Segment Information

12 Months Ended

Dec. 31, 2023

Segment Information

Segment Information

2. Segment Information

The Company has two reportable segments and two operating segments based on its geographic locations: Americas and Europe. These two segments are aligned with the Company’s internal approach to managing, reporting, and evaluating performance of its global glass operations. Certain assets and activities not directly related to one of the segments or to glass manufacturing are reported with Retained corporate costs and other. These include licensing, equipment manufacturing, global engineering, certain equity investments and the remaining businesses in the Asia Pacific region that do not meet the criteria of an individually reportable segment after the sale of the Company’s Australia and New Zealand businesses in 2020. Retained corporate costs and other also includes certain headquarters administrative and facilities costs and certain incentive compensation and other benefit plan costs that are global in nature and are not allocable to the reportable segments.

The Company’s measure of profit for its reportable segments is segment operating profit, which is a non-GAAP financial measure that consists of consolidated earnings from continuing operations before interest income, interest expense, and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations and other adjustments, as well as certain retained corporate costs. The Company’s management, including the chief operating decision maker (defined as the Chief Executive Officer), uses segment operating profit, supplemented by net sales and selected cash flow information, to evaluate segment performance and allocate resources. Segment operating profit for reportable segments includes an allocation of some corporate expenses based on both a percentage of sales and direct billings based on the costs of specific services provided.

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

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

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

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

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

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

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

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

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