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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
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:
|  |  | Fair Value at
(In millions) | Location |  | June 30, 2025 |  | December 31, 2024
Derivative assets designated as hedging instruments: |  |  |  |  |
Cash flow hedges: |  |  |  |  |
Natural gas forward swaps for continuing operations | Other current assets |  | $ | 1 |  |  | $ | 3 |
Natural gas forward swaps for discontinued operations | Other current assets of discontinued operations |  | $ | — |  |  | $ | 1 |
Derivative liabilities designated as hedging instruments: |  |  |  |  |
Cash flow hedges: |  |  |  |  |
Natural gas forward swaps for continuing operations | Other current liabilities |  | $ | 2 |  |  | $ | 1 |
Natural gas forward swaps for discontinued operations | Other current liabilities of discontinued operations |  | $ | — |  |  | $ | — |
Derivative assets not designated as hedging instruments: |  |  |  |  |
Foreign exchange forward contracts for discontinued operations | Other current assets of discontinued operations |  | $ | — |  |  | $ | 1 |
Derivative liabilities not designated as hedging instruments: |  |  |  |  |
Foreign exchange forward contracts for continuing operations | Other current liabilities |  | $ | — |  |  | $ | 1 |
Foreign exchange forward contracts for discontinued operations | Other current liabilities of discontinued operations |  | $ | 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:
|  | Three Months Ended June 30, | Six Months Ended June 30,
(In millions) | Location | 2025 | 2024 | 2025 | 2024
Derivative activity designated as hedging instruments: |  |  |  |  |
Natural gas cash flow hedges: |  |  |  |  |
Amount of loss (gain) reclassified from AOCI (as defined below) into earnings (a) | Cost of sales | $ | — |  | $ | 3 |  | $ | (1) |  | $ | 9 |
Amount of loss reclassified from AOCI (as defined below) into earnings (a) | Net earnings (loss) from discontinued operations attributable to Owens Corning, net of tax | $ | — |  | $ | 1 |  | $ | — |  | $ | 4 |
Treasury interest rate lock: |  |  |  |  |
Amount of gain reclassified from AOCI (as defined below) into earnings (a) | Interest expense, net | $ | (1) |  | $ | — |  | $ | (2) |  | $ | — |
Derivative activity not designated as hedging instruments: |  |  |  |  |
Foreign currency: |  |  |  |  |
Amount of gain recognized in earnings (b) | Other expense, net | $ | — |  | $ | — |  | $ | (1) |  | $ | (1) |
Amount of loss (gain) recognized in earnings (c) | Net earnings (loss) from discontinued operations attributable to Owens Corning, net of tax | $ | 3 |  | $ | (3) |  | $ | 5 |  | $ | (3) |
(a)Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”) (b)(Gains)/losses 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. (c)(Gains)/losses related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures, which were also recorded in Net (loss) earnings from discontinued operations attributable to Owens Corning, net of tax. 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:
|  | Amount of Gain (Loss) Recognized in Comprehensive Earnings
(In millions) |  | Three Months Ended June 30, | Six Months Ended June 30,
Hedging Type | Derivative Financial Instrument | 2025 | 2024 | 2025 | 2024
Cash flow hedge | Natural gas forward swaps | $ | (7) |  | $ | 6 |  | $ | (5) |  | $ | 12 |

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