0001558370-23-012937 | 10-Q | XBRL Viewer

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Loss

Component of accumulated other comprehensive loss

The activity in accumulated other comprehensive loss for the three months ended June 30, 2023 and 2022 is as follows:


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on April 1, 2023	$	(1,122)	$	(17)		$	(588)		$	(1,727)
Change before reclassifications		151		(7)						144
Amounts reclassified from accumulated other comprehensive income (loss)				(7)	(a)		4	(b)		(3)
Translation effect							(4)			(4)
Tax effect				3						3
Other comprehensive income (loss) attributable to the Company		151		(11)			—			140
Balance on June 30, 2023	$	(971)	$	(28)		$	(588)		$	(1,587)


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on April 1, 2022	$	(1,160)	$	(18)		$	(643)		$	(1,821)
Change before reclassifications		(115)		25			(1)			(91)
Amounts reclassified from accumulated other comprehensive income (loss)				(4)	(a)		12	(b)		8
Translation effect				(1)			15			14
Other comprehensive income (loss) attributable to the Company		(115)		20			26			(69)
Balance on June 30, 2022	$	(1,275)	$	2		$	(617)		$	(1,890)

(a)	Amount is recorded to cost of goods sold 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 six months ended June 30, 2023 and 2022 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, 2023	$	(1,280)	$	4		$	(585)		$	(1,861)
Change before reclassifications		309		(26)			(1)			282
Amounts reclassified from accumulated other comprehensive income (loss)				(9)	(a)		8	(b)		(1)
Translation effect							(10)			(10)
Tax effect				3						3
Other comprehensive income (loss) attributable to the Company		309		(32)			(3)			274
Balance on June 30, 2023	$	(971)	$	(28)		$	(588)		$	(1,587)


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on January 1, 2022	$	(1,290)	$	(21)		$	(661)		$	(1,972)
Change before reclassifications		15		43			(1)			57
Amounts reclassified from accumulated other comprehensive income (loss)				(19)	(a)		24	(b)		5
Translation effect				(1)			21			20
Tax effect										—
Other comprehensive income (loss) attributable to the Company		15		23			44			82
Balance on June 30, 2022	$	(1,275)	$	2		$	(617)		$	(1,890)

(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.

Income Taxes	6 Months Ended
Jun. 30, 2023
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 U.S. 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 income tax examination in various tax jurisdictions in which it operates, including Brazil, Canada, Colombia, Germany, Indonesia, Italy, Mexico and Peru. The years under examination range from 2004 through 2021. 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.

Income Taxes

6 Months Ended

Jun. 30, 2023

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 U.S. 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 income tax examination in various tax jurisdictions in which it operates, including Brazil, Canada, Colombia, Germany, Indonesia, Italy, Mexico and Peru. The years under examination range from 2004

through 2021. 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information

6 Months Ended

Jun. 30, 2023

Segment Information

Segment Information

1. Segment Information

The Company has two reportable segments and two operating segments based on its geographic locations: the Americas and Europe. These two segments are aligned with the Company’s internal approach to managing, reporting, and evaluating performance of its global glass operations. Certain assets and activities not directly related to one of the segments 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 Company’s Australia and New Zealand businesses in 2020. 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 before interest income, interest expense, and provision (benefit) for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations and other adjustments, as well as certain retained corporate costs. The Company’s management, including the chief operating decision maker (defined as the chief executive officer), 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 accounting principles generally accepted in the United States (“U.S. GAAP”) and, therefore, does not purport to be an alternative to earnings 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 six months ended June 30, 2023 and 2022 regarding the Company’s reportable segments is as follows:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net sales:
Americas	$	996	$	971	$	1,996	$	1,912
Europe		863		765		1,662		1,474
Reportable segment totals		1,859		1,736		3,658		3,386
Other		31		42		63		83
Net sales	$	1,890	$	1,778	$	3,721	$	3,469


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Earnings before income taxes	$	154	$	328	$	424	$	498
Items excluded from segment operating profit:
Retained corporate costs and other		54		53		114		103
Gain on sale of divested business								(55)
Gain on sale leaseback				(182)				(182)
Restructuring, asset impairment and other charges				12				12
Interest expense, net		118		46		186		112
Segment operating profit	$	326	$	257	$	724	$	488

Americas	$	126	$	130	$	303	$	258
Europe		200		127		421		230
Reportable segment totals	$	326	$	257	$	724	$	488

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


	June 30,		December 31,		June 30,
	2023		2022		2022
Total assets:
Americas	$	5,574	$	5,109	$	5,028
Europe		3,652		3,392		3,325

Reportable segment totals		9,226		8,501		8,353
Other		685		560		520
Consolidated totals	$	9,911	$	9,061	$	8,873

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Share Owners' Equity -Authorization of Common Stock (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Authorization of common stock
Shares of common stock authorized	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)	186,084,000	185,568,000	186,936,000
Treasury shares	31,024,000	30,880,000	31,220,000

Derivative Instruments - Derivatives and Hedges (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivatives and Hedges
Payments for hedging activity		$ 40	$ (38)
Payments for derivative instruments, financing activities	$ 40
Commodity forward contracts and collars \| Cash Flow Hedges
Derivatives and Hedges
Unrecognized gain (loss) included in Accumulated OCI	(11)	(11)	(1)	$ (1)
Foreign exchange risk \| Cash Flow Hedges
Derivatives and Hedges
Unrecognized gain (loss) included in Accumulated OCI	$ 0	0	1	1
Foreign exchange risk \| Fair Value Hedges
Derivatives and Hedges
Amount excluded from assessment of effectiveness and included in Accumulated OCI		$ 10	$ 6	$ 16

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Supplemental Cash Flow Information
Amount of receivables sold	$ 556	$ 453	$ 535
Receivables sold under supply chain factoring program	271	158	158
Interest paid in cash	160	112
Increase or decrease to cash from operating activities from factoring programs	21	(28)
Expense due to factoring program	11	3
Outstanding payment obligations to the financial institutions as part of SCF Programs	123	95	$ 110
Income taxes paid in cash
Income taxes paid in cash	81	99
Note repurchase premiums included in cash interest	3	12
U.S. operations
Income taxes paid in cash
Income taxes paid in cash	8	6
Non-U.S.
Income taxes paid in cash
Income taxes paid in cash	$ 73	$ 93

Other Income (Expense), Net (Tables)

6 Months Ended

Jun. 30, 2023

Other Income (Expense), Net

Schedule of other income (expense), net


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Gain on sale of divested business (see Note 16)	$		$		$		$	55
Gain on sale leaseback (see Note 16)				182				182
Restructuring, asset impairment and other charges				(12)				(12)
Intangible amortization expense		(8)		(8)		(16)		(16)
Foreign currency exchange loss		(2)		(2)		(1)		(2)
Royalty income		6		5		13		11
Other		(5)		3		(15)		2
Other income (expense), net	$	(9)	$	168	$	(19)	$	220

Segment Information - Reportable Segments - Segment Operating Profits and Reporting Segment Totals (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment operating profit:
Earnings before income taxes	$ 154	$ 328	$ 424	$ 498
Items excluded from segment operating profit:
Retained corporate costs and other	54	53	114	103
Gain on sale of divested business				(55)
Gain on sale leaseback		(182)		(182)
Restructuring, asset impairment and other charges		12		12
Interest expense, net	118	46	186	112
Segment operating profit
Segment operating profit	326	257	724	488
Americas
Segment operating profit
Segment operating profit	126	130	303	258
Europe
Segment operating profit
Segment operating profit	$ 200	$ 127	$ 421	$ 230

Contingencies

6 Months Ended

Jun. 30, 2023

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.

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 as direct, wholly owned subsidiaries, with Paddock as the successor-by-merger to O-I (the “Corporate Modernization”). 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 required 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 were to ensure that Paddock retained the ability to fund the costs and expenses of managing the Chapter 11 process, and ultimately settle current and future asbestos-related liabilities 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 liabilities. O-I Glass and O-I Group were not included in the Chapter 11 filing. During the pendency of the Chapter 11 proceeding, the activities of Paddock became subject to review and oversight by the Bankruptcy Court. As a result, the Company no longer had exclusive control over Paddock’s activities. Therefore, Paddock was deconsolidated as of the Petition Date, and its assets and liabilities 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 required under applicable accounting standards.

On April 26, 2021, the Company announced that (i) Paddock, (ii) the Official Committee of Asbestos Personal Injury Claimants (the “ACC”), appointed in the Paddock Chapter 11 case as the representative of current Paddock asbestos claimants, and (iii) the Legal Representative of Future Asbestos Claimants (the “FCR”), appointed in the Paddock Chapter 11 case as the representative of future Paddock asbestos claimants, had reached an agreement in principle, supported by O-I Glass, by accepting a proposal from Paddock’s court-appointed mediators setting forth total consideration to fund a trust created under section 524(g) of the Bankruptcy Code upon the effective date of a plan of reorganization for Paddock (the “Effective Date”).

On January 12, 2022, Paddock, O-I Glass, the FCR and the ACC jointly filed the Plan of Reorganization for Paddock Enterprises, LLC Under Chapter 11 of the Bankruptcy Code, dated January 12, 2022 (including any supplements and exhibits thereto, as amended, modified or supplemented from time to time in accordance with the terms thereof, the “Plan”). Amended versions of the Plan were subsequently filed on February 14, 2022, April 1, 2022, and May 24, 2022. The Plan incorporates and implements the agreement in principle described herein. On May 26, 2022, the Bankruptcy Court entered an order confirming the Plan and recommending that the District Court affirm such confirmation. On June 22, 2022, the District Court entered an order affirming the confirmation order previously issued by the Bankruptcy Court. On July 8, 2022, the Effective Date of the Plan occurred.

Under the confirmed and effective Plan, the Paddock Trust was created pursuant to the provisions of section 524(g) of the Bankruptcy Code and was funded with $610 million in total consideration (“Settlement Consideration”). In exchange for the Settlement Consideration, the Company, each of its current and former affiliates and certain other related parties (the “Company Protected Parties”) received the benefit of a release from Paddock, and Paddock and the Company Protected Parties received the benefit of an injunction under section 524(g) of the Bankruptcy Code channeling current and future asbestos-related personal injury claims to the Paddock Trust and permanently enjoining the assertion of asbestos-related personal injury claims against Paddock and the Company Protected Parties. In addition, the Paddock Trust, Paddock and O-I Glass (on behalf of itself and the Company Protected Parties) entered into an agreement through which the Paddock Trust agreed to indemnify the Company Protected Parties against any attempts to evade the channeling injunction or to otherwise bring asbestos-related personal injury claims against any Company Protected Party after the Effective Date. As a result, the Plan provides for a full and final resolution of current and future asbestos-related personal injury claims, a full and final resolution of (and a release in favor of the Company and its affiliates for) all claims arising out of the Corporate Modernization and provides that upon the Effective Date (which occurred on July 8, 2022), all obligations owed under the support agreement would terminate. Consistent with the Plan, the support agreement was deemed rejected as of the Effective Date, and all obligations between the parties to the support agreement were terminated.

Pursuant to the Plan, Paddock issued a promissory note (the “Trust Note”) in the principal amount of $8.5 million to the Paddock Trust on the Effective Date, and the Company issued a pledge of the equity interests in reorganized Paddock to the Paddock Trust to secure the Trust Note. On July 18, 2022, the Company funded the Paddock Trust with $601.5 million, comprising $600 million borrowed under the Credit Agreement and $1.5 million from cash. On July 20, 2022, Paddock redeemed the Trust Note by paying $8.5 million in cash to the Paddock Trust, and the pledge of equity interests in reorganized Paddock was cancelled.

As a result of the funding of the Paddock Trust and the cancellation of the pledge of equity interests in reorganized Paddock, on July 20, 2022, the Company regained exclusive control over reorganized Paddock’s activities. Therefore, at that date in the third quarter of 2022, reorganized Paddock was reconsolidated, and its remaining assets totaling $18 million (including $12 million of cash and cash equivalents) and liabilities totaling $30 million were recognized in the Company’s Condensed Consolidated Financial Statements. The funding of the Paddock Trust and certain related expenses resulted in an operating cash outflow of $621 million in the Company’s Consolidated Cash Flows during 2022.

Other Matters

The Company has been identified by the U.S. Environmental Protection Agency (“EPA”) or a comparable state or federal agency as a potentially responsible party (“PRP”) at a number of sites in the U.S., including certain Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (“CERCLA”) (Superfund) sites, as well as sites previously owned or operated by the Company. As an identified PRP, the Company may have liability for investigation, remediation and monitoring of contamination, as well as associated penalties and natural resource damages, if any. The Company has not had monetary sanctions imposed nor has the Company been notified of any potential monetary sanctions at any of the sites.

The Company has recorded aggregate accruals of approximately $24 million (undiscounted) as of June 30, 2023 for estimated future remediation costs and associated penalties at these sites. The majority of these accruals arose from the reconsolidation of Paddock in 2022. Although the Company believes its accruals are adequate to cover its portion of future remediation costs, there can be no assurance that the ultimate payments will not exceed the amount of the

Company’s accruals and will not have a material effect on its results of operations, financial position and cash flows. Any possible loss or range of potential loss that may be incurred in excess of the recorded accruals cannot be estimated.

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.

Other Income (Expense), Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income (Expense), Net
Gain on sale of divested business (see Note 16)				$ 55
Gain on sale leaseback (see Note 16)		$ 182		182
Restructuring, asset impairment and other charges		(12)		(12)
Intangible amortization expense	$ (8)	(8)	$ (16)	(16)
Foreign currency exchange gain	(2)	(2)	(1)	(2)
Royalty income	6	5	13	11
Other	(5)	3	(15)	2
Other income (expense), net	$ (9)	$ 168	$ (19)	$ 220

Divestitures and Sale Leaseback of Land and Building

6 Months Ended

Jun. 30, 2023

Divestitures and Sale Leaseback of Land and Building

Divestitures and Sale Leasebacks of Land and Building

16. Divestitures and Sale Leaseback of Land and Building

In May 2022, the Company completed the sale of the land and building related to its Brampton, Ontario, Canada plant to an affiliate of Crestpoint Real Estate Investments Ltd. (“Crestpoint”). Net proceeds were approximately $190 million, and the Company recorded a pretax gain of approximately $182 million (approximately $158 million after tax) on the sale, which is reflected in Other income (expense), net on the Condensed Consolidated Results of Operations.

In connection with this transaction, the Company entered into a lease for the land and building with Crestpoint for the Brampton, Ontario plant for an initial term of 10 years. The lease requires the Company to make rent payments of approximately $7.3 million in the first year, gradually increasing to approximately $9.1 million in the tenth year. The lease is classified as operating.

In March 2022, the Company completed the sale of its Cristar TableTop S.A.S. business to Vidros Colombia S.A.S, an affiliate of Nadir Figueiredo S.A., a glass tableware producer based in Brazil. Gross proceeds received were approximately $96 million, and the related pretax gain recorded was approximately $55 million (approximately $16 million after tax and non-controlling interest) in the first quarter of 2022. The pretax gain was recorded to Other income (expense), net on the Condensed Consolidated Results of Operations.

Derivative Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments

Derivative Instruments

5. Derivative Instruments

The Company has certain derivative assets and liabilities, which consist of natural gas forwards and collars, 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. Natural gas prices, 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. Estimates of the fair value of foreign currency and commodity derivative instruments are determined using exchange traded prices and rates. 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.

Commodity Forward Contracts and Collars Designated as Cash Flow Hedges

The Company has entered into commodity forward contracts and collars related to forecasted natural gas requirements, the objective of which are to limit the effects of fluctuations in future market prices of natural gas and the related volatility in cash flows.

An unrecognized loss of $11 million, $1 million and $1 million at June 30, 2023, December 31, 2022 and June 30, 2022, respectively, related to the commodity forward contracts and collars was included in Accumulated other comprehensive income (“Accumulated OCI”), and will be reclassified into earnings over the next 12 months.

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. In addition, one of the Company’s non-U.S. dollar-functional-currency subsidiaries purchases raw materials in the normal course of business for use in glass container production that is priced in U.S. dollars. Such purchases expose the Company to exchange rate fluctuations. The Company uses derivatives to manage these exposures and designates these derivatives as cash flow hedges of foreign currency exchange risk.

An unrecognized gain of $0 million, $1 million and $1 million at June 30, 2023, December 31, 2022 and June 30, 2022, respectively, related to these cross-currency swaps, was included in Accumulated OCI, and will be reclassified into earnings within the next 12 months.

Fair Value Hedges of Foreign Exchange Risk

The Company has fixed and 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 fair value hedges of foreign currency exchange risk. Approximately $10 million, $16 million and $6 million of the components were excluded from the assessment of effectiveness and are included in Accumulated OCI at June 30, 2023, December 31, 2022 and June 30, 2022, respectively.

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.

During the second quarter of 2023, the Company terminated interest rate swaps with a notional amount of €725 million as a result of debt refinancing activity. This resulted in cash outflows of approximately $40 million in cash flows from financing activities in the Condensed Consolidated Cash Flows.

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 exchange rate 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 June 30, 2023, December 31, 2022 and June 30, 2022:


	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	June 30,		December 31,		June 30,		June 30,		December 31,		June 30,
	2023		2022		2022		2023		2022		2022
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	—	$	3	$	2	$	18	$	9	$	6
Interest rate swaps - fair value hedges (b)										44		28
Cash flow hedges of foreign exchange risk (c)								3				1
Fair value hedges of foreign exchange risk (d)		17		7		17		98		62		2
Net investment hedges (e)		8		3		16		45		28
Total derivatives accounted for as hedges	$	25	$	13	$	35	$	164	$	143	$	37
Derivatives not designated as hedges:
Foreign exchange derivative contracts (f)		1		5		2		7		2		—
Total derivatives	$	26	$	18	$	37	$	171	$	145	$	37


Current	$	26	$	15	$	14	$	18	$	32	$	12
Noncurrent				3		23		153		113		25
Total derivatives	$	26	$	18	$	37	$	171	$	145	$	37

(a) The notional amount of the commodity forward contracts and collars was approximately 43 million, 46 million, and 44 million British Thermal Units (“BTUs”) at June 30, 2023, December 31, 2022, and June 30, 2022, respectively. The maximum maturity dates are in 2027 at June 30, 2023, December 31, 2022, and June 30, 2022.

(b) The notional amounts of the interest rate swaps designated as fair value hedges were €0 million at June 30, 2023 and €725 million at December 31, 2022 and June 30, 2022.

(c) The notional amounts of the cash flow hedges of foreign exchange risk were 477 million Mexican pesos at June 30, 2023, 0 Mexican pesos at December 31, 2022 and 514 million Mexican pesos at June 30, 2022. The maximum maturity dates are in 2023 at June 30, 2023 and in 2022 at June 30, 2022.

(d) The notional amounts of the fair value hedges of foreign exchange risk were $844 million at June 30, 2023, $844 million at December 31, 2022 and $850 million at June 30, 2022. The maximum maturity dates are in 2030 at June 30, 2023, December 31, 2022 and June 30, 2022.

(e) The notional amounts of the net investment hedges were €483 million at June 30, 2023, €358 million at December 31, 2022 and €324 million at June 30, 2022. The maximum maturity dates are in 2026 at June 30, 2023, December 31, 2022 and June 30, 2022.

(f) The notional amounts of the foreign exchange derivative contracts were $417 million, $245 million and $334 million at June 30, 2023, December 31, 2022 and June 30, 2022, respectively. The maximum maturity dates are in 2024 at June 30, 2023, and in 2023 at December 31, 2022 and June 30, 2022.


	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Three months ended June 30,				Three months ended June 30,
Derivatives designated as hedging instruments:	2023		2022		2023		2022
Cash Flow Hedges
Commodity forward contracts and collars (a)	$	(5)	$	(3)	$	(7)	$	2
Cash flow hedges of foreign exchange risk (a)		(1)				(1)
Net Investment Hedges
Net Investment Hedges (b)		(4)		27		1		2
	$	(10)	$	24	$	(7)	$	4


	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Six months ended June 30,				Six months ended June 30,
Derivatives designated as hedging instruments:	2023		2022		2023		2022
Cash Flow Hedges
Commodity forward contracts and collars (a)	$	(23)	$	(3)	$	(11)	$	2
Cash flow hedges of foreign exchange risk (a)		(3)		13		—		14
Net Investment Hedges
Net Investment Hedges (b)		(10)		32		2		3
	$	(36)	$	42	$	(9)	$	19


	Amount of Gain (Loss) Recognized in Other income (expense), net					Amount of Gain (Loss) Recognized in Other income (expense), net
	Three months ended June 30,					Six months ended June 30,
Derivatives not designated as hedges:	2023		2022			2023		2022
Foreign exchange derivative contracts	$	(5)	$	(19)	$	(6)	$	(16)

(1) Gains and losses reclassified from Accumulated OCI and recognized in income are recorded to (a) cost of goods sold or (b) interest expense, net.

Contingencies - Asbestos (Details) $ in Millions	6 Months Ended
Contingencies - Asbestos (Details) $ in Millions	Jun. 30, 2023 USD ($)
Contingencies
Sale of goods containing asbestos from 1948 to 1958	$ 40

Pension Benefit Plans (Details) - Funded Plan - Pension Benefit Plans. - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Components of net periodic pension cost
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
U.S.
Components of net periodic pension cost
Service cost	$ 2	$ 3	$ 3	$ 6
Interest cost	11	8	23	17
Expected asset return	(14)	(15)	(28)	(30)
Amortization of actuarial loss	2	10	4	20
Net periodic pension cost	1	6	2	13
Non-U.S. Pension Plans
Components of net periodic pension cost
Service cost	2	2	4	5
Interest cost	9	6	18	11
Expected asset return	(7)	(8)	(14)	(17)
Amortization of actuarial loss	2	2	4	4
Net periodic pension cost	$ 6	$ 2	$ 12	$ 3

Inventories

6 Months Ended

Jun. 30, 2023

Inventories

Inventories

4. Inventories

Major classes of inventory at June 30, 2023, December 31, 2022 and June 30, 2022 are as follows:


	June 30,		December 31,		June 30,
	2023		2022		2022
Finished goods	$	813	$	667	$	618
Raw materials		171		137		115
Operating supplies		53		44		42
	$	1,037	$	848	$	775

Share Owners' Equity - Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Share Owners' Equity
Balance	$ 1,887	$ 1,102	$ 1,528	$ 827
Issuance of common stock			5
Reissuance of common stock	3	3	7	6
Shares repurchased	(10)	(10)	(20)	(20)
Stock compensation	10	11	29	18
Net earnings	113	256	323	378
Other comprehensive income (loss)	143	(77)	280	79
Distributions to non-controlling interests	(3)	(26)	(3)	(26)
Other			(6)	(3)
Balance	2,143	1,259	2,143	1,259
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	3,093	3,085	3,079	3,090
Issuance of common stock			5
Reissuance of common stock		(1)		(3)
Shares repurchased	(10)	(10)	(20)	(20)
Stock compensation	10	11	29	18
Balance	3,093	3,085	3,093	3,085
Treasury Stock
Increase (Decrease) in Share Owners' Equity
Balance	(690)	(699)	(688)	(701)
Reissuance of common stock	3	4	7	9
Other			(6)	(3)
Balance	(687)	(695)	(687)	(695)
Retained Earnings
Increase (Decrease) in Share Owners' Equity
Balance	1,091	389	885	301
Net earnings	110	252	316	340
Balance	1,201	641	1,201	641
Accumulated Other Comprehensive Loss.
Increase (Decrease) in Share Owners' Equity
Balance	(1,727)	(1,821)	(1,861)	(1,972)
Other comprehensive income (loss)	140	(69)	274	82
Balance	(1,587)	(1,890)	(1,587)	(1,890)
Non-controlling Interests
Increase (Decrease) in Share Owners' Equity
Balance	118	146	111	107
Net earnings	3	4	7	38
Other comprehensive income (loss)	3	(8)	6	(3)
Distributions to non-controlling interests	(3)	(26)	(3)	(26)
Balance	$ 121	$ 116	$ 121	$ 116

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt

Long-term Debt


	June 30,		December 31,		June 30,
	2023		2022		2022
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans	$	—	$	—	$	—
Term Loans:
Term Loan A		1,427		1,426		946
Senior Notes:
5.875%, due 2023		108		249		547
3.125%, due 2024 (€725 million)		61		731		734
6.375%, due 2025		298		298		297
5.375%, due 2025		17		299		299
2.875%, due 2025 (€500 million)		541		529		519
6.625%, due 2027		607		607		606
6.250%, due 2028 (€600 million)		645
4.750%, due 2030		396		396		395
7.250%, due 2031		679
Finance leases		157		132		105
Other		3		4		4
Total long-term debt		4,939		4,671		4,452
Less amounts due within one year		161		300		25
Long-term debt	$	4,778	$	4,371	$	4,427

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


	Principal		Indicated Market
	Amount		Price		Fair Value
Senior Notes:
5.875%, due 2023	$	108	$	99.91	$	108
3.125%, due 2024 (€725 million)		63		99.37		63
6.375%, due 2025		300		100.28		301
5.375%, due 2025		17		100.68		17
2.875%, due 2025 (€500 million)		544		97.72		532
6.625%, due 2027		612		99.42		608
6.250%, due 2028 (€600 million)		652		102.34		667
4.750%, due 2030		400		90.26		361
7.250%, due 2031		690		101.19		698

- Definition

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

+ References

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+ Details

Divestitures and Sale Leaseback of Land and Building (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	May 31, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2022
Divestitures
Gain on sale leasebacks			$ 182.0	$ 182.0
Gain on sale of divested business (see Note 16)				$ 55.0
Cristar TableTop S.A.S. \| Other operating income (expense) \| Disposal Group, Not Discontinued Operations
Divestitures
Net proceeds		$ 96.0
Pretax gain		55.0
Gain on sale of businesses, after tax		$ 16.0
Brampton, Ontario, Canada Plant \| Disposal Group, Not Discontinued Operations
Lease
Lease term	10 years
Rent payment	$ 7.3
Brampton, Ontario, Canada Plant \| Disposal Group, Not Discontinued Operations \| Maximum
Lease
Rent payment	9.1
Brampton, Ontario, Canada Plant \| Other operating income (expense) \| Disposal Group, Not Discontinued Operations
Divestitures
Net proceeds	190.0
Pretax gain	182.0
Gain on sale of businesses, after tax	$ 158.0

Revenue

6 Months Ended

Jun. 30, 2023

Revenue

Revenue

2. Revenue

Revenue is recognized at a 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. Amounts billed to customers related to shipping and handling or other pass-through items are included in net sales in the Condensed Consolidated Results of Operations. 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 six-month periods ended June 30, 2023 and June 30, 2022, 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 Sheets.

The following tables for the three months ended June 30, 2023 and 2022 disaggregate the Company’s revenue by customer end use:


	Three months ended June 30, 2023
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	585	$	647	$	1,232
Food and other		226		130		356
Non-alcoholic beverages		185		86		271
Reportable segment totals	$	996	$	863	$	1,859
Other						31
Net sales					$	1,890


	Three months ended June 30, 2022
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	613	$	576	$	1,189
Food and other		199		122		321
Non-alcoholic beverages		159		67		226
Reportable segment totals	$	971	$	765	$	1,736
Other						42
Net sales					$	1,778

The following tables for the six months ended June 30, 2023 and 2022 disaggregate the Company’s revenue by customer end use:


	Six months ended June 30, 2023
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	1,194	$	1,251	$	2,445
Food and other		444		256		700
Non-alcoholic beverages		358		155		513
Reportable segment totals	$	1,996	$	1,662	$	3,658
Other						63
Net sales					$	3,721


	Six months ended June 30, 2022
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	1,189	$	1,113	$	2,302
Food and other		413		232		645
Non-alcoholic beverages		310		129		439
Reportable segment totals	$	1,912	$	1,474	$	3,386
Other						83
Net sales					$	3,469

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

CONDENSED CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
CONDENSED CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net earnings	$ 113	$ 256	$ 323	$ 378
Non-cash charges
Depreciation and amortization			242	232
Pension expense			14	16
Stock-based compensation expense			29	18
Restructuring, asset impairment and related charges		11		11
Gain on sale of divested business				(55)
Gain on sale leaseback		(182)		(182)
Cash payments
Pension contributions			(17)	(12)
Cash paid for restructuring activities	(4)	(4)	(10)	(8)
Change in components of working capital			(541)	(250)
Other, net (a)			58	(28)
Cash provided by operating activities			98	120
Cash flows from investing activities:
Cash payments for property, plant and equipment			(268)	(199)
Contributions and advances to joint ventures			(8)	(11)
Cash proceeds on disposal of other businesses and misc. assets			3	96
Cash proceeds on sale leasebacks				190
Net cash proceeds (payments) from hedging activity			7	(10)
Cash provided by (utilized in) investing activities			(266)	66
Cash flows from financing activities:
Changes in borrowings, net			216	(213)
Payment of finance fees			(20)	(20)
Shares repurchased			(20)	(20)
Net cash receipts (payments) for hedging activity			(40)	38
Distributions to non-controlling interests			(3)	(26)
Issuance of common stock and other			(1)	(2)
Cash provided by (utilized in) financing activities			132	(243)
Effect of exchange rate fluctuations on cash			17	(7)
Change in cash			(19)	(64)
Cash at beginning of period			773	725	$ 725
Cash at end of period	$ 754	$ 661	$ 754	$ 661	$ 773

Contingencies - Other Matters (Details) $ in Millions	Jun. 30, 2023 USD ($)
Contingencies
Loss contingency accrual	$ 24

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and 2022 is as follows:


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on April 1, 2023	$	(1,122)	$	(17)		$	(588)		$	(1,727)
Change before reclassifications		151		(7)						144
Amounts reclassified from accumulated other comprehensive income (loss)				(7)	(a)		4	(b)		(3)
Translation effect							(4)			(4)
Tax effect				3						3
Other comprehensive income (loss) attributable to the Company		151		(11)			—			140
Balance on June 30, 2023	$	(971)	$	(28)		$	(588)		$	(1,587)


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on April 1, 2022	$	(1,160)	$	(18)		$	(643)		$	(1,821)
Change before reclassifications		(115)		25			(1)			(91)
Amounts reclassified from accumulated other comprehensive income (loss)				(4)	(a)		12	(b)		8
Translation effect				(1)			15			14
Other comprehensive income (loss) attributable to the Company		(115)		20			26			(69)
Balance on June 30, 2022	$	(1,275)	$	2		$	(617)		$	(1,890)

(a)	Amount is recorded to cost of goods sold 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 six months ended June 30, 2023 and 2022 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, 2023	$	(1,280)	$	4		$	(585)		$	(1,861)
Change before reclassifications		309		(26)			(1)			282
Amounts reclassified from accumulated other comprehensive income (loss)				(9)	(a)		8	(b)		(1)
Translation effect							(10)			(10)
Tax effect				3						3
Other comprehensive income (loss) attributable to the Company		309		(32)			(3)			274
Balance on June 30, 2023	$	(971)	$	(28)		$	(588)		$	(1,587)


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on January 1, 2022	$	(1,290)	$	(21)		$	(661)		$	(1,972)
Change before reclassifications		15		43			(1)			57
Amounts reclassified from accumulated other comprehensive income (loss)				(19)	(a)		24	(b)		5
Translation effect				(1)			21			20
Tax effect										—
Other comprehensive income (loss) attributable to the Company		15		23			44			82
Balance on June 30, 2022	$	(1,275)	$	2		$	(617)		$	(1,890)

(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.

Share Owners' Equity - Share Repurchase (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Owners' Equity
Shares repurchased	$ 10	$ 10	$ 20	$ 20
Shares repurchased (in shares)	444,752	800,000	1,000,000.0	1,500,000
Stock repurchase plan authorized	$ 150		$ 150
Remaining repurchase of common stock available	$ 50		$ 50

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Income (Loss)	$ 110	$ 252	$ 316	$ 340
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding (in shares)	154,989,000	155,683,000	154,843,000	155,765,000
Effect of dilutive securities:
Stock options and other (in shares)	4,339,000	3,268,000	4,369,000	3,109,000
Denominator for diluted earnings per share - adjusted weighted average shares outstanding (in shares)	159,328,000	158,951,000	159,212,000	158,874,000
Basic earnings per share:
Net earnings attributable to the Company (in dollars per share)	$ 0.71	$ 1.62	$ 2.04	$ 2.18
Diluted earnings per share:
Net earnings attributable to the Company (in dollars per share)	$ 0.69	$ 1.59	$ 1.98	$ 2.14
Weighted average shares of common stock attributable to options not included in diluted earnings per share (in shares)	546,143	804,953	384,545	1,190,747

Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Credit Losses
Accounts receivable, net	$ 984	$ 760	$ 957
Allowance for doubtful accounts	$ 34	$ 28	$ 29

Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Information

Net sales for the Company's reportable segments


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net sales:
Americas	$	996	$	971	$	1,996	$	1,912
Europe		863		765		1,662		1,474
Reportable segment totals		1,859		1,736		3,658		3,386
Other		31		42		63		83
Net sales	$	1,890	$	1,778	$	3,721	$	3,469

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Earnings before income taxes	$	154	$	328	$	424	$	498
Items excluded from segment operating profit:
Retained corporate costs and other		54		53		114		103
Gain on sale of divested business								(55)
Gain on sale leaseback				(182)				(182)
Restructuring, asset impairment and other charges				12				12
Interest expense, net		118		46		186		112
Segment operating profit	$	326	$	257	$	724	$	488

Americas	$	126	$	130	$	303	$	258
Europe		200		127		421		230
Reportable segment totals	$	326	$	257	$	724	$	488

Total assets for the Company's reportable segments


	June 30,		December 31,		June 30,
	2023		2022		2022
Total assets:
Americas	$	5,574	$	5,109	$	5,028
Europe		3,652		3,392		3,325

Reportable segment totals		9,226		8,501		8,353
Other		685		560		520
Consolidated totals	$	9,911	$	9,061	$	8,873

Restructuring Accruals

6 Months Ended

Jun. 30, 2023

Restructuring Accruals

Restructuring Accruals

6. Restructuring Accruals

Selected information related to the restructuring accruals for the three months ended June 30, 2023 and 2022 is as follows:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at April 1, 2023	$	14	$	—	$	7	$	21
Net cash paid, principally severance and other exit costs		(3)				(1)		(4)
Balance at June 30, 2023	$	11	$	—	$	6	$	17


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at April 1, 2022	$	17	$	—	$	10	$	27
Charges		3		1		7		11
Write-down of assets to net realizable value				(1)				(1)
Net cash paid, principally severance and related benefits		(2)				(2)		(4)
Other, including foreign exchange translation		(1)						(1)
Balance at June 30, 2022	$	17	$	—	$	15	$	32

Selected information related to the restructuring accruals for the six months ended June 30, 2023 and 2022 is as follows:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2023	$	17	$	—	$	10	$	27
Net cash paid, principally severance and related benefits		(6)				(4)		(10)
Balance at June 30, 2023	$	11	$	—	$	6	$	17


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2022	$	20	$	—	$	11	$	31
Charges		3		1		7		11
Write-down of assets to net realizable value				(1)				(1)
Net cash paid, principally severance and related benefits		(5)				(3)		(8)
Other, including foreign exchange translation		(1)						(1)
Balance at June 30, 2022	$	17	$	—	$	15	$	32

When a decision is made to take restructuring actions, the Company manages and accounts for them programmatically apart from the ongoing operations of the business. Information related to major programs is presented separately, while minor initiatives are presented on a combined basis. As of June 30, 2023 and 2022, no major restructuring programs were in effect.

For the three and six months ended June 30, 2022, the Company implemented several discrete restructuring initiatives and recorded restructuring and other charges of $11 million. 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 locations 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 significant additional costs are expected to be incurred. For the three and six months ended June 30, 2022, 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.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 754	$ 773	$ 661
Trade receivables, net of allowance of $34 million, $28 million, and $29 million at June 30, 2023, December 31, 2022 and June 30, 2022	984	760	957
Inventories	1,037	848	775
Prepaid expenses and other current assets	260	222	224
Total current assets	3,035	2,603	2,617
Property, plant and equipment, net	3,241	2,962	2,758
Goodwill	1,901	1,813	1,792
Intangibles, net	268	262	272
Other assets	1,466	1,421	1,434
Total assets	9,911	9,061	8,873
Current liabilities:
Accounts payable	1,320	1,355	1,190
Short-term loans and long-term debt due within one year	242	345	65
Other liabilities	569	657	530
Total current liabilities	2,131	2,357	1,785
Long-term debt	4,778	4,371	4,427
Paddock support agreement liability			625
Other long-term liabilities	859	805	777
Share owners' equity	2,143	1,528	1,259
Total liabilities and share owners' equity	$ 9,911	$ 9,061	$ 8,873

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Inventories
Finished goods	$ 813	$ 667	$ 618
Raw materials	171	137	115
Operating supplies	53	44	42
Inventories	$ 1,037	$ 848	$ 775

Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Revenue

Schedule of disaggregation of revenue by customer end use

The following tables for the three months ended June 30, 2023 and 2022 disaggregate the Company’s revenue by customer end use:


	Three months ended June 30, 2023
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	585	$	647	$	1,232
Food and other		226		130		356
Non-alcoholic beverages		185		86		271
Reportable segment totals	$	996	$	863	$	1,859
Other						31
Net sales					$	1,890


	Three months ended June 30, 2022
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	613	$	576	$	1,189
Food and other		199		122		321
Non-alcoholic beverages		159		67		226
Reportable segment totals	$	971	$	765	$	1,736
Other						42
Net sales					$	1,778

The following tables for the six months ended June 30, 2023 and 2022 disaggregate the Company’s revenue by customer end use:


	Six months ended June 30, 2023
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	1,194	$	1,251	$	2,445
Food and other		444		256		700
Non-alcoholic beverages		358		155		513
Reportable segment totals	$	1,996	$	1,662	$	3,658
Other						63
Net sales					$	3,721


	Six months ended June 30, 2022
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	1,189	$	1,113	$	2,302
Food and other		413		232		645
Non-alcoholic beverages		310		129		439
Reportable segment totals	$	1,912	$	1,474	$	3,386
Other						83
Net sales					$	3,469

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Jun. 30, 2023
Income Taxes.
Statutory U.S. Federal tax rate (as a percent)	21.00%

Segment Information - Total Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Assets
Total assets:	$ 9,911	$ 9,061	$ 8,873
Reportable segment totals
Assets
Total assets:	9,226	8,501	8,353
Other
Assets
Total assets:	685	560	520
Americas \| Reportable segment totals
Assets
Total assets:	5,574	5,109	5,028
Europe \| Reportable segment totals
Assets
Total assets:	$ 3,652	$ 3,392	$ 3,325

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
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-Subparagraph (SX 210.4-08(g)(1)(ii))
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-Paragraph 3
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-Topic 852
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue
Net sales	$ 1,890	$ 1,778	$ 3,721	$ 3,469
Reportable Segment Totals
Disaggregation of Revenue
Net sales	1,859	1,736	3,658	3,386
Americas
Disaggregation of Revenue
Net sales	996	971	1,996	1,912
Europe
Disaggregation of Revenue
Net sales	863	765	1,662	1,474
Other
Disaggregation of Revenue
Net sales	31	42	63	83
Alcoholic beverages (beer, wine, spirits)
Disaggregation of Revenue
Net sales	1,232	1,189	2,445	2,302
Alcoholic beverages (beer, wine, spirits) \| Americas
Disaggregation of Revenue
Net sales	585	613	1,194	1,189
Alcoholic beverages (beer, wine, spirits) \| Europe
Disaggregation of Revenue
Net sales	647	576	1,251	1,113
Food and other
Disaggregation of Revenue
Net sales	356	321	700	645
Food and other \| Americas
Disaggregation of Revenue
Net sales	226	199	444	413
Food and other \| Europe
Disaggregation of Revenue
Net sales	130	122	256	232
Non-alcoholic beverages
Disaggregation of Revenue
Net sales	271	226	513	439
Non-alcoholic beverages \| Americas
Disaggregation of Revenue
Net sales	185	159	358	310
Non-alcoholic beverages \| Europe
Disaggregation of Revenue
Net sales	$ 86	$ 67	$ 155	$ 129

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

Share Owners' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Share Owners' Equity

Activity in share owner's equity

The activity in share owners’ equity for the three months ended June 30, 2023 and 2022 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 April 1, 2023	$	2	$	3,093		(690)	$	1,091	$	(1,727)	$	118	$	1,887
Reissuance of common stock (0.1 million shares)						3								3
Shares repurchased (0.4 million shares)				(10)										(10)
Stock compensation (0.2 million shares)				10										10
Net earnings								110				3		113
Other comprehensive income										140		3		143
Distributions to non-controlling interests												(3)		(3)
Balance on June 30, 2023	$	2	$	3,093	$	(687)	$	1,201	$	(1,587)	$	121	$	2,143


	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 April 1, 2022	$	2	$	3,085	$	(699)	$	389	$	(1,821)	$	146	$	1,102
Reissuance of common stock (0.2 million shares)				(1)		4								3
Shares repurchased (0.8 million shares)				(10)										(10)
Stock compensation (0.1 million shares)				11										11
Net earnings								252				4		256
Other comprehensive loss										(69)		(8)		(77)
Distributions to non-controlling interests												(26)		(26)
Balance on June 30, 2022	$	2	$	3,085	$	(695)	$	641	$	(1,890)	$	116	$	1,259

The activity in share owners’ equity for the six months ended June 30, 2023 and 2022 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, 2023	$	2	$	3,079	$	(688)	$	885	$	(1,861)	$	111	$	1,528
Issuance of common stock (0.4 million shares)				5										5
Reissuance of common stock (0.3 million shares)						7								7
Shares repurchased (1.0 million shares)				(20)										(20)
Stock compensation (0.7 million shares)				29										29
Net earnings								316				7		323
Other comprehensive income										274		6		280
Distributions to non-controlling interests												(3)		(3)
Other						(6)								(6)
Balance on June 30, 2023	$	2	$	3,093	$	(687)	$	1,201	$	(1,587)	$	121	$	2,143


	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, 2022	$	2	$	3,090	$	(701)	$	301	$	(1,972)	$	107	$	827
Reissuance of common stock (0.4 million shares)				(3)		9								6
Shares repurchased (1.5 million shares)				(20)										(20)
Stock compensation (0.5 million shares)				18										18
Net earnings								340				38		378
Other comprehensive income (loss)										82		(3)		79
Distributions to non-controlling interests												(26)		(26)
Other						(3)								(3)
Balance on June 30, 2022	$	2	$	3,085	$	(695)	$	641	$	(1,890)	$	116	$	1,259

Schedule of shares outstanding


	Shares Outstanding (in thousands)
	June 30,	December 31,	June 30,
	2023	2022	2022

Shares of common stock issued (including treasury shares)	186,084	185,568	186,936

Treasury shares	31,024	30,880	31,220

- 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.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Restructuring Accruals (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring Accruals

Selected information related to the restructuring accruals

Selected information related to the restructuring accruals for the three months ended June 30, 2023 and 2022 is as follows:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at April 1, 2023	$	14	$	—	$	7	$	21
Net cash paid, principally severance and other exit costs		(3)				(1)		(4)
Balance at June 30, 2023	$	11	$	—	$	6	$	17


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at April 1, 2022	$	17	$	—	$	10	$	27
Charges		3		1		7		11
Write-down of assets to net realizable value				(1)				(1)
Net cash paid, principally severance and related benefits		(2)				(2)		(4)
Other, including foreign exchange translation		(1)						(1)
Balance at June 30, 2022	$	17	$	—	$	15	$	32

Selected information related to the restructuring accruals for the six months ended June 30, 2023 and 2022 is as follows:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2023	$	17	$	—	$	10	$	27
Net cash paid, principally severance and related benefits		(6)				(4)		(10)
Balance at June 30, 2023	$	11	$	—	$	6	$	17


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2022	$	20	$	—	$	11	$	31
Charges		3		1		7		11
Write-down of assets to net realizable value				(1)				(1)
Net cash paid, principally severance and related benefits		(5)				(3)		(8)
Other, including foreign exchange translation		(1)						(1)
Balance at June 30, 2022	$	17	$	—	$	15	$	32

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Information

Income taxes paid (received) in cash


	Six months ended June 30,
	2023		2022
U.S.	$	8	$	6
Non-U.S.		73		93
Total income taxes paid in cash	$	81	$	99

CONDENSED CONSOLIDATED RESULTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
Net sales	$ 1,890	$ 1,778	$ 3,721	$ 3,469
Revenue, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of goods sold	$ (1,474)	$ (1,453)	$ (2,821)	$ (2,841)
Gross profit	416	325	900	628
Selling and administrative expense	(143)	(123)	(290)	(243)
Research, development and engineering expense	(22)	(20)	(41)	(42)
Interest expense, net	(118)	(46)	(186)	(112)
Equity earnings	30	24	60	47
Other income (expense), net	(9)	168	(19)	220
Earnings before income taxes	154	328	424	498
Provision for income taxes	(41)	(72)	(101)	(120)
Net earnings	113	256	323	378
Net earnings attributable to non-controlling interests	(3)	(4)	(7)	(38)
Net earnings attributable to the Company	$ 110	$ 252	$ 316	$ 340
Basic earnings per share:
Net earnings attributable to the Company (in dollars per share)	$ 0.71	$ 1.62	$ 2.04	$ 2.18
Weighted average shares outstanding (thousands) (in shares)	154,989	155,683	154,843	155,765
Diluted earnings per share:
Net earnings attributable to the Company (in dollars per share)	$ 0.69	$ 1.59	$ 1.98	$ 2.14
Weighted average diluted shares outstanding (thousands) (in shares)	159,328	158,951	159,212	158,874

Pension Benefit Plans

6 Months Ended

Jun. 30, 2023

Pension Benefit Plans

Pension Benefit Plans

7. Pension Benefit Plans

The components of the net periodic pension cost for the three months ended June 30, 2023 and 2022 are as follows:


	U.S.				Non-U.S.
	Three months ended June 30,				Three months ended June 30,
	2023		2022		2023		2022
Service cost	$	2	$	3	$	2	$	2
Interest cost		11		8		9		6
Expected asset return		(14)		(15)		(7)		(8)
Amortization of actuarial loss		2		10		2		2
Net periodic pension cost	$	1	$	6	$	6	$	2

The components of the net periodic pension cost for the six months ended June 30, 2023 and 2022 are as follows:


	U.S.				Non-U.S.
	Six months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Service cost	$	3	$	6	$	4	$	5
Interest cost		23		17		18		11
Expected asset return		(28)		(30)		(14)		(17)
Amortization of actuarial loss		4		20		4		4
Net periodic pension cost	$	2	$	13	$	12	$	3

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.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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-URI https://asc.fasb.org//715/tableOfContent

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Contingencies - Paddock Enterprises, LLC (Details) - USD ($) $ in Millions			6 Months Ended		12 Months Ended
	Jul. 20, 2022	Jul. 18, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 08, 2022
Loss contingencies
Deconsolidation investing outflow	$ 8.5
Remaining assets			$ 9,911.0	$ 8,873.0	$ 9,061.0
Cash and cash equivalents			754.0	661.0	773.0
Operating cash outflow			$ 98.0	120.0
Liability from deconsolidation				$ 625.0
Funding to trust		$ 601.5
Funding to trust through borrowings		600.0
Funding to trust through cash		1.5
Total consideration ("Settlement Consideration")						$ 610.0
Paddock
Loss contingencies
Remaining assets	18.0
Liabilities	30.0
Cash and cash equivalents	$ 12.0
Operating cash outflow					$ 621.0
Face value		$ 8.5

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Other comprehensive income (loss)	$ 143	$ (77)	$ 280	$ 79
Net Effect of Exchange Rate Fluctuations
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(1,122)	(1,160)	(1,280)	(1,290)
Change before reclassifications	151	(115)	309	15
Other comprehensive income (loss)	151	(115)	309	15
Balance at end of the period	(971)	(1,275)	(971)	(1,275)
Change in Certain Derivative Instruments
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(17)	(18)	4	(21)
Change before reclassifications	(7)	25	(26)	43
Amounts reclassified from accumulated other comprehensive income (loss)	(7)	(4)	(9)	(19)
Translation effect		(1)		(1)
Tax effect	3		3
Other comprehensive income (loss)	(11)	20	(32)	23
Balance at end of the period	(28)	2	(28)	2
Employee Benefit Plans
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(588)	(643)	(585)	(661)
Change before reclassifications		(1)	(1)	(1)
Amounts reclassified from accumulated other comprehensive income (loss)	4	12	8	24
Translation effect	(4)	15	(10)	21
Other comprehensive income (loss)		26	(3)	44
Balance at end of the period	(588)	(617)	(588)	(617)
Accumulated Other Comprehensive Loss.
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(1,727)	(1,821)	(1,861)	(1,972)
Change before reclassifications	144	(91)	282	57
Amounts reclassified from accumulated other comprehensive income (loss)	(3)	8	(1)	5
Translation effect	(4)	14	(10)	20
Tax effect	3		3
Other comprehensive income (loss)	140	(69)	274	82
Balance at end of the period	$ (1,587)	$ (1,890)	$ (1,587)	$ (1,890)

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share

Earnings Per Share

14. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended June 30, 2023 and 2022:


	Three months ended June 30,
	2023		2022
Numerator:
Net earnings attributable to the Company	$	110	$	252
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		154,989		155,683
Effect of dilutive securities:
Stock options and other		4,339		3,268
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		159,328		158,951
Basic earnings per share:
Net earnings attributable to the Company	$	0.71	$	1.62
Diluted earnings per share:
Net earnings attributable to the Company	$	0.69	$	1.59

The diluted earnings per share computation for the three months ended June 30, 2023 and 2022 excludes 546,143 and 804,953 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 shares of common stock.

The following table sets forth the computation of basic and diluted earnings per share for the six months ended June 30, 2023 and 2022:


	Six months ended June 30,
	2023		2022
Numerator:
Net earnings attributable to the Company	$	316	$	340
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		154,843		155,765
Effect of dilutive securities:
Stock options and other		4,369		3,109
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		159,212		158,874
Basic earnings per share:
Net earnings attributable to the Company	$	2.04	$	2.18
Diluted earnings per share:
Net earnings attributable to the Company	$	1.98	$	2.14

The diluted earnings per share computation for the six months ended June 30, 2023 and 2022 excludes 384,545 and 1,190,747 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 shares of common stock.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 110	$ 252	$ 316	$ 340

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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+ Details

Restructuring Accruals (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Restructuring Accruals (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring accrual
Beginning balance, restructuring reserve	$ 21	$ 27	$ 27	$ 31
Charges		11		11
Write-down of assets to net realizable value		(1)		(1)
Net cash paid, principally severance, related benefits and other exit costs	(4)	(4)	(10)	(8)
Other, including foreign exchange translation		(1)		(1)
Ending balance, restructuring reserve	17	32	17	32
Employee Costs
Restructuring accrual
Beginning balance, restructuring reserve	14	17	17	20
Charges		3		3
Net cash paid, principally severance, related benefits and other exit costs	(3)	(2)	(6)	(5)
Other, including foreign exchange translation		(1)		(1)
Ending balance, restructuring reserve	11	17	11	17
Asset Impairment
Restructuring accrual
Charges		1		1
Write-down of assets to net realizable value		(1)		(1)
Other Exit Costs
Restructuring accrual
Beginning balance, restructuring reserve	7	10	10	11
Charges		7		7
Net cash paid, principally severance, related benefits and other exit costs	(1)	(2)	(4)	(3)
Ending balance, restructuring reserve	$ 6	$ 15	$ 6	$ 15

Pension Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2023

Pension Benefit Plans.

Defined Benefit Plans and Other Postretirement Benefit Plans

Components of net periodic pension cost

The components of the net periodic pension cost for the three months ended June 30, 2023 and 2022 are as follows:


	U.S.				Non-U.S.
	Three months ended June 30,				Three months ended June 30,
	2023		2022		2023		2022
Service cost	$	2	$	3	$	2	$	2
Interest cost		11		8		9		6
Expected asset return		(14)		(15)		(7)		(8)
Amortization of actuarial loss		2		10		2		2
Net periodic pension cost	$	1	$	6	$	6	$	2

The components of the net periodic pension cost for the six months ended June 30, 2023 and 2022 are as follows:


	U.S.				Non-U.S.
	Six months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Service cost	$	3	$	6	$	4	$	5
Interest cost		23		17		18		11
Expected asset return		(28)		(30)		(14)		(17)
Amortization of actuarial loss		4		20		4		4
Net periodic pension cost	$	2	$	13	$	12	$	3

Derivative Instruments - Balance Sheet Classification (Details) € in Millions, $ / BTU in Millions, $ in Millions, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) $ / BTU	Jun. 30, 2022 USD ($) $ / BTU	Dec. 31, 2022 USD ($) $ / BTU	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 MXN ($)	Jun. 29, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 MXN ($)	Jun. 30, 2022 EUR (€)	Jun. 30, 2022 MXN ($)
Derivatives, Fair Value
Total asset derivatives	$ 26	$ 37	$ 18
Total liability derivatives	171	37	145
Current derivative asset	26	14	15
Current derivative liability	18	12	32
Noncurrent derivative asset		23	3
Noncurrent derivative liability	153	25	113
Derivatives designated as hedging instruments
Derivatives, Fair Value
Total asset derivatives	25	35	13
Total liability derivatives	$ 164	$ 37	$ 143
Derivatives designated as hedging instruments \| Commodity forward contracts and collars
Derivatives, Fair Value
British Thermal Units ("BTUs") \| $ / BTU	43	44	46
Total asset derivatives		$ 2	$ 3
Total liability derivatives	$ 18	6	9
Derivatives designated as hedging instruments \| Foreign exchange risk
Derivatives, Fair Value
Notional amount	844	850	844
Total asset derivatives	17	17	7
Total liability derivatives	98	2	62
Derivatives designated as hedging instruments \| Interest rate swaps - fair value hedges
Derivatives, Fair Value
Notional amount \| €				€ 0		€ 725	€ 725		€ 725
Total liability derivatives		28	44
Derivatives designated as hedging instruments \| Cash flow hedges of foreign exchange risk
Derivatives, Fair Value
Notional amount					$ 477			$ 0		$ 514
Total liability derivatives	3	1
Derivatives designated as hedging instruments \| Net investment hedges
Derivatives, Fair Value
Notional amount \| €				€ 483			€ 358		€ 324
Total asset derivatives	8	16	3
Total liability derivatives	45		28
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivatives, Fair Value
Notional amount	417	334	245
Total asset derivatives	1	$ 2	5
Total liability derivatives	$ 7		$ 2

Debt

6 Months Ended

Jun. 30, 2023

Debt

Debt

9. Debt

The following table summarizes the long-term debt of the Company at June 30, 2023, December 31, 2022, and June 30, 2022:


	June 30,		December 31,		June 30,
	2023		2022		2022
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans	$	—	$	—	$	—
Term Loans:
Term Loan A		1,427		1,426		946
Senior Notes:
5.875%, due 2023		108		249		547
3.125%, due 2024 (€725 million)		61		731		734
6.375%, due 2025		298		298		297
5.375%, due 2025		17		299		299
2.875%, due 2025 (€500 million)		541		529		519
6.625%, due 2027		607		607		606
6.250%, due 2028 (€600 million)		645
4.750%, due 2030		396		396		395
7.250%, due 2031		679
Finance leases		157		132		105
Other		3		4		4
Total long-term debt		4,939		4,671		4,452
Less amounts due within one year		161		300		25
Long-term debt	$	4,778	$	4,371	$	4,427

The Company presents debt issuance costs in the Condensed Consolidated Balance Sheets as a deduction of the carrying amount of the related debt liability.

On March 25, 2022, certain of the Company’s subsidiaries entered into a Credit Agreement and Syndicated Facility Agreement (the “Original Agreement”), which refinanced in full the previous credit agreement. The Original Agreement provided for up to $2.8 billion of borrowings pursuant to term loans, revolving credit facilities and a delayed draw term loan facility. The delayed draw term loan facility allowed for a one-time borrowing of up to $600 million, the proceeds of which were used, in addition to other consideration paid by the Company and/or its subsidiaries, to fund an asbestos settlement trust (the “Paddock Trust”) established in connection with the confirmed plan of reorganization of Paddock Enterprises, LLC (“Paddock”) proposed by Paddock, O-I Glass and certain other parties in Paddock’s Chapter 11 case (see Note 10 for more information). On July 18, 2022, the Company drew down the $600 million delayed draw term loan to fund, together with other consideration, the Paddock Trust.

On August 30, 2022, certain of the Company’s subsidiaries entered into an Amendment No. 1 to its Credit Agreement and Syndicated Facility Agreement (the “Credit Agreement Amendment”), which amends the Original Agreement (as amended by the Credit Agreement Amendment, the “Credit Agreement”). The Credit Agreement Amendment provides for up to $500 million of additional borrowings in the form of term loans. The proceeds of such term loans were used, together with cash, to retire the $600 million delayed draw term loan. The term loans mature, and the revolving credit facilities terminate, in March 2027. The term loans borrowed under the Credit Agreement Amendment are secured by certain collateral of the Company and certain of its subsidiaries. In addition, the Credit

Agreement Amendment makes modifications to certain loan documents, in order to give the Company increased flexibility to incur secured debt in the future.

The Company recorded approximately $1 million of additional interest charges for third-party fees and the write-off of unamortized fees related to the Credit Agreement Amendment in the third quarter of 2022. The Company recorded approximately $2 million of additional interest charges for third-party fees incurred in connection with the execution of the Original Agreement and the write-off of unamortized fees related to the previous credit agreement in the first quarter of 2022.

At June 30, 2023, the Credit Agreement includes a $300 million revolving credit facility, a $950 million multicurrency revolving credit facility and $1.45 billion in term loan A facilities ($1.43 billion outstanding balance at June 30, 2023, net of debt issuance costs). At June 30, 2023, the Company had unused credit of $1.24 billion available under the Credit Agreement. The weighted average interest rate on borrowings outstanding under the Credit Agreement at June 30, 2023 was 6.62%.

The Credit 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 Credit Agreement also contains one financial maintenance covenant, a Secured Leverage Ratio (as defined in the Credit Agreement), that requires the Company not to exceed a ratio of 2.50x calculated by dividing consolidated Net Indebtedness that is then secured by Liens on property or assets of the Company and certain of its subsidiaries by Consolidated EBITDA, as each term is defined and as described in the Credit Agreement. The Secured 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 Secured Leverage Ratio to exceed the specified maximum.

Failure to comply with these covenants and restrictions could result in an event of default under the Credit Agreement. In such an event, the Company could not request additional borrowings under the revolving facilities, and all amounts outstanding under the Credit 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 Credit Agreement. If an event of default occurs under the Credit Agreement and the lenders cause all of the outstanding debt obligations under the Credit 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 June 30, 2023, the Company was in compliance with all covenants and restrictions in the Credit Agreement. In addition, the Company believes that it will remain in compliance and that its ability to borrow additional funds under the Credit Agreement will not be adversely affected by the covenants and restrictions.

The Total Leverage Ratio (as defined in the Credit Agreement) determines pricing under the Credit Agreement. The interest rate on borrowings under the Credit Agreement is, at the Company’s option, the Base Rate, Term SOFR or, for non-U.S. dollar borrowings only, the Eurocurrency Rate (each as defined in the Credit Agreement), plus an applicable margin. The applicable margin is linked to the Total Leverage Ratio. The margins range from 1.00% to 2.25% for Term SOFR loans and Eurocurrency Rate loans and from 0.00% to 1.25% for Base Rate loans. In addition, a commitment fee is payable on the unused revolving credit facility commitments ranging from 0.20% to 0.35% per annum linked to the Total Leverage Ratio.

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

On February 10, 2022, the Company announced the commencement, by an indirect wholly owned subsidiary of the Company, of a tender offer to purchase for cash up to $250.0 million aggregate purchase price of its outstanding (i) 5.875% Senior Notes due 2023, (ii) 5.375% Senior Notes due 2025, (iii) 6.375% Senior Notes due 2025 and (iv) 6.625% Senior Notes due 2027. On February 28, 2022, the Company repurchased $150.0 million aggregate principal amount of the outstanding 5.875% Senior Notes due 2023 and $88.2 million aggregate principal amount of the outstanding 6.625% Senior Notes due 2027. Following the repurchase, $550.0 million and $611.8 million aggregate principal amounts of the 5.875% Senior Notes due 2023 and 6.625% Senior Notes due 2027, respectively, remained outstanding. The repurchases were funded with cash on hand. The Company recorded approximately $16 million of additional interest charges for note repurchase premiums and the write-off of unamortized finance fees related to the senior note repurchases conducted in the first quarter of 2022.

In August 2022, the Company redeemed $300 million aggregate principal amount of its 5.875% Senior Notes due 2023. Following the redemption, $250.0 million aggregate principal amount of the 5.875% Senior Notes due 2023 remained outstanding. The redemption was funded with cash on hand. The Company recorded approximately $7 million of additional interest charges for note repurchase premiums and the write-off of unamortized finance fees related to this redemption.

On May 11, 2023, the Company announced the commencement, by two indirect wholly owned subsidiaries of the Company, of tender offers to purchase any and all of its outstanding (i) 5.875% Senior Notes due 2023, of which $250 million aggregate principal amount was outstanding, and (ii) 3.125% Senior Notes due 2024, of which €725 million aggregate principal amount was outstanding. On May 15, 2023, the Company announced the commencement, by an indirect wholly owned subsidiary of the Company, of a tender offer to purchase any and all of its outstanding 5.375% Senior Notes due 2025, of which $300 million aggregate principal amount was outstanding.

On May 26, 2023, the Company repurchased $142 million aggregate principal amount of the outstanding 5.875% Senior Notes due 2023, €666.7 million aggregate principal amount of the outstanding 3.125% Senior Notes due 2024, and $282.8 million aggregate principal amount of the outstanding 5.375% Senior Notes due 2025. Following the repurchase, approximately $108 million, €58 million, and $17 million aggregate principal amounts of the 5.875% Senior Notes due 2023, 3.125% Senior Notes due 2024, and 5.375% Senior Notes due 2025, respectively, remained outstanding. The repurchases were funded with the proceeds from the May 2023 senior notes issuances described below. The Company recorded approximately $39 million of additional interest charges related to the senior note repurchases conducted in the second quarter of 2023 for note repurchase premiums, the write-off of unamortized finance fees and the settlement of a related interest rate swap.

In May 2023, the Company issued €600 million aggregate principal amount of senior notes that bear interest at a rate of 6.250% per annum and mature on May 15, 2028. Also, in May 2023, the Company issued $690 million aggregate principal amount of senior notes that bear interest at a rate of 7.250% per annum and mature on May 15, 2031. The senior notes were issued via a private placement and are guaranteed by certain of the Company’s subsidiaries. The net proceeds, after deducting debt issuance costs, totaled approximately €593 million and $682 million, respectively, were used to redeem the aggregate principal amounts described in the May 2023 tender offers above.

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 fair value 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 June 30, 2023 of the Company’s significant fixed rate debt obligations are as follows:


	Principal		Indicated Market
	Amount		Price		Fair Value
Senior Notes:
5.875%, due 2023	$	108	$	99.91	$	108
3.125%, due 2024 (€725 million)		63		99.37		63
6.375%, due 2025		300		100.28		301
5.375%, due 2025		17		100.68		17
2.875%, due 2025 (€500 million)		544		97.72		532
6.625%, due 2027		612		99.42		608
6.250%, due 2028 (€600 million)		652		102.34		667
4.750%, due 2030		400		90.26		361
7.250%, due 2031		690		101.19		698

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Derivative Instruments - Effects of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivatives and Hedges
Amount of Gain (Loss) Recognized in Other income (expense), net	$ (5)	$ (19)	$ (6)	$ (16)
Derivatives designated as hedging instruments
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	(10)	24	(36)	42
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(7)	4	(9)	19
Derivatives designated as hedging instruments \| Net Investment Hedges \| Interest expense, net
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	(4)	27	(10)	32
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	1	2	2	3
Derivatives designated as hedging instruments \| Commodity forward contracts and collars \| Cash Flow Hedges \| Cost of goods sold
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	(5)	(3)	(23)	(3)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(7)	$ 2	(11)	2
Derivatives designated as hedging instruments \| Foreign exchange risk \| Cash Flow Hedges \| Cost of goods sold
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	(1)		$ (3)	13
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (1)			$ 14

Segment Information - Reportable Segments - Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net sales:
Net sales	$ 1,890	$ 1,778	$ 3,721	$ 3,469
Reportable segment totals
Net sales:
Net sales	1,859	1,736	3,658	3,386
Other
Net sales:
Net sales	31	42	63	83
Americas
Net sales:
Net sales	996	971	1,996	1,912
Americas \| Reportable segment totals
Net sales:
Net sales	996	971	1,996	1,912
Europe
Net sales:
Net sales	863	765	1,662	1,474
Europe \| Reportable segment totals
Net sales:
Net sales	$ 863	$ 765	$ 1,662	$ 1,474

- Definition

+ References

+ Details

Credit Losses

6 Months Ended

Jun. 30, 2023

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 before it sells glass containers 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 June 30, 2023 and June 30, 2022, the Company reported $984 million and $957 million of accounts receivable, respectively, net of allowances of $34 million and $29 million, respectively. Changes in the allowance were not material for each of the three and six months ended June 30, 2023 and June 30, 2022.

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Information

Supplemental Cash Flow Information

15. Supplemental Cash Flow Information

Income taxes paid in cash were as follows:


	Six months ended June 30,
	2023		2022
U.S.	$	8	$	6
Non-U.S.		73		93
Total income taxes paid in cash	$	81	$	99

Interest paid, including note repurchase premiums, in cash for the six months ended June 30, 2023 and 2022 was $160 million and $112 million, respectively. Cash interest for the six months ended June 30, 2023 and 2022 included $3 million and $12 million, respectively, of note repurchase premiums.

The Company uses various factoring programs to sell certain trade receivables to financial institutions as part of managing its cash flows. At June 30, 2023, December 31, 2022 and June 30, 2022, the total amount of trade receivables sold by the Company was $556 million, $535 million, and $453 million, respectively. These amounts included $271 million, $158 million and $158 million at June 30, 2023, December 31, 2022, and June 30, 2022, respectively, for trade receivable amounts factored under supply chain financing programs linked to commercial arrangements with key customers. The Company’s use of its factoring programs resulted in an increase in cash provided by operating activities of approximately $21 million for the six months ended June 30, 2023 and a decrease in cash provided by operating activities of approximately $28 million for the six months ended June 30, 2022. For the six months ended June 30, 2023 and 2022, the Company recorded expenses related to these factoring programs of approximately $11 million and $3 million, respectively.

In accordance with ASU 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” the Company has agreements with third-party administrators that allow participating vendors to track the Company’s payments, and if voluntarily elected by the vendor, to sell payment obligations from the Company to financial institutions as part of a Supply Chain Financing (“SCF”) Program. The Company's payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. When participating vendors elect to sell one or more of the Company’s payment obligations, the Company’s rights and obligations to settle the payables on their contractual due date are not impacted. The Company has no economic or commercial interest in a vendor’s decision to enter into these agreements, and the financial institutions do not provide the Company with incentives, such as rebates or profit sharing under the SCF Program. The Company agrees on commercial terms with vendors for the goods and services procured, which are consistent with payment terms observed at other peer companies in the industry, and the terms are not impacted by the SCF Program. Such obligations are classified as accounts payable in its Condensed Consolidated Balance Sheets. The Company does not provide asset pledges, or other forms of guarantees, as security for the committed payment to the financial institutions. As of June 30, 2023, December 31, 2022 and June 30, 2022, the Company had approximately $123 million, $110 million, and $95 million, respectively, of outstanding payment obligations to the financial institutions as part of the SCF Program.

Segment Information (Details)	6 Months Ended
Segment Information (Details)	Jun. 30, 2023 segment
Segment Information
Number of reportable segments	2
Number of operating segments	2

Other Income (Expense), Net

6 Months Ended

Jun. 30, 2023

Other Income (Expense), Net

Other Income (Expense), Net

13. Other Income (Expense), Net

Other income (expense), net for the three and six months ended June 30, 2023 and 2022 included the following:


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Gain on sale of divested business (see Note 16)	$		$		$		$	55
Gain on sale leaseback (see Note 16)				182				182
Restructuring, asset impairment and other charges				(12)				(12)
Intangible amortization expense		(8)		(8)		(16)		(16)
Foreign currency exchange loss		(2)		(2)		(1)		(2)
Royalty income		6		5		13		11
Other		(5)		3		(15)		2
Other income (expense), net	$	(9)	$	168	$	(19)	$	220

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments

Balance Sheet Classification of derivative instruments


	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	June 30,		December 31,		June 30,		June 30,		December 31,		June 30,
	2023		2022		2022		2023		2022		2022
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	—	$	3	$	2	$	18	$	9	$	6
Interest rate swaps - fair value hedges (b)										44		28
Cash flow hedges of foreign exchange risk (c)								3				1
Fair value hedges of foreign exchange risk (d)		17		7		17		98		62		2
Net investment hedges (e)		8		3		16		45		28
Total derivatives accounted for as hedges	$	25	$	13	$	35	$	164	$	143	$	37
Derivatives not designated as hedges:
Foreign exchange derivative contracts (f)		1		5		2		7		2		—
Total derivatives	$	26	$	18	$	37	$	171	$	145	$	37


Current	$	26	$	15	$	14	$	18	$	32	$	12
Noncurrent				3		23		153		113		25
Total derivatives	$	26	$	18	$	37	$	171	$	145	$	37

(b) The notional amounts of the interest rate swaps designated as fair value hedges were €0 million at June 30, 2023 and €725 million at December 31, 2022 and June 30, 2022.

Effects of derivative instruments on the results of operations


	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Three months ended June 30,				Three months ended June 30,
Derivatives designated as hedging instruments:	2023		2022		2023		2022
Cash Flow Hedges
Commodity forward contracts and collars (a)	$	(5)	$	(3)	$	(7)	$	2
Cash flow hedges of foreign exchange risk (a)		(1)				(1)
Net Investment Hedges
Net Investment Hedges (b)		(4)		27		1		2
	$	(10)	$	24	$	(7)	$	4


	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Six months ended June 30,				Six months ended June 30,
Derivatives designated as hedging instruments:	2023		2022		2023		2022
Cash Flow Hedges
Commodity forward contracts and collars (a)	$	(23)	$	(3)	$	(11)	$	2
Cash flow hedges of foreign exchange risk (a)		(3)		13		—		14
Net Investment Hedges
Net Investment Hedges (b)		(10)		32		2		3
	$	(36)	$	42	$	(9)	$	19


	Amount of Gain (Loss) Recognized in Other income (expense), net					Amount of Gain (Loss) Recognized in Other income (expense), net
	Three months ended June 30,					Six months ended June 30,
Derivatives not designated as hedges:	2023		2022			2023		2022
Foreign exchange derivative contracts	$	(5)	$	(19)	$	(6)	$	(16)

(1) Gains and losses reclassified from Accumulated OCI and recognized in income are recorded to (a) cost of goods sold or (b) interest expense, net.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Trade receivables allowance	$ 34	$ 28	$ 29

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventories

Major classes of inventory


	June 30,		December 31,		June 30,
	2023		2022		2022
Finished goods	$	813	$	667	$	618
Raw materials		171		137		115
Operating supplies		53		44		42
	$	1,037	$	848	$	775

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2023 shares
Cover
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
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	155,059,935
Entity Central Index Key	0000812074
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME
Net earnings	$ 113	$ 256	$ 323	$ 378
Other comprehensive income (loss):
Foreign currency translation adjustments	154	(123)	315	12
Pension and other postretirement benefit adjustments, net of tax		26	(3)	44
Change in fair value of derivative instruments, net of tax	(11)	20	(32)	23
Other comprehensive income (loss)	143	(77)	280	79
Total comprehensive income	256	179	603	457
Comprehensive (income) loss attributable to non-controlling interests	(6)	4	(13)	(35)
Comprehensive income attributable to the Company	$ 250	$ 183	$ 590	$ 422

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share

Computation of basic and diluted earnings per share


	Three months ended June 30,
	2023		2022
Numerator:
Net earnings attributable to the Company	$	110	$	252
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		154,989		155,683
Effect of dilutive securities:
Stock options and other		4,339		3,268
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		159,328		158,951
Basic earnings per share:
Net earnings attributable to the Company	$	0.71	$	1.62
Diluted earnings per share:
Net earnings attributable to the Company	$	0.69	$	1.59


	Six months ended June 30,
	2023		2022
Numerator:
Net earnings attributable to the Company	$	316	$	340
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		154,843		155,765
Effect of dilutive securities:
Stock options and other		4,369		3,109
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		159,212		158,874
Basic earnings per share:
Net earnings attributable to the Company	$	2.04	$	2.18
Diluted earnings per share:
Net earnings attributable to the Company	$	1.98	$	2.14

Debt (Details) $ / shares in Units, € in Millions, $ in Millions	1 Months Ended			3 Months Ended			6 Months Ended
	May 31, 2023 USD ($)	May 31, 2023 EUR (€)	Aug. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) agreement $ / shares	Jun. 30, 2023 EUR (€)	May 31, 2023 EUR (€)	May 26, 2023 USD ($)	May 26, 2023 EUR (€)	May 15, 2023 USD ($)	May 11, 2023 USD ($)	May 11, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Jul. 18, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Mar. 25, 2022 USD ($)	Mar. 01, 2022 USD ($)	Feb. 28, 2022 USD ($)	Feb. 10, 2022 USD ($)
Debt Instrument
Total long-term debt				$ 4,939.0			$ 4,939.0								$ 4,671.0			$ 4,452.0
Less amounts due within one year				161.0			161.0								300.0			25.0
Long-term debt				4,778.0			4,778.0								4,371.0			4,427.0
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees				39.0	$ 1.0
Maximum Borrowing Capacity																				$ 2,800.0
Additional interest charges for related party fees						$ 2.0
Paddock
Debt Instrument
Face value																	$ 8.5
Secured Credit Agreement
Debt Instrument
Unused Credit				$ 1,240.0			$ 1,240.0
Number of financial maintenance covenants \| agreement							1
Additional default interest rate per annum applied to all obligations owed under the Agreement							2.00%
Secured Credit Agreement \| Minimum
Debt Instrument
Interest rate margin, Term SOFR loans and Euro currency rate loans				1.00%			1.00%	1.00%
Interest rate margin, Base Rate loans (as a percent)							0.00%
Facility fee payable (as a percent)							0.20%
Secured Credit Agreement \| Maximum
Debt Instrument
Interest rate margin, Term SOFR loans and Euro currency rate loans				2.25%			2.25%	2.25%
Interest rate margin, Base Rate loans (as a percent)							1.25%
Leverage Ratio							2.50
Facility fee payable (as a percent)							0.35%
Revolving Loans
Debt Instrument
Weighted average interest rate (as a percent)				6.62%			6.62%	6.62%
Term Loan A
Debt Instrument
Total long-term debt				$ 1,427.0			$ 1,427.0								1,426.0			946.0
Maximum Borrowing Capacity				1,450.0			1,450.0
Senior Notes
Debt Instrument
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees						$ 16.0
Senior Notes 5.875%, due 2023
Debt Instrument
Total long-term debt	$ 108.0			$ 108.0			$ 108.0			$ 142.0			$ 250.0		249.0			547.0
Interest rate, stated percentage	5.875%		5.875%	5.875%			5.875%	5.875%	5.875%	5.875%	5.875%		5.875%	5.875%							5.875%	5.875%	5.875%
Debt repurchased amount																						$ 150.0	$ 250.0
Debt redeemed			$ 300.0
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees			7.0
Fair values of fixed rate debt obligations
Principal Amount			$ 250.0	$ 108.0			$ 108.0														$ 550.0
Indicated Market Price (in dollars per share) \| $ / shares				$ 99.91			$ 99.91
Fair Value				$ 108.0			$ 108.0
Senior Notes 3.125%, due 2024 (725 million EUR)
Debt Instrument
Total long-term debt				$ 61.0			$ 61.0	€ 725.0	€ 58.0		€ 666.7			€ 725.0	731.0	€ 725.0		734.0	€ 725.0
Interest rate, stated percentage	3.125%			3.125%			3.125%	3.125%	3.125%	3.125%	3.125%		3.125%	3.125%
Fair values of fixed rate debt obligations
Principal Amount				$ 63.0			$ 63.0
Indicated Market Price (in dollars per share) \| $ / shares				$ 99.37			$ 99.37
Fair Value				$ 63.0			$ 63.0
Senior Notes 6.375%, due 2025
Debt Instrument
Total long-term debt				$ 298.0			$ 298.0								298.0			297.0
Interest rate, stated percentage				6.375%			6.375%	6.375%															6.375%
Fair values of fixed rate debt obligations
Principal Amount				$ 300.0			$ 300.0
Indicated Market Price (in dollars per share) \| $ / shares				$ 100.28			$ 100.28
Fair Value				$ 301.0			$ 301.0
Senior Notes, 5.375% due 2025
Debt Instrument
Total long-term debt	$ 17.0			$ 17.0			$ 17.0			$ 282.8		$ 300.0			299.0			299.0
Interest rate, stated percentage	5.375%			5.375%			5.375%	5.375%	5.375%	5.375%	5.375%	5.375%											5.375%
Fair values of fixed rate debt obligations
Principal Amount				$ 17.0			$ 17.0
Indicated Market Price (in dollars per share) \| $ / shares				$ 100.68			$ 100.68
Fair Value				$ 17.0			$ 17.0
Senior Notes 2.875%, due 2025 (500 million EUR)
Debt Instrument
Total long-term debt				$ 541.0			$ 541.0	€ 500.0							529.0	€ 500.0		519.0	€ 500.0
Interest rate, stated percentage				2.875%			2.875%	2.875%
Fair values of fixed rate debt obligations
Principal Amount				$ 544.0			$ 544.0
Indicated Market Price (in dollars per share) \| $ / shares				$ 97.72			$ 97.72
Fair Value				$ 532.0			$ 532.0
Senior Notes 6.625%, due 2027
Debt Instrument
Total long-term debt				$ 607.0			$ 607.0	€ 600.0							607.0			606.0
Interest rate, stated percentage				6.625%			6.625%	6.625%													6.625%	6.625%	6.625%
Debt repurchased amount																						$ 88.2
Fair values of fixed rate debt obligations
Principal Amount				$ 612.0			$ 612.0														$ 611.8
Indicated Market Price (in dollars per share) \| $ / shares				$ 99.42			$ 99.42
Fair Value				$ 608.0			$ 608.0
Senior Notes 6.250%, due 2028
Debt Instrument
Total long-term debt				$ 645.0			$ 645.0	€ 600.0
Interest rate, stated percentage	6.25%			6.25%			6.25%	6.25%	6.25%
Net proceeds, after deducting debt issuance costs \| €		€ 593.0
Face value \| €									€ 600.0
Fair values of fixed rate debt obligations
Principal Amount				$ 652.0			$ 652.0
Indicated Market Price (in dollars per share) \| $ / shares				$ 102.34			$ 102.34
Fair Value				$ 667.0			$ 667.0
Senior Notes 4.750%, due 2030
Debt Instrument
Total long-term debt				$ 396.0			$ 396.0								396.0			395.0
Interest rate, stated percentage				4.75%			4.75%	4.75%
Fair values of fixed rate debt obligations
Principal Amount				$ 400.0			$ 400.0
Indicated Market Price (in dollars per share) \| $ / shares				$ 90.26			$ 90.26
Fair Value				$ 361.0			$ 361.0
Senior Notes 7.250% due 2031
Debt Instrument
Total long-term debt				$ 679.0			$ 679.0
Interest rate, stated percentage	7.25%			7.25%			7.25%	7.25%	7.25%
Net proceeds, after deducting debt issuance costs	$ 682.0
Face value	$ 690.0
Fair values of fixed rate debt obligations
Principal Amount				$ 690.0			$ 690.0
Indicated Market Price (in dollars per share) \| $ / shares				$ 101.19			$ 101.19
Fair Value				$ 698.0			$ 698.0
Finance leases
Debt Instrument
Total long-term debt				157.0			157.0								132.0			105.0
Other debt
Debt Instrument
Total long-term debt				3.0			3.0								$ 4.0			$ 4.0
Revolving Credit Facility
Debt Instrument
Maximum Borrowing Capacity				300.0			300.0
Delayed draw term loan facility
Debt Instrument
Maximum Borrowing Capacity																				600.0
Term loans in aggregate
Debt Instrument
Maximum Borrowing Capacity																				$ 500.0
Multicurrency Revolving Credit Facility
Debt Instrument
Maximum Borrowing Capacity				$ 950.0			$ 950.0

Share Owners' Equity - Rollforward Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share Owners' Equity
Issuance of common stock (in shares)			400,000
Reissuance of common stock (in shares)	100,000	200,000	300,000	400,000
Shares repurchased (in shares)	444,752	800,000	1,000,000.0	1,500,000
Stock compensation (in shares)	200,000	100,000	700,000	500,000

Share Owners' Equity

6 Months Ended

Jun. 30, 2023

Share Owners' Equity

Share Owners' Equity

11. Share Owners’ Equity

The activity in share owners’ equity for the three months ended June 30, 2023 and 2022 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 April 1, 2023	$	2	$	3,093		(690)	$	1,091	$	(1,727)	$	118	$	1,887
Reissuance of common stock (0.1 million shares)						3								3
Shares repurchased (0.4 million shares)				(10)										(10)
Stock compensation (0.2 million shares)				10										10
Net earnings								110				3		113
Other comprehensive income										140		3		143
Distributions to non-controlling interests												(3)		(3)
Balance on June 30, 2023	$	2	$	3,093	$	(687)	$	1,201	$	(1,587)	$	121	$	2,143


	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 April 1, 2022	$	2	$	3,085	$	(699)	$	389	$	(1,821)	$	146	$	1,102
Reissuance of common stock (0.2 million shares)				(1)		4								3
Shares repurchased (0.8 million shares)				(10)										(10)
Stock compensation (0.1 million shares)				11										11
Net earnings								252				4		256
Other comprehensive loss										(69)		(8)		(77)
Distributions to non-controlling interests												(26)		(26)
Balance on June 30, 2022	$	2	$	3,085	$	(695)	$	641	$	(1,890)	$	116	$	1,259

The activity in share owners’ equity for the six months ended June 30, 2023 and 2022 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, 2023	$	2	$	3,079	$	(688)	$	885	$	(1,861)	$	111	$	1,528
Issuance of common stock (0.4 million shares)				5										5
Reissuance of common stock (0.3 million shares)						7								7
Shares repurchased (1.0 million shares)				(20)										(20)
Stock compensation (0.7 million shares)				29										29
Net earnings								316				7		323
Other comprehensive income										274		6		280
Distributions to non-controlling interests												(3)		(3)
Other						(6)								(6)
Balance on June 30, 2023	$	2	$	3,093	$	(687)	$	1,201	$	(1,587)	$	121	$	2,143


	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, 2022	$	2	$	3,090	$	(701)	$	301	$	(1,972)	$	107	$	827
Reissuance of common stock (0.4 million shares)				(3)		9								6
Shares repurchased (1.5 million shares)				(20)										(20)
Stock compensation (0.5 million shares)				18										18
Net earnings								340				38		378
Other comprehensive income (loss)										82		(3)		79
Distributions to non-controlling interests												(26)		(26)
Other						(3)								(3)
Balance on June 30, 2022	$	2	$	3,085	$	(695)	$	641	$	(1,890)	$	116	$	1,259

During the three months ended June 30, 2023, the Company purchased 444,752 shares of its common stock for approximately $10 million. The share 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 $50 million remained available for purchases under this program as of June 30, 2023.

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)
	June 30,	December 31,	June 30,
	2023	2022	2022

Shares of common stock issued (including treasury shares)	186,084	185,568	186,936

Treasury shares	31,024	30,880	31,220

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
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-Subparagraph (g)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details