0001558370-24-006397 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME
Net earnings	$ 76	$ 210
Other comprehensive income:
Foreign currency translation adjustments	5	161
Pension and other postretirement benefit adjustments, net of tax	6	(3)
Change in fair value of derivative instruments, net of tax	9	(21)
Other comprehensive income	20	137
Total comprehensive income	96	347
Comprehensive income attributable to noncontrolling interests	(4)	(7)
Comprehensive income attributable to the Company	$ 92	$ 340

Income Taxes	3 Months Ended
Mar. 31, 2024
Income Taxes.
Income Taxes	8. Income Taxes The Company calculates its interim tax provision using the estimated annual effective tax rate (“EAETR”) methodology in accordance with ASC 740-270. The EAETR is applied to the year-to-date ordinary income, exclusive of discrete items. The tax effects of discrete items are then included to arrive at the total reported interim tax provision. The determination of the EAETR is based upon a number of estimates, including the estimated annual pretax ordinary income or loss in each tax jurisdiction in which the Company operates. The tax effects of discrete items are recognized in the tax provision in the quarter they occur, in accordance with U.S. GAAP. Depending on various factors, such as the item’s significance in relation to total income and the rate of tax applicable in the jurisdiction to which it relates, discrete items in any quarter can materially impact the reported effective tax rate. The Company’s annual effective tax rate may be affected by the mix of earnings in the U.S. and foreign jurisdictions, and factors such as changes in tax laws, tax rates or regulations, changes in business, changing interpretation of existing tax laws or regulations and the finalization of tax audits and reviews, as well as other factors. As such, there can be significant volatility in interim tax provisions. The annual effective tax rate differs from the statutory U.S. Federal tax rate of 21%, primarily because of varying non-U.S. tax rates and the impact of the U.S. valuation allowance. The Company is currently under income tax examination in various tax jurisdictions in which it operates, including Brazil, Colombia, France, Germany, Indonesia, Italy, Mexico, Peru, and the U.S. 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 on the Company’s consolidated results of operations, financial position or cash flows.

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Taxes.

Income Taxes

8. Income Taxes

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

The Company is currently under income tax examination in various tax jurisdictions in which it operates, including Brazil, Colombia, France, Germany, Indonesia, Italy, Mexico, Peru, and the U.S. 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 on the Company’s consolidated results of operations, financial position or cash flows.

- Definition

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

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 72	$ 206

- Definition

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

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+ Details

Other Expense, Net

3 Months Ended

Mar. 31, 2024

Other Expense, Net

Other Expense, net

13. Other Expense, Net

Other expense, net for the three months ended March 31, 2024 and 2023 included the following:


	Three months ended March 31,
	2024		2023
Intangible amortization expense	$	(8)	$	(8)
Foreign currency exchange loss		(3)		1
Royalty income		6		7
Other income (expense)		1		(10)
Other expense, net	$	(4)	$	(10)

Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
Other Expense, Net (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Other Expense, Net
Intangible amortization expense	$ (8)	$ (8)
Royalty income	6	7
Foreign currency exchange loss	(3)	1
Other income (expense)	1	(10)
Other expense, net	$ (4)	$ (10)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt

Long-term Debt


	March 31,		December 31,		March 31,
	2024		2023		2023
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans	$	—	$	—	$	—
Term Loans:
Term Loan A		1,391		1,391		1,426
Senior Notes:
5.875%, due 2023						250
3.125%, due 2024 (€58 million at March 31, 2024 and December 31, 2023 and €725 million at March 31, 2023)		62		63		754
6.375%, due 2025		299		299		298
5.375%, due 2025		17		17		299
2.875%, due 2025 (€500 million)		537		551		542
6.625%, due 2027		608		608		607
6.250%, due 2028 (€600 million)		640		656
4.750%, due 2030		396		396		396
7.250%, due 2031		682		682
Finance leases		181		174		147
Other		2		3		4
Total long-term debt		4,815		4,840		4,723
Less amounts due within one year		696		142		301
Long-term debt	$	4,119	$	4,698	$	4,422

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


	Principal		Indicated Market
	Amount		Price		Fair Value
Senior Notes:
3.125%, due 2024 (€58 million)	$	63		99.94	$	63
6.375%, due 2025		300		100.52		302
5.375%, due 2025		17		100.37		17
2.875%, due 2025 (€500 million)		539		98.79		532
6.625%, due 2027		612		100.13		613
6.250%, due 2028 (€600 million)		647		104.49		676
4.750%, due 2030		400		92.01		368
7.250%, due 2031		690		101.92		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

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2024 segment
Segment Information
Number of reportable segments	2
Number of operating segments	2

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share

Computation of basic and diluted earnings per share


	Three months ended March 31,
	2024		2023
Numerator:
Net earnings attributable to the Company	$	72	$	206
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		154,273		154,696
Effect of dilutive securities:
Stock options and other		4,194		4,398
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		158,467		159,094
Basic earnings per share:
Net earnings attributable to the Company	$	0.46	$	1.33
Diluted earnings per share:
Net earnings attributable to the Company	$	0.45	$	1.29

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Inventories
Finished goods	$ 999	$ 868	$ 800
Raw materials	159	151	171
Operating supplies	52	52	48
Inventories	$ 1,210	$ 1,071	$ 1,019

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

12. Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023 is as follows:


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on January 1, 2024	$	(949)	$	(43)		$	(588)		$	(1,580)
Change before reclassifications		5		8			(1)			12
Amounts reclassified from accumulated other comprehensive income (loss)				(1)	(a)		6	(b)		5
Translation effect				1			1			2
Tax effect				1						1
Other comprehensive income (loss) attributable to the Company		5		9			6			20
Balance on March 31, 2024	$	(944)	$	(34)		$	(582)		$	(1,560)


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on January 1, 2023	$	(1,280)	$	4		$	(585)		$	(1,861)
Change before reclassifications		158		(19)			(1)			138
Amounts reclassified from accumulated other comprehensive income (loss)				(2)	(a)		4	(b)		2
Translation effect							(6)			(6)
Other comprehensive income (loss) attributable to the Company		158		(21)			(3)			134
Balance on March 31, 2023	$	(1,122)	$	(17)		$	(588)		$	(1,727)

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

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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 395	$ 913	$ 480
Trade receivables, net of allowance of $30 million, $30 million, and $32 million at March 31, 2024, December 31, 2023 and March 31, 2023	801	671	997
Inventories	1,210	1,071	1,019
Prepaid expenses and other current assets	254	229	256
Total current assets	2,660	2,884	2,752
Property, plant and equipment, net	3,551	3,555	3,062
Goodwill	1,458	1,473	1,867
Intangibles, net	250	254	267
Other assets	1,490	1,503	1,477
Total assets	9,409	9,669	9,425
Current liabilities:
Accounts payable	1,170	1,437	1,304
Short-term loans and long-term debt due within one year	815	248	345
Other liabilities	617	661	606
Total current liabilities	2,602	2,346	2,255
Long-term debt	4,119	4,698	4,422
Other long-term liabilities	862	881	861
Share owners' equity	1,826	1,744	1,887
Total liabilities and share owners' equity	$ 9,409	$ 9,669	$ 9,425

Derivative Instruments - Derivatives and Hedges (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Commodity forward contracts and collars \| Cash Flow Hedges
Derivatives and Hedges
Unrecognized gain (loss) included in Accumulated OCI	$ (8)	$ (12)	$ 0
Foreign exchange risk \| Cash Flow Hedges
Derivatives and Hedges
Unrecognized gain (loss) included in Accumulated OCI	0	0	0
Foreign exchange risk \| Fair Value Hedges
Derivatives and Hedges
Amount excluded from assessment of effectiveness and included in Accumulated OCI	$ 5	$ 19	$ 2

Share Owners' Equity -Authorization of Common Stock (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Authorization of common stock
Shares of common stock authorized	250,000,000	250,000,000	250,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Shares of common stock issued (including treasury shares)	187,083,000	185,009,000	186,417,000
Treasury shares	31,361,000	30,755,000	31,143,000

Debt

3 Months Ended

Mar. 31, 2024

Debt

Debt

9. Debt

The following table summarizes the long-term debt of the Company at March 31, 2024, December 31, 2023, and March 31, 2023:


	March 31,		December 31,		March 31,
	2024		2023		2023
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans	$	—	$	—	$	—
Term Loans:
Term Loan A		1,391		1,391		1,426
Senior Notes:
5.875%, due 2023						250
3.125%, due 2024 (€58 million at March 31, 2024 and December 31, 2023 and €725 million at March 31, 2023)		62		63		754
6.375%, due 2025		299		299		298
5.375%, due 2025		17		17		299
2.875%, due 2025 (€500 million)		537		551		542
6.625%, due 2027		608		608		607
6.250%, due 2028 (€600 million)		640		656
4.750%, due 2030		396		396		396
7.250%, due 2031		682		682
Finance leases		181		174		147
Other		2		3		4
Total long-term debt		4,815		4,840		4,723
Less amounts due within one year		696		142		301
Long-term debt	$	4,119	$	4,698	$	4,422

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

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

At March 31, 2024, 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 March 31, 2024, net of debt issuance costs). At March 31, 2024, 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 March 31, 2024 was 6.60%.

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 March 31, 2024, 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 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 March 31, 2024, 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 5 for more information).

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

The carrying amounts reported for certain long-term debt obligations subject to frequently redetermined interest rates approximate fair value. Fair values for the Company’s significant fixed rate debt obligations are based on

published market quotations and are classified as Level 1 in the fair value hierarchy. Fair values at March 31, 2024 of the Company’s significant fixed rate debt obligations are as follows:


	Principal		Indicated Market
	Amount		Price		Fair Value
Senior Notes:
3.125%, due 2024 (€58 million)	$	63		99.94	$	63
6.375%, due 2025		300		100.52		302
5.375%, due 2025		17		100.37		17
2.875%, due 2025 (€500 million)		539		98.79		532
6.625%, due 2027		612		100.13		613
6.250%, due 2028 (€600 million)		647		104.49		676
4.750%, due 2030		400		92.01		368
7.250%, due 2031		690		101.92		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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information - Total Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Assets
Total assets:	$ 9,409	$ 9,669	$ 9,425
Reportable segment totals
Assets
Total assets:	8,987	9,167	8,980
Other
Assets
Total assets:	422	502	445
Americas \| Reportable segment totals
Assets
Total assets:	5,258	5,218	5,341
Europe \| Reportable segment totals
Assets
Total assets:	$ 3,729	$ 3,949	$ 3,639

- Definition

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

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+ Details

Segment Information

3 Months Ended

Mar. 31, 2024

Segment Information

Segment Information

1. Segment Information

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

The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings before interest income, interest expense, and provision 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. Segment operating profit is not a recognized term under accounting principles generally accepted in the United States (“U.S. GAAP”) and, therefore, does not purport to be an alternative to earnings before income taxes. Further, the Company's measure of segment operating profit may not be comparable to similarly titled measures of other companies.

Financial information for the three months ended March 31, 2024 and 2023 regarding the Company’s reportable segments is as follows:


	Three months ended March 31,
	2024		2023
Net sales:
Americas	$	854	$	1,000
Europe		709		799
Reportable segment totals		1,563		1,799
Other		30		32
Net sales	$	1,593	$	1,831


	Three months ended March 31,
	2024		2023
Earnings before income taxes	$	117	$	270
Items excluded from segment operating profit:
Retained corporate costs and other		40		60
Interest expense, net		78		68
Segment operating profit	$	235	$	398

Americas	$	102	$	176
Europe		133		222
Reportable segment totals	$	235	$	398

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


	March 31,		December 31,		March 31,
	2024		2023		2023
Total assets:
Americas	$	5,258	$	5,218	$	5,341
Europe		3,729		3,949		3,639

Reportable segment totals		8,987		9,167		8,980
Other		422		502		445
Consolidated totals	$	9,409	$	9,669	$	9,425

- 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
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-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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt (Details) $ / shares in Units, € in Millions, $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	May 31, 2023 USD ($)	May 31, 2023 EUR (€)	Mar. 31, 2024 USD ($) agreement $ / shares	Dec. 31, 2023 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 EUR (€)	Aug. 31, 2023 USD ($)	May 31, 2023 EUR (€)	May 26, 2023 USD ($)	May 26, 2023 EUR (€)	May 15, 2023 USD ($)	May 11, 2023 USD ($)	May 11, 2023 EUR (€)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 25, 2022 USD ($)
Debt Instrument
Total long-term debt			$ 4,815.0	$ 4,840.0										$ 4,723.0
Less amounts due within one year			696.0	142.0										301.0
Long-term debt			4,119.0	4,698.0										4,422.0
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees				39.0
Maximum Borrowing Capacity																$ 2,800.0
Secured Credit Agreement
Debt Instrument
Unused Credit			$ 1,240.0
Number of financial maintenance covenants \| agreement			1
Additional default interest rate per annum applied to all obligations owed under the Agreement			2.00%
Secured Credit Agreement \| Minimum
Debt Instrument
Interest rate margin, Term SOFR loans and Euro currency rate loans			1.00%		1.00%
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
Weighted average interest rate (as a percent)			6.60%		6.60%
Term Loan A
Debt Instrument
Total long-term debt			$ 1,391.0	1,391.0										1,426.0
Maximum Borrowing Capacity			$ 1,450.0
Senior Notes 5.875%, due 2023
Debt Instrument
Total long-term debt							$ 108.0		$ 142.0			$ 250.0		250.0
Interest rate, stated percentage			5.875%		5.875%		5.875%		5.875%	5.875%		5.875%	5.875%
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			$ 62.0	63.0	€ 58.0	€ 58.0				€ 666.7			€ 725.0	754.0	€ 725.0
Interest rate, stated percentage			3.125%		3.125%				3.125%	3.125%		3.125%	3.125%
Fair values of fixed rate debt obligations
Principal Amount			$ 63.0
Indicated Market Price (in dollars per share) \| $ / shares			$ 99.94
Fair Value			$ 63.0
Senior Notes 6.375%, due 2025
Debt Instrument
Total long-term debt			$ 299.0	299.0										298.0
Interest rate, stated percentage			6.375%		6.375%
Fair values of fixed rate debt obligations
Principal Amount			$ 300.0
Indicated Market Price (in dollars per share) \| $ / shares			$ 100.52
Fair Value			$ 302.0
Senior Notes, 5.375% due 2025
Debt Instrument
Total long-term debt			$ 17.0	17.0					$ 282.8		$ 300.0			299.0
Interest rate, stated percentage			5.375%		5.375%				5.375%	5.375%	5.375%
Fair values of fixed rate debt obligations
Principal Amount			$ 17.0
Indicated Market Price (in dollars per share) \| $ / shares			$ 100.37
Fair Value			$ 17.0
Senior Notes 2.875%, due 2025 (500 million EUR)
Debt Instrument
Total long-term debt			$ 537.0	551.0	€ 500.0	€ 500.0								542.0	€ 500.0
Interest rate, stated percentage			2.875%		2.875%
Fair values of fixed rate debt obligations
Principal Amount			$ 539.0
Indicated Market Price (in dollars per share) \| $ / shares			$ 98.79
Fair Value			$ 532.0
Senior Notes 6.625%, due 2027
Debt Instrument
Total long-term debt			$ 608.0	608.0	€ 600.0									607.0
Interest rate, stated percentage			6.625%		6.625%
Fair values of fixed rate debt obligations
Principal Amount			$ 612.0
Indicated Market Price (in dollars per share) \| $ / shares			$ 100.13
Fair Value			$ 613.0
Senior Notes 6.250%, due 2028 (600 million EUR)
Debt Instrument
Total long-term debt			$ 640.0	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			$ 647.0
Indicated Market Price (in dollars per share) \| $ / shares			$ 104.49
Fair Value			$ 676.0
Senior Notes 4.750%, due 2030
Debt Instrument
Total long-term debt			$ 396.0	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			$ 92.01
Fair Value			$ 368.0
Senior Notes 7.250% due 2031
Debt Instrument
Total long-term debt			$ 682.0	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			$ 101.92
Fair Value			$ 703.0
Finance leases
Debt Instrument
Total long-term debt			181.0	174.0										147.0
Other debt
Debt Instrument
Total long-term debt			2.0	$ 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
Term loans in aggregate
Debt Instrument
Maximum Borrowing Capacity																$ 500.0
Multicurrency Revolving Credit Facility
Debt Instrument
Maximum Borrowing Capacity			$ 950.0

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Information

Schedule of net sales for the Company's reportable segments


	Three months ended March 31,
	2024		2023
Net sales:
Americas	$	854	$	1,000
Europe		709		799
Reportable segment totals		1,563		1,799
Other		30		32
Net sales	$	1,593	$	1,831

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


	Three months ended March 31,
	2024		2023
Earnings before income taxes	$	117	$	270
Items excluded from segment operating profit:
Retained corporate costs and other		40		60
Interest expense, net		78		68
Segment operating profit	$	235	$	398

Americas	$	102	$	176
Europe		133		222
Reportable segment totals	$	235	$	398

Total assets for the Company's reportable segments


	March 31,		December 31,		March 31,
	2024		2023		2023
Total assets:
Americas	$	5,258	$	5,218	$	5,341
Europe		3,729		3,949		3,639

Reportable segment totals		8,987		9,167		8,980
Other		422		502		445
Consolidated totals	$	9,409	$	9,669	$	9,425

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Loss

Component of accumulated other comprehensive income (loss)

The activity in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023 is as follows:


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on January 1, 2024	$	(949)	$	(43)		$	(588)		$	(1,580)
Change before reclassifications		5		8			(1)			12
Amounts reclassified from accumulated other comprehensive income (loss)				(1)	(a)		6	(b)		5
Translation effect				1			1			2
Tax effect				1						1
Other comprehensive income (loss) attributable to the Company		5		9			6			20
Balance on March 31, 2024	$	(944)	$	(34)		$	(582)		$	(1,560)


									Total
									Accumulated
	Net Effect of		Change in Certain						Other
	Exchange Rate		Derivative			Employee			Comprehensive
	Fluctuations		Instruments			Benefit Plans			Loss
Balance on January 1, 2023	$	(1,280)	$	4		$	(585)		$	(1,861)
Change before reclassifications		158		(19)			(1)			138
Amounts reclassified from accumulated other comprehensive income (loss)				(2)	(a)		4	(b)		2
Translation effect							(6)			(6)
Other comprehensive income (loss) attributable to the Company		158		(21)			(3)			134
Balance on March 31, 2023	$	(1,122)	$	(17)		$	(588)		$	(1,727)

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

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

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share

Earnings Per Share

14. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
	2024		2023
Numerator:
Net earnings attributable to the Company	$	72	$	206
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		154,273		154,696
Effect of dilutive securities:
Stock options and other		4,194		4,398
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		158,467		159,094
Basic earnings per share:
Net earnings attributable to the Company	$	0.46	$	1.33
Diluted earnings per share:
Net earnings attributable to the Company	$	0.45	$	1.29

The diluted earnings per share computation for the three months ended March 31, 2024 and 2023 excludes 621,013 and 222,946 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes unvested restricted stock units and performance vested restricted share units.

Credit Losses

3 Months Ended

Mar. 31, 2024

Credit Losses

Credit Losses

3. Credit Losses

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

At March 31, 2024 and March 31, 2023, the Company reported $801 million and $997 million of accounts receivable, respectively, net of allowances of $30 million and $32 million, respectively. Changes in the allowance were not material for each of the three months ended March 31, 2024 and March 31, 2023.

Contingencies

3 Months Ended

Mar. 31, 2024

Contingencies

Contingencies

10. Contingencies

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 $25 million, $26 million and $25 million (undiscounted) as of March 31, 2024, December 31, 2023 and March 31, 2023, 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. At the end of the first quarter of 2024, the Company began sampling at one site at which it has been named a PRP. This sampling may inform future remediation at this site, but at this stage, the Company is unable to estimate any potential loss. 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 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.

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue

Schedule of disaggregation of revenue by customer end use


	Three months ended March 31, 2024
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	468	$	517	$	985
Food and other		214		120		334
Non-alcoholic beverages		172		72		244
Reportable segment totals	$	854	$	709	$	1,563
Other						30
Net sales					$	1,593


	Three months ended March 31, 2023
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	609	$	604	$	1,213
Food and other		218		126		344
Non-alcoholic beverages		173		69		242
Reportable segment totals	$	1,000	$	799	$	1,799
Other						32
Net sales					$	1,831

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net earnings (loss) attributable to the Company	$ 72	$ 206
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding	154,273,000	154,696,000
Effect of dilutive securities:
Stock options and other (in shares)	4,194,000	4,398,000
Denominator for diluted earnings per share-adjusted weighted average shares outstanding	158,467,000	159,094,000
Basic earnings per share:
Net earnings attributable to the Company (in dollars per share)	$ 0.46	$ 1.33
Diluted earnings per share:
Net earnings attributable to the Company (in dollars per share)	$ 0.45	$ 1.29
Weighted average shares of common stock attributable to options not included in diluted earnings per share (in shares)	621,013	222,946

Restructuring Accruals

3 Months Ended

Mar. 31, 2024

Restructuring Accruals

Restructuring Accruals

6. Restructuring Accruals

Selected information related to the restructuring accruals for the three months ended March 31, 2024 and 2023 is as follows:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2024	$	27	$	—	$	12	$	39
Net cash paid, principally severance and other exit costs		(8)				(2)		(10)
Balance at March 31, 2024	$	19	$	—	$	10	$	29


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2023	$	17	$	—	$	10	$	27
Net cash paid, principally severance and related benefits		(3)				(3)		(6)
Balance at March 31, 2023	$	14	$	—	$	7	$	21

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 March 31, 2024 and 2023, no major restructuring programs were in effect.

Restructuring Accruals (Details) - USD ($) $ in Millions	3 Months Ended
Restructuring Accruals (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Restructuring accrual
Beginning balance, restructuring reserve	$ 39	$ 27
Net cash paid, principally severance, related benefits and other exit costs	(10)	(6)
Ending balance, restructuring reserve	29	21
Employee Costs
Restructuring accrual
Beginning balance, restructuring reserve	27	17
Net cash paid, principally severance, related benefits and other exit costs	(8)	(3)
Ending balance, restructuring reserve	19	14
Other Exit Costs
Restructuring accrual
Beginning balance, restructuring reserve	12	10
Net cash paid, principally severance, related benefits and other exit costs	(2)	(3)
Ending balance, restructuring reserve	$ 10	$ 7

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Supplemental Cash Flow Information
Amount of receivables sold	$ 525	$ 515	$ 542
Receivables sold under supply chain factoring program	172	176	178
Interest paid in cash	78	68
Increase or decrease to cash from operating activities from factoring programs	17	(20)
Expense due to factoring program	6	5
Outstanding payment obligations to the financial institutions as part of SCF Programs	94	120	$ 113
Income taxes paid in cash
Income taxes paid in cash	36	41
U.S. operations
Income taxes paid in cash
Income taxes paid in cash	3	3
Non-U.S.
Income taxes paid in cash
Income taxes paid in cash	$ 33	$ 38

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue
Net sales	$ 1,593	$ 1,831
Reportable Segment Totals
Disaggregation of Revenue
Net sales	1,563	1,799
Americas
Disaggregation of Revenue
Net sales	854	1,000
Europe
Disaggregation of Revenue
Net sales	709	799
Other
Disaggregation of Revenue
Net sales	30	32
Alcoholic beverages (beer, wine, spirits)
Disaggregation of Revenue
Net sales	985	1,213
Alcoholic beverages (beer, wine, spirits) \| Americas
Disaggregation of Revenue
Net sales	468	609
Alcoholic beverages (beer, wine, spirits) \| Europe
Disaggregation of Revenue
Net sales	517	604
Food and other
Disaggregation of Revenue
Net sales	334	344
Food and other \| Americas
Disaggregation of Revenue
Net sales	214	218
Food and other \| Europe
Disaggregation of Revenue
Net sales	120	126
Non-alcoholic beverages
Disaggregation of Revenue
Net sales	244	242
Non-alcoholic beverages \| Americas
Disaggregation of Revenue
Net sales	172	173
Non-alcoholic beverages \| Europe
Disaggregation of Revenue
Net sales	$ 72	$ 69

- Definition

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

+ References + Details

- Definition

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

+ References

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
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 41
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024
Income Taxes.
Statutory U.S. Federal tax rate (as a percent)	21.00%

Share Owners' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Share Owners' Equity

Activity in share owner's equity

The activity in share owners’ equity for the three months ended March 31, 2024 and 2023 is as follows:


	Share Owners’ Equity of the Company
									Accumulated
			Capital in						Other		Non-		Total Share
	Common		Excess of		Treasury			Retained	Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		Earnings		Loss		Interests		Equity
Balance on January 1, 2024	$	2	$	3,086		(681)	$	782	$	(1,580)	$	135	$	1,744
Reissuance of common stock (0.2 million shares)				(2)		5								3
Shares repurchased (0.6 million shares)				(10)										(10)
Stock compensation (1.9 million shares)				7										7
Net earnings								72				4		76
Other comprehensive income (loss)										20				20
Other						(14)								(14)
Balance on March 31, 2024	$	2	$	3,081	$	(690)	$	854	$	(1,560)	$	139	$	1,826


	Share Owners’ Equity of the Company
									Accumulated
			Capital in						Other		Non-		Total Share
	Common		Excess of		Treasury		Retained		Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		Earnings		Loss		Interests		Equity
Balance on January 1, 2023	$	2	$	3,079	$	(688)	$	885	$	(1,861)	$	111	$	1,528
Issuance of common stock (0.4 million shares)				5										5
Reissuance of common stock (0.2 million shares)						4								4
Shares repurchased (0.5 million shares)				(10)										(10)
Stock compensation (0.5 million shares)				19										19
Net earnings								206				4		210
Other comprehensive income										134		3		137
Other						(6)								(6)
Balance on March 31, 2023	$	2	$	3,093	$	(690)	$	1,091	$	(1,727)	$	118	$	1,887

Schedule of shares outstanding


	Shares Outstanding (in thousands)
	March 31,	December 31,	March 31,
	2024	2023	2023

Shares of common stock issued (including treasury shares)	187,083	185,009	186,417

Treasury shares	31,361	30,755	31,143

- Definition

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

+ References

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+ Details

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventories

Schedule of major classes of inventory


	March 31,		December 31,		March 31,
	2024		2023		2023
Finished goods	$	999	$	868	$	800
Raw materials		159		151		171
Operating supplies		52		52		48
	$	1,210	$	1,071	$	1,019

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Information

Supplemental Cash Flow Information

15. Supplemental Cash Flow Information

Income taxes paid in cash were as follows:


	Three months ended March 31,
	2024		2023
U.S.	$	3	$	3
Non-U.S.		33		38
Total income taxes paid in cash	$	36	$	41

Interest paid in cash for the three months ended March 31, 2024 and 2023 was $78 million and $68 million, respectively.

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. Trade receivables sold under the factoring programs are transferred without recourse to the Company and accounted for as true sales and, therefore, are excluded from Trade receivables, net in the Condensed Consolidated Balance Sheets. At March 31, 2024, December 31, 2023 and March 31, 2023, the total amount of trade receivables sold by the Company was $525 million, $542 million, and $515 million, respectively. These amounts included $172 million, $178 million and $176 million at March 31, 2024, December 31, 2023, and March 31, 2023, respectively, for trade receivable amounts factored under supply-chain financing programs linked to commercial arrangements with key customers. The Company is the master servicer for the factoring programs that are not associated with key customers and is responsible for administering and collecting receivables.

The Company’s use of its factoring programs resulted in a decrease in cash provided by operating activities of approximately $17 million for the three months ended March 31, 2024 and a decrease in cash provided by operating activities of approximately $20 million for the three months ended March 31, 2023. For the three months ended March

31, 2024 and 2023, the Company recorded expenses related to these factoring programs of approximately $6 million and $5 million, respectively.

In accordance with ASU 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” the Company has agreements with third-party administrators that allow participating vendors to track the Company’s payments and, if voluntarily elected by the vendor, to sell payment obligations from the Company to financial institutions as part of a Supply Chain Financing (“SCF”) Program. The Company's payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. When participating vendors elect to sell one or more of the Company’s payment obligations, the Company’s rights and obligations to settle the payables on their contractual due date are not impacted. The Company has no economic or commercial interest in a vendor’s decision to enter into these agreements, and the financial institutions do not provide the Company with incentives, such as rebates or profit sharing under the SCF Program. The Company agrees on commercial terms with vendors for the goods and services procured, which are consistent with payment terms observed at other peer companies in the industry, and the terms are not impacted by the SCF Program. Such obligations are classified as accounts payable in its Condensed Consolidated Balance Sheets. The Company does not provide asset pledges, or other forms of guarantees, as security for the committed payment to the financial institutions. As of March 31, 2024, December 31, 2023 and March 31, 2023, the Company had approximately $94 million, $113 million, and $120 million, respectively, of outstanding payment obligations to the financial institutions as part of the SCF Program.

Pension Benefit Plans

3 Months Ended

Mar. 31, 2024

Pension Benefit Plans

Pension Benefit Plans

7. Pension Benefit Plans

The components of the net periodic pension cost for the three months ended March 31, 2024 and 2023 are as follows:


	U.S.				Non-U.S.
	Three months ended March 31,				Three months ended March 31,
	2024		2023		2024		2023
Service cost	$	1	$	2	$	2	$	2
Interest cost		11		11		9		9
Expected asset return		(13)		(14)		(8)		(7)
Amortization of actuarial loss		3		2		3		2
Net periodic pension cost	$	2	$	1	$	6	$	6

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

- Definition

The entire disclosure for retirement benefits.

+ References

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

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Instruments - Balance Sheet Classification (Details) € in Millions, $ / BTU in Millions, $ in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) $ / BTU	Mar. 31, 2023 USD ($) $ / BTU	Dec. 31, 2023 USD ($) $ / BTU	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 MXN ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 MXN ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 MXN ($)
Derivatives, Fair Value
Total asset derivatives	$ 10	$ 15	$ 13
Total liability derivatives	157	175	190
Current derivative asset	10	15	13
Current derivative liability	17	36	17
Noncurrent derivative liability	140	139	173
Derivatives designated as hedging instruments
Derivatives, Fair Value
Total asset derivatives	9	7	8
Total liability derivatives	$ 148	$ 173	$ 181
Derivatives designated as hedging instruments \| Commodity forward contracts and collars
Derivatives, Fair Value
British Thermal Units ("BTUs") \| $ / BTU	35	49	38
Total liability derivatives	$ 15	$ 20	$ 14
Derivatives designated as hedging instruments \| Foreign exchange risk
Derivatives, Fair Value
Notional amount	833	844	833
Total asset derivatives	6	5	4
Total liability derivatives	92	78	111
Derivatives designated as hedging instruments \| Interest rate swaps - fair value hedges
Derivatives, Fair Value
Notional amount \| €				€ 0		€ 0		€ 725
Total liability derivatives		39
Derivatives designated as hedging instruments \| Cash flow hedges of foreign exchange risk
Derivatives, Fair Value
Notional amount					$ 0		$ 0		$ 710
Total liability derivatives		2
Derivatives designated as hedging instruments \| Net investment hedges
Derivatives, Fair Value
Notional amount \| €				€ 483		€ 483		€ 358
Total asset derivatives	3	2	4
Total liability derivatives	41	34	56
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivatives, Fair Value
Notional amount	453	420	407
Total asset derivatives	1	8	5
Total liability derivatives	$ 9	$ 2	$ 9

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Information

Income taxes paid (received) in cash


	Three months ended March 31,
	2024		2023
U.S.	$	3	$	3
Non-U.S.		33		38
Total income taxes paid in cash	$	36	$	41

Revenue

3 Months Ended

Mar. 31, 2024

Revenue

Revenue

2. Revenue

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

For the three-month periods ended March 31, 2024 and March 31, 2023, the Company had no material bad debt expense, and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Condensed Consolidated Balance Sheets. For the three-month periods ended March 31, 2024 and March 31, 2023, revenue recognized from prior periods was not material.

The following tables for the three months ended March 31, 2024 and 2023 disaggregate the Company’s revenue by customer end use:


	Three months ended March 31, 2024
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	468	$	517	$	985
Food and other		214		120		334
Non-alcoholic beverages		172		72		244
Reportable segment totals	$	854	$	709	$	1,563
Other						30
Net sales					$	1,593


	Three months ended March 31, 2023
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	609	$	604	$	1,213
Food and other		218		126		344
Non-alcoholic beverages		173		69		242
Reportable segment totals	$	1,000	$	799	$	1,799
Other						32
Net sales					$	1,831

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

Derivative Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments

Derivative Instruments

5. Derivative Instruments

The Company has certain derivative assets and liabilities, which consist of natural gas forwards and collars, foreign exchange option and forward contracts, interest rate swaps and cross-currency swaps. The valuation of these instruments is determined primarily using the income approach, including discounted cash flow analysis on the expected cash flows of each derivative. Natural gas prices, foreign exchange rates and interest rates are the significant inputs into the valuation models. The Company also evaluates counterparty risk in determining fair values. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Estimates of the fair value of foreign currency and commodity derivative instruments are determined using exchange traded prices and rates. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. These inputs are observable in active markets over the terms of the instruments the Company holds, and, accordingly, the Company classifies its derivative assets and liabilities as Level 2 in the hierarchy.

Commodity Forward Contracts and Collars Designated as Cash Flow Hedges

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

An unrecognized loss of $8 million, $0 and $12 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively, related to the commodity forward contracts and collars was included in Accumulated other comprehensive income (loss) (“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 currency exchange risk.

No unrecognized gains related to cross-currency swaps were included in Accumulated OCI, and will be reclassified into earnings within the next 12 months.

Fair Value Hedges of Foreign Exchange Risk

The Company has fixed and variable interest rate borrowings denominated in currencies other than the functional currency of the borrowing subsidiaries. As a result, the Company is exposed to fluctuations in the currency of the borrowing against the subsidiaries’ functional currency. The Company uses derivatives to manage these exposures and designates these derivatives as fair value hedges of foreign currency exchange risk. Approximately $5 million, $2 million and $19 million of the components were excluded from the assessment of effectiveness and are included in Accumulated OCI at March 31, 2024, December 31, 2023 and March 31, 2023, respectively.

Interest Rate Swaps Designated as Fair Value Hedges

The Company enters into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. The Company’s fixed-to-variable interest rate swaps are accounted for as fair value hedges. The relevant terms of the swap agreements match the corresponding terms of the notes, and therefore, there is no hedge ineffectiveness. The Company recorded the net of the fair market values of the

swaps as a long-term liability and short-term asset, along with a corresponding net decrease in the carrying value of the hedged debt.

Net Investment Hedges

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

Foreign Exchange Derivative Contracts Not Designated as Hedging Instruments

The Company uses short-term forward exchange or option agreements to purchase foreign currencies at set rates in the future. These agreements are used to limit exposure to fluctuations in foreign currency exchange rates for significant planned purchases of fixed assets or commodities that are denominated in currencies other than the subsidiaries’ functional currency. The Company also uses foreign exchange agreements to offset the foreign currency exchange rate risk for receivables and payables, including intercompany receivables, payables, and loans, not denominated in, or indexed to, their functional currencies.

Balance Sheet Classification

The following table shows the amount and classification (as noted above) of the Company’s derivatives at March 31, 2024, December 31, 2023 and March 31, 2023:


	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	March 31,		December 31,		March 31,		March 31,		December 31,		March 31,
	2024		2023		2023		2024		2023		2023
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	—	$	—	$	—	$	15	$	14	$	20
Interest rate swaps - fair value hedges (b)												39
Cash flow hedges of foreign exchange risk (c)												2
Fair value hedges of foreign exchange risk (d)		6		4		5		92		111		78
Net investment hedges (e)		3		4		2		41		56		34
Total derivatives accounted for as hedges	$	9	$	8	$	7	$	148	$	181	$	173
Derivatives not designated as hedges:
Foreign exchange derivative contracts (f)		1		5		8		9		9		2
Total derivatives	$	10	$	13	$	15	$	157	$	190	$	175


Current	$	10	$	13	$	15	$	17	$	17	$	36
Noncurrent								140		173		139
Total derivatives	$	10	$	13	$	15	$	157	$	190	$	175

(a) The notional amount of the commodity forward contracts and collars was approximately 35 million, 38 million, and 49 million British Thermal Units (“BTUs”) at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. The maximum maturity dates are in 2027 at March 31, 2024, December 31, 2023, and March 31, 2023.

(b) The notional amounts of the interest rate swaps designated as fair value hedges were €0 at March 31, 2024, €0 million at December 31, 2023 and €725 million at March 31, 2023. The maximum maturity date was in 2024 at March 31, 2023.

(c) The notional amounts of the cash flow hedges of foreign exchange risk were 0 Mexican pesos at March 31, 2024, 0 Mexican pesos at December 31, 2023 and 710 million Mexican pesos at March 31, 2023. The maximum maturity date was in 2023 at March 31, 2023.

(d) The notional amounts of the fair value hedges of foreign exchange risk were $833 million at March 31, 2024, $833 million at December 31, 2023 and $844 million at March 31, 2023. The maximum maturity dates are in 2030 at March 31, 2024, December 31, 2023 and March 31, 2023.

(e) The notional amounts of the net investment hedges were €483 million at March 31, 2024, €483 million at December 31, 2023 and €358 million at March 31, 2024. The maximum maturity dates are in 2026 at March 31, 2024, December 31, 2023 and March 31, 2024.

(f) The notional amounts of the foreign exchange derivative contracts were $453 million, $407 million and $420 million at March 31, 2024, December 31, 2023 and March 31, 2023, respectively. The maximum maturity dates are in 2024 at March 31, 2024, and in 2023 at December 31, 2023 and March 31, 2023.


	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Three months ended March 31,				Three months ended March 31,
Derivatives designated as hedging instruments:	2024		2023		2024		2023
Cash Flow Hedges
Commodity forward contracts and collars (a)	$	(4)	$	(18)	$	(3)	$	(4)
Cash flow hedges of foreign exchange risk (a)				(2)				1
Net Investment Hedges
Net Investment Hedges (b)		15		(6)		2		1
	$	11	$	(26)	$	(1)	$	(2)


	Amount of Gain (Loss) Recognized in Other expense, net
	Three months ended March 31,
Derivatives not designated as hedges:	2024		2023
Foreign exchange derivative contracts	$	(4)	$	(1)

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

CONDENSED CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	3 Months Ended
CONDENSED CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net earnings	$ 76	$ 210
Non-cash charges
Depreciation and amortization	125	118
Pension expense	8	7
Stock-based compensation expense	7	19
Other, net (a)	19	1
Pension contributions	(3)	(6)
Cash paid for restructuring activities	(10)	(6)
Change in components of working capital	(492)	(536)
Cash utilized in operating activities	(270)	(193)
Investing activities:
Cash payments for property, plant and equipment	(213)	(95)
Contributions and advances to joint ventures		(3)
Net cash payments from hedging activities	(2)
Cash utilized in investing activities	(215)	(98)
Financing activities:
Changes in borrowings, net	6	(5)
Shares repurchased	(10)	(10)
Other, net	(13)	(1)
Cash utilized in financing activities	(17)	(16)
Effect of exchange rate fluctuations on cash	(16)	14
Effect of exchange rate fluctuations on cash	(518)	(293)
Cash and cash equivalents at beginning of period	913	773
Cash and cash equivalents at end of period	$ 395	$ 480

Restructuring Accruals (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring Accruals

Selected information related to the restructuring accruals

Selected information related to the restructuring accruals for the three months ended March 31, 2024 and 2023 is as follows:


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2024	$	27	$	—	$	12	$	39
Net cash paid, principally severance and other exit costs		(8)				(2)		(10)
Balance at March 31, 2024	$	19	$	—	$	10	$	29


	Employee		Asset		Other		Total
	Costs		Impairment		Exit Costs		Restructuring
Balance at January 1, 2023	$	17	$	—	$	10	$	27
Net cash paid, principally severance and related benefits		(3)				(3)		(6)
Balance at March 31, 2023	$	14	$	—	$	7	$	21

Pension Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2024

Pension Benefit Plans.

Defined Benefit Plans and Other Postretirement Benefit Plans

Components of net periodic pension cost

The components of the net periodic pension cost for the three months ended March 31, 2024 and 2023 are as follows:


	U.S.				Non-U.S.
	Three months ended March 31,				Three months ended March 31,
	2024		2023		2024		2023
Service cost	$	1	$	2	$	2	$	2
Interest cost		11		11		9		9
Expected asset return		(13)		(14)		(8)		(7)
Amortization of actuarial loss		3		2		3		2
Net periodic pension cost	$	2	$	1	$	6	$	6

Segment Information - Segment Operating Profits and Reporting Segments Totals (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment operating profit:
Earnings before income taxes	$ 117	$ 270
Items excluded from segment operating profit:
Retained corporate costs and other	40	60
Interest expense, net	78	68
Segment operating profit
Segment operating profit	235	398
Americas
Segment operating profit
Segment operating profit	102	176
Europe
Segment operating profit
Segment operating profit	$ 133	$ 222

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: 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 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: 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(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: 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(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Credit Losses (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Credit Losses
Accounts receivable, net	$ 801	$ 671	$ 997
Allowance for doubtful accounts	$ 30	$ 30	$ 32

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Trade receivables allowance	$ 30	$ 30	$ 32

Other Expense, Net (Tables)

3 Months Ended

Mar. 31, 2024

Other Expense, Net

Schedule of other income (expense), net


	Three months ended March 31,
	2024		2023
Intangible amortization expense	$	(8)	$	(8)
Foreign currency exchange loss		(3)		1
Royalty income		6		7
Other income (expense)		1		(10)
Other expense, net	$	(4)	$	(10)

Share Owners' Equity

3 Months Ended

Mar. 31, 2024

Share Owners' Equity

Share Owners' Equity

11. Share Owners’ Equity

The activity in share owners’ equity for the three months ended March 31, 2024 and 2023 is as follows:


	Share Owners’ Equity of the Company
									Accumulated
			Capital in						Other		Non-		Total Share
	Common		Excess of		Treasury			Retained	Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		Earnings		Loss		Interests		Equity
Balance on January 1, 2024	$	2	$	3,086		(681)	$	782	$	(1,580)	$	135	$	1,744
Reissuance of common stock (0.2 million shares)				(2)		5								3
Shares repurchased (0.6 million shares)				(10)										(10)
Stock compensation (1.9 million shares)				7										7
Net earnings								72				4		76
Other comprehensive income (loss)										20				20
Other						(14)								(14)
Balance on March 31, 2024	$	2	$	3,081	$	(690)	$	854	$	(1,560)	$	139	$	1,826


	Share Owners’ Equity of the Company
									Accumulated
			Capital in						Other		Non-		Total Share
	Common		Excess of		Treasury		Retained		Comprehensive		controlling		Owners'
	Stock		Par Value		Stock		Earnings		Loss		Interests		Equity
Balance on January 1, 2023	$	2	$	3,079	$	(688)	$	885	$	(1,861)	$	111	$	1,528
Issuance of common stock (0.4 million shares)				5										5
Reissuance of common stock (0.2 million shares)						4								4
Shares repurchased (0.5 million shares)				(10)										(10)
Stock compensation (0.5 million shares)				19										19
Net earnings								206				4		210
Other comprehensive income										134		3		137
Other						(6)								(6)
Balance on March 31, 2023	$	2	$	3,093	$	(690)	$	1,091	$	(1,727)	$	118	$	1,887

During the three months ended March 31, 2024, the Company purchased 638,506 shares of its common stock for approximately $10 million. The share purchases were pursuant to a $150 million anti-dilutive share repurchase program authorized by the Company’s Board of Directors that is intended to offset stock-based compensation provided to the Company’s directors, officers, and employees. Approximately $20 million remained available for purchases under this program as of March 31, 2024.

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


	Shares Outstanding (in thousands)
	March 31,	December 31,	March 31,
	2024	2023	2023

Shares of common stock issued (including treasury shares)	187,083	185,009	186,417

Treasury shares	31,361	30,755	31,143

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Instruments - Effects of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivatives and Hedges
Amount of Gain (Loss) Recognized in Other income (expense), net	$ (4)	$ (1)
Derivatives designated as hedging instruments
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	11	(26)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(1)	(2)
Derivatives designated as hedging instruments \| Net Investment Hedges \| Interest expense, net
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	15	(6)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	2	1
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)	(4)	(18)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (3)	(4)
Derivatives designated as hedging instruments \| Foreign exchange risk \| Cash Flow Hedges \| Cost of goods sold
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)		(2)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		$ 1

Inventories

3 Months Ended

Mar. 31, 2024

Inventories

Inventories

4. Inventories

Major classes of inventory at March 31, 2024, December 31, 2023 and March 31, 2023 are as follows:


	March 31,		December 31,		March 31,
	2024		2023		2023
Finished goods	$	999	$	868	$	800
Raw materials		159		151		171
Operating supplies		52		52		48
	$	1,210	$	1,071	$	1,019

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments

Balance Sheet Classification of derivative instruments


	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	March 31,		December 31,		March 31,		March 31,		December 31,		March 31,
	2024		2023		2023		2024		2023		2023
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	—	$	—	$	—	$	15	$	14	$	20
Interest rate swaps - fair value hedges (b)												39
Cash flow hedges of foreign exchange risk (c)												2
Fair value hedges of foreign exchange risk (d)		6		4		5		92		111		78
Net investment hedges (e)		3		4		2		41		56		34
Total derivatives accounted for as hedges	$	9	$	8	$	7	$	148	$	181	$	173
Derivatives not designated as hedges:
Foreign exchange derivative contracts (f)		1		5		8		9		9		2
Total derivatives	$	10	$	13	$	15	$	157	$	190	$	175


Current	$	10	$	13	$	15	$	17	$	17	$	36
Noncurrent								140		173		139
Total derivatives	$	10	$	13	$	15	$	157	$	190	$	175

Effects of derivative instruments on the results of operations

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2024 shares
Cover
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	155,721,710
Entity Central Index Key	0000812074
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1

Share Owners' Equity - Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Share Owners' Equity
Balance	$ 1,744	$ 1,528
Issuance of common stock		5
Reissuance of common stock	3	4
Shares repurchased	(10)	(10)
Stock compensation	7	19
Net earnings	76	210
Other comprehensive income (loss)	20	137
Other	(14)	(6)
Balance	1,826	1,887
Common Stock
Increase (Decrease) in Share Owners' Equity
Balance	2	2
Balance	2	2
Capital in Excess of Par Value
Increase (Decrease) in Share Owners' Equity
Balance	3,086	3,079
Issuance of common stock		5
Reissuance of common stock	(2)
Shares repurchased	(10)	(10)
Stock compensation	7	19
Balance	3,081	3,093
Treasury Stock
Increase (Decrease) in Share Owners' Equity
Balance	(681)	(688)
Reissuance of common stock	5	4
Other	(14)	(6)
Balance	(690)	(690)
Retained Earnings
Increase (Decrease) in Share Owners' Equity
Balance	782	885
Net earnings	72	206
Balance	854	1,091
Accumulated Other Comprehensive Loss.
Increase (Decrease) in Share Owners' Equity
Balance	(1,580)	(1,861)
Other comprehensive income (loss)	20	134
Balance	(1,560)	(1,727)
Non-Controlling Interests
Increase (Decrease) in Share Owners' Equity
Balance	135	111
Net earnings	4	4
Other comprehensive income (loss)		3
Balance	$ 139	$ 118

Share Owners' Equity - Rollforward Shares (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Owners' Equity
Issuance of common stock (in shares)		400,000
Reissuance of common stock (in shares)	200,000	200,000
Shares repurchased (in shares)	638,506	500,000
Stock compensation (in shares)	1,900,000	500,000

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Other comprehensive income	$ 20	$ 137
Net Effect of Exchange Rate Fluctuations
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(949)	(1,280)
Change before reclassifications	5	158
Other comprehensive income	5	158
Balance at end of the period	(944)	(1,122)
Change in Certain Derivative Instruments
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(43)	4
Change before reclassifications	8	(19)
Amounts reclassified from accumulated other comprehensive income	(1)	(2)
Translation effect	1
Tax effect	1
Other comprehensive income	9	(21)
Balance at end of the period	(34)	(17)
Employee Benefit Plans
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(588)	(585)
Change before reclassifications	(1)	(1)
Amounts reclassified from accumulated other comprehensive income	6	4
Translation effect	1	(6)
Other comprehensive income	6	(3)
Balance at end of the period	(582)	(588)
Accumulated Other Comprehensive Loss.
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of the period	(1,580)	(1,861)
Change before reclassifications	12	138
Amounts reclassified from accumulated other comprehensive income	5	2
Translation effect	2	(6)
Tax effect	1
Other comprehensive income	20	134
Balance at end of the period	$ (1,560)	$ (1,727)

Contingencies - Other Matters (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 item	Mar. 31, 2023 USD ($)
Other Matters
Loss contingency accrual \| $	$ 25	$ 26		$ 25
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 (Details) - USD ($) $ in Millions	3 Months Ended
Pension Benefit Plans (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Components of net periodic pension cost
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
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
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
Pension Benefit Plans. \| U.S.
Components of net periodic pension cost
Service cost	$ 1	$ 2
Interest cost	11	11
Expected asset return	(13)	(14)
Actuarial loss	3	2
Net postretirement benefit (income) cost	2	1
Pension Benefit Plans. \| Non-U.S.
Components of net periodic pension cost
Service cost	2	2
Interest cost	9	9
Expected asset return	(8)	(7)
Actuarial loss	3	2
Net postretirement benefit (income) cost	$ 6	$ 6

Segment Information - Net Sales by Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net sales:
Net sales	$ 1,593	$ 1,831
Reportable segment totals
Net sales:
Net sales	1,563	1,799
Other
Net sales:
Net sales	30	32
Americas
Net sales:
Net sales	854	1,000
Americas \| Reportable segment totals
Net sales:
Net sales	854	1,000
Europe
Net sales:
Net sales	709	799
Europe \| Reportable segment totals
Net sales:
Net sales	$ 709	$ 799

- Definition

+ References

+ Details

Share Owners' Equity - Share Repurchase (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Owners' Equity
Shares repurchased	$ 10	$ 10
Shares repurchased (in shares)	638,506	500,000
Stock repurchase plan authorized	$ 150
Remaining repurchase of common stock available	$ 20

CONDENSED CONSOLIDATED RESULTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
Net sales	$ 1,593	$ 1,831
Revenue, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Cost of goods sold	$ (1,275)	$ (1,347)
Gross profit	318	484
Selling and administrative expense	(123)	(147)
Research, development and engineering expense	(21)	(19)
Interest expense, net	(78)	(68)
Equity earnings	25	30
Other expense, net	(4)	(10)
Earnings before income taxes	117	270
Provision for income taxes	(41)	(60)
Net earnings	76	210
Net earnings attributable to non-controlling interests	(4)	(4)
Net earnings attributable to the Company	$ 72	$ 206
Basic earnings per share:
Net earnings attributable to the Company (in dollars per share)	$ 0.46	$ 1.33
Weighted average shares outstanding (thousands) (in shares)	154,273	154,696
Diluted earnings per share:
Net earnings attributable to the Company (in dollars per share)	$ 0.45	$ 1.29
Weighted average diluted shares outstanding (thousands) (in shares)	158,467	159,094