Owens Corning
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 14, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
18. Changes in accumulated other comprehensive deficit
-110-
- CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT
The following table summarizes the changes in accumulated other comprehensive income (deficit) (in millions):
| Twelve Months Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Currency Translation Adjustment | ||
| Beginning balance | $(380) | $(279) |
| Net investment hedge amounts classified into AOCI, net of tax | — | 4 |
| Gain (loss) on foreign currency translation | 62 | (105) |
| Other comprehensive income (loss), net of tax | 62 | (101) |
| Ending balance | $(318) | $(380) |
| Pension and Other Postretirement Adjustment | ||
| Beginning balance | $(301) | $(318) |
| Amounts reclassified from AOCI to net earnings, net of tax (a) | — | 5 |
| Pension annuity settlement charge reclassified from AOCI, net of tax (b) | 109 | — |
| Amounts classified into AOCI, net of tax | (4) | 12 |
| Other comprehensive income, net of tax | 105 | 17 |
| Ending balance | $(196) | $(301) |
| Hedging Adjustment | ||
| Beginning balance | $— | $16 |
| Amounts reclassified from AOCI to net earnings, net of tax (c) | 39 | (44) |
| Amounts classified into AOCI, net of tax | (28) | 28 |
| Other comprehensive income (loss), net of tax | 11 | (16) |
| Ending balance | $11 | $— |
| Total AOCI ending balance | $(503) | $(681) |
(a)These AOCI components are included in the computation of total Pension and Other Postretirement cost and are recorded in Non-operating expense (income), net. See Notes 14 and 15 for additional information.
(b)These amounts reclassified from AOCI relate to a pension annuity settlement which occurred in the fourth quarter of 2023. See Note 14 for additional information.
(c)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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.