0001558370-21-013512 | 10-Q | XBRL Viewer

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2021 shares
Cover
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	1-9576
Entity Registrant Name	O-I GLASS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2781933
Entity Address, Address Line One	One Michael Owens Way
Entity Address, City or Town	Perrysburg
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43551
City Area Code	567
Local Phone Number	336-5000
Title of 12(b) Security	Common Stock, $.01 par value
Security Exchange Name	NYSE
Trading Symbol	OI
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	156,827,223
Entity Central Index Key	0000812074
Amendment Flag	false
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED RESULTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
Net sales	$ 1,609	$ 1,616	$ 4,770	$ 4,595
Revenue, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of goods sold	$ (1,307)	$ (1,339)	$ (3,916)	$ (3,887)
Gross profit	302	277	854	708
Selling and administrative expense	(108)	(95)	(325)	(308)
Research, development and engineering expense	(19)	(16)	(57)	(45)
Interest expense, net	(50)	(61)	(153)	(212)
Equity earnings	23	21	64	49
Other income (expense), net	(21)	250	(123)	147
Earnings from continuing operations before income taxes	127	376	260	339
Provision for income taxes	(43)	(41)	(144)	(50)
Earnings from continuing operations	84	335	116	289
Gain from discontinued operations	7		7
Net earnings	91	335	123	289
Net earnings attributable to noncontrolling interests	(6)	(7)	(17)	(11)
Net earnings attributable to the Company	85	328	106	278
Amounts attributable to the Company:
Earnings from continuing operations	78	328	99	278
Gain from discontinued operations	7		7
Net earnings	$ 85	$ 328	$ 106	$ 278
Basic earnings per share:
Earnings from continuing operations attributable to the Company (in dollars per share)	$ 0.49	$ 2.09	$ 0.62	$ 1.77
Gain from discontinued operations (in dollars per share)	0.05		0.05
Net earnings (in dollars per share)	$ 0.54	$ 2.09	$ 0.67	$ 1.77
Weighted average shares outstanding (thousands) (in shares)	156,825	157,073	157,430	156,650
Diluted earnings per share:
Earnings from continuing operations attributable to the Company (in dollars per share)	$ 0.48	$ 2.06	$ 0.61	$ 1.76
Gain from discontinued operations (in dollars per share)	0.05		0.05
Net earnings (in dollars per share)	$ 0.53	$ 2.06	$ 0.66	$ 1.76
Weighted average diluted shares outstanding (thousands) (in shares)	160,511	159,299	160,473	158,438

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (LOSS)
Net earnings	$ 91	$ 335	$ 123	$ 289
Other comprehensive income (loss):
Foreign currency translation adjustments	(110)	(148)	(81)	(666)
Pension and other postretirement benefit adjustments, net of tax	78	42	115	92
Change in fair value of derivative instruments, net of tax	13	(11)	26	(18)
Other comprehensive income (loss)	(19)	(117)	60	(592)
Total comprehensive income (loss)	72	218	183	(303)
Comprehensive income attributable to non-controlling interests	(5)	(7)	(3)	(1)
Comprehensive income (loss) attributable to the Company	$ 67	$ 211	$ 180	$ (304)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Current assets:
Cash and cash equivalents	$ 628	$ 563	$ 606
Trade receivables, net of allowance of $31 million, $33 million, and $33 million at September 30, 2021, December 31, 2020 and September 30, 2020	793	623	724
Inventories	808	841	782
Prepaid expenses and other current assets	213	270	272
Total current assets	2,442	2,297	2,384
Property, plant and equipment, net	2,785	2,907	2,675
Goodwill	1,879	1,951	1,847
Intangibles, net	294	325	311
Other assets	1,366	1,402	1,407
Total assets	8,766	8,882	8,624
Current liabilities:
Accounts payable	1,062	1,126	910
Short-term loans and long-term debt due within one year	79	197	212
Other liabilities	597	575	575
Total current liabilities	1,738	1,898	1,697
Long-term debt	4,853	4,945	5,163
Paddock support agreement liability	625	471	471
Other long-term liabilities	980	1,167	1,028
Share owners' equity	570	401	265
Total liabilities and share owners' equity	$ 8,766	$ 8,882	$ 8,624

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Trade receivables allowance	$ 31	$ 33	$ 33

CONDENSED CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	3 Months Ended				9 Months Ended		12 Months Ended
CONDENSED CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash flows from operating activities:
Net earnings	$ 91		$ 335		$ 123	$ 289
Gain from discontinued operations	(7)				(7)
Non-cash charges
Depreciation and amortization					349	363
Pension expense					24	30
Charge related to Paddock support agreement liability		$ 154			154
Brazil indirect tax credit					(69)
Restructuring, asset impairment and related charges	12		5		20	72
Pension settlement charges					5	8
Gain on sale of ANZ business			(280)			(280)
Cash payments
Pension contributions					(33)	(32)
Cash paid for restructuring activities	(5)		(10)		(14)	(32)
Change in components of working capital					(139)	(402)
Other, net (a)					36	112
Cash provided by continuing operating activities					449	128
Cash provided by discontinued operating activities					7
Cash provided by operating activities					456	128
Cash flows from investing activities:
Cash payments for property, plant and equipment					(268)	(246)
Cash proceeds on disposal of other businesses and misc. assets					8	2
Cash proceeds on sale of ANZ businesses, net of transaction costs					58	441
Deconsolidation of Paddock				$ (47)		(47)
Other						1
Cash provided by (utilized in) investing activities					(202)	151
Cash flows from financing activities:
Changes in borrowings, net					(119)	(300)
Payment of finance fees						(50)
Shares repurchased					(30)
Dividends paid						(8)
Net cash proceeds (payments) for hedging activity					(10)	(8)
Sale leaseback proceeds in conjunction with ANZ sale						155
Distributions to non-controlling interests					(10)	(5)
Other, net					(2)	(3)
Cash utilized in financing activities					(171)	(219)
Effect of exchange rate fluctuations on cash					(18)	(5)
Change in cash					65	55
Cash at beginning of period		$ 563		$ 551	563	551	$ 551
Cash at end of period	$ 628		$ 606		$ 628	$ 606	$ 563

Segment Information

9 Months Ended

Sep. 30, 2021

Segment Information

Segment Information

1. Segment Information

Historically, the Company had three reportable segments and three operating segments based on its geographic locations: the Americas, Europe and Asia Pacific. These three segments are aligned with the Company’s internal approach to managing, reporting, and evaluating performance of its global glass operations. On July 31, 2020, the Company completed the sale of its Australia and New Zealand (“ANZ”) businesses, which comprised the majority of its businesses in the Asia Pacific region (approximately 85% of net sales in that region for the full year 2019), to Visy Industries Holdings Pty Ltd. (“Visy”). After the sale of the ANZ businesses, the remaining businesses in the Asia Pacific region do not meet the criteria of an individually reportable segment. For the three and nine months ended September 30, 2020, the results of the Asia Pacific segment reflect only the results of its ANZ businesses. For all historical periods discussed in this report, the sales and operating results of the other businesses that historically comprised the Asia Pacific segment, and that have been retained by the Company, have been reclassified to Other sales and Retained corporate costs and other, respectively. For asset reporting purposes, only the assets related to the ANZ businesses have been reported in the Asia Pacific segment, while the other businesses that historically comprised this segment and that have been retained by the Company have been reclassified to the Other assets line for all periods presented.

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, certain equity investments and the remaining businesses in the Asia Pacific region that do not meet the criteria of an individually reportable segment after the sale of the ANZ businesses. 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.

The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings (loss) before interest income, interest expense, and benefit (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 net sales and 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. Segment operating profit is not a recognized term under U.S. GAAP and, therefore, does not purport to be an alternative to earnings (loss) before income taxes. Further, the Company's measure of segment operating profit may not be comparable to similarly titled measures of other companies.

Financial information for the three and nine months ended September 30, 2021 and 2020 regarding the Company’s reportable segments is as follows:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Net sales:
Americas	$	925	$	887	$	2,652	$	2,442
Europe		655		644		2,039		1,775
Asia Pacific				52				281
Reportable segment totals		1,580		1,583		4,691		4,498
Other		29		33		79		97
Net sales	$	1,609	$	1,616	$	4,770	$	4,595


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Segment operating profit:
Americas	$	133	$	113	$	357	$	268
Europe		110		88		293		191
Asia Pacific				3				19
Reportable segment totals		243		204		650		478
Items excluded from segment operating profit:
Retained corporate costs and other		(49)		(35)		(126)		(98)
Gain on sale of ANZ businesses				280				280
Brazil indirect tax credit						69
Restructuring, asset impairment and other charges		(12)		(9)		(21)		(80)
Charge related to Paddock support agreement liability						(154)
Charge for deconsolidation of Paddock								(14)
Pension settlement charges		(5)				(5)		(8)
Strategic transaction costs				(3)				(7)
Interest expense, net		(50)		(61)		(153)		(212)
Earnings from continuing operations before income taxes	$	127	$	376	$	260	$	339

Financial information regarding the Company’s total assets is as follows:


	September 30,		December 31,		September 30,
	2021		2020		2020
Total assets:
Americas	$	4,925	$	4,927	$	4,663
Europe		3,457		3,507		3,307

Reportable segment totals		8,382		8,434		7,970
Other		384		448		654
Consolidated totals	$	8,766	$	8,882	$	8,624

- 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.

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+ Details

Revenue

9 Months Ended

Sep. 30, 2021

Revenue

Revenue

2. Revenue

Revenue is recognized at the point in time when obligations under the terms of the Company’s contracts and related purchase orders with its customers are satisfied. This occurs with the transfer of control of glass containers, which primarily takes place when products are shipped from the Company’s manufacturing or warehousing facilities to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimated provisions for rebates, discounts, returns and allowances. Sales, value-added, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company’s payment terms are based on customary business practices and can vary by customer type. The term between invoicing and when payment is due is not significant. Also, the Company elected to account for shipping and handling costs as a fulfillment cost at the time of shipment.

For the three- and nine-month periods ended September 30, 2021 and September 30, 2020, the Company had no material bad debt expense, and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Condensed Consolidated Balance Sheet.

Consistent with the disclosures in Note 1 related to the ANZ sale, Asia Pacific revenue for the three- and nine-month periods ended September 30, 2020, reflect only the revenue of the ANZ businesses. The other businesses that comprised the Asia Pacific segment and that have been retained by the Company have been reclassified to the Other sales line.

The following tables for the three months ended September 30, 2021 and 2020 disaggregate the Company’s revenue by customer end use:


	Three months ended September 30, 2021
	Americas		Europe		Asia Pacific		Total

Alcoholic beverages (beer, wine, spirits)	$	561	$	467	$	—	$	1,028
Food and other		215		124				339
Non-alcoholic beverages		149		64				213
Reportable segment totals	$	925	$	655	$	—	$	1,580
Other								29
Net sales							$	1,609


	Three months ended September 30, 2020
	Americas		Europe		Asia Pacific		Total

Alcoholic beverages (beer, wine, spirits)	$	537	$	452	$	40	$	1,029
Food and other		222		138		6		366
Non-alcoholic beverages		128		54		6		188
Reportable segment totals	$	887	$	644	$	52	$	1,583
Other								33
Net sales							$	1,616

The following tables for the nine months ended September 30, 2021 and 2020 disaggregate the Company’s revenue by customer end use:


	Nine months ended September 30, 2021
	Americas		Europe		Asia Pacific		Total

Alcoholic beverages (beer, wine, spirits)	$	1,610	$	1,507	$	—	$	3,117
Food and other		627		366				993
Non-alcoholic beverages		415		166				581
Reportable segment totals	$	2,652	$	2,039	$	—	$	4,691
Other								79
Net sales							$	4,770


	Nine months ended September 30, 2020
	Americas		Europe		Asia Pacific		Total

Alcoholic beverages (beer, wine, spirits)	$	1,471	$	1,258	$	217	$	2,946
Food and other		609		360		38		1,007
Non-alcoholic beverages		362		157		26		545
Reportable segment totals	$	2,442	$	1,775	$	281	$	4,498
Other								97
Net sales							$	4,595

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Credit Losses

9 Months Ended

Sep. 30, 2021

Credit Losses

Credit Losses

3. Credit Losses

The Company is exposed to credit losses primarily through its sales of glass containers to customers. The Company’s trade receivables from customers are due within one year or less. The Company assesses each customer’s ability to pay for the glass containers it sells to them by conducting a credit review. The credit review considers the expected billing exposure and timing for payment and the customer’s established credit rating or the Company’s assessment of the customer’s creditworthiness, based on an analysis of their financial statements when a credit rating is not available. The Company also considers contract terms and conditions, country and political risk, and business strategy in its evaluation. A credit limit is established for each customer based on the outcome of this review. The Company may require collateralized asset support or a prepayment to mitigate credit risk. The Company monitors its ongoing credit exposure through the active review of customer balances against contract terms and due dates, including timely account reconciliation, dispute resolution and payment confirmation. The Company may employ collection agencies and legal counsel to pursue the recovery of defaulted receivables.

At September 30, 2021 and September 30, 2020, the Company reported $793 million and $724 million of accounts receivable, respectively, net of allowances of $31 million and $33 million, respectively. Changes in the allowance were not material for each of the three and nine months ended September 30, 2021 and September 30, 2020.

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References + Details

Inventories

9 Months Ended

Sep. 30, 2021

Inventories

Inventories

4. Inventories

Major classes of inventory at September 30, 2021, December 31, 2020 and September 30, 2020 are as follows:


	September 30,		December 31,		September 30,
	2021		2020		2020
Finished goods	$	651	$	675	$	625
Raw materials		120		129		121
Operating supplies		37		37		36
	$	808	$	841	$	782

Derivative Instruments

9 Months Ended

Sep. 30, 2021

Derivative Instruments

Derivative Instruments

5. Derivative Instruments

The Company has certain derivative assets and liabilities, which consist of foreign exchange option and forward contracts, interest rate swaps and cross-currency swaps. The valuation of these instruments is determined primarily using the income approach, including discounted cash flow analysis on the expected cash flows of each derivative. Foreign exchange rates and interest rates are the significant inputs into the valuation models. The Company also evaluates counterparty risk in determining fair values. 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. 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.

Cash Flow Hedges of Foreign Exchange Risk

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 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 foreign exchange risk.

An unrecognized gain of $9 million at September 30, 2021, an unrecognized gain of $9 million at December 31, 2020 and an unrecognized gain of $9 million at September 30, 2020, related to these cross-currency swaps, were included in Accumulated OCI, and will be reclassified into earnings within the next 12 months.

Interest Rate Swaps Designated as Fair Value Hedges

The Company enters into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. The Company’s fixed-to-variable interest rate swaps are 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.

Cash Flow Hedges of Interest Rate Risk

The Company enters into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments. These interest rate swap agreements were used to hedge the variable cash flows associated with variable-rate debt.

An unrecognized loss of $0 at September 30, 2021, an unrecognized loss of less than $1 million at December 31, 2020 and an unrecognized loss of less than $1 million at September 30, 2020 related to these interest rate swaps were included in Accumulated OCI and will be reclassified into earnings within the next 12 months.

Net Investment Hedges

The Company is exposed to fluctuations in foreign exchange rates on investments it holds in non-U.S. subsidiaries and uses cross-currency swaps to partially hedge this exposure.

Foreign Exchange Derivative Contracts Not Designated as Hedging Instruments

The Company uses 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 also uses 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.

Balance Sheet Classification

The following table shows the amount and classification (as noted above) of the Company’s derivatives at September 30, 2021, December 31, 2020 and September 30, 2020:


	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	September 30,		December 31,		September 30,		September 30,		December 31,		September 30,
	2021		2020		2020		2021		2020		2020
Derivatives designated as hedging instruments:
Interest rate swaps - fair value hedges (a)	$	9	$	17	$	16	$	1	$	—	$	—
Cash flow hedges of foreign exchange risk (b)		9		6		9		54		115		67
Net investment hedges (c)		2		1		2		28		52		27
Total derivatives accounted for as hedges	$	20	$	24	$	27	$	83	$	167	$	94
Derivatives not designated as hedges:
Foreign exchange derivative contracts (d)		1		1		3		4		3		6
Total derivatives	$	21	$	25	$	30	$	87	$	170	$	100


Current	$	15	$	13	$	16	$	4	$	15	$	13
Noncurrent		6		12		14		83		155		87
Total derivatives	$	21	$	25	$	30	$	87	$	170	$	100

(a) The notional amounts of the interest rate swaps designated as fair value hedges were €725 million at September 30, 2021, December 31, 2020 and September 30, 2020. The maximum maturity dates were in 2024 for all three periods.

(b) The notional amounts of the cash flow hedges of foreign exchange risk were $878 million at September 30, 2021, $978 million at December 31, 2020 and $1.1 billion at September 30, 2020. The maximum maturity dates were in 2023 for all three periods.

(c) The notional amounts of the net investment hedges were €311 million at September 30, 2021, €311 million at December 31, 2020 and €311 million at September 30, 2020. The maximum maturity dates were in 2027 for September 30, 2021 and December 31, 2020 and in 2020 for September 30, 2020.

(d) The notional amounts of the foreign exchange derivative contracts were $291 million, $247 million and $247 million at September 30, 2021, December 31, 2020 and September 30, 2020, respectively. The maximum maturity dates were in 2021 for all three periods.


	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Three months ended September 30,				Three months ended September 30,
Derivatives designated as hedging instruments:	2021		2020		2021		2020
Cash Flow Hedges
Cash flow hedges of foreign exchange risk (a)	$	24	$	(61)	$	24	$	(80)
Cash flow hedges of interest rate risk (b)
Net Investment Hedges
Net Investment Hedges (b)		13		(26)		1		1
	$	37	$	(87)	$	25	$	(79)

	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Nine months ended September 30,				Nine months ended September 30,
Derivatives designated as hedging instruments:	2021		2020		2021		2020
Cash Flow Hedges
Cash flow hedges of foreign exchange risk (a)	$	56	$	(51)	$	57	$	(71)
Cash flow hedges of interest rate risk (b)								(1)
Net Investment Hedges
Net Investment Hedges (b)		27		(29)		2		4
	$	83	$	(80)	$	59	$	(68)

	Amount of Gain (Loss) Recognized in Other income (expense), net				Amount of Gain (Loss) Recognized in Other income (expense), net
	Three months ended September 30,				Nine months ended September 30,
Derivatives not designated as hedges:	2021		2020		2021		2020
Foreign exchange derivative contracts	$	2	$	3	$	9	$	13

(1) Gains and losses reclassified from accumulated OCI and recognized in income are recorded to (a) other income (expense), net or (b) interest expense, net.

Restructuring Accruals

9 Months Ended

Sep. 30, 2021

Restructuring Accruals

Restructuring Accruals

6. Restructuring Accruals

Selected information related to the restructuring accruals for the three months ended September 30, 2021 and 2020 is as follows:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at July 1, 2021	$	32	$	—	$	12	$	44
Charges				1		11		12
Write-down of assets to net realizable value				(1)				(1)
Net cash paid, principally severance and related benefits		(4)				(1)		(5)
Other, including foreign exchange translation								—
Balance at September 30, 2021	$	28	$	—	$	22	$	50


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at July 1, 2020	$	30	$	—	$	17	$	47
Charges		2		3				5
Write-down of assets to net realizable value				(3)				(3)
Net cash paid, principally severance and related benefits		(10)						(10)
Other, including foreign exchange translation						(4)		(4)
Balance at September 30, 2020	$	22	$	—	$	13	$	35

Selected information related to the restructuring accruals for the nine months ended September 30, 2021 and 2020 is as follows:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2021	$	38	$	—	$	7	$	45
Charges		2		1		17		20
Write-down of assets to net realizable value				(1)				(1)
Net cash paid, principally severance and related benefits		(11)				(3)		(14)
Other, including foreign exchange translation		(1)				1		—
Balance at September 30, 2021	$	28	$	—	$	22	$	50


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2020	$	32	$		$	13	$	45
Charges		23		43		6		72
Write-down of assets to net realizable value				(43)				(43)
Net cash paid, principally severance and related benefits		(31)				(1)		(32)
Other, including foreign exchange translation		(2)				(5)		(7)
Balance at September 30, 2020	$	22	$	—	$	13	$	35

When a decision is made to take restructuring 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 September 30, 2021 and 2020, no major restructuring programs were in effect.

For the three and nine months ended September 30, 2021, the Company implemented several discrete restructuring initiatives and recorded restructuring and other charges of $12 million and $20 million, respectively. These charges consisted of employee costs, such as severance and benefit-related costs and other exit costs (including related consulting costs attributed to restructuring of managed services activities) at a number of the Company’s businesses in the Americas and Europe. These restructuring charges were discrete actions and are expected to approximate the total cumulative costs for those actions as no material additional costs are expected to be incurred. For the three and nine months ended September 30, 2021, these charges were recorded to Other income (expense), net on the Condensed Consolidated Results of Operations. The Company expects that the majority of the remaining cash expenditures related to the accrued employee and other exit costs will be paid out over the next several years.

For the three and nine months ended September 30, 2020, the Company implemented several discrete restructuring initiatives and recorded restructuring, asset impairment and other charges of $5 million and $72 million, respectively. These charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs, primarily related to a plant closure in the Americas and to a reduction-in-force program as part of its selling, general and administrative expense reduction initiative to help simplify the organization and improve decision making and execution. These restructuring charges were discrete actions and are expected to approximate the total cumulative costs for those actions as no material additional costs are expected to be incurred. For the three and nine months ended September 30, 2020, these charges were recorded to Other income (expense), net on the Condensed Consolidated Results of Operations. The Company expects that the majority of the remaining cash expenditures related to the accrued employee and other exit costs will be paid out over the next several years.

The Company’s decisions to curtail selected production capacity have resulted in write-downs of certain long-lived assets to the extent their carrying value exceeded fair value or fair value less cost to sell. The Company classified the assumptions used to determine the fair value of the impaired assets in the period that the measurement was taken as Level 3 (third-party appraisal) in the fair value hierarchy as set forth in the general accounting principles for fair value measurements. For the asset impairments recorded through September 30, 2021, the remaining carrying value of the impaired assets was approximately $1 million.

Pension Benefit Plans

9 Months Ended

Sep. 30, 2021

Pension Benefit Plans

Pension Benefit Plans

7. Pension Benefit Plans

The components of the net periodic pension cost for the three months ended September 30, 2021 and 2020 are as follows:


	U.S.				Non-U.S.
	2021		2020		2021		2020
Service cost	$	3	$	3	$	3	$	3
Interest cost		10		12		5		6
Expected asset return		(21)		(19)		(11)		(12)
Amortization of actuarial loss		16		14		3		3
Net periodic pension cost	$	8	$	10	$	—	$	—

The components of the net periodic pension cost for the nine months ended September 30, 2021 and 2020 are as follows:


	U.S.				Non-U.S.
	2021		2020		2021		2020
Service cost	$	9	$	9	$	9	$	10
Interest cost		30		37		15		19
Expected asset return		(63)		(60)		(34)		(36)
Amortization of actuarial loss		48		42		10		9
Net periodic pension cost	$	24	$	28	$	—	$	2

The components of pension expense, other than the service cost component, are included in Other income (expense), net on the Condensed Consolidated Results of Operations.

The Company settled a portion of its pension obligations, which resulted in a reduction of its pension liability of approximately $46 million and pension settlement charges of $5 million in both the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2020, the Company recorded pension settlement charges totaling $0 and $8 million, respectively.

During the third quarter of 2020, the Company remeasured a portion of its post-retirement benefit obligations in the U.S. due to plan changes, which resulted in a reduction in post-retirement benefit obligations of approximately $32 million.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Taxes.

Income Taxes

8. Income Taxes

The Company calculates its interim tax provision using the estimated annual effective tax rate (“EAETR”) methodology in accordance with ASC 740-270. The EAETR is applied to the year-to-date ordinary income, exclusive of discrete items. The tax effects of discrete items are then included to arrive at the total reported interim tax provision. The determination of the EAETR is based upon a number of estimates, including the estimated annual pretax ordinary income or loss in each tax jurisdiction in which the Company operates. The tax effects of discrete items are recognized in the tax provision in the quarter they occur, in accordance with GAAP. Depending on various factors, such as the item’s significance in relation to total income and the rate of tax applicable in the jurisdiction to which it relates, discrete items in any quarter can materially impact the reported effective tax rate. The Company’s annual effective tax rate may be affected by the mix of earnings in the U.S. and foreign jurisdictions, and factors such as changes in tax laws, tax rates or regulations, changes in business, changing interpretation of existing tax laws or regulations, the finalization of tax audits and reviews, as well as other factors. As such, there can be significant volatility in interim tax provisions. The annual effective tax rate differs from the statutory U.S. Federal tax rate of 21% primarily because of varying non-U.S. tax rates and the impact of the U.S. valuation allowance.

The Company is currently under examination in various tax jurisdictions, including Brazil, Canada, Colombia, France, Indonesia, Italy, Mexico and Peru. The years under examination range from 2004 through 2018. 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 on the Company’s consolidated results of operations, financial position or cash flows.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Debt

9 Months Ended

Sep. 30, 2021

Debt

Debt

9. Debt

The following table summarizes the long-term debt of the Company:


	September 30,		December 31,		September 30,
	2021		2020		2020
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans	$	—	$	—	$	195
Term Loans:
Term Loan A		1,068		1,067		1,157
Other secured debt				99		109
Senior Notes:
4.00%, due 2023		308		307		307
5.875%, due 2023		694		692		691
3.125%, due 2024 (€725 million)		854		914		873
6.375%, due 2025		297		296		296
5.375%, due 2025		298		298		298
2.875%, due 2025 (€500 million)		574		607		579
6.625%, due 2027		693		692		691
Finance leases		99		108		94
Other		5		7		6
Total long-term debt		4,890		5,087		5,296
Less amounts due within one year		37		142		133
Long-term debt	$	4,853	$	4,945	$	5,163

The Company presents debt issuance costs in the condensed consolidated balance sheet as a deduction of the carrying amount of the related debt liability.

On June 25, 2019, certain of the Company’s subsidiaries entered into a Senior Secured Credit Facility Agreement (as amended by that certain Amendment No. 1 to the Third Amended and Restated Credit Agreement and Syndicated Facility Agreement dated as of December 13, 2019, and as further amended by that certain Amendment No. 2 to the Third Amended and Restated Credit Agreement and Syndicated Facility Agreement dated as of December 19, 2019, the “Agreement”), which amended and restated the previous credit agreement (the “Previous Agreement”). The proceeds from the Agreement were used to repay all outstanding amounts under the Previous Agreement.

The Agreement provides for up to $3.0 billion of borrowings pursuant to term loans and revolving credit facilities. The term loans mature, and the revolving credit facilities terminate, in June 2024. At September 30, 2021, the Agreement includes a $300 million revolving credit facility, a $1.2 billion multicurrency revolving credit facility, and a $1.5 billion term loan A facility ($1,068 million outstanding balance at September 30, 2021, net of debt issuance costs). At September 30, 2021, the Company had unused credit of $1,489 million available under the Agreement. The weighted average interest rate on borrowings outstanding under the Agreement at September 30, 2021 was 1.58%.

The Agreement contains various covenants that restrict, among other things and subject to certain exceptions, the ability of the Company to incur certain indebtedness and 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 Agreement also contains one financial maintenance covenant, a Total Leverage Ratio (the “Leverage Ratio”), that requires the Company not to exceed a ratio of 5.0x calculated by dividing consolidated total debt, less cash and cash equivalents, by Consolidated EBITDA, with such Leverage Ratio decreasing to (a) 4.75x for the quarter ending September 30, 2021 and (b) 4.50x for the quarter ending December 31, 2021 and thereafter, as defined and described in the Agreement. The maximum Leverage Ratio is subject to an increase of 0.5x for (i) any fiscal quarter during which certain qualifying acquisitions (as specified in the Agreement) are consummated and (ii) the following three fiscal

quarters, provided that the Leverage Ratio shall not exceed 5.0x. The 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 Leverage Ratio to exceed the specified maximum.

Failure to comply with these covenants and other customary restrictions could result in an event of default under the Agreement. In such an event, the Company could not request borrowings under the revolving facilities, and all amounts outstanding under the Agreement, together with accrued interest, could then be declared immediately due and payable. Upon the occurrence and for the duration of a payment event of default, an additional default interest rate equal to 2.0% per annum will apply to all overdue obligations under the Agreement. If an event of default occurs under the Agreement and the lenders cause all of the outstanding debt obligations under the Agreement to become due and payable, this would result in a default under the indentures governing the Company’s outstanding debt securities and could lead to an acceleration of obligations related to these debt securities. As of September 30, 2021, the Company was in compliance with all covenants and restrictions in the Agreement. In addition, the Company believes that it will remain in compliance and that its ability to borrow funds under the Agreement will not be adversely affected by the covenants and restrictions.

The Leverage Ratio also determines pricing under the Agreement. The interest rate on borrowings under the Agreement is, at the Company’s option, the Base Rate or the Eurocurrency Rate, as defined in the Agreement, plus an applicable margin. The applicable margin is linked to the Leverage Ratio. The margins range from 1.00% to 1.50% for Eurocurrency Loans and from 0.00% to 0.50% for Base Rate Loans. In addition, a commitment fee is payable on the unused revolving credit facility commitments ranging from 0.20% to 0.30% per annum linked to the Leverage Ratio.

Obligations under the 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. Such obligations 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 obligations, of stock of certain foreign subsidiaries. All obligations under the Agreement are guaranteed by certain domestic subsidiaries of the Company, and certain foreign obligations under the Agreement are guaranteed by certain foreign subsidiaries of the Company.

In May 2020, the Company issued $700 million aggregate principal amount of senior notes. The senior notes bear interest at a rate of 6.625% per annum and mature on May 13, 2027. The senior 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 $690 million and were used to redeem the remaining $130 million aggregate principal amount of the Company’s outstanding 4.875% senior notes due 2021, approximately $419 million aggregate principal amount of the Company’s outstanding 5.00% senior notes due 2022 and approximately $105 million of other secured borrowings. The Company recorded approximately $38 million of additional interest charges for note repurchase premiums and write-off of unamortized finance fees related to these redemptions.

In August 2020, the Company redeemed the remaining $81 million aggregate principal amount of the Company’s outstanding 5.00% senior notes due 2022. The Company recorded approximately $6 million of additional interest charges for note repurchase premiums and write-off of unamortized finance fees related to this redemption.

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 interest rate swap agreements were accounted for as either fair value hedges or cash flow hedges (see Note 5 for more information).

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 carrying amounts reported for 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. Fair values at September 30, 2021 of the Company’s significant fixed rate debt obligations are as follows:


	Principal		Indicated Market
	Amount		Price Per $		Fair Value
Senior Notes:
5.875%, due 2023	$	700	$	106.00	$	742
4.00%, due 2023		310		102.57		318
3.125%, due 2024 (€725 million)		841		103.53		871
6.375%, due 2025		300		110.86		333
5.375%, due 2025		300		107.11		321
2.875%, due 2025 (€500 million)		580		101.56		589
6.625%, due 2027		700		107.40		752

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Contingencies

9 Months Ended

Sep. 30, 2021

Contingencies

Contingencies

10. Contingencies

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 in April 1958. The Company historically received claims from individuals alleging bodily injury and death as a result of exposure to asbestos from this product (“Asbestos Claims”). Some Asbestos Claims were brought as personal injury lawsuits that typically allege various theories of liability, including negligence, gross negligence and strict liability and seek compensatory and, in some cases, punitive damages.

Predominantly, however, Asbestos Claims were historically presented to the Company under administrative claims-handling agreements, which the Company had in place with many plaintiffs’ counsel throughout the country (“Administrative Claims”). Administrative Claims required evaluation and negotiation regarding whether particular claimants qualify under the criteria established by the related claims-handling agreements. The criteria for Administrative Claims included 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. Plaintiffs’ counsel presented, and the Company negotiated, Administrative Claims under these various agreements in differing quantities, at different times, and under a variety of conditions.

On December 26 and 27, 2019, the Company implemented the Corporate Modernization, whereby O-I Glass became the new parent entity with Owens-Illinois Group, Inc. (“O-I Group”) and Paddock Enterprises LLC (“Paddock”) as direct, wholly owned subsidiaries, with Paddock as the successor-by-merger to O-I. The Company’s legacy asbestos-related liabilities remained within Paddock, with the Company’s glass-making operations remaining under O-I Group. As part of the Corporate Modernization transactions, O-I Glass entered into a support agreement with Paddock that requires O-I Glass to provide funding to Paddock for all permitted uses, subject to the terms of the support agreement. The key objectives of the Paddock support agreement are to ensure that Paddock has the ability to fund the costs and expenses of managing the Chapter 11 process, and ultimately settle Asbestos Claims through the establishment of a trust as described below and fund certain other liabilities.

On January 6, 2020 (the “Petition Date”), Paddock voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to equitably and finally resolve all of its current and future asbestos-related claims. O-I Glass and O-I Group were not included in the Chapter 11 filing. As a result of the initiation of the Chapter 11 proceeding, Paddock continues to operate in the ordinary course and with court protection from Asbestos Claims by operation of the automatic stay in Paddock’s Chapter 11 filing, which stays ongoing litigation and submission of claims against Paddock outside the Bankruptcy Court as of the Petition Date and defers the payment of Paddock’s outstanding obligations on account of settled or otherwise determined lawsuits and claims. The bankruptcy process is expected to provide a centralized forum to resolve presently pending and anticipated future lawsuits and claims associated with asbestos. Paddock’s ultimate goal in its Chapter 11 case is to confirm a plan of reorganization under section 524(g) of the Bankruptcy Code and utilize this specialized provision to

establish a trust that will address all current and future asbestos-related claims and that, in exchange for funding of the trust by the Company and/or its subsidiaries, will provide permanent injunctive relief, protecting the Company, each of its current and former affiliates and certain other related parties (the “Company Protected Parties”) from any Asbestos Claims based on products manufactured, sold, used, and/or distributed by Owens-Illinois, Inc.

Following the Petition Date, the activities of Paddock became subject to review and oversight by the bankruptcy court. As a result, the Company no longer has exclusive control over Paddock’s activities during the Chapter 11 proceedings. Therefore, Paddock was deconsolidated as of the Petition Date, and its assets and liabilities, which primarily included $47 million of cash, the legacy asbestos-related liabilities, as well as certain other assets and liabilities as of the Petition Date, were derecognized from the Company’s consolidated financial statements on a prospective basis. Simultaneously, the Company recognized a liability related to the Paddock support agreement, as described above, of $471 million as required under applicable accounting standards. The deconsolidation and Paddock support agreement resulted in a loss of approximately $14 million, which was reflected as a charge in the Company’s first quarter 2020 operating results. Additionally, the deconsolidation resulted in an investing outflow of $47 million in the Company’s first quarter 2020 consolidated cash flows.

On February 23, 2021, Paddock and O-I Glass commenced a court-approved mediation process regarding the terms of a potential consensual plan of reorganization pursuant to section 524(g) of the Bankruptcy Code with the Official Committee of Asbestos Personal Injury Claimants (the “ACC” or “Asbestos Claimants’ Committee”) appointed in the Paddock Chapter 11 case as the representative of current Paddock asbestos claimants, and the Legal Representative of Future Asbestos Claimants (the “FCR” or “Future Claimants’ Representative”) appointed in the Paddock Chapter 11 case as the representative of future Paddock asbestos claimants. On April 26, 2021, the Company announced that Paddock, the ACC and the FCR reached an agreement in principle, supported by O-I Glass, by accepting a proposal from the mediators setting forth total consideration to fund a trust created under section 524(g) of the Bankruptcy Code upon the effective date of a consensual plan of reorganization for Paddock.

This agreement in principle, which is subject to definitive documentation and satisfaction of certain conditions, will resolve the potential liability of Paddock and the Company Protected Parties for pending and future personal injury claims related to exposure to asbestos-containing products that were allegedly manufactured, distributed, used and/or sold by Owens-Illinois, Inc. Under the Chapter 11 plan that will implement the agreement in principle, an asbestos settlement trust (the “Paddock Trust”) created pursuant to the provisions of section 524(g) of the U.S. Bankruptcy Code will be established and, on the effective date of the Chapter 11 plan, will be funded with $610 million in total consideration (“Settlement Consideration”). In exchange for the Settlement Consideration, each of the Company Protected Parties is expected to receive the benefit of a release from Paddock, and Paddock and the Company Protected Parties will receive the benefit of an injunction under Section 524(g) of the Bankruptcy Code channeling Asbestos Claims to the Paddock Trust and permanently enjoining the assertion of Asbestos Claims against Paddock and the Company Protected Parties.

The agreement in principle is subject to, among other things, the negotiation and filing of a Chapter 11 plan of reorganization for Paddock incorporating the terms of such agreement (the “Plan”), acceptance of the Plan by at least 75% of Paddock’s current asbestos claimants voting on such Plan, and confirmation of the Plan by the Bankruptcy Court and approval of the injunction in favor of Paddock and the Company Protected Parties by the United States District Court for the District of Delaware (“District Court”). On the effective date of the Plan, the Settlement Consideration will be provided and Asbestos Claims against Paddock and the Company Protected Parties will be permanently enjoined.

In connection with the agreement in principle, the Company has recorded a charge of $154 million related to its potential liability under the Paddock support agreement as a recognizable subsequent event in the Company’s condensed consolidated results of operations for the quarter ended March 31, 2021, primarily related to an increase to Paddock’s asbestos reserve estimate in consideration for the channeling injunction to be included in the Plan protecting Company Protected Parties from Asbestos Claims, as well as certain other adjustments to Paddock’s assets and liabilities, including estimated professional fees and expenses to be incurred in confirming and implementing the Plan. This charge was recorded to Other income (expense), net on the Condensed Consolidated Results of Operations.

Several risks and uncertainties remain related to Paddock’s Chapter 11 case that could have a material adverse effect on the Company’s business, consolidated financial condition, results of operations and cash flows, including the total costs of the Chapter 11 proceeding, and the length of time necessary to confirm a Plan, and the possibility that Paddock will be unsuccessful in confirming such Plan or that such Plan does not ultimately become effective. The Paddock support agreement liability of $625 million recorded on the Company’s September 30, 2021 Condensed Consolidated Balance Sheet as required under applicable accounting standards is the Company’s best estimate based on the facts and circumstances that exist at the Form 10-Q filing date. These risk factors are discussed further in Part II, Item 1A–“Risk Factors.”

Prior to the Petition Date, the Company knew of approximately 850 asbestos lawsuits pending. This figure does not include an estimate of potential Administrative Claims that could have been presented under a claims-handling agreement due to the uncertainties around presentation timing, quantities, or qualification rates. The Company historically considered Administrative Claims to be filed and disposed of when they were accepted for payment.

The lack of uniform rules in lawsuit pleading practice, technical pleading requirements in some jurisdictions, local rules, and other factors caused considerable variation in the specific amounts of monetary damages asserted in lawsuits brought prior to the Petition Date. In the Company’s experience, the monetary relief alleged in a lawsuit bore little relationship to an Asbestos Claim’s merits or its disposition value. Rather, several variables, including, but not limited to, the type and severity of the asbestos disease, 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 was made; the applicable law; and the law firm representing the claimant, affected the value.

The Company was also a defendant in other Asbestos Claims involving maritime workers, medical monitoring, co-defendants’ third-party actions, and property damage allegations. Based upon its experience, the Company assessed that these categories of Asbestos Claims would not involve any material liability. Therefore, they were not included in the description of pending or disposed matters.

From receipt of its first Asbestos Claim to the Petition Date, the Company in the aggregate disposed of approximately 401,200 Asbestos Claims at an average indemnity payment of approximately $10,200 per claim. The Company’s asbestos indemnity payments varied on a per-claim basis. Asbestos-related cash payments for 2019 were $151 million and the Company’s cash payments per claim disposed (inclusive of legal costs) were approximately $129,000 for the year ended December 31, 2019.

Prior to the Petition Date, the Company’s objective was historically 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 claims-handling agreements generally reduced the number of claims that would otherwise have been received by the Company in the tort system. In addition, changes in jurisdictional dynamics, legislative acts, asbestos docket management and procedures, the substantive law, the co-defendant pool, and other external factors affected lawsuit volume, claim volume, qualification rates, claim values, and related matters. Collectively, these variables generally 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 $5.0 billion through just prior to the Petition Date, before insurance recoveries, for its asbestos-related liability. The Company’s estimates of its liability were significantly affected by, among other factors, the volatility of asbestos-related litigation in the United States, the significant number of co-defendants that filed for bankruptcy, changes in mortality rates, the inherent uncertainty of future disease incidence and claiming patterns against the Company, the significant expansion of the types of defendants sued in this litigation, and changes in the extent to which such defendants participated in the resolution of cases in which the Company was also a defendant.

Prior to the Petition Date, the Company continually monitored trends that could affect its ultimate liability and analyzed the developments and variables likely to affect the resolution of Asbestos Claims. The material components of the Company’s total accrued liability were determined by the Company in connection with its annual comprehensive legal review and consisted of the following estimates, to the extent it was probable that such liabilities had been incurred

and could 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 Asbestos Claims already asserted and those Asbestos Claims the Company believed would be asserted.

Through December 31, 2019, the Company historically conducted an annual comprehensive legal review of its asbestos-related liabilities and costs in connection with finalizing and reporting its annual consolidated results of operations, unless significant changes in trends or new developments warranted an earlier review. As part of its annual comprehensive legal review, the Company provided historical Asbestos Claims 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 Asbestos Claims likely to be asserted against the Company. The Company used this estimate, 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 indicated that the existing amount of the accrued liability was lower (higher) than its reasonably estimable asbestos-related costs, then the Company recorded 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 historically were:

settlements would 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;

Asbestos Claims would continue to be resolved primarily under the Company’s administrative claims-handling 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 would not change materially, including claiming pattern changes driven by changes in the law, procedure, or expansion of judicial resources in jurisdictions where the Company settled Asbestos Claims;

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

the number and timing of additional co-defendant bankruptcies would 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 would continue to participate significantly in the resolution of future Asbestos Claims.

For the year ended December 31, 2019, the Company concluded that an accrual in the amount of $486 million was required under applicable accounting standards. This amount was not discounted for the time value of money. The Company’s comprehensive legal review resulted in a charge of $35 million for the year ended December 31, 2019. As previously disclosed, the Company anticipated that adjustments to its asbestos-related accruals were possible given the inherent uncertainties involved in asbestos litigation. In the fourth quarter of 2019, this charge was primarily due to an increase in the estimated average disposition cost per claim (including related legal costs), driven primarily by a changing litigation environment more favorable to plaintiffs, and a decrease in the estimated number of claims likely to be asserted against the Company in the future that was less than the decrease expected by the Company.

Other Matters

In February 2021, severe weather conditions swept across the southern United States, curtailing access to natural gas and electricity for several of the Company’s facilities. While the situation was most acute in Texas, access to natural gas in Mexico was also significantly impacted as Texas supplies natural gas to the country. The Company was notified by energy providers in both the United States and Mexico that it may be assessed surcharges for usage or excess usage of electricity and natural gas during that period. Although most of these surcharges had not yet been formally assessed as of the first quarter of 2021, the Company believed that these costs were probable and reasonably estimable and therefore

had accrued approximately $20 million as of March 31, 2021, which was based on the best information available at that time.

Subsequent to March 31, 2021, the Company has paid or agreed to pay approximately $3 million of the energy surcharges to certain providers. The Company was notified by certain providers that approximately $6 million of the potential surcharges would not be assessed and therefore the related accruals were reversed to earnings. At September 30, 2021, the Company had approximately $11 million accrued for this matter.

In the second quarter of 2021, the Company recorded a $69 million gain based on a favorable court ruling in Brazil, which will allow the Company to recover indirect taxes paid in previous years. This gain was recorded to Other income (expense), net on the Condensed Consolidated Results of Operations, as well as $28 million of income tax expense that was recognized as a discrete item in the second quarter of 2021.

Other litigation is pending against the Company, in some 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.

Share Owners' Equity

9 Months Ended

Sep. 30, 2021

Share Owners' Equity

Share Owners' Equity

11. Share Owners’ Equity

The activity in share owners’ equity for the three months ended September 30, 2021 and 2020 is as follows:


	Share Owners’ Equity of the Company
									Accumulated
			Capital in						Other		Non-		Total Share
	Common		Excess of		Treasury			Retained	Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		Earnings		Loss		Interests		Equity
Balance on July 1, 2021	$	2	$	3,113		(709)	$	173	$	(2,180)	$	103	$	502
Reissuance of common stock (0.2 million shares)				(1)		4								3
Shares repurchased (0.6 million shares)				(10)										(10)
Stock compensation (0.0 million shares)				3										3
Net earnings								85				6		91
Other comprehensive income (loss)										(18)		(1)		(19)
Balance on September 30, 2021	$	2	$	3,105	$	(705)	$	258	$	(2,198)	$	108	$	570


	Share Owners’ Equity of the Company
									Accumulated
			Capital in				Retained		Other		Non-		Total Share
	Common		Excess of		Treasury		Earnings		Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		(Loss)		Loss		Interests		Equity
Balance on July 1, 2020	$	2	$	3,128	$	(724)	$	(147)	$	(2,308)	$	91	$	42
Reissuance of common stock (0.2 million shares)				(3)		5								2
Stock compensation (0.1 million shares)				3										3
Net earnings								328				7		335
Other comprehensive income (loss)										(117)				(117)
Balance on September 30, 2020	$	2	$	3,128	$	(719)	$	181	$	(2,425)	$	98	$	265

The activity in share owners’ equity for the nine months ended September 30, 2021 and 2020 is as follows:


	Share Owners’ Equity of the Company
									Accumulated
			Capital in						Other		Non-		Total Share
	Common		Excess of		Treasury		Retained		Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		Earnings		Loss		Interests		Equity
Balance on January 1, 2021	$	2	$	3,129	$	(714)	$	152	$	(2,272)	$	104	$	401
Issuance of common stock (0.05 million shares)				1										1
Reissuance of common stock (0.3 million shares)				(4)		11								7
Shares repurchased (1.0 million shares)				(30)										(30)
Stock compensation (0.6 million shares)				11										11
Net earnings								106				17		123
Other comprehensive income (loss)										74		(14)		60
Other				(2)		(2)						1		(3)
Balance on September 30, 2021	$	2	$	3,105	$	(705)	$	258	$	(2,198)	$	108	$	570


	Share Owners’ Equity of the Company
									Accumulated
			Capital in					Retained	Other		Non-		Total Share
	Common		Excess of		Treasury		Earnings		Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		(Loss)		Loss		Interests		Equity
Balance on January 1, 2020	$	2	$	3,130	$	(733)	$	(89)	$	(1,843)	$	97	$	564
Reissuance of common stock (0.7 million shares)				(10)		17								7
Stock compensation (0.9 million shares)				8										8
Net earnings								278				11		289
Other comprehensive income (loss)										(582)		(10)		(592)
Dividends declared								(8)						(8)
Other						(3)								(3)
Balance on September 30, 2020	$	2	$	3,128	$	(719)	$	181	$	(2,425)	$	98	$	265

During the three months ended September 30, 2021, the Company purchased 619,666 shares of its common stock for approximately $10 million. The stock purchases were pursuant to a $150 million anti-dilutive share repurchase program authorized by the Company’s Board of Directors that is intended to offset stock-based compensation provided

to the Company’s directors, officers, and employees. Approximately $120 million remained available for purchases under this program as of September 30, 2021.

The Company has 250,000,000 shares of common stock authorized with a par value of $.01 per share. Shares outstanding are as follows:


	Shares Outstanding (in thousands)
	September 30,	December 31,	September 30,
	2021	2020	2020

Shares of common stock issued (including treasury shares)	188,426	189,305	189,302

Treasury shares	31,599	31,911	32,136

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
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+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2021

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

12. Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the three months ended September 30, 2021 and 2020 is as follows:


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on July 1, 2021	$	(1,187)	$	(47)		$	(946)		$	(2,180)
Change before reclassifications		(109)		37			47			(25)
Amounts reclassified from accumulated other comprehensive loss				(25)	(a)		24	(b)		(1)
Translation effect							7			7
Tax effect				1						1
Other comprehensive income (loss) attributable to the Company		(109)		13			78			(18)
Balance on September 30, 2021	$	(1,296)	$	(34)		$	(868)		$	(2,198)


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on July 1, 2020	$	(1,321)	$	(21)		$	(966)		$	(2,308)
Change before reclassifications		1		(88)			30			(57)
Amounts reclassified from accumulated other comprehensive income (loss)				78	(a)		17	(b)		95
Amounts reclassified from accumulated other comprehensive income (loss) related to ANZ sale		(149)		1			4			(144)
Translation effect				(1)			(9)			(10)
Tax effect				(1)						(1)
Other comprehensive income (loss) attributable to the Company		(148)		(11)			42			(117)
Balance on September 30, 2020	$	(1,469)	$	(32)		$	(924)		$	(2,425)

(a)	Amount is recorded to Other income (expense), net and interest expense, net on the Condensed Consolidated Results of Operations (see Note 5 for additional information).

(b)	Amount is included in the computation of net periodic pension cost (see Note 7 for additional information) and net post-retirement benefit cost.

The activity in accumulated other comprehensive loss for the nine months ended September 30, 2021 and 2020 is as follows:


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on January 1, 2021	$	(1,229)	$	(60)		$	(983)		$	(2,272)
Change before reclassifications		(67)		83			45			61
Amounts reclassified from accumulated other comprehensive income (loss)				(59)	(a)		63	(b)		4
Translation effect				1			7			8
Tax effect				1						1
Other comprehensive income (loss) attributable to the Company		(67)		26			115			74
Balance on September 30, 2021	$	(1,296)	$	(34)		$	(868)		$	(2,198)


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on January 1, 2020	$	(813)	$	(14)		$	(1,016)		$	(1,843)
Change before reclassifications		(507)		(81)			27			(561)
Amounts reclassified from accumulated other comprehensive income (loss)				67	(a)		59	(b)		126
Amounts reclassified from accumulated other comprehensive income (loss) related to ANZ sale		(149)		1			4			(144)
Translation effect				(3)			4			1
Tax effect				(2)			(2)			(4)
Other comprehensive income (loss) attributable to the Company		(656)		(18)			92			(582)
Balance on September 30, 2020	$	(1,469)	$	(32)		$	(924)		$	(2,425)

(a)	Amount is recorded to Other income (expense), net and interest expense, net on the Condensed Consolidated Results of Operations (see Note 5 for additional information).

(b)	Amount is included in the computation of net periodic pension cost (see Note 7 for additional information) and net post-retirement benefit cost.

Other Income (Expense), Net

9 Months Ended

Sep. 30, 2021

Other Income (Expense), Net

Other Income (Expense), Net

13. Other Income (Expense), Net

Other income (expense), net for the three and nine months ended September 30, 2021 and 2020 included the following:


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Gain on sale of ANZ businesses	$	—	$	280	$	—	$	280
Restructuring, asset impairment and other charges		(12)		(9)		(21)		(80)
Brazil indirect tax credit						69
Pension settlement charges		(5)				(5)		(8)
Charge related to Paddock support agreement liability (see Note 10)						(154)
Intangible amortization expense		(9)		(8)		(26)		(23)
Strategic transaction costs				(3)				(7)
Foreign currency exchange loss		(1)		(1)		(3)		(3)
Royalty income		6		2		17		8
Charge for deconsolidation of Paddock (see Note 10)								(14)
Other				(11)				(6)
Other income (expense), net	$	(21)	$	250	$	(123)	$	147

Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share

Earnings Per Share

14. Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per share:


	Three months ended September 30,
	2021		2020
Numerator:
Net earnings attributable to the Company	$	85	$	328
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		156,825		157,073
Effect of dilutive securities:
Stock options and other		3,686		2,226
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		160,511		159,299
Basic earnings per share:
Earnings from continuing operations attributable to the Company	$	0.49	$	2.09
Gain from discontinued operations		0.05
Net earnings	$	0.54	$	2.09
Diluted earnings per share:
Earnings from continuing operations attributable to the Company	$	0.48	$	2.06
Gain from discontinued operations		0.05
Net earnings	$	0.53	$	2.06

The diluted earnings per share computation for the three months ended September 30, 2021 and 2020 excludes 958,014 and 1,564,207 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes options to purchase, unvested restricted stock units and performance vested restricted share units. Options to purchase shares were excluded because the exercise prices of the options were greater than the average market price of the common shares.


	Nine months ended September 30,
	2021		2020
Numerator:
Net earnings attributable to the Company	$	106	$	278
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		157,430		156,650
Effect of dilutive securities:
Stock options and other		3,043		1,788
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		160,473		158,438
Basic earnings per share:
Earnings from continuing operations attributable to the Company	$	0.62	$	1.77
Gain from discontinued operations		0.05
Net earnings	$	0.67	$	1.77
Diluted earnings per share:
Earnings from continuing operations attributable to the Company	$	0.61	$	1.76
Gain from discontinued operations		0.05
Net earnings	$	0.66	$	1.76

The diluted earnings per share computation for the nine months ended September 30, 2021 and 2020 excludes 1,206,870 and 2,616,538 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes options to purchase, unvested restricted stock units and performance vested restricted share units. Options to purchase shares were excluded because the exercise prices of the options were greater than the average market price of the common shares.

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2021

Supplemental Cash Flow Information

Supplemental Cash Flow Information

15. Supplemental Cash Flow Information

Income taxes paid in cash were as follows:


	Nine months ended September 30,
	2021		2020
U.S.	$	6	$	1
Non-U.S.		58		53
Total income taxes paid in cash	$	64	$	54

Interest paid, including note repurchase premiums, in cash for the nine months ended September 30, 2021 and 2020 was $144 million and $196 million, respectively. Cash interest for the nine months ended September 30, 2020 included $41 million for note repurchase premiums.

The Company uses various factoring programs to sell certain receivables to financial institutions as part of managing its cash flows. At September 30, 2021, December 31, 2020 and September 30, 2020, the amount of receivables sold by the Company was $416 million, $436 million and $426 million, respectively. These amounts included $189 million, $176 million and $188 million at September 30, 2021, December 31, 2020, and September 30, 2020, respectively, for trade receivable amounts factored under supply chain financing programs linked to commercial arrangements with key customers. For the nine months ended September 30, 2021 and 2020, the Company’s use of its factoring programs resulted in decreases to cash from operating activities of $20 million and $113 million, respectively.

New Accounting Pronouncement

9 Months Ended

Sep. 30, 2021

New Accounting Pronouncement

New Accounting Pronouncement

16. New Accounting Pronouncement

Effects of Reference Rate Reform on Financial Reporting - In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which allows for elective contract modification guidance for contracts or other transactions that reference LIBOR or a

reference rate that is expected to be discontinued as a result of reference rate reform. To date, no significant contracts that reference LIBOR have been modified by the Company. The Company adopted ASU No. 2020-04 effective July 1, 2020. The adoption of this ASU had no impact on the Company’s condensed consolidated balance sheets, results of operations or cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

COVID-19 Impacts

9 Months Ended

Sep. 30, 2021

COVID-19 Impacts

COVID-19 Impacts

17. COVID-19 Impacts

On March 11, 2020, the World Health Organization characterized COVID-19 as a global pandemic and recommended containment and mitigation measures. The Company is actively monitoring the impact of the COVID-19 pandemic, which negatively impacted its business in 2020 and, to a lesser extent, the first nine months of 2021 and may negatively impact its business and results of operations in the future.

The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates particularly as it relates to estimates reliant on forecasts and other assumptions reasonably available to the Company and the uncertain future impacts of the COVID-19 pandemic and related economic disruptions. The extent to which the COVID-19 pandemic and related economic disruptions impact the Company’s business and financial results will depend on future developments including, but not limited to, the continued spread, duration and severity of the COVID-19 pandemic; the occurrence, spread, duration and severity of any subsequent wave or waves of outbreaks after the initial outbreak has subsided; the actions taken by the U.S. and foreign governments to contain the COVID-19 pandemic, address its impact or respond to the reduction in global and local economic activity; the occurrence, duration and severity of a global, regional or national recession, depression or other sustained adverse market event; the impact of the developments described above on its customers and suppliers; and how quickly and to what extent normal economic and operating conditions can resume. The accounting matters assessed included, but were not limited to:

• allowance for doubtful accounts and credit losses;

• carrying value of inventory; and

• the carrying value of goodwill and other long-lived assets.

There was not a material impact to the above estimates in the Company’s Condensed Consolidated Financial Statements for the three- and nine-month periods ended September 30, 2021 or September 30, 2020. The Company’s future assessment of the magnitude and duration of the COVID-19 pandemic, as well as other factors, could result in material changes to the estimates and material impacts to the Company’s Condensed Consolidated Financial Statements in future reporting periods.

Divestitures

9 Months Ended

Sep. 30, 2021

Divestitures

Divestitures

18. Divestitures

On July 31, 2020, the Company completed the sale of its ANZ businesses to Visy, an unaffiliated

company. Gross proceeds approximated AUD $947 million (including a related sale-leaseback agreement which

approximated AUD $214 million), or approximately USD $677 million. Approximately 95% of those proceeds

were received at the time of closing, and the remaining balance of approximately $58 million was received in the first quarter of 2021. In 2020, the Company recognized a net gain (including costs directly attributable to the sale of ANZ and subject to post-closing adjustments) on the divestiture of approximately $275 million, which was reported on the Other income (expense), net line in the Consolidated Results of Operations. In addition, at closing, certain subsidiaries of the Company entered into certain ancillary agreements with Visy and the ANZ businesses in respect of the provision of certain transitional and technical services to the ANZ businesses.

In January 2021, the Company completed the sale of its plant in Argentina. Gross proceeds are approximately $10 million, and the gain on the sale was not material.

Subsequent Event

9 Months Ended

Sep. 30, 2021

Subsequent Event

Subsequent Event

19. Subsequent Event

On October 25, 2021, the Company announced that it had entered into a binding commitment to sell its Le Parfait brand and business to a subsidiary of Berlin Packaging L.L.C., a global packaging supplier. Le Parfait is a French jar brand sold in more than 20 countries. The proposed sale is expected to generate gross proceeds of approximately €72 million, which will be redeployed to help fund expansion initiatives, such as the Company’s MAGMA innovation. O-I expects to close around year end 2021, subject to the works council consultation and other customary closing conditions. The proposed transaction between O-I and Berlin Packaging L.L.C. also includes a long-term supply arrangement to manufacture Le Parfait jars from O-I plants in France and Spain.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Information

Net sales for the Company's reportable segments


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Net sales:
Americas	$	925	$	887	$	2,652	$	2,442
Europe		655		644		2,039		1,775
Asia Pacific				52				281
Reportable segment totals		1,580		1,583		4,691		4,498
Other		29		33		79		97
Net sales	$	1,609	$	1,616	$	4,770	$	4,595

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


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Segment operating profit:
Americas	$	133	$	113	$	357	$	268
Europe		110		88		293		191
Asia Pacific				3				19
Reportable segment totals		243		204		650		478
Items excluded from segment operating profit:
Retained corporate costs and other		(49)		(35)		(126)		(98)
Gain on sale of ANZ businesses				280				280
Brazil indirect tax credit						69
Restructuring, asset impairment and other charges		(12)		(9)		(21)		(80)
Charge related to Paddock support agreement liability						(154)
Charge for deconsolidation of Paddock								(14)
Pension settlement charges		(5)				(5)		(8)
Strategic transaction costs				(3)				(7)
Interest expense, net		(50)		(61)		(153)		(212)
Earnings from continuing operations before income taxes	$	127	$	376	$	260	$	339

Total assets for the Company's reportable segments


	September 30,		December 31,		September 30,
	2021		2020		2020
Total assets:
Americas	$	4,925	$	4,927	$	4,663
Europe		3,457		3,507		3,307

Reportable segment totals		8,382		8,434		7,970
Other		384		448		654
Consolidated totals	$	8,766	$	8,882	$	8,624

Revenue (Tables)

9 Months Ended

Sep. 30, 2021

Revenue

Schedule of disaggregation of revenue by customer end use


	Three months ended September 30, 2021
	Americas		Europe		Asia Pacific		Total

Alcoholic beverages (beer, wine, spirits)	$	561	$	467	$	—	$	1,028
Food and other		215		124				339
Non-alcoholic beverages		149		64				213
Reportable segment totals	$	925	$	655	$	—	$	1,580
Other								29
Net sales							$	1,609


	Three months ended September 30, 2020
	Americas		Europe		Asia Pacific		Total

Alcoholic beverages (beer, wine, spirits)	$	537	$	452	$	40	$	1,029
Food and other		222		138		6		366
Non-alcoholic beverages		128		54		6		188
Reportable segment totals	$	887	$	644	$	52	$	1,583
Other								33
Net sales							$	1,616


	Nine months ended September 30, 2021
	Americas		Europe		Asia Pacific		Total

Alcoholic beverages (beer, wine, spirits)	$	1,610	$	1,507	$	—	$	3,117
Food and other		627		366				993
Non-alcoholic beverages		415		166				581
Reportable segment totals	$	2,652	$	2,039	$	—	$	4,691
Other								79
Net sales							$	4,770


	Nine months ended September 30, 2020
	Americas		Europe		Asia Pacific		Total

Alcoholic beverages (beer, wine, spirits)	$	1,471	$	1,258	$	217	$	2,946
Food and other		609		360		38		1,007
Non-alcoholic beverages		362		157		26		545
Reportable segment totals	$	2,442	$	1,775	$	281	$	4,498
Other								97
Net sales							$	4,595

Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventories

Major classes of inventory


	September 30,		December 31,		September 30,
	2021		2020		2020
Finished goods	$	651	$	675	$	625
Raw materials		120		129		121
Operating supplies		37		37		36
	$	808	$	841	$	782

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments

Balance Sheet Classification of derivative instruments


	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	September 30,		December 31,		September 30,		September 30,		December 31,		September 30,
	2021		2020		2020		2021		2020		2020
Derivatives designated as hedging instruments:
Interest rate swaps - fair value hedges (a)	$	9	$	17	$	16	$	1	$	—	$	—
Cash flow hedges of foreign exchange risk (b)		9		6		9		54		115		67
Net investment hedges (c)		2		1		2		28		52		27
Total derivatives accounted for as hedges	$	20	$	24	$	27	$	83	$	167	$	94
Derivatives not designated as hedges:
Foreign exchange derivative contracts (d)		1		1		3		4		3		6
Total derivatives	$	21	$	25	$	30	$	87	$	170	$	100


Current	$	15	$	13	$	16	$	4	$	15	$	13
Noncurrent		6		12		14		83		155		87
Total derivatives	$	21	$	25	$	30	$	87	$	170	$	100


	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Three months ended September 30,				Three months ended September 30,
Derivatives designated as hedging instruments:	2021		2020		2021		2020
Cash Flow Hedges
Cash flow hedges of foreign exchange risk (a)	$	24	$	(61)	$	24	$	(80)
Cash flow hedges of interest rate risk (b)
Net Investment Hedges
Net Investment Hedges (b)		13		(26)		1		1
	$	37	$	(87)	$	25	$	(79)

	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Nine months ended September 30,				Nine months ended September 30,
Derivatives designated as hedging instruments:	2021		2020		2021		2020
Cash Flow Hedges
Cash flow hedges of foreign exchange risk (a)	$	56	$	(51)	$	57	$	(71)
Cash flow hedges of interest rate risk (b)								(1)
Net Investment Hedges
Net Investment Hedges (b)		27		(29)		2		4
	$	83	$	(80)	$	59	$	(68)

	Amount of Gain (Loss) Recognized in Other income (expense), net				Amount of Gain (Loss) Recognized in Other income (expense), net
	Three months ended September 30,				Nine months ended September 30,
Derivatives not designated as hedges:	2021		2020		2021		2020
Foreign exchange derivative contracts	$	2	$	3	$	9	$	13

(1) Gains and losses reclassified from accumulated OCI and recognized in income are recorded to (a) other income (expense), net or (b) interest expense, net.

Effects of derivative instruments on the results of operations

Restructuring (Tables)

9 Months Ended

Sep. 30, 2021

Restructuring Accruals

Selected information related to the restructuring accruals

Selected information related to the restructuring accruals for the three months ended September 30, 2021 and 2020 is as follows:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at July 1, 2021	$	32	$	—	$	12	$	44
Charges				1		11		12
Write-down of assets to net realizable value				(1)				(1)
Net cash paid, principally severance and related benefits		(4)				(1)		(5)
Other, including foreign exchange translation								—
Balance at September 30, 2021	$	28	$	—	$	22	$	50


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at July 1, 2020	$	30	$	—	$	17	$	47
Charges		2		3				5
Write-down of assets to net realizable value				(3)				(3)
Net cash paid, principally severance and related benefits		(10)						(10)
Other, including foreign exchange translation						(4)		(4)
Balance at September 30, 2020	$	22	$	—	$	13	$	35

Selected information related to the restructuring accruals for the nine months ended September 30, 2021 and 2020 is as follows:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2021	$	38	$	—	$	7	$	45
Charges		2		1		17		20
Write-down of assets to net realizable value				(1)				(1)
Net cash paid, principally severance and related benefits		(11)				(3)		(14)
Other, including foreign exchange translation		(1)				1		—
Balance at September 30, 2021	$	28	$	—	$	22	$	50


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2020	$	32	$		$	13	$	45
Charges		23		43		6		72
Write-down of assets to net realizable value				(43)				(43)
Net cash paid, principally severance and related benefits		(31)				(1)		(32)
Other, including foreign exchange translation		(2)				(5)		(7)
Balance at September 30, 2020	$	22	$	—	$	13	$	35

Pension Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2021

Pension Benefit Plans

Defined Benefit Plans and Other Postretirement Benefit Plans

Components of net periodic pension cost


	U.S.				Non-U.S.
	2021		2020		2021		2020
Service cost	$	3	$	3	$	3	$	3
Interest cost		10		12		5		6
Expected asset return		(21)		(19)		(11)		(12)
Amortization of actuarial loss		16		14		3		3
Net periodic pension cost	$	8	$	10	$	—	$	—


	U.S.				Non-U.S.
	2021		2020		2021		2020
Service cost	$	9	$	9	$	9	$	10
Interest cost		30		37		15		19
Expected asset return		(63)		(60)		(34)		(36)
Amortization of actuarial loss		48		42		10		9
Net periodic pension cost	$	24	$	28	$	—	$	2

Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt

Long-term Debt


	September 30,		December 31,		September 30,
	2021		2020		2020
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans	$	—	$	—	$	195
Term Loans:
Term Loan A		1,068		1,067		1,157
Other secured debt				99		109
Senior Notes:
4.00%, due 2023		308		307		307
5.875%, due 2023		694		692		691
3.125%, due 2024 (€725 million)		854		914		873
6.375%, due 2025		297		296		296
5.375%, due 2025		298		298		298
2.875%, due 2025 (€500 million)		574		607		579
6.625%, due 2027		693		692		691
Finance leases		99		108		94
Other		5		7		6
Total long-term debt		4,890		5,087		5,296
Less amounts due within one year		37		142		133
Long-term debt	$	4,853	$	4,945	$	5,163

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


	Principal		Indicated Market
	Amount		Price Per $		Fair Value
Senior Notes:
5.875%, due 2023	$	700	$	106.00	$	742
4.00%, due 2023		310		102.57		318
3.125%, due 2024 (€725 million)		841		103.53		871
6.375%, due 2025		300		110.86		333
5.375%, due 2025		300		107.11		321
2.875%, due 2025 (€500 million)		580		101.56		589
6.625%, due 2027		700		107.40		752

- 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.

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+ Details

Share Owners' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Share Owners' Equity

Activity in share owner's equity

The activity in share owners’ equity for the three months ended September 30, 2021 and 2020 is as follows:


	Share Owners’ Equity of the Company
									Accumulated
			Capital in						Other		Non-		Total Share
	Common		Excess of		Treasury			Retained	Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		Earnings		Loss		Interests		Equity
Balance on July 1, 2021	$	2	$	3,113		(709)	$	173	$	(2,180)	$	103	$	502
Reissuance of common stock (0.2 million shares)				(1)		4								3
Shares repurchased (0.6 million shares)				(10)										(10)
Stock compensation (0.0 million shares)				3										3
Net earnings								85				6		91
Other comprehensive income (loss)										(18)		(1)		(19)
Balance on September 30, 2021	$	2	$	3,105	$	(705)	$	258	$	(2,198)	$	108	$	570


	Share Owners’ Equity of the Company
									Accumulated
			Capital in				Retained		Other		Non-		Total Share
	Common		Excess of		Treasury		Earnings		Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		(Loss)		Loss		Interests		Equity
Balance on July 1, 2020	$	2	$	3,128	$	(724)	$	(147)	$	(2,308)	$	91	$	42
Reissuance of common stock (0.2 million shares)				(3)		5								2
Stock compensation (0.1 million shares)				3										3
Net earnings								328				7		335
Other comprehensive income (loss)										(117)				(117)
Balance on September 30, 2020	$	2	$	3,128	$	(719)	$	181	$	(2,425)	$	98	$	265

The activity in share owners’ equity for the nine months ended September 30, 2021 and 2020 is as follows:


	Share Owners’ Equity of the Company
									Accumulated
			Capital in						Other		Non-		Total Share
	Common		Excess of		Treasury		Retained		Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		Earnings		Loss		Interests		Equity
Balance on January 1, 2021	$	2	$	3,129	$	(714)	$	152	$	(2,272)	$	104	$	401
Issuance of common stock (0.05 million shares)				1										1
Reissuance of common stock (0.3 million shares)				(4)		11								7
Shares repurchased (1.0 million shares)				(30)										(30)
Stock compensation (0.6 million shares)				11										11
Net earnings								106				17		123
Other comprehensive income (loss)										74		(14)		60
Other				(2)		(2)						1		(3)
Balance on September 30, 2021	$	2	$	3,105	$	(705)	$	258	$	(2,198)	$	108	$	570


	Share Owners’ Equity of the Company
									Accumulated
			Capital in					Retained	Other		Non-		Total Share
	Common		Excess of		Treasury		Earnings		Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		(Loss)		Loss		Interests		Equity
Balance on January 1, 2020	$	2	$	3,130	$	(733)	$	(89)	$	(1,843)	$	97	$	564
Reissuance of common stock (0.7 million shares)				(10)		17								7
Stock compensation (0.9 million shares)				8										8
Net earnings								278				11		289
Other comprehensive income (loss)										(582)		(10)		(592)
Dividends declared								(8)						(8)
Other						(3)								(3)
Balance on September 30, 2020	$	2	$	3,128	$	(719)	$	181	$	(2,425)	$	98	$	265

Schedule of shares outstanding


	Shares Outstanding (in thousands)
	September 30,	December 31,	September 30,
	2021	2020	2020

Shares of common stock issued (including treasury shares)	188,426	189,305	189,302

Treasury shares	31,599	31,911	32,136

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2021

Accumulated Other Comprehensive Loss

Component of accumulated other comprehensive loss

The activity in accumulated other comprehensive loss for the three months ended September 30, 2021 and 2020 is as follows:


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on July 1, 2021	$	(1,187)	$	(47)		$	(946)		$	(2,180)
Change before reclassifications		(109)		37			47			(25)
Amounts reclassified from accumulated other comprehensive loss				(25)	(a)		24	(b)		(1)
Translation effect							7			7
Tax effect				1						1
Other comprehensive income (loss) attributable to the Company		(109)		13			78			(18)
Balance on September 30, 2021	$	(1,296)	$	(34)		$	(868)		$	(2,198)


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on July 1, 2020	$	(1,321)	$	(21)		$	(966)		$	(2,308)
Change before reclassifications		1		(88)			30			(57)
Amounts reclassified from accumulated other comprehensive income (loss)				78	(a)		17	(b)		95
Amounts reclassified from accumulated other comprehensive income (loss) related to ANZ sale		(149)		1			4			(144)
Translation effect				(1)			(9)			(10)
Tax effect				(1)						(1)
Other comprehensive income (loss) attributable to the Company		(148)		(11)			42			(117)
Balance on September 30, 2020	$	(1,469)	$	(32)		$	(924)		$	(2,425)

(a)	Amount is recorded to Other income (expense), net and interest expense, net on the Condensed Consolidated Results of Operations (see Note 5 for additional information).

(b)	Amount is included in the computation of net periodic pension cost (see Note 7 for additional information) and net post-retirement benefit cost.

The activity in accumulated other comprehensive loss for the nine months ended September 30, 2021 and 2020 is as follows:

Other Income (Expense), Net (Tables)

9 Months Ended

Sep. 30, 2021

Other Income (Expense), Net

Schedule of other income (expense), net


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Gain on sale of ANZ businesses	$	—	$	280	$	—	$	280
Restructuring, asset impairment and other charges		(12)		(9)		(21)		(80)
Brazil indirect tax credit						69
Pension settlement charges		(5)				(5)		(8)
Charge related to Paddock support agreement liability (see Note 10)						(154)
Intangible amortization expense		(9)		(8)		(26)		(23)
Strategic transaction costs				(3)				(7)
Foreign currency exchange loss		(1)		(1)		(3)		(3)
Royalty income		6		2		17		8
Charge for deconsolidation of Paddock (see Note 10)								(14)
Other				(11)				(6)
Other income (expense), net	$	(21)	$	250	$	(123)	$	147

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share

Computation of basic and diluted earnings per share


	Three months ended September 30,
	2021		2020
Numerator:
Net earnings attributable to the Company	$	85	$	328
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		156,825		157,073
Effect of dilutive securities:
Stock options and other		3,686		2,226
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		160,511		159,299
Basic earnings per share:
Earnings from continuing operations attributable to the Company	$	0.49	$	2.09
Gain from discontinued operations		0.05
Net earnings	$	0.54	$	2.09
Diluted earnings per share:
Earnings from continuing operations attributable to the Company	$	0.48	$	2.06
Gain from discontinued operations		0.05
Net earnings	$	0.53	$	2.06


	Nine months ended September 30,
	2021		2020
Numerator:
Net earnings attributable to the Company	$	106	$	278
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		157,430		156,650
Effect of dilutive securities:
Stock options and other		3,043		1,788
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		160,473		158,438
Basic earnings per share:
Earnings from continuing operations attributable to the Company	$	0.62	$	1.77
Gain from discontinued operations		0.05
Net earnings	$	0.67	$	1.77
Diluted earnings per share:
Earnings from continuing operations attributable to the Company	$	0.61	$	1.76
Gain from discontinued operations		0.05
Net earnings	$	0.66	$	1.76

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2021

Supplemental Cash Flow Information

Income taxes paid (received) in cash


	Nine months ended September 30,
	2021		2020
U.S.	$	6	$	1
Non-U.S.		58		53
Total income taxes paid in cash	$	64	$	54

Segment Information (Details) - segment	9 Months Ended	12 Months Ended
Segment Information (Details) - segment	Sep. 30, 2021	Dec. 31, 2019
Segment Reporting Information
Number of reportable segments	3
Number of operating segments	3
Australia And New Zealand ("ANZ") business
Segment Reporting Information
Percentage of net sales of segment		85.00%

Segment Information - Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Net sales:
Net sales	$ 1,609			$ 1,616		$ 4,770	$ 4,595
Items excluded from segment operating profit:
Retained corporate costs and other	(49)			(35)		(126)	(98)
Gain on sale of ANZ businesses				280			280
Brazil indirect tax credit		$ 69				69
Restructuring, asset impairment and other charges	(12)			(9)		(21)	(80)
Charge related to Paddock support agreement liability			$ (154)			(154)
Charge for deconsolidation of Paddock					$ (14)		(14)
Pension settlement charges	(5)					(5)	(8)
Strategic transaction costs				(3)			(7)
Interest expense, net	(50)			(61)		(153)	(212)
Earnings from continuing operations before income taxes
Earnings from continuing operations before income taxes	127			376		260	339
Reportable Segment Totals
Net sales:
Net sales	1,580			1,583		4,691	4,498
Segment operating profit:
Segment operating profit	243			204		650	478
Americas
Net sales:
Net sales	925			887		2,652	2,442
Segment operating profit:
Segment operating profit	133			113		357	268
Europe
Net sales:
Net sales	655			644		2,039	1,775
Segment operating profit:
Segment operating profit	110			88		293	191
Asia Pacific
Net sales:
Net sales				52			281
Segment operating profit:
Segment operating profit				3			19
Other
Net sales:
Net sales	$ 29			$ 33		$ 79	$ 97

Segment Information - Total Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Assets
Total assets:	$ 8,766	$ 8,882	$ 8,624
Reportable Segment Totals
Assets
Total assets:	8,382	8,434	7,970
Americas
Assets
Total assets:	4,925	4,927	4,663
Europe
Assets
Total assets:	3,457	3,507	3,307
Other
Assets
Total assets:	$ 384	$ 448	$ 654

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue
Net sales	$ 1,609	$ 1,616	$ 4,770	$ 4,595
Reportable Segment Totals
Disaggregation of Revenue
Net sales	1,580	1,583	4,691	4,498
Americas
Disaggregation of Revenue
Net sales	925	887	2,652	2,442
Europe
Disaggregation of Revenue
Net sales	655	644	2,039	1,775
Asia Pacific
Disaggregation of Revenue
Net sales		52		281
Other
Disaggregation of Revenue
Net sales	29	33	79	97
Alcoholic beverages (beer, wine, spirits)
Disaggregation of Revenue
Net sales	1,028	1,029	3,117	2,946
Alcoholic beverages (beer, wine, spirits) \| Americas
Disaggregation of Revenue
Net sales	561	537	1,610	1,471
Alcoholic beverages (beer, wine, spirits) \| Europe
Disaggregation of Revenue
Net sales	467	452	1,507	1,258
Alcoholic beverages (beer, wine, spirits) \| Asia Pacific
Disaggregation of Revenue
Net sales		40		217
Food and other
Disaggregation of Revenue
Net sales	339	366	993	1,007
Food and other \| Americas
Disaggregation of Revenue
Net sales	215	222	627	609
Food and other \| Europe
Disaggregation of Revenue
Net sales	124	138	366	360
Food and other \| Asia Pacific
Disaggregation of Revenue
Net sales		6		38
Non-alcoholic beverages
Disaggregation of Revenue
Net sales	213	188	581	545
Non-alcoholic beverages \| Americas
Disaggregation of Revenue
Net sales	149	128	415	362
Non-alcoholic beverages \| Europe
Disaggregation of Revenue
Net sales	$ 64	54	$ 166	157
Non-alcoholic beverages \| Asia Pacific
Disaggregation of Revenue
Net sales		$ 6		$ 26

Credit Losses (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Credit Losses
Accounts receivable, net	$ 793	$ 623	$ 724
Allowance for doubtful accounts	$ 31	$ 33	$ 33

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Inventories
Finished goods	$ 651	$ 675	$ 625
Raw materials	120	129	121
Operating supplies	37	37	36
Inventories	$ 808	$ 841	$ 782

Derivative Instruments - Derivatives and Hedges (Details) - Cash Flow Hedges - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Foreign exchange risk
Derivatives and Hedges
Unrecognized (loss) gain included in Accumulated OCI	$ 9	$ 9	$ 9
Interest rate risk
Derivatives and Hedges
Unrecognized (loss) gain included in Accumulated OCI	$ 0
Interest rate risk \| Maximum
Derivatives and Hedges
Unrecognized (loss) gain included in Accumulated OCI		$ (1)	$ (1)

Derivative Instruments - Balance Sheet Classification (Details) € in Millions, $ in Millions	Sep. 30, 2021 USD ($)	Sep. 30, 2021 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 EUR (€)
Derivatives, Fair Value
Total asset derivatives	$ 21		$ 25		$ 30
Total liability derivatives	87		170		100
Current derivative asset	15		13		16
Current derivative liability	4		15		13
Noncurrent derivative asset	6		12		14
Noncurrent derivative liability	83		155		87
Derivatives designated as hedging instruments
Derivatives, Fair Value
Total asset derivatives	20		24		27
Total liability derivatives	83		167		94
Derivatives designated as hedging instruments \| Interest rate swaps - fair value hedges
Derivatives, Fair Value
Notional amount \| €		€ 725		€ 725		€ 725
Total asset derivatives	9		17		16
Total liability derivatives	1
Derivatives designated as hedging instruments \| Cash flow hedges of foreign exchange risk
Derivatives, Fair Value
Notional amount	878		978		1,100
Total asset derivatives	9		6		9
Total liability derivatives	54		115		67
Derivatives designated as hedging instruments \| Net investment hedges
Derivatives, Fair Value
Notional amount \| €		€ 311		€ 311		€ 311
Total asset derivatives	2		1		2
Total liability derivatives	28		52		27
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivatives, Fair Value
Notional amount	291		247		247
Total asset derivatives	1		1		3
Total liability derivatives	$ 4		$ 3		$ 6

Derivative Instruments - Effects of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivatives and Hedges
Amount of Gain (Loss) Recognized in Other income (expense), net	$ 2	$ 3	$ 9	$ 13
Derivatives designated as hedging instruments
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	37	(87)	83	(80)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	25	(79)	59	(68)
Derivatives designated as hedging instruments \| Net Investment Hedges \| Interest expense, net
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	13	(26)	27	(29)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	1	1	2	4
Derivatives designated as hedging instruments \| Foreign exchange risk \| Cash Flow Hedges \| Other income (expense), net
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	24	(61)	56	(51)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ 24	$ (80)	$ 57	(71)
Derivatives designated as hedging instruments \| Interest rate risk \| Cash Flow Hedges \| Interest expense, net
Derivatives and Hedges
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)				$ (1)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Restructuring (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring accrual
Beginning balance, restructuring reserve	$ 44	$ 47	$ 45	$ 45
Charges	12	5	20	72
Write-down of assets to net realizable value	(1)	(3)	(1)	(43)
Net cash paid, principally severance and related benefits	(5)	(10)	(14)	(32)
Other, including foreign exchange translation		(4)		(7)
Ending balance, restructuring reserve	50	35	50	35
Restructuring, Additional Information
Carrying value of impaired assets	1		1
Employee Costs
Restructuring accrual
Beginning balance, restructuring reserve	32	30	38	32
Charges		2	2	23
Net cash paid, principally severance and related benefits	(4)	(10)	(11)	(31)
Other, including foreign exchange translation			(1)	(2)
Ending balance, restructuring reserve	28	22	28	22
Asset Impairment
Restructuring accrual
Charges	1	3	1	43
Write-down of assets to net realizable value	(1)	(3)	(1)	(43)
Other Exit Costs
Restructuring accrual
Beginning balance, restructuring reserve	12	17	7	13
Charges	11		17	6
Net cash paid, principally severance and related benefits	(1)		(3)	(1)
Other, including foreign exchange translation		(4)	1	(5)
Ending balance, restructuring reserve	$ 22	$ 13	$ 22	$ 13

Pension Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pension Benefit Plans (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pension Benefit Plans
Amortization:
Settlements	$ 5	$ 0	$ 5	$ 8
Decrease in benefit liability	46		46
Postretirement Benefits Other Than Pensions \| U.S.
Amortization:
Decrease in benefit liability		32
Funded Plan \| Pension Benefit Plans \| U.S.
Components of net periodic pension cost
Service cost	3	3	9	9
Interest cost	10	12	30	37
Expected asset return	(21)	(19)	(63)	(60)
Amortization:
Amortization of actuarial loss	16	14	48	42
Net periodic pension cost	8	10	24	28
Funded Plan \| Pension Benefit Plans \| Non-U.S. Pension Plans
Components of net periodic pension cost
Service cost	3	3	9	10
Interest cost	5	6	15	19
Expected asset return	(11)	(12)	(34)	(36)
Amortization:
Amortization of actuarial loss	$ 3	$ 3	$ 10	9
Net periodic pension cost				$ 2

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Sep. 30, 2021
Income Taxes.
Statutory U.S. Federal tax rate (as a percent)	21.00%

Debt (Details) $ / shares in Units, € in Millions, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2020 USD ($)	May 31, 2020 USD ($)	Dec. 31, 2021	Sep. 30, 2021 USD ($) $ / shares	Sep. 30, 2021 USD ($) agreement $ / shares	Sep. 30, 2021 EUR (€)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 EUR (€)
Debt Instrument
Total long-term debt				$ 4,890	$ 4,890		$ 5,087		$ 5,296
Less amounts due within one year				37	37		142		133
Long-term debt				$ 4,853	$ 4,853		4,945		5,163
Number of financial maintenance covenants \| agreement					1
Maximum Leverage Ratio may increase					0.5
Maximum
Debt Instrument
Leverage Ratio				4.75	5.0
Maximum Borrowing Capacity				$ 3,000	$ 3,000
Maximum \| Forecast
Debt Instrument
Leverage Ratio			4.50
Secured Credit Agreement
Debt Instrument
Unused Credit				$ 1,489	$ 1,489
Weighted average interest rate (as a percent)				1.58%	1.58%	1.58%
Secured Credit Agreement \| Minimum
Debt Instrument
Interest rate margin, Eurocurrency Rate loans (as a percent)				1.00%	1.00%	1.00%
Interest rate margin, Base Rate loans (as a percent)					0.00%
Secured Credit Agreement \| Maximum
Debt Instrument
Interest rate margin, Eurocurrency Rate loans (as a percent)				1.50%	1.50%	1.50%
Interest rate margin, Base Rate loans (as a percent)					0.50%
Revolving Loans
Debt Instrument
Total long-term debt									195
Term Loan A
Debt Instrument
Total long-term debt				$ 1,068	$ 1,068		1,067		1,157
Face Value				1,500	1,500
Increase in long term debt, net of debt issuance costs					1,068
Other secured debt
Debt Instrument
Total long-term debt							99		109
Debt redeemed		$ 105
Senior Notes
Debt Instrument
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees		$ 38
Senior Notes 4.875%, due 2021 (330 million EUR)
Debt Instrument
Interest rate, stated percentage		4.875%
Debt redeemed		$ 130
Senior Notes 5.00%, due 2022
Debt Instrument
Interest rate, stated percentage	5.00%	5.00%
Debt redeemed	$ 81	$ 419
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees	$ 6
Senior Notes 4.00%, due 2023
Debt Instrument
Total long-term debt				$ 308	$ 308		307		307
Interest rate, stated percentage				4.00%	4.00%	4.00%
Fair values of fixed rate debt obligations
Principal Amount				$ 310	$ 310
Indicated Market Price (in dollars per share) \| $ / shares				$ 102.57	$ 102.57
Fair Value				$ 318	$ 318
Senior Notes 5.875%, due 2023
Debt Instrument
Total long-term debt				$ 694	$ 694		692		691
Interest rate, stated percentage				5.875%	5.875%	5.875%
Fair values of fixed rate debt obligations
Principal Amount				$ 700	$ 700
Indicated Market Price (in dollars per share) \| $ / shares				$ 106.00	$ 106.00
Fair Value				$ 742	$ 742
Senior Notes 3.125%, due 2024 (725 million EUR)
Debt Instrument
Total long-term debt				$ 854	$ 854	€ 725	914	€ 725	873	€ 725
Interest rate, stated percentage				3.125%	3.125%	3.125%
Fair values of fixed rate debt obligations
Principal Amount				$ 841	$ 841
Indicated Market Price (in dollars per share) \| $ / shares				$ 103.53	$ 103.53
Fair Value				$ 871	$ 871
Senior Notes 6.375%, due 2025
Debt Instrument
Total long-term debt				$ 297	$ 297		296		296
Interest rate, stated percentage				6.375%	6.375%	6.375%
Fair values of fixed rate debt obligations
Principal Amount				$ 300	$ 300
Indicated Market Price (in dollars per share) \| $ / shares				$ 110.86	$ 110.86
Fair Value				$ 333	$ 333
Senior Notes, 5.375% due 2025
Debt Instrument
Total long-term debt				$ 298	$ 298		298		298
Interest rate, stated percentage				5.375%	5.375%	5.375%
Fair values of fixed rate debt obligations
Principal Amount				$ 300	$ 300
Indicated Market Price (in dollars per share) \| $ / shares				$ 107.11	$ 107.11
Fair Value				$ 321	$ 321
Senior Notes 2.875%, due 2025 (500 million EUR)
Debt Instrument
Total long-term debt				$ 574	$ 574	€ 500	607	€ 500	579	€ 500
Interest rate, stated percentage				2.875%	2.875%	2.875%
Fair values of fixed rate debt obligations
Principal Amount				$ 580	$ 580
Indicated Market Price (in dollars per share) \| $ / shares				$ 101.56	$ 101.56
Fair Value				$ 589	$ 589
Senior Notes 6.625%, due 2027
Debt Instrument
Total long-term debt		$ 700		$ 693	$ 693		692		691
Interest rate, stated percentage		6.625%		6.625%	6.625%	6.625%
Increase in long term debt, net of debt issuance costs		$ 690
Fair values of fixed rate debt obligations
Principal Amount				$ 700	$ 700
Indicated Market Price (in dollars per share) \| $ / shares				$ 107.40	$ 107.40
Fair Value				$ 752	$ 752
Finance leases
Debt Instrument
Total long-term debt				99	99		108		94
Other debt
Debt Instrument
Total long-term debt				5	5		$ 7		$ 6
Revolving Credit Facility
Debt Instrument
Total long-term debt				300	$ 300
Additional default interest rate per annum applied to all obligations owed under the Agreement					2.00%
Revolving Credit Facility \| Minimum
Debt Instrument
Facility fee payable (as a percent)					0.20%
Revolving Credit Facility \| Maximum
Debt Instrument
Facility fee payable (as a percent)					0.30%
Multicurrency Revolving Credit Facility
Debt Instrument
Total long-term debt				$ 1,200	$ 1,200

Contingencies - Asbestos (Details)		3 Months Ended		9 Months Ended		12 Months Ended
Contingencies - Asbestos (Details)	Apr. 26, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2021 USD ($) lawsuit	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 1993 USD ($)
Contingencies
Sale of goods containing asbestos from 1948 to 1958				$ 40,000,000
Cash			$ 47,000,000
Number of pending plaintiffs and claimants \| lawsuit				850
Approximate number of claims disposed \| lawsuit				401,200
Average indemnity payment per claim				$ 10,200
Asbestos-related cash payments						$ 151,000,000
Cash payments per claim disposed including legal costs						129,000
Asbestos-related liability, total amount accrued beginning in 1993 through current reporting period before insurance recoveries				5,000,000,000.0				$ 975,000,000
Accrual of asbestos related liability						486,000,000
Asbestos related charges						$ 35,000,000
Settlement Consideration	$ 610,000,000
Percentage of current asbestos claimants voting on the Plan	75.00%
Charge related to Paddock support agreement		$ 154,000,000		154,000,000
Liability from deconsolidation				$ 625,000,000	$ 471,000,000		$ 471,000,000
Loss for deconsolidation of Paddock			(14,000,000)		(14,000,000)
Deconsolidation investing outflow			$ 47,000,000		$ 47,000,000

Contingencies - Other Matters (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2021	Mar. 31, 2021
Contingencies
Loss contingency accrual		$ 11	$ 11	$ 20
Loss contingency payment		3
Loss contingency accrual decrease		$ (6)
Gain from favorable court ruling	$ 69		$ 69
Income tax expense related to litigation settlement	$ 28

Share Owners' Equity - Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Share Owners' Equity
Balance	$ 502	$ 42	$ 401	$ 564
Issuance of common stock			1
Reissuance of common stock	3	2	7	7
Shares repurchased	(10)		(30)
Stock compensation	3	3	11	8
Net earnings	91	335	123	289
Other comprehensive income (loss)	(19)	(117)	60	(592)
Dividends declared				(8)
Other			(3)	(3)
Balance	570	265	570	265
Common Stock
Increase (Decrease) in Share Owners' Equity
Balance	2	2	2	2
Balance	2	2	2	2
Capital in Excess of Par Value
Increase (Decrease) in Share Owners' Equity
Balance	3,113	3,128	3,129	3,130
Issuance of common stock			1
Reissuance of common stock	(1)	(3)	(4)	(10)
Shares repurchased	(10)		(30)
Stock compensation	3	3	11	8
Other			(2)
Balance	3,105	3,128	3,105	3,128
Treasury Stock
Increase (Decrease) in Share Owners' Equity
Balance	(709)	(724)	(714)	(733)
Reissuance of common stock	4	5	11	17
Other			(2)	(3)
Balance	(705)	(719)	(705)	(719)
Retained Earnings (Loss)
Increase (Decrease) in Share Owners' Equity
Balance	173	(147)	152	(89)
Net earnings	85	328	106	278
Dividends declared				(8)
Balance	258	181	258	181
Accumulated Other Comprehensive Loss
Increase (Decrease) in Share Owners' Equity
Balance	(2,180)	(2,308)	(2,272)	(1,843)
Other comprehensive income (loss)	(18)	(117)	74	(582)
Balance	(2,198)	(2,425)	(2,198)	(2,425)
Non-controlling Interests
Increase (Decrease) in Share Owners' Equity
Balance	103	91	104	97
Net earnings	6	7	17	11
Other comprehensive income (loss)	(1)		(14)	(10)
Other			1
Balance	$ 108	$ 98	$ 108	$ 98

Share Owners' Equity - Rollforward Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Share Owners' Equity
Issuance of common stock (in shares)			50,000.00
Reissuance of common stock (in shares)	200,000	200,000	300,000	700,000
Shares repurchased (in shares)	619,666		1,000,000.0
Stock compensation (in shares)	0.0	100,000	600,000	900,000

Share Owners' Equity - Share Repurchase (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($) shares	Sep. 30, 2021 USD ($) shares
Share Owners' Equity
Shares repurchased	$ 10	$ 30
Shares repurchased (in shares) \| shares	619,666	1,000,000.0
Stock repurchase plan authorized	$ 150	$ 150
Remaining repurchase of common stock available	$ 120	$ 120

Share Owners' Equity -Authorization of Common Stock (Details) - $ / shares	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Authorization of common stock
Shares of common stock issued (including treasury shares)	250,000,000	250,000,000	250,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Shares of common stock issued (including treasury shares)	188,426,000	189,305,000	189,302,000
Treasury shares	31,599,000	31,911,000	32,136,000

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Other comprehensive income (loss)	$ (19)	$ (117)	$ 60	$ (592)
Net Effect of Exchange Rate Fluctuations
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(1,187)	(1,321)	(1,229)	(813)
Change before reclassifications	(109)	1	(67)	(507)
Other comprehensive income (loss)	(109)	(148)	(67)	(656)
Balance at end of the period	(1,296)	(1,469)	(1,296)	(1,469)
Change in Certain Derivative Instruments
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(47)	(21)	(60)	(14)
Change before reclassifications	37	(88)	83	(81)
Amounts reclassified from accumulated other comprehensive income (loss)	(25)	78	(59)	67
Translation effect		(1)	1	(3)
Tax effect	1	(1)	1	(2)
Other comprehensive income (loss)	13	(11)	26	(18)
Balance at end of the period	(34)	(32)	(34)	(32)
Employee Benefit Plans
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(946)	(966)	(983)	(1,016)
Change before reclassifications	47	30	45	27
Amounts reclassified from accumulated other comprehensive income (loss)	24	17	63	59
Translation effect	7	(9)	7	4
Tax effect				(2)
Other comprehensive income (loss)	78	42	115	92
Balance at end of the period	(868)	(924)	(868)	(924)
Accumulated Other Comprehensive Loss
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(2,180)	(2,308)	(2,272)	(1,843)
Change before reclassifications	(25)	(57)	61	(561)
Amounts reclassified from accumulated other comprehensive income (loss)	(1)	95	4	126
Translation effect	7	(10)	8	1
Tax effect	1	(1)	1	(4)
Other comprehensive income (loss)	(18)	(117)	74	(582)
Balance at end of the period	$ (2,198)	(2,425)	$ (2,198)	(2,425)
Australia And New Zealand ("ANZ") business \| Net Effect of Exchange Rate Fluctuations
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Amounts reclassified from accumulated other comprehensive income (loss)		(149)		(149)
Australia And New Zealand ("ANZ") business \| Change in Certain Derivative Instruments
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Amounts reclassified from accumulated other comprehensive income (loss)		1		1
Australia And New Zealand ("ANZ") business \| Employee Benefit Plans
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Amounts reclassified from accumulated other comprehensive income (loss)		4		4
Australia And New Zealand ("ANZ") business \| Accumulated Other Comprehensive Loss
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Amounts reclassified from accumulated other comprehensive income (loss)		$ (144)		$ (144)

Other Income (Expense), Net (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Income (Expense), Net
Gain on sale of ANZ businesses				$ 280			$ 280
Restructuring, asset impairment and other charges	$ (12)			(9)		$ (21)	(80)
Brazil indirect tax credit		$ 69				69
Pension settlement charges	(5)					(5)	(8)
Charge related to Paddock support agreement liability (see Note 10)			$ (154)			(154)
Intangible amortization expense	(9)			(8)		(26)	(23)
Strategic transaction costs				(3)			(7)
Foreign currency exchange loss	(1)			(1)		(3)	(3)
Royalty income	6			2		17	8
Charge for deconsolidation of Paddock (see Note 10)					$ (14)		(14)
Other income, net				(11)			(6)
Other expense, net	$ (21)			$ 250		$ (123)	$ 147

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net earnings attributable to the Company	$ 85	$ 328	$ 106	$ 278
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding (in shares)	156,825,000	157,073,000	157,430,000	156,650,000
Effect of dilutive securities:
Stock options and other (in shares)	3,686,000	2,226,000	3,043,000	1,788,000
Denominator for diluted earnings per share - adjusted weighted average shares outstanding (in shares)	160,511,000	159,299,000	160,473,000	158,438,000
Basic earnings per share:
Earnings from continuing operations attributable to the Company (in dollars per share)	$ 0.49	$ 2.09	$ 0.62	$ 1.77
Gain from discontinued operations (in dollars per share)	0.05		0.05
Net earnings	0.54	2.09	0.67	1.77
Diluted earnings per share:
Net earnings (loss) attributable to the Company (in dollars per share)	0.48	2.06	0.61	1.76
Gain from discontinued operations (in dollars per share)	0.05		0.05
Net earnings	$ 0.53	$ 2.06	$ 0.66	$ 1.76
Weighted average shares of common stock attributable to options not included in diluted earnings per share (in shares)	958,014	1,564,207	1,206,870	2,616,538

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Supplemental Cash Flow Information
Amount of receivables sold	$ 416	$ 426	$ 436
Receivables sold under supply-chain factoring program	189	188	$ 176
Interest paid in cash	144	196
Change in cash from operating activities from factoring program	(20)	(113)
Income taxes paid in cash
Income taxes paid in cash	64	54
Interest paid for note repurchase premiums related to debt repaid prior to maturity		41
U.S. operations
Income taxes paid in cash
Income taxes paid in cash	6	1
Non-U.S.
Income taxes paid in cash
Income taxes paid in cash	$ 58	$ 53

Divestitures (Details) $ in Millions, $ in Millions			1 Months Ended	3 Months Ended		9 Months Ended	12 Months Ended
Divestitures (Details) $ in Millions, $ in Millions	Jul. 31, 2020 USD ($)	Jul. 31, 2020 AUD ($)	Jan. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Divestiture
Gain on sale of businesses					$ 280	$ 280
Argentina \| Discontinued Operations, Disposed of by Sale
Divestiture
Gross proceeds			$ 10
Australia And New Zealand ("ANZ") business \| Discontinued Operations, Disposed of by Sale
Divestiture
Gross proceeds	$ 677	$ 947		$ 58
Sale and related sale lease-back net proceeds		$ 214
Percentage of proceeds were received at time of closing	95.00%	95.00%
Australia And New Zealand ("ANZ") business \| Other operating income (expense) \| Discontinued Operations, Disposed of by Sale
Divestiture
Gain on sale of businesses							$ 275

Subsequent Event (Details) - Subsequent Event - Le Parfait - Disposal Group, Disposed of by Sale, Not Discontinued Operations € in Millions	Oct. 25, 2021 EUR (€) country
Subsequent Events
Proceeds from sale of businesses \| €	€ 72
Minimum
Subsequent Events
Number of countries in which product is sold \| country	20