Owens Corning
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
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17. Changes in Accumulated Other Comprehensive Deficit
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- CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT
The following table summarizes the changes in accumulated other comprehensive income (deficit) (in millions):
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Currency Translation Adjustment | ||||
| Beginning balance | $(421) | $(339) | $(318) | $(380) |
| Gain (loss) on foreign currency translation | 69 | (73) | (34) | (32) |
| Other comprehensive income (loss), net of tax | 69 | (73) | (34) | (32) |
| Ending balance | $(352) | $(412) | $(352) | $(412) |
| Pension and Other Postretirement Adjustment | ||||
| Beginning balance | $(197) | $(304) | $(196) | $(301) |
| Amounts reclassified from AOCI to net earnings, net of tax (a) | — | — | (1) | — |
| Amounts classified into AOCI, net of tax | (4) | 2 | (4) | (1) |
| Other comprehensive (loss) income, net of tax | (4) | 2 | (5) | (1) |
| Ending balance | $(201) | $(302) | $(201) | $(302) |
| Hedging Adjustment | ||||
| Beginning balance | $21 | $6 | $11 | $— |
| Amounts reclassified from AOCI to net earnings, net of tax (b) | 2 | 8 | 12 | 32 |
| Amounts classified into AOCI, net of tax | (1) | (3) | (1) | (21) |
| Other comprehensive income, net of tax | 1 | 5 | 11 | 11 |
| Ending balance | $22 | $11 | $22 | $11 |
| Total AOCI ending balance | $(531) | $(703) | $(531) | $(703) |
(a)These AOCI components are included in the computation of total Pension and Other postretirement expense and are recorded in Non-operating income. See Note 12 for additional information.
(b)Amounts reclassified from (loss) gain on cash flow hedges are reclassified from AOCI to income when the hedged item affects earnings and is recognized in Cost of sales or Interest expense, net depending on the hedged item. See Note 4 for additional information.
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