0001104659-26-088166 | 10-Q | XBRL Viewer

Restructuring Accruals (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Restructuring Accruals (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restructuring accrual
Beginning balance, restructuring reserve		$ 120		$ 80
Charges		113	$ 55	195
Write-down of assets to net realizable value		(104)		(118)
Net cash paid, principally severance and related benefits		(50)	(90)	(78)
Other, including foreign exchange translation		7		7
Ending balance, restructuring reserve		86		86
Restructuring, Additional Information
Carrying value of impaired assets	$ 0		0
Americas
Restructuring accrual
Charges		50		56
Europe
Restructuring accrual
Charges		3		55
Other
Restructuring accrual
Charges		60		84
Fit to Win Initiative
Restructuring accrual
Beginning balance, restructuring reserve	181		183
Charges	17		55
Write-down of assets to net realizable value	(2)		(2)
Net cash paid, principally severance and related benefits	(55)		(90)
Other, including foreign exchange translation	(9)		(14)
Ending balance, restructuring reserve	132		132
Restructuring, Additional Information
Cumulative charges				396
Fit to Win Initiative \| Americas
Restructuring accrual
Charges	4		7
Fit to Win Initiative \| Europe
Restructuring accrual
Charges	13		44
Fit to Win Initiative \| Other
Restructuring accrual
Charges			4
Restructuring, Additional Information
Cumulative charges			700
Fit to Win Initiative \| Location, Statement of Income, Balance [Axis]: us-gaap:OtherOperatingIncomeExpenseNet
Restructuring accrual
Charges	17	113	55	195
Fit to Win Initiative \| Employee Costs
Restructuring accrual
Beginning balance, restructuring reserve	113	78	113	51
Charges	10	8	37	58
Net cash paid, principally severance and related benefits	(42)	(46)	(67)	(69)
Other, including foreign exchange translation		7	(2)	7
Ending balance, restructuring reserve	81	47	81	47
Fit to Win Initiative \| Asset Impairment
Restructuring accrual
Charges	2	104	2	118
Write-down of assets to net realizable value	(2)	(104)	(2)	(118)
Fit to Win Initiative \| Other Exit Costs
Restructuring accrual
Beginning balance, restructuring reserve	68	32	70	18
Charges	5	1	16	19
Net cash paid, principally severance and related benefits	(13)	(2)	(23)	(6)
Other, including foreign exchange translation	(9)		(12)
Ending balance, restructuring reserve	$ 51	31	$ 51	31
Other Restructuring \| Employee Costs
Restructuring accrual
Beginning balance, restructuring reserve		6		7
Net cash paid, principally severance and related benefits		(1)		(2)
Ending balance, restructuring reserve		5		5
Other Restructuring \| Other Exit Costs
Restructuring accrual
Beginning balance, restructuring reserve		4		4
Net cash paid, principally severance and related benefits		(1)		(1)
Ending balance, restructuring reserve		3		$ 3
MAGMA program \| Location, Statement of Income, Balance [Axis]: us-gaap:OtherOperatingIncomeExpenseNet
Restructuring accrual
Charges		$ 104

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Information

Supplemental Cash Flow Information

16. Supplemental Cash Flow Information

Income taxes paid in cash were as follows:


		Six months ended June 30,
		2026		2025
U.S.		$	9	$	7
Non-U.S.			51		43
Total income taxes paid in cash		$	60	$	50

Interest paid in cash for the six months ended June 30, 2026 and 2025 was $173 million and $178 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 June 30, 2026, December 31, 2025 and June 30, 2025, the total amount of trade receivables sold by the Company was $496 million, $531 million, and $544 million, respectively. These amounts included $192 million, $159 million and $201 million at June 30, 2026, December 31, 2025, and June 30, 2025, 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 accounts receivable factoring programs resulted in an increase to cash utilized in operating activities of approximately $35 million and a decrease of $9 million for the six months ended June 30, 2026 and June 30, 2025, respectively. For the six months ended June 30, 2026 and 2025, the Company recorded expenses related to these factoring programs of approximately $8 million and $9 million, respectively.

In addition, 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 outstanding obligations under the SCF Program are as follows:


		Three months ended June 30,					Six months ended June 30,
		2026		2025			2026		2025
Confirmed obligations outstanding at the beginning of the period		$	63	$	68		$	69	$	82
Invoices confirmed during the period			76		89			150		167
Confirmed invoices paid during the period			(77)		(36)			(157)		(128)
Confirmed obligations outstanding at the end of the period		$	62	$	121		$	62	$	121

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2026 shares
Cover
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Securities Act 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, par value $.01 per share
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	153,659,747
Entity Central Index Key	0000812074
Amendment Flag	false
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2

Restructuring Accruals (Tables)

6 Months Ended

Jun. 30, 2026

Restructuring Accruals

Selected information related to the restructuring accruals


			Fit to Win program
		Employee			Asset			Other			Total
		Costs			Impairment			Exit Costs			Restructuring
Balance at April 1, 2026		$	113		$	—		$	68		$	181
Charges			10			2			5			17
Write-down of assets to net realizable value						(2)						(2)
Net cash paid, principally severance and related benefits			(42)						(13)			(55)
Other, including foreign exchange translation									(9)			(9)
Balance at June 30, 2026		$	81		$	—		$	51		$	132


			Fit to Win program									Other Restructuring
		Employee			Asset			Other			Employee			Asset			Other			Total
		Costs			Impairment			Exit Costs			Costs			Impairment			Exit Costs			Restructuring
Balance at April 1, 2025		$	78		$	—		$	32		$	6		$	—			4		$	120
Charges			8			104			1												113
Write-down of assets to net realizable value						(104)															(104)
Net cash paid, principally severance and related benefits			(46)						(2)			(1)						(1)			(50)
Other, including foreign exchange translation			7																		7
Balance at June 30, 2025		$	47		$	—		$	31		$	5		$	—		$	3		$	86


			Fit to Win program
		Employee			Asset			Other			Total
		Costs			Impairment			Exit Costs			Restructuring
Balance at January 1, 2026		$	113		$			$	70		$	183
Charges			37			2			16			55
Write-down of assets to net realizable value						(2)						(2)
Net cash paid, principally severance and related benefits			(67)						(23)			(90)
Other, including foreign exchange translation			(2)						(12)			(14)
Balance at June 30, 2026		$	81		$	—		$	51		$	132


			Fit to Win program									Other Restructuring
		Employee			Asset			Other			Employee			Asset			Other			Total
		Costs			Impairment			Exit Costs			Costs			Impairment			Exit Costs			Restructuring
Balance at January 1, 2025		$	51		$	—		$	18		$	7		$	—		$	4		$	80
Charges			58			118			19												195
Write-down of assets to net realizable value						(118)															(118)
Net cash paid, principally severance and related benefits			(69)						(6)			(2)						(1)			(78)
Other, including foreign exchange translation			7																		7
Balance at June 30, 2025		$	47		$	—		$	31		$	5		$	—		$	3		$	86

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Information

Schedule of activity and ending balances of the Company's supplier finance programs


		Three months ended June 30,					Six months ended June 30,
		2026		2025			2026		2025
Confirmed obligations outstanding at the beginning of the period		$	63	$	68		$	69	$	82
Invoices confirmed during the period			76		89			150		167
Confirmed invoices paid during the period			(77)		(36)			(157)		(128)
Confirmed obligations outstanding at the end of the period		$	62	$	121		$	62	$	121

Income taxes paid (received) in cash


		Six months ended June 30,
		2026		2025
U.S.		$	9	$	7
Non-U.S.			51		43
Total income taxes paid in cash		$	60	$	50

Inventories

6 Months Ended

Jun. 30, 2026

Inventories

Inventories

4. Inventories

Major classes of inventory at June 30, 2026, December 31, 2025 and June 30, 2025 are as follows:


		June 30,			December 31,			June 30,
		2026			2025			2025
Finished goods		$	755		$	781		$	742
Raw materials			150			182			196
Operating supplies			42			39			52
		$	947		$	1,002		$	990

Segment Information - Equity Earnings, Capital Expenditures and Depreciation and Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Equity earnings:
Equity earnings	$ 29	$ 28	$ 55	$ 51
Capital expenditures:
Capital expenditures:	95	104	237	239
Depreciation and amortization expense:
Depreciation and amortization	120	118	236	233
Reportable segment totals
Equity earnings:
Equity earnings	29	28	55	51
Capital expenditures:
Capital expenditures:	95	89	236	223
Depreciation and amortization expense:
Depreciation and amortization	116	113	229	223
Retained Corp Costs and Other
Capital expenditures:
Capital expenditures:		15	1	16
Depreciation and amortization expense:
Depreciation and amortization	4	5	7	10
Americas
Equity earnings:
Equity earnings	23	19	43	38
Americas \| Reportable segment totals
Equity earnings:
Equity earnings	23	19	43	38
Capital expenditures:
Capital expenditures:	49	41	114	103
Depreciation and amortization expense:
Depreciation and amortization	73	70	144	143
Europe
Equity earnings:
Equity earnings	6	9	12	13
Europe \| Reportable segment totals
Equity earnings:
Equity earnings	6	9	12	13
Capital expenditures:
Capital expenditures:	46	48	122	120
Depreciation and amortization expense:
Depreciation and amortization	$ 43	$ 43	$ 85	$ 80

Share Owners' Equity - Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Increase (Decrease) in Share Owners' Equity
Balance (Beginning)	$ 1,432	$ 1,249	$ 1,445	$ 1,205
Reissuance of common stock	3	3	5	6
Shares repurchased		(10)	(10)	(20)
Stock compensation		4	5	8
Net earnings (loss)	(965)	1	(1,036)	(10)
Other comprehensive income	81	129	145	195
Distributions to noncontrolling interests	(12)	(8)	(12)	(8)
Other			(4)	(7)
Balance (Ending)	539	1,369	539	1,369
Common Stock
Increase (Decrease) in Share Owners' Equity
Balance (Beginning)	2	2	2	2
Balance (Ending)	2	2	2	2
Capital in Excess of Par Value
Increase (Decrease) in Share Owners' Equity
Balance (Beginning)	3,024	3,045	3,031	3,053
Reissuance of common stock	(3)	(2)	(5)	(4)
Shares repurchased		(10)	(10)	(20)
Stock compensation		4	5	8
Balance (Ending)	3,021	3,037	3,021	3,037
Treasury Stock
Increase (Decrease) in Share Owners' Equity
Balance (Beginning)	(667)	(679)	(667)	(677)
Reissuance of common stock	6	5	10	10
Other			(4)	(7)
Balance (Ending)	(661)	(674)	(661)	(674)
Retained Earnings/(Accumulated Deficit)
Increase (Decrease) in Share Owners' Equity
Balance (Beginning)	475	660	548	676
Net earnings (loss)	(972)	(5)	(1,046)	(20)
Balance (Ending)	(497)	656	(497)	656
Accumulated Other Comprehensive Loss
Increase (Decrease) in Share Owners' Equity
Balance (Beginning)	(1,558)	(1,914)	(1,620)	(1,975)
Other comprehensive income	76	129	138	190
Balance (Ending)	(1,482)	(1,785)	(1,482)	(1,785)
Non-Controlling Interests
Increase (Decrease) in Share Owners' Equity
Balance (Beginning)	156	135	151	126
Net earnings (loss)	7	6	10	10
Other comprehensive income	5		7	5
Distributions to noncontrolling interests	(12)	(8)	(12)	(8)
Balance (Ending)	$ 156	$ 133	$ 156	$ 133

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Taxes.

Income Taxes

9. 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 US federal tax rate of 21% primarily because of varying non-U.S. tax rates, the impact of the U.S. valuation allowance, non-deductible goodwill impairment charges and the establishment of a valuation allowance against net deferred tax assets in various European jurisdictions. The Company continues to evaluate the realizability of deferred tax assets each reporting period.

The Company is currently under income tax examination in various tax jurisdictions in which it operates, including Brazil, Canada, Colombia, Italy, Peru and Poland. The years under examination range from 2004 through 2024. 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. Due to uncertainties regarding the ultimate resolution of income tax examinations, the Company is not able to reasonably estimate any tax assessments that may be settled at amounts in excess of established reserves in future periods, or the future periods in which any income tax payments to settle these provisions for income tax uncertainties.

- Definition

The entire disclosure for income tax.

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+ Details

Derivative Instruments - Derivatives and Hedges (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Commodity forward contracts and collars \| Cash Flow Hedges
Derivatives and Hedges
Unrecognized gain (loss) included in Accumulated OCI	$ (12)	$ 1	$ 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	$ 4	$ 2	$ 1

Segment Information - Tangible long-lived assets, including property, plant and equipment and operating lease right-of-use assets, by geographic region (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Long-Lived Assets
Tangible long lived assets, including property, plant and equipment and operating lease right-of-use assets	$ 3,625	$ 3,652
U.S.
Long-Lived Assets
Tangible long lived assets, including property, plant and equipment and operating lease right-of-use assets	779	798
Non-U.S.
Long-Lived Assets
Tangible long lived assets, including property, plant and equipment and operating lease right-of-use assets	$ 2,846	$ 2,854

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt

Long-term Debt


		June 30,			December 31,			June 30,
		2026			2025			2025
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans		$	130		$	—		$	—
Term Loans:
Term Loans A			790			799
Term Loans B			640			643
Previous Secured Credit Agreement:
Revolving Credit Facility:									205
Revolving Loans
Term Loans:
Term Loans A									1,339
Senior Notes:
6.625%, due 2027						610			610
6.250%, due 2028 (€600 million)			680			700			699
5.250%, due 2029 (€500 million)			565			581			580
4.750%, due 2030			398			397			397
7.250%, due 2031			684			684			683
7.375%, due 2032			297			297			296
9.500%, due 2033			493
Finance leases			152			174			186
Other			27			18			8
Total long-term debt			4,856			4,903			5,003
Less amounts due within one year			63			66			105
Long-term debt		$	4,793		$	4,837		$	4,898

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


		Principal			Indicated Market
		Amount			Price			Fair Value
Senior Notes:
6.250%, due 2028 (€600 million)		$	683			101.61		$	694
5.250%, due 2029 (€500 million)			569			101.76			579
4.750%, due 2030			400			94.99			380
7.250%, due 2031			690			98.82			682
7.375%, due 2032			300			96.05			288
9.500%, due 2033			500			102.50			513

- 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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-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

Credit Losses (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Credit Losses
Accounts receivable, net	$ 883	$ 601	$ 848
Allowance for doubtful accounts	$ 33	$ 31	$ 31

Segment Information - Segment Operating Profits and Reporting Segments Totals (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment operating profit:
Net sales	$ 1,668	$ 1,706	$ 3,207	$ 3,273
Cost of goods sold	(1,454)	(1,407)	(2,794)	(2,694)
Selling and administrative expense	(75)	(106)	(173)	(213)
Equity earnings	(29)	(28)	(55)	(51)
Segment operating profit	171	225	313	434
Items excluded from segment operating profit:
Retained corporate costs and other	(24)	(25)	(56)	(53)
Goodwill impairment	(873)		(873)
Restructuring, asset impairment and other charges	(17)	(108)	(55)	(191)
Legacy environmental charge				(4)
Gain (loss) on sale of joint venture and miscellaneous assets	2		(44)	6
Interest expense, net	(86)	(85)	(165)	(166)
Earnings (loss) before income taxes	(827)	7	(880)	26
Reportable segment totals
Segment operating profit:
Net sales	1,653	1,684	3,178	3,223
Equity earnings	(29)	(28)	(55)	(51)
Other
Segment operating profit:
Net sales	15	22	29	50
Americas
Segment operating profit:
Cost of goods sold	767	772	1,473	1,475
Selling and administrative expense	32	42	68	85
Equity earnings	(23)	(19)	(43)	(38)
Other segment expenses (income)	8	13	14	18
Segment operating profit	165	135	307	276
Americas \| Reportable segment totals
Segment operating profit:
Net sales	949	943	1,819	1,816
Equity earnings	(23)	(19)	(43)	(38)
Europe
Segment operating profit:
Cost of goods sold	672	615	1,294	1,173
Selling and administrative expense	33	46	72	92
Equity earnings	(6)	(9)	(12)	(13)
Other segment expenses (income)	(1)	(1)	(1)	(3)
Segment operating profit	6	90	6	158
Europe \| Reportable segment totals
Segment operating profit:
Net sales	704	741	1,359	1,407
Equity earnings	$ (6)	$ (9)	$ (12)	$ (13)

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Jun. 30, 2026
Income Taxes.
Statutory U.S. Federal tax rate (as a percent)	21.00%

Other Expense, Net (Tables)

6 Months Ended

Jun. 30, 2026

Other Expense, Net

Schedule of other income (expense), net


		Three months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
Goodwill impairment (see Note 5)		$	(873)		$			$	(873)		$
Restructuring, asset impairment and other charges			(17)			(108)			(55)			(191)
Gain (loss) on sale of joint venture and misc. assets			2						(44)			6
Legacy environmental charge (see Note 11)												(4)
Intangible amortization expense			(7)			(7)			(14)			(13)
Foreign currency exchange loss			(1)			(3)						(3)
Royalty income			4			5			8			10
Other expense			(8)			(5)			(13)			(5)
Other expense, net		$	(900)		$	(118)		$	(991)		$	(200)

CONSOLIDATED COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONSOLIDATED COMPREHENSIVE INCOME (LOSS)
Net earnings (loss)	$ (965)	$ 1	$ (1,036)	$ (10)
Other comprehensive income (loss):
Foreign currency translation adjustments	91	213	113	310
Pension and other postretirement benefit adjustments, net of tax	3	(7)	11	(10)
Change in fair value of derivative instruments, net of tax	(13)	(77)	21	(105)
Other comprehensive income	81	129	145	195
Total comprehensive income (loss)	(884)	130	(891)	185
Comprehensive income attributable to noncontrolling interests	(12)	(6)	(17)	(15)
Comprehensive income (loss) attributable to the Company	$ (896)	$ 124	$ (908)	$ 170

Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Superfund sites
Other Matters
Loss contingency accrual				$ 20.0	$ 21.0	$ 38.0
Cuyahoga Valley National Park
Other Matters
Payments for legal settlements			$ 11.0
Anticipated future costs						$ 50.0
Cuyahoga Valley National Park \| Location, Statement of Income, Balance [Axis]: us-gaap:OtherOperatingIncomeExpenseNet
Other Matters
Litigation settlement charge	$ 16.5	$ 4.0

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482645/405-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.W.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479583/944-40-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

- Definition

Reflects the estimated amount of loss from the specified contingency as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.Z.5.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480781/205-20-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
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-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480868/205-20-S45-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 4: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-2

+ Details

CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	6 Months Ended
CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (1,036)	$ (10)
Non-cash charges (credits):
Depreciation and amortization	241	238
Pension expense	17	15
Stock-based compensation expense	5	8
Goodwill impairment	873
Change in European valuation allowance on deferred tax assets	96
Restructuring, asset impairment and related charges	55	195
(Gain) loss on sale of joint venture and miscellaneous assets	44	(6)
Legacy environmental charge		4
Pension contributions	(15)	(14)
Cash paid for restructuring activities	(90)	(78)
Change in components of working capital	(381)	(335)
Other, net (a)	(9)	(33)
Cash utilitzed in operating activities	(200)	(16)
Investing activities:
Cash payments for property, plant and equipment	(237)	(239)
Net cash proceeds on sale of joint venture and miscellaneous assets	7	18
Net cash payments from hedging activities	(2)
Cash utilized in investing activities	(232)	(221)
Financing activities:
Additions to long-term debt	990	680
Repayments of long-term debt	(986)	(698)
Increase in short-term loans	27	12
Payment of finance fees	(7)
Shares repurchased	(10)	(20)
Net cash receipts (payments) for hedging activity	2	(6)
Distributions to non-controlling interests	(12)	(8)
Other, net (b)	(4)	(7)
Cash utilized in financing activities		(47)
Effect of exchange rate fluctuations on cash	12	37
Change in cash	(420)	(247)
Cash at beginning of period	759	734
Cash at end of period	$ 339	$ 487

Share Owners' Equity - Rollforward Shares (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share Owners' Equity
Reissuance of common stock (in shares)	0.2	0.2	0.4	0.4
Shares repurchased (in shares)		0.9	0.6	0.6
Stock compensation (in shares)		0.1	0.9	0.9

- Definition

Number of treasury shares or units reissued. Excludes reissuance of shares or units in treasury for award under share-based payment arrangement.

+ References

+ Details

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

+ References

+ Details

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Inventories
Finished goods	$ 755	$ 781	$ 742
Raw materials	150	182	196
Operating supplies	42	39	52
Inventories	$ 947	$ 1,002	$ 990

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance (Beginning)	$ 1,432	$ 1,249	$ 1,445	$ 1,205
Other comprehensive income	81	129	145	195
Balance (Ending)	539	1,369	539	1,369
Net Effect of Exchange Rate Fluctuations
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance (Beginning)	(999)	(1,343)	(1,019)	(1,435)
Change before reclassifications	86	213	106	305
Other comprehensive income	86	213	106	305
Balance (Ending)	(913)	(1,130)	(913)	(1,130)
Change in Certain Derivative Instruments
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance (Beginning)	(85)	(42)	(119)	(14)
Change before reclassifications	(20)	(83)	12	(111)
Amounts reclassified from accumulated other comprehensive income (loss)	3	3	6	6
Tax effect	4	3	3
Other comprehensive income	(13)	(77)	21	(105)
Balance (Ending)	(98)	(119)	(98)	(119)
Employee Benefit Plans
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance (Beginning)	(474)	(529)	(482)	(526)
Change before reclassifications	(1)	1	(2)	(1)
Amounts reclassified from accumulated other comprehensive income (loss)	6	5	12	10
Translation effect	(1)	(12)	2	(18)
Tax effect	(1)	(1)	(1)	(1)
Other comprehensive income	3	(7)	11	(10)
Balance (Ending)	(471)	(536)	(471)	(536)
Accumulated Other Comprehensive Loss
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance (Beginning)	(1,558)	(1,914)	(1,620)	(1,975)
Change before reclassifications	65	131	116	193
Amounts reclassified from accumulated other comprehensive income (loss)	9	8	18	16
Translation effect	(1)	(12)	2	(18)
Tax effect	3	2	2	(1)
Other comprehensive income	76	129	138	190
Balance (Ending)	$ (1,482)	$ (1,785)	$ (1,482)	$ (1,785)

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments

Balance Sheet Classification of derivative instruments


	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	June 30,		December 31,		June 30,		June 30,		December 31,		June 30,
	2026		2025		2025		2026		2025		2025
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	15	$	—	$	—	$	3	$	2	$	1
Fair value hedges of foreign exchange risk (b)		1		1		1		69		78		163
Net investment hedges (c)		11		11		9		173		207		142
Total derivatives accounted for as hedges	$	27	$	12	$	10	$	245	$	287	$	306
Derivatives not designated as hedges:
Foreign exchange derivative contracts (d)				2		14		2				1
Total derivatives	$	27	$	14	$	24	$	247	$	287	$	307


Current	$	23	$	14	$	24	$	62	$	71	$	157
Noncurrent		4				—		185		216		150
Total derivatives	$	27	$	14	$	24	$	247	$	287	$	307

(a)

The notional amount of the commodity forward contracts and collars was approximately 32 million, 9 million, and 9 million British Thermal Units at June 30, 2026, December 31, 2025, and June 30, 2025, respectively. The maximum maturity dates are in 2027 at June 30, 2026, December 31, 2025, and June 30, 2025.

(b)	The notional amounts of the fair value hedges of foreign exchange risk were $400 million at June 30, 2026 and December 31, 2025 and $816 million at June 30, 2025. The maximum maturity dates are in 2030 at June 30, 2026, December 31, 2025 and June 30, 2025.

(c)	The notional amounts of the net investment hedges were €1,176 million at June 30, 2026, and December 31, 2025 and €844 million at June 30, 2025. The maximum maturity dates are in 2028 at June 30, 2026, December 31, and at June 30, 2025.

(d)	The notional amounts of the foreign exchange derivative contracts were $294 million, $526 million and $506 million at June 30, 2026, December 31, 2025 and June 30, 2025, respectively. The maximum maturity dates are in 2026 at June 30, 2026 and December 31, 2025 and 2025 at June 30, 2025.

Effects of derivative instruments on the results of operations

Other Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Other Expense, Net (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Other Expense, Net
Goodwill impairment (see Note 5)	$ (873)		$ (873)
Restructuring, asset impairment and other charges	(17)	$ (108)	(55)	$ (191)
Gain (loss) on sale of joint venture and miscellaneous assets	2		(44)	6
Legacy environmental charge (see Note 10)				(4)
Intangible amortization expense	(7)	(7)	(14)	(13)
Foreign currency exchange loss	(1)	(3)		(3)
Royalty income	4	5	8	10
Other income (expense)	(8)	(5)	(13)	(5)
Other expense, net	$ (900)	$ (118)	$ (991)	$ (200)

Pension Benefit Plans (Details) - Pension Benefit Plans. - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
U.S.
Components of net periodic pension cost
Service cost	$ 1	$ 1	$ 2	$ 2
Interest cost	$ 10	$ 11	$ 20	$ 22
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Expected asset return	$ (12)	$ (12)	$ (24)	$ (25)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Amortization of actuarial loss	$ 3	$ 3	$ 7	$ 6
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Net periodic pension cost	$ 2	$ 3	$ 5	$ 5
Non-U.S.
Components of net periodic pension cost
Service cost	2	2	4	4
Interest cost	$ 9	$ 9	$ 18	$ 17
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Expected asset return	$ (8)	$ (8)	$ (15)	$ (15)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Amortization of actuarial loss	$ 3	$ 2	$ 5	$ 4
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Net periodic pension cost	$ 6	$ 5	$ 12	$ 10

Share Owners' Equity

6 Months Ended

Jun. 30, 2026

Share Owners' Equity

Share Owners' Equity

12. Share Owners’ Equity

The activity in share owners’ equity for the three months ended June 30, 2026 and 2025 is as follows:


		Share Owners’ Equity of the Company
											Retained			Accumulated
					Capital in						Earnings/			Other			Non-			Total Share
		Common			Excess of			Treasury			(Accumulated			Comprehensive			controlling			Owners'
		Stock			Par Value			Stock			Deficit)			Loss			Interests			Equity
Balance on April 1, 2026		$	2		$	3,024			(667)		$	475		$	(1,558)		$	156		$	1,432
Reissuance of common stock (0.2 million shares)						(3)			6												3
Net earnings (loss)												(972)						7			(965)
Other comprehensive income															76			5			81
Distributions to non-controlling interests																		(12)			(12)
Balance on June 30, 2026		$	2		$	3,021		$	(661)		$	(497)		$	(1,482)		$	156		$	539


		Share Owners’ Equity of the Company
														Accumulated
					Capital in									Other			Non-			Total Share
		Common			Excess of			Treasury			Retained			Comprehensive			controlling			Owners'
		Stock			Par Value			Stock			Earnings			Loss			Interests			Equity
Balance on April 1, 2025		$	2		$	3,045		$	(679)		$	660		$	(1,914)		$	135		$	1,249
Reissuance of common stock (0.2 million shares)						(2)			5												3
Shares repurchased (0.9 million shares)						(10)															(10)
Stock compensation (0.1 million shares)						4															4
Net earnings (loss)												(5)						6			1
Other comprehensive income															129						129
Distributions to non-controlling interests																		(8)			(8)
Balance on June 30, 2025		$	2		$	3,037		$	(674)		$	656		$	(1,785)		$	133		$	1,369

The activity in share owners’ equity for the six months ended June 30, 2026 and 2025 is as follows:


		Share Owners’ Equity of the Company
											Retained			Accumulated
					Capital in						Earnings/			Other			Non-			Total Share
		Common			Excess of			Treasury			(Accumulated			Comprehensive			controlling			Owners'
		Stock			Par Value			Stock			Deficit)			Loss			Interests			Equity
Balance on January 1, 2026		$	2		$	3,031		$	(667)		$	548		$	(1,620)		$	151		$	1,445
Reissuance of common stock (0.4 million shares)						(5)			10												5
Shares repurchased (0.6 million shares)						(10)															(10)
Stock compensation (0.9 million shares)						5															5
Net earnings (loss)												(1,046)						10			(1,036)
Other comprehensive income															138			7			145
Distributions to non-controlling interests																		(12)			(12)
Other									(4)												(4)
Balance on June 30, 2026		$	2		$	3,021		$	(661)		$	(497)		$	(1,482)		$	156		$	539


		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, 2025		$	2		$	3,053		$	(677)		$	676		$	(1,975)		$	126		$	1,205
Reissuance of common stock (0.4 million shares)						(4)			10												6
Shares repurchased (0.6 million shares)						(20)															(20)
Stock compensation (0.9 million shares)						8															8
Net earnings (loss)												(20)						10			(10)
Other comprehensive income															190			5			195
Distributions to non-controlling interests																		(8)			(8)
Other									(7)												(7)
Balance on June 30, 2025		$	2		$	3,037		$	(674)		$	656		$	(1,785)		$	133		$	1,369

The Company’s Board of Directors has authorized a $100 million anti-dilutive share repurchase program, which is intended to offset stock-based compensation provided to the Company’s directors, officers, and employees. During the three months ended June 30, 2026, no shares of the Company’s common stock were repurchased. Approximately $30 million remained available for purchases under this program as of June 30, 2026.

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


		Shares Outstanding (in thousands)
		June 30,		December 31,		June 30,
		2026		2025		2025

Shares of common stock issued (including treasury shares)		184,180		183,531		184,985

Treasury shares		30,521		30,558		30,912

- Definition

The entire disclosure for equity.

+ References

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+ Details

Segment Information - Total Assets and Equity Investments (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Assets
Total assets	$ 8,088	$ 9,243	$ 9,179
Equity investments
Equity investments	710		712
Reportable segment totals
Assets
Total assets	7,764		8,825
Equity investments
Equity investments	676		676
Retained Corp Costs and Other
Assets
Total assets	324		354
Equity investments
Equity investments	34		36
Americas \| Reportable segment totals
Assets
Total assets	4,864		4,841
Equity investments
Equity investments	468		475
Europe \| Reportable segment totals
Assets
Total assets	2,900		3,984
Equity investments
Equity investments	$ 208		$ 201

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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-Subparagraph (a)
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+ Details

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Information

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


		Three months ended June 30,
		2026									2025
			Americas			Europe			Total			Americas			Europe			Total
Reportable segment net sales		$	949		$	704		$	1,653		$	943		$	741		$	1,684
Other									15									22
Net Sales								$	1,668								$	1,706
Less:
Cost of goods sold			767			672						772			615
Selling, administrative, engineering and research and development expenses			32			33						42			46
Equity earnings			(23)			(6)						(19)			(9)
Other segment expenses (income)			8			(1)						13			(1)
Segment operating profit		$	165		$	6		$	171		$	135		$	90		$	225
Items excluded from segment operating profit:
Reconciliation of segment operating profit
Retained corporate costs and other									(24)									(25)
Goodwill impairment									(873)
Restructuring, asset impairment and other charges									(17)									(108)
Gain on sale of joint venture and misc. assets									2
Interest expense, net									(86)									(85)
Earnings (loss) before income taxes								$	(827)								$	7


		Six months ended June 30,
		2026									2025
			Americas			Europe			Total			Americas			Europe			Total
Reportable segment net sales		$	1,819		$	1,359		$	3,178		$	1,816		$	1,407		$	3,223
Other									29									50
Net Sales									3,207								$	3,273

Less:
Cost of goods sold			1,473			1,294						1,475			1,173
Selling, administrative, engineering and research and development expenses			68			72						85			92
Equity earnings			(43)			(12)						(38)			(13)
Other segment expenses (income)			14			(1)						18			(3)
Segment operating profit		$	307		$	6		$	313		$	276		$	158		$	434
Items excluded from segment operating profit:
Reconciliation of segment operating profit
Retained corporate costs and other									(56)									(53)
Goodwill impairment									(873)
Restructuring, asset impairment and other charges									(55)									(191)
Gain (loss) on sale of joint venture and misc. assets									(44)									6
Legacy environmental charge																		(4)
Interest expense, net									(165)									(166)
Earnings (loss) before income taxes								$	(880)								$	26

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


		As of June 30,
								Reportable			Retained			Consoli-
								Segment			Corp Costs			dated
		Americas			Europe			Totals			and Other			Totals
Total assets:
2026		$	4,864		$	2,900		$	7,764		$	324		$	8,088
2025			4,841			3,984			8,825			354			9,179
Equity investments:
2026		$	468		$	208		$	676		$	34		$	710
2025			475			201			676			36			712


		Three months ended June 30,
								Reportable			Retained			Consoli-
								Segment			Corp Costs			dated
		Americas			Europe			Totals			and Other			Totals
Equity earnings:
2026		$	23		$	6		$	29		$	—		$	29
2025			19			9			28			—			28
Capital expenditures:
2026		$	49		$	46		$	95		$	—		$	95
2025			41			48			89			15			104
Depreciation and amortization expense:
2026		$	73		$	43		$	116		$	4		$	120
2025			70			43			113			5			118


		Six months ended June 30,
								Reportable			Retained			Consoli-
								Segment			Corp Costs			dated
		Americas			Europe			Totals			and Other			Totals
Equity earnings:
2026		$	43		$	12		$	55		$	—		$	55
2025			38			13			51			—			51
Capital expenditures:
2026		$	114		$	122		$	236		$	1		$	237
2025			103			120			223			16			239
Depreciation and amortization expense:
2026		$	144		$	85		$	229		$	7		$	236
2025			143			80			223			10			233

Total assets for the Company's reportable segments


		As of June 30,
		U.S.			Non-U.S.			Total
2026		$	779		$	2,846		$	3,625
2025			798			2,854			3,652

Schedule of segment information by geographic segment


		Three months ended June 30,
		U.S.			Non-U.S.			Total
2026		$	427		$	1,241		$	1,668
2025			446			1,260			1,706


		Six months ended June 30,
		U.S.			Non-U.S.			Total
2026		$	834		$	2,373		$	3,207
2025			888			2,385			3,273

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
CONSOLIDATED BALANCE SHEETS
Trade receivables allowance	$ 33	$ 31	$ 31

Contingencies

6 Months Ended

Jun. 30, 2026

Contingencies

Contingencies

11. 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 $20 million, $21 million and $38 million (undiscounted) as of June 30, 2026, December 31, 2025 and June 30, 2025, respectively, for estimated future remediation and monitoring costs at these sites. Although the Company believes its accruals are adequate to cover its portion of future remediation and monitoring 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.

As part of the above, from December 31, 1956 through June 1967, the Company, via a wholly-owned subsidiary, owned and operated a paper mill located on the shore of the Cuyahoga River in Ohio, which is now part of the Cuyahoga Valley National Park that is managed by the National Park Service (“NPS”).  The Company and the United States had been engaged in litigation regarding the site in the U.S. District Court for the Northern District of Ohio (Akron), with the United States claiming that the Company should pay $50 million as a remedy for certain soils at the site as well as its past and anticipated future costs. In 2024, the Company recorded charges of $11 million as its best estimate of this liability. In the first quarter of 2025, the Company and the NPS reached a tentative settlement, and the Company recorded a charge of approximately $4 million to Other expense, net in the Condensed Consolidated Results of Operations to augment its previous accrual balance related to this matter. In the third quarter of 2025, the consent order between the parties was approved by the U.S. District Court, and the Company paid $16.5 million to resolve this matter.

The Company is being investigated by authorities in France for alleged anti-competitive conduct in that country. To date, the French authorities have not officially charged O-I’s business in that country with any violations of competition law. With regard to the above, the Company is committed to compliance with laws in the jurisdictions it operates and maintains policies and procedures regarding competition law. If the authorities in France find that the Company or any of its subsidiaries or joint ventures violated competition law, they could levy fines, which amounts could be material. At this stage, the Company is unable to predict the ultimate outcome of the investigations, 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 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue
Net sales	$ 1,668	$ 1,706	$ 3,207	$ 3,273
Reportable Segment Totals
Disaggregation of Revenue
Net sales	1,653	1,684	3,178	3,223
Americas
Disaggregation of Revenue
Net sales	949	943	1,819	1,816
Europe
Disaggregation of Revenue
Net sales	704	741	1,359	1,407
Other
Disaggregation of Revenue
Net sales	15	22	29	50
Alcoholic beverages (beer, wine, spirits)
Disaggregation of Revenue
Net sales	1,012	1,068	1,941	2,052
Alcoholic beverages (beer, wine, spirits) \| Americas
Disaggregation of Revenue
Net sales	510	535	975	1,038
Alcoholic beverages (beer, wine, spirits) \| Europe
Disaggregation of Revenue
Net sales	502	533	966	1,014
Food and other
Disaggregation of Revenue
Net sales	363	337	720	665
Food and other \| Americas
Disaggregation of Revenue
Net sales	246	219	484	436
Food and other \| Europe
Disaggregation of Revenue
Net sales	117	118	236	229
Non-alcoholic beverages
Disaggregation of Revenue
Net sales	278	279	517	506
Non-alcoholic beverages \| Americas
Disaggregation of Revenue
Net sales	193	189	360	342
Non-alcoholic beverages \| Europe
Disaggregation of Revenue
Net sales	$ 85	$ 90	$ 157	$ 164

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Paragraph 91
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ 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

+ Details

Debt (Details) $ / shares in Units, € in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares	Jun. 30, 2026 USD ($) agreement $ / shares	Jun. 30, 2026 EUR (€)	May 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 EUR (€)	Jun. 30, 2025 USD ($)	Jun. 30, 2025 EUR (€)	Mar. 25, 2022 USD ($)
Debt Instrument
Total long-term debt	$ 4,856	$ 4,856			$ 4,903		$ 5,003
Less amounts due within one year	63	63			66		105
Long-term debt	4,793	4,793			4,837		4,898
Maximum Borrowing Capacity									$ 2,700
Secured Credit Agreement
Debt Instrument
Unused Credit	$ 1,110	$ 1,110
Number of financial maintenance covenants \| agreement		1
Additional default interest rate per annum applied to all obligations owed under the Agreement		2.00%
Leverage Ratio		2.5
Secured Credit Agreement \| Minimum
Debt Instrument
Interest rate margin, Term SOFR and Euro currency rate loans	1.00%	1.00%	1.00%
Interest rate margin, Base Rate loans (as a percent)		0.00%
Facility fee payable (as a percent)		0.20%
Secured Credit Agreement \| Maximum
Debt Instrument
Interest rate margin, Term SOFR and Euro currency rate loans	1.75%	1.75%	1.75%
Interest rate margin, Base Rate loans (as a percent)		0.75%
Facility fee payable (as a percent)		0.35%
Revolving Loans
Debt Instrument
Total long-term debt	$ 130	$ 130					205
Term Loans A
Debt Instrument
Total long-term debt	790	790			799
Maximum Borrowing Capacity	800	800
Term Loans B
Debt Instrument
Total long-term debt	$ 640	$ 640			643
Interest rate margin, Term SOFR rate loans	3.00%	3.00%	3.00%
Maximum Borrowing Capacity	$ 650	$ 650
Term Loans A
Debt Instrument
Total long-term debt							1,339
Senior Notes 6.625%, due 2027
Debt Instrument
Total long-term debt					610		610
Interest rate, stated percentage	6.625%	6.625%	6.625%	6.625%
Face value				$ 612
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees	$ 1
Senior Notes 6.250%, due 2028 (€600 million)
Debt Instrument
Total long-term debt	$ 680	$ 680	€ 600		700	€ 600	699	€ 600
Interest rate, stated percentage	6.25%	6.25%	6.25%
Fair values of fixed rate debt obligations
Principal Amount	$ 683	$ 683
Indicated Market Price (in dollars per share) \| $ / shares	$ 101.61	$ 101.61
Fair Value	$ 694	$ 694
Senior Notes 5.250%, due 2029 (€500 million)
Debt Instrument
Total long-term debt	$ 565	$ 565	€ 500		581	€ 500	580	€ 500
Interest rate, stated percentage	5.25%	5.25%	5.25%
Fair values of fixed rate debt obligations
Principal Amount	$ 569	$ 569
Indicated Market Price (in dollars per share) \| $ / shares	$ 101.76	$ 101.76
Fair Value	$ 579	$ 579
Senior Notes 4.750%, due 2030
Debt Instrument
Total long-term debt	$ 398	$ 398			397		397
Interest rate, stated percentage	4.75%	4.75%	4.75%
Fair values of fixed rate debt obligations
Principal Amount	$ 400	$ 400
Indicated Market Price (in dollars per share) \| $ / shares	$ 94.99	$ 94.99
Fair Value	$ 380	$ 380
Senior Notes 7.250% due 2031
Debt Instrument
Total long-term debt	$ 684	$ 684			684		683
Interest rate, stated percentage	7.25%	7.25%	7.25%
Fair values of fixed rate debt obligations
Principal Amount	$ 690	$ 690
Indicated Market Price (in dollars per share) \| $ / shares	$ 98.82	$ 98.82
Fair Value	$ 682	$ 682
Senior Notes 7.375% due 2032
Debt Instrument
Total long-term debt	$ 297	$ 297			297		296
Interest rate, stated percentage	7.375%	7.375%	7.375%
Fair values of fixed rate debt obligations
Principal Amount	$ 300	$ 300
Indicated Market Price (in dollars per share) \| $ / shares	$ 96.05	$ 96.05
Fair Value	$ 288	$ 288
Senior Notes 9.500% due 2033
Debt Instrument
Total long-term debt	$ 493	$ 493
Interest rate, stated percentage	9.50%	9.50%	9.50%	9.50%
Face value				$ 500
Fair values of fixed rate debt obligations
Principal Amount	$ 500	$ 500
Indicated Market Price (in dollars per share) \| $ / shares	$ 102.5	$ 102.5
Fair Value	$ 513	$ 513
Finance leases
Debt Instrument
Total long-term debt	152	152			174		186
Other debt
Debt Instrument
Total long-term debt	27	27			$ 18		$ 8
Multicurrency Revolving Credit Facility
Debt Instrument
Maximum Borrowing Capacity	$ 1,250	$ 1,250
Weighted average interest rate (as a percent)	5.50%	5.50%	5.50%

Share Owners' Equity - Share Repurchase (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	May 14, 2024
Share Owners' Equity
Shares repurchased	$ 10	$ 10	$ 20
Shares repurchased (in shares)	0.9	0.6	0.6
Stock repurchase plan authorized				$ 100
Remaining repurchase of common stock available		$ 30

- Definition

Number of shares that have been repurchased during the period and are being held in treasury.

+ References

+ Details

- Definition

Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.

+ References + Details

Credit Losses

6 Months Ended

Jun. 30, 2026

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 June 30, 2026 and 2025, the Company reported $883 million and $848 million of accounts receivable, respectively, net of allowances of $33 million and $31 million, respectively. Changes in the allowance were not material for each of the three and six months ended June 30, 2026 and 2025.

Segment Information - Net sales by geographic region (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting Information
Net sales	$ 1,668	$ 1,706	$ 3,207	$ 3,273
U.S.
Segment Reporting Information
Net sales	427	446	834	888
Non-U.S.
Segment Reporting Information
Net sales	$ 1,241	$ 1,260	$ 2,373	$ 2,385
France
Segment Reporting Information
Percentage of consolidated net sales outside of the U.S.	12.00%	12.00%	12.00%	12.00%
Italy
Segment Reporting Information
Percentage of consolidated net sales outside of the U.S.	13.00%	13.00%	12.00%	13.00%
Mexico
Segment Reporting Information
Percentage of consolidated net sales outside of the U.S.	14.00%	14.00%	14.00%	13.00%

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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+ Details

Other Expense, Net

6 Months Ended

Jun. 30, 2026

Other Expense, Net

Other Expense, Net

14. Other Expense, Net

Other expense, net for the three and six months ended June 30, 2026 and 2025 included the following:


		Three months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
Goodwill impairment (see Note 5)		$	(873)		$			$	(873)		$
Restructuring, asset impairment and other charges			(17)			(108)			(55)			(191)
Gain (loss) on sale of joint venture and misc. assets			2						(44)			6
Legacy environmental charge (see Note 11)												(4)
Intangible amortization expense			(7)			(7)			(14)			(13)
Foreign currency exchange loss			(1)			(3)						(3)
Royalty income			4			5			8			10
Other expense			(8)			(5)			(13)			(5)
Other expense, net		$	(900)		$	(118)		$	(991)		$	(200)

In the first six months of 2026, the Company recorded pre-tax losses of approximately $44 million, primarily related to the sale of its share of a joint venture in the former Asia Pacific region. In the first six months of 2025, the Company recorded pre-tax gains of approximately $6 million on the sale of land and buildings of a previously closed plant in the Americas.

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2026

Earnings (Loss) Per Share

Earnings (Loss) Per Share

15. Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted loss per share for the three months ended June 30, 2026 and 2025:


	Three months ended June 30,
	2026		2025
Numerator:
Net loss attributable to the Company	$	(972)	$	(5)
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		153,498		153,993
Effect of dilutive securities:
Stock options and other
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		153,498		153,993
Basic loss per share:
Net loss attributable to the Company	$	(6.33)	$	(0.03)
Diluted loss per share:
Net loss attributable to the Company	$	(6.33)	$	(0.03)

The diluted loss per share computation for the three months ended June 30, 2026 and 2025 excludes 1,721,046 and 371,732 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes unvested restricted stock units and performance vested restricted share units. For the three months ended June 30, 2026 and 2025, diluted loss per share of common stock was equal to basic loss per share of common stock due to the net loss attributable to the Company.

The following table sets forth the computation of basic and diluted loss per share for the six months ended June 30, 2026 and 2025:


	Six months ended June 30,
	2026		2025
Numerator:
Net loss attributable to the Company	$	(1,046)	$	(20)
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		153,093		153,851
Effect of dilutive securities:
Stock options and other
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		153,093		153,851
Basic loss per share:
Net loss attributable to the Company	$	(6.83)	$	(0.13)
Diluted loss per share:
Net loss attributable to the Company	$	(6.83)	$	(0.13)

The diluted loss per share computation for the six months ended June 30, 2026 and 2025 excludes 1,121,653 and 537,764 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes unvested restricted stock units and performance vested restricted share units. For the six months ended June 30, 2026 and 2025, diluted loss per share of common stock was equal to basic loss per share of common stock due to the net loss attributable to the Company.

Goodwill - Goodwill Rollforward (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		$ 1,487	$ 1,467
Impairment	$ (873)	(873)
Translation effects		(6)	20
Balance of Goodwill at end of the period	608	608	1,487
Europe
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		897	896
Impairment		(873)
Translation effects		(24)	1
Balance of Goodwill at end of the period			897
Americas
Changes in the carrying amount of goodwill
Balance of Goodwill at beginning of period		590	571
Translation effects		18	19
Balance of Goodwill at end of the period	$ 608	$ 608	$ 590

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Revenue

6 Months Ended

Jun. 30, 2026

Revenue

Revenue

2. Revenue

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

For the three- and six-month periods ended June 30, 2026 and 2025, the Company had no material bad debt expense, and there were no material contract assets, contract liabilities or deferred contract costs recorded in the Condensed Consolidated Balance Sheets.

The following tables for the three months ended June 30, 2026 and 2025 disaggregate the Company’s revenue by customer end use:


	Three months ended June 30, 2026
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	510	$	502	$	1,012
Food and other		246		117		363
Non-alcoholic beverages		193		85		278
Reportable segment totals	$	949	$	704	$	1,653
Other						15
Net sales					$	1,668


	Three months ended June 30, 2025
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	535	$	533	$	1,068
Food and other		219		118		337
Non-alcoholic beverages		189		90		279
Reportable segment totals	$	943	$	741	$	1,684
Other						22
Net sales					$	1,706

The following tables for the six months ended June 30, 2026 and 2025 disaggregate the Company’s revenue by customer end use:


	Six months ended June 30, 2026
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	975	$	966	$	1,941
Food and other		484		236		720
Non-alcoholic beverages		360		157		517
Reportable segment totals	$	1,819	$	1,359	$	3,178
Other						29
Net sales					$	3,207


	Six months ended June 30, 2025
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	1,038	$	1,014	$	2,052
Food and other		436		229		665
Non-alcoholic beverages		342		164		506
Reportable segment totals	$	1,816	$	1,407	$	3,223
Other						50
Net sales					$	3,273

- 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

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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
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

Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue

Schedule of disaggregation of revenue by customer end use


	Three months ended June 30, 2025
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	535	$	533	$	1,068
Food and other		219		118		337
Non-alcoholic beverages		189		90		279
Reportable segment totals	$	943	$	741	$	1,684
Other						22
Net sales					$	1,706


	Six months ended June 30, 2026
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	975	$	966	$	1,941
Food and other		484		236		720
Non-alcoholic beverages		360		157		517
Reportable segment totals	$	1,819	$	1,359	$	3,178
Other						29
Net sales					$	3,207


	Six months ended June 30, 2025
	Americas		Europe		Total

Alcoholic beverages (beer, wine, spirits)	$	1,038	$	1,014	$	2,052
Food and other		436		229		665
Non-alcoholic beverages		342		164		506
Reportable segment totals	$	1,816	$	1,407	$	3,223
Other						50
Net sales					$	3,273

Segment Information

6 Months Ended

Jun. 30, 2026

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 within Retained corporate costs and other. These include licensing, equipment manufacturing, global engineering, certain equity investments and certain minor 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 is a non-GAAP financial measure that 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 (loss) before income taxes. Further, the Company’s measure of segment operating profit may not be comparable to similarly titled measures used by other companies.

In accordance with ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” the Company has disclosed significant segment expenses reviewed by its chief operating decision maker. Other segment expenses (income) includes intangible amortization expense (Americas only), foreign currency exchange gains or losses, certain overhead expenses and other gains or losses.

Financial information for the three months ended June 30, 2026 and 2025 regarding the Company’s reportable segments is as follows, as well as a reconciliation of segment operating profit to earnings (loss) before income taxes:


		Three months ended June 30,
		2026									2025
			Americas			Europe			Total			Americas			Europe			Total
Reportable segment net sales		$	949		$	704		$	1,653		$	943		$	741		$	1,684
Other									15									22
Net Sales								$	1,668								$	1,706
Less:
Cost of goods sold			767			672						772			615
Selling, administrative, engineering and research and development expenses			32			33						42			46
Equity earnings			(23)			(6)						(19)			(9)
Other segment expenses (income)			8			(1)						13			(1)
Segment operating profit		$	165		$	6		$	171		$	135		$	90		$	225
Items excluded from segment operating profit:
Reconciliation of segment operating profit
Retained corporate costs and other									(24)									(25)
Goodwill impairment									(873)
Restructuring, asset impairment and other charges									(17)									(108)
Gain on sale of joint venture and misc. assets									2
Interest expense, net									(86)									(85)
Earnings (loss) before income taxes								$	(827)								$	7

Financial information for the six months ended June 30, 2026 and 2025 regarding the Company’s reportable segments is as follows, as well as a reconciliation of segment operating profit to earnings (loss) before income taxes:


		Six months ended June 30,
		2026									2025
			Americas			Europe			Total			Americas			Europe			Total
Reportable segment net sales		$	1,819		$	1,359		$	3,178		$	1,816		$	1,407		$	3,223
Other									29									50
Net Sales									3,207								$	3,273

Less:
Cost of goods sold			1,473			1,294						1,475			1,173
Selling, administrative, engineering and research and development expenses			68			72						85			92
Equity earnings			(43)			(12)						(38)			(13)
Other segment expenses (income)			14			(1)						18			(3)
Segment operating profit		$	307		$	6		$	313		$	276		$	158		$	434
Items excluded from segment operating profit:
Reconciliation of segment operating profit
Retained corporate costs and other									(56)									(53)
Goodwill impairment									(873)
Restructuring, asset impairment and other charges									(55)									(191)
Gain (loss) on sale of joint venture and misc. assets									(44)									6
Legacy environmental charge																		(4)
Interest expense, net									(165)									(166)
Earnings (loss) before income taxes								$	(880)								$	26


		As of June 30,
								Reportable			Retained			Consoli-
								Segment			Corp Costs			dated
		Americas			Europe			Totals			and Other			Totals
Total assets:
2026		$	4,864		$	2,900		$	7,764		$	324		$	8,088
2025			4,841			3,984			8,825			354			9,179
Equity investments:
2026		$	468		$	208		$	676		$	34		$	710
2025			475			201			676			36			712


		Three months ended June 30,
								Reportable			Retained			Consoli-
								Segment			Corp Costs			dated
		Americas			Europe			Totals			and Other			Totals
Equity earnings:
2026		$	23		$	6		$	29		$	—		$	29
2025			19			9			28			—			28
Capital expenditures:
2026		$	49		$	46		$	95		$	—		$	95
2025			41			48			89			15			104
Depreciation and amortization expense:
2026		$	73		$	43		$	116		$	4		$	120
2025			70			43			113			5			118


		Six months ended June 30,
								Reportable			Retained			Consoli-
								Segment			Corp Costs			dated
		Americas			Europe			Totals			and Other			Totals
Equity earnings:
2026		$	43		$	12		$	55		$	—		$	55
2025			38			13			51			—			51
Capital expenditures:
2026		$	114		$	122		$	236		$	1		$	237
2025			103			120			223			16			239
Depreciation and amortization expense:
2026		$	144		$	85		$	229		$	7		$	236
2025			143			80			223			10			233

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


		As of June 30,
		U.S.			Non-U.S.			Total
2026		$	779		$	2,846		$	3,625
2025			798			2,854			3,652

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


		Three months ended June 30,
		U.S.			Non-U.S.			Total
2026		$	427		$	1,241		$	1,668
2025			446			1,260			1,706

Operations outside the U.S. that accounted for 10% or more of consolidated net sales during the three months ended June 30, 2026 and 2025 were in France (2026-12%, 2025-12%), Italy (2026-13%, 2025-13%), and Mexico (2026-14%, 2025-14%).


		Six months ended June 30,
		U.S.			Non-U.S.			Total
2026		$	834		$	2,373		$	3,207
2025			888			2,385			3,273

Operations outside the U.S. that accounted for 10% or more of consolidated net sales during the six months ended June 30, 2026 and 2025 were in France (2026-12%, 2025-12%), Italy (2026-12%, 2025-13%), and Mexico (2026-14%, 2025-13%).

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 40
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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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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 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

Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Changes in the carrying amount of goodwill
Goodwill impairment charge	$ 873	$ 873
Americas
Changes in the carrying amount of goodwill
Accumulated impairment losses	$ 1,040	$ 1,040	$ 1,040	$ 1,040

- Definition

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 339	$ 759	$ 487
Trade receivables, net of allowance of $33 million, $31 million, and $31 million at June 30, 2026, December 31, 2025 and June 30, 2025	883	601	848
Inventories	947	1,002	990
Prepaid expenses and other current assets	282	239	279
Total current assets	2,451	2,601	2,604
Property, plant and equipment, net	3,451	3,447	3,458
Goodwill	608	1,487	1,467
Intangibles, net	178	188	196
Other assets	1,400	1,520	1,454
Total assets	8,088	9,243	9,179
Current liabilities:
Accounts payable	1,090	1,201	1,104
Short-term loans and long-term debt due within one year	193	162	236
Other liabilities	661	726	762
Total current liabilities	1,944	2,089	2,102
Long-term debt	4,793	4,837	4,898
Other long-term liabilities	812	872	810
Share owners' equity	539	1,445	1,369
Total liabilities and share owners' equity	$ 8,088	$ 9,243	$ 9,179

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2026

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

13. Accumulated Other Comprehensive Loss

The activity in accumulated other comprehensive loss for the three months ended June 30, 2026 and 2025 is as follows:


											Total
											Accumulated
		Net Effect of			Change in Certain						Other
		Exchange Rate			Derivative			Employee			Comprehensive
		Fluctuations			Instruments			Benefit Plans			Loss
Balance on April 1, 2026		$	(999)		$	(85)		$	(474)		$	(1,558)
Change before reclassifications			86			(20)			(1)			65
Amounts reclassified from accumulated other comprehensive income (loss)						3	(a)		6	(b)		9
Translation effect									(1)			(1)
Tax effect						4			(1)			3
Other comprehensive income (loss) attributable to the Company			86			(13)			3			76
Balance on June 30, 2026		$	(913)		$	(98)		$	(471)		$	(1,482)


											Total
											Accumulated
		Net Effect of			Change in Certain						Other
		Exchange Rate			Derivative			Employee			Comprehensive
		Fluctuations			Instruments			Benefit Plans			Loss
Balance on April 1, 2025		$	(1,343)		$	(42)		$	(529)		$	(1,914)
Change before reclassifications			213			(83)			1			131
Amounts reclassified from accumulated other comprehensive income (loss)						3	(a)		5	(b)		8
Translation effect									(12)			(12)
Tax effect						3			(1)			2
Other comprehensive income (loss) attributable to the Company			213			(77)			(7)			129
Balance on June 30, 2025		$	(1,130)		$	(119)		$	(536)		$	(1,785)

(a)	Amount is recorded to cost of goods sold and interest expense, net in the Condensed Consolidated Results of Operations (see Note 6 for additional information).

(b)	Amount is included in the computation of net periodic pension cost (see Note 8 for additional information) and net post-retirement benefit cost.

The activity in accumulated other comprehensive loss for the six months ended June 30, 2026 and 2025 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, 2026		$	(1,019)		$	(119)		$	(482)		$	(1,620)
Change before reclassifications			106			12			(2)			116
Amounts reclassified from accumulated other comprehensive income (loss)						6	(a)		12	(b)		18
Translation effect									2			2
Tax effect						3			(1)			2
Other comprehensive income attributable to the Company			106			21			11			138
Balance on June 30, 2026		$	(913)		$	(98)		$	(471)		$	(1,482)


											Total
											Accumulated
		Net Effect of			Change in Certain						Other
		Exchange Rate			Derivative			Employee			Comprehensive
		Fluctuations			Instruments			Benefit Plans			Loss
Balance on January 1, 2025		$	(1,435)		$	(14)		$	(526)		$	(1,975)
Change before reclassifications			305			(111)			(1)			193
Amounts reclassified from accumulated other comprehensive income (loss)						6	(a)		10	(b)		16
Translation effect									(18)			(18)
Tax effect									(1)			(1)
Other comprehensive income (loss) attributable to the Company			305			(105)			(10)			190
Balance on June 30, 2025		$	(1,130)		$	(119)		$	(536)		$	(1,785)

(a)	Amount is recorded to cost of goods sold and interest expense, net in the Condensed Consolidated Results of Operations (see Note 6 for additional information).

(b)	Amount is included in the computation of net periodic pension cost (see Note 8 for additional information) and net post-retirement benefit cost.

Derivative Instruments - Effects of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivatives and Hedges
Amount of Loss Recognized in Other income (expense), net	$ (1)	$ 19	$ (5)	$ 25
Derivatives designated as hedging instruments
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	(7)	(75)	28	(106)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	3	3	6	6
Derivatives designated as hedging instruments \| Net Investment Hedges \| Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpense
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	4	(74)	40	(111)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	3	3	6	6
Derivatives designated as hedging instruments \| Commodity forward contracts and collars \| Cash Flow Hedges \| Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold
Derivatives and Hedges
Gain (Loss) Recognized in OCI (Effective Portion)	$ (11)	$ (1)	$ (12)	$ 5

Restructuring Accruals

6 Months Ended

Jun. 30, 2026

Restructuring Accruals

Restructuring Accruals

7. Restructuring Accruals

Selected information related to the restructuring accruals for the three months ended June 30, 2026 and 2025 is as follows:


			Fit to Win program
		Employee			Asset			Other			Total
		Costs			Impairment			Exit Costs			Restructuring
Balance at April 1, 2026		$	113		$	—		$	68		$	181
Charges			10			2			5			17
Write-down of assets to net realizable value						(2)						(2)
Net cash paid, principally severance and related benefits			(42)						(13)			(55)
Other, including foreign exchange translation									(9)			(9)
Balance at June 30, 2026		$	81		$	—		$	51		$	132


			Fit to Win program									Other Restructuring
		Employee			Asset			Other			Employee			Asset			Other			Total
		Costs			Impairment			Exit Costs			Costs			Impairment			Exit Costs			Restructuring
Balance at April 1, 2025		$	78		$	—		$	32		$	6		$	—			4		$	120
Charges			8			104			1												113
Write-down of assets to net realizable value						(104)															(104)
Net cash paid, principally severance and related benefits			(46)						(2)			(1)						(1)			(50)
Other, including foreign exchange translation			7																		7
Balance at June 30, 2025		$	47		$	—		$	31		$	5		$	—		$	3		$	86

Selected information related to the restructuring accruals for the six months ended June 30, 2026 and 2025 is as follows:


			Fit to Win program
		Employee			Asset			Other			Total
		Costs			Impairment			Exit Costs			Restructuring
Balance at January 1, 2026		$	113		$			$	70		$	183
Charges			37			2			16			55
Write-down of assets to net realizable value						(2)						(2)
Net cash paid, principally severance and related benefits			(67)						(23)			(90)
Other, including foreign exchange translation			(2)						(12)			(14)
Balance at June 30, 2026		$	81		$	—		$	51		$	132


			Fit to Win program									Other Restructuring
		Employee			Asset			Other			Employee			Asset			Other			Total
		Costs			Impairment			Exit Costs			Costs			Impairment			Exit Costs			Restructuring
Balance at January 1, 2025		$	51		$	—		$	18		$	7		$	—		$	4		$	80
Charges			58			118			19												195
Write-down of assets to net realizable value						(118)															(118)
Net cash paid, principally severance and related benefits			(69)						(6)			(2)						(1)			(78)
Other, including foreign exchange translation			7																		7
Balance at June 30, 2025		$	47		$	—		$	31		$	5		$	—		$	3		$	86

When a decision is made to take restructuring actions, the Company manages and accounts for them programmatically apart from the ongoing operations of the business. Information related to major programs is presented separately, while minor initiatives are presented on a combined basis.

As of June 30, 2026, the Company’s only major restructuring program was the Fit to Win initiative, which is expected to reduce redundant production capacity and begin to optimize the network, as well as streamline other cost areas, such as selling, general and administrative expenses. Details regarding charges, payments and other changes to the Fit to Win restructuring accruals are presented in the tables above. The Fit to Win initiative is expected to last at least through 2026, but management does not yet have an estimate for the total restructuring charges to be incurred with this program.

For the three and six months ended June 30, 2026, the Company recorded restructuring, asset impairment and other charges of approximately $17 million and $55 million, respectively, to Other expense, net in the Condensed Consolidated Results of Operations, all of which related to the Fit to Win program. For the three months ended June 30, 2026, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and

other exit costs in the Americas segment ($4 million), and in the Europe segment ($13 million). For the six months ended June 30, 2026, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($7 million), Europe segment ($44 million) and Retained corporate costs and other ($4 million). As of June 30, 2026, the Company has incurred cumulative charges of approximately $700 million related to the Fit to Win program. Additional restructuring charges are expected in future quarters when management completes its assessment to reduce redundant production capacity and streamline costs. The Company expects that the majority of the remaining cash expenditures related to the accrued employee and other exit costs will be paid out over the next several years.

For the three and six months ended June 30, 2025, the Company recorded restructuring, asset impairment and other charges of approximately $113 million (which included $104 million related to its decision to halt the MAGMA program) and $195 million, respectively, to Other expense, net in the Condensed Consolidated Results of Operations, of which all related to the Fit to Win program. For the three months ended June 30, 2025, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($50 million), Europe segment ($3 million) and Retained corporate costs and other ($60 million). For the six months ended June 30, 2025, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($56 million), Europe segment ($55 million) and Retained corporate costs and other ($84 million). As of June 30, 2025, the Company had incurred cumulative charges of approximately $396 million related to the Fit to Win program.

The Company’s decisions to curtail selected production capacity have resulted in write-downs of certain long-lived assets to the extent their carrying value exceeded fair value or fair value less cost to sell. The Company classified the significant assumptions used to determine the fair value of the impaired assets in the period that the measurement was taken as Level 3 (third-party appraisals, where applicable) in the fair value hierarchy as set forth in the general accounting principles for fair value measurements. For the asset impairments recorded during the three and six months ended June 30, 2026, the remaining carrying value of the impaired assets was approximately $0.

CONSOLIDATED RESULTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONSOLIDATED RESULTS OF OPERATIONS
Net sales	$ 1,668	$ 1,706	$ 3,207	$ 3,273
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of goods sold	$ (1,454)	$ (1,407)	$ (2,794)	$ (2,694)
Gross profit	214	299	413	579
Selling and administrative expense	(75)	(106)	(173)	(213)
Research, development and engineering expense	(9)	(11)	(19)	(25)
Interest expense, net	(86)	(85)	(165)	(166)
Equity earnings	29	28	55	51
Other expense, net (incl. goodwill impairment)	(900)	(118)	(991)	(200)
Earnings (loss) before income taxes	(827)	7	(880)	26
Provision for income taxes	(138)	(6)	(156)	(36)
Net earnings (loss)	(965)	1	(1,036)	(10)
Net earnings attributable to noncontrolling interests	(7)	(6)	(10)	(10)
Net loss attributable to the Company	$ (972)	$ (5)	$ (1,046)	$ (20)
Basic earnings per share:
Net loss attributable to the Company (in dollars per share)	$ (6.33)	$ (0.03)	$ (6.83)	$ (0.13)
Weighted average shares outstanding (thousands) (in shares)	153,498	153,993	153,093	153,851
Diluted earnings per share:
Net loss attributable to the Company (in dollars per share)	$ (6.33)	$ (0.03)	$ (6.83)	$ (0.13)
Weighted average diluted shares outstanding (thousands) (in shares)	153,498	153,993	153,093	153,851

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Supplemental Cash Flow Information
Amount of receivables sold	$ 496	$ 544	$ 496	$ 544		$ 531
Receivables sold under supply chain factoring program	192	201	192	201		159
Interest paid in cash	173	178
Increase or decrease to cash from operating activities from factoring programs			(35)	9
Expense due to factoring program			8	9
Income taxes paid in cash
Income taxes paid in cash			60	50
Supply Chain Financing
Supplemental Cash Flow Information
Outstanding payment obligations to the financial institutions as part of SCF Programs	$ 62	$ 121	62	121	$ 63	$ 69	$ 68	$ 82
U.S.
Income taxes paid in cash
Income taxes paid in cash			9	7
Non-U.S.
Income taxes paid in cash
Income taxes paid in cash			$ 51	$ 43

Segment Information (Details)	6 Months Ended
Segment Information (Details)	Jun. 30, 2026 segment
Segment Information
Number of reportable segments	2
Number of operating segments	2

Pension Benefit Plans

6 Months Ended

Jun. 30, 2026

Pension Benefit Plans

Pension Benefit Plans

8. Pension Benefit Plans

The components of the net periodic pension cost for the three months ended June 30, 2026 and 2025 are as follows:


		U.S.						Non-U.S.
		Three months ended June 30,						Three months ended June 30,
		2026			2025			2026			2025
Service cost		$	1		$	1		$	2		$	2
Interest cost			10			11			9			9
Expected asset return			(12)			(12)			(8)			(8)
Amortization of actuarial loss			3			3			3			2
Net periodic pension cost		$	2		$	3		$	6		$	5

The components of the net periodic pension cost for the six months ended June 30, 2026 and 2025 are as follows:


		U.S.						Non-U.S.
		Six months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
Service cost		$	2		$	2		$	4		$	4
Interest cost			20			22			18			17
Expected asset return			(24)			(25)			(15)			(15)
Amortization of actuarial loss			7			6			5			4
Net periodic pension cost		$	5		$	5		$	12		$	10

The components of pension expense, other than the service cost component, are included in Other expense, net in 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 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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

Supplemental Cash Flow Information - Company's supplier finance programs (Details) - Supply Chain Financing - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Supplier Finance Program Obligation Roll Forward
Confirmed obligations outstanding at the beginning of the period	$ 63	$ 68	$ 69	$ 82
Invoices confirmed during the period	76	89	150	167
Confirmed invoices paid during the period	(77)	(36)	(157)	(128)
Confirmed obligations outstanding at the end of the period	$ 62	$ 121	$ 62	$ 121

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings (Loss) Per Share

Computation of basic and diluted earnings per share


	Three months ended June 30,
	2026		2025
Numerator:
Net loss attributable to the Company	$	(972)	$	(5)
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		153,498		153,993
Effect of dilutive securities:
Stock options and other
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		153,498		153,993
Basic loss per share:
Net loss attributable to the Company	$	(6.33)	$	(0.03)
Diluted loss per share:
Net loss attributable to the Company	$	(6.33)	$	(0.03)


	Six months ended June 30,
	2026		2025
Numerator:
Net loss attributable to the Company	$	(1,046)	$	(20)
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding		153,093		153,851
Effect of dilutive securities:
Stock options and other
Denominator for diluted earnings per share-adjusted weighted average shares outstanding		153,093		153,851
Basic loss per share:
Net loss attributable to the Company	$	(6.83)	$	(0.13)
Diluted loss per share:
Net loss attributable to the Company	$	(6.83)	$	(0.13)

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2026

Accumulated Other Comprehensive Loss

Component of accumulated other comprehensive income (loss)


											Total
											Accumulated
		Net Effect of			Change in Certain						Other
		Exchange Rate			Derivative			Employee			Comprehensive
		Fluctuations			Instruments			Benefit Plans			Loss
Balance on April 1, 2026		$	(999)		$	(85)		$	(474)		$	(1,558)
Change before reclassifications			86			(20)			(1)			65
Amounts reclassified from accumulated other comprehensive income (loss)						3	(a)		6	(b)		9
Translation effect									(1)			(1)
Tax effect						4			(1)			3
Other comprehensive income (loss) attributable to the Company			86			(13)			3			76
Balance on June 30, 2026		$	(913)		$	(98)		$	(471)		$	(1,482)


											Total
											Accumulated
		Net Effect of			Change in Certain						Other
		Exchange Rate			Derivative			Employee			Comprehensive
		Fluctuations			Instruments			Benefit Plans			Loss
Balance on April 1, 2025		$	(1,343)		$	(42)		$	(529)		$	(1,914)
Change before reclassifications			213			(83)			1			131
Amounts reclassified from accumulated other comprehensive income (loss)						3	(a)		5	(b)		8
Translation effect									(12)			(12)
Tax effect						3			(1)			2
Other comprehensive income (loss) attributable to the Company			213			(77)			(7)			129
Balance on June 30, 2025		$	(1,130)		$	(119)		$	(536)		$	(1,785)

(a)	Amount is recorded to cost of goods sold and interest expense, net in the Condensed Consolidated Results of Operations (see Note 6 for additional information).

(b)	Amount is included in the computation of net periodic pension cost (see Note 8 for additional information) and net post-retirement benefit cost.

Total

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss attributable to the Company	$ (972)	$ (5)	$ (1,046)	$ (20)
Denominator (in thousands):
Denominator for basic earnings per share-weighted average shares outstanding	153,498,000	153,993,000	153,093,000	153,851,000
Effect of dilutive securities:
Denominator for diluted earnings per share-adjusted weighted average shares outstanding	153,498,000	153,993,000	153,093,000	153,851,000
Basic earnings per share:
Net loss attributable to the Company (in dollars per share)	$ (6.33)	$ (0.03)	$ (6.83)	$ (0.13)
Diluted earnings per share:
Net loss attributable to the Company (in dollars per share)	$ (6.33)	$ (0.03)	$ (6.83)	$ (0.13)
Weighted average shares of common stock attributable to options not included in diluted earnings per share (in shares)	1,721,046	371,732	1,121,653	537,764

Share Owners' Equity - Authorization of Common Stock (Details) - $ / shares	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
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)	184,180,000	183,531,000	184,985,000
Treasury shares	30,521,000	30,558,000	30,912,000

Goodwill

6 Months Ended

Jun. 30, 2026

Goodwill.

Goodwill

5. Goodwill

The changes in the carrying amount of goodwill at June 30, 2026, December 31, 2025 and June 30, 2025 are as follows:



		Europe			Americas			Total
Balance as of June 30, 2025		$	896		$	571		$	1,467
Translation effects			1			19			20
Balance as of December 31, 2025			897			590			1,487
Impairment			(873)						(873)
Translation effects			(24)			18			(6)
Balance as of June 30, 2026		$	—		$	608		$	608

As part of its on-going assessment of goodwill, the Company determined that indicators of impairment occurred during the second quarter of 2026, including a significant reduction of its share price and lower projected earnings and cash flow from its European operations. The Company's business in Europe has experienced a combination of softer demand and an increasingly competitive market backdrop, which pressured price amid low-capacity utilization. In the second quarter of 2026, higher operating costs associated with recent plant restructuring actions in Europe also impacted operations more negatively. Higher global energy costs in Europe are also expected in future periods driven by the conflicts in the Middle East. These factors, combined with the narrow difference between the estimated fair value and carrying value of the Europe reporting unit as of December 31, 2025, resulted in the Company performing an interim impairment analysis during the second quarter of 2026. As a result, the Company recorded a non-cash impairment charge of $873 million in the second quarter of 2026, which was equal to the excess of the Europe reporting unit's carrying value over its fair value and resulted in a complete impairment of Europe’s goodwill balance. Goodwill related to the Company’s Latin America reporting unit (Americas segment) was determined to not be impaired as a result of the interim impairment analysis and no goodwill remains on the Company's North America reporting unit.

When performing its test for goodwill impairment, the Company compares the business enterprise value (“BEV”) of each reporting unit with its carrying value. The BEV is computed based on estimated future cash flows, discounted at the weighted average cost of capital of a hypothetical third-party buyer. If the BEV is less than the carrying value for any reporting unit, then any excess of the carrying value over the BEV is recorded as an impairment loss. The calculations of the BEV are based on significant internal and external inputs, such as projected future cash flows of the reporting units, discount rates, and terminal business value, among other assumptions. The valuation approach utilized by management represents a Level 3 fair value measurement measured on a non-recurring basis in the fair value hierarchy due to the Company’s use of unobservable inputs. The Company’s projected future cash flows incorporates management’s best estimates of the expected future results including, but not limited to, price trends, customer demand, material costs, asset replacement costs and any other known factors.

The remaining balance of goodwill in Latin America remains susceptible to future impairment charges. If the Company’s projected future cash flows were substantially lower, or if the assumed weighted average cost of capital were substantially higher, the testing performed during the second quarter of 2026 may have resulted in an impairment in the Company’s Latin America reporting unit. Any impairment charges that the Company may take in the future could be material to its consolidated results of operations and financial condition.

As a result of the impairment of Europe’s goodwill balance, the Company conducted a review during the second quarter of 2026 and determined there was no impairment of Europe’s long-lived assets.

Goodwill for the Americas segment is net of accumulated impairment losses of $1,040 million as of June 30, 2025, December 31, 2025, and June 30, 2026.

- Definition

The entire disclosure for goodwill.

+ References + Details

Debt

6 Months Ended

Jun. 30, 2026

Debt

Debt

10. Debt

The following table summarizes the long-term debt of the Company at June 30, 2026, December 31, 2025, and June 30, 2025:


		June 30,			December 31,			June 30,
		2026			2025			2025
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans		$	130		$	—		$	—
Term Loans:
Term Loans A			790			799
Term Loans B			640			643
Previous Secured Credit Agreement:
Revolving Credit Facility:									205
Revolving Loans
Term Loans:
Term Loans A									1,339
Senior Notes:
6.625%, due 2027						610			610
6.250%, due 2028 (€600 million)			680			700			699
5.250%, due 2029 (€500 million)			565			581			580
4.750%, due 2030			398			397			397
7.250%, due 2031			684			684			683
7.375%, due 2032			297			297			296
9.500%, due 2033			493
Finance leases			152			174			186
Other			27			18			8
Total long-term debt			4,856			4,903			5,003
Less amounts due within one year			63			66			105
Long-term debt		$	4,793		$	4,837		$	4,898

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 September 30, 2025, certain of the Company’s subsidiaries entered into an Amended and Restated Credit Agreement and Syndicated Facility Agreement (the “Credit Agreement”), which refinanced in full the previous credit agreement. The Credit Agreement provides for up to $2.7 billion of borrowings pursuant to term loans A, term loans B and a revolving credit facility. The term loans A mature, and the revolving credit facility terminates, in September 2030, and the term loans B mature in September 2032; provided, however, that if any of the senior notes issued by certain subsidiaries of the Company are outstanding on the date that is 91 days prior to the maturity date for such senior notes (any such date, a “Springing Maturity Date”), then the term loans A, the revolving credit facility and the term loans B will mature and terminate, as applicable, on such Springing Maturity Date. Borrowings under the Credit Agreement are secured by certain collateral of the Company and certain of its subsidiaries.

At June 30, 2026, the Credit Agreement includes a $1.25 billion multicurrency revolving credit facility, the U.S. dollar equivalent of $800 million in term loan A facilities ($790 million outstanding balance at June 30, 2026, net of debt issuance costs) and $650 million in term loan B facilities ($640 million outstanding balance at June 30, 2026, net of debt issuance costs). At June 30, 2026, the Company’s subsidiaries that are party to the Credit Agreement had unused credit of $1.11 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 June 30, 2026 was 5.50%.

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, for the benefit of lenders under the term loans A and the revolving credit facility (and, following an acceleration of the term loans A and the revolving credit facility, for the benefit of the lenders under the term loans B) that requires the Company and certain of its subsidiaries, collectively, 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 such capitalized term is defined in the Credit Agreement. The Secured Leverage Ratio could restrict the ability of the Company and certain of its subsidiaries 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 applicable borrowers under the Credit Agreement would not be able to request borrowings under the revolving credit facility, 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 could result in a default under a number of other outstanding debt securities and could lead to an acceleration of obligations related to these debt securities. As of June 30, 2026, 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 for the Term Loans A and the revolving credit facility. The interest rate on borrowings under the Credit Agreement is, at the option of the applicable borrower, the Base Rate, Term SOFR or, for non-U.S. Dollar borrowings only, the Eurocurrency Rate (each such capitalized term as defined in the Credit Agreement), plus an applicable margin. The applicable margin, for the Term Loans A and the revolving credit facility, ranges from 1.00% to 1.75% for Term SOFR loans and Eurocurrency Rate loans and from 0.00% to 0.75% for Base Rate loans. The applicable margin, for the Term Loans B, is 3.00% for Term SOFR loans. In addition, a commitment fee is payable on the unused revolving credit facility commitments ranging from 0.20% to 0.35% per annum, depending on 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.

In May 2026, the Company issued $500 million aggregate principal amount of senior notes that bear interest at 9.500% and mature on June 1, 2033. The senior notes were issued via private placements and are guaranteed by certain of the Company’s subsidiaries. The net proceeds, after deducting debt issuance costs, were used to repurchase and redeem the aggregate principal amounts described in the May 2026 redemption below.

In May 2026, the Company redeemed $612 million aggregate principal amount of the outstanding 6.625% Senior Notes due 2027. The redemption was funded in part with the proceeds from the May 2026 senior notes issuances described above. The Company recorded approximately $1 million of additional interest charges related to this senior note redemption for the write-off of unamortized finance fees.

The Company assesses its capital raising and refinancing needs on an ongoing basis and may enter into additional credit facilities and seek to issue equity and/or debt securities in the domestic and international capital markets if market

conditions are favorable. Also, depending on market conditions, the Company may elect to repurchase portions of its debt securities in the open market.

The carrying amounts reported for certain long-term debt obligations subject to frequently redetermined interest rates approximate fair value. Fair values for the Company’s significant fixed rate debt obligations are based on published market quotations and are classified as Level 1 in the fair value hierarchy. Fair values at June 30, 2026 of the Company’s significant fixed rate debt obligations are as follows:


		Principal			Indicated Market
		Amount			Price			Fair Value
Senior Notes:
6.250%, due 2028 (€600 million)		$	683			101.61		$	694
5.250%, due 2029 (€500 million)			569			101.76			579
4.750%, due 2030			400			94.99			380
7.250%, due 2031			690			98.82			682
7.375%, due 2032			300			96.05			288
9.500%, due 2033			500			102.50			513

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

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-Section S99
-Paragraph 1
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Reference 6: 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 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 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Paragraph 8A
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories (Tables)

6 Months Ended

Jun. 30, 2026

Inventories

Schedule of major classes of inventory


		June 30,			December 31,			June 30,
		2026			2025			2025
Finished goods		$	755		$	781		$	742
Raw materials			150			182			196
Operating supplies			42			39			52
		$	947		$	1,002		$	990

Derivative Instruments

6 Months Ended

Jun. 30, 2026

Derivative Instruments

Derivative Instruments

6. 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 $12 million and $0 million at June 30, 2026 and December 31, 2025, respectively, and an unrecognized gain of $1 million at June 30, 2025 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. The Company uses derivatives to manage these exposures and designates these derivatives as cash flow hedges of foreign exchange risk.

No unrecognized gains related to cross-currency swaps were included in Accumulated OCI at June 30, 2026, December 31, 2025 and June 30, 2025.

Fair Value Hedges of Foreign Exchange Risk

The Company has fixed and variable interest rate borrowings denominated in currencies other than the functional currency of the borrowing subsidiaries. As a result, the Company is exposed to fluctuations in the currency of the borrowing against the subsidiaries’ functional currency. The Company uses derivatives to manage these exposures and designates these derivatives as fair value hedges of foreign exchange risk. Approximately $4 million, $1 million and $2 million of the components were excluded from the assessment of effectiveness and are included in Accumulated OCI at June 30, 2026, December 31, 2025 and June 30, 2025, respectively.

Net Investment Hedges

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

Foreign Exchange Derivative Contracts Not Designated as Hedging Instruments

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

Balance Sheet Classification

The following table shows the amount and classification (as noted above) of the Company’s derivatives at June 30, 2026, December 31, 2025 and June 30, 2025:


	Fair Value of						Fair Value of
	Hedge Assets						Hedge Liabilities
	June 30,		December 31,		June 30,		June 30,		December 31,		June 30,
	2026		2025		2025		2026		2025		2025
Derivatives designated as hedging instruments:
Commodity forward contracts and collars (a)	$	15	$	—	$	—	$	3	$	2	$	1
Fair value hedges of foreign exchange risk (b)		1		1		1		69		78		163
Net investment hedges (c)		11		11		9		173		207		142
Total derivatives accounted for as hedges	$	27	$	12	$	10	$	245	$	287	$	306
Derivatives not designated as hedges:
Foreign exchange derivative contracts (d)				2		14		2				1
Total derivatives	$	27	$	14	$	24	$	247	$	287	$	307


Current	$	23	$	14	$	24	$	62	$	71	$	157
Noncurrent		4				—		185		216		150
Total derivatives	$	27	$	14	$	24	$	247	$	287	$	307

(a)

(b)	The notional amounts of the fair value hedges of foreign exchange risk were $400 million at June 30, 2026 and December 31, 2025 and $816 million at June 30, 2025. The maximum maturity dates are in 2030 at June 30, 2026, December 31, 2025 and June 30, 2025.

(c)	The notional amounts of the net investment hedges were €1,176 million at June 30, 2026, and December 31, 2025 and €844 million at June 30, 2025. The maximum maturity dates are in 2028 at June 30, 2026, December 31, and at June 30, 2025.

(d)	The notional amounts of the foreign exchange derivative contracts were $294 million, $526 million and $506 million at June 30, 2026, December 31, 2025 and June 30, 2025, respectively. The maximum maturity dates are in 2026 at June 30, 2026 and December 31, 2025 and 2025 at June 30, 2025.


	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Three months ended June 30,				Three months ended June 30,
Derivatives designated as hedging instruments:	2026		2025		2026		2025
Cash Flow Hedges
Commodity forward contracts and collars (a)	$	(11)	$	(1)	$	—	$	—
Net Investment Hedges
Net Investment Hedges (b)		4		(74)		3		3
	$	(7)	$	(75)	$	3	$	3


	Gain (Loss) Recognized in OCI (Effective Portion)				Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)
	Six months ended June 30,				Six months ended June 30,
Derivatives designated as hedging instruments:	2026		2025		2026		2025
Cash Flow Hedges
Commodity forward contracts and collars (a)	$	(12)	$	5	$	—	$	—
Net Investment Hedges
Net Investment Hedges (b)		40		(111)		6		6
	$	28	$	(106)	$	6	$	6


	Amount of Gain (Loss) Recognized in Other expense, net				Amount of Gain (Loss) Recognized in Other expense, net
	Three months ended June 30,				Six months ended June 30,
Derivatives not designated as hedges:	2026		2025		2026		2025
Foreign exchange derivative contracts	$	(1)	$	19	$	(5)	$	25

(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.

- Definition

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

+ References

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+ Details

Pension Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2026

Pension Benefit Plans.

Defined Benefit Plans and Other Postretirement Benefit Plans

Components of net periodic pension cost


		U.S.						Non-U.S.
		Three months ended June 30,						Three months ended June 30,
		2026			2025			2026			2025
Service cost		$	1		$	1		$	2		$	2
Interest cost			10			11			9			9
Expected asset return			(12)			(12)			(8)			(8)
Amortization of actuarial loss			3			3			3			2
Net periodic pension cost		$	2		$	3		$	6		$	5


		U.S.						Non-U.S.
		Six months ended June 30,						Six months ended June 30,
		2026			2025			2026			2025
Service cost		$	2		$	2		$	4		$	4
Interest cost			20			22			18			17
Expected asset return			(24)			(25)			(15)			(15)
Amortization of actuarial loss			7			6			5			4
Net periodic pension cost		$	5		$	5		$	12		$	10

Share Owners' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Share Owners' Equity

Activity in share owner's equity


		Share Owners’ Equity of the Company
											Retained			Accumulated
					Capital in						Earnings/			Other			Non-			Total Share
		Common			Excess of			Treasury			(Accumulated			Comprehensive			controlling			Owners'
		Stock			Par Value			Stock			Deficit)			Loss			Interests			Equity
Balance on April 1, 2026		$	2		$	3,024			(667)		$	475		$	(1,558)		$	156		$	1,432
Reissuance of common stock (0.2 million shares)						(3)			6												3
Net earnings (loss)												(972)						7			(965)
Other comprehensive income															76			5			81
Distributions to non-controlling interests																		(12)			(12)
Balance on June 30, 2026		$	2		$	3,021		$	(661)		$	(497)		$	(1,482)		$	156		$	539


		Share Owners’ Equity of the Company
														Accumulated
					Capital in									Other			Non-			Total Share
		Common			Excess of			Treasury			Retained			Comprehensive			controlling			Owners'
		Stock			Par Value			Stock			Earnings			Loss			Interests			Equity
Balance on April 1, 2025		$	2		$	3,045		$	(679)		$	660		$	(1,914)		$	135		$	1,249
Reissuance of common stock (0.2 million shares)						(2)			5												3
Shares repurchased (0.9 million shares)						(10)															(10)
Stock compensation (0.1 million shares)						4															4
Net earnings (loss)												(5)						6			1
Other comprehensive income															129						129
Distributions to non-controlling interests																		(8)			(8)
Balance on June 30, 2025		$	2		$	3,037		$	(674)		$	656		$	(1,785)		$	133		$	1,369


		Share Owners’ Equity of the Company
											Retained			Accumulated
					Capital in						Earnings/			Other			Non-			Total Share
		Common			Excess of			Treasury			(Accumulated			Comprehensive			controlling			Owners'
		Stock			Par Value			Stock			Deficit)			Loss			Interests			Equity
Balance on January 1, 2026		$	2		$	3,031		$	(667)		$	548		$	(1,620)		$	151		$	1,445
Reissuance of common stock (0.4 million shares)						(5)			10												5
Shares repurchased (0.6 million shares)						(10)															(10)
Stock compensation (0.9 million shares)						5															5
Net earnings (loss)												(1,046)						10			(1,036)
Other comprehensive income															138			7			145
Distributions to non-controlling interests																		(12)			(12)
Other									(4)												(4)
Balance on June 30, 2026		$	2		$	3,021		$	(661)		$	(497)		$	(1,482)		$	156		$	539


		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, 2025		$	2		$	3,053		$	(677)		$	676		$	(1,975)		$	126		$	1,205
Reissuance of common stock (0.4 million shares)						(4)			10												6
Shares repurchased (0.6 million shares)						(20)															(20)
Stock compensation (0.9 million shares)						8															8
Net earnings (loss)												(20)						10			(10)
Other comprehensive income															190			5			195
Distributions to non-controlling interests																		(8)			(8)
Other									(7)												(7)
Balance on June 30, 2025		$	2		$	3,037		$	(674)		$	656		$	(1,785)		$	133		$	1,369

Schedule of shares outstanding


		Shares Outstanding (in thousands)
		June 30,		December 31,		June 30,
		2026		2025		2025

Shares of common stock issued (including treasury shares)		184,180		183,531		184,985

Treasury shares		30,521		30,558		30,912

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

+ Details

Derivative Instruments - Balance Sheet Classification (Details) € in Millions, $ / BTU in Millions, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2026 USD ($) $ / BTU	Jun. 30, 2025 USD ($) $ / BTU	Dec. 31, 2025 USD ($) $ / BTU	Jun. 30, 2026 EUR (€)	Dec. 31, 2025 EUR (€)	Jun. 30, 2025 EUR (€)
Derivatives, Fair Value
Total asset derivatives	$ 27	$ 24	$ 14
Total liability derivatives	247	307	287
Current derivative asset	23	24	14
Current derivative liability	62	157	71
Noncurrent derivative asset	4
Noncurrent derivative liability	185	150	216
Derivatives designated as hedging instruments
Derivatives, Fair Value
Total asset derivatives	27	10	12
Total liability derivatives	$ 245	$ 306	$ 287
Derivatives designated as hedging instruments \| Commodity forward contracts and collars
Derivatives, Fair Value
British Thermal Units ("BTUs") \| $ / BTU	32	9	9
Total asset derivatives	$ 15
Total liability derivatives	3	$ 1	$ 2
Derivatives designated as hedging instruments \| Foreign exchange risk
Derivatives, Fair Value
Notional amount	400	816	400
Total asset derivatives	1	1	1
Total liability derivatives	69	163	78
Derivatives designated as hedging instruments \| Net investment hedges
Derivatives, Fair Value
Notional amount \| €				€ 1,176	€ 1,176	€ 844
Total asset derivatives	11	9	11
Total liability derivatives	173	142	207
Derivatives not designated as hedging instruments \| Foreign exchange contracts
Derivatives, Fair Value
Notional amount	294	506	526
Total asset derivatives		14	$ 2
Total liability derivatives	$ 2	$ 1