0001558370-24-001165 | 10-K | XBRL Viewer

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Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets
Net Carrying Amount	$ 254	$ 262
Intangible amortization expense	32	33	$ 34
Customer list intangibles
Finite-Lived Intangible Assets
Accumulated amortization	316	284
Net Carrying Amount	$ 254	262
Useful life	20 years
Intangible amortization expense	$ 32	$ 33	$ 34
2024	30
2025	28
2026	27
2027	25
2028	23
Impairment of intangible assets	$ 0
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information

Supplemental Cash Flow Information

20. Supplemental Cash Flow Information

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


	2023		2022		2021
Decrease (increase) in current assets:
Receivables - change in factoring	$	7	$	54	$	45
Receivables - all other changes		144		(137)		(191)
Inventories		(174)		(61)		(32)
Prepaid expenses and other		4		(6)		(15)
Increase (decrease) in current liabilities:
Accounts payable		(102)		146		161
Accrued liabilities		(4)		45		(30)
Salaries and wages		(20)		19		30
U.S. and foreign income taxes		(3)		35		19
	$	(148)	$	95	$	(13)

The Company uses various factoring programs to sell certain trade receivables to financial institutions as part of managing its cash flows. Sales of trade receivables are accounted for in accordance with ASC Topic 860, Transfers and Servicing. At December 31, 2023, 2022 and 2021, the total amount of trade receivables sold by the Company was $542 million, $535 million and $481 million, respectively. These amounts included $178 million, $158 million and $180 million at December 31, 2023, 2022 and 2021, respectively, for trade receivable amounts factored under supply-chain financing programs linked to commercial arrangements with key customers. For the years ended December 31, 2023, 2022 and 2021, the Company recorded expenses related to these factoring programs of $23 million, $11 million and $6 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 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 December 31, 2023 and December 31, 2022, the Company had approximately $113 million and $110 million, respectively, of outstanding payment obligations to the financial institutions as part of the SCF Program.

Income taxes paid in cash were as follows:


	2023		2022		2021
U.S.	$	16	$	14	$	9
Non-U.S.		131		157		102
Total income taxes paid in cash	$	147	$	171	$	111

Interest paid in cash, including note repurchase premiums, for the years ended December 31, 2023, 2022 and 2021 was $301 million, $234 million and $209 million, respectively. Cash interest for the years ended December 31, 2023, 2022 and 2021 included $3 million, $17 million and $11 million of note repurchase premiums, respectively.

Revenue

12 Months Ended

Dec. 31, 2023

Revenue

Revenue

3. 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 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 years ended December 31, 2023 and 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 Consolidated Balance Sheet. For the years ended December 31, 2023, 2022 and 2021, revenue recognized from prior periods (for example, due to changes in transaction price) was not material. The Company recognized revenue of approximately $42 million and $31 million from sales to affiliates in 2023 and 2022, respectively.

The following table for the year ended December 31, 2023 disaggregates the Company’s revenue by customer end use:


	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	2,268	$	2,320	$	4,588
Food and other		865		508		1,373
Non-alcoholic beverages		732		289		1,021
Reportable segment totals	$	3,865	$	3,117	$	6,982
Other						123
Net sales					$	7,105

The following table for the year ended December 31, 2022 disaggregates the Company’s revenue by customer end use:


	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	2,367	$	2,169	$	4,536
Food and other		832		467		1,299
Non-alcoholic beverages		636		242		878
Reportable segment totals	$	3,835	$	2,878	$	6,713
Other						143
Net sales					$	6,856

The following table for the year ended December 31, 2021 disaggregates the Company’s revenue by customer end use:


	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	2,165	$	1,976	$	4,141
Food and other		830		487		1,317
Non-alcoholic beverages		562		224		786
Reportable segment totals	$	3,557	$	2,687	$	6,244
Other						113
Net sales					$	6,357

- 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
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-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
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-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

Equity Investments - Ownership Percentage (Details) - O-I Ownership Percentage	Dec. 31, 2023
Empresas Comegua S.A.
Equity Investments Information
Percentage of equity method investments	49.70%
BJC O-I Glass Pte. Ltd
Equity Investments Information
Percentage of equity method investments	50.00%
CO Vidrieria SARL
Equity Investments Information
Percentage of equity method investments	50.00%
Rocky Mountain Bottle Company
Equity Investments Information
Percentage of equity method investments	50.00%
Vetrerie Meridionali SpA
Equity Investments Information
Percentage of equity method investments	50.00%
Vetri Speciali SpA
Equity Investments Information
Percentage of equity method investments	50.00%

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,999,307,000
Entity Common Stock, Shares Outstanding		153,669,864
Entity Central Index Key	0000812074
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Toledo, Ohio

Income Taxes - Reconciliation of the Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
A reconciliation of the provision (benefit) for income taxes
Statutory U.S. Federal tax rate (as a percent)	21.00%	21.00%	21.00%
Tax provision on pretax earnings from continuing operations at statutory U.S. Federal tax rate	$ 14	$ 169	$ 70
Increase (decrease) in provision for income taxes due to:
Non-U.S. tax rates	5	34	31
Global intangible low taxed income and Foreign-derived intangible income, net of applicable GILTI credits	12	48	6
Goodwill impairment	85
Divestitures and sale leasebacks of land and building		(34)
Tax law changes	3	(1)	(6)
Tax impact of Brazil indirect tax ruling		(6)	(7)
Change in valuation allowance	85	(36)	93
Tax attribute expiration	7	6	8
Withholding tax	14	24	12
Non-deductible expenses and taxable gains	13	11	24
Tax credits and incentives	(34)	(25)	(67)
Changes in tax reserves and audit settlements	(14)	(4)	10
Mexico inflationary adjustment	(5)	(2)	(6)
Equity earnings	(23)	(20)	(16)
Intercompany financing	(13)	4	10
Other taxes based on income	6	5	5
Other items	(3)	5
Provision for income taxes	$ 152	$ 178	$ 167

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes.

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


Continuing operations	2023		2022		2021
U.S.	$	(455)	$	1	$	(295)
Non-U.S.		522		804		627
	$	67	$	805	$	332


Discontinued operations	2023		2022		2021
U.S.	$	—	$	—	$	—
Non-U.S.				—		7
	$	—	$	—	$	7

Provision (benefit) for income taxes


	2023		2022		2021
Current:
U.S.	$	13	$	14	$	12
Non-U.S.		114		142		150
		127		156		162
Deferred:
U.S.		(16)		(1)		(1)
Non-U.S.		41		23		6
		25		22		5
Total:
U.S.		(3)		13		11
Non-U.S.		155		165		156
Total for continuing operations		152		178		167
Total for discontinued operations		—		—		—
	$	152	$	178	$	167

Reconciliation of the provision for income taxes


	2023		2022		2021
Tax provision on pretax earnings from continuing operations at statutory U.S. Federal tax rate	$	14	$	169	$	70
Increase (decrease) in provision for income taxes due to:
Non-U.S. tax rates		5		34		31
Global intangible low taxed income and Foreign-derived intangible income, net of applicable GILTI credits		12		48		6
Goodwill impairment		85
Divestitures and sale leasebacks of land and building				(34)
Tax law changes		3		(1)		(6)
Tax impact of Brazil indirect tax ruling				(6)		(7)
Change in valuation allowance		85		(36)		93
Tax attribute expiration		7		6		8
Withholding tax		14		24		12
Non-deductible expenses and taxable gains		13		11		24
Tax credits and incentives		(34)		(25)		(67)
Changes in tax reserves and audit settlements		(14)		(4)		10
Mexico inflationary adjustments		(5)		(2)		(6)
Equity earnings		(23)		(20)		(16)
Intercompany financing		(13)		4		10
Other taxes based on income		6		5		5
Other items		(3)		5
Provision for income taxes	$	152	$	178	$	167

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


	2023		2022
Deferred tax assets:
Accrued postretirement benefits	$	23	$	23
Foreign tax credit carryovers		148		149
Operating, capital loss and interest carryovers		339		284
Other credit carryovers		27		24
Accrued liabilities		75		72
Pension liabilities		28		24
Operating lease liabilities		55		54
Other		86		90
Total deferred tax assets		781		720
Deferred tax liabilities:
Property, plant and equipment		119		128
Intangibles and deferred software		50		61
Operating lease right-of-use assets		53		53
Total deferred tax liabilities		222		242
Valuation allowance		(538)		(445)
Net deferred taxes	$	21	$	33

Deferred taxes are included in the Consolidated Balance Sheets at December 31, 2023 and 2022 as follows:


	2023		2022
Other assets	$	107	$	117
Deferred taxes		(86)		(84)
Net deferred taxes	$	21	$	33

Reconciliation of the gross unrecognized tax benefits


	2023		2022		2021
Balance at January 1	$	53	$	95	$	93
Additions and reductions for tax positions of prior years		(15)		(10)		3
Additions based on tax positions related to the current year						3
Reductions due to the lapse of the applicable statute of limitations
Reductions due to settlements		(1)		(31)
Foreign currency translation		4		(1)		(4)
Balance at December 31	$	41	$	53	$	95
Unrecognized tax benefits, which if recognized, would impact the Company’s effective income tax rate	$	25	$	37	$	75
Accrued interest and penalties at December 31	$	9	$	8	$	16
Interest and penalties included in tax expense for the years ended December 31	$	1	$	(8)	$	2

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventories
Finished goods	$ 868	$ 667
Raw materials	151	137
Operating supplies	52	44
Inventories	$ 1,071	$ 848

Leases - Other information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating cash flows from operating leases	$ 60	$ 52	$ 52
Financing cash flows from finance leases	10	3	3
Right-of-use assets obtained in exchange for new operating lease liabilities	15	13	16
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 46	$ 171	$ 33

Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other assets (non current):
Right of use lease assets	$ 220	$ 225
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total other assets	Total other assets
Repair parts	$ 154	$ 120
Deferred tax assets	107	117
Deferred returnable packaging costs	103	90
Capitalized software	42	44
Value added taxes	17	15
Other	51	55
Total other assets	$ 694	$ 666

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Schedule of components of lease expense


		Year ended December 31,
		2023		2022		2021
Lease cost
Finance lease cost:
Amortization of right-of-use assets (included in Cost of goods sold and Selling and administrative expense)	$	15	$	13	$	16
Interest on lease liabilities (included in Interest expense, net)		10		3		3
Operating lease cost (included in Cost of goods sold and Selling and administrative expense)		63		57		52
Total lease cost	$	88	$	73	$	71

Schedule of supplemental cash flow and other information


		Year ended December 31,
	2023		2022		2021
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	60	$	52	$	52
Operating cash flows from finance leases		10		3		3
Financing cash flows from finance leases		15		13		16
Right-of-use assets obtained in exchange for new operating lease liabilities		46		171		33

Schedule of supplemental balance sheet information



	December 31,
	2023		2022
Supplemental balance sheet information
Operating leases:
Operating lease right-of-use assets (included in Other assets)	$	220	$	225

Current operating lease liabilities (included in Other current liabilities)		44		41
Noncurrent operating lease liabilities (included in Other long-term liabilities)		184		189
Total operating lease liabilities	$	228	$	230

Finance leases:
Property, plant and equipment	$	238	$	179
Accumulated amortization		(64)		(48)
Property, plant and equipment, net		174		131

Current finance lease liabilities (included in Long-term debt due within one year)		23		13
Noncurrent finance lease liabilities (included in Long-term debt)		151		119
Total finance lease liabilities	$	174	$	132

Weighted-average remaining lease term (in years):
Operating leases		6.6		7.4
Finance leases		6.8		5.6
Weighted-average discount rate:
Operating leases		6.56%		5.71%
Finance leases		5.88%		5.06%

Schedule of operating leases maturities of lease liabilities


Maturity of lease liabilities		Operating leases		Finance leases
2024	$	57	$	31
2025		46		35
2026		40		35
2027		37		34
2028		25		30
2029 and thereafter		75		42
Total lease payments		280		207
Less: imputed interest		(52)		(33)
Total lease obligations	$	228	$	174

Minimum payments related to leases not yet commenced as of December 31, 2023	$	—	$	—

Schedule of finance leases maturities of lease liabilities


Maturity of lease liabilities		Operating leases		Finance leases
2024	$	57	$	31
2025		46		35
2026		40		35
2027		37		34
2028		25		30
2029 and thereafter		75		42
Total lease payments		280		207
Less: imputed interest		(52)		(33)
Total lease obligations	$	228	$	174

Minimum payments related to leases not yet commenced as of December 31, 2023	$	—	$	—

Supplemental Cash Flow Information - Components of Working Capital (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Decrease (increase) in current assets:
Receivables - change in factoring	$ 7	$ 54	$ 45
Receivables - all other changes	144	(137)	(191)
Inventories	(174)	(61)	(32)
Prepaid expenses and other	4	(6)	(15)
Increase (decrease) in current liabilities:
Accounts payable	(102)	146	161
Accrued liabilities	(4)	45	(30)
Salaries and wages	(20)	19	30
U.S. and foreign income taxes	(3)	35	19
Changes in components of working capital, total	$ (148)	$ 95	$ (13)

Derivative Instruments - Derivatives and Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net investment hedges
Derivatives and Hedges
Proceeds from derivative instruments, financing activities		$ 33
Commodity forward contracts and collars \| Cash Flow Hedges
Derivatives and Hedges
Unrecognized gain (loss) included in Accumulated OCI	$ 0	(1)
Foreign exchange contracts \| Cash Flow Hedges
Derivatives and Hedges
Unrecognized gain (loss) included in Accumulated OCI	0
Foreign exchange risk \| Derivatives not designated as hedging instruments
Derivatives and Hedges
Payments for derivative instruments, investing activities		24
Foreign exchange risk \| Cash Flow Hedges
Derivatives and Hedges
Unrecognized gain (loss) included in Accumulated OCI		1
Foreign exchange risk \| Fair Value Hedges
Derivatives and Hedges
Amount excluded from assessment of effectiveness and included in Accumulated OCI	$ 2	$ 16
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Other Operating Income (Expense), Net	Interest Expense, Other Operating Income (Expense), Net
Proceeds from derivative instruments, financing activities		$ 107

Inventories

12 Months Ended

Dec. 31, 2023

Inventories

Inventories

5. Inventories

Major classes of inventory are as follows:


	2023		2022
Finished goods	$	868	$	667
Raw materials		151		137
Operating supplies		52		44
	$	1,071	$	848

Pensions Benefit Plans and Other Postretirement Benefits - Funded Status (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefit Plans. \| Minimum
Defined Benefit Plan Disclosure
Percentage of pension plan assets	10.00%
Pension Benefit Plans. \| U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 837	$ 812	$ 1,168
Projected benefit obligations	866	860	1,242
Plan assets less than projected benefit obligations	(29)	(48)
Items not yet recognized in pension expense and net postretirement benefit cost:
Actuarial (gain) loss	357	381
Total	357	381
Net amount recognized	328	333
Pension Benefit Plans. \| Non-U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	564	547	923
Projected benefit obligations	727	669	990
Plan assets less than projected benefit obligations	(163)	(122)
Items not yet recognized in pension expense and net postretirement benefit cost:
Actuarial (gain) loss	320	289
Prior service cost	9	9
Total	329	298
Net amount recognized	166	176
Other Postretirement Benefits Plan \| U.S.
Defined Benefit Plan Disclosure
Projected benefit obligations	21	22	34
Items not yet recognized in pension expense and net postretirement benefit cost:
Actuarial (gain) loss	(20)	(12)
Prior service cost	(9)	(18)
Total	(29)	(30)
Net amount recognized	(50)	(52)
Other Postretirement Benefits Plan \| Non-U.S.
Defined Benefit Plan Disclosure
Projected benefit obligations	50	45	$ 76
Items not yet recognized in pension expense and net postretirement benefit cost:
Actuarial (gain) loss	(35)	(40)
Total	(35)	(40)
Net amount recognized	$ (85)	$ (85)

Other Assets

12 Months Ended

Dec. 31, 2023

Other Assets

Other Assets

8. Other Assets

Other assets (noncurrent) consist of the following at December 31, 2023 and 2022:


	2023		2022
Right of use lease assets	$	220	$	225
Repair parts		154		120
Deferred tax assets		107		117
Deferred returnable packaging costs		103		90
Capitalized software		42		44
Value added taxes		17		15
Other		51		55
	$	694	$	666

Capitalized software includes costs related to the acquisition and development of internal-use software. These costs are amortized over the estimated useful life of the software. Amortization expense for capitalized software was $9 million, $10 million and $11 million for 2023, 2022 and 2021, respectively. Estimated amortization related to capitalized software through 2028 is as follows: 2024, $8 million; 2025, $7 million; 2026, $6 million; 2027, $6 million and 2028, $5 million.

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Information

Segment Information

2. Segment Information

The Company has two reportable segments and two operating segments based on its geographic locations: 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 is a non-GAAP financial measure that consists of consolidated earnings from continuing operations before interest income, interest expense, and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations 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, supplemented by net sales and selected cash flow information, to evaluate segment performance and allocate resources. Segment operating profit for reportable segments includes an allocation of some corporate expenses based on both a percentage of sales and direct billings based on the costs of specific services provided.

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


	2023		2022		2021
Net sales:
Americas	$	3,865	$	3,835	$	3,557
Europe		3,117		2,878		2,687
Reportable segment totals		6,982		6,713		6,244
Other		123		143		113
Net sales	$	7,105	$	6,856	$	6,357


	2023		2022		2021
Earnings from continuing operations before income taxes	$	67	$	805	$	332
Items excluded from segment operating profit:
Retained corporate costs and other		224		232		171
Charge for goodwill impairment		445
Restructuring, asset impairment and other charges		100		53		35
Pension settlement and curtailment charges		19		20		74
Gain on sale of divested businesses and miscellaneous assets		(4)		(55)		(84)
Gain on sale leasebacks				(334)
Charge related to Paddock support agreement liability						154
Brazil indirect tax credit						(71)
Interest expense, net		342		239		216
Segment operating profit	$	1,193	$	960	$	827

Americas	$	511	$	472	$	456
Europe		682		488		371
Reportable segment totals	$	1,193	$	960	$	827


					Reportable		Retained		Consoli-
					Segment		Corp Costs		dated
	Americas		Europe		Totals		and Other		Totals
Total assets:
2023	$	5,218	$	3,949	$	9,167	$	502	$	9,669
2022		5,109		3,392		8,501		560		9,061
2021		4,853		3,513		8,366		466		8,832
Equity investments:
2023	$	490	$	193	$	683	$	60	$	743
2022		488		146		634		61		695
2021		458		121		579		64		643
Equity earnings:
2023	$	59	$	65	$	124	$	3	$	127
2022		64		43		107		—		107
2021		58		28		86		4		90
Capital expenditures:
2023	$	459	$	221	$	680	$	8	$	688
2022		339		192		531		8		539
2021		211		180		391		7		398
Depreciation and amortization expense:
2023	$	296	$	166	$	462	$	21	$	483
2022		278		152		430		24		454
2021		269		154		423		26		449

The Company’s tangible long-lived assets, including property, plant and equipment and operating lease right-of-use assets, by geographic region are as follows:


	U.S.		Non-U.S.		Total
2023	$	845	$	2,930	$	3,775
2022		766		2,421		3,187
2021		740		2,193		2,933

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


	U.S.		Non-U.S.		Total
2023	$	1,828	$	5,277	$	7,105
2022		1,941		4,915		6,856
2021		1,806		4,551		6,357

Operations outside the U.S. that accounted for 10% or more of consolidated net sales from continuing operations were in France (2023-11%, 2022-11%, 2021-12%), Italy (2023-13%, 2022-12%, 2021-12%), and Mexico (2023-14%, 2022 -13%, 2021- 12%).

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Contingencies

12 Months Ended

Dec. 31, 2023

Contingencies

Contingencies

15. 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 O-I Group and Paddock as direct, wholly owned subsidiaries, with Paddock as the successor-by-merger to O-I. The Company’s legacy asbestos-related liabilities remained within Paddock, with the Company’s glass-making operations remaining under O-I Group. As part of the Corporate Modernization transactions, O-I Glass entered into a support agreement with Paddock that 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”).

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

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 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 $26 million and $25 million (undiscounted) as of December 31, 2023 and December 31, 2022, respectively, 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.

In 2021, the Company recorded a $71 million gain based on a favorable court ruling in Brazil, which will allow the Company to recover indirect taxes paid in previous years. This gain was recorded to Other income (expense), net on the Consolidated Results of Operations, as well as $21 million of income tax expense.

In November 2023, the Autorita Garante della Concorrenza e del Mercato (the “Italian Competition Authority”) commenced an investigation into alleged anti-competitive conduct by nine glass manufacturers and distributors in Italy, including the Company’s subsidiary based in Italy, O-I Italy SpA (“O-I Italy”), and an Italian joint venture in which O-I Italy owns a 50% interest, related to the sale of wine bottles in Italy. The Italian Competition Authority’s investigation is ongoing. To date, the Italian Competition Authority has not officially charged O-I Italy or its joint venture with any violations of competition law. If the Italian Competition Authority finds that the Company or any of its subsidiaries or joint ventures violated competition law, the Italian Competition Authority could levy fines, which could be material. At this stage, the Company is unable to predict the ultimate outcome of the investigation and any potential loss 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.

Leases - Maturity of lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating leases
2024	$ 57
2025	46
2026	40
2027	37
2028	25
2029 and thereafter	75
Total lease payments	280
Less: imputed interest	(52)
Total operating lease liabilities	228	$ 230
Finance leases
2024	31
2025	35
2026	35
2027	34
2028	30
2029 and thereafter	42
Total lease payments	207
Less: imputed interest	(33)
Total finance lease liabilities	$ 174	$ 132

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Segment Information - Tangible long-lived assets, including property, plant and equipment and operating lease right-of-use assets, by geographic region (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Tangible long lived assets, including property, plant and equipment and operating lease right-of-use assets	$ 3,775	$ 3,187	$ 2,933
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Tangible long lived assets, including property, plant and equipment and operating lease right-of-use assets	845	766	740
Non-U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Tangible long lived assets, including property, plant and equipment and operating lease right-of-use assets	$ 2,930	$ 2,421	$ 2,193

Restructuring (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring

Selected information related to the restructuring accruals

The following table presents information related to restructuring, asset impairment and other costs related to closed facilities from January 1, 2022 through December 31, 2023:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2022	$	20	$	—	$	11	$	31
Charges		8		30		12		50
Write-down of assets to net realizable value				(30)				(30)
Net cash paid, principally severance and related benefits		(11)				(9)		(20)
Other, including foreign exchange translation						(4)		(4)
Balance at December 31, 2022	$	17	$	—	$	10	$	27
Charges		32		55		10		97
Write-down of assets to net realizable value				(55)				(55)
Net cash paid, principally severance and related benefits		(20)				(6)		(26)
Other, including foreign exchange translation		(2)				(2)		(4)
Balance at December 31, 2023	$	27	$	—	$	12	$	39

Goodwill and Intangible Assets (Details) $ in Millions	3 Months Ended	12 Months Ended
Goodwill and Intangible Assets (Details) $ in Millions	Dec. 31, 2023 USD ($) Part	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Changes in the carrying amount of goodwill
Goodwill	$ 1,473	$ 1,473	$ 1,813	$ 1,840	$ 1,951
Goodwill impairment charge		445
Americas
Changes in the carrying amount of goodwill
Goodwill	625	625	995	$ 974	$ 1,018
Goodwill impairment charge		445
Accumulated impairment losses	$ (1,040)	$ (1,040)	$ (595)
North America
Changes in the carrying amount of goodwill
Number Of Furnaces \| Part	2
Goodwill impairment charge	$ 445

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Trade receivables allowance	$ 30	$ 28
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	185,009,211	185,567,871
Treasury shares	30,754,898	30,879,776

Debt (Details) $ / shares in Units, € in Millions, $ in Millions	1 Months Ended				3 Months Ended			12 Months Ended
	Aug. 31, 2023 USD ($)	May 31, 2023 EUR (€)	May 31, 2023 USD ($)	Aug. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 EUR (€) agreement	Dec. 31, 2023 USD ($) $ / shares	May 31, 2023 USD ($)	May 26, 2023 EUR (€)	May 26, 2023 USD ($)	May 15, 2023 USD ($)	May 11, 2023 EUR (€)	May 11, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Aug. 30, 2022 USD ($)	Jul. 18, 2022 USD ($)	Mar. 25, 2022 USD ($)	Mar. 01, 2022 USD ($)	Feb. 28, 2022 USD ($)	Feb. 10, 2022 USD ($)
Debt Instrument
Total long-term debt									$ 4,840.0								$ 4,671.0
Less amounts due within one year									142.0								300.0
Long-term debt									$ 4,698.0								4,371.0
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees					$ 39.0
Original Agreement
Debt Instrument
Maximum Borrowing Capacity																				$ 2,800.0
Additional interest charges for related party fees							$ 2.0
First amendment to Original Agreement
Debt Instrument
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees						$ 1.0
Maximum Borrowing Capacity																		$ 500.0
Paddock
Debt Instrument
Face value																			$ 8.5
Secured Credit Agreement
Debt Instrument
Number of financial maintenance covenants \| agreement								1
Additional default interest rate per annum applied to all obligations owed under the Agreement								2.00%
Weighted average interest rate (as a percent)								6.71%	6.71%
Secured Credit Agreement \| Minimum
Debt Instrument
Interest rate margin, Term SOFR loans and Euro currency rate loans								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%
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
Unused Credit									$ 1,240.0
Term Loan A
Debt Instrument
Total long-term debt									1,391.0								1,426.0
Maximum Borrowing Capacity									$ 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												$ 142.0					249.0
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%
Debt repurchased amount																						$ 150.0	$ 250.0
Debt redeemed	$ 108.0			$ 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											$ 250.0						$ 550.0
Senior Notes 3.125%, due 2024 (58 million EUR at December 31, 2023 and 725 million EUR at December 31, 2022)
Debt Instrument
Total long-term debt		€ 58.0						€ 58.0	$ 63.0		€ 666.7					€ 725.0	731.0
Interest rate, stated percentage		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									$ 64.0					€ 725.0
Indicated Market Price (in dollars per share) \| $ / shares									$ 99.75
Fair Value									$ 64.0
Senior Notes 6.375%, due 2025
Debt Instrument
Total long-term debt									$ 299.0								298.0
Interest rate, stated percentage								6.375%	6.375%														6.375%
Fair values of fixed rate debt obligations
Principal Amount									$ 300.0
Indicated Market Price (in dollars per share) \| $ / shares									$ 100.89
Fair Value									$ 303.0
Senior Notes, 5.375% due 2025
Debt Instrument
Total long-term debt									$ 17.0	$ 17.0		$ 282.8					299.0
Interest rate, stated percentage		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				$ 300.0
Indicated Market Price (in dollars per share) \| $ / shares									$ 100.39
Fair Value									$ 17.0
Senior Notes 2.875%, due 2025 (500 million EUR)
Debt Instrument
Total long-term debt								€ 500.0	$ 551.0							500.0	529.0
Interest rate, stated percentage								2.875%	2.875%
Fair values of fixed rate debt obligations
Principal Amount									$ 553.0
Indicated Market Price (in dollars per share) \| $ / shares									$ 99.12
Fair Value									$ 548.0
Senior Notes 6.625%, due 2027
Debt Instrument
Total long-term debt									$ 608.0								607.0
Interest rate, stated percentage								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												$ 611.8
Indicated Market Price (in dollars per share) \| $ / shares									$ 100.59
Fair Value									$ 616.0
Senior Notes 6.250%, due 2028 (600 million EUR)
Debt Instrument
Total long-term debt								€ 600.0	$ 656.0							€ 600.0
Interest rate, stated percentage		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									$ 664.0
Indicated Market Price (in dollars per share) \| $ / shares									$ 104.99
Fair Value									$ 697.0
Senior Notes 4.750%, due 2030
Debt Instrument
Total long-term debt									$ 396.0								396.0
Interest rate, stated percentage								4.75%	4.75%
Fair values of fixed rate debt obligations
Principal Amount									$ 400.0
Indicated Market Price (in dollars per share) \| $ / shares									$ 94.42
Fair Value									$ 378.0
Senior Notes 7.250% due 2031
Debt Instrument
Total long-term debt									$ 682.0
Interest rate, stated percentage		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
Indicated Market Price (in dollars per share) \| $ / shares									$ 101.88
Fair Value									$ 703.0
Finance leases
Debt Instrument
Total long-term debt									174.0								132.0
Other debt
Debt Instrument
Total long-term debt									3.0								$ 4.0
Revolving Credit Facility
Debt Instrument
Maximum Borrowing Capacity									300.0
Delayed draw term loan facility
Debt Instrument
Maximum Borrowing Capacity																				$ 600.0
Multicurrency Revolving Credit Facility
Debt Instrument
Maximum Borrowing Capacity									$ 950.0

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net earnings (loss) attributable to the Company	$ (103)	$ 584	$ 149
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding	154,651,000	155,309,000	157,150,000
Effect of dilutive securities:
Stock options and other (in shares)		3,676,000	3,159,000
Denominator for diluted earnings per share-adjusted weighted average shares outstanding	154,651,000	158,985,000	160,309,000
Basic earnings per share:
Earnings (loss) from continuing operations (in dollars per share)	$ (0.67)	$ 3.76	$ 0.90
Gain from discontinued operations (in dollars per share)			0.05
Net earnings (loss) (in dollars per share)	(0.67)	3.76	0.95
Diluted earnings per share:
Earnings (loss) from continuing operations (in dollars per share)	(0.67)	3.67	0.88
Gain from discontinued operations (in dollars per share)			0.05
Net earnings (loss) (in dollars per share)	$ (0.67)	$ 3.67	$ 0.93
Weighted average shares of common stock attributable to options not included in diluted earnings per share (in shares)	423,477	786,032	1,199,000

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Information

Schedule of net sales for the Company's reportable segments


	2023		2022		2021
Net sales:
Americas	$	3,865	$	3,835	$	3,557
Europe		3,117		2,878		2,687
Reportable segment totals		6,982		6,713		6,244
Other		123		143		113
Net sales	$	7,105	$	6,856	$	6,357

Schedule of segment operating profit (loss) for the Company's reportable segments


	2023		2022		2021
Earnings from continuing operations before income taxes	$	67	$	805	$	332
Items excluded from segment operating profit:
Retained corporate costs and other		224		232		171
Charge for goodwill impairment		445
Restructuring, asset impairment and other charges		100		53		35
Pension settlement and curtailment charges		19		20		74
Gain on sale of divested businesses and miscellaneous assets		(4)		(55)		(84)
Gain on sale leasebacks				(334)
Charge related to Paddock support agreement liability						154
Brazil indirect tax credit						(71)
Interest expense, net		342		239		216
Segment operating profit	$	1,193	$	960	$	827

Americas	$	511	$	472	$	456
Europe		682		488		371
Reportable segment totals	$	1,193	$	960	$	827

Schedule of assets, equity investments, equity earnings, capital expenditures and depreciation and amortization expense for the Company's reportable segments


					Reportable		Retained		Consoli-
					Segment		Corp Costs		dated
	Americas		Europe		Totals		and Other		Totals
Total assets:
2023	$	5,218	$	3,949	$	9,167	$	502	$	9,669
2022		5,109		3,392		8,501		560		9,061
2021		4,853		3,513		8,366		466		8,832
Equity investments:
2023	$	490	$	193	$	683	$	60	$	743
2022		488		146		634		61		695
2021		458		121		579		64		643
Equity earnings:
2023	$	59	$	65	$	124	$	3	$	127
2022		64		43		107		—		107
2021		58		28		86		4		90
Capital expenditures:
2023	$	459	$	221	$	680	$	8	$	688
2022		339		192		531		8		539
2021		211		180		391		7		398
Depreciation and amortization expense:
2023	$	296	$	166	$	462	$	21	$	483
2022		278		152		430		24		454
2021		269		154		423		26		449

Schedule of segment information by geographic segment

The Company’s tangible long-lived assets, including property, plant and equipment and operating lease right-of-use assets, by geographic region are as follows:


	U.S.		Non-U.S.		Total
2023	$	845	$	2,930	$	3,775
2022		766		2,421		3,187
2021		740		2,193		2,933

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


	U.S.		Non-U.S.		Total
2023	$	1,828	$	5,277	$	7,105
2022		1,941		4,915		6,856
2021		1,806		4,551		6,357

Contingencies - Other Matters (Details) $ in Millions	12 Months Ended
Contingencies - Other Matters (Details) $ in Millions	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 item	Dec. 31, 2022 USD ($)
Other Matters
Loss contingency accrual		$ 26		$ 25
Gain from favorable court ruling	$ 71
Income tax expense related to litigation settlement	$ 21
O-I Ownership Percentage \| O-I Italy SpA
Other Matters
Number of glass manufacturers \| item			9
General ownership percentage for equity method investments			50.00%

Pension Benefit Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Pension Benefit Plans.

Defined Benefit Plans and Other Postretirement Benefit Plans

Changes in the benefit obligations


	U.S.				Non-U.S.
	2023		2022		2023		2022
Obligations at beginning of year	$	860	$	1,242	$	669	$	990
Change in benefit obligations:
Service cost		6		13		8		10
Interest cost		45		35		38		24
Actuarial (gain) loss		23		(320)		25		(221)
Settlements				(20)		(31)		(17)
Curtailments						13
Benefit payments		(70)		(90)		(41)		(42)
Other		2				1		3
Foreign currency translation						45		(78)
Net change in benefit obligations		6		(382)		58		(321)
Obligations at end of year	$	866	$	860	$	727	$	669

Changes in the fair value of the pension plans' assets


	U.S.				Non-U.S.
	2023		2022		2023		2022
Fair value at beginning of year	$	812	$	1,168	$	547	$	923
Change in fair value:
Actual gain (loss) on plan assets		94		(256)		27		(255)
Benefit payments		(70)		(90)		(41)		(42)
Employer contributions		1		10		31		16
Participant contributions
Settlements				(20)		(31)		(17)
Foreign currency translation						31		(79)
Other								1
Net change in fair value of assets		25		(356)		17		(376)
Fair value at end of year	$	837	$	812	$	564	$	547

Funded status


	U.S.				Non-U.S.
	2023		2022		2023		2022
Plan assets at fair value	$	837	$	812	$	564	$	547
Projected benefit obligations		866		860		727		669
Plan assets less than projected benefit obligations		(29)		(48)		(163)		(122)
Items not yet recognized in pension expense:
Actuarial loss		357		381		320		289
Prior service cost						9		9
		357		381		329		298
Net amount recognized	$	328	$	333	$	166	$	176

Net amount recognized included in the Consolidated Balance Sheets


	U.S.				Non-U.S.
	2023		2022		2023		2022
Pension assets	$		$	—	$	66	$	60
Current pension liability, included with other accrued liabilities		(2)		(2)		(8)		(3)
Pension benefits		(27)		(46)		(221)		(179)
Accumulated other comprehensive loss		357		381		329		298
Net amount recognized	$	328	$	333	$	166	$	176

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


	U.S.				Non-U.S.
	2023		2022		2023		2022
Current year actuarial (gain) loss	$	(15)	$	(3)	$	38	$	71
Amortization of actuarial loss		(9)		(40)		(9)		(9)
Settlement				(13)		(6)		(7)
Curtailment						(13)
Other								3
Foreign currency translation						21		(29)
	$	(24)	$	(56)	$	31	$	29

Components of net periodic pension cost


	U.S.						Non-U.S.
	2023		2022		2021		2023		2022		2021
Service cost	$	6	$	13	$	13	$	8	$	10	$	12
Interest cost		45		35		40		38		24		21
Expected asset return		(55)		(61)		(82)		(30)		(36)		(46)
Amortization:
Actuarial loss		9		40		61		9		9		13
Net expense	$	5	$	27	$	32	$	25	$	7	$	—

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


	Projected Benefit Obligation Exceeds								Accumulated Benefit Obligation Exceeds
	the Fair Value of Plan Assets								the Fair Value of Plan Assets
	U.S.				Non-U.S.				U.S.				Non-U.S.
	2023		2022		2023		2022		2023		2022		2023		2022
Projected benefit obligations	$	866	$	860	$	282	$	240	$	866	$	860	$	282	$	216
Accumulated benefit obligation		866		860		247		226		866		860		247		203
Fair value of plan assets		837		812		53		56		837		812		53		33

Fair value of defined benefit pension plan assets and target allocations


	2023								2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	18	$		$		$	18	$	9	$	—	$	—	$	9
Debt securities		22						22		29						29
Diversified funds and other		23						23		21						21
Total	$	63	$	—	$	—			$	59	$	—	$	—
Investments measured at net asset value							$	501							$	488
Total non-U.S. assets at fair value							$	564							$	547

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


Year(s)	U.S.		Non-U.S.
2024	$	72	$	45
2025		71		46
2026		70		48
2027		70		49
2028		69		52
2029-2033		317		282

Postretirement Benefits Other Than Pensions

Defined Benefit Plans and Other Postretirement Benefit Plans

Changes in the benefit obligations


	U.S.				Non-U.S.
	2023		2022		2023		2022
Obligations at beginning of year	$	22	$	34	$	45	$	76
Change in benefit obligations:
Service cost						1		2
Interest cost		1		1		2		2
Actuarial (gain) loss				(11)		3		(29)
Benefit payments		(2)		(2)		(2)		(3)
Foreign currency translation						1		(3)
Net change in benefit obligations		(1)		(12)		5		(31)
Obligations at end of year	$	21	$	22	$	50	$	45

Funded status


	U.S.				Non-U.S.
	2023		2022		2023		2022
Postretirement benefit obligations	$	(21)	$	(22)	$	(50)	$	(45)
Items not yet recognized in net postretirement benefit cost:
Actuarial gain		(20)		(12)		(35)		(40)
Prior service credit		(9)		(18)
		(29)		(30)		(35)		(40)
Net amount recognized	$	(50)	$	(52)	$	(85)	$	(85)

Net amount recognized included in the Consolidated Balance Sheets


	U.S.				Non-U.S.
	2023		2022		2023		2022
Current nonpension postretirement benefit, included with Other accrued liabilities	$	(1)	$	(2)	$	(3)	$	(2)
Nonpension postretirement benefits		(20)		(20)		(47)		(43)
Accumulated other comprehensive income		(29)		(30)		(35)		(40)
Net amount recognized	$	(50)	$	(52)	$	(85)	$	(85)

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


	U.S.				Non-U.S.
	2023		2022		2023		2022
Current year actuarial (gain) loss	$	—	$	(11)	$	3	$	(29)
Amortization of actuarial gain (loss)		(8)		(8)		3
Amortization of prior service credit		9		8
Foreign currency translation						(1)		2
	$	1	$	(11)	$	5	$	(27)

Components of net periodic pension cost


	U.S.						Non-U.S.
	2023		2022		2021		2023		2022		2021
Service cost	$	—	$	—	$	—	$	1	$	2	$	2
Interest cost		1		1		2		2		2		2
Amortization:
Actuarial (gain) loss		8		8		9		(3)
Prior service credit		(9)		(8)		(9)
Net amortization		(1)		—		—		(3)		—		—
Net postretirement benefit (income) cost	$	—	$	1	$	2	$	—	$	4	$	4

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


	U.S.						Non-U.S.
	2023		2022		2021		2023		2022		2021
Accumulated postretirement benefit obligation	5.18	%	5.48	%	2.90	%	4.65	%	5.15	%	2.95	%
Net postretirement benefit cost	5.48	%	2.90	%	2.48	%	5.15	%	2.95	%	2.55	%

Weighted average assumed health care cost trend rates


	U.S.				Non-U.S.
	2023		2022		2023		2022
Health care cost trend rate assumed for next year	6.3	%	6.5	%	5.0	%	5.0	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.0	%	5.0	%	5.0	%	5.0	%
Year that the rate reaches the ultimate trend rate	2031		2031		N/A		N/A

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


Year(s)	U.S.		Non-U.S.
2024	$	1	$	3
2025		1		3
2026		1		3
2027		1		3
2028		1		3
2029 - 2033		8		15

Income Taxes - Deferred Taxes Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes.
Other assets	$ 107	$ 117
Deferred taxes	(86)	(84)
Net deferred taxes	21	$ 33
Deferred tax benefit associated with reduction in valuation allowance	93
Deferred tax benefit associated with reduction in valuation allowance allocated to income from continuing operations	89
Deferred tax benefit associated with reduction in valuation allowance allocated to other comprehensive income	$ 4

Pensions Benefit Plans and Other Postretirement Benefits - Projected and Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - Pension Benefit Plans. - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
U.S.
Projected Benefit Obligation Exceeds the Fair Value of Plan Assets
Projected benefit obligations	$ 866	$ 860
Accumulated benefit obligation	866	860
Fair value of plan assets	837	812
Accumulated Benefit Obligations Exceeds the Fair Value of Plan Assets
Projected benefit obligations	866	860
Accumulated benefit obligation	866	860
Fair value of plan assets	837	812
Non-U.S.
Projected Benefit Obligation Exceeds the Fair Value of Plan Assets
Projected benefit obligations	282	216
Projected benefit obligations	282	240
Accumulated benefit obligation	247	203
Accumulated benefit obligation	247	226
Fair value of plan assets	53	33
Fair value of plan assets	53	56
Accumulated Benefit Obligations Exceeds the Fair Value of Plan Assets
Projected benefit obligations	282	216
Accumulated benefit obligation	247	203
Fair value of plan assets	$ 53	$ 33

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information

Supplemental cash flow information


	2023		2022		2021
Decrease (increase) in current assets:
Receivables - change in factoring	$	7	$	54	$	45
Receivables - all other changes		144		(137)		(191)
Inventories		(174)		(61)		(32)
Prepaid expenses and other		4		(6)		(15)
Increase (decrease) in current liabilities:
Accounts payable		(102)		146		161
Accrued liabilities		(4)		45		(30)
Salaries and wages		(20)		19		30
U.S. and foreign income taxes		(3)		35		19
	$	(148)	$	95	$	(13)

Income taxes paid (received) in cash


	2023		2022		2021
U.S.	$	16	$	14	$	9
Non-U.S.		131		157		102
Total income taxes paid in cash	$	147	$	171	$	111

Supplemental Cash Flow Information - Company's supplier finance programs (Details)	Dec. 31, 2023	Dec. 31, 2022
Supplier Finance Program Obligation Roll Forward
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current	Accounts Payable, Current

Pensions Benefit Plans and Other Postretirement Benefits - Changes in Fair Value of Pension Plan Assets (Details) - Pension Benefit Plans. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
U.S.
Changes in fair value of pension plan assets
Fair value at beginning of year	$ 812	$ 1,168
Actual gain (loss) on plan assets	94	(256)
Benefit payments	(70)	(90)
Employer contributions	1	10
Settlements		(20)
Net change in fair value of assets	25	(356)
Fair value at end of year	837	812
Non-U.S.
Changes in fair value of pension plan assets
Fair value at beginning of year	547	923
Actual gain (loss) on plan assets	27	(255)
Benefit payments	(41)	(42)
Employer contributions	31	16
Settlements	(31)	(17)
Foreign currency translation	31	(79)
Other		1
Net change in fair value of assets	17	(376)
Fair value at end of year	$ 564	$ 547

CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net earnings (loss)	$ (85)	$ 627	$ 172
Gain from discontinued operations			(7)
Non-cash charges (credits):
Depreciation	385	352	356
Amortization of intangibles and other deferred items	98	102	93
Amortization of finance fees and debt discount	11	11	14
Deferred tax provision	25	22	5
Pension expense	30	34	32
Stock-based compensation expense	43	33	8
Restructuring, asset impairment and related charges	97	50	28
Pension settlement and curtailment charges	19	20	74
Charge related to Paddock support agreement liability			154
Brazil indirect tax credit			(71)
Goodwill impairment	445
Gain on sale of divested businesses and miscellaneous assets	(4)	(55)	(84)
Gain on sale leasebacks		(334)
Pension contributions	(32)	(26)	(84)
Cash paid for restructuring activities	(26)	(20)	(30)
Paddock Trust settlement payment and related expenses		(621)
Change in components of working capital (See Note 20)	(148)	95	(13)
Other, net	(40)	(136)	33
Cash provided by continuing operating activities	818	154	680
Cash provided by discontinued operating activities			7
Total cash provided by operating activities	818	154	687
Investing activities:
Cash payments for property, plant and equipment	(688)	(539)	(398)
Contributions and advances to joint ventures	(10)	(12)
Cash proceeds on disposal of other businesses and misc. assets	11	98	122
Cash proceeds on sale leasebacks		368
Cash proceeds on sale of ANZ businesses, net of transaction costs			58
Reconsolidation of reorganized Paddock		12
Net cash proceeds (payments) for hedging activity	4	(24)	(2)
Cash utilized in investing activities	(683)	(97)	(220)
Financing activities:
Additions to long-term debt	1,332	2,852	1,021
Repayments of long-term debt	(1,298)	(2,897)	(1,188)
Increase (decrease) in short-term loans	47	16	(17)
Payment of finance fees	(22)	(29)	(16)
Net cash proceeds (payments) for hedging activity	(40)	133	(15)
Distributions paid to noncontrolling interests	(6)	(27)	(16)
Shares repurchased	(40)	(40)	(40)
Issuance of common stock and other		(2)	(2)
Cash provided by (utilized in) financing activities	(27)	6	(273)
Effect of exchange rate fluctuations on cash	32	(15)	(29)
Increase in cash including cash classified within current assets held for sale	140	48	165
Less: decrease in cash classified within current assets held for sale			(3)
Cash and cash equivalents at beginning of period	773	725	563
Cash and cash equivalents at end of period	$ 913	$ 773	$ 725

Segment Information - Assets, Investments, Equity, Capital Expenses and Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Total assets:	$ 9,669	$ 9,061	$ 8,832
Equity investments
Equity investments:	743	695	643
Equity earnings:
Equity earnings:	127	107	90
Capital expenditures:
Capital expenditures:	688	539	398
Depreciation and amortization expense:
Depreciation and amortization	483	454	449
Reportable segment totals
Assets
Total assets:	9,167	8,501	8,366
Equity investments
Equity investments:	683	634	579
Equity earnings:
Equity earnings:	124	107	86
Capital expenditures:
Capital expenditures:	680	531	391
Depreciation and amortization expense:
Depreciation and amortization	462	430	423
Retained Corp Costs and Other
Assets
Total assets:	502	560	466
Equity investments
Equity investments:	60	61	64
Equity earnings:
Equity earnings:	3		4
Capital expenditures:
Capital expenditures:	8	8	7
Depreciation and amortization expense:
Depreciation and amortization	21	24	26
Americas \| Reportable segment totals
Assets
Total assets:	5,218	5,109	4,853
Equity investments
Equity investments:	490	488	458
Equity earnings:
Equity earnings:	59	64	58
Capital expenditures:
Capital expenditures:	459	339	211
Depreciation and amortization expense:
Depreciation and amortization	296	278	269
Europe \| Reportable segment totals
Assets
Total assets:	3,949	3,392	3,513
Equity investments
Equity investments:	193	146	121
Equity earnings:
Equity earnings:	65	43	28
Capital expenditures:
Capital expenditures:	221	192	180
Depreciation and amortization expense:
Depreciation and amortization	$ 166	$ 152	$ 154

Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring

Restructuring

10. Restructuring

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

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

The Company’s decisions to curtail selected production capacity have resulted in write-downs of certain long-lived assets to the extent their carrying amounts exceeded fair value or fair value less cost to sell. The Company classified the significant assumptions used to determine the fair value of the impaired assets in the period that the measurement was taken as Level 3 (third-party appraisal) in the fair value hierarchy as set forth in the general accounting principles for fair value measurements. For the asset impairments recorded through December 31, 2023 and December 31, 2022, the remaining carrying value of the impaired assets was $0.

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 December 31, 2023 and 2022, no major restructuring programs were in effect.

In 2023, the Company implemented several discrete restructuring initiatives and recorded restructuring and other charges of $97 million. These charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas ($89 million) and Europe ($6 million) segments and Retained Corporate costs and other ($2 million). 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. These charges were recorded to Other income (expense), net on the Consolidated Results of Operations. The Company expects that the majority of the remaining cash expenditures related to the accrued employee costs will be paid out over the next several years.

In 2022, the Company implemented several discrete restructuring initiatives and recorded restructuring and other charges of $50 million. These charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs (including related consulting costs attributed to restructuring of managed services activities) at a number of the Company’s facilities primarily in the Americas. 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. These charges were recorded to Other income (expense), net on the Consolidated Results of Operations. The Company expects that the majority of the remaining cash expenditures related to the accrued employee costs will be paid out over the next several years.

The following table presents information related to restructuring, asset impairment and other costs related to closed facilities from January 1, 2022 through December 31, 2023:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2022	$	20	$	—	$	11	$	31
Charges		8		30		12		50
Write-down of assets to net realizable value				(30)				(30)
Net cash paid, principally severance and related benefits		(11)				(9)		(20)
Other, including foreign exchange translation						(4)		(4)
Balance at December 31, 2022	$	17	$	—	$	10	$	27
Charges		32		55		10		97
Write-down of assets to net realizable value				(55)				(55)
Net cash paid, principally severance and related benefits		(20)				(6)		(26)
Other, including foreign exchange translation		(2)				(2)		(4)
Balance at December 31, 2023	$	27	$	—	$	12	$	39

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 913	$ 773
Trade receivables, net of allowances of $30 million and $28 million at December 31, 2023 and 2022, respectively	671	760
Inventories	1,071	848
Prepaid expenses and other current assets	229	222
Total current assets	2,884	2,603
Other assets:
Equity investments	743	695
Pension assets	66	60
Other assets	694	666
Intangibles, net	254	262
Goodwill	1,473	1,813
Total other assets	3,230	3,496
Property, plant and equipment:
Land, at cost	234	217
Buildings and equipment, at cost:
Buildings and building equipment	1,194	1,102
Factory machinery and equipment	5,769	5,157
Transportation, office and miscellaneous equipment	74	71
Construction in progress	817	556
Property, plant and equipment, at cost	8,088	7,103
Less accumulated depreciation	4,533	4,141
Net property, plant and equipment	3,555	2,962
Total assets	9,669	9,061
Current liabilities:
Accounts payable	1,437	1,355
Salaries and wages	169	181
U.S. and foreign income taxes	90	77
Other accrued liabilities	402	399
Short-term loans	106	45
Long-term debt due within one year	142	300
Total current liabilities	2,346	2,357
Long-term debt	4,698	4,371
Deferred taxes	86	84
Pension benefits	248	225
Nonpension postretirement benefits	67	63
Other liabilities	480	433
Share owners' equity of the Company:
Common stock, par value $.01 per share, 250,000,000 shares authorized, 185,009,211 and 185,567,871 shares issued (including treasury shares), respectively	2	2
Capital in excess of par value	3,086	3,079
Treasury stock, at cost, 30,754,898 and 30,879,776 shares, respectively	(681)	(688)
Retained earnings	782	885
Accumulated other comprehensive loss	(1,580)	(1,861)
Total share owners' equity of the Company	1,609	1,417
Noncontrolling interests	135	111
Total share owners' equity	1,744	1,528
Total liabilities and share owners' equity	$ 9,669	$ 9,061

Equity Investments (Tables)

12 Months Ended

Dec. 31, 2023

Equity Investments

Schedule of company's ownership percentage in affiliates


	O-I Ownership
Affiliates	Percentage		Business Type
Empresas Comegua S.A.	49.7	%	Glass container manufacturer
BJC O-I Glass Pte. Ltd.	50	%	Glass container manufacturer
CO Vidrieria SARL ("COV")	50	%	Glass container manufacturer
Rocky Mountain Bottle Company	50	%	Glass container manufacturer
Vetrerie Meridionali SpA ("VeMe")	50	%	Glass container manufacturer
Vetri Speciali SpA	50	%	Specialty glass manufacturer

Schedule of information pertaining to the Company's equity affiliates


	2023		2022		2021
Equity in earnings:
Non-U.S.	$	121	$	101	$	83
U.S.		6		6		7
Total	$	127	$	107	$	90
Dividends received	$	116	$	71	$	103

Schedule of balance sheet information of equity investments


	2023		2022
At end of year:
Current assets	$	695	$	641
Non-current assets		1,458		1,369
Total assets		2,153		2,010
Current liabilities		496		426
Other liabilities and deferred items		221		207
Total liabilities and deferred items		717		633
Net assets	$	1,436	$	1,377

Schedule of income statement information of equity investments


For the year:	2023		2022		2021
Net sales	$	1,274	$	1,328	$	1,185
Gross profit	$	351	$	348	$	305
Net earnings	$	236	$	232	$	169

Equity Investments

12 Months Ended

Dec. 31, 2023

Equity Investments

Equity Investments

6. Equity Investments

At December 31, 2023, the Company’s ownership percentage in affiliates includes:


	O-I Ownership
Affiliates	Percentage		Business Type
Empresas Comegua S.A.	49.7	%	Glass container manufacturer
BJC O-I Glass Pte. Ltd.	50	%	Glass container manufacturer
CO Vidrieria SARL ("COV")	50	%	Glass container manufacturer
Rocky Mountain Bottle Company	50	%	Glass container manufacturer
Vetrerie Meridionali SpA ("VeMe")	50	%	Glass container manufacturer
Vetri Speciali SpA	50	%	Specialty glass manufacturer

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


	2023		2022		2021
Equity in earnings:
Non-U.S.	$	121	$	101	$	83
U.S.		6		6		7
Total	$	127	$	107	$	90
Dividends received	$	116	$	71	$	103

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


	2023		2022
At end of year:
Current assets	$	695	$	641
Non-current assets		1,458		1,369
Total assets		2,153		2,010
Current liabilities		496		426
Other liabilities and deferred items		221		207
Total liabilities and deferred items		717		633
Net assets	$	1,436	$	1,377


For the year:	2023		2022		2021
Net sales	$	1,274	$	1,328	$	1,185
Gross profit	$	351	$	348	$	305
Net earnings	$	236	$	232	$	169

Based on an evaluation of each of the Company’s equity investments for the three years ending December 31, 2023, no investments exceeded the significant subsidiary thresholds per Rule 3-09 of Regulation S-X. As such, separate financial statements for the Company’s equity investments are not required to be filed with the Securities and Exchange Commission.

The Company made purchases of approximately $126 million and $137 million from equity affiliates in 2023 and 2022, respectively, and owed approximately $81 million and $65 million to equity affiliates as of December 31, 2023 and 2022, respectively.

Derivative Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments

Derivative Instruments

9. 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 $0 and $1 million at December 31, 2023 and December 31, 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 a raw material 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 exchange risk.

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

The Company terminated a portion of its cross-currency swaps, which resulted in a $7 million outflow for 2022 and a $15 million outflow for 2021, as disclosed in the financing activities section of the Consolidated Cash Flows.

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 exchange risk.

Approximately $2 million and $16 million of the components were excluded from the assessment of effectiveness and are included in Accumulated OCI at December 31, 2023 and December 31, 2022, respectively.

The Company terminated a portion of its cross-currency swaps, which resulted in a $107 million inflow for 2022, as disclosed in the financing activities section of the Consolidated Cash Flows.

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.

In 2023, the Company terminated interest rate swaps with a notional amount of €725 million as a result of debt refinancing activity. This resulted in a cash outflow of approximately $40 million in the financing activities section of the 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.

In 2022, the Company terminated a portion of its cross-currency swaps designated as net investment hedges, which resulted in a $33 million inflow recognized in the financing activities section of the Consolidated Cash Flows.

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.

In 2022, the Company paid approximately $24 million to settle related hedges and recognized these payments in the cash flows from investing activities section of the Consolidated Cash Flows.

Balance Sheet Classification

The following table shows the amount and classification (as noted above) of the Company’s derivatives at December 31, 2023 and 2022:


	Fair Value of
	Hedge Assets				Hedge Liabilities
	2023		2022		2023		2022
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	—	$	3	$	14	$	9
Interest rate swaps - fair value hedges (b)								44
Fair value hedges of foreign exchange risk (c)		4		7		111		62
Net investment hedges (d)		4		3		56		28
Total derivatives accounted for as hedges	$	8	$	13	$	181	$	143
Derivatives not designated as hedges:
Foreign exchange derivative contracts (e)		5		5		9		2
Total derivatives	$	13	$	18	$	190	$	145

Current	$	13	$	15	$	17	$	32
Noncurrent				3		173		113
Total derivatives	$	13	$	18	$	190	$	145

(a)	The notional amount of the commodity forward contracts and collars was approximately 38 million British Thermal Units (“BTUs”) and 46 million BTUs at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates are in 2027 at December 31, 2023 and December 31, 2022.

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

(c)	The notional amounts of the fair value hedges of foreign exchange risk were $833 million and $844 million at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates were in 2030 at December 31, 2023 and December 31, 2022.

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

(e)	The notional amounts of the foreign exchange derivative contracts were $407 million and $245 million at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates are in 2023 at December 31, 2023 and 2022 at December 31, 2022.

The effects of derivative instruments on the Company’s Consolidated Results of Operations and Comprehensive Income for OCI for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Gain (Loss) Recognized in OCI (Effective Portion)						Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
Derivatives designated as hedging instruments:	2023		2022		2021		2023		2022		2021
Cash Flow Hedges
Commodity forward contracts and collars (a)	$	(27)	$	(1)	$		$	(21)	$	6	$
Cash flow hedges of foreign exchange risk (b)		(3)		14		75		(4)		15		77
Net Investment Hedges
Net Investment Hedges		(21)		30		40		5		6		3
	$	(51)	$	43	$	115	$	(20)	$	27	$	80

	Amount of Gain (Loss) Recognized in Other income (expense), net
Derivatives not designated as hedges:	2023		2022		2021
Foreign exchange derivative contracts	$	(12)	$	(20)	$	4

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

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)

12 Months Ended

Dec. 31, 2023

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)

O-I GLASS, INC.

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)

Years ended December 31, 2023, 2022, and 2021

(Millions of Dollars)

Reserves deducted from assets in the balance sheets:

Allowances for losses and discounts on receivables


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

2023	$	28	$	10	$	2	$	(10)	$	30

2022	$	28	$	8	$	(1)	$	(7)	$	28

2021	$	33	$	6	$	(2)	$	(9)	$	28

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

Valuation allowance on net deferred tax assets


	Balance at				Charged to other						Balance at
	beginning of		Charged to		comprehensive		Foreign currency				end of
	period		income		income		translation		Other		period

2023	$	445	$	85	$	4	$	4	$		$	538

2022	$	512	$	(36)	$	(25)	$	(6)	$		$	445

2021	$	493	$	93	$	(67)	$	(4)	$	(3)	$	512

Pensions Benefit Plans and Other Postretirement Benefits - U.S. Plan Assets By Hierarchy (Details) - Pension Benefit Plans. - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum
Defined Benefit Plan Disclosure
Percentage of pension plan assets	10.00%
U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 837	$ 812	$ 1,168
Non-U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	564	547	$ 923
Cash and cash equivalents \| Non-U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 18	9
Equity securities \| U.S.
Defined Benefit Plan Disclosure
Percentage of pension plan assets	35.00%
Equity securities \| Non-U.S.
Defined Benefit Plan Disclosure
Percentage of pension plan assets	5.00%
Debt securities \| U.S.
Defined Benefit Plan Disclosure
Percentage of pension plan assets	64.00%
Debt securities \| Non-U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 22	29
Percentage of pension plan assets	86.00%
Real estate and other \| U.S.
Defined Benefit Plan Disclosure
Percentage of pension plan assets	1.00%
Diversified funds and other \| Non-U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 23	21
Percentage of pension plan assets	9.00%
Level 1 \| Non-U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 63	59
Level 1 \| Cash and cash equivalents \| Non-U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	18	9
Level 1 \| Debt securities \| Non-U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	22	29
Level 1 \| Diversified funds and other \| Non-U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	23	21
Fair Value Measured at Net Asset Value \| Non-U.S.
Defined Benefit Plan Disclosure
Plan assets at fair value	$ 501	$ 488

Stock Based Compensation

12 Months Ended

Dec. 31, 2023

Stock Based Compensation

Stock Based Compensation

17. Stock Based Compensation

The Company has various nonqualified plans approved by share owners under which it has granted restricted shares and performance vested restricted share units. At December 31, 2023, there were 9,078,852 shares available for grants under these plans. Total compensation cost for all grants of shares and units under these plans was $43 million, $33 million and $8 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Restricted Shares and Restricted Share Units

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

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

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


		Weighted
	Number of	Average
	Restricted	Grant-Date
	Shares	Fair Value
	(thousands)	(per share)
Nonvested at January 1, 2023	1,989	$	11.94
Granted	509		22.48
Vested	(918)		12.26
Forfeited	(47)		14.98
Nonvested at December 31, 2023	1,533		15.15
Awards granted during 2022		$	11.94
Awards granted during 2021		$	12.83


	2023		2022		2021
Total fair value of shares vested	$	11	$	10	$	9

Performance Vested Restricted Share Units

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

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

Performance vested restricted share unit activity is as follows:


	Number of Performance	Weighted Average
	Vested Restricted Shares	Grant-Date Fair Value
	Units (thousands)	(per unit)
Nonvested at January 1, 2023	3,466	$	12.19
Granted	674		25.50
Vested
Forfeited/Cancelled	(1,250)		10.15
Nonvested at December 31, 2023	2,890		16.18
Awards granted during 2022		$	12.19
Awards granted during 2021		$	12.70

No shares were issued in 2023 related to performance vested restricted share units.

As of December 31, 2023, there was $21 million of total unrecognized compensation cost related to all restricted shares, restricted share units and performance vested restricted share units. That cost is expected to be recognized over a weighted average period of approximately two years.

Income Taxes - Provision for Income Taxes, Continued and Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Continuing operations
U.S.	$ (455)	$ 1	$ (295)
Non-U.S.	522	804	627
Earnings from continuing operations before income taxes	$ 67	$ 805	332
Discontinued operations;
Non-U.S.			7
Earnings (loss) from discontinued operations before income taxes			$ 7

- Definition

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

+ References + Details

Segment Information - Net Sales by Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales:
Net sales	$ 7,105	$ 6,856	$ 6,357
Reportable segment totals
Net sales:
Net sales	6,982	6,713	6,244
Other
Net sales:
Net sales	123	143	113
Americas
Net sales:
Net sales	3,865	3,835	3,557
Americas \| Reportable segment totals
Net sales:
Net sales	3,865	3,835	3,557
Europe
Net sales:
Net sales	3,117	2,878	2,687
Europe \| Reportable segment totals
Net sales:
Net sales	$ 3,117	$ 2,878	$ 2,687

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
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+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt

Long-term Debt



	2023		2022
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans	$	—	$	—
Term Loans:
Term Loan A		1,391		1,426
Senior Notes:
5.875%, due 2023				249
3.125%, due 2024 (€58 million at December 31, 2023 and €725 million at December 31, 2022)		63		731
6.375%, due 2025		299		298
5.375%, due 2025		17		299
2.875%, due 2025 (€500 million)		551		529
6.625%, due 2027		608		607
6.250%, due 2028 (€600 million)		656
4.750%, due 2030		396		396
7.250%, due 2031		682
Finance leases		174		132
Other		3		4
Total long-term debt		4,840		4,671
Less amounts due within one year		142		300
Long-term debt	$	4,698	$	4,371

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



	Principal Amount		Indicated Market Price		Fair Value
Senior Notes:
3.125%, due 2024 (€58 million)	$	64	$	99.75	$	64
6.375%, due 2025		300		100.89		303
5.375%, due 2025		17		100.39		17
2.875%, due 2025 (€500 million)		553		99.12		548
6.625%, due 2027		612		100.59		616
6.250%, due 2028 (€600 million)		664		104.99		697
4.750%, due 2030		400		94.42		378
7.250%, due 2031		690		101.88		703

- Definition

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

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+ Details

Other Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets

Schedule of other assets (noncurrent)


	2023		2022
Right of use lease assets	$	220	$	225
Repair parts		154		120
Deferred tax assets		107		117
Deferred returnable packaging costs		103		90
Capitalized software		42		44
Value added taxes		17		15
Other		51		55
	$	694	$	666

Debt - Annual Maturities of Long-Term Debt (Details) $ in Millions	Dec. 31, 2023 USD ($)
Annual maturities of long-term debt
2024	$ 142
2025	967
2026	100
2027	1,831
2028	684
2029 and thereafter	$ 1,116

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2023 segment
Segment Information
Number of reportable segments	2
Number of operating segments	2

Other Income (Expense), Net

12 Months Ended

Dec. 31, 2023

Other Income (Expense), Net

Other Income (Expense), Net

18. Other Income (Expense), net

Other income (expense), net for the years ended December 31, 2023, 2022 and 2021 included the following:


	2023		2022		2021
Goodwill impairment (see Note 7)	$	(445)	$		$
Restructuring, asset impairment and other charges		(100)		(53)		(35)
Pension settlement and curtailment charges (see Note 11)		(19)		(20)		(74)
Gain on sale of divested businesses and miscellaneous assets (see Note 21)		4		55		84
Charge related to Paddock support agreement liability (see Note 15)						(154)
Brazil indirect tax credit (see Note 15)						71
Gain on sale leasebacks (see Note 21)				334
Intangible amortization expense		(32)		(33)		(34)
Royalty income		24		24		24
Foreign currency exchange loss		(4)		(2)		(3)
Other income (expense), net		(10)		(6)		3
	$	(582)	$	299	$	(118)

Pensions Benefit Plans and Other Postretirement Benefits - Minimum Funding Requirements and Estimated Future Benefit Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2024
Defined Benefit Plan Disclosure
Defined contribution plans for salaried and hourly U.S. employees	$ 35	$ 32	$ 30
Pension Benefit Plans. \| U.S.
Estimated future benefit payments
2024	72
2025	71
2026	70
2027	70
2028	69
2029 - 2033	317
Pension Benefit Plans. \| Non-U.S.
Estimated future benefit payments
2024	45
2025	46
2026	48
2027	49
2028	52
2029 - 2033	282
Pension Benefit Plans. \| Non-U.S. \| Forecast
Defined Benefit Plan Disclosure
Contribution to defined benefit plan				$ 25
Other Postretirement Benefits Plan \| U.S.
Estimated future benefit payments
2024	1
2025	1
2026	1
2027	1
2028	1
2029 - 2033	8
Other Postretirement Benefits Plan \| Non-U.S.
Estimated future benefit payments
2024	3
2025	3
2026	3
2027	3
2028	3
2029 - 2033	$ 15

Significant Accounting Policies - Equity Method Investments and Stock-Based Compensation (Details) - country	Dec. 26, 2019	Dec. 31, 2023
Equity Method Investments
Number of countries in which the entity operates		19
Stock distributed to parent (as a percent)	100.00%
Minimum \| O-I Ownership Percentage
Equity Method Investments
General ownership percentage for equity method investments		20.00%
Maximum \| O-I Ownership Percentage
Equity Method Investments
General ownership percentage for equity method investments		50.00%

Pensions Benefit Plans and Other Postretirement Benefits - Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefit Plans. \| U.S.
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations
Discount rate	5.18%	5.48%
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost
Discount rate	5.48%	2.86%	2.61%
Expected long-term rate of return on assets	5.75%	5.75%	6.85%
Pension Benefit Plans. \| Non-U.S.
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations
Discount rate	5.12%	5.52%
Rate of compensation increase	3.24%	3.28%
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost
Discount rate	5.52%	2.53%	1.92%
Rate of compensation increase	3.28%	3.18%	2.80%
Expected long-term rate of return on assets	4.67%	4.21%	5.46%
Other Postretirement Benefits Plan \| U.S.
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations
Discount rate	5.18%	5.48%	2.90%
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost
Discount rate	5.48%	2.90%	2.48%
Other Postretirement Benefits Plan \| Non-U.S.
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations
Discount rate	4.65%	5.15%	2.95%
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost
Discount rate	5.15%	2.95%	2.55%

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowances for losses and discounts on receivables
Reserves deducted from assets in the balance sheets:
Balance at beginning of period	$ 28	$ 28	$ 33
Additions
Charged to costs and expenses/charged to income	10	8	6
Other	2	(1)	(2)
Deductions	(10)	(7)	(9)
Balance at end of period	30	28	28
Valuation allowance on net deferred tax assets
Reserves deducted from assets in the balance sheets:
Balance at beginning of period	445	512	493
Additions
Charged to costs and expenses/charged to income	85	(36)	93
Other	4	(25)	(67)
Foreign currency translation	4	(6)	(4)
Other			(3)
Balance at end of period	$ 538	$ 445	$ 512

Stock Based Compensation - Share-based Compensation Arrangement by Share-based Payment Award (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for grants under the plans	9,078,852
Compensation cost for all grants of shares and units	$ 43	$ 33	$ 8

- 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.

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+ Details

Divestitures and Sale Leasebacks of Land and Building

12 Months Ended

Dec. 31, 2023

Divestitures and Sale Leasebacks of Land and Building

Divestitures and Sale Leasebacks of Land and Building

21. Divestitures and Sale Leasebacks of Land and Buildings

For the year ended December 31, 2023, the Company recorded a pretax gain of approximately $4 million on the sale of the land and buildings of a previously closed plant in China.

For the year ended December 31, 2022, the Company recorded pretax gains of approximately $334 million on the sale of land and buildings of two of its plants in the Americas and a pretax gain of $55 million related to the sale of the Company’s glass tableware business in Colombia. Additional details of these transactions are described below.

In August 2022, the Company completed the sale of the land and building related to its Vernon, California (Los Angeles) plant to 2900 Fruitland Avenue Investors LLC and 2901 Fruitland Avenue Investors LLC (“Fruitland”). Proceeds from the sale were approximately $181 million and the Company recorded a pretax gain of approximately $153 million (approximately $153 million after tax) on the sale, which is reflected in Other income (expense), net on the Consolidated Results of Operations.

In connection with this transaction, the Company entered into a lease for the land and building with Fruitland for the Vernon, California plant for an initial term of 10 years. The lease requires the Company to make rent payments of approximately $7.2 million in the first year, gradually increasing to approximately $10.3 million in the tenth year. The lease is classified as operating and was recorded as a right-of-use asset.

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 $181 million (approximately $158 million after tax) on the sale, which is reflected in Other income (expense), net on the 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 and was recorded as a right-of-use asset.

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 noncontrolling interest) in the first quarter of 2022. The pretax gain was recorded to Other income (expense), net on the Consolidated Results of Operations.

In December 2021, the Company completed the sale of its Le Parfait brand in Europe and a previously closed plant in the Americas. Gross proceeds on these divestitures were approximately $113 million and the related pretax gains (including costs directly attributable to the sale) were approximately $84 million ($70 million after tax) in 2021. The pretax gains were recorded to Other income (expense), net on the Consolidated Results of Operations.

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

Goodwill and Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		$ 1,813	$ 1,840	$ 1,951
Divestiture related adjustments				(3)
Reclassified as held for sale				(18)
Impairment		(445)
Translation effects		105	(27)	(90)
Balance of Goodwill at end of the period	$ 1,473	1,473	1,813	1,840
Europe
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		818	866	933
Translation effects		30	(48)	(67)
Balance of Goodwill at end of the period	848	848	818	866
Americas
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		995	974	1,018
Divestiture related adjustments				(3)
Reclassified as held for sale				(18)
Impairment		(445)
Translation effects		75	21	(23)
Balance of Goodwill at end of the period	625	$ 625	$ 995	$ 974
North America
Changes in the carrying amount of goodwill
Impairment	$ (445)

- Definition

+ References + Details

Leases - Supplemental balance sheet information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating leases:
Operating lease right-of-use assets (included in Other assets)	$ 220	$ 225
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current operating lease liabilities (included in Other current liabilities)	$ 44	$ 41
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Noncurrent operating lease liabilities (included in Other long-term liabilities)	$ 184	$ 189
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 228	$ 230
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Finance leases:
Property, plant and equipment	$ 238	$ 179
Accumulated amortization	(64)	(48)
Net property, plant and equipment	174	131
Current finance lease liabilities (included in Long-term debt due within one year)	$ 23	$ 13
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-term Debt, Current Maturities	Long-term Debt, Current Maturities
Noncurrent finance lease liabilities (included in Long-term debt)	$ 151	$ 119
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term Debt, Excluding Current Maturities	Long-term Debt, Excluding Current Maturities
Total finance lease liabilities	$ 174	$ 132
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Long-term Debt, Current Maturities, Long-term Debt, Excluding Current Maturities	Long-term Debt, Current Maturities, Long-term Debt, Excluding Current Maturities
Weighted-average remaining lease term (in years):
Operating leases weighted-average remaining lease term (in years)	6 years 7 months 6 days	7 years 4 months 24 days
Finance leases weighted-average remaining lease term (in years)	6 years 9 months 18 days	5 years 7 months 6 days
Weighted-average discount rate:
Operating leases (as a percent)	6.56%	5.71%
Finance leases (as a percent)	5.88%	5.06%

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance lease cost
Amortization of right-of-use assets (included in Cost of goods sold and Selling and administrative expense)	$ 15	$ 13	$ 16
Interest on lease liabilities (included in Interest expense, net)	10	3	3
Operating lease cost (included in Cost of goods sold and Selling and administrative expense)	63	57	52
Total lease cost	$ 88	$ 73	$ 71

Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
U.S.	$ 13	$ 14	$ 12
Non-U.S.	114	142	150
Total	127	156	162
Deferred:
U.S.	(16)	(1)	(1)
Non-U.S.	41	23	6
Total	25	22	5
Total:
U.S.	(3)	13	11
Non-U.S.	155	165	156
Provision for income taxes	152	178	167
Total	$ 152	$ 178	$ 167

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue

Schedule of disaggregation of revenue by customer end use

The following table for the year ended December 31, 2023 disaggregates the Company’s revenue by customer end use:


	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	2,268	$	2,320	$	4,588
Food and other		865		508		1,373
Non-alcoholic beverages		732		289		1,021
Reportable segment totals	$	3,865	$	3,117	$	6,982
Other						123
Net sales					$	7,105

The following table for the year ended December 31, 2022 disaggregates the Company’s revenue by customer end use:


	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	2,367	$	2,169	$	4,536
Food and other		832		467		1,299
Non-alcoholic beverages		636		242		878
Reportable segment totals	$	3,835	$	2,878	$	6,713
Other						143
Net sales					$	6,856

The following table for the year ended December 31, 2021 disaggregates the Company’s revenue by customer end use:


	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	2,165	$	1,976	$	4,141
Food and other		830		487		1,317
Non-alcoholic beverages		562		224		786
Reportable segment totals	$	3,557	$	2,687	$	6,244
Other						113
Net sales					$	6,357

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share

Earnings Per Share

19. Earnings Per Share

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


	2023		2022		2021
Numerator:
Net earnings (loss) attributable to the Company	$	(103)	$	584	$	149
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		154,651		155,309		157,150
Effect of dilutive securities:
Stock options and other				3,676		3,159
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		154,651		158,985		160,309
Basic earnings per share:
Earnings (loss) from continuing operations	$	(0.67)	$	3.76	$	0.90
Gain from discontinued operations						0.05
Net earnings (loss)	$	(0.67)	$	3.76	$	0.95
Diluted earnings per share:
Earnings (loss) from continuing operations	$	(0.67)	$	3.67	$	0.88
Gain from discontinued operations						0.05
Net earnings (loss)	$	(0.67)	$	3.67	$	0.93

The diluted earnings per share computation for the years ended December 31, 2023, 2022, and 2021 excludes 423,477, 786,032 and 1,199,000 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes options, unvested restricted stock units and performance vested restricted share units. Options were excluded because the exercise prices of the options were greater than the average market price of the shares of common stock. For the year ended December 31, 2023, diluted earnings per share of common stock was equal to basic earnings per share of common stock due to the loss from continuing operations.

On December 26 and 27, 2019, the Company implemented the Corporate Modernization, which involved a series of transactions, including the Merger. Upon the effectiveness of the Merger, each share of O-I common stock held immediately prior to the Merger automatically converted into a right to receive an equivalent corresponding share of O-I Glass common stock, having the same designations, rights, powers and preferences and the qualifications, limitations, and restrictions as the corresponding share of O-I stock being converted.

In connection with the Merger and pursuant to the Merger Agreement, each option to purchase a share of O-I common stock, each award of restricted shares of O-I common stock, each award of time-based restricted stock units covering shares of O-I common stock, each award of performance-based restricted stock units covering shares of O-I common stock and each dividend equivalent covering one share of O-I common stock, in each case, that was outstanding immediately prior to the effective time of the Merger (collectively, the “Company Equity Awards”) was converted into an O-I Glass Equity Award. Each O-I Glass Equity Award continues to be subject to the same terms and conditions (including vesting schedule and performance, forfeiture and termination conditions) that applied to the corresponding Company Equity Award immediately prior to the effective time of the Merger.

Debt

12 Months Ended

Dec. 31, 2023

Debt

Debt

14. Debt

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



	2023		2022
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans	$	—	$	—
Term Loans:
Term Loan A		1,391		1,426
Senior Notes:
5.875%, due 2023				249
3.125%, due 2024 (€58 million at December 31, 2023 and €725 million at December 31, 2022)		63		731
6.375%, due 2025		299		298
5.375%, due 2025		17		299
2.875%, due 2025 (€500 million)		551		529
6.625%, due 2027		608		607
6.250%, due 2028 (€600 million)		656
4.750%, due 2030		396		396
7.250%, due 2031		682
Finance leases		174		132
Other		3		4
Total long-term debt		4,840		4,671
Less amounts due within one year		142		300
Long-term debt	$	4,698	$	4,371

The Company presents debt issuance costs in the 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 proposed by Paddock, O-I Glass and certain other parties in Paddock’s Chapter 11 case (see Note 15 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 December 31, 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 ($1.39 billion outstanding balance at December 31, 2023, net of debt issuance costs). At December 31, 2023, the Company had unused credit of $1.24 billion available under the revolving credit facilities as part of the Credit Agreement. The weighted average interest rate on borrowings outstanding under the Credit Agreement at December 31, 2023 was 6.71%.

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 December 31, 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 for the term of the Credit Agreement 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. 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 August 2023, the Company redeemed approximately $108 million aggregate principal amount of its 5.875% Senior Notes due 2023. At December 31,

2023, approximately €58 million and $17 million aggregate principal amounts of the 3.125% Senior Notes due 2024 and 5.375% Senior Notes due 2025, respectively, remained outstanding.

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 9 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.

Annual maturities for all of the Company’s long-term debt through 2028 and thereafter are as follows: 2024, $142 million; 2025, $967 million; 2026, $100 million; 2027, $1,831 million; 2028, $684 million; and 2029 and thereafter, $1,116 million.

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 December 31, 2023, of the Company’s significant fixed rate debt obligations are as follows:



	Principal Amount		Indicated Market Price		Fair Value
Senior Notes:
3.125%, due 2024 (€58 million)	$	64	$	99.75	$	64
6.375%, due 2025		300		100.89		303
5.375%, due 2025		17		100.39		17
2.875%, due 2025 (€500 million)		553		99.12		548
6.625%, due 2027		612		100.59		616
6.250%, due 2028 (€600 million)		664		104.99		697
4.750%, due 2030		400		94.42		378
7.250%, due 2031		690		101.88		703

- 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

Contingencies - Paddock Enterprises, LLC (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 18, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 22, 2022	Jul. 20, 2022	Jul. 08, 2022
Loss contingencies
Remaining assets		$ 9,669.0	$ 9,061.0	$ 8,832.0
Cash and cash equivalents		913.0	773.0
Operating cash outflow		$ 818.0	154.0	687.0
Charge related to Paddock support agreement liability				$ 154.0
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
Funding to trust	601.5
Funding to trust through borrowings	600.0
Funding to trust through cash	$ 1.5
Total consideration ("Settlement Consideration")					$ 8.5

Pensions Benefit Plans and Other Postretirement Benefits - Weighted Average Assumptions Assumed and Effect of Percentage Point Change in Health Care Cost Trend (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S.
Weighted average assumed health care cost trend (in percent)
Health care cost trend rate assumed for next year (as a percent)	6.30%	6.50%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) (as a percent)	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2031	2031
Non-U.S.
Weighted average assumed health care cost trend (in percent)
Health care cost trend rate assumed for next year (as a percent)	5.00%	5.00%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) (as a percent)	5.00%	5.00%
Other Postretirement Benefits Plan \| U.S.
Defined Benefit Plan Disclosure
Payments to the trust as required by the bargaining agreements are based upon specified amounts per hour worked	$ 5	$ 5	$ 5

Income Taxes - Possible Changes of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reasonably possible change in unrecognized tax benefits
Foreign tax credit carryovers	$ 148	$ 149
Unused foreign tax credits expiring in current year through following nine years	61
Unused foreign tax credits carried over indefinitely	87
Operating and capital loss carryforwards with indefinite life	261
Operating and capital loss carryforwards expiring in current year through following 19 years	78
Unused research tax credits expiring in current year through following 18 years	$ 25
Period during which unrecognized tax benefits are reasonably possible of being settled as a result of audit settlements or statute expirations	12 months
Maximum
Reasonably possible change in unrecognized tax benefits
Reasonably possible decrease in unrecognized tax benefits related to audit settlements or statute expirations	$ 29

Leases - (Details)	12 Months Ended
Leases - (Details)	Dec. 31, 2023
Leases
Finance leases - option to extend	true
Operating leases - option to extend	true

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

16. Accumulated Other Comprehensive Income (Loss)

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

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


									Total Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on January 1, 2021	$	(1,229)	$	(60)		$	(983)		$	(2,272)
Change before reclassifications		(61)		119			165			223
Amounts reclassified from accumulated other comprehensive income				(80)	(a)		148	(b)		68
Translation effect				1			9			10
Tax effect				(1)						(1)
Other comprehensive income (loss) attributable to the Company		(61)		39			322			300
Balance on December 31, 2021		(1,290)		(21)			(661)			(1,972)
Change before reclassifications		10		60			(24)			46
Amounts reclassified from accumulated other comprehensive income				(27)	(a)		69	(b)		42
Translation effect				(5)			21			16
Tax effect				(3)			10			7
Other comprehensive income (loss) attributable to the Company		10		25			76			111
Balance on December 31, 2022		(1,280)		4			(585)			(1,861)
Change before reclassifications		331		(68)			(26)			237
Amounts reclassified from accumulated other comprehensive income				20	(a)		33	(b)		53
Translation effect				(4)			(14)			(18)
Tax effect				5			4			9
Other comprehensive income (loss) attributable to the Company		331		(47)			(3)			281
Balance on December 31, 2023	$	(949)	$	(43)		$	(588)		$	(1,580)

(a)	Amount is recorded to other income (expense), net and interest expense, net on the Consolidated Results of Operations (see Note 9 for additional information).

(b)	Amount is included in the computation of net periodic pension cost and net postretirement benefit cost (see Note 11 for additional information).

CONSOLIDATED SHARE OWNERS' EQUITY - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED SHARE OWNERS' EQUITY - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Stock
Increase (Decrease) in Share Owners' Equity
Balance	$ 2	$ 2	$ 2
Balance	2	2	2
Capital in Excess of Par Value
Increase (Decrease) in Share Owners' Equity
Balance	3,079	3,090	3,129
Issuance of common stock	5	2	1
Reissuance of common stock	(1)	(6)	(6)
Shares repurchased	(40)	(40)	(40)
Stock compensation	43	33	8
Other			(2)
Balance	3,086	3,079	3,090
Treasury Stock
Increase (Decrease) in Share Owners' Equity
Balance	(688)	(701)	(714)
Reissuance of common stock	13	16	15
Other	(6)	(3)	(2)
Balance	(681)	(688)	(701)
Retained Earnings
Increase (Decrease) in Share Owners' Equity
Balance	885	301	152
Net earnings (loss)	(103)	584	149
Balance	782	885	301
Accumulated Other Comprehensive Loss.
Increase (Decrease) in Share Owners' Equity
Balance	(1,861)	(1,972)	(2,272)
Other comprehensive income (loss)	281	111	300
Balance	(1,580)	(1,861)	(1,972)
Non-Controlling Interests
Increase (Decrease) in Share Owners' Equity
Balance	111	107	104
Net earnings (loss)	18	43	23
Other comprehensive income (loss)	12	(12)	(5)
Distributions to non-controlling interests	(6)	(27)	(16)
Other			1
Balance	135	111	107
Balance	1,528	827	401
Issuance of common stock	5	2	1
Reissuance of common stock	12	10	9
Shares repurchased	(40)	(40)	(40)
Stock compensation	43	33	8
Net earnings (loss)	(85)	627	172
Other comprehensive income (loss)	293	99	295
Distributions to non-controlling interests	(6)	(27)	(16)
Other	(6)	(3)	(3)
Balance	$ 1,744	$ 1,528	$ 827

Derivative Instruments - Balance Sheet Classification (Details) € in Millions, $ / BTU in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / BTU	Dec. 31, 2022 USD ($) $ / BTU	Dec. 31, 2021 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)
Derivatives, Fair Value
Payments for derivative instruments, financing activities	$ 40
Total asset derivatives					$ 13			$ 18
Total liability derivatives					190			145
Current derivative asset					$ 13			$ 15
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]				Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current		Prepaid Expense and Other Assets, Current	Prepaid Expense and Other Assets, Current
Current derivative liability					$ 17			$ 32
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]				Other Liabilities, Current	Other Liabilities, Current		Other Liabilities, Current	Other Liabilities, Current
Noncurrent derivative asset								$ 3
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]				Other Assets, Noncurrent	Other Assets, Noncurrent		Other Assets, Noncurrent	Other Assets, Noncurrent
Noncurrent derivative liability					$ 173			$ 113
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]				Other Liabilities, Noncurrent	Other Liabilities, Noncurrent		Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Derivatives designated as hedging instruments
Derivatives, Fair Value
Total asset derivatives					$ 8			$ 13
Total liability derivatives					181			143
Derivatives designated as hedging instruments \| Commodity forward contracts and collars
Derivatives, Fair Value
British Thermal Units ("BTUs") \| $ / BTU	38	46
Total asset derivatives								3
Total liability derivatives					14			9
Derivatives designated as hedging instruments \| Interest rate swaps - fair value hedges
Derivatives, Fair Value
Notional amount \| €				€ 0		€ 725	€ 725
Total liability derivatives								44
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivatives, Fair Value
Notional amount					407			245
Total asset derivatives					5			5
Total liability derivatives					9			2
Cash Flow Hedges \| Foreign exchange risk
Derivatives, Fair Value
Payments for derivative instruments, financing activities		$ 7	$ 15
Fair Value Hedges \| Derivatives designated as hedging instruments \| Foreign exchange risk
Derivatives, Fair Value
Notional amount					833			844
Total asset derivatives					4			7
Total liability derivatives					111			62
Net investment hedges \| Derivatives designated as hedging instruments
Derivatives, Fair Value
Notional amount \| €				€ 483			€ 358
Total asset derivatives					4			3
Total liability derivatives					$ 56			$ 28

CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED COMPREHENSIVE INCOME
Net earnings (loss)	$ (85)	$ 627	$ 172
Other comprehensive income (loss):
Foreign currency translation adjustments	343	(2)	(66)
Pension and other postretirement benefit adjustments, net of tax	(3)	76	322
Change in fair value of derivative instruments, net of tax	(47)	25	39
Other comprehensive income	293	99	295
Total comprehensive income	208	726	467
Comprehensive income attributable to noncontrolling interests	(30)	(31)	(18)
Comprehensive income attributable to the Company	$ 178	$ 695	$ 449

Pension Benefit Plans and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2023

Pension Benefit Plans and Other Postretirement Benefits

Pension Benefit Plans and Other Postretirement Benefits

11. Pension Benefit Plans and Other Postretirement Benefits

Pension Benefit Plans

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

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


	U.S.				Non-U.S.
	2023		2022		2023		2022
Obligations at beginning of year	$	860	$	1,242	$	669	$	990
Change in benefit obligations:
Service cost		6		13		8		10
Interest cost		45		35		38		24
Actuarial (gain) loss		23		(320)		25		(221)
Settlements				(20)		(31)		(17)
Curtailments						13
Benefit payments		(70)		(90)		(41)		(42)
Other		2				1		3
Foreign currency translation						45		(78)
Net change in benefit obligations		6		(382)		58		(321)
Obligations at end of year	$	866	$	860	$	727	$	669

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


	U.S.				Non-U.S.
	2023		2022		2023		2022
Fair value at beginning of year	$	812	$	1,168	$	547	$	923
Change in fair value:
Actual gain (loss) on plan assets		94		(256)		27		(255)
Benefit payments		(70)		(90)		(41)		(42)
Employer contributions		1		10		31		16
Participant contributions
Settlements				(20)		(31)		(17)
Foreign currency translation						31		(79)
Other								1
Net change in fair value of assets		25		(356)		17		(376)
Fair value at end of year	$	837	$	812	$	564	$	547

The Company recognizes the funded status of each pension benefit plan on the Consolidated Balance Sheet. The funded status of each plan is measured as the difference between the fair value of plan assets and actuarially calculated benefit obligations as of the balance sheet date. Actuarial gains and losses are primarily related to changes in asset performance and in discount rates, and are accumulated in Accumulated Other Comprehensive Loss. The portion of accumulated actuarial gains and losses of each plan that exceeds 10% of the greater of that plan’s assets or projected benefit obligation is amortized to income on a straight-line basis over the average

remaining service period of employees still accruing benefits or the expected life of participants not accruing benefits if all, or almost all, of the plan’s participants are no longer accruing benefits.

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


	U.S.				Non-U.S.
	2023		2022		2023		2022
Plan assets at fair value	$	837	$	812	$	564	$	547
Projected benefit obligations		866		860		727		669
Plan assets less than projected benefit obligations		(29)		(48)		(163)		(122)
Items not yet recognized in pension expense:
Actuarial loss		357		381		320		289
Prior service cost						9		9
		357		381		329		298
Net amount recognized	$	328	$	333	$	166	$	176

The net amount recognized is included in the Consolidated Balance Sheets at December 31, 2023 and 2022 as follows:


	U.S.				Non-U.S.
	2023		2022		2023		2022
Pension assets	$		$	—	$	66	$	60
Current pension liability, included with other accrued liabilities		(2)		(2)		(8)		(3)
Pension benefits		(27)		(46)		(221)		(179)
Accumulated other comprehensive loss		357		381		329		298
Net amount recognized	$	328	$	333	$	166	$	176

The following changes in plan assets and benefit obligations were recognized in Accumulated Other Comprehensive Loss at December 31, 2023 and 2022 as follows:


	U.S.				Non-U.S.
	2023		2022		2023		2022
Current year actuarial (gain) loss	$	(15)	$	(3)	$	38	$	71
Amortization of actuarial loss		(9)		(40)		(9)		(9)
Settlement				(13)		(6)		(7)
Curtailment						(13)
Other								3
Foreign currency translation						21		(29)
	$	(24)	$	(56)	$	31	$	29

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


	U.S.						Non-U.S.
	2023		2022		2021		2023		2022		2021
Service cost	$	6	$	13	$	13	$	8	$	10	$	12
Interest cost		45		35		40		38		24		21
Expected asset return		(55)		(61)		(82)		(30)		(36)		(46)
Amortization:
Actuarial loss		9		40		61		9		9		13
Net expense	$	5	$	27	$	32	$	25	$	7	$	—

In 2023, 2022, and 2021 the Company settled a portion of its pension obligations in the U.S., Canada and Mexico, resulting in settlement charges of approximately $6 million, $20 million, and $74 million, respectively. In 2023, the Company also recorded a curtailment charge of $13 million primarily related to the reduction of workforce in Mexico. In 2022, settlement charges related to lump sum payments directly to plan participants. In 2021, a retiree annuity contract purchase transaction with an issuer in the U.S. amounted to approximately $239 million and gave rise to the majority of the settlement transaction, with lump-sum payments directly to plan participants comprising the remainder.

The components of pension expense, other than the service cost component, as well as pension curtailment and settlement charges are included in Other income (expense), net on the Consolidated Results of Operations.

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


	Projected Benefit Obligation Exceeds								Accumulated Benefit Obligation Exceeds
	the Fair Value of Plan Assets								the Fair Value of Plan Assets
	U.S.				Non-U.S.				U.S.				Non-U.S.
	2023		2022		2023		2022		2023		2022		2023		2022
Projected benefit obligations	$	866	$	860	$	282	$	240	$	866	$	860	$	282	$	216
Accumulated benefit obligation		866		860		247		226		866		860		247		203
Fair value of plan assets		837		812		53		56		837		812		53		33

The accumulated benefit obligation for all defined benefit pension plans was $1,556 million and $1,513 million at December 31, 2023 and 2022, respectively.

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


	U.S.				Non-U.S.
	2023		2022		2023		2022
Discount rate	5.18	%	5.48	%	5.12	%	5.52	%
Rate of compensation increase	N/A		N/A		3.24	%	3.28	%

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


	U.S.						Non-U.S.
	2023		2022		2021		2023		2022		2021
Discount rate	5.48	%	2.86	%	2.61	%	5.52	%	2.53	%	1.92	%
Rate of compensation increase	N/A		N/A		N/A		3.28	%	3.18	%	2.80	%
Expected long-term rate of return on assets	5.75	%	5.75	%	6.85	%	4.67	%	4.21	%	5.46	%

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

For 2023, the Company’s weighted average expected long-term rate of return on assets was 5.75% for the U.S. plans and 4.67% for the non-U.S. plans. In developing this assumption, the Company considered the Plans’ asset mix and long-term average returns and evaluated input from its third-party pension plan asset consultants, including their review of asset class return expectations.

It is the Company’s policy to invest pension plan assets in a diversified portfolio consisting of an array of asset classes within established target asset allocation ranges. The investment risk of the assets is limited by appropriate diversification both within and between asset classes. Plan assets are primarily invested in a broad mix of domestic and international equities, domestic and international bonds, and real estate, subject to target asset allocation ranges, which may differ by individual plan. The assets are managed with a view to ensuring that sufficient liquidity will be available to meet expected cash flow requirements.

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

The assets of the U.S. plans are maintained in a group trust and hold no individual assets other than the investment in the group trust. U.S. pension plan assets are measured at net asset value in the fair value hierarchy and amounted to $837 million and $812 million as of December 31, 2023 and 2022, respectively. In 2023, the group trust assets consisted of approximately 35% equity securities, 64% debt securities, and 1% other.

In 2023, the non-U.S. plan assets consisted of approximately 5% equity securities, 86% debt securities, and 9% diversified funds and other. The following table sets forth by level, within the fair value hierarchy, the Company’s non-U.S. pension plan assets at fair value as of December 31, 2023 and 2022:


	2023								2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	18	$		$		$	18	$	9	$	—	$	—	$	9
Debt securities		22						22		29						29
Diversified funds and other		23						23		21						21
Total	$	63	$	—	$	—			$	59	$	—	$	—
Investments measured at net asset value							$	501							$	488
Total non-U.S. assets at fair value							$	564							$	547

In order to maintain minimum funding requirements, the Company is required to make contributions to its defined benefit pension plans of approximately $25 million in 2024.

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


Year(s)	U.S.		Non-U.S.
2024	$	72	$	45
2025		71		46
2026		70		48
2027		70		49
2028		69		52
2029-2033		317		282

The Company also sponsors several defined contribution plans for all salaried and hourly U.S. employees, and employees in Canada, the United Kingdom, and the Netherlands. Participants’ contributions are based on their compensation. The Company matches contributions of participants, up to various limits, in substantially all plans. Company contributions to these plans amounted to $35 million in 2023, $32 million in 2022, and $30 million in 2021.

Postretirement Benefits Other Than Pensions

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

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


	U.S.				Non-U.S.
	2023		2022		2023		2022
Obligations at beginning of year	$	22	$	34	$	45	$	76
Change in benefit obligations:
Service cost						1		2
Interest cost		1		1		2		2
Actuarial (gain) loss				(11)		3		(29)
Benefit payments		(2)		(2)		(2)		(3)
Foreign currency translation						1		(3)
Net change in benefit obligations		(1)		(12)		5		(31)
Obligations at end of year	$	21	$	22	$	50	$	45

The actuarial (gain) loss for the Company’s postretirement benefit obligations in 2023 and 2022 was primarily related to changes in discount rates.

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


	U.S.				Non-U.S.
	2023		2022		2023		2022
Postretirement benefit obligations	$	(21)	$	(22)	$	(50)	$	(45)
Items not yet recognized in net postretirement benefit cost:
Actuarial gain		(20)		(12)		(35)		(40)
Prior service credit		(9)		(18)
		(29)		(30)		(35)		(40)
Net amount recognized	$	(50)	$	(52)	$	(85)	$	(85)

The net amount recognized is included in the Consolidated Balance Sheets at December 31, 2023 and 2022 as follows:


	U.S.				Non-U.S.
	2023		2022		2023		2022
Current nonpension postretirement benefit, included with Other accrued liabilities	$	(1)	$	(2)	$	(3)	$	(2)
Nonpension postretirement benefits		(20)		(20)		(47)		(43)
Accumulated other comprehensive income		(29)		(30)		(35)		(40)
Net amount recognized	$	(50)	$	(52)	$	(85)	$	(85)

The following changes in benefit obligations were recognized in Accumulated Other Comprehensive Loss at December 31, 2023 and 2022 as follows:


	U.S.				Non-U.S.
	2023		2022		2023		2022
Current year actuarial (gain) loss	$	—	$	(11)	$	3	$	(29)
Amortization of actuarial gain (loss)		(8)		(8)		3
Amortization of prior service credit		9		8
Foreign currency translation						(1)		2
	$	1	$	(11)	$	5	$	(27)

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


	U.S.						Non-U.S.
	2023		2022		2021		2023		2022		2021
Service cost	$	—	$	—	$	—	$	1	$	2	$	2
Interest cost		1		1		2		2		2		2
Amortization:
Actuarial (gain) loss		8		8		9		(3)
Prior service credit		(9)		(8)		(9)
Net amortization		(1)		—		—		(3)		—		—
Net postretirement benefit (income) cost	$	—	$	1	$	2	$	—	$	4	$	4

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


	U.S.						Non-U.S.
	2023		2022		2021		2023		2022		2021
Accumulated postretirement benefit obligation	5.18	%	5.48	%	2.90	%	4.65	%	5.15	%	2.95	%
Net postretirement benefit cost	5.48	%	2.90	%	2.48	%	5.15	%	2.95	%	2.55	%

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


	U.S.				Non-U.S.
	2023		2022		2023		2022
Health care cost trend rate assumed for next year	6.3	%	6.5	%	5.0	%	5.0	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.0	%	5.0	%	5.0	%	5.0	%
Year that the rate reaches the ultimate trend rate	2031		2031		N/A		N/A

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

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


Year(s)	U.S.		Non-U.S.
2024	$	1	$	3
2025		1		3
2026		1		3
2027		1		3
2028		1		3
2029 - 2033		8		15

Other U.S. hourly retirees receive health and life insurance benefits from a multi-employer trust established by collective bargaining. Payments to the trust as required by the bargaining agreements are based upon specified amounts per hour worked and were $5 million in 2023, $5 million in 2022 and $5 million in 2021. Postretirement health and life benefits for retirees of foreign subsidiaries are generally provided through the national health care programs of the countries in which the subsidiaries are located.

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Information
Amount of receivables sold	$ 542	$ 535	$ 481
Receivables sold under supply chain factoring program	178	158	180
Interest paid in cash	301	234	209
Increase or decrease to cash from operating activities from factoring programs	23	11	6
Income taxes paid in cash
Income taxes paid in cash	147	171	111
Note repurchase premiums included in cash interest	3	17	11
Supplier Finance Program Obligations
Supplemental Cash Flow Information
Outstanding payment obligations to the financial institutions as part of SCF Programs	113	110
U.S. operations
Income taxes paid in cash
Income taxes paid in cash	16	14	9
Non-U.S.
Income taxes paid in cash
Income taxes paid in cash	$ 131	$ 157	$ 102

Income Taxes - Significant Components of Deferred Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Accrued postretirement benefits	$ 23	$ 23
Foreign tax credit carryovers	148	149
Operating, capital loss and interest carryovers	339	284
Other credit carryovers	27	24
Accrued liabilities	75	72
Pension liabilities	28	24
Operating lease liabilities	55	54
Other	86	90
Total deferred tax assets	781	720
Deferred tax liabilities:
Property, plant, and equipment	119	128
Intangibles and deferred software	50	61
Operating lease right-of-use assets	53	53
Total deferred tax liabilities	222	242
Valuation allowance	(538)	(445)
Net deferred taxes	$ 21	$ 33

Other Income (Expense), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income (Expense), Net
Goodwill impairment (see Note 7)	$ 445
Restructuring, asset impairment and other charges	(100)	$ (53)	$ (35)
Pension settlement and curtailment charges (see Note 11)	(19)	(20)	(74)
Gain on sale of divested businesses and miscellaneous assets (see Note 21)	4	55	84
Charge related to Paddock support agreement liability (see Note 15)			(154)
Brazil indirect tax credit (see Note 15)			71
Gain on sale leasebacks (see Note 21)		334
Intangible amortization expense	(32)	(33)	(34)
Royalty income	24	24	24
Foreign currency exchange loss	(4)	(2)	(3)
Other income (expense), net	(10)	(6)	3
Other income (expense), net	$ (582)	$ 299	$ (118)

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets

Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2023, 2022, and 2021 are as follows:



	Europe		Americas		Total
Balance as of January 1, 2021	$	933	$	1,018	$	1,951
Divestiture related adjustments				(3)		(3)
Reclassified as held for sale				(18)		(18)
Translation effects		(67)		(23)		(90)
Balance as of December 31, 2021		866		974		1,840
Translation effects		(48)		21		(27)
Balance as of December 31, 2022		818		995		1,813
Impairment				(445)		(445)
Translation effects		30		75		105
Balance as of December 31, 2023	$	848	$	625	$	1,473

Goodwill is tested for impairment annually as of October 1 (or more frequently if impairment indicators arise) by comparing the business enterprise value (“BEV”) of each reporting unit with its carrying value. The BEV is computed based on estimated future cash flows, discounted at the weighted average cost of capital of a hypothetical third-party buyer. If the BEV is less than the carrying value for any reporting unit, then any excess of the carrying value over the BEV will be recorded as an impairment loss. The calculations of the BEV of the Company’s reporting units were determined based on valuation techniques using the best available information of significant unobservable inputs, primarily revenue growth, earnings before interest, taxes, depreciation and amortization (EBITDA) margin, and the weighted average cost of capital, and are classified as Level 3 in the fair value hierarchy.

During the fourth quarter of 2023, the Company completed its annual impairment testing and determined that the goodwill balance on its North America reporting unit was fully impaired. The primary driver of this impairment was management’s update to its long-range plan, which indicated lower estimated future cash flows for its North America reporting unit (in the Americas segment) as compared to the projections used in the prior goodwill impairment test performed as of October 1, 2022. The Company’s business in North America has experienced declining shipments to its alcoholic beverage customers, especially in the second half of 2023, and this trend is likely to continue for the foreseeable future. As a result, in the fourth quarter of 2023, the Company permanently closed a plant and two additional furnaces in the North America reporting unit to better balance its long-term manufacturing supply with lower demand. The update to management’s long-range plan, combined with the impact of a higher weighted average cost of capital given higher interest rates and the narrow difference between the estimated fair value and carrying value of the North America reporting unit as of October 1, 2022, resulted in the BEV of the Company’s North America reporting unit declining to less than its carrying value. As a result, the Company recorded a non-cash impairment charge of $445 million in the fourth quarter of 2023, which was equal to the remaining goodwill balance on its North America reporting unit.

The BEVs of the Company’s Europe and Latin America reporting units substantially exceeded their carrying values as of October 1, 2023. If the Company’s projected future cash flows were lower, or if the assumed weighted average cost of capital were higher, the testing performed in the fourth quarter of 2023 may have indicated an impairment of the goodwill related to the Europe and Latin America reporting units. Any impairment charges that the Company may take in the future could be material to its consolidated results of operations and financial condition.

During the time subsequent to the annual evaluation, and at December 31, 2023, the Company considered whether any events and/or changes in circumstances had resulted in the likelihood that the goodwill of its Europe and Latin America reporting units may have been impaired and has determined that no such events have occurred.

Goodwill for the Americas segment is net of accumulated impairment losses of $1,040 million and $595 million as of December 31, 2023 and 2022, respectively.

Intangible Assets

Customer list intangible assets are amortized using the accelerated amortization method over their 20 year lives. Net intangible asset values were $254 million and $262 million, which included accumulated amortization of $316 million and $284 million, for the years ended December 31, 2023 and 2022, respectively. Amortization expense for intangible assets was $32 million, $33 million and $34 million for the years ended December 31, 2023, 2022, and 2021, respectively. Estimated amortization related to intangible assets through 2028 is as follows: 2024, $30 million; 2025, $28 million; 2026, $27 million; 2027, $25 million and 2028, $23 million. No impairment existed on these assets at December 31, 2023.

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

CONSOLIDATED RESULTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED RESULTS OF OPERATIONS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED RESULTS OF OPERATIONS
Net sales	$ 7,105	$ 6,856	$ 6,357
Revenue, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of goods sold	$ (5,609)	$ (5,643)	$ (5,266)
Gross profit	1,496	1,213	1,091
Selling and administrative expense	(540)	(496)	(433)
Research, development and engineering expense	(92)	(79)	(82)
Interest expense, net	(342)	(239)	(216)
Equity earnings	127	107	90
Other income (expense), net (incl. goodwill impairment)	(582)	299	(118)
Earnings from continuing operations before income taxes	67	805	332
Provision for income taxes	(152)	(178)	(167)
Earnings (loss) from continuing operations	(85)	627	165
Gain from discontinued operations			7
Net earnings (loss)	(85)	627	172
Net earnings attributable to noncontrolling interests	(18)	(43)	(23)
Net earnings (loss) attributable to the Company	(103)	584	149
Amounts attributable to the Company:
Earnings (loss) from continuing operations	(103)	584	142
Gain from discontinued operations			7
Net earnings (loss) attributable to the Company	$ (103)	$ 584	$ 149
Basic earnings per share:
Earnings (loss) from continuing operations (in dollars per share)	$ (0.67)	$ 3.76	$ 0.90
Gain from discontinued operations (in dollars per share)			0.05
Net earnings (loss) (in dollars per share)	(0.67)	3.76	0.95
Diluted earnings per share:
Earnings (loss) from continuing operations (in dollars per share)	(0.67)	3.67	0.88
Gain from discontinued operations (in dollars per share)			0.05
Net earnings (loss) (in dollars per share)	$ (0.67)	$ 3.67	$ 0.93

Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
Restructuring (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring accrual
Beginning balance, restructuring reserve	$ 27	$ 31
Charges	97	50	$ 28
Write-down of assets to net realizable value	(55)	(30)
Net cash paid, principally severance, related benefits and other exit costs	(26)	(20)	(30)
Other, including foreign exchange translation	(4)	(4)
Ending balance, restructuring reserve	39	27	31
Restructuring, Additional Information
Carrying value of impaired assets	0	0
Americas
Restructuring accrual
Charges	89
Europe
Restructuring accrual
Charges	6
Other
Restructuring accrual
Charges	2
Employee Costs
Restructuring accrual
Beginning balance, restructuring reserve	17	20
Charges	32	8
Net cash paid, principally severance, related benefits and other exit costs	(20)	(11)
Other, including foreign exchange translation	(2)
Ending balance, restructuring reserve	27	17	20
Asset Impairment
Restructuring accrual
Charges	55	30
Write-down of assets to net realizable value	(55)	(30)
Other Exit Costs
Restructuring accrual
Beginning balance, restructuring reserve	10	11
Charges	10	12
Net cash paid, principally severance, related benefits and other exit costs	(6)	(9)
Other, including foreign exchange translation	(2)	(4)
Ending balance, restructuring reserve	$ 12	$ 10	$ 11

Significant Accounting Policies - Property, Plant and Equipment (Details)	Dec. 31, 2023
Factory machinery and equipment \| Minimum
Property, Plant and Equipment
Estimated useful lives	5 years
Factory machinery and equipment \| Maximum
Property, Plant and Equipment
Estimated useful lives	25 years
Glass-melting furnaces and forming machines \| Minimum
Property, Plant and Equipment
Estimated useful lives	7 years
Glass-melting furnaces and forming machines \| Maximum
Property, Plant and Equipment
Estimated useful lives	15 years
Buildings and building equipment \| Minimum
Property, Plant and Equipment
Estimated useful lives	10 years
Buildings and building equipment \| Maximum
Property, Plant and Equipment
Estimated useful lives	50 years

Segment Information - Net sales by geographic region (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Net sales	$ 7,105	$ 6,856	$ 6,357
U.S.
Segment Reporting Information
Net sales	1,828	1,941	1,806
Non-U.S.
Segment Reporting Information
Net sales	$ 5,277	$ 4,915	$ 4,551
France
Segment Reporting Information
Percentage of consolidated net sales outside of the U.S.	11.00%	11.00%	12.00%
Italy
Segment Reporting Information
Percentage of consolidated net sales outside of the U.S.	13.00%	12.00%	12.00%
Mexico
Segment Reporting Information
Percentage of consolidated net sales outside of the U.S.	14.00%	13.00%	12.00%

- Definition

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (103)	$ 584	$ 149

- Definition

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

+ References

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-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Pensions Benefit Plans and Other Postretirement Benefits - Components of Net Periodic Pension and Postretirement Cost (Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other:
Pension settlement and curtailment charges	$ 19	$ 20	$ 74
Pension Plan of Mexico
Components of net periodic pension cost
Curtailment charge	$ 13
Pension Benefit Plans.
Amortization:
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
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
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Other Operating Income (Expense), Net
Other:
Accumulated benefit obligation	$ 1,556	$ 1,513
Pension Benefit Plans. \| U.S.
Components of net periodic pension cost
Service cost	6	13	$ 13
Interest cost	45	35	40
Expected asset return	(55)	(61)	(82)
Amortization:
Actuarial loss	9	40	61
Net postretirement benefit (income) cost	5	27	32
Other:
Pension settlement and curtailment charges	6	20	74
Pension Benefit Plans. \| Non-U.S.
Components of net periodic pension cost
Service cost	8	10	12
Interest cost	38	24	21
Expected asset return	(30)	(36)	(46)
Amortization:
Actuarial loss	9	9	13
Net postretirement benefit (income) cost	$ 25	$ 7
Pension Benefit Plans. \| Canadian Pension Plans
Other:
Annuity contract purchase for settlement of pension obligation			$ 239
Other Postretirement Benefits Plan
Amortization:
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	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 Postretirement Benefits Plan \| U.S.
Components of net periodic pension cost
Interest cost	$ 1	$ 1	$ 2
Amortization:
Actuarial loss	8	8	9
Prior service cost	(9)	(8)	(9)
Net amortization	(1)
Net postretirement benefit (income) cost		1	2
Other Postretirement Benefits Plan \| Non-U.S.
Components of net periodic pension cost
Service cost	1	2	2
Interest cost	2	2	2
Amortization:
Actuarial loss	(3)
Net amortization	$ (3)
Net postretirement benefit (income) cost		$ 4	$ 4

Other Income (Expense), Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Income (Expense), Net

Schedule of other income (expense), net


	2023		2022		2021
Goodwill impairment (see Note 7)	$	(445)	$		$
Restructuring, asset impairment and other charges		(100)		(53)		(35)
Pension settlement and curtailment charges (see Note 11)		(19)		(20)		(74)
Gain on sale of divested businesses and miscellaneous assets (see Note 21)		4		55		84
Charge related to Paddock support agreement liability (see Note 15)						(154)
Brazil indirect tax credit (see Note 15)						71
Gain on sale leasebacks (see Note 21)				334
Intangible amortization expense		(32)		(33)		(34)
Royalty income		24		24		24
Foreign currency exchange loss		(4)		(2)		(3)
Other income (expense), net		(10)		(6)		3
	$	(582)	$	299	$	(118)

Credit Losses

12 Months Ended

Dec. 31, 2023

Credit Losses

Credit Losses

4. Credit Losses

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

confirmation. The Company may employ collection agencies and legal counsel to pursue the recovery of defaulted receivables.

At December 31, 2023 and 2022, the Company reported $671 million and $760 million of accounts receivable, respectively, net of allowances of $30 million and $28 million, respectively. Changes in the allowance were not material for the years ended December 31, 2023 or 2022.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

Significant Accounting Policies

1. Significant Accounting Policies

Basis of Consolidated Statements The Consolidated Financial Statements of the Company (as defined below) include the accounts of its subsidiaries. Newly acquired subsidiaries have been included in the Consolidated Financial Statements from dates of acquisition.

The Company uses the equity method of accounting for investments in which it has a significant influence and generally an ownership interest of 20% to 50%. The Company monitors other than temporary declines in fair value and records reductions in carrying values when appropriate.

Nature of Operations The Company is a leading manufacturer of glass container products. The Company’s principal product lines are glass containers for the food and beverage industries. The Company has glass container operations located in 19 countries. The principal markets and operations for the Company’s products are in the Americas and Europe.

The term “Company,” as used herein and unless otherwise stated or indicated by context, refers to Owens-Illinois, Inc. (“O-I”) prior to the Corporate Modernization (as defined below) and to O-I Glass, Inc. (“O-I Glass”) after the Corporate Modernization.

On December 26 and 27, 2019, the Company implemented the Corporate Modernization pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 26, 2019, among O-I, O-I Glass and Paddock Enterprises, LLC (“Paddock”).

The Corporate Modernization was conducted pursuant to Section 251(g) of the General Corporation Law of the State of Delaware, which permits the creation of a holding company through a merger with a direct or indirect wholly owned subsidiary of the constituent corporation without stockholder approval. The Corporate Modernization involved a series of transactions (together with certain related transactions, the “Corporate Modernization”) pursuant to which (1) O-I formed a new holding company, O-I Glass, as a direct wholly owned subsidiary of O-I and a sister company to Owens-Illinois Group, Inc. (“O-I Group”), (2) O-I Glass formed a new Delaware limited liability company, Paddock, as a direct wholly owned subsidiary of O-I Glass, (3) O-I merged with and into Paddock, with Paddock continuing as the surviving entity and as a direct wholly owned subsidiary of O-I Glass (the “Merger”) and (4) Paddock distributed 100% of the capital stock of O-I Group to O-I Glass, as a result of which O-I Group is a direct, wholly owned subsidiary of O-I Glass and sister company to Paddock.

Upon the effectiveness of the Merger, each share of O-I stock held immediately prior to the Merger automatically converted into a right to receive an equivalent corresponding share of O-I Glass stock, having the same designations, rights, powers and preferences, qualifications, limitations, and restrictions as the corresponding share of O-I stock being converted. Immediately after the Corporate Modernization, O-I Glass had, on a consolidated basis, the same assets, businesses and operations as O-I had immediately prior to the Corporate Modernization. After the Corporate Modernization, O-I’s stockholders became stockholders of O-I Glass. The implementation of the Corporate Modernization was accounted for as a merger under common control.

Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management of the Company to make estimates and assumptions that affect certain amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, at which time the Company would revise its estimates accordingly.

Foreign Currency Translation The assets and liabilities of non-U.S. subsidiaries are translated into U.S. dollars at year-end exchange rates and their results of operations are converted on an ongoing basis at the monthly average rate. Any related translation adjustments are recorded in accumulated other comprehensive income in share owners’ equity.

Revenue Recognition Revenue is recognized at the point in time when obligations under the terms of the Company’s contracts and related purchase orders with its customers are satisfied, which primarily takes place when products are shipped from the Company’s manufacturing or warehousing facilities to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimated provisions for rebates, discounts, returns and allowances. Sales, value-added, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue.

Shipping and Handling Costs Amounts billed to customers related to shipping and handling or other pass-through items are included in net sales in the Consolidated Results of Operations. Shipping and handling costs are included with cost of goods sold in the Consolidated Results of Operations.

Stock-Based Compensation The Company has various stock-based compensation plans consisting of performance and restricted share awards. Costs resulting from all share-based compensation plans are required to be recognized in the financial statements. A public entity is required to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the required service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the required service.

Cash The Company defines “cash” as cash and time deposits with maturities of three months or less when purchased. Outstanding checks in excess of funds on deposit are included in accounts payable.

Accounts Receivable Receivables are stated at amounts estimated by management to be the net realizable value. The Company writes-off accounts receivable when it becomes apparent based upon age or customer circumstances that amounts will not be collected.

Allowance for Doubtful Accounts The allowance for doubtful accounts is established through charges to the provision for bad debts. The Company evaluates the adequacy of the allowance for doubtful accounts on a periodic basis. The evaluation includes historical trends in collections and write-offs, information on current economic conditions and future forecasts and management’s evaluation of business risk.

Inventory Valuation Inventories are valued at the lower of cost, primarily determined on a first-in first-out basis, or net realizable value.

Goodwill Goodwill represents the excess of cost over fair value of net assets of businesses acquired. Goodwill is evaluated annually, as of October 1, for impairment or more frequently if an impairment indicator exists, by comparing the estimated fair value of each reporting unit to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded in the period of the evaluation based on that difference.

Intangible Assets and Other Long-Lived Assets Intangible assets are amortized over the expected useful life of the asset. Amortization expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Amortization expense related to non-manufacturing activities is included in Selling and administrative expense and Other expense, net. The Company evaluates the recoverability of intangible assets and other long-lived assets based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value.

Property, Plant and Equipment Property, plant and equipment (“PP&E”) is carried at cost and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. In general, depreciation is computed using the straight-line method and recorded over the estimated useful life of the asset. Factory machinery and equipment is depreciated over periods ranging from 5 to 25 years with the majority of such assets (principally glass-melting furnaces and forming machines) depreciated over 7 to 15 years. Buildings and building equipment are depreciated over periods ranging from 10

to 50 years. Depreciation expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Depreciation expense related to non-manufacturing activities is included in Selling and administrative. Depreciation expense includes the amortization of assets recorded under financing leases. Maintenance and repairs are expensed as incurred. Costs assigned to PP&E of acquired businesses are based on estimated fair values at the date of acquisition. The Company evaluates the recoverability of PP&E based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value.

Derivative Instruments The Company uses derivative instruments to manage risks generally associated with foreign exchange rate, interest rate and commodity market volatility. Derivative financial instruments are included on the balance sheet at fair value. Changes in the fair value of derivative assets or liabilities (i.e., gains or losses) are recognized depending upon the type of hedging relationship and whether a hedge has been designated. For those derivative instruments that qualify for hedge accounting, the Company designates the hedging instrument, based upon the exposure being hedged, as a cash flow hedge, fair value hedge, or a hedge of a net investment in a foreign operation. For a derivative instrument designated as a fair value hedge, the gain or loss on the derivative is recognized in earnings immediately with the offsetting gain or loss on the hedged item. For a derivative instrument designated as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of Accumulated other comprehensive loss and is subsequently recognized in earnings when the hedged exposure affects earnings. If there is an ineffective portion of the change in fair value of the derivative, it is recognized directly in earnings. For a derivative instrument designated as a hedge of a net investment in a foreign operation, the effective portion of the derivative's gain or loss is reported in Accumulated other comprehensive loss as part of the cumulative translation adjustment, and amounts are reclassified out of accumulated other comprehensive loss into earnings when the hedged net investment is either sold or substantially liquidated. Changes in fair value of derivative instruments that do not qualify for hedge accounting are recognized immediately in current net earnings. The Company does not enter into derivative financial instruments for trading purposes and is not a party to leveraged derivatives. In the consolidated statement of cash flows, the settlement of derivative instruments designated as hedges is typically recorded in the category that is consistent with the nature of the underlying item being hedged. See Note 9 to the Consolidated Financial Statements for additional information about hedges and derivative financial instruments.

Fair Value Measurements Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Generally accepted accounting principles define a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs for which there is little or no market data, which requires the Company to develop assumptions.

The carrying amounts reported for cash and short-term loans approximate fair value. In addition, carrying amounts approximate fair value for certain long-term debt obligations subject to frequently redetermined interest rates. Fair values for the Company’s significant fixed rate debt obligations are generally based on published market quotations.

New Accounting Standards

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. This ASU is effective for the Company for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The Company is evaluating the impact of this ASU.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU requires a public entity to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. This ASU is effective for the Company for annual periods beginning after December 15, 2024. The Company is evaluating the impact of this ASU.

Pension Benefit Plans and Other Postretirement Benefits - Changes in Plan Assets and Benefit Obligations Recognized in AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pension Benefit Plans. \| U.S.
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income
Current year actuarial (gain) loss	$ (15)	$ (3)
Amortization of actuarial loss	(9)	(40)
Settlement		(13)
Total	(24)	(56)
Pension Benefit Plans. \| Non-U.S.
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income
Current year actuarial (gain) loss	38	71
Amortization of actuarial loss	(9)	(9)
Settlement	(6)	(7)
Curtailment	(13)
Other		3
Foreign currency translation	21	(29)
Total	31	29
Other Postretirement Benefits Plan \| U.S.
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income
Current year actuarial (gain) loss		(11)
Amortization of actuarial loss	(8)	(8)
Amortization of prior service credit	9	8
Total	1	(11)
Other Postretirement Benefits Plan \| Non-U.S.
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income
Current year actuarial (gain) loss	3	(29)
Amortization of actuarial loss	3
Foreign currency translation	(1)	2
Total	$ 5	$ (27)

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes.

Income Taxes

13. Income Taxes

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


Continuing operations	2023		2022		2021
U.S.	$	(455)	$	1	$	(295)
Non-U.S.		522		804		627
	$	67	$	805	$	332


Discontinued operations	2023		2022		2021
U.S.	$	—	$	—	$	—
Non-U.S.				—		7
	$	—	$	—	$	7

The provision for income taxes consists of the following:


	2023		2022		2021
Current:
U.S.	$	13	$	14	$	12
Non-U.S.		114		142		150
		127		156		162
Deferred:
U.S.		(16)		(1)		(1)
Non-U.S.		41		23		6
		25		22		5
Total:
U.S.		(3)		13		11
Non-U.S.		155		165		156
Total for continuing operations		152		178		167
Total for discontinued operations		—		—		—
	$	152	$	178	$	167

A reconciliation of the provision for income taxes based on the statutory U.S. Federal tax rate of 21% to the provision for income taxes is as follows:


	2023		2022		2021
Tax provision on pretax earnings from continuing operations at statutory U.S. Federal tax rate	$	14	$	169	$	70
Increase (decrease) in provision for income taxes due to:
Non-U.S. tax rates		5		34		31
Global intangible low taxed income and Foreign-derived intangible income, net of applicable GILTI credits		12		48		6
Goodwill impairment		85
Divestitures and sale leasebacks of land and building				(34)
Tax law changes		3		(1)		(6)
Tax impact of Brazil indirect tax ruling				(6)		(7)
Change in valuation allowance		85		(36)		93
Tax attribute expiration		7		6		8
Withholding tax		14		24		12
Non-deductible expenses and taxable gains		13		11		24
Tax credits and incentives		(34)		(25)		(67)
Changes in tax reserves and audit settlements		(14)		(4)		10
Mexico inflationary adjustments		(5)		(2)		(6)
Equity earnings		(23)		(20)		(16)
Intercompany financing		(13)		4		10
Other taxes based on income		6		5		5
Other items		(3)		5
Provision for income taxes	$	152	$	178	$	167

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

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows:


	2023		2022
Deferred tax assets:
Accrued postretirement benefits	$	23	$	23
Foreign tax credit carryovers		148		149
Operating, capital loss and interest carryovers		339		284
Other credit carryovers		27		24
Accrued liabilities		75		72
Pension liabilities		28		24
Operating lease liabilities		55		54
Other		86		90
Total deferred tax assets		781		720
Deferred tax liabilities:
Property, plant and equipment		119		128
Intangibles and deferred software		50		61
Operating lease right-of-use assets		53		53
Total deferred tax liabilities		222		242
Valuation allowance		(538)		(445)
Net deferred taxes	$	21	$	33

Deferred taxes are included in the Consolidated Balance Sheets at December 31, 2023 and 2022 as follows:


	2023		2022
Other assets	$	107	$	117
Deferred taxes		(86)		(84)
Net deferred taxes	$	21	$	33

The deferred tax expense associated with the increase in the valuation allowance of $93 million was primarily allocated $89 million to income from continuing operations due to the primacy of continuing operations, changes in tax law and movements in non-U.S. currencies, and $4 million to other comprehensive income.

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

●taxable income in prior carryback years;

●future reversals of existing taxable temporary differences;

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

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

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

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

●duration of statutory carryforward and carryback periods;

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

●historical experience with tax attributes expiring unused; and

●near- and medium-term financial outlook.

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

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

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

Based on the evidence available including a lack of sustainable earnings, the Company in its judgment previously recorded a valuation allowance against substantially all of its net deferred tax assets in the United States. If a change in judgment regarding this valuation allowance were to occur in the future, the Company would record a potentially material deferred tax benefit, which could result in a favorable impact on the effective tax rate in that period. The utilization of tax attributes to offset taxable income reduces the amount of deferred tax assets subject to a valuation allowance. In addition, based on available evidence and the weighting of factors discussed above, the Company has valuation allowances on certain deferred tax assets in certain international tax jurisdictions.

At December 31, 2023, before valuation allowance, the Company had unused foreign tax credits of $148 million, including $61 million expiring in 2024 through 2033 and $87 million that can be carried over indefinitely. Approximately $261 million of the deferred tax assets related to operating, capital loss and interest

carryovers can be carried over indefinitely. The remaining operating, capital loss and interest carryforwards of $78 million expire between 2024 and 2043. Other credit carryovers include approximately $25 million of research tax credits expiring from 2024 to 2042.

Since a majority of the pre-2018 non-U.S. earnings (net of losses) were substantially taxed under the U.S. Tax Cuts and Jobs Act, distributions of those net earnings no longer attract significant U.S. income taxes except for any associated currency gains. Therefore, the Company does not assert that these net earnings (to the extent of foreign distributable reserves) and any associated gross book-tax basis differences, if any, are indefinitely reinvested. For all remaining gross book-tax basis differences in its non-U.S. consolidated subsidiaries, the Company maintains its assertion that it intends these to be indefinitely reinvested. The Company also records deferred foreign taxes on gross book-tax basis differences to the extent of foreign distributable reserves for certain foreign subsidiaries. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings is not practicable.

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

The following is a reconciliation of the Company’s total gross unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Balance at January 1	$	53	$	95	$	93
Additions and reductions for tax positions of prior years		(15)		(10)		3
Additions based on tax positions related to the current year						3
Reductions due to the lapse of the applicable statute of limitations
Reductions due to settlements		(1)		(31)
Foreign currency translation		4		(1)		(4)
Balance at December 31	$	41	$	53	$	95
Unrecognized tax benefits, which if recognized, would impact the Company’s effective income tax rate	$	25	$	37	$	75
Accrued interest and penalties at December 31	$	9	$	8	$	16
Interest and penalties included in tax expense for the years ended December 31	$	1	$	(8)	$	2

Based upon the outcome of tax examinations, judicial proceedings, or expiration of statute of limitations, it is reasonably possible that the ultimate resolution of these unrecognized tax benefits may result in a payment that is materially different from the current estimate of the tax liabilities. The Company believes that it is reasonably possible that the estimated liability could decrease up to approximately $29 million within the next 12 months. This is primarily the result of anticipated audit settlements or statute expirations in several taxing jurisdictions.

The Company is currently under income tax examination in various tax jurisdictions in which it operates, including Brazil, Canada, Colombia, France, Germany, Indonesia, Italy, Mexico and Peru. The years under examination range from 2004 through 2022. The Company has received tax assessments in excess of established reserves. The Company is contesting these tax assessments, and will continue to do so, including pursuing all available remedies, such as appeals and litigation, if necessary.

The Company believes that adequate provisions for all income tax uncertainties have been made. However, if tax assessments are settled against the Company at amounts in excess of established reserves, it could have a material impact to the Company’s consolidated results of operations, financial position or cash flows. During 2023, the Company concluded income tax audits in several jurisdictions, including Brazil, Canada, France, Indonesia, and Italy.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss)

Component of accumulated other comprehensive income (loss)


									Total Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on January 1, 2021	$	(1,229)	$	(60)		$	(983)		$	(2,272)
Change before reclassifications		(61)		119			165			223
Amounts reclassified from accumulated other comprehensive income				(80)	(a)		148	(b)		68
Translation effect				1			9			10
Tax effect				(1)						(1)
Other comprehensive income (loss) attributable to the Company		(61)		39			322			300
Balance on December 31, 2021		(1,290)		(21)			(661)			(1,972)
Change before reclassifications		10		60			(24)			46
Amounts reclassified from accumulated other comprehensive income				(27)	(a)		69	(b)		42
Translation effect				(5)			21			16
Tax effect				(3)			10			7
Other comprehensive income (loss) attributable to the Company		10		25			76			111
Balance on December 31, 2022		(1,280)		4			(585)			(1,861)
Change before reclassifications		331		(68)			(26)			237
Amounts reclassified from accumulated other comprehensive income				20	(a)		33	(b)		53
Translation effect				(4)			(14)			(18)
Tax effect				5			4			9
Other comprehensive income (loss) attributable to the Company		331		(47)			(3)			281
Balance on December 31, 2023	$	(949)	$	(43)		$	(588)		$	(1,580)

(a)	Amount is recorded to other income (expense), net and interest expense, net on the Consolidated Results of Operations (see Note 9 for additional information).

(b)	Amount is included in the computation of net periodic pension cost and net postretirement benefit cost (see Note 11 for additional information).

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share

Computation of basic and diluted earnings per share


	2023		2022		2021
Numerator:
Net earnings (loss) attributable to the Company	$	(103)	$	584	$	149
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		154,651		155,309		157,150
Effect of dilutive securities:
Stock options and other				3,676		3,159
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		154,651		158,985		160,309
Basic earnings per share:
Earnings (loss) from continuing operations	$	(0.67)	$	3.76	$	0.90
Gain from discontinued operations						0.05
Net earnings (loss)	$	(0.67)	$	3.76	$	0.95
Diluted earnings per share:
Earnings (loss) from continuing operations	$	(0.67)	$	3.67	$	0.88
Gain from discontinued operations						0.05
Net earnings (loss)	$	(0.67)	$	3.67	$	0.93

Pensions Benefit Plans and Other Postretirement Benefits - Changes in the Benefit Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefit Plans.
Change in benefit obligations:
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
Pension Benefit Plans. \| U.S.
Changes in the pension and postretirement benefit obligations
Obligations at beginning of year	$ 860	$ 1,242
Change in benefit obligations:
Service cost	6	13	$ 13
Interest cost	45	35	40
Actuarial (gain) loss	23	(320)
Settlements		(20)
Benefit payments	(70)	(90)
Other	2
Net change in benefit obligations	6	(382)
Obligations at end of year	866	860	1,242
Pension Benefit Plans. \| Non-U.S.
Changes in the pension and postretirement benefit obligations
Obligations at beginning of year	669	990
Change in benefit obligations:
Service cost	8	10	12
Interest cost	38	24	21
Actuarial (gain) loss	25	(221)
Settlements	(31)	(17)
Curtailments	13
Benefit payments	(41)	(42)
Other	1	3
Foreign currency translation	45	(78)
Net change in benefit obligations	58	(321)
Obligations at end of year	$ 727	$ 669	$ 990
Other Postretirement Benefits Plan
Change in benefit obligations:
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 Postretirement Benefits Plan \| U.S.
Changes in the pension and postretirement benefit obligations
Obligations at beginning of year	$ 22	$ 34
Change in benefit obligations:
Interest cost	1	1	$ 2
Actuarial (gain) loss		(11)
Benefit payments	(2)	(2)
Net change in benefit obligations	(1)	(12)
Obligations at end of year	21	22	34
Other Postretirement Benefits Plan \| Non-U.S.
Changes in the pension and postretirement benefit obligations
Obligations at beginning of year	45	76
Change in benefit obligations:
Service cost	1	2	2
Interest cost	2	2	2
Actuarial (gain) loss	3	(29)
Benefit payments	(2)	(3)
Foreign currency translation	1	(3)
Net change in benefit obligations	5	(31)
Obligations at end of year	$ 50	$ 45	$ 76

Income Taxes - Reconciliation of Total Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the Company's total gross unrecognized tax benefits
Balance at beginning of the period	$ 53	$ 95	$ 93
Additions and reductions for tax positions of prior years			3
Additions and reductions for tax positions of prior years	(15)	(10)
Additions based on tax positions related to the current year			3
Reductions due to settlements	(1)	(31)
Foreign currency translation		(1)	(4)
Foreign currency translation	4
Balance at ending of the period	41	53	95
Unrecognized tax benefits, which if recognized, would impact the Company's effective income tax rate	25	37	75
Accrued interest and penalties	9	8	16
Interest and penalties included in tax expense	$ 1	$ (8)	$ 2

CONSOLIDATED SHARE OWNERS' EQUITY (Parenthetical) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED SHARE OWNERS' EQUITY
Issuance of common stock (in shares)	400	80	50
Reissuance of common stock (in shares)	600	700	700
Stock compensation shares issued (in shares)	700	500	600
Shares repurchased (in shares)	2,000	3,000	2,300

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	$ (1,861)
Other comprehensive income	293	$ 99	$ 295
Balance at end of the period	(1,580)	(1,861)
Net Effect of Exchange Rate Fluctuations
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(1,280)	(1,290)	(1,229)
Change before reclassifications	331	10	(61)
Other comprehensive income	331	10	(61)
Balance at end of the period	(949)	(1,280)	(1,290)
Change in Certain Derivative Instruments
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	4	(21)	(60)
Change before reclassifications	(68)	60	119
Amounts reclassified from accumulated other comprehensive income	20	(27)	(80)
Translation effect	(4)	(5)	1
Tax effect	5	(3)	(1)
Other comprehensive income	(47)	25	39
Balance at end of the period	(43)	4	(21)
Employee Benefit Plans
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(585)	(661)	(983)
Change before reclassifications	(26)	(24)	165
Amounts reclassified from accumulated other comprehensive income	33	69	148
Translation effect	(14)	21	9
Tax effect	4	10
Other comprehensive income	(3)	76	322
Balance at end of the period	(588)	(585)	(661)
Accumulated Other Comprehensive Loss.
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(1,861)	(1,972)	(2,272)
Change before reclassifications	237	46	223
Amounts reclassified from accumulated other comprehensive income	53	42	68
Translation effect	(18)	16	10
Tax effect	9	7	(1)
Other comprehensive income	281	111	300
Balance at end of the period	$ (1,580)	$ (1,861)	$ (1,972)

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Significant Accounting Policies
Basis of Consolidated Statements	Basis of Consolidated Statements The Consolidated Financial Statements of the Company (as defined below) include the accounts of its subsidiaries. Newly acquired subsidiaries have been included in the Consolidated Financial Statements from dates of acquisition. The Company uses the equity method of accounting for investments in which it has a significant influence and generally an ownership interest of 20% to 50%. The Company monitors other than temporary declines in fair value and records reductions in carrying values when appropriate.
Nature of Operations	Nature of Operations The Company is a leading manufacturer of glass container products. The Company’s principal product lines are glass containers for the food and beverage industries. The Company has glass container operations located in 19 countries. The principal markets and operations for the Company’s products are in the Americas and Europe. The term “Company,” as used herein and unless otherwise stated or indicated by context, refers to Owens-Illinois, Inc. (“O-I”) prior to the Corporate Modernization (as defined below) and to O-I Glass, Inc. (“O-I Glass”) after the Corporate Modernization. On December 26 and 27, 2019, the Company implemented the Corporate Modernization pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 26, 2019, among O-I, O-I Glass and Paddock Enterprises, LLC (“Paddock”). The Corporate Modernization was conducted pursuant to Section 251(g) of the General Corporation Law of the State of Delaware, which permits the creation of a holding company through a merger with a direct or indirect wholly owned subsidiary of the constituent corporation without stockholder approval. The Corporate Modernization involved a series of transactions (together with certain related transactions, the “Corporate Modernization”) pursuant to which (1) O-I formed a new holding company, O-I Glass, as a direct wholly owned subsidiary of O-I and a sister company to Owens-Illinois Group, Inc. (“O-I Group”), (2) O-I Glass formed a new Delaware limited liability company, Paddock, as a direct wholly owned subsidiary of O-I Glass, (3) O-I merged with and into Paddock, with Paddock continuing as the surviving entity and as a direct wholly owned subsidiary of O-I Glass (the “Merger”) and (4) Paddock distributed 100% of the capital stock of O-I Group to O-I Glass, as a result of which O-I Group is a direct, wholly owned subsidiary of O-I Glass and sister company to Paddock. Upon the effectiveness of the Merger, each share of O-I stock held immediately prior to the Merger automatically converted into a right to receive an equivalent corresponding share of O-I Glass stock, having the same designations, rights, powers and preferences, qualifications, limitations, and restrictions as the corresponding share of O-I stock being converted. Immediately after the Corporate Modernization, O-I Glass had, on a consolidated basis, the same assets, businesses and operations as O-I had immediately prior to the Corporate Modernization. After the Corporate Modernization, O-I’s stockholders became stockholders of O-I Glass. The implementation of the Corporate Modernization was accounted for as a merger under common control.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management of the Company to make estimates and assumptions that affect certain amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, at which time the Company would revise its estimates accordingly.
Foreign Currency Translation	Foreign Currency Translation The assets and liabilities of non-U.S. subsidiaries are translated into U.S. dollars at year-end exchange rates and their results of operations are converted on an ongoing basis at the monthly average rate. Any related translation adjustments are recorded in accumulated other comprehensive income in share owners’ equity.
Revenue Recognition	Revenue Recognition Revenue is recognized at the point in time when obligations under the terms of the Company’s contracts and related purchase orders with its customers are satisfied, which primarily takes place when products are shipped from the Company’s manufacturing or warehousing facilities to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimated provisions for rebates, discounts, returns and allowances. Sales, value-added, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue.
Shipping and Handling Costs	Shipping and Handling Costs Amounts billed to customers related to shipping and handling or other pass-through items are included in net sales in the Consolidated Results of Operations. Shipping and handling costs are included with cost of goods sold in the Consolidated Results of Operations.
Stock-Based Compensation	Stock-Based Compensation The Company has various stock-based compensation plans consisting of performance and restricted share awards. Costs resulting from all share-based compensation plans are required to be recognized in the financial statements. A public entity is required to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the required service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the required service.
Cash	Cash The Company defines “cash” as cash and time deposits with maturities of three months or less when purchased. Outstanding checks in excess of funds on deposit are included in accounts payable.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable Receivables are stated at amounts estimated by management to be the net realizable value. The Company writes-off accounts receivable when it becomes apparent based upon age or customer circumstances that amounts will not be collected. Allowance for Doubtful Accounts The allowance for doubtful accounts is established through charges to the provision for bad debts. The Company evaluates the adequacy of the allowance for doubtful accounts on a periodic basis. The evaluation includes historical trends in collections and write-offs, information on current economic conditions and future forecasts and management’s evaluation of business risk.
Inventory Valuation	Inventory Valuation Inventories are valued at the lower of cost, primarily determined on a first-in first-out basis, or net realizable value.
Goodwill	Goodwill Goodwill represents the excess of cost over fair value of net assets of businesses acquired. Goodwill is evaluated annually, as of October 1, for impairment or more frequently if an impairment indicator exists, by comparing the estimated fair value of each reporting unit to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded in the period of the evaluation based on that difference.
Intangible Assets and Other Long-Lived Assets	Intangible Assets and Other Long-Lived Assets Intangible assets are amortized over the expected useful life of the asset. Amortization expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Amortization expense related to non-manufacturing activities is included in Selling and administrative expense and Other expense, net. The Company evaluates the recoverability of intangible assets and other long-lived assets based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment (“PP&E”) is carried at cost and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. In general, depreciation is computed using the straight-line method and recorded over the estimated useful life of the asset. Factory machinery and equipment is depreciated over periods ranging from 5 to 25 years with the majority of such assets (principally glass-melting furnaces and forming machines) depreciated over 7 to 15 years. Buildings and building equipment are depreciated over periods ranging from 10 to 50 years. Depreciation expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Depreciation expense related to non-manufacturing activities is included in Selling and administrative. Depreciation expense includes the amortization of assets recorded under financing leases. Maintenance and repairs are expensed as incurred. Costs assigned to PP&E of acquired businesses are based on estimated fair values at the date of acquisition. The Company evaluates the recoverability of PP&E based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value.
Derivative Instruments	Derivative Instruments The Company uses derivative instruments to manage risks generally associated with foreign exchange rate, interest rate and commodity market volatility. Derivative financial instruments are included on the balance sheet at fair value. Changes in the fair value of derivative assets or liabilities (i.e., gains or losses) are recognized depending upon the type of hedging relationship and whether a hedge has been designated. For those derivative instruments that qualify for hedge accounting, the Company designates the hedging instrument, based upon the exposure being hedged, as a cash flow hedge, fair value hedge, or a hedge of a net investment in a foreign operation. For a derivative instrument designated as a fair value hedge, the gain or loss on the derivative is recognized in earnings immediately with the offsetting gain or loss on the hedged item. For a derivative instrument designated as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of Accumulated other comprehensive loss and is subsequently recognized in earnings when the hedged exposure affects earnings. If there is an ineffective portion of the change in fair value of the derivative, it is recognized directly in earnings. For a derivative instrument designated as a hedge of a net investment in a foreign operation, the effective portion of the derivative's gain or loss is reported in Accumulated other comprehensive loss as part of the cumulative translation adjustment, and amounts are reclassified out of accumulated other comprehensive loss into earnings when the hedged net investment is either sold or substantially liquidated. Changes in fair value of derivative instruments that do not qualify for hedge accounting are recognized immediately in current net earnings. The Company does not enter into derivative financial instruments for trading purposes and is not a party to leveraged derivatives. In the consolidated statement of cash flows, the settlement of derivative instruments designated as hedges is typically recorded in the category that is consistent with the nature of the underlying item being hedged. See Note 9 to the Consolidated Financial Statements for additional information about hedges and derivative financial instruments.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Generally accepted accounting principles define a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs for which there is little or no market data, which requires the Company to develop assumptions. The carrying amounts reported for cash and short-term loans approximate fair value. In addition, carrying amounts approximate fair value for certain long-term debt obligations subject to frequently redetermined interest rates. Fair values for the Company’s significant fixed rate debt obligations are generally based on published market quotations.
New Accounting Standards	New Accounting Standards In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. This ASU is effective for the Company for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The Company is evaluating the impact of this ASU. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU requires a public entity to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. This ASU is effective for the Company for annual periods beginning after December 15, 2024. The Company is evaluating the impact of this ASU.

Equity Investments - Summarized Information Pertaining to Equity Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Investments Information
Equity earnings	$ 127	$ 107	$ 90
Dividends received	116	71	103
Non-U.S.
Equity Investments Information
Equity earnings	121	101	83
U.S.
Equity Investments Information
Equity earnings	$ 6	$ 6	$ 7

Stock Based Compensation - Restricted share and Restricted Share Units and Performance Vested Restricted Share Units (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Shares issued	700,000	500,000	600,000
Unrecognized compensation cost of unvested stock options, restricted shares, restricted share units and performance vested restricted share units (in dollars) \| $	$ 21
Weighted average period during which unrecognized compensation costs would be recognized	2 years
Restricted Shares and Restricted Share Units
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Nonvested, beginning balance (in shares)	1,989,000
Granted (in shares)	509,000
Vested (in shares)	(918,000)
Forfeited (in shares)	(47,000)
Nonvested, ending balance (in shares)	1,533,000	1,989,000
Nonvested, Beginning balance (in dollars per share) \| $ / shares	$ 11.94
Granted (in dollars per share) \| $ / shares	22.48	$ 11.94	$ 12.83
Vested (in dollars per share) \| $ / shares	12.26
Forfeited (in dollars per share) \| $ / shares	14.98
Nonvested, Closing balance (in dollars per share) \| $ / shares	$ 15.15	$ 11.94
Total fair value of shares issued (in dollars) \| $	$ 11	$ 10	$ 9
Restricted Shares and Restricted Share Units \| Shares granted to employees after March 21, 2005 \| Minimum
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Fair value of restricted shares, amortization period	1 year
Restricted Shares and Restricted Share Units \| Shares granted to employees after March 21, 2005 \| Maximum
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Fair value of restricted shares, amortization period	3 years
Restricted Share Units \| Shares granted to directors after 2007
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Shares of common stock granted vesting period	1 year
Restricted Share Units \| Shares granted to employees after 2010
Share-based Compensation Arrangement by Share-based Payment Award
Common stock distribution ratio	1
Performance Vested Restricted Share Units
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units
Nonvested, beginning balance (in shares)	3,466,000
Granted (in shares)	674,000
Forfeited (in shares)	(1,250,000)
Nonvested, ending balance (in shares)	2,890,000	3,466,000
Nonvested, Beginning balance (in dollars per share) \| $ / shares	$ 12.19
Granted (in dollars per share) \| $ / shares	25.50	$ 12.19	$ 12.70
Forfeited (in dollars per share) \| $ / shares	10.15
Nonvested, Closing balance (in dollars per share) \| $ / shares	$ 16.18	$ 12.19
Shares of common stock holder may receive, per unit of vested units	2
Shares issued	0

Credit Losses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Credit Losses
Accounts receivable, net	$ 671	$ 760
Allowance for doubtful accounts	$ 30	$ 28

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

12. Leases

The Company determines if an arrangement is a lease at inception. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term.

The Company uses an estimated incremental borrowing rate at the lease commencement date to determine the present value of lease payments when the implicit rate is not readily determinable in the lease. The Company’s incremental borrowing rate reflects a fully secured rate based on recent debt issuances, the credit rating of the Company, changes in currency and repayment timing of the lease, as well as publicly available data for instruments with similar characteristics when calculating incremental borrowing rates.

Certain lease agreements include terms with options to extend the lease, however, none of these have been recognized in the Company’s right-of-use assets or lease liabilities since those options were not reasonably certain to be exercised. Leases with a term of 12 months or less are not recorded on the balance sheet and lease expense for these leases is recognized on a straight-line basis over the lease term. The Company’s lease agreements include lease payments that are largely fixed and do not contain material residual value guarantees or variable lease payments and no lease transactions with related parties. For the years ended December 31, 2023 and 2022, the Company’s lease costs associated with leases with terms less than 12 months or variable lease costs were immaterial. Certain leases include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s leases do not contain restrictions or covenants that restrict the Company from incurring other financial obligations.

The Company leases warehouses, office buildings, equipment and certain land and buildings under both operating and finance lease arrangements. Information related to these leases is as follows:


		Year ended December 31,
		2023		2022		2021
Lease cost
Finance lease cost:
Amortization of right-of-use assets (included in Cost of goods sold and Selling and administrative expense)	$	15	$	13	$	16
Interest on lease liabilities (included in Interest expense, net)		10		3		3
Operating lease cost (included in Cost of goods sold and Selling and administrative expense)		63		57		52
Total lease cost	$	88	$	73	$	71


		Year ended December 31,
	2023		2022		2021
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	60	$	52	$	52
Operating cash flows from finance leases		10		3		3
Financing cash flows from finance leases		15		13		16
Right-of-use assets obtained in exchange for new operating lease liabilities		46		171		33



	December 31,
	2023		2022
Supplemental balance sheet information
Operating leases:
Operating lease right-of-use assets (included in Other assets)	$	220	$	225

Current operating lease liabilities (included in Other current liabilities)		44		41
Noncurrent operating lease liabilities (included in Other long-term liabilities)		184		189
Total operating lease liabilities	$	228	$	230

Finance leases:
Property, plant and equipment	$	238	$	179
Accumulated amortization		(64)		(48)
Property, plant and equipment, net		174		131

Current finance lease liabilities (included in Long-term debt due within one year)		23		13
Noncurrent finance lease liabilities (included in Long-term debt)		151		119
Total finance lease liabilities	$	174	$	132

Weighted-average remaining lease term (in years):
Operating leases		6.6		7.4
Finance leases		6.8		5.6
Weighted-average discount rate:
Operating leases		6.56%		5.71%
Finance leases		5.88%		5.06%


Maturity of lease liabilities		Operating leases		Finance leases
2024	$	57	$	31
2025		46		35
2026		40		35
2027		37		34
2028		25		30
2029 and thereafter		75		42
Total lease payments		280		207
Less: imputed interest		(52)		(33)
Total lease obligations	$	228	$	174

Minimum payments related to leases not yet commenced as of December 31, 2023	$	—	$	—

Revenue (Details) - USD ($) $ in Millions	12 Months Ended
Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue
Net sales	$ 7,105	$ 6,856	$ 6,357
Affiliate
Disaggregation of Revenue
Net sales	42	31
Reportable Segment Totals
Disaggregation of Revenue
Net sales	6,982	6,713	6,244
Americas
Disaggregation of Revenue
Net sales	3,865	3,835	3,557
Europe
Disaggregation of Revenue
Net sales	3,117	2,878	2,687
Other
Disaggregation of Revenue
Net sales	123	143	113
Alcoholic beverages (beer, wine, spirits)
Disaggregation of Revenue
Net sales	4,588	4,536	4,141
Alcoholic beverages (beer, wine, spirits) \| Americas
Disaggregation of Revenue
Net sales	2,268	2,367	2,165
Alcoholic beverages (beer, wine, spirits) \| Europe
Disaggregation of Revenue
Net sales	2,320	2,169	1,976
Food and other
Disaggregation of Revenue
Net sales	1,373	1,299	1,317
Food and other \| Americas
Disaggregation of Revenue
Net sales	865	832	830
Food and other \| Europe
Disaggregation of Revenue
Net sales	508	467	487
Non-alcoholic beverages
Disaggregation of Revenue
Net sales	1,021	878	786
Non-alcoholic beverages \| Americas
Disaggregation of Revenue
Net sales	732	636	562
Non-alcoholic beverages \| Europe
Disaggregation of Revenue
Net sales	$ 289	$ 242	$ 224

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments

Balance Sheet Classification of derivative instruments


	Fair Value of
	Hedge Assets				Hedge Liabilities
	2023		2022		2023		2022
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	—	$	3	$	14	$	9
Interest rate swaps - fair value hedges (b)								44
Fair value hedges of foreign exchange risk (c)		4		7		111		62
Net investment hedges (d)		4		3		56		28
Total derivatives accounted for as hedges	$	8	$	13	$	181	$	143
Derivatives not designated as hedges:
Foreign exchange derivative contracts (e)		5		5		9		2
Total derivatives	$	13	$	18	$	190	$	145

Current	$	13	$	15	$	17	$	32
Noncurrent				3		173		113
Total derivatives	$	13	$	18	$	190	$	145

(a)	The notional amount of the commodity forward contracts and collars was approximately 38 million British Thermal Units (“BTUs”) and 46 million BTUs at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates are in 2027 at December 31, 2023 and December 31, 2022.

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

(c)	The notional amounts of the fair value hedges of foreign exchange risk were $833 million and $844 million at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates were in 2030 at December 31, 2023 and December 31, 2022.

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

(e)	The notional amounts of the foreign exchange derivative contracts were $407 million and $245 million at December 31, 2023 and December 31, 2022, respectively. The maximum maturity dates are in 2023 at December 31, 2023 and 2022 at December 31, 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)
Derivatives designated as hedging instruments:	2023		2022		2021		2023		2022		2021
Cash Flow Hedges
Commodity forward contracts and collars (a)	$	(27)	$	(1)	$		$	(21)	$	6	$
Cash flow hedges of foreign exchange risk (b)		(3)		14		75		(4)		15		77
Net Investment Hedges
Net Investment Hedges		(21)		30		40		5		6		3
	$	(51)	$	43	$	115	$	(20)	$	27	$	80

	Amount of Gain (Loss) Recognized in Other income (expense), net
Derivatives not designated as hedges:	2023		2022		2021
Foreign exchange derivative contracts	$	(12)	$	(20)	$	4

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

Equity Investments - Summarized Combined Financial Information for Equity Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Current assets	$ 2,884	$ 2,603
Total assets	9,669	9,061	$ 8,832
Summarized combined financial information for equity associates for the year:
Current liabilities	2,346	2,357
Gross profit	1,496	1,213	1,091
Net earnings (loss)	(85)	627	172
Purchases from equity affiliates	126	137
Due to affiliates	81	65
Equity Affiliates
Assets
Current assets	695	641
Non-current assets	1,458	1,369
Total assets	2,153	2,010
Summarized combined financial information for equity associates for the year:
Current liabilities	496	426
Other liabilities and deferred items	221	207
Total liabilities and deferred items	717	633
Net assets	1,436	1,377
Net sales	1,274	1,328	1,185
Gross profit	351	348	305
Net earnings (loss)	$ 236	$ 232	$ 169

Other Assets - Capitalized Software (Details) - Capitalized software - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other information related to capitalized software
Amortization expense for capitalized software	$ 9	$ 10	$ 11
Estimated amortization expense
2024	8
2025	7
2026	6
2027	6
2028	$ 5

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets

Schedule of changes in carrying amount of goodwill



	Europe		Americas		Total
Balance as of January 1, 2021	$	933	$	1,018	$	1,951
Divestiture related adjustments				(3)		(3)
Reclassified as held for sale				(18)		(18)
Translation effects		(67)		(23)		(90)
Balance as of December 31, 2021		866		974		1,840
Translation effects		(48)		21		(27)
Balance as of December 31, 2022		818		995		1,813
Impairment				(445)		(445)
Translation effects		30		75		105
Balance as of December 31, 2023	$	848	$	625	$	1,473

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Contingencies - Asbestos (Details) $ in Millions	12 Months Ended
Contingencies - Asbestos (Details) $ in Millions	Dec. 31, 2023 USD ($)
Contingencies
Sale of goods containing asbestos from 1948 to 1958	$ 40

Derivative Instruments - Effects of Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivatives and Hedges
Amount of Gain (Loss) Recognized in Other income (expense), net	$ (12)	$ (20)	$ 4
Derivatives designated as hedging instruments
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	(51)	43	115
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(20)	27	80
Derivatives designated as hedging instruments \| Net Investment Hedges
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	(21)	30	40
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	5	6	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)	(27)	(1)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(21)	6
Derivatives designated as hedging instruments \| Foreign exchange risk \| Cash Flow Hedges \| Other income (expense), net
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	(3)	14	75
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (4)	$ 15	$ 77

Pensions Benefit Plans and Other Postretirement Benefits - Net Amount Recognized Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Net amount recognized included in the Consolidated Balance Sheets
Pension assets	$ 66	$ 60
Pension Benefit Plans. \| U.S.
Net amount recognized included in the Consolidated Balance Sheets
Current pension liability, included with other accrued liabilities	(2)	(2)
Pension benefits	(27)	(46)
Accumulated other comprehensive loss	357	381
Net amount recognized	328	333
Pension Benefit Plans. \| Non-U.S.
Net amount recognized included in the Consolidated Balance Sheets
Pension assets	66	60
Current pension liability, included with other accrued liabilities	(8)	(3)
Pension benefits	(221)	(179)
Accumulated other comprehensive loss	329	298
Net amount recognized	166	176
Other Postretirement Benefits Plan \| U.S.
Net amount recognized included in the Consolidated Balance Sheets
Current pension liability, included with other accrued liabilities	(1)	(2)
Pension benefits	(20)	(20)
Accumulated other comprehensive loss	(29)	(30)
Net amount recognized	(50)	(52)
Other Postretirement Benefits Plan \| Non-U.S.
Net amount recognized included in the Consolidated Balance Sheets
Current pension liability, included with other accrued liabilities	(3)	(2)
Pension benefits	(47)	(43)
Accumulated other comprehensive loss	(35)	(40)
Net amount recognized	$ (85)	$ (85)

Divestitures and Sale Leasebacks of Land and Building (Details) $ in Millions	1 Months Ended				3 Months Ended	12 Months Ended
	Aug. 31, 2022 USD ($)	May 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) Plant	Dec. 31, 2021 USD ($)
Divestitures and Sale Leasebacks of Land and Buildings
Pretax gain						$ 4.0	$ 55.0	$ 84.0
Gain on sale leasebacks							$ 334.0
Pretax income								$ 7.0
Lease
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]						Other Assets, Noncurrent	Other Assets, Noncurrent
Operating lease right-of-use assets (included in Other assets)						$ 220.0	$ 225.0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]						Other Liabilities, Current	Other Liabilities, Current
Current operating lease liabilities (included in Other current liabilities)						$ 44.0	$ 41.0
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]						Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Noncurrent operating lease liabilities (included in Other long-term liabilities)						$ 184.0	$ 189.0
China \| Disposal Group, Not Discontinued Operations
Divestitures and Sale Leasebacks of Land and Buildings
Pretax gain						$ 4.0
Americas \| Disposal Group, Not Discontinued Operations
Divestitures and Sale Leasebacks of Land and Buildings
Number of plants sold \| Plant							2
Gain on sale leasebacks							$ 334.0
Argentina \| Discontinued Operations, Disposed of by Sale
Divestitures and Sale Leasebacks of Land and Buildings
Gross proceeds				$ 10.0
Le Parfait \| Discontinued Operations, Disposed of by Sale
Divestitures and Sale Leasebacks of Land and Buildings
Gross proceeds			$ 113.0
Gain on sale of businesses, after tax			70.0
Le Parfait \| Other operating income (expense) \| Discontinued Operations, Disposed of by Sale
Divestitures and Sale Leasebacks of Land and Buildings
Pretax gain			$ 84.0
Cristar TableTop S.A.S. \| Disposal Group, Not Discontinued Operations
Divestitures and Sale Leasebacks of Land and Buildings
Net proceeds					$ 96.0
Gain on sale of businesses, after tax					16.0
Cristar TableTop S.A.S. \| Other operating income (expense) \| Disposal Group, Not Discontinued Operations
Divestitures and Sale Leasebacks of Land and Buildings
Pretax gain					$ 55.0		$ 55.0
Vernon, California (Los Angeles) Plant \| Disposal Group, Not Discontinued Operations
Lease
Lease term	10 years
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]						Other Assets, Noncurrent
Vernon, California (Los Angeles) Plant \| Disposal Group, Not Discontinued Operations \| Minimum
Lease
Rent payment	$ 7.2
Vernon, California (Los Angeles) Plant \| Disposal Group, Not Discontinued Operations \| Maximum
Lease
Rent payment	10.3
Vernon, California (Los Angeles) Plant \| Other operating income (expense) \| Disposal Group, Not Discontinued Operations
Divestitures and Sale Leasebacks of Land and Buildings
Net proceeds	181.0
Gain on sale leasebacks	153.0
Gain on sale of businesses, after tax	$ 153.0
Brampton, Ontario, Canada Plant \| Disposal Group, Not Discontinued Operations
Lease
Lease term		10 years
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]						Other Assets, Noncurrent
Brampton, Ontario, Canada Plant \| Disposal Group, Not Discontinued Operations \| Minimum
Lease
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 and Sale Leasebacks of Land and Buildings
Net proceeds		190.0
Gain on sale leasebacks		181.0
Gain on sale of businesses, after tax		$ 158.0

Segment Information - Segment Operating Profits and Reporting Segments Totals (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment operating profit:
Earnings from continuing operations before income taxes	$ 67	$ 805	$ 332
Items excluded from segment operating profit:
Retained corporate costs and other	224	232	171
Charge for goodwill impairment	445
Restructuring, asset impairment and other charges	100	53	35
Pension settlement and curtailment charges	19	20	74
Gain on sale of divested businesses and miscellaneous assets	(4)	(55)	(84)
Gain on sale leasebacks		(334)
Charge related to Paddock support agreement liability			154
Brazil indirect tax credit			(71)
Interest expense, net	342	239	216
Reportable Segment Totals
Segment operating profit
Segment operating profit	1,193	960	827
Americas
Items excluded from segment operating profit:
Charge for goodwill impairment	445
Segment operating profit
Segment operating profit	511	472	456
Europe
Segment operating profit
Segment operating profit	$ 682	$ 488	$ 371

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventories

Schedule of major classes of inventory


	2023		2022
Finished goods	$	868	$	667
Raw materials		151		137
Operating supplies		52		44
	$	1,071	$	848

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock Based Compensation

Restricted shares and restricted share units activity


		Weighted
	Number of	Average
	Restricted	Grant-Date
	Shares	Fair Value
	(thousands)	(per share)
Nonvested at January 1, 2023	1,989	$	11.94
Granted	509		22.48
Vested	(918)		12.26
Forfeited	(47)		14.98
Nonvested at December 31, 2023	1,533		15.15
Awards granted during 2022		$	11.94
Awards granted during 2021		$	12.83


	2023		2022		2021
Total fair value of shares vested	$	11	$	10	$	9

Performance vested restricted share unit activity


	Number of Performance	Weighted Average
	Vested Restricted Shares	Grant-Date Fair Value
	Units (thousands)	(per unit)
Nonvested at January 1, 2023	3,466	$	12.19
Granted	674		25.50
Vested
Forfeited/Cancelled	(1,250)		10.15
Nonvested at December 31, 2023	2,890		16.18
Awards granted during 2022		$	12.19
Awards granted during 2021		$	12.70