Segment Information

12 Months Ended

Dec. 31, 2024

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 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 is a non-GAAP financial measure that 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.

In accordance with ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” the Company has disclosed significant segment expenses reviewed by its chief operating decision maker. Other segment expenses (income) includes intangible amortization expense (Americas only), foreign currency exchange gains or losses, certain overhead expenses and other gains or losses. Certain prior year presentations have been recast below to conform to these new reporting requirements.

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

	2024						2023						2022
		Americas		Europe		Total		Americas		Europe		Total		Americas		Europe		Total
Reportable segment net sales	$	3,584	$	2,820	$	6,404	$	3,865	$	3,117	$	6,982	$	3,835	$	2,878	$	6,713
Other						127						123						143
Net Sales						6,531					$	7,105						6,856
Less:
Cost of goods sold		3,053		2,317				3,181		2,314				3,255		2,255
Selling, administrative, engineering and research and development expenses		189		178				210		193				183		176
Equity earnings		(70)		(34)				(59)		(65)				(64)		(43)
Other segment expenses (income)		20		3				22		(7)				(11)		2
Segment operating profit	$	392	$	356	$	748	$	511	$	682	$	1,193	$	472	$	488	$	960
Items excluded from segment operating profit:
Retained corporate costs and other						(134)						(224)						(232)
Charge for goodwill impairment												(445)
Restructuring, asset impairment and other charges						(206)						(100)						(53)
Equity investment impairment						(25)
Legacy environmental charge						(11)
Pension settlement and curtailment charges						(5)						(19)						(20)
Gain on sale of divested businesses and miscellaneous assets						6						4						55
Gain on sale leasebacks																		334
Interest expense, net						(335)						(342)						(239)
Earnings before income taxes					$	38					$	67					$	805

					Reportable		Retained		Consoli-
					Segment		Corp Costs		dated
	Americas		Europe		Totals		and Other		Totals
Total assets:
2024	$	4,646	$	3,534	$	8,180	$	474	$	8,654
2023		5,218		3,949		9,167		502		9,669
2022		5,109		3,392		8,501		560		9,061
Equity investments:
2024	$	446	$	182	$	628	$	33	$	661
2023		490		193		683		60		743
2022		488		146		634		61		695
Equity earnings:
2024	$	70	$	34	$	104	$	(25)	$	79
2023		59		65		124		3		127
2022		64		43		107		—		107
Capital expenditures:
2024	$	354	$	254	$	608	$	9	$	617
2023		459		221		680		8		688
2022		339		192		531		8		539
Depreciation and amortization expense:
2024	$	296	$	169	$	465	$	21	$	486
2023		296		166		462		21		483
2022		278		152		430		24		454

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
2024	$	927	$	2,570	$	3,497
2023		845		2,930		3,775
2022		766		2,421		3,187

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

	U.S.		Non-U.S.		Total
2024	$	1,686	$	4,845	$	6,531
2023		1,828		5,277		7,105
2022		1,941		4,915		6,856

Operations outside the U.S. that accounted for 10% or more of consolidated net sales were in France (2024-11%, 2023-11%, 2022-11%), Italy (2024-13%, 2023-13%, 2022-12%), and Mexico (2024-14%, 2023-14%, 2022 -13%).