O-I GLASS, INC. /DE/, 10-K filed on 2/12/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2025
Jan. 30, 2026
Jun. 30, 2025
Cover      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Securities Act File Number 1-9576    
Entity Registrant Name O-I GLASS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 22-2781933    
Entity Address, Address Line One One Michael Owens Way    
Entity Address, City or Town Perrysburg    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 43551    
City Area Code 567    
Local Phone Number 336-5000    
Title of 12(b) Security Common Stock, $.01 par value    
Security Exchange Name NYSE    
Trading Symbol OI    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 1,134,960,000
Entity Common Stock, Shares Outstanding   152,361,609  
Entity Central Index Key 0000812074    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Auditor Firm ID 42    
Auditor Name Ernst & Young LLP    
Auditor Location Toledo, Ohio    
Documents Incorporated by Reference [Text Block]

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the O-I Glass, Inc. Proxy Statement for the Annual Meeting of Share Owners to be held Wednesday, May 13, 2026 (“2026 Proxy Statement”) are incorporated by reference into Part III hereof.

    
v3.25.4
CONSOLIDATED RESULTS OF OPERATIONS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED RESULTS OF OPERATIONS      
Net sales $ 6,426 $ 6,531 $ 7,105
Revenue, Product and Service [Extensible Enumeration] us-gaap:ProductMember us-gaap:ProductMember us-gaap:ProductMember
Cost of goods sold $ (5,317) $ (5,486) $ (5,609)
Gross profit 1,109 1,045 1,496
Selling and administrative expense (434) (445) (540)
Research, development and engineering expense (42) (80) (92)
Interest expense, net (341) (335) (342)
Equity earnings 119 79 127
Other expense, net (460) (226) (582)
Earnings (loss) before income taxes (49) 38 67
Provision for income taxes (54) (126) (152)
Net loss (103) (88) (85)
Net earnings attributable to noncontrolling interests (26) (18) (18)
Net loss attributable to the Company $ (129) $ (106) $ (103)
Basic earnings per share:      
Net loss attributable to the Company (in dollars per share) $ (0.84) $ (0.69) $ (0.67)
Diluted earnings per share:      
Net loss attributable to the Company (in dollars per share) $ (0.84) $ (0.69) $ (0.67)
v3.25.4
CONSOLIDATED COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED COMPREHENSIVE INCOME (LOSS)      
Net loss $ (103) $ (88) $ (85)
Other comprehensive income (loss):      
Foreign currency translation adjustments 431 (496) 343
Pension and other postretirement benefit adjustments, net of tax 44 62 (3)
Change in fair value of derivative instruments, net of tax (105) 29 (47)
Other comprehensive income (loss) 370 (405) 293
Total comprehensive income (loss) 267 (493) 208
Comprehensive income attributable to noncontrolling interests (41) (8) (30)
Comprehensive income (loss) attributable to the Company $ 226 $ (501) $ 178
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 759 $ 734
Trade receivables, net of allowances of $31 million and $30 million at December 31, 2025 and 2024, respectively 601 572
Inventories 1,002 963
Prepaid expenses and other current assets 239 209
Total current assets 2,601 2,478
Other assets:    
Equity investments 735 661
Pension assets 128 92
Other assets 657 608
Intangibles, net 188 198
Goodwill 1,487 1,321
Total other assets 3,195 2,880
Property, plant and equipment:    
Land, at cost 227 208
Buildings and equipment, at cost:    
Buildings and building equipment 1,376 1,146
Factory machinery and equipment 6,326 5,527
Transportation, office and miscellaneous equipment 92 73
Construction in progress 362 834
Property, plant and equipment, at cost 8,383 7,788
Less accumulated depreciation 4,936 4,492
Net property, plant and equipment 3,447 3,296
Total assets 9,243 8,654
Current liabilities:    
Accounts payable 1,201 1,142
Salaries and wages 159 121
U.S. and foreign income taxes 41 49
Restructuring 131 75
Other accrued liabilities 395 357
Short-term loans 96 110
Long-term debt due within one year 66 306
Total current liabilities 2,089 2,160
Long-term debt 4,837 4,553
Deferred taxes 75 74
Pension benefits 202 193
Nonpension postretirement benefits 49 62
Other liabilities 546 407
Share owners' equity of the Company:    
Common stock, par value $.01 per share, 250,000,000 shares authorized, 183,530,836 and 184,851,162 shares issued (including treasury shares), respectively 2 2
Capital in excess of par value 3,031 3,053
Treasury stock, at cost, 30,558,356 and 30,783,642 shares, respectively (667) (677)
Retained earnings 548 676
Accumulated other comprehensive loss (1,620) (1,975)
Total share owners' equity of the Company 1,294 1,079
Noncontrolling interests 151 126
Total share owners' equity 1,445 1,205
Total liabilities and share owners' equity $ 9,243 $ 8,654
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS    
Trade receivables allowance $ 31 $ 30
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 250,000,000 250,000,000
Common stock, shares issued 183,530,836 184,851,162
Treasury shares 30,558,356 30,783,642
v3.25.4
CONSOLIDATED SHARE OWNERS' EQUITY - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Common Stock      
Increase (Decrease) in Share Owners' Equity      
Balance (Beginning) $ 2 $ 2 $ 2
Balance (Ending) 2 2 2
Capital in Excess of Par Value      
Increase (Decrease) in Share Owners' Equity      
Balance (Beginning) 3,053 3,086 3,079
Issuance of common stock     5
Reissuance of common stock (7) (7) (1)
Shares repurchased (40) (40) (40)
Stock compensation 25 14 43
Balance (Ending) 3,031 3,053 3,086
Treasury Stock      
Increase (Decrease) in Share Owners' Equity      
Balance (Beginning) (677) (681) (688)
Reissuance of common stock 18 18 13
Other (8) (14) (6)
Balance (Ending) (667) (677) (681)
Retained Earnings      
Increase (Decrease) in Share Owners' Equity      
Balance (Beginning) 676 782 885
Net earnings (loss) (129) (106) (103)
Balance (Ending) 548 676 782
Accumulated Other Comprehensive Loss      
Increase (Decrease) in Share Owners' Equity      
Balance (Beginning) (1,975) (1,580) (1,861)
Other comprehensive income (loss) 355 (395) 281
Balance (Ending) (1,620) (1,975) (1,580)
Non-Controlling Interests      
Increase (Decrease) in Share Owners' Equity      
Balance (Beginning) 126 135 111
Net earnings (loss) 26 18 18
Other comprehensive income (loss) 15 (10) 12
Distributions to noncontrolling interests (16) (17) (6)
Balance (Ending) 151 126 135
Balance (Beginning) 1,205 1,744 1,528
Issuance of common stock     5
Reissuance of common stock 11 11 12
Shares repurchased (40) (40) (40)
Stock compensation 25 14 43
Net earnings (loss) (103) (88) (85)
Other comprehensive income (loss) 370 (405) 293
Distributions to noncontrolling interests (16) (17) (6)
Other (8) (14) (6)
Balance (Ending) $ 1,445 $ 1,205 $ 1,744
v3.25.4
CONSOLIDATED SHARE OWNERS' EQUITY (Parenthetical) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED SHARE OWNERS' EQUITY      
Issuance of common stock (in shares)     0.4
Reissuance of common stock (in shares) 0.8 0.8 0.6
Shares repurchased (in shares) 3.3 2.9 2.0
Stock compensation shares issued (in shares) 1.4 1.9 0.7
v3.25.4
CONSOLIDATED CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net loss $ (103) $ (88) $ (85)
Non-cash charges (credits):      
Depreciation 391 395 385
Amortization of intangibles and other deferred items 88 91 98
Amortization of finance fees and debt discount 10 10 11
Deferred tax provision (65) 7 25
Pension expense 31 32 30
Stock-based compensation expense 25 14 43
Restructuring, asset impairment and related charges 445 208 97
Pension settlement and curtailment charges 5 5 19
Legacy environmental charge 4 11  
Goodwill impairment     445
Equity investment impairment   25  
Gain on sale of divested businesses and miscellaneous assets (5) (6) (4)
Pension contributions (34) (32) (32)
Cash paid for restructuring activities (128) (41) (26)
Legacy environmental settlement paid (17)    
Change in components of working capital (See Note 20) 20 (125) (148)
Other, net (67) (17) (40)
Cash provided by operating activities 600 489 818
Investing activities:      
Cash payments for property, plant and equipment (432) (617) (688)
Contributions and advances to joint ventures   (3) (10)
Cash proceeds on disposal of other businesses and misc. assets 56 29 11
Net cash proceeds (payments) for hedging activity 8 (29) 4
Cash utilized in investing activities (368) (620) (683)
Financing activities:      
Additions to long-term debt 2,526 1,102 1,332
Repayments of long-term debt (2,643) (1,043) (1,298)
Increase (decrease) in short-term loans (30) 17 47
Payment of finance fees (18) (13) (22)
Cash payments for hedging activity (23)   (40)
Distributions paid to noncontrolling interests (16) (17) (6)
Shares repurchased (40) (40) (40)
Other, net (6) (14)  
Cash utilized in financing activities (250) (8) (27)
Effect of exchange rate fluctuations on cash 43 (40) 32
Change in cash 25 (179) 140
Cash and cash equivalents at beginning of period 734 913 773
Cash and cash equivalents at end of period $ 759 $ 734 $ 913
v3.25.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Significant Accounting Policies  
Significant Accounting Policies

1. Significant Accounting Policies

Basis of Consolidated Statements The Consolidated Financial Statements of O-I Glass, Inc. (the “Company”) include the accounts of its subsidiaries. Newly acquired subsidiaries have been included in the Consolidated Financial Statements from dates of acquisition.

The Company uses the equity method of accounting for investments in which it has a significant influence and generally an ownership interest of 20% to 50%. The Company monitors other than temporary declines in fair value and records reductions in carrying values when appropriate.

Reclassifications Prior year restructuring liabilities of $75 million have been reclassified from Other accrued liabilities to be presented separately within the consolidated balance sheets to conform to the current year presentation.  

Nature of Operations The Company is a leading manufacturer of glass container products. The Company’s principal product lines are glass containers for the food and beverage industries. The Company has glass container operations located in 18 countries. The principal markets and operations for the Company’s products are in the Americas and Europe.

Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management of the Company to make estimates and assumptions that affect certain amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, at which time the Company would revise its estimates accordingly.

Foreign Currency Translation The assets and liabilities of non-U.S. subsidiaries are translated into U.S. dollars at year-end exchange rates and their results of operations are converted on an ongoing basis at the monthly average rate. Any related translation adjustments are recorded in accumulated other comprehensive income (loss) in share owners’ equity.

Revenue Recognition Revenue is recognized at the point in time when obligations under the terms of the Company’s contracts and related purchase orders with its customers are satisfied, which primarily takes place when products are shipped from the Company’s manufacturing or warehousing facilities to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimated provisions for rebates, discounts, returns and allowances. Sales, value-added, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue.

Shipping and Handling Costs Amounts billed to customers related to shipping and handling or other pass-through items are included in net sales in the Consolidated Results of Operations. Shipping and handling costs are included with cost of goods sold in the Consolidated Results of Operations.

Stock-Based Compensation The Company has various stock-based compensation plans consisting of performance and restricted share awards. Costs resulting from all share-based compensation plans are required to be recognized in the financial statements. A public entity is required to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the required service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the required service.

Cash The Company defines “cash” as cash and time deposits with maturities of three months or less when purchased. Outstanding checks in excess of funds on deposit are included in accounts payable.

Accounts Receivable Receivables are stated at amounts estimated by management to be the net realizable value. The Company writes-off accounts receivable when it becomes apparent based upon age or customer circumstances that amounts will not be collected.

Allowance for Doubtful Accounts The allowance for doubtful accounts is established through charges to the provision for bad debts. The Company evaluates the adequacy of the allowance for doubtful accounts on a periodic basis. The evaluation includes historical trends in collections and write-offs, information on current economic conditions and future forecasts and management’s evaluation of business risk.

Inventory Valuation Inventories are valued at the lower of cost, primarily determined on a first-in first-out basis, or net realizable value.

Goodwill Goodwill represents the excess of cost over fair value of net assets of businesses acquired. Goodwill is evaluated annually, as of October 1, for impairment or more frequently if an impairment indicator exists, by comparing the estimated fair value of each reporting unit to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded in the period of the evaluation based on that difference.

Intangible Assets and Other Long-Lived Assets Intangible assets are amortized over the expected useful life of the asset. Amortization expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Amortization expense related to non-manufacturing activities is included in Selling and administrative expense and Other expense, net. The Company evaluates the recoverability of intangible assets and other long-lived assets based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value.

Property, Plant and Equipment Property, plant and equipment (“PP&E”) is carried at cost and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. In general, depreciation is computed using the straight-line method and recorded over the estimated useful life of the asset. Factory machinery and equipment is depreciated over periods ranging from 5 to 25 years with the majority of such assets (principally glass-melting furnaces and forming machines) depreciated over 7 to 15 years. Buildings and building equipment are depreciated over periods ranging from 10 to 50 years. Depreciation expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Depreciation expense related to non-manufacturing activities is included in Selling and administrative. Depreciation expense includes the amortization of assets recorded under financing leases. Maintenance and repairs are expensed as incurred. Costs assigned to PP&E of acquired businesses are based on estimated fair values at the date of acquisition. The Company evaluates the recoverability of PP&E based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value.

Derivative Instruments   The Company uses derivative instruments to manage risks generally associated with foreign exchange rate, interest rate and commodity market volatility. Derivative financial instruments are included on the balance sheet at fair value. Changes in the fair value of derivative assets or liabilities (i.e., gains or losses) are recognized depending upon the type of hedging relationship and whether a hedge has been designated. For those derivative instruments that qualify for hedge accounting, the Company designates the hedging instrument, based upon the exposure being hedged, as a cash flow hedge, fair value hedge, or a hedge of a net investment in a foreign operation. For a derivative instrument designated as a fair value hedge, the gain or loss on the derivative is recognized in earnings immediately with the offsetting gain or loss on the hedged item. For a derivative instrument designated as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of Accumulated other comprehensive loss and is subsequently recognized in earnings when the hedged exposure affects earnings. If there is an ineffective portion of the change in fair value of the derivative, it is recognized directly in earnings. For a derivative instrument designated as a hedge of a net investment in a foreign operation, the effective portion of the derivative's gain or loss is reported in Accumulated other comprehensive loss as part of the cumulative translation adjustment, and amounts are reclassified out of accumulated other comprehensive loss into earnings when the hedged net investment is either sold or

substantially liquidated. Changes in fair value of derivative instruments that do not qualify for hedge accounting are recognized immediately in current net earnings. The Company does not enter into derivative financial instruments for trading purposes and is not a party to leveraged derivatives. In the consolidated statement of cash flows, the settlement of derivative instruments designated as hedges is typically recorded in the category that is consistent with the nature of the underlying item being hedged. See Note 9 to the Consolidated Financial Statements for additional information about hedges and derivative financial instruments.

Fair Value Measurements Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Generally accepted accounting principles define a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs for which there is little or no market data, which requires the Company to develop assumptions.

The carrying amounts reported for cash and short-term loans approximate fair value. In addition, carrying amounts approximate fair value for certain long-term debt obligations subject to frequently redetermined interest rates. Fair values for the Company’s significant fixed rate debt obligations are generally based on published market quotations.

New Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The disclosures are required on an annual and interim basis. This ASU is effective for the Company for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is evaluating the impact of this ASU.

In September 2025, the Financial Accounting Standards Board (FASB) issued ASU 2025-06 "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" (ASU 2025-06) which modernizes the accounting for internal-use software to current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements. This update is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. ASU 2025-06 is not expected to significantly change the Company’s current accounting for internal-use software.

In December 2025, the FASB issued ASU 2025-10 "Accounting for Government Grants Received by Business Entities" (ASU 2025-10) to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. The new guidance leverages the principles in the accounting framework for government assistance in International Accounting Standard 20 "Accounting for Government Grants and Disclosure of Government Assistance". The new guidance is effective for public business entities in annual periods beginning after December 15, 2028, with early adoption permitted. ASU 2025-10 is not expected to significantly change the Company’s current accounting for incentives from federal, state, and local governments.

​
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
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:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

​

​

Americas

​

Europe

​

Total

​

​

Americas

​

Europe

​

Total

​

​

Americas

​

Europe

​

Total

Reportable segment net sales

​

$

3,641

$

2,689

$

6,330

​

$

3,584

$

2,820

$

6,404

​

$

3,865

$

3,117

$

6,982

Other

​

​

​

​

​

​

96

​

​

​

​

​

​

127

​

​

​

​

​

​

123

Net sales

​

 

​

 

​

$

6,426

​

​

​

 

​

$

6,531

​

​

​

​

​

$

7,105

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of goods sold

​

​

2,982

​

2,245

​

​

​

​

3,053

​

2,317

​

​

​

​

3,181

​

2,314

​

​

Selling, administrative, engineering and research and development expenses

​

​

177

​

175

​

​

​

​

189

​

178

​

​

​

​

210

​

193

​

​

Equity earnings

​

​

(93)

​

(25)

​

​

​

​

(70)

​

(34)

​

​

​

​

(59)

​

(65)

​

​

Other segment expenses (income)

​

​

26

​

(3)

​

​

​

​

20

​

3

​

​

​

​

22

​

(7)

​

​

Segment operating profit

​

$

549

$

297

$

846

​

$

392

$

356

$

748

​

$

511

$

682

$

1,193

Items excluded from segment operating profit:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Retained corporate costs and other

​

​

​

​

​

​

(107)

​

​

​

​

​

​

(134)

​

​

​

​

​

​

(224)

Charge for goodwill impairment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(445)

Restructuring, asset impairment and other charges

​

​

​

​

​

​

(443)

​

​

​

​

​

​

(206)

​

​

​

​

​

​

(100)

Equity investment impairment

​

​

​

​

​

​

​

​

​

​

​

​

​

(25)

​

​

​

​

​

​

​

Legacy environmental charge

​

​

​

​

​

​

(4)

​

​

​

​

​

​

(11)

​

​

​

​

​

​

​

Pension settlement and curtailment charges

​

​

​

​

​

​

(5)

​

​

​

​

​

​

(5)

​

​

​

​

​

​

(19)

Gain on sale of divested businesses and miscellaneous assets

​

​

​

​

​

​

5

​

​

​

​

​

​

6

​

​

​

​

​

​

4

Interest expense, net

​

​

​

​

​

​

(341)

​

​

​

​

​

​

(335)

​

​

​

​

​

​

(342)

Earnings (loss) before income taxes

​

​

​

​

​

$

(49)

​

​

​

​

​

$

38

​

​

​

​

​

$

67

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Reportable

  ​ ​ ​

Retained

  ​ ​ ​

Consoli-

 

​

​

​

​

​

​

​

Segment

​

Corp Costs

​

dated

 

​

​

Americas

​

Europe

​

Totals

​

and Other

​

Totals

 

Total assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

4,731

​

$

4,102

​

$

8,833

​

$

410

​

$

9,243

​

2024

​

​

4,646

​

​

3,534

​

​

8,180

​

​

474

​

​

8,654

​

2023

​

​

5,218

​

​

3,949

​

​

9,167

​

​

502

​

​

9,669

​

Equity investments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

485

​

$

212

​

$

697

​

$

38

​

$

735

​

2024

​

​

446

​

​

182

​

​

628

​

​

33

​

​

661

​

2023

​

​

490

​

​

193

​

​

683

​

​

60

​

​

743

​

Equity earnings:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

93

​

$

25

​

$

118

​

$

1

​

$

119

​

2024

​

​

70

​

​

34

​

​

104

​

​

(25)

​

​

79

​

2023

​

​

59

​

​

65

​

​

124

​

​

3

​

​

127

​

Capital expenditures:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

199

​

$

216

​

$

415

​

$

17

​

$

432

​

2024

​

​

354

​

​

254

​

​

608

​

​

9

​

​

617

​

2023

​

​

459

​

​

221

​

​

680

​

​

8

​

​

688

​

Depreciation and amortization expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

295

​

$

168

​

$

463

​

$

16

​

$

479

​

2024

​

​

296

​

​

169

​

​

465

​

​

21

​

​

486

​

2023

​

​

296

​

​

166

​

​

462

​

​

21

​

​

483

​

​

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

 

2025

​

$

766

​

$

2,867

​

$

3,633

​

2024

​

 

927

​

​

2,570

​

​

3,497

​

2023

​

 

845

​

​

2,930

​

​

3,775

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

U.S.

  ​ ​ ​

Non-U.S.

  ​ ​ ​

Total

 

2025

​

$

1,707

​

$

4,719

​

$

6,426

​

2024

​

 

1,686

​

​

4,845

​

​

6,531

​

2023

​

 

1,828

​

​

5,277

​

​

7,105

​

​

Operations outside the U.S. that accounted for 10% or more of consolidated net sales were in France (2025-12%, 2024-11%, 2023-11%), Italy (2025-13%, 2024-13%, 2023-13%), and Mexico (2025-14%, 2024-14%, 2023 -14%).

The Company had one customer, which is a customer in both the Europe and Americas segments, that accounted for approximately 10% of consolidated net sales for the year ended December 31, 2025.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue  
Revenue

3. Revenue

Revenue is recognized at a point in time when obligations under the terms of the Company’s contracts and related purchase orders with its customers are satisfied. This occurs with the transfer of control of glass containers, which primarily takes place when products are shipped from the Company’s manufacturing or warehousing facilities to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimated provisions for rebates, discounts, returns and allowances. Amounts billed to customers related to shipping and handling or other pass-through items are included in net sales in the Consolidated Results of Operations. Sales, value-added, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company’s payment terms are based on customary business practices and can vary by customer type. The term between invoicing and when payment is due is not significant. Also, the Company elected to account for shipping and handling costs as a fulfillment cost at the time of shipment.

For the years ended December 31, 2025 and 2024, the Company had no material bad debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Consolidated Balance Sheet. For the years ended December 31, 2025, 2024 and 2023, revenue recognized from prior periods (for example, due to changes in transaction price) was not material. The Company recognized revenue of approximately $52 million, $40 million and $42 million from sales to affiliates in 2025, 2024, and 2023 respectively.

​

The following table for the year ended December 31, 2025 disaggregates the Company’s revenue by customer end use:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Americas

​

Europe

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Alcoholic beverages (beer, wine, spirits)

 

$

2,018

 

$

1,892

 

$

3,910

​

​

​

Food and other

​

 

896

​

 

488

​

 

1,384

​

​

​

Non-alcoholic beverages

​

 

727

​

 

309

​

 

1,036

​

​

​

Reportable segment totals

​

$

3,641

​

$

2,689

​

$

6,330

​

​

​

Other

​

 

​

​

​

​

​

​

96

​

​

​

Net sales

 

​

​

​

​

​

​

$

6,426

​

​

​

​

The following table for the year ended December 31, 2024 disaggregates the Company’s revenue by customer end use:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Americas

​

Europe

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Alcoholic beverages (beer, wine, spirits)

 

$

2,000

 

$

2,041

 

$

4,041

​

​

​

Food and other

​

 

872

​

 

480

​

 

1,352

​

​

​

Non-alcoholic beverages

​

 

712

​

 

299

​

 

1,011

​

​

​

Reportable segment totals

​

$

3,584

​

$

2,820

​

$

6,404

​

​

​

Other

​

 

​

​

​

​

​

​

127

​

​

​

Net sales

 

​

​

​

​

​

​

$

6,531

​

​

​

​

​

​

The following table for the year ended December 31, 2023 disaggregates the Company’s revenue by customer end use:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Americas

​

Europe

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Alcoholic beverages (beer, wine, spirits)

 

$

2,268

 

$

2,320

 

$

4,588

​

​

​

Food and other

​

 

865

​

 

508

​

 

1,373

​

​

​

Non-alcoholic beverages

​

 

732

​

 

289

​

 

1,021

​

​

​

Reportable segment totals

​

$

3,865

​

$

3,117

​

$

6,982

​

​

​

Other

​

 

​

​

​

​

​

​

123

​

​

​

Net sales

 

​

​

​

​

​

​

$

7,105

​

​

​

​
v3.25.4
Credit Losses
 12 Months Ended
Dec. 31, 2025
Credit Losses  
Credit Losses

​

4. Credit Losses

The Company is exposed to credit losses primarily through its sales of glass containers to customers. The Company’s trade receivables from customers are due within one year or less. The Company assesses each customer’s ability to pay for the glass containers it sells to them by conducting a credit review. The credit review considers the expected billing exposure and timing for payment and the customer’s established credit rating or the Company’s assessment of the customer’s creditworthiness, based on an analysis of their financial statements when a credit rating is not available. The Company also considers contract terms and conditions, country and political risk, and business strategy in its evaluation. A credit limit is established for each customer based on the outcome of this review. The Company may require collateralized asset support or a prepayment to mitigate credit risk. The Company monitors its ongoing credit exposure through the active review of customer balances against contract terms and due dates, including timely account reconciliation, dispute resolution and payment confirmation. The Company may employ collection agencies and legal counsel to pursue the recovery of defaulted receivables.

At December 31, 2025 and 2024, the Company reported $601 million and $572 million of accounts receivable, respectively, net of allowances of $31 million and $30 million, respectively. Changes in the allowance were not material for the years ended December 31, 2025 or 2024.

​
v3.25.4
Inventories
 12 Months Ended
Dec. 31, 2025
Inventories  
Inventories

5. Inventories

​

Major classes of inventory are as follows:

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Finished goods

​

$

781

​

$

745

​

Raw materials

​

 

182

​

 

169

​

Operating supplies

​

 

39

​

 

49

​

​

​

$

1,002

​

$

963

​

​
v3.25.4
Equity Investments
 12 Months Ended
Dec. 31, 2025
Equity Investments  
Equity Investments

6. Equity Investments

At December 31, 2025, 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 Vidriera 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:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Equity in earnings:

​

​

​

​

​

​

​

​

​

​

Non-U.S.

​

$

102

​

$

75

​

$

121

​

U.S.

​

 

17

​

 

4

​

 

6

​

Total

​

$

119

​

$

79

​

$

127

​

Dividends received

​

$

103

​

$

101

​

$

116

​

​

​

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):

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

At end of year:

​

​

​

​

​

​

​

Current assets

​

$

683

​

$

698

​

Non-current assets

​

 

1,634

​

 

1,405

​

Total assets

​

 

2,317

​

 

2,103

​

Current liabilities

​

 

536

​

 

502

​

Other liabilities and deferred items

​

 

267

​

 

230

​

Total liabilities and deferred items

​

 

803

​

 

732

​

Net assets

​

$

1,514

​

$

1,371

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year:

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Net sales

​

$

1,271

​

$

1,207

​

$

1,274

​

Gross profit

​

$

345

​

$

344

​

$

351

​

Net earnings

​

$

234

​

$

213

​

$

236

​

​

Based on an evaluation of each of the Company’s equity investments for the three years ending December 31, 2025, 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 $136 million and $121 million from equity affiliates in 2025 and 2024, respectively, and owed approximately $88 million and $77 million to equity affiliates as of December 31, 2025 and 2024, respectively.
v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

​

Goodwill

​

The changes in the carrying amount of goodwill for the years ended December 31, 2025, 2024, and 2023 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

  ​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

​

​

Europe

​

Americas

​

Total

Balance as of January 1, 2023

​

$

818

​

$

995

​

$

1,813

Impairment

​

​

​

​

​

(445)

​

​

(445)

Translation effects

​

 

30

​

​

75

​

​

105

Balance as of December 31, 2023

​

​

848

​

​

625

​

​

1,473

Translation effects

​

 

(48)

​

​

(104)

​

​

(152)

Balance as of December 31, 2024

​

​

800

​

​

521

​

​

1,321

Translation effects

​

​

97

​

​

69

​

​

166

Balance as of December 31, 2025

​

$

897

​

$

590

​

$

1,487

​

Goodwill is tested for impairment annually as of October 1 (or more frequently if impairment indicators arise) by comparing the fair value of each reporting unit, which is determined by computing the business enterprise value ("BEV"), with its carrying value. The BEV is computed based on estimated future cash flows, discounted at the weighted average cost of capital of a hypothetical third-party buyer. If the BEV is less than the carrying value for any reporting unit, then any excess of the carrying value over the BEV will be recorded as an impairment loss. The calculations of the BEV of the Company’s reporting units were determined based on valuation techniques using the best available information of significant unobservable inputs, primarily revenue growth, earnings before interest, taxes, depreciation and amortization (EBITDA) margin, and the weighted average cost of capital, and are classified as Level 3 in the fair value hierarchy.

During the fourth quarter of 2025, the Company completed its annual impairment testing and determined that no impairment existed. However, there can be no assurance that anticipated financial results will be achieved and the goodwill balances remain susceptible to future impairment charges. If the Company’s projected future cash flows were lower, or if the assumed weighted average cost of capital were higher, the testing performed in the fourth quarter of 2025 may have indicated an impairment of the goodwill related to one or more of the Company’s reporting units. Any impairment charges that the Company may take in the future could be material to its consolidated results of operations and financial condition.

During the time subsequent to the annual evaluation, and at December 31, 2025, the Company considered whether any events and/or changes in circumstances had resulted in the likelihood that the goodwill of any of its reporting units may have been impaired and has determined that no such events have occurred.

During the fourth quarter of 2023, the Company completed its annual impairment testing and determined that the goodwill balance on its North America reporting unit was fully impaired. The primary driver of this impairment was management’s update to its long-range plan, which indicated lower estimated future cash flows for its North America reporting unit (in the Americas segment) as compared to the projections used in the prior goodwill impairment test performed as of October 1, 2022. The Company’s business in North America has experienced declining shipments to its alcoholic beverage customers, especially in the second half of 2023, and this trend was likely to continue for the foreseeable future. As a result, the Company recorded a non-cash impairment charge of $445 million in the fourth quarter of 2023, which was equal to the remaining goodwill balance on its North America reporting unit. Goodwill related to the Company’s other reporting units was determined to not be impaired as a result of the 2023 impairment test.

​

Goodwill for the Americas segment is net of accumulated impairment losses of $1,040 million as of December 31, 2025 and 2024.

Intangible Assets

Customer list intangible assets are amortized using the accelerated amortization method over their 20 year lives. Net intangible asset values were $188 million and $198 million, which included accumulated amortization of $372 million and $345 million, for the years ended December 31, 2025 and 2024, respectively. Amortization expense for intangible assets was $27 million, $29 million and $32 million for the years ended December 31, 2025, 2024, and 2023, respectively. Estimated amortization related to intangible assets through 2030 is as follows: 2026, $25 million; 2027, $23 million; 2028, $22 million; 2029, $20 million and 2030, $19 million. No impairment existed on these assets at December 31, 2025.

The Company has determined that the fair value measurements related to the customer list intangible assets are based on significant unobservable inputs and are classified as Level 3 in the fair value hierarchy.
v3.25.4
Other Assets
 12 Months Ended
Dec. 31, 2025
Other Assets  
Other Assets

8. Other Assets

Other assets (noncurrent) consist of the following at December 31, 2025 and 2024:

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Right of use lease assets

​

$

186

​

$

201

​

Repair parts

​

​

165

​

​

151

​

Deferred tax assets

​

​

138

​

​

79

​

Deferred returnable packaging costs

​

 

90

​

 

88

​

Capitalized software

​

 

34

​

 

37

​

Value added taxes

​

 

13

​

 

14

​

Other

​

 

31

​

 

38

​

​

​

$

657

​

$

608

​

​

Capitalized software includes costs related to the acquisition and development of internal-use software. These costs are amortized over the estimated useful life of the software. Amortization expense for capitalized software was $8 million, $7 million and $9 million for 2025, 2024 and 2023, respectively. Estimated amortization related to capitalized software through 2030 is as follows: 2026, $8 million; 2027, $7 million; 2028, $7 million; 2029, $6 million and 2030, $1 million.
v3.25.4
Derivative Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments  
Derivative Instruments

9. Derivative Instruments

The Company has certain derivative assets and liabilities which consist of natural gas forwards and collars, foreign exchange option and forward contracts, interest rate swaps and cross-currency swaps. The valuation of these instruments is determined primarily using the income approach, including discounted cash flow analysis on the expected cash flows of each derivative. Natural gas prices, foreign exchange rates and interest rates are the significant inputs into the valuation models. The Company also evaluates counterparty risk in determining fair values. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. Estimates of the fair value of foreign currency and commodity derivative instruments are determined using exchange traded prices and rates. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. These inputs are observable in active markets over the terms of the instruments the Company holds, and accordingly, the Company classifies its derivative assets and liabilities as Level 2 in the hierarchy.

Commodity Forward Contracts and Collars Designated as Cash Flow Hedges

The Company has entered into commodity forward contracts and collars related to forecasted natural gas requirements, the objective of which are to limit the effects of fluctuations in future market prices of natural gas and the related volatility in cash flows.

An unrecognized loss of $0 and $2 million at December 31, 2025 and December 31, 2024, respectively, related to the commodity forward contracts and collars was included in Accumulated other comprehensive income (loss) (“Accumulated OCI”), and will be reclassified into earnings over the next 12 months.

Cash Flow Hedges of Foreign Exchange Risk

The Company has variable-interest rate borrowings denominated in currencies other than the functional currency of the borrowing subsidiaries. As a result, the Company is exposed to fluctuations in the currency of the borrowing against the subsidiaries’ functional currency.  In addition, one of the Company’s non-U.S. dollar-functional-currency subsidiaries purchases a raw material in the normal course of business for use in glass container production that is priced in U.S. dollars. Such purchases expose the Company to exchange rate fluctuations. The Company uses derivatives to manage these exposures and designates these derivatives as cash flow hedges of foreign exchange risk.

No unrecognized gains related to cross-currency swaps were included in Accumulated OCI at December 31, 2025 and December 31, 2024.

Fair Value Hedges of Foreign Exchange Risk

The Company has fixed and variable interest rate borrowings denominated in currencies other than the functional currency of the borrowing subsidiaries. As a result, the Company is exposed to fluctuations in the currency of the borrowing against the subsidiaries’ functional currency.  The Company uses derivatives to manage these exposures and designates these derivatives as fair value hedges of foreign exchange risk. Approximately $1 million and $12 million of the components were excluded from the assessment of effectiveness and are included in Accumulated OCI at December 31, 2025 and December 31, 2024, respectively.

In 2025, the Company terminated a portion of its cross-currency swaps, which resulted in a $17 million payment which is included in Net cash payments for hedging activity in the financing activities section of the Consolidated Cash Flows.

Interest Rate Swaps Designated as Fair Value Hedges

The Company enters into interest rate swaps in order to maintain a capital structure containing targeted amounts of fixed and floating-rate debt and manage interest rate risk. The Company’s fixed-to-variable interest rate swaps are accounted for as fair value hedges. The relevant terms of the swap agreements match the corresponding terms of the notes, and therefore, there is no hedge ineffectiveness. The Company recorded the net of the fair market values of the swaps as a long-term liability and short-term asset along with a corresponding net decrease in the carrying value of the hedged debt.

In 2023, the Company terminated interest rate swaps with a notional amount of €725 million as a result of debt refinancing activity. This resulted in a cash outflow of approximately $40 million in the financing activities section of the Consolidated Cash Flows.

Net Investment Hedges

The Company is exposed to fluctuations in foreign exchange rates on investments it holds in non-U.S. subsidiaries and uses cross-currency swaps to partially hedge this exposure.

In 2025, the Company paid $6 million related to the maturity of two net investment hedges which is included in Net cash payments for hedging activity in the financing activities section of the Consolidated Cash Flows.

Foreign Exchange Derivative Contracts Not Designated as Hedging Instruments

The Company uses short-term forward exchange or option agreements to purchase foreign currencies at set rates in the future. These agreements are used to limit exposure to fluctuations in foreign currency exchange rates for significant planned purchases of fixed assets or commodities that are denominated in currencies other than the subsidiaries’ functional currency. The Company also uses foreign exchange agreements to offset the foreign currency exchange rate risk for receivables and payables, including intercompany receivables, payables, and loans, not denominated in, or indexed to, their functional currencies.

In 2024, the Company paid approximately $29 million to settle related hedges and recognized these payments in the cash flows from investing activities section of the Consolidated Cash Flows.

Balance Sheet Classification

The following table shows the amount and classification (as noted above) of the Company’s derivatives at December 31, 2025 and 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value of

​

​

​

​

Hedge Assets

​

Hedge Liabilities

​

​

 

​

2025

​

2024

​

2025

​

2024

​

Derivatives designated as hedging instruments:

  ​ ​ ​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Commodity forward contracts and collars (a)

​

​

$

—

​

$

—

​

$

2

​

$

6

​

Fair value hedges of foreign exchange risk (b)

​

​

​

1

​

​

8

​

​

78

​

​

69

​

Net investment hedges (c)

​

​

​

11

​

​

7

​

​

207

​

​

29

​

Total derivatives accounted for as hedges

​

​

$

12

​

$

15

​

$

287

​

$

104

​

Derivatives not designated as hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign exchange derivative contracts (d)

​

​

​

2

​

​

2

​

​

​

​

​

10

​

Total derivatives

​

​

$

14

​

$

17

​

$

287

​

$

114

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

$

14

​

$

17

​

$

71

​

$

12

​

Noncurrent

​

​

​

​

​

​

​

​

​

216

​

​

102

​

Total derivatives

​

​

$

14

​

$

17

​

$

287

​

$

114

​

​

(a)The notional amount of the commodity forward contracts and collars was approximately 9 million British Thermal Units (“BTUs”) and 28 million BTUs at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates are in 2027 at December 31, 2025 and December 31, 2024.
(b)The notional amounts of the fair value hedges of foreign exchange risk were $400 million and $816 million at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates were in 2030 at December 31, 2025 and December 31, 2024.
(c)The notional amounts of the net investment hedges were €1,176 million and €483 million at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates are in 2028 at December 31, 2025 and 2026 at December 31, 2024.
(d)The notional amounts of the foreign exchange derivative contracts were $526 million and $680 million at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates are in 2026 at December 31, 2025 and 2025 at December 31, 2024.

​

The effects of derivative instruments on the Company’s Consolidated Results of Operations and Comprehensive Income (Loss) for OCI for the years ended December 31, 2025, 2024 and 2023 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain (Loss) Recognized in OCI (Effective Portion)

​

Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)

Derivatives designated as hedging instruments:

 

2025

​

2024

​

2023

​

2025

​

2024

​

2023

Cash Flow Hedges

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

Commodity forward contracts and collars (a)

​

$

4

​

$

(3)

​

$

(27)

​

$

​

​

$

(10)

​

$

(21)

Cash flow hedges of foreign exchange risk (b)

​

​

​

​

​

​

​

​

(3)

​

​

​

​

​

​

​

​

(4)

Net Investment Hedges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Investment Hedges

​

​

(104)

​

​

36

​

​

(21)

​

​

12

​

​

6

​

​

5

​

​

$

(100)

​

$

33

​

$

(51)

​

$

12

​

$

(4)

​

$

(20)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of Loss Recognized in Other income (expense), net

​

​

​

​

​

​

​

​

​

Derivatives not designated as hedges:

 

2025

​

2024

​

2023

​

​

​

​

​

​

​

​

​

Foreign exchange derivative contracts

  ​ ​ ​

$

28

  ​ ​ ​

$

(36)

  ​ ​ ​

$

(12)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1) Gains and losses reclassified from accumulated OCI and recognized in income are recorded to (a) cost of goods sold or (b) other income (expense), net

​
v3.25.4
Restructuring
 12 Months Ended
Dec. 31, 2025
Restructuring  
Restructuring

10. Restructuring

The Company continually reviews its manufacturing footprint and operating cost structure and may decide to close operations or reduce headcount to gain efficiencies, integrate acquired operations, reduce future expenses and address other market factors. The Company incurs costs associated with these actions including employee severance and benefits, other exit costs such as those related to contract terminations, and asset impairment charges. The Company also may incur other costs related to closed facilities including clean-up, dismantling and preparation for sale or other disposition.

The Company accounts for restructuring and other costs under applicable provisions of generally accepted accounting principles. Charges for employee severance and related benefits are generally accrued based on contractual arrangements with employees or their representatives. Other exit costs are accrued based on the estimated cost to settle related contractual arrangements. Estimated environmental remediation costs are accrued when specific claims have been received or are probable of being received.

The Company’s decisions to curtail selected production capacity have resulted in write-downs of certain long-lived assets to the extent their carrying amounts exceeded fair value or fair value less cost to sell. The Company classified the significant assumptions used to determine the fair value of the impaired assets in the period that the measurement was taken as Level 3 (third-party appraisal, where applicable) in the fair value hierarchy as set forth in the general accounting principles for fair value measurements. For the asset impairments recorded through December 31, 2025 and December 31, 2024, the remaining carrying value of the impaired assets was $0.

When a decision is made to take restructuring actions, the Company manages and accounts for them programmatically apart from the ongoing operations of the business. Information related to major programs is presented separately while minor initiatives are presented on a combined basis.

Since 2024, the Company’s only major restructuring program was the Fit to Win initiative, which is expected to reduce redundant production capacity and begin to optimize the network, as well as streamline other cost areas, such as selling, general and administrative expenses.  Details regarding charges, payments and other changes to the Fit to Win restructuring accruals are presented in the table below. This major restructuring program is expected to last at least through 2026, and management expects approximately $50 million of additional restructuring charges will be incurred with this program in 2026 (approximately $700 million cumulative charges) when management completes their assessment to reduce redundant production capacity and streamline costs.

For the year ended December 31, 2025, the Company recorded restructuring, asset impairment and other charges of approximately $445 million to Other expense, net in the Consolidated Results of Operations, related to the Fit to Win initiative. These charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($112 million), Europe segment ($245 million) and Retained corporate costs and other ($88 million). As of December 31, 2025, the Company has incurred cumulative charges of approximately $646 million related to the Fit to Win initiative. The Company expects that the majority of the remaining cash expenditures related to the accrued employee and other exit costs will be paid out over the next several years.

For the year ended December 31, 2024, the Company recorded restructuring, asset impairment and other charges of approximately $208 million to Other expense, net ($206 million) and Equity earnings ($2 million) in the Consolidated Results of Operations, of which $201 million related to the Fit to Win initiative. These charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($79 million), Europe segment ($115 million) and Retained corporate costs and other ($14 million). As of December 31, 2024, the Company has incurred cumulative charges of $201 million related to the Fit to Win initiative.

The following table presents information related to restructuring, asset impairment and other costs related to closed facilities from January 1, 2024 through December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fit to Win Initiative

​

​

Other Restructuring

​

​

​

 

​

​

Employee

​

Asset

​

Other

​

​

Employee

​

Asset

​

Other

​

Total

​

​

  ​ ​ ​

Costs

​

Impairment

​

Exit Costs

​

​

Costs

​

Impairment

​

Exit Costs

  ​ ​

Restructuring

 

Balance at January 1, 2024

​

$

—

​

$

—

​

$

—

​

​

$

27

​

$

—

​

$

12

​

$

39

​

Charges

​

 

73

​

​

109

​

​

19

​

​

 

1

​

​

4

​

​

2

​

​

208

​

Write-down of assets to net realizable value

​

​

​

​

​

(109)

​

​

​

​

​

​

​

​

​

(4)

​

​

​

​

​

(113)

​

Net cash paid, principally severance and related benefits

​

​

(14)

​

​

​

​

​

(1)

​

​

​

(19)

​

​

​

​

​

(7)

​

​

(41)

​

Other, including foreign exchange translation

​

​

(8)

​

​

​

​

​

​

​

​

​

(2)

​

​

​

​

​

(3)

​

​

(13)

​

Balance at December 31, 2024

​

$

51

​

$

—

​

$

18

​

​

$

7

​

$

—

​

$

4

​

$

80

​

Charges

​

 

157

​

​

217

​

​

71

​

​

 

​

​

​

​

​

​

​

​

 

445

​

Write-down of assets to net realizable value

​

​

​

​

​

(217)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(217)

​

Net cash paid, principally severance and related benefits

​

​

(106)

​

​

​

​

​

(18)

​

​

​

(3)

​

​

​

​

​

(1)

​

​

(128)

​

Other, including foreign exchange translation

​

​

11

​

​

​

​

​

(1)

​

​

​

(4)

​

​

​

​

​

(3)

​

 

3

​

Balance at December 31, 2025

​

$

113

​

$

—

​

$

70

​

​

$

—

​

$

—

​

$

—

​

$

183

 

​
v3.25.4
Pension Benefit Plans and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2025
Pension Benefit Plans and Other Postretirement Benefits  
Pension Benefit Plans and Other Postretirement Benefits

​

​

11. Pension Benefit Plans and Other Postretirement Benefits

Pension Benefit Plans

The Company has defined benefit pension plans covering a substantial number of employees located in the United States and several other non-U.S. jurisdictions. Benefits generally are based on compensation for salaried employees and on length of service for hourly employees. The Company’s policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements. The Company’s defined benefit pension plans use a December 31 measurement date.

The changes in the pension benefit obligations for the year are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Obligations at beginning of year

​

$

793

​

$

866

​

$

615

​

$

727

​

Change in benefit obligations:

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

 

5

​

 

6

​

 

9

​

 

9

​

Interest cost

​

 

43

​

 

43

​

 

37

​

 

35

​

Actuarial (gain) loss

​

​

8

​

​

(45)

​

​

(4)

​

​

(56)

​

Settlements

​

​

​

​

​

​

​

 

(20)

​

​

(15)

​

Curtailments

​

 

​

​

​

​

​

​

(6)

​

​

(2)

​

Benefit payments

​

 

(77)

​

 

(78)

​

 

(42)

​

 

(41)

​

Foreign currency translation

​

​

​

​

​

​

​

 

60

​

 

(42)

​

Net change in benefit obligations

​

 

(21)

​

 

(73)

​

 

34

​

 

(112)

​

Obligations at end of year

​

$

772

​

$

793

​

$

649

​

$

615

​

​

The changes in the fair value of the pension plans’ assets for the year are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Fair value at beginning of year

​

$

794

​

$

837

​

$

505

​

$

564

​

Change in fair value:

​

​

​

​

​

​

​

​

​

​

​

​

​

Actual gain (loss) on plan assets

​

 

88

​

 

30

​

 

18

​

 

(12)

​

Benefit payments

​

 

(77)

​

 

(78)

​

 

(42)

​

 

(41)

​

Employer contributions

​

 

2

​

 

5

​

 

32

​

 

27

​

Participant contributions

​

​

​

​

​

​

​

 

1

​

 

1

​

Settlements

​

​

​

​

​

​

​

​

(20)

​

​

(15)

​

Foreign currency translation

​

​

​

​

​

​

​

 

36

​

 

(19)

​

Net change in fair value of assets

​

 

13

​

 

(43)

​

 

25

​

 

(59)

​

Fair value at end of year

​

$

807

​

$

794

​

$

530

​

$

505

​

​

The Company recognizes the funded status of each pension benefit plan on the Consolidated Balance Sheet. The funded status of each plan is measured as the difference between the fair value of plan assets and actuarially calculated benefit obligations as of the balance sheet date. Actuarial gains and losses are primarily related to changes in asset performance and in discount rates, and are accumulated in Accumulated Other Comprehensive Loss. The portion of accumulated actuarial gains and losses of each plan that exceeds 10% of the greater of that plan’s assets or projected benefit obligation is amortized to income on a straight-line basis over the average remaining service period of employees still accruing benefits or the expected life of participants not accruing benefits if all, or almost all, of the plan’s participants are no longer accruing benefits.

The funded status of the pension plans at year end is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

​

2025

​

2024

​

2025

​

2024

 

Plan assets at fair value

  ​ ​ ​

$

807

  ​ ​ ​

$

794

  ​ ​ ​

$

530

  ​ ​ ​

$

505

​

Projected benefit obligations

​

 

772

​

 

793

​

 

649

​

 

615

​

Plan assets less than projected benefit obligations

​

 

35

​

 

1

​

 

(119)

​

 

(110)

​

Items not yet recognized in pension expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

Actuarial loss

​

 

280

​

 

321

​

 

297

​

 

283

​

Prior service cost

​

 

​

​

 

​

​

 

8

​

 

9

​

​

​

 

280

​

 

321

​

 

305

​

 

292

​

Net amount recognized

​

$

315

​

$

322

​

$

186

​

$

182

​

​

The net amount recognized is included in the Consolidated Balance Sheets at December 31, 2025 and 2024 as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Pension assets

​

$

38

​

$

8

​

$

90

​

$

84

​

Current pension liability, included with other accrued liabilities

​

 

(1)

​

 

(1)

​

 

(9)

​

 

(7)

​

Pension benefits

​

 

(2)

​

 

(6)

​

 

(200)

​

 

(187)

​

Accumulated other comprehensive loss

​

 

280

​

 

321

​

 

305

​

 

292

​

Net amount recognized

​

$

315

​

$

322

​

$

186

​

$

182

​

​

The following changes in plan assets and benefit obligations were recognized in Accumulated Other Comprehensive Loss at December 31, 2025 and 2024 as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Current year actuarial (gain) loss

​

$

(29)

​

$

(22)

​

$

5

​

$

(14)

​

Amortization of actuarial loss

​

 

(12)

​

 

(14)

​

 

(8)

​

 

(10)

​

Settlement

​

​

​

​

​

​

​

​

(6)

​

​

(4)

​

Foreign currency translation

​

​

​

​

​

​

​

 

23

​

 

(9)

​

​

​

$

(41)

​

$

(36)

​

$

14

​

$

(37)

​

​

The components of the net pension expense for the year are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

​

2025

​

2024

​

2023

​

2025

​

2024

​

2023

 

Service cost

  ​ ​ ​

$

5

  ​ ​ ​

$

6

  ​ ​ ​

$

6

  ​ ​ ​

$

9

  ​ ​ ​

$

9

  ​ ​ ​

$

8

​

Interest cost

​

 

43

​

 

43

​

 

45

​

 

37

​

 

35

​

 

38

​

Expected asset return

​

 

(50)

​

 

(53)

​

 

(55)

​

 

(32)

​

 

(32)

​

 

(30)

​

Amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Actuarial loss

​

 

11

​

 

14

​

 

9

​

 

8

​

 

10

​

 

9

​

Net expense

​

$

9

​

$

10

​

$

5

​

$

22

​

$

22

​

$

25

​

​

In addition to the above net pension expense, in 2025, 2024, and 2023, the Company also settled a portion of its pension obligations in the U.S., Canada and Mexico, resulting in settlement charges of approximately $6

million, $5 million, and $6 million, respectively. In 2025 and 2023, the Company also recorded a curtailment (credit) charge of ($1 million) and $13 million, respectively.

​

The components of pension expense, other than the service cost component, as well as pension curtailment and settlement charges are included in Other expense, net in the Consolidated Results of Operations.

​

The following information is for plans with projected and accumulated benefit obligations in excess of the fair value of plan assets at year-end:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Projected Benefit Obligation Exceeds 

​

Accumulated Benefit Obligation Exceeds

 

​

​

the Fair Value of Plan Assets

​

the Fair Value of Plan Assets

 

​

​

U.S.

​

Non-U.S.

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

​

2024

  ​ ​ ​

2025

​

2024

  ​ ​ ​

2025

​

2024

  ​ ​ ​

2025

​

2024

​

Projected benefit obligations

​

$

3

​

$

257

​

$

246

​

$

227

​

$

3

​

$

257

​

$

246

​

$

227

​

Accumulated benefit obligation

​

 

3

​

 

257

​

 

217

​

 

199

​

 

3

​

 

257

​

 

217

​

 

199

​

Fair value of plan assets

​

 

—

​

 

250

​

 

38

​

 

32

​

 

—

​

 

250

​

 

38

​

 

32

​

​

The accumulated benefit obligation for all defined benefit pension plans was $1,390 million and $1,379 million at December 31, 2025 and 2024, respectively.

​

The weighted average assumptions used to determine benefit obligations are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Discount rate

 

5.49

%  

5.66

%  

5.80

%  

5.74

%

Rate of compensation increase

 

N/A

​

N/A

​

3.45

%  

3.27

%

The weighted average assumptions used to determine net periodic pension costs are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

​

2025

​

2024

​

2023

​

2025

​

2024

​

2023

 

Discount rate

  ​ ​ ​

5.66

%  

5.18

%  

5.48

%  

5.74

%  

5.12

%  

5.52

%

Rate of compensation increase

 

N/A

​

N/A

​

N/A

​

3.27

%  

3.24

%  

3.28

%

Expected long-term rate of return on assets

 

5.75

%  

5.75

%  

5.75

%  

5.12

%  

5.14

%  

4.67

%

​

Future benefits are assumed to increase in a manner consistent with past experience of the plans, which, to the extent benefits are based on compensation, includes assumed salary increases as presented above.

For 2025, the Company’s weighted average expected long-term rate of return on assets was 5.75% for the U.S. plans and 5.12% for the non-U.S. plans. In developing this assumption, the Company considered the Plans’ asset mix and long-term average returns and evaluated input from its third-party pension plan asset consultants, including their review of asset class return expectations.

It is the Company’s policy to invest pension plan assets in a diversified portfolio consisting of an array of asset classes within established target asset allocation ranges. The investment risk of the assets is limited by appropriate diversification both within and between asset classes. Plan assets are primarily invested in a broad mix of domestic and international equities, domestic and international bonds, and real estate, subject to target asset allocation ranges, which may differ by individual plan. The assets are managed with a view to ensuring that sufficient liquidity will be available to meet expected cash flow requirements.

The investment valuation policy of the Company is to value investments at fair value. Equity securities for which market quotations are readily available are valued at the last reported sales price on their principal exchange on valuation date or official close for certain markets. Fixed income investments are valued by an independent pricing service. Investments in registered investment companies or collective pooled funds are valued at their respective net asset values. Short-term investments are stated at amortized cost, which approximates fair value. The fair value of real estate is determined by periodic appraisals.

The assets of the U.S. plans are maintained in a group trust and hold no individual assets other than the investment in the group trust. U.S. pension plan assets are measured at net asset value in the fair value hierarchy and amounted to $807 million and $794 million as of December 31, 2025 and 2024, respectively. In 2025, the group trust assets consisted of approximately 31% equity securities and 69% debt securities.

In 2025, the non-U.S. plan assets consisted of approximately 93% debt securities, 3% equity securities and 4% diversified funds and other. The following table sets forth by level, within the fair value hierarchy, the Company’s non-U.S. pension plan assets at fair value as of December 31, 2025 and 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

​

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

​

Total

  ​ ​ ​

Cash and cash equivalents

​

$

13

​

$

​

​

$

​

​

$

13

​

$

12

​

$

​

​

$

​

​

$

12

​

Debt securities

​

​

21

​

​

​

​

​

​

​

​

21

​

​

17

​

​

​

​

​

​

​

​

17

​

Total

​

$

34

​

$

—

​

$

—

​

​

​

​

$

29

​

$

—

​

$

—

​

​

​

 

Investments measured at net asset value

​

​

​

​

​

​

​

 

​

​

$

496

​

​

​

​

​

​

​

 

​

​

$

476

 

Total non-U.S. assets at fair value

​

​

​

​

​

​

​

​

​

​

$

530

​

​

​

​

​

​

​

​

​

​

$

505

​

​

In order to maintain minimum funding requirements, the Company is required to make contributions to its defined benefit pension plans of approximately $19 million in 2026.

The following estimated future benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated:

​

​

​

​

​

​

​

​

Year(s)

  ​ ​ ​

U.S.

  ​ ​ ​

Non-U.S.

2026

​

$

69

​

$

49

2027

​

 

68

​

 

48

2028

​

 

67

​

 

49

2029

​

 

66

​

 

51

2030

​

 

65

​

 

54

2031-2035

​

 

298

​

 

283

​

The Company also sponsors several defined contribution plans for all salaried and hourly U.S. employees, and employees in Canada, the United Kingdom, and the Netherlands. Participants’ contributions are based on their compensation. The Company matches contributions of participants, up to various limits, in substantially all plans. Company contributions to these plans amounted to $32 million in 2025, $34 million in 2024, and $35 million in 2023.

Postretirement Benefits Other Than Pensions

The Company provides retiree health care and life insurance benefits covering certain U.S. salaried and hourly employees, and substantially all employees in Canada. Benefits provided by the Company for hourly retirees are determined by collective bargaining. Employees are generally eligible for benefits upon retirement

and completion of a specified number of years of creditable service. The Company uses a December 31 measurement date to measure its postretirement benefit obligations.

The changes in the postretirement benefit obligations for the year are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Obligations at beginning of year

​

$

19

​

$

21

​

$

46

​

$

50

​

Change in benefit obligations:

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

 

​

​

 

​

​

 

1

​

 

1

​

Interest cost

​

 

1

​

 

1

​

 

2

​

 

2

​

Actuarial (gain) loss

​

 

(3)

​

 

(1)

​

 

(11)

​

 

(1)

​

Benefit payments

​

 

(2)

​

 

(2)

​

 

(2)

​

 

(2)

​

Plan amendments

​

​

(1)

​

​

​

​

​

​

​

​

​

​

Foreign currency translation

​

​

​

​

​

​

​

 

3

​

 

(4)

​

Net change in benefit obligations

​

 

(5)

​

 

(2)

​

 

(7)

​

 

(4)

​

Obligations at end of year

​

$

14

​

$

19

​

$

39

​

$

46

​

​

The actuarial (gain) loss for the Company’s postretirement benefit obligations in 2025 and 2024 was primarily related to changes in discount rates.

​

The funded status of the postretirement benefit plans at year end is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Postretirement benefit obligations

​

$

(14)

​

$

(19)

​

$

(39)

​

$

(46)

​

Items not yet recognized in net postretirement benefit cost:

​

​

​

​

​

​

​

​

​

​

​

​

​

Actuarial gain

​

​

(29)

​

​

(29)

​

​

(40)

​

​

(30)

​

Prior service credit

​

 

(2)

​

 

​

​

 

​

​

 

​

​

​

​

 

(31)

​

 

(29)

​

 

(40)

​

 

(30)

​

Net amount recognized

​

$

(45)

​

$

(48)

​

$

(79)

​

$

(76)

​

​

The net amount recognized is included in the Consolidated Balance Sheets at December 31, 2025 and 2024 as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Current nonpension postretirement benefit, included with Other accrued liabilities

​

$

(1)

​

$

(1)

​

$

(3)

​

$

(2)

​

Nonpension postretirement benefits

​

 

(13)

​

 

(18)

​

 

(36)

​

 

(44)

​

Accumulated other comprehensive loss

​

 

(31)

​

 

(29)

​

 

(40)

​

 

(30)

​

Net amount recognized

​

$

(45)

​

$

(48)

​

$

(79)

​

$

(76)

​

​

The following changes in benefit obligations were recognized in Accumulated Other Comprehensive Loss at December 31, 2025 and 2024 as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Current year actuarial (gain) loss

​

$

​

​

$

—

​

$

(11)

​

$

(1)

​

Amortization of actuarial gain (loss)

​

 

​

​

 

(9)

​

​

2

​

​

3

​

Amortization of prior service credit

​

 

(2)

​

 

9

​

​

​

​

​

​

​

Foreign currency translation

​

​

​

​

 

​

​

​

(2)

​

​

3

​

​

​

$

(2)

​

$

—

​

$

(11)

​

$

5

​

​

The components of the net postretirement benefit cost for the year are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Service cost

​

$

—

​

$

—

​

$

—

​

$

1

​

$

1

​

$

1

​

Interest cost

​

 

1

​

 

1

​

 

1

​

 

2

​

 

2

​

 

2

​

Amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Actuarial (gain) loss

​

 

(2)

​

 

8

​

 

8

​

​

(2)

​

​

(3)

​

​

(3)

​

Prior service credit

​

 

​

​

 

(8)

​

 

(9)

​

​

​

​

​

​

​

​

​

​

Net amortization

​

 

(2)

​

 

—

​

 

(1)

​

 

(2)

​

 

(3)

​

 

(3)

​

Net postretirement benefit cost

​

$

(1)

​

$

1

​

$

—

​

$

1

​

$

—

​

$

—

​

​

Amortization included in net postretirement benefit cost is based on the average remaining service of employees. The weighted average discount rates used to determine the accumulated postretirement benefit obligation and net postretirement benefit cost are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Accumulated postretirement benefit obligation

 

5.43

%  

5.70

%  

5.18

%  

4.85

%  

4.65

%  

4.65

%  

Net postretirement benefit cost

 

5.70

%  

5.10

%  

5.48

%  

4.65

%  

4.65

%  

5.15

%  

​

The weighted average assumed health care cost trend rates at December 31 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Health care cost trend rate assumed for next year

 

6.3

%  

6.5

%  

5.0

%  

5.0

%  

Rate to which the cost trend rate is assumed to decline (ultimate trend rate)

 

5.0

%  

5.0

%  

5.0

%  

5.0

%  

Year that the rate reaches the ultimate trend rate

 

2033

​

2032

​

N/A

​

N/A

​

​

Amortization included in net postretirement benefit cost is based on the average remaining service of employees.

​

The following estimated future benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated:

​

​

​

​

​

​

​

​

​

Year(s)

  ​ ​ ​

U.S.

  ​ ​ ​

Non-U.S.

 

2026

​

$

1

​

$

2

​

2027

​

 

1

​

 

2

​

2028

​

 

1

​

 

2

​

2029

​

 

1

​

 

2

​

2030

​

 

1

​

 

2

​

2031  -  2035

​

 

6

​

 

12

​

​

Other U.S. hourly retirees receive health and life insurance benefits from a multi-employer trust established by collective bargaining. Payments to the trust as required by the bargaining agreements are based upon specified amounts per hour worked and were $4 million in 2025, $4 million in 2024 and $5 million in 2023. Postretirement health and life benefits for retirees of foreign subsidiaries are generally provided through the national health care programs of the countries in which the subsidiaries are located.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases  
Leases

12. Leases

The Company determines if an arrangement is a lease at inception. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term.

The Company uses an estimated incremental borrowing rate at the lease commencement date to determine the present value of lease payments when the implicit rate is not readily determinable in the lease. The Company’s incremental borrowing rate reflects a fully secured rate based on recent debt issuances, the credit rating of the Company, changes in currency and repayment timing of the lease, as well as publicly available data for instruments with similar characteristics when calculating incremental borrowing rates.

Certain lease agreements include terms with options to extend the lease, however, none of these have been recognized in the Company’s right-of-use assets or lease liabilities since those options were not reasonably certain to be exercised. Leases with a term of 12 months or less are not recorded on the balance sheet and lease expense for these leases is recognized on a straight-line basis over the lease term. The Company’s lease agreements include lease payments that are largely fixed and do not contain material residual value guarantees or variable lease payments and no lease transactions with related parties. For the years ended December 31, 2025 and 2024, the Company’s lease costs associated with leases with terms less than 12 months or variable lease costs were immaterial. Certain leases include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s leases do not contain restrictions or covenants that restrict the Company from incurring other financial obligations.

​

The Company leases warehouses, office buildings, equipment and certain land and buildings under both operating and finance lease arrangements. Information related to these leases is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

​

  ​ ​ ​

  ​ ​ ​

2025

​

​

2024

  ​ ​ ​

​

2023

Lease cost

​

​

​

​

​

​

​

​

​

Finance lease cost:

​

​

​

​

​

​

​

​

​

Amortization of right-of-use assets (included in Cost of goods sold and Selling and administrative expense)

​

$

35

​

$

21

​

$

15

Interest on lease liabilities (included in Interest expense, net)

​

​

11

​

​

12

​

​

10

Operating lease cost (included in Cost of goods sold and Selling and administrative expense)

​

​

65

​

​

64

​

​

63

Total lease cost

​

$

111

​

$

97

​

$

88

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

​

​

​

2025

​

​

2024

​

​

2023

Other information

​

​

​

​

​

​

​

​

​

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

​

​

​

​

Operating cash flows from operating leases

​

$

63

​

$

62

​

$

60

Operating cash flows from finance leases

​

​

11

​

​

12

​

​

10

Financing cash flows from finance leases

​

​

35

​

​

21

​

​

15

Right-of-use assets obtained in exchange for new operating lease liabilities

​

​

31

​

​

41

​

​

46

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2025

​

​

2024

Supplemental balance sheet information

​

 

​

​

​

​

Operating leases:

​

​

​

​

​

​

Operating lease right-of-use assets (included in Other assets)

​

$

186

​

$

201

​

​

​

​

​

​

​

Current operating lease liabilities (included in Other current liabilities)

​

​

45

​

​

41

Noncurrent operating lease liabilities (included in Other long-term liabilities)

​

​

151

​

​

169

Total operating lease liabilities

​

$

196

​

$

210

​

​

​

​

​

​

​

Finance leases:

​

​

​

​

​

​

Property, plant and equipment

​

$

254

​

$

261

Accumulated amortization

​

​

(83)

​

​

(60)

Property, plant and equipment, net

​

​

171

​

​

201

​

​

​

​

​

​

​

Current finance lease liabilities (included in Long-term debt due within one year)

​

​

38

​

​

32

Noncurrent finance lease liabilities (included in Long-term debt)

​

​

136

​

​

163

Total finance lease liabilities

​

$

174

​

$

195

​

​

​

​

​

​

​

Weighted-average remaining lease term (in years):

​

​

​

​

​

​

Operating leases

​

​

5.3

​

​

6.5

Finance leases

​

​

5.8

​

​

6.2

Weighted-average discount rate:

​

​

​

​

​

​

Operating leases

​

​

6.59%

​

​

6.72%

Finance leases

​

​

5.60%

​

​

5.75%

​

​

​

​

​

​

​

​

​

Maturity of lease liabilities

​

​

Operating leases

​

​

Finance leases

2026

​

$

56

​

$

46

2027

​

​

48

​

​

42

2028

​

​

36

​

​

39

2029

​

​

31

​

​

33

2030

​

​

24

​

​

24

2031 and thereafter

​

​

36

​

​

15

Total lease payments

​

​

231

​

​

199

Less: imputed interest

​

​

(35)

​

​

(25)

Total lease obligations

​

$

196

​

$

174

​

​

​

​

​

​

​

Minimum payments related to leases not yet commenced as of December 31, 2025

​

$

—

​

$

—

​
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Taxes.  
Income Taxes

13. Income Taxes

The provision for income taxes was calculated based on the following components of earnings (loss) before income taxes:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

U.S.

​

$

(271)

​

$

(284)

​

$

(455)

​

Non-U.S.

​

 

222

​

 

322

​

 

522

​

​

​

$

(49)

​

$

38

​

$

67

​

​

​

The US federal current provision includes foreign withholding taxes related to dividends and royalties paid by the Company's foreign subsidiaries. The provision for income taxes consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Current:

​

​

​

​

​

​

​

​

​

​

U.S. federal

​

$

13

​

$

13

​

$

13

​

U.S. state

​

 

1

​

 

​

​

 

​

​

Non-U.S.

​

​

105

​

​

106

​

​

114

​

​

​

 

119

​

 

119

​

 

127

​

Deferred:

​

​

​

​

​

​

​

​

​

​

U.S. federal

​

​

—

​

 

—

​

 

(13)

​

U.S. state

​

​

​

​

 

​

​

 

(3)

​

Non-U.S.

​

 

(65)

​

 

7

​

 

41

​

​

​

 

(65)

​

 

7

​

 

25

​

Total:

​

​

​

​

​

​

​

​

​

​

U.S. federal

​

​

13

​

 

13

​

 

—

​

U.S. state

​

 

1

​

 

​

​

 

(3)

​

Non-U.S.

​

 

40

​

 

113

​

 

155

​

​

​

$

54

​

$

126

​

$

152

​

​

​

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU requires a public entity to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. The Company implemented this ASU in the disclosures below.

​

​

​

Reconciliations of the provision for income taxes based on the statutory U.S. Federal tax rate of 21% to the provision for income taxes are as follows:

​

​

​

​

​

​

​

​

​

​

​

2025

​

​

  ​ ​ ​

​

  ​ ​ ​

Percent of Pre-tax income

​

US federal statutory tax rate

​

$

(10)

​

​

21

%

State and local income taxes, net of federal income tax effect(a)

​

​

1

​

​

(2)

%

Foreign tax effects

​

​

​

​

​

​

​

Brazil

​

​

​

​

​

​

​

Withholding tax

​

​

6

​

​

(13)

%

Other

​

​

3

​

​

(6)

%

Colombia

​

​

​

​

​

​

​

Statutory tax rate difference between Colombia and US

​

​

10

​

​

(20)

%

Other

​

​

3

​

​

(7)

%

France

​

​

​

​

​

​

​

Nontaxable or nondeductible items

​

​

13

​

​

(27)

%

Other

​

​

(4)

​

​

7

%

Mexico

​

​

​

​

​

​

​

Nontaxable or nondeductible items

​

​

7

​

​

(14)

%

Withholding tax

​

​

12

​

​

(25)

%

Other

​

​

4

​

​

(8)

%

Netherlands

​

​

​

​

​

​

​

Equity earnings

​

​

(18)

​

​

36

%

Nontaxable or nondeductible items

​

​

9

​

​

(19)

%

Alternative minimum taxes

​

​

8

​

​

(17)

%

Tax credits and incentives

​

​

(18)

​

​

36

%

Other

​

​

(8)

​

​

16

%

Poland

​

​

​

​

​

​

​

Tax credits and incentives

​

​

(33)

​

​

68

%

Change in valuation allowance

​

​

11

​

​

(22)

%

Spain

​

​

​

​

​

​

​

Nontaxable or nondeductible items

​

​

(7)

​

​

15

%

Other foreign jurisdictions

​

​

6

​

​

(12)

%

Effect of cross-border tax laws

​

​

​

​

​

​

​

Global intangible low-taxed income net of foreign tax credit

​

​

7

​

​

(13)

%

Foreign currency gain/loss

​

​

(6)

​

​

12

%

Tax credits

​

​

(5)

​

​

10

%

Changes in valuation allowances

​

​

49

​

​

(100)

%

Nontaxable or nondeductible items

​

​

​

​

​

​

​

Non deductible foreign expenses

​

​

13

​

​

(26)

%

Other

​

​

5

​

​

(10)

%

Global changes in unrecognized tax benefits

​

​

(4)

​

​

10

%

Total income tax expense

​

$

54

​

​

(110)

%

(a)State taxes in Pennsylvania, Kentucky and Texas for 2025 made up the majority (greater than 50%) of the tax effect in this category.

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Tax provision on pretax earnings at statutory U.S. Federal tax rate

​

$

8

​

$

14

​

Increase (decrease) in provision for income taxes due to:

​

​

​

​

​

​

​

Non-U.S. tax rates

​

​

12

​

​

5

​

Global intangible low taxed income and Foreign-derived intangible income, net of applicable GILTI credits

​

​

6

​

​

12

​

Goodwill impairment

​

​

​

​

​

85

​

Tax law changes

​

​

(1)

​

​

3

​

Change in valuation allowance

​

​

34

​

​

85

​

Tax attribute expiration

​

​

17

​

​

7

​

Withholding tax

​

​

12

​

​

14

​

Non-deductible expenses and taxable gains

​

​

36

​

​

13

​

Tax credits and incentives

​

​

(24)

​

​

(34)

​

Changes in tax reserves and audit settlements

​

​

4

​

​

(14)

​

Mexico inflationary adjustments

​

​

(1)

​

​

(5)

​

Equity earnings

​

​

(17)

​

​

(23)

​

Intercompany financing

​

​

18

​

​

(13)

​

Other taxes based on income

​

​

6

​

​

6

​

Other items

​

​

16

​

​

(3)

​

Provision for income taxes

​

$

126

​

$

152

​

​

​

Deferred income taxes reflect: (1) the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their relevant tax basis; and (2) carryovers and credits for income tax purposes.

​

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2025 and 2024 are as follows:

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

Deferred tax assets:

​

​

​

​

​

​

​

Accrued postretirement benefits

​

$

19

​

$

23

​

Foreign tax credit carryovers

​

 

178

​

​

144

​

Operating, capital loss and interest carryovers

​

 

418

​

​

357

​

Other credit carryovers

​

 

36

​

​

29

​

Accrued liabilities

​

 

87

​

​

75

​

Pension liabilities

​

 

2

​

​

10

​

Operating lease liabilities

​

​

47

​

​

50

​

Other

​

 

130

​

​

61

​

Total deferred tax assets

​

 

917

​

 

749

​

Deferred tax liabilities:

​

​

​

​

​

​

​

Property, plant and equipment

​

 

121

​

​

113

​

Intangibles and deferred software

​

 

41

​

​

39

​

Operating lease right-of-use assets

​

​

45

​

​

48

​

Total deferred tax liabilities

​

 

207

​

 

200

​

Valuation allowance

​

 

(647)

​

​

(544)

​

Net deferred taxes

​

$

63

​

$

5

​

​

Deferred taxes are included in the Consolidated Balance Sheets at December 31, 2025 and 2024 as follows:

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

Other assets

​

$

138

​

$

79

​

Deferred taxes

​

 

(75)

​

 

(74)

​

Net deferred taxes

​

$

63

​

$

5

​

​

The deferred tax expense associated with the increase in the valuation allowance of $103 million was primarily allocated $91 million income from continuing operations due to the primacy of continuing operations, changes in tax law and movements in non-U.S. currencies, and $12 million increase to other comprehensive income.

​

Deferred tax assets and liabilities are determined separately for each tax jurisdiction on a separate or on a consolidated tax filing basis, as applicable, in which the Company conducts its operations or otherwise incurs taxable income or losses. A valuation allowance is recorded when it is more likely than not that some portion or all of the gross deferred tax assets will not be realized. The realization of deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character within the carryback or carryforward periods provided for in the tax law for each applicable tax jurisdiction. The Company considers the following possible sources of taxable income when assessing the realization of deferred tax assets:

●taxable income in prior carryback years;
●future reversals of existing taxable temporary differences;
●future taxable income exclusive of reversing temporary differences and carryforwards; and
●prudent and feasible tax planning strategies that the Company would be willing to undertake to prevent a deferred tax asset from otherwise expiring.

The assessment regarding whether a valuation allowance is required or whether a change in judgment regarding the valuation allowance has occurred also considers all available positive and negative evidence, including but not limited to:

●nature, frequency, and severity of cumulative losses in recent years;
●duration of statutory carryforward and carryback periods;
●statutory limitations against utilization of tax attribute carryforwards against taxable income;
●historical experience with tax attributes expiring unused; and
●near- and medium-term financial outlook.

The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. Accordingly, it is generally difficult to conclude a valuation allowance is not required when there is significant objective and verifiable negative evidence, such as cumulative losses in recent years. The Company uses the actual results for the last two years and current year results as the primary measure of cumulative losses in recent years.

The evaluation of deferred tax assets requires judgment in assessing the likely future tax consequences of events recognized in the financial statements or tax returns and future profitability. The recognition of deferred tax assets represents the Company’s best estimate of those future events. Changes in the current estimates, due to unanticipated events or otherwise, could have a material effect on the Company’s results of operations and financial condition.

In certain tax jurisdictions, the Company’s analysis indicates that it has cumulative losses in recent years. This is considered significant negative evidence, which is objective and verifiable and, therefore, difficult to overcome. However, the cumulative loss position is not solely determinative and, accordingly, the Company considers all other available positive and negative evidence in its analysis. Based on its analysis, the Company has recorded a valuation allowance for the portion of deferred tax assets where based on the weight of available evidence it is unlikely to realize those deferred tax assets.

Based on the evidence available including a lack of sustainable earnings, the Company in its judgment previously recorded a valuation allowance against substantially all of its net deferred tax assets in the United States. If a change in judgment regarding this valuation allowance were to occur in the future, the Company would record a potentially material deferred tax benefit, which could result in a favorable impact on the effective tax rate in that period. The utilization of tax attributes to offset taxable income reduces the amount of deferred tax assets subject to a valuation allowance. In addition, based on available evidence and the weighting of factors discussed above, the Company has valuation allowances on certain deferred tax assets in certain international tax jurisdictions.

At December 31, 2025, before valuation allowance, the Company had unused foreign tax credits of $178 million, including $70 million expiring in 2026 through 2037 and $108 million that can be carried over indefinitely. Approximately $347 million of the deferred tax assets related to operating, capital loss and interest carryovers can be carried over indefinitely. The remaining operating, capital loss and interest carryforwards of $71 million expire between 2026 and 2044. Other credit carryovers include approximately $36 million of research tax credits expiring from 2026 to 2044.

Since a majority of the pre-2018 non-U.S. earnings (net of losses) were substantially taxed under the U.S. Tax Cuts and Jobs Act, distributions of those net earnings no longer attract significant U.S. income taxes except for any associated currency gains. Therefore, the Company does not assert that these net earnings (to the extent of foreign distributable reserves) and any associated gross book-tax basis differences, if any, are indefinitely reinvested. For all remaining gross book-tax basis differences in its non-U.S. consolidated subsidiaries, the Company maintains its assertion that it intends these to be indefinitely reinvested. The Company also records deferred foreign taxes on gross book-tax basis differences to the extent of foreign distributable reserves for certain foreign subsidiaries. Determining the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings is not practicable.

The Company records a liability for unrecognized tax benefits related to uncertain tax positions. The Company accrues interest and penalties associated with unrecognized tax benefits as a component of its income tax expense.

​

The following is a reconciliation of the Company’s total gross unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Balance at January 1

​

$

21

​

$

41

​

$

53

​

Additions and reductions for tax positions of prior years

​

 

(7)

​

​

​

​

​

(15)

​

Additions based on tax positions related to the current year

​

 

3

​

​

5

​

​

​

​

Reductions due to the lapse of the applicable statute of limitations

​

​

​

​

​

​

​

​

​

​

Reductions due to settlements

​

​

​

​

​

(24)

​

​

(1)

​

Foreign currency translation

​

 

1

​

​

(1)

​

​

4

​

Balance at December 31

​

$

18

​

$

21

​

$

41

​

Unrecognized tax benefits, which if recognized, would impact the Company’s effective income tax rate

​

$

11

​

$

10

​

$

25

​

Accrued interest and penalties at December 31

​

$

2

​

$

2

​

$

9

​

Interest and penalties included in tax expense for the years ended December 31

​

$

—

​

$

(8)

​

$

1

​

​

Based upon the outcome of tax examinations, judicial proceedings, or expiration of statute of limitations, it is reasonably possible that the ultimate resolution of these unrecognized tax benefits may result in a payment that is materially different from the current estimate of the tax liabilities.

The Company is currently under income tax examination in various tax jurisdictions in which it operates, including Brazil, Canada, Colombia, Italy, Peru, Poland and the United States. The years under examination range from 2004 through 2023. The Company has received tax assessments in excess of established reserves. The Company is contesting these tax assessments, and will continue to do so, including pursuing all available remedies, such as appeals and litigation, if necessary.

The Company believes that adequate provisions for all income tax uncertainties have been made. However, if tax assessments are settled against the Company at amounts in excess of established reserves, it could have a material impact to the Company’s consolidated results of operations, financial position or cash flows. During 2025, the Company concluded income tax audits in several jurisdictions, including Germany and Hungary.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt  
Debt

14. Debt

​

The following table summarizes the long-term debt of the Company at December 31, 2025 and 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Secured Credit Agreement:

​

​

​

​

​

​

​

Revolving Credit Facility:

​

​

​

​

​

​

​

Revolving Loans

​

$

—

​

$

—

​

Term Loans:

​

​

​

​

​

​

​

Term Loans A

​

​

799

​

 

​

​

Term Loans B

​

​

643

​

​

​

​

Previous Secured Credit Agreement:

​

​

​

​

 

​

​

Term Loans:

​

​

​

​

​

​

​

Term Loans A

​

​

​

​

​

1,338

​

Senior Notes:

​

​

​

​

​

​

​

5.375%, due 2025

​

​

​

​

​

17

​

2.875%, due 2025 ( €176 million at December 31, 2024)

​

​

​

​

​

183

​

6.625%, due 2027

​

​

610

​

​

609

​

6.250%, due 2028 (€600 million)

​

​

700

​

​

619

​

5.250%, due 2029 (€500 million)

​

​

581

​

​

514

​

4.750%, due 2030

​

​

397

​

​

397

​

7.250%, due 2031

​

​

684

​

​

683

​

7.375%, due 2032

​

​

297

​

​

296

​

Finance leases

​

​

174

​

​

195

​

Other

​

 

18

​

 

8

​

Total long-term debt

​

 

4,903

​

 

4,859

​

Less amounts due within one year

​

 

66

​

 

306

​

Long-term debt

​

$

4,837

​

$

4,553

​

​

The Company presents debt issuance costs in the Consolidated Balance Sheets as a deduction of the carrying amount of the related debt liability.

On September 30, 2025, certain of the Company’s subsidiaries entered into an Amended and Restated Credit Agreement and Syndicated Facility Agreement (the “Credit Agreement”), which refinanced in full the previous credit agreement. The Credit Agreement provides for up to $2.7 billion of borrowings pursuant to term loans A, term loans B and a revolving credit facility. The term loans A mature, and the revolving credit facility terminates, in September 2030, and the term loans B mature in September 2032; provided, however, that if any of the senior notes issued by certain subsidiaries of the Company are outstanding on the date that is 91 days prior to the maturity date for such senior notes (any such date, a “Springing Maturity Date”), then the term loans A, the revolving credit facility and the term loans B will mature and terminate, as applicable, on such Springing Maturity Date. Borrowings under the Credit Agreement are secured by certain collateral of the Company and certain of its subsidiaries.

At December 31, 2025, the Credit Agreement includes a $1.25 billion multicurrency revolving credit facility, the U.S. dollar equivalent of $800 million in term loan A facilities ($799 million outstanding balance at December 31, 2025, net of debt issuance costs) and $650 million in term loan B facilities ($643 million outstanding balance at December 31, 2025, net of debt issuance costs). At December 31, 2025, the Company’s subsidiaries that are party to the Credit Agreement had unused credit of $1.24 billion available under the

revolving credit facilities as part of the Credit Agreement. The weighted average interest rate on borrowings outstanding under the Credit Agreement at December 31, 2025 was 5.66%.

The Credit Agreement contains various covenants that restrict, among other things and subject to certain exceptions, the ability of the Company to incur certain indebtedness and liens, make certain investments, become liable under contingent obligations in certain defined instances only, make restricted payments, make certain asset sales within guidelines and limits, engage in certain affiliate transactions, participate in sale and leaseback financing arrangements, alter its fundamental business, and amend certain subordinated debt obligations.

The Credit Agreement also contains one financial maintenance covenant, a Secured Leverage Ratio, for the benefit of lenders under the term loans A and the revolving credit facility (and, following an acceleration of the term loans A and the revolving credit facility, for the benefit of the lenders under the term loans B) that requires the Company and certain of its subsidiaries, collectively, not to exceed a ratio of 2.50x calculated by dividing consolidated Net Indebtedness that is then secured by Liens on property or assets of the Company and certain of its subsidiaries by Consolidated EBITDA, as each such capitalized term is defined in the Credit Agreement. The Secured Leverage Ratio could restrict the ability of the Company and certain of its subsidiaries to undertake additional financing or acquisitions to the extent that such financing or acquisitions would cause the Secured Leverage Ratio to exceed the specified maximum.

​

Failure to comply with these covenants and restrictions could result in an event of default under the Credit Agreement. In such an event, the applicable borrowers under the Credit Agreement would not be able to request borrowings under the revolving credit facility, and all amounts outstanding under the Credit Agreement, together with accrued interest, could then be declared immediately due and payable. Upon the occurrence and for the duration of a payment event of default, an additional default interest rate equal to 2.0% per annum will apply to all overdue obligations under the Credit Agreement.  If an event of default occurs under the Credit Agreement and the lenders cause all of the outstanding debt obligations under the Credit Agreement to become due and payable, this could result in a default under a number of other outstanding debt securities and could lead to an acceleration of obligations related to these debt securities.  As of December 31, 2025, the Company was in compliance with all covenants and restrictions in the Credit Agreement.  In addition, the Company believes that it will remain in compliance for the term of the Credit Agreement and that its ability to borrow additional funds under the Credit Agreement will not be adversely affected by the covenants and restrictions.

​

The Total Leverage Ratio (as defined in the Credit Agreement) determines pricing under the Credit Agreement for the Term Loans A and the revolving credit facility. The interest rate on borrowings under the Credit Agreement is, at the option of the applicable borrower, the Base Rate, Term SOFR or, for non-US Dollar borrowings only, the Eurocurrency Rate (each such capitalized term as defined in the Credit Agreement), plus an applicable margin. The applicable margin, for the Term Loans A and the revolving credit facility, ranges from 1.00% to 1.75% for Term SOFR loans and Eurocurrency Rate loans and from 0.00% to 0.75% for Base Rate loans. The applicable margin, for the Term Loans B, is 3.00% for Term SOFR loans. In addition, a commitment fee is payable on the unused revolving credit facility commitments ranging from 0.20% to 0.35% per annum, depending on the Total Leverage Ratio.

Obligations under the Credit Agreement are secured by substantially all of the assets, excluding real estate and certain other excluded assets, of certain of the Company’s domestic subsidiaries and certain foreign subsidiaries. Such obligations are also secured by a pledge of intercompany debt and equity investments in certain of the Company’s domestic subsidiaries and, in the case of foreign obligations, of stock of certain foreign subsidiaries. All obligations under the Credit Agreement are guaranteed by certain domestic subsidiaries of the Company, and certain foreign obligations under the Credit Agreement are guaranteed by certain foreign subsidiaries of the Company.

The Company assesses its capital raising and refinancing needs on an ongoing basis and may enter into additional credit facilities and seek to issue equity and/or debt securities in the domestic and international capital markets if market conditions are favorable. Also, depending on market conditions, the Company may elect to repurchase portions of its debt securities in the open market.

Annual maturities for all of the Company’s long-term debt through 2030 and thereafter are as follows: 2026, $66 million; 2027, $693 million; 2028, $781 million; 2029, $657 million; 2030, $1,086 million; and 2031 and thereafter, $1,620 million.

The carrying amounts reported for certain long-term debt obligations subject to frequently redetermined interest rates approximate fair value. Fair values for the Company’s significant fixed rate debt obligations are based on published market quotations and are classified as Level 1 in the fair value hierarchy. Fair values at December 31, 2025, of the Company’s significant fixed rate debt obligations are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Principal Amount

  ​ ​ ​

Indicated Market Price

  ​ ​ ​

Fair Value

​

Senior Notes:

​

​

​

​

​

​

​

​

​

​

6.625%, due 2027

​

$

612

 

​

100.16

​

$

613

​

6.250%, due 2028 (€600 million)

​

​

704

 

​

103.00

​

​

725

​

5.250%, due 2029 (€500 million)

​

​

587

​

​

103.21

​

​

606

​

4.750%, due 2030

​

​

400

​

​

96.86

​

​

387

​

7.250%, due 2031

​

​

690

​

​

102.20

​

​

705

​

7.375%, due 2032

​

​

300

​

​

101.47

​

​

304

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.4
Contingencies
 12 Months Ended
Dec. 31, 2025
Contingencies  
Contingencies

15. Contingencies

The Company has been identified by the U.S. Environmental Protection Agency (“EPA”) or a comparable state or federal agency as a potentially responsible party (“PRP”) at a number of sites in the U.S., including certain Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (“CERCLA”) (Superfund) sites, as well as sites previously owned or operated by the Company.  As an identified PRP, the Company may have liability for investigation, remediation and monitoring of contamination, as well as associated penalties and natural resource damages, if any. The Company has not had monetary sanctions imposed nor has the Company been notified of any potential monetary sanctions at any of the sites.

The Company has recorded aggregate accruals of approximately $21 million and $35 million (undiscounted) as of December 31, 2025 and December 31, 2024, respectively, for estimated future remediation and monitoring costs at these sites. Although the Company believes its accruals are adequate to cover its portion of future remediation and monitoring costs, there can be no assurance that the ultimate payments will not exceed the amount of the Company’s accruals and will not have a material effect on its results of operations, financial position and cash flows.

As part of the above, from December 31, 1956 through June 1967, the Company, via a wholly-owned subsidiary, owned and operated a paper mill located on the shore of the Cuyahoga River in Ohio, which is now part of the Cuyahoga Valley National Park that is managed by the National Park Service (“NPS”).  The Company and the United States had been engaged in litigation regarding the site in the U.S. District Court for the Northern

District of Ohio (Akron), with the United States claiming that the Company should pay $50 million as a remedy for certain soils at the site as well as its past and anticipated future costs. In 2024, the Company recorded charges of $11 million as its best estimate of this liability. In the first quarter of 2025, the Company and the NPS reached a tentative settlement, and the Company recorded a charge of approximately $4 million to Other expense, net in the Consolidated Results of Operations to augment its previous accrual balance related to this matter. In the third quarter of 2025, the consent order between the parties was approved by the U.S. District Court, and the Company paid $16.5 million to resolve this matter.

​

In November 2023, the Autorita Garante della Concorrenza e del Mercato (the “Italian Competition Authority”) commenced an investigation into alleged anti-competitive conduct by nine glass manufacturers and distributors in Italy, including the Company’s subsidiary based in Italy, O-I Italy SpA (“O-I Italy”), and an Italian joint venture in which O-I Italy owns a 50% interest, related to the sale of wine bottles in Italy. In October 2025, the Italian Competition Authority notified the Company that they had no findings related to this investigation and were closing its investigation.

​

The Company has also been investigated by authorities in Ecuador for similar alleged anti-competitive conduct in that country. In November 2025, the Ecuadorian authorities notified the Company that they had no findings related to this investigation and were closing its investigation.

​

The Company is also being investigated by authorities in France for similar alleged anti-competitive conduct in that country. To date, the French authorities have not officially charged O-I’s business in that country with any violations of competition law. With regard to the above, the Company is committed to compliance with laws in the jurisdictions it operates and maintains policies and procedures regarding competition law.  If the authorities in France find that the Company or any of its subsidiaries or joint ventures violated competition law, they could levy fines, which amounts could be material. At this stage, the Company is unable to predict the ultimate outcome of the investigations, and any potential loss cannot be estimated. 

​

Other litigation is pending against the Company, in some cases involving ordinary and routine claims incidental to the business of the Company and in others presenting allegations that are non-routine and involve compensatory, punitive or treble damage claims as well as other types of relief. The Company records a liability for such matters when it is both probable that the liability has been incurred and the amount of the liability can be reasonably estimated. Recorded amounts are reviewed and adjusted to reflect changes in the factors upon which the estimates are based, including additional information, negotiations, settlements and other events.
v3.25.4
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss)  
Accumulated Other Comprehensive Income (Loss)

16. Accumulated Other Comprehensive Income (Loss)

The components of comprehensive income (loss) are: (a) net earnings; (b) change in fair value of certain derivative instruments; (c) pension and other postretirement benefit adjustments; and (d) foreign currency translation adjustments. The net effect of exchange rate fluctuations generally reflects changes in the relative strength of the U.S. dollar against major foreign currencies between the beginning and end of the year.

The following table lists the beginning balance, annual activity and ending balance of each component of accumulated other comprehensive income (loss):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Accumulated

​

​

Net Effect of

​

Change in Certain

​

​

​

Other

​

​

Exchange Rate

​

Derivative

​

Employee

​

Comprehensive

​

  ​ ​ ​

Fluctuations

  ​ ​

Instruments

  ​ ​

Benefit Plans

  ​ ​

Loss

Balance on January 1, 2023

​

$

(1,280)

​

$

4

​

$

(585)

​

$

(1,861)

Change before reclassifications

​

​

331

​

​

(68)

​

​

(26)

​

​

237

Amounts reclassified from accumulated other comprehensive income (loss)

​

​

​

​

​

20

(a)  

​

33

(b)  

​

53

Translation effect

​

​

​

​

​

(4)

​

​

(14)

​

​

(18)

Tax effect

​

​

​

​

​

5

​

​

4

​

​

9

Other comprehensive income (loss) attributable to the Company

​

​

331

​

​

(47)

​

​

(3)

​

​

281

Balance on December 31, 2023

​

​

(949)

​

​

(43)

​

​

(588)

​

​

(1,580)

Change before reclassifications

​

 

(486)

​

​

28

​

​

40

​

 

(418)

Amounts reclassified from accumulated other comprehensive income

​

​

​

​

​

(4)

(a)  

​

26

(b)  

 

22

Translation effect

​

​

​

​

​

2

​

​

4

​

​

6

Tax effect

​

​

​

​

​

3

​

​

(8)

​

 

(5)

Other comprehensive income (loss) attributable to the Company

​

 

(486)

​

 

29

​

 

62

​

 

(395)

Balance on December 31, 2024

​

​

(1,435)

​

​

(14)

​

​

(526)

​

​

(1,975)

Change before reclassifications

​

 

416

​

​

(113)

​

​

41

​

 

344

Amounts reclassified from accumulated other comprehensive income (loss)

​

​

​

​

​

12

(a)  

​

20

(b)  

 

32

Translation effect

​

​

​

​

​

​

​

​

(14)

​

​

(14)

Tax effect

​

​

​

​

​

(4)

​

​

(3)

​

 

(7)

Other comprehensive income (loss) attributable to the Company

​

 

416

​

 

(105)

​

 

44

​

 

355

Balance on December 31, 2025

​

$

(1,019)

​

$

(119)

​

$

(482)

​

$

(1,620)

(a)Amount is recorded to other income (expense), net and interest expense, net in the Consolidated Results of Operations (see Note 9 for additional information).
(b)Amount is included in the computation of net periodic pension cost and net postretirement benefit cost (see Note 11 for additional information).
v3.25.4
Stock Based Compensation
 12 Months Ended
Dec. 31, 2025
Stock Based Compensation  
Stock Based Compensation

17. Stock Based Compensation

The Company has various nonqualified plans approved by share owners under which it has granted restricted shares and performance vested restricted share units. At December 31, 2025, there were 12,667,536 shares available for grants under these plans. Total compensation cost for all grants of shares and units under these plans was $25 million, $14 million and $43 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Restricted Shares and Restricted Share Units

Restricted share units granted to employees vest over three years beginning on the first anniversary. Granted but unvested restricted share units are forfeited upon termination, unless certain retirement criteria are met. Holders of vested restricted share units receive one share of the Company’s common stock for each unit as units vest. Restricted share units granted to directors vest after one year.

The fair value of the restricted shares and restricted share units is equal to the market price of the Company’s common stock on the date of the grant. The fair value of restricted shares and restricted share units, is amortized over the vesting periods which range from one to three years.

The activity of restricted shares and restricted share units is as follows:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

 

​

​

Number of

​

Average

 

​

​

Restricted

​

Grant-Date

 

​

​

Shares

​

Fair Value

 

​

​

(thousands)

​

(per share)

 

Nonvested at January 1, 2025

 

1,217

​

$

16.33

​

Granted

 

954

​

​

12.16

​

Vested

 

(663)

​

​

15.32

​

Forfeited

 

(189)

​

​

15.80

​

Nonvested at December 31, 2025

 

1,319

​

 

13.89

​

Awards granted during 2024

​

​

​

$

16.83

​

Awards granted during 2023

​

​

​

$

15.15

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Total fair value of shares vested

​

$

10

​

$

13

​

$

11

​

​

Performance Vested Restricted Share Units

Performance vested restricted share units vest on January 1 of the third year following the year in which they are granted. Holders of vested units may receive up to two shares of the Company’s common stock for each unit, depending upon the attainment of consolidated performance goals established by the Compensation and Talent Development Committee of the Company’s Board of Directors. If minimum goals are not met, no shares will be issued. Granted but unvested restricted share units are forfeited upon termination of employment, unless certain retirement criteria are met.

The fair value of each performance vested restricted share unit is equal to the product of the fair value of the Company’s common stock on the date of grant and the estimated number of shares into which the performance vested restricted share unit will be converted. The fair value of performance vested restricted share units is amortized ratably over the vesting period. Should the estimated number of shares into which the performance vested restricted share unit will be converted change, an adjustment will be recorded to recognize the accumulated difference in amortization between the revised and previous estimates.

​

​

Performance vested restricted share unit activity is as follows:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Number of Performance

  ​ ​ ​

Weighted Average

 

​

​

Vested Restricted Shares

​

Grant-Date Fair Value

 

​

​

Units (thousands)

​

(per unit)

 

Nonvested at January 1, 2025

 

2,701

​

$

17.86

​

Granted

 

1,728

​

 

13.54

​

Vested

 

(1,357)

​

 

14.56

​

Forfeited/Cancelled

 

(586)

​

 

15.86

​

Nonvested at December 31, 2025

 

2,486

​

 

17.10

​

Awards granted during 2024

​

​

​

$

17.85

​

Awards granted during 2023

​

​

​

$

16.18

​

​

Approximately 1,357,000 shares were issued in 2025 with a fair value at issuance date of $20 million related to performance vested restricted share units.

As of December 31, 2025, there was $22 million of total unrecognized compensation cost related to all restricted shares, restricted share units and performance vested restricted share units. That cost is expected to be recognized over a weighted average period of approximately two years.
v3.25.4
Other Income (Expense), net
 12 Months Ended
Dec. 31, 2025
Other Income (Expense), net  
Other Income (Expense), net

​

18. Other Income (Expense), net

Other income (expense), net for the years ended December 31, 2025, 2024 and 2023 included the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

Goodwill impairment (see Note 7)

​

$

​

​

$

​

​

$

(445)

​

Restructuring, asset impairment and other charges

​

​

(443)

​

​

(206)

​

​

(100)

​

Pension settlement and curtailment charges (see Note 11)

​

​

(5)

​

​

(5)

​

​

(19)

​

Legacy environmental charge (see Note 15)

​

​

(4)

​

​

(11)

​

​

​

​

Gain on sale of divested businesses and miscellaneous assets (see Note 21)

​

​

5

​

​

6

​

​

4

​

Intangible amortization expense

​

​

(27)

​

​

(29)

​

​

(32)

​

Royalty income

​

​

17

​

​

21

​

​

24

​

Foreign currency exchange loss

​

​

(6)

​

​

1

​

​

(4)

​

Other income (expense), net

​

​

3

​

​

(3)

​

​

(10)

​

​

​

$

(460)

​

$

(226)

​

$

(582)

​

​
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share  
Earnings Per Share

19. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Numerator:

​

​

​

​

​

​

​

​

​

​

Net loss attributable to the Company

​

$

(129)

​

$

(106)

​

$

(103)

​

Denominator (in thousands):

​

​

​

​

​

​

​

​

​

​

Denominator for basic earnings per share-weighted average shares outstanding

​

 

153,552

​

 

154,552

​

 

154,651

​

Effect of dilutive securities:

​

​

​

​

​

​

​

​

​

​

Stock options and other

​

 

​

​

 

​

​

 

​

​

Denominator for diluted earnings per share-adjusted weighted average shares outstanding

​

 

153,552

​

 

154,552

​

 

154,651

​

Basic earnings per share:

​

​

​

​

​

​

​

​

​

​

Net loss

​

$

(0.84)

​

$

(0.69)

​

$

(0.67)

​

Diluted earnings per share:

​

​

​

​

​

​

​

​

​

​

Net loss

​

$

(0.84)

​

$

(0.69)

​

$

(0.67)

​

​

The diluted earnings per share computation for the years ended December 31, 2025, 2024, and 2023 excludes 270,763, 895,697, and 423,477 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes options, unvested restricted stock units and performance vested restricted share units. For the years ended December 31, 2025, 2024, and 2023, diluted earnings per share of common stock was equal to basic earnings per share of common stock due to the net loss attributable to the Company.
v3.25.4
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information  
Supplemental Cash Flow Information

20. Supplemental Cash Flow Information

Changes in the components of working capital related to operations (net of the effects related to acquisitions and divestitures) were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Decrease (increase) in current assets:

​

​

​

​

​

​

​

​

​

Receivables - change in factoring

​

$

(4)

​

$

(7)

​

$

7

Receivables - all other changes

​

​

61

​

​

21

​

​

144

Inventories

​

 

41

​

 

35

​

 

(174)

Prepaid expenses and other

​

 

(19)

​

 

10

​

 

4

Increase (decrease) in current liabilities:

​

​

​

​

​

​

​

​

​

Accounts payable

​

 

(45)

​

 

(95)

​

 

(102)

Accrued liabilities

​

 

(31)

​

 

(6)

​

 

(4)

Salaries and wages

​

 

25

​

 

(38)

​

 

(20)

U.S. and foreign income taxes

​

​

(8)

​

 

(45)

​

 

(3)

​

​

$

20

​

$

(125)

​

$

(148)

​

The Company uses various factoring programs to sell certain trade receivables to financial institutions as part of managing its cash flows. Sales of trade receivables are accounted for in accordance with ASC Topic 860, Transfers and Servicing. Trade receivables sold under the factoring programs are transferred without recourse to the Company and accounted for as true sales and, therefore, are excluded from Trade receivables, net in the

Consolidated Balance Sheets. At December 31, 2025, 2024 and 2023, the total amount of trade receivables sold by the Company was $531 million, $535 million and $542 million, respectively. These amounts included $159 million, $155 million and $178 million at December 31, 2025, 2024 and 2023, respectively, for trade receivable amounts factored under supply-chain financing programs linked to commercial arrangements with key customers. For the years ended December 31, 2025, 2024 and 2023, the Company recorded expenses related to these factoring programs of approximately $19 million, $24 million and $23 million, respectively. The Company is the master servicer for the factoring programs that are not associated with key customers and is responsible for administering and collecting receivables.

In accordance with ASU 2022-04, “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” the Company has agreements with third-party administrators that allow participating vendors to track the Company’s payments and, if voluntarily elected by the vendor, to sell payment obligations from the Company to financial institutions as part of a Supply Chain Financing (“SCF”) Program.  The Company's payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. When participating vendors elect to sell one or more of the Company’s payment obligations, the Company’s rights and obligations to settle the payables on their contractual due date are not impacted. The Company has no economic or commercial interest in a vendor’s decision to enter into these agreements, and the financial institutions do not provide the Company with incentives, such as rebates or profit sharing under the SCF Program. The Company agrees on commercial terms with vendors for the goods and services procured, which are consistent with payment terms observed at other peer companies in the industry, and the terms are not impacted by the SCF Program. Such obligations are classified as accounts payable in its Consolidated Balance Sheets. The Company does not provide asset pledges, or other forms of guarantees, as security for the committed payment to the financial institutions. As of December 31, 2025 and December 31, 2024, the Company had approximately $69 million and $82 million, respectively, of outstanding payment obligations to the financial institutions as part of the SCF Program.

​

The Company’s outstanding obligations under the SCF Program are as follows:

​

​

​

​

​

​

​

​

Twelve Months Ended December, 31

​

  ​ ​ ​

2025

  ​ ​ ​

Confirmed obligations outstanding at the beginning of the year

​

$

82

​

Invoices confirmed during the year

​

 

346

​

Confirmed invoices paid during the year

​

​

(359)

​

Confirmed obligations outstanding at the end of the year

​

$

69

​

​

​

Income taxes paid in cash were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

Switzerland

​

$

26

​

$

22

​

$

​

​

Spain

​

​

19

​

​

​

​

​

​

​

Mexico

​

​

19

​

​

52

​

​

48

​

Colombia

​

​

17

​

​

11

​

​

12

​

Brazil

​

​

10

​

​

​

​

​

13

​

Peru

​

​

8

​

​

10

​

​

13

​

Italy

​

​

7

​

​

20

​

​

8

​

Ecuador

​

​

7

​

​

9

​

​

​

​

France

​

​

(8)

​

​

19

​

​

20

​

Other countries

​

 

12

​

 

18

​

 

33

​

Total income taxes paid in cash

​

$

117

​

$

161

​

$

147

​

​

Interest paid in cash, including note repurchase premiums, for the years ended December 31, 2025, 2024 and 2023 was $328 million, $344 million and $301 million, respectively. Cash interest for the years ended December 31, 2025, 2024 and 2023 included $0 million, $0 million and $3 million of note repurchase premiums, respectively.
v3.25.4
Divestitures
 12 Months Ended
Dec. 31, 2025
Divestitures  
Divestitures

21. Divestitures

For the year ended December 31, 2025, the Company recorded pre-tax gains of approximately $5 million on the sale of the land and buildings of previously closed plants and miscellaneous assets. These sales impacted the Americas and Europe segments, as well as retained corporate costs and other.

​

For the year ended December 31, 2024, the Company recorded a pretax gain of approximately $6 million on the sale of the land and buildings of previously closed plants in the Americas segment.

​

For the year ended December 31, 2023, the Company recorded a pretax gain of approximately $4 million on the sale of the land and buildings of a previously closed plant in China.

​
v3.25.4
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)
 12 Months Ended
Dec. 31, 2025
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)  
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)

O-I GLASS, INC.

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED)

Years ended December 31, 2025, 2024, and 2023

(Millions of Dollars)

Reserves deducted from assets in the balance sheets:

Allowances for losses and discounts on receivables

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Additions

​

​

​

​

​

​

 

​

  ​ ​ ​

Balance at

  ​ ​ ​

Charged to

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

  ​ ​ ​

​

  ​ ​ ​

Balance

 

​

​

beginning

​

costs and

​

​

​

​

Deductions

​

at end of

 

​

​

of period

​

expenses

​

Other

​

(Note 1)

​

period

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

30

​

$

9

​

$

3

​

$

(11)

​

$

31

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

$

30

​

$

13

​

$

(4)

​

$

(9)

​

$

30

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

$

28

​

$

10

​

$

2

​

$

(10)

​

$

30

​

(1)Deductions from allowances for losses and discounts on receivables represent uncollectible notes and accounts written off.

Valuation allowance on net deferred tax assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Balance at

  ​ ​ ​

​

​

  ​ ​ ​

Charged to other

  ​ ​ ​

​

​

  ​ ​ ​

Balance at

 

​

​

beginning of

​

Charged to

​

comprehensive

​

Foreign currency

​

end of

 

​

​

period

​

income

​

income

​

translation

​

period

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

544

​

$

70

​

$

12

​

$

21

​

$

647

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024

​

$

538

​

$

34

​

$

(15)

​

$

(13)

​

$

544

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

$

445

​

$

85

​

$

4

​

$

4

​

$

538

​
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ (129) $ (106) $ (103)
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

The Company has developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of its critical systems and information.

The Company assesses its program based on guidance from the National Institute of Standards and Technology (“NIST”). This does not imply that the Company meets any particular technical standards, specifications, or requirements, only that the Company uses the NIST as a guide to help it identify, assess, and manage cybersecurity risks relevant to its business.

The Company’s cybersecurity risk management program is integrated into its overall enterprise risk management program and shares common methodologies, reporting channels and governance processes that

apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

The Company’s cybersecurity risk management program includes the following, among other things:

​

●risk assessments designed to help identify material cybersecurity risks to the Company’s critical systems and information;

​

●cross-functional teams responsible for managing the Company's (1) cybersecurity risk assessment processes, (2) security controls, and (3) response to cybersecurity incidents;

​

●the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of the Company’s security processes and controls;

​

●cybersecurity awareness training of the Company’s employees, incident response personnel, and senior management;

​

●a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and

​

●a third-party risk management process for certain service providers based on the Company’s assessment of the providers’ criticality to its business and the providers’ cybersecurity risk profile.

​

The Company has not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected the Company, including its operations, business strategy, results of operations, or financial condition. The Company faces certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect the Company, including its operations, business strategy, results of operations, or financial condition. See “Risk Factors – Risks Related to Information Technology, Cybersecurity and Data Privacy.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]

The Company has developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of its critical systems and information.

The Company assesses its program based on guidance from the National Institute of Standards and Technology (“NIST”). This does not imply that the Company meets any particular technical standards, specifications, or requirements, only that the Company uses the NIST as a guide to help it identify, assess, and manage cybersecurity risks relevant to its business.

The Company’s cybersecurity risk management program is integrated into its overall enterprise risk management program and shares common methodologies, reporting channels and governance processes that

apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.

The Company’s cybersecurity risk management program includes the following, among other things:

​

●risk assessments designed to help identify material cybersecurity risks to the Company’s critical systems and information;

​

●cross-functional teams responsible for managing the Company's (1) cybersecurity risk assessment processes, (2) security controls, and (3) response to cybersecurity incidents;

​

●the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of the Company’s security processes and controls;

​

●cybersecurity awareness training of the Company’s employees, incident response personnel, and senior management;

​

●a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and

​

●a third-party risk management process for certain service providers based on the Company’s assessment of the providers’ criticality to its business and the providers’ cybersecurity risk profile.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

The Company’s Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to its Audit Committee (the “Committee”) oversight of cybersecurity and other information technology risks. The Committee oversees management’s implementation of the Company’s cybersecurity risk management program.

The Committee receives quarterly reports from management on the Company’s cybersecurity risks. In addition, management updates the Committee, as necessary, regarding cybersecurity incidents as determined by its Chief Human Resources and Technology Officer (the “CHRTO”).

The Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on the Company’s cybersecurity risk management program. Members of the Board of Directors receive presentations on cybersecurity topics from the CHRTO or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. The full Board of Directors also receives briefings from management on the Company’s cybersecurity risk management program. Members of the Board of Directors receive presentations on cybersecurity topics from the CHRTO or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]

The Company’s management team is responsible for assessing and managing the Company’s material risks from cybersecurity threats. The Company has a Cybersecurity Steering Committee comprised of members of management, including the CHRTO and the Company’s Chief Information Security Officer (CISO), as well as other subject matter experts throughout the Company. The Cybersecurity Steering Committee has primary responsibility for the Company’s overall cybersecurity risk management program and supervises both internal

cybersecurity personnel and retained external cybersecurity consultants. The experience of the members of the Cybersecurity Steering Committee includes the Company’s CHRTO, who has more than 20 years of experience across various industries, and the Company’s CISO, who has 30 years of IT experience, including nine years leading the Company’s Cybersecurity Team of IT security professionals, and who is a member of the Information Systems Audit and Control Association and the International Information System Security Certification Consortium.

Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Chief Human Resources and Technology Officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The experience of the members of the Cybersecurity Steering Committee includes the Company’s CHRTO, who has more than 20 years of experience across various industries, and the Company’s CISO, who has 30 years of IT experience, including nine years leading the Company’s Cybersecurity Team of IT security professionals, and who is a member of the Information Systems Audit and Control Association and the International Information System Security Certification Consortium.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
●cybersecurity awareness training of the Company’s employees, incident response personnel, and senior management;

​

●a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Significant Accounting Policies  
Basis of Consolidated Statements

Basis of Consolidated Statements The Consolidated Financial Statements of O-I Glass, Inc. (the “Company”) include the accounts of its subsidiaries. Newly acquired subsidiaries have been included in the Consolidated Financial Statements from dates of acquisition.

The Company uses the equity method of accounting for investments in which it has a significant influence and generally an ownership interest of 20% to 50%. The Company monitors other than temporary declines in fair value and records reductions in carrying values when appropriate.
Reclassifications Reclassifications Prior year restructuring liabilities of $75 million have been reclassified from Other accrued liabilities to be presented separately within the consolidated balance sheets to conform to the current year presentation. 
Nature of Operations

Nature of Operations The Company is a leading manufacturer of glass container products. The Company’s principal product lines are glass containers for the food and beverage industries. The Company has glass container operations located in 18 countries. The principal markets and operations for the Company’s products are in the Americas and Europe.
Use of Estimates

Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management of the Company to make estimates and assumptions that affect certain amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, at which time the Company would revise its estimates accordingly.
Foreign Currency Translation

Foreign Currency Translation The assets and liabilities of non-U.S. subsidiaries are translated into U.S. dollars at year-end exchange rates and their results of operations are converted on an ongoing basis at the monthly average rate. Any related translation adjustments are recorded in accumulated other comprehensive income (loss) in share owners’ equity.
Revenue Recognition

Revenue Recognition Revenue is recognized at the point in time when obligations under the terms of the Company’s contracts and related purchase orders with its customers are satisfied, which primarily takes place when products are shipped from the Company’s manufacturing or warehousing facilities to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods, which includes estimated provisions for rebates, discounts, returns and allowances. Sales, value-added, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue.

Shipping and Handling Costs

Shipping and Handling Costs Amounts billed to customers related to shipping and handling or other pass-through items are included in net sales in the Consolidated Results of Operations. Shipping and handling costs are included with cost of goods sold in the Consolidated Results of Operations.
Stock-Based Compensation

Stock-Based Compensation The Company has various stock-based compensation plans consisting of performance and restricted share awards. Costs resulting from all share-based compensation plans are required to be recognized in the financial statements. A public entity is required to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the required service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the required service.
Cash

Cash The Company defines “cash” as cash and time deposits with maturities of three months or less when purchased. Outstanding checks in excess of funds on deposit are included in accounts payable.
Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable Receivables are stated at amounts estimated by management to be the net realizable value. The Company writes-off accounts receivable when it becomes apparent based upon age or customer circumstances that amounts will not be collected.

Allowance for Doubtful Accounts The allowance for doubtful accounts is established through charges to the provision for bad debts. The Company evaluates the adequacy of the allowance for doubtful accounts on a periodic basis. The evaluation includes historical trends in collections and write-offs, information on current economic conditions and future forecasts and management’s evaluation of business risk.
Inventory Valuation

Inventory Valuation Inventories are valued at the lower of cost, primarily determined on a first-in first-out basis, or net realizable value.
Goodwill

Goodwill Goodwill represents the excess of cost over fair value of net assets of businesses acquired. Goodwill is evaluated annually, as of October 1, for impairment or more frequently if an impairment indicator exists, by comparing the estimated fair value of each reporting unit to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded in the period of the evaluation based on that difference.
Intangible Assets and Other Long-Lived Assets

Intangible Assets and Other Long-Lived Assets Intangible assets are amortized over the expected useful life of the asset. Amortization expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Amortization expense related to non-manufacturing activities is included in Selling and administrative expense and Other expense, net. The Company evaluates the recoverability of intangible assets and other long-lived assets based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value.
Property, Plant and Equipment

Property, Plant and Equipment Property, plant and equipment (“PP&E”) is carried at cost and includes expenditures for new facilities and equipment and those costs which substantially increase the useful lives or capacity of existing PP&E. In general, depreciation is computed using the straight-line method and recorded over the estimated useful life of the asset. Factory machinery and equipment is depreciated over periods ranging from 5 to 25 years with the majority of such assets (principally glass-melting furnaces and forming machines) depreciated over 7 to 15 years. Buildings and building equipment are depreciated over periods ranging from 10 to 50 years. Depreciation expense directly attributed to the manufacturing of the Company’s products is included in cost of goods sold. Depreciation expense related to non-manufacturing activities is included in Selling and administrative. Depreciation expense includes the amortization of assets recorded under financing leases. Maintenance and repairs are expensed as incurred. Costs assigned to PP&E of acquired businesses are based on estimated fair values at the date of acquisition. The Company evaluates the recoverability of PP&E based on undiscounted projected cash flows, excluding interest and taxes, when factors indicate that impairment may exist. If impairment exists, the asset is written down to fair value.
Derivative Instruments

Derivative Instruments   The Company uses derivative instruments to manage risks generally associated with foreign exchange rate, interest rate and commodity market volatility. Derivative financial instruments are included on the balance sheet at fair value. Changes in the fair value of derivative assets or liabilities (i.e., gains or losses) are recognized depending upon the type of hedging relationship and whether a hedge has been designated. For those derivative instruments that qualify for hedge accounting, the Company designates the hedging instrument, based upon the exposure being hedged, as a cash flow hedge, fair value hedge, or a hedge of a net investment in a foreign operation. For a derivative instrument designated as a fair value hedge, the gain or loss on the derivative is recognized in earnings immediately with the offsetting gain or loss on the hedged item. For a derivative instrument designated as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of Accumulated other comprehensive loss and is subsequently recognized in earnings when the hedged exposure affects earnings. If there is an ineffective portion of the change in fair value of the derivative, it is recognized directly in earnings. For a derivative instrument designated as a hedge of a net investment in a foreign operation, the effective portion of the derivative's gain or loss is reported in Accumulated other comprehensive loss as part of the cumulative translation adjustment, and amounts are reclassified out of accumulated other comprehensive loss into earnings when the hedged net investment is either sold or

substantially liquidated. Changes in fair value of derivative instruments that do not qualify for hedge accounting are recognized immediately in current net earnings. The Company does not enter into derivative financial instruments for trading purposes and is not a party to leveraged derivatives. In the consolidated statement of cash flows, the settlement of derivative instruments designated as hedges is typically recorded in the category that is consistent with the nature of the underlying item being hedged. See Note 9 to the Consolidated Financial Statements for additional information about hedges and derivative financial instruments.
Fair Value Measurements

Fair Value Measurements Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Generally accepted accounting principles define a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs for which there is little or no market data, which requires the Company to develop assumptions.
New Accounting Standards Not Yet Adopted

New Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The disclosures are required on an annual and interim basis. This ASU is effective for the Company for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is evaluating the impact of this ASU.

In September 2025, the Financial Accounting Standards Board (FASB) issued ASU 2025-06 "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" (ASU 2025-06) which modernizes the accounting for internal-use software to current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements. This update is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. ASU 2025-06 is not expected to significantly change the Company’s current accounting for internal-use software.

In December 2025, the FASB issued ASU 2025-10 "Accounting for Government Grants Received by Business Entities" (ASU 2025-10) to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. The new guidance leverages the principles in the accounting framework for government assistance in International Accounting Standard 20 "Accounting for Government Grants and Disclosure of Government Assistance". The new guidance is effective for public business entities in annual periods beginning after December 15, 2028, with early adoption permitted. ASU 2025-10 is not expected to significantly change the Company’s current accounting for incentives from federal, state, and local governments.

​
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Information  
Schedule of segment operating profit (loss) for the Company's reportable segments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

​

​

Americas

​

Europe

​

Total

​

​

Americas

​

Europe

​

Total

​

​

Americas

​

Europe

​

Total

Reportable segment net sales

​

$

3,641

$

2,689

$

6,330

​

$

3,584

$

2,820

$

6,404

​

$

3,865

$

3,117

$

6,982

Other

​

​

​

​

​

​

96

​

​

​

​

​

​

127

​

​

​

​

​

​

123

Net sales

​

 

​

 

​

$

6,426

​

​

​

 

​

$

6,531

​

​

​

​

​

$

7,105

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of goods sold

​

​

2,982

​

2,245

​

​

​

​

3,053

​

2,317

​

​

​

​

3,181

​

2,314

​

​

Selling, administrative, engineering and research and development expenses

​

​

177

​

175

​

​

​

​

189

​

178

​

​

​

​

210

​

193

​

​

Equity earnings

​

​

(93)

​

(25)

​

​

​

​

(70)

​

(34)

​

​

​

​

(59)

​

(65)

​

​

Other segment expenses (income)

​

​

26

​

(3)

​

​

​

​

20

​

3

​

​

​

​

22

​

(7)

​

​

Segment operating profit

​

$

549

$

297

$

846

​

$

392

$

356

$

748

​

$

511

$

682

$

1,193

Items excluded from segment operating profit:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Retained corporate costs and other

​

​

​

​

​

​

(107)

​

​

​

​

​

​

(134)

​

​

​

​

​

​

(224)

Charge for goodwill impairment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(445)

Restructuring, asset impairment and other charges

​

​

​

​

​

​

(443)

​

​

​

​

​

​

(206)

​

​

​

​

​

​

(100)

Equity investment impairment

​

​

​

​

​

​

​

​

​

​

​

​

​

(25)

​

​

​

​

​

​

​

Legacy environmental charge

​

​

​

​

​

​

(4)

​

​

​

​

​

​

(11)

​

​

​

​

​

​

​

Pension settlement and curtailment charges

​

​

​

​

​

​

(5)

​

​

​

​

​

​

(5)

​

​

​

​

​

​

(19)

Gain on sale of divested businesses and miscellaneous assets

​

​

​

​

​

​

5

​

​

​

​

​

​

6

​

​

​

​

​

​

4

Interest expense, net

​

​

​

​

​

​

(341)

​

​

​

​

​

​

(335)

​

​

​

​

​

​

(342)

Earnings (loss) before income taxes

​

​

​

​

​

$

(49)

​

​

​

​

​

$

38

​

​

​

​

​

$

67
Schedule of assets, equity investments, equity earnings, capital expenditures and depreciation and amortization expense for the Company's reportable segments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Reportable

  ​ ​ ​

Retained

  ​ ​ ​

Consoli-

 

​

​

​

​

​

​

​

Segment

​

Corp Costs

​

dated

 

​

​

Americas

​

Europe

​

Totals

​

and Other

​

Totals

 

Total assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

4,731

​

$

4,102

​

$

8,833

​

$

410

​

$

9,243

​

2024

​

​

4,646

​

​

3,534

​

​

8,180

​

​

474

​

​

8,654

​

2023

​

​

5,218

​

​

3,949

​

​

9,167

​

​

502

​

​

9,669

​

Equity investments:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

485

​

$

212

​

$

697

​

$

38

​

$

735

​

2024

​

​

446

​

​

182

​

​

628

​

​

33

​

​

661

​

2023

​

​

490

​

​

193

​

​

683

​

​

60

​

​

743

​

Equity earnings:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

93

​

$

25

​

$

118

​

$

1

​

$

119

​

2024

​

​

70

​

​

34

​

​

104

​

​

(25)

​

​

79

​

2023

​

​

59

​

​

65

​

​

124

​

​

3

​

​

127

​

Capital expenditures:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

199

​

$

216

​

$

415

​

$

17

​

$

432

​

2024

​

​

354

​

​

254

​

​

608

​

​

9

​

​

617

​

2023

​

​

459

​

​

221

​

​

680

​

​

8

​

​

688

​

Depreciation and amortization expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

$

295

​

$

168

​

$

463

​

$

16

​

$

479

​

2024

​

​

296

​

​

169

​

​

465

​

​

21

​

​

486

​

2023

​

​

296

​

​

166

​

​

462

​

​

21

​

​

483

​
Schedule of segment information by geographic segment

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

 

2025

​

$

766

​

$

2,867

​

$

3,633

​

2024

​

 

927

​

​

2,570

​

​

3,497

​

2023

​

 

845

​

​

2,930

​

​

3,775

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

U.S.

  ​ ​ ​

Non-U.S.

  ​ ​ ​

Total

 

2025

​

$

1,707

​

$

4,719

​

$

6,426

​

2024

​

 

1,686

​

​

4,845

​

​

6,531

​

2023

​

 

1,828

​

​

5,277

​

​

7,105

​
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue  
Schedule of disaggregation of revenue by customer end use

​

The following table for the year ended December 31, 2025 disaggregates the Company’s revenue by customer end use:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Americas

​

Europe

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Alcoholic beverages (beer, wine, spirits)

 

$

2,018

 

$

1,892

 

$

3,910

​

​

​

Food and other

​

 

896

​

 

488

​

 

1,384

​

​

​

Non-alcoholic beverages

​

 

727

​

 

309

​

 

1,036

​

​

​

Reportable segment totals

​

$

3,641

​

$

2,689

​

$

6,330

​

​

​

Other

​

 

​

​

​

​

​

​

96

​

​

​

Net sales

 

​

​

​

​

​

​

$

6,426

​

​

​

​

The following table for the year ended December 31, 2024 disaggregates the Company’s revenue by customer end use:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Americas

​

Europe

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Alcoholic beverages (beer, wine, spirits)

 

$

2,000

 

$

2,041

 

$

4,041

​

​

​

Food and other

​

 

872

​

 

480

​

 

1,352

​

​

​

Non-alcoholic beverages

​

 

712

​

 

299

​

 

1,011

​

​

​

Reportable segment totals

​

$

3,584

​

$

2,820

​

$

6,404

​

​

​

Other

​

 

​

​

​

​

​

​

127

​

​

​

Net sales

 

​

​

​

​

​

​

$

6,531

​

​

​

​

​

​

The following table for the year ended December 31, 2023 disaggregates the Company’s revenue by customer end use:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Americas

​

Europe

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Alcoholic beverages (beer, wine, spirits)

 

$

2,268

 

$

2,320

 

$

4,588

​

​

​

Food and other

​

 

865

​

 

508

​

 

1,373

​

​

​

Non-alcoholic beverages

​

 

732

​

 

289

​

 

1,021

​

​

​

Reportable segment totals

​

$

3,865

​

$

3,117

​

$

6,982

​

​

​

Other

​

 

​

​

​

​

​

​

123

​

​

​

Net sales

 

​

​

​

​

​

​

$

7,105

​

​

​

​
v3.25.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2025
Inventories  
Schedule of major classes of inventory

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Finished goods

​

$

781

​

$

745

​

Raw materials

​

 

182

​

 

169

​

Operating supplies

​

 

39

​

 

49

​

​

​

$

1,002

​

$

963

​

​
v3.25.4
Equity Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Investments  
Schedule of company's ownership percentage in affiliates

​

​

​

​

​

​

​

​

​

​

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 Vidriera 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

​
Schedule of information pertaining to the Company's equity affiliates

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Equity in earnings:

​

​

​

​

​

​

​

​

​

​

Non-U.S.

​

$

102

​

$

75

​

$

121

​

U.S.

​

 

17

​

 

4

​

 

6

​

Total

​

$

119

​

$

79

​

$

127

​

Dividends received

​

$

103

​

$

101

​

$

116

​
Schedule of balance sheet information of equity investments

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

At end of year:

​

​

​

​

​

​

​

Current assets

​

$

683

​

$

698

​

Non-current assets

​

 

1,634

​

 

1,405

​

Total assets

​

 

2,317

​

 

2,103

​

Current liabilities

​

 

536

​

 

502

​

Other liabilities and deferred items

​

 

267

​

 

230

​

Total liabilities and deferred items

​

 

803

​

 

732

​

Net assets

​

$

1,514

​

$

1,371

​
Schedule of income statement information of equity investments

​

​

​

​

​

​

​

​

​

​

​

​

For the year:

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Net sales

​

$

1,271

​

$

1,207

​

$

1,274

​

Gross profit

​

$

345

​

$

344

​

$

351

​

Net earnings

​

$

234

​

$

213

​

$

236

​
v3.25.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets  
Schedule of changes in carrying amount of goodwill

​

​

​

​

​

​

​

​

​

​

​

​

  ​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

​

​

Europe

​

Americas

​

Total

Balance as of January 1, 2023

​

$

818

​

$

995

​

$

1,813

Impairment

​

​

​

​

​

(445)

​

​

(445)

Translation effects

​

 

30

​

​

75

​

​

105

Balance as of December 31, 2023

​

​

848

​

​

625

​

​

1,473

Translation effects

​

 

(48)

​

​

(104)

​

​

(152)

Balance as of December 31, 2024

​

​

800

​

​

521

​

​

1,321

Translation effects

​

​

97

​

​

69

​

​

166

Balance as of December 31, 2025

​

$

897

​

$

590

​

$

1,487
v3.25.4
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Other Assets  
Schedule of other assets (noncurrent)

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Right of use lease assets

​

$

186

​

$

201

​

Repair parts

​

​

165

​

​

151

​

Deferred tax assets

​

​

138

​

​

79

​

Deferred returnable packaging costs

​

 

90

​

 

88

​

Capitalized software

​

 

34

​

 

37

​

Value added taxes

​

 

13

​

 

14

​

Other

​

 

31

​

 

38

​

​

​

$

657

​

$

608

​
v3.25.4
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments  
Balance Sheet Classification of derivative instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value of

​

​

​

​

Hedge Assets

​

Hedge Liabilities

​

​

 

​

2025

​

2024

​

2025

​

2024

​

Derivatives designated as hedging instruments:

  ​ ​ ​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Commodity forward contracts and collars (a)

​

​

$

—

​

$

—

​

$

2

​

$

6

​

Fair value hedges of foreign exchange risk (b)

​

​

​

1

​

​

8

​

​

78

​

​

69

​

Net investment hedges (c)

​

​

​

11

​

​

7

​

​

207

​

​

29

​

Total derivatives accounted for as hedges

​

​

$

12

​

$

15

​

$

287

​

$

104

​

Derivatives not designated as hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign exchange derivative contracts (d)

​

​

​

2

​

​

2

​

​

​

​

​

10

​

Total derivatives

​

​

$

14

​

$

17

​

$

287

​

$

114

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Current

​

​

$

14

​

$

17

​

$

71

​

$

12

​

Noncurrent

​

​

​

​

​

​

​

​

​

216

​

​

102

​

Total derivatives

​

​

$

14

​

$

17

​

$

287

​

$

114

​

​

(a)The notional amount of the commodity forward contracts and collars was approximately 9 million British Thermal Units (“BTUs”) and 28 million BTUs at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates are in 2027 at December 31, 2025 and December 31, 2024.
(b)The notional amounts of the fair value hedges of foreign exchange risk were $400 million and $816 million at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates were in 2030 at December 31, 2025 and December 31, 2024.
(c)The notional amounts of the net investment hedges were €1,176 million and €483 million at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates are in 2028 at December 31, 2025 and 2026 at December 31, 2024.
(d)The notional amounts of the foreign exchange derivative contracts were $526 million and $680 million at December 31, 2025 and December 31, 2024, respectively. The maximum maturity dates are in 2026 at December 31, 2025 and 2025 at December 31, 2024.

​
Effects of derivative instruments on the results of operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain (Loss) Recognized in OCI (Effective Portion)

​

Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (1)

Derivatives designated as hedging instruments:

 

2025

​

2024

​

2023

​

2025

​

2024

​

2023

Cash Flow Hedges

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

​

​

Commodity forward contracts and collars (a)

​

$

4

​

$

(3)

​

$

(27)

​

$

​

​

$

(10)

​

$

(21)

Cash flow hedges of foreign exchange risk (b)

​

​

​

​

​

​

​

​

(3)

​

​

​

​

​

​

​

​

(4)

Net Investment Hedges

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Investment Hedges

​

​

(104)

​

​

36

​

​

(21)

​

​

12

​

​

6

​

​

5

​

​

$

(100)

​

$

33

​

$

(51)

​

$

12

​

$

(4)

​

$

(20)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amount of Loss Recognized in Other income (expense), net

​

​

​

​

​

​

​

​

​

Derivatives not designated as hedges:

 

2025

​

2024

​

2023

​

​

​

​

​

​

​

​

​

Foreign exchange derivative contracts

  ​ ​ ​

$

28

  ​ ​ ​

$

(36)

  ​ ​ ​

$

(12)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1) Gains and losses reclassified from accumulated OCI and recognized in income are recorded to (a) cost of goods sold or (b) other income (expense), net

​
v3.25.4
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring  
Selected information related to the restructuring accruals

The following table presents information related to restructuring, asset impairment and other costs related to closed facilities from January 1, 2024 through December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fit to Win Initiative

​

​

Other Restructuring

​

​

​

 

​

​

Employee

​

Asset

​

Other

​

​

Employee

​

Asset

​

Other

​

Total

​

​

  ​ ​ ​

Costs

​

Impairment

​

Exit Costs

​

​

Costs

​

Impairment

​

Exit Costs

  ​ ​

Restructuring

 

Balance at January 1, 2024

​

$

—

​

$

—

​

$

—

​

​

$

27

​

$

—

​

$

12

​

$

39

​

Charges

​

 

73

​

​

109

​

​

19

​

​

 

1

​

​

4

​

​

2

​

​

208

​

Write-down of assets to net realizable value

​

​

​

​

​

(109)

​

​

​

​

​

​

​

​

​

(4)

​

​

​

​

​

(113)

​

Net cash paid, principally severance and related benefits

​

​

(14)

​

​

​

​

​

(1)

​

​

​

(19)

​

​

​

​

​

(7)

​

​

(41)

​

Other, including foreign exchange translation

​

​

(8)

​

​

​

​

​

​

​

​

​

(2)

​

​

​

​

​

(3)

​

​

(13)

​

Balance at December 31, 2024

​

$

51

​

$

—

​

$

18

​

​

$

7

​

$

—

​

$

4

​

$

80

​

Charges

​

 

157

​

​

217

​

​

71

​

​

 

​

​

​

​

​

​

​

​

 

445

​

Write-down of assets to net realizable value

​

​

​

​

​

(217)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(217)

​

Net cash paid, principally severance and related benefits

​

​

(106)

​

​

​

​

​

(18)

​

​

​

(3)

​

​

​

​

​

(1)

​

​

(128)

​

Other, including foreign exchange translation

​

​

11

​

​

​

​

​

(1)

​

​

​

(4)

​

​

​

​

​

(3)

​

 

3

​

Balance at December 31, 2025

​

$

113

​

$

—

​

$

70

​

​

$

—

​

$

—

​

$

—

​

$

183

 

​
v3.25.4
Pension Benefit Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Pension Benefit Plans.  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Changes in the benefit obligations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Obligations at beginning of year

​

$

793

​

$

866

​

$

615

​

$

727

​

Change in benefit obligations:

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

 

5

​

 

6

​

 

9

​

 

9

​

Interest cost

​

 

43

​

 

43

​

 

37

​

 

35

​

Actuarial (gain) loss

​

​

8

​

​

(45)

​

​

(4)

​

​

(56)

​

Settlements

​

​

​

​

​

​

​

 

(20)

​

​

(15)

​

Curtailments

​

 

​

​

​

​

​

​

(6)

​

​

(2)

​

Benefit payments

​

 

(77)

​

 

(78)

​

 

(42)

​

 

(41)

​

Foreign currency translation

​

​

​

​

​

​

​

 

60

​

 

(42)

​

Net change in benefit obligations

​

 

(21)

​

 

(73)

​

 

34

​

 

(112)

​

Obligations at end of year

​

$

772

​

$

793

​

$

649

​

$

615

​
Changes in the fair value of the pension plans' assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Fair value at beginning of year

​

$

794

​

$

837

​

$

505

​

$

564

​

Change in fair value:

​

​

​

​

​

​

​

​

​

​

​

​

​

Actual gain (loss) on plan assets

​

 

88

​

 

30

​

 

18

​

 

(12)

​

Benefit payments

​

 

(77)

​

 

(78)

​

 

(42)

​

 

(41)

​

Employer contributions

​

 

2

​

 

5

​

 

32

​

 

27

​

Participant contributions

​

​

​

​

​

​

​

 

1

​

 

1

​

Settlements

​

​

​

​

​

​

​

​

(20)

​

​

(15)

​

Foreign currency translation

​

​

​

​

​

​

​

 

36

​

 

(19)

​

Net change in fair value of assets

​

 

13

​

 

(43)

​

 

25

​

 

(59)

​

Fair value at end of year

​

$

807

​

$

794

​

$

530

​

$

505

​
Funded status

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

​

2025

​

2024

​

2025

​

2024

 

Plan assets at fair value

  ​ ​ ​

$

807

  ​ ​ ​

$

794

  ​ ​ ​

$

530

  ​ ​ ​

$

505

​

Projected benefit obligations

​

 

772

​

 

793

​

 

649

​

 

615

​

Plan assets less than projected benefit obligations

​

 

35

​

 

1

​

 

(119)

​

 

(110)

​

Items not yet recognized in pension expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

Actuarial loss

​

 

280

​

 

321

​

 

297

​

 

283

​

Prior service cost

​

 

​

​

 

​

​

 

8

​

 

9

​

​

​

 

280

​

 

321

​

 

305

​

 

292

​

Net amount recognized

​

$

315

​

$

322

​

$

186

​

$

182

​
Net amount recognized included in the Consolidated Balance Sheets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Pension assets

​

$

38

​

$

8

​

$

90

​

$

84

​

Current pension liability, included with other accrued liabilities

​

 

(1)

​

 

(1)

​

 

(9)

​

 

(7)

​

Pension benefits

​

 

(2)

​

 

(6)

​

 

(200)

​

 

(187)

​

Accumulated other comprehensive loss

​

 

280

​

 

321

​

 

305

​

 

292

​

Net amount recognized

​

$

315

​

$

322

​

$

186

​

$

182

​
Changes in plan assets and/or benefit obligations recognized in accumulated other comprehensive loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Current year actuarial (gain) loss

​

$

(29)

​

$

(22)

​

$

5

​

$

(14)

​

Amortization of actuarial loss

​

 

(12)

​

 

(14)

​

 

(8)

​

 

(10)

​

Settlement

​

​

​

​

​

​

​

​

(6)

​

​

(4)

​

Foreign currency translation

​

​

​

​

​

​

​

 

23

​

 

(9)

​

​

​

$

(41)

​

$

(36)

​

$

14

​

$

(37)

​
Components of net periodic pension cost

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

​

2025

​

2024

​

2023

​

2025

​

2024

​

2023

 

Service cost

  ​ ​ ​

$

5

  ​ ​ ​

$

6

  ​ ​ ​

$

6

  ​ ​ ​

$

9

  ​ ​ ​

$

9

  ​ ​ ​

$

8

​

Interest cost

​

 

43

​

 

43

​

 

45

​

 

37

​

 

35

​

 

38

​

Expected asset return

​

 

(50)

​

 

(53)

​

 

(55)

​

 

(32)

​

 

(32)

​

 

(30)

​

Amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Actuarial loss

​

 

11

​

 

14

​

 

9

​

 

8

​

 

10

​

 

9

​

Net expense

​

$

9

​

$

10

​

$

5

​

$

22

​

$

22

​

$

25

​
Information for plans with projected and accumulated benefit obligations in excess of the fair value of plan assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Projected Benefit Obligation Exceeds 

​

Accumulated Benefit Obligation Exceeds

 

​

​

the Fair Value of Plan Assets

​

the Fair Value of Plan Assets

 

​

​

U.S.

​

Non-U.S.

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

​

2024

  ​ ​ ​

2025

​

2024

  ​ ​ ​

2025

​

2024

  ​ ​ ​

2025

​

2024

​

Projected benefit obligations

​

$

3

​

$

257

​

$

246

​

$

227

​

$

3

​

$

257

​

$

246

​

$

227

​

Accumulated benefit obligation

​

 

3

​

 

257

​

 

217

​

 

199

​

 

3

​

 

257

​

 

217

​

 

199

​

Fair value of plan assets

​

 

—

​

 

250

​

 

38

​

 

32

​

 

—

​

 

250

​

 

38

​

 

32

​
Weighted average assumptions used to determine benefit obligations and net periodic pension costs for pension plans, and accumulated postretirement benefit obligation and net postretirement benefit cost for postretirement plans

The weighted average assumptions used to determine benefit obligations are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Discount rate

 

5.49

%  

5.66

%  

5.80

%  

5.74

%

Rate of compensation increase

 

N/A

​

N/A

​

3.45

%  

3.27

%

The weighted average assumptions used to determine net periodic pension costs are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

​

2025

​

2024

​

2023

​

2025

​

2024

​

2023

 

Discount rate

  ​ ​ ​

5.66

%  

5.18

%  

5.48

%  

5.74

%  

5.12

%  

5.52

%

Rate of compensation increase

 

N/A

​

N/A

​

N/A

​

3.27

%  

3.24

%  

3.28

%

Expected long-term rate of return on assets

 

5.75

%  

5.75

%  

5.75

%  

5.12

%  

5.14

%  

4.67

%
Fair value of defined benefit pension plan assets and target allocations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

2024

​

​

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

​

Total

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

​

Total

  ​ ​ ​

Cash and cash equivalents

​

$

13

​

$

​

​

$

​

​

$

13

​

$

12

​

$

​

​

$

​

​

$

12

​

Debt securities

​

​

21

​

​

​

​

​

​

​

​

21

​

​

17

​

​

​

​

​

​

​

​

17

​

Total

​

$

34

​

$

—

​

$

—

​

​

​

​

$

29

​

$

—

​

$

—

​

​

​

 

Investments measured at net asset value

​

​

​

​

​

​

​

 

​

​

$

496

​

​

​

​

​

​

​

 

​

​

$

476

 

Total non-U.S. assets at fair value

​

​

​

​

​

​

​

​

​

​

$

530

​

​

​

​

​

​

​

​

​

​

$

505

​
Estimated future benefit payments, reflecting expected future service, as appropriate, expected to be paid

​

​

​

​

​

​

​

​

Year(s)

  ​ ​ ​

U.S.

  ​ ​ ​

Non-U.S.

2026

​

$

69

​

$

49

2027

​

 

68

​

 

48

2028

​

 

67

​

 

49

2029

​

 

66

​

 

51

2030

​

 

65

​

 

54

2031-2035

​

 

298

​

 

283
Postretirement Benefits Other Than Pensions  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Changes in the benefit obligations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Obligations at beginning of year

​

$

19

​

$

21

​

$

46

​

$

50

​

Change in benefit obligations:

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost

​

 

​

​

 

​

​

 

1

​

 

1

​

Interest cost

​

 

1

​

 

1

​

 

2

​

 

2

​

Actuarial (gain) loss

​

 

(3)

​

 

(1)

​

 

(11)

​

 

(1)

​

Benefit payments

​

 

(2)

​

 

(2)

​

 

(2)

​

 

(2)

​

Plan amendments

​

​

(1)

​

​

​

​

​

​

​

​

​

​

Foreign currency translation

​

​

​

​

​

​

​

 

3

​

 

(4)

​

Net change in benefit obligations

​

 

(5)

​

 

(2)

​

 

(7)

​

 

(4)

​

Obligations at end of year

​

$

14

​

$

19

​

$

39

​

$

46

​
Funded status

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Postretirement benefit obligations

​

$

(14)

​

$

(19)

​

$

(39)

​

$

(46)

​

Items not yet recognized in net postretirement benefit cost:

​

​

​

​

​

​

​

​

​

​

​

​

​

Actuarial gain

​

​

(29)

​

​

(29)

​

​

(40)

​

​

(30)

​

Prior service credit

​

 

(2)

​

 

​

​

 

​

​

 

​

​

​

​

 

(31)

​

 

(29)

​

 

(40)

​

 

(30)

​

Net amount recognized

​

$

(45)

​

$

(48)

​

$

(79)

​

$

(76)

​
Net amount recognized included in the Consolidated Balance Sheets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Current nonpension postretirement benefit, included with Other accrued liabilities

​

$

(1)

​

$

(1)

​

$

(3)

​

$

(2)

​

Nonpension postretirement benefits

​

 

(13)

​

 

(18)

​

 

(36)

​

 

(44)

​

Accumulated other comprehensive loss

​

 

(31)

​

 

(29)

​

 

(40)

​

 

(30)

​

Net amount recognized

​

$

(45)

​

$

(48)

​

$

(79)

​

$

(76)

​
Changes in plan assets and/or benefit obligations recognized in accumulated other comprehensive loss

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Current year actuarial (gain) loss

​

$

​

​

$

—

​

$

(11)

​

$

(1)

​

Amortization of actuarial gain (loss)

​

 

​

​

 

(9)

​

​

2

​

​

3

​

Amortization of prior service credit

​

 

(2)

​

 

9

​

​

​

​

​

​

​

Foreign currency translation

​

​

​

​

 

​

​

​

(2)

​

​

3

​

​

​

$

(2)

​

$

—

​

$

(11)

​

$

5

​
Components of net periodic pension cost

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Service cost

​

$

—

​

$

—

​

$

—

​

$

1

​

$

1

​

$

1

​

Interest cost

​

 

1

​

 

1

​

 

1

​

 

2

​

 

2

​

 

2

​

Amortization:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Actuarial (gain) loss

​

 

(2)

​

 

8

​

 

8

​

​

(2)

​

​

(3)

​

​

(3)

​

Prior service credit

​

 

​

​

 

(8)

​

 

(9)

​

​

​

​

​

​

​

​

​

​

Net amortization

​

 

(2)

​

 

—

​

 

(1)

​

 

(2)

​

 

(3)

​

 

(3)

​

Net postretirement benefit cost

​

$

(1)

​

$

1

​

$

—

​

$

1

​

$

—

​

$

—

​
Weighted average assumptions used to determine benefit obligations and net periodic pension costs for pension plans, and accumulated postretirement benefit obligation and net postretirement benefit cost for postretirement plans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Accumulated postretirement benefit obligation

 

5.43

%  

5.70

%  

5.18

%  

4.85

%  

4.65

%  

4.65

%  

Net postretirement benefit cost

 

5.70

%  

5.10

%  

5.48

%  

4.65

%  

4.65

%  

5.15

%  
Weighted average assumed health care cost trend rates

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S.

​

Non-U.S.

 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Health care cost trend rate assumed for next year

 

6.3

%  

6.5

%  

5.0

%  

5.0

%  

Rate to which the cost trend rate is assumed to decline (ultimate trend rate)

 

5.0

%  

5.0

%  

5.0

%  

5.0

%  

Year that the rate reaches the ultimate trend rate

 

2033

​

2032

​

N/A

​

N/A

​
Estimated future benefit payments, reflecting expected future service, as appropriate, expected to be paid

​

​

​

​

​

​

​

​

​

Year(s)

  ​ ​ ​

U.S.

  ​ ​ ​

Non-U.S.

 

2026

​

$

1

​

$

2

​

2027

​

 

1

​

 

2

​

2028

​

 

1

​

 

2

​

2029

​

 

1

​

 

2

​

2030

​

 

1

​

 

2

​

2031  -  2035

​

 

6

​

 

12

​
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases  
Schedule of components of lease expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

​

  ​ ​ ​

  ​ ​ ​

2025

​

​

2024

  ​ ​ ​

​

2023

Lease cost

​

​

​

​

​

​

​

​

​

Finance lease cost:

​

​

​

​

​

​

​

​

​

Amortization of right-of-use assets (included in Cost of goods sold and Selling and administrative expense)

​

$

35

​

$

21

​

$

15

Interest on lease liabilities (included in Interest expense, net)

​

​

11

​

​

12

​

​

10

Operating lease cost (included in Cost of goods sold and Selling and administrative expense)

​

​

65

​

​

64

​

​

63

Total lease cost

​

$

111

​

$

97

​

$

88
Schedule of supplemental cash flow and other information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31,

​

​

​

2025

​

​

2024

​

​

2023

Other information

​

​

​

​

​

​

​

​

​

Cash paid for amounts included in the measurement of lease liabilities:

​

​

​

​

​

​

​

​

​

Operating cash flows from operating leases

​

$

63

​

$

62

​

$

60

Operating cash flows from finance leases

​

​

11

​

​

12

​

​

10

Financing cash flows from finance leases

​

​

35

​

​

21

​

​

15

Right-of-use assets obtained in exchange for new operating lease liabilities

​

​

31

​

​

41

​

​

46
Schedule of supplemental balance sheet information

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

​

2025

​

​

2024

Supplemental balance sheet information

​

 

​

​

​

​

Operating leases:

​

​

​

​

​

​

Operating lease right-of-use assets (included in Other assets)

​

$

186

​

$

201

​

​

​

​

​

​

​

Current operating lease liabilities (included in Other current liabilities)

​

​

45

​

​

41

Noncurrent operating lease liabilities (included in Other long-term liabilities)

​

​

151

​

​

169

Total operating lease liabilities

​

$

196

​

$

210

​

​

​

​

​

​

​

Finance leases:

​

​

​

​

​

​

Property, plant and equipment

​

$

254

​

$

261

Accumulated amortization

​

​

(83)

​

​

(60)

Property, plant and equipment, net

​

​

171

​

​

201

​

​

​

​

​

​

​

Current finance lease liabilities (included in Long-term debt due within one year)

​

​

38

​

​

32

Noncurrent finance lease liabilities (included in Long-term debt)

​

​

136

​

​

163

Total finance lease liabilities

​

$

174

​

$

195

​

​

​

​

​

​

​

Weighted-average remaining lease term (in years):

​

​

​

​

​

​

Operating leases

​

​

5.3

​

​

6.5

Finance leases

​

​

5.8

​

​

6.2

Weighted-average discount rate:

​

​

​

​

​

​

Operating leases

​

​

6.59%

​

​

6.72%

Finance leases

​

​

5.60%

​

​

5.75%
Schedule of operating leases maturities of lease liabilities

​

​

​

​

​

​

​

​

Maturity of lease liabilities

​

​

Operating leases

​

​

Finance leases

2026

​

$

56

​

$

46

2027

​

​

48

​

​

42

2028

​

​

36

​

​

39

2029

​

​

31

​

​

33

2030

​

​

24

​

​

24

2031 and thereafter

​

​

36

​

​

15

Total lease payments

​

​

231

​

​

199

Less: imputed interest

​

​

(35)

​

​

(25)

Total lease obligations

​

$

196

​

$

174

​

​

​

​

​

​

​

Minimum payments related to leases not yet commenced as of December 31, 2025

​

$

—

​

$

—

​
Schedule of finance leases maturities of lease liabilities

​

​

​

​

​

​

​

​

Maturity of lease liabilities

​

​

Operating leases

​

​

Finance leases

2026

​

$

56

​

$

46

2027

​

​

48

​

​

42

2028

​

​

36

​

​

39

2029

​

​

31

​

​

33

2030

​

​

24

​

​

24

2031 and thereafter

​

​

36

​

​

15

Total lease payments

​

​

231

​

​

199

Less: imputed interest

​

​

(35)

​

​

(25)

Total lease obligations

​

$

196

​

$

174

​

​

​

​

​

​

​

Minimum payments related to leases not yet commenced as of December 31, 2025

​

$

—

​

$

—

​
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Taxes.  
Provision (benefit) for income taxes calculated based on components of earnings (loss) before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

U.S.

​

$

(271)

​

$

(284)

​

$

(455)

​

Non-U.S.

​

 

222

​

 

322

​

 

522

​

​

​

$

(49)

​

$

38

​

$

67

​

​
Provision (benefit) for income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Current:

​

​

​

​

​

​

​

​

​

​

U.S. federal

​

$

13

​

$

13

​

$

13

​

U.S. state

​

 

1

​

 

​

​

 

​

​

Non-U.S.

​

​

105

​

​

106

​

​

114

​

​

​

 

119

​

 

119

​

 

127

​

Deferred:

​

​

​

​

​

​

​

​

​

​

U.S. federal

​

​

—

​

 

—

​

 

(13)

​

U.S. state

​

​

​

​

 

​

​

 

(3)

​

Non-U.S.

​

 

(65)

​

 

7

​

 

41

​

​

​

 

(65)

​

 

7

​

 

25

​

Total:

​

​

​

​

​

​

​

​

​

​

U.S. federal

​

​

13

​

 

13

​

 

—

​

U.S. state

​

 

1

​

 

​

​

 

(3)

​

Non-U.S.

​

 

40

​

 

113

​

 

155

​

​

​

$

54

​

$

126

​

$

152

​
Reconciliation of the provision for income taxes

​

​

​

​

​

​

​

​

​

​

​

2025

​

​

  ​ ​ ​

​

  ​ ​ ​

Percent of Pre-tax income

​

US federal statutory tax rate

​

$

(10)

​

​

21

%

State and local income taxes, net of federal income tax effect(a)

​

​

1

​

​

(2)

%

Foreign tax effects

​

​

​

​

​

​

​

Brazil

​

​

​

​

​

​

​

Withholding tax

​

​

6

​

​

(13)

%

Other

​

​

3

​

​

(6)

%

Colombia

​

​

​

​

​

​

​

Statutory tax rate difference between Colombia and US

​

​

10

​

​

(20)

%

Other

​

​

3

​

​

(7)

%

France

​

​

​

​

​

​

​

Nontaxable or nondeductible items

​

​

13

​

​

(27)

%

Other

​

​

(4)

​

​

7

%

Mexico

​

​

​

​

​

​

​

Nontaxable or nondeductible items

​

​

7

​

​

(14)

%

Withholding tax

​

​

12

​

​

(25)

%

Other

​

​

4

​

​

(8)

%

Netherlands

​

​

​

​

​

​

​

Equity earnings

​

​

(18)

​

​

36

%

Nontaxable or nondeductible items

​

​

9

​

​

(19)

%

Alternative minimum taxes

​

​

8

​

​

(17)

%

Tax credits and incentives

​

​

(18)

​

​

36

%

Other

​

​

(8)

​

​

16

%

Poland

​

​

​

​

​

​

​

Tax credits and incentives

​

​

(33)

​

​

68

%

Change in valuation allowance

​

​

11

​

​

(22)

%

Spain

​

​

​

​

​

​

​

Nontaxable or nondeductible items

​

​

(7)

​

​

15

%

Other foreign jurisdictions

​

​

6

​

​

(12)

%

Effect of cross-border tax laws

​

​

​

​

​

​

​

Global intangible low-taxed income net of foreign tax credit

​

​

7

​

​

(13)

%

Foreign currency gain/loss

​

​

(6)

​

​

12

%

Tax credits

​

​

(5)

​

​

10

%

Changes in valuation allowances

​

​

49

​

​

(100)

%

Nontaxable or nondeductible items

​

​

​

​

​

​

​

Non deductible foreign expenses

​

​

13

​

​

(26)

%

Other

​

​

5

​

​

(10)

%

Global changes in unrecognized tax benefits

​

​

(4)

​

​

10

%

Total income tax expense

​

$

54

​

​

(110)

%

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Tax provision on pretax earnings at statutory U.S. Federal tax rate

​

$

8

​

$

14

​

Increase (decrease) in provision for income taxes due to:

​

​

​

​

​

​

​

Non-U.S. tax rates

​

​

12

​

​

5

​

Global intangible low taxed income and Foreign-derived intangible income, net of applicable GILTI credits

​

​

6

​

​

12

​

Goodwill impairment

​

​

​

​

​

85

​

Tax law changes

​

​

(1)

​

​

3

​

Change in valuation allowance

​

​

34

​

​

85

​

Tax attribute expiration

​

​

17

​

​

7

​

Withholding tax

​

​

12

​

​

14

​

Non-deductible expenses and taxable gains

​

​

36

​

​

13

​

Tax credits and incentives

​

​

(24)

​

​

(34)

​

Changes in tax reserves and audit settlements

​

​

4

​

​

(14)

​

Mexico inflationary adjustments

​

​

(1)

​

​

(5)

​

Equity earnings

​

​

(17)

​

​

(23)

​

Intercompany financing

​

​

18

​

​

(13)

​

Other taxes based on income

​

​

6

​

​

6

​

Other items

​

​

16

​

​

(3)

​

Provision for income taxes

​

$

126

​

$

152

​
Significant components of deferred tax assets and liabilities and deferred taxes included in the Consolidated Balance Sheets

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

Deferred tax assets:

​

​

​

​

​

​

​

Accrued postretirement benefits

​

$

19

​

$

23

​

Foreign tax credit carryovers

​

 

178

​

​

144

​

Operating, capital loss and interest carryovers

​

 

418

​

​

357

​

Other credit carryovers

​

 

36

​

​

29

​

Accrued liabilities

​

 

87

​

​

75

​

Pension liabilities

​

 

2

​

​

10

​

Operating lease liabilities

​

​

47

​

​

50

​

Other

​

 

130

​

​

61

​

Total deferred tax assets

​

 

917

​

 

749

​

Deferred tax liabilities:

​

​

​

​

​

​

​

Property, plant and equipment

​

 

121

​

​

113

​

Intangibles and deferred software

​

 

41

​

​

39

​

Operating lease right-of-use assets

​

​

45

​

​

48

​

Total deferred tax liabilities

​

 

207

​

 

200

​

Valuation allowance

​

 

(647)

​

​

(544)

​

Net deferred taxes

​

$

63

​

$

5

​

​

Deferred taxes are included in the Consolidated Balance Sheets at December 31, 2025 and 2024 as follows:

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

Other assets

​

$

138

​

$

79

​

Deferred taxes

​

 

(75)

​

 

(74)

​

Net deferred taxes

​

$

63

​

$

5

​
Reconciliation of the gross unrecognized tax benefits

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Balance at January 1

​

$

21

​

$

41

​

$

53

​

Additions and reductions for tax positions of prior years

​

 

(7)

​

​

​

​

​

(15)

​

Additions based on tax positions related to the current year

​

 

3

​

​

5

​

​

​

​

Reductions due to the lapse of the applicable statute of limitations

​

​

​

​

​

​

​

​

​

​

Reductions due to settlements

​

​

​

​

​

(24)

​

​

(1)

​

Foreign currency translation

​

 

1

​

​

(1)

​

​

4

​

Balance at December 31

​

$

18

​

$

21

​

$

41

​

Unrecognized tax benefits, which if recognized, would impact the Company’s effective income tax rate

​

$

11

​

$

10

​

$

25

​

Accrued interest and penalties at December 31

​

$

2

​

$

2

​

$

9

​

Interest and penalties included in tax expense for the years ended December 31

​

$

—

​

$

(8)

​

$

1

​
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt  
Long-term Debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Secured Credit Agreement:

​

​

​

​

​

​

​

Revolving Credit Facility:

​

​

​

​

​

​

​

Revolving Loans

​

$

—

​

$

—

​

Term Loans:

​

​

​

​

​

​

​

Term Loans A

​

​

799

​

 

​

​

Term Loans B

​

​

643

​

​

​

​

Previous Secured Credit Agreement:

​

​

​

​

 

​

​

Term Loans:

​

​

​

​

​

​

​

Term Loans A

​

​

​

​

​

1,338

​

Senior Notes:

​

​

​

​

​

​

​

5.375%, due 2025

​

​

​

​

​

17

​

2.875%, due 2025 ( €176 million at December 31, 2024)

​

​

​

​

​

183

​

6.625%, due 2027

​

​

610

​

​

609

​

6.250%, due 2028 (€600 million)

​

​

700

​

​

619

​

5.250%, due 2029 (€500 million)

​

​

581

​

​

514

​

4.750%, due 2030

​

​

397

​

​

397

​

7.250%, due 2031

​

​

684

​

​

683

​

7.375%, due 2032

​

​

297

​

​

296

​

Finance leases

​

​

174

​

​

195

​

Other

​

 

18

​

 

8

​

Total long-term debt

​

 

4,903

​

 

4,859

​

Less amounts due within one year

​

 

66

​

 

306

​

Long-term debt

​

$

4,837

​

$

4,553

​
Fair values of the Company's significant fixed rate debt obligations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Principal Amount

  ​ ​ ​

Indicated Market Price

  ​ ​ ​

Fair Value

​

Senior Notes:

​

​

​

​

​

​

​

​

​

​

6.625%, due 2027

​

$

612

 

​

100.16

​

$

613

​

6.250%, due 2028 (€600 million)

​

​

704

 

​

103.00

​

​

725

​

5.250%, due 2029 (€500 million)

​

​

587

​

​

103.21

​

​

606

​

4.750%, due 2030

​

​

400

​

​

96.86

​

​

387

​

7.250%, due 2031

​

​

690

​

​

102.20

​

​

705

​

7.375%, due 2032

​

​

300

​

​

101.47

​

​

304

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss)  
Component of accumulated other comprehensive income (loss)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Accumulated

​

​

Net Effect of

​

Change in Certain

​

​

​

Other

​

​

Exchange Rate

​

Derivative

​

Employee

​

Comprehensive

​

  ​ ​ ​

Fluctuations

  ​ ​

Instruments

  ​ ​

Benefit Plans

  ​ ​

Loss

Balance on January 1, 2023

​

$

(1,280)

​

$

4

​

$

(585)

​

$

(1,861)

Change before reclassifications

​

​

331

​

​

(68)

​

​

(26)

​

​

237

Amounts reclassified from accumulated other comprehensive income (loss)

​

​

​

​

​

20

(a)  

​

33

(b)  

​

53

Translation effect

​

​

​

​

​

(4)

​

​

(14)

​

​

(18)

Tax effect

​

​

​

​

​

5

​

​

4

​

​

9

Other comprehensive income (loss) attributable to the Company

​

​

331

​

​

(47)

​

​

(3)

​

​

281

Balance on December 31, 2023

​

​

(949)

​

​

(43)

​

​

(588)

​

​

(1,580)

Change before reclassifications

​

 

(486)

​

​

28

​

​

40

​

 

(418)

Amounts reclassified from accumulated other comprehensive income

​

​

​

​

​

(4)

(a)  

​

26

(b)  

 

22

Translation effect

​

​

​

​

​

2

​

​

4

​

​

6

Tax effect

​

​

​

​

​

3

​

​

(8)

​

 

(5)

Other comprehensive income (loss) attributable to the Company

​

 

(486)

​

 

29

​

 

62

​

 

(395)

Balance on December 31, 2024

​

​

(1,435)

​

​

(14)

​

​

(526)

​

​

(1,975)

Change before reclassifications

​

 

416

​

​

(113)

​

​

41

​

 

344

Amounts reclassified from accumulated other comprehensive income (loss)

​

​

​

​

​

12

(a)  

​

20

(b)  

 

32

Translation effect

​

​

​

​

​

​

​

​

(14)

​

​

(14)

Tax effect

​

​

​

​

​

(4)

​

​

(3)

​

 

(7)

Other comprehensive income (loss) attributable to the Company

​

 

416

​

 

(105)

​

 

44

​

 

355

Balance on December 31, 2025

​

$

(1,019)

​

$

(119)

​

$

(482)

​

$

(1,620)

(a)Amount is recorded to other income (expense), net and interest expense, net in the Consolidated Results of Operations (see Note 9 for additional information).
(b)Amount is included in the computation of net periodic pension cost and net postretirement benefit cost (see Note 11 for additional information).
v3.25.4
Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Stock Based Compensation  
Restricted shares and restricted share units activity

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

 

​

​

Number of

​

Average

 

​

​

Restricted

​

Grant-Date

 

​

​

Shares

​

Fair Value

 

​

​

(thousands)

​

(per share)

 

Nonvested at January 1, 2025

 

1,217

​

$

16.33

​

Granted

 

954

​

​

12.16

​

Vested

 

(663)

​

​

15.32

​

Forfeited

 

(189)

​

​

15.80

​

Nonvested at December 31, 2025

 

1,319

​

 

13.89

​

Awards granted during 2024

​

​

​

$

16.83

​

Awards granted during 2023

​

​

​

$

15.15

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Total fair value of shares vested

​

$

10

​

$

13

​

$

11

​
Performance vested restricted share unit activity

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Number of Performance

  ​ ​ ​

Weighted Average

 

​

​

Vested Restricted Shares

​

Grant-Date Fair Value

 

​

​

Units (thousands)

​

(per unit)

 

Nonvested at January 1, 2025

 

2,701

​

$

17.86

​

Granted

 

1,728

​

 

13.54

​

Vested

 

(1,357)

​

 

14.56

​

Forfeited/Cancelled

 

(586)

​

 

15.86

​

Nonvested at December 31, 2025

 

2,486

​

 

17.10

​

Awards granted during 2024

​

​

​

$

17.85

​

Awards granted during 2023

​

​

​

$

16.18

​
v3.25.4
Other Expense, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income (Expense), net  
Schedule of other income (expense), net

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

Goodwill impairment (see Note 7)

​

$

​

​

$

​

​

$

(445)

​

Restructuring, asset impairment and other charges

​

​

(443)

​

​

(206)

​

​

(100)

​

Pension settlement and curtailment charges (see Note 11)

​

​

(5)

​

​

(5)

​

​

(19)

​

Legacy environmental charge (see Note 15)

​

​

(4)

​

​

(11)

​

​

​

​

Gain on sale of divested businesses and miscellaneous assets (see Note 21)

​

​

5

​

​

6

​

​

4

​

Intangible amortization expense

​

​

(27)

​

​

(29)

​

​

(32)

​

Royalty income

​

​

17

​

​

21

​

​

24

​

Foreign currency exchange loss

​

​

(6)

​

​

1

​

​

(4)

​

Other income (expense), net

​

​

3

​

​

(3)

​

​

(10)

​

​

​

$

(460)

​

$

(226)

​

$

(582)

​

​
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share  
Computation of basic and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

 

Numerator:

​

​

​

​

​

​

​

​

​

​

Net loss attributable to the Company

​

$

(129)

​

$

(106)

​

$

(103)

​

Denominator (in thousands):

​

​

​

​

​

​

​

​

​

​

Denominator for basic earnings per share-weighted average shares outstanding

​

 

153,552

​

 

154,552

​

 

154,651

​

Effect of dilutive securities:

​

​

​

​

​

​

​

​

​

​

Stock options and other

​

 

​

​

 

​

​

 

​

​

Denominator for diluted earnings per share-adjusted weighted average shares outstanding

​

 

153,552

​

 

154,552

​

 

154,651

​

Basic earnings per share:

​

​

​

​

​

​

​

​

​

​

Net loss

​

$

(0.84)

​

$

(0.69)

​

$

(0.67)

​

Diluted earnings per share:

​

​

​

​

​

​

​

​

​

​

Net loss

​

$

(0.84)

​

$

(0.69)

​

$

(0.67)

​
v3.25.4
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2025
Supplemental Cash Flow Information  
Supplemental cash flow information

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Decrease (increase) in current assets:

​

​

​

​

​

​

​

​

​

Receivables - change in factoring

​

$

(4)

​

$

(7)

​

$

7

Receivables - all other changes

​

​

61

​

​

21

​

​

144

Inventories

​

 

41

​

 

35

​

 

(174)

Prepaid expenses and other

​

 

(19)

​

 

10

​

 

4

Increase (decrease) in current liabilities:

​

​

​

​

​

​

​

​

​

Accounts payable

​

 

(45)

​

 

(95)

​

 

(102)

Accrued liabilities

​

 

(31)

​

 

(6)

​

 

(4)

Salaries and wages

​

 

25

​

 

(38)

​

 

(20)

U.S. and foreign income taxes

​

​

(8)

​

 

(45)

​

 

(3)

​

​

$

20

​

$

(125)

​

$

(148)
Schedule of activity and ending balances of the Company's supplier finance programs

​

​

​

​

​

​

​

​

Twelve Months Ended December, 31

​

  ​ ​ ​

2025

  ​ ​ ​

Confirmed obligations outstanding at the beginning of the year

​

$

82

​

Invoices confirmed during the year

​

 

346

​

Confirmed invoices paid during the year

​

​

(359)

​

Confirmed obligations outstanding at the end of the year

​

$

69

​
Income taxes paid (received) in cash

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

​

Switzerland

​

$

26

​

$

22

​

$

​

​

Spain

​

​

19

​

​

​

​

​

​

​

Mexico

​

​

19

​

​

52

​

​

48

​

Colombia

​

​

17

​

​

11

​

​

12

​

Brazil

​

​

10

​

​

​

​

​

13

​

Peru

​

​

8

​

​

10

​

​

13

​

Italy

​

​

7

​

​

20

​

​

8

​

Ecuador

​

​

7

​

​

9

​

​

​

​

France

​

​

(8)

​

​

19

​

​

20

​

Other countries

​

 

12

​

 

18

​

 

33

​

Total income taxes paid in cash

​

$

117

​

$

161

​

$

147

​
v3.25.4
Significant Accounting Policies (Details)
$ in Millions
Dec. 31, 2025
USD ($)
country
Dec. 31, 2024
USD ($)
Equity Method Investments    
Number of countries in which entity has glass container operations | country 18  
Restructuring liability | $ $ 131 $ 75
O-I Ownership Percentage | Minimum    
Equity Method Investments    
General ownership percentage for equity method investments 20.00%  
O-I Ownership Percentage | Maximum    
Equity Method Investments    
General ownership percentage for equity method investments 50.00%  
v3.25.4
Significant Accounting Policies - Property, Plant and Equipment (Details)
Dec. 31, 2025
Factory machinery and equipment | Minimum  
Property, Plant and Equipment  
Estimated useful lives 5 years
Factory machinery and equipment | Maximum  
Property, Plant and Equipment  
Estimated useful lives 25 years
Glass-melting furnaces and forming machines | Minimum  
Property, Plant and Equipment  
Estimated useful lives 7 years
Glass-melting furnaces and forming machines | Maximum  
Property, Plant and Equipment  
Estimated useful lives 15 years
Buildings and building equipment | Minimum  
Property, Plant and Equipment  
Estimated useful lives 10 years
Buildings and building equipment | Maximum  
Property, Plant and Equipment  
Estimated useful lives 50 years
v3.25.4
Segment Information (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Information  
Number of reportable segments 2
Number of operating segments 2
v3.25.4
Segment Information - Segment Operating Profits and Reporting Segments Totals (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment operating profit:      
Net sales $ 6,426 $ 6,531 $ 7,105
Cost of goods sold (5,317) (5,486) (5,609)
Selling and administrative expense (434) (445) (540)
Equity earnings (119) (79) (127)
Items excluded from segment operating profit:      
Charge for goodwill impairment     (445)
Restructuring, asset impairment and other charges (443) (206) (100)
Equity investment impairment   (25)  
Legacy environmental charge (4) (11)  
Pension settlement and curtailment charges (5) (5) (19)
Gain on sale of miscellaneous assets 5 6 4
Interest expense, net (341) (335) (342)
Earnings (loss) before income taxes (49) 38 67
Reportable segment totals      
Segment operating profit:      
Net sales 6,330 6,404 6,982
Equity earnings (118) (104) (124)
Segment operating profit 846 748 1,193
Other      
Segment operating profit:      
Net sales 96 127 123
Retained Corp Costs and Other      
Segment operating profit:      
Equity earnings (1) 25 (3)
Items excluded from segment operating profit:      
Earnings (loss) before income taxes (107) (134) (224)
Americas | Reportable segment totals      
Segment operating profit:      
Net sales 3,641 3,584 3,865
Cost of goods sold 2,982 3,053 3,181
Selling and administrative expense 177 189 210
Equity earnings (93) (70) (59)
Other segment expenses (income) 26 20 22
Segment operating profit 549 392 511
Europe | Reportable segment totals      
Segment operating profit:      
Net sales 2,689 2,820 3,117
Cost of goods sold 2,245 2,317 2,314
Selling and administrative expense 175 178 193
Equity earnings (25) (34) (65)
Other segment expenses (income) (3) 3 (7)
Segment operating profit $ 297 $ 356 $ 682
v3.25.4
Segment Information - Total Assets and Equity Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Total assets $ 9,243 $ 8,654 $ 9,669
Equity investments      
Equity investments 735 661 743
Reportable segment totals      
Assets      
Total assets 8,833 8,180 9,167
Equity investments      
Equity investments 697 628 683
Retained Corp Costs and Other      
Assets      
Total assets 410 474 502
Equity investments      
Equity investments 38 33 60
Americas | Reportable segment totals      
Assets      
Total assets 4,731 4,646 5,218
Equity investments      
Equity investments 485 446 490
Europe | Reportable segment totals      
Assets      
Total assets 4,102 3,534 3,949
Equity investments      
Equity investments $ 212 $ 182 $ 193
v3.25.4
Segment Information - Equity Earnings, Capital Expenditures and Depreciation and Amortization Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity earnings:      
Equity earnings $ 119 $ 79 $ 127
Capital expenditures:      
Capital expenditures: 432 617 688
Depreciation and amortization expense:      
Depreciation and amortization 479 486 483
Reportable segment totals      
Equity earnings:      
Equity earnings 118 104 124
Capital expenditures:      
Capital expenditures: 415 608 680
Depreciation and amortization expense:      
Depreciation and amortization 463 465 462
Retained Corp Costs and Other      
Equity earnings:      
Equity earnings 1 (25) 3
Capital expenditures:      
Capital expenditures: 17 9 8
Depreciation and amortization expense:      
Depreciation and amortization 16 21 21
Americas | Reportable segment totals      
Equity earnings:      
Equity earnings 93 70 59
Capital expenditures:      
Capital expenditures: 199 354 459
Depreciation and amortization expense:      
Depreciation and amortization 295 296 296
Europe | Reportable segment totals      
Equity earnings:      
Equity earnings 25 34 65
Capital expenditures:      
Capital expenditures: 216 254 221
Depreciation and amortization expense:      
Depreciation and amortization $ 168 $ 169 $ 166
v3.25.4
Segment Information - Tangible long-lived assets, including property, plant and equipment and operating lease right-of-use assets, by geographic region (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Long-Lived Assets      
Tangible long lived assets, including property, plant and equipment and operating lease right-of-use assets $ 3,633 $ 3,497 $ 3,775
U.S.      
Long-Lived Assets      
Tangible long lived assets, including property, plant and equipment and operating lease right-of-use assets 766 927 845
Non-U.S.      
Long-Lived Assets      
Tangible long lived assets, including property, plant and equipment and operating lease right-of-use assets $ 2,867 $ 2,570 $ 2,930
v3.25.4
Segment Information - Net sales by geographic region (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
customer
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information      
Net sales $ 6,426 $ 6,531 $ 7,105
Number of major customer | customer 1    
U.S.      
Segment Reporting Information      
Net sales $ 1,707 1,686 1,828
Non-U.S.      
Segment Reporting Information      
Net sales $ 4,719 $ 4,845 $ 5,277
France      
Segment Reporting Information      
Percentage of consolidated net sales outside of the U.S. 12.00% 11.00% 11.00%
Italy      
Segment Reporting Information      
Percentage of consolidated net sales outside of the U.S. 13.00% 13.00% 13.00%
Mexico      
Segment Reporting Information      
Percentage of consolidated net sales outside of the U.S. 14.00% 14.00% 14.00%
v3.25.4
Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue      
Net sales $ 6,426 $ 6,531 $ 7,105
Sales to affiliates 52 40 42
Reportable Segment Totals      
Disaggregation of Revenue      
Net sales 6,330 6,404 6,982
Americas      
Disaggregation of Revenue      
Net sales 3,641 3,584 3,865
Europe      
Disaggregation of Revenue      
Net sales 2,689 2,820 3,117
Other      
Disaggregation of Revenue      
Net sales 96 127 123
Alcoholic beverages (beer, wine, spirits)      
Disaggregation of Revenue      
Net sales 3,910 4,041 4,588
Alcoholic beverages (beer, wine, spirits) | Americas      
Disaggregation of Revenue      
Net sales 2,018 2,000 2,268
Alcoholic beverages (beer, wine, spirits) | Europe      
Disaggregation of Revenue      
Net sales 1,892 2,041 2,320
Food and other      
Disaggregation of Revenue      
Net sales 1,384 1,352 1,373
Food and other | Americas      
Disaggregation of Revenue      
Net sales 896 872 865
Food and other | Europe      
Disaggregation of Revenue      
Net sales 488 480 508
Non-alcoholic beverages      
Disaggregation of Revenue      
Net sales 1,036 1,011 1,021
Non-alcoholic beverages | Americas      
Disaggregation of Revenue      
Net sales 727 712 732
Non-alcoholic beverages | Europe      
Disaggregation of Revenue      
Net sales $ 309 $ 299 $ 289
v3.25.4
Credit Losses (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Credit Losses    
Accounts receivable, net $ 601 $ 572
Allowance for doubtful accounts $ 31 $ 30
v3.25.4
Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Inventories    
Finished goods $ 781 $ 745
Raw materials 182 169
Operating supplies 39 49
Inventories $ 1,002 $ 963
v3.25.4
Equity Investments - Ownership Percentage (Details) - O-I Ownership Percentage
Dec. 31, 2025
Empresas Comegua S.A.  
Equity Investments Information  
Percentage of equity method investments 49.70%
BJC O-I Glass Pte. Ltd  
Equity Investments Information  
Percentage of equity method investments 50.00%
CO Vidriera SARL  
Equity Investments Information  
Percentage of equity method investments 50.00%
Rocky Mountain Bottle Company  
Equity Investments Information  
Percentage of equity method investments 50.00%
Vetrerie Meridionali SpA  
Equity Investments Information  
Percentage of equity method investments 50.00%
Vetri Speciali SpA  
Equity Investments Information  
Percentage of equity method investments 50.00%
v3.25.4
Equity Investments - Summarized Information Pertaining to Equity Affiliates (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity Investments Information      
Equity earnings $ 119 $ 79 $ 127
Dividends received 103 101 116
Non-U.S.      
Equity Investments Information      
Equity earnings 102 75 121
U.S.      
Equity Investments Information      
Equity earnings $ 17 $ 4 $ 6
v3.25.4
Equity Investments - Summarized Combined Financial Information for Equity Affiliates (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Current assets $ 2,601 $ 2,478  
Total assets 9,243 8,654 $ 9,669
Liabilities      
Current liabilities 2,089 2,160  
Equity Affiliates      
Assets      
Current assets 683 698  
Non-current assets 1,634 1,405  
Total assets 2,317 2,103  
Liabilities      
Current liabilities 536 502  
Other liabilities and deferred items 267 230  
Total liabilities and deferred items 803 732  
Net assets $ 1,514 $ 1,371  
v3.25.4
Equity Investments - Summarized Combined Financial Information for Equity Affiliates (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity Method Investments      
Net sales $ 6,426 $ 6,531 $ 7,105
Gross Profit 1,109 1,045 1,496
Net earnings (loss) (103) (88) (85)
Equity Affiliates      
Equity Method Investments      
Net sales 1,271 1,207 1,274
Gross Profit 345 344 351
Net earnings (loss) $ 234 $ 213 $ 236
v3.25.4
Equity Investments - Transactions With Affiliates (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Equity Investments    
Non-U.S. equity investments impairment charge   $ 25
Remaining carrying value of the equity investment subsequent to the impairment charge   5
Purchases from equity affiliates $ 136 121
Other liabilities $ 88 $ 77
v3.25.4
Goodwill and Intangible Assets - Goodwill Rollforward (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Changes in the carrying amount of goodwill          
Balance of Goodwill at beginning of period     $ 1,321,000,000 $ 1,473,000,000 $ 1,813,000,000
Impairment $ 0       445,000,000
Translation effects     166,000,000 (152,000,000) 105,000,000
Balance of Goodwill at end of the period 1,487,000,000 $ 1,473,000,000 1,487,000,000 1,321,000,000 1,473,000,000
Europe          
Changes in the carrying amount of goodwill          
Balance of Goodwill at beginning of period     800,000,000 848,000,000 818,000,000
Translation effects     97,000,000 (48,000,000) 30,000,000
Balance of Goodwill at end of the period 897,000,000 848,000,000 897,000,000 800,000,000 848,000,000
Americas          
Changes in the carrying amount of goodwill          
Balance of Goodwill at beginning of period     521,000,000 625,000,000 995,000,000
Impairment         445,000,000
Translation effects     69,000,000 (104,000,000) 75,000,000
Balance of Goodwill at end of the period $ 590,000,000 625,000,000 $ 590,000,000 $ 521,000,000 $ 625,000,000
North America          
Changes in the carrying amount of goodwill          
Impairment   $ 445,000,000      
v3.25.4
Goodwill and Intangible Assets (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2024
Changes in the carrying amount of goodwill        
Goodwill impairment charge $ 0   $ 445,000,000  
Americas        
Changes in the carrying amount of goodwill        
Goodwill impairment charge     $ 445,000,000  
Accumulated impairment losses $ (1,040,000,000)     $ (1,040,000,000)
North America        
Changes in the carrying amount of goodwill        
Goodwill impairment charge   $ 445,000,000    
v3.25.4
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets      
Net Carrying Amount $ 188 $ 198  
Intangible amortization expense 27 29 $ 32
Customer list intangibles      
Finite-Lived Intangible Assets      
Accumulated amortization 372 345  
Net Carrying Amount $ 188 198  
Useful life 20 years    
Intangible amortization expense $ 27 $ 29 $ 32
2026 25    
2027 23    
2028 22    
2029 20    
2030 19    
Impairment of intangible assets $ 0    
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net    
v3.25.4
Other Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other assets (non current):    
Right of use lease assets $ 186 $ 201
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Total other assets Total other assets
Repair parts $ 165 $ 151
Deferred tax assets 138 79
Deferred returnable packaging costs 90 88
Capitalized software 34 37
Value added taxes 13 14
Other 31 38
Total other assets $ 657 $ 608
v3.25.4
Other Assets - Capitalized Software (Details) - Capitalized software - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other information related to capitalized software      
Amortization expense for capitalized software $ 8 $ 7 $ 9
Estimated amortization expense      
2026 8    
2027 7    
2028 7    
2029 6    
2030 $ 1    
v3.25.4
Derivative Instruments - Derivatives and Hedges (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
derivative
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Net investment hedges      
Derivatives and Hedges      
Payments for derivative instruments, financing activities $ 6    
Number of net investment hedges | derivative 2    
Commodity forward contracts and collars | Cash Flow Hedges      
Derivatives and Hedges      
Unrecognized gain (loss) included in Accumulated OCI $ 0 $ (2)  
Foreign exchange risk | Derivatives not designated as hedging instruments      
Derivatives and Hedges      
Payments for derivative instruments, investing activities   29  
Foreign exchange risk | Cash Flow Hedges      
Derivatives and Hedges      
Unrecognized gain (loss) included in Accumulated OCI 0 0  
Foreign exchange risk | Fair Value Hedges      
Derivatives and Hedges      
Amount excluded from assessment of effectiveness and included in Accumulated OCI 1 $ 12  
Interest rate swaps - fair value hedges | Derivatives designated as hedging instruments      
Derivatives and Hedges      
Payments for derivative instruments, financing activities     $ 40
Cross-currency swaps | Fair Value Hedges      
Derivatives and Hedges      
Payments for derivative instruments, financing activities $ 17    
v3.25.4
Derivative Instruments - Balance Sheet Classification (Details)
€ in Millions, $ / BTU in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / BTU
Dec. 31, 2024
USD ($)
$ / BTU
Dec. 31, 2023
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
EUR (€)
Derivatives, Fair Value            
Total asset derivatives $ 14 $ 17        
Total liability derivatives 287 114        
Current derivative asset 14 17        
Current derivative liability $ 71 $ 12        
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current Other Liabilities, Current   Other Liabilities, Current Other Liabilities, Current  
Noncurrent derivative liability $ 216 $ 102        
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent   Other Liabilities, Noncurrent Other Liabilities, Noncurrent  
Derivatives designated as hedging instruments            
Derivatives, Fair Value            
Total asset derivatives $ 12 $ 15        
Total liability derivatives $ 287 $ 104        
Derivatives designated as hedging instruments | Commodity forward contracts and collars            
Derivatives, Fair Value            
British Thermal Units ("BTUs") | $ / BTU 9 28        
Total liability derivatives $ 2 $ 6        
Derivatives designated as hedging instruments | Foreign exchange risk            
Derivatives, Fair Value            
Notional amount 400 816        
Total asset derivatives 1 8        
Total liability derivatives 78 69        
Derivatives designated as hedging instruments | Interest rate swaps - fair value hedges            
Derivatives, Fair Value            
Payments for derivative instruments, financing activities     $ 40      
Notional amount | €           € 725
Derivatives not designated as hedging instruments | Foreign exchange contracts            
Derivatives, Fair Value            
Notional amount 526 680        
Total asset derivatives 2 2        
Total liability derivatives   10        
Net investment hedges            
Derivatives, Fair Value            
Payments for derivative instruments, financing activities 6          
Net investment hedges | Derivatives designated as hedging instruments            
Derivatives, Fair Value            
Notional amount | €       € 1,176 € 483  
Total asset derivatives 11 7        
Total liability derivatives $ 207 $ 29        
v3.25.4
Derivative Instruments - Effects of Derivative Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivatives not designated as hedging instruments | Foreign exchange contracts      
Derivatives and Hedges      
Amount of Loss Recognized in Other income (expense), net $ 28 $ (36) $ (12)
Derivatives designated as hedging instruments      
Derivatives and Hedges      
Gain (Loss) Recognized in OCI (Effective Portion) (100) 33 (51)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) 12 (4) (20)
Derivatives designated as hedging instruments | Net Investment Hedges      
Derivatives and Hedges      
Gain (Loss) Recognized in OCI (Effective Portion) (104) 36 (21)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) 12 6 5
Derivatives designated as hedging instruments | Commodity forward contracts and collars | Cash Flow Hedges | Cost of goods sold      
Derivatives and Hedges      
Gain (Loss) Recognized in OCI (Effective Portion) $ 4 (3) (27)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)   $ (10) (21)
Derivatives designated as hedging instruments | Foreign exchange risk | Cash Flow Hedges | Other income (expense), net      
Derivatives and Hedges      
Gain (Loss) Recognized in OCI (Effective Portion)     (3)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)     $ (4)
v3.25.4
Restructuring (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring accrual        
Beginning balance, restructuring reserve $ 183 $ 80 $ 39  
Charges   445 208 $ 97
Write-down of assets to net realizable value   (217) (113)  
Net cash paid, principally severance and related benefits   (128) (41) (26)
Other, including foreign exchange translation   3 (13)  
Ending balance, restructuring reserve   183 80 39
Restructuring, Additional Information        
Carrying value of impaired assets   0 0  
Americas        
Restructuring accrual        
Charges   112 79  
Europe        
Restructuring accrual        
Charges   245 115  
Other        
Restructuring accrual        
Charges   88 14  
Other income (expense)        
Restructuring accrual        
Charges     208  
Charges, net     206  
Equity earnings        
Restructuring accrual        
Charges, net     2  
Fit to Win Initiative        
Restructuring accrual        
Charges     201  
Fit to Win Initiative | Subsequent Event        
Restructuring accrual        
Charges 50      
Restructuring, Additional Information        
Cumulative charges 700      
Fit to Win Initiative | Other income (expense)        
Restructuring accrual        
Charges   445    
Restructuring, Additional Information        
Cumulative charges   646 201  
Fit to Win Initiative | Employee Costs        
Restructuring accrual        
Beginning balance, restructuring reserve 113 51    
Charges   157 73  
Net cash paid, principally severance and related benefits   (106) (14)  
Other, including foreign exchange translation   11 (8)  
Ending balance, restructuring reserve   113 51  
Fit to Win Initiative | Asset Impairment        
Restructuring accrual        
Charges   217 109  
Write-down of assets to net realizable value   (217) (109)  
Fit to Win Initiative | Other Exit Costs        
Restructuring accrual        
Beginning balance, restructuring reserve $ 70 18    
Charges   71 19  
Net cash paid, principally severance and related benefits   (18) (1)  
Other, including foreign exchange translation   (1)    
Ending balance, restructuring reserve   70 18  
Other Restructuring | Employee Costs        
Restructuring accrual        
Beginning balance, restructuring reserve   7 27  
Charges     1  
Net cash paid, principally severance and related benefits   (3) (19)  
Other, including foreign exchange translation   (4) (2)  
Ending balance, restructuring reserve     7 27
Other Restructuring | Asset Impairment        
Restructuring accrual        
Charges     4  
Write-down of assets to net realizable value     (4)  
Other Restructuring | Other Exit Costs        
Restructuring accrual        
Beginning balance, restructuring reserve   4 12  
Charges     2  
Net cash paid, principally severance and related benefits   (1) (7)  
Other, including foreign exchange translation   $ (3) (3)  
Ending balance, restructuring reserve     $ 4 $ 12
v3.25.4
Pensions Benefit Plans and Other Postretirement Benefits - Changes in the Benefit Obligation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefit Plans. | U.S.      
Changes in the pension and postretirement benefit obligations      
Obligations at beginning of year $ 793 $ 866  
Change in benefit obligations:      
Service cost 5 6 $ 6
Interest cost $ 43 $ 43 $ 45
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net
Actuarial (gain) loss $ 8 $ (45)  
Benefit payments (77) (78)  
Net change in benefit obligations (21) (73)  
Obligations at end of year 772 793 $ 866
Pension Benefit Plans. | Non-U.S.      
Changes in the pension and postretirement benefit obligations      
Obligations at beginning of year 615 727  
Change in benefit obligations:      
Service cost 9 9 8
Interest cost $ 37 $ 35 $ 38
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net
Actuarial (gain) loss $ (4) $ (56)  
Settlements (20) (15)  
Curtailments (6) (2)  
Benefit payments (42) (41)  
Foreign currency translation 60 (42)  
Net change in benefit obligations 34 (112)  
Obligations at end of year 649 615 $ 727
Other Postretirement Benefits Plan | U.S.      
Changes in the pension and postretirement benefit obligations      
Obligations at beginning of year 19 21  
Change in benefit obligations:      
Interest cost $ 1 $ 1 $ 1
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net
Actuarial (gain) loss $ (3) $ (1)  
Benefit payments (2) (2)  
Plan amendments (1)    
Net change in benefit obligations (5) (2)  
Obligations at end of year 14 19 $ 21
Other Postretirement Benefits Plan | Non-U.S.      
Changes in the pension and postretirement benefit obligations      
Obligations at beginning of year 46 50  
Change in benefit obligations:      
Service cost 1 1 1
Interest cost $ 2 $ 2 $ 2
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net
Actuarial (gain) loss $ (11) $ (1)  
Benefit payments (2) (2)  
Foreign currency translation 3 (4)  
Net change in benefit obligations (7) (4)  
Obligations at end of year $ 39 $ 46 $ 50
v3.25.4
Pensions Benefit Plans and Other Postretirement Benefits - Changes in Fair Value of Pension Plan Assets (Details) - Pension Benefit Plans. - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
U.S.    
Changes in fair value of pension plan assets    
Fair value at beginning of year $ 794 $ 837
Actual gain (loss) on plan assets 88 30
Benefit payments (77) (78)
Employer contributions 2 5
Net change in fair value of assets 13 (43)
Fair value at end of year 807 794
Non-U.S.    
Changes in fair value of pension plan assets    
Fair value at beginning of year 505 564
Actual gain (loss) on plan assets 18 (12)
Benefit payments (42) (41)
Employer contributions 32 27
Participant contributions 1 1
Settlements (20) (15)
Foreign currency translation 36 (19)
Net change in fair value of assets 25 (59)
Fair value at end of year $ 530 $ 505
v3.25.4
Pensions Benefit Plans and Other Postretirement Benefits - Funded Status (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefit Plans. | Minimum      
Defined Benefit Plan Disclosure      
Percentage of pension plan assets 10.00%    
Pension Benefit Plans. | U.S.      
Defined Benefit Plan Disclosure      
Plan assets at fair value $ 807 $ 794 $ 837
Projected benefit obligations 772 793 866
Plan assets less than projected benefit obligations 35 1  
Items not yet recognized in pension expense and net postretirement benefit cost:      
Actuarial gain 280 321  
Total 280 321  
Net amount recognized 315 322  
Pension Benefit Plans. | Non-U.S.      
Defined Benefit Plan Disclosure      
Plan assets at fair value 530 505 564
Projected benefit obligations 649 615 727
Plan assets less than projected benefit obligations (119) (110)  
Items not yet recognized in pension expense and net postretirement benefit cost:      
Actuarial gain 297 283  
Prior service cost 8 9  
Total 305 292  
Net amount recognized 186 182  
Other Postretirement Benefits Plan | U.S.      
Defined Benefit Plan Disclosure      
Projected benefit obligations 14 19 21
Items not yet recognized in pension expense and net postretirement benefit cost:      
Actuarial gain (29) (29)  
Prior service cost (2)    
Total (31) (29)  
Net amount recognized (45) (48)  
Other Postretirement Benefits Plan | Non-U.S.      
Defined Benefit Plan Disclosure      
Projected benefit obligations 39 46 $ 50
Items not yet recognized in pension expense and net postretirement benefit cost:      
Actuarial gain (40) (30)  
Total (40) (30)  
Net amount recognized $ (79) $ (76)  
v3.25.4
Pensions Benefit Plans and Other Postretirement Benefits - Net Amount Recognized Included in Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Net amount recognized included in the Consolidated Balance Sheets    
Pension assets $ 128 $ 92
Pension Benefit Plans. | U.S.    
Net amount recognized included in the Consolidated Balance Sheets    
Pension assets 38 8
Current pension liability, included with other accrued liabilities (1) (1)
Pension benefits (2) (6)
Accumulated other comprehensive loss 280 321
Net amount recognized 315 322
Pension Benefit Plans. | Non-U.S.    
Net amount recognized included in the Consolidated Balance Sheets    
Pension assets 90 84
Current pension liability, included with other accrued liabilities (9) (7)
Pension benefits (200) (187)
Accumulated other comprehensive loss 305 292
Net amount recognized 186 182
Other Postretirement Benefits Plan | U.S.    
Net amount recognized included in the Consolidated Balance Sheets    
Current pension liability, included with other accrued liabilities (1) (1)
Pension benefits (13) (18)
Accumulated other comprehensive loss (31) (29)
Net amount recognized (45) (48)
Other Postretirement Benefits Plan | Non-U.S.    
Net amount recognized included in the Consolidated Balance Sheets    
Current pension liability, included with other accrued liabilities (3) (2)
Pension benefits (36) (44)
Accumulated other comprehensive loss (40) (30)
Net amount recognized $ (79) $ (76)
v3.25.4
Pension Benefit Plans and Other Postretirement Benefits - Changes in Plan Assets and Benefit Obligations Recognized in AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Pension Benefit Plans. | U.S.    
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income    
Current year actuarial (gain) loss $ (29) $ (22)
Amortization of actuarial loss (12) (14)
Change in accumulated other comprehensive loss (41) (36)
Pension Benefit Plans. | Non-U.S.    
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income    
Current year actuarial (gain) loss 5 (14)
Amortization of actuarial loss (8) (10)
Settlement (6) (4)
Foreign currency translation 23 (9)
Change in accumulated other comprehensive loss 14 (37)
Other Postretirement Benefits Plan | U.S.    
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income    
Amortization of actuarial loss   (9)
Amortization of prior service credit (2) 9
Change in accumulated other comprehensive loss (2)  
Other Postretirement Benefits Plan | Non-U.S.    
Changes in plan assets and benefit obligations were recognized in accumulated other comprehensive income    
Current year actuarial (gain) loss (11) (1)
Amortization of actuarial loss 2 3
Foreign currency translation (2) 3
Change in accumulated other comprehensive loss $ (11) $ 5
v3.25.4
Pensions Benefit Plans and Other Postretirement Benefits - Components of Net Periodic Pension and Postretirement Cost (Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Components of net periodic pension cost      
Curtailment charge (credit) $ (1)   $ 13
Other:      
Pension settlement and curtailment charges (5) $ (5) (19)
Pension Benefit Plans.      
Other:      
Accumulated benefit obligation 1,390 1,379  
Pension Benefit Plans. | U.S.      
Components of net periodic pension cost      
Service cost 5 6 6
Interest cost 43 43 45
Expected asset return (50) (53) (55)
Amortization:      
Amortization of actuarial loss 11 14 9
Net periodic pension cost $ 9 $ 10 $ 5
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net
Other:      
Pension settlement and curtailment charges $ 6 $ 5 $ 6
Pension Benefit Plans. | Non-U.S.      
Components of net periodic pension cost      
Service cost 9 9 8
Interest cost 37 35 38
Expected asset return (32) (32) (30)
Amortization:      
Amortization of actuarial loss 8 10 9
Net periodic pension cost $ 22 $ 22 $ 25
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net
Other Postretirement Benefits Plan | U.S.      
Components of net periodic pension cost      
Interest cost $ 1 $ 1 $ 1
Amortization:      
Amortization of actuarial loss (2) 8 8
Prior service cost   (8) (9)
Net amortization (2)   $ (1)
Net periodic pension cost $ (1) $ 1  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]   Other Operating Income (Expense), Net Other Operating Income (Expense), Net
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net
Other Postretirement Benefits Plan | Non-U.S.      
Components of net periodic pension cost      
Service cost $ 1 $ 1 $ 1
Interest cost 2 2 2
Amortization:      
Amortization of actuarial loss (2) (3) (3)
Net amortization (2) $ (3) $ (3)
Net periodic pension cost $ 1    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Operating Income (Expense), Net Other Operating Income (Expense), Net Other Operating Income (Expense), Net
v3.25.4
Pensions Benefit Plans and Other Postretirement Benefits - Projected and Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - Pension Benefit Plans. - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
U.S.    
Projected Benefit Obligation Exceeds the Fair Value of Plan Assets    
Projected benefit obligations $ 3 $ 257
Accumulated benefit obligation 3 257
Fair value of plan assets   250
Accumulated Benefit Obligations Exceeds the Fair Value of Plan Assets    
Projected benefit obligations 3 257
Accumulated benefit obligation 3 257
Fair value of plan assets   250
Non-U.S.    
Projected Benefit Obligation Exceeds the Fair Value of Plan Assets    
Projected benefit obligations 246 227
Projected benefit obligations 246 227
Accumulated benefit obligation 217 199
Accumulated benefit obligation 217 199
Fair value of plan assets 38 32
Fair value of plan assets 38 32
Accumulated Benefit Obligations Exceeds the Fair Value of Plan Assets    
Projected benefit obligations 246 227
Accumulated benefit obligation 217 199
Fair value of plan assets $ 38 $ 32
v3.25.4
Pensions Benefit Plans and Other Postretirement Benefits - Weighted Average Assumptions (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Benefit Plans. | U.S.      
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations      
Discount rate 5.49% 5.66%  
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost      
Discount rate 5.66% 5.18% 5.48%
Expected long-term rate of return on assets 5.75% 5.75% 5.75%
Pension Benefit Plans. | Non-U.S.      
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations      
Discount rate 5.80% 5.74%  
Rate of compensation increase 3.45% 3.27%  
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost      
Discount rate 5.74% 5.12% 5.52%
Rate of compensation increase 3.27% 3.24% 3.28%
Expected long-term rate of return on assets 5.12% 5.14% 4.67%
Other Postretirement Benefits Plan | U.S.      
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations      
Discount rate 5.43% 5.70% 5.18%
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost      
Discount rate 5.70% 5.10% 5.48%
Other Postretirement Benefits Plan | Non-U.S.      
Weighted average assumptions used to determine pension and accumulated postretirement benefit obligations      
Discount rate 4.85% 4.65% 4.65%
Weighted average assumptions used to determine net periodic pension costs and net postretirement benefit cost      
Discount rate 4.65% 4.65% 5.15%
v3.25.4
Pensions Benefit Plans and Other Postretirement Benefits - U.S. Plan Assets By Hierarchy (Details) - Pension Benefit Plans. - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Minimum      
Defined Benefit Plan Disclosure      
Percentage of pension plan assets 10.00%    
U.S.      
Defined Benefit Plan Disclosure      
Plan assets at fair value $ 807 $ 794 $ 837
Non-U.S.      
Defined Benefit Plan Disclosure      
Plan assets at fair value 530 505 $ 564
Cash and cash equivalents | Non-U.S.      
Defined Benefit Plan Disclosure      
Plan assets at fair value $ 13 $ 12  
Equity securities | U.S.      
Defined Benefit Plan Disclosure      
Percentage of pension plan assets   31.00%  
Equity securities | Non-U.S.      
Defined Benefit Plan Disclosure      
Percentage of pension plan assets 3.00%    
Debt securities | U.S.      
Defined Benefit Plan Disclosure      
Percentage of pension plan assets   69.00%  
Debt securities | Non-U.S.      
Defined Benefit Plan Disclosure      
Plan assets at fair value $ 21 $ 17  
Percentage of pension plan assets 93.00%    
Diversified funds and other | Non-U.S.      
Defined Benefit Plan Disclosure      
Percentage of pension plan assets 4.00%    
Level 1 | Non-U.S.      
Defined Benefit Plan Disclosure      
Plan assets at fair value $ 34 29  
Level 1 | Cash and cash equivalents | Non-U.S.      
Defined Benefit Plan Disclosure      
Plan assets at fair value 13 12  
Level 1 | Debt securities | Non-U.S.      
Defined Benefit Plan Disclosure      
Plan assets at fair value 21 17  
Fair Value Measured at Net Asset Value | Non-U.S.      
Defined Benefit Plan Disclosure      
Plan assets at fair value $ 496 $ 476  
v3.25.4
Pensions Benefit Plans and Other Postretirement Benefits - Minimum Funding Requirements and Estimated Future Benefit Payments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2026
Defined Benefit Plan Disclosure        
Defined contribution plans for salaried and hourly U.S. employees $ 32 $ 34 $ 35  
Pension Benefit Plans. | U.S.        
Estimated future benefit payments        
2026 69      
2027 68      
2028 67      
2029 66      
2030 65      
2031 - 2035 298      
Pension Benefit Plans. | Non-U.S.        
Estimated future benefit payments        
2026 49      
2027 48      
2028 49      
2029 51      
2030 54      
2031 - 2035 283      
Pension Benefit Plans. | Non-U.S. | Forecast        
Defined Benefit Plan Disclosure        
Contribution to defined benefit plan       $ 19
Other Postretirement Benefits Plan | U.S.        
Estimated future benefit payments        
2026 1      
2027 1      
2028 1      
2029 1      
2030 1      
2031 - 2035 6      
Other Postretirement Benefits Plan | Non-U.S.        
Estimated future benefit payments        
2026 2      
2027 2      
2028 2      
2029 2      
2030 2      
2031 - 2035 $ 12      
v3.25.4
Pensions Benefit Plans and Other Postretirement Benefits - Weighted Average Assumptions Assumed and Effect of Percentage Point Change in Health Care Cost Trend (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
U.S.      
Weighted average assumed health care cost trend (in percent)      
Health care cost trend rate assumed for next year (as a percent) 6.30% 6.50%  
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) (as a percent) 5.00% 5.00%  
Year that the rate reaches the ultimate trend rate 2033 2032  
Non-U.S.      
Weighted average assumed health care cost trend (in percent)      
Health care cost trend rate assumed for next year (as a percent) 5.00% 5.00%  
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) (as a percent) 5.00% 5.00%  
Other Postretirement Benefits Plan | U.S.      
Defined Benefit Plan Disclosure      
Payments to the trust as required by the bargaining agreements are based upon specified amounts per hour worked $ 4 $ 4 $ 5
v3.25.4
Leases - (Details)
 12 Months Ended
Dec. 31, 2025
Leases  
Finance leases - option to extend true
Operating leases - option to extend true
v3.25.4
Leases - Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finance lease cost      
Amortization of right-of-use assets (included in Cost of goods sold and Selling and administrative expense) $ 35 $ 21 $ 15
Interest on lease liabilities (included in Interest expense, net) 11 12 10
Operating lease cost (included in Cost of goods sold and Selling and administrative expense) 65 64 63
Total lease cost $ 111 $ 97 $ 88
v3.25.4
Leases - Other information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases      
Operating cash flows from operating leases $ 63 $ 62 $ 60
Financing cash flows from finance leases 11 12 10
Right-of-use assets obtained in exchange for new operating lease liabilities 35 21 15
Right-of-use assets obtained in exchange for new finance lease liabilities $ 31 $ 41 $ 46
v3.25.4
Leases - Supplemental balance sheet information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating leases:    
Operating lease right-of-use assets (included in Other assets) $ 186 $ 201
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Current operating lease liabilities (included in Other current liabilities) $ 45 $ 41
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current Other Liabilities, Current
Noncurrent operating lease liabilities (included in Other long-term liabilities) $ 151 $ 169
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Total operating lease liabilities $ 196 $ 210
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Current, Other Liabilities, Noncurrent Other Liabilities, Current, Other Liabilities, Noncurrent
Finance leases:    
Property, plant and equipment $ 254 $ 261
Accumulated amortization (83) (60)
Net property, plant and equipment 171 201
Current finance lease liabilities (included in Long-term debt due within one year) $ 38 $ 32
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Long-Term Debt, Current Maturities Long-Term Debt, Current Maturities
Noncurrent finance lease liabilities (included in Long-term debt) $ 136 $ 163
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-Term Debt, Excluding Current Maturities Long-Term Debt, Excluding Current Maturities
Total finance lease liabilities $ 174 $ 195
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Long-Term Debt, Current Maturities, Long-Term Debt, Excluding Current Maturities Long-Term Debt, Current Maturities, Long-Term Debt, Excluding Current Maturities
Weighted-average remaining lease term (in years):    
Operating leases weighted-average remaining lease term (in years) 5 years 3 months 18 days 6 years 6 months
Finance leases weighted-average remaining lease term (in years) 5 years 9 months 18 days 6 years 2 months 12 days
Weighted-average discount rate:    
Operating leases (as a percent) 6.59% 6.72%
Finance leases (as a percent) 5.60% 5.75%
v3.25.4
Leases - Maturity of lease liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating leases    
2026 $ 56  
2027 48  
2028 36  
2029 31  
2030 24  
2031 and thereafter 36  
Total lease payments 231  
Less: imputed interest (35)  
Total operating lease liabilities 196 $ 210
Finance leases    
2026 46  
2027 42  
2028 39  
2029 33  
2030 24  
2031 and thereafter 15  
Total lease payments 199  
Less: imputed interest (25)  
Total finance lease liabilities $ 174 $ 195
v3.25.4
Income Taxes - Provision for Income Taxes, Continued and Discontinued Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Continuing operations      
U.S. $ (271) $ (284) $ (455)
Non-U.S. 222 322 522
Earnings (loss) before income taxes $ (49) $ 38 $ 67
v3.25.4
Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
U.S. federal $ 13 $ 13 $ 13
U.S. state 1    
Non-U.S. 105 106 114
Total 119 119 127
Deferred:      
U.S. federal     (13)
U.S. state     (3)
Non-U.S. (65) 7 41
Total (65) 7 25
Total:      
U.S. 13 13  
U.S. state 1   (3)
Non-U.S. 40 113 155
Provision for income taxes $ 54 $ 126 $ 152
v3.25.4
Income Taxes - Reconciliation of provision for income taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount of Pre-tax income      
Tax provision on pretax earnings (loss) from continuing operations at statutory U.S. Federal tax rate $ (10) $ 8 $ 14
Foreign tax effects   12 5
Intercompany financing   18 (13)
Non-deductible expenses and taxable gains   36 13
Withholding tax   12 14
Other taxes based on income   6 6
Tax credits and incentives (5) (24) (34)
Global intangible low-taxed income net of foreign tax credit 7 6 12
Foreign currency gain/loss (6)    
Tax attribute expiration   17 7
Goodwill impairment     85
Tax law changes   (1) 3
Change in valuation allowance   34 85
Non deductible foreign expenses 13    
Other 5    
Changes in tax reserves and audit settlements   4 (14)
Mexico inflationary adjustment   1 5
Equity earnings   (17) (23)
Global changes in unrecognized tax benefits (4)    
Other   16 (3)
Provision for income taxes $ 54 $ 126 $ 152
Percent of Pre-tax income      
Statutory U.S. Federal tax rate (as a percent) 21.00% 21.00% 21.00%
Global intangible low-taxed income net of foreign tax credit (13.00%)    
Foreign currency gain/loss 12.00%    
Tax credits and incentives 10.00%    
Non deductible foreign expenses (26.00%)    
Other (10.00%)    
Global changes in unrecognized tax benefits 10.00%    
Total income tax expense (110.00%)    
Percentage of the majority of state income taxes within a specific reconciliation provision 50.00%    
U.S.      
Amount of Pre-tax income      
State and local income taxes, net of federal income tax effect (a) $ 1    
Change in valuation allowance $ 49    
Percent of Pre-tax income      
State and local income taxes, net of federal income tax effect (a) (2.00%)    
Changes in valuation allowances (100.00%)    
Brazil      
Amount of Pre-tax income      
Withholding tax $ 6    
Other $ 3    
Percent of Pre-tax income      
Withholding tax (13.00%)    
Other (6.00%)    
Colombia      
Amount of Pre-tax income      
Foreign tax effects $ 10    
Other $ 3    
Percent of Pre-tax income      
Foreign tax effects (20.00%)    
Other (7.00%)    
France      
Amount of Pre-tax income      
Non-deductible restructuring expenses $ 13    
Other $ (4)    
Percent of Pre-tax income      
Non-deductible restructuring expenses (27.00%)    
Other 7.00%    
Mexico      
Amount of Pre-tax income      
Nontaxable or nondeductible items $ 7    
Withholding tax 12    
Other $ 4    
Percent of Pre-tax income      
Non-deductible expenses and taxable gains (14.00%)    
Withholding tax (25.00%)    
Other (8.00%)    
Netherlands      
Amount of Pre-tax income      
Nontaxable or nondeductible items $ 9    
Alternative minimum taxes 8    
Tax credits and incentives (18)    
Equity earnings (18)    
Other $ (8)    
Percent of Pre-tax income      
Non-deductible expenses and taxable gains (19.00%)    
Alternative minimum taxes (17.00%)    
Tax credits and incentives 36.00%    
Equity earnings 36.00%    
Other 16.00%    
Poland      
Amount of Pre-tax income      
Tax credits and incentives $ (33)    
Change in valuation allowance $ 11    
Percent of Pre-tax income      
Tax credits and incentives 68.00%    
Changes in valuation allowances (22.00%)    
Spain      
Amount of Pre-tax income      
Non-deductible restructuring expenses $ (7)    
Percent of Pre-tax income      
Non-deductible restructuring expenses 15.00%    
Other foreign jurisdictions      
Amount of Pre-tax income      
Foreign tax effects $ 6    
Percent of Pre-tax income      
Foreign tax effects (12.00%)    
v3.25.4
Income Taxes - Deferred Taxes Included in Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Taxes.    
Other assets $ 138 $ 79
Deferred taxes (75) (74)
Net deferred taxes 63 $ 5
Deferred tax benefit associated with reduction in valuation allowance 103  
Deferred tax benefit associated with reduction in valuation allowance allocated to income from continuing operations 91  
Deferred tax benefit associated with reduction in valuation allowance allocated to other comprehensive income $ 12  
v3.25.4
Income Taxes - Possible Changes of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Taxes.    
Foreign tax credit carryovers $ 178 $ 144
Unused foreign tax credits expiring in current year through following nine years 70  
Unused foreign tax credits carried over indefinitely 108  
Operating and capital loss carryforwards with indefinite life 347  
Operating and capital loss carryforwards expiring in current year through following 19 years 71  
Unused research tax credits expiring in current year through following 18 years $ 36  
Income Tax Examination, Description The Company is currently under income tax examination in various tax jurisdictions in which it operates, including Brazil, Canada, Colombia, Italy, Peru, Poland and the United States. The years under examination range from 2004 through 2023. The Company has received tax assessments in excess of established reserves. The Company is contesting these tax assessments, and will continue to do so, including pursuing all available remedies, such as appeals and litigation, if necessary.  
Income Tax Examination, Year under Examination 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023  
v3.25.4
Income Taxes - Reconciliation of Total Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of the Company's total gross unrecognized tax benefits      
Balance at beginning of the period $ 21 $ 41 $ 53
Additions and reductions for tax positions of prior years (7)   (15)
Additions based on tax positions related to the current year 3 5  
Reductions due to settlements   (24) (1)
Foreign currency translation   (1)  
Foreign currency translation 1   4
Balance at ending of the period 18 21 41
Unrecognized tax benefits, which if recognized, would impact the Company's effective income tax rate 11 10 25
Accrued interest and penalties $ 2 2 9
Interest and penalties included in tax expense   $ (8) $ 1
v3.25.4
Income Taxes - Significant Components of Deferred Taxes (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Accrued postretirement benefits $ 19 $ 23
Foreign tax credit carryovers 178 144
Operating, capital loss and interest carryovers 418 357
Other credit carryovers 36 29
Accrued liabilities 87 75
Pension liabilities 2 10
Operating lease liabilities 47 50
Other 130 61
Total deferred tax assets 917 749
Deferred tax liabilities:    
Property, plant, and equipment 121 113
Intangibles and deferred software 41 39
Operating lease right-of-use assets 45 48
Total deferred tax liabilities 207 200
Valuation allowance (647) (544)
Net deferred taxes $ 63 $ 5
v3.25.4
Debt (Details)
$ / shares in Units, € in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
agreement
$ / shares
Dec. 31, 2025
EUR (€)
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Debt Instrument          
Total long-term debt $ 4,903     $ 4,859  
Less amounts due within one year 66     306  
Long-term debt 4,837     4,553  
Original Agreement          
Debt Instrument          
Maximum Borrowing Capacity     $ 2,700    
Secured Credit Agreement          
Debt Instrument          
Unused Credit $ 1,240        
Number of financial maintenance covenants | agreement 1        
Additional default interest rate per annum applied to all obligations owed under the Agreement 2.00%        
Secured Credit Agreement | Minimum          
Debt Instrument          
Interest rate margin, Term SOFR and Euro currency rate loans 1.00% 1.00%      
Interest rate margin, Base Rate loans (as a percent) 0.00%        
Facility fee payable (as a percent) 0.20%        
Secured Credit Agreement | Maximum          
Debt Instrument          
Interest rate margin, Term SOFR and Euro currency rate loans 1.75% 1.75%      
Interest rate margin, Base Rate loans (as a percent) 0.75%        
Leverage Ratio 2.5        
Facility fee payable (as a percent) 0.35%        
Term Loans A          
Debt Instrument          
Total long-term debt $ 799     1,338  
Term Loans B          
Debt Instrument          
Total long-term debt $ 643        
Interest rate margin, Term SOFR rate loans 3.00% 3.00%      
Maximum Borrowing Capacity $ 650        
Term Loans A          
Debt Instrument          
Total long-term debt 799        
Maximum Borrowing Capacity $ 800        
Senior Notes, 5.375% due 2025          
Debt Instrument          
Total long-term debt       17  
Interest rate, stated percentage 5.375% 5.375%      
2.875%, due 2025 ( €176 million at December 31, 2024)          
Debt Instrument          
Total long-term debt       183 € 176
Interest rate, stated percentage 2.875% 2.875%      
Senior Notes 6.625%, due 2027          
Debt Instrument          
Total long-term debt $ 610     609  
Interest rate, stated percentage 6.625% 6.625%      
Fair values of fixed rate debt obligations          
Principal Amount $ 612        
Indicated Market Price (in dollars per share) | $ / shares $ 100.16        
Fair Value $ 613        
Senior Notes 6.250%, due 2028 (€600 million)          
Debt Instrument          
Total long-term debt $ 700 € 600   619 600
Interest rate, stated percentage 6.25% 6.25%      
Fair values of fixed rate debt obligations          
Principal Amount $ 704        
Indicated Market Price (in dollars per share) | $ / shares $ 103        
Fair Value $ 725        
Senior Notes 5.250%, due 2029 (€500 million)          
Debt Instrument          
Total long-term debt $ 581 € 500   514 € 500
Interest rate, stated percentage 5.25% 5.25%      
Fair values of fixed rate debt obligations          
Principal Amount $ 587        
Indicated Market Price (in dollars per share) | $ / shares $ 103.21        
Fair Value $ 606        
Senior Notes 4.750%, due 2030          
Debt Instrument          
Total long-term debt $ 397     397  
Interest rate, stated percentage 4.75% 4.75%      
Fair values of fixed rate debt obligations          
Principal Amount $ 400        
Indicated Market Price (in dollars per share) | $ / shares $ 96.86        
Fair Value $ 387        
Senior Notes 7.250% due 2031          
Debt Instrument          
Total long-term debt $ 684     683  
Interest rate, stated percentage 7.25% 7.25%      
Fair values of fixed rate debt obligations          
Principal Amount $ 690        
Indicated Market Price (in dollars per share) | $ / shares $ 102.2        
Fair Value $ 705        
Senior Notes 7.375% due 2032          
Debt Instrument          
Total long-term debt $ 297     296  
Interest rate, stated percentage 7.375% 7.375%      
Fair values of fixed rate debt obligations          
Principal Amount $ 300        
Indicated Market Price (in dollars per share) | $ / shares $ 101.47        
Fair Value $ 304        
Finance leases          
Debt Instrument          
Total long-term debt 174     195  
Other debt          
Debt Instrument          
Total long-term debt 18     $ 8  
Multicurrency Revolving Credit Facility          
Debt Instrument          
Maximum Borrowing Capacity $ 1,250        
Weighted average interest rate (as a percent) 5.66% 5.66%      
v3.25.4
Debt - Annual Maturities of Long-Term Debt (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Annual maturities of long-term debt  
2026 $ 66
2027 693
2028 781
2029 657
2030 1,086
2031 and thereafter $ 1,620
v3.25.4
Contingencies (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Nov. 30, 2023
item
Other Matters          
Loss contingency accrual     $ 21.0 $ 35.0  
Payments for legal settlements     17.0    
Anti-competition matters          
Other Matters          
Number of glass manufacturers | item         9
Joint venture percentage of ownership         50.00%
Cuyahoga Valley National Park          
Other Matters          
Payments for legal settlements $ 16.5        
Anticipated future costs     $ 50.0    
Loss contingency charge       $ 11.0  
Cuyahoga Valley National Park | Other Expense          
Other Matters          
Litigation settlement charge   $ 4.0      
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax      
Balance (Beginning) $ 1,205 $ 1,744 $ 1,528
Other comprehensive income (loss) 370 (405) 293
Balance (Ending) 1,445 1,205 1,744
Net Effect of Exchange Rate Fluctuations      
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax      
Balance (Beginning) (1,435) (949) (1,280)
Change before reclassifications 416 (486) 331
Other comprehensive income (loss) 416 (486) 331
Balance (Ending) (1,019) (1,435) (949)
Change in Certain Derivative Instruments      
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax      
Balance (Beginning) (14) (43) 4
Change before reclassifications (113) 28 (68)
Amounts reclassified from accumulated other comprehensive income (loss) 12 (4) 20
Translation effect   2 (4)
Tax effect (4) 3 5
Other comprehensive income (loss) (105) 29 (47)
Balance (Ending) (119) (14) (43)
Employee Benefit Plans      
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax      
Balance (Beginning) (526) (588) (585)
Change before reclassifications 41 40 (26)
Amounts reclassified from accumulated other comprehensive income (loss) 20 26 33
Translation effect (14) 4 (14)
Tax effect (3) (8) 4
Other comprehensive income (loss) 44 62 (3)
Balance (Ending) (482) (526) (588)
Accumulated Other Comprehensive Loss      
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax      
Balance (Beginning) (1,975) (1,580) (1,861)
Change before reclassifications 344 (418) 237
Amounts reclassified from accumulated other comprehensive income (loss) 32 22 53
Translation effect (14) 6 (18)
Tax effect (7) (5) 9
Other comprehensive income (loss) 355 (395) 281
Balance (Ending) $ (1,620) $ (1,975) $ (1,580)
v3.25.4
Stock Based Compensation - Share-based Compensation Arrangement by Share-based Payment Award (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award      
Shares available for grants under the plans 12,667,536    
Compensation cost for all grants of shares and units $ 25 $ 14 $ 43
v3.25.4
Stock Based Compensation - Restricted share and Restricted Share Units and Performance Vested Restricted Share Units (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units      
Shares issued 1,400,000 1,900,000 700,000
Unrecognized compensation cost of unvested stock options, restricted shares, restricted share units and performance vested restricted share units (in dollars) | $ $ 22    
Weighted average period during which unrecognized compensation costs would be recognized 2 years    
Restricted Shares and Restricted Share Units      
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units      
Nonvested, beginning balance (in shares) 1,217,000    
Granted (in shares) 954,000    
Vested (in shares) (663,000)    
Forfeited (in shares) (189,000)    
Nonvested, ending balance (in shares) 1,319,000 1,217,000  
Nonvested, Beginning balance (in dollars per share) | $ / shares $ 16.33    
Granted (in dollars per share) | $ / shares 12.16 $ 16.83 $ 15.15
Vested (in dollars per share) | $ / shares 15.32    
Forfeited (in dollars per share) | $ / shares 15.8    
Nonvested, Closing balance (in dollars per share) | $ / shares $ 13.89 $ 16.33  
Total fair value of shares issued (in dollars) | $ $ 10 $ 13 $ 11
Restricted Shares and Restricted Share Units | Shares granted to employees after March 21, 2005 | Minimum      
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units      
Fair value of restricted shares, amortization period 1 year    
Restricted Shares and Restricted Share Units | Shares granted to employees after March 21, 2005 | Maximum      
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units      
Fair value of restricted shares, amortization period 3 years    
Restricted Share Units | Employee      
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units      
Shares of common stock granted vesting period 3 years    
Restricted Share Units | Director      
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units      
Shares of common stock granted vesting period 1 year    
Restricted Share Units | Shares granted to employees after 2010      
Share-based Compensation Arrangement by Share-based Payment Award      
Common stock distribution ratio 1    
Performance Vested Restricted Share Units      
Restricted share and Restricted Share Units and Performance Vested Restricted Share Units      
Nonvested, beginning balance (in shares) 2,701,000    
Granted (in shares) 1,728,000    
Vested (in shares) (1,357,000)    
Forfeited (in shares) (586,000)    
Nonvested, ending balance (in shares) 2,486,000 2,701,000  
Nonvested, Beginning balance (in dollars per share) | $ / shares $ 17.86    
Granted (in dollars per share) | $ / shares 13.54 $ 17.85 $ 16.18
Vested (in dollars per share) | $ / shares 14.56    
Forfeited (in dollars per share) | $ / shares 15.86    
Nonvested, Closing balance (in dollars per share) | $ / shares $ 17.1 $ 17.86  
Shares of common stock holder may receive, per unit of vested units 2    
Shares issued 1,357,000    
Total fair value of shares issued (in dollars) | $ $ 20    
v3.25.4
Other Expense, Net (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income (Expense), net        
Impairment of goodwill (see Note 7) $ 0     $ (445,000,000)
Restructuring, asset impairment and other charges   $ (443,000,000) $ (206,000,000) (100,000,000)
Pension settlement and curtailment charges (see Note 11)   (5,000,000) (5,000,000) (19,000,000)
Legacy environmental charge (see Note 10)   (4,000,000) (11,000,000)  
Gain on sale of miscellaneous assets   5,000,000 6,000,000 4,000,000
Intangible amortization expense   (27,000,000) (29,000,000) (32,000,000)
Foreign currency exchange loss   (6,000,000) 1,000,000 (4,000,000)
Royalty income   17,000,000 21,000,000 24,000,000
Other income (expense)   3,000,000 (3,000,000) (10,000,000)
Other expense, net   $ (460,000,000) $ (226,000,000) $ (582,000,000)
v3.25.4
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net loss attributable to the Company $ (129) $ (106) $ (103)
Denominator (in thousands):      
Denominator for basic earnings per share-weighted average shares outstanding 153,552,000 154,552,000 154,651,000
Effect of dilutive securities:      
Denominator for diluted earnings per share-adjusted weighted average shares outstanding 153,552,000 154,552,000 154,651,000
Basic earnings per share:      
Net loss $ (0.84) $ (0.69) $ (0.67)
Diluted earnings per share:      
Net loss $ (0.84) $ (0.69) $ (0.67)
Weighted average shares of common stock attributable to options not included in diluted earnings per share (in shares) 270,763 895,697 423,477
v3.25.4
Supplemental Cash Flow Information - Components of Working Capital (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Decrease (increase) in current assets:      
Receivables - change in factoring $ (4) $ (7) $ 7
Receivables - all other changes 61 21 144
Inventories 41 35 (174)
Prepaid expenses and other (19) 10 4
Increase (decrease) in current liabilities:      
Accounts payable (45) (95) (102)
Accrued liabilities (31) (6) (4)
Salaries and wages 25 (38) (20)
U.S. and foreign income taxes (8) (45) (3)
Changes in components of working capital, total $ 20 $ (125) $ (148)
v3.25.4
Supplemental Cash Flow Information - Company's supplier finance programs (Details) - Supply Chain Financing - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Supplier Finance Program Obligation Roll Forward    
Confirmed obligations outstanding at the beginning of the period $ 82  
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current Accounts Payable, Current
Invoices confirmed during the period $ 346  
Confirmed invoices paid during the period (359)  
Confirmed obligations outstanding at the end of the period $ 69  
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current Accounts Payable, Current
v3.25.4
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental Cash Flow Information      
Amount of receivables sold $ 531 $ 535 $ 542
Receivables sold under supply chain factoring program 159 155 178
Interest paid in cash 328 344 301
Increase or decrease to cash from operating activities from factoring programs 19 24 23
Income taxes paid in cash      
Income taxes paid in cash 117 161 147
Note repurchase premiums included in cash interest 0 0 3
Supply Chain Financing      
Supplemental Cash Flow Information      
Outstanding payment obligations to the financial institutions as part of SCF Programs 69 82  
Switzerland      
Income taxes paid in cash      
Income taxes paid in cash 26 22  
Spain      
Income taxes paid in cash      
Income taxes paid in cash 19    
Mexico      
Income taxes paid in cash      
Income taxes paid in cash 19 52 48
Colombia      
Income taxes paid in cash      
Income taxes paid in cash 17 11 12
Brazil      
Income taxes paid in cash      
Income taxes paid in cash 10   13
Peru      
Income taxes paid in cash      
Income taxes paid in cash 8 10 13
Italy      
Income taxes paid in cash      
Income taxes paid in cash 7 20 8
Ecuador      
Income taxes paid in cash      
Income taxes paid in cash 7 9  
France      
Income taxes paid in cash      
Income taxes paid in cash (8) 19 20
Other countries      
Income taxes paid in cash      
Income taxes paid in cash $ 12 $ 18 $ 33
v3.25.4
Divestitures (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Divestitures      
Pretax gain $ 5 $ 6 $ 4
China | Disposal Group, Not Discontinued Operations      
Divestitures      
Pretax gain     $ 4
Americas | Disposal Group, Not Discontinued Operations      
Divestitures      
Pretax gain   $ 6  
Americas and Europe | Disposal Group, Not Discontinued Operations      
Divestitures      
Pretax gain $ 5    
v3.25.4
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (CONSOLIDATED) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowances for losses and discounts on receivables      
Reserves deducted from assets in the balance sheets:      
Balance at beginning of period $ 30 $ 30 $ 28
Additions      
Charged to costs and expenses/charged to income 9 13 10
Other 3 (4) 2
Deductions (11) (9) (10)
Balance at end of period 31 30 30
Valuation allowance on net deferred tax assets      
Reserves deducted from assets in the balance sheets:      
Balance at beginning of period 544 538 445
Additions      
Charged to costs and expenses/charged to income 70 34 85
Other 12 (15) 4
Foreign currency translation 21 (13) 4
Balance at end of period $ 647 $ 544 $ 538