O-I Glass, Inc. /DE/

Previous wording

The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings before interest income, interest expense, and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations and other adjustments, as well as certain retained corporate costs. The segment data presented below is prepared in accordance with general accounting principles for segment reporting. The lines titled “reportable segment totals” in both net sales and segment operating profit represent non-GAAP measures. Management has included reportable segment totals below to facilitate the discussion and analysis of financial condition and results of operations and believes this information allows the Board of Directors, management, investors and analysts to better understand the Company’s financial performance. 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 is not, however, intended as an alternative measure of operating results as determined in accordance with U.S. GAAP and is not necessarily comparable to similarly titled measures used by other companies.

Current wording

The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings before interest expense, net 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 segment data presented below is prepared in accordance with general accounting principles for segment reporting. The lines titled “reportable segment totals” in both net sales and segment operating profit, however, are non-GAAP measures when presented outside of the financial statement footnotes. Management has included reportable segment totals below to facilitate the discussion and analysis of financial condition and results of operations and believes this information allows the Board of Directors, management, investors and analysts to better understand the Company’s financial performance. 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 is not, however, intended as an alternative measure of operating results as determined in accordance with U.S. GAAP and is not necessarily comparable to similarly titled measures used by other companies.

Previous wording

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

Current wording

Financial information for the three months ended March 31, 2025 and 2024 regarding the Company’s reportable segments is as follows (dollars in millions):

Previous wording

Earnings before income taxes were $343 million lower in the first nine months of 2024 compared to the same period in 2023. This decrease was primarily due to lower segment operating profit and higher legacy environmental charges, partially offset by lower interest expense and retained corporate and other costs.

Current wording

Earnings before income taxes were $99 million lower in the first quarter of 2025 compared to 2024. This decrease was primarily due to higher restructuring, asset impairment and other charges, higher legacy environmental charges, lower segment operating profit and slightly higher interest expense, partially offset by lower retained corporate and other costs.

Previous wording

Segment operating profit for reportable segments in the third quarter of 2024 was $157 million lower compared to the same quarter of 2023, primarily due to lower net prices (net of cost inflation) and higher operating costs due to significant temporary production curtailment to reduce elevated inventory levels following several quarters of sluggish demand, partially offset by slightly higher shipments in the third quarter of 2024.

Current wording

Segment operating profit for reportable segments in the first quarter of 2025 was $26 million lower compared to the prior year period, primarily due to lower net prices (net of cost inflation) and unfavorable currency translation, partially offset by higher sales volumes. Operating costs were unfavorably impacted by temporary curtailments of production volumes, primarily in Europe, toreduce inventory levels, partially offset by benefits from the Company’s Fit to Win initiative.

Previous wording

Net interest expense for the third quarter of 2024 increased $9 million compared to the third quarter of 2023, primarily due to higher interest rates.

Current wording

Net interest expense for the first quarter of 2025 increased $3 million compared to 2024, primarily due to higher debt levels and interest rates.

Previous wording

For the third quarter of 2024, the Company recorded a net loss attributable to the Company of $80 million, or $0.52 per share, compared to net earnings attributable to the Company of $51 million, or $0.32 per share (diluted), in the third quarter of 2023. As discussed below, net earnings (loss) attributable to the Company in both periods included items that management considers not representative of ongoing operations and other adjustments. These items negatively impacted net loss attributable to the Company by $74 million, or $0.48 per share, in the third quarter of 2024 and negatively impacted net earnings attributable to the Company by $75 million, or $0.48 per share, in the third quarter of 2023.

Current wording

For the first quarter of 2025, the Company recorded a net loss attributable to the Company of $16 million, or $0.10 per share, compared to net earnings attributable to the Company of $72 million, or $0.45 per share (diluted), in the first quarter of 2024. As discussed below, net loss attributable to the Company in the first quarter of 2025 included items that management considers not representative of ongoing operations and other adjustments. These items increased net loss attributable to the Company by $79 million, or $0.50 per share.

Previous wording

Results of Operations — First Nine Months of 2024 Compared with First Nine Months of 2023

Current wording

Results of Operations — First Quarter of 2025 Compared with First Quarter of 2024

Previous wording

The Company’s net sales in the third quarter of 2024 were $1,679 million compared with $1,743 million in the third quarter of 2023, a decrease of $64 million, or 4%. Average selling prices decreased approximately 4% which lowered net sales by $72 million in the third quarter of 2024. Glass container shipments, in tons, increased approximately 2% in the third quarter of 2024, which increased net sales by approximately $34 million compared to the same period in the prior year. This increase was a result of comparable or higher shipments in all of the Company’s geographic markets, except for a decline in southwest Europe. While market conditions remain sluggish, the third quarter of 2024 represented the first year-over-year increase in shipments in seven quarters. Unfavorable foreign currency exchange rates decreased net sales by $30 million in the third quarter of 2024 compared to the same period in the prior year. Other sales were approximately $4 million higher in the third quarter of 2024 than in the same period in the prior year, driven by higher machine part sales.

Current wording

The Company’s net sales in the first quarter of 2025 were $1,567 million compared with $1,593 million in the first quarter of 2024, a decrease of $26 million, or 2%. Average selling prices declined, which decreased net sales by $16 million in the first quarter of 2025. Glass container shipments, in tons, increased approximately 4.4% in the first quarter of 2025, which increased net sales by approximately $66 million compared to the same period in prior year. This increase resulted from higher shipments in most markets, reflecting some rebuilding of packaging inventories across the value chain, the Company benefiting from recent contract negotiations, and there was likely some advanced purchases by customers ahead of new tariff policies. Unfavorable foreign currency exchange rates decreased net sales by $73 million in the first quarter of 2025 compared to the same period in the prior year. Other sales were approximately $3 million lower in the first three months of 2025 than in the same period in the prior year, driven by lower machine part sales.

Previous wording

byhigher shipments to all end markets in the quarter, except to spirits customers, which were impacted by lower shipments in Mexico and North America due to continued destocking. The unfavorable effects of foreign currency exchange rate changes decreased net sales by $46 million in the third quarter of 2024 compared to the prior year quarter, as the Brazilian Real and Mexican Peso weakened compared to the U.S. dollar.

Current wording

to beer, food and spirits customers. The unfavorable effects of foreign currency exchange rate changes decreased net sales by $59 million in the first quarter of 2025 compared to the same period in the prior year, as the Brazilian Real and Mexican Peso weakened compared to the U.S. dollar.

Previous wording

Earnings before income taxes were $163 million in the first nine months of 2024 compared to $506 million in the first nine months of 2023, a decrease of $343 million. This decrease was due to lower segment operating profit and higher legacy environmental charges, partially offset by lower interest expense and retained corporate and other costs.

Current wording

Earnings before income taxes were $18 million in the first quarter of 2025 compared to $117 million in the first quarter of 2024, a decrease of $99 million. This decrease was due to higher restructuring, asset impairment and other charges, higher legacy environmental charges, lower segment operating profit and slightly higher interest expense, partially offset by lower retained corporate and other costs.

Previous wording

Americas: Segment operating profit in the Americas in the first nine months of 2024 was $296 million, compared to $419 million in the first nine months of 2023, a decrease of $123 million, or 29%. The impact of lower shipments discussed above resulted in a $42 million decrease to segment operating profit in the first nine months of 2024 compared to the same period in 2023. Operating costs in the first nine months of 2024 were $63 million higher than in the same period in the prior year. The increase in operating costs was primarily due to lower production volumes, driven by temporary curtailments of production to balance with lower demand, partially offset by effective operating and cost management, including approximately $50 million of lower operating costs as a result of the region’s restructuring actions taken in 2023 (in line with management’s expectations). Higher cost inflation slightly exceeded higher selling prices and resulted in a $25 million decrease to segment operating profit in the first nine months of 2024. The effects of foreign currency exchange rates increased segment operating profit by $7 million in the first nine months of 2024.

Current wording

Americas: Segment operating profit in the Americas in the first quarter of 2025 was $141 million, compared to $102 million in the first quarter of 2024, an increase of $39 million, or 38%. Higher cost inflation exceeded higher selling prices and resulted in a $1 million decrease to segment operating profit in the first quarter of 2025. The impact of higher shipments discussed above resulted in a $11 million increase to segment operating profit in the first quarter of 2025 compared to the first quarter of 2024. The effects of foreign currency exchange rates decreased segment operating profit by $2 million in the first quarter of 2025.

Previous wording

In addition, the ongoing conflict between Russia and Ukraine has caused a significant change in the global gas market, resulting in a shift toward liquified natural gas. This transition has increased volatility in the market, as countries seek to diversify their energy sources and reduce dependance on traditional natural gas supplies. The Company’s European operations typically purchase natural gas under long-term supply arrangements with terms that range from one to five years and, through these agreements, typically agree on price with the relevant supplier in advance of the period in which the natural gas will be delivered, which shields the Company from the full impact of increased natural gas prices, while such agreements remain in effect. The Company’s energy risk management approach is to have coverage of at least 40% of its expected total energy use over a medium-term horizon (approximately two years), where possible. However, the current conflict between Russia and Ukraine and the resulting sanctions, potential sanctions or other adverse repercussions on energy supplies could cause the Company’s energy suppliers to be unable or unwilling to deliver natural gas at agreed prices and quantities. If this occurs, it will be necessary for the Company to procure natural gas at then-current market prices and subject to market availability and could cause the Company to experience a significant increase in operating costs or result in the temporary or permanent cessation of delivery of natural gas to several of the Company’s manufacturing plants in Europe. In addition, depending on the duration and ultimate outcome of the conflict between Russia and Ukraine, future long-term supply arrangements for natural gas may not be available at reasonable prices or at all.

Current wording

In addition, the ongoing conflict between Russia and Ukraine has caused a significant change in the global gas market, resulting in a shift toward liquified natural gas. This transition has increased volatility in the market, as countries have diversified their energy sources and reduced dependance on Russian natural gas supplies. The Company’s European operations typically purchase natural gas under mid- to long-term supply arrangements with terms that range from one to three yearsand, through these agreements, typically agree on a portion of the price with the relevant supplier in advance of the period in which the natural gas will be delivered, which shields the Company from the full impact of increased natural gas prices, while such agreements remain in effect. The Company’s energy risk management approach is to have coverage of at least 40% of its expected total energy usefor the year ahead, where possible. However, the Company’s coverage for its expected European natural gas requirements in 2026 is currently below this level as of March 31, 2025. The Company intends to reach this level by the end of 2025. The current conflict between Russia and Ukraine and the resulting sanctions, potential sanctions, government mandated curtailments or government imposed allocations, tariffs or other adverse repercussions on energy supplies could cause the Company’s energy suppliers to be unable or unwilling to deliver natural gas at agreed prices and quantities. If this occurs, it may be necessary for the Company to procure natural gas at then-current market prices and subject to market availability and could cause the Company to experience a significant increase in operating costs or result in the temporary or permanent cessation of delivery of natural gas to several of the Company’s manufacturing plants in Europe. Depending on the duration and ultimate outcome of the conflict between Russia and Ukraine, future long-term supply arrangements for natural gas may not be available at reasonable prices or at all.

Previous wording

Net interest expense in the third quarter of 2024 was $87 million compared to $78 million for the third quarter of 2023. The increase wasprimarily due to higher interest rates.

Current wording

Net interest expense in the first quarter of 2025 was $81 million compared to $78 million in the first quarter of 2024. The increase wasprimarily due to higher debt levels and interest rates.

Previous wording

The Company’s effective tax rate from operations for the third quarter of 2024 was (33.3)% compared to 31.7% for the third quarter of 2023. The effective tax rate for the third quarter of 2024 differed from the third quarter of 2023 due to a net unfavorable tax rate on restructuring charges and a change in the mix of geographic earnings.

Current wording

The Company’s effective tax rate from operations for the first quarter of 2025 was 167% compared to 35% for the first quarter of 2024. The effective tax rate for the first quarter of 2025 differed from the first quarter of 2024 due to a net unfavorable tax rate on restructuring charges and a change in the mix of geographic earnings.

Previous wording

For the third quarter of 2024, the Company recorded a net loss attributable to the Company of $80 million, or $0.52 per share, compared to net earnings attributable to the Company of $51 million, or $0.32 per share (diluted), in the third quarter of 2023. Earnings in the third quarter of 2024 and 2023 included items that management considers not representative of ongoing operations and other adjustments as set forth in the following table (dollars in millions):

Current wording

quarter of 2024. Net loss attributable to the Company in the first quarter of 2025 included items that management considers not representative of ongoing operations and other adjustments as set forth in the following table (dollars in millions).

Previous wording

Retained corporate costs and other for the third quarter of 2024 were $31 million compared to $60 million in the third quarter of 2023 and were $104 million for the first nine months of 2024 compared to $175 million for the first nine months of 2023. These costs decreased in the third quarter and first nine months of 2024 primarily due to lower management incentive expense and lower spending.

Current wording

Retained corporate costs and other for the first quarter of 2025 were $30 million compared to $40 million in the first quarter of 2024. These costs decreased in the first quarter of 2025, primarily due to lower spending driven by approximately $14 million of benefits from the Company’s Fit To Win initiative (exceeding management’s expectations).

Previous wording

The Company has initiated a strategic review of the remaining businesses in the former Asia Pacific region. This review is aimed at exploring options to maximize share owner value, focused on aligning the Company’s business with demand trends and improving the Company’s operating efficiency, cost structure and working capital management. The

Current wording

The Company has initiated a strategic review of the remaining businesses in the former Asia Pacific region. This review is aimed at exploring options to maximize share owner value, focused on aligning the Company’s business with demand trends and improving the Company’s operating efficiency, cost structure and working capital management. The review is ongoing and may result in divestitures, corporate transactions or similar actions, and could cause the Company to incur restructuring, impairment, disposal or other related charges in future periods.

Previous wording

For the three and nine months ended September 30, 2024, the Company recorded restructuring and other charges of approximately $83 million to Other expense, net ($81 million) and Equity earnings ($2 million) on the Condensed Consolidated Results of Operations, of which $80 million of cumulative charges related to the Fit to Win program. 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 ($72 million) and Retained Corporate costs and other ($11 million). The Fit to Win program expects 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. Additional restructuring charges are expected in future quarters. 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.

Current wording

For the three months ended March 31, 2025, the Company recorded restructuring, asset impairment and other charges of approximately $82 million to Other expense, net in the Condensed Consolidated Results of Operations, all of which related to the Fit to Win program. 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 ($6 million), Europe segment ($52 million) and Retained corporate costs and other ($24 million). As of March 31, 2025, the Company has incurred cumulative charges of approximately $283 million related to the Fit to Win program. Additional restructuring charges are expected in future quarters when management completes their assessment to reduce redundant production capacity and streamline costs.

Previous wording

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 are currently 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. The Company undertook sampling at the site in 2024 and has proposed settling this matter and has recorded charges of $1 million and $11 million in the third quarter of 2024 and the first nine months of 2024, respectively, as its best estimate of this liability based on current information. These charges were recorded to Other expense, net on the Condensed Consolidated Results of Operations. While the Company believes it has meritorious defenses against this suit, if the proposed settlement is not accepted by the NPS and the lawsuit proceeds, the ultimate resolution of this matter could result in a loss in excess of the amount currently accrued.

Current wording

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 have 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 the first quarter of 2025, the Company and the NPS reached a tentative settlement, and the Company expects to pay $16.5 million in the second quarter of 2025 to resolve this matter. As a result, the Company recorded a charge of approximately $4 million in the first quarter of 2025 to Other expense, net in the Condensed Consolidated Results of Operations to augment its previous approximate $12.5 million accrual balance related to this matter.

Previous wording

For the three and nine months ended September 30, 2024, the Company recorded a pre-tax gain of approximately $1 million on the sale of land and buildings of a previously closed plant in the Americas.

Current wording

For the three months ended March 31, 2025, the Company recorded a pre-tax gain of approximately $6 million on the sale of land and buildings of a previously closed plant in the Americas.

Previous wording

On March 25, 2022, certain of the Company’s subsidiaries entered into a Credit Agreement and Syndicated Facility Agreement (the “Original Agreement”), which refinanced in full the previous credit agreement. The Original Agreement provided for up to $2.8 billion of borrowings pursuant to term loans, revolving credit facilities and a delayed draw term loan facility. The delayed draw term loan facility allowed for a one-time borrowing of up to $600 million, the proceeds of which were used, in addition to other consideration paid by the Company and/or its subsidiaries, to fund an asbestos settlement trust (the “Paddock Trust”) established in connection with the confirmed plan of reorganization of Paddock Enterprises, LLC (“Paddock”) proposed by Paddock, O-I Glass and certain other parties in Paddock’s Chapter 11 case.

Current wording

On March 25, 2022, certain of the Company’s subsidiaries entered into a Credit Agreement and Syndicated Facility Agreement (the “Original Agreement”), which refinanced in full the previous credit agreement. The Original Agreement provided for up to $2.8 billion of borrowings pursuant to term loans, revolving credit facilities and a delayed draw term loan facility. The delayed draw term loan facility allowed for a one-time borrowing of up to $600 million, the proceeds of which were used, in addition to other consideration paid by the Company and/or its subsidiaries, to fund an asbestos settlement trust (the “Paddock Trust”) established in connection with the confirmed plan of reorganization of Paddock Enterprises, LLC (“Paddock”) proposed by Paddock, O-I Glass and certain other parties in Paddock’s Chapter 11 case. On July 18, 2022, the Company drew down the $600 million delayed draw term loan to fund, together with other consideration, the Paddock Trust.

Previous wording

At September 30, 2024, the Credit Agreement includes a $300 million revolving credit facility, a $950 million multicurrency revolving credit facility and $1.45 billion in term loan A facilities ($1.39 billion outstanding balance at September 30, 2024, net of debt issuance costs). At September 30, 2024, the Company 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 September 30, 2024 was 6.37%.

Current wording

At March 31, 2025, the Credit Agreement includes a $300 million revolving credit facility, a $950 million multicurrency revolving credit facility and $1.45 billion in term loan A facilities ($1.34 billion outstanding balance at March 31, 2025, net of debt issuance costs). At March 31, 2025, the Company had unused credit of $1.06 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 March 31, 2025 was 6.08%.

Previous wording

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.

Current wording

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.

Previous wording

In May 2024, the Company issued €500 million aggregate principal amount of senior notes that bear interest of 5.250% and mature on June 1, 2029. Also, in May 2024, the Company issued $300 million aggregate principal amount of senior notes that bear interest of 7.375% and mature on June 1, 2032. The senior notes were issued via private placements and are guaranteed by certain of the Company’s subsidiaries. The net proceeds, after deducting debt issuance costs, were used to repurchase and redeem the aggregate principal amounts described in the May 2024 tender offer and redemption below.

Current wording

In May 2024, the Company issued €500 million aggregate principal amount of senior notes that bear interest at 5.250% and mature on June 1, 2029. Also, in May 2024, the Company issued $300 million aggregate principal amount of senior notes that bear interest at 7.375% and mature on June 1, 2032. The senior notes were issued via private placements and are guaranteed by certain of the Company’s subsidiaries. The net proceeds, after deducting debt issuance costs, were used to repurchase and redeem the senior notes described in the May 2024 tender offer and redemption below.

Previous wording

In May 2024, the Company repurchased€323.4 million aggregate principal amount of the outstanding 2.875% Senior Notes due 2025 pursuant to a tender offer and redeemed $300 million aggregate principal amount of the outstanding 6.375% Senior Notes due 2025. The repurchase and redemption were funded with the proceeds from the May 2024 senior notes issuances described above. The Company recorded approximately $2 million of additional interest charges related to the senior note repurchases conducted in the second quarter of 2024 for note repurchase premiums and the write-off of unamortized finance fees. At September 30, 2024, approximately €176 million aggregate principal amounts of the 2.875% Senior Notes due 2025 remained outstanding.

Current wording

In May 2024, the Company repurchased€323.4 million aggregate principal amount of the outstanding 2.875% Senior Notes due 2025 pursuant to a tender offer and redeemed $300 million aggregate principal amount of the outstanding 6.375% Senior Notes due 2025. The repurchase and redemption were funded with the proceeds from the May 2024 senior notes issuances described above. The Company recorded approximately $2 million of additional interest charges related to the senior note repurchases conducted in the second quarter of 2024 for note repurchase premiums and the write-off of unamortized finance fees. At March 31, 2025, the 2.875% Senior Notes due 2025 were fully repaid.

Previous wording

Operating activities: Cash provided by operating activities was $171 million and $437 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. The decrease in cash provided by operating activities

Current wording

Operating activities: Cash utilized by operating activities was $171 million and $270 million in the three months ended March 31, 2025 and 2024, respectively. The decrease in cash utilized by operating activities in the first three months of 2025 was primarily due to a lower use of working capital, partially offset by lower net income and higher cash paid for restructuring activities than in the same period in 2024.

Previous wording

Working capital was a use of cash of $359 million in the first nine months of 2024, compared to a use of cash of $416 million in the same period in 2023, with both periods reflecting lower accounts payable compared to the preceding year end period. Working capital for the nine months ended September 30, 2024 reflects higher accounts receivable compared to the preceding year end period. The Company’s use of its accounts receivable factoring programs resulted in an increase to cash provided by operating activities of approximately $2 million and $1 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. Excluding the impact of accounts receivable factoring, the Company’s days sales outstanding as of September 30, 2024 were slightly higher compared to September 30, 2023. In addition, the Company paid a one-time, previously accrued tax settlement of approximately $30 million in the second quarter of 2024.

Current wording

Working capital was a use of cash of $314 million in the first three months of 2025, compared to a use of cash of $492 million in the same period in 2024. The reduction in working capital as a use of cash for the three months ended March 31, 2025 reflects lower inventory levels compared to the same period in the prior year. The Company’s use of its accounts receivable factoring programs resulted in a decrease to cash provided by operating activities of approximately $31 million and $17 million for the three months ended March 31, 2025 and 2024, respectively. Excluding the impact of

Previous wording

Investing activities: Cash utilized in investing activities was $506 million for the nine months ended September 30, 2024, compared to $457 million of cash utilized by investing activities for the nine months ended September 30, 2023. Capital spending for property, plant and equipment was $509 million during the first nine months of 2024, compared to $465 million in the same period in 2023, driven by higher spending on a new plant that the Company constructed in Bowling Green, Kentucky and several other expansion projects. The Company estimates that its full year 2024 capital expenditures should be approximately$550 million.

Current wording

Investing activities: Cash utilized in investing activities was $120 million and $215 million for the three months ended March 31, 2025 and 2024, respectively. Capital spending for property, plant and equipment was $135 million during the first three months of 2025, compared to $213 million in the same period in 2024, reflecting lower spending as the Company was constructing a new plant in Bowling Green, Kentucky and several other expansion projects in 2024 that are not reoccurring in the first quarter of 2025. The Company estimates that its full year 2025 capital expenditures isexpected to range between approximately $400 million and $450 million. Net cash proceeds on the sale of miscellaneous assets was $13 million for the three months ended March 31, 2025, reflecting proceeds on the sale of land and buildings of a previously closed plant in the Americas.

Previous wording

Financing activities: Cash provided by financing activities was $184 million and $31 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. Financing activities included additions to long-term debt of $1,096 million and $1,332 million for the nine-month periods ending September 30, 2024 and September 30, 2023, respectively. Financing activities included repayments of long-term debt of $923 million and $1,258 million for the nine-month periods ending September 30, 2024 and September 30, 2023, respectively. During each of the nine-month periods ended September 30, 2024 and 2023, the Company repurchased $30 million of its common stock. The Company paid approximately $13 million and $22 million for the nine-month periods ended September 30, 2024 and 2023, respectively, for finance fees. The Company paid approximately $40 million related to hedge activity for the nine months ended September 30, 2023.

Current wording

Financing activities: Cash utilized by financing activities was $33 million and $17 million for the three months ended March 31, 2025 and 2024, respectively. Financing activities included additions to long-term debt of $362 million and $140 million for the three-month periods ended March 31, 2025 and 2024, respectively. Financing activities included repayments of long-term debt of $387 million and $147 million for the three-month periods ended March 31, 2025 and 2024, respectively. During each of the three-month periods ended March 31, 2025 and 2024, the Company repurchased $10 million of its common stock.

Previous wording

The Company anticipates that cash flows from its opera­tions and from utiliza­tion of credit available under the revolving credit facilities provided by the Credit Agreement will be sufficient to fund its operating and seasonal working capital needs, debt service and other obligations on a short-term (the next 12 months) and long-term basis (beyond the next 12 months). However, as the Company cannot predict theconflict between Russia and Ukraine and its impact on the Company’s customers and suppliers, the negative financial impact to the Company’s results cannot be reasonably estimated but could be material. The Company is actively managing its business to maintain cash flow, and it has significant liquidity. The Company believes that these factors will allow it to meet its anticipated funding requirements.

Current wording

The Company anticipates that cash flows from its opera­tions and from utiliza­tion of credit available under the revolving credit facilities provided by the Credit Agreement will be sufficient to fund its operating and seasonal working capital needs, debt service and other obligations on a short-term (the next 12 months) and long-term basis (beyond the next 12 months). However, as the Company cannot predict the impact from tariffs and other changes in global trade policies and the outcome of theconflict between Russia and Ukraine and its impact on the Company’s customers and suppliers, the negative financial impact to the Company’s results cannot be reasonably estimated but could be material. The Company is actively managing its business to maintain cash flow, and it has significant liquidity. The Company believes that these factors will allow it to meet its anticipated funding requirements.

Previous wording

This document contains “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the Company's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward-looking statements.

Current wording

This document contains “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the company’s current expectations and projections about future events at the time, and thus

Previous wording

It is possible that the Company’s future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the general political, economic and competitive conditions in markets and countries where the Company has operations, including uncertainties related to economic and social conditions, trade disputes, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates and laws, war, civil disturbance or acts of terrorism, natural disasters, public health issues and weather, (2) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current Ukraine-Russia and Israel-Hamas conflicts and disruptions in supply of raw materials caused by transportation delays), (3) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors and customers, (4) changes in consumer preferences or customer inventory management practices, (5) the continuing consolidation of the Company’s customer base, (6) the Company’s ability to improve its glass melting technology, known as the MAGMA program, and implement it in a manner to deliver economic profit within the timeframe expected, (7) unanticipated supply chain and operational disruptions, including higher capital spending, (8) the Company’s ability to achieve expected benefits from cost management, efficiency improvement, and profitability initiatives, such as its Fit to Win program, including expected impacts from production curtailments and furnace closures, (9) seasonality of customer demand, (10) the failure of the Company’s joint venture partners to meet their obligations or commit additional capital to the joint venture, (11) labor shortages, labor cost increases or strikes, (12) the Company’s ability to acquire or divest businesses, acquire and expand plants, integrate operations of acquired businesses and achieve expected benefits from acquisitions, divestitures or expansions, (13) the Company’s ability to generate sufficient future cash flows to ensure the Company’s goodwill is not impaired, (14) any increases in the underfunded status of the Company’s pension plans, (15) any failure or disruption of the Company’s information technology, or those of third parties on which the Company relies, or any cybersecurity or data privacy incidents affecting the Company or its third-party service providers, (16) risks related to the Company’s indebtedness or changes in capital availability or cost, including interest rate fluctuations and the ability of the Company to generate cash to service indebtedness and refinance debt on favorable terms, (17) risks associated with operating in foreign countries, (18) foreign currency fluctuations relative to the U.S. dollar, (19) changes in tax laws or U.S. trade policies, (20) the Company’s ability to comply with various environmental legal requirements, (21)…

Excerpt shortened here; the source contains the full paragraph.

Current wording

It is possible that the Company’s future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the Company’s ability to achieve expected benefits from cost management, efficiency improvements, and profitability initiatives, such as its Fit to Win program, including expected impacts from production curtailments, reduction in force and furnace closures, (2) the general political, economic, legal and competitive conditions in markets and countries where the Company has operations, including uncertainties related to economic and social conditions, trade policies and disputes, financial market conditions, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates, changes in laws or policies, legal proceedings involving the Company, war, civil disturbance or acts of terrorism, natural disasters, public health issues and weather, (3) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current Ukraine-Russia and Israel-Hamas conflicts and disruptions in supply of raw materials caused by transportation delays), (4) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors and customers, (5) changes in consumer preferences or customer inventory management practices, (6) the continuing consolidation of the Company’s customer base, (7) the Company’s ability to improve its glass melting technology, known as the MAGMA program, and implement it in a manner to deliver economic profit within the timeframe expected in addition to successfully achieving key production and commercial milestones, (8) unanticipated supply chain and operational disruptions, including higher capital spending, (9) seasonality of customer demand, (10) the failure of the Company’s joint venture partners to meet their obligations or commit additional capital to the joint venture, (11) labor shortages, labor cost increases or strikes, (12) the Company’s ability to acquire or divest businesses, acquire and expand plants, integrate operations of acquired businesses and achieve expected benefits from acquisitions, divestitures or expansions, (13) the Company’s ability to generate sufficient future cash flows to ensure the Company’s goodwill is not impaired, (14) any increases in the underfunded status of the Company’s pension plans, (15) any failure or disruption of the Company’s information technology, or those of third parties on which the Company relies, or any cybersecurity or data privacy incidents affecting the company or its third-party service providers, (16) risks related to the Company’s indebtedness or changes in capital availability or cost, including interest rate fluctuations and the ability of the Company to generate cash to service indebtedness and refinance debt on favorable terms, (17) risks associated with operating in foreign co…

Excerpt shortened here; the source contains the full paragraph.