OWENS CORNING, 10-K filed on 2/19/2020
Annual Report
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Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2019
Feb. 14, 2020
Jun. 28, 2019
Cover page.      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2019    
Document Transition Report false    
Entity File Number 1-33100    
Entity Registrant Name Owens Corning    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 43-2109021    
Entity Address, Address Line One One Owens Corning Parkway,    
Entity Address, City or Town Toledo,    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 43659    
City Area Code 419    
Local Phone Number 248-8000    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol OC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 6,331,714,247
Entity Common Stock, Shares Outstanding   108,277,883  
Documents Incorporated by Reference Portions of Owens Corning’s proxy statement to be delivered to stockholders in connection with the Annual Meeting of Stockholders to be held on or about April 16, 2020 (the “2020 Proxy Statement”) are incorporated by reference into Part III hereof    
Entity Central Index Key 0001370946    
Document Fiscal Year Focus 2019    
Document Fiscal Period Focus FY    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
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CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]      
NET SALES $ 7,160 $ 7,057 $ 6,384
COST OF SALES 5,551 5,425 4,815
Gross margin 1,609 1,632 1,569
OPERATING EXPENSES      
Marketing and administrative expenses 698 700 620
Science and technology expenses 87 89 85
Other expenses, net 37 36 67
Total operating expenses 822 825 772
OPERATING INCOME 787 807 797
Non-operating expense (income) 34 (14) 60
EARNINGS BEFORE INTEREST AND TAXES 753 821 737
Interest expense, net 131 117 107
Loss on extinguishment of debt 32 0 71
EARNINGS BEFORE TAXES 590 704 559
Income tax expense 186 156 269
Equity in net earnings / (loss) of affiliates 1 (1) 0
NET EARNINGS 405 547 290
Net earnings attributable to noncontrolling interests 0 2 1
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING $ 405 $ 545 $ 289
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS      
Basic (dollars per share) $ 3.71 $ 4.94 $ 2.59
Diluted (dollars per share) $ 3.68 $ 4.89 $ 2.55
WEIGHTED AVERAGE COMMON SHARES      
Basic (in shares) 109.2 110.4 111.5
Diluted (in shares) 110.1 111.4 113.2
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of Comprehensive Income [Abstract]      
NET EARNINGS $ 405 $ 547 $ 290
Currency translation adjustment (net of tax of $(4), $(4) and $15, for the periods ended December 31, 2019, 2018 and 2017, respectively) 24 (123) 101
Pension and other postretirement adjustment (net of tax of $(10), $6, and $(32), for the periods ended December 31, 2019, 2018 and 2017, respectively) 24 (19) 98
Hedging adjustment (net of tax of $1, $0 and $2, for the periods ended December 31, 2019, 2018 and 2017, respectively) (2) 0 (3)
COMPREHENSIVE EARNINGS 451 405 486
Comprehensive earnings attributable to noncontrolling interests 0 2 1
COMPREHENSIVE EARNINGS ATTRIBUTABLE TO OWENS CORNING $ 451 $ 403 $ 485
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of Comprehensive Income [Abstract]      
Currency translation tax $ (0.1) $ (0.4) $ 0.2
Pension and other postretirement tax 0.0 0.0 (30.2)
Hedging tax $ (0.3) $ 0.2 $ (0.1)
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 172 $ 78
Receivables, less allowances of $11 at December 31, 2019 and $16 at December 31, 2018 770 794
Inventories 1,033 1,072
Other current assets 86 76
Total current assets 2,061 2,020
Property, plant and equipment, net 3,855 3,811
Operating lease right-of-use assets 203  
Goodwill 1,932 1,949
Intangible assets, net 1,721 1,779
Deferred income taxes 46 43
Other non-current assets 188 169
TOTAL ASSETS 10,006 9,771
LIABILITIES AND EQUITY    
Total current liabilities 1,329 1,278
Long-term debt, net of current portion 2,986 3,362
Pension plan liability 231 268
Other employee benefits liability 179 190
Non-current operating lease liabilities 138  
Deferred income taxes 272 141
Other liabilities 200 208
OWENS CORNING STOCKHOLDERS’ EQUITY    
Preferred stock, par value $0.01 per share [1] 0 0
Common stock, par value $0.01 per share [2] 1 1
Additional paid in capital 4,051 4,028
Accumulated earnings 2,319 2,013
Accumulated other comprehensive deficit (610) (656)
Cost of common stock in treasury [3] (1,130) (1,103)
Total Owens Corning stockholders’ equity 4,631 4,283
Noncontrolling interests 40 41
Total equity 4,671 4,324
TOTAL LIABILITIES AND EQUITY $ 10,006 $ 9,771
[1] 10 shares authorized; none issued or outstanding at December 31, 2019 and December 31, 2018
[2] 400 shares authorized; 135.5 issued and 109.0 outstanding at December 31, 2019; 135.5 issued and 109.5 outstanding at December 31, 2018
[3] 26.5 shares at December 31, 2019 and 26.0 shares at December 31, 2018
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CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 11 $ 16
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, authorized 10,000,000 10,000,000
Preferred stock, issued 0 0
Preferred stock, outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, authorized 400,000,000 400,000,000
Common stock, issued 135,500,000 135,500,000
Common stock, outstanding 109,000,000 109,500,000
Treasury stock shares 26,500,000 26,000,000
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock Outstanding
Treasury Stock
APIC
 [1]
Accumulated Earnings
AOCI
NCI
Beginning balance (in shares) at Dec. 31, 2016   112.7 22.8        
Beginning balance at Dec. 31, 2016 $ 3,889 $ 1 $ (803) $ 3,984 $ 1,377 $ (710) [2] $ 40 [3]
Increase Decrease In Stockholders Equity [Roll Forward]              
Net earnings attributable to Owens Corning 289       289   0 [3]
Net earnings attributable to noncontrolling interests 1           1 [3]
Currency translation adjustment 105         101 [2] 4 [3]
Pension and other postretirement adjustment (net of tax) 98         98 [2]  
Deferred gain (loss) on hedging transactions (net of tax) (3)         (3) [2]  
Redeemable equity redeemed and changes in subsidiary shares from noncontrolling interests, (in shares)   $ 0 0        
Redeemable equity redeemed and changes in subsidiary shares from noncontrolling interests 1   $ 0 2     (1) [3]
Issuance of common stock under share-based payment plans (in shares)   (1.3) 1.3        
Issuance of common stock under share-based payment plans 29   $ 48 (19)      
Purchase of treasury stock (in shares)   2.5 (2.5)        
Purchases of treasury stock (156)   $ (156)        
Stock-based compensation expense 44     44      
Dividends declared (e) (93)       (91) [4]    
Dividends declared (e) [3],[4]             (2)
Ending balance (in shares) at Dec. 31, 2017   111.5 24.0        
Ending balance at Dec. 31, 2017 4,204 [4] $ 1 $ (911) 4,011 1,575 (514) [2] 42 [3]
Increase Decrease In Stockholders Equity [Roll Forward]              
Net earnings attributable to Owens Corning 545       545   0 [3]
Net earnings attributable to noncontrolling interests 2           2 [3]
Currency translation adjustment (125)         (123) [2] (2) [3]
Pension and other postretirement adjustment (net of tax) (19)         (19) [2]  
Issuance of common stock under share-based payment plans (in shares)   (1.0) 1.0        
Issuance of common stock under share-based payment plans 14   $ 44 (30)      
Purchase of treasury stock (in shares)   3.0 (3.0)        
Purchases of treasury stock (236)   $ (236)        
Stock-based compensation expense 47     47      
Cumulative effect of accounting change [5] (12)       (12)    
Dividends declared (e) [4] (96)       (95)    
Dividends declared (e) [3],[4]             (1)
Ending balance (in shares) at Dec. 31, 2018   109.5 26.0        
Ending balance at Dec. 31, 2018 4,324 $ 1 $ (1,103) 4,028 2,013 (656) [2] 41 [3]
Increase Decrease In Stockholders Equity [Roll Forward]              
Net earnings attributable to Owens Corning 405       405   0 [3]
Net earnings attributable to noncontrolling interests 0           0 [3]
Currency translation adjustment 23         24 [2] (1) [3]
Pension and other postretirement adjustment (net of tax) 24         24 [2]  
Deferred gain (loss) on hedging transactions (net of tax) (2)         (2)  
Issuance of common stock under share-based payment plans (in shares)   (0.8) 0.8        
Issuance of common stock under share-based payment plans 18   $ 34 (16)      
Purchase of treasury stock (in shares)   1.3 (1.3)        
Purchases of treasury stock (61)   $ (61)        
Stock-based compensation expense 39     39      
Dividends declared (e) [4] (99)       (99)    
Dividends declared (e) [3],[4]             0
Ending balance (in shares) at Dec. 31, 2019   109.0 26.5        
Ending balance at Dec. 31, 2019 $ 4,671 $ 1 $ (1,130) $ 4,051 $ 2,319 $ (610) [2] $ 40 [3]
[1] Additional Paid in Capital (APIC)
[2] Accumulated Other Comprehensive Earnings (Deficit) (“AOCI”)
[3] Noncontrolling Interest (“NCI”)
[4] Dividend declarations of $0.90 per share as of December 31, 2019, $0.85 per share as of December 31, 2018, and $0.81 per share as of December 31, 2017.
[5] Cumulative effect of accounting change relates to our adoption of ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" and ASU 2016-16 "Intra-Entity Transfers of Assets Other Than Inventory (Topic 740)."
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES      
NET EARNINGS $ 405 $ 547 $ 290
Adjustments to reconcile net earnings to cash provided by operating activities:      
Depreciation and amortization 457 433 371
Deferred income taxes 118 141 183
Provision for pension and other employee benefits liabilities 45 0 74
Stock-based compensation expense 39 47 44
Loss on extinguishment of debt 32 0 71
Other adjustments to reconcile net earnings to cash provided by operating activities (28) (49) 18
Changes in receivables, net 19 39 (66)
Changes in inventories 35 (216) (57)
Changes in accounts payable and accrued liabilities (11) (89) 187
Changes in other operating assets and liabilities (10) 7 (10)
Pension fund contributions (46) (40) (72)
Payments for other employee benefits liabilities (15) (19) (18)
Other (3) 2 1
Net cash flow provided by operating activities 1,037 803 1,016
NET CASH FLOW USED FOR INVESTING ACTIVITIES      
Cash paid for property, plant and equipment 447 537 337
Derivative settlements 31 64 3
Proceeds from the sale of assets or affiliates 22 27 3
Investment in subsidiaries and affiliates, net of cash acquired 0 (1,143) (570)
Net cash flow used for investing activities (394) (1,589) (901)
NET CASH FLOW (USED FOR) PROVIDED BY FINANCING ACTIVITIES      
Proceeds from senior revolving credit and receivables securitization facilities 2,172 1,954 1,133
Payments on senior revolving credit and receivables securitization facilities (2,248) (1,879) (1,133)
Proceeds from term loan borrowing 0 600 0
Payments on term loan borrowing (300) (100) 0
Proceeds from long-term debt 445 389 588
Payments on long-term debt (484) 0 (351)
Dividends paid (95) (92) (89)
Net increase in short-term debt 4 16 1
Purchases of treasury stock (61) (236) (159)
Other (6) (5) 13
Net cash flow (used for) provided by financing activities (573) 647 3
Effect of exchange rate changes on cash 24 (29) 17
Net increase (decrease) in cash, cash equivalents and restricted cash 94 (168) 135
Cash, cash equivalents and restricted cash at beginning of period 85 253 118
Cash, cash equivalents and restricted cash at end of period 179 85 253
Cash paid during the year for income taxes 58 91 67
Cash paid during the year for interest $ 131 $ 158 $ 106
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]      
Dividend (dollars per share) $ 0.90 $ 0.85 $ 0.81
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BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Business
Owens Corning, a Delaware corporation, is a leading global producer of glass fiber reinforcements and other materials for composite systems and of residential and commercial building materials. The Company operates within three segments: Composites, which includes the Company’s Reinforcements and Downstream businesses; Insulation and Roofing. Through these lines of business, Owens Corning manufactures and sells products worldwide. The Company maintains leading market positions in many of its major product categories.
General

On February 6, 2020, the Board of Directors declared a quarterly dividend of $0.24 per common share payable on April 3, 2020 to shareholders of record as of March 6, 2020.
Basis of Presentation
Unless the context requires otherwise, the terms “Owens Corning,” “Company,” “we” and “our” in these notes refer to Owens Corning and its subsidiaries.
The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States.
Principles of Consolidation
The Consolidated Financial Statements of the Company include the accounts of majority-owned subsidiaries. Intercompany accounts and transactions are eliminated.
Reclassifications
Certain reclassifications have been made to the 2018 and 2017 Consolidated Financial Statements and Notes to the Consolidated Financial Statements to conform to the classifications used in 2019.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Revenue Recognition
We recognize revenue as the amount of consideration that we expect to receive in exchange for transferring promised goods or services to customers. We do not adjust the transaction price for the effects of a significant financing component, as the time period between control transfer of goods and services and expected payment is one year or less. At the time of sale, we estimate provisions for different forms of variable consideration (discounts, rebates, returns and other refund liabilities) based on historical experience, current conditions and contractual obligations, as applicable. The estimated transaction price is typically not subject to significant reversals. We adjust these estimates when the most likely amount of consideration we expect to receive changes, although these changes are typically minor. Sales, value-added and other similar taxes that we collect are excluded from revenue.
Many of our customer volume commitments are short-term and our performance obligations are generally limited to single purchase orders. Substantially all of our revenue is recognized at a point-in-time when control of goods transfers to the customer. Control transfer typically occurs when goods are shipped from our facilities or at other predetermined control transfer points (for instance, destination terms or consignment arrangements).
Revenue Recognition (continued)
We typically do not satisfy performance obligations without obtaining an unconditional right to payment from customers and, therefore, do not carry contract asset balances on the Consolidated Balance Sheets. Contract liability balances are recorded separately from receivables on the Consolidated Balance Sheets in either Total current liabilities or Other liabilities, depending on the timing of performance obligation satisfaction.
We sell separately-priced warranties that extend certain product and workmanship coverages beyond our standard product warranty, which is described in Note 11. The up-front consideration on extended warranty contracts is deferred and recognized as revenue over time, based on the respective coverage period, ranging from 16 to 20 years. On an annual basis, we expect to recognize approximately $3 million of revenue associated with these extended warranty contracts. Additionally, in certain limited cases, we receive consideration before goods or services are transferred to the customer. These customer down payments and deposits are deferred, and typically recognized as revenue in the following quarter when we satisfy the related performance obligations.
As a practical expedient, we recognize incremental costs of obtaining a contract, if any, as an expense when incurred if the amortization period of the asset would have been one year or less. We do not have any costs to obtain or fulfill a contract that are capitalized under Accounting Standard Codification (ASC) 606.
Cost of Sales
Cost of sales includes material, labor, energy and manufacturing overhead costs, including depreciation and amortization expense associated with the manufacture and distribution of the Company’s products. Provisions for warranties are provided in the same period that the related sales are recorded and are based on historical experience, current conditions and contractual obligations, as applicable. Distribution costs include inbound freight costs; purchasing and receiving costs; inspection costs; warehousing costs; shipping and handling costs, which include costs incurred relating to preparing, packaging, and shipping products to customers; and other costs of the Company’s distribution network. We account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of performance obligations. All shipping and handling costs billed to the customer are included as net sales in the Consolidated Statements of Earnings.
 
Marketing and Advertising Expenses
Marketing and advertising expenses are included in Marketing and administrative expenses. These costs include advertising and marketing communications, which are expensed the first time the advertisement takes place. Marketing and advertising expenses for the years ended December 31, 2019, 2018 and 2017 were $117 million, $120 million and $108 million, respectively.
Science and Technology Expenses
The Company incurs certain expenses related to science and technology. These expenses include salaries, building and equipment costs, utilities, administrative expenses, materials and supplies associated with the improvement and development of the Company’s products and manufacturing processes. These costs are expensed as incurred.
Earnings per Share
Basic earnings per share are computed using the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect the dilutive effect of common equivalent shares and increased shares that would result from the conversion of equity securities. The effects of anti-dilution are not presented.
Cash, Cash Equivalents and Restricted Cash
The Company defines cash and cash equivalents as cash and time deposits with maturities of three months or less when purchased. On the Consolidated Statements of Cash Flows, the total of Cash, cash equivalents and restricted cash includes restricted cash of $7 million as of December 31, 2019, 2018 and 2017. Restricted cash primarily represents amounts received from a counterparty related to its performance assurance on an executory contract, and is included in Other current assets on the Consolidated Balance Sheets. These amounts are contractually required to be set aside, and the counterparty can exchange the cash for another form of performance assurance at its discretion.
Accounts Receivable
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is an estimate of the amount of probable credit losses in our existing accounts receivable. Account balances are charged off against the allowance when the Company believes it is probable the receivable will not be recovered.
Inventory Valuation
Inventory costs include material, labor, and manufacturing overhead costs, including depreciation and amortization expense associated with the manufacture and distribution of the Company’s products. Inventories are stated at lower of cost or net realizable value and expense estimates are made for excess and obsolete inventories. Cost is determined by the first-in, first-out (“FIFO”) method.
Investments in Affiliates
The Company accounts for investments in affiliates of 20% to 50% ownership when the Company does not have a controlling financial interest using the equity method under which the Company’s share of earnings and losses of the affiliate is reflected in earnings, and dividends are credited against the investment in affiliate when declared. Investments in affiliates are recorded in Other non-current assets on the Consolidated Balance Sheets and as of December 31, 2019 and 2018, the total value of investments was $51 million.

Goodwill and Other Intangible Assets
Goodwill assets are not amortized but are tested for impairment on at least an annual basis. In the current year, as part of the annual assessment, the Company used both a qualitative and quantitative approach to determine whether the fair value of a reporting unit was less than its carrying amount.
Events and circumstances we consider in performing the qualitative assessment include macro-economic conditions, market and industry conditions, internal cost factors, and the overall financial performance of the reporting units. As part of our quantitative testing process for goodwill, the Company estimates fair values using a discounted cash flow approach from the perspective of a market participant. Significant assumptions used in the discounted cash flow approach are revenue growth rates and earnings before interest and taxes ("EBIT") margins used in estimating discrete period cash flow forecasts of the reporting unit, the discount rate, and the long-term revenue growth rate and EBIT margins used in estimating the terminal business value. The cash flow forecasts of the reporting units are based upon management’s long-term view of our markets and are the forecasts that are used by senior management and the Board of Directors to evaluate operating performance. The discount rate utilized is management’s estimate of what the market’s weighted average cost of capital is for a company with a similar debt rating and stock volatility, as measured by beta. The terminal business value is determined by applying the long-term growth rate to the latest year for which a forecast exists. As part of our goodwill quantitative testing process, we would evaluate whether there are reasonably likely changes to management’s estimates that would have a material impact on the results of the goodwill impairment testing.
Other indefinite-lived intangible assets are not amortized but are tested for impairment on at least an annual basis or when determined to have a finite useful life. Substantially all of the indefinite-lived intangible assets are in trademarks and trade names. The Company uses the royalty relief approach to determine whether it is more likely than not that the fair value of these assets is less than its carrying amount. This review is performed annually, or when circumstances arise which indicate there may be impairment. When applying the royalty relief approach, the Company performs a discounted cash flow analysis based on the value derived from owning these trademarks and trade names and being relieved from paying royalty to third parties. Significant assumptions used include projected cash flows, royalty rates, discount rate, and terminal value.
The inputs for the goodwill and indefinite-lived intangible tests are considered Level 3 inputs under the fair value hierarchy as they are the Company’s own data, and are unobservable in the marketplace. Indefinite-lived intangible assets purchased through acquisition are generally tested qualitatively for impairment in the first year following the acquisition before transitioning to the standard methodology described herein in subsequent years.
Properties and Depreciation
Property, plant and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. Property, plant and equipment accounts are relieved of the cost and related accumulated depreciation when assets are disposed of or otherwise retired.
Precious metals used in our production tooling are included in property, plant and equipment and are depleted as they are consumed during the production process. Depletion typically represents an annual expense of less than 3% of the outstanding value and is recorded in Cost of sales on the Consolidated Statements of Earnings.
The range of useful lives for the major components of the Company’s plant and equipment is as follows:
Buildings and leasehold improvements15 – 40 years
Machinery and equipment
Furnaces4 – 15 years
Information systems5 – 10 years
Equipment5 – 20 years
Expenditures for normal maintenance and repairs are expensed as incurred.
Asset Impairments
The Company evaluates tangible and intangible long-lived assets for impairment when triggering events have occurred. This requires significant assumptions including projected cash flows, projected income tax rate and terminal business value. These inputs are considered Level 3 inputs under the fair value hierarchy as they are the Company’s own data, and are unobservable in the marketplace. Changes in management intentions, market conditions or operating performance could indicate that impairment charges might be necessary that could be material to the Company’s Consolidated Financial Statements in any given period.
Income Taxes
The Company recognizes current tax liabilities and assets for the estimated taxes payable or refundable on the tax returns for the current year. Deferred tax balances reflect the impact of temporary differences between the carrying amount of assets and liabilities and their tax basis. Amounts are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. In addition, realization of certain deferred tax assets is dependent upon our ability to generate future taxable income. The Company records a valuation allowance to reduce its deferred tax assets to the amount that it believes is more likely than not to be realized. In addition, the Company estimates tax reserves to cover potential taxing authority claims for income taxes and interest attributable to audits of open tax years.
Taxes Collected from Customers and Remitted to Government Authorities and Taxes Paid to Vendors
Taxes are assessed by various governmental authorities at different rates on many different types of transactions. The Company charges sales tax or value-added tax (VAT) on sales to customers where applicable, as well as captures and claims back all available VAT that has been paid on purchases. VAT is recorded in separate payable or receivable accounts and does not affect revenue or cost of sales line items in the income statement. VAT receivable is recorded as a percentage of qualifying purchases at the time the vendor invoice is processed. VAT payable is recorded as a percentage of qualifying sales at the time an Owens Corning sale to a customer subject to VAT occurs. Amounts are paid to the taxing authority according to the method and collection prescribed by local regulations. Where applicable, VAT payable is netted against VAT receivable. The Company also pays sales tax to vendors who include a tax, required by government regulations, to the purchase price charged to the Company.
 
Pension and Other Postretirement Benefits
Accounting for pensions and other postretirement benefits involves estimating the cost of benefits to be provided well into the future and attributing that cost over the time period each employee works. To accomplish this, extensive use is made of assumptions about investment returns, discount rates, inflation, mortality, turnover and medical costs.
Derivative Financial Instruments
The Company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheet. Please refer to Note 5 for further disclosure on derivatives.
The Company performs an analysis for effectiveness of its derivatives designated as hedging instruments at the end of each quarter based on the terms of the contracts and the underlying items being hedged. The change in the fair value of cash flow hedges is deferred in Accumulated other comprehensive income (deficit) ("AOCI") and is subsequently recognized in Cost of sales (for commodity and foreign currency cash flow hedges) on the Consolidated Statements of Earnings in order to mirror the location of the hedged items impacting earnings. Cash settlements for commodity and foreign currency hedges qualifying as cash flow hedges are included in Operating activities in the Consolidated Statements of Cash Flows.

The Company has translation exposure resulting from translating the financial statements of foreign subsidiaries into U.S. Dollars, which is recognized in Currency translation adjustment (a component of AOCI). The Company uses cross-currency forward contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. The changes in fair values of these derivative instruments are recognized in Currency translation adjustment (a component of AOCI), with recognition of the excluded components amortized to Interest expense, net on the Consolidated Statements of Earnings. Cash settlements for derivatives qualifying as net investment hedges are included in Investing activities in the Consolidated Statements of Cash Flows.
The Company uses forward currency exchange contracts to manage existing exposures to foreign exchange risk related to assets and liabilities recorded on the Consolidated Balance Sheets. Gains and losses resulting from the changes in fair value of these instruments are recorded in Other expenses, net on the Consolidated Statements of Earnings, and are substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures (which are also recorded in Other expenses, net). Cash settlements for non-designated derivatives are included in the Consolidated Statements of Cash Flows in the category that is consistent with the nature of the derivative instrument, which is generally the same category as the underlying item being hedged.
Fair Value Measurements
The carrying value of cash and cash equivalents, accounts receivable and short-term debt approximate fair value because of the short-term maturity of the instruments. The Company uses widely accepted valuation tools to determine fair value of our derivatives, such as discounting cash flows to calculate a present value for the derivatives. Our derivatives consist of natural gas forward swaps, cross currency swaps and foreign exchange forward contracts, all of which are over-the-counter and not traded through an exchange. The models use Level 2 inputs, such as forward curves and other commonly quoted observable transactions and prices. The fair value of our derivatives and hedging instruments are all classified as Level 2 investments within the three-tier hierarchy.
Please refer to Notes 5 and 13 for additional fair value disclosure of derivative financial instruments and long-term debt, respectively.
Foreign Currency
The functional currency of the Company’s subsidiaries is generally the applicable local currency. Assets and liabilities of foreign subsidiaries are translated into United States dollars at the period-end rate of exchange, and their Statements of Earnings and Statements of Cash Flows are converted on an ongoing basis at the monthly average rate. The resulting translation adjustment is included in AOCI in the Consolidated Balance Sheets and Consolidated Statements of Stockholders’ Equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are recorded in Other expenses, net in the Consolidated Statements of Earnings as incurred. As discussed in the Derivative Financial Instruments section above, the Company uses non-designated foreign currency derivative financial instruments to mitigate this risk. The Company recorded foreign currency transactional gains (net of associated derivative activity) of $12 million and $7 million during the years ended December 31, 2019 and December 31, 2018, respectively, and foreign currency transactional losses (net of associated derivative activity) of $4 million during the year ended December 31, 2017. Please refer to Note 5 for additional disclosures related to non-designated derivatives.
Accounting Pronouncements
The following table summarizes recent accounting standard updates (ASU) issued by the Financial Accounting Standards Board (FASB) that could have an impact on the Company's Consolidated Financial Statements:
StandardDescriptionEffective Date for Company
Effect on the
Consolidated Financial Statements
Recently adopted standards:
ASU 2016-02, "Leases (Topic 842)," as amended by ASU 2017-13, 2018-01, 2018-10, 2018-11, and 2019-01The standard requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. The recognition and presentation of expenses will depend on classification as a finance or operating lease. Entities may elect to apply the provisions of the new leasing standard on January 1, 2019, without adjusting the comparative periods presented by recognizing a cumulative-effect adjustment to the opening balance of retained earnings.  January 1, 2019We adopted this standard using the optional transition method in the first quarter of 2019. Please refer to Note 9 of the Consolidated Financial Statements for transition disclosures as well as other ongoing disclosure requirements.  
Recently issued standards:
ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326)," as amended by ASU 2018-19, 2019-04, 2019-05, 2019-10 and 2019-11This standard replaces the incurred loss methodology for recognizing credit losses with a current expected credit losses model and applies to all financial assets, including trade receivables. Entities will adopt the standard using a modified-retrospective approach.  January 1, 2020We do not believe the adoption of this guidance will have a material effect on our consolidated financial statements. Our current accounts receivable policy (as described in Note 1 of the Consolidated Financial Statements) uses historical and forward-looking information to estimate the amount of expected credit losses in our existing accounts receivable. We have determined that our current systems, policies and procedures comply with the requirements of this standard. 
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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
SEGMENT INFORMATION
The Company has three reportable segments: Composites, Insulation and Roofing. Accounting policies for the segments are the same as those for the Company. The Company’s three reportable segments are defined as follows:
Composites – The Company manufactures, fabricates and sells glass reinforcements in the form of fiber. Glass reinforcement materials are also used downstream by the Composites segment to manufacture and sell glass fiber products in the form of fabrics, non-wovens and other specialized products.
Insulation – Within our Insulation segment, the Company manufactures and sells fiberglass insulation into residential, commercial, industrial and other markets for both thermal and acoustical applications. It also manufactures and sells glass fiber pipe insulation, flexible duct media, bonded and granulated mineral wool insulation, cellular glass insulation and foam insulation used in above- and below-grade construction applications.
Roofing – Within our Roofing segment, the Company manufactures and sells residential roofing shingles, oxidized asphalt materials, roofing components used in residential and commercial construction and specialty applications, and synthetic packaging materials.
 
NET SALES
The following table summarizes our net sales by segment and geographic region (in millions). Corporate eliminations (shown below) largely reflect intercompany sales from Composites to Roofing. External customer sales are attributed to geographic region based upon the location from which the product is sold to the external customer.
 Twelve Months Ended December 31,
 201920182017
Reportable Segments
Composites$2,059  $2,041  $2,068  
Insulation2,668  2,720  2,001  
Roofing2,634  2,492  2,553  
Total reportable segments7,361  7,253  6,622  
Corporate eliminations(201) (196) (238) 
NET SALES$7,160  $7,057  $6,384  

External Customer Sales by Geographic Region
United States$4,776  $4,647  $4,495  
Europe1,209  1,209  661  
Asia Pacific664  656  675  
Canada and other511  545  553  
NET SALES$7,160  $7,057  $6,384  

EARNINGS BEFORE INTEREST AND TAXES
Earnings before interest and taxes (EBIT) by segment consists of net sales less related costs and expenses and are presented on a basis that is used internally for evaluating segment performance. Certain items, such as general corporate expenses or income and certain other expense or income items, are excluded from the internal evaluation of segment performance. Accordingly, these items are not reflected in EBIT for our reportable segments and are included within Corporate, Other and Eliminations.
The following table summarizes EBIT by segment (in millions):
 Twelve Months Ended December 31,
 201920182017
Reportable Segments
Composites$247  $251  $291  
Insulation230  290177
Roofing455  434  535  
Total reportable segments932  975  1,003  
Restructuring costs(28) (22) (48) 
Acquisition-related costs—  (16) (15) 
Recognition of acquisition inventory fair value step-up—  (2) (5) 
Litigation settlement gain, net of legal fees—  —  29  
Pension settlement losses(43) —  (64) 
Environmental liability charges(4) —  (15) 
General corporate expense and other(104) (114) (148) 
Total Corporate, other and eliminations(179) (154) (266) 
EBIT$753  $821  $737  
 
TOTAL ASSETS AND PROPERTY, PLANT AND EQUIPMENT
The following table summarizes total assets by segment and property, plant and equipment by geographic region (in millions):
 December 31,
TOTAL ASSETS20192018
Reportable Segments
Composites$2,470  $2,480  
Insulation4,975  4,907  
Roofing1,784  1,750  
Total reportable segments9,229  9,137  
Cash and cash equivalents172  78  
Noncurrent deferred income taxes46  43  
Investments in affiliates51  51  
Assets held for sale1  3  
Corporate property, plant and equipment, other assets and eliminations507  459  
CONSOLIDATED TOTAL ASSETS$10,006  $9,771  

December 31,
PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC REGION20192018
United States$2,204  $2,166  
Europe762  779  
Asia Pacific601  567  
Canada and other288  299  
TOTAL PROPERTY, PLANT AND EQUIPMENT$3,855  $3,811  
PROVISION FOR DEPRECIATION AND AMORTIZATION
The following table summarizes the provision for depreciation and amortization by segment (in millions):
 Twelve Months Ended December 31,
 201920182017
Reportable Segments
Composites$154  $147  $144  
Insulation194  186  124  
Roofing54  51  50  
Total reportable segments402  384  318  
General corporate depreciation and amortization (a)55  49  53  
CONSOLIDATED PROVISION FOR DEPRECIATION AND AMORTIZATION
$457  $433  $371  

(a)In 2019, 2018 and 2017, General corporate depreciation and amortization expense included $9 million, $10 million and $17 million, respectively, of accelerated depreciation related to restructuring actions further explained in Note 12 to the Consolidated Financial Statements.
ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
The following table summarizes additions to property, plant and equipment on an accrual basis by segment (in millions):
 Twelve Months Ended December 31,
 201920182017
Reportable Segments
Composites$123  $154  $148  
Insulation210  240  151  
Roofing56  91  66  
Total reportable segments389  485  365  
General corporate additions62  57  37  
CONSOLIDATED ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
$451  $542  $402  
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REVENUE
 12 Months Ended
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
ASU 2014-09 Adoption
On January 1, 2018, we adopted ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)" and the related amendments (collectively, "ASC 606"). We used the modified retrospective method of adoption, in which the cumulative effect of initially applying the new standard to existing contracts (as of January 1, 2018) was recorded as a $2 million decrease to the January 1, 2018 opening balance of Accumulated earnings. The effect of this adoption was immaterial to our Consolidated Financial Statements, and we do not expect a material effect to our Consolidated Financial Statements on an ongoing basis. Under the modified-retrospective method of adoption, the comparative information in the Consolidated Financial Statements has not been revised and continues to be reported under the previously applicable revenue accounting guidance ("ASC 605"). If ASC 605 had been applied to the year 2018, the impact would have been immaterial to our Consolidated Financial Statements. Please refer to Significant Policies in Note 1 for other disclosures required by ASC 606.
Disaggregated Revenue
The following tables show a disaggregation of Net sales (in millions):
Twelve Months Ended December 31, 2019
Reportable SegmentsCompositesInsulationRoofingEliminationsConsolidated
Disaggregation Categories
U.S. residential$269  $927  $2,375  $(195) $3,376  
U.S. commercial and industrial614  643  143  —  1,400  
Europe572  625  13  (1) 1,209  
Asia-Pacific475  176  13  —  664  
Rest of world129  297  90  (5) 511  
NET SALES$2,059  $2,668  $2,634  $(201) $7,160  

Twelve Months Ended December 31, 2018
Reportable SegmentsCompositesInsulationRoofingEliminationsConsolidated
Disaggregation Categories
U.S. residential$263  $990  $2,199  $(177) $3,275  
U.S. commercial and industrial598  625  161  (12) 1,372  
Europe590  605  14  —  1,209  
Asia-Pacific464  178  15  (1) 656  
Rest of world126  322  103  (6) 545  
NET SALES$2,041  $2,720  $2,492  $(196) $7,057  

Please refer to Note 2 and Item 1 of our 2019 Form 10-K for further information on our three reportable segments (Composites, Insulation and Roofing). Our contracts with customers are broadly similar in nature throughout our reportable segments, but the amount, timing and uncertainty of revenue and cash flows may vary in each reportable segment due to geographic and end-market economic factors.
In the United States, sales are primarily related to the residential housing market and commercial and industrial applications. Residential market demand is driven by housing starts and repair and remodeling activity (influenced by existing home sales, seasonal home improvement and damage from major storms). Significant portions of our residential products across our three reportable segments are used interchangeably in both new construction and repair and remodeling, and our customers typically distribute (or use) the products for both applications. U.S. commercial and industrial revenues are largely driven by U.S. industrial production growth, commercial construction activity and overall economic conditions in the U.S.
Outside of the United States (Europe, Asia-Pacific and Rest of world), sales are primarily related to commercial and industrial applications and, to a lesser extent, residential applications in certain countries. Throughout the international regions, demand is primarily driven by industrial production growth, commercial construction activity and overall economic conditions in each respective geographical region.

Contract Balances
As of December 31, 2018, our contract liability balances (for extended warranties, down payments and deposits, collectively) totaled $53 million, of which $17 million was recognized as revenue throughout 2019. As of December 31, 2019, our contract liability balances totaled $60 million.
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INVENTORIES
 12 Months Ended
Dec. 31, 2019
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories consist of the following (in millions):
December 31,
20192018
Finished goods$715  $730  
Materials and supplies318  342  
Total inventories$1,033  $1,072  
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DERIVATIVE FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
The Company is exposed to, among other risks, the impact of changes in commodity prices, foreign currency exchange rates, and interest rates in the normal course of business. The Company’s risk management program is designed to manage the exposure and volatility arising from these risks, and utilizes derivative financial instruments to offset a portion of these risks. The Company uses derivative financial instruments only to the extent necessary to hedge identified business risks, and does not enter into such transactions for trading purposes.
The Company generally does not require collateral or other security with counterparties to these financial instruments and is therefore subject to credit risk in the event of nonperformance; however, the Company monitors credit risk and currently does not anticipate nonperformance by other parties. Contracts with counterparties generally contain right of offset provisions. These provisions effectively reduce the Company’s exposure to credit risk in situations where the Company has gain and loss positions outstanding with a single counterparty. It is the Company’s policy to offset on the Consolidated Balance Sheets the amounts recognized for derivative instruments with any cash collateral arising from derivative instruments executed with the same counterparty under a master netting agreement. As of December 31, 2019 and 2018, the Company did not have any amounts on deposit with any of its counterparties, nor did any of its counterparties have any amounts on deposit with the Company.
Derivative Fair Values
The following table presents the fair value of derivatives and hedging instruments and the respective location on the Consolidated Balance Sheets (in millions):
  Fair Value at
 LocationDecember 31, 2019December 31, 2018
Derivative assets designated as hedging instruments:
Net investment hedges:
       Cross currency swapsOther current assets$12  $9  
       Cross currency swapsOther non-current assets$1  $—  
Derivative liabilities designated as hedging instruments:
Net investment hedges:
       Cross-currency swapsOther liabilities$4  $17  
Cash flow hedges:
Natural gas forward swapsCurrent liabilities$3  $1  
Derivative assets not designated as hedging instruments:
Foreign exchange forward contractsOther current assets$9  $1  
Derivative liabilities not designated as hedging instruments:
Foreign exchange forward contractsCurrent liabilities$1  $8  
Consolidated Statements of Earnings Activity
The following table presents the impact and respective location of derivative activities on the Consolidated Statements of Earnings (in millions):
  
  
Twelve Months Ended 
 December 31,
  
Location201920182017
Derivative activity designated as hedging instruments:
Natural gas cash flow hedges:
Amount of loss/(gain) reclassified from AOCI into earningsCost of sales$4  $(2) $(1) 
Amount of loss recognized in earnings (ineffective portion)Other expenses, net$—  $—  $2  
Cross-currency swap net investment hedges:
Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testingInterest expense, net$(13) $(12) $—  
Derivative activity not designated as hedging instruments:
Foreign currency:
Amount of (gain)/loss recognized in earnings (a)Other expenses, net$(35) $(55) $5  
(a)(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 expenses, net. 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 (in millions):
Amount of (Gain) Loss Recognized in Comprehensive Earnings
Twelve Months Ended December 31,
Hedging TypeDerivative Financial Instrument20192018
Net investment hedgeCross-currency swaps$(18) $(18) 
Cash flow hedgeNatural gas forward swaps$2  $—  
Net Investment Hedges
The Company has translation exposure resulting from translating the financial statements of foreign subsidiaries into U.S. Dollars, which is recognized in Currency translation adjustment (a component of AOCI). The Company uses cross-currency forward contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. As of December 31, 2019, the notional amount of these derivative financial instruments was $516 million related to the U.S Dollar and European Euro.

Cash Flow Hedges
The Company uses a combination of derivative financial instruments, which qualify as cash flow hedges, and physical contracts to manage forecasted exposure to electricity and natural gas prices. As of December 31, 2019, the notional amounts of these natural gas forward swaps was 2 MMBTu (or MMBTu equivalent based on U.S. and European indices), which is in line with the notional amounts at December 31, 2018.
Other Derivatives
The Company uses forward currency exchange contracts to manage existing exposures to foreign exchange risk related to assets and liabilities recorded on the Consolidated Balance Sheets. As of December 31, 2019, the Company had notional amounts of $704 million for non-designated derivative financial instruments related to foreign currency exposures in U.S. Dollars primarily related to Brazilian Real, Chinese Yuan, European Euro, Indian Rupee, and South Korean Won. In addition, the Company had notional amounts of $82 million for non-designated derivative financial instruments related to foreign currency exposures in European Euro primarily related to the Russian Ruble.
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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
The Company tests goodwill and indefinite-lived intangible assets for impairment as of October 1 each year, or more frequently should circumstances change or events occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
The changes in the net carrying amount of goodwill by segment are as follows (in millions):
CompositesInsulationRoofingTotal
Balance at December 31, 2018$57  $1,495  $397  $1,949  
Foreign currency translation—  (16) (1) (17) 
Balance at December 31, 2019$57  $1,479  $396  $1,932  

The annual tests performed in 2019 resulted in no impairment of goodwill or indefinite-lived intangible assets. Testing did indicate that the business enterprise value for the Insulation reporting unit exceeded its carrying value by approximately 10%. There is uncertainty surrounding the macroeconomic factors that impact this reporting unit and a sustained downturn in these factors or a change in the long-term revenue growth or profitability for this reporting unit could increase the likelihood of a future impairment.
Other Intangible Assets
The Company amortizes the cost of other intangible assets over their estimated useful lives which, individually, range up to 45 years. The Company's future cash flows are not materially impacted by its ability to extend or renew agreements related to its amortizable intangible assets.
The Other category below primarily includes franchise agreements and quarry and emissions rights. Other intangible assets consist of the following (in millions):

December 31, 2019December 31, 2018
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Trademarks$1,139  $—  $1,139  $1,144  $—  $1,144  
Customer relationships550  (167) 383  554  (138) 416  
Technology319  (152) 167  321  (134) 187  
Other67  (35) 32  60  (28) 32  
Total other intangible assets$2,075  $(354) $1,721  $2,079  $(300) $1,779  
Amortization expense for the years ended December 31, 2019, 2018, and 2017 was $54 million, $49 million, and $31 million, respectively. The estimated amortization expense for intangible assets for the next five years is as follows (in millions):
PeriodAmortization  
2020$48  
2021$48  
2022$45  
2023$42  
2024$39  
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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consist of the following (in millions):
December 31, 2019December 31, 2018
Land$221  $224  
Buildings and leasehold improvements1,186  1,091  
Machinery and equipment4,978  4,628  
Construction in progress310  443  
6,695  6,386  
Accumulated depreciation(2,840) (2,575) 
Property, plant and equipment, net$3,855  $3,811  
Machinery and equipment includes certain precious metals used in our production tooling, which comprise approximately 10% and 11% of total machinery and equipment as of December 31, 2019 and December 31, 2018, respectively.
For the years ended December 31, 2019, 2018 and 2017, depreciation expense was $403 million, $384 million and $340 million, respectively, which includes depletion expense related to precious metals used in our production tooling. In 2019, 2018 and 2017, depreciation expense included $9 million, $10 million and $17 million, respectively, of accelerated depreciation related to restructuring actions further explained in Note 12 to the Consolidated Financial Statements.
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ACQUISITIONS
 12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
ACQUISITIONS Paroc AcquisitionOn February 5, 2018, the Company acquired all the outstanding equity of Paroc Group Oy ("Paroc"), a leading producer of mineral wool insulation for building and technical applications in Europe, for $1,121 million, net of cash acquired. The acquisition of Paroc expands the Company's mineral wool technology, grows its presence in the European insulation market, provides access to a variety of new end-use markets and will increase the Insulation segment's geographic sales mix outside of the U.S. and Canada. Paroc's operating results have been included in the Company’s Insulation segment within the Consolidated Financial Statements since the date of acquisition. During 2019, the Consolidated Statements of Earnings included $38 million in Net Sales attributable to the acquisition (net sales from January 1, 2019 through February 4, 2019 that were related to the one-year post-acquisition period). The pro forma effect of this acquisition on Net sales and Net earnings attributable to Owens Corning was immaterial.
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LEASES
 12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
LEASES
ASU 2016-02 Adoption
On January 1, 2019, we adopted ASU 2016-02, "Leases (Topic 842)," and the related amendments (collectively "ASC 842"). We used the optional transition method of adoption, in which the cumulative effect of initially applying the new standard to existing leases was $237 million to record the operating lease right-of-use assets and the related liabilities as of January 1, 2019. Under this method of adoption, the comparative information in the Consolidated Financial Statements has not been revised and continues to be reported under the previously applicable lease accounting guidance (ASC 840). We elected the package of practical expedients permitted under the transition guidance, which included the carry-forward of historical lease classifications.
As of December 31, 2018, leases classified as capital leases under ASC 840 of $16 million were included in Property, plant and equipment, net. Finance lease right-of-use assets, which were previously classified as capital leases under ASC 840, are now included in Other non-current assets. As of both December 31, 2018 and December 31, 2019, liabilities associated with capital leases and finance leases are included in Long-term debt and represent indebtedness for bank covenant purposes.
Leases
The Company leases certain equipment and facilities under both operating and finance leases expiring on various dates through 2032. The nature of these leases generally fall into the following five categories: real estate, material handling, fleet vehicles, office equipment and energy equipment.
For leases with initial terms greater than 12 months, we consider these our right-of-use assets and record the related asset and obligation at the present value of lease payments over the term. For leases with initial terms equal to or less than 12 months, we do not consider them as right-of-use assets and instead consider them short-term lease costs that are recognized on a straight-line basis over the lease term.
Many of our leases include escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when reasonably certain. These options to extend or terminate a lease are at our discretion. We have elected to take the practical expedient and not separate lease and non-lease components of contracts. We estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Our lease agreements do not contain any material residual value guarantees.
Balance Sheet Classification

The table below presents the lease-related assets and liabilities recorded on the balance sheet (in millions):
LeasesClassification on Balance SheetDecember 31, 2019
Assets
Operating lease assetsOperating lease right-of-use assets$203  
Finance lease assetsOther non-current assets21  
Total lease assets$224  
Liabilities
Current
OperatingCurrent liabilities$66  
FinanceCurrent liabilities7  
Non-Current
OperatingNon-current operating lease liabilities138  
FinanceLong-term debt, net of current portion19  
Total lease liabilities$230  

Lease Costs

For the year ended December 31, 2019, the Company recorded $81 million of operating lease expense and $10 million of short-term lease expense. The Company had an immaterial amount of finance lease expense and variable lease expense. Cash paid for operating leases approximated operating lease expense and non-cash right-of-use asset amortization for the year ended December 31, 2019. We added $47 million of operating lease liabilities as a result of obtaining operating lease right-of-use assets in the year ended December 31, 2019.

Other Information

The tables below present supplemental information related to leases as of December 31, 2019:
Weighted-average remaining lease term (years)December 31, 2019
Operating leases4.0
Finance leases3.9

Weighted-average discount rateDecember 31, 2019
Operating leases3.30 %
Finance leases6.29 %
Maturities of Lease Liabilities
The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of December 31, 2019 (in millions):
PeriodOperating LeasesFinance Leases
2020$73  $8  
202160  8  
202239  6  
202322  4  
202411  2  
2025 and beyond17  1  
Total minimum lease payments222  29  
Less: implied interest18  3  
Present value of future minimum lease payments204  26  
Less: current lease obligations66  7  
Long-term lease obligations$138  $19  

As of December 31, 2019, we have an immaterial amount of leases that have not yet commenced.

Information Presented in 2018 Form 10-K under ASC 840

As presented in our 2018 Form 10-K, the minimum future rental commitments under ASC 840 for non-cancelable operating leases with initial maturities greater than one year, payable over the remaining lives of the leases as of December 31, 2018 were (in millions):
Period
Minimum
Future Rental
Commitments
2019$83  
2020$64  
2021$47  
2022$31  
2023$18  
2024 and beyond$27  
Total rent expense was $106 million, $87 million and $79 million in the years ended December 31, 2018, 2017 and 2016, respectively.
LEASES
ASU 2016-02 Adoption
On January 1, 2019, we adopted ASU 2016-02, "Leases (Topic 842)," and the related amendments (collectively "ASC 842"). We used the optional transition method of adoption, in which the cumulative effect of initially applying the new standard to existing leases was $237 million to record the operating lease right-of-use assets and the related liabilities as of January 1, 2019. Under this method of adoption, the comparative information in the Consolidated Financial Statements has not been revised and continues to be reported under the previously applicable lease accounting guidance (ASC 840). We elected the package of practical expedients permitted under the transition guidance, which included the carry-forward of historical lease classifications.
As of December 31, 2018, leases classified as capital leases under ASC 840 of $16 million were included in Property, plant and equipment, net. Finance lease right-of-use assets, which were previously classified as capital leases under ASC 840, are now included in Other non-current assets. As of both December 31, 2018 and December 31, 2019, liabilities associated with capital leases and finance leases are included in Long-term debt and represent indebtedness for bank covenant purposes.
Leases
The Company leases certain equipment and facilities under both operating and finance leases expiring on various dates through 2032. The nature of these leases generally fall into the following five categories: real estate, material handling, fleet vehicles, office equipment and energy equipment.
For leases with initial terms greater than 12 months, we consider these our right-of-use assets and record the related asset and obligation at the present value of lease payments over the term. For leases with initial terms equal to or less than 12 months, we do not consider them as right-of-use assets and instead consider them short-term lease costs that are recognized on a straight-line basis over the lease term.
Many of our leases include escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when reasonably certain. These options to extend or terminate a lease are at our discretion. We have elected to take the practical expedient and not separate lease and non-lease components of contracts. We estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Our lease agreements do not contain any material residual value guarantees.
Balance Sheet Classification

The table below presents the lease-related assets and liabilities recorded on the balance sheet (in millions):
LeasesClassification on Balance SheetDecember 31, 2019
Assets
Operating lease assetsOperating lease right-of-use assets$203  
Finance lease assetsOther non-current assets21  
Total lease assets$224  
Liabilities
Current
OperatingCurrent liabilities$66  
FinanceCurrent liabilities7  
Non-Current
OperatingNon-current operating lease liabilities138  
FinanceLong-term debt, net of current portion19  
Total lease liabilities$230  

Lease Costs

For the year ended December 31, 2019, the Company recorded $81 million of operating lease expense and $10 million of short-term lease expense. The Company had an immaterial amount of finance lease expense and variable lease expense. Cash paid for operating leases approximated operating lease expense and non-cash right-of-use asset amortization for the year ended December 31, 2019. We added $47 million of operating lease liabilities as a result of obtaining operating lease right-of-use assets in the year ended December 31, 2019.

Other Information

The tables below present supplemental information related to leases as of December 31, 2019:
Weighted-average remaining lease term (years)December 31, 2019
Operating leases4.0
Finance leases3.9

Weighted-average discount rateDecember 31, 2019
Operating leases3.30 %
Finance leases6.29 %
Maturities of Lease Liabilities
The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of December 31, 2019 (in millions):
PeriodOperating LeasesFinance Leases
2020$73  $8  
202160  8  
202239  6  
202322  4  
202411  2  
2025 and beyond17  1  
Total minimum lease payments222  29  
Less: implied interest18  3  
Present value of future minimum lease payments204  26  
Less: current lease obligations66  7  
Long-term lease obligations$138  $19  

As of December 31, 2019, we have an immaterial amount of leases that have not yet commenced.

Information Presented in 2018 Form 10-K under ASC 840

As presented in our 2018 Form 10-K, the minimum future rental commitments under ASC 840 for non-cancelable operating leases with initial maturities greater than one year, payable over the remaining lives of the leases as of December 31, 2018 were (in millions):
Period
Minimum
Future Rental
Commitments
2019$83  
2020$64  
2021$47  
2022$31  
2023$18  
2024 and beyond$27  
Total rent expense was $106 million, $87 million and $79 million in the years ended December 31, 2018, 2017 and 2016, respectively.
v3.19.3.a.u2
TOTAL CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
TOTAL CURRENT LIABILITIES TOTAL CURRENT LIABILITIES
Current liabilities consist of the following current portions of these liabilities (in millions):
 December 31,
 20192018
Accounts payable$815  $851  
Payroll, vacation pay and incentive compensation172  157  
Current operating lease liabilities66  —  
Other276  270  
Total$1,329  $1,278  
v3.19.3.a.u2
WARRANTIES
 12 Months Ended
Dec. 31, 2019
Product Warranties Disclosures [Abstract]  
WARRANTIES
The Company records a liability for warranty obligations at the date the related products are sold. Adjustments are made as new information becomes available. Please refer to Note 1 for information about our separately-priced extended warranty contracts. A reconciliation of the warranty liability is as follows (in millions):
 December 31,
 20192018
Beginning balance$60  $55  
Amounts accrued for current year21  20  
Settlements of warranty claims(17) (15) 
Ending balance$64  $60  
v3.19.3.a.u2
RESTRUCTURING AND ACQUISITION-RELATED COSTS
 12 Months Ended
Dec. 31, 2019
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND ACQUISITION-RELATED COSTS RESTRUCTURING AND ACQUISITION-RELATED COSTS
The Company may incur restructuring, transaction and integration costs related to acquisitions, and may incur restructuring costs in connection with its global cost reduction and productivity initiatives.

Restructuring Costs

Insulation Network Optimization Restructuring
In October 2019, the Company took actions to primarily restructure certain U.S. insulation operations and to reduce the cost structure throughout the Insulation network. Investments in productivity and process technologies enabled the Company to optimize its network and improve its cost position. During 2019, the Company recorded $24 million of charges, comprised of $8 million of severance, $9 million of accelerated depreciation and $7 million of other exit costs. The Company expects to recognize approximately $6 million of incremental costs in 2020.

Acquisition-Related Restructuring
Following the acquisitions of Paroc and Pittsburgh Corning into the Company's Insulation segment, the Company took actions to realize expected synergies from the newly acquired operations. During 2019, the Company recorded $9 million of charges related to these actions, comprised of $6 million of severance and $3 million of other exit costs. The Company expects there will be minimal incremental costs in 2020.

2017 Cost Reduction Actions
During the second quarter of 2017, the Company took actions to avoid future capital outlays and reduce costs in its Composites segment, mainly through decisions to close certain sub-scale manufacturing facilities in Asia Pacific (Doudian, People's Republic of China and Thimmapur, India) and North America (Mexico City, Mexico and Brunswick, Maine) and to reposition assets in its Chambery, France operation. During 2019, the Company recorded $3 million of other exit costs and $1 million of severance charges, offset by a $3 million non-cash gain related to a lease termination in Mexico City, Mexico, associated with these actions. The Company expects there will be no incremental costs in 2020.
Consolidated Statements of Earnings Classification
The following table presents the impact and respective location of total restructuring costs on the Consolidated Statements of Earnings, which are included in our Corporate, Other and Eliminations category (in millions):
Twelve Months Ended December 31,
Type of CostLocation201920182017
Accelerated depreciationCost of sales  $9  $10  $17  
Other exit costsCost of sales  6  7  3  
SeveranceOther expenses, net  13  4  27  
Other exit (gains)/costs (a)Other expenses, net  (1) 1  1  
Other exit costsNon-operating expense (income)1  —  —  
Total restructuring costs$28  $22  $48  

(a) Other exit (gains)/costs in 2019 includes a $6 million gain related to the sale of an idle residential fiberglass insulation facility in Canada resulting from the 2016 Cost Reductions Actions. Please refer to Note 11 of our 2016 Form 10-K for more information about these restructuring actions.

Summary of Unpaid Liabilities
The following table summarizes the status of the unpaid liabilities from the Company’s restructuring activities (in millions):
Insulation Network Optimization Restructuring2017 Cost Reduction ActionsAcquisition-Related Restructuring
Balance at December 31, 2018$—  $10  $7  
Restructuring costs24  1  9  
Payments(10) (12) (5) 
Non-cash items (9) 1  —  
Balance at December 31, 2019$5  $—  $11  
Cumulative charges incurred$24  $49  $29  

As of December 31, 2019, the remaining liability balance is comprised of $16 million of severance, inclusive of $4 of non-current severance and $12 million of severance the Company expects to pay over the next twelve months.
v3.19.3.a.u2
DEBT
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
DEBT
Details of the Company’s outstanding long-term debt, as well as the fair values, are as follows (in millions):
December 31, 2019December 31, 2018
Carrying Value  Fair Value  Carrying Value  Fair Value  
4.20% senior notes, net of discount and financing fees, due 2022$183  104 %$598  99 %
4.20% senior notes, net of discount and financing fees, due 2024395  106 %393  99 %
3.40% senior notes, net of discount and financing fees, due 2026396  101 %396  90 %
3.95% senior notes, net of discount and financing fees, due 2029445  104 %—  — %
7.00% senior notes, net of discount and financing fees, due 2036367  126 %400  112 %
4.30% senior notes, net of discount and financing fees, due 2047588  95 %588  76 %
4.40% senior notes, net of discount and financing fees, due 2048390  97 %389  77 %
Accounts receivable securitization facility, maturing in 2022 (a)—  — %75  100 %
Various finance leases, due through 2032 (a) (b)26  100 %24  100 %
Term loan borrowing, maturing in 2021 (a)200  100 %500  100 %
Other3  n/a  8  n/a  
Total long-term debt2,993  n/a  3,371  n/a  
Less – current portion (a)7  100 %9  100 %
Long-term debt, net of current portion$2,986  n/a  $3,362  n/a  

(a) The Company determined that the book value of the above noted long-term debt instruments approximates fair value.
(b) Amounts reflected for December 31, 2018 represent capital lease obligations as recorded under ASC 840.

The fair values of the Company's outstanding long-term debt instruments were estimated using market observable inputs, including quoted prices in active markets, market indices and interest rate measurements. Within the hierarchy of fair value measurements, these are Level 2 fair values.
Senior Notes
The Company issued $450 million of 2029 senior notes on August 12, 2019 subject to $5 million of discounts and issuance costs. Interest on the notes is payable semiannually in arrears on February 15 and August 15 each year, beginning on February 15, 2020. The proceeds from these notes were used to repay $416 million of our 2022 senior notes and $34 million of our 2036 senior notes. The Company recognized approximately $32 million of loss on extinguishment of debt in the third quarter of 2019 associated with these actions.
The Company issued $400 million of 2048 senior notes on January 25, 2018. Interest on the notes is payable semiannually in arrears on January 30 and July 30 each year, beginning on July 30, 2018. The proceeds from these notes were used, along with borrowings on a $600 million term loan commitment and borrowings on the Receivables Securitization Facility (as defined below), to fund the purchase of Paroc in the first quarter of 2018.
The Company issued $600 million of 2047 senior notes on June 26, 2017. Interest on the notes is payable semiannually in arrears on January 15 and July 15 each year, beginning on January 15, 2018. A portion of the proceeds from these notes was used to fund the purchase of Pittsburgh Corning in 2017 and for general corporate purposes. The remaining proceeds were used to repay $144 million of our 2019 senior notes and $140 million of our 2036 senior notes.
The Company issued $400 million of 2026 senior notes on August 8, 2016. Interest on the notes is payable semiannually in arrears on February 15 and August 15 each year, beginning on February 15, 2017. A portion of the proceeds from these notes was used to redeem $158 million of our 2016 senior notes. The remaining proceeds were used to pay down portions of our Receivables Securitization Facility and for general corporate purposes.
The Company issued $400 million of 2024 senior notes on November 12, 2014. Interest on the notes is payable semiannually in arrears on June 1 and December 1 each year, beginning on June 1, 2015. A portion of the proceeds from these notes was used to repay $242 million of our 2016 senior notes and $105 million of our 2019 senior notes. The remaining proceeds were used to pay down our Senior Revolving Credit Facility (as defined below), finance general working capital needs, and for general corporate purposes.
The Company issued $600 million of 2022 senior notes on October 17, 2012. Interest on the notes is payable semiannually in arrears on June 15 and December 15 each year, beginning on June 15, 2013. The proceeds of these notes were used to refinance $250 million of our 2016 senior notes and $100 million of our 2019 senior notes and pay down our Senior Revolving Credit Facility.
On October 31, 2006, the Company issued $550 million of 2036 senior notes. The proceeds of these notes were used to pay certain unsecured and administrative claims, finance general working capital needs and for general corporate purposes.
Collectively, the notes above are referred to as the “Senior Notes.” The Senior Notes are general unsecured obligations of the Company and rank pari passu with all existing and future senior unsecured indebtedness of the Company.
In May 2018, the Company entered into a new agreement covering our Senior Revolving Credit Facility. This new agreement, among other things, removed all subsidiaries of the Company as guarantors under our Senior Revolving Credit Facility, unless certain conditions precedent are met that do not exist at this time, and had the effect of removing the guarantees of such subsidiaries under our Senior Notes. In addition, we elected to amend our Registration Statement on Form S-3 to eliminate the guarantees of our Senior Notes as registered securities.
The Company has the option to redeem all or part of the Senior Notes at any time at a “make-whole” redemption price. The Company is subject to certain covenants in connection with the issuance of the Senior Notes that it believes are usual and customary. The Company was in compliance with these covenants as of December 31, 2019.
In the first quarter of 2016, the Company terminated interest rate swaps designated to hedge a portion of the 4.20% senior notes due 2022. The residual fair value of the swaps was previously recognized in Long-term debt, net of current portion on the Consolidated Balance Sheets as an unamortized interest rate swap basis adjustment and accounts for $5 million of the Other balance in the above table as of December 31, 2018. As a result of the repurchase of a portion of these notes in a tender offer in the third quarter of 2019, the remaining unamortized portion of the swaps was recognized on the Consolidated Statements of Earnings as a $4 million reduction to the loss on extinguishment of debt.
Senior Revolving Credit Facility
The Company has an $800 million Senior Revolving Credit Facility that includes both borrowings and letters of credit. Borrowings under the Senior Revolving Credit Facility may be used for general corporate purposes and working capital. The Company has the discretion to borrow under multiple options, which provide for varying terms and interest rates including the United States prime rate, federal funds rate plus a spread or LIBOR plus a spread. In April 2019, the Company entered into an amendment to extend the maturity date of the Senior Revolving Credit Facility by one year to 2024.
The Senior Revolving Credit Facility contains various covenants, including a maximum allowed leverage ratio and a minimum required interest expense coverage ratio, that the Company believes are usual and customary for a senior unsecured credit agreement. The Company was in compliance with these covenants as of December 31, 2019. Please refer to the Credit Facility Utilization paragraph below for liquidity information as of December 31, 2019.
Term Loan Borrowing
The Company obtained a term loan borrowing on October 27, 2017 for $600 million (the "Term Loan"). The Company entered into the Term Loan, in part, to pay a portion of the purchase price of the Paroc acquisition. In the first quarter of 2018, the Company borrowed on the Term Loan, along with borrowings on the Receivables Securitization Facility and the proceeds of the 2048 senior notes, to fund the purchase of Paroc. The Term Loan requires partial quarterly principal repayments, all of which have been paid as of December 31, 2019, and full repayment by February 2021. As of December 31, 2019, the Term Loan had $200 million outstanding. In March 2019, the Term Loan was amended to reduce the applicable interest rate on outstanding borrowings.
The Term Loan contains various covenants, including a maximum allowed leverage ratio and a minimum required interest expense coverage ratio, that the Company believes are usual and customary for a term loan. The Company was in compliance with these covenants as of December 31, 2019.
Receivables Securitization Facility
Included in long-term debt on the Consolidated Balance Sheets are borrowings outstanding under a Receivables Purchase Agreement (RPA) that are accounted for as secured borrowings in accordance with ASC 860, "Accounting for Transfers and Servicing." Owens Corning Sales, LLC and Owens Corning Receivables LLC, each a subsidiary of the Company, have a $280 million RPA with certain financial institutions. The Company has the ability to borrow at the lenders' cost of funds, which approximates A-1/P-1 commercial paper rates vs. LIBOR, plus a fixed spread. In April 2019, the securitization facility (the "Receivables Securitization Facility") was amended to extend the maturity date to April 2022.
The Receivables Securitization Facility contains various covenants, including a maximum allowed leverage ratio and a minimum required interest expense coverage ratio that the Company believes are usual and customary for a securitization facility. The Company was in compliance with these covenants as of December 31, 2019. Please refer to the Credit Facility Utilization section below for liquidity information as of December 31, 2019.
Owens Corning Receivables LLC’s sole business consists of the purchase or acceptance through capital contributions of trade receivables and related rights from Owens Corning Sales, LLC and the subsequent retransfer of or granting of a security interest in such trade receivables and related rights to certain purchasers who are party to the RPA. Owens Corning Receivables LLC is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Owens Corning Receivables LLC’s assets prior to any assets or value in Owens Corning Receivables LLC becoming available to Owens Corning Receivables LLC’s equity holders. The assets of Owens Corning Receivables LLC are not available to pay creditors of the Company or any other affiliates of the Company or Owens Corning Sales, LLC.
Credit Facility Utilization
The following table shows how the Company utilized its primary sources of liquidity (in millions):
Balance at December 31, 2019
Senior Revolving Credit FacilityReceivables Securitization Facility
Facility size$800  $280  
Collateral capacity limitation on availabilityn/a  —  
Outstanding borrowings—  —  
Outstanding letters of credit4  2  
Availability on facility$796  $278  
Debt Maturities
The aggregate maturities for all outstanding long-term debt borrowings for each of the five years following December 31, 2019 and thereafter are presented in the table below (in millions). The maturities below are the aggregate par amounts of the outstanding senior notes, borrowings from the Term Loan and finance lease liabilities:
PeriodMaturities
2020$8  
2021208  
2022190  
20234  
2024401  
2025 and beyond2,227  
Total$3,038  
Short-Term Debt
At December 31, 2019 and December 31, 2018, short-term borrowings were $20 million and $16 million, respectively. The short-term borrowings for both periods consisted of various operating lines of credit and working capital facilities. Certain of these borrowings are collateralized by receivables, inventories or property. The borrowing facilities are typically for one-year renewable terms. The weighted average interest rate on all short-term borrowings was approximately 7.8% and 3.0% for December 31, 2019 and December 31, 2018, respectively.
v3.19.3.a.u2
PENSION PLANS
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
PENSION PLANS
Pension Plans
The Company sponsors defined benefit pension plans. Under the plans, pension benefits are based on an employee’s years of service and, for certain categories of employees, qualifying compensation. Company contributions to these pension plans are determined by an independent actuary to meet or exceed minimum funding requirements. In our U.S. plan, the unrecognized cost of any retroactive amendments and actuarial gains and losses are amortized over the average remaining life expectancy of inactive participants. In all of our Non-U.S plans, the unrecognized cost of any retroactive amendments and actuarial gains and losses are amortized over the average future service period of plan participants expected to receive benefits.
During 2019 and 2017, the Company completed balance sheet risk mitigation actions related to certain U.S. and non-U.S. pension plans. These actions included the purchase of non-participating annuity contracts from insurance companies and the payment of lump sums to retirees, which resulted in the settlement of liabilities to affected participants. As a result of these transactions, the Company recognized pension settlement losses of $43 million during the twelve months ended December 31, 2019 and $64 million during the twelve months ended December 31, 2017. These losses are included in Non-operating expense (income) on the Consolidated Statements of Earnings in our Corporate, Other and Eliminations category. These transactions did not have a material effect on the plans' funded status.
The following tables provide a reconciliation of the change in the projected benefit obligation, the change in plan assets and the net amount recognized in the Consolidated Balance Sheets (in millions):
 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Change in Projected Benefit Obligation
Benefit obligation at beginning of period
$891  $427  $1,318  $993  $457  $1,450  
Service cost5  5  10  6  6  12  
Interest cost34  13  47  34  13  47  
Actuarial loss (gain) 85  42  127  (67) (18) (85) 
Currency loss (gain) —  13  13  —  (26) (26) 
Benefits paid(45) (18) (63) (75) (17) (92) 
Settlements/curtailments(104) (7) (111) —  (6) (6) 
Acquisition—  —  —  —  11  11  
Other—  —  —  —  7  7  
Benefit obligation at end of period$866  $475  $1,341  $891  $427  $1,318  

December 31, 2019December 31, 2018
U.S.Non-U.S.TotalU.S.Non-U.S.Total
Change in Plan Assets
Fair value of assets at beginning of period
$727  $328  $1,055  $836  $364  $1,200  
Actual return on plan assets130  50  180  (59) (8) (67) 
Currency gain (loss)—  11  11  —  (20) (20) 
Company contributions25  21  46  25  15  40  
Benefits paid(45) (18) (63) (75) (17) (92) 
Settlements/curtailments(104) (5) (109) —  (6) (6) 
Other—  (1) (1) —  —  —  
Fair value of assets at end of period$733  $386  $1,119  $727  $328  $1,055  
Funded status$(133) $(89) $(222) $(164) $(99) $(263) 

 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Amounts Recognized in the Consolidated Balance Sheets
Prepaid pension cost$—  $11  $11  $—  $7  $7  
Accrued pension cost – current—  (2) (2) —  (2) (2) 
Accrued pension cost – non-current(133) (98) (231) (164) (104) (268) 
Net amount recognized$(133) $(89) $(222) $(164) $(99) $(263) 

Amounts Recorded in AOCI
Net actuarial loss$(345) $(97) $(442) $(392) $(92) $(484) 
The following table presents information about the projected benefit obligation, accumulated benefit obligation (ABO) and plan assets of the Company’s pension plans (in millions):

 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Plans with ABO in excess of fair value of plan assets:
Projected benefit obligation$866  $300  $1,166  $891  $269  $1,160  
Accumulated benefit obligation$866  $295  $1,161  $891  $265  $1,156  
Fair value of plan assets$733  $205  $938  $727  $169  $896  
Plans with fair value of assets in excess of ABO:
Projected benefit obligation$—  $175  $175  $—  $158  $158  
Accumulated benefit obligation$—  $159  $159  $—  $140  $140  
Fair value of plan assets$—  $181  $181  $—  $159  $159  
Summary of all plans:
Total projected benefit obligation$866  $475  $1,341  $891  $427  $1,318  
Total accumulated benefit obligation$866  $454  $1,320  $891  $405  $1,296  
Total fair value of plan assets$733  $386  $1,119  $727  $328  $1,055  

Weighted-Average Assumptions Used to Determine Benefit Obligation
The following table presents weighted average assumptions used to determine benefit obligations at the measurement dates:
 December 31,
 20192018
United States Plans
Discount rate3.30 %4.25 %
Expected return on plan assets6.50 %6.75 %
Non-United States Plans
Discount rate2.24 %3.04 %
Expected return on plan assets4.66 %4.91 %
Rate of compensation increase3.99 %4.14 %
Components of Net Periodic Pension Cost
The following table presents the components of net periodic pension cost (in millions):
 Twelve Months Ended December 31,
 201920182017
Service cost$10  $12  $12  
Interest cost47  47  55  
Expected return on plan assets(68) (73) (79) 
Amortization of actuarial loss15  15  18  
Settlement/curtailment44  —  64  
Net periodic pension cost$48  $1  $70  
 
Weighted-Average Assumptions Used to Determine Net Periodic Pension Cost
The following table presents weighted-average assumptions used to determine net periodic pension costs for the periods noted:
 Twelve Months Ended December 31,
 2019 2018 2017 
United States Plans
Discount rate4.25 %3.55 %3.95 %
Expected return on plan assets6.75 %6.75 %6.75 %
Rate of compensation increaseN/A (a) N/A (a) N/A (a) 
Non-United States Plans
Discount rate3.04 %2.88 %3.14 %
Expected return on plan assets4.91 %5.22 %5.92 %
Rate of compensation increase4.14 %4.29 %4.25 %
 
(a)Not applicable due to changes in plan made on August 1, 2009 that were effective beginning January 1, 2010.
The expected return on plan assets assumption is derived by taking into consideration the target plan asset allocation, historical rates of return on those assets, projected future asset class returns and net outperformance of the market by active investment managers. An asset return model is used to develop an expected range of returns on plan investments over a 20 year period, with the expected rate of return selected from a best estimate range within the total range of projected results. The result is then rounded down to the nearest 25 basis points.
Accumulated Other Comprehensive Earnings (Deficit)
Of the $(442) million balance in AOCI, $15 million is expected to be recognized as net periodic pension cost during 2020.
Items Measured at Fair Value
The Company classifies and discloses pension plan assets in one of the following three categories:
Level 1: Quoted market prices in active markets for identical assets.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs that are not corroborated by market data.

Plan Assets

The tables in this section show pension plan asset fair values and fair value leveling information. The assets are categorized into one of the three levels of the fair value hierarchy or are not subject to leveling, in the case of investments that are valued using the net asset value per share (or its equivalent) practical expedient ("NAV").
The following table summarizes the fair values and applicable fair value hierarchy levels of United States pension plan assets (in millions):
 December 31, 2019
Asset CategoryLevel 1Level 2Level 3Total
Equities:
Domestic$57  $—  $—  $57  
International55  —  —  55  
Fixed income and cash equivalents:
Corporate bonds28  214  —  242  
Government debt—  85  —  85  
Real estate investment trusts22  —  —  22  
Total United States plan assets subject to leveling $162  $299  $—  461  
Plan assets measured at NAV:
Equities 130  
Real assets62  
Fixed income and cash equivalents33  
Absolute return strategies47  
Total United States plan assets $733  

 December 31, 2018
Asset CategoryLevel 1Level 2Level 3Total
Equities:
Domestic$50  $—  $—  $50  
International52  —  —  52  
Fixed income and cash equivalents:
Corporate bonds—  236  —  236  
Government debt—  91  —  91  
Real estate investment trusts24  —  —  24  
Total United States plan assets subject to leveling $126  $327  $—  453  
Plan assets measured at NAV:
Equities 123  
Real assets54  
Fixed income and cash equivalents53  
Absolute return strategies44  
Total United States plan assets $727  
The following table summarizes the fair values and applicable fair value hierarchy levels of non-United States pension plan assets (in millions):
 December 31, 2019
Asset CategoryLevel 1Level 2Level 3Total
Equities$—  $4  $—  $4  
Fixed income and cash equivalents:
Cash and cash equivalents—  65  —  65  
Corporate bonds—  13  —  13  
Total non-United States plan assets subject to leveling $—  $82  $—  82  
Plan assets measured at NAV:
Equities 71  
Fixed income and cash equivalents123  
Absolute return strategies and other110  
Total non-United States plan assets$386  

 December 31, 2018
Asset CategoryLevel 1Level 2Level 3Total
Equities$—  $4  $—  $4  
Fixed income and cash equivalents:
Cash and cash equivalents—  62  —  62  
Corporate bonds—  12  —  12  
Total non-United States plan assets subject to leveling $—  $78  $—  78  
Plan assets measured at NAV:
Equities 41  
Fixed income and cash equivalents109  
Absolute return strategies100  
Total non-United States plan assets$328  
 
Investment Strategy
The current targeted asset allocation for the United States pension plan is to have 33% of assets invested in equities, 3% in real estate, 8% in real assets, 50% in intermediate and long-term fixed income securities and 6% in absolute return strategies. Assets are rebalanced quarterly to conform to policy tolerances. The Company actively evaluates the reasonableness of its asset mix given changes in the projected benefit obligation and market dynamics. Our investment policy and asset mix for the non-United States pension plans varies by location and is based on projected benefit obligation and market dynamics.
Estimated Future Benefit Payments
The following table shows estimated future benefit payments from the Company’s pension plans (in millions):
Year  
Estimated
Benefit
Payments
2020  $76  
2021  $75  
2022  $75  
2023  $75  
2024$75  
2025-2029  $390  
Contributions
Owens Corning expects to contribute $25 million in cash to the United States pension plan during 2020 and another $25 million to non-United States plans. Actual contributions to the plans may change as a result of a variety of factors, including changes in laws that impact funding requirements.
Defined Contribution Plans
The Company sponsors two defined contribution plans which are available to substantially all United States employees. The Company matches a percentage of employee contributions up to a maximum level and contributes up to 2% of an employee’s wages regardless of employee contributions. The Company recognized expense of $48 million, $48 million and $42 million during the years ended December 31, 2019, 2018 and 2017, respectively, related to these plans.
The Company maintains health care and life insurance benefit plans for certain retired employees and their dependents. The health care plans in the United States are non-funded and pay either (1) stated percentages of covered medically necessary expenses, after subtracting payments by Medicare or other providers and after stated deductibles have been met, or (2) fixed amounts of medical expense reimbursement.
Salaried employees hired on or before December 31, 2005 become eligible to participate in the United States health care plans upon retirement if they have accumulated 10 years of service after age 45, 48 or 50, depending on the category of employee. For employees hired after December 31, 2005, the Company does not provide subsidized retiree health care. Some of the plans are contributory, with some retiree contributions adjusted annually. The Company has reserved the right to change or eliminate these benefit plans subject to the terms of collective bargaining agreements.



 
The following table provides a reconciliation of the change in the projected benefit obligation and the net amount recognized in the Consolidated Balance Sheets for the years ended December 31, 2019 and 2018 (in millions):
 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Change in Projected Benefit Obligation
Benefit obligation at beginning of period
$183  $12  $195  $216  $14  $230  
Service cost1  —  1  1  —  1  
Interest cost7  1  8  8  —  8  
Actuarial (gain)/loss(7) 2  (5) (25) —  (25) 
Currency loss—  —  —  —  (1) (1) 
Plan amendments(1) —  (1) (2) —  (2) 
Benefits paid(14) (1) (15) (15) (1) (16) 
Benefit obligation at end of period$169  $14  $183  $183  $12  $195  
Funded status$(169) $(14) $(183) $(183) $(12) $(195) 

Amounts Recognized in the Consolidated Balance Sheets
Accrued benefit obligation – current$(15) $(1) $(16) $(17) $—  $(17) 
Accrued benefit obligation – non-current(154) (13) (167) (166) (12) $(178) 
Net amount recognized$(169) $(14) $(183) $(183) $(12) $(195) 

Amounts Recorded in AOCI
Net actuarial gain$48  $3  $51  $49  $5  $54  
Net prior service credit6  —  6  9  —  9  
Net amount recognized$54  $3  $57  $58  $5  $63  

Weighted-Average Assumptions Used to Determine Benefit Obligations
The following table presents the discount rates used to determine the benefit obligations:
 December 31,
 20192018
United States plans3.10 %4.15 %
Non-United States plans3.84 %4.59 %

 
Components of Net Periodic Postretirement Benefit Cost
The following table presents the components of net periodic postretirement benefit cost (in millions):
 Twelve Months Ended December 31,
 201920182017
Service cost$1  $1  $2  
Interest cost8  8  9  
Amortization of prior service credit(4) (4) (4) 
Amortization of actuarial gain(8) (6) (3) 
Net periodic postretirement benefit (income)/cost$(3) $(1) $4  

Weighted-Average Assumptions Used to Determine Net Periodic Postretirement Benefit Cost
The following table presents the discount rates used to determine net periodic postretirement benefit cost:
 Twelve Months Ended December 31,
 201920182017
United States plans4.15 %3.45 %3.80 %
Non-United States plans4.59 %4.56 %6.78 %
The following table presents health care cost trend rates used to determine net periodic postretirement benefit cost, as well as information regarding the ultimate rate and the year in which the ultimate rate is reached:
 Twelve Months Ended December 31,
 201920182017
United States plans:
Initial rate at end of year6.50 %6.75 %6.56 %
Ultimate rate5.00 %5.00 %5.00 %
Year in which ultimate rate is reached202620262025
Non-United States plans:
Initial rate at end of year5.45 %5.40 %5.73 %
Ultimate rate5.45 %5.40 %5.49 %
Year in which ultimate rate is reached201920192019
The health care cost trend rate assumption can have an effect on the amounts reported. To illustrate, a one-percentage point change in the December 31, 2019 assumed health care cost trend rate would have the following effects (in millions):
 1-Percentage Point
 IncreaseDecrease
Increase (decrease) in total service cost and interest cost components of net periodic postretirement benefit cost
$—  $—  
Increase (decrease) of accumulated postretirement benefit obligation$4  $(3) 

Accumulated Other Comprehensive Earnings (Deficit)
Approximately $11 million of the $57 million balance in AOCI is expected to be recognized as net periodic postretirement benefit during 2020.
Estimated Future Benefit Payments
The following table shows estimated future benefit payments from the Company’s postretirement benefit plans (in millions):
Year
Estimated
Benefit
Payments
2020$16  
2021$15  
2022$15  
2023$14  
2024$14  
2025-2029$60  
Postemployment Benefits
The Company may also provide benefits to former or inactive employees after employment but before retirement under certain conditions. These benefits include continuation of benefits such as health care and life insurance coverage. The accrued postemployment benefits liability at December 31, 2019 and 2018 was $11 million and $12 million, respectively. The net periodic postemployment benefit expense for the years ended December 31, 2019, 2018, and 2017 were $1 million, $4 million and $3 million, respectively.
v3.19.3.a.u2
POSTEMPLOYMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
POSTEMPLOYMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
Pension Plans
The Company sponsors defined benefit pension plans. Under the plans, pension benefits are based on an employee’s years of service and, for certain categories of employees, qualifying compensation. Company contributions to these pension plans are determined by an independent actuary to meet or exceed minimum funding requirements. In our U.S. plan, the unrecognized cost of any retroactive amendments and actuarial gains and losses are amortized over the average remaining life expectancy of inactive participants. In all of our Non-U.S plans, the unrecognized cost of any retroactive amendments and actuarial gains and losses are amortized over the average future service period of plan participants expected to receive benefits.
During 2019 and 2017, the Company completed balance sheet risk mitigation actions related to certain U.S. and non-U.S. pension plans. These actions included the purchase of non-participating annuity contracts from insurance companies and the payment of lump sums to retirees, which resulted in the settlement of liabilities to affected participants. As a result of these transactions, the Company recognized pension settlement losses of $43 million during the twelve months ended December 31, 2019 and $64 million during the twelve months ended December 31, 2017. These losses are included in Non-operating expense (income) on the Consolidated Statements of Earnings in our Corporate, Other and Eliminations category. These transactions did not have a material effect on the plans' funded status.
The following tables provide a reconciliation of the change in the projected benefit obligation, the change in plan assets and the net amount recognized in the Consolidated Balance Sheets (in millions):
 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Change in Projected Benefit Obligation
Benefit obligation at beginning of period
$891  $427  $1,318  $993  $457  $1,450  
Service cost5  5  10  6  6  12  
Interest cost34  13  47  34  13  47  
Actuarial loss (gain) 85  42  127  (67) (18) (85) 
Currency loss (gain) —  13  13  —  (26) (26) 
Benefits paid(45) (18) (63) (75) (17) (92) 
Settlements/curtailments(104) (7) (111) —  (6) (6) 
Acquisition—  —  —  —  11  11  
Other—  —  —  —  7  7  
Benefit obligation at end of period$866  $475  $1,341  $891  $427  $1,318  

December 31, 2019December 31, 2018
U.S.Non-U.S.TotalU.S.Non-U.S.Total
Change in Plan Assets
Fair value of assets at beginning of period
$727  $328  $1,055  $836  $364  $1,200  
Actual return on plan assets130  50  180  (59) (8) (67) 
Currency gain (loss)—  11  11  —  (20) (20) 
Company contributions25  21  46  25  15  40  
Benefits paid(45) (18) (63) (75) (17) (92) 
Settlements/curtailments(104) (5) (109) —  (6) (6) 
Other—  (1) (1) —  —  —  
Fair value of assets at end of period$733  $386  $1,119  $727  $328  $1,055  
Funded status$(133) $(89) $(222) $(164) $(99) $(263) 

 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Amounts Recognized in the Consolidated Balance Sheets
Prepaid pension cost$—  $11  $11  $—  $7  $7  
Accrued pension cost – current—  (2) (2) —  (2) (2) 
Accrued pension cost – non-current(133) (98) (231) (164) (104) (268) 
Net amount recognized$(133) $(89) $(222) $(164) $(99) $(263) 

Amounts Recorded in AOCI
Net actuarial loss$(345) $(97) $(442) $(392) $(92) $(484) 
The following table presents information about the projected benefit obligation, accumulated benefit obligation (ABO) and plan assets of the Company’s pension plans (in millions):

 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Plans with ABO in excess of fair value of plan assets:
Projected benefit obligation$866  $300  $1,166  $891  $269  $1,160  
Accumulated benefit obligation$866  $295  $1,161  $891  $265  $1,156  
Fair value of plan assets$733  $205  $938  $727  $169  $896  
Plans with fair value of assets in excess of ABO:
Projected benefit obligation$—  $175  $175  $—  $158  $158  
Accumulated benefit obligation$—  $159  $159  $—  $140  $140  
Fair value of plan assets$—  $181  $181  $—  $159  $159  
Summary of all plans:
Total projected benefit obligation$866  $475  $1,341  $891  $427  $1,318  
Total accumulated benefit obligation$866  $454  $1,320  $891  $405  $1,296  
Total fair value of plan assets$733  $386  $1,119  $727  $328  $1,055  

Weighted-Average Assumptions Used to Determine Benefit Obligation
The following table presents weighted average assumptions used to determine benefit obligations at the measurement dates:
 December 31,
 20192018
United States Plans
Discount rate3.30 %4.25 %
Expected return on plan assets6.50 %6.75 %
Non-United States Plans
Discount rate2.24 %3.04 %
Expected return on plan assets4.66 %4.91 %
Rate of compensation increase3.99 %4.14 %
Components of Net Periodic Pension Cost
The following table presents the components of net periodic pension cost (in millions):
 Twelve Months Ended December 31,
 201920182017
Service cost$10  $12  $12  
Interest cost47  47  55  
Expected return on plan assets(68) (73) (79) 
Amortization of actuarial loss15  15  18  
Settlement/curtailment44  —  64  
Net periodic pension cost$48  $1  $70  
 
Weighted-Average Assumptions Used to Determine Net Periodic Pension Cost
The following table presents weighted-average assumptions used to determine net periodic pension costs for the periods noted:
 Twelve Months Ended December 31,
 2019 2018 2017 
United States Plans
Discount rate4.25 %3.55 %3.95 %
Expected return on plan assets6.75 %6.75 %6.75 %
Rate of compensation increaseN/A (a) N/A (a) N/A (a) 
Non-United States Plans
Discount rate3.04 %2.88 %3.14 %
Expected return on plan assets4.91 %5.22 %5.92 %
Rate of compensation increase4.14 %4.29 %4.25 %
 
(a)Not applicable due to changes in plan made on August 1, 2009 that were effective beginning January 1, 2010.
The expected return on plan assets assumption is derived by taking into consideration the target plan asset allocation, historical rates of return on those assets, projected future asset class returns and net outperformance of the market by active investment managers. An asset return model is used to develop an expected range of returns on plan investments over a 20 year period, with the expected rate of return selected from a best estimate range within the total range of projected results. The result is then rounded down to the nearest 25 basis points.
Accumulated Other Comprehensive Earnings (Deficit)
Of the $(442) million balance in AOCI, $15 million is expected to be recognized as net periodic pension cost during 2020.
Items Measured at Fair Value
The Company classifies and discloses pension plan assets in one of the following three categories:
Level 1: Quoted market prices in active markets for identical assets.
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs that are not corroborated by market data.

Plan Assets

The tables in this section show pension plan asset fair values and fair value leveling information. The assets are categorized into one of the three levels of the fair value hierarchy or are not subject to leveling, in the case of investments that are valued using the net asset value per share (or its equivalent) practical expedient ("NAV").
The following table summarizes the fair values and applicable fair value hierarchy levels of United States pension plan assets (in millions):
 December 31, 2019
Asset CategoryLevel 1Level 2Level 3Total
Equities:
Domestic$57  $—  $—  $57  
International55  —  —  55  
Fixed income and cash equivalents:
Corporate bonds28  214  —  242  
Government debt—  85  —  85  
Real estate investment trusts22  —  —  22  
Total United States plan assets subject to leveling $162  $299  $—  461  
Plan assets measured at NAV:
Equities 130  
Real assets62  
Fixed income and cash equivalents33  
Absolute return strategies47  
Total United States plan assets $733  

 December 31, 2018
Asset CategoryLevel 1Level 2Level 3Total
Equities:
Domestic$50  $—  $—  $50  
International52  —  —  52  
Fixed income and cash equivalents:
Corporate bonds—  236  —  236  
Government debt—  91  —  91  
Real estate investment trusts24  —  —  24  
Total United States plan assets subject to leveling $126  $327  $—  453  
Plan assets measured at NAV:
Equities 123  
Real assets54  
Fixed income and cash equivalents53  
Absolute return strategies44  
Total United States plan assets $727  
The following table summarizes the fair values and applicable fair value hierarchy levels of non-United States pension plan assets (in millions):
 December 31, 2019
Asset CategoryLevel 1Level 2Level 3Total
Equities$—  $4  $—  $4  
Fixed income and cash equivalents:
Cash and cash equivalents—  65  —  65  
Corporate bonds—  13  —  13  
Total non-United States plan assets subject to leveling $—  $82  $—  82  
Plan assets measured at NAV:
Equities 71  
Fixed income and cash equivalents123  
Absolute return strategies and other110  
Total non-United States plan assets$386  

 December 31, 2018
Asset CategoryLevel 1Level 2Level 3Total
Equities$—  $4  $—  $4  
Fixed income and cash equivalents:
Cash and cash equivalents—  62  —  62  
Corporate bonds—  12  —  12  
Total non-United States plan assets subject to leveling $—  $78  $—  78  
Plan assets measured at NAV:
Equities 41  
Fixed income and cash equivalents109  
Absolute return strategies100  
Total non-United States plan assets$328  
 
Investment Strategy
The current targeted asset allocation for the United States pension plan is to have 33% of assets invested in equities, 3% in real estate, 8% in real assets, 50% in intermediate and long-term fixed income securities and 6% in absolute return strategies. Assets are rebalanced quarterly to conform to policy tolerances. The Company actively evaluates the reasonableness of its asset mix given changes in the projected benefit obligation and market dynamics. Our investment policy and asset mix for the non-United States pension plans varies by location and is based on projected benefit obligation and market dynamics.
Estimated Future Benefit Payments
The following table shows estimated future benefit payments from the Company’s pension plans (in millions):
Year  
Estimated
Benefit
Payments
2020  $76  
2021  $75  
2022  $75  
2023  $75  
2024$75  
2025-2029  $390  
Contributions
Owens Corning expects to contribute $25 million in cash to the United States pension plan during 2020 and another $25 million to non-United States plans. Actual contributions to the plans may change as a result of a variety of factors, including changes in laws that impact funding requirements.
Defined Contribution Plans
The Company sponsors two defined contribution plans which are available to substantially all United States employees. The Company matches a percentage of employee contributions up to a maximum level and contributes up to 2% of an employee’s wages regardless of employee contributions. The Company recognized expense of $48 million, $48 million and $42 million during the years ended December 31, 2019, 2018 and 2017, respectively, related to these plans.
The Company maintains health care and life insurance benefit plans for certain retired employees and their dependents. The health care plans in the United States are non-funded and pay either (1) stated percentages of covered medically necessary expenses, after subtracting payments by Medicare or other providers and after stated deductibles have been met, or (2) fixed amounts of medical expense reimbursement.
Salaried employees hired on or before December 31, 2005 become eligible to participate in the United States health care plans upon retirement if they have accumulated 10 years of service after age 45, 48 or 50, depending on the category of employee. For employees hired after December 31, 2005, the Company does not provide subsidized retiree health care. Some of the plans are contributory, with some retiree contributions adjusted annually. The Company has reserved the right to change or eliminate these benefit plans subject to the terms of collective bargaining agreements.



 
The following table provides a reconciliation of the change in the projected benefit obligation and the net amount recognized in the Consolidated Balance Sheets for the years ended December 31, 2019 and 2018 (in millions):
 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Change in Projected Benefit Obligation
Benefit obligation at beginning of period
$183  $12  $195  $216  $14  $230  
Service cost1  —  1  1  —  1  
Interest cost7  1  8  8  —  8  
Actuarial (gain)/loss(7) 2  (5) (25) —  (25) 
Currency loss—  —  —  —  (1) (1) 
Plan amendments(1) —  (1) (2) —  (2) 
Benefits paid(14) (1) (15) (15) (1) (16) 
Benefit obligation at end of period$169  $14  $183  $183  $12  $195  
Funded status$(169) $(14) $(183) $(183) $(12) $(195) 

Amounts Recognized in the Consolidated Balance Sheets
Accrued benefit obligation – current$(15) $(1) $(16) $(17) $—  $(17) 
Accrued benefit obligation – non-current(154) (13) (167) (166) (12) $(178) 
Net amount recognized$(169) $(14) $(183) $(183) $(12) $(195) 

Amounts Recorded in AOCI
Net actuarial gain$48  $3  $51  $49  $5  $54  
Net prior service credit6  —  6  9  —  9  
Net amount recognized$54  $3  $57  $58  $5  $63  

Weighted-Average Assumptions Used to Determine Benefit Obligations
The following table presents the discount rates used to determine the benefit obligations:
 December 31,
 20192018
United States plans3.10 %4.15 %
Non-United States plans3.84 %4.59 %

 
Components of Net Periodic Postretirement Benefit Cost
The following table presents the components of net periodic postretirement benefit cost (in millions):
 Twelve Months Ended December 31,
 201920182017
Service cost$1  $1  $2  
Interest cost8  8  9  
Amortization of prior service credit(4) (4) (4) 
Amortization of actuarial gain(8) (6) (3) 
Net periodic postretirement benefit (income)/cost$(3) $(1) $4  

Weighted-Average Assumptions Used to Determine Net Periodic Postretirement Benefit Cost
The following table presents the discount rates used to determine net periodic postretirement benefit cost:
 Twelve Months Ended December 31,
 201920182017
United States plans4.15 %3.45 %3.80 %
Non-United States plans4.59 %4.56 %6.78 %
The following table presents health care cost trend rates used to determine net periodic postretirement benefit cost, as well as information regarding the ultimate rate and the year in which the ultimate rate is reached:
 Twelve Months Ended December 31,
 201920182017
United States plans:
Initial rate at end of year6.50 %6.75 %6.56 %
Ultimate rate5.00 %5.00 %5.00 %
Year in which ultimate rate is reached202620262025
Non-United States plans:
Initial rate at end of year5.45 %5.40 %5.73 %
Ultimate rate5.45 %5.40 %5.49 %
Year in which ultimate rate is reached201920192019
The health care cost trend rate assumption can have an effect on the amounts reported. To illustrate, a one-percentage point change in the December 31, 2019 assumed health care cost trend rate would have the following effects (in millions):
 1-Percentage Point
 IncreaseDecrease
Increase (decrease) in total service cost and interest cost components of net periodic postretirement benefit cost
$—  $—  
Increase (decrease) of accumulated postretirement benefit obligation$4  $(3) 

Accumulated Other Comprehensive Earnings (Deficit)
Approximately $11 million of the $57 million balance in AOCI is expected to be recognized as net periodic postretirement benefit during 2020.
Estimated Future Benefit Payments
The following table shows estimated future benefit payments from the Company’s postretirement benefit plans (in millions):
Year
Estimated
Benefit
Payments
2020$16  
2021$15  
2022$15  
2023$14  
2024$14  
2025-2029$60  
Postemployment Benefits
The Company may also provide benefits to former or inactive employees after employment but before retirement under certain conditions. These benefits include continuation of benefits such as health care and life insurance coverage. The accrued postemployment benefits liability at December 31, 2019 and 2018 was $11 million and $12 million, respectively. The net periodic postemployment benefit expense for the years ended December 31, 2019, 2018, and 2017 were $1 million, $4 million and $3 million, respectively.
v3.19.3.a.u2
CONTINGENT LIABILITIES AND OTHER MATTERS
 12 Months Ended
Dec. 31, 2019
Loss Contingency [Abstract]  
CONTINGENT LIABILITIES AND OTHER MATTERS
The Company may be involved in various legal and regulatory proceedings relating to employment, antitrust, tax, product liability, environmental and other matters (collectively, “Proceedings”). The Company regularly reviews the status of such Proceedings along with legal counsel. Liabilities for such Proceedings are recorded when it is probable that the liability has been incurred and when the amount of the liability can be reasonably estimated. Liabilities are adjusted when additional information becomes available. Management believes that the amount of any reasonably possible losses in excess of any amounts accrued, if any, with respect to such Proceedings or any other known claim, including the matters described below under the caption Environmental Matters (the “Environmental Matters”), are not material to the Company’s financial statements. Management believes that the ultimate disposition of the Proceedings and the Environmental Matters will not have a material adverse effect on the Company’s financial condition. While the likelihood is remote, the disposition of the Proceedings and Environmental Matters could have a material impact on the results of operations, cash flows or liquidity in any given reporting period.
Litigation and Regulatory Proceedings
The Company is involved in litigation and regulatory proceedings from time to time in the regular course of its business. The Company believes that adequate provisions for resolution of all contingencies, claims and pending matters have been made for probable losses that are reasonably estimable.
Litigation Settlement Gain
In 2017, the Company and TopBuild Corp. entered into a settlement agreement in connection with a commercial breach of contract dispute. Under the terms of the settlement, TopBuild Corp. paid Owens Corning $30 million in cash in 2017. During the second quarter of 2017, a $29 million litigation settlement gain, net of legal fees, was recorded in Other expenses, net on the Consolidated Statements of Earnings in the Corporate, Other and Eliminations category.
Environmental Matters

The Company has established policies and procedures designed to ensure that its operations are conducted in compliance with all relevant laws and regulations and that enable the Company to meet its high standards for corporate sustainability and environmental stewardship. Our manufacturing facilities are subject to numerous foreign, federal, state and local laws and regulations relating to the presence of hazardous materials, pollution and protection of the environment, including emissions to air, reductions of greenhouse gases, discharges to water, management of hazardous materials, handling and disposal of solid wastes, and remediation of contaminated sites. All Company manufacturing facilities operate using an ISO 14001 or equivalent environmental management system. The Company’s 2030 Sustainability Goals include significant global reductions in energy use, water consumption, waste to landfill, and emissions of greenhouse gases, fine particulate matter and toxic air emissions.

Owens Corning is involved in remedial response activities and is responsible for environmental remediation at a number of sites, including certain of its currently owned or formerly owned plants. These responsibilities arise under a number of laws, including, but not limited to, the Federal Resource Conservation and Recovery Act, and similar state or local laws pertaining to the management and remediation of hazardous materials and petroleum. The Company has also been named a potentially responsible party under the U.S. Federal Superfund law, or state equivalents, at a number of disposal sites. The Company became involved in these sites as a result of government action or in connection with business acquisitions. As of December 31, 2019, the Company was involved with a total of 21 sites worldwide, including 7 Superfund sites and 14 owned or formerly owned sites. None of the liabilities for these sites are individually significant to the Company.
Remediation activities generally involve a potential range of activities and costs related to soil and groundwater contamination. This can include pre-cleanup activities such as fact-finding and investigation, risk assessment, feasibility studies, remedial action design and implementation (where actions may range from monitoring to removal of contaminants, to installation of longer-term remediation systems). A number of factors affect the cost of environmental remediation, including the number of parties involved in a particular site, the determination of the extent of contamination, the length of time the remediation may require, the complexity of environmental regulations, variability in clean-up standards, the need for legal action, and changes in remediation technology. Taking these factors into account, Owens Corning has predicted the costs of remediation reasonably estimated to be paid over a period of years. The Company accrues an amount on an undiscounted basis, consistent with the reasonable estimates of these costs when it is probable that a liability has been incurred. Actual cost may differ from these estimates for the reasons mentioned above. At December 31, 2019, the Company had an accrual totaling $9 million for these costs, of which the current portion is $5 million Changes in required remediation procedures or timing of those procedures, or discovery of contamination at additional sites, could result in material increases to the Company’s environmental obligations.
v3.19.3.a.u2
STOCK COMPENSATION
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
STOCK COMPENSATION
Description of the Plan

On April 18, 2019, the Company's stockholders approved the Owens Corning 2019 Stock Plan (the "2019 Stock Plan") which replaced the 2016 Stock Plan. The 2019 Stock Plan authorizes grants of stock options, stock appreciation rights, restricted stock awards, restricted stock units, bonus stock awards, performance stock awards and performance stock units. At December 31, 2019, the number of shares remaining available under the 2019 Stock Plan for all stock awards was 4.1 million.

Prior to 2019, employees were eligible to receive stock awards under the Owens Corning 2016 Stock Plan and the Owens Corning 2013 Stock Plan.
Total Stock-Based Compensation Expense

Stock-based compensation expense included in Marketing and administrative expenses in the accompanying Consolidated Statements of Earnings is as follows (in millions):

Twelve Months Ended December 31,
201920182017
Total stock-based compensation expense$39  $47  $44  
Income tax benefit recognized on stock-based compensation expense$7  $24  $26  
 
Stock Options
The Company has granted stock options under its stockholder approved stock plans. The Company calculates a weighted-average grant-date fair value using a Black-Scholes valuation model for options granted. Compensation expense for options is measured based on the fair market value of the option on the date of grant, and is recognized on a straight-line basis over a four year vesting period. In general, the exercise price of each option awarded was equal to the closing market price of the Company’s common stock on the date of grant and an option’s maximum term is 10 years. The volatility assumption was based on a benchmark study of our peers prior to 2014. Starting with the options granted in 2014, the volatility was based on the Company’s historic volatility.
The Company has not granted stock options since the year ended December 31, 2014. As of December 31, 2019, there was no unrecognized compensation cost related to stock options and the range of exercise prices on outstanding stock options was $25.45 - $42.16.
The following table summarizes the Company’s stock option activity in 2019:

Weighted-Average
 
Number of
Options
Exercise PriceRemaining
Contractual Life
(in years)		Intrinsic Value (in millions)
Outstanding, January 1, 2019478,875  $37.18  4.00$3  
Exercised(64,075) 33.26  
Outstanding, December 31, 2019414,800  $37.79  3.06$11  
Exercisable, December 31, 2019414,800  $37.79  3.06$11  
 
The total intrinsic value of stock options exercised and the resulting tax benefits received were as follows (in millions):

Twelve Months Ended December 31,
201920182017
Cash received upon exercise of stock option awards$2  $1  $15  
Income tax benefit received for stock option awards exercised$—  $—  $7  
Restricted Stock Awards and Restricted Stock Units
The Company has granted restricted stock awards and restricted stock units (collectively referred to as “RSUs”) under its stockholder approved stock plans. Compensation expense for restricted stock is measured based on the closing market price of the stock at date of grant and is recognized on a straight-line basis over the vesting period, which is typically three or four years. The Stock Plan allows alternate vesting schedules for death, disability, and retirement over various periods ending in 2020.
The weighted average grant date fair value of RSUs granted in 2019, 2018 and 2017 was $52.60, $84.34 and $56.60, respectively.
The following table shows a summary of the Company’s RSU plans:
 Number of
RSUs		Weighted-
Average
Fair Value
Balance at January 1, 20191,479,374  $52.30  
Granted542,693  53.10  
Vested(390,673) 52.57  
Forfeited/canceled(115,688) 61.68  
Balance at December 31, 20191,515,706  $51.70  
As of December 31, 2019, there was $30 million of total unrecognized compensation cost related to restricted stock. That cost is expected to be recognized over a weighted-average period of 2.16 years. The total grant date fair value of shares vested during the years ended December 31, 2019, 2018 and 2017 was $21 million, $23 million and $19 million, respectively.
Performance Stock Awards and Performance Stock Units
The Company has granted performance stock awards and performance stock units (collectively referred to as “PSUs”) as a part of its long-term incentive plan. All outstanding performance grants will fully settle in stock. The amount of stock ultimately distributed from the 2019, 2018 and 2017 grants is contingent on meeting internal company-based metrics or an external-based stock performance metric.
In 2019, 2018 and 2017, the Company granted both internal company-based and external-based metric PSUs.
Internal Company-based metrics
The internal company-based metrics vest after a three-year period and are based on various company-based metrics over a three-year period. The amount of stock distributed will vary from 0% to 200% of PSUs awarded depending on performance versus the company-based metrics.
The initial fair value for all internal company-based metric PSUs assumes that the performance goals will be achieved and is based on the grant date stock price. This assumption is monitored quarterly and if it becomes probable that such goals will not be achieved or will be exceeded, compensation expense recognized will be adjusted and previous surplus compensation expense recognized will be reversed or additional expense will be recognized. The expected term represents the period from the grant date to the end of the three-year performance period. Pro-rata vesting may be utilized in the case of death, disability or retirement, and awards, if earned, will be paid at the end of the three-year period.
External based metrics
The external-based metrics vest after a three-year period. Outstanding grants issued in or after 2018 will be based on the Company's total stockholder return relative to the performance of the Dow Jones U.S. Construction & Materials Index. The amount of stock distributed will vary from 0% to 200% of PSUs awarded depending on the relative stockholder return performance. The fair value of external-based metric PSUs has been estimated at the grant date using a Monte Carlo simulation that uses various assumptions.
The following table provides a summary of these assumptions:
Twelve Months Ended December 31,
201920182017
Expected volatility26.67 %24.56 %26.06 %
Risk free interest rate2.45 %2.22 %1.44 %
Expected term (in years)2.902.922.92
Grant date fair value of units granted$68.65  $94.14  $59.71  
The risk-free interest rate was based on zero coupon United States Treasury bills at the grant date. The expected term represents the period from the grant date to the end of the three-year performance period.
PSU Summary
As of December 31, 2019, there was $9 million total unrecognized compensation cost related to PSUs. That cost is expected to be recognized over a weighted-average period of 1.6 years. The total grant date fair value of shares vested during the years ended December 31, 2019, 2018 and 2017, was $14 million, $23 million and $9 million, respectively.
The following table shows a summary of the Company's PSU plans:
 Number of
PSUs
Weighted-
Average
Grant Date
Fair Value
Balance as of January 1, 2019360,977  $75.23  
Granted205,350  58.40  
Vested(169,052) 43.04  
Forfeited/canceled(84,550) 68.56  
Balance as of December 31, 2019312,725  $69.23  

Employee Stock Purchase Plan
The Owens Corning Employee Stock Purchase Plan (ESPP) is a tax qualified plan under Section 423 of the Internal Revenue Code. The purchase price of shares purchased under the ESPP is equal to 85% of the lower of the fair market value of shares of Owens Corning common stock at the beginning or ending of the offering period, which is a six month period ending on May 31 and November 30 of each year. There were 2 million shares available for purchase under the ESPP as of its approval date. The Company recognized expense related to the ESPP of $5 million, $4 million and $3 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, the Company had $2 million of total unrecognized compensation costs related to the ESPP. Under the outstanding ESPP as of February 15, 2020, employees have contributed $4 million to purchase shares for the current purchase period ending May 31, 2020.
v3.19.3.a.u2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT
 12 Months Ended
Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
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,
  
20192018
Currency Translation Adjustment
Beginning balance$(306) $(183) 
Net investment hedge amounts classified into AOCI, net of tax13  14  
Gain/(loss) on foreign currency translation11  (137) 
Other comprehensive income/(loss), net of tax24  (123) 
Ending balance$(282) $(306) 
Pension and Other Postretirement Adjustment
Beginning balance$(350) $(331) 
Amounts reclassified from AOCI to net earnings, net of tax (a)35  4  
Amounts classified into AOCI, net of tax(11) (23) 
Other comprehensive income/(loss), net of tax24  (19) 
Ending balance$(326) $(350) 
Hedging Adjustment
Beginning balance$—  $—  
      Amounts reclassified from AOCI to net earnings, net of tax (b)3  (1) 
  Amounts classified into AOCI, net of tax(5) 1  
Other comprehensive (loss), net of tax(2) —  
Ending balance$(2) $—  
Total AOCI ending balance  $(610) $(656) 

(a) These AOCI components are included in the computation of total Pension and Other Postretirement cost and are recorded in Non-operating expense (income). See Notes 14 and 15 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. See Note 5 for additional information.
v3.19.3.a.u2
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
The following table is a reconciliation of weighted-average shares for calculating basic and diluted earnings per-share (in millions, except per share amounts):
 Twelve Months Ended December 31,
 201920182017
Net earnings attributable to Owens Corning$405  $545  $289  
Weighted-average number of shares outstanding used for basic earnings per share109.2  110.4  111.5  
Non-vested restricted and performance shares0.7  0.8  1.5  
Options to purchase common stock0.2  0.2  0.2  
Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share110.1  111.4  113.2  
Earnings per common share attributable to Owens Corning common stockholders:
Basic$3.71  $4.94  $2.59  
Diluted$3.68  $4.89  $2.55  
Basic earnings per share is calculated by dividing earnings attributable to Owens Corning by the weighted-average number of shares of the Company’s common stock outstanding during the period. Outstanding shares consist of issued shares less treasury stock.
On October 24, 2016, the Board of Directors approved a new share buy-back program under which the Company is authorized to repurchase up to 10 million shares of the Company’s outstanding common stock (the “Repurchase Authorization"). The Repurchase Authorization enables the Company to repurchase shares through the open market, privately negotiated, or other transactions. The actual number of shares repurchased will depend on timing, market conditions and other factors and is at the Company’s discretion. The Company repurchased 1.0 million shares of its common stock for $48 million for the year ended December 31, 2019 under the Repurchase Authorization. As of December 31, 2019, 3.6 million shares remain available for repurchase under the Repurchase Authorization.
For the year ended December 31, 2019, the Company did not have any non-vested restricted shares or non-vested performance shares that had an anti-dilutive effect on earnings per share. For the year ended December 31, 2018, the number of shares used in the calculation of diluted earnings per share did not include 0.3 million non-vested restricted shares and 0.3 million non-vested performance shares due to their anti-dilutive effect. For the year ended December 31, 2017, the Company did not have any non-vested restricted shares or non-vested performance shares that had an anti-dilutive effect on earnings per share.
v3.19.3.a.u2
INCOME TAXES
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
INCOME TAXES
The following table summarizes our Earnings before taxes and Income tax expense (in millions):
 Twelve Months Ended December 31,
 201920182017
Earnings before taxes:
United States$315  $411  $342  
Foreign275  293  217  
Total$590  $704  $559  

Income tax expense:
Current
United States$(4) $(10) $(2) 
State and local11  6  5  
Foreign60  19  83  
Total current67  15  86  
Deferred
United States112  114  196  
State and local11  12  3  
Foreign(4) 15  (16) 
Total deferred119  141  183  
Total income tax expense$186  $156  $269  
The reconciliation between the United States federal statutory rate and the Company’s effective income tax rate from continuing operations is:
 Twelve Months Ended December 31,
 201920182017
United States federal statutory rate21 %21 %35 %
State and local income taxes, net of federal tax benefit3  2  2  
Foreign tax rate differential—  —  (5) 
U.S. tax expense on foreign earnings1  2  49  
Legislative tax rate changes 2  —  (9) 
Foreign tax credits—  —  (29) 
Valuation allowance3  2  3  
Uncertain tax positions and settlements—  (5) 1  
Excess tax benefits related to stock compensation—  (2) (1) 
Other, net1  2  2  
Effective tax rate31 %22 %48 %
 
During the first quarter of 2018, the Company adopted ASU No. 2016-16, “Intra-Entity Transfers of Assets Other Than Inventory (Topic 740).” Under this standard, the tax effects of intra-entity sales of assets other than inventory will be recognized immediately in the seller's tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. Any deferred tax asset that arises in the buyer’s jurisdiction would also be recognized at the time of the transfer. The standard is applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the year of adoption. As of January 1, 2018, we recorded a $17 million decrease in Other non-current assets, a $7 million increase in Deferred income tax assets and a $10 million decrease to Accumulated earnings.

Effective January 1, 2018, the U.S. Tax Cuts and Jobs Act of 2017 (the "Tax Act") created a new requirement to include global intangible low-taxed income (GILTI) earned by controlled foreign corporations (CFCs) in U.S. income. The GILTI must be included currently in the gross income of the CFCs’ U.S. shareholder. Under U.S. GAAP, we are allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions related to GILTI as a current-period expense when incurred (the “period cost method”) or (2) factoring such amounts into a company’s measurement of its deferred taxes (the “deferred method”). During the first quarter of 2018, we selected the period cost method in recording the tax effects of GILTI in our financial statements.

In February 2018, the FASB issued ASU 2018-02 “Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, which provides companies with an option to reclassify stranded tax effects resulting from enactment of the Tax Act from Accumulated other comprehensive income to Accumulated earnings. The standard was effective for the Company starting January 1, 2019. The Company has elected not to reclassify the income tax effects of the Tax Act from Accumulated other comprehensive income to Accumulated earnings.
The Company continues to assert indefinite reinvestment in accordance with ASC 740 based on the laws as of enactment of the Tax Act. As of December 31, 2019, the Company has not provided for withholding or income taxes on approximately $1.6 billion of undistributed reserves of its foreign subsidiaries and affiliates as they are considered by management to be permanently reinvested. Quantification of the deferred tax liability associated with these undistributed reserves is not practicable.

The cumulative temporary differences giving rise to the deferred tax assets and liabilities are as follows (in millions):
 December 31, 2019December 31, 2018
 
Deferred
Tax
Assets
Deferred
Tax
Liabilities
Deferred
Tax
Assets
Deferred
Tax
Liabilities
Other employee benefits$76  $—  $87  $—  
Pension plans54  —  66  —  
Operating loss and tax credit carryforwards195  —  255  —  
Depreciation—  247  —  259  
Leases - Right of Use Assets—  49  —  —  
Leases - Liability49  —  —  —  
Amortization—  388  —  395  
Foreign tax credits97  —  161  —  
State and local taxes3  —  3  —  
Other76  —  61  —  
Subtotal550  684  633  654  
Valuation allowances(92) —  (78) —  
Total deferred taxes$458  $684  $555  $654  
The following table summarizes the amount and expiration dates of our deferred tax assets related to operating loss and credit carryforwards at December 31, 2019 (in millions):
 
Expiration
Dates
Amounts
U.S. federal loss carryforwards2036 - 2037$27  
U.S. state loss carryforwards (a)2020 – 203447  
Foreign loss and tax credit carryforwardsIndefinite30  
Foreign loss and tax credit carryforwards (a)2020 – 203761  
Other U.S. federal and state tax credits2028 – 203430  
Total operating loss and tax credit carryforwards$195  
U.S foreign tax credits2027$97  
 
(a)As of December 31, 2019, $16 million of U.S. state and $6 million of foreign deferred tax assets related to loss carryforwards that are set to expire over the next three years.
At December 31, 2019, the Company had federal, state and foreign net operating loss (NOL) carryforwards of $0.1 billion, $1.4 billion and $0.4 billion, respectively. In order to utilize our NOLs and U.S. foreign tax credits ("FTCs"), the Company will need to generate federal, state, and foreign earnings before taxes of approximately $0.6 billion, $1.4 billion, and $0.4 billion, respectively. Certain of these loss carryforwards are subject to limitation as a result of the acquisition of certain foreign entities in 2007. However, the Company believes that these limitations on its loss carryforwards will not result in a forfeiture of any of the carryforwards.
Deferred income taxes are provided for temporary differences between amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured under enacted tax laws and regulations, as well as NOLs, tax credits and other carryforwards. A valuation allowance will be recorded to reduce deferred tax assets if, based on all available evidence, it is considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. To the extent the reversal of deferred tax liabilities is relied upon in our assessment of the realizability of deferred tax assets, they will reverse in the same period and jurisdiction as the temporary differences giving rise to the deferred tax assets. As of December 31, 2019, the Company had federal net deferred tax liabilities before valuation allowances of $96 million, state net deferred tax assets of $6 million, and foreign net deferred tax liabilities of $44 million.
The valuation allowance of $92 million as of December 31, 2019 is related to tax assets of $43 million, $11 million and $38 million for U.S. federal FTCs and certain state and foreign jurisdictions, respectively. The realization of deferred tax assets depends on achieving a certain minimum level of future taxable income. Management currently believes that it is at least reasonably possible that the minimum level of taxable income will be met within the next 12 months to reduce the valuation allowance of certain foreign jurisdictions by a range of zero to $5 million. The valuation allowance of $78 million as of December 31, 2018 is related to tax assets of $34 million, $6 million, and $38 million for U.S. federal FTC's and certain state and foreign jurisdictions, respectively.
The Company, or one of its subsidiaries, files income tax returns in the United States and other foreign jurisdictions. The Company is no longer subject to U.S. federal tax examinations for years before 2016 or state and foreign examinations for years before 2008. Due to the potential for resolution of federal, state and foreign examinations, and the expiration of various statutes of limitation, it is reasonably possible that the gross unrecognized tax benefits balance may change within the next 12 months by a range of zero to $3 million.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in millions):
 Twelve Months Ended December 31,
 201920182017
Balance at beginning of period$84  $90  $98  
Tax positions related to the current year
Gross additions—  6  1  
Tax positions related to prior years
Gross additions1  36  13  
Gross reductions—  (37) (11) 
Settlements(1) (5) (12) 
Expiration of statute of limitations(5) (4) —  
Impact of currency changes—  (2) 1  
Balance at end of period$79  $84  $90  
If these uncertain tax benefits (UTBs) were to be recognized as of December 31, 2019, the Company’s income tax expense would decrease by about $60 million.
The Company classifies all interest and penalties as income tax expense. As of December 31, 2019, 2018 and 2017, and for the periods then ended, the Company recognized $8 million, $10 million and $11 million, respectively, in liabilities for tax related interest and penalties on its Consolidated Balance Sheets and $2 million, $1 million and $1 million, respectively, of interest and penalty expense on its Consolidated Statements of Earnings.
On February 5, 2018, the Company acquired all the outstanding equity of Paroc, a leading producer of mineral wool insulation for building and technical applications in Europe. The acquisition included net uncertain tax benefits (UTBs) related to a transfer pricing dispute and interest expense. On December 18, 2018, the Finnish Supreme Administrative Court (SAC) ruled in favor of Paroc Oy Ag, a wholly-owned subsidiary of the Company, regarding the transfer pricing dispute for tax years 2006 to 2008. Based on the SAC decision, the Company reduced the UTB regarding the transfer pricing dispute by $32 million and recorded a corresponding benefit to income tax expense.
v3.19.3.a.u2
QUARTERLY FINANCIAL INFORMATION (unaudited)
 12 Months Ended
Dec. 31, 2019
Selected Quarterly Financial Information [Abstract]  
QUARTERLY FINANCIAL INFORMATION (unaudited) QUARTERLY FINANCIAL INFORMATION (unaudited)
Select quarterly financial information is presented in the tables below for the quarterly periods (in millions, except per share amounts):
 Quarter
  
FirstSecondThirdFourth
2019
Net sales$1,667  $1,918  $1,883  $1,692  
Gross margin$325  $440  $461  $383  
Income tax expense $39  $59  $61  $27  
Net earnings attributable to Owens Corning$44  $138  $150  $73  
BASIC EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS$0.40  $1.27  $1.37  $0.67  
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS$0.40  $1.26  $1.36  $0.66  

 Quarter
  
FirstSecondThirdFourth
2018
Net sales$1,691  $1,824  $1,818  $1,724  
Gross margin$355  $418  $448  $411  
Income tax expense$11  $49  $67  $29  
Net earnings attributable to Owens Corning$92  $121  $161  $171  
BASIC EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS$0.83  $1.09  $1.46  $1.56  
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS$0.82  $1.08  $1.45  $1.55  
v3.19.3.a.u2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES [Disclosure]
 12 Months Ended
Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017
(in millions)
 
Balance at
Beginning
of Period
Charged to
Costs and
Expenses
Charged to
Other
Accounts
Deductions
Acquisitions
and
Divestitures
Balance
at End
of Period
FOR THE YEAR ENDED DECEMBER 31, 2019
Allowance for doubtful accounts
$16  $2  $—  $(7) (a)$—  $11  
Tax valuation allowance
$78  $19  $1  $(6) $—  $92  
FOR THE YEAR ENDED DECEMBER 31, 2018
Allowance for doubtful accounts
$19  $—  $—  $(4) (a)$1  $16  
Tax valuation allowance$94  $13  $(4) $(31) $6  $78  
FOR THE YEAR ENDED DECEMBER 31, 2017
Allowance for doubtful accounts
$9  $12  $—  $(2) (a)$—  $19  
Tax valuation allowance$103  $9  $7  $(25) $—  $94  
 
(a)Uncollectible accounts written off, net of recoveries.
v3.19.3.a.u2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
 12 Months Ended
Dec. 31, 2019
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017
(in millions)
 
Balance at
Beginning
of Period
Charged to
Costs and
Expenses
Charged to
Other
Accounts
Deductions
Acquisitions
and
Divestitures
Balance
at End
of Period
FOR THE YEAR ENDED DECEMBER 31, 2019
Allowance for doubtful accounts
$16  $2  $—  $(7) (a)$—  $11  
Tax valuation allowance
$78  $19  $1  $(6) $—  $92  
FOR THE YEAR ENDED DECEMBER 31, 2018
Allowance for doubtful accounts
$19  $—  $—  $(4) (a)$1  $16  
Tax valuation allowance$94  $13  $(4) $(31) $6  $78  
FOR THE YEAR ENDED DECEMBER 31, 2017
Allowance for doubtful accounts
$9  $12  $—  $(2) (a)$—  $19  
Tax valuation allowance$103  $9  $7  $(25) $—  $94  
 
(a)Uncollectible accounts written off, net of recoveries.
v3.19.3.a.u2
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICIES)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Basis of Accounting, Policy
Basis of Presentation
Unless the context requires otherwise, the terms “Owens Corning,” “Company,” “we” and “our” in these notes refer to Owens Corning and its subsidiaries.
The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States.
Principles of Consolidation
Principles of Consolidation
The Consolidated Financial Statements of the Company include the accounts of majority-owned subsidiaries. Intercompany accounts and transactions are eliminated.
Reclassifications ReclassificationsCertain reclassifications have been made to the 2018 and 2017 Consolidated Financial Statements and Notes to the Consolidated Financial Statements to conform to the classifications used in 2019.
Use of Estimates and Assumptions
Use of Estimates and Assumptions
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Revenue Recognition
Revenue Recognition
We recognize revenue as the amount of consideration that we expect to receive in exchange for transferring promised goods or services to customers. We do not adjust the transaction price for the effects of a significant financing component, as the time period between control transfer of goods and services and expected payment is one year or less. At the time of sale, we estimate provisions for different forms of variable consideration (discounts, rebates, returns and other refund liabilities) based on historical experience, current conditions and contractual obligations, as applicable. The estimated transaction price is typically not subject to significant reversals. We adjust these estimates when the most likely amount of consideration we expect to receive changes, although these changes are typically minor. Sales, value-added and other similar taxes that we collect are excluded from revenue.
Many of our customer volume commitments are short-term and our performance obligations are generally limited to single purchase orders. Substantially all of our revenue is recognized at a point-in-time when control of goods transfers to the customer. Control transfer typically occurs when goods are shipped from our facilities or at other predetermined control transfer points (for instance, destination terms or consignment arrangements).
Revenue Recognition (continued)
We typically do not satisfy performance obligations without obtaining an unconditional right to payment from customers and, therefore, do not carry contract asset balances on the Consolidated Balance Sheets. Contract liability balances are recorded separately from receivables on the Consolidated Balance Sheets in either Total current liabilities or Other liabilities, depending on the timing of performance obligation satisfaction.
We sell separately-priced warranties that extend certain product and workmanship coverages beyond our standard product warranty, which is described in Note 11. The up-front consideration on extended warranty contracts is deferred and recognized as revenue over time, based on the respective coverage period, ranging from 16 to 20 years. On an annual basis, we expect to recognize approximately $3 million of revenue associated with these extended warranty contracts. Additionally, in certain limited cases, we receive consideration before goods or services are transferred to the customer. These customer down payments and deposits are deferred, and typically recognized as revenue in the following quarter when we satisfy the related performance obligations.
As a practical expedient, we recognize incremental costs of obtaining a contract, if any, as an expense when incurred if the amortization period of the asset would have been one year or less. We do not have any costs to obtain or fulfill a contract that are capitalized under Accounting Standard Codification (ASC) 606.
Cost of Sales
Cost of Sales
Cost of sales includes material, labor, energy and manufacturing overhead costs, including depreciation and amortization expense associated with the manufacture and distribution of the Company’s products. Provisions for warranties are provided in the same period that the related sales are recorded and are based on historical experience, current conditions and contractual obligations, as applicable. Distribution costs include inbound freight costs; purchasing and receiving costs; inspection costs; warehousing costs; shipping and handling costs, which include costs incurred relating to preparing, packaging, and shipping products to customers; and other costs of the Company’s distribution network. We account for shipping and handling activities that occur after control of the related good transfers as fulfillment activities instead of performance obligations. All shipping and handling costs billed to the customer are included as net sales in the Consolidated Statements of Earnings.
Marketing and Administrative Expenses Marketing and Advertising ExpensesMarketing and advertising expenses are included in Marketing and administrative expenses. These costs include advertising and marketing communications, which are expensed the first time the advertisement takes place.
Science and Technology Expenses
Science and Technology Expenses
The Company incurs certain expenses related to science and technology. These expenses include salaries, building and equipment costs, utilities, administrative expenses, materials and supplies associated with the improvement and development of the Company’s products and manufacturing processes. These costs are expensed as incurred.
Earnings per Share
Earnings per Share
Basic earnings per share are computed using the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect the dilutive effect of common equivalent shares and increased shares that would result from the conversion of equity securities. The effects of anti-dilution are not presented.
Cash, Cash Equivalents and Restricted Cash Cash, Cash Equivalents and Restricted CashThe Company defines cash and cash equivalents as cash and time deposits with maturities of three months or less when purchased.
Accounts Receivable
Accounts Receivable
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is an estimate of the amount of probable credit losses in our existing accounts receivable. Account balances are charged off against the allowance when the Company believes it is probable the receivable will not be recovered.
Inventory Valuation
Inventory Valuation
Inventory costs include material, labor, and manufacturing overhead costs, including depreciation and amortization expense associated with the manufacture and distribution of the Company’s products. Inventories are stated at lower of cost or net realizable value and expense estimates are made for excess and obsolete inventories. Cost is determined by the first-in, first-out (“FIFO”) method.
Investments in Affiliates Investments in AffiliatesThe Company accounts for investments in affiliates of 20% to 50% ownership when the Company does not have a controlling financial interest using the equity method under which the Company’s share of earnings and losses of the affiliate is reflected in earnings, and dividends are credited against the investment in affiliate when declared.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill assets are not amortized but are tested for impairment on at least an annual basis. In the current year, as part of the annual assessment, the Company used both a qualitative and quantitative approach to determine whether the fair value of a reporting unit was less than its carrying amount.
Events and circumstances we consider in performing the qualitative assessment include macro-economic conditions, market and industry conditions, internal cost factors, and the overall financial performance of the reporting units. As part of our quantitative testing process for goodwill, the Company estimates fair values using a discounted cash flow approach from the perspective of a market participant. Significant assumptions used in the discounted cash flow approach are revenue growth rates and earnings before interest and taxes ("EBIT") margins used in estimating discrete period cash flow forecasts of the reporting unit, the discount rate, and the long-term revenue growth rate and EBIT margins used in estimating the terminal business value. The cash flow forecasts of the reporting units are based upon management’s long-term view of our markets and are the forecasts that are used by senior management and the Board of Directors to evaluate operating performance. The discount rate utilized is management’s estimate of what the market’s weighted average cost of capital is for a company with a similar debt rating and stock volatility, as measured by beta. The terminal business value is determined by applying the long-term growth rate to the latest year for which a forecast exists. As part of our goodwill quantitative testing process, we would evaluate whether there are reasonably likely changes to management’s estimates that would have a material impact on the results of the goodwill impairment testing.
Other indefinite-lived intangible assets are not amortized but are tested for impairment on at least an annual basis or when determined to have a finite useful life. Substantially all of the indefinite-lived intangible assets are in trademarks and trade names. The Company uses the royalty relief approach to determine whether it is more likely than not that the fair value of these assets is less than its carrying amount. This review is performed annually, or when circumstances arise which indicate there may be impairment. When applying the royalty relief approach, the Company performs a discounted cash flow analysis based on the value derived from owning these trademarks and trade names and being relieved from paying royalty to third parties. Significant assumptions used include projected cash flows, royalty rates, discount rate, and terminal value.
The inputs for the goodwill and indefinite-lived intangible tests are considered Level 3 inputs under the fair value hierarchy as they are the Company’s own data, and are unobservable in the marketplace. Indefinite-lived intangible assets purchased through acquisition are generally tested qualitatively for impairment in the first year following the acquisition before transitioning to the standard methodology described herein in subsequent years.
Properties and Depreciation
Properties and Depreciation
Property, plant and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. Property, plant and equipment accounts are relieved of the cost and related accumulated depreciation when assets are disposed of or otherwise retired.
Precious metals used in our production tooling are included in property, plant and equipment and are depleted as they are consumed during the production process. Depletion typically represents an annual expense of less than 3% of the outstanding value and is recorded in Cost of sales on the Consolidated Statements of Earnings.
The range of useful lives for the major components of the Company’s plant and equipment is as follows:
Buildings and leasehold improvements15 – 40 years
Machinery and equipment
Furnaces4 – 15 years
Information systems5 – 10 years
Equipment5 – 20 years
Expenditures for normal maintenance and repairs are expensed as incurred.
Asset Impairments
Asset Impairments
The Company evaluates tangible and intangible long-lived assets for impairment when triggering events have occurred. This requires significant assumptions including projected cash flows, projected income tax rate and terminal business value. These inputs are considered Level 3 inputs under the fair value hierarchy as they are the Company’s own data, and are unobservable in the marketplace. Changes in management intentions, market conditions or operating performance could indicate that impairment charges might be necessary that could be material to the Company’s Consolidated Financial Statements in any given period.
Income Taxes Income TaxesThe Company recognizes current tax liabilities and assets for the estimated taxes payable or refundable on the tax returns for the current year. Deferred tax balances reflect the impact of temporary differences between the carrying amount of assets and liabilities and their tax basis. Amounts are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. In addition, realization of certain deferred tax assets is dependent upon our ability to generate future taxable income. The Company records a valuation allowance to reduce its deferred tax assets to the amount that it believes is more likely than not to be realized. In addition, the Company estimates tax reserves to cover potential taxing authority claims for income taxes and interest attributable to audits of open tax years.
Taxes Collected From Customers and Remitted to Government Authorities and Taxes Paid to Vendors
Taxes Collected from Customers and Remitted to Government Authorities and Taxes Paid to Vendors
Taxes are assessed by various governmental authorities at different rates on many different types of transactions. The Company charges sales tax or value-added tax (VAT) on sales to customers where applicable, as well as captures and claims back all available VAT that has been paid on purchases. VAT is recorded in separate payable or receivable accounts and does not affect revenue or cost of sales line items in the income statement. VAT receivable is recorded as a percentage of qualifying purchases at the time the vendor invoice is processed. VAT payable is recorded as a percentage of qualifying sales at the time an Owens Corning sale to a customer subject to VAT occurs. Amounts are paid to the taxing authority according to the method and collection prescribed by local regulations. Where applicable, VAT payable is netted against VAT receivable. The Company also pays sales tax to vendors who include a tax, required by government regulations, to the purchase price charged to the Company.
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits
Accounting for pensions and other postretirement benefits involves estimating the cost of benefits to be provided well into the future and attributing that cost over the time period each employee works. To accomplish this, extensive use is made of assumptions about investment returns, discount rates, inflation, mortality, turnover and medical costs.
Derivative Financial Instruments
Derivative Financial Instruments
The Company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheet. Please refer to Note 5 for further disclosure on derivatives.
The Company performs an analysis for effectiveness of its derivatives designated as hedging instruments at the end of each quarter based on the terms of the contracts and the underlying items being hedged. The change in the fair value of cash flow hedges is deferred in Accumulated other comprehensive income (deficit) ("AOCI") and is subsequently recognized in Cost of sales (for commodity and foreign currency cash flow hedges) on the Consolidated Statements of Earnings in order to mirror the location of the hedged items impacting earnings. Cash settlements for commodity and foreign currency hedges qualifying as cash flow hedges are included in Operating activities in the Consolidated Statements of Cash Flows.

The Company has translation exposure resulting from translating the financial statements of foreign subsidiaries into U.S. Dollars, which is recognized in Currency translation adjustment (a component of AOCI). The Company uses cross-currency forward contracts to hedge a portion of the net investment in foreign subsidiaries against fluctuations in foreign exchange rates. The changes in fair values of these derivative instruments are recognized in Currency translation adjustment (a component of AOCI), with recognition of the excluded components amortized to Interest expense, net on the Consolidated Statements of Earnings. Cash settlements for derivatives qualifying as net investment hedges are included in Investing activities in the Consolidated Statements of Cash Flows.
The Company uses forward currency exchange contracts to manage existing exposures to foreign exchange risk related to assets and liabilities recorded on the Consolidated Balance Sheets. Gains and losses resulting from the changes in fair value of these instruments are recorded in Other expenses, net on the Consolidated Statements of Earnings, and are substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures (which are also recorded in Other expenses, net). Cash settlements for non-designated derivatives are included in the Consolidated Statements of Cash Flows in the category that is consistent with the nature of the derivative instrument, which is generally the same category as the underlying item being hedged.
Fair Value Measurements
Fair Value Measurements
The carrying value of cash and cash equivalents, accounts receivable and short-term debt approximate fair value because of the short-term maturity of the instruments. The Company uses widely accepted valuation tools to determine fair value of our derivatives, such as discounting cash flows to calculate a present value for the derivatives. Our derivatives consist of natural gas forward swaps, cross currency swaps and foreign exchange forward contracts, all of which are over-the-counter and not traded through an exchange. The models use Level 2 inputs, such as forward curves and other commonly quoted observable transactions and prices. The fair value of our derivatives and hedging instruments are all classified as Level 2 investments within the three-tier hierarchy.
Please refer to Notes 5 and 13 for additional fair value disclosure of derivative financial instruments and long-term debt, respectively.
Foreign Currency Foreign CurrencyThe functional currency of the Company’s subsidiaries is generally the applicable local currency. Assets and liabilities of foreign subsidiaries are translated into United States dollars at the period-end rate of exchange, and their Statements of Earnings and Statements of Cash Flows are converted on an ongoing basis at the monthly average rate. The resulting translation adjustment is included in AOCI in the Consolidated Balance Sheets and Consolidated Statements of Stockholders’ Equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are recorded in Other expenses, net in the Consolidated Statements of Earnings as incurred.
Accounting Pronouncements
Accounting Pronouncements
The following table summarizes recent accounting standard updates (ASU) issued by the Financial Accounting Standards Board (FASB) that could have an impact on the Company's Consolidated Financial Statements:
StandardDescriptionEffective Date for Company
Effect on the
Consolidated Financial Statements
Recently adopted standards:
ASU 2016-02, "Leases (Topic 842)," as amended by ASU 2017-13, 2018-01, 2018-10, 2018-11, and 2019-01The standard requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. The recognition and presentation of expenses will depend on classification as a finance or operating lease. Entities may elect to apply the provisions of the new leasing standard on January 1, 2019, without adjusting the comparative periods presented by recognizing a cumulative-effect adjustment to the opening balance of retained earnings.  January 1, 2019We adopted this standard using the optional transition method in the first quarter of 2019. Please refer to Note 9 of the Consolidated Financial Statements for transition disclosures as well as other ongoing disclosure requirements.  
Recently issued standards:
ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326)," as amended by ASU 2018-19, 2019-04, 2019-05, 2019-10 and 2019-11This standard replaces the incurred loss methodology for recognizing credit losses with a current expected credit losses model and applies to all financial assets, including trade receivables. Entities will adopt the standard using a modified-retrospective approach.  January 1, 2020We do not believe the adoption of this guidance will have a material effect on our consolidated financial statements. Our current accounts receivable policy (as described in Note 1 of the Consolidated Financial Statements) uses historical and forward-looking information to estimate the amount of expected credit losses in our existing accounts receivable. We have determined that our current systems, policies and procedures comply with the requirements of this standard. 
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BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (TABLE)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Property, Plant and Equipment
The range of useful lives for the major components of the Company’s plant and equipment is as follows:
Buildings and leasehold improvements15 – 40 years
Machinery and equipment
Furnaces4 – 15 years
Information systems5 – 10 years
Equipment5 – 20 years
Property, plant and equipment consist of the following (in millions):
December 31, 2019December 31, 2018
Land$221  $224  
Buildings and leasehold improvements1,186  1,091  
Machinery and equipment4,978  4,628  
Construction in progress310  443  
6,695  6,386  
Accumulated depreciation(2,840) (2,575) 
Property, plant and equipment, net$3,855  $3,811  
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SEGMENT INFORMATION (TABLE)
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Reconciliation of Revenue from Segments to Consolidated
The following table summarizes our net sales by segment and geographic region (in millions). Corporate eliminations (shown below) largely reflect intercompany sales from Composites to Roofing. External customer sales are attributed to geographic region based upon the location from which the product is sold to the external customer.
 Twelve Months Ended December 31,
 201920182017
Reportable Segments
Composites$2,059  $2,041  $2,068  
Insulation2,668  2,720  2,001  
Roofing2,634  2,492  2,553  
Total reportable segments7,361  7,253  6,622  
Corporate eliminations(201) (196) (238) 
NET SALES$7,160  $7,057  $6,384  
Schedule of Revenues by Geographical Areas
External Customer Sales by Geographic Region
United States$4,776  $4,647  $4,495  
Europe1,209  1,209  661  
Asia Pacific664  656  675  
Canada and other511  545  553  
NET SALES$7,160  $7,057  $6,384  
Schedule of Earnings before Interest and Taxes
The following table summarizes EBIT by segment (in millions):
 Twelve Months Ended December 31,
 201920182017
Reportable Segments
Composites$247  $251  $291  
Insulation230  290177
Roofing455  434  535  
Total reportable segments932  975  1,003  
Restructuring costs(28) (22) (48) 
Acquisition-related costs—  (16) (15) 
Recognition of acquisition inventory fair value step-up—  (2) (5) 
Litigation settlement gain, net of legal fees—  —  29  
Pension settlement losses(43) —  (64) 
Environmental liability charges(4) —  (15) 
General corporate expense and other(104) (114) (148) 
Total Corporate, other and eliminations(179) (154) (266) 
EBIT$753  $821  $737  
Reconciliation of Assets from Segment to Consolidated
The following table summarizes total assets by segment and property, plant and equipment by geographic region (in millions):
 December 31,
TOTAL ASSETS20192018
Reportable Segments
Composites$2,470  $2,480  
Insulation4,975  4,907  
Roofing1,784  1,750  
Total reportable segments9,229  9,137  
Cash and cash equivalents172  78  
Noncurrent deferred income taxes46  43  
Investments in affiliates51  51  
Assets held for sale1  3  
Corporate property, plant and equipment, other assets and eliminations507  459  
CONSOLIDATED TOTAL ASSETS$10,006  $9,771  
Schedule of Property, Plant and Equipment by Geographical Areas
December 31,
PROPERTY, PLANT AND EQUIPMENT BY GEOGRAPHIC REGION20192018
United States$2,204  $2,166  
Europe762  779  
Asia Pacific601  567  
Canada and other288  299  
TOTAL PROPERTY, PLANT AND EQUIPMENT$3,855  $3,811  
Schedule of Depreciation and Amortization by Segment
The following table summarizes the provision for depreciation and amortization by segment (in millions):
 Twelve Months Ended December 31,
 201920182017
Reportable Segments
Composites$154  $147  $144  
Insulation194  186  124  
Roofing54  51  50  
Total reportable segments402  384  318  
General corporate depreciation and amortization (a)55  49  53  
CONSOLIDATED PROVISION FOR DEPRECIATION AND AMORTIZATION
$457  $433  $371  

(a)In 2019, 2018 and 2017, General corporate depreciation and amortization expense included $9 million, $10 million and $17 million, respectively, of accelerated depreciation related to restructuring actions further explained in Note 12 to the Consolidated Financial Statements.
Schedule of Additions to Property, Plant and Equipment by Segment
The following table summarizes additions to property, plant and equipment on an accrual basis by segment (in millions):
 Twelve Months Ended December 31,
 201920182017
Reportable Segments
Composites$123  $154  $148  
Insulation210  240  151  
Roofing56  91  66  
Total reportable segments389  485  365  
General corporate additions62  57  37  
CONSOLIDATED ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
$451  $542  $402  
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REVENUE (TABLE)
 12 Months Ended
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following tables show a disaggregation of Net sales (in millions):
Twelve Months Ended December 31, 2019
Reportable SegmentsCompositesInsulationRoofingEliminationsConsolidated
Disaggregation Categories
U.S. residential$269  $927  $2,375  $(195) $3,376  
U.S. commercial and industrial614  643  143  —  1,400  
Europe572  625  13  (1) 1,209  
Asia-Pacific475  176  13  —  664  
Rest of world129  297  90  (5) 511  
NET SALES$2,059  $2,668  $2,634  $(201) $7,160  
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INVENTORIES (TABLE)
 12 Months Ended
Dec. 31, 2019
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Inventories consist of the following (in millions):
December 31,
20192018
Finished goods$715  $730  
Materials and supplies318  342  
Total inventories$1,033  $1,072  
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DERIVATIVE FINANCIAL INSTRUMENTS (TABLE)
 12 Months Ended
Dec. 31, 2019
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 the respective location on the Consolidated Balance Sheets (in millions):
  Fair Value at
 LocationDecember 31, 2019December 31, 2018
Derivative assets designated as hedging instruments:
Net investment hedges:
       Cross currency swapsOther current assets$12  $9  
       Cross currency swapsOther non-current assets$1  $—  
Derivative liabilities designated as hedging instruments:
Net investment hedges:
       Cross-currency swapsOther liabilities$4  $17  
Cash flow hedges:
Natural gas forward swapsCurrent liabilities$3  $1  
Derivative assets not designated as hedging instruments:
Foreign exchange forward contractsOther current assets$9  $1  
Derivative liabilities not designated as hedging instruments:
Foreign exchange forward contractsCurrent liabilities$1  $8  
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 (in millions):
  
  
Twelve Months Ended 
 December 31,
  
Location201920182017
Derivative activity designated as hedging instruments:
Natural gas cash flow hedges:
Amount of loss/(gain) reclassified from AOCI into earningsCost of sales$4  $(2) $(1) 
Amount of loss recognized in earnings (ineffective portion)Other expenses, net$—  $—  $2  
Cross-currency swap net investment hedges:
Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testingInterest expense, net$(13) $(12) $—  
Derivative activity not designated as hedging instruments:
Foreign currency:
Amount of (gain)/loss recognized in earnings (a)Other expenses, net$(35) $(55) $5  
(a)(Gains)/losses related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign currency denominated balance sheet exposures, which were also recorded in Other expenses, net. Please refer to the "Other Derivatives" section below for additional detail.
The following table presents the impact of derivative activities on the Consolidated Statements of Comprehensive Earnings (in millions):
Amount of (Gain) Loss Recognized in Comprehensive Earnings
Twelve Months Ended December 31,
Hedging TypeDerivative Financial Instrument20192018
Net investment hedgeCross-currency swaps$(18) $(18) 
Cash flow hedgeNatural gas forward swaps$2  $—  
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GOODWILL AND OTHER INTANGIBLE ASSETS (TABLE)
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the net carrying amount of goodwill by segment are as follows (in millions):
CompositesInsulationRoofingTotal
Balance at December 31, 2018$57  $1,495  $397  $1,949  
Foreign currency translation—  (16) (1) (17) 
Balance at December 31, 2019$57  $1,479  $396  $1,932  

The annual tests performed in 2019 resulted in no impairment of goodwill or indefinite-lived intangible assets. Testing did indicate that the business enterprise value for the Insulation reporting unit exceeded its carrying value by approximately 10%. There is uncertainty surrounding the macroeconomic factors that impact this reporting unit and a sustained downturn in these factors or a change in the long-term revenue growth or profitability for this reporting unit could increase the likelihood of a future impairment.
Schedule of Finite-Lived Intangible Assets Other intangible assets consist of the following (in millions):
December 31, 2019December 31, 2018
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Trademarks$1,139  $—  $1,139  $1,144  $—  $1,144  
Customer relationships550  (167) 383  554  (138) 416  
Technology319  (152) 167  321  (134) 187  
Other67  (35) 32  60  (28) 32  
Total other intangible assets$2,075  $(354) $1,721  $2,079  $(300) $1,779  
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense The estimated amortization expense for intangible assets for the next five years is as follows (in millions):
PeriodAmortization  
2020$48  
2021$48  
2022$45  
2023$42  
2024$39  
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PROPERTY, PLANT AND EQUIPMENT (TABLE)
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
The range of useful lives for the major components of the Company’s plant and equipment is as follows:
Buildings and leasehold improvements15 – 40 years
Machinery and equipment
Furnaces4 – 15 years
Information systems5 – 10 years
Equipment5 – 20 years
Property, plant and equipment consist of the following (in millions):
December 31, 2019December 31, 2018
Land$221  $224  
Buildings and leasehold improvements1,186  1,091  
Machinery and equipment4,978  4,628  
Construction in progress310  443  
6,695  6,386  
Accumulated depreciation(2,840) (2,575) 
Property, plant and equipment, net$3,855  $3,811  
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LEASES (TABLE)
 12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Schedule of Lease-Related Assets and Liabilities
The table below presents the lease-related assets and liabilities recorded on the balance sheet (in millions):
LeasesClassification on Balance SheetDecember 31, 2019
Assets
Operating lease assetsOperating lease right-of-use assets$203  
Finance lease assetsOther non-current assets21  
Total lease assets$224  
Liabilities
Current
OperatingCurrent liabilities$66  
FinanceCurrent liabilities7  
Non-Current
OperatingNon-current operating lease liabilities138  
FinanceLong-term debt, net of current portion19  
Total lease liabilities$230  
Supplemental Information Related to Leases
Other Information

The tables below present supplemental information related to leases as of December 31, 2019:
Weighted-average remaining lease term (years)December 31, 2019
Operating leases4.0
Finance leases3.9

Weighted-average discount rateDecember 31, 2019
Operating leases3.30 %
Finance leases6.29 %
Finance Lease, Liability, Maturity
The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of December 31, 2019 (in millions):
PeriodOperating LeasesFinance Leases
2020$73  $8  
202160  8  
202239  6  
202322  4  
202411  2  
2025 and beyond17  1  
Total minimum lease payments222  29  
Less: implied interest18  3  
Present value of future minimum lease payments204  26  
Less: current lease obligations66  7  
Long-term lease obligations$138  $19  
Lessee, Operating Lease, Liability, Maturity
The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the balance sheet as of December 31, 2019 (in millions):
PeriodOperating LeasesFinance Leases
2020$73  $8  
202160  8  
202239  6  
202322  4  
202411  2  
2025 and beyond17  1  
Total minimum lease payments222  29  
Less: implied interest18  3  
Present value of future minimum lease payments204  26  
Less: current lease obligations66  7  
Long-term lease obligations$138  $19  
Schedule of Future Minimum Rental Payments for Operating Leases
Period
Minimum
Future Rental
Commitments
2019$83  
2020$64  
2021$47  
2022$31  
2023$18  
2024 and beyond$27  
v3.19.3.a.u2
TOTAL CURRENT LIABILITIES (TABLE)
 12 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Current liabilities consist of the following current portions of these liabilities (in millions):
 December 31,
 20192018
Accounts payable$815  $851  
Payroll, vacation pay and incentive compensation172  157  
Current operating lease liabilities66  —  
Other276  270  
Total$1,329  $1,278  
v3.19.3.a.u2
WARRANTIES (TABLE)
 12 Months Ended
Dec. 31, 2019
Product Warranties Disclosures [Abstract]  
Schedule of Product Warranty Liability A reconciliation of the warranty liability is as follows (in millions):
 December 31,
 20192018
Beginning balance$60  $55  
Amounts accrued for current year21  20  
Settlements of warranty claims(17) (15) 
Ending balance$64  $60  
v3.19.3.a.u2
RESTRUCTURING AND ACQUISITION-RELATED COSTS (TABLE)
 12 Months Ended
Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]  
Restructuring and Related Costs
The following table presents the impact and respective location of total restructuring costs on the Consolidated Statements of Earnings, which are included in our Corporate, Other and Eliminations category (in millions):
Twelve Months Ended December 31,
Type of CostLocation201920182017
Accelerated depreciationCost of sales  $9  $10  $17  
Other exit costsCost of sales  6  7  3  
SeveranceOther expenses, net  13  4  27  
Other exit (gains)/costs (a)Other expenses, net  (1) 1  1  
Other exit costsNon-operating expense (income)1  —  —  
Total restructuring costs$28  $22  $48  
Cost Reductions Actions 2014  
Restructuring Cost and Reserve [Line Items]  
Schedule of Restructuring Reserve by Type of Cost
The following table summarizes the status of the unpaid liabilities from the Company’s restructuring activities (in millions):
Insulation Network Optimization Restructuring2017 Cost Reduction ActionsAcquisition-Related Restructuring
Balance at December 31, 2018$—  $10  $7  
Restructuring costs24  1  9  
Payments(10) (12) (5) 
Non-cash items (9) 1  —  
Balance at December 31, 2019$5  $—  $11  
Cumulative charges incurred$24  $49  $29  
v3.19.3.a.u2
DEBT (TABLE)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Details of the Company’s outstanding long-term debt, as well as the fair values, are as follows (in millions):
December 31, 2019December 31, 2018
Carrying Value  Fair Value  Carrying Value  Fair Value  
4.20% senior notes, net of discount and financing fees, due 2022$183  104 %$598  99 %
4.20% senior notes, net of discount and financing fees, due 2024395  106 %393  99 %
3.40% senior notes, net of discount and financing fees, due 2026396  101 %396  90 %
3.95% senior notes, net of discount and financing fees, due 2029445  104 %—  — %
7.00% senior notes, net of discount and financing fees, due 2036367  126 %400  112 %
4.30% senior notes, net of discount and financing fees, due 2047588  95 %588  76 %
4.40% senior notes, net of discount and financing fees, due 2048390  97 %389  77 %
Accounts receivable securitization facility, maturing in 2022 (a)—  — %75  100 %
Various finance leases, due through 2032 (a) (b)26  100 %24  100 %
Term loan borrowing, maturing in 2021 (a)200  100 %500  100 %
Other3  n/a  8  n/a  
Total long-term debt2,993  n/a  3,371  n/a  
Less – current portion (a)7  100 %9  100 %
Long-term debt, net of current portion$2,986  n/a  $3,362  n/a  

(a) The Company determined that the book value of the above noted long-term debt instruments approximates fair value.
(b) Amounts reflected for December 31, 2018 represent capital lease obligations as recorded under ASC 840.
The fair values of the Company's outstanding long-term debt instruments were estimated using market observable inputs, including quoted prices in active markets, market indices and interest rate measurements. Within the hierarchy of fair value measurements, these are Level 2 fair values.
Schedule of Line of Credit Facilities
The following table shows how the Company utilized its primary sources of liquidity (in millions):
Balance at December 31, 2019
Senior Revolving Credit FacilityReceivables Securitization Facility
Facility size$800  $280  
Collateral capacity limitation on availabilityn/a  —  
Outstanding borrowings—  —  
Outstanding letters of credit4  2  
Availability on facility$796  $278  
Schedule of Maturities of Long-term Debt
The aggregate maturities for all outstanding long-term debt borrowings for each of the five years following December 31, 2019 and thereafter are presented in the table below (in millions). The maturities below are the aggregate par amounts of the outstanding senior notes, borrowings from the Term Loan and finance lease liabilities:
PeriodMaturities
2020$8  
2021208  
2022190  
20234  
2024401  
2025 and beyond2,227  
Total$3,038  
v3.19.3.a.u2
PENSION PLANS (TABLE)
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Changes in Projected Benefit Obligations
The following tables provide a reconciliation of the change in the projected benefit obligation, the change in plan assets and the net amount recognized in the Consolidated Balance Sheets (in millions):
 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Change in Projected Benefit Obligation
Benefit obligation at beginning of period
$891  $427  $1,318  $993  $457  $1,450  
Service cost5  5  10  6  6  12  
Interest cost34  13  47  34  13  47  
Actuarial loss (gain) 85  42  127  (67) (18) (85) 
Currency loss (gain) —  13  13  —  (26) (26) 
Benefits paid(45) (18) (63) (75) (17) (92) 
Settlements/curtailments(104) (7) (111) —  (6) (6) 
Acquisition—  —  —  —  11  11  
Other—  —  —  —  7  7  
Benefit obligation at end of period$866  $475  $1,341  $891  $427  $1,318  
Schedule of Changes in Fair Value of Plan Assets
December 31, 2019December 31, 2018
U.S.Non-U.S.TotalU.S.Non-U.S.Total
Change in Plan Assets
Fair value of assets at beginning of period
$727  $328  $1,055  $836  $364  $1,200  
Actual return on plan assets130  50  180  (59) (8) (67) 
Currency gain (loss)—  11  11  —  (20) (20) 
Company contributions25  21  46  25  15  40  
Benefits paid(45) (18) (63) (75) (17) (92) 
Settlements/curtailments(104) (5) (109) —  (6) (6) 
Other—  (1) (1) —  —  —  
Fair value of assets at end of period$733  $386  $1,119  $727  $328  $1,055  
Funded status$(133) $(89) $(222) $(164) $(99) $(263) 
Schedule of Amounts Recognized in Balance Sheet
 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Amounts Recognized in the Consolidated Balance Sheets
Prepaid pension cost$—  $11  $11  $—  $7  $7  
Accrued pension cost – current—  (2) (2) —  (2) (2) 
Accrued pension cost – non-current(133) (98) (231) (164) (104) (268) 
Net amount recognized$(133) $(89) $(222) $(164) $(99) $(263) 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts Recorded in AOCI
Net actuarial loss$(345) $(97) $(442) $(392) $(92) $(484) 
Schedule of Assumptions Used to Determine Benefit Obligations
The following table presents weighted average assumptions used to determine benefit obligations at the measurement dates:
 December 31,
 20192018
United States Plans
Discount rate3.30 %4.25 %
Expected return on plan assets6.50 %6.75 %
Non-United States Plans
Discount rate2.24 %3.04 %
Expected return on plan assets4.66 %4.91 %
Rate of compensation increase3.99 %4.14 %
Schedule of Allocation of Plan Assets
The following table summarizes the fair values and applicable fair value hierarchy levels of United States pension plan assets (in millions):
 December 31, 2019
Asset CategoryLevel 1Level 2Level 3Total
Equities:
Domestic$57  $—  $—  $57  
International55  —  —  55  
Fixed income and cash equivalents:
Corporate bonds28  214  —  242  
Government debt—  85  —  85  
Real estate investment trusts22  —  —  22  
Total United States plan assets subject to leveling $162  $299  $—  461  
Plan assets measured at NAV:
Equities 130  
Real assets62  
Fixed income and cash equivalents33  
Absolute return strategies47  
Total United States plan assets $733  

 December 31, 2018
Asset CategoryLevel 1Level 2Level 3Total
Equities:
Domestic$50  $—  $—  $50  
International52  —  —  52  
Fixed income and cash equivalents:
Corporate bonds—  236  —  236  
Government debt—  91  —  91  
Real estate investment trusts24  —  —  24  
Total United States plan assets subject to leveling $126  $327  $—  453  
Plan assets measured at NAV:
Equities 123  
Real assets54  
Fixed income and cash equivalents53  
Absolute return strategies44  
Total United States plan assets $727  
The following table summarizes the fair values and applicable fair value hierarchy levels of non-United States pension plan assets (in millions):
 December 31, 2019
Asset CategoryLevel 1Level 2Level 3Total
Equities$—  $4  $—  $4  
Fixed income and cash equivalents:
Cash and cash equivalents—  65  —  65  
Corporate bonds—  13  —  13  
Total non-United States plan assets subject to leveling $—  $82  $—  82  
Plan assets measured at NAV:
Equities 71  
Fixed income and cash equivalents123  
Absolute return strategies and other110  
Total non-United States plan assets$386  

 December 31, 2018
Asset CategoryLevel 1Level 2Level 3Total
Equities$—  $4  $—  $4  
Fixed income and cash equivalents:
Cash and cash equivalents—  62  —  62  
Corporate bonds—  12  —  12  
Total non-United States plan assets subject to leveling $—  $78  $—  78  
Plan assets measured at NAV:
Equities 41  
Fixed income and cash equivalents109  
Absolute return strategies100  
Total non-United States plan assets$328  
Pension Plans, Defined Benefit  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents information about the projected benefit obligation, accumulated benefit obligation (ABO) and plan assets of the Company’s pension plans (in millions):

 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Plans with ABO in excess of fair value of plan assets:
Projected benefit obligation$866  $300  $1,166  $891  $269  $1,160  
Accumulated benefit obligation$866  $295  $1,161  $891  $265  $1,156  
Fair value of plan assets$733  $205  $938  $727  $169  $896  
Plans with fair value of assets in excess of ABO:
Projected benefit obligation$—  $175  $175  $—  $158  $158  
Accumulated benefit obligation$—  $159  $159  $—  $140  $140  
Fair value of plan assets$—  $181  $181  $—  $159  $159  
Summary of all plans:
Total projected benefit obligation$866  $475  $1,341  $891  $427  $1,318  
Total accumulated benefit obligation$866  $454  $1,320  $891  $405  $1,296  
Total fair value of plan assets$733  $386  $1,119  $727  $328  $1,055  
Schedule of Net Benefit Costs
The following table presents the components of net periodic pension cost (in millions):
 Twelve Months Ended December 31,
 201920182017
Service cost$10  $12  $12  
Interest cost47  47  55  
Expected return on plan assets(68) (73) (79) 
Amortization of actuarial loss15  15  18  
Settlement/curtailment44  —  64  
Net periodic pension cost$48  $1  $70  
Schedule of Assumptions Used to Determine Net Benefit Cost
The following table presents weighted-average assumptions used to determine net periodic pension costs for the periods noted:
 Twelve Months Ended December 31,
 2019 2018 2017 
United States Plans
Discount rate4.25 %3.55 %3.95 %
Expected return on plan assets6.75 %6.75 %6.75 %
Rate of compensation increaseN/A (a) N/A (a) N/A (a) 
Non-United States Plans
Discount rate3.04 %2.88 %3.14 %
Expected return on plan assets4.91 %5.22 %5.92 %
Rate of compensation increase4.14 %4.29 %4.25 %
 
(a)Not applicable due to changes in plan made on August 1, 2009 that were effective beginning January 1, 2010.
Schedule of Expected Benefit Payments
The following table shows estimated future benefit payments from the Company’s pension plans (in millions):
Year  
Estimated
Benefit
Payments
2020  $76  
2021  $75  
2022  $75  
2023  $75  
2024$75  
2025-2029  $390  
United States  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
 December 31, 2019
Asset CategoryLevel 1Level 2Level 3Total
Equities:
Domestic$57  $—  $—  $57  
International55  —  —  55  
Fixed income and cash equivalents:
Corporate bonds28  214  —  242  
Government debt—  85  —  85  
Real estate investment trusts22  —  —  22  
Total United States plan assets subject to leveling $162  $299  $—  461  
Plan assets measured at NAV:
Equities 130  
Real assets62  
Fixed income and cash equivalents33  
Absolute return strategies47  
Total United States plan assets $733  
Foreign Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
 December 31, 2019
Asset CategoryLevel 1Level 2Level 3Total
Equities$—  $4  $—  $4  
Fixed income and cash equivalents:
Cash and cash equivalents—  65  —  65  
Corporate bonds—  13  —  13  
Total non-United States plan assets subject to leveling $—  $82  $—  82  
Plan assets measured at NAV:
Equities 71  
Fixed income and cash equivalents123  
Absolute return strategies and other110  
Total non-United States plan assets$386  

 December 31, 2018
Asset CategoryLevel 1Level 2Level 3Total
Equities$—  $4  $—  $4  
Fixed income and cash equivalents:
Cash and cash equivalents—  62  —  62  
Corporate bonds—  12  —  12  
Total non-United States plan assets subject to leveling $—  $78  $—  78  
Plan assets measured at NAV:
Equities 41  
Fixed income and cash equivalents109  
Absolute return strategies100  
Total non-United States plan assets$328  
v3.19.3.a.u2
POSTEMPLOYMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS (TABLE)
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Changes in Projected Benefit Obligations
The following tables provide a reconciliation of the change in the projected benefit obligation, the change in plan assets and the net amount recognized in the Consolidated Balance Sheets (in millions):
 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Change in Projected Benefit Obligation
Benefit obligation at beginning of period
$891  $427  $1,318  $993  $457  $1,450  
Service cost5  5  10  6  6  12  
Interest cost34  13  47  34  13  47  
Actuarial loss (gain) 85  42  127  (67) (18) (85) 
Currency loss (gain) —  13  13  —  (26) (26) 
Benefits paid(45) (18) (63) (75) (17) (92) 
Settlements/curtailments(104) (7) (111) —  (6) (6) 
Acquisition—  —  —  —  11  11  
Other—  —  —  —  7  7  
Benefit obligation at end of period$866  $475  $1,341  $891  $427  $1,318  
Schedule of Amounts Recognized in Balance Sheet
 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Amounts Recognized in the Consolidated Balance Sheets
Prepaid pension cost$—  $11  $11  $—  $7  $7  
Accrued pension cost – current—  (2) (2) —  (2) (2) 
Accrued pension cost – non-current(133) (98) (231) (164) (104) (268) 
Net amount recognized$(133) $(89) $(222) $(164) $(99) $(263) 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts Recorded in AOCI
Net actuarial loss$(345) $(97) $(442) $(392) $(92) $(484) 
Schedule of Assumptions Used to Determine Benefit Obligations
The following table presents weighted average assumptions used to determine benefit obligations at the measurement dates:
 December 31,
 20192018
United States Plans
Discount rate3.30 %4.25 %
Expected return on plan assets6.50 %6.75 %
Non-United States Plans
Discount rate2.24 %3.04 %
Expected return on plan assets4.66 %4.91 %
Rate of compensation increase3.99 %4.14 %
Other Postretirement Benefits Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Changes in Projected Benefit Obligations
The following table provides a reconciliation of the change in the projected benefit obligation and the net amount recognized in the Consolidated Balance Sheets for the years ended December 31, 2019 and 2018 (in millions):
 December 31, 2019December 31, 2018
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Change in Projected Benefit Obligation
Benefit obligation at beginning of period
$183  $12  $195  $216  $14  $230  
Service cost1  —  1  1  —  1  
Interest cost7  1  8  8  —  8  
Actuarial (gain)/loss(7) 2  (5) (25) —  (25) 
Currency loss—  —  —  —  (1) (1) 
Plan amendments(1) —  (1) (2) —  (2) 
Benefits paid(14) (1) (15) (15) (1) (16) 
Benefit obligation at end of period$169  $14  $183  $183  $12  $195  
Funded status$(169) $(14) $(183) $(183) $(12) $(195) 
Schedule of Amounts Recognized in Balance Sheet
Amounts Recognized in the Consolidated Balance Sheets
Accrued benefit obligation – current$(15) $(1) $(16) $(17) $—  $(17) 
Accrued benefit obligation – non-current(154) (13) (167) (166) (12) $(178) 
Net amount recognized$(169) $(14) $(183) $(183) $(12) $(195) 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts Recorded in AOCI
Net actuarial gain$48  $3  $51  $49  $5  $54  
Net prior service credit6  —  6  9  —  9  
Net amount recognized$54  $3  $57  $58  $5  $63  
Schedule of Assumptions Used to Determine Benefit Obligations
The following table presents the discount rates used to determine the benefit obligations:
 December 31,
 20192018
United States plans3.10 %4.15 %
Non-United States plans3.84 %4.59 %
Schedule of Net Benefit Costs
The following table presents the components of net periodic postretirement benefit cost (in millions):
 Twelve Months Ended December 31,
 201920182017
Service cost$1  $1  $2  
Interest cost8  8  9  
Amortization of prior service credit(4) (4) (4) 
Amortization of actuarial gain(8) (6) (3) 
Net periodic postretirement benefit (income)/cost$(3) $(1) $4  
Schedule of Assumptions Used to Determine Net Benefit Cost
The following table presents the discount rates used to determine net periodic postretirement benefit cost:
 Twelve Months Ended December 31,
 201920182017
United States plans4.15 %3.45 %3.80 %
Non-United States plans4.59 %4.56 %6.78 %
Schedule of Health Care Cost Trend Rates
The following table presents health care cost trend rates used to determine net periodic postretirement benefit cost, as well as information regarding the ultimate rate and the year in which the ultimate rate is reached:
 Twelve Months Ended December 31,
 201920182017
United States plans:
Initial rate at end of year6.50 %6.75 %6.56 %
Ultimate rate5.00 %5.00 %5.00 %
Year in which ultimate rate is reached202620262025
Non-United States plans:
Initial rate at end of year5.45 %5.40 %5.73 %
Ultimate rate5.45 %5.40 %5.49 %
Year in which ultimate rate is reached201920192019
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates To illustrate, a one-percentage point change in the December 31, 2019 assumed health care cost trend rate would have the following effects (in millions):
 1-Percentage Point
 IncreaseDecrease
Increase (decrease) in total service cost and interest cost components of net periodic postretirement benefit cost
$—  $—  
Increase (decrease) of accumulated postretirement benefit obligation$4  $(3) 
Schedule of Expected Benefit Payments
The following table shows estimated future benefit payments from the Company’s postretirement benefit plans (in millions):
Year
Estimated
Benefit
Payments
2020$16  
2021$15  
2022$15  
2023$14  
2024$14  
2025-2029$60  
v3.19.3.a.u2
STOCK COMPENSATION (TABLE)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Disclosure of Share-based Compensation Expense
Stock-based compensation expense included in Marketing and administrative expenses in the accompanying Consolidated Statements of Earnings is as follows (in millions):

Twelve Months Ended December 31,
201920182017
Total stock-based compensation expense$39  $47  $44  
Income tax benefit recognized on stock-based compensation expense$7  $24  $26  
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes the Company’s stock option activity in 2019:

Weighted-Average
 
Number of
Options
Exercise PriceRemaining
Contractual Life
(in years)		Intrinsic Value (in millions)
Outstanding, January 1, 2019478,875  $37.18  4.00$3  
Exercised(64,075) 33.26  
Outstanding, December 31, 2019414,800  $37.79  3.06$11  
Exercisable, December 31, 2019414,800  $37.79  3.06$11  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable
The total intrinsic value of stock options exercised and the resulting tax benefits received were as follows (in millions):

Twelve Months Ended December 31,
201920182017
Cash received upon exercise of stock option awards$2  $1  $15  
Income tax benefit received for stock option awards exercised$—  $—  $7  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table shows a summary of the Company’s RSU plans:
 Number of
RSUs		Weighted-
Average
Fair Value
Balance at January 1, 20191,479,374  $52.30  
Granted542,693  53.10  
Vested(390,673) 52.57  
Forfeited/canceled(115,688) 61.68  
Balance at December 31, 20191,515,706  $51.70  
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest
The following table shows a summary of the Company's PSU plans:
 Number of
PSUs
Weighted-
Average
Grant Date
Fair Value
Balance as of January 1, 2019360,977  $75.23  
Granted205,350  58.40  
Vested(169,052) 43.04  
Forfeited/canceled(84,550) 68.56  
Balance as of December 31, 2019312,725  $69.23  
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity
The following table shows a summary of employee purchase activity under the ESPP:
Twelve Months Ended December 31,
201920182017
Total shares purchased by employees393,230  295,407  258,504  
Average purchase price$41.33  $48.93  $48.48  
v3.19.3.a.u2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT (TABLE)
 12 Months Ended
Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated other comprehensive income (deficit) (in millions):
  
Twelve Months Ended December 31,
  
20192018
Currency Translation Adjustment
Beginning balance$(306) $(183) 
Net investment hedge amounts classified into AOCI, net of tax13  14  
Gain/(loss) on foreign currency translation11  (137) 
Other comprehensive income/(loss), net of tax24  (123) 
Ending balance$(282) $(306) 
Pension and Other Postretirement Adjustment
Beginning balance$(350) $(331) 
Amounts reclassified from AOCI to net earnings, net of tax (a)35  4  
Amounts classified into AOCI, net of tax(11) (23) 
Other comprehensive income/(loss), net of tax24  (19) 
Ending balance$(326) $(350) 
Hedging Adjustment
Beginning balance$—  $—  
      Amounts reclassified from AOCI to net earnings, net of tax (b)3  (1) 
  Amounts classified into AOCI, net of tax(5) 1  
Other comprehensive (loss), net of tax(2) —  
Ending balance$(2) $—  
Total AOCI ending balance  $(610) $(656) 

(a) These AOCI components are included in the computation of total Pension and Other Postretirement cost and are recorded in Non-operating expense (income). See Notes 14 and 15 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. See Note 5 for additional information.
v3.19.3.a.u2
EARNINGS PER SHARE (TABLE)
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table is a reconciliation of weighted-average shares for calculating basic and diluted earnings per-share (in millions, except per share amounts):
 Twelve Months Ended December 31,
 201920182017
Net earnings attributable to Owens Corning$405  $545  $289  
Weighted-average number of shares outstanding used for basic earnings per share109.2  110.4  111.5  
Non-vested restricted and performance shares0.7  0.8  1.5  
Options to purchase common stock0.2  0.2  0.2  
Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share110.1  111.4  113.2  
Earnings per common share attributable to Owens Corning common stockholders:
Basic$3.71  $4.94  $2.59  
Diluted$3.68  $4.89  $2.55  
v3.19.3.a.u2
INCOME TAXES (TABLE)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The following table summarizes our Earnings before taxes and Income tax expense (in millions):
 Twelve Months Ended December 31,
 201920182017
Earnings before taxes:
United States$315  $411  $342  
Foreign275  293  217  
Total$590  $704  $559  
Schedule of Components of Income Tax Expense (Benefit), By Jurisdiction
Income tax expense:
Current
United States$(4) $(10) $(2) 
State and local11  6  5  
Foreign60  19  83  
Total current67  15  86  
Deferred
United States112  114  196  
State and local11  12  3  
Foreign(4) 15  (16) 
Total deferred119  141  183  
Total income tax expense$186  $156  $269  
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation between the United States federal statutory rate and the Company’s effective income tax rate from continuing operations is:
 Twelve Months Ended December 31,
 201920182017
United States federal statutory rate21 %21 %35 %
State and local income taxes, net of federal tax benefit3  2  2  
Foreign tax rate differential—  —  (5) 
U.S. tax expense on foreign earnings1  2  49  
Legislative tax rate changes 2  —  (9) 
Foreign tax credits—  —  (29) 
Valuation allowance3  2  3  
Uncertain tax positions and settlements—  (5) 1  
Excess tax benefits related to stock compensation—  (2) (1) 
Other, net1  2  2  
Effective tax rate31 %22 %48 %
Schedule of Deferred Tax Assets and Liabilities
The cumulative temporary differences giving rise to the deferred tax assets and liabilities are as follows (in millions):
 December 31, 2019December 31, 2018
 
Deferred
Tax
Assets
Deferred
Tax
Liabilities
Deferred
Tax
Assets
Deferred
Tax
Liabilities
Other employee benefits$76  $—  $87  $—  
Pension plans54  —  66  —  
Operating loss and tax credit carryforwards195  —  255  —  
Depreciation—  247  —  259  
Leases - Right of Use Assets—  49  —  —  
Leases - Liability49  —  —  —  
Amortization—  388  —  395  
Foreign tax credits97  —  161  —  
State and local taxes3  —  3  —  
Other76  —  61  —  
Subtotal550  684  633  654  
Valuation allowances(92) —  (78) —  
Total deferred taxes$458  $684  $555  $654  
Summary of Operating Loss and Tax Credit Carryforwards
The following table summarizes the amount and expiration dates of our deferred tax assets related to operating loss and credit carryforwards at December 31, 2019 (in millions):
 
Expiration
Dates
Amounts
U.S. federal loss carryforwards2036 - 2037$27  
U.S. state loss carryforwards (a)2020 – 203447  
Foreign loss and tax credit carryforwardsIndefinite30  
Foreign loss and tax credit carryforwards (a)2020 – 203761  
Other U.S. federal and state tax credits2028 – 203430  
Total operating loss and tax credit carryforwards$195  
U.S foreign tax credits2027$97  
 
(a)As of December 31, 2019, $16 million of U.S. state and $6 million of foreign deferred tax assets related to loss carryforwards that are set to expire over the next three years.
Summary of Income Tax Contingencies
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in millions):
 Twelve Months Ended December 31,
 201920182017
Balance at beginning of period$84  $90  $98  
Tax positions related to the current year
Gross additions—  6  1  
Tax positions related to prior years
Gross additions1  36  13  
Gross reductions—  (37) (11) 
Settlements(1) (5) (12) 
Expiration of statute of limitations(5) (4) —  
Impact of currency changes—  (2) 1  
Balance at end of period$79  $84  $90  
v3.19.3.a.u2
QUARTERLY FINANCIAL INFORMATION (unaudited) (TABLE)
 12 Months Ended
Dec. 31, 2019
Selected Quarterly Financial Information [Abstract]  
Schedule of Quarterly Financial Information
Select quarterly financial information is presented in the tables below for the quarterly periods (in millions, except per share amounts):
 Quarter
  
FirstSecondThirdFourth
2019
Net sales$1,667  $1,918  $1,883  $1,692  
Gross margin$325  $440  $461  $383  
Income tax expense $39  $59  $61  $27  
Net earnings attributable to Owens Corning$44  $138  $150  $73  
BASIC EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS$0.40  $1.27  $1.37  $0.67  
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS$0.40  $1.26  $1.36  $0.66  

 Quarter
  
FirstSecondThirdFourth
2018
Net sales$1,691  $1,824  $1,818  $1,724  
Gross margin$355  $418  $448  $411  
Income tax expense$11  $49  $67  $29  
Net earnings attributable to Owens Corning$92  $121  $161  $171  
BASIC EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS$0.83  $1.09  $1.46  $1.56  
DILUTED EARNINGS PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS$0.82  $1.08  $1.45  $1.55  
v3.19.3.a.u2
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (DETAIL)
$ / shares in Units, $ in Millions
 12 Months Ended
Feb. 06, 2020
$ / shares
Dec. 31, 2019
USD ($)
segment
$ / shares
Dec. 31, 2018
USD ($)
$ / shares
Dec. 31, 2017
USD ($)
$ / shares
Property Plant And Equipment [Line Items]        
Number of reportable segments | segment   3    
Dividend (dollars per share) | $ / shares   $ 0.90 $ 0.85 $ 0.81
Revenue, remaining performance obligation   $ 3    
Marketing and advertising expense   117 $ 120 $ 108
Restricted cash and cash equivalents   7    
Investments in affiliates   $ 51 51  
Precious metals depletion, percentage   3.00%    
Foreign currency transaction gain (loss)   $ 12 $ 7 $ (4)
Subsequent Event        
Property Plant And Equipment [Line Items]        
Dividend (dollars per share) | $ / shares $ 0.24      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2036-01-01 | Minimum        
Property Plant And Equipment [Line Items]        
Revenue, remaining performance obligation, expected timing of satisfaction, period   16 years    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2040-01-01 | Maximum        
Property Plant And Equipment [Line Items]        
Revenue, remaining performance obligation, expected timing of satisfaction, period   20 years    
v3.19.3.a.u2
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (PROPERTY, PLANT AND EQUIPMENT USEFUL LIFE) (DETAIL)
 12 Months Ended
Dec. 31, 2019
Building and Building Improvements | Minimum  
Property Plant And Equipment [Line Items]  
Property, plant and equipment estimated useful lives 15 years
Building and Building Improvements | Maximum  
Property Plant And Equipment [Line Items]  
Property, plant and equipment estimated useful lives 40 years
Furnaces | Minimum  
Property Plant And Equipment [Line Items]  
Property, plant and equipment estimated useful lives 4 years
Furnaces | Maximum  
Property Plant And Equipment [Line Items]  
Property, plant and equipment estimated useful lives 15 years
Technology Equipment | Minimum  
Property Plant And Equipment [Line Items]  
Property, plant and equipment estimated useful lives 5 years
Technology Equipment | Maximum  
Property Plant And Equipment [Line Items]  
Property, plant and equipment estimated useful lives 10 years
Equipment | Minimum  
Property Plant And Equipment [Line Items]  
Property, plant and equipment estimated useful lives 5 years
Equipment | Maximum  
Property Plant And Equipment [Line Items]  
Property, plant and equipment estimated useful lives 20 years
v3.19.3.a.u2
SEGMENT INFORMATION - Narrative (DETAIL)
 12 Months Ended
Dec. 31, 2019
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.19.3.a.u2
SEGMENT INFORMATION - Net Sales by Reportable Segments and Geographic Region (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Reporting Information [Line Items]      
Revenues $ 7,160 $ 7,057 $ 6,384
Composites      
Segment Reporting Information [Line Items]      
Revenues 2,059 2,041 2,068
Insulation      
Segment Reporting Information [Line Items]      
Revenues 2,668 2,720 2,001
Roofing      
Segment Reporting Information [Line Items]      
Revenues 2,634 2,492 2,553
Total Segments      
Segment Reporting Information [Line Items]      
Revenues 7,361 7,253 6,622
Corporate Eliminations      
Segment Reporting Information [Line Items]      
Revenues (201) (196) (238)
United States      
Segment Reporting Information [Line Items]      
Revenues 4,776 4,647 4,495
Europe      
Segment Reporting Information [Line Items]      
Revenues 1,209 1,209 661
Asia Pacific      
Segment Reporting Information [Line Items]      
Revenues 664 656 675
Other Geographical      
Segment Reporting Information [Line Items]      
Revenues $ 511 $ 545 $ 553
v3.19.3.a.u2
SEGMENT INFORMATION - EBIT by Segment (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Reporting Information [Line Items]      
Restructuring costs $ (28) $ (22) $ (48)
Acquisition-related costs 0 (16) (15)
Recognition of InterWrap inventory fair value step-up 0 (2) (5)
Litigation settlement gain, net of legal fees (37) (36) (67)
Environmental liability charges (4) 0 (15)
General corporate expense and other (104) (114) (148)
Total Corporate, other and eliminations 753 821 737
Composites      
Segment Reporting Information [Line Items]      
Total Corporate, other and eliminations 247 251 291
Insulation      
Segment Reporting Information [Line Items]      
Total Corporate, other and eliminations 230 290 177
Roofing      
Segment Reporting Information [Line Items]      
Total Corporate, other and eliminations 455 434 535
Total Segments      
Segment Reporting Information [Line Items]      
Total Corporate, other and eliminations 932 975 1,003
Corporate Eliminations      
Segment Reporting Information [Line Items]      
Total Corporate, other and eliminations (179) (154) (266)
Other Expense      
Segment Reporting Information [Line Items]      
Restructuring costs (6)    
Litigation settlement gain, net of legal fees 0 0 (29)
Pension Plan      
Segment Reporting Information [Line Items]      
Pension settlement losses (44) 0 (64)
Foreign Plan | Pension Plan      
Segment Reporting Information [Line Items]      
Pension settlement losses $ (43) $ 0 $ (64)
v3.19.3.a.u2
SEGMENT INFORMATION - Total Assets and Property, Plant and Equipment by Geographic Region (DETAIL) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]    
Total Assets $ 10,006 $ 9,771
Cash and cash equivalents 172 78
Noncurrent deferred income taxes 46 43
Investments in affiliates 51 51
Assets held for sale 1 3
Corporate property, plant and equipment, net 507 459
Property, plant and equipment, net 3,855 3,811
Composites    
Segment Reporting Information [Line Items]    
Total Assets 2,470 2,480
Insulation    
Segment Reporting Information [Line Items]    
Total Assets 4,975 4,907
Roofing    
Segment Reporting Information [Line Items]    
Total Assets 1,784 1,750
Total Segments    
Segment Reporting Information [Line Items]    
Total Assets 9,229 9,137
United States    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net 2,204 2,166
Europe    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net 762 779
Asia Pacific    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net 601 567
Other Geographical    
Segment Reporting Information [Line Items]    
Property, plant and equipment, net $ 288 $ 299
v3.19.3.a.u2
SEGMENT INFORMATION - Provision For Depreciation and Amortization (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Reporting Information [Line Items]      
Depreciation and amortization $ 457 $ 433 $ 371
Charges related to cost reduction actions 28 22 48
Composites      
Segment Reporting Information [Line Items]      
Depreciation and amortization 154 147 144
Insulation      
Segment Reporting Information [Line Items]      
Depreciation and amortization 194 186 124
Roofing      
Segment Reporting Information [Line Items]      
Depreciation and amortization 54 51 50
Total Segments      
Segment Reporting Information [Line Items]      
Depreciation and amortization 402 384 318
General Corporate      
Segment Reporting Information [Line Items]      
Depreciation and amortization 55 49 53
Accelerated Depreciation | Cost of Sales      
Segment Reporting Information [Line Items]      
Charges related to cost reduction actions $ 9 $ 10 $ 17
v3.19.3.a.u2
SEGMENT INFORMATION - Additions to Property, Plant and Equipment (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Reporting Information [Line Items]      
Property, plant and equipment, additions $ 451 $ 542 $ 402
Composites      
Segment Reporting Information [Line Items]      
Property, plant and equipment, additions 123 154 148
Insulation      
Segment Reporting Information [Line Items]      
Property, plant and equipment, additions 210 240 151
Roofing      
Segment Reporting Information [Line Items]      
Property, plant and equipment, additions 56 91 66
Total Segments      
Segment Reporting Information [Line Items]      
Property, plant and equipment, additions 389 485 365
General Corporate      
Segment Reporting Information [Line Items]      
Property, plant and equipment, additions $ 62 $ 57 $ 37
v3.19.3.a.u2
REVENUE - Narrative (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Jan. 01, 2018
Disaggregation of Revenue [Line Items]      
Accumulated earnings $ 2,319 $ 2,013  
Inventories 1,033 1,072  
Contract with customer, liability 60 $ 53  
Contract with customer, liability, revenue recognized $ 17    
Accounting Standards Update 2014-09      
Disaggregation of Revenue [Line Items]      
Accumulated earnings     $ 2
Inventories     $ 2
v3.19.3.a.u2
REVENUE - Disaggregated Revenue (DETAIL) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Disaggregation of Revenue [Line Items]                      
Net sales $ 1,692 $ 1,883 $ 1,918 $ 1,667 $ 1,724 $ 1,818 $ 1,824 $ 1,691 $ 7,160 $ 7,057 $ 6,384
Europe                      
Disaggregation of Revenue [Line Items]                      
Net sales                 1,209 1,209  
Asia Pacific                      
Disaggregation of Revenue [Line Items]                      
Net sales                 664 656  
Rest of World                      
Disaggregation of Revenue [Line Items]                      
Net sales                 511 545  
Composites                      
Disaggregation of Revenue [Line Items]                      
Net sales                 2,059 2,041  
Composites | Europe                      
Disaggregation of Revenue [Line Items]                      
Net sales                 572 590  
Composites | Asia Pacific                      
Disaggregation of Revenue [Line Items]                      
Net sales                 475 464  
Composites | Rest of World                      
Disaggregation of Revenue [Line Items]                      
Net sales                 129 126  
Insulation                      
Disaggregation of Revenue [Line Items]                      
Net sales                 2,668 2,720  
Insulation | Europe                      
Disaggregation of Revenue [Line Items]                      
Net sales                 625 605  
Insulation | Asia Pacific                      
Disaggregation of Revenue [Line Items]                      
Net sales                 176 178  
Insulation | Rest of World                      
Disaggregation of Revenue [Line Items]                      
Net sales                 297 322  
Roofing                      
Disaggregation of Revenue [Line Items]                      
Net sales                 2,634 2,492  
Roofing | Europe                      
Disaggregation of Revenue [Line Items]                      
Net sales                 13 14  
Roofing | Asia Pacific                      
Disaggregation of Revenue [Line Items]                      
Net sales                 13 15  
Roofing | Rest of World                      
Disaggregation of Revenue [Line Items]                      
Net sales                 90 103  
Intersegment Eliminations                      
Disaggregation of Revenue [Line Items]                      
Net sales                 (201) (196)  
Intersegment Eliminations | Europe                      
Disaggregation of Revenue [Line Items]                      
Net sales                 (1) 0  
Intersegment Eliminations | Asia Pacific                      
Disaggregation of Revenue [Line Items]                      
Net sales                 0 (1)  
Intersegment Eliminations | Rest of World                      
Disaggregation of Revenue [Line Items]                      
Net sales                 (5) (6)  
Residential | United States                      
Disaggregation of Revenue [Line Items]                      
Net sales                 3,376 3,275  
Residential | Composites | United States                      
Disaggregation of Revenue [Line Items]                      
Net sales                 269 263  
Residential | Insulation | United States                      
Disaggregation of Revenue [Line Items]                      
Net sales                 927 990  
Residential | Roofing | United States                      
Disaggregation of Revenue [Line Items]                      
Net sales                 2,375 2,199  
Residential | Intersegment Eliminations | United States                      
Disaggregation of Revenue [Line Items]                      
Net sales                 (195) (177)  
Commercial and Industrial Sector | United States                      
Disaggregation of Revenue [Line Items]                      
Net sales                 1,400 1,372  
Commercial and Industrial Sector | Composites | United States                      
Disaggregation of Revenue [Line Items]                      
Net sales                 614 598  
Commercial and Industrial Sector | Insulation | United States                      
Disaggregation of Revenue [Line Items]                      
Net sales                 643 625  
Commercial and Industrial Sector | Roofing | United States                      
Disaggregation of Revenue [Line Items]                      
Net sales                 143 161  
Commercial and Industrial Sector | Intersegment Eliminations | United States                      
Disaggregation of Revenue [Line Items]                      
Net sales                 $ 0 $ (12)  
v3.19.3.a.u2
INVENTORIES (DETAIL) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Inventory Disclosure [Abstract]    
Finished goods $ 715 $ 730
Materials and supplies 318 342
Total inventories $ 1,033 $ 1,072
v3.19.3.a.u2
DERIVATIVE FINANCIAL INSTRUMENTS (BALANCE SHEET) (DETAIL) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Other current assets | Designated as Hedging Instrument | Net Investment Hedging | Cross Currency Interest Rate Contract    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Net $ 12 $ 9
Other current assets | Not Designated as Hedging Instrument | Foreign Exchange Contract    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Net 9 1
Other non-current assets | Designated as Hedging Instrument | Cash Flow Hedging | Energy Related Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Net 1 0
Other liabilities | Designated as Hedging Instrument | Net Investment Hedging | Cross Currency Interest Rate Contract    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Net 4 17
Other liabilities | Designated as Hedging Instrument | Net Investment Hedging | Energy Related Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Net
Current liabilities | Designated as Hedging Instrument | Cash Flow Hedging | Energy Related Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Fair Value, Net 3 1
Current liabilities | Not Designated as Hedging Instrument | Foreign Exchange Contract    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Fair Value, Net
Derivative Liability, Fair Value, Net $ 1 $ 8
v3.19.3.a.u2
DERIVATIVE FINANCIAL INSTRUMENTS (INCOME STMT) (DETAIL) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cost of Sales | Designated as Hedging Instrument | Energy Related Derivative        
Derivative Instruments Gain Loss [Line Items]        
Amount of loss/(gain) reclassified from AOCI into earnings   $ (4) $ 2 $ 1
Other Expense | Designated as Hedging Instrument | Energy Related Derivative        
Derivative Instruments Gain Loss [Line Items]        
Amount of loss recognized in earnings (ineffective portion)   0 0 (2)
Other Expense | Not Designated as Hedging Instrument | Foreign Exchange Contract        
Derivative Instruments Gain Loss [Line Items]        
Amount of loss recognized in earnings (ineffective portion)   35 55 (5)
Interest Expense | Designated as Hedging Instrument | Interest Rate Swap        
Derivative Instruments Gain Loss [Line Items]        
Amount of gain recognized in earnings on derivative amounts excluded from effectiveness testing   (13) $ (12) $ 0
Net Investment Hedging | Cross Currency Interest Rate Contract        
Derivative Instruments Gain Loss [Line Items]        
Amount of loss recognized in earnings (ineffective portion) $ 18 18    
Cash Flow Hedging | Energy Related Derivative        
Derivative Instruments Gain Loss [Line Items]        
Amount of loss recognized in earnings (ineffective portion) $ (2) $ 0    
v3.19.3.a.u2
DERIVATIVE FINANCIAL INSTRUMENTS NARRATIVE (DETAIL)
MMBTU in Millions, $ in Millions
Dec. 31, 2019
USD ($)
MMBTU
Derivative [Line Items]  
Notional amount, energy measure | MMBTU 2
Dollars | Cross Currency Interest Rate Contract  
Derivative [Line Items]  
Notional amount $ 516
Euros | Foreign Exchange Forward  
Derivative [Line Items]  
Notional amount 82
United States | Foreign Exchange Forward  
Derivative [Line Items]  
Notional amount $ 704
v3.19.3.a.u2
GOODWILL AND OTHER INTANGIBLE ASSETS (ROLLFORWARD) (DETAIL)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Goodwill [Roll Forward]  
Beginning Balance $ 1,949
Foreign currency translation (17)
Ending Balance 1,932
Composites  
Goodwill [Roll Forward]  
Beginning Balance 57
Foreign currency translation 0
Ending Balance 57
Insulation  
Goodwill [Roll Forward]  
Beginning Balance 1,495
Foreign currency translation (16)
Ending Balance 1,479
Roofing  
Goodwill [Roll Forward]  
Beginning Balance 397
Foreign currency translation (1)
Ending Balance $ 396
v3.19.3.a.u2
GOODWILL AND OTHER INTANGIBLE ASSETS (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Intangible Assets [Line Items]      
Gross Carrying Amount $ 2,075 $ 2,079  
Accumulated Amortization (354) (300)  
Net Carrying Amount 1,721 1,779  
Goodwill 1,932 1,949  
Amortization of intangible assets 54 49 $ 31
Trademarks      
Intangible Assets [Line Items]      
Gross Carrying Amount 1,139 1,144  
Accumulated Amortization 0 0  
Net Carrying Amount 1,139 1,144  
Customer Relationships      
Intangible Assets [Line Items]      
Gross Carrying Amount 550 554  
Accumulated Amortization (167) (138)  
Net Carrying Amount 383 416  
Technology      
Intangible Assets [Line Items]      
Gross Carrying Amount 319 321  
Accumulated Amortization (152) (134)  
Net Carrying Amount 167 187  
Other      
Intangible Assets [Line Items]      
Gross Carrying Amount 67 60  
Accumulated Amortization (35) (28)  
Net Carrying Amount $ 32 $ 32  
v3.19.3.a.u2
GOODWILL AND OTHER INTANGIBLE ASSETS (ESTIMATED AMORTIZATION EXPENSE) (DETAIL)
$ in Millions
Dec. 31, 2019
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2020 $ 48
2021 48
2022 45
2023 42
2024 $ 39
v3.19.3.a.u2
PROPERTY, PLANT AND EQUIPMENT (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Property Plant And Equipment [Line Items]      
Property, plant, and equipment, gross $ 6,695 $ 6,386  
Accumulated depreciation (2,840) (2,575)  
Property, plant and equipment, net $ 3,855 $ 3,811  
Precious metals percentage 10.00% 11.00%  
Depreciation $ 403 $ 384 $ 340
Accelerated depreciation related to cost reduction actions 9 10 $ 17
Land      
Property Plant And Equipment [Line Items]      
Property, plant, and equipment, gross 221 224  
Buildings and Leasehold Improvements      
Property Plant And Equipment [Line Items]      
Property, plant, and equipment, gross 1,186 1,091  
Machinery and Equipment      
Property Plant And Equipment [Line Items]      
Property, plant, and equipment, gross 4,978 4,628  
Construction in Progress      
Property Plant And Equipment [Line Items]      
Property, plant, and equipment, gross $ 310 $ 443  
v3.19.3.a.u2
ACQUISITIONS (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Feb. 05, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Business Acquisition [Line Items]        
Payments   $ 0 $ 1,143 $ 570
Revenues   7,160 $ 7,057 $ 6,384
Paroc Group        
Business Acquisition [Line Items]        
Payments $ 1,121      
Revenues   $ 38    
v3.19.3.a.u2
LEASES - Narrative (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Mar. 31, 2019
Jan. 01, 2019
Leases [Abstract]      
Operating lease right-of-use assets $ 203   $ 237
Capital leases, assets   $ 16  
Operating lease cost 81    
Short-term lease cost 10    
Right-of-use asset obtained in exchange for operating lease liability $ 47    
v3.19.3.a.u2
LEASES - Balance Sheet Information Related to Leases (DETAIL) - USD ($)
$ in Millions
Dec. 31, 2019
Jan. 01, 2019
Leases [Abstract]    
Operating lease right-of-use assets $ 203 $ 237
Finance lease, right-of-use asset 21  
Total lease assets 224  
Operating lease, liability, current 66  
Finance lease, liability, current 7  
Non-current operating lease liabilities 138  
Non-current finance leases 19  
Total lease liabilities $ 230  
v3.19.3.a.u2
LEASES - Supplemental Information Related to Leases (DETAIL)
Dec. 31, 2019
Leases [Abstract]  
Operating lease, weighted average remaining lease term 4 years
Finance lease, weighted average remaining lease term 3 years 10 months 24 days
Operating lease, weighted average discount rate, percent 3.30%
Financing lease, weighted average discount rate, percent 6.29%
v3.19.3.a.u2
LEASES - Operating and Financing Lease Liability Maturity (DETAIL)
$ in Millions
Dec. 31, 2019
USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]  
2020 $ 73
2021 60
2022 39
2023 22
2024 11
2025 and beyond 17
Total minimum lease payments 222
Less: implied interest 18
Present value of future minimum lease payments 204
Less: current lease obligations 66
Long-term lease obligations 138
Finance Lease, Liability, Payment, Due [Abstract]  
2020 8
2021 8
2022 6
2023 4
2024 2
2025 and beyond 1
Total minimum lease payments 29
Less: implied interest 3
Present value of future minimum lease payments 26
Less: current lease obligations 7
Long-term lease obligations $ 19
v3.19.3.a.u2
LEASES - Payments for Operating and Financing Leases (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity      
2019 $ 83    
2020 64    
2021 47    
2022 31    
2023 18    
2024 and beyond 27    
Operating lease rent expense $ 106 $ 87 $ 79
v3.19.3.a.u2
TOTAL CURRENT LIABILITIES (DETAIL) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Accounts Payable and Accrued Liabilities [Abstract]    
Accounts payable $ 815 $ 851
Payroll, vacation pay and incentive compensation 172 157
Current operating lease liabilities 66 0
Other 276 270
Accounts payable and accrued liabilities $ 1,329 $ 1,278
v3.19.3.a.u2
WARRANTIES (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Movement In Standard And Extended Product Warranty Increase Decrease [Roll Forward]    
Product warranty accrual, beginning balance $ 60 $ 55
Amounts accrued for current year 21 20
Settlements of warranty claims (17) (15)
Product warranty accrual, ending balance $ 64 $ 60
v3.19.3.a.u2
RESTRUCTURING AND ACQUISITION-RELATED COSTS (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]      
Charges related to cost reduction actions $ 28 $ 22 $ 48
Employee Severance      
Restructuring Reserve Roll Forward      
Ending Balance 16    
Non-current Severance      
Restructuring Reserve Roll Forward      
Ending Balance 4    
Current Severance      
Restructuring Reserve Roll Forward      
Ending Balance 12    
Cost of Sales | Accelerated Depreciation      
Restructuring Cost and Reserve [Line Items]      
Charges related to cost reduction actions 9 10 17
Cost of Sales | Additional Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Charges related to cost reduction actions 6 7 3
Other Expense      
Restructuring Cost and Reserve [Line Items]      
Charges related to cost reduction actions 6    
Other Expense | Employee Severance      
Restructuring Cost and Reserve [Line Items]      
Charges related to cost reduction actions 13 4 27
Other Expense | Additional Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Charges related to cost reduction actions (1) 1 1
Non-Operating Expenses | Additional Exit Costs      
Restructuring Cost and Reserve [Line Items]      
Charges related to cost reduction actions 1 0 $ 0
Insulation Network Optimization Restructuring      
Restructuring Cost and Reserve [Line Items]      
Expected cost remaining 6    
Restructuring Reserve Roll Forward      
Beginning Balance 0    
Restructuring costs 24    
Payments (10)    
Non-cash items (9)    
Ending Balance 5 0  
Cumulative charges incurred 24    
Insulation Network Optimization Restructuring | Employee Severance      
Restructuring Reserve Roll Forward      
Restructuring costs 8    
Insulation Network Optimization Restructuring | Accelerated Depreciation      
Restructuring Reserve Roll Forward      
Restructuring costs 9    
Insulation Network Optimization Restructuring | Additional Exit Costs      
Restructuring Reserve Roll Forward      
Restructuring costs 7    
Paroc and Pittsburgh Corning      
Restructuring Reserve Roll Forward      
Beginning Balance 7    
Restructuring costs 9    
Payments (5)    
Non-cash items 0    
Ending Balance 11 7  
Cumulative charges incurred 29    
Paroc and Pittsburgh Corning | Employee Severance      
Restructuring Reserve Roll Forward      
Restructuring costs 6    
Paroc and Pittsburgh Corning | Additional Exit Costs      
Restructuring Reserve Roll Forward      
Restructuring costs 3    
Cost Reductions Actions 2017      
Restructuring Cost and Reserve [Line Items]      
Gain on termination of lease 3    
Restructuring Reserve Roll Forward      
Beginning Balance 10    
Restructuring costs 1    
Payments (12)    
Non-cash items 1    
Ending Balance 0 $ 10  
Cumulative charges incurred 49    
Cost Reductions Actions 2017 | Employee Severance      
Restructuring Reserve Roll Forward      
Restructuring costs 1    
Cost Reductions Actions 2017 | Additional Exit Costs      
Restructuring Reserve Roll Forward      
Restructuring costs $ 3    
v3.19.3.a.u2
DEBT (SCHEDULE OF DEBT) (DETAIL) - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Debt Instrument [Line Items]    
Long-term debt $ 2,993,000,000 $ 3,371,000,000
Notes Payable, Fair Value Disclosure, Par Value 100.00% 100.00%
Other $ 3,000,000 $ 8,000,000
Less – current portion 7,000,000 9,000,000
Long-term debt, net of current portion 2,986,000,000 3,362,000,000
4.20% senior notes, net of discount and financing fees, due 2022    
Debt Instrument [Line Items]    
Long-term debt $ 183,000,000 $ 598,000,000
Notes Payable, Fair Value Disclosure, Par Value 104.00% 99.00%
4.20% senior notes, net of discount and financing fees, due 2024    
Debt Instrument [Line Items]    
Long-term debt $ 395,000,000 $ 393,000,000
Notes Payable, Fair Value Disclosure, Par Value 106.00% 99.00%
3.40% senior notes, net of discount and financing fees, due 2026    
Debt Instrument [Line Items]    
Long-term debt $ 396,000,000 $ 396,000,000
Notes Payable, Fair Value Disclosure, Par Value 101.00% 90.00%
3.95% senior notes, net of discount and financing fees, due 2029    
Debt Instrument [Line Items]    
Long-term debt $ 445,000,000 $ 0
Notes Payable, Fair Value Disclosure, Par Value 104.00% 0.00%
7.00% senior notes, net of discount and financing fees, due 2036    
Debt Instrument [Line Items]    
Long-term debt $ 367,000,000 $ 400,000,000
Notes Payable, Fair Value Disclosure, Par Value 126.00% 112.00%
4.30% senior notes, net of discount and financing fees, due 2047    
Debt Instrument [Line Items]    
Long-term debt $ 588,000,000 $ 588,000,000
Notes Payable, Fair Value Disclosure, Par Value 95.00% 76.00%
4.40% senior notes, net of discount and financing fees, due 2048    
Debt Instrument [Line Items]    
Long-term debt $ 390,000,000 $ 389,000,000
Notes Payable, Fair Value Disclosure, Par Value 97.00% 77.00%
Accounts receivable securitization facility, maturing in 2020    
Debt Instrument [Line Items]    
Long-term debt $ 0 $ 75,000,000
Notes Payable, Fair Value Disclosure, Par Value 0.00% 100.00%
Various finance leases, due through 2032    
Debt Instrument [Line Items]    
Long-term debt $ 26,000,000 $ 24,000,000
Notes Payable, Fair Value Disclosure, Par Value 100.00% 100.00%
Term loan borrowing, maturing in 2021    
Debt Instrument [Line Items]    
Long-term debt $ 200,000,000 $ 500,000,000
Notes Payable, Fair Value Disclosure, Par Value 100.00% 100.00%
v3.19.3.a.u2
DEBT (DETAIL) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Aug. 12, 2019
Aug. 08, 2016
Nov. 12, 2014
Oct. 17, 2012
Dec. 31, 2019
Mar. 31, 2019
Sep. 30, 2017
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jan. 25, 2018
Oct. 27, 2017
Jun. 26, 2017
Mar. 31, 2017
Oct. 31, 2006
Long-Term Debt [Line Items]                              
Loss on extinguishment of debt               $ 32,000,000 $ 0 $ 71,000,000          
Other         $ 3,000,000     3,000,000 8,000,000            
Borrowing capacity under credit facility         800,000,000     800,000,000              
Current maturities         7,000,000     7,000,000 9,000,000            
Short-term Debt [Abstract]                              
Short-term debt         $ 20,000,000     $ 20,000,000 $ 16,000,000            
Term (in years)             1 year                
Short term debt, weighted average interest rate         7.80%     7.80% 3.00%            
3.95% senior notes, net of discount and financing fees, due 2029                              
Long-Term Debt [Line Items]                              
Face amount $ 450,000,000                            
Discount 5,000,000                            
Loss on extinguishment of debt         $ (32,000,000)                    
7.00% senior notes, net of discount and financing fees, due 2036                              
Long-Term Debt [Line Items]                              
Fixed interest, percentage rate         7.00%     7.00% 7.00%            
Face amount                             $ 550,000,000
Repayments 34,000,000             $ 140,000,000              
Senior Note 2048                              
Long-Term Debt [Line Items]                              
Face amount                     $ 400,000,000        
4.30% senior notes, net of discount and financing fees, due 2047                              
Long-Term Debt [Line Items]                              
Fixed interest, percentage rate         4.30%     4.30%              
Face amount                         $ 600,000,000    
3.40% senior notes, net of discount and financing fees, due 2026                              
Long-Term Debt [Line Items]                              
Fixed interest, percentage rate         3.40%     3.40% 3.40%            
Face amount   $ 400,000,000                          
Senior Notes Due 2016                              
Long-Term Debt [Line Items]                              
Repayments   $ 158,000,000 $ 242,000,000 $ 250,000,000                      
4.20% senior notes, net of discount and financing fees, due 2024                              
Long-Term Debt [Line Items]                              
Fixed interest, percentage rate         4.20%     4.20% 4.20%            
Face amount     400,000,000                        
9.00% senior notes, net of discount and financing fees, due 2019                              
Long-Term Debt [Line Items]                              
Fixed interest, percentage rate                 9.00%            
Repayments     $ 105,000,000 100,000,000       $ 144,000,000              
4.20% senior notes, net of discount and financing fees, due 2022                              
Long-Term Debt [Line Items]                              
Fixed interest, percentage rate         4.20%     4.20% 4.20%            
Face amount       $ 600,000,000                      
Repayments $ 416,000,000                            
Stated rate                           4.20%  
Term Loan Commitment Two                              
Long-Term Debt [Line Items]                              
Borrowing capacity under credit facility                       $ 600,000,000      
Senior Revolving Credit Facility B                              
Long-Term Debt [Line Items]                              
Proceeds from issuance of debt           $ 600,000,000                  
Borrowing capacity under credit facility         $ 800,000,000     $ 800,000,000              
Letter of Credit Under Receivables Purchase Agreement                              
Long-Term Debt [Line Items]                              
Borrowing capacity under credit facility         280,000,000     280,000,000              
Current maturities         280,000,000     $ 280,000,000              
Long-term Debt                              
Long-Term Debt [Line Items]                              
Other           $ 5,000,000                  
Extinguishment of Debt                              
Long-Term Debt [Line Items]                              
Loss on extinguishment of debt         $ (4,000,000)                    
v3.19.3.a.u2
DEBT (CREDIT FACILITY UTILIZATION) (DETAIL)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]  
Facility size $ 800
Senior Revolving Credit Facility B  
Debt Instrument [Line Items]  
Facility size 800
Outstanding borrowings 0
Outstanding letters of credit 4
Availability on facility 796
Letter of Credit Under Receivables Purchase Agreement  
Debt Instrument [Line Items]  
Facility size 280
Collateral capacity limitation on availability 0
Outstanding borrowings 0
Outstanding letters of credit 2
Availability on facility $ 278
v3.19.3.a.u2
DEBT (SCHEDULE OF DEBT MATURITIES) (DETAIL)
$ in Millions
Dec. 31, 2019
USD ($)
Maturities of Long-term Debt [Abstract]  
2020 $ 8
2021 208
2022 190
2023 4
2024 401
2025 and beyond 2,227
Total $ 3,038
v3.19.3.a.u2
PENSION PLANS (DETAIL)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
plan
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Defined Benefit Plan Disclosure [Line Items]          
Non-operating expense (income) $ 34 $ (14) $ 60    
Payment for settlement     64    
Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss), After Tax [Abstract]          
Defined Benefit Plan, Target Plan Asset Allocations, Period 20 years        
Defined Benefit Plan, Target Plan Asset Allocations Range Amount 25.00%        
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]          
2020       $ 16  
2021       15  
2022       15  
2023       14  
2024       14  
2025-2029       60  
Defined Contribution Plan [Abstract]          
Defined contribution plans, number of plans | plan 2        
Cost Recognized Related to Defined Benefit Plans $ 48 48 42    
Pension Plans, Defined Benefit          
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]          
Benefit Obligation at Beginning of Period 1,318 1,450      
Service cost 10 12 12    
Interest cost 47 47 55    
Actuarial (gain)/loss 127 (85)      
Currency loss 13 (26)      
Benefits paid (63) (92)      
Defined Benefit Plan, Settlements / Curtailments (111) (6)      
Acquisition 0 11      
Other 0 7      
Benefit Obligation at End of Period 1,341 1,318 1,450    
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 1,055 1,200      
Actual return on plan assets 180 (67)      
Currency gain (loss) 11 (20)      
Company contributions 46 40      
Benefits paid (63) (92)      
Settlements/curtailments (109) (6)      
Other (1) 0      
Fair Value of Assets at End of Period 1,119 1,055 1,200    
Funded status       (222) $ (263)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]          
Prepaid pension cost       11 7
Accrued pension cost – current       (2) (2)
Accrued pension cost – non-current       (231) (268)
Net amount recognized       (222) (263)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract]          
Net actuarial loss       (442) (484)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]          
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Projected Benefit Obligation       1,166 1,160
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Accumulated Benefit Obligation       1,161 1,156
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Fair Value of Plan Assets       938 896
Defined Benefit Plan, Plans with Plan Assets in Excess of Accumulated Benefit Obligations [Abstract]          
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations, Projected Benefit Obligation       175 158
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations, Accumulated Benefit Obligation       159 140
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations, Fair Value of Plan Assets       181 159
Defined Benefit Plan, Accumulated Benefit Obligation       1,320 1,296
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]          
Service cost 10 12 12    
Expected return on plan assets (68) (73) (79)    
Amortization of actuarial gain 15 15 18    
Settlement/curtailment 44 0 64    
Net periodic postretirement benefit (income)/cost 48 1 70    
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 1,055 1,055 1,200 1,119 $ 1,055
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]          
2020       76  
2021       75  
2022       75  
2023       75  
2024       75  
2025-2029       390  
Pension Plans, Defined Benefit | Other Comprehensive Income          
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]          
Interest cost 15        
Defined Benefit Plans, Accumulated Other Comprehensive Income (Loss), After Tax [Abstract]          
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax       $ (442)  
United States          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 453        
Fair Value of Assets at End of Period 461 453      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]          
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate       3.30% 4.25%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Expected Return on Assets       6.50% 6.75%
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 453 453   $ 461 $ 453
Defined Contribution Plan [Abstract]          
Expected contributions by employer       25  
United States | Equities, Domestic          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 50        
Fair Value of Assets at End of Period 57 50      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 50 50   57 50
United States | Equities, International          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 52        
Fair Value of Assets at End of Period 55 52      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 52 52   55 52
United States | Corporate bonds          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 236        
Fair Value of Assets at End of Period 242 236      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 236 236   242 236
United States | Government Debt          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 91        
Fair Value of Assets at End of Period 85 91      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 91 91   85 91
United States | Real estate investment trusts          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 24        
Fair Value of Assets at End of Period 22 24      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 24 24   22 24
United States | Fair Value, Inputs, Level 1          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 126        
Fair Value of Assets at End of Period 162 126      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 126 126   162 126
United States | Fair Value, Inputs, Level 1 | Equities, Domestic          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 50        
Fair Value of Assets at End of Period 57 50      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 50 50   57 50
United States | Fair Value, Inputs, Level 1 | Equities, International          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 52        
Fair Value of Assets at End of Period 55 52      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 52 52   55 52
United States | Fair Value, Inputs, Level 1 | Corporate bonds          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 28 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   28 0
United States | Fair Value, Inputs, Level 1 | Government Debt          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
United States | Fair Value, Inputs, Level 1 | Real estate investment trusts          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 24        
Fair Value of Assets at End of Period 22 24      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 24 24   22 24
United States | Fair Value, Inputs, Level 2          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 327        
Fair Value of Assets at End of Period 299 327      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 327 327   299 327
United States | Fair Value, Inputs, Level 2 | Equities, Domestic          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
United States | Fair Value, Inputs, Level 2 | Equities, International          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
United States | Fair Value, Inputs, Level 2 | Corporate bonds          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 236        
Fair Value of Assets at End of Period 214 236      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 236 236   214 236
United States | Fair Value, Inputs, Level 2 | Government Debt          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 91        
Fair Value of Assets at End of Period 85 91      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 91 91   85 91
United States | Fair Value, Inputs, Level 2 | Real estate investment trusts          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
United States | Fair Value, Inputs, Level 3          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
United States | Fair Value, Inputs, Level 3 | Equities, Domestic          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
United States | Fair Value, Inputs, Level 3 | Equities, International          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
United States | Fair Value, Inputs, Level 3 | Corporate bonds          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
United States | Fair Value, Inputs, Level 3 | Government Debt          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
United States | Fair Value, Inputs, Level 3 | Real estate investment trusts          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
United States | NAV          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 727        
Fair Value of Assets at End of Period 733 727      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 727 727   733 727
United States | NAV | Equities          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 123        
Fair Value of Assets at End of Period 130 123      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 123 123   130 123
United States | NAV | Real assets          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 54        
Fair Value of Assets at End of Period 62 54      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 54 54   62 54
United States | NAV | Fixed income and cash equivalents          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 53        
Fair Value of Assets at End of Period 33 53      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 53 53   33 53
United States | NAV | Absolute return strategies and other          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 44        
Fair Value of Assets at End of Period 47 44      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 44 44   47 44
United States | Pension Plans, Defined Benefit          
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]          
Benefit Obligation at Beginning of Period 891 993      
Service cost 5 6      
Interest cost 34 34      
Actuarial (gain)/loss 85 (67)      
Currency loss 0 0      
Benefits paid (45) (75)      
Defined Benefit Plan, Settlements / Curtailments (104) 0      
Acquisition 0 0      
Other 0 0      
Benefit Obligation at End of Period 866 891 993    
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 727 836      
Actual return on plan assets 130 (59)      
Currency gain (loss) 0 0      
Company contributions 25 25      
Benefits paid (45) (75)      
Settlements/curtailments (104) 0      
Other 0 0      
Fair Value of Assets at End of Period 733 727 $ 836    
Funded status       (133) (164)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]          
Prepaid pension cost       0 0
Accrued pension cost – current       0 0
Accrued pension cost – non-current       (133) (164)
Net amount recognized       (133) (164)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract]          
Net actuarial loss       (345) (392)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]          
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Projected Benefit Obligation       866 891
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Accumulated Benefit Obligation       866 891
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Fair Value of Plan Assets       733 727
Defined Benefit Plan, Plans with Plan Assets in Excess of Accumulated Benefit Obligations [Abstract]          
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations, Projected Benefit Obligation       0 0
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations, Accumulated Benefit Obligation       0 0
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations, Fair Value of Plan Assets       0 0
Defined Benefit Plan, Accumulated Benefit Obligation       866 891
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]          
Service cost $ 5 $ 6      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]          
Discount rate 4.25% 3.55% 3.95%    
Expected return on plan assets 6.75% 6.75% 6.75%    
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets $ 733 $ 727 $ 836 $ 733 $ 727
Defined Benefit Plan, Plan Assets, Allocations [Abstract]          
Percentage of Assets Invested in Equity 33.00%        
Percentage of Assets Invested in Real Estate 3.00%        
Percentage of Assets Invested in Real Assets 8.00%        
Percentage of Assets Invested in Intermediate and Long-term Fixed income Securities 50.00%        
Percentage of Assets Invested in Absolute Return Securities 6.00%        
Defined Contribution Plan [Abstract]          
Company Match Regardless of Employee Contribution       2.00%  
Foreign Plan          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period $ 78        
Fair Value of Assets at End of Period 82 78      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]          
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate       2.24% 3.04%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Expected Return on Assets       4.66% 4.91%
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase       3.99% 4.14%
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 78 78   $ 82 $ 78
Defined Contribution Plan [Abstract]          
Expected contributions by employer       25  
Foreign Plan | Equities          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 4        
Fair Value of Assets at End of Period 4 4      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 4 4   4 4
Foreign Plan | Cash and cash equivalents          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 62        
Fair Value of Assets at End of Period 65 62      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 62 62   65 62
Foreign Plan | Corporate bonds          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 12        
Fair Value of Assets at End of Period 13 12      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 12 12   13 12
Foreign Plan | Fair Value, Inputs, Level 1          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at End of Period 0        
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0     0  
Foreign Plan | Fair Value, Inputs, Level 1 | Equities          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
Foreign Plan | Fair Value, Inputs, Level 1 | Cash and cash equivalents          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
Foreign Plan | Fair Value, Inputs, Level 1 | Corporate bonds          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
Foreign Plan | Fair Value, Inputs, Level 2          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 78        
Fair Value of Assets at End of Period 82 78      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 78 78   82 78
Foreign Plan | Fair Value, Inputs, Level 2 | Equities          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 4        
Fair Value of Assets at End of Period 4 4      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 4 4   4 4
Foreign Plan | Fair Value, Inputs, Level 2 | Cash and cash equivalents          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 62        
Fair Value of Assets at End of Period 65 62      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 62 62   65 62
Foreign Plan | Fair Value, Inputs, Level 2 | Corporate bonds          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 12        
Fair Value of Assets at End of Period 13 12      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 12 12   13 12
Foreign Plan | Fair Value, Inputs, Level 3          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
Foreign Plan | Fair Value, Inputs, Level 3 | Equities          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
Foreign Plan | Fair Value, Inputs, Level 3 | Cash and cash equivalents          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
Foreign Plan | Fair Value, Inputs, Level 3 | Corporate bonds          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 0        
Fair Value of Assets at End of Period 0 0      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 0 0   0 0
Foreign Plan | NAV          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 328        
Fair Value of Assets at End of Period 386 328      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 328 328   386 328
Foreign Plan | NAV | Equities          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 41        
Fair Value of Assets at End of Period 71 41      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 41 41   71 41
Foreign Plan | NAV | Fixed income and cash equivalents          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 109        
Fair Value of Assets at End of Period 123 109      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 109 109   123 109
Foreign Plan | NAV | Absolute return strategies and other          
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 100        
Fair Value of Assets at End of Period 110 100      
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets 100 100   110 100
Foreign Plan | Pension Plans, Defined Benefit          
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]          
Benefit Obligation at Beginning of Period 427 457      
Service cost 5 6      
Interest cost 13 13      
Actuarial (gain)/loss 42 (18)      
Currency loss 13 (26)      
Benefits paid (18) (17)      
Defined Benefit Plan, Settlements / Curtailments (7) (6)      
Acquisition 0 11      
Other 0 7      
Benefit Obligation at End of Period 475 427 457    
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]          
Fair Value of Assets at Beginning of Period 328 364      
Actual return on plan assets 50 (8)      
Currency gain (loss) 11 (20)      
Company contributions 21 15      
Benefits paid (18) (17)      
Settlements/curtailments (5) (6)      
Other (1) 0      
Fair Value of Assets at End of Period 386 328 364    
Funded status       (89) (99)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]          
Prepaid pension cost       11 7
Accrued pension cost – current       (2) (2)
Accrued pension cost – non-current       (98) (104)
Net amount recognized       (89) (99)
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract]          
Net actuarial loss       (97) (92)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]          
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Projected Benefit Obligation       300 269
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Accumulated Benefit Obligation       295 265
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Fair Value of Plan Assets       205 169
Defined Benefit Plan, Plans with Plan Assets in Excess of Accumulated Benefit Obligations [Abstract]          
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations, Projected Benefit Obligation       175 158
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations, Accumulated Benefit Obligation       159 140
Defined Benefit Plan, Pension Plans with Plan Assets in Excess of Accumulated Benefit Obligations, Fair Value of Plan Assets       181 159
Defined Benefit Plan, Accumulated Benefit Obligation       454 405
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]          
Service cost 5 6      
Settlement/curtailment $ 43 $ 0 $ 64    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]          
Discount rate 3.04% 2.88% 3.14%    
Expected return on plan assets 4.91% 5.22% 5.92%    
Rate of compensation increase 4.14% 4.29% 4.25%    
Defined Benefit Plan, Information about Plan Assets [Abstract]          
Assets $ 386 $ 364 $ 364 $ 386 $ 328
v3.19.3.a.u2
POSTEMPLOYMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]      
2020 $ 16    
2021 15    
2022 15    
2023 14    
2024 14    
2025-2029 60    
Postemployment Benefits [Abstract]      
Postemployment Benefits Liability 11 $ 12  
Postemployment Benefits, Period Expense 1 4 $ 3
Other Postretirement Benefit Plans, Defined Benefit      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation at Beginning of Period 195 230  
Service cost 1 1 2
Interest cost 8 8 9
Actuarial (gain)/loss (5) (25)  
Currency loss 0 (1)  
Plan amendments (1) (2)  
Benefits paid (15) (16)  
Benefit Obligation at End of Period 183 195 230
Funded status (183) (195)  
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]      
Accrued benefit obligation – current (16) (17)  
Accrued benefit obligation – non-current (167) (178)  
Net amount recognized (183) (195)  
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract]      
Net actuarial gain 51 54  
Net prior service credit 6 9  
Net amount recognized 57 63  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]      
Service cost 1 1 2
Amortization of prior service credit (4) (4) (4)
Amortization of actuarial gain (8) (6) (3)
Net periodic postretirement benefit (income)/cost (3) (1) 4
Defined Benefit Plan, Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract]      
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components 0    
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components   0  
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation 4    
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation   $ (3)  
Other Postretirement Benefit Plans, Defined Benefit | Other Comprehensive Income      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Interest cost 11    
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]      
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax $ 57    
United States      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 3.30% 4.25%  
United States | Other Postretirement Benefit Plans, Defined Benefit      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Employee Eligible Age 10 years    
Defined Benefit Plan, Qualifying Employee Age, Scenario 1 45 years    
Defined Benefit Plan, Qualifying Employee Age, Scenario 2 48 years    
Defined Benefit Plan, Qualifying Employee Age, Scenario 3 50 years    
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation at Beginning of Period $ 183 $ 216  
Service cost 1 1  
Interest cost 7 8  
Actuarial (gain)/loss (7) (25)  
Currency loss 0 0  
Plan amendments (1) (2)  
Benefits paid (14) (15)  
Benefit Obligation at End of Period 169 183 $ 216
Funded status (169) (183)  
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]      
Accrued benefit obligation – current (15) (17)  
Accrued benefit obligation – non-current (154) (166)  
Net amount recognized (169) (183)  
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract]      
Net actuarial gain 48 49  
Net prior service credit 6 9  
Net amount recognized $ 54 $ 58  
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 3.10% 4.15%  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]      
Service cost $ 1 $ 1  
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 4.15% 3.45% 3.80%
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]      
Initial rate at end of year 6.50% 6.75% 6.56%
Ultimate rate 5.00% 5.00% 5.00%
Year in which ultimate rate is reached 2026 2026 2025
Foreign Plan      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 2.24% 3.04%  
Foreign Plan | Other Postretirement Benefit Plans, Defined Benefit      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation at Beginning of Period $ 12 $ 14  
Service cost 0 0  
Interest cost 1 0  
Actuarial (gain)/loss 2 0  
Currency loss 0 (1)  
Plan amendments 0 0  
Benefits paid (1) (1)  
Benefit Obligation at End of Period 14 12 $ 14
Funded status (14) (12)  
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]      
Accrued benefit obligation – current (1) 0  
Accrued benefit obligation – non-current (13) (12)  
Net amount recognized (14) (12)  
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract]      
Net actuarial gain 3 5  
Net prior service credit 0 0  
Net amount recognized $ 3 $ 5  
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate 3.84% 4.59%  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]      
Service cost $ 0 $ 0  
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate 4.59% 4.56% 6.78%
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]      
Initial rate at end of year 5.45% 5.40% 5.73%
Ultimate rate 5.45% 5.40% 5.49%
Year in which ultimate rate is reached 2019 2019 2019
v3.19.3.a.u2
CONTINGENT LIABILITIES AND OTHER MATTERS (DETAIL)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2019
USD ($)
site
Unusual or Infrequent Item, or Both [Line Items]      
Environmental liability sites | site     21
Environmental liabilities reserve     $ 9
Superfund Sites      
Unusual or Infrequent Item, or Both [Line Items]      
Environmental liability sites | site     7
Owned or Formerly Owned Sites      
Unusual or Infrequent Item, or Both [Line Items]      
Environmental liability sites | site     14
Positive Outcome of Litigation      
Unusual or Infrequent Item, or Both [Line Items]      
Gain related to litigation settlement   $ 30  
Other Current Liabilities      
Unusual or Infrequent Item, or Both [Line Items]      
Environmental liabilities reserve     $ 5
Other Expense | Positive Outcome of Litigation      
Unusual or Infrequent Item, or Both [Line Items]      
Gain related to litigation settlement $ 29    
v3.19.3.a.u2
STOCK COMPENSATION (DETAIL) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Feb. 15, 2020
Apr. 18, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Grants, weighted average grant date fair value $ 52.60 $ 84.34 $ 56.60    
Intrinsic value of options outstanding $ 11 $ 3      
Intrinsic value of options exercisable $ 11        
Outstanding Options, Weighted Average Remaining Contractual Term 3 years 21 days 4 years      
Exercisable Options, Weighted Average Remaining Contractual Term 3 years 21 days        
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll Forward          
Options, Outstanding, Number, Beginning Balance 478,875        
Options, Outstanding, Number, Options Exercised (64,075)        
Options, Outstanding, Number, Ending Balance 414,800 478,875      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]          
Options, Outstanding, Weighted Average Exercise Price, Beginning of Period $ 37.18        
Options, Outstanding, Exercises In Period Weighted Average Exercise Price 33.26        
Options, Outstanding, Weighted Average Exercise Price, End of Period $ 37.79 $ 37.18      
Marketing and Administrative Expense          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share-based compensation expense $ 39 $ 47 $ 44    
Tax benefit from exercise of stock options $ 7 $ 24 $ 26    
Subsequent Event          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Contributions from employees       $ 4  
Stock Plan 2016          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Number of shares available for grant 4,100,000        
Performance Stock Units (PSUs) 2019          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Grants, weighted average grant date fair value $ 68.65        
Expected volatility rate 26.67%        
Risk free interest rate 2.45%        
Expected term 2 years 10 months 24 days        
Performance Stock Units (PSUs) 2018          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Grants, weighted average grant date fair value   $ 94.14      
Expected volatility rate   24.56%      
Risk free interest rate   2.22%      
Expected term   2 years 11 months 1 day      
Performance Stock Units (PSUs) 2017          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Grants, weighted average grant date fair value     $ 59.71    
Expected volatility rate     26.06%    
Risk free interest rate     1.44%    
Expected term     2 years 11 months 1 day    
Performance Stock Units (PSUs)          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]          
Nonoptions, Number, Beginning Balance 360,977        
Nonoptions, Number, Grants In Period 205,350        
Nonoptions, Number, Vested In Period (169,052)        
Nonoptions, Number, Forfeited In Period (84,550)        
Nonoptions, Number, Ending Balance 312,725 360,977      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]          
Nonoptions, Weighted Average Fair Value, Beginning Balance $ 75.23        
Nonoptions, Weighted Average Fair Value, Grants in Period 58.40        
Nonoptions, Weighted Average Fair Value, Vested 43.04        
Nonoptions, Weighted Average Fair Value, Forfeited 68.56        
Nonoptions, Weighted Average Fair Value, Ending Balance $ 69.23 $ 75.23      
Internal Based Performance Metric          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting period (in years) 3 years        
Percentage of outstanding stock minimum 0.00%        
Percentage of outstanding stock maximum 200.00%        
External Based Performance Metric          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting period (in years) 3 years        
Percentage of outstanding stock minimum 0.00%        
Percentage of outstanding stock maximum 200.00%        
Stock Options          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Tax benefit from exercise of stock options $ 0 $ 0 $ 7    
Award vesting period (in years) 4 years        
Options maximum term 10 years        
Cash received from exercise of stock options $ 2 1 15    
Restricted Stock          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting period (in years) 2 years 1 month 28 days        
Total unrecognized compensation cost related to restricted stock $ 30        
Grants in period fair value $ 21 $ 23 19    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]          
Nonoptions, Number, Beginning Balance 1,479,374        
Nonoptions, Number, Grants In Period 542,693        
Nonoptions, Number, Vested In Period (390,673)        
Nonoptions, Number, Forfeited In Period (115,688)        
Nonoptions, Number, Ending Balance 1,515,706 1,479,374      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]          
Nonoptions, Weighted Average Fair Value, Beginning Balance $ 52.30        
Nonoptions, Weighted Average Fair Value, Grants in Period 53.10        
Nonoptions, Weighted Average Fair Value, Vested 52.57        
Nonoptions, Weighted Average Fair Value, Forfeited 61.68        
Nonoptions, Weighted Average Fair Value, Ending Balance $ 51.70 $ 52.30      
Restricted Stock Awards and Restricted Stock Units          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting period (in years) 4 years        
Performance Shares          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting period (in years) 1 year 7 months 6 days        
Total unrecognized compensation cost related to restricted stock $ 9        
Grants in period fair value 14 $ 23 9    
Employee Stock          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Number of shares available for grant         2,000,000
Total unrecognized compensation cost related to restricted stock 2        
Purchase price, percentage of market value         85.00%
Employee emergence equity program expense $ 5 $ 4 $ 3    
Shares purchased by employees 393,230 295,407 258,504    
Average price of shares purchased $ 41.33 $ 48.93 $ 48.48    
Minimum | Stock Options          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Exercisable Options, Weighted Average Exercise Price 13.89        
Maximum | Stock Options          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Exercisable Options, Weighted Average Exercise Price $ 42.16        
v3.19.3.a.u2
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE DEFICIT (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance $ (656)  
Ending balance (610) $ (656)
Currency Translation Adjustment    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (306) (183)
Net investment hedge amounts classified into AOCI, net of tax 13 14
Gain/(loss) on foreign currency translation 11 (137)
Other comprehensive (loss), net of tax 24 (123)
Ending balance (282) (306)
Pension and Other Postretirement Adjustment    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (350) (331)
Amounts reclassified from AOCI to net earnings, net of tax 35 4
Amounts classified into AOCI, net of tax (11) (23)
Other comprehensive (loss), net of tax 24 (19)
Ending balance (326) (350)
Hedging Adjustment    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance 0 0
Amounts reclassified from AOCI to net earnings, net of tax 3 (1)
Amounts classified into AOCI, net of tax (5) 1
Other comprehensive (loss), net of tax (2) 0
Ending balance $ (2) $ 0
v3.19.3.a.u2
EARNINGS PER SHARE (DETAIL) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Earnings Per Share [Abstract]                      
NET EARNINGS ATTRIBUTABLE TO OWENS CORNING $ 73 $ 150 $ 138 $ 44 $ 171 $ 161 $ 121 $ 92 $ 405 $ 545 $ 289
Weighted-average number of shares outstanding used for basic earnings per share                 109.2 110.4 111.5
Non-vested restricted and performance shares                 0.7 0.8 1.5
Options to purchase common stock                 0.2 0.2 0.2
Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings per share                   111.4 113.2
Basic (dollars per share) $ 0.67 $ 1.37 $ 1.27 $ 0.40 $ 1.56 $ 1.46 $ 1.09 $ 0.83 $ 3.71 $ 4.94 $ 2.59
Diluted (dollars per share) $ 0.66 $ 1.36 $ 1.26 $ 0.40 $ 1.55 $ 1.45 $ 1.08 $ 0.82 $ 3.68 $ 4.89 $ 2.55
v3.19.3.a.u2
EARNINGS PER SHARE - Narrative (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Oct. 24, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Payments for repurchase of equity $ 48      
Performance Shares        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share amount     300,000  
Restricted Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share amount   300,000    
Repurchase Program 2016        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Number of shares authorized to be repurchased       10,000,000
Remaining number of shares authorized to be repurchased 3,600,000      
Combined Repurchase Programs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Purchase of treasury stock (in shares) 1,000,000.0      
v3.19.3.a.u2
INCOME TAXES (DETAIL) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 18, 2018
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jan. 01, 2018
Operating Loss Carryforwards [Line Items]                          
Earnings Before Taxes, Domestic                   $ 315,000,000 $ 411,000,000 $ 342,000,000  
Earnings Before Taxes, Foreign                   275,000,000 293,000,000 217,000,000  
EARNINGS BEFORE TAXES                   590,000,000 704,000,000 559,000,000  
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]                          
Current Federal Tax Expense (Benefit)                   (4,000,000) (10,000,000) (2,000,000)  
Current State and Local Tax Expense (Benefit)                   11,000,000 6,000,000 5,000,000  
Current Foreign Tax Expense (Benefit)                   60,000,000 19,000,000 83,000,000  
Current Income Tax Expense (Benefit)                   67,000,000 15,000,000 86,000,000  
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]                          
Deferred Federal Income Tax Expense (Benefit)                   112,000,000 114,000,000 196,000,000  
Deferred State and Local Income Tax Expense (Benefit)                   11,000,000 12,000,000 3,000,000  
Deferred Foreign Income Tax Expense (Benefit)                   (4,000,000) 15,000,000 (16,000,000)  
Deferred Income Tax Expense (Benefit)                   119,000,000 141,000,000 183,000,000  
Total income tax expense   $ 27,000,000 $ 61,000,000 $ 59,000,000 $ 39,000,000 $ 29,000,000 $ 67,000,000 $ 49,000,000 $ 11,000,000 $ 186,000,000 $ 156,000,000 $ 269,000,000  
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]                          
United States federal statutory rate                   21.00% 21.00% 35.00%  
State and local income taxes, net of federal tax benefit                   3.00% 2.00% 2.00%  
Foreign tax rate differential                   0.00% 0.00% (5.00%)  
U.S. tax expense on foreign earnings                   1.00% 2.00% 49.00%  
Legislative tax rate changes                   2.00% 0.00% (9.00%)  
Foreign tax credits                   0.00% 0.00% 29.00%  
Valuation allowance                   3.00% 2.00% 3.00%  
Uncertain tax positions and settlements                   0.00% (5.00%) 1.00%  
Excess tax benefits related to stock compensation                   0.00% (2.00%) (1.00%)  
Other, net                   1.00% 2.00% 2.00%  
Effective tax rate                   31.00% 22.00% 48.00%  
Undistributed earnings of foreign subsidiaries   1,600,000,000               $ 1,600,000,000      
Components of Deferred Tax Assets [Abstract]                          
Deferred Tax Assets, Other Employee Benefits   76,000,000       87,000,000       76,000,000 $ 87,000,000    
Deferred Tax Assets, Pension Plans   54,000,000       66,000,000       54,000,000 66,000,000    
Deferred Tax Assets, Operating Loss Carryforwards   195,000,000       255,000,000       195,000,000 255,000,000    
Deferred Tax Asset, Lease Liability   49,000,000               49,000,000      
Deferred Tax Assets, Operating Loss Carryforwards, Foreign   97,000,000       161,000,000       97,000,000 161,000,000    
Deferred Tax Assets, State and Local   3,000,000       3,000,000       3,000,000 3,000,000    
Deferred Tax Assets, Other   76,000,000       61,000,000       76,000,000 61,000,000    
Deferred Tax Assets, Gross   550,000,000       633,000,000       550,000,000 633,000,000    
Valuation Allowance, Amount   92,000,000       78,000,000       92,000,000 78,000,000    
Deferred Tax Assets Total   458,000,000       555,000,000       458,000,000 555,000,000    
Components of Deferred Tax Liabilities [Abstract]                          
Deferred Tax Liabilities, Depreciation   247,000,000       259,000,000       247,000,000 259,000,000    
Deferred Tax Liabilities, Right of Use Assets   49,000,000               49,000,000      
Deferred Tax Liabilities, Amortization   388,000,000       395,000,000       388,000,000 395,000,000    
Deferred Tax Liabilities Total   684,000,000       654,000,000       684,000,000 654,000,000    
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards [Abstract]                          
U.S. federal loss carryforwards   27,000,000               27,000,000      
U.S. state loss carryforwards   47,000,000               47,000,000      
Foreign loss and tax credit carryforwards   30,000,000               30,000,000      
Foreign loss and tax credit carryforwards   61,000,000               61,000,000      
Other U.S. federal and state tax credits   30,000,000               30,000,000      
U.S foreign tax credits   97,000,000               97,000,000      
US State Deferred Tax Asset Related to Loss Carryforwards Set to Expire   16,000,000               16,000,000      
Foreign Deferred Tax Asset Related to Loss Carryforwards Set to Expire   6,000,000               6,000,000      
Federal Earnings Before Tax Needed                   600,000,000      
State Earnings Before Tax Needed                   1,400,000,000      
Foreign Earnings Before Tax Needed                   400,000,000      
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]                          
Unrecognized Tax Benefits, Beginning Balance         $ 84,000,000       $ 90,000,000 84,000,000 90,000,000 $ 98,000,000  
Tax Positions Related to Current Year, Gross Additions                   0 6,000,000 1,000,000  
Tax Positions Related to Prior Years, Gross Additions                   1,000,000 36,000,000 13,000,000  
Tax Positions Related to Prior Years, Gross Reductions                   0 (37,000,000) (11,000,000)  
Settlements $ (32,000,000)                 (1,000,000) (5,000,000) (12,000,000)  
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations                   (5,000,000) (4,000,000) 0  
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation                   0 (2,000,000)    
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation                       1,000,000  
Unrecognized Tax Benefits, Ending Balance   79,000,000       84,000,000       79,000,000 84,000,000 90,000,000  
Unrecognized Tax Benefits that Would Impact Effective Tax Rate   60,000,000               60,000,000      
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities $ 32,000,000                 1,000,000 5,000,000 12,000,000  
Income Tax Penalties and Interest [Abstract]                          
Income Tax Examination, Penalties and Interest Accrued   8,000,000       $ 10,000,000       8,000,000 10,000,000 11,000,000  
Income Tax Examination, Penalties and Interest Expense                   2,000,000 1,000,000 $ 1,000,000  
Minimum                          
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards [Abstract]                          
Unrecognized Tax Benefits Estimated Range of Change Lower Bound   0               0      
Maximum                          
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards [Abstract]                          
Unrecognized Tax Benefits Estimated Range of Change Lower Bound   3,000,000               3,000,000      
Domestic Tax Authority                          
Components of Deferred Tax Assets [Abstract]                          
Deferred Tax Assets, Gross   96,000,000               96,000,000      
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards [Abstract]                          
Operating Loss Carryforwards   100,000,000               100,000,000      
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]                          
Tax Positions Related to Current Year, Gross Additions                   43,000,000 34,000,000    
Domestic Tax Authority | Minimum                          
Components of Deferred Tax Assets [Abstract]                          
Valuation Allowance, Amount   0               0      
Domestic Tax Authority | Maximum                          
Components of Deferred Tax Assets [Abstract]                          
Valuation Allowance, Amount   5,000,000               5,000,000      
State and Local Jurisdiction                          
Components of Deferred Tax Assets [Abstract]                          
Deferred Tax Assets, Gross   6,000,000               6,000,000      
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards [Abstract]                          
Operating Loss Carryforwards   1,400,000,000               1,400,000,000      
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]                          
Tax Positions Related to Current Year, Gross Additions                   11,000,000 6,000,000    
Foreign Tax Authority                          
Components of Deferred Tax Assets [Abstract]                          
Deferred Tax Assets, Gross   44,000,000               44,000,000      
Deferred Tax Assets, Operating Loss and Tax Credit Carryforwards [Abstract]                          
Operating Loss Carryforwards   $ 400,000,000               400,000,000      
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]                          
Tax Positions Related to Current Year, Gross Additions                   $ 38,000,000 $ 38,000,000    
Accounting Standards Update 2016-16 | Other Assets                          
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]                          
Cumulative effect adjustment                         $ 17,000,000
Accounting Standards Update 2016-16 | Deferred Income Tax Assets                          
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]                          
Cumulative effect adjustment                         7,000,000
Accounting Standards Update 2016-16 | Accumulated Earnings                          
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]                          
Cumulative effect adjustment                         $ 10,000,000
v3.19.3.a.u2
QUARTERLY FINANCIAL INFORMATION (unaudited) (DETAIL) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Selected Quarterly Financial Information [Abstract]                      
NET SALES $ 1,692 $ 1,883 $ 1,918 $ 1,667 $ 1,724 $ 1,818 $ 1,824 $ 1,691 $ 7,160 $ 7,057 $ 6,384
Gross margin 383 461 440 325 411 448 418 355 1,609 1,632 1,569
Income tax expense 27 61 59 39 29 67 49 11 186 156 269
Net earnings attributable to Owens Corning $ 73 $ 150 $ 138 $ 44 $ 171 $ 161 $ 121 $ 92 $ 405 $ 545 $ 289
Basic (dollars per share) $ 0.67 $ 1.37 $ 1.27 $ 0.40 $ 1.56 $ 1.46 $ 1.09 $ 0.83 $ 3.71 $ 4.94 $ 2.59
Diluted (dollars per share) $ 0.66 $ 1.36 $ 1.26 $ 0.40 $ 1.55 $ 1.45 $ 1.08 $ 0.82 $ 3.68 $ 4.89 $ 2.55
v3.19.3.a.u2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (DETAIL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Allowance for Doubtful Accounts      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 16 $ 19 $ 9
Charged to Costs and Expenses 2 0 12
Charged to Other Accounts 0 0 0
Deductions [1] (7) (4) (2)
Acquisitions and Divestitures 0 1 0
Balance at End of Period 11 16 19
Tax Valuation Allowance      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 78 94 103
Charged to Costs and Expenses 19 13 9
Charged to Other Accounts 1 (4) 7
Deductions (6) (31) (25)
Acquisitions and Divestitures 0 6 0
Balance at End of Period $ 92 $ 78 $ 94
[1] Uncollectible accounts written off, net of recoveries.