Equity Investments

12 Months Ended

Dec. 31, 2023

Equity Investments

Equity Investments

6. Equity Investments

At December 31, 2023, the Company’s ownership percentage in affiliates includes:

	O-I Ownership
Affiliates	Percentage		Business Type
Empresas Comegua S.A.	49.7	%	Glass container manufacturer
BJC O-I Glass Pte. Ltd.	50	%	Glass container manufacturer
CO Vidrieria SARL ("COV")	50	%	Glass container manufacturer
Rocky Mountain Bottle Company	50	%	Glass container manufacturer
Vetrerie Meridionali SpA ("VeMe")	50	%	Glass container manufacturer
Vetri Speciali SpA	50	%	Specialty glass manufacturer

Summarized information pertaining to the Company’s equity affiliates follows:

	2023		2022		2021
Equity in earnings:
Non-U.S.	$	121	$	101	$	83
U.S.		6		6		7
Total	$	127	$	107	$	90
Dividends received	$	116	$	71	$	103

Summarized combined financial information for equity affiliates is as follows (unaudited):

	2023		2022
At end of year:
Current assets	$	695	$	641
Non-current assets		1,458		1,369
Total assets		2,153		2,010
Current liabilities		496		426
Other liabilities and deferred items		221		207
Total liabilities and deferred items		717		633
Net assets	$	1,436	$	1,377

For the year:	2023		2022		2021
Net sales	$	1,274	$	1,328	$	1,185
Gross profit	$	351	$	348	$	305
Net earnings	$	236	$	232	$	169

Based on an evaluation of each of the Company’s equity investments for the three years ending December 31, 2023, no investments exceeded the significant subsidiary thresholds per Rule 3-09 of Regulation S-X. As such, separate financial statements for the Company’s equity investments are not required to be filed with the Securities and Exchange Commission.

The Company made purchases of approximately $126 million and $137 million from equity affiliates in 2023 and 2022, respectively, and owed approximately $81 million and $65 million to equity affiliates as of December 31, 2023 and 2022, respectively.