Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company evaluates performance and allocates resources based on segment income, which is not a defined term under GAAP. The Company defines segment income as income from operations adjusted to exclude intangibles amortization charges and provisions for restructuring and other. Segment income should not be considered in isolation or as a substitute for net income prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies.     

The tables below present information about the Company's operating segments.

	External Sales				External Sales
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Americas Beverage	$	1,295	$	1,312	$	3,848	$	3,916
European Beverage	536		552		1,547		1,661
Asia Pacific	307		375		977		1,220
Transit Packaging	554		609		1,715		1,957
Other	377		411		1,065		1,177
Total	$	3,069	$	3,259	$	9,152	$	9,931

The primary sources of revenue included in Other are the Company's food can, aerosol can, and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and U.K.

	Intersegment Sales				Intersegment Sales
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Americas Beverage	$	—	$	—	$	—	$	7
European Beverage	—		28		—		88
Transit Packaging	9		9		36		23
Other	29		12		113		61
Total	$	38	$	49	$	149	$	179

Intersegment sales primarily include sales of equipment and parts used in the manufacturing process.

	Segment Income				Segment Income
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Americas Beverage	$	232	$	185	$	621	$	565
European Beverage	80		20		199		129
Asia Pacific	33		35		107		143
Transit Packaging	89		75		256		210
Total reportable segments	$	434	$	315	$	1,183	$	1,047

A reconciliation of segment income of reportable segments to income before income taxes is as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Segment income of reportable segments	$	434	$	315	$	1,183	$	1,047
Segment income of other	37		50		100		206
Corporate and unallocated items	(41)		(29)		(119)		(102)
Restructuring and other, net	(15)		1		(32)		75
Amortization of intangibles	(41)		(40)		(122)		(119)
Loss from early extinguishments of debt	—		(11)		—		(11)
Other pension and postretirement	(11)		5		(38)		13
Interest expense	(111)		(76)		(323)		(194)
Interest income	13		3		34		9
Foreign exchange	(13)		(15)		(31)		(12)
Income from operations before taxes and equity in net earnings of affiliates	$	252	$	203	$	652	$	912

For the three and nine months ended September 30, 2023, intercompany profits of $1 and $10 were eliminated within segment income of other.

For the three and nine months ended September 30, 2022, intercompany profits of $2 and $11 were eliminated within segment income of other.

Corporate and unallocated items include corporate and administrative costs, research and development, and unallocated items such as stock-based compensation and insurance costs.

The Company also has a 20% minority interest in a European tinplate business, accounted for under the equity method and accordingly, those results are not included in sales or segment income. The Company's proportionate share of net

income from this investment was $9 and $16 for the three and nine months ended September 30, 2023 and $9 and $32, respectively, for the three and nine months ended September 30, 2022. The Company received distributions of $83 and $7 for the nine months ended September 30, 2023 and 2022, respectively.