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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Assets Held for Sale
- ASSETS HELD FOR SALE
On November 4, 2024, the Company entered into a related party agreement to sell its building materials business in China and Korea to a member of the business' management team. At this time the Company met the assets held for sale criteria. The disposal further aligns with the Company's strategy to be a more North America and Europe focused business. The transaction includessix insulation manufacturing facilities in China and a roofing manufacturing facility in Korea. The building materials business, within the Insulation segment, represents annual revenues of approximately $130 million.
The Company reclassified $2 million as held for sale within Other current liabilities on the Consolidated Balance Sheets. The Company recorded the assets at the fair value less cost to sell, which was less than the carrying value and resulted in an impairment of $91 million primarily related to Property, Plant and Equipment and Goodwill. The impairment is included in Loss on sale of business on the Consolidated Statements of Earnings. The Company estimated the fair value of these assets, less cost to sell, using Level 3 inputs.
The transaction is expected to close mid-2025, any additional loss on disposal is expected to be immaterial.
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