Segment Information

9 Months Ended

Sep. 30, 2024

Segment Information

Segment Information

1. Segment Information

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

The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings before interest income, interest expense, and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations and other adjustments, as well as certain retained corporate costs. The Company’s management, including the chief operating decision maker (defined as the Chief Executive Officer), uses segment operating profit, supplemented by net sales and selected cash flow information, to evaluate segment performance and allocate resources. Segment operating profit for reportable segments includes an allocation of some corporate expenses based on both a percentage of sales and direct billings based on the costs of specific services provided. Segment operating profit is not a recognized term under accounting principles generally accepted in the United States (“U.S. GAAP”) and, therefore, does not purport to be an alternative to earnings (loss) before income taxes. Further, the Company's measure of segment operating profit may not be comparable to similarly titled measures used by other companies.

Financial information for the three and nine months ended September 30, 2024 and 2023 regarding the Company’s reportable segments is as follows:

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net sales:
Americas	$	940	$	948	$	2,693	$	2,943
Europe		706		766		2,216		2,428
Reportable segment totals		1,646		1,714		4,909		5,371
Other		33		29		93		93
Net sales	$	1,679	$	1,743	$	5,002	$	5,464

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Earnings (loss) before income taxes	$	(57)	$	82	$	163	$	506
Items excluded from segment operating profit:
Retained corporate costs and other		31		60		104		175
Restructuring, asset impairment and other charges		83		81		83		81
Legacy environmental charge		1				11
Gain on sale of miscellaneous assets		(1)				(1)
Interest expense, net		87		78		252		263
Segment operating profit	$	144	$	301	$	612	$	1,025
Americas	$	88	$	116	$	296	$	419
Europe		56		185		316		606
Reportable segment totals	$	144	$	301	$	612	$	1,025

Financial information regarding the Company’s total assets is as follows:

	September 30,		December 31,		September 30,
	2024		2023		2023
Total assets:
Americas	$	4,882	$	5,218	$	5,474
Europe		3,927		3,949		3,709
Reportable segment totals		8,809		9,167		9,183
Other		563		502		552
Consolidated totals	$	9,372	$	9,669	$	9,735