Equity Investments

12 Months Ended

Dec. 31, 2024

Equity Investments

Equity Investments

6. Equity Investments

At December 31, 2024, 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:

	2024		2023		2022
Equity in earnings:
Non-U.S.	$	75	$	121	$	101
U.S.		4		6		6
Total	$	79	$	127	$	107
Dividends received	$	101	$	116	$	71

In 2024, the Company determined that the current fair value of one of its non-U.S. equity investments (a small glass container manufacturer reported in the non-reportable Retained corporate costs and other category) was less than its carrying value and that it was other-than-temporarily impaired. As such, the Company recorded an impairment charge of approximately $25 million to the equity earnings line in its Consolidated Results of Operations to reduce its carrying value down to its estimated fair value. Subsequent to the impairment charge, the remaining carrying value of this equity investment was approximately $5 million. The Company classified the significant assumptions that were utilized in a third-party market quote to determine the fair value of the impaired assets as Level 3 in the fair value hierarchy as set forth in the general accounting principles for fair value measurements.

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

	2024		2023
At end of year:
Current assets	$	698	$	695
Non-current assets		1,405		1,458
Total assets		2,103		2,153
Current liabilities		502		496
Other liabilities and deferred items		230		221
Total liabilities and deferred items		732		717
Net assets	$	1,371	$	1,436

For the year:	2024		2023		2022
Net sales	$	1,207	$	1,274	$	1,328
Gross profit	$	344	$	351	$	348
Net earnings	$	213	$	236	$	232

Based on an evaluation of each of the Company’s equity investments for the three years ending December 31, 2024, 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 $121 million and $126 million from equity affiliates in 2024 and 2023, respectively, and owed approximately $77 million and $81 million to equity affiliates as of December 31, 2024 and 2023, respectively.