Owens Corning
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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19. Changes in Accumulated Other Comprehensive Deficit
- CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT
The following table summarizes the changes in accumulated other comprehensive income (deficit):
| Twelve Months Ended December 31, | ||
|---|---|---|
| (In millions) | 2024 | 2023 |
| Currency Translation Adjustment | ||
| Beginning balance | $(318) | $(380) |
| (Loss) gain on foreign currency translation | (216) | 62 |
| Other comprehensive income (loss), net of tax | (216) | 62 |
| Ending balance | $(534) | $(318) |
| Pension and Other Postretirement Adjustment | ||
| Beginning balance | $(196) | $(301) |
| Amounts reclassified from AOCI to net earnings, net of tax (a) | (2) | — |
| Pension annuity settlement charge reclassified from AOCI, net of tax (b) | — | 109 |
| Amounts classified into AOCI, net of tax | 17 | (4) |
| Other comprehensive income, net of tax | 15 | 105 |
| Ending balance | $(181) | $(196) |
| Hedging Adjustment | ||
| Beginning balance | $11 | $— |
| Amounts reclassified from AOCI to net earnings, net of tax (c) | 12 | 39 |
| Amounts classified into AOCI, net of tax | 1 | (28) |
| Other comprehensive income (loss), net of tax | 13 | 11 |
| Ending balance | $24 | $11 |
| Total AOCI ending balance | $(691) | $(503) |
(a)These AOCI components are included in the computation of total Pension and Other Postretirement cost and are recorded in Non-operating (income) expense, net. See Notes 15 and 16 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 15 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.
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