O-I Glass (OI) 10-Q2 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2023 shares
Cover
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	1-9576
Entity Registrant Name	O-I GLASS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2781933
Entity Address, Address Line One	One Michael Owens Way
Entity Address, City or Town	Perrysburg
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43551
City Area Code	567
Local Phone Number	336-5000
Title of 12(b) Security	Common Stock, $.01 par value
Security Exchange Name	NYSE
Trading Symbol	OI
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	155,059,935
Entity Central Index Key	0000812074
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED RESULTS

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

CONDENSED CONSOLIDATED COMPREHE

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

CONDENSED CONSOLIDATED BALANCE

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

CONDENSED CONSOLIDATED BALANC_2

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

CONDENSED CONSOLIDATED CASH FLO

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

Segment Information

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2023
Segment Information
Segment Information	1. Segment Information The Company has two reportable segments and two operating segments based on its geographic locations: the Americas and Europe. These segments are aligned with the Company’s internal approach to managing, reporting, and evaluating performance of its global glass operations. Certain assets and activities not directly related to one of the segments or to glass manufacturing are reported with Retained corporate costs and other. These include licensing, equipment manufacturing, global engineering, certain equity investments and the remaining businesses in the Asia Pacific region that do not meet the criteria of an individually reportable segment after the sale of the Company’s Australia and New Zealand businesses in 2020. Retained corporate costs and other also includes certain headquarters administrative and facilities costs and certain incentive compensation and other benefit plan costs that are global in nature and are not allocable to the reportable segments. The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings before interest income, interest expense, and provision (benefit) for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations and other adjustments, as well as certain retained corporate costs. The Company’s management, including the chief operating decision maker (defined as the chief executive officer), uses segment operating profit, in combination with net sales and selected cash flow information, to evaluate performance and to allocate resources. Segment operating profit for reportable segments includes an allocation of some corporate expenses based on both a percentage of sales and direct billings based on the costs of specific services provided. Segment operating profit is not a recognized term under accounting principles generally accepted in the United States (“U.S. GAAP”) and, therefore, does not purport to be an alternative to earnings before income taxes. Further, the Company's measure of segment operating profit may not be comparable to similarly titled measures of other companies. Financial information for the three and six months ended June 30, 2023 and 2022 regarding the Company’s reportable segments is as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Net sales: Americas $ 996 $ 971 $ 1,996 $ 1,912 Europe 863 765 1,662 1,474 Reportable segment totals 1,859 1,736 3,658 3,386 Other 31 42 63 83 Net sales $ 1,890 $ 1,778 $ 3,721 $ 3,469 Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Earnings before income taxes $ 154 $ 328 $ 424 $ 498 Items excluded from segment operating profit: Retained corporate costs and other 54 53 114 103 Gain on sale of divested business (55) Gain on sale leaseback (182) (182) Restructuring, asset impairment and other charges 12 12 Interest expense, net 118 46 186 112 Segment operating profit $ 326 $ 257 $ 724 $ 488 Americas $ 126 $ 130 $ 303 $ 258 Europe 200 127 421 230 Reportable segment totals $ 326 $ 257 $ 724 $ 488 Financial information regarding the Company’s total assets is as follows: June 30, December 31, June 30, 2023 2022 2022 Total assets: Americas $ 5,574 $ 5,109 $ 5,028 Europe 3,652 3,392 3,325 Reportable segment totals 9,226 8,501 8,353 Other 685 560 520 Consolidated totals $ 9,911 $ 9,061 $ 8,873

Revenue

Revenue	6 Months Ended
Revenue	Jun. 30, 2023
Revenue
Revenue	2. Revenue Revenue is recognized at a point in time when obligations under the terms of the Company’s contracts and related purchase orders with its customers are satisfied. This occurs with the transfer of control of glass containers, which primarily takes place when products are shipped from the Company’s manufacturing or warehousing facilities to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimated provisions for rebates, discounts, returns and allowances. Amounts billed to customers related to shipping and handling or other pass-through items are included in net sales in the Condensed Consolidated Results of Operations. Sales, value-added, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company’s payment terms are based on customary business practices and can vary by customer type. The term between invoicing and when payment is due is not significant. Also, the Company elected to account for shipping and handling costs as a fulfillment cost at the time of shipment. For the three- and six-month periods ended June 30, 2023 and June 30, 2022, the Company had no material bad debt expense, and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Condensed Consolidated Balance Sheets. The following tables for the three months ended June 30, 2023 and 2022 disaggregate the Company’s revenue by customer end use: Three months ended June 30, 2023 Americas Europe Total Alcoholic beverages (beer, wine, spirits) $ 585 $ 647 $ 1,232 Food and other 226 130 356 Non-alcoholic beverages 185 86 271 Reportable segment totals $ 996 $ 863 $ 1,859 Other 31 Net sales $ 1,890 Three months ended June 30, 2022 Americas Europe Total Alcoholic beverages (beer, wine, spirits) $ 613 $ 576 $ 1,189 Food and other 199 122 321 Non-alcoholic beverages 159 67 226 Reportable segment totals $ 971 $ 765 $ 1,736 Other 42 Net sales $ 1,778 The following tables for the six months ended June 30, 2023 and 2022 disaggregate the Company’s revenue by customer end use: Six months ended June 30, 2023 Americas Europe Total Alcoholic beverages (beer, wine, spirits) $ 1,194 $ 1,251 $ 2,445 Food and other 444 256 700 Non-alcoholic beverages 358 155 513 Reportable segment totals $ 1,996 $ 1,662 $ 3,658 Other 63 Net sales $ 3,721 Six months ended June 30, 2022 Americas Europe Total Alcoholic beverages (beer, wine, spirits) $ 1,189 $ 1,113 $ 2,302 Food and other 413 232 645 Non-alcoholic beverages 310 129 439 Reportable segment totals $ 1,912 $ 1,474 $ 3,386 Other 83 Net sales $ 3,469

Credit Losses

Credit Losses	6 Months Ended
Credit Losses	Jun. 30, 2023
Credit Losses
Credit Losses	3. Credit Losses The Company is exposed to credit losses primarily through its sales of glass containers to customers. The Company’s trade receivables from customers are due within one year or less. The Company assesses each customer’s ability to pay before it sells glass containers to them by conducting a credit review. The credit review considers the expected billing exposure and timing for payment and the customer’s established credit rating or the Company’s assessment of the customer’s creditworthiness, based on an analysis of their financial statements when a credit rating is not available. The Company also considers contract terms and conditions, country and political risk, and business strategy in its evaluation. A credit limit is established for each customer based on the outcome of this review. The Company may require collateralized asset support or a prepayment to mitigate credit risk. The Company monitors its ongoing credit exposure through the active review of customer balances against contract terms and due dates, including timely account reconciliation, dispute resolution and payment confirmation. The Company may employ collection agencies and legal counsel to pursue the recovery of defaulted receivables. At June 30, 2023 and June 30, 2022, the Company reported $984 million and $957 million of accounts receivable, respectively, net of allowances of $34 million and $29 million, respectively. Changes in the allowance were not material for each of the three and six months ended June 30, 2023 and June 30, 2022.

Inventories

Inventories	6 Months Ended
Inventories	Jun. 30, 2023
Inventories
Inventories	4. Inventories Major classes of inventory at June 30, 2023, December 31, 2022 and June 30, 2022 are as follows: June 30, December 31, June 30, 2023 2022 2022 Finished goods $ 813 $ 667 $ 618 Raw materials 171 137 115 Operating supplies 53 44 42 $ 1,037 $ 848 $ 775

Derivative Instruments

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 30, 2023
Derivative Instruments
Derivative Instruments	5. Derivative Instruments The Company has certain derivative assets and liabilities, which consist of natural gas forwards and collars, foreign exchange option and forward contracts, interest rate swaps and cross-currency swaps. The valuation of these instruments is determined primarily using the income approach, including discounted cash flow analysis on the expected cash flows of each derivative. Natural gas prices, foreign exchange rates and interest rates are the significant inputs into the valuation models. The Company also evaluates counterparty risk in determining fair values. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Estimates of the fair value of foreign currency and commodity derivative instruments are determined using exchange traded prices and rates. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. These inputs are observable in active markets over the terms of the instruments the Company holds, and, accordingly, the Company classifies its derivative assets and liabilities as Level 2 in the hierarchy. Commodity Forward Contracts and Collars Designated as Cash Flow Hedges An unrecognized loss of Cash Flow Hedges of Foreign Exchange Risk An unrecognized gain of $0 million, $1 million and $1 million at June 30, 2023, December 31, 2022 and June 30, 2022, respectively, related to these cross-currency swaps, was included in Accumulated OCI, and will be reclassified into earnings within the next 12 months. Fair Value Hedges of Foreign Exchange Risk The Company has fixed and variable interest rate borrowings denominated in currencies other than the functional currency of the borrowing subsidiaries. As a result, the Company is exposed to fluctuations in the currency of the borrowing against the subsidiaries’ functional currency. The Company uses derivatives to manage these exposures and designates these derivatives as fair value hedges of foreign currency exchange risk. Approximately $10 million, $16 million and $6 million of the components were excluded from the assessment of effectiveness and are included in Accumulated OCI at June 30, 2023, December 31, 2022 and June 30, 2022, respectively. Interest Rate Swaps Designated as Fair Value Hedges The Company enters into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. The Company’s fixed-to-variable interest rate swaps are accounted for as fair value hedges. The relevant terms of the swap agreements match the corresponding terms of the notes, and therefore, there is no hedge ineffectiveness. The Company recorded the net of the fair market values of the swaps as a long-term liability and short-term asset, along with a corresponding net decrease in the carrying value of the hedged debt. During the second quarter of 2023, the Company terminated interest rate swaps with a notional amount of €725 million as a result of debt refinancing activity. This resulted in cash outflows of approximately Net Investment Hedges The Company is exposed to fluctuations in foreign exchange rates on investments it holds in non-U.S. subsidiaries and uses cross-currency swaps to partially hedge this exposure. Foreign Exchange Derivative Contracts Not Designated as Hedging Instruments The Company uses short-term forward exchange or option agreements to purchase foreign currencies at set rates in the future. These agreements are used to limit exposure to fluctuations in foreign currency exchange rates for significant planned purchases of fixed assets or commodities that are denominated in currencies other than the subsidiaries’ functional currency. The Company also uses foreign exchange agreements to offset the foreign currency exchange rate risk for receivables and payables, including intercompany receivables, payables, and loans, not denominated in, or indexed to, their functional currencies. Balance Sheet Classification The following table shows the amount and classification (as noted above) of the Company’s derivatives at June 30, 2023, December 31, 2022 and June 30, 2022: Fair Value of Fair Value of Hedge Assets Hedge Liabilities June 30, December 31, June 30, June 30, December 31, June 30, 2023 2022 2022 2023 2022 2022 Derivatives designated as hedging instruments: Commodity forward contracts and collars (a) $ — $ 3 $ 2 $ 18 $ 9 $ 6 Interest rate swaps - fair value hedges (b) 44 28 Cash flow hedges of foreign exchange risk (c) 3 1 Fair value hedges of foreign exchange risk (d) 17 7 17 98 62 2 Net investment hedges (e) 8 3 16 45 28 Total derivatives accounted for as hedges $ 25 $ 13 $ 35 $ 164 $ 143 $ 37 Derivatives not designated as hedges: Foreign exchange derivative contracts (f) 1 5 2 7 2 — Total derivatives $ 26 $ 18 $ 37 $ 171 $ 145 $ 37 Current $ 26 $ 15 $ 14 $ 18 $ 32 $ 12 Noncurrent 3 23 153 113 25 Total derivatives $ 26 $ 18 $ 37 $ 171 $ 145 $ 37 (a) The notional amount of the commodity forward contracts and collars was approximately 43 million, 46 million, and 44 million British Thermal Units (“BTUs”) at June 30, 2023, December 31, 2022, and June 30, 2022, respectively. The maximum maturity dates are in 2027 at June 30, 2023, December 31, 2022, and June 30, 2022. (b) The notional amounts of the interest rate swaps designated as fair value hedges were €0 million at June 30, 2023 and €725 million at December 31, 2022 and June 30, 2022. (c) The notional amounts of the cash flow hedges of foreign exchange risk were 477 million Mexican pesos at June 30, 2023, 0 Mexican pesos at December 31, 2022 and 514 million Mexican pesos at June 30, 2022. The maximum maturity dates are in 2023 at June 30, 2023 and in 2022 at June 30, 2022. (d) The notional amounts of the fair value hedges of foreign exchange risk were $844 million at June 30, 2023, $844 million at December 31, 2022 and $850 million at June 30, 2022. The maximum maturity dates are in 2030 at June 30, 2023, December 31, 2022 and June 30, 2022. (e) The notional amounts of the net investment hedges were €483 million at June 30, 2023, €358 million at December 31, 2022 and €324 million at June 30, 2022. The maximum maturity dates are in 2026 at June 30, 2023, December 31, 2022 and June 30, 2022. (f) The notional amounts of the foreign exchange derivative contracts were $417 million, $245 million and $334 million at June 30, 2023, December 31, 2022 and June 30, 2022, respectively. The maximum maturity dates are in 2024 at June 30, 2023, and in 2023 at December 31, 2022 and June 30, 2022. Gain (Loss) Recognized in OCI (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1) Three months ended June 30, Three months ended June 30, Derivatives designated as hedging instruments: 2023 2022 2023 2022 Cash Flow Hedges Commodity forward contracts and collars (a) $ (5) $ (3) $ (7) $ 2 Cash flow hedges of foreign exchange risk (a) (1) (1) Net Investment Hedges Net Investment Hedges (b) (4) 27 1 2 $ (10) $ 24 $ (7) $ 4 Gain (Loss) Recognized in OCI (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1) Six months ended June 30, Six months ended June 30, Derivatives designated as hedging instruments: 2023 2022 2023 2022 Cash Flow Hedges Commodity forward contracts and collars (a) $ (23) $ (3) $ (11) $ 2 Cash flow hedges of foreign exchange risk (a) (3) 13 — 14 Net Investment Hedges Net Investment Hedges (b) (10) 32 2 3 $ (36) $ 42 $ (9) $ 19 Amount of Gain (Loss) Recognized in Other income (expense), net Amount of Gain (Loss) Recognized in Other income (expense), net Three months ended June 30, Six months ended June 30, Derivatives not designated as hedges: 2023 2022 2023 2022 Foreign exchange derivative contracts $ (5) $ (19) $ (6) $ (16) (1) Gains and losses reclassified from Accumulated OCI and recognized in income are recorded to (a) cost of goods sold or (b) interest expense, net.

Restructuring Accruals

Restructuring Accruals	6 Months Ended
Restructuring Accruals	Jun. 30, 2023
Restructuring Accruals
Restructuring Accruals	6 . Restructuring Accruals Selected information related to the restructuring accruals for the three months ended June 30, 2023 and 2022 is as follows: Employee Asset Other Total Costs Impairment Exit Costs Restructuring Balance at April 1, 2023 $ 14 $ — $ 7 $ 21 Net cash paid, principally severance and other exit costs (3) (1) (4) Balance at June 30, 2023 $ 11 $ — $ 6 $ 17 Employee Asset Other Total Costs Impairment Exit Costs Restructuring Balance at April 1, 2022 $ 17 $ — $ 10 $ 27 Charges 3 1 7 11 Write-down of assets to net realizable value (1) (1) Net cash paid, principally severance and related benefits (2) (2) (4) Other, including foreign exchange translation (1) (1) Balance at June 30, 2022 $ 17 $ — $ 15 $ 32 Selected information related to the restructuring accruals for the six months ended June 30, 2023 and 2022 is as follows: Employee Asset Other Total Costs Impairment Exit Costs Restructuring Balance at January 1, 2023 $ 17 $ — $ 10 $ 27 Net cash paid, principally severance and related benefits (6) (4) (10) Balance at June 30, 2023 $ 11 $ — $ 6 $ 17 Employee Asset Other Total Costs Impairment Exit Costs Restructuring Balance at January 1, 2022 $ 20 $ — $ 11 $ 31 Charges 3 1 7 11 Write-down of assets to net realizable value (1) (1) Net cash paid, principally severance and related benefits (5) (3) (8) Other, including foreign exchange translation (1) (1) Balance at June 30, 2022 $ 17 $ — $ 15 $ 32 When a decision is made to take restructuring actions, the Company manages and accounts for them programmatically apart from the ongoing operations of the business. Information related to major programs is presented separately, while minor initiatives are presented on a combined basis. As of June 30, 2023 and 2022, no major restructuring programs were in effect. For the three and six months ended June 30, 2022, the Company implemented several discrete restructuring initiatives and recorded restructuring and other charges of $11 million. These charges consisted of employee costs, such as severance and benefit-related costs and other exit costs (including related consulting costs attributed to restructuring of managed services activities) at a number of the Company’s locations in the Americas and Europe. These restructuring charges were discrete actions and are expected to approximate the total cumulative costs for those actions as no significant additional costs are expected to be incurred. For the three and six months ended June 30, 2022, these charges were recorded to Other income (expense), net on the Condensed Consolidated Results of Operations. The Company expects that the majority of the remaining cash expenditures related to the accrued employee and other exit costs will be paid out over the next several years. The Company’s decisions to curtail selected production capacity have resulted in write-downs of certain long-lived assets to the extent their carrying value exceeded fair value or fair value less cost to sell. The Company classified the assumptions used to determine the fair value of the impaired assets in the period that the measurement was taken as Level 3 (third-party appraisal) in the fair value hierarchy as set forth in the general accounting principles for fair value measurements.

Pension Benefit Plans

Pension Benefit Plans	6 Months Ended
Pension Benefit Plans	Jun. 30, 2023
Pension Benefit Plans
Pension Benefit Plans	7. Pension Benefit Plans The components of the net periodic pension cost for the three months ended June 30, 2023 and 2022 are as follows: U.S. Non-U.S. Three months ended June 30, Three months ended June 30, 2023 2022 2023 2022 Service cost $ 2 $ 3 $ 2 $ 2 Interest cost 11 8 9 6 Expected asset return (14) (15) (7) (8) Amortization of actuarial loss 2 10 2 2 Net periodic pension cost $ 1 $ 6 $ 6 $ 2 The components of the net periodic pension cost for the six months ended June 30, 2023 and 2022 are as follows: U.S. Non-U.S. Six months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Service cost $ 3 $ 6 $ 4 $ 5 Interest cost 23 17 18 11 Expected asset return (28) (30) (14) (17) Amortization of actuarial loss 4 20 4 4 Net periodic pension cost $ 2 $ 13 $ 12 $ 3 The components of pension expense, other than the service cost component, are included in Other income (expense), net on the Condensed Consolidated Results of Operations.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Taxes.
Income Taxes	8. Income Taxes The Company calculates its interim tax provision using the estimated annual effective tax rate (“EAETR”) methodology in accordance with ASC 740-270. The EAETR is applied to the year-to-date ordinary income, exclusive of discrete items. The tax effects of discrete items are then included to arrive at the total reported interim tax provision. The determination of the EAETR is based upon a number of estimates, including the estimated annual pretax ordinary income or loss in each tax jurisdiction in which the Company operates. The tax effects of discrete items are recognized in the tax provision in the quarter they occur, in accordance with U.S. GAAP. Depending on various factors, such as the item’s significance in relation to total income and the rate of tax applicable in the jurisdiction to which it relates, discrete items in any quarter can materially impact the reported effective tax rate. The Company’s annual effective tax rate may be affected by the mix of earnings in the U.S. and foreign jurisdictions, and factors such as changes in tax laws, tax rates or regulations, changes in business, changing interpretation of existing tax laws or regulations, the finalization of tax audits and reviews, as well as other factors. As such, there can be significant volatility in interim tax provisions. The annual effective tax rate differs from the statutory U.S. Federal tax rate of 21% primarily because of varying non-U.S. tax rates and the impact of the U.S. valuation allowance. through 2021. The Company has received tax assessments in excess of established reserves. The Company is contesting these tax assessments, and will continue to do so, including pursuing all available remedies, such as appeals and litigation, if necessary. The Company believes that adequate provisions for all income tax uncertainties have been made. However, if tax assessments are settled against the Company at amounts in excess of established reserves, it could have a material impact on the Company’s consolidated results of operations, financial position or cash flows.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2023
Debt
Debt	9. Debt The following table summarizes the long-term debt of the Company at June 30, 2023, December 31, 2022, and June 30, 2022: June 30, December 31, June 30, 2023 2022 2022 Secured Credit Agreement: Revolving Credit Facility: Revolving Loans $ — $ — $ — Term Loans: Term Loan A 1,427 1,426 946 Senior Notes: 5.875%, due 2023 108 249 547 3.125%, due 2024 (€725 million) 61 731 734 6.375%, due 2025 298 298 297 5.375%, due 2025 17 299 299 2.875%, due 2025 (€500 million) 541 529 519 6.625%, due 2027 607 607 606 6.250%, due 2028 (€600 million) 645 4.750%, due 2030 396 396 395 7.250%, due 2031 679 Finance leases 157 132 105 Other 3 4 4 Total long-term debt 4,939 4,671 4,452 Less amounts due within one year 161 300 25 Long-term debt $ 4,778 $ 4,371 $ 4,427 The Company presents debt issuance costs in the Condensed Consolidated Balance Sheets as a deduction of the carrying amount of the related debt liability. On March 25, 2022, certain of the Company’s subsidiaries entered into a Credit Agreement and Syndicated Facility Agreement (the “Original Agreement”), which refinanced in full the previous credit agreement. The Original Agreement provided for up to billion of borrowings pursuant to term loans, revolving credit facilities and a delayed draw term loan facility. (see Note 10 for more information). On July 18, 2022, the Company drew down the On August 30, 2022, certain of the Company’s subsidiaries entered into an Amendment No. 1 to its Credit Agreement and Syndicated Facility Agreement (the “Credit Agreement Amendment”), which amends the Original Agreement (as amended by the Credit Agreement Amendment, the “Credit Agreement”). The Credit Agreement Amendment provides for up to The term loans mature, and the revolving credit facilities terminate, in March 2027. Agreement Amendment makes modifications to certain loan documents, in order to give the Company increased flexibility to incur secured debt in the future. The Company recorded approximately $1 million of additional interest charges for third-party fees and the write-off of unamortized fees related to the Credit Agreement Amendment in the third quarter of 2022. The Company recorded approximately $2 million of additional interest charges for third-party fees incurred in connection with the execution of the Original Agreement and the write-off of unamortized fees related to the previous credit agreement in the first quarter of 2022. At June 30, 2023, the Credit Agreement includes a $300 million revolving credit facility, a $950 million multicurrency revolving credit facility and $1.45 billion in term loan A facilities ($1.43 billion outstanding balance at June 30, 2023, net of debt issuance costs ). At June 30, 2023, the Company had unused credit of . The Credit Agreement contains various covenants that restrict, among other things and subject to certain exceptions, the ability of the Company to incur certain indebtedness and liens, make certain investments, become liable under contingent obligations in certain defined instances only, make restricted payments, make certain asset sales within guidelines and limits, engage in certain affiliate transactions, participate in sale and leaseback financing arrangements, alter its fundamental business, and amend certain subordinated debt obligations. The Credit Agreement also contains one financial maintenance covenant, a Secured Leverage Ratio (as defined in the Credit Agreement), that requires the Company not to exceed a ratio of 2.50x calculated by dividing consolidated Net Indebtedness that is then secured by Liens on property or assets of the Company and certain of its subsidiaries by Consolidated EBITDA, as each term is defined and as described in the Credit Agreement. The Secured Leverage Ratio could restrict the ability of the Company to undertake additional financing or acquisitions to the extent that such financing or acquisitions would cause the Secured Leverage Ratio to exceed the specified maximum. Failure to comply with these covenants and restrictions could result in an event of default under the Credit Agreement. In such an event, the Company could not request additional borrowings under the revolving facilities, and all amounts outstanding under the Credit Agreement, together with accrued interest, could then be declared immediately due and payable. Upon the occurrence and for the duration of a payment event of default, an additional default interest rate equal to per annum will apply to all overdue obligations under the Credit Agreement. If an event of default occurs under the Credit Agreement and the lenders cause all of the outstanding debt obligations under the Credit Agreement to become due and payable, this would result in a default under the indentures governing the Company’s outstanding debt securities and could lead to an acceleration of obligations related to these debt securities. As of June 30, 2023, the Company was in compliance with all covenants and restrictions in the Credit Agreement. In addition, the Company believes that it will remain in compliance and that its ability to borrow additional funds under the Credit Agreement will not be adversely affected by the covenants and restrictions. The Total Leverage Ratio (as defined in the Credit Agreement) determines pricing under the Credit Agreement. The interest rate on borrowings under the Agreement), plus an applicable margin. The applicable margin is linked to the Total Leverage Ratio. The margins range from for Base Rate loans. In addition, a commitment fee is payable on the unused revolving credit facility commitments ranging from Obligations under the Credit Agreement are secured by substantially all of the assets, excluding real estate and certain other excluded assets, of certain of the Company’s domestic subsidiaries and certain foreign subsidiaries. Such obligations are also secured by a pledge of intercompany debt and equity investments in certain of the Company’s domestic subsidiaries and, in the case of foreign obligations, of stock of certain foreign subsidiaries. All obligations under the Credit Agreement are guaranteed by certain domestic subsidiaries of the Company, and certain foreign obligations under the Credit Agreement are guaranteed by certain foreign subsidiaries of the Company. On February 10, 2022, the Company announced the commencement, by an indirect wholly owned subsidiary of the Company, of a tender offer to purchase for cash up to $250.0 million aggregate purchase price of its outstanding (i) 5.875% Senior Notes due 2023, (ii) 5.375% Senior Notes due 2025, (iii) 6.375% Senior Notes due 2025 and (iv) 6.625% Senior Notes due 2027. On February 28, 2022, the Company repurchased $150.0 million aggregate principal amount of the outstanding 5.875% Senior Notes due 2023 and $88.2 million aggregate principal amount of the outstanding 6.625% Senior Notes due 2027. Following the repurchase, $550.0 million and $611.8 million aggregate principal amounts of the 5.875% Senior Notes due 2023 and 6.625% Senior Notes due 2027, respectively, remained outstanding. The repurchases were funded with cash on hand. The Company recorded approximately $16 million of additional interest charges for note repurchase premiums and the write-off of unamortized finance fees related to the senior note repurchases conducted in the first quarter of 2022. In August 2022, the Company redeemed $300 million aggregate principal amount of its 5.875% Senior Notes due 2023. Following the redemption, $250.0 million aggregate principal amount of the 5.875% Senior Notes due 2023 remained outstanding. The redemption was funded with cash on hand. The Company recorded approximately $7 million of additional interest charges for note repurchase premiums and the write-off of unamortized finance fees related to this redemption. On May 11, 2023, the Company announced the commencement, by two indirect wholly owned subsidiaries of the Company, of tender offers to purchase any and all of its outstanding (i) 5.875% Senior Notes due 2023, of which $250 million aggregate principal amount was outstanding, and (ii) 3.125% Senior Notes due 2024, of which €725 million aggregate principal amount was outstanding. On May 15, 2023, the Company announced the commencement, by an indirect wholly owned subsidiary of the Company, of a tender offer to purchase any and all of its outstanding 5.375% Senior Notes due 2025, of which $300 million aggregate principal amount was outstanding. On May 26, 2023, the Company repurchased $142 million aggregate principal amount of the outstanding 5.875% Senior Notes due 2023, €666.7 million aggregate principal amount of the outstanding 3.125% Senior Notes due 2024, and $282.8 million aggregate principal amount of the outstanding 5.375% Senior Notes due 2025. Following the repurchase, approximately $108 million, €58 million, and $17 million aggregate principal amounts of the 5.875% Senior Notes due 2023, 3.125% Senior Notes due 2024, and 5.375% Senior Notes due 2025, respectively, remained outstanding. The repurchases were funded with the proceeds from the May 2023 senior notes issuances described below. The Company recorded approximately $39 million of additional interest charges related to the senior note repurchases conducted in the second quarter of 2023 for note repurchase premiums, the write-off of unamortized finance fees and the settlement of a related interest rate swap. In May 2023, the Company issued €600 million aggregate principal amount of senior notes that bear interest at a rate of 6.250% per annum and mature on May 15, 2028. Also, in May 2023, the Company issued $690 million aggregate principal amount of senior notes that bear interest at a rate of 7.250% per annum and mature on May 15, 2031. The senior notes were issued via a private placement and are guaranteed by certain of the Company’s subsidiaries. The net proceeds, after deducting debt issuance costs, totaled approximately €593 million and $682 million, respectively, were used to redeem the aggregate principal amounts described in the May 2023 tender offers above. In order to maintain a capital structure containing appropriate amounts of fixed and floating-rate debt, the Company has entered into a series of interest rate swap agreements. These interest rate swap agreements were accounted for as fair value hedges (see Note 5 for more information). The Company assesses its capital raising and refinancing needs on an ongoing basis and may enter into additional credit facilities and seek to issue equity and/or debt securities in the domestic and international capital markets if market conditions are favorable. Also, depending on market conditions, the Company may elect to repurchase portions of its debt securities in the open market. The carrying amounts reported for certain long-term debt obligations subject to frequently redetermined interest rates approximate fair value. Fair values for the Company’s significant fixed rate debt obligations are based on published market quotations, and are classified as Level 1 in the fair value hierarchy. Principal Indicated Market Amount Price Fair Value Senior Notes: 5.875%, due 2023 $ 108 $ 99.91 $ 108 3.125%, due 2024 (€725 million) 63 99.37 63 6.375%, due 2025 300 100.28 301 5.375%, due 2025 17 100.68 17 2.875%, due 2025 (€500 million) 544 97.72 532 6.625%, due 2027 612 99.42 608 6.250%, due 2028 (€600 million) 652 102.34 667 4.750%, due 2030 400 90.26 361 7.250%, due 2031 690 101.19 698

Contingencies

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2023
Contingencies
Contingencies	10. Contingencies Asbestos From 1948 to 1958, one of the Company’s former business units commercially produced and sold approximately $40 million of a high-temperature, calcium-silicate based pipe and block insulation material containing asbestos. The Company sold its insulation business unit in April 1958. The Company historically received claims from individuals alleging bodily injury and death as a result of exposure to asbestos from this product. On December 26 and 27, 2019, the Company implemented the Corporate Modernization, whereby O-I Glass became the new parent entity with Owens-Illinois Group, Inc. (“O-I Group”) and Paddock as direct, wholly owned subsidiaries, with Paddock as the successor-by-merger to O-I (the “Corporate Modernization”). The Company’s legacy asbestos-related liabilities remained within Paddock, with the Company’s glass-making operations remaining under O-I Group. As part of the Corporate Modernization transactions, O-I Glass entered into a support agreement with Paddock that required O-I Glass to provide funding to Paddock for all permitted uses, subject to the terms of the support agreement. The key objectives of the Paddock support agreement were to ensure that Paddock retained the ability to fund the costs and expenses of managing the Chapter 11 process, and ultimately settle current and future asbestos-related liabilities through the establishment of a trust as described below and fund certain other liabilities. On January 6, 2020 (the “Petition Date”), Paddock voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to equitably and finally resolve all of its current and future asbestos-related liabilities. O-I Glass and O-I Group were not included in the Chapter 11 filing. During the pendency of the Chapter 11 proceeding, the activities of Paddock became subject to review and oversight by the Bankruptcy Court. As a result, the Company no longer had exclusive control over Paddock’s activities. Therefore, Paddock was deconsolidated as of the Petition Date, and its assets and liabilities were derecognized from the Company’s Consolidated Financial Statements on a prospective basis. Simultaneously, the Company recognized a liability related to the Paddock support agreement as required under applicable accounting standards. On April 26, 2021, the Company announced that (i) Paddock, (ii) the Official Committee of Asbestos Personal Injury Claimants (the “ACC”), appointed in the Paddock Chapter 11 case as the representative of current Paddock asbestos claimants, and (iii) the Legal Representative of Future Asbestos Claimants (the “FCR”), appointed in the Paddock Chapter 11 case as the representative of future Paddock asbestos claimants, had reached an agreement in principle, supported by O-I Glass, by accepting a proposal from Paddock’s court-appointed mediators setting forth total consideration to fund a trust created under section 524(g) of the Bankruptcy Code upon the effective date of a plan of reorganization for Paddock (the “Effective Date”). On January 12, 2022, Paddock, O-I Glass, the FCR and the ACC jointly filed the Plan of Reorganization for Paddock Enterprises, LLC Under Chapter 11 of the Bankruptcy Code, dated January 12, 2022 (including any supplements and exhibits thereto, as amended, modified or supplemented from time to time in accordance with the terms thereof, the “Plan”). Amended versions of the Plan were subsequently filed on February 14, 2022, April 1, 2022, and May 24, 2022. The Plan incorporates and implements the agreement in principle described herein. On May 26, 2022, the Bankruptcy Court entered an order confirming the Plan and recommending that the District Court affirm such confirmation. On June 22, 2022, the District Court entered an order affirming the confirmation order previously issued by the Bankruptcy Court. On July 8, 2022, the Effective Date of the Plan occurred. Under the confirmed and effective Plan, the Paddock Trust was created pursuant to the provisions of section 524(g) of the Bankruptcy Code and was funded with Pursuant to the Plan, Paddock issued a promissory note (the “Trust Note”) in the principal amount of As a result of the funding of the Paddock Trust and the cancellation of the pledge of equity interests in reorganized Paddock, on July 20, 2022, the Company regained exclusive control over reorganized Paddock’s activities. Therefore, at that date in the third quarter of 2022, reorganized Paddock was reconsolidated, and its remaining assets totaling $18 million (including $12 million of cash and cash equivalents) and liabilities totaling $30 million were recognized in the Company’s Condensed Consolidated Financial Statements. The funding of the Paddock Trust and certain related expenses resulted in an operating cash outflow of $621 million in the Company’s Consolidated Cash Flows during 2022. Other Matters The Company has recorded aggregate accruals of approximately $24 million (undiscounted) as of June 30, 2023 for estimated future remediation costs and associated penalties at these sites. The majority of these accruals arose from the reconsolidation of Paddock in 2022. Although the Company believes its accruals are adequate to cover its portion of future remediation costs, there can be no assurance that the ultimate payments will not exceed the amount of the Company’s accruals and will not have a material effect on its results of operations, financial position and cash flows. Any possible loss or range of potential loss that may be incurred in excess of the recorded accruals cannot be estimated. Other litigation is pending against the Company, in some cases involving ordinary and routine claims incidental to the business of the Company and in others presenting allegations that are non-routine and involve compensatory, punitive or treble damage claims as well as other types of relief. The Company records a liability for such matters when it is both probable that the liability has been incurred and the amount of the liability can be reasonably estimated. Recorded amounts are reviewed and adjusted to reflect changes in the factors upon which the estimates are based, including additional information, negotiations, settlements and other events.

Share Owners' Equity

Share Owners' Equity	6 Months Ended
Share Owners' Equity	Jun. 30, 2023
Share Owners' Equity
Share Owners' Equity	11. Share Owners’ Equity The activity in share owners’ equity for the three months ended June 30, 2023 and 2022 is as follows: Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on April 1, 2023 $ 2 $ 3,093 (690) $ 1,091 $ (1,727) $ 118 $ 1,887 Reissuance of common stock (0.1 million shares) 3 3 Shares repurchased (0.4 million shares) (10) (10) Stock compensation (0.2 million shares) 10 10 Net earnings 110 3 113 Other comprehensive income 140 3 143 Distributions to non-controlling interests (3) (3) Balance on June 30, 2023 $ 2 $ 3,093 $ (687) $ 1,201 $ (1,587) $ 121 $ 2,143 Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on April 1, 2022 $ 2 $ 3,085 $ (699) $ 389 $ (1,821) $ 146 $ 1,102 Reissuance of common stock (0.2 million shares) (1) 4 3 Shares repurchased (0.8 million shares) (10) (10) Stock compensation (0.1 million shares) 11 11 Net earnings 252 4 256 Other comprehensive loss (69) (8) (77) Distributions to non-controlling interests (26) (26) Balance on June 30, 2022 $ 2 $ 3,085 $ (695) $ 641 $ (1,890) $ 116 $ 1,259 The activity in share owners’ equity for the six months ended June 30, 2023 and 2022 is as follows: Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on January 1, 2023 $ 2 $ 3,079 $ (688) $ 885 $ (1,861) $ 111 $ 1,528 Issuance of common stock (0.4 million shares) 5 5 Reissuance of common stock (0.3 million shares) 7 7 Shares repurchased (1.0 million shares) (20) (20) Stock compensation (0.7 million shares) 29 29 Net earnings 316 7 323 Other comprehensive income 274 6 280 Distributions to non-controlling interests (3) (3) Other (6) (6) Balance on June 30, 2023 $ 2 $ 3,093 $ (687) $ 1,201 $ (1,587) $ 121 $ 2,143 Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on January 1, 2022 $ 2 $ 3,090 $ (701) $ 301 $ (1,972) $ 107 $ 827 Reissuance of common stock (0.4 million shares) (3) 9 6 Shares repurchased (1.5 million shares) (20) (20) Stock compensation (0.5 million shares) 18 18 Net earnings 340 38 378 Other comprehensive income (loss) 82 (3) 79 Distributions to non-controlling interests (26) (26) Other (3) (3) Balance on June 30, 2022 $ 2 $ 3,085 $ (695) $ 641 $ (1,890) $ 116 $ 1,259 During the three months ended June 30, 2023, the Company purchased 444,752 shares of its common stock for approximately $10 million. The share purchases were The Company has 250,000,000 shares of common stock authorized with a par value of $.01 per share. Shares outstanding are as follows: Shares Outstanding (in thousands) June 30, December 31, June 30, 2023 2022 2022 Shares of common stock issued (including treasury shares) 186,084 185,568 186,936 Treasury shares 31,024 30,880 31,220

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
Accumulated Other Comprehensive Loss	Jun. 30, 2023
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	12. Accumulated Other Comprehensive Loss The activity in accumulated other comprehensive loss for the three months ended June 30, 2023 and 2022 is as follows: Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on April 1, 2023 $ (1,122) $ (17) $ (588) $ (1,727) Change before reclassifications 151 (7) 144 Amounts reclassified from accumulated other comprehensive income (loss) (7) (a) 4 (b) (3) Translation effect (4) (4) Tax effect 3 3 Other comprehensive income (loss) attributable to the Company 151 (11) — 140 Balance on June 30, 2023 $ (971) $ (28) $ (588) $ (1,587) Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on April 1, 2022 $ (1,160) $ (18) $ (643) $ (1,821) Change before reclassifications (115) 25 (1) (91) Amounts reclassified from accumulated other comprehensive income (loss) (4) (a) 12 (b) 8 Translation effect (1) 15 14 Other comprehensive income (loss) attributable to the Company (115) 20 26 (69) Balance on June 30, 2022 $ (1,275) $ 2 $ (617) $ (1,890) (a) Amount is recorded to cost of goods sold and interest expense, net on the Condensed Consolidated Results of Operations (see Note 5 for additional information). (b) Amount is included in the computation of net periodic pension cost (see Note 7 for additional information) and net post-retirement benefit cost. The activity in accumulated other comprehensive loss for the six months ended June 30, 2023 and 2022 is as follows: Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on January 1, 2023 $ (1,280) $ 4 $ (585) $ (1,861) Change before reclassifications 309 (26) (1) 282 Amounts reclassified from accumulated other comprehensive income (loss) (9) (a) 8 (b) (1) Translation effect (10) (10) Tax effect 3 3 Other comprehensive income (loss) attributable to the Company 309 (32) (3) 274 Balance on June 30, 2023 $ (971) $ (28) $ (588) $ (1,587) Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on January 1, 2022 $ (1,290) $ (21) $ (661) $ (1,972) Change before reclassifications 15 43 (1) 57 Amounts reclassified from accumulated other comprehensive income (loss) (19) (a) 24 (b) 5 Translation effect (1) 21 20 Tax effect — Other comprehensive income (loss) attributable to the Company 15 23 44 82 Balance on June 30, 2022 $ (1,275) $ 2 $ (617) $ (1,890) (a) Amount is recorded to Other income (expense), net and interest expense, net on the Condensed Consolidated Results of Operations (see Note 5 for additional information). (b) Amount is included in the computation of net periodic pension cost (see Note 7 for additional information) and net post-retirement benefit cost.

Other Income (Expense), Net

Other Income (Expense), Net	6 Months Ended
Other Income (Expense), Net	Jun. 30, 2023
Other Income (Expense), Net
Other Income (Expense), Net	13. Other Income (Expense), Net Other income (expense), net for the three and six months ended June 30, 2023 and 2022 included the following: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Gain on sale of divested business (see Note 16) $ $ $ $ 55 Gain on sale leaseback (see Note 16) 182 182 Restructuring, asset impairment and other charges (12) (12) Intangible amortization expense (8) (8) (16) (16) Foreign currency exchange loss (2) (2) (1) (2) Royalty income 6 5 13 11 Other (5) 3 (15) 2 Other income (expense), net $ (9) $ 168 $ (19) $ 220

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2023
Earnings Per Share
Earnings Per Share	14. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the three months ended June 30, 2023 and 2022: Three months ended June 30, 2023 2022 Numerator: Net earnings attributable to the Company $ 110 $ 252 Denominator (in thousands): Denominator for basic earnings per share-weighted average shares outstanding 154,989 155,683 Effect of dilutive securities: Stock options and other 4,339 3,268 Denominator for diluted earnings per share-adjusted weighted average shares outstanding 159,328 158,951 Basic earnings per share: Net earnings attributable to the Company $ 0.71 $ 1.62 Diluted earnings per share: Net earnings attributable to the Company $ 0.69 $ 1.59 The diluted earnings per share computation for the three months ended June 30, 2023 and 2022 excludes 546,143 and 804,953 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes options to purchase, unvested restricted stock units and performance vested restricted share units. Options to purchase shares were excluded because the exercise prices of the options were greater than the average market price of the shares of common stock. The following table sets forth the computation of basic and diluted earnings per share for the six months ended June 30, 2023 and 2022: Six months ended June 30, 2023 2022 Numerator: Net earnings attributable to the Company $ 316 $ 340 Denominator (in thousands): Denominator for basic earnings per share-weighted average shares outstanding 154,843 155,765 Effect of dilutive securities: Stock options and other 4,369 3,109 Denominator for diluted earnings per share-adjusted weighted average shares outstanding 159,212 158,874 Basic earnings per share: Net earnings attributable to the Company $ 2.04 $ 2.18 Diluted earnings per share: Net earnings attributable to the Company $ 1.98 $ 2.14 The diluted earnings per share computation for the six months ended June 30, 2023 and 2022 excludes 384,545 and 1,190,747 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes options to purchase, unvested restricted stock units and performance vested restricted share units. Options to purchase shares were excluded because the exercise prices of the options were greater than the average market price of the shares of common stock.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
Supplemental Cash Flow Information	Jun. 30, 2023
Supplemental Cash Flow Information
Supplemental Cash Flow Information	15. Supplemental Cash Flow Information Income taxes paid in cash were as follows: Six months ended June 30, 2023 2022 U.S. $ 8 $ 6 Non-U.S. 73 93 Total income taxes paid in cash $ 81 $ 99 Interest paid, including note repurchase premiums, in cash for the six months ended June 30, 2023 and 2022 was The Company uses various factoring programs to sell certain trade receivables to financial institutions as part of managing its cash flows. At June 30, 2023, December 31, 2022 and June 30, 2022, the total amount of trade receivables sold by the Company was These amounts included $271 million, $158 million and $158 million at June 30, 2023, December 31, 2022, and June 30, 2022, respectively, for trade receivable amounts factored under supply chain financing programs linked to commercial arrangements with key customers. million for the six months ended June 30, 2022. For the six months ended June 30, 2023 and 2022, the Company recorded expenses related to these factoring programs of approximately In accordance with ASU 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” the Company has agreements with third-party administrators that allow participating vendors to track the Company’s payments, and if voluntarily elected by the vendor, to sell payment obligations from the Company to financial institutions as part of a Supply Chain Financing (“SCF”) Program. The Company's payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. When participating vendors elect to sell one or more of the Company’s payment obligations, the Company’s rights and obligations to settle the payables on their contractual due date are not impacted. The Company has no economic or commercial interest in a vendor’s decision to enter into these agreements, and the financial institutions do not provide the Company with incentives, such as rebates or profit sharing under the SCF Program. The Company agrees on commercial terms with vendors for the goods and services procured, which are consistent with payment terms observed at other peer companies in the industry, and the terms are not impacted by the SCF Program. Such obligations are classified as accounts payable in its Condensed Consolidated Balance Sheets. The Company does not provide asset pledges, or other forms of guarantees, as security for the committed payment to the financial institutions. As of June 30, 2023, December 31, 2022 and June 30, 2022, the Company had approximately $123 million, $110 million, and $95 million, respectively, of outstanding payment obligations to the financial institutions as part of the SCF Program.

Divestitures and Sale Leaseback

Divestitures and Sale Leaseback of Land and Building	6 Months Ended
Divestitures and Sale Leaseback of Land and Building	Jun. 30, 2023
Divestitures and Sale Leaseback of Land and Building
Divestitures and Sale Leasebacks of Land and Building	16. Divestitures and Sale Leaseback of Land and Building In May 2022, the Company completed the sale of the land and building related to its Brampton, Ontario, Canada plant to an affiliate of Crestpoint Real Estate Investments Ltd. (“Crestpoint”). Net proceeds were approximately $190 million, and the Company recorded a pretax gain of approximately $182 million (approximately $158 million after tax) on the sale, which is reflected in Other income (expense), net on the Condensed Consolidated Results of Operations. In connection with this transaction, the Company entered into a lease for the land and building with Crestpoint for the Brampton, Ontario plant for an initial term of 10 years. The lease requires the Company to make rent payments of approximately $7.3 million in the first year, gradually increasing to approximately $9.1 million in the tenth year. The lease is classified as operating. In March 2022, the Company completed the sale of its Cristar TableTop S.A.S. business to Vidros Colombia S.A.S, an affiliate of Nadir Figueiredo S.A., a glass tableware producer based in Brazil. Gross proceeds received were approximately $96 million, and the related pretax gain recorded was approximately $55 million (approximately $16 million after tax and non-controlling interest) in the first quarter of 2022. The pretax gain was recorded to Other income (expense), net on the Condensed Consolidated Results of Operations.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2023
Segment Information
Net sales for the Company's reportable segments	Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Net sales: Americas $ 996 $ 971 $ 1,996 $ 1,912 Europe 863 765 1,662 1,474 Reportable segment totals 1,859 1,736 3,658 3,386 Other 31 42 63 83 Net sales $ 1,890 $ 1,778 $ 3,721 $ 3,469
Segment operating profit (loss) for the Company's reportable segments	Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Earnings before income taxes $ 154 $ 328 $ 424 $ 498 Items excluded from segment operating profit: Retained corporate costs and other 54 53 114 103 Gain on sale of divested business (55) Gain on sale leaseback (182) (182) Restructuring, asset impairment and other charges 12 12 Interest expense, net 118 46 186 112 Segment operating profit $ 326 $ 257 $ 724 $ 488 Americas $ 126 $ 130 $ 303 $ 258 Europe 200 127 421 230 Reportable segment totals $ 326 $ 257 $ 724 $ 488
Total assets for the Company's reportable segments	June 30, December 31, June 30, 2023 2022 2022 Total assets: Americas $ 5,574 $ 5,109 $ 5,028 Europe 3,652 3,392 3,325 Reportable segment totals 9,226 8,501 8,353 Other 685 560 520 Consolidated totals $ 9,911 $ 9,061 $ 8,873

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2023
Revenue
Schedule of disaggregation of revenue by customer end use	The following tables for the three months ended June 30, 2023 and 2022 disaggregate the Company’s revenue by customer end use: Three months ended June 30, 2023 Americas Europe Total Alcoholic beverages (beer, wine, spirits) $ 585 $ 647 $ 1,232 Food and other 226 130 356 Non-alcoholic beverages 185 86 271 Reportable segment totals $ 996 $ 863 $ 1,859 Other 31 Net sales $ 1,890 Three months ended June 30, 2022 Americas Europe Total Alcoholic beverages (beer, wine, spirits) $ 613 $ 576 $ 1,189 Food and other 199 122 321 Non-alcoholic beverages 159 67 226 Reportable segment totals $ 971 $ 765 $ 1,736 Other 42 Net sales $ 1,778 The following tables for the six months ended June 30, 2023 and 2022 disaggregate the Company’s revenue by customer end use: Six months ended June 30, 2023 Americas Europe Total Alcoholic beverages (beer, wine, spirits) $ 1,194 $ 1,251 $ 2,445 Food and other 444 256 700 Non-alcoholic beverages 358 155 513 Reportable segment totals $ 1,996 $ 1,662 $ 3,658 Other 63 Net sales $ 3,721 Six months ended June 30, 2022 Americas Europe Total Alcoholic beverages (beer, wine, spirits) $ 1,189 $ 1,113 $ 2,302 Food and other 413 232 645 Non-alcoholic beverages 310 129 439 Reportable segment totals $ 1,912 $ 1,474 $ 3,386 Other 83 Net sales $ 3,469

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Jun. 30, 2023
Inventories
Major classes of inventory	June 30, December 31, June 30, 2023 2022 2022 Finished goods $ 813 $ 667 $ 618 Raw materials 171 137 115 Operating supplies 53 44 42 $ 1,037 $ 848 $ 775

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Jun. 30, 2023
Derivative Instruments
Balance Sheet Classification of derivative instruments	Fair Value of Fair Value of Hedge Assets Hedge Liabilities June 30, December 31, June 30, June 30, December 31, June 30, 2023 2022 2022 2023 2022 2022 Derivatives designated as hedging instruments: Commodity forward contracts and collars (a) $ — $ 3 $ 2 $ 18 $ 9 $ 6 Interest rate swaps - fair value hedges (b) 44 28 Cash flow hedges of foreign exchange risk (c) 3 1 Fair value hedges of foreign exchange risk (d) 17 7 17 98 62 2 Net investment hedges (e) 8 3 16 45 28 Total derivatives accounted for as hedges $ 25 $ 13 $ 35 $ 164 $ 143 $ 37 Derivatives not designated as hedges: Foreign exchange derivative contracts (f) 1 5 2 7 2 — Total derivatives $ 26 $ 18 $ 37 $ 171 $ 145 $ 37 Current $ 26 $ 15 $ 14 $ 18 $ 32 $ 12 Noncurrent 3 23 153 113 25 Total derivatives $ 26 $ 18 $ 37 $ 171 $ 145 $ 37 (a) The notional amount of the commodity forward contracts and collars was approximately 43 million, 46 million, and 44 million British Thermal Units (“BTUs”) at June 30, 2023, December 31, 2022, and June 30, 2022, respectively. The maximum maturity dates are in 2027 at June 30, 2023, December 31, 2022, and June 30, 2022. (b) The notional amounts of the interest rate swaps designated as fair value hedges were €0 million at June 30, 2023 and €725 million at December 31, 2022 and June 30, 2022. (c) The notional amounts of the cash flow hedges of foreign exchange risk were 477 million Mexican pesos at June 30, 2023, 0 Mexican pesos at December 31, 2022 and 514 million Mexican pesos at June 30, 2022. The maximum maturity dates are in 2023 at June 30, 2023 and in 2022 at June 30, 2022. (d) The notional amounts of the fair value hedges of foreign exchange risk were $844 million at June 30, 2023, $844 million at December 31, 2022 and $850 million at June 30, 2022. The maximum maturity dates are in 2030 at June 30, 2023, December 31, 2022 and June 30, 2022. (e) The notional amounts of the net investment hedges were €483 million at June 30, 2023, €358 million at December 31, 2022 and €324 million at June 30, 2022. The maximum maturity dates are in 2026 at June 30, 2023, December 31, 2022 and June 30, 2022. (f) The notional amounts of the foreign exchange derivative contracts were $417 million, $245 million and $334 million at June 30, 2023, December 31, 2022 and June 30, 2022, respectively. The maximum maturity dates are in 2024 at June 30, 2023, and in 2023 at December 31, 2022 and June 30, 2022.
Effects of derivative instruments on the results of operations	Gain (Loss) Recognized in OCI (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1) Three months ended June 30, Three months ended June 30, Derivatives designated as hedging instruments: 2023 2022 2023 2022 Cash Flow Hedges Commodity forward contracts and collars (a) $ (5) $ (3) $ (7) $ 2 Cash flow hedges of foreign exchange risk (a) (1) (1) Net Investment Hedges Net Investment Hedges (b) (4) 27 1 2 $ (10) $ 24 $ (7) $ 4 Gain (Loss) Recognized in OCI (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1) Six months ended June 30, Six months ended June 30, Derivatives designated as hedging instruments: 2023 2022 2023 2022 Cash Flow Hedges Commodity forward contracts and collars (a) $ (23) $ (3) $ (11) $ 2 Cash flow hedges of foreign exchange risk (a) (3) 13 — 14 Net Investment Hedges Net Investment Hedges (b) (10) 32 2 3 $ (36) $ 42 $ (9) $ 19 Amount of Gain (Loss) Recognized in Other income (expense), net Amount of Gain (Loss) Recognized in Other income (expense), net Three months ended June 30, Six months ended June 30, Derivatives not designated as hedges: 2023 2022 2023 2022 Foreign exchange derivative contracts $ (5) $ (19) $ (6) $ (16) (1) Gains and losses reclassified from Accumulated OCI and recognized in income are recorded to (a) cost of goods sold or (b) interest expense, net.

Restructuring Accruals (Tables)

Restructuring Accruals (Tables)	6 Months Ended
Restructuring Accruals (Tables)	Jun. 30, 2023
Restructuring Accruals
Selected information related to the restructuring accruals	Selected information related to the restructuring accruals for the three months ended June 30, 2023 and 2022 is as follows: Employee Asset Other Total Costs Impairment Exit Costs Restructuring Balance at April 1, 2023 $ 14 $ — $ 7 $ 21 Net cash paid, principally severance and other exit costs (3) (1) (4) Balance at June 30, 2023 $ 11 $ — $ 6 $ 17 Employee Asset Other Total Costs Impairment Exit Costs Restructuring Balance at April 1, 2022 $ 17 $ — $ 10 $ 27 Charges 3 1 7 11 Write-down of assets to net realizable value (1) (1) Net cash paid, principally severance and related benefits (2) (2) (4) Other, including foreign exchange translation (1) (1) Balance at June 30, 2022 $ 17 $ — $ 15 $ 32 Selected information related to the restructuring accruals for the six months ended June 30, 2023 and 2022 is as follows: Employee Asset Other Total Costs Impairment Exit Costs Restructuring Balance at January 1, 2023 $ 17 $ — $ 10 $ 27 Net cash paid, principally severance and related benefits (6) (4) (10) Balance at June 30, 2023 $ 11 $ — $ 6 $ 17 Employee Asset Other Total Costs Impairment Exit Costs Restructuring Balance at January 1, 2022 $ 20 $ — $ 11 $ 31 Charges 3 1 7 11 Write-down of assets to net realizable value (1) (1) Net cash paid, principally severance and related benefits (5) (3) (8) Other, including foreign exchange translation (1) (1) Balance at June 30, 2022 $ 17 $ — $ 15 $ 32

Pension Benefit Plans (Tables)

Pension Benefit Plans (Tables)	6 Months Ended
Pension Benefit Plans (Tables)	Jun. 30, 2023
Pension Benefit Plans.
Defined Benefit Plans and Other Postretirement Benefit Plans
Components of net periodic pension cost	The components of the net periodic pension cost for the three months ended June 30, 2023 and 2022 are as follows: U.S. Non-U.S. Three months ended June 30, Three months ended June 30, 2023 2022 2023 2022 Service cost $ 2 $ 3 $ 2 $ 2 Interest cost 11 8 9 6 Expected asset return (14) (15) (7) (8) Amortization of actuarial loss 2 10 2 2 Net periodic pension cost $ 1 $ 6 $ 6 $ 2 The components of the net periodic pension cost for the six months ended June 30, 2023 and 2022 are as follows: U.S. Non-U.S. Six months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Service cost $ 3 $ 6 $ 4 $ 5 Interest cost 23 17 18 11 Expected asset return (28) (30) (14) (17) Amortization of actuarial loss 4 20 4 4 Net periodic pension cost $ 2 $ 13 $ 12 $ 3

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2023
Debt
Long-term Debt	June 30, December 31, June 30, 2023 2022 2022 Secured Credit Agreement: Revolving Credit Facility: Revolving Loans $ — $ — $ — Term Loans: Term Loan A 1,427 1,426 946 Senior Notes: 5.875%, due 2023 108 249 547 3.125%, due 2024 (€725 million) 61 731 734 6.375%, due 2025 298 298 297 5.375%, due 2025 17 299 299 2.875%, due 2025 (€500 million) 541 529 519 6.625%, due 2027 607 607 606 6.250%, due 2028 (€600 million) 645 4.750%, due 2030 396 396 395 7.250%, due 2031 679 Finance leases 157 132 105 Other 3 4 4 Total long-term debt 4,939 4,671 4,452 Less amounts due within one year 161 300 25 Long-term debt $ 4,778 $ 4,371 $ 4,427
Fair values of the Company's significant fixed rate debt obligations	Principal Indicated Market Amount Price Fair Value Senior Notes: 5.875%, due 2023 $ 108 $ 99.91 $ 108 3.125%, due 2024 (€725 million) 63 99.37 63 6.375%, due 2025 300 100.28 301 5.375%, due 2025 17 100.68 17 2.875%, due 2025 (€500 million) 544 97.72 532 6.625%, due 2027 612 99.42 608 6.250%, due 2028 (€600 million) 652 102.34 667 4.750%, due 2030 400 90.26 361 7.250%, due 2031 690 101.19 698

Share Owners' Equity (Tables)

Share Owners' Equity (Tables)	6 Months Ended
Share Owners' Equity (Tables)	Jun. 30, 2023
Share Owners' Equity
Activity in share owner's equity	The activity in share owners’ equity for the three months ended June 30, 2023 and 2022 is as follows: Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on April 1, 2023 $ 2 $ 3,093 (690) $ 1,091 $ (1,727) $ 118 $ 1,887 Reissuance of common stock (0.1 million shares) 3 3 Shares repurchased (0.4 million shares) (10) (10) Stock compensation (0.2 million shares) 10 10 Net earnings 110 3 113 Other comprehensive income 140 3 143 Distributions to non-controlling interests (3) (3) Balance on June 30, 2023 $ 2 $ 3,093 $ (687) $ 1,201 $ (1,587) $ 121 $ 2,143 Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on April 1, 2022 $ 2 $ 3,085 $ (699) $ 389 $ (1,821) $ 146 $ 1,102 Reissuance of common stock (0.2 million shares) (1) 4 3 Shares repurchased (0.8 million shares) (10) (10) Stock compensation (0.1 million shares) 11 11 Net earnings 252 4 256 Other comprehensive loss (69) (8) (77) Distributions to non-controlling interests (26) (26) Balance on June 30, 2022 $ 2 $ 3,085 $ (695) $ 641 $ (1,890) $ 116 $ 1,259 The activity in share owners’ equity for the six months ended June 30, 2023 and 2022 is as follows: Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on January 1, 2023 $ 2 $ 3,079 $ (688) $ 885 $ (1,861) $ 111 $ 1,528 Issuance of common stock (0.4 million shares) 5 5 Reissuance of common stock (0.3 million shares) 7 7 Shares repurchased (1.0 million shares) (20) (20) Stock compensation (0.7 million shares) 29 29 Net earnings 316 7 323 Other comprehensive income 274 6 280 Distributions to non-controlling interests (3) (3) Other (6) (6) Balance on June 30, 2023 $ 2 $ 3,093 $ (687) $ 1,201 $ (1,587) $ 121 $ 2,143 Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on January 1, 2022 $ 2 $ 3,090 $ (701) $ 301 $ (1,972) $ 107 $ 827 Reissuance of common stock (0.4 million shares) (3) 9 6 Shares repurchased (1.5 million shares) (20) (20) Stock compensation (0.5 million shares) 18 18 Net earnings 340 38 378 Other comprehensive income (loss) 82 (3) 79 Distributions to non-controlling interests (26) (26) Other (3) (3) Balance on June 30, 2022 $ 2 $ 3,085 $ (695) $ 641 $ (1,890) $ 116 $ 1,259
Schedule of shares outstanding	Shares Outstanding (in thousands) June 30, December 31, June 30, 2023 2022 2022 Shares of common stock issued (including treasury shares) 186,084 185,568 186,936 Treasury shares 31,024 30,880 31,220

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Jun. 30, 2023
Accumulated Other Comprehensive Loss
Component of accumulated other comprehensive loss	The activity in accumulated other comprehensive loss for the three months ended June 30, 2023 and 2022 is as follows: Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on April 1, 2023 $ (1,122) $ (17) $ (588) $ (1,727) Change before reclassifications 151 (7) 144 Amounts reclassified from accumulated other comprehensive income (loss) (7) (a) 4 (b) (3) Translation effect (4) (4) Tax effect 3 3 Other comprehensive income (loss) attributable to the Company 151 (11) — 140 Balance on June 30, 2023 $ (971) $ (28) $ (588) $ (1,587) Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on April 1, 2022 $ (1,160) $ (18) $ (643) $ (1,821) Change before reclassifications (115) 25 (1) (91) Amounts reclassified from accumulated other comprehensive income (loss) (4) (a) 12 (b) 8 Translation effect (1) 15 14 Other comprehensive income (loss) attributable to the Company (115) 20 26 (69) Balance on June 30, 2022 $ (1,275) $ 2 $ (617) $ (1,890) (a) Amount is recorded to cost of goods sold and interest expense, net on the Condensed Consolidated Results of Operations (see Note 5 for additional information). (b) Amount is included in the computation of net periodic pension cost (see Note 7 for additional information) and net post-retirement benefit cost. The activity in accumulated other comprehensive loss for the six months ended June 30, 2023 and 2022 is as follows: Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on January 1, 2023 $ (1,280) $ 4 $ (585) $ (1,861) Change before reclassifications 309 (26) (1) 282 Amounts reclassified from accumulated other comprehensive income (loss) (9) (a) 8 (b) (1) Translation effect (10) (10) Tax effect 3 3 Other comprehensive income (loss) attributable to the Company 309 (32) (3) 274 Balance on June 30, 2023 $ (971) $ (28) $ (588) $ (1,587) Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on January 1, 2022 $ (1,290) $ (21) $ (661) $ (1,972) Change before reclassifications 15 43 (1) 57 Amounts reclassified from accumulated other comprehensive income (loss) (19) (a) 24 (b) 5 Translation effect (1) 21 20 Tax effect — Other comprehensive income (loss) attributable to the Company 15 23 44 82 Balance on June 30, 2022 $ (1,275) $ 2 $ (617) $ (1,890) (a) Amount is recorded to Other income (expense), net and interest expense, net on the Condensed Consolidated Results of Operations (see Note 5 for additional information). (b) Amount is included in the computation of net periodic pension cost (see Note 7 for additional information) and net post-retirement benefit cost.

Other Income (Expense), Net (Ta

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

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2023
Earnings Per Share
Computation of basic and diluted earnings per share	Three months ended June 30, 2023 2022 Numerator: Net earnings attributable to the Company $ 110 $ 252 Denominator (in thousands): Denominator for basic earnings per share-weighted average shares outstanding 154,989 155,683 Effect of dilutive securities: Stock options and other 4,339 3,268 Denominator for diluted earnings per share-adjusted weighted average shares outstanding 159,328 158,951 Basic earnings per share: Net earnings attributable to the Company $ 0.71 $ 1.62 Diluted earnings per share: Net earnings attributable to the Company $ 0.69 $ 1.59 Six months ended June 30, 2023 2022 Numerator: Net earnings attributable to the Company $ 316 $ 340 Denominator (in thousands): Denominator for basic earnings per share-weighted average shares outstanding 154,843 155,765 Effect of dilutive securities: Stock options and other 4,369 3,109 Denominator for diluted earnings per share-adjusted weighted average shares outstanding 159,212 158,874 Basic earnings per share: Net earnings attributable to the Company $ 2.04 $ 2.18 Diluted earnings per share: Net earnings attributable to the Company $ 1.98 $ 2.14

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
Supplemental Cash Flow Information (Tables)	Jun. 30, 2023
Supplemental Cash Flow Information
Income taxes paid (received) in cash	Six months ended June 30, 2023 2022 U.S. $ 8 $ 6 Non-U.S. 73 93 Total income taxes paid in cash $ 81 $ 99

Segment Information (Details)

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

Segment Information - Reportabl

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

Segment Information - Reporta_2

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

Segment Information - Total Ass

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

Revenue (Details)

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

Credit Losses (Details)

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

Inventories (Details)

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

Derivative Instruments - Deriva

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

Derivative Instruments - Balanc

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

Derivative Instruments - Effect

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

Restructuring Accruals (Details

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

Pension Benefit Plans (Details)

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

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Jun. 30, 2023
Income Taxes.
Statutory U.S. Federal tax rate (as a percent)	21%

Debt (Details)

Debt (Details) $ / shares in Units, € in Millions, $ in Millions	1 Months Ended			3 Months Ended			6 Months Ended
	May 31, 2023 USD ($)	May 31, 2023 EUR (€)	Aug. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) agreement $ / shares	Jun. 30, 2023 EUR (€)	May 31, 2023 EUR (€)	May 26, 2023 USD ($)	May 26, 2023 EUR (€)	May 15, 2023 USD ($)	May 11, 2023 USD ($)	May 11, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Jul. 18, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Mar. 25, 2022 USD ($)	Mar. 01, 2022 USD ($)	Feb. 28, 2022 USD ($)	Feb. 10, 2022 USD ($)
Debt Instrument
Total long-term debt				$ 4,939			$ 4,939								$ 4,671			$ 4,452
Less amounts due within one year				161			161								300			25
Long-term debt				4,778			4,778								4,371			4,427
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees				39	$ 1
Maximum Borrowing Capacity																				$ 2,800
Additional interest charges for related party fees						$ 2
Paddock
Debt Instrument
Face value																	$ 8.5
Secured Credit Agreement
Debt Instrument
Unused Credit				$ 1,240			$ 1,240
Number of financial maintenance covenants \| agreement							1
Additional default interest rate per annum applied to all obligations owed under the Agreement							2%
Secured Credit Agreement \| Minimum
Debt Instrument
Interest rate margin, Term SOFR loans and Euro currency rate loans				1%			1%	1%
Interest rate margin, Base Rate loans (as a percent)							0%
Facility fee payable (as a percent)							0.20%
Secured Credit Agreement \| Maximum
Debt Instrument
Interest rate margin, Term SOFR loans and Euro currency rate loans				2.25%			2.25%	2.25%
Interest rate margin, Base Rate loans (as a percent)							1.25%
Leverage Ratio							2.50
Facility fee payable (as a percent)							0.35%
Revolving Loans
Debt Instrument
Weighted average interest rate (as a percent)				6.62%			6.62%	6.62%
Term Loan A
Debt Instrument
Total long-term debt				$ 1,427			$ 1,427								1,426			946
Maximum Borrowing Capacity				1,450			1,450
Senior Notes
Debt Instrument
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees						$ 16
Senior Notes 5.875%, due 2023
Debt Instrument
Total long-term debt	$ 108			$ 108			$ 108			$ 142			$ 250		249			547
Interest rate, stated percentage	5.875%		5.875%	5.875%			5.875%	5.875%	5.875%	5.875%	5.875%		5.875%	5.875%							5.875%	5.875%	5.875%
Debt repurchased amount																						$ 150	$ 250
Debt redeemed			$ 300
Additional interest charges for note repurchase premiums and write-off of unamortized finance fees			7
Fair values of fixed rate debt obligations
Principal Amount			$ 250	$ 108			$ 108														$ 550
Indicated Market Price (in dollars per share) \| $ / shares				$ 99.91			$ 99.91
Fair Value				$ 108			$ 108
Senior Notes 3.125%, due 2024 (725 million EUR)
Debt Instrument
Total long-term debt				$ 61			$ 61	€ 725	€ 58		€ 666.7			€ 725	731	€ 725		734	€ 725
Interest rate, stated percentage	3.125%			3.125%			3.125%	3.125%	3.125%	3.125%	3.125%		3.125%	3.125%
Fair values of fixed rate debt obligations
Principal Amount				$ 63			$ 63
Indicated Market Price (in dollars per share) \| $ / shares				$ 99.37			$ 99.37
Fair Value				$ 63			$ 63
Senior Notes 6.375%, due 2025
Debt Instrument
Total long-term debt				$ 298			$ 298								298			297
Interest rate, stated percentage				6.375%			6.375%	6.375%															6.375%
Fair values of fixed rate debt obligations
Principal Amount				$ 300			$ 300
Indicated Market Price (in dollars per share) \| $ / shares				$ 100.28			$ 100.28
Fair Value				$ 301			$ 301
Senior Notes, 5.375% due 2025
Debt Instrument
Total long-term debt	$ 17			$ 17			$ 17			$ 282.8		$ 300			299			299
Interest rate, stated percentage	5.375%			5.375%			5.375%	5.375%	5.375%	5.375%	5.375%	5.375%											5.375%
Fair values of fixed rate debt obligations
Principal Amount				$ 17			$ 17
Indicated Market Price (in dollars per share) \| $ / shares				$ 100.68			$ 100.68
Fair Value				$ 17			$ 17
Senior Notes 2.875%, due 2025 (500 million EUR)
Debt Instrument
Total long-term debt				$ 541			$ 541	€ 500							529	€ 500		519	€ 500
Interest rate, stated percentage				2.875%			2.875%	2.875%
Fair values of fixed rate debt obligations
Principal Amount				$ 544			$ 544
Indicated Market Price (in dollars per share) \| $ / shares				$ 97.72			$ 97.72
Fair Value				$ 532			$ 532
Senior Notes 6.625%, due 2027
Debt Instrument
Total long-term debt				$ 607			$ 607	€ 600							607			606
Interest rate, stated percentage				6.625%			6.625%	6.625%													6.625%	6.625%	6.625%
Debt repurchased amount																						$ 88.2
Fair values of fixed rate debt obligations
Principal Amount				$ 612			$ 612														$ 611.8
Indicated Market Price (in dollars per share) \| $ / shares				$ 99.42			$ 99.42
Fair Value				$ 608			$ 608
Senior Notes 6.250%, due 2028
Debt Instrument
Total long-term debt				$ 645			$ 645	€ 600
Interest rate, stated percentage	6.25%			6.25%			6.25%	6.25%	6.25%
Net proceeds, after deducting debt issuance costs \| €		€ 593
Face value \| €									€ 600
Fair values of fixed rate debt obligations
Principal Amount				$ 652			$ 652
Indicated Market Price (in dollars per share) \| $ / shares				$ 102.34			$ 102.34
Fair Value				$ 667			$ 667
Senior Notes 4.750%, due 2030
Debt Instrument
Total long-term debt				$ 396			$ 396								396			395
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				$ 90.26			$ 90.26
Fair Value				$ 361			$ 361
Senior Notes 7.250% due 2031
Debt Instrument
Total long-term debt				$ 679			$ 679
Interest rate, stated percentage	7.25%			7.25%			7.25%	7.25%	7.25%
Net proceeds, after deducting debt issuance costs	$ 682
Face value	$ 690
Fair values of fixed rate debt obligations
Principal Amount				$ 690			$ 690
Indicated Market Price (in dollars per share) \| $ / shares				$ 101.19			$ 101.19
Fair Value				$ 698			$ 698
Finance leases
Debt Instrument
Total long-term debt				157			157								132			105
Other debt
Debt Instrument
Total long-term debt				3			3								$ 4			$ 4
Revolving Credit Facility
Debt Instrument
Maximum Borrowing Capacity				300			300
Delayed draw term loan facility
Debt Instrument
Maximum Borrowing Capacity																				600
Term loans in aggregate
Debt Instrument
Maximum Borrowing Capacity																				$ 500
Multicurrency Revolving Credit Facility
Debt Instrument
Maximum Borrowing Capacity				$ 950			$ 950

Contingencies - Asbestos (Detai

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

Contingencies - Paddock Enterpr

Contingencies - Paddock Enterprises, LLC (Details) - USD ($) $ in Millions			6 Months Ended		12 Months Ended
	Jul. 20, 2022	Jul. 18, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 08, 2022
Loss contingencies
Deconsolidation investing outflow	$ 8.5
Remaining assets			$ 9,911	$ 8,873	$ 9,061
Cash and cash equivalents			754	661	773
Operating cash outflow			$ 98	120
Liability from deconsolidation				$ 625
Funding to trust		$ 601.5
Funding to trust through borrowings		600
Funding to trust through cash		1.5
Total consideration ("Settlement Consideration")						$ 610
Paddock
Loss contingencies
Remaining assets	18
Liabilities	30
Cash and cash equivalents	$ 12
Operating cash outflow					$ 621
Face value		$ 8.5

Contingencies - Other Matters (

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

Share Owners' Equity - Rollforw

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

Share Owners' Equity - Rollfo_2

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

Share Owners' Equity - Share Re

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

Share Owners' Equity -Authoriza

Share Owners' Equity -Authorization of Common Stock (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Authorization of common stock
Shares of common stock authorized	250,000,000	250,000,000	250,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Shares of common stock issued (including treasury shares)	186,084,000	185,568,000	186,936,000
Treasury shares	31,024,000	30,880,000	31,220,000

Accumulated Other Comprehensi_3

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

Other Income (Expense), Net (De

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

Earnings Per Share (Details)

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

Supplemental Cash Flow Inform_3

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

Divestitures and Sale Leaseba_2

Divestitures and Sale Leaseback of Land and Building (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	May 31, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2022
Divestitures
Gain on sale leasebacks			$ 182	$ 182
Gain on sale of divested business (see Note 16)				$ 55
Cristar TableTop S.A.S. \| Other operating income (expense) \| Disposal Group, Not Discontinued Operations
Divestitures
Net proceeds		$ 96
Pretax gain		55
Gain on sale of businesses, after tax		$ 16
Brampton, Ontario, Canada Plant \| Disposal Group, Not Discontinued Operations
Lease
Lease term	10 years
Rent payment	$ 7.3
Brampton, Ontario, Canada Plant \| Disposal Group, Not Discontinued Operations \| Maximum
Lease
Rent payment	9.1
Brampton, Ontario, Canada Plant \| Other operating income (expense) \| Disposal Group, Not Discontinued Operations
Divestitures
Net proceeds	190
Pretax gain	182
Gain on sale of businesses, after tax	$ 158

Pay vs Performance Disclosure

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

Insider Trading Arrangements

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