Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2017	Jan. 31, 2018	Jun. 30, 2017
Document and Entity Information
Entity Registrant Name	OWENS ILLINOIS INC /DE/
Entity Central Index Key	0000812074
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2,738,141,000
Entity Common Stock, Shares Outstanding		163,107,627
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY

CONSOLIDATED RESULTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED RESULTS OF OPERATIONS - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED RESULTS OF OPERATIONS
Net sales	$ 6,869	$ 6,702	$ 6,156
Cost of goods sold	(5,736)	(5,490)	(5,046)
Gross profit	1,133	1,212	1,110
Selling and administrative expense	(502)	(503)	(476)
Research, development and engineering expense	(60)	(65)	(64)
Interest expense, net	(268)	(272)	(251)
Equity earnings	77	60	60
Other expense, net	(105)	(76)	(111)
Earnings from continuing operations before income taxes	275	356	268
Provision for income taxes	(70)	(119)	(106)
Earnings from continuing operations	205	237	162
Loss from discontinued operations	(3)	(7)	(4)
Net earnings	202	230	158
Net (earnings) attributable to noncontrolling interests	(22)	(21)	(23)
Net earnings attributable to the Company	180	209	135
Amounts attributable to the Company:
Earnings from continuing operations	183	216	139
Loss from discontinued operations	(3)	(7)	(4)
Net earnings attributable to the Company	$ 180	$ 209	$ 135
Basic earnings per share:
Earnings from continuing operations (in dollars per share)	$ 1.12	$ 1.33	$ 0.86
Loss from discontinued operations (in dollars per share)	(0.01)	(0.04)	(0.03)
Net earnings (in dollars per share)	1.11	1.29	0.83
Diluted earnings per share:
Earnings from continuing operations (in dollars per share)	1.11	1.32	0.85
Loss from discontinued operations (in dollars per share)	(0.01)	(0.04)	(0.03)
Net earnings (in dollars per share)	$ 1.10	$ 1.28	$ 0.82

CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED COMPREHENSIVE INCOME
Net earnings	$ 202	$ 230	$ 158
Other comprehensive income (loss):
Foreign currency translation adjustments	70	(224)	(529)
Pension and other postretirement benefit adjustments, net of tax	289	52	(4)
Change in fair value of derivative instruments, net of tax	(8)	13	(6)
Other comprehensive income (loss)	351	(159)	(539)
Total comprehensive income (loss)	553	71	(381)
Comprehensive income attributable to noncontrolling interests	(27)	(17)	(7)
Comprehensive income (loss) attributable to the Company	$ 526	$ 54	$ (388)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 492	$ 492
Trade receivables, net of allowances of $34 million and $32 million at December 31, 2017 and 2016, respectively	663	580
Inventories	1,036	983
Prepaid expenses and other current assets	229	199
Total current assets	2,420	2,254
Other assets:
Equity investments	525	433
Pension assets	49	40
Other assets	602	602
Intangibles	439	464
Goodwill	2,590	2,462
Total other assets	4,205	4,001
Property, plant and equipment:
Land, at cost	255	241
Buildings and equipment, at cost:
Buildings and building equipment	1,180	1,090
Factory machinery and equipment	5,015	4,496
Transportation, office and miscellaneous equipment	96	85
Construction in progress	303	238
Property, plant and equipment, at cost	6,849	6,150
Less accumulated depreciation	3,718	3,270
Net property, plant and equipment	3,131	2,880
Total assets	9,756	9,135
Current liabilities:
Accounts payable	1,324	1,135
Salaries and wages	166	174
U.S. and foreign income taxes	35	58
Current portion of asbestos-related liabilities	100	115
Other accrued liabilities	378	383
Other liabilities - discontinued operations	115
Short-term loans	151	162
Long-term debt due within one year	11	33
Total current liabilities	2,280	2,060
Long-term debt	5,121	5,133
Deferred taxes	99	100
Pension benefits	471	552
Nonpension postretirement benefits	167	162
Other liabilities	209	188
Asbestos-related liabilities	482	577
Share owners' equity of the Company:
Common stock, par value $.01 per share, 250,000,000 shares authorized, 185,727,663 and 185,354,796 shares issued (including treasury shares), respectively	2	2
Capital in excess of par value	3,099	3,080
Treasury stock, at cost, 22,648,606 and 23,017,367 shares, respectively	(551)	(560)
Retained earnings (accumulated deficit)	84	(96)
Accumulated other comprehensive loss	(1,826)	(2,172)
Total share owners' equity of the Company	808	254
Noncontrolling interests	119	109
Total share owners' equity	927	363
Total liabilities and share owners' equity	$ 9,756	$ 9,135

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED BALANCE SHEETS
Trade receivables allowance	$ 34	$ 32
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	185,727,663	185,354,796
Treasury stock, shares	22,648,606	23,017,367

CONSOLIDATED SHARE OWNERS' EQUITY - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Common Stock
Increase (Decrease) in Share Owners' Equity
Balance	$ 2	$ 2	$ 2
Balance	2	2	2
Capital in Excess of Par Value
Increase (Decrease) in Share Owners' Equity
Balance	3,080	3,064	3,066
Issuance of common stock	1	5	1
Stock compensation	18	11	15
Acquisitions of noncontrolling interest			(18)
Balance	3,099	3,080	3,064
Treasury Stock
Increase (Decrease) in Share Owners' Equity
Balance	(560)	(573)	(480)
Reissuance of common stock	9	13	7
Treasury shares purchased			(100)
Balance	(551)	(560)	(573)
Retained Earnings (accumulated deficit)
Increase (Decrease) in Share Owners' Equity
Balance	(96)	(305)	(440)
Net earnings	180	209	135
Balance	84	(96)	(305)
Accumulated Other Comprehensive Loss.
Increase (Decrease) in Share Owners' Equity
Balance	(2,172)	(2,017)	(1,494)
Other comprehensive income (loss)	346	(155)	(523)
Balance	(1,826)	(2,172)	(2,017)
Non-Controlling Interests
Increase (Decrease) in Share Owners' Equity
Balance	109	108	117
Net earnings	22	21	23
Other comprehensive income (loss)	5	(4)	(16)
Distributions to noncontrolling interests	(17)	(16)	(22)
Acquisitions of noncontrolling interest			6
Balance	119	109	108
Balance	363	279	771
Issuance of common stock	$ 1	$ 5	$ 1
Issuance of common stock (in shares)	0.1	0.5	0.2
Reissuance of common stock	$ 9	$ 13	$ 7
Reissuance of common stock (in shares)	0.4	0.5	0.3
Treasury shares purchased			$ (100)
Treasury shares purchased (in shares)			4.1
Stock compensation	$ 18	$ 11	$ 15
Net earnings	202	230	158
Other comprehensive income (loss)	351	(159)	(539)
Distributions to noncontrolling interests	(17)	(16)	(22)
Acquisitions of noncontrolling interest			(12)
Balance	$ 927	$ 363	$ 279

CONSOLIDATED SHARE OWNERS' EQUITY (Parenthetical) - shares shares in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED SHARE OWNERS' EQUITY
Issuance of common stock (in shares)	0.1	0.5	0.2
Reissuance of common stock (in shares)	0.4	0.5	0.3
Treasury shares purchased (in shares)			4.1

CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Net earnings	$ 202	$ 230	$ 158
Loss from discontinued operations	3	7	4
Non-cash charges (credits):
Depreciation	387	375	323
Amortization of intangibles and other deferred items	101	103	86
Amortization of finance fees and debt discount	13	13	15
Deferred tax provision (benefit)	(12)	(4)	12
Pension expense	29	31	31
Restructuring, asset impairment and related charges	72	98	63
Pension settlement charges	218	98
Impairment of equity investment		25
Gain on China land sale		(71)
Asbestos-related costs			16
Acquisition-related fair value inventory adjustments			22
Acquisition-related fair value intangible adjustments			10
Pension contributions	(31)	(38)	(17)
Asbestos-related payments	(110)	(125)	(138)
Cash paid for restructuring activities	(62)	(24)	(38)
Change in components of working capital	(89)	90	88
Other	3	(50)	(23)
Cash provided by continuing operating activities	724	758	612
Cash utilized in discontinued operating activities	(3)	(7)	(4)
Total cash provided by operating activities	721	751	608
Investing activities:
Cash payments for property, plant and equipment	(441)	(454)	(402)
Acquisitions, net of cash acquired	(39)	(56)	(2,351)
Net cash proceeds related to sale of assets and other	14	85	1
Net foreign exchange derivative activity		8	4
Cash utilized in continuing investing activities	(466)	(417)	(2,748)
Cash provided by discontinued investing activities	115
Total cash utilized in investing activities	(351)	(417)	(2,748)
Financing activities:
Additions to long-term debt	1,458	1,235	4,538
Repayments of long-term debt	(1,764)	(1,453)	(2,321)
Increase (decrease) in short-term loans	(36)	10	51
Payment of finance fees	(28)	(9)	(90)
Distributions paid to noncontrolling interests	(17)	(16)	(22)
Treasury shares purchased			(100)
Issuance of common stock and other	(5)	5	1
Cash provided by (utilized in) financing activities	(392)	(228)	2,057
Effect of exchange rate fluctuations on cash	22	(13)	(30)
Increase (decrease) in cash		93	(113)
Cash and cash equivalents at beginning of period	492	399	512
Cash and cash equivalents at end of period	$ 492	$ 492	$ 399

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2017
Significant Accounting Policies
Significant Accounting Policies	1. Significant Accounting Policies Basis of Consolidated Statements The consolidated financial statements of Owens-Illinois, Inc. (the “Company”) include the accounts of its subsidiaries. Newly acquired subsidiaries have been included in the consolidated financial statements from dates of acquisition. The Company uses the equity method of accounting for investments in which it has a significant ownership interest, generally 20% to 50%. Other investments are accounted for at cost. The Company monitors other than temporary declines in fair value and records reductions in carrying values when appropriate. Nature of Operations The Company is a leading manufacturer of glass container products. The Company’s principal product lines are glass containers for the food and beverage industries. The Company has glass container operations located in 23 countries. The principal markets and operations for the Company’s products are in Europe, North America, Latin America and Asia Pacific. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management of the Company to make estimates and assumptions that affect certain amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, at which time the Company would revise its estimates accordingly. Foreign Currency Translation The assets and liabilities of non-U.S. subsidiaries are translated into U.S. dollars at year-end exchange rates. Any related translation adjustments are recorded in accumulated other comprehensive income in share owners’ equity. Revenue Recognition The Company recognizes sales, net of estimated discounts and allowances, when the title to the products and risk of loss are transferred to customers. Provisions for rebates to customers are provided in the same period that the related sales are recorded. Shipping and Handling Costs Shipping and handling costs are included with cost of goods sold in the Consolidated Results of Operations. Stock-Based Compensation The Company has various stock-based compensation plans consisting of stock option grants and restricted share awards. Costs resulting from all share-based compensation plans are required to be recognized in the financial statements. A public entity is required to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the required service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the required service. Cash The Company defines “cash” as cash and time deposits with maturities of three months or less when purchased. Outstanding checks in excess of funds on deposit are included in accounts payable. Accounts Receivable Receivables are stated at amounts estimated by management to be the net realizable value. The Company charges off accounts receivable when it becomes apparent based upon age or customer circumstances that amounts will not be collected. Allowance for Doubtful Accounts The allowance for doubtful accounts is established through charges to the provision for bad debts. The Company evaluates the adequacy of the allowance for doubtful accounts on a periodic basis. The evaluation includes historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk. Inventory Valuation Inventories are valued at the lower of average costs or market. Goodwill Goodwill represents the excess of cost over fair value of net assets of businesses acquired. Goodwill is evaluated annually, as of October 1, for impairment or more frequently if an impairment indicator exists. Intangible Assets and Other Long-Lived Assets Intangible assets are amortized over the expected useful life of the asset. Amortization expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Amortization expense related to non-manufacturing activities is included in selling and administrative and other. The Company evaluates the recoverability of intangible assets and other long-lived assets based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value. Property, Plant and Equipment Property, plant and equipment (“PP&E”) is carried at cost and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. In general, depreciation is computed using the straight-line method and recorded over the estimated useful life of the asset. Factory machinery and equipment is depreciated over periods ranging from 5 to 25 years with the majority of such assets (principally glass-melting furnaces and forming machines) depreciated over 7 to 15 years. Buildings and building equipment are depreciated over periods ranging from 10 to 50 years. Depreciation expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Depreciation expense related to non-manufacturing activities is included in selling and administrative. Depreciation expense includes the amortization of assets recorded under capital leases. Maintenance and repairs are expensed as incurred. Costs assigned to PP&E of acquired businesses are based on estimated fair values at the date of acquisition. The Company evaluates the recoverability of PP&E based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value. Derivative Instruments The Company uses currency swaps, interest rate swaps, forward exchange contracts, options and commodity forward contracts to manage risks generally associated with foreign exchange rate, interest rate and commodity market volatility. Derivative financial instruments are included on the balance sheet at fair value. When appropriate, derivative instruments are designated as and are effective as hedges, in accordance with accounting principles generally accepted in the United States. If the underlying hedged transaction ceases to exist, all changes in fair value of the related derivatives that have not been settled are recognized in current earnings. The Company does not enter into derivative financial instruments for trading purposes and is not a party to leveraged derivatives. Cash flows from forward exchange contracts not designated as hedges are classified as an investing activity and cash flows from commodity forward contracts are classified as operating activities. Cash flows of currency swaps and interest rate swap contracts are classified within the cash flow statement based on the nature of the underlying cash flows. Fair Value Measurements Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Generally accepted accounting principles defines a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs for which there is little or no market data, which requires the Company to develop assumptions. The carrying amounts reported for cash and short-term loans approximate fair value. In addition, carrying amounts approximate fair value for certain long-term debt obligations subject to frequently redetermined interest rates. Fair values for the Company’s significant fixed rate debt obligations are generally based on published market quotations. The Company’s derivative assets and liabilities consist of natural gas forwards and foreign exchange option and forward contracts. The Company uses an income approach to valuing these contracts. Natural gas forward rates and foreign exchange rates are the significant inputs into the valuation models. These inputs are observable in active markets over the terms of the instruments the Company holds, and accordingly, the Company classifies its derivative assets and liabilities as Level 2 in the hierarchy. The Company also evaluates counterparty risk in determining fair values. Reclassifications Certain reclassifications of prior years’ data have been made to conform to the current year presentation. New Accounting Standards Revenue from Contracts with Customers - In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers," which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers”, which delayed by one year the effective date of the new revenue recognition standard, and therefore will be effective for the Company on January 1, 2018. The Company is nearing the completion of its implementation process, which included a review of customer contracts, to evaluate the effect this standard will have on its consolidated financial statements and related disclosures. At this time, the Company does not expect that the implementation of this standard in 2018 will have a significant impact on the timing in which it recognizes revenue. The Company does not currently expect the adoption of the new standard to have a material impact on consolidated net income or the consolidated balance sheet. The standard requires new substantial disclosures and the Company continues to evaluate these requirements. The Company plans to select the modified retrospective transition method upon adoption effective January 1, 2018. Leases - In February 2016, the FASB issued ASU No. 2016-02, “Leases”. Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use asset for all leases, with the exception of short-term leases. The lease liability represents the lessee's obligation to make lease payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the lessee’s right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard also requires a lessee to recognize a single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for the Company on January 1, 2019. ASU No. 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. The Company anticipates the new guidance will significantly impact its consolidated financial statements as the Company has a significant number of leases. As further described in Note 16, Operating Leases, as of December 31, 2017, the Company had minimum lease commitments under non-cancellable operating leases totaling $258 million. The Company has begun the implementation of new software to manage its leases in accordance with this new accounting standard. Stock Compensation - In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which requires all excess tax benefits or deficiencies to be recognized as income tax expense or benefit in the income statement. In addition, excess tax benefits should be classified along with other income tax cash flows as an operating activity in the statement of cash flows. Application of the standard is required for the annual and interim periods beginning after December 15, 2016. The Company adopted this standard in the first quarter of 2017. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. Credit Losses - In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance also requires enhanced disclosures regarding significant estimates and judgments used in estimating credit losses. The new guidance is effective for the Company on January 1, 2020. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. Goodwill - In January 2017, the FASB issued ASU No. 2017-05, “Simplifying the Accounting for Goodwill Impairment” which removes Step 2 of the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, but not exceeding the carrying amount of goodwill. Application of the standard will be applied prospectively and is effective for calendar year-end filers in 2020, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company elected to early adopt this standard in the fourth quarter of 2017. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Compensation - Retirement Benefits - In March 2017, the FASB issued ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” which requires the service cost component to be presented with other employee compensation costs in operating income within the income statement while the other components will be reported separately outside of operations. Application of the standard is required for annual periods beginning after December 15, 2017. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements, except for the reclassification in the Consolidated Results of Operations of prior period pension settlement charges from the Cost of goods sold and Selling and administrative expense accounts into the Other expenses, net account. Derivatives and Hedging - In August 2017, the FASB issued ASU No. 2017-12, “Targeted Improvements to Accounting for Hedging Activities” which improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. Application of the standard is required for annual periods beginning after December 15, 2018. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

Segment Information

12 Months Ended

Dec. 31, 2017

Segment Information

Segment Information

2. Segment Information

The Company has four reportable segments based on its geographic locations: Europe, North America, Latin America and Asia Pacific. These four segments are aligned with the Company’s internal approach to managing, reporting, and evaluating performance of its global glass operations. Certain assets and activities not directly related to one of the regions or to glass manufacturing are reported with Retained corporate costs and other. These include licensing, equipment manufacturing, global engineering, and certain equity investments. Retained corporate costs and other also includes certain headquarters administrative and facilities costs and certain incentive compensation and other benefit plan costs that are global in nature and are not allocable to the reportable segments.

Beginning in the first quarter of 2017, equity earnings related to the Company’s joint-venture with Constellation Brands in Mexico were recorded in the North America region. In prior years, equity earnings from this joint-venture were recorded in Retained corporate costs and other as it was mostly in construction mode.

Beginning in the first quarter of 2018, to better leverage its scale and presence across a larger geography and market, and to reduce administrative costs, the Company merged the North America and Latin America segments into one segment named the Americas. This change in segment reporting for the Americas is aligned with the Company’s internal approach to managing, reporting, and evaluating performance of this region.

The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings from continuing operations before interest income, interest expense, and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations as well as certain retained corporate costs. The Company’s management uses segment operating profit, in combination with selected cash flow information, to evaluate performance and to allocate resources. Segment operating profit for reportable segments includes an allocation of some corporate expenses based on both a percentage of sales and direct billings based on the costs of specific services provided.

Financial information regarding the Company’s reportable segments is as follows:


	2017		2016		2015
Net sales:
Europe	$	2,375	$	2,300	$	2,324
North America		2,160		2,220		2,039
Latin America		1,551		1,432		1,064
Asia Pacific		714		684		671
Reportable segment totals		6,800		6,636		6,098
Other		69		66		58
Net sales	$	6,869	$	6,702	$	6,156


	2017		2016		2015
Segment operating profit:
Europe	$	263	$	237	$	209
North America		318		299		265
Latin America		296		269		183
Asia Pacific		65		77		83
Reportable segment totals		942		882		740
Items excluded from segment operating profit:
Retained corporate costs and other		(104)		(98)		(70)
Pension settlement charges		(218)		(98)
Restructuring, asset impairment and other charges		(77)		(129)		(80)
Charge for asbestos-related costs						(16)
Gain on China land sale				71
Strategic transaction costs						(23)
Acquisition-related fair value inventory adjustments						(22)
Acquisition-related fair value intangible adjustments						(10)
Interest expense, net		(268)		(272)		(251)
Earnings from continuing operations before income taxes	$	275	$	356	$	268


									Reportable		Retained		Consoli-
			North		Latin		Asia		Segment		Corp Costs		dated
	Europe		America		America		Pacific		Totals		and Other		Totals
Total assets:
2017	$	3,133	$	2,794	$	2,617	$	1,001	$	9,545	$	211	$	9,756
2016		2,792		2,522		2,537		926		8,777		358		9,135
2015		2,902		2,500		2,807		917		9,126		295		9,421
Equity investments:
2017	$	95	$	259	$	—	$	114	$	468	$	57	$	525
2016		78		21				117		216		217		433
2015		78		22				145		245		164		409
Equity earnings:
2017	$	18	$	41	$	—	$	—	$	59	$	18	$	77
2016		15		12				4		31		29		60
2015		16		19				7		42		18		60
Capital expenditures:
2017	$	152	$	106	$	127	$	55	$	440	$	1	$	441
2016		163		108		123		59		453		1		454
2015		164		97		89		50		400		2		402
Depreciation and amortization expense:
2017	$	125	$	134	$	176	$	43	$	478	$	10	$	488
2016		118		139		173		37		467		11		478
2015		120		128		107		40		395		14		409

The Company’s net property, plant and equipment by geographic segment are as follows:


	U.S.		Non-U.S.		Total
2017	$	757	$	2,374	$	3,131
2016		749		2,131		2,880
2015		736		2,225		2,961

The Company’s net sales by geographic segment are as follows:


	U.S.		Non-U.S.		Total
2017	$	2,072	$	4,797	$	6,869
2016		2,124		4,578		6,702
2015		1,939		4,217		6,156

Intercompany sales in Latin America totaled $150 million, $179 million and $101 for the years ended December 31, 2017, 2016, and 2015, respectively.

For only the year ended December 31, 2015, operations outside the U.S. that accounted for more than 10% of consolidated net sales were in France.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Name Accounting Standards Codification
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+ Details

Inventories

12 Months Ended

Dec. 31, 2017

Inventories

Inventories

3. Inventories

Major classes of inventory are as follows:


	2017		2016
Finished goods	$	873	$	827
Raw materials		122		118
Operating supplies		41		38
	$	1,036	$	983

Equity Investments

12 Months Ended

Dec. 31, 2017

Equity Investments

Equity Investments

4. Equity Investments

At December 31, 2017 the Company’s ownership percentage in affiliates include:


	O-I Ownership
Affiliates	Percentage		Business Type
BJC O-I Glass Pte. Ltd.	50	%	Glass container manufacturer
CO Vidrieria SARL ("COV")	50	%	Glass container manufacturer
Rocky Mountain Bottle Company	50	%	Glass container manufacturer
Tata Chemical (Soda Ash) Partners	25	%	Soda ash supplier
Vetrerie Meridionali SpA ("VeMe")	50	%	Glass container manufacturer
Vetri Speciali SpA	50	%	Specialty glass manufacturer

Summarized information pertaining to the Company’s equity affiliates follows:


	2017		2016		2015
Equity in earnings:
Non-U.S.	$	45	$	19	$	23
U.S.		32		41		37
Total	$	77	$	60	$	60
Dividends received	$	48	$	38	$	53

Summarized combined financial information for equity affiliates is as follows (unaudited):


	2017		2016
At end of year:
Current assets	$	466	$	425
Non-current assets		1,021		779
Total assets		1,487		1,204
Current liabilities		232		190
Other liabilities and deferred items		198		145
Total liabilities and deferred items		430		335
Net assets	$	1,057	$	869


For the year:	2017		2016		2015
Net sales	$	883	$	755	$	719
Gross profit	$	242	$	182	$	193
Net earnings	$	165	$	145	$	139

Based on an evaluation of each of the Company’s equity investments for the three years ending December 31, 2017, no investments exceeded the significant subsidiary thresholds per Rule 3-09 of Regulation S-X. As such, separate financial statements for the Company’s equity investments are not required to be filed.

The Company made purchases of approximately $180 million and $176 million from equity affiliates in 2017 and 2016, respectively, and owed approximately $90 million and $76 million to equity affiliates as of December 31, 2017 and 2016, respectively.

There is a difference of approximately $10 million as of December 31, 2017, between the amount at which certain investments are carried and the amount of underlying equity in net assets. The portion of the difference related to inventory or amortizable assets is amortized as a reduction of the equity earnings. The remaining difference is considered goodwill.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2017, 2016, and 2015 are as follows:


			North		Latin
	Europe		America		America		Other		Total
Balance as of January 1, 2015	$	926	$	723	$	239	$	5	$	1,893
Acquisition related adjustments				316		480				796
Translation effects		(86)		(19)		(95)				(200)
Balance as of December 31, 2015		840		1,020		624		5		2,489
Acquisition related adjustments				15		26				41
Translation effects		(32)		3		(39)				(68)
Balance as of December 31, 2016		808		1,038		611		5		2,462
Translation effects		105		8		15				128
Balance as of December 31, 2017	$	913	$	1,046	$	626	$	5	$	2,590

The acquisition related adjustments in 2016 and 2015 primarily relate to the Vitro Acquisition (see Note 19).

Goodwill for the Asia Pacific segment is $0 and net of accumulated impairment losses of $1,135 million as of December 31, 2017, 2016, and 2015.

Goodwill is tested for impairment annually as of October 1 (or more frequently if impairment indicators arise) by comparing the business enterprise value (“BEV”) of each reporting unit with its carrying value. The BEV is computed based on estimated future cash flows, discounted at the weighted average cost of capital of a hypothetical third-party buyer. If the BEV is less than the carrying value for any reporting unit, then any excess of the BEV of the goodwill over the carrying value will be recorded as an impairment loss. The calculations of the BEV are based on significant unobservable inputs, such as price trends, customer demand, material costs, discount rates and asset replacement costs, and are classified as Level 3 in the fair value hierarchy.

During the fourth quarter of 2017, the Company completed its annual impairment testing and determined that no impairment existed.

Intangible assets

Customer list intangible assets are amortized using the accelerated amortization method over their 20 year lives. Net intangible asset values were $439 million and $464 million for the years ended December 31, 2017 and 2016, respectively. Amortization expense for intangible assets was $41 million, $39 million and $21 million for the years ended December 31, 2017, 2016, and 2015, respectively. Estimated amortization related to intangible assets through 2022 is as follows: 2018, $44 million; 2019, $42 million; 2020, $41 million; 2021, $39 million; and 2022, $36 million. No impairment existed on these assets at December 31, 2017.

The Company has determined that the fair value measurements related to the customer list intangibles are based on significant unobservable inputs and are classified as Level 3 in the fair value hierarchy.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Other Assets

12 Months Ended

Dec. 31, 2017

Other Assets

Other Assets

6. Other Assets

Other assets (noncurrent) consist of the following at December 31, 2017 and 2016:


	2017		2016
Deferred tax assets	$	194	$	185
Deferred returnable packaging costs		119		115
Repair part inventories		106		107
Capitalized software		82		85
Value added taxes		24		22
Other		77		88
	$	602	$	602

Capitalized software includes costs related to the acquisition and development of internal-use software. These costs are amortized over the estimated useful life of the software. Amortization expense for capitalized software was $12 million, $13 million and $19 million for 2017, 2016, and 2015, respectively. Estimated amortization related to capitalized software through 2022 is as follows: 2018, $13 million; 2019, $14 million; 2020, $13 million; 2021, $12 million; and 2022, $11 million.

Derivative Instruments

12 Months Ended

Dec. 31, 2017

Derivative Instruments

Derivative Instruments

7. Derivative Instruments

The Company has certain derivative assets and liabilities which consist of natural gas forwards and foreign exchange option and forward contracts. The Company uses an income approach to value these contracts. Natural gas forward rates and foreign exchange rates are the significant inputs into the valuation models. These inputs are observable in active markets over the terms of the instruments the Company holds, and accordingly, the Company classifies its derivative assets and liabilities as Level 2 in the hierarchy. The Company also evaluates counterparty risk in determining fair values.

Commodity Forward Contracts Designated as Cash Flow Hedges

In several regions, the Company enters into commodity forward contracts related to forecasted natural gas requirements, the objectives of which are to limit the effects of fluctuations in the future market price paid for natural gas and the related volatility in cash flows. In North America, the majority of its customer contracts contain provisions that pass the price of natural gas to its customers. In certain of these contracts, the customer has the option of fixing the natural gas price component for a specified period of time. To limit the effects of fluctuations in cash flows resulting from these customer contracts, the Company enters into commodity forward contracts related to forecasted natural gas requirements. In Asia Pacific, the Company implemented a hedging program in 2016, which included the execution of commodity forward contracts for certain contracted natural gas requirements. At December 31, 2017 and 2016, the Company had entered into commodity forward contracts covering approximately 8,800,000 MM BTUs and 12,300,000 MM BTUs, respectively.

The Company accounts for the above forward contracts as cash flow hedges at December 31, 2017 and recognizes them on the balance sheet at fair value. The effective portion of changes in the fair value of a derivative that is designated as, and meets the required criteria for, a cash flow hedge is recorded in the Accumulated Other Comprehensive Income component of share owners’ equity (“OCI”) and reclassified into earnings in the same period or periods during which the underlying hedged item affects earnings. An unrecognized gain of $3 million at December 31, 2017 and an unrecognized gain of $6 million at December 31, 2016 related to the commodity forward contracts was included in Accumulated OCI, and will be reclassified into earnings in the period when the commodity forward contracts expire. Any material portion of the change in the fair value of a derivative designated as a cash flow hedge that is deemed to be ineffective is recognized in current earnings. The ineffectiveness related to these natural gas hedges for the year ended December 31, 2017 and 2016 was not material.

The effect of the commodity forward contracts on the results of operations for the years ended December 31, 2017, 2016, and 2015 is as follows:


						Amount of gain (loss) Reclassified from
Amount of gain (loss) Recognized in OCI on						Accumulated OCI into Income
Commodity Forward Contracts						(reported in cost of goods sold)
(Effective Portion)						(Effective Portion)
2017		2016		2015		2017		2016		2015
$	6	$	7	$	(4)	$	—	$	—	$	(1)

Foreign Exchange Derivative Contracts and not Designated as Hedging Instruments

The Company may enter into short-term forward exchange or option agreements to purchase foreign currencies at set rates in the future. These agreements are used to limit exposure to fluctuations in foreign currency exchange rates for significant planned purchases of fixed assets or commodities that are denominated in currencies other than the subsidiaries’ functional currency. The Company may also use foreign exchange agreements to offset the foreign currency risk for receivables and payables, including intercompany receivables, payables, and loans, not denominated in, or indexed to, their functional currencies. The Company records these short-term foreign exchange agreements on the balance sheet at fair value and changes in the fair value are recognized in current earnings.

At December 31, 2017 and 2016, the Company had outstanding foreign exchange and option agreements denominated in various currencies covering the equivalent of approximately $460 million and $490 million, respectively, related primarily to intercompany transactions and loans.

The effect of the foreign exchange derivative contracts on the results of operations for the years ended December 31, 2017, 2016, and 2015 is as follows:


	Amount of Gain (Loss)
Location of Gain (Loss)	Recognized in Income on
Recognized in Income on	Foreign Exchange Contracts
Foreign Exchange Contracts	2017		2016		2015
Other expense, net	$	10	$	6	$	10

Hedges of Multiple Risks

The Company has variable-interest rate borrowings denominated in currencies other than the functional currency of the borrowing subsidiaries. As a result, the Company is exposed to fluctuations in both the underlying variable interest rate and the currency of the borrowing against the subsidiaries’ functional currency. The Company uses derivatives to manage these exposures and designates these derivatives as cash flow hedges of both interest rate and foreign exchange risks. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges of both interest rate risk and foreign exchange risk is recorded in Accumulated OCI and is subsequently reclassified into earnings in the period for which the hedged forecasted transaction affects earnings. If there is an ineffective portion of the change in fair value of the derivative it is recognized directly in earnings.

During the second quarter of 2017, one of the Company’s Euro-functional subsidiaries entered into a cross-currency interest rate swap to manage its exposure to fluctuations in the variable interest rate and the U.S. dollar-Euro exchange rate arising from a U.S. dollar denominated borrowing. This swap involves exchanging fixed rate Euro interest payments for floating rate U.S. dollar interest receipts both of which will occur at the forward exchange rates in effect upon entering into the instrument. This instrument, which settled in the third quarter of 2017, had a pay fixed notional amount of €81 million and a receive floating notional amount of $90 million. There was no ineffectiveness related to these cross-currency interest rate swaps for the year ended December 31, 2017.

During the fourth quarter of 2017, one of the Company’s Euro-functional subsidiaries entered into a series of cross-currency interest rate swaps to manage its exposure to fluctuations in the Euro-U.S dollar exchange rate arising from a U.S. dollar denominated borrowing. These swaps involve exchanging fixed rate Euro interest payments for fixed rate U.S. dollar interest receipts both of which will occur at the forward exchange rates in effect upon entering into the instrument. An unrecognized loss of less than $1 million at December 31, 2017 related to these cross-currency interest rate swaps was included in Accumulated OCI, and will be reclassified into earnings within the next twelve months. These instruments, in the aggregate, have a pay fixed notional amount of €263 million and a receive notional amount of $310 million and reach final maturity in 2023. There was no ineffectiveness related to these cross-currency interest rate swaps for the year ended December 31, 2017.

Interest Rate Swaps Designated as Fair Value Hedges

During the third and fourth quarters of 2017, the Company entered into a series of interest rate swap agreements with a total notional amount of €725 million that reach final maturity in 2024. The swaps were executed in order to maintain a capital structure containing appropriate amounts of fixed and floating-rate debt and to reduce net interest payments and expense in the near-term.

The Company’s fixed-to-variable interest rate swaps were accounted for as fair value hedges. The relevant terms of the swap agreements match the corresponding terms of the notes and therefore there is no hedge ineffectiveness. The Company recorded the net of the fair market values of the swaps as a long-term liability and short-term asset along with a corresponding net decrease in the carrying value of the hedged debt.

Under the swaps, the Company receives fixed rate interest amounts (equal to the interest on the corresponding hedged note) and pays interest at a six-month Euribor rate (set in arrears) plus a margin spread (see table below). The interest rate differential on each swap is recognized as an adjustment of interest expense during each six-month period over the term of the agreement.

The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company has determined that the majority of the inputs used to value these derivatives fall within Level 2 of the fair value hierarchy.

The following selected information relates to fair value swaps at December 31, 2017:


	Amount Hedged		Receive Rate		Average Spread
Senior Notes due 2024	€	725	3.125	%	2.6	%

Balance Sheet Classification

The Company records the fair values of derivative financial instruments on the balance sheet as follows: (a) receivables if the instrument has a positive fair value and maturity within one year, (b) deposits, receivables, and other assets if the instrument has a positive fair value and maturity after one year, (c) other accrued liabilities or other liabilities (current) if the instrument has a negative fair value and maturity within one year, and (d) other accrued liabilities or other liabilities if the instrument has a negative fair value and maturity after one year.

The following table shows the amount and classification (as noted above) of the Company’s derivatives as of December 31, 2017 and 2016:


	Fair Value
	Balance Sheet
	Location	2017		2016
Asset Derivatives:
Derivatives designated as hedging instruments:
Commodity futures contracts	b	$	3	$	6
Interest rate swaps designated as fair value hedges	a		6
Hedges of multiple risks designated as cash flow hedges	a		4
Derivatives not designated as hedging instruments:
Foreign exchange derivative contracts	a	$	4	$	9
Total asset derivatives		$	17	$	15
Liability Derivatives:
Derivatives designated as hedging instruments:
Commodity futures contracts	c	$	—	$	—
Interest rate swaps designated as fair value hedges	d		13
Hedges of multiple risks designated as cash flow hedges	d		10
Derivatives not designated as hedging instruments:
Foreign exchange derivative contracts	d		1		5
Total liability derivatives		$	24	$	5

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Restructuring Accruals, Asset Impairments and Other Costs Related to Closed Facilities

12 Months Ended

Dec. 31, 2017

Restructuring Accruals, Asset Impairments and Other Costs Related to Closed Facilities

Restructuring Accruals, Asset Impairments and Other Costs Related to Closed Facilities

8. Restructuring Accruals, Asset Impairments and Other Costs Related to Closed Facilities

The Company continually reviews its manufacturing footprint and operating cost structure and may decide to close operations or reduce headcount to gain efficiencies, integrate acquired operations, reduce future expenses and other market factors. The Company incurs costs associated with these actions including employee severance and benefits, other exit costs such as those related to contract terminations, and asset impairment charges. The Company also may incur other costs related to closed facilities including environmental remediation, clean up, dismantling and preparation for sale or other disposition.

The Company accounts for restructuring and other costs under applicable provisions of generally accepted accounting principles. Charges for employee severance and related benefits are generally accrued based on contractual arrangements with employees or their representatives. Other exit costs are accrued based on the estimated cost to settle related contractual arrangements. Estimated environmental remediation costs are accrued when specific claims have been received or are probable of being received.

The Company’s decisions to curtail selected production capacity have resulted in write downs of certain long-lived assets to the extent their carrying amounts exceeded fair value or fair value less cost to sell. The Company classified the significant assumptions used to determine the fair value of the impaired assets as Level 3 in the fair value hierarchy as set forth in the general accounting principles for fair value measurements.

When a decision is made to take these actions, the Company manages and accounts for them programmatically apart from the on-going operations of the business. Information related to major programs is presented separately while minor initiatives are presented on a combined basis. As of December 31, 2017 and 2016, no major restructuring programs were in effect.

In 2017, the Company implemented a number of minor restructuring initiatives and recorded restructuring, asset impairment and other charges of $72 million. These charges primarily consisted of employee costs, write-down of assets, and other exit costs in the following regions: Latin America ($45 million), Europe ($19 million), North America ($4 million) and Asia Pacific ($4 million). The restructuring charges recorded in 2017 were discrete actions and are expected to approximate the total cumulative cost for those actions as no significant additional costs are expected to be incurred. As part of the total restructuring charges recorded in Europe in 2016 and 2017, the Company has recorded total cumulative charges of $56 million related to a plant closure in this region and does not expect to execute any further significant actions related to this facility. The restructuring charges recorded in 2017 in the Latin American and European regions primarily relate to capacity curtailments and products produced at those facilities have, in large part, been reallocated to others in their respective regions. The Company expects that the majority of the remaining cash expenditures related to the above charges will be paid out by the end of 2019.

In 2016, the Company implemented a number of minor restructuring initiatives and the Company recorded restructuring, asset impairment and other charges of $98 million. These charges primarily consisted of employee costs, write-down of assets, and other exit costs in the following regions: Latin America ($18 million), Europe ($48 million), North America ($4 million), Asia Pacific ($4 million) and other corporate restructuring actions ($24 million). Except for the charges recorded in Europe, the other discrete restructuring charges recorded in 2016 are expected to approximate the total cumulative costs for those actions as no significant additional costs are expected to be incurred. The Company has recorded total cumulative charges of $47 million related to a plant closure in Europe. These restructuring charges primarily relate to several capacity curtailments and the Company reallocated the products produced at these facility to others in the region.

The following table presents information related to restructuring, asset impairment and other costs related to closed facilities from January 1, 2016 through December 31, 2017:



	Total
	Restructuring
Balance at January 1, 2016	$	43
Charges		98
Write-down of assets to net realizable value		(28)
Net cash paid, principally severance and related benefits		(24)
Other, including foreign exchange translation		(4)
Balance at December 31, 2016		85
Charges		72
Write-down of assets to net realizable value		(11)
Net cash paid, principally severance and related benefits		(62)
Other, including foreign exchange translation		1
Balance at December 31, 2017	$	85

The restructuring accrual balance represents the Company’s estimates of the remaining future cash amounts to be paid related to the actions noted above. As of December 31, 2017, the Company’s estimates include approximately $65 million for employee benefits costs, $19 million for environmental remediation costs, and $1 million for other exit costs.

Pension Benefit Plans and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2017

Pension Benefit Plans and Other Postretirement Benefits

Pension Benefit Plans and Other Postretirement Benefits

9. Pension Benefit Plans and Other Postretirement Benefits

Pension Benefit Plans

The Company has defined benefit pension plans covering a substantial number of employees located in the United States and several other non-U.S. jurisdictions. Benefits generally are based on compensation for salaried employees and on length of service for hourly employees. The Company’s policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements. The Company’s defined benefit pension plans use a December 31 measurement date.

The changes in the pension benefit obligations for the year are as follows:


	U.S.				Non-U.S.
	2017		2016		2017		2016
Obligations at beginning of year	$	1,956	$	2,190	$	1,235	$	1,210
Change in benefit obligations:
Service cost		14		15		15		16
Interest cost		78		90		40		44
Actuarial (gain) loss, including the effect of change in discount rates		123		36		(15)		160
Curtailment, settlement, and plan amendment		(393)		(200)		(171)
Participant contributions						1		2
Benefit payments		(128)		(175)		(60)		(71)
Other								3
Foreign currency translation						103		(129)
Net change in benefit obligations		(306)		(234)		(87)		25
Obligations at end of year	$	1,650	$	1,956	$	1,148	$	1,235

The changes in the fair value of the pension plans’ assets for the year are as follows:


	U.S.				Non-U.S.
	2017		2016		2017		2016
Fair value at beginning of year	$	1,654	$	1,909	$	1,011	$	1,012
Change in fair value:
Actual gain (loss) on plan assets		254		118		87		139
Benefit payments		(128)		(175)		(60)		(71)
Employer contributions		7		2		24		38
Participant contributions						1		2
Settlements		(393)		(200)		(171)
Foreign currency translation						83		(111)
Other								2
Net change in fair value of assets		(260)		(255)		(36)		(1)
Fair value at end of year	$	1,394	$	1,654	$	975	$	1,011

The Company recognizes the funded status of each pension benefit plan on the balance sheet. The funded status of each plan is measured as the difference between the fair value of plan assets and actuarially calculated benefit obligations as of the balance sheet date. Actuarial gains and losses are accumulated in Other Comprehensive Income and the portion of each plan that exceeds 10% of the greater of that plan’s assets or projected benefit obligation is amortized to income on a straight-line basis over the average remaining service period of employees still accruing benefits or the expected life of participants not accruing benefits if all, or almost all, of the plan’s participants are no longer accruing benefits.

The funded status of the pension plans at year end is as follows:


	U.S.				Non-U.S.
	2017		2016		2017		2016
Plan assets at fair value	$	1,394	$	1,654	$	975	$	1,011
Projected benefit obligations		1,650		1,956		1,148		1,235
Plan assets less than projected benefit obligations		(256)		(302)		(173)		(224)
Items not yet recognized in pension expense:
Actuarial loss		811		1,046		284		352
Prior service cost (credit)		1		1		(2)		(1)
		812		1,047		282		351
Net amount recognized	$	556	$	745	$	109	$	127

The net amount recognized is included in the Consolidated Balance Sheets at December 31, 2017 and 2016 as follows:


	U.S.				Non-U.S.
	2017		2016		2017		2016
Pension assets	$	—	$	—	$	49	$	40
Current pension liability, included with other accrued liabilities		(2)		(7)		(5)		(7)
Pension benefits		(254)		(295)		(217)		(257)
Accumulated other comprehensive loss		812		1,047		282		351
Net amount recognized	$	556	$	745	$	109	$	127

The following changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income at December 31, 2017 and 2016 as follows (amounts are pretax):


	U.S.				Non-U.S.
	2017		2016		2017		2016
Current year actuarial (gain) loss	$	(2)	$	66	$	(40)	$	87
Amortization of actuarial loss		(57)		(67)		(16)		(12)
Settlement		(176)		(98)		(42)
		(235)		(99)		(98)		75
Translation						30		(43)
Change in accumulated other comprehensive income	$	(235)	$	(99)	$	(68)	$	32

The accumulated benefit obligation for all defined benefit pension plans was $2,735 million and $3,126 million at December 31, 2017 and 2016, respectively.

The components of the net pension expense for the year are as follows:


	U.S.						Non-U.S.
	2017		2016		2015		2017		2016		2015
Service cost	$	14	$	15	$	24	$	15	$	16	$	15
Interest cost		78		90		96		40		44		44
Expected asset return		(128)		(149)		(170)		(63)		(65)		(67)
Amortization:
Actuarial loss		57		67		74		16		13		15
Net expense	$	21	$	23	$	24	$	8	$	8	$	7

Effective January 1, 2016 the Company amended its salary pension plan in North America to freeze future pension benefits. This action required an obligation remeasurement for the curtailment of benefits, which resulted in a reduction of the Company’s pension expense.

In 2017, the Company settled a portion of its pension obligations in the U.S., Canada and the United Kingdom, resulting in settlement charges of $176 million, $27 million and $15 million, respectively. Retiree annuity contract purchase transactions in the U.S. and Canada amounting to approximately $369 million and $123 million, respectively, with several insurers, gave rise to the majority of the settlement transactions, with lump-sum payments directly to plan participants comprising the remainder. In 2016, the Company settled a portion of its U.S. pension obligation via a retiree annuity contract purchase of approximately $200 million, which resulted in a settlement charge of $98 million.

Amounts that are expected to be amortized from accumulated other comprehensive income into net pension expense during 2018:


	U.S.		Non-U.S.
Actuarial loss	$	52	$	13

The following information is for plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at year end:


	Projected Benefit Obligation Exceeds								Accumulated Benefit Obligation Exceeds
	the Fair Value of Plan Assets								the Fair Value of Plan Assets
	U.S.				Non-U.S.				U.S.				Non-U.S.
	2017		2016		2017		2016		2017		2016		2017		2016
Projected benefit obligations	$	1,650	$	1,956	$	905	$	897	$	1,650	$	1,956	$	261	$	897
Accumulated benefit obligation		1,650		1,956		878		867		1,650		1,956		241		867
Fair value of plan assets		1,394		1,654		682		632		1,394		1,654		39		632

The weighted average assumptions used to determine benefit obligations are as follows:


	U.S.				Non-U.S.
	2017		2016		2017		2016
Discount rate	3.69	%	4.17	%	2.76	%	2.94	%
Rate of compensation increase	N/A		N/A		2.78	%	2.90	%

The weighted average assumptions used to determine net periodic pension costs are as follows:


	U.S.						Non-U.S.
	2017		2016		2015		2017		2016		2015
Discount rate	4.17	%	4.43	%	4.05	%	2.94	%	3.68	%	3.65	%
Rate of compensation increase	N/A		N/A		2.96	%	2.90	%	2.84	%	2.89	%
Expected long-term rate of return on assets	7.50	%	7.50	%	8.00	%	6.32	%	7.15	%	7.21	%

Future benefits are assumed to increase in a manner consistent with past experience of the plans, which, to the extent benefits are based on compensation, includes assumed salary increases as presented above.

For 2017, the Company’s weighted average expected long-term rate of return on assets was 7.50% for the U.S. plans and 6.32% for the non-U.S. plans. In developing this assumption, the Company considered its historical 10-year average return (through December 31, 2016) and evaluated input from its third party pension plan asset consultants, including their review of asset class return expectations.

It is the Company’s policy to invest pension plan assets in a diversified portfolio consisting of an array of asset classes within established target asset allocation ranges. The investment risk of the assets is limited by appropriate diversification both within and between asset classes. The assets for the U.S. plans are maintained in a group trust. The U.S. plans hold no individual assets other than the investment in the group trust. The assets of the group trust and the Company’s non-U.S. plans are primarily invested in a broad mix of domestic and international equities, domestic and international bonds, and real estate, subject to the target asset allocation ranges. The assets are managed with a view to ensuring that sufficient liquidity will be available to meet expected cash flow requirements.

The investment valuation policy of the Company is to value investments at fair value. All investments are valued at their respective net asset values. Equity securities for which market quotations are readily available are valued at the last reported sales price on their principal exchange on valuation date or official close for certain markets. Fixed income investments are valued by an independent pricing service. Investments in registered investment companies or collective pooled funds are valued at their respective net asset values. Short-term investments are stated at amortized cost, which approximates fair value. The fair value of real estate is determined by periodic appraisals.

The Company’s U.S. pension plan assets held in the group trust are measured at net asset value in the fair value hierarchy. The total U.S. plan assets amounted to $1,394 million and $1,654 million as of December 31, 2017 and 2016, respectively. In 2017, the U.S. plan assets consisted of approximately 65% equity securities, 28% debt securities, and 7% real estate and other.

In 2017, the non-U.S. plan assets consisted of approximately 22% equity securities, 54% debt securities, and 24% real estate and other. The following table sets forth by level, within the fair value hierarchy, the Company’s non-U.S. pension plan assets at fair value as of December 31, 2017 and 2016:


	2017								2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	9	$	—	$	—	$	9	$	24	$	—	$	—	$	24
Equity securities								—								—
Debt securities		33						33		37		2				39
Real estate								—						4		4
Other				27				27				37		6		43
Total	$	42	$	27	$	—			$	61	$	39	$	10
Investments measured at net asset value							$	906							$	901
Total non-U.S. assets at fair value							$	975							$	1,011

The following is a reconciliation of the Company’s pension plan assets recorded at fair value using significant unobservable inputs (Level 3):


	2017		2016
Beginning balance	$	10	$	11
Net increase (decrease)		(10)		(1)
Ending balance	$	—	$	10

The net increase (decrease) in the fair value of the Company’s Level 3 pension plan assets is primarily due to purchases and sales of unlisted real estate funds. The change in the fair value of Level 3 pension plan assets due to actual return on those assets was immaterial in 2017.

In order to maintain minimum funding requirements, the Company is required to make contributions to its defined benefit pension plans of approximately $35 million in 2018.

The following estimated future benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated:


Year(s)	U.S.		Non-U.S.
2018	$	111	$	51
2019		112		47
2020		112		51
2021		109		53
2022		109		55
2023-2027		517		289

The Company also sponsors several defined contribution plans for all salaried and hourly U.S. employees, and employees in Canada, the U.K., The Netherlands and Australia. Participants’ contributions are based on their compensation. The Company matches contributions of participants, up to various limits, in substantially all plans. Company contributions to these plans amounted to $33 million in 2017, $34 million in 2016, and $29 million in 2015.

Postretirement Benefits Other Than Pensions

The Company provides retiree health care and life insurance benefits covering certain U.S. salaried and hourly employees, and substantially all employees in Canada. Benefits provided by the Company for hourly retirees are determined by collective bargaining. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. The Company uses a December 31 measurement date to measure its postretirement benefit obligations.

The changes in the postretirement benefit obligations for the year are as follows:


	U.S.				Non-U.S.
	2017		2016		2017		2016
Obligations at beginning of year	$	92	$	97	$	81	$	68
Change in benefit obligations:
Service cost						1		1
Interest cost		4		4		3		3
Actuarial (gain) loss, including the effect of changing discount rates				(1)		1		9
Benefit payments		(7)		(9)		(2)		(2)
Foreign currency translation						5		2
Other				1
Net change in benefit obligations		(3)		(5)		8		13
Obligations at end of year	$	89	$	92	$	89	$	81

The funded status of the postretirement benefit plans at year end is as follows:


	U.S.				Non-U.S.
	2017		2016		2017		2016
Postretirement benefit obligations	$	(89)	$	(92)	$	(89)	$	(81)
Items not yet recognized in net postretirement benefit cost:
Actuarial gain (loss)		(19)		(21)		(7)		(6)
Prior service credit		22		30
		3		9		(7)		(6)
Net amount recognized	$	(86)	$	(83)	$	(96)	$	(87)

The net amount recognized is included in the Consolidated Balance Sheets at December 31, 2017 and 2016 as follows:


	U.S.				Non-U.S.
	2017		2016		2017		2016
Current nonpension postretirement benefit, included with Other accrued liabilities	$	(8)	$	(8)	$	(3)	$	(3)
Nonpension postretirement benefits		(81)		(84)		(86)		(78)
Accumulated other comprehensive income (loss)		3		9		(7)		(6)
Net amount recognized	$	(86)	$	(83)	$	(96)	$	(87)

The following changes in benefit obligations were recognized in accumulated other comprehensive income at December 31, 2017 and 2016 as follows (amounts are pretax):


	U.S.				Non-U.S.
	2017		2016		2017		2016
Current year actuarial (gain) loss	$	—	$	(1)	$	1	$	9
Amortization of actuarial loss		(2)		(2)
Amortization of prior service credit		8		8
	$	6	$	5	$	1	$	9

The components of the net postretirement benefit cost for the year are as follows:


	U.S.						Non-U.S.
	2017		2016		2015		2017		2016		2015
Service cost	$	—	$	—	$	—	$	1	$	1	$	1
Interest cost		4		4		4		3		3		3
Amortization:
Actuarial loss		2		2		2
Prior service credit		(8)		(8)		(8)
Net amortization		(6)		(6)		(6)		—		—		—
Net postretirement benefit (income) cost	$	(2)	$	(2)	$	(2)	$	4	$	4	$	4

Amounts that are expected to be amortized from accumulated other comprehensive income into net postretirement benefit cost during 2018:


	U.S.		Non-U.S.
Amortization:
Actuarial loss	$	1	$	—
Prior service credit		(8)
Net amortization	$	(7)	$	—

Amortization included in net postretirement benefit cost is based on the average remaining service of employees. The weighted average discount rates used to determine the accumulated postretirement benefit obligation and net postretirement benefit cost are as follows:


	U.S.						Non-U.S.
	2017		2016		2015		2017		2016		2015
Accumulated postretirement benefit obligation	3.61	%	4.11	%	4.35	%	3.35	%	3.55	%	3.80	%
Net postretirement benefit cost	4.11	%	4.35	%	3.99	%	3.55	%	3.80	%	3.75	%

The weighted average assumed health care cost trend rates at December 31 are as follows:


	U.S.				Non-U.S.
	2017		2016		2017		2016
Health care cost trend rate assumed for next year	6.20	%	6.40	%	5.00	%	5.00	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.00	%	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2024		2024		N/A		N/A

Assumed health care cost trend rates affect the amounts reported for the postretirement benefit plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:


	U.S.				Non-U.S.
	1-Percentage-Point				1-Percentage-Point
	Increase		Decrease		Increase		Decrease
Effect on total of service and interest cost	$	—	$	—	$	—	$	1
Effect on accumulated postretirement benefit obligations		(4)		4		(6)		8

Amortization included in net postretirement benefit cost is based on the average remaining service of employees.

The following estimated future benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated:


Year(s)	U.S.		Non-U.S.
2018	$	8	$	3
2019		7		3
2020		7		3
2021		7		4
2022		6		4
2023 - 2027		28		20

Other U.S. hourly retirees receive health and life insurance benefits from a multi-employer trust established by collective bargaining. Payments to the trust as required by the bargaining agreements are based upon specified amounts per hour worked and were $6 million in 2017, $6 million in 2016 and $6 million in 2015. Postretirement health and life benefits for retirees of foreign subsidiaries are generally provided through the national health care programs of the countries in which the subsidiaries are located.

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Taxes

Income Taxes

10. Income Taxes

The provision for income taxes was calculated based on the following components of earnings (loss) before income taxes:


Continuing operations	2017		2016		2015
U.S.	$	(43)	$	(27)	$	—
Non-U.S.		318		383		268
	$	275	$	356	$	268


Discontinued operations	2017		2016		2015
U.S.	$	—	$	—	$	—
Non-U.S.		(3)		(7)		(4)
	$	(3)	$	(7)	$	(4)

The provision (benefit) for income taxes consists of the following:


	2017		2016		2015
Current:
U.S.	$	(5)	$	—	$	9
Non-U.S.		87		123		85
		82		123		94
Deferred:
U.S.		6		3		10
Non-U.S.		(18)		(7)		2
		(12)		(4)		12
Total:
U.S.		1		3		19
Non-U.S.		69		116		87
Total for continuing operations		70		119		106
Total for discontinued operations		—		—		—
	$	70	$	119	$	106

A reconciliation of the provision for income taxes based on the statutory U.S. Federal tax rate of 35% to the provision for income taxes is as follows:


	2017		2016		2015
Tax provision on pretax earnings from continuing operations at statutory U.S. Federal tax rate	$	96	$	124	$	94
Increase (decrease) in provision for income taxes due to:
Non-U.S. tax rates		(29)		(22)		(12)
U.S. Tax Cut and Jobs Act: transition tax, net of foreign tax credits		2
Tax law changes		152		(3)		(3)
Change in valuation allowance: U.S. tax law change		(162)
Change in valuation allowance: other		(283)		3		1
Tax attribute expiration		330
Withholding tax, net		8		7		10
Non-deductible acquisition costs						6
Non-deductible expenses		9		20		7
U.S. tax on intercompany dividends and interest		2		3		16
Tax exempt income		(3)		(2)		(3)
Intraperiod tax allocation				(8)
Tax credit		(37)		(19)		(14)
Changes in tax reserves		(18)		8		5
Mexico inflationary adjustments		13		6		3
Equity earnings		(13)		(9)		(7)
Intercompany financing		(4)		(5)		1
Other taxes based on income		10		11		3
Other items		(3)		5		(1)
Provision for income taxes	$	70	$	119	$	106

Deferred income taxes reflect: (1) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes; and (2) carryovers and credits for income tax purposes.

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2017 and 2016 are as follows:


	2017		2016
Deferred tax assets:
Accrued postretirement benefits	$	44	$	53
Asbestos-related liabilities		122		242
Foreign tax credit carryovers		124		413
Operating and capital loss carryovers		342		389
Other credit carryovers		17		34
Accrued liabilities		69		95
Pension liabilities		77		138
Other		43		74
Total deferred tax assets		838		1,438
Deferred tax liabilities:
Property, plant and equipment		101		131
Intangibles and deferred software		97		119
Other		2		9
Total deferred tax liabilities		200		259
Valuation allowance		(543)		(1,094)
Net deferred taxes	$	95	$	85

Deferred taxes are included in the Consolidated Balance Sheets at December 31, 2017 and 2016 as follows:


	2017		2016
Other assets	$	194	$	185
Deferred taxes		(99)		(100)
Net deferred taxes	$	95	$	85

The deferred tax benefit associated with the reduction in the valuation allowance of $551 million was primarily allocated $445 million to income from continuing operations due to the primacy of continuing operations, the change in tax law and expiration of certain tax attribute carryovers, and $79 million to other comprehensive income.

Deferred tax assets and liabilities are determined separately for each tax jurisdiction on a separate or on a consolidated tax filing basis, as applicable, in which the Company conducts its operations or otherwise incurs taxable income or losses. A valuation allowance is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character within the carryback or carryforward periods provided for in the tax law for each applicable tax jurisdiction. The Company considers the following possible sources of taxable income when assessing the realization of deferred tax assets:

taxable income in prior carryback years;

future reversals of existing taxable temporary differences;

future taxable income exclusive of reversing temporary differences and carryforwards; and

prudent and feasible tax planning strategies that the Company would be willing to undertake to prevent a deferred tax asset from otherwise expiring.

The assessment regarding whether a valuation allowance is required or whether a change in judgment regarding the valuation allowance has occurred also considers all available positive and negative evidence, including but not limited to:

nature, frequency, and severity of cumulative losses in recent years;

duration of statutory carryforward and carryback periods;

statutory limitations against utilization of tax attribute carryforwards against taxable income;

historical experience with tax attributes expiring unused; and

near‑ and medium‑term financial outlook.

The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. Accordingly, it is generally difficult to conclude a valuation allowance is not required when there is significant objective and verifiable negative evidence, such as cumulative losses in recent years. The Company uses the actual results for the last two years and current year results as the primary measure of cumulative losses in recent years.

The evaluation of deferred tax assets requires judgment in assessing the likely future tax consequences of events recognized in the financial statements or tax returns and future profitability. The recognition of deferred tax assets represents the Company’s best estimate of those future events. Changes in the current estimates, due to unanticipated events or otherwise, could have a material effect on the Company’s results of operations and financial condition.

In certain tax jurisdictions, the Company’s analysis indicates that it has cumulative losses in recent years. This is considered significant negative evidence which is objective and verifiable and, therefore, difficult to overcome. However, the cumulative loss position is not solely determinative and, accordingly, the Company considers all other available positive and negative evidence in its analysis. Based on its analysis, the Company has recorded a valuation allowance for the portion of deferred tax assets where based on the weight of available evidence it is unlikely to realize those deferred tax assets.

Based on the evidence available including a lack of sustainable earnings, the Company in its judgment previously recorded a valuation allowance against substantially all of its net deferred tax assets in the United States. If a change in judgment regarding this valuation allowance were to occur in the future, the Company will record a potentially material deferred tax benefit, which could result in a favorable impact on the effective tax rate in that period.

The U.S. Tax Cuts and Jobs Act (“Act”) was enacted on December 22, 2017. The Act reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cut and Jobs Act, allows filers to use prior year methodologies or estimates of the anticipated current impact of the Act in the preparation of their 2017 financial statements. At December 31, 2017, the Company had not completed its accounting for the tax effects of enactment of the Act; however, in certain cases, as described below, it has made a reasonable estimate of the effects on its existing deferred tax balances and the one-time transition tax. In all cases, the Company will continue to make and refine its calculations as additional data is gathered and further analysis is completed. In addition, the Company’s estimates may also be affected as it gains a more thorough understanding of the tax law and certain aspects of the Act are clarified by the taxing authorities. Any adjustments to these provisional amounts will be reported as a component of tax expense (benefit) in the reporting period in which any such adjustments are determined, which will be no later than the fourth quarter of 2018.

The Company remeasured certain U.S. deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. However, the Company is still analyzing certain aspects of the Act and refining its calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The provisional amount recorded related to the remeasurement of net deferred tax assets was a net tax charge of $162 million, which was fully offset by an adjustment to valuation allowance. Additionally, the Company recorded a deferred tax benefit of $11 million for the reduction of a deferred tax liability related to an indefinite lived intangible asset. The Act did not change the Company’s judgment regarding the realizability of these net deferred tax assets.

The one-time transition tax is based on the Company’s total post-1986 earnings and profits (“E&P”) that were previously deferred from U.S. income taxes and for which no deferred taxes were recorded since the Company previously claimed the indefinite reinvestment assertion exception on these earnings. At the date of enactment, the Company’s equity in the undistributed earnings of foreign subsidiaries for which income taxes had not been provided approximated $2.3 billion on a U.S. taxable E&P basis. The Act had the effect of subjecting approximately $1.8 billion of these undistributed earnings to the one-time transition tax. This tax, amounting to a provisional amount of $331 million, is expected to be substantially offset by available foreign tax credits resulting in a provisional net tax expense of $2 million primarily attributable to state taxes. The Company has not yet completed its calculation of the total post-1986 E&P and associated foreign tax credits for these foreign subsidiaries. Further, the transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when the Company finalizes the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalizes the amounts held in cash or other specified assets. The Company anticipates that additional guidance and clarification regarding the implementation of the transition tax will be issued by federal and state taxing authorities and this estimate is, therefore, subject to future refinement.

The Company has elected to treat Global Intangible Low Taxed Income (GILTI) which is effective in 2018 for the Company as a period cost.

At December 31, 2017, before valuation allowance, the Company had unused foreign tax credits of $124 million expiring in 2020 through 2027 and research tax credits of $16 million expiring from 2019 to 2036. Approximately $160 million of the deferred tax assets related to operating and capital loss carryforwards can be carried over indefinitely, with the remaining $182 million expiring between 2018 and 2037.

The Company maintains its assertion on a provisional basis that it intends to continue to indefinitely reinvest the gross book-tax basis differences in its non-US consolidated subsidiaries. However, the Company records deferred foreign taxes on gross book-tax basis differences to the extent of foreign distributable reserves for certain foreign subsidiaries. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis difference in these entities (i.e., basis difference in excess of that subject to the one-time transition tax) is not practicable.

The Company records a liability for unrecognized tax benefits related to uncertain tax positions. The Company accrues interest and penalties associated with unrecognized tax benefits as a component of its income tax expense.

The following is a reconciliation of the Company’s total gross unrecognized tax benefits for the years ended December 31, 2017, 2016, and 2015:


	2017		2016		2015
Balance at January 1	$	74	$	74	$	77
Additions and reductions for tax positions of prior years		1				1
Additions based on tax positions related to the current year		17		15		10
Reductions due to the lapse of the applicable statute of limitations		(7)		(3)		(5)
Reductions due to settlements		(9)		(12)		(1)
Foreign currency translation		3				(8)
Balance at December 31	$	79	$	74	$	74
Unrecognized tax benefits, which if recognized, would impact the Company’s effective income tax rate	$	72	$	66	$	67
Accrued interest and penalties at December 31	$	8	$	23	$	25
Interest and penalties included in tax expense for the years ended December 31	$	(14)	$	(2)	$	(1)

Based upon the outcome of tax examinations, judicial proceedings, or expiration of statute of limitations, it is reasonably possible that the ultimate resolution of these unrecognized tax benefits may result in a payment that is materially different from the current estimate of the tax liabilities. The Company believes that it is reasonably possible that the estimated liability could decrease up to $7 million within the next 12 months. This is primarily the result of anticipated audit settlements or statute expirations in several taxing jurisdictions.

The Company is currently under income tax examination in various tax jurisdictions in which it operates, including Bolivia, Brazil, Canada, China, Colombia, France, Germany, and Indonesia. The years under examination range from 2004 through 2015. The Company has received tax assessments in excess of established reserves. The Company is contesting these tax assessments, and will continue to do so, including pursuing all available remedies such as appeals and litigation, if necessary.

The Company believes that adequate provisions for all income tax uncertainties have been made. However, if tax assessments are settled against the Company at amounts in excess of established reserves, it could have a material impact to the Company’s results of operations, financial position or cash flows. During 2017, the Company concluded income tax audits in several jurisdictions, including Canada, Ecuador, France, and Italy.

Debt

12 Months Ended

Dec. 31, 2017

Debt

Debt

11. Debt

The following table summarizes the long-term debt of the Company at December 31, 2017 and 2016:



	2017		2016
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans	$	—	$	—
Term Loans:
Term Loan A		1,148		1,395
Term Loan A (€279 million at December 31, 2016)				282
Senior Notes:
6.75%, due 2020 (€500 million)		594		523
4.875%, due 2021 (€330 million)		392		345
5.00%, due 2022		496		495
4.00%, due 2023		305
5.875%, due 2023		685		682
3.125%, due 2024 (€725 million at December 31, 2017 and €500 million at December 31, 2016)		849		520
5.375%, due 2025		297		297
6.375%, due 2025		295		294
Senior Debentures:
7.80%, due 2018				250
Capital leases		54		57
Other		17		26
Total long-term debt		5,132		5,166
Less amounts due within one year		11		33
Long-term debt	$	5,121	$	5,133

On April 22, 2015, the Company entered into a Senior Secured Credit Facility, which subsequently has been amended several times with the most recent amendment being entered into on September 28, 2017 (the “Amended Agreement”).

At December 31, 2017, the Amended Agreement includes a $300 million revolving credit facility, a $600 million multicurrency revolving credit facility, and a $1,575 million term loan A facility ($1,148 million net of debt issuance costs), each of which has a final maturity date of April 22, 2020. At December 31, 2017, the Company had unused credit of $888 million available under the Amended Agreement. The weighted average interest rate on borrowings outstanding under the Amended Agreement at December 31, 2017 was 3.17%.

The Amended Agreement contains various covenants that restrict, among other things and subject to certain exceptions, the ability of the Company to incur certain liens, make certain investments, become liable under contingent obligations in certain defined instances only, make restricted payments, make certain asset sales within guidelines and limits, engage in certain affiliate transactions, participate in sale and leaseback financing arrangements, alter its fundamental business, and amend certain subordinated debt obligations.

The Amended Agreement also contains one financial covenant, a Total Leverage Ratio, that requires the Company not to exceed a ratio calculated by dividing consolidated total debt, less cash and cash equivalents (“Net Indebtedness”), by consolidated EBITDA, as defined in the Amended Agreement. The Total Leverage Ratio could restrict the ability of the Company to undertake additional financing or acquisitions to the extent that such financing or acquisitions would cause the Total Leverage Ratio to exceed the specified maximum of 4.0x for the fiscal quarter ending December 31, 2017 and each fiscal quarter thereafter.

On September 28, 2017, the Company entered into Amendment No. 5 (“Amendment No. 5”) to the Amended Agreement. Amendment No. 5 changes the calculation of the Total Leverage Ratio by excluding from the calculation of Net Indebtedness ordinary course revolver borrowings (except to the extent such borrowings existed at the prior year end) and non-recourse factoring or securitization debt.

Failure to comply with these covenants and restrictions could result in an event of default under the Amended Agreement. In such an event, the Company would be unable to request borrowings under the revolving facility, and all amounts outstanding under the Amended Agreement, together with accrued interest, could then be declared immediately due and payable. If an event of default occurs under the Amended Agreement and the lenders cause all of the outstanding debt obligations under the Amended Agreement to become due and payable, this would result in a default under a number of other outstanding debt securities and could lead to an acceleration of obligations related to these debt securities. As of December 31, 2017, the Company was in compliance with all covenants and restrictions in the Amended Agreement. In addition, the Company believes that it will remain in compliance and that its ability to borrow funds under the Amended Agreement will not be adversely affected by the covenants and restrictions.

The interest rates on borrowings under the Amended Agreement are, at the Company’s option, the Base Rate or the Eurocurrency Rate, as defined in the Amended Agreement, plus an applicable margin. The applicable margin for the term loan A facility and the revolving credit facility is linked to the Company’s Total Leverage Ratio and ranges from 1.25% to 1.75% for Eurocurrency Rate loans and from 0.25% to 0.75% for Base Rate loans. In addition, a facility fee is payable on the revolving credit facility commitments ranging from 0.20% to 0.30% per annum linked to the Total Leverage Ratio.

Borrowings under the Amended Agreement are secured by substantially all of the assets, excluding real estate and certain other excluded assets, of certain of the Company’s domestic subsidiaries and certain foreign subsidiaries. Borrowings are also secured by a pledge of intercompany debt and equity investments in certain of the Company’s domestic subsidiaries and, in the case of foreign borrowings, of stock of certain foreign subsidiaries. All borrowings under the Amended Agreement are guaranteed by certain domestic subsidiaries of the Company.

During November 2016, the Company issued senior notes with a face value of €500 million that bear interest at 3.125% and are due November 15, 2024 (the “Senior Notes due 2024”). The notes were issued via a private placement and are guaranteed by certain of the Company’s domestic subsidiaries. The net proceeds, after deducting debt issuance costs, totaled approximately $520 million and were used to repay the term loan B facility under the Amended Agreement. In March 2017, the Company expanded its borrowings under the Senior Notes due 2024 by issuing €225 million of additional notes that bear interest at 3.125% and are due November 15, 2024. The notes were issued via a private placement and are guaranteed by certain of the Company’s domestic subsidiaries. The net proceeds, after deducting debt issuance costs, totaled approximately $237 million and were used to repay a portion of the Company’s revolving credit facility.

During March 2017, the Company purchased in a tender offer approximately $228 million aggregate principal amount of its 7.80% Senior Debentures due in 2018. In November 2017, the remaining $22 million of the 7.80% Senior Debentures were repurchased by the Company, the indenture relating thereto was discharged, and all collateral and guarantees thereunder were released. The Company recorded $18 million of additional interest charges for note repurchase premiums and the write-off of unamortized finance fees related to these actions.

During December 2017, the Company issued senior notes with a face value of $310 million that bear interest at 4.00% and are due March 15, 2023. The notes were issued via a private placement and are guaranteed by certain of the Company‘s domestic subsidiaries. The net proceeds, after deducting debt issuance costs, totaled approximately $305 million and were used to repay a portion of the term loan A facility under the Amended Agreement.

In order to maintain a capital structure containing appropriate amounts of fixed and floating-rate debt, the Company has entered into a series of interest rate swap agreements. These swap agreements were accounted for as fair value hedges (see Note 7).

The Company assesses its capital raising and refinancing needs on an ongoing basis and may enter into additional credit facilities and seek to issue equity and/or debt securities in the domestic and international capital markets if market conditions are favorable. Also, depending on market conditions, the Company may elect to repurchase portions of its debt securities in the open market.

The Company has a €185 million European accounts receivable securitization program, which extends through March 2019, subject to periodic renewal of backup credit lines.

Information related to the Company’s accounts receivable securitization program as of December 31, 2017 and 2016 is as follows:


	2017			2016
Balance (included in short-term loans)	$	133		$	152
Weighted average interest rate		0.76	%		0.74	%

The carrying amounts reported for the accounts receivable securitization program, and certain long-term debt obligations subject to frequently redetermined interest rates, approximate fair value. Fair values for the Company’s significant fixed rate debt obligations are based on published market quotations, and are classified as Level 1 in the fair value hierarchy.

Annual maturities for all of the Company’s long-term debt through 2022 are as follows: 2018, $11 million; 2019, $11 million; 2020, $1,753 million; 2021, $401 million; 2022, $503 million; and 2023 and thereafter $2,453 million.

Fair values at December 31, 2017, of the Company’s significant fixed rate debt obligations are as follows:



	Principal Amount		Indicated Market Price		Fair Value
Senior Notes:
6.75%, due 2020 (€500 million)	$	597	$	116.99	$	699
4.875%, due 2021 (€330 million)		394		113.43		447
5.00%, due 2022		500		104.24		521
5.875%, due 2023		700		108.15		757
4.00%, due 2023		310		100.21		311
3.125%, due 2024 (€725 million)		866		105.34		912
6.375%, due 2025		300		112.62		338
5.375%, due 2025		300		105.31		316

Contingencies

12 Months Ended

Dec. 31, 2017

Contingencies

Contingencies

12. Contingencies

Asbestos

The Company is a defendant in numerous lawsuits alleging bodily injury and death as a result of exposure to asbestos. From 1948 to 1958, one of the Company's former business units commercially produced and sold approximately $40 million of a high-temperature, calcium-silicate based pipe and block insulation material containing asbestos. The Company sold its insulation business unit at the end of April 1958. The typical asbestos personal injury lawsuit alleges various theories of liability, including negligence, gross negligence and strict liability and seeks compensatory and, in some cases, punitive damages in various amounts (herein referred to as "asbestos claims").

The following table shows the approximate number of plaintiffs and claimants who had asbestos claims pending against the Company at the beginning of each listed year, the number of claims disposed of during that year, the year’s filings and the claims pending at the end of each listed year (eliminating duplicate filings):


	2017	2016	2015
Pending at beginning of year	1,400	2,080	2,260
Disposed	1,320	1,750	1,460
Filed	1,250	1,070	1,280
Pending at end of year	1,330	1,400	2,080

Based on an analysis of the lawsuits pending as of December 31, 2017, approximately 89% of plaintiffs either do not specify the monetary damages sought, or in the case of court filings, claim an amount sufficient to invoke the jurisdictional minimum of the trial court. Approximately 8% of plaintiffs specifically plead damages above the jurisdictional minimum up to, and including, $15 million or less, and 3% of plaintiffs specifically plead damages greater than $15 million but less than or equal to $100 million.

As indicated by the foregoing summary, current pleading practice permits considerable variation in the assertion of monetary damages. The Company’s experience resolving hundreds of thousands of asbestos claims and lawsuits over an extended period demonstrates that the monetary relief alleged in a complaint bears little relevance to a claim’s merits or disposition value. Rather, the amount potentially recoverable is determined by such factors as the type and severity of the plaintiff’s asbestos disease, the plaintiff’s medical history and exposure to other disease-causing agents, the product identification evidence against the Company and other co-defendants, the defenses available to the Company and other co-defendants, the specific jurisdiction in which the claim is made, and the plaintiff’s firm representing the claimant.

In addition to the pending claims set forth above, the Company has claims-handling agreements in place with many plaintiffs’ counsel throughout the country. These agreements require evaluation and negotiation regarding whether particular claimants qualify under the criteria established by such agreements. The criteria for such claims include verification of a compensable illness and a reasonable probability of exposure to a product manufactured by the Company's former business unit during its manufacturing period ending in 1958.

The Company has also been a defendant in other asbestos-related lawsuits or claims involving maritime workers, medical monitoring claimants, co-defendants and property damage claimants. Based upon its past experience, the Company believes that these categories of lawsuits and claims will not involve any material liability and they are not included in the above description of pending matters or in the following description of disposed matters.

Since receiving its first asbestos claim, the Company as of December 31, 2017, has disposed of the asbestos claims of approximately 399,000 plaintiffs and claimants at an average indemnity payment per claim of approximately $9,600. The Company’s asbestos indemnity payments have varied on a per claim basis, and are expected to continue to vary considerably over time. Asbestos-related cash payments for 2017, 2016, and 2015 were $110 million, $125 million, and $138 million, respectively. The Company’s cash payments per claim disposed (inclusive of legal costs) were approximately $83,000, $71,000 and $95,000 for the years ended December 31, 2017, 2016, and 2015, respectively.

As discussed above, the Company’s objective is to achieve, where possible, resolution of asbestos claims pursuant to claims-handling agreements. Failure of claimants to meet certain medical and product exposure criteria in the Company’s administrative claims handling agreements has generally reduced the number of claims that would otherwise have been received by the Company in the tort system. In addition, certain court orders and legislative acts have reduced or eliminated the number of claims that the Company otherwise would have received by the Company in the tort system. These developments generally have had the effect of increasing the Company’s per-claim average indemnity payment over time.

Beginning with the initial liability of $975 million established in 1993, the Company has accrued a total of approximately $4.9 billion through 2017, before insurance recoveries, for its asbestos-related liability. The Company’s estimates of its liability have been significantly affected by, among other factors, the volatility of asbestos-related litigation in the United States, the significant number of co-defendants that have filed for bankruptcy, the inherent uncertainty of future disease incidence and claiming patterns against the Company, the significant expansion of the defendants that are now sued in this litigation, and the continuing changes in the extent to which these defendants participate in the resolution of cases in which the Company is also a defendant.

The Company continues to monitor trends that may affect its ultimate liability and analyze the developments and variables likely to affect the resolution of pending and future asbestos claims against the Company. The material components of the Company’s total accrued liability are determined by the Company in connection with its annual comprehensive legal review and consist of the following estimates, to the extent it is probable that such liabilities have been incurred and can be reasonably estimated: (i) the liability for asbestos claims already asserted against the Company; (ii) the liability for asbestos claims not yet asserted against the Company; and (iii) the legal defense costs estimated to be incurred in connection with the claims already asserted and those claims the Company believes will be asserted.

As noted above, the Company conducts a comprehensive legal review of its asbestos-related liabilities and costs annually in connection with finalizing and reporting its annual results of operations, unless significant changes in trends or new developments warrant an earlier review. As part of its current annual comprehensive legal review, the Company provides historical claims filing data to a third party with expertise in determining the impact of disease incidence and mortality on future filing trends to develop information to assist the Company in estimating the total number of future claims to be filed. The Company uses this estimate of total future claims, along with an estimation of disposition costs and related legal costs, as inputs to develop its best estimate of its total probable liability. If the results of the annual comprehensive legal review indicate that the existing amount of the accrued liability is lower (higher) than its reasonably estimable asbestos-related costs, then the Company will record an appropriate charge (credit) to the Company’s results of operations to increase (decrease) the accrued liability.

The significant assumptions underlying the material components of the Company’s accrual are:

settlements will continue to be limited almost exclusively to claimants who were exposed to the Company’s asbestos‑containing insulation prior to its exit from that business in 1958;

claims will continue to be resolved primarily under the Company’s administrative claims agreements or on terms comparable to those set forth in those agreements;

the incidence of serious asbestos‑related disease cases and claiming patterns against the Company for such cases do not change materially;

the Company is substantially able to defend itself successfully at trial and on appeal;

the number and timing of additional co‑defendant bankruptcies do not change significantly the assets available to participate in the resolution of cases in which the Company is a defendant; and

co‑defendants with substantial resources and assets continue to participate significantly in the resolution of future asbestos lawsuits and claims.

For the years ended December 31, 2017 and 2016, the Company concluded that accruals in the amounts of $582 million and $692 million, respectively, were required. These amounts have not been discounted for the time value of money. The Company’s comprehensive legal reviews resulted in charges of $0, $0 and $16 million for the years ended December 31, 2017, 2016, and 2015, respectively.

The Company believes it is reasonably possible that it will incur a loss for its asbestos-related liabilities in excess of the amount currently recognized, which is $582 million as of December 31, 2017. The Company estimates that reasonably possible losses could result in asbestos-related liabilities up to $725 million. This estimate of additional reasonably possible loss reflects a qualitative legal judgment regarding the nature of contingencies that could impact future claims and legal costs, which include, but are not limited to, successful attempts by plaintiffs to challenge existing legal barriers to liability, enact plaintiff-oriented liability or damage-related legislation, establish new theories of liability, or revive long-dormant inventories of non-mesothelioma cases. However, it is also possible that the ultimate amount of asbestos-related liabilities could be above this estimate.

The Company expects a significant majority of the total number of claims to be received in the next ten years. This timeframe appropriately reflects the mortality of current and expected claimants in light of the Company’s sale of its insulation business unit in 1958.

As noted above, the Company’s asbestos-related liability is based on a projection of new claims that will eventually be filed against the Company and the estimated average disposition cost of these claims and related legal costs. Changes in these projections, and estimates, as well as changes in the significant assumptions noted above, have the potential to significantly impact the estimation of the Company’s asbestos-related liability.

Other Matters

On July 5, 2016, the Company learned that the Enforcement Division of the SEC is conducting an investigation into certain accounting and control matters pertaining to the Company’s determination of its asbestos-related liabilities. On May 13, 2016, the Company restated its consolidated financial statements for the years ended December 31, 2015, 2014 and 2013 in order to correct an error related to the Company’s method for estimating its future asbestos-related liabilities. The Company is cooperating with the SEC’s investigation. At this time, the Company is unable to predict the outcome of this matter or provide meaningful quantification of how the final resolution of this matter may impact its future consolidated financial statements, results of operations, or cash flows.

Other litigation is pending against the Company, in many cases involving ordinary and routine claims incidental to the business of the Company and in others presenting allegations that are non-routine and involve compensatory, punitive or treble damage claims as well as other types of relief. The Company records a liability for such matters when it is both probable that the liability has been incurred and the amount of the liability can be reasonably estimated. Recorded amounts are reviewed and adjusted to reflect changes in the factors upon which the estimates are based, including additional information, negotiations, settlements and other events.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2017

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

13. Accumulated Other Comprehensive Income (Loss)

The components of comprehensive income are: (a) net earnings; (b) change in fair value of certain derivative instruments; (c) pension and other postretirement benefit adjustments; and (d) foreign currency translation adjustments. The net effect of exchange rate fluctuations generally reflects changes in the relative strength of the U.S. dollar against major foreign currencies between the beginning and end of the year.

The following table lists the beginning balance, annual activity and ending balance of each component of accumulated other comprehensive income (loss):


									Total Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Income (Loss)
Balance on January 1, 2016	$	(568)	$	(17)		$	(1,432)		$	(2,017)
Change before reclassifications		(220)		7			(2)			(215)
Amounts reclassified from accumulated other comprehensive income				6	(a)		72	(b)		78
Translation effect							(25)			(25)
Tax effect							15			15
Intraperiod tax allocation							(8)			(8)
Other comprehensive income (loss) attributable to the Company		(220)		13			52			(155)
Balance on December 31, 2016		(788)		(4)			(1,380)			(2,172)
Change before reclassifications		65		(3)			(8)			54
Amounts reclassified from accumulated other comprehensive income				(6)	(a)		285	(b)		279
Translation effect							32			32
Tax effect				1			(20)			(19)
Other comprehensive income (loss) attributable to the Company		65		(8)			289			346
Balance on December 31, 2017	$	(723)	$	(12)		$	(1,091)		$	(1,826)

(a)

Amount is included in Cost of goods sold on the Consolidated Results of Operations (see Note 7 for additional information).

(b)

Amount is included in the computation of net periodic pension cost and net postretirement benefit cost (see Note 9 for additional information).

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=66004124&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 45
-Paragraph 17
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 220
-SubTopic 10
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-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Stock Based Compensation

12 Months Ended

Dec. 31, 2017

Stock Based Compensation

Stock Based Compensation

14. Stock Based Compensation

The Company has various nonqualified plans approved by share owners under which it has granted stock options, restricted shares and performance vested restricted share units. Starting with the 2017 equity awards, the Company has allocated these awards solely in the form of restricted shares and performance vested restricted share units. As such, the Company’s annual compensation expense related to stock option awards is immaterial. At December 31, 2017, there were 5,620,022 shares available for grants under these plans. Total compensation cost for all grants of shares and units under these plans was $18 million, $11 million and $15 million for the years ended December 31, 2017, 2016, and 2015, respectively.

Restricted Shares and Restricted Share Units

Restricted share units granted to employees vest 25% per year beginning on the first anniversary. Granted but unvested restricted share units are forfeited upon termination, unless certain retirement criteria are met. Holders of vested restricted share units receive one share of the Company’s common stock for each unit as units vest. Restricted share units granted to directors vest after one year.

The fair value of the restricted shares and restricted share units is equal to the market price of the Company’s common stock on the date of the grant. The fair value of restricted shares and restricted share units, is amortized over the vesting periods which range from one to four years.

The activity of restricted shares and restricted share units is as follows:


		Weighted
	Number of	Average
	Restricted	Grant-Date
	Shares	Fair Value
	(thousands)	(per share)
Nonvested at January 1, 2017	836	$	19.44
Granted	601		20.01
Vested	(255)		21.30
Forfeited	(74)		18.31
Nonvested at December 31, 2017	1,108		19.39
Awards granted during 2016		$	15.70
Awards granted during 2015		$	22.69


	2017		2016		2015
Total fair value of shares vested	$	5	$	6	$	4

Performance Vested Restricted Share Units

Performance vested restricted share units vest on January 1 of the third year following the year in which they are granted. Holders of vested units may receive up to 2 shares of the Company’s common stock for each unit, depending upon the attainment of consolidated performance goals established by the Compensation Committee of the Company’s Board of Directors. If minimum goals are not met, no shares will be issued. Granted but unvested restricted share units are forfeited upon termination of employment, unless certain retirement criteria are met.

The fair value of each performance vested restricted share unit is equal to the product of the fair value of the Company’s common stock on the date of grant and the estimated number of shares into which the performance vested restricted share unit will be converted. The fair value of performance vested restricted share units is amortized ratably over the vesting period. Should the estimated number of shares into which the performance vested restricted share unit will be converted change, an adjustment will be recorded to recognize the accumulated difference in amortization between the revised and previous estimates.

Performance vested restricted share unit activity is as follows:


	Number of Performance	Weighted Average
	Vested Restricted Shares	Grant-Date Fair Value
	Units (thousands)	(per unit)
Nonvested at January 1, 2017	1,355	$	20.76
Granted	528		19.57
Vested	(66)		33.39
Forfeited/Cancelled	(223)		29.23
Nonvested at December 31, 2017	1,594		18.66
Awards granted during 2016		$	15.10
Awards granted during 2015		$	23.63

Approximately 66,000 shares were issued in 2017 with a fair value at issuance date of $2 million related to performance vested restricted share units.

As of December 31, 2017, there was $19 million of total unrecognized compensation cost related to all unvested stock options, restricted shares, restricted share units and performance vested restricted share units. That cost is expected to be recognized over a weighted average period of approximately two years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Other Expense, net

12 Months Ended

Dec. 31, 2017

Other Expense, net

Other Expense, net

15. Other Expense, net

Other expense, net for the years ended December 31, 2017, 2016, and 2015 included the following:


	2017		2016		2015
Restructuring, asset impairment and other charges	$	77	$	104	$	75
Intangible amortization expense		41		39		21
Impairment of equity investment				25
Charge for asbestos related costs						16
Gain on China land compensation				(71)
Royalty income		(11)		(13)		(12)
Strategic transaction costs						23
Acquisition-related fair value intangible adjustments						10
Foreign currency exchange loss (gain)		5		6		(10)
Other expense (income)		(7)		(14)		(12)
	$	105	$	76	$	111

In 2016, the Company evaluated the future estimated earnings and cash flow of an equity investment and determined that it was other-than-temporarily impaired. As such, the Company recorded an impairment charge of $25 million to reduce its carrying value down to its estimated fair value. The Company classified the significant assumptions used to determine the fair value of the impaired assets as Level 3 in the fair value hierarchy as set forth in the general accounting principles for fair value measurements.

Operating Leases	12 Months Ended
Operating Leases	Dec. 31, 2017
Operating Leases
Operating Leases	16. Operating Leases Rent expense attributable to all warehouse, office buildings and equipment operating leases was $84 million in 2017, $80 million in 2016, and $72 million in 2015. Minimum future rentals under operating leases are as follows: 2018, $73 million; 2019, $55 million; 2020, $40 million; 2021, $29 million; 2022, $24 million; and 2023 and thereafter, $37 million.

Earnings Per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share

Earnings Per Share

17. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:



	2017		2016		2015
Numerator:
Net earnings attributable to the Company	$	180	$	209	$	135
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		162,737		161,857		161,169
Effect of dilutive securities:
Stock options and other		1,910		968		966
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		164,647		162,825		162,135
Basic earnings per share:
Earnings from continuing operations	$	1.12	$	1.33	$	0.86
Loss from discontinued operations		(0.01)		(0.04)		(0.03)
Net earnings	$	1.11	$	1.29	$	0.83
Diluted earnings per share:
Earnings from continuing operations	$	1.11	$	1.32	$	0.85
Loss from discontinued operations		(0.01)		(0.04)		(0.03)
Net earnings	$	1.10	$	1.28	$	0.82

Options to purchase 1,552,928, 2,770,458 and 1,937,315 weighted average shares of common stock which were outstanding during 2017, 2016, and 2015, respectively, were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares.

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Information

Supplemental Cash Flow Information

18. Supplemental Cash Flow Information

Changes in the components of working capital related to operations (net of the effects related to acquisitions and divestitures) were as follows:


	2017		2016		2015
Decrease (increase) in current assets:
Receivables	$	(37)	$	(32)	$	(14)
Inventories		2		16		(13)
Prepaid expenses and other		(10)		145		(4)
Increase (decrease) in current liabilities:
Accounts payable		69		(58)		100
Accrued liabilities		(49)		(31)		21
Salaries and wages		(21)		32		12
U.S. and foreign income taxes		(43)		18		(14)
	$	(89)	$	90	$	88

The Company uses various factoring programs to sell certain receivables to financial institutions as part of managing its cash flows. At December 31, 2017 and 2016, the amount of receivables sold by the Company was $454 million and $318 million, respectively. Any continuing involvement with the sold receivables is immaterial.

Income taxes paid in cash were as follows:


	2017		2016		2015
U.S.	$	4	$	—	$	—
Non-U.S.		127		99		101
Total income taxes paid in cash	$	131	$	99	$	101

Interest paid in cash, including note repurchase premiums, for the years ended December 31, 2017, 2016 and 2015 was $261 million, $261 million and $227 million, respectively. Cash interest for the years ended December 31, 2017, 2016 and 2015 included $18 million, $9 million and $32 million of note repurchase premiums, respectively.

Business Combinations and Pro Forma Information

12 Months Ended

Dec. 31, 2017

Business Combinations and Pro Forma Information

Business Combinations and Pro Forma Information

19. Business Combinations and Pro Forma Information

On September 1, 2015, the Company completed the Vitro Acquisition in a cash transaction valued at approximately $2.297 billion in cash, subject to a working capital adjustment and certain other adjustments. The Vitro Business in Mexico is the largest supplier of glass containers in that country manufacturing glass containers across multiple end uses, including food, soft drinks, beer, wine and spirits. The Vitro Acquisition included five food and beverage glass container plants in Mexico, a plant in Bolivia and a North American distribution business, and provided the Company with a competitive position in the glass packaging market in Mexico. The results of the Vitro Business have been included in the Company’s consolidated financial statements since September 1, 2015 and contributed approximately $608 million of incremental net sales and $122 million of incremental segment operating profit in the year ended December 31, 2016. Vitro’s food and beverage glass container operations in Mexico and Bolivia are included in the Latin American operating segment while its distribution business is included in the North American operating segment.

Had the Vitro Acquisition occurred at the beginning of 2015, unaudited pro forma consolidated net sales, earnings from continuing operations and earnings from continuing operations per share of common stock (diluted) would have been as follows:


	Year Ending December 31, 2015
	As		Acquisition		Financing		Pro Forma
	Reported		Adjustments		Adjustments		As Adjusted

Net sales	$	6,156	$	574	$	—	$	6,730

Earnings from continuing operations attributable to the Company	$	139	$	79	$	(46)	$	172

Diluted earnings per share from continuing operations	$	0.85					$	1.06

Discontinued Operations	12 Months Ended
Discontinued Operations	Dec. 31, 2017
Discontinued Operations
Discontinued Operations	20. Discontinued Operations On April 4, 2016, the annulment committee formed by the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) ruled that OI European Group B.V. (“OIEG”), a subsidiary of the Company, is free to pursue the enforcement of a prior arbitration award (the “Award”) against Venezuela. As of December 31, 2017, that Award amounts to more than $500 million, including reimbursement of expenses and accrued interest. Venezuela’s application to annul the Award was heard by an ad hoc committee of the ICSID in September 2017, but no decision has been rendered yet. On July 31, 2017, OIEG sold its right, title and interest in amounts due under the Award to an Ireland-domiciled investment fund. Under the terms of the sale, OIEG received a payment, in cash, at closing equal to $115 million (the “Cash Payment”). OIEG may also receive additional payments in the future (“Deferred Amounts”) calculated based on the total compensation that is received from Venezuela as a result of collection efforts or as settlement of the Award with Venezuela. In the event that the Award is partially or completely annulled by the ICSID ad hoc annulment committee, OIEG may be required to repay to the purchaser up to the entire amount of the Cash Payment based on a formula tied to the amount of the Award (if any) that is annulled. In addition, OIEG’s right to receive any Deferred Amounts is subject to the limitations described below. OIEG’s interest in any amounts received in the future from Venezuela in respect of the Award is limited to a percentage of such recovery after taking into account reimbursement of the Cash Payment to the purchaser and reimbursement of legal fees and expenses incurred by the Company and the purchaser. OIEG’s percentage of such recovery will also be reduced over time. Because the Award has yet to be satisfied, the annulment proceeding is pending, and the ability to successfully enforce the Award in countries that are party to the ICSID Convention is subject to significant challenges, the Company is unable to reasonably predict the amount of recoveries from the Award, if any, to which the Company may be entitled in the future. Any future amounts that the Company may receive from the Award are highly speculative and the timing of any such future payments, if any, is highly uncertain. As such, there can be no assurance that the Company will receive any future payments under the Award beyond the Cash Payment. Except as noted above in connection with the annulment proceeding that is pending before the ICSID ad hoc committee, the Cash Payment is not subject to any forfeiture or future adjustment. A separate arbitration involving other subsidiaries of the Company was initiated in 2012 to obtain compensation primarily for third-party minority shareholders’ lost interests in the two expropriated plants. However, in November 2017, ICSID issued an award that dismissed this arbitration on jurisdiction grounds. The Company is currently exploring potential next steps. As of December 31, 2017, the Company deferred the gain contingency on the sale of its rights in amounts due under the Award pending the ad hoc committee of the ICSID rendering its decision regarding Venezuela’s application to annul the Award. The loss from discontinued operations of $3 million and $7 million, for the years ended December 31, 2017 and 2016, respectively, relates to ongoing costs for the Venezuelan expropriation.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)

12 Months Ended

Dec. 31, 2017

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)

OWENS-ILLINOIS, INC.

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)

Years ended December 31, 2017, 2016, and 2015

(Millions of Dollars)

Reserves deducted from assets in the balance sheets:

Allowances for losses and discounts on receivables


			Additions
	Balance at		Charged to						Balance
	beginning		costs and				Deductions		at end of
	of period		expenses		Other		(Note 1)		period

2017	$	32	$	12	$	(2)	$	(8)	$	34

2016	$	29	$	15	$	(2)	$	(10)	$	32

2015	$	34	$	12	$	(5)	$	(12)	$	29

(1)

Deductions from allowances for losses and discounts on receivables represent uncollectible notes and accounts written off.

Valuation allowance on net deferred tax assets


	Balance at				Charged to other						Balance at
	beginning of		Charged to		comprehensive		Foreign currency		Other		end of
	period		income		income		translation		(Note 1)		period

2017	$	1,094	$	15	$	(79)	$	4	$	(491)	$	543

2016	$	1,135	$	3	$	(32)	$	(3)	$	(9)	$	1,094

2015	$	1,223	$	1	$	5	$	(20)	$	(74)	$	1,135

(1)

The Tax Cut and Jobs Act ("the Act") was enacted on December 22, 2017. The Act reduces the U.S. federal corporate tax rate from 35% to 21%. The reduction in tax rates reduced certain U.S. deferred tax assets by $162 million, with an offsetting impact to valuation allowance. In 2017, $327 million of foreign tax credits expired, against which a valuation allowance had previously been asserted.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2017
Significant Accounting Policies
Basis of Consolidated Statements	Basis of Consolidated Statements The consolidated financial statements of Owens-Illinois, Inc. (the “Company”) include the accounts of its subsidiaries. Newly acquired subsidiaries have been included in the consolidated financial statements from dates of acquisition. The Company uses the equity method of accounting for investments in which it has a significant ownership interest, generally 20% to 50%. Other investments are accounted for at cost. The Company monitors other than temporary declines in fair value and records reductions in carrying values when appropriate.
Nature of Operations	Nature of Operations The Company is a leading manufacturer of glass container products. The Company’s principal product lines are glass containers for the food and beverage industries. The Company has glass container operations located in 23 countries. The principal markets and operations for the Company’s products are in Europe, North America, Latin America and Asia Pacific.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management of the Company to make estimates and assumptions that affect certain amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, at which time the Company would revise its estimates accordingly.
Foreign Currency Translation	Foreign Currency Translation The assets and liabilities of non-U.S. subsidiaries are translated into U.S. dollars at year-end exchange rates. Any related translation adjustments are recorded in accumulated other comprehensive income in share owners’ equity.
Revenue Recognition	Revenue Recognition The Company recognizes sales, net of estimated discounts and allowances, when the title to the products and risk of loss are transferred to customers. Provisions for rebates to customers are provided in the same period that the related sales are recorded.
Shipping and Handling Costs	Shipping and Handling Costs Shipping and handling costs are included with cost of goods sold in the Consolidated Results of Operations.
Stock-Based Compensation	Stock-Based Compensation The Company has various stock-based compensation plans consisting of stock option grants and restricted share awards. Costs resulting from all share-based compensation plans are required to be recognized in the financial statements. A public entity is required to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the required service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the required service.
Cash	Cash The Company defines “cash” as cash and time deposits with maturities of three months or less when purchased. Outstanding checks in excess of funds on deposit are included in accounts payable.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable Receivables are stated at amounts estimated by management to be the net realizable value. The Company charges off accounts receivable when it becomes apparent based upon age or customer circumstances that amounts will not be collected. Allowance for Doubtful Accounts The allowance for doubtful accounts is established through charges to the provision for bad debts. The Company evaluates the adequacy of the allowance for doubtful accounts on a periodic basis. The evaluation includes historical trends in collections and write-offs, management’s judgment of the probability of collecting accounts and management’s evaluation of business risk.
Inventory Valuation	Inventory Valuation Inventories are valued at the lower of average costs or market.
Goodwill	Goodwill Goodwill represents the excess of cost over fair value of net assets of businesses acquired. Goodwill is evaluated annually, as of October 1, for impairment or more frequently if an impairment indicator exists.
Intangible Assets and Other Long-Lived Assets	Intangible Assets and Other Long-Lived Assets Intangible assets are amortized over the expected useful life of the asset. Amortization expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Amortization expense related to non-manufacturing activities is included in selling and administrative and other. The Company evaluates the recoverability of intangible assets and other long-lived assets based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment (“PP&E”) is carried at cost and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. In general, depreciation is computed using the straight-line method and recorded over the estimated useful life of the asset. Factory machinery and equipment is depreciated over periods ranging from 5 to 25 years with the majority of such assets (principally glass-melting furnaces and forming machines) depreciated over 7 to 15 years. Buildings and building equipment are depreciated over periods ranging from 10 to 50 years. Depreciation expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Depreciation expense related to non-manufacturing activities is included in selling and administrative. Depreciation expense includes the amortization of assets recorded under capital leases. Maintenance and repairs are expensed as incurred. Costs assigned to PP&E of acquired businesses are based on estimated fair values at the date of acquisition. The Company evaluates the recoverability of PP&E based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value.
Derivative Instruments	Derivative Instruments The Company uses currency swaps, interest rate swaps, forward exchange contracts, options and commodity forward contracts to manage risks generally associated with foreign exchange rate, interest rate and commodity market volatility. Derivative financial instruments are included on the balance sheet at fair value. When appropriate, derivative instruments are designated as and are effective as hedges, in accordance with accounting principles generally accepted in the United States. If the underlying hedged transaction ceases to exist, all changes in fair value of the related derivatives that have not been settled are recognized in current earnings. The Company does not enter into derivative financial instruments for trading purposes and is not a party to leveraged derivatives. Cash flows from forward exchange contracts not designated as hedges are classified as an investing activity and cash flows from commodity forward contracts are classified as operating activities. Cash flows of currency swaps and interest rate swap contracts are classified within the cash flow statement based on the nature of the underlying cash flows.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Generally accepted accounting principles defines a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs for which there is little or no market data, which requires the Company to develop assumptions. The carrying amounts reported for cash and short-term loans approximate fair value. In addition, carrying amounts approximate fair value for certain long-term debt obligations subject to frequently redetermined interest rates. Fair values for the Company’s significant fixed rate debt obligations are generally based on published market quotations. The Company’s derivative assets and liabilities consist of natural gas forwards and foreign exchange option and forward contracts. The Company uses an income approach to valuing these contracts. Natural gas forward rates and foreign exchange rates are the significant inputs into the valuation models. These inputs are observable in active markets over the terms of the instruments the Company holds, and accordingly, the Company classifies its derivative assets and liabilities as Level 2 in the hierarchy. The Company also evaluates counterparty risk in determining fair values.
Reclassifications	Reclassifications Certain reclassifications of prior years’ data have been made to conform to the current year presentation.
New Accounting Standards	New Accounting Standards Revenue from Contracts with Customers - In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers," which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers”, which delayed by one year the effective date of the new revenue recognition standard, and therefore will be effective for the Company on January 1, 2018. The Company is nearing the completion of its implementation process, which included a review of customer contracts, to evaluate the effect this standard will have on its consolidated financial statements and related disclosures. At this time, the Company does not expect that the implementation of this standard in 2018 will have a significant impact on the timing in which it recognizes revenue. The Company does not currently expect the adoption of the new standard to have a material impact on consolidated net income or the consolidated balance sheet. The standard requires new substantial disclosures and the Company continues to evaluate these requirements. The Company plans to select the modified retrospective transition method upon adoption effective January 1, 2018. Leases - In February 2016, the FASB issued ASU No. 2016-02, “Leases”. Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use asset for all leases, with the exception of short-term leases. The lease liability represents the lessee's obligation to make lease payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the lessee’s right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard also requires a lessee to recognize a single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for the Company on January 1, 2019. ASU No. 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. The Company anticipates the new guidance will significantly impact its consolidated financial statements as the Company has a significant number of leases. As further described in Note 16, Operating Leases, as of December 31, 2017, the Company had minimum lease commitments under non-cancellable operating leases totaling $258 million. The Company has begun the implementation of new software to manage its leases in accordance with this new accounting standard. Stock Compensation - In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which requires all excess tax benefits or deficiencies to be recognized as income tax expense or benefit in the income statement. In addition, excess tax benefits should be classified along with other income tax cash flows as an operating activity in the statement of cash flows. Application of the standard is required for the annual and interim periods beginning after December 15, 2016. The Company adopted this standard in the first quarter of 2017. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. Credit Losses - In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. This guidance also requires enhanced disclosures regarding significant estimates and judgments used in estimating credit losses. The new guidance is effective for the Company on January 1, 2020. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. Goodwill - In January 2017, the FASB issued ASU No. 2017-05, “Simplifying the Accounting for Goodwill Impairment” which removes Step 2 of the goodwill impairment test. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, but not exceeding the carrying amount of goodwill. Application of the standard will be applied prospectively and is effective for calendar year-end filers in 2020, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company elected to early adopt this standard in the fourth quarter of 2017. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Compensation - Retirement Benefits - In March 2017, the FASB issued ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” which requires the service cost component to be presented with other employee compensation costs in operating income within the income statement while the other components will be reported separately outside of operations. Application of the standard is required for annual periods beginning after December 15, 2017. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements, except for the reclassification in the Consolidated Results of Operations of prior period pension settlement charges from the Cost of goods sold and Selling and administrative expense accounts into the Other expenses, net account. Derivatives and Hedging - In August 2017, the FASB issued ASU No. 2017-12, “Targeted Improvements to Accounting for Hedging Activities” which improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. Application of the standard is required for annual periods beginning after December 15, 2018. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Information

Net sales for the Company's reportable segments


	2017		2016		2015
Net sales:
Europe	$	2,375	$	2,300	$	2,324
North America		2,160		2,220		2,039
Latin America		1,551		1,432		1,064
Asia Pacific		714		684		671
Reportable segment totals		6,800		6,636		6,098
Other		69		66		58
Net sales	$	6,869	$	6,702	$	6,156

Segment operating profit (loss) for the Company's reportable segments


	2017		2016		2015
Segment operating profit:
Europe	$	263	$	237	$	209
North America		318		299		265
Latin America		296		269		183
Asia Pacific		65		77		83
Reportable segment totals		942		882		740
Items excluded from segment operating profit:
Retained corporate costs and other		(104)		(98)		(70)
Pension settlement charges		(218)		(98)
Restructuring, asset impairment and other charges		(77)		(129)		(80)
Charge for asbestos-related costs						(16)
Gain on China land sale				71
Strategic transaction costs						(23)
Acquisition-related fair value inventory adjustments						(22)
Acquisition-related fair value intangible adjustments						(10)
Interest expense, net		(268)		(272)		(251)
Earnings from continuing operations before income taxes	$	275	$	356	$	268

Total assets for the Company's reportable segments


									Reportable		Retained		Consoli-
			North		Latin		Asia		Segment		Corp Costs		dated
	Europe		America		America		Pacific		Totals		and Other		Totals
Total assets:
2017	$	3,133	$	2,794	$	2,617	$	1,001	$	9,545	$	211	$	9,756
2016		2,792		2,522		2,537		926		8,777		358		9,135
2015		2,902		2,500		2,807		917		9,126		295		9,421
Equity investments:
2017	$	95	$	259	$	—	$	114	$	468	$	57	$	525
2016		78		21				117		216		217		433
2015		78		22				145		245		164		409
Equity earnings:
2017	$	18	$	41	$	—	$	—	$	59	$	18	$	77
2016		15		12				4		31		29		60
2015		16		19				7		42		18		60
Capital expenditures:
2017	$	152	$	106	$	127	$	55	$	440	$	1	$	441
2016		163		108		123		59		453		1		454
2015		164		97		89		50		400		2		402
Depreciation and amortization expense:
2017	$	125	$	134	$	176	$	43	$	478	$	10	$	488
2016		118		139		173		37		467		11		478
2015		120		128		107		40		395		14		409

Schedule of segment information by geographic segment

The Company’s net property, plant and equipment by geographic segment are as follows:


	U.S.		Non-U.S.		Total
2017	$	757	$	2,374	$	3,131
2016		749		2,131		2,880
2015		736		2,225		2,961

The Company’s net sales by geographic segment are as follows:


	U.S.		Non-U.S.		Total
2017	$	2,072	$	4,797	$	6,869
2016		2,124		4,578		6,702
2015		1,939		4,217		6,156

Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Inventories

Major classes of inventory


	2017		2016
Finished goods	$	873	$	827
Raw materials		122		118
Operating supplies		41		38
	$	1,036	$	983

Equity Investments (Tables)

12 Months Ended

Dec. 31, 2017

Equity Investments

Company's ownership percentage in affiliates

At December 31, 2017 the Company’s ownership percentage in affiliates include:


	O-I Ownership
Affiliates	Percentage		Business Type
BJC O-I Glass Pte. Ltd.	50	%	Glass container manufacturer
CO Vidrieria SARL ("COV")	50	%	Glass container manufacturer
Rocky Mountain Bottle Company	50	%	Glass container manufacturer
Tata Chemical (Soda Ash) Partners	25	%	Soda ash supplier
Vetrerie Meridionali SpA ("VeMe")	50	%	Glass container manufacturer
Vetri Speciali SpA	50	%	Specialty glass manufacturer

Equity in earnings


	2017		2016		2015
Equity in earnings:
Non-U.S.	$	45	$	19	$	23
U.S.		32		41		37
Total	$	77	$	60	$	60
Dividends received	$	48	$	38	$	53

Summary of balance sheet information of equity investments


	2017		2016
At end of year:
Current assets	$	466	$	425
Non-current assets		1,021		779
Total assets		1,487		1,204
Current liabilities		232		190
Other liabilities and deferred items		198		145
Total liabilities and deferred items		430		335
Net assets	$	1,057	$	869

Summary of income statement information of equity investments


For the year:	2017		2016		2015
Net sales	$	883	$	755	$	719
Gross profit	$	242	$	182	$	193
Net earnings	$	165	$	145	$	139

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets

Schedule of changes in carrying amount of goodwill


			North		Latin
	Europe		America		America		Other		Total
Balance as of January 1, 2015	$	926	$	723	$	239	$	5	$	1,893
Acquisition related adjustments				316		480				796
Translation effects		(86)		(19)		(95)				(200)
Balance as of December 31, 2015		840		1,020		624		5		2,489
Acquisition related adjustments				15		26				41
Translation effects		(32)		3		(39)				(68)
Balance as of December 31, 2016		808		1,038		611		5		2,462
Translation effects		105		8		15				128
Balance as of December 31, 2017	$	913	$	1,046	$	626	$	5	$	2,590

Other Assets (Tables)

12 Months Ended

Dec. 31, 2017

Other Assets

Schedule of other assets (noncurrent)


	2017		2016
Deferred tax assets	$	194	$	185
Deferred returnable packaging costs		119		115
Repair part inventories		106		107
Capitalized software		82		85
Value added taxes		24		22
Other		77		88
	$	602	$	602

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments

Effect of commodity forward contracts designated as cash flow hedges on the results of operations


						Amount of gain (loss) Reclassified from
Amount of gain (loss) Recognized in OCI on						Accumulated OCI into Income
Commodity Forward Contracts						(reported in cost of goods sold)
(Effective Portion)						(Effective Portion)
2017		2016		2015		2017		2016		2015
$	6	$	7	$	(4)	$	—	$	—	$	(1)

Effect of the foreign exchange contracts not designated as hedging instruments on the results of operations


	Amount of Gain (Loss)
Location of Gain (Loss)	Recognized in Income on
Recognized in Income on	Foreign Exchange Contracts
Foreign Exchange Contracts	2017		2016		2015
Other expense, net	$	10	$	6	$	10

Schedule of selected information relating to fair value swaps


	Amount Hedged		Receive Rate		Average Spread
Senior Notes due 2024	€	725	3.125	%	2.6	%

Balance Sheet Classification of derivative instruments


	Fair Value
	Balance Sheet
	Location	2017		2016
Asset Derivatives:
Derivatives designated as hedging instruments:
Commodity futures contracts	b	$	3	$	6
Interest rate swaps designated as fair value hedges	a		6
Hedges of multiple risks designated as cash flow hedges	a		4
Derivatives not designated as hedging instruments:
Foreign exchange derivative contracts	a	$	4	$	9
Total asset derivatives		$	17	$	15
Liability Derivatives:
Derivatives designated as hedging instruments:
Commodity futures contracts	c	$	—	$	—
Interest rate swaps designated as fair value hedges	d		13
Hedges of multiple risks designated as cash flow hedges	d		10
Derivatives not designated as hedging instruments:
Foreign exchange derivative contracts	d		1		5
Total liability derivatives		$	24	$	5

Restructuring Accruals, Asset Impairments and Other Costs Related to Closed Facilities (Tables)

12 Months Ended

Dec. 31, 2017

Restructuring Accruals, Asset Impairments and Other Costs Related to Closed Facilities

Selected information related to the restructuring accruals

The following table presents information related to restructuring, asset impairment and other costs related to closed facilities from January 1, 2016 through December 31, 2017:



	Total
	Restructuring
Balance at January 1, 2016	$	43
Charges		98
Write-down of assets to net realizable value		(28)
Net cash paid, principally severance and related benefits		(24)
Other, including foreign exchange translation		(4)
Balance at December 31, 2016		85
Charges		72
Write-down of assets to net realizable value		(11)
Net cash paid, principally severance and related benefits		(62)
Other, including foreign exchange translation		1
Balance at December 31, 2017	$	85

Pension Benefit Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Pension Benefit Plans

Defined Benefit Plans and Other Postretirement Benefit Plans

Changes in the benefit obligations


	U.S.				Non-U.S.
	2017		2016		2017		2016
Obligations at beginning of year	$	1,956	$	2,190	$	1,235	$	1,210
Change in benefit obligations:
Service cost		14		15		15		16
Interest cost		78		90		40		44
Actuarial (gain) loss, including the effect of change in discount rates		123		36		(15)		160
Curtailment, settlement, and plan amendment		(393)		(200)		(171)
Participant contributions						1		2
Benefit payments		(128)		(175)		(60)		(71)
Other								3
Foreign currency translation						103		(129)
Net change in benefit obligations		(306)		(234)		(87)		25
Obligations at end of year	$	1,650	$	1,956	$	1,148	$	1,235

Changes in the fair value of the pension plans' assets


	U.S.				Non-U.S.
	2017		2016		2017		2016
Fair value at beginning of year	$	1,654	$	1,909	$	1,011	$	1,012
Change in fair value:
Actual gain (loss) on plan assets		254		118		87		139
Benefit payments		(128)		(175)		(60)		(71)
Employer contributions		7		2		24		38
Participant contributions						1		2
Settlements		(393)		(200)		(171)
Foreign currency translation						83		(111)
Other								2
Net change in fair value of assets		(260)		(255)		(36)		(1)
Fair value at end of year	$	1,394	$	1,654	$	975	$	1,011

Funded status


	U.S.				Non-U.S.
	2017		2016		2017		2016
Plan assets at fair value	$	1,394	$	1,654	$	975	$	1,011
Projected benefit obligations		1,650		1,956		1,148		1,235
Plan assets less than projected benefit obligations		(256)		(302)		(173)		(224)
Items not yet recognized in pension expense:
Actuarial loss		811		1,046		284		352
Prior service cost (credit)		1		1		(2)		(1)
		812		1,047		282		351
Net amount recognized	$	556	$	745	$	109	$	127

Net amount recognized included in the Consolidated Balance Sheets


	U.S.				Non-U.S.
	2017		2016		2017		2016
Pension assets	$	—	$	—	$	49	$	40
Current pension liability, included with other accrued liabilities		(2)		(7)		(5)		(7)
Pension benefits		(254)		(295)		(217)		(257)
Accumulated other comprehensive loss		812		1,047		282		351
Net amount recognized	$	556	$	745	$	109	$	127

Changes in plan assets and/or benefit obligations recognized in accumulated other comprehensive income


	U.S.				Non-U.S.
	2017		2016		2017		2016
Current year actuarial (gain) loss	$	(2)	$	66	$	(40)	$	87
Amortization of actuarial loss		(57)		(67)		(16)		(12)
Settlement		(176)		(98)		(42)
		(235)		(99)		(98)		75
Translation						30		(43)
Change in accumulated other comprehensive income	$	(235)	$	(99)	$	(68)	$	32

Components of net periodic pension cost (income) and net periodic postretirement (benefit) cost


	U.S.						Non-U.S.
	2017		2016		2015		2017		2016		2015
Service cost	$	14	$	15	$	24	$	15	$	16	$	15
Interest cost		78		90		96		40		44		44
Expected asset return		(128)		(149)		(170)		(63)		(65)		(67)
Amortization:
Actuarial loss		57		67		74		16		13		15
Net expense	$	21	$	23	$	24	$	8	$	8	$	7

Amounts amortized from accumulated other comprehensive income during 2015


	U.S.		Non-U.S.
Actuarial loss	$	52	$	13

Information for plans with projected and accumulated benefit obligations in excess of the fair value of plan assets


	Projected Benefit Obligation Exceeds								Accumulated Benefit Obligation Exceeds
	the Fair Value of Plan Assets								the Fair Value of Plan Assets
	U.S.				Non-U.S.				U.S.				Non-U.S.
	2017		2016		2017		2016		2017		2016		2017		2016
Projected benefit obligations	$	1,650	$	1,956	$	905	$	897	$	1,650	$	1,956	$	261	$	897
Accumulated benefit obligation		1,650		1,956		878		867		1,650		1,956		241		867
Fair value of plan assets		1,394		1,654		682		632		1,394		1,654		39		632

Weighted average assumptions used to determine benefit obligations and net periodic pension costs for pension plans, and accumulated postretirement benefit obligation and net postretirement benefit cost for postretirement plans

The weighted average assumptions used to determine benefit obligations are as follows:


	U.S.				Non-U.S.
	2017		2016		2017		2016
Discount rate	3.69	%	4.17	%	2.76	%	2.94	%
Rate of compensation increase	N/A		N/A		2.78	%	2.90	%

The weighted average assumptions used to determine net periodic pension costs are as follows:


	U.S.						Non-U.S.
	2017		2016		2015		2017		2016		2015
Discount rate	4.17	%	4.43	%	4.05	%	2.94	%	3.68	%	3.65	%
Rate of compensation increase	N/A		N/A		2.96	%	2.90	%	2.84	%	2.89	%
Expected long-term rate of return on assets	7.50	%	7.50	%	8.00	%	6.32	%	7.15	%	7.21	%

Fair value of defined benefit pension plan assets and target allocations


	2017								2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	9	$	—	$	—	$	9	$	24	$	—	$	—	$	24
Equity securities								—								—
Debt securities		33						33		37		2				39
Real estate								—						4		4
Other				27				27				37		6		43
Total	$	42	$	27	$	—			$	61	$	39	$	10
Investments measured at net asset value							$	906							$	901
Total non-U.S. assets at fair value							$	975							$	1,011

Reconciliation of pension plan assets recorded at fair value using significant unobservable inputs (Level 3)


	2017		2016
Beginning balance	$	10	$	11
Net increase (decrease)		(10)		(1)
Ending balance	$	—	$	10

Estimated future benefit payments, reflecting expected future service, as appropriate, expected to be paid


Year(s)	U.S.		Non-U.S.
2018	$	111	$	51
2019		112		47
2020		112		51
2021		109		53
2022		109		55
2023-2027		517		289

Postretirement Benefits Other Than Pensions

Defined Benefit Plans and Other Postretirement Benefit Plans

Changes in the benefit obligations


	U.S.				Non-U.S.
	2017		2016		2017		2016
Obligations at beginning of year	$	92	$	97	$	81	$	68
Change in benefit obligations:
Service cost						1		1
Interest cost		4		4		3		3
Actuarial (gain) loss, including the effect of changing discount rates				(1)		1		9
Benefit payments		(7)		(9)		(2)		(2)
Foreign currency translation						5		2
Other				1
Net change in benefit obligations		(3)		(5)		8		13
Obligations at end of year	$	89	$	92	$	89	$	81

Funded status


	U.S.				Non-U.S.
	2017		2016		2017		2016
Postretirement benefit obligations	$	(89)	$	(92)	$	(89)	$	(81)
Items not yet recognized in net postretirement benefit cost:
Actuarial gain (loss)		(19)		(21)		(7)		(6)
Prior service credit		22		30
		3		9		(7)		(6)
Net amount recognized	$	(86)	$	(83)	$	(96)	$	(87)

Net amount recognized included in the Consolidated Balance Sheets


	U.S.				Non-U.S.
	2017		2016		2017		2016
Current nonpension postretirement benefit, included with Other accrued liabilities	$	(8)	$	(8)	$	(3)	$	(3)
Nonpension postretirement benefits		(81)		(84)		(86)		(78)
Accumulated other comprehensive income (loss)		3		9		(7)		(6)
Net amount recognized	$	(86)	$	(83)	$	(96)	$	(87)

Changes in plan assets and/or benefit obligations recognized in accumulated other comprehensive income


	U.S.				Non-U.S.
	2017		2016		2017		2016
Current year actuarial (gain) loss	$	—	$	(1)	$	1	$	9
Amortization of actuarial loss		(2)		(2)
Amortization of prior service credit		8		8
	$	6	$	5	$	1	$	9

Components of net periodic pension cost (income) and net periodic postretirement (benefit) cost


	U.S.						Non-U.S.
	2017		2016		2015		2017		2016		2015
Service cost	$	—	$	—	$	—	$	1	$	1	$	1
Interest cost		4		4		4		3		3		3
Amortization:
Actuarial loss		2		2		2
Prior service credit		(8)		(8)		(8)
Net amortization		(6)		(6)		(6)		—		—		—
Net postretirement benefit (income) cost	$	(2)	$	(2)	$	(2)	$	4	$	4	$	4

Amounts amortized from accumulated other comprehensive income during 2015


	U.S.		Non-U.S.
Amortization:
Actuarial loss	$	1	$	—
Prior service credit		(8)
Net amortization	$	(7)	$	—


	U.S.						Non-U.S.
	2017		2016		2015		2017		2016		2015
Accumulated postretirement benefit obligation	3.61	%	4.11	%	4.35	%	3.35	%	3.55	%	3.80	%
Net postretirement benefit cost	4.11	%	4.35	%	3.99	%	3.55	%	3.80	%	3.75	%

Estimated future benefit payments, reflecting expected future service, as appropriate, expected to be paid


Year(s)	U.S.		Non-U.S.
2018	$	8	$	3
2019		7		3
2020		7		3
2021		7		4
2022		6		4
2023 - 2027		28		20

Weighted average assumed health care cost trend rates


	U.S.				Non-U.S.
	2017		2016		2017		2016
Health care cost trend rate assumed for next year	6.20	%	6.40	%	5.00	%	5.00	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.00	%	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2024		2024		N/A		N/A

Effects of one-percentage-point change in assumed health care cost trend rates on amount reported for the postretirement benefit plans


	U.S.				Non-U.S.
	1-Percentage-Point				1-Percentage-Point
	Increase		Decrease		Increase		Decrease
Effect on total of service and interest cost	$	—	$	—	$	—	$	1
Effect on accumulated postretirement benefit obligations		(4)		4		(6)		8

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Provision (benefit) for income taxes calculated based on components of earnings (loss) before income taxes


Continuing operations	2017		2016		2015
U.S.	$	(43)	$	(27)	$	—
Non-U.S.		318		383		268
	$	275	$	356	$	268


Discontinued operations	2017		2016		2015
U.S.	$	—	$	—	$	—
Non-U.S.		(3)		(7)		(4)
	$	(3)	$	(7)	$	(4)

Provision (benefit) for income taxes


	2017		2016		2015
Current:
U.S.	$	(5)	$	—	$	9
Non-U.S.		87		123		85
		82		123		94
Deferred:
U.S.		6		3		10
Non-U.S.		(18)		(7)		2
		(12)		(4)		12
Total:
U.S.		1		3		19
Non-U.S.		69		116		87
Total for continuing operations		70		119		106
Total for discontinued operations		—		—		—
	$	70	$	119	$	106

Reconciliation of the provision for income taxes


	2017		2016		2015
Tax provision on pretax earnings from continuing operations at statutory U.S. Federal tax rate	$	96	$	124	$	94
Increase (decrease) in provision for income taxes due to:
Non-U.S. tax rates		(29)		(22)		(12)
U.S. Tax Cut and Jobs Act: transition tax, net of foreign tax credits		2
Tax law changes		152		(3)		(3)
Change in valuation allowance: U.S. tax law change		(162)
Change in valuation allowance: other		(283)		3		1
Tax attribute expiration		330
Withholding tax, net		8		7		10
Non-deductible acquisition costs						6
Non-deductible expenses		9		20		7
U.S. tax on intercompany dividends and interest		2		3		16
Tax exempt income		(3)		(2)		(3)
Intraperiod tax allocation				(8)
Tax credit		(37)		(19)		(14)
Changes in tax reserves		(18)		8		5
Mexico inflationary adjustments		13		6		3
Equity earnings		(13)		(9)		(7)
Intercompany financing		(4)		(5)		1
Other taxes based on income		10		11		3
Other items		(3)		5		(1)
Provision for income taxes	$	70	$	119	$	106

Significant components of deferred tax assets and liabilities and deferred taxes included in the Consolidated Balance Sheets


	2017		2016
Deferred tax assets:
Accrued postretirement benefits	$	44	$	53
Asbestos-related liabilities		122		242
Foreign tax credit carryovers		124		413
Operating and capital loss carryovers		342		389
Other credit carryovers		17		34
Accrued liabilities		69		95
Pension liabilities		77		138
Other		43		74
Total deferred tax assets		838		1,438
Deferred tax liabilities:
Property, plant and equipment		101		131
Intangibles and deferred software		97		119
Other		2		9
Total deferred tax liabilities		200		259
Valuation allowance		(543)		(1,094)
Net deferred taxes	$	95	$	85

Deferred taxes are included in the Consolidated Balance Sheets at December 31, 2017 and 2016 as follows:


	2017		2016
Other assets	$	194	$	185
Deferred taxes		(99)		(100)
Net deferred taxes	$	95	$	85

Reconciliation of the gross unrecognized tax benefits


	2017		2016		2015
Balance at January 1	$	74	$	74	$	77
Additions and reductions for tax positions of prior years		1				1
Additions based on tax positions related to the current year		17		15		10
Reductions due to the lapse of the applicable statute of limitations		(7)		(3)		(5)
Reductions due to settlements		(9)		(12)		(1)
Foreign currency translation		3				(8)
Balance at December 31	$	79	$	74	$	74
Unrecognized tax benefits, which if recognized, would impact the Company’s effective income tax rate	$	72	$	66	$	67
Accrued interest and penalties at December 31	$	8	$	23	$	25
Interest and penalties included in tax expense for the years ended December 31	$	(14)	$	(2)	$	(1)

Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt

Long-term Debt



	2017		2016
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans	$	—	$	—
Term Loans:
Term Loan A		1,148		1,395
Term Loan A (€279 million at December 31, 2016)				282
Senior Notes:
6.75%, due 2020 (€500 million)		594		523
4.875%, due 2021 (€330 million)		392		345
5.00%, due 2022		496		495
4.00%, due 2023		305
5.875%, due 2023		685		682
3.125%, due 2024 (€725 million at December 31, 2017 and €500 million at December 31, 2016)		849		520
5.375%, due 2025		297		297
6.375%, due 2025		295		294
Senior Debentures:
7.80%, due 2018				250
Capital leases		54		57
Other		17		26
Total long-term debt		5,132		5,166
Less amounts due within one year		11		33
Long-term debt	$	5,121	$	5,133


	2017			2016
Balance (included in short-term loans)	$	133		$	152
Weighted average interest rate		0.76	%		0.74	%

Fair values of the Company's significant fixed rate debt obligations



	Principal Amount		Indicated Market Price		Fair Value
Senior Notes:
6.75%, due 2020 (€500 million)	$	597	$	116.99	$	699
4.875%, due 2021 (€330 million)		394		113.43		447
5.00%, due 2022		500		104.24		521
5.875%, due 2023		700		108.15		757
4.00%, due 2023		310		100.21		311
3.125%, due 2024 (€725 million)		866		105.34		912
6.375%, due 2025		300		112.62		338
5.375%, due 2025		300		105.31		316

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Contingencies

Asbestos filings and the claims pending at the end of each listed year


	2017	2016	2015
Pending at beginning of year	1,400	2,080	2,260
Disposed	1,320	1,750	1,460
Filed	1,250	1,070	1,280
Pending at end of year	1,330	1,400	2,080

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2017

Accumulated Other Comprehensive Income (Loss)

Component of accumulated other comprehensive loss


									Total Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Income (Loss)
Balance on January 1, 2016	$	(568)	$	(17)		$	(1,432)		$	(2,017)
Change before reclassifications		(220)		7			(2)			(215)
Amounts reclassified from accumulated other comprehensive income				6	(a)		72	(b)		78
Translation effect							(25)			(25)
Tax effect							15			15
Intraperiod tax allocation							(8)			(8)
Other comprehensive income (loss) attributable to the Company		(220)		13			52			(155)
Balance on December 31, 2016		(788)		(4)			(1,380)			(2,172)
Change before reclassifications		65		(3)			(8)			54
Amounts reclassified from accumulated other comprehensive income				(6)	(a)		285	(b)		279
Translation effect							32			32
Tax effect				1			(20)			(19)
Other comprehensive income (loss) attributable to the Company		65		(8)			289			346
Balance on December 31, 2017	$	(723)	$	(12)		$	(1,091)		$	(1,826)

(a)

Amount is included in Cost of goods sold on the Consolidated Results of Operations (see Note 7 for additional information).

Amount is included in the computation of net periodic pension cost and net postretirement benefit cost (see Note 9 for additional information).

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Stock Based Compensation

Restricted shares and restricted share units activity


		Weighted
	Number of	Average
	Restricted	Grant-Date
	Shares	Fair Value
	(thousands)	(per share)
Nonvested at January 1, 2017	836	$	19.44
Granted	601		20.01
Vested	(255)		21.30
Forfeited	(74)		18.31
Nonvested at December 31, 2017	1,108		19.39
Awards granted during 2016		$	15.70
Awards granted during 2015		$	22.69


	2017		2016		2015
Total fair value of shares vested	$	5	$	6	$	4

Performance vested restricted share unit activity


	Number of Performance	Weighted Average
	Vested Restricted Shares	Grant-Date Fair Value
	Units (thousands)	(per unit)
Nonvested at January 1, 2017	1,355	$	20.76
Granted	528		19.57
Vested	(66)		33.39
Forfeited/Cancelled	(223)		29.23
Nonvested at December 31, 2017	1,594		18.66
Awards granted during 2016		$	15.10
Awards granted during 2015		$	23.63

Other Expense, net (Tables)

12 Months Ended

Dec. 31, 2017

Other Expense, net

Schedule of other expense (income), net


	2017		2016		2015
Restructuring, asset impairment and other charges	$	77	$	104	$	75
Intangible amortization expense		41		39		21
Impairment of equity investment				25
Charge for asbestos related costs						16
Gain on China land compensation				(71)
Royalty income		(11)		(13)		(12)
Strategic transaction costs						23
Acquisition-related fair value intangible adjustments						10
Foreign currency exchange loss (gain)		5		6		(10)
Other expense (income)		(7)		(14)		(12)
	$	105	$	76	$	111

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share

Computation of basic and diluted earnings per share



	2017		2016		2015
Numerator:
Net earnings attributable to the Company	$	180	$	209	$	135
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		162,737		161,857		161,169
Effect of dilutive securities:
Stock options and other		1,910		968		966
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		164,647		162,825		162,135
Basic earnings per share:
Earnings from continuing operations	$	1.12	$	1.33	$	0.86
Loss from discontinued operations		(0.01)		(0.04)		(0.03)
Net earnings	$	1.11	$	1.29	$	0.83
Diluted earnings per share:
Earnings from continuing operations	$	1.11	$	1.32	$	0.85
Loss from discontinued operations		(0.01)		(0.04)		(0.03)
Net earnings	$	1.10	$	1.28	$	0.82

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Information

Supplemental cash flow information


	2017		2016		2015
Decrease (increase) in current assets:
Receivables	$	(37)	$	(32)	$	(14)
Inventories		2		16		(13)
Prepaid expenses and other		(10)		145		(4)
Increase (decrease) in current liabilities:
Accounts payable		69		(58)		100
Accrued liabilities		(49)		(31)		21
Salaries and wages		(21)		32		12
U.S. and foreign income taxes		(43)		18		(14)
	$	(89)	$	90	$	88

Income taxes paid (received) in cash


	2017		2016		2015
U.S.	$	4	$	—	$	—
Non-U.S.		127		99		101
Total income taxes paid in cash	$	131	$	99	$	101

Business Combinations and Pro Forma Information (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations and Pro Forma Information

Schedule of pro-forma information


	Year Ending December 31, 2015
	As		Acquisition		Financing		Pro Forma
	Reported		Adjustments		Adjustments		As Adjusted

Net sales	$	6,156	$	574	$	—	$	6,730

Earnings from continuing operations attributable to the Company	$	139	$	79	$	(46)	$	172

Diluted earnings per share from continuing operations	$	0.85					$	1.06

Significant Accounting Policies - Equity Method Investments and Stock-Based Compensation (Details)	Dec. 31, 2017 item
Equity Method Investments
Number of countries in which the entity operates	23
Maximum
Equity Method Investments
General ownership percentage for equity method investments	50.00%
Minimum
Equity Method Investments
General ownership percentage for equity method investments	20.00%

Significant Accounting Policies - PPE (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
New Accounting Pronouncement
Minimum lease commitments under non-cancellable operating leases	$ 258
Factory machinery and equipment \| Minimum
Property, Plant and Equipment
Estimated useful lives	5 years
Factory machinery and equipment \| Maximum
Property, Plant and Equipment
Estimated useful lives	25 years
Glass-melting furnaces and forming machines \| Minimum
Property, Plant and Equipment
Estimated useful lives	7 years
Glass-melting furnaces and forming machines \| Maximum
Property, Plant and Equipment
Estimated useful lives	15 years
Buildings and building equipment \| Minimum
Property, Plant and Equipment
Estimated useful lives	10 years
Buildings and building equipment \| Maximum
Property, Plant and Equipment
Estimated useful lives	50 years

Segment Information - Reportable Segments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) segment region	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting Information
Number of reportable segments \| segment	4
Regions not directly related to operations \| region	1
Net sales:
Net sales	$ 6,869	$ 6,702	$ 6,156
Items excluded from Segment Operating Profit:
Retained corporate costs and other	(104)	(98)	(70)
Pension settlement charges	(218)	(98)
Restructuring, asset impairment and other	(77)	(129)	(80)
Charge for asbestos-related costs			(16)
Gain on China land sale		71
Strategic transaction costs			(23)
Acquisition-related fair value inventory adjustments			(22)
Acquisition-related fair value intangible adjustments			(10)
Interest expense, net
Interest expense, net	(268)	(272)	(251)
Earnings from continuing operations before income taxes
Earnings from continuing operations before income taxes	275	356	268
Reportable Segment Totals
Net sales:
Net sales	6,800	6,636	6,098
Segment operating profit:
Segment operating profit	942	882	740
Europe
Net sales:
Net sales	2,375	2,300	2,324
Segment operating profit:
Segment operating profit	263	237	209
North America
Net sales:
Net sales	2,160	2,220	2,039
Segment operating profit:
Segment operating profit	318	299	265
Latin America
Net sales:
Net sales	1,551	1,432	1,064
Segment operating profit:
Segment operating profit	296	269	183
Latin America \| Intercompany sales
Net sales:
Net sales	150	179	101
Asia Pacific
Net sales:
Net sales	714	684	671
Segment operating profit:
Segment operating profit	65	77	83
Other
Net sales:
Net sales	$ 69	$ 66	$ 58

Segment Information - Assets, Investments, Equity, Capital Expenses and Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Total assets:	$ 9,756	$ 9,135	$ 9,421
Equity investments
Equity investments:	525	433	409
Equity earnings:
Equity earnings	77	60	60
Capital expenditures:
Capital expenditures:	441	454	402
Depreciation and amortization expense:
Depreciation and amortization expense:	488	478	409
Reportable Segment Totals
Assets
Total assets:	9,545	8,777	9,126
Equity investments
Equity investments:	468	216	245
Equity earnings:
Equity earnings	59	31	42
Capital expenditures:
Capital expenditures:	440	453	400
Depreciation and amortization expense:
Depreciation and amortization expense:	478	467	395
Europe
Assets
Total assets:	3,133	2,792	2,902
Equity investments
Equity investments:	95	78	78
Equity earnings:
Equity earnings	18	15	16
Capital expenditures:
Capital expenditures:	152	163	164
Depreciation and amortization expense:
Depreciation and amortization expense:	125	118	120
North America
Assets
Total assets:	2,794	2,522	2,500
Equity investments
Equity investments:	259	21	22
Equity earnings:
Equity earnings	41	12	19
Capital expenditures:
Capital expenditures:	106	108	97
Depreciation and amortization expense:
Depreciation and amortization expense:	134	139	128
Latin America
Assets
Total assets:	2,617	2,537	2,807
Capital expenditures:
Capital expenditures:	127	123	89
Depreciation and amortization expense:
Depreciation and amortization expense:	176	173	107
Asia Pacific
Assets
Total assets:	1,001	926	917
Equity investments
Equity investments:	114	117	145
Equity earnings:
Equity earnings		4	7
Capital expenditures:
Capital expenditures:	55	59	50
Depreciation and amortization expense:
Depreciation and amortization expense:	43	37	40
Other
Assets
Total assets:	211	358	295
Equity investments
Equity investments:	57	217	164
Equity earnings:
Equity earnings	18	29	18
Capital expenditures:
Capital expenditures:	1	1	2
Depreciation and amortization expense:
Depreciation and amortization expense:	$ 10	$ 11	$ 14

Segment Information - PPE and Geographical Sales (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information
Property, plant and equipment, net	$ 3,131	$ 2,880	$ 2,961
Net sales	6,869	6,702	6,156
Latin America
Segment Reporting Information
Net sales	1,551	1,432	1,064
Latin America \| Intercompany sales
Segment Reporting Information
Net sales	150	179	101
U.S.
Segment Reporting Information
Property, plant and equipment, net	757	749	736
Net sales	2,072	2,124	1,939
Non-U.S.
Segment Reporting Information
Property, plant and equipment, net	2,374	2,131	2,225
Net sales	$ 4,797	$ 4,578	$ 4,217

Segment Information - Concentration by Geography (Details)	12 Months Ended
	Dec. 31, 2015
France \| Minimum
Segment Reporting Information
Percentage of consolidated net sales from continuing operations (as a percent)	10.00%

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Inventories
Finished goods	$ 873	$ 827
Raw materials	122	118
Operating supplies	41	38
Inventories	$ 1,036	$ 983

Equity Investments - Ownership Percentage (Details)	Dec. 31, 2017
BJC O-I Glass Pte. Ltd
Equity Investments Information
Percentage of equity method investments	50.00%
CO Vidrieria SARL ("COV")
Equity Investments Information
Percentage of equity method investments	50.00%
Rocky Mountain Bottle Company
Equity Investments Information
Percentage of equity method investments	50.00%
Tata Chemical (Soda Ash) Partners
Equity Investments Information
Percentage of equity method investments	25.00%
Vetrerie Meridionali SpA ("VeMe")
Equity Investments Information
Percentage of equity method investments	50.00%
Vetri Speciali SpA
Equity Investments Information
Percentage of equity method investments	50.00%

Equity Investments (Details) - USD ($) $ in Millions	12 Months Ended
Equity Investments (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summarized combined financial information for equity associates for the year:
Net sales	$ 883	$ 755	$ 719
Gross profit	242	182	193
Net earnings	165	145	139
Current assets	466	425
Non-current assets	1,021	779
Total assets	1,487	1,204
Current liabilities	232	190
Other liabilities and deferred items	198	145
Total liabilities and deferred items	430	335
Net assets	1,057	869
Equity earnings	77	60	60
Dividends received	48	38	53
Difference between investment carrying value and amount of underlying equity in net assets	10
Purchased equity from affiliates	180	176
Due to Affiliate	90	76
Non-U.S.
Summarized combined financial information for equity associates for the year:
Equity earnings	45	19	23
U.S.
Summarized combined financial information for equity associates for the year:
Equity earnings	$ 32	$ 41	$ 37

Goodwill - Goodwill Rollforward (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		$ 2,462	$ 2,489	$ 1,893
Acquisition related adjustments			41	796
Translation effects		128	(68)	(200)
Balance of Goodwill at end of the period	$ 2,590	2,590	2,462	2,489
Impairment charge	0
Europe
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		808	840	926
Translation effects		105	(32)	(86)
Balance of Goodwill at end of the period	913	913	808	840
North America
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		1,038	1,020	723
Acquisition related adjustments			15	316
Translation effects		8	3	(19)
Balance of Goodwill at end of the period	1,046	1,046	1,038	1,020
Latin America
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		611	624	239
Acquisition related adjustments			26	480
Translation effects		15	(39)	(95)
Balance of Goodwill at end of the period	626	626	611	624
Other
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		5	5	5
Balance of Goodwill at end of the period	5	5	5	5
Asia Pacific
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		0	0
Balance of Goodwill at end of the period	0	0	0	0
Accumulated impairment losses	$ 1,135	$ 1,135	$ 1,135	$ 1,135

Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets
Net Carrying Amount	$ 439	$ 464
Customer list intangibles
Finite-Lived Intangible Assets
Useful life	20 years
Amortization expense	$ 41	$ 39	$ 21
2017	44
2018	42
2019	41
2020	39
2021	36
Impairment of intangible assets	$ 0

Other Assets (Details) - USD ($) $ in Millions	12 Months Ended
Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other assets (non current):
Deferred tax asset	$ 194	$ 185
Deferred returnable packaging costs	119	115
Repair parts inventories	106	107
Capitalized software	82	85
Value added taxes	24	22
Other	77	88
Total other assets	602	602
Capitalized software
Other information related to capitalized software
Amortization expense for capitalized software	12	$ 13	$ 19
Estimated amortization expense
2017	13
2018	14
2019	13
2020	12
2021	$ 11

Derivative Instruments - Derivatives and Hedges (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($) MMBTU	Dec. 31, 2015 USD ($)	Dec. 31, 2017 EUR (€) MMBTU	Dec. 31, 2017 USD ($) MMBTU	Sep. 30, 2017 EUR (€)	Sep. 30, 2017 USD ($)
Derivatives and Hedges
Foreign exchange contracts gain (loss) recognized in income	$ 10	$ 6	$ 10
Commodity futures contracts \| Cash Flow Hedges
Derivatives and Hedges
Commodity forward contracts gain (loss) recognized in OCI	6	$ 7	(4)
Commodity forward contracts gain (loss) reclassified from accumulated OCI into income			$ (1)
Commodity forwards contracts \| Cash Flow Hedges
Derivatives and Hedges
Coverage of commodity forward contracts (in MM BTUs) \| MMBTU		12,300,000		8,800,000	8,800,000
Unrecognized (loss) gain included in Accumulated OCI		$ 6			$ 3
Foreign exchange contracts \| Derivatives not designated as hedging instruments
Derivatives and Hedges
Foreign exchange contracts gain (loss) recognized in income	$ 460	$ 490
Cross-currency interest rate swap \| Cash Flow Hedges
Derivatives and Hedges
Unrecognized (loss) gain included in Accumulated OCI					(1)
Notional amount				€ 263	$ 310	€ 81	$ 90
Interest Rate Swaps \| Derivatives designated as hedging instruments
Derivatives and Hedges
Notional amount \| €				€ 725

Derivative Instruments - Balance Sheet Classification (Details) € in Millions, $ in Millions	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 USD ($)	Mar. 31, 2017	Dec. 31, 2016 USD ($)	Nov. 30, 2016
Derivatives, Fair Value
Total asset derivatives		$ 17		$ 15
Total liability derivatives		$ 24		5
Senior Notes 3.125%, due 2024 (725 million EUR at December 31,2017 and 500 million EUR at December 31,2016)
Derivatives, Fair Value
Amount Hedged \| €	€ 725
Receive Rate	3.125%	3.125%	3.125%		3.125%
Average Spread	2.60%	2.60%
Derivatives not designated as hedging instruments \| Foreign exchange contracts \| Current receivables
Derivatives, Fair Value
Total asset derivatives		$ 4		9
Derivatives not designated as hedging instruments \| Foreign exchange contracts \| Other liabilities (current)
Derivatives, Fair Value
Total liability derivatives		1		5
Derivatives designated as hedging instruments \| Commodity futures contracts \| Noncurrent Receivables.
Derivatives, Fair Value
Total asset derivatives		3		$ 6
Derivatives designated as hedging instruments \| Interest Rate Swaps \| Current receivables
Derivatives, Fair Value
Total asset derivatives		6
Derivatives designated as hedging instruments \| Interest Rate Swaps \| Other liabilities (current)
Derivatives, Fair Value
Total liability derivatives		13
Derivatives designated as hedging instruments \| Hedges of multiple risks \| Current receivables
Derivatives, Fair Value
Total asset derivatives		4
Derivatives designated as hedging instruments \| Hedges of multiple risks \| Other liabilities (current)
Derivatives, Fair Value
Total liability derivatives		$ 10

Restructuring Accruals, Asset Impairments and Other Costs Related to Closed Facilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring accrual
Beginning balance, restructuring reserve	$ 85	$ 43
Charges	72	98	$ 63
Write-down of assets to net realizable value	(11)	(28)
Net cash paid, principally severance and related benefits	(62)	(24)	(38)
Other, including foreign exchange translation	1	(4)
Ending balance, restructuring reserve	85	85	$ 43
Latin America
Restructuring, Additional Information
Employee costs, asset impairments and other exit costs	45	18
Europe
Restructuring, Additional Information
Cumulative plant closure costs	56	47
Employee costs, asset impairments and other exit costs	19	48
North America
Restructuring, Additional Information
Employee costs, asset impairments and other exit costs	4	4
Asia Pacific
Restructuring, Additional Information
Employee costs, asset impairments and other exit costs	4	4
Other Corporate Restructuring Actions
Restructuring, Additional Information
Employee costs, asset impairments and other exit costs		$ 24
Severance and other employee separation costs
Restructuring, Additional Information
Estimated amount of restructuring accrual balance	65
Environmental remediation costs
Restructuring, Additional Information
Estimated amount of restructuring accrual balance	19
Other exit costs
Restructuring, Additional Information
Estimated amount of restructuring accrual balance	$ 1

Pensions Benefit Plans and Other Postretirement Benefits - Changes in the Benefit Obligation (Details)) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
U.S. Pension Plans
Changes in the pension and postretirement benefit obligations
Obligations at beginning of year	$ 1,956	$ 2,190
Change in benefit obligations:
Service cost	14	15	$ 24
Interest cost	78	90	96
Actuarial (gain) loss, including the effect of change in discount rates	123	36
Curtailment, settlement, and plan amendment	(393)	(200)
Benefit payments	(128)	(175)
Net change in benefit obligations	(306)	(234)
Obligations at end of year	1,650	1,956	2,190
Non-U.S. Pension Plans
Changes in the pension and postretirement benefit obligations
Obligations at beginning of year	1,235	1,210
Change in benefit obligations:
Service cost	15	16	15
Interest cost	40	44	44
Actuarial (gain) loss, including the effect of change in discount rates	(15)	160
Curtailment, settlement, and plan amendment	(171)
Participant contributions	1	2
Benefit payments	(60)	(71)
Other		3
Foreign currency translation	103	(129)
Net change in benefit obligations	(87)	25
Obligations at end of year	1,148	1,235	1,210
U.S Postretirement Benefit Plans
Changes in the pension and postretirement benefit obligations
Obligations at beginning of year	92	97
Change in benefit obligations:
Interest cost	4	4	4
Actuarial (gain) loss, including the effect of change in discount rates		(1)
Benefit payments	(7)	(9)
Other		1
Net change in benefit obligations	(3)	(5)
Obligations at end of year	89	92	97
Non-U.S. Postretirement Benefit Plans
Changes in the pension and postretirement benefit obligations
Obligations at beginning of year	81	68
Change in benefit obligations:
Service cost	1	1	1
Interest cost	3	3	3
Actuarial (gain) loss, including the effect of change in discount rates	1	9
Benefit payments	(2)	(2)
Foreign currency translation	5	2
Net change in benefit obligations	8	13
Obligations at end of year	$ 89	$ 81	$ 68

Pensions Benefit Plans and Other Postretirement Benefits - Changes in Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
U.S. Pension Plans
Changes in fair value of pension plan assets
Fair value at beginning of year	$ 1,654	$ 1,909
Actual gain (loss) on plan assets	254	118
Benefit payments	(128)	(175)
Employer contributions	7	2
Settlements	(393)	(200)
Net change in fair value of assets	(260)	(255)
Fair value at end of year	1,394	1,654
Non-U.S. Pension Plans
Changes in fair value of pension plan assets
Fair value at beginning of year	1,011	1,012
Actual gain (loss) on plan assets	87	139
Benefit payments	(60)	(71)
Employer contributions	24	38
Participant contributions	1	2
Settlements	(171)
Foreign currency translation	83	(111)
Other		2
Net change in fair value of assets	(36)	(1)
Fair value at end of year	$ 975	$ 1,011

Pensions Benefit Plans and Other Postretirement Benefits - Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension Benefit Plans
Defined Benefit Plan Disclosure
Percentage of minimum target plan asset allocations	10.00%
U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 1,394	$ 1,654	$ 1,909
Projected benefit and postretirement benefit obligations	1,650	1,956	2,190
Plan assets less than projected benefit obligations	(256)	(302)
Items not yet recognized in pension expense and net postretirement benefit cost:
Actuarial loss	811	1,046
Prior service cost (credit)	1	1
Total	812	1,047
Net amount recognized	556	745
Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value	975	1,011	1,012
Projected benefit and postretirement benefit obligations	1,148	1,235	1,210
Plan assets less than projected benefit obligations	(173)	(224)
Items not yet recognized in pension expense and net postretirement benefit cost:
Actuarial loss	284	352
Prior service cost (credit)	(2)	(1)
Total	282	351
Net amount recognized	109	127
U.S Postretirement Benefit Plans
Defined Benefit Plan Disclosure
Projected benefit and postretirement benefit obligations	89	92	97
Items not yet recognized in pension expense and net postretirement benefit cost:
Actuarial loss	(19)	(21)
Prior service cost (credit)	22	30
Total	3	9
Net amount recognized	(86)	(83)
Non-U.S. Postretirement Benefit Plans
Defined Benefit Plan Disclosure
Projected benefit and postretirement benefit obligations	89	81	$ 68
Items not yet recognized in pension expense and net postretirement benefit cost:
Actuarial loss	(7)	(6)
Total	(7)	(6)
Net amount recognized	$ (96)	$ (87)

Pensions Benefit Plans and Other Postretirement Benefits - Net Amount Recognized Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
U.S. Pension Plans
Net amount recognized included in the Consolidated Balance Sheets
Current pension liability and nonpension postretirement benefit, included with Other accrued liabilities	$ (2)	$ (7)
Pension benefits and nonpension postretirement benefits	(254)	(295)
Accumulated other comprehensive loss	812	1,047
Net amount recognized	556	745
Non-U.S. Pension Plans
Net amount recognized included in the Consolidated Balance Sheets
Pension assets	49	40
Current pension liability and nonpension postretirement benefit, included with Other accrued liabilities	(5)	(7)
Pension benefits and nonpension postretirement benefits	(217)	(257)
Accumulated other comprehensive loss	282	351
Net amount recognized	109	127
U.S Postretirement Benefit Plans
Net amount recognized included in the Consolidated Balance Sheets
Current pension liability and nonpension postretirement benefit, included with Other accrued liabilities	(8)	(8)
Pension benefits and nonpension postretirement benefits	(81)	(84)
Accumulated other comprehensive loss	3	9
Net amount recognized	(86)	(83)
Non-U.S. Postretirement Benefit Plans
Net amount recognized included in the Consolidated Balance Sheets
Current pension liability and nonpension postretirement benefit, included with Other accrued liabilities	(3)	(3)
Pension benefits and nonpension postretirement benefits	(86)	(78)
Accumulated other comprehensive loss	(7)	(6)
Net amount recognized	$ (96)	$ (87)

Pension Benefit Plans and Other Postretirement Benefits - Changes in Plan Assets and Benefit Obligations Recognized in AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
U.S. Pension Plans
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income
Current year actuarial (gain) loss	$ (2)	$ 66
Amortization of actuarial loss	(57)	(67)
Loss due to settlement	(176)	(98)
Total	(235)	(99)
Changes in benefit obligations were recognized in accumulated other comprehensive income	(235)	(99)
Non-U.S. Pension Plans
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income
Current year actuarial (gain) loss	(40)	87
Amortization of actuarial loss	(16)	(12)
Loss due to settlement	(42)
Total	(98)	75
Translation	30	(43)
Changes in benefit obligations were recognized in accumulated other comprehensive income	(68)	32
U.S Postretirement Benefit Plans
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income
Current year actuarial (gain) loss		(1)
Amortization of actuarial loss	(2)	(2)
Amortization of prior service credit	8	8
Total	6	5
Non-U.S. Postretirement Benefit Plans
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income
Current year actuarial (gain) loss	1	9
Total	$ 1	$ 9

Pensions Benefit Plans and Other Postretirement Benefits - Components of Net Periodic Pension and Postretirement Cost (Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension Benefit Plans
Amortization:
Accumulated benefit obligation	$ 2,735	$ 3,126
U.S. Pension Plans
Components of net periodic pension cost
Service cost	14	15	$ 24
Interest cost	78	90	96
Expected asset return	(128)	(149)	(170)
Amortization:
Actuarial loss	57	67	74
Net periodic pension cost	21	23	24
Settlement cost	176	98
Annuity contract purchase for settlement of pension obligation	369	200
Canadian Pension Plans
Amortization:
Settlement cost	27
Annuity contract purchase for settlement of pension obligation	123
Pension Plan of the United Kingdom
Amortization:
Settlement cost	15
Non-U.S. Pension Plans
Components of net periodic pension cost
Service cost	15	16	15
Interest cost	40	44	44
Expected asset return	(63)	(65)	(67)
Amortization:
Actuarial loss	16	13	15
Net periodic pension cost	8	8	7
U.S Postretirement Benefit Plans
Components of net periodic pension cost
Interest cost	4	4	4
Amortization:
Actuarial loss	2	2	2
Prior service cost	(8)	(8)	(8)
Net amortization	(6)	(6)	(6)
Net periodic pension cost	(2)	(2)	(2)
Non-U.S. Postretirement Benefit Plans
Components of net periodic pension cost
Service cost	1	1	1
Interest cost	3	3	3
Amortization:
Net periodic pension cost	$ 4	$ 4	$ 4

Pensions Benefit Plans and Other Postretirement Benefits - Amortized From AOCI (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
U.S. Pension Plans
Amortization:
Actuarial loss	$ 52
Non-U.S. Pension Plans
Amortization:
Actuarial loss	13
U.S Postretirement Benefit Plans
Amortization:
Actuarial loss	1
Prior service cost	(8)
Net amortization	$ (7)

Pensions Benefit Plans and Other Postretirement Benefits - Projected and Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
U.S. Pension Plans
Projected Benefit Obligation Exceeds the Fair Value of Plan Assets
Projected benefit obligations	$ 1,650	$ 1,956
Accumulated benefit obligation	1,650	1,956
Fair value of plan assets	1,394	1,654
Accumulated Benefit Obligations Exceeds the Fair Value of Plan Assets
Projected benefit obligations	1,650	1,956
Accumulated benefit obligation	1,650	1,956
Fair value of plan assets	1,394	1,654
Non-U.S. Pension Plans
Projected Benefit Obligation Exceeds the Fair Value of Plan Assets
Projected benefit obligations	905	897
Accumulated benefit obligation	878	867
Fair value of plan assets	682	632
Accumulated Benefit Obligations Exceeds the Fair Value of Plan Assets
Projected benefit obligations	261	897
Accumulated benefit obligation	241	867
Fair value of plan assets	$ 39	$ 632

Pensions Benefit Plans and Other Postretirement Benefits - Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost
Tenure used for computing historical long-term rate of return assumption	10 years
U.S. Pension Plans
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations
Discount rate used to determine pension and accumulated postretirement benefit obligations (as a percent)	3.69%	4.17%
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost
Discount rate used to determine net periodic pension costs and net postretirement benefit cost (as a percent)	4.17%	4.43%	4.05%
Rate of compensation increase (as a percent)			2.96%
Expected long-term rate of return on assets (as a percent)	7.50%	7.50%	8.00%
Non-U.S. Pension Plans
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations
Discount rate used to determine pension and accumulated postretirement benefit obligations (as a percent)	2.76%	2.94%
Rate of compensation increase (as a percent)	2.78%	2.90%
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost
Discount rate used to determine net periodic pension costs and net postretirement benefit cost (as a percent)	2.94%	3.68%	3.65%
Rate of compensation increase (as a percent)	2.90%	2.84%	2.89%
Expected long-term rate of return on assets (as a percent)	6.32%	7.15%	7.21%
U.S Postretirement Benefit Plans
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations
Discount rate used to determine pension and accumulated postretirement benefit obligations (as a percent)	3.61%	4.11%	4.35%
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost
Discount rate used to determine net periodic pension costs and net postretirement benefit cost (as a percent)	4.11%	4.35%	3.99%
Non-U.S. Postretirement Benefit Plans
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations
Discount rate used to determine pension and accumulated postretirement benefit obligations (as a percent)	3.35%	3.55%	3.80%
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost
Discount rate used to determine net periodic pension costs and net postretirement benefit cost (as a percent)	3.55%	3.80%	3.75%

Pensions Benefit Plans and Other Postretirement Benefits - U.S. Plan Assets By Hierarchy (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 1,394	$ 1,654	$ 1,909
Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value	975	1,011	1,012
Investments measured at net asset value	906	901
Total non-U.S. assets at fair value	975	1,011
Cash and cash equivalents \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 9	24
Equity securities \| U.S. Pension Plans
Defined Benefit Plan Disclosure
Percentage of pension plan assets	65.00%
Equity securities \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Percentage of pension plan assets	22.00%
Debt securities \| U.S. Pension Plans
Defined Benefit Plan Disclosure
Percentage of pension plan assets	28.00%
Debt securities \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Percentage of pension plan assets	54.00%
Plan assets at fair value	$ 33	39
Real estate \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value		4
Other \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 27	43
Real estate and other \| U.S. Pension Plans
Defined Benefit Plan Disclosure
Percentage of pension plan assets	7.00%
Real estate and other \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Percentage of pension plan assets	24.00%
Level 1 \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 42	61
Level 1 \| Cash and cash equivalents \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value	9	24
Level 1 \| Debt securities \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value	33	37
Level 2 \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value	27	39
Level 2 \| Debt securities \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value		2
Level 2 \| Other \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 27	37
Level 3 \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value		10	$ 11
Level 3 \| Real estate \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value		4
Level 3 \| Other \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Plan assets at fair value		$ 6

Pensions Benefit Plans and Other Postretirement Benefits - Reconciliation of Pension Plan Assets Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
U.S. Pension Plans
Defined Benefit Plan Disclosure
Fair value at beginning of year	$ 1,654	$ 1,909
Net increase (decrease)	(260)	(255)
Fair value at end of year	1,394	1,654
Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Fair value at beginning of year	1,011	1,012
Net increase (decrease)	(36)	(1)
Fair value at end of year	975	1,011
Other \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Fair value at beginning of year	43
Fair value at end of year	27	43
Level 3 \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Fair value at beginning of year	10	11
Net increase (decrease)	(10)	(1)
Fair value at end of year		10
Level 3 \| Other \| Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Fair value at beginning of year	$ 6
Fair value at end of year		$ 6

Pensions Benefit Plans and Other Postretirement Benefits - Minimum Funding Requirements and Estimated Future Benefit Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure
Defined contribution plans for salaried and hourly U.S. employees	$ 33	$ 34	$ 29
U.S. Pension Plans
Estimated future benefit payments
2018	111
2019	112
2020	112
2021	109
2022	109
2023 - 2027	517
Non-U.S. Pension Plans
Defined Benefit Plan Disclosure
Contribution to defined benefit plan in 2018	35
Estimated future benefit payments
2018	51
2019	47
2020	51
2021	53
2022	55
2023 - 2027	289
U.S Postretirement Benefit Plans
Estimated future benefit payments
2018	8
2019	7
2020	7
2021	7
2022	6
2023 - 2027	28
Non-U.S. Postretirement Benefit Plans
Estimated future benefit payments
2018	3
2019	3
2020	3
2021	4
2022	4
2023 - 2027	$ 20

Pensions Benefit Plans and Other Postretirement Benefits - Weighted Average Assumptions Assumed and Effect of Percentage Point Change in Health Care Cost Trend (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure
Payments to the trust as required by the bargaining agreements are based upon specified amounts per hour worked	$ 6	$ 6	$ 6
U.S Postretirement Benefit Plans
Weighted average assumed health care cost trend (in percent)
Health care cost trend rate assumed for next year (as a percent)	6.20%	6.40%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) (as a percent)	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2024	2024
Effect of one-percentage-point change in assumed health care cost trend rates (in percent)
One-Percentage-Point Increase, effect on accumulated postretirement benefit obligations	$ (4)
One-Percentage-Point Decrease, effect on accumulated postretirement benefit obligations	$ 4
Non-U.S. Postretirement Benefit Plans
Weighted average assumed health care cost trend (in percent)
Health care cost trend rate assumed for next year (as a percent)	5.00%	5.00%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) (as a percent)	5.00%	5.00%
Effect of one-percentage-point change in assumed health care cost trend rates (in percent)
One-Percentage-Point Decrease, effect on total of service and interest cost	$ 1
One-Percentage-Point Increase, effect on accumulated postretirement benefit obligations	(6)
One-Percentage-Point Decrease, effect on accumulated postretirement benefit obligations	$ 8

Income Taxes - Provision for Income Taxes, Continued and Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Continuing operations
U.S.	$ (43)	$ (27)
Non-U.S.	318	383	$ 268
Earnings from continuing operations before income taxes	275	356	268
Discontinued operations;
Non-U.S.	(3)	(7)	(4)
Discontinued operations total	$ (3)	$ (7)	$ (4)

- Definition

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
U.S.	$ (5)		$ 9
Non-U.S.	87	$ 123	85
Total	82	123	94
Deferred:
U.S.	6	3	10
Non-U.S.	(18)	(7)	2
Total	(12)	(4)	12
Total:
U.S.	1	3	19
Non-U.S.	69	116	87
Total for continuing operations	70	119	106
Total	$ 70	$ 119	$ 106

Income Taxes - Reconciliation of the Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
A reconciliation of the provision (benefit) for income taxes
Statutory U.S. Federal tax rate (as a percent)	35.00%
Increase (decrease) in provision for income taxes due to:
Tax provision on pretax earnings (loss) from continuing operations at statutory U.S. Federal tax rate	$ 96	$ 124	$ 94
Non-U.S. tax rates	(29)	(22)	(12)
U.S. Tax Cut and Jobs Act: transition tax, net of foreign tax credits	2
Tax law changes	152	(3)	(3)
Change in valuation allowance: U.S. tax law change	(162)
Change in valuation allowance: other	(283)	3	1
Tax attribute expiration	330
Withholding tax, net	8	7	10
Non-deductible acquisition costs			6
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	9	20	7
U.S. tax on intercompany dividends and interest	2	3	16
Tax exempt income	(3)	(2)	(3)
Intraperiod tax allocation		(8)
Tax credit	(37)	(19)	(14)
Change in tax reserves	(18)	8	5
Mexico inflationary adjustment	13	6	3
Equity earnings	(13)	(9)	(7)
Intercompany financing	(4)	(5)	1
Other taxes based on income	10	11	3
Other items	(3)	5	(1)
Total for continuing operations	$ 70	$ 119	$ 106

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Accrued postretirement benefits	$ 44	$ 53
Asbestos-related liabilities	122	242
Foreign tax credit	124	413
Operating and capital loss carryovers	342	389
Other credit carryovers	17	34
Accrued liabilities	69	95
Pension liability	77	138
Other	43	74
Total deferred tax assets	838	1,438
Deferred tax liabilities:
Property, plant, and equipment	101	131
Intangibles and deferred software	97	119
Other	2	9
Total deferred tax liabilities	200	259
Valuation allowance	(543)	(1,094)
Net deferred taxes	95	85
Deferred taxes are included in the Consolidated Balance Sheets:
Other assets	194	185
Deferred taxes	(99)	(100)
Net deferred taxes	95	$ 85
Deferred tax benefit associated with reduction in valuation allowance	551
Deferred tax benefit associated with reduction in valuation allowance allocated to income from continuing operations	445
Deferred tax benefit associated with reduction in valuation allowance allocated to other comprehensive income	$ 79

Income Taxes - Tax Cuts and Jobs Act ("Act") (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statutory U.S. Federal tax rate (as a percent)		35.00%
Provisional amount recorded related to the remeasurement of the net deferred tax assets		$ 162
Provisional offset amount recorded related to the remeasurement of the net deferred tax assets		(162)
Benefit for the reduction of a deferred tax liability related to an indefinite lived intangible asset		11
Equity in the undistributed earnings of foreign subsidiaries for which income taxes had not been provided		2,300
Effect of subjecting undistributed earnings to the one-time transition tax		1,800
Provisional amount expected to be offset by available foreign tax credits		331
Provisional amount expected to be offset by available foreign tax credits primarily attributable to state taxes		$ 2
Forecast
Statutory U.S. Federal tax rate (as a percent)	21.00%

Income Taxes - Possible Changes and Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reasonably possible change in unrecognized tax benefits
Unused foreign tax credits expiring in 2020 through 2027	$ 124	$ 413
Unused research tax credits expiring from 2019 to 2036	16
Operating and capital loss carryforwards with indefinite life	160
Operating and capital loss carryforwards expiring between 2018 and 2037	182
Reconciliation of the Company's total gross unrecognized tax benefits
Balance at beginning of the period	74	74	$ 77
Additions and reductions for tax positions of prior years	1		1
Additions based on tax positions related to the current year	17	15	10
Reduction due to lapse of the applicable statute of limitations	(7)	(3)	(5)
Reductions due to settlements	(9)	(12)	(1)
Foreign currency translation	3
Foreign currency translation			(8)
Balance at ending of the period	79	74	74
Unrecognized tax benefits, which if recognized, would impact the Company's effective income tax rate	72	66	67
Accrued interest and penalties	8	23	25
Interest and penalties included in tax expense	$ (14)	$ (2)	$ (1)
Period during which unrecognized tax benefits are reasonably possible of being settled as a result of audit settlements or statute expirations	12 months
Maximum
Reconciliation of the Company's total gross unrecognized tax benefits
Reasonably possible decrease in unrecognized tax benefits related to audit settlements or statute expirations	$ 7

Debt (Details) $ / shares in Units, € in Millions, $ in Millions		1 Months Ended			3 Months Ended	12 Months Ended
	Apr. 22, 2015 item	Dec. 31, 2017 USD ($)	Mar. 31, 2017 USD ($)	Nov. 30, 2016 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 USD ($) $ / shares	Sep. 30, 2017 USD ($)	Mar. 31, 2017 EUR (€)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 EUR (€)	Dec. 31, 2016 USD ($)	Nov. 30, 2016 EUR (€)
Debt Instrument
Total long-term debt										$ 5,132					$ 5,166
Less amounts due within one year										11					33
Long-term debt										5,121					5,133
Total leverage ratio	4.00%
Net proceeds, after deducting debt issuance costs						$ 1,458	$ 1,235	$ 4,538
New Agreement
Debt Instrument
Number financial maintenance covenants \| item	1
Secured Credit Agreement
Debt Instrument
Unused Credit										$ 888
Accounts receivable securitization
Weighted average interest rate, short-term debt (as a percent)									3.17%	3.17%
Term Loan A
Debt Instrument
Total long-term debt										$ 1,148					1,395
Face Value										1,575
Net proceeds, after deducting debt issuance costs						$ 1,148
Term Loan A (279 million EUR at December 31, 2016)
Debt Instrument
Total long-term debt														€ 279	282
Senior Notes 6.75%, due 2020 (500 million EUR)
Debt Instrument
Total long-term debt									€ 500	$ 594					523
Interest rate, stated percentage									6.75%	6.75%
Fair values of fixed rate debt obligations
Principal Amount										$ 597
Indicated Market Price (in dollars per share) \| $ / shares										$ 116.99
Fair Value										$ 699
Senior Notes 4.875%, due 2021 (330 million EUR)
Debt Instrument
Total long-term debt									€ 330	$ 392					345
Interest rate, stated percentage									4.875%	4.875%
Fair values of fixed rate debt obligations
Principal Amount										$ 394
Indicated Market Price (in dollars per share) \| $ / shares										$ 113.43
Fair Value										$ 447
Senior Notes 5.00%, due 2022
Debt Instrument
Total long-term debt										$ 496					495
Interest rate, stated percentage									5.00%	5.00%
Fair values of fixed rate debt obligations
Principal Amount										$ 500
Indicated Market Price (in dollars per share) \| $ / shares										$ 104.24
Fair Value										$ 521
Senior Notes 5.875%, due 2023
Debt Instrument
Total long-term debt										$ 685					682
Interest rate, stated percentage									5.875%	5.875%
Fair values of fixed rate debt obligations
Principal Amount										$ 700
Indicated Market Price (in dollars per share) \| $ / shares										$ 108.15
Fair Value										$ 757
Senior Notes 3.125%, due 2024 (725 million EUR at December 31,2017 and 500 million EUR at December 31,2016)
Debt Instrument
Total long-term debt									€ 725	$ 849				€ 500	520
Interest rate, stated percentage									3.125%	3.125%		3.125%	3.125%			3.125%
Face Value \| €												€ 225				€ 500
Net proceeds, after deducting debt issuance costs			$ 237	$ 520
Fair values of fixed rate debt obligations
Principal Amount										$ 866
Indicated Market Price (in dollars per share) \| $ / shares										$ 105.34
Fair Value										$ 912
Senior Notes, 5.375% due 2025
Debt Instrument
Total long-term debt										$ 297					297
Interest rate, stated percentage									5.375%	5.375%
Fair values of fixed rate debt obligations
Principal Amount										$ 300
Indicated Market Price (in dollars per share) \| $ / shares										$ 105.31
Fair Value										$ 316
Senior Notes 6.375%, due 2025
Debt Instrument
Total long-term debt										$ 295					294
Interest rate, stated percentage									6.375%	6.375%
Fair values of fixed rate debt obligations
Principal Amount										$ 300
Indicated Market Price (in dollars per share) \| $ / shares										$ 112.62
Fair Value										$ 338
Senior Notes 4.00%, due 2023
Debt Instrument
Total long-term debt										$ 305
Interest rate, stated percentage									4.00%	4.00%
Face Value										$ 310
Net proceeds, after deducting debt issuance costs		$ 305
Fair values of fixed rate debt obligations
Principal Amount										$ 310
Indicated Market Price (in dollars per share) \| $ / shares										$ 100.21
Fair Value										$ 311
Senior Debentures 7.80%, due 2018
Debt Instrument
Total long-term debt															250
Interest rate, stated percentage									7.80%	7.80%		7.80%	7.80%
Face Value													$ 228
Fair values of fixed rate debt obligations
Principal Amount											$ 22
Interest charges for note repurchase premiums and related write-off of unamortized finance fees					$ 18
Capital leases
Debt Instrument
Total long-term debt										$ 54					57
Other debt
Debt Instrument
Total long-term debt										17					26
Revolving Credit Facility \| New Agreement
Debt Instrument
Total long-term debt										300
Multicurrency Revolving Credit Facility \| New Agreement
Debt Instrument
Total long-term debt										600
Accounts Receivable Securitization Program
Accounts receivable securitization
Short-term loans and long-term debt due within one year										$ 133					$ 152
Weighted average interest rate, short-term debt (as a percent)									0.76%	0.76%				0.74%	0.74%
European Accounts Receivable Securitization Program
Accounts receivable securitization
Maximum Borrowing Capacity \| €									€ 185
Minimum \| Term Loan A \| New Agreement
Debt Instrument
Interest rate margin, Eurocurrency Rate loans (as a percent)	1.25%
Interest rate margin, Base Rate loans (as a percent)	0.25%
Minimum \| Revolving Credit Facility
Debt Instrument
Facility fee payable (as a percent)	0.20%
Maximum \| Term Loan A \| New Agreement
Debt Instrument
Interest rate margin, Eurocurrency Rate loans (as a percent)	1.75%
Interest rate margin, Base Rate loans (as a percent)	0.75%
Maximum \| Revolving Credit Facility
Debt Instrument
Facility fee payable (as a percent)	0.30%

Debt - Annual Maturities of Long-Term Debt (Details) $ in Millions	Dec. 31, 2017 USD ($)
Annual maturities of long-term debt through 2018
2018	$ 11
2019	11
2020	1,753
2021	401
2022	503
2023 and thereafter	$ 2,453

Contingencies - Asbestos (Details)	12 Months Ended
Contingencies - Asbestos (Details)	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($) item plaintiff	Dec. 31, 2015 USD ($) item	Dec. 31, 2014 item	Dec. 31, 1993 USD ($)
Asbestos
Sale of goods containing asbestos from 1948 to 1958	$ 40,000,000
Number of pending plaintiffs and claimants \| item	1,330	1,400	2,080	2,260
Approximate number of claims disposed of to date \| plaintiff		399,000
Average indemnity payment per claim		$ 9,600
Payments for Asbestos-Related Liabilities	$ 110,000,000	125,000,000	$ 138,000,000
Cash payments per claim disposed including legal costs	$ 83,000	71,000	95,000
Asbestos-related liability, total amount accrued beginning in 1993 through 2016 before insurance recoveries		4,900,000,000			$ 975,000,000
Number of years, estimate of accrued liability	10 years
Accrual of asbestos related liability	$ 582,000,000	692,000,000
Asbestos related charges	$ 0	$ 0	$ 16,000,000
Approximate number of plaintiffs and claimants asbestos claims pending against the entity
Disposed (in number of litigants) \| item	1,320	1,750	1,460
Filed (in number of litigants) \| item	1,250	1,070	1,280
Maximum
Asbestos
Loss contingency, plaintiffs damages	$ 725,000,000
Damages unspecified or sufficient to invoke jurisdictional minimum
Asbestos
Percentage of asbestos plaintiffs, approximate percentage		89.00%
Damages of $15 million or less
Asbestos
Percentage of asbestos plaintiffs, approximate percentage		8.00%
Damages of $15 million or less \| Minimum
Asbestos
Loss contingency, plaintiffs damages		$ 15,000,000
Damages greater than $15 million but less than $100 million
Asbestos
Percentage of asbestos plaintiffs, approximate percentage		3.00%
Damages greater than $15 million but less than $100 million \| Minimum
Asbestos
Loss contingency, plaintiffs damages		$ 15,000,000
Damages greater than $15 million but less than $100 million \| Maximum
Asbestos
Loss contingency, plaintiffs damages		$ 100,000,000

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	$ (2,172)
Intraperiod tax allocation		$ (8)
Other comprehensive income (loss)	351	(159)	$ (539)
Balance at end of the period	(1,826)	(2,172)
Net Effect of Exchange Rate Fluctuations
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(788)	(568)
Change before reclassifications	65	(220)
Other comprehensive income (loss)	65	(220)
Balance at end of the period	(723)	(788)	(568)
Change in Certain Derivative Instruments
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(4)	(17)
Change before reclassifications	(3)	7
Amounts reclassified from accumulated other comprehensive income	(6)	6
Tax effect	1
Other comprehensive income (loss)	(8)	13
Balance at end of the period	(12)	(4)	(17)
Employee Benefit Plans
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(1,380)	(1,432)
Change before reclassifications	(8)	(2)
Amounts reclassified from accumulated other comprehensive income	285	72
Translation effect	32	(25)
Tax effect	(20)	15
Intraperiod tax allocation		(8)
Other comprehensive income (loss)	289	52
Balance at end of the period	(1,091)	(1,380)	(1,432)
Accumulated Other Comprehensive Loss.
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(2,172)	(2,017)
Change before reclassifications	54	(215)
Amounts reclassified from accumulated other comprehensive income	279	78
Translation effect	32	(25)
Tax effect	(19)	15
Intraperiod tax allocation		(8)
Other comprehensive income (loss)	346	(155)
Balance at end of the period	$ (1,826)	$ (2,172)	$ (2,017)

Stock Based Compensation - Share-based Compensation Arrangement by Share-based Payment Award (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for grants under the plans	5,620,022
Compensation cost for all grants of shares and units	$ 18	$ 11	$ 15

Stock Based Compensation - Restricted share and Restricted Share Units and Performance Vested Restricted Share Units (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Unrecognized compensation cost of unvested stock options, restricted shares, restricted share units and performance vested restricted share units (in dollars) \| $	$ 19
Weighted average period during which unrecognized compensation costs would be recognized	2 years
Restricted Shares and Restricted Share Units
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Nonvested, beginning balance (in shares)	836,000
Granted (in shares)	601,000
Vested (in shares)	(255,000)
Forfeited (in shares)	(74,000)
Nonvested, ending balance (in shares)	1,108,000	836,000
Nonvested, Beginning balance (in dollars per share) \| $ / shares	$ 19.44
Granted (in dollars per share) \| $ / shares	20.01	$ 15.70	$ 22.69
Vested (in dollars per share) \| $ / shares	21.30
Forfeited (in dollars per share) \| $ / shares	18.31
Nonvested, Closing balance (in dollars per share) \| $ / shares	$ 19.39	$ 19.44
Total fair value of shares issued (in dollars) \| $	$ 5	$ 6	$ 4
Restricted Shares and Restricted Share Units \| Shares granted to employees after March 21, 2005 \| Minimum
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Fair value of restricted shares, amortization period	1 year
Restricted Shares and Restricted Share Units \| Shares granted to employees after March 21, 2005 \| Maximum
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Fair value of restricted shares, amortization period	4 years
Restricted Share Units \| Shares granted to directors after 2007
Share-based Compensation Arrangement by Share-based Payment Award
Period after which shares granted can be vested	1 year
Restricted Share Units \| Shares granted to employees after 2010
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of shares vested per year beginning on first anniversary	25.00%
Common stock distribution ratio	1
Performance Vested Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award
Period after which shares granted can be vested	3 years
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Nonvested, beginning balance (in shares)	1,355,000
Granted (in shares)	528,000
Vested (in shares)	(66,000)
Forfeited (in shares)	(223,000)
Nonvested, ending balance (in shares)	1,594,000	1,355,000
Nonvested, Beginning balance (in dollars per share) \| $ / shares	$ 20.76
Granted (in dollars per share) \| $ / shares	19.57	$ 15.10	$ 23.63
Vested (in dollars per share) \| $ / shares	33.39
Forfeited (in dollars per share) \| $ / shares	29.23
Nonvested, Closing balance (in dollars per share) \| $ / shares	$ 18.66	$ 20.76
Total fair value of shares vested (in dollars) \| $	$ 2
Shares issued	66,000
Performance Vested Restricted Share Units \| Maximum
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Shares of common stock holder may receive, per unit of vested units	2

Other Expense, net (Details) - USD ($) $ in Millions	12 Months Ended
Other Expense, net (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Expense, net
Restructuring, asset impairment and other charges	$ 77	$ 104	$ 75
Intangible amortization expense	41	39	21
Impairment of equity investment		25
Charge for asbestos related costs	0	0	16
Gain on China land compensation		(71)
Royalty income	(11)	(13)	(12)
Strategic transaction costs			23
Acquisition-related fair value intangible adjustments			10
Foreign currency exchange loss (gain)	5	6	(10)
Other expense (income)	(7)	(14)	(12)
Other Expense (Income), net	$ 105	$ 76	$ 111

Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Leases
Rent expense attributable to warehouse, office buildings and equipment operating leases	$ 84	$ 80	$ 72
Minimum future rentals under operating leases
2018	73
2019	55
2020	40
2021	29
2022	24
2023 and thereafter	$ 37

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Net earnings attributable to the Company	$ 180	$ 209	$ 135
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding (in shares)	162,737,000	161,857,000	161,169,000
Effect of dilutive securities:
Stock options and other (in shares)	1,910,000	968,000	966,000
Denominator for diluted earnings per share - adjusted weighted average shares outstanding (in shares)	164,647,000	162,825,000	162,135,000
Basic earnings per share:
Earnings from continuing operations (in dollars per share)	$ 1.12	$ 1.33	$ 0.86
Loss from discontinued operations (in dollars per share)	(0.01)	(0.04)	(0.03)
Net earnings (in dollars per share)	1.11	1.29	0.83
Diluted earnings per share:
Earnings from continuing operations (in dollars per share)	1.11	1.32	0.85
Loss from discontinued operations (in dollars per share)	(0.01)	(0.04)	(0.03)
Net earnings (in dollars per share)	$ 1.10	$ 1.28	$ 0.82
Weighted average shares of common stock attributable to options not included in diluted earnings per share (in shares)	1,552,928	2,770,458	1,937,315

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental Cash Flow Information
Interest paid note repurchase premiums	$ 18	$ 9	$ 32
Decrease (increase) in current assets:
Receivables	(37)	(32)	(14)
Inventories	2	16	(13)
Prepaid expenses and other	(10)	145	(4)
Increase (decrease) in current liabilities:
Accounts payable	69	(58)	100
Accrued liabilities	(49)	(31)	21
Salaries and wages	(21)	32	12
U.S. and foreign income taxes	(43)	18	(14)
Changes in components of working capital, total	(89)	90	88
Amount of receivables sold	454	318
Interest paid in cash	261	261	227
Income taxes paid (received) in cash
U.S. Income taxes paid in cash	4
Non-U.S. Income taxes paid in cash	127	99	101
Total income taxes paid in cash	$ 131	$ 99	$ 101

Business Combinations and Pro Forma Information (Details) $ in Millions		12 Months Ended			16 Months Ended
	Sep. 01, 2015 USD ($) Plant	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2016 USD ($)
Business Combinations
Net sales		$ 6,869	$ 6,702	$ 6,156
Gross profit		$ 1,133	$ 1,212	$ 1,110
Vitro Acquisition
Business Combinations
Total consideration	$ 2,297
Number of plants acquired \| Plant	5
Net sales					$ 608
Gross profit					$ 122

Business Combinations and Pro Forma Information (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares
Business Combinations, Pro Forma
Net sales	$ 6,730
Earnings (loss) from continuing operations attributable to the Company	$ 172
Diluted earnings per share from continuing operations \| $ / shares	$ 1.06
As Reported
Business Combinations, Pro Forma
Net sales	$ 6,156
Earnings (loss) from continuing operations attributable to the Company	$ 139
Diluted earnings per share from continuing operations \| $ / shares	$ 0.85
Acquisition Adjustments
Business Combinations, Pro Forma
Net sales	$ 574
Earnings (loss) from continuing operations attributable to the Company	79
Financing Adjustments
Business Combinations, Pro Forma
Earnings (loss) from continuing operations attributable to the Company	$ (46)

Discontinued Operations (Details) $ in Millions			12 Months Ended
Discontinued Operations (Details) $ in Millions	Jul. 31, 2017 USD ($)	Apr. 04, 2016 Plant	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Subsidiaries
Litigation Settlement, Amount			$ 500
Loss from discontinued operations			(3)	$ (7)	$ (4)
Discontinued Operations, Disposed of by Sale \| OI European Group B.V. (“OIEG”)
Subsidiaries
Litigation Settlement, Amount	$ 115
Disposed Venezuelan subsidiaries
Subsidiaries
Expropriated plants \| Plant		2
Disposed Venezuelan subsidiaries \| Discontinued Operations, Disposed of by Means Other than Sale
Subsidiaries
Loss from discontinued operations			$ (3)	$ (7)

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Additions
Statutory U.S. Federal tax rate (as a percent)		35.00%
Change in valuation allowance: U.S. tax law change		$ 162
Expired foreign tax credits		327
Forecast
Additions
Statutory U.S. Federal tax rate (as a percent)	21.00%
Allowances for losses and discounts on receivables
Reserves deducted from assets in the balance sheets:
Balance at beginning of period	$ 34	32	$ 29	$ 34
Additions
Charged to costs and expenses/charged to income		12	15	12
Other		(2)	(2)	(5)
Deductions		(8)	(10)	(12)
Balance at end of period		34	32	29
Valuation allowance on net deferred tax assets
Reserves deducted from assets in the balance sheets:
Balance at beginning of period	$ 543	1,094	1,135	1,223
Additions
Charged to costs and expenses/charged to income		15	3	1
Other		(79)	(32)	5
Foreign currency translation		4	(3)	(20)
Other		(491)	(9)	(74)
Balance at end of period		$ 543	$ 1,094	$ 1,135