line of credit facility, maximum borrowing capacity							$ 1,000
Receivables Securitization Facility
Debt Instrument [Line Items]
Debt instrument, face amount							300	$ 280
Line of credit facility, maximum borrowing capacity							300
364-Day Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 3,000						$ 3,000
Debt instrument, term	364 days

DEBT - Credit Facility Utilizat

DEBT - Credit Facility Utilization (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 01, 2024	Feb. 29, 2024
Debt Instrument [Line Items]
Facility size or borrowing limit	$ 1,000		$ 800
Senior Revolving Credit Facility
Debt Instrument [Line Items]
Facility size or borrowing limit	1,000
Outstanding borrowings	0
Outstanding letters of credit	4
Availability on facility	996
Receivables Securitization Facility
Debt Instrument [Line Items]
Facility size or borrowing limit	300
Collateral capacity limitation on availability	0
Outstanding borrowings	0
Outstanding letters of credit	1
Availability on facility	299
364-Day Credit Facility
Debt Instrument [Line Items]
Facility size or borrowing limit	3,000	$ 3,000
Outstanding borrowings	0
Outstanding letters of credit	0
Availability on facility	$ 3,000

PENSION PLANS AND OTHER POSTR_3

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024
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	1	$ 2
Interest cost	8	12
Expected return on plan assets	(9)	(14)
Amortization of actuarial gain	2	2
Net periodic postretirement benefit income	2	2
Other Postretirement Benefits Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	0
Interest cost	1	1
Amortization of actuarial gain	(1)	(2)
Net periodic postretirement benefit income	0	(1)
U.S. | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	0	1
Interest cost	5	8
Expected return on plan assets	(6)	(10)
Amortization of actuarial gain	1	1
Net periodic postretirement benefit income	0	0
Non-U.S. | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	1	1
Interest cost	3	4
Expected return on plan assets	(3)	(4)
Amortization of actuarial gain	1	1
Net periodic postretirement benefit income	$ 2	$ 2
Maximum | Scenario, Forecast | Non-U.S.
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
Expected future employer contributions, current fiscal year			$ 20

CONTINGENT LIABILITIES AND OT_2

CONTINGENT LIABILITIES AND OTHER MATTERS (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) site
Unusual or Infrequent Item, or Both [Line Items]
Environmental liability sites | site	22
Environmental exit costs, accrual | $	$ 4
Environmental exit costs, accrual, current | $	1
Monetary sanctions | $	$ 1
Superfund Site
Unusual or Infrequent Item, or Both [Line Items]
Environmental liability sites | site	10
Owned or Formally Owned Sites
Unusual or Infrequent Item, or Both [Line Items]
Environmental liability sites | site	12

STOCK COMPENSATION - Narrative

STOCK COMPENSATION - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 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)	$ 14	$ 13
Maximum employee subscription rate				85%
Internal Based Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Grant date fair value of units granted | $ / shares	$ 147.18	$ 92.97
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]
Employee emergence equity program expense	$ 2	$ 2
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years 3 months 14 days
Granted, weighted average grant date fair value | $ / shares	$ 154.72
Compensation cost not yet recognized	$ 62
Vested in period, fair value	$ 23	$ 22
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 1 month 2 days
Granted, weighted average grant date fair value | $ / shares	$ 161.12
Compensation cost not yet recognized	$ 27
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized	$ 1
Offering period (in months)	6 months
2023 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant | shares	3
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	3.2		4.2
Performance Stock Units (PSUs) 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	33.88%	44.66%
Risk free interest rate	3.94%	3.75%
Expected term (in years)	2 years 10 months 28 days	2 years 10 months 28 days
Grant date fair value of units granted | $ / shares	$ 195.95	$ 119.33

STOCK COMPENSATION - Restricted

STOCK COMPENSATION - Restricted Stock Unit (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2024 $ / 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, 2023 | shares	1,225,668
Granted (in shares) | shares	206,804
Vested (in shares) | shares	(298,112)
Forfeited (in shares) | shares	(9,790)
Balance at March 31, 2024 | shares	1,124,570
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, 2023 | $ / shares	$ 79.72
Granted, weighted average grant date fair value | $ / shares	154.72
Vested, weighted average grant date fair value | $ / shares	77.74
Forfeited, weighted average grant date fair value | $ / shares	91.48
Balance at March 31, 2024 | $ / shares	$ 93.78

STOCK COMPENSATION - Grant Date

STOCK COMPENSATION - Grant Date Fair Value Of Units Granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Internal Based Performance Metric
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of units granted	$ 147.18	$ 92.97

STOCK COMPENSATION - Performanc

STOCK COMPENSATION - Performance Stock Units (Details) - Performance Stock Units (PSUs)	3 Months Ended
	Mar. 31, 2024 $ / 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, 2023 | shares	268,677
Granted (in shares) | shares	95,997
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(9,882)
Balance at March 31, 2024 | shares	354,792
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at December 31, 2023 | $ / shares	$ 100.57
Granted, weighted average grant date fair value | $ / shares	161.12
Vested, weighted average grant date fair value | $ / shares	0
Forfeited, weighted average grant date fair value | $ / shares	100.62
Balance at March 31, 2024 | $ / shares	$ 116.95

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 01, 2022
Earnings Per Share [Abstract]
Net earnings attributable to Owens Corning	$ 299	$ 383
Weighted-average number of shares outstanding used for basic earnings per share	87,300,000	91,300,000
Non-vested restricted stock units and performance share units	600,000	600,000
Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share	87,900,000	91,900,000
Basic (in dollars per share)	$ 3.42	$ 4.19
Diluted (in dollars per share)	$ 3.40	$ 4.17
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	8,100,000		10,000,000
Stock repurchased during period, shares	900,000	1,500,000
Payments for repurchase of equity	$ 130	$ 136

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 88	$ 130
Effective tax rate	23%	25%
U.S. federal statutory tax rate	21%	21%

CHANGES IN ACCUMULATED OTHER _3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	$ (503)
Other comprehensive (loss) income, net of tax	(37)	$ 29
Amounts classified into AOCI, net of tax	5	(1)
Total AOCI ending balance	(539)	(652)
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	(318)	(380)
Net investment hedge amounts classified into AOCI, net of tax	0	0
(Loss) gain on foreign currency translation	(41)	31
Other comprehensive (loss) income, net of tax	(41)	31
Total AOCI ending balance	(359)	(349)
Pension and Other Postretirement Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	(196)	(301)
Other comprehensive (loss) income, net of tax	0	(1)
Amounts reclassified from AOCI to net earnings, net of tax	1	0
Amounts classified into AOCI, net of tax	(1)	(1)
Total AOCI ending balance	(196)	(302)
Hedging Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total AOCI beginning balance	11	0
Other comprehensive (loss) income, net of tax	5	(1)
Amounts reclassified from AOCI to net earnings, net of tax	7	14
Amounts classified into AOCI, net of tax	(2)	(15)
Total AOCI ending balance	$ 16	$ (1)