O-I Glass, Inc. /DE/
For the period ended Jun 30, 2025. Filed Jul 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 30, 2025
OI$5.17-4.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-30.
0001558370-25-006008
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001558370-25-009803
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 76 previous paragraphs and 108 current paragraphs.
38 unchanged; 32 reworded; 25 added; 4 removed; 2 previous and 13 current paragraphs rearranged.
Tables are not compared: 11 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (25)
Current report
Net sales in the second quarter of 2025 decreased $23 million, or 1%, compared to the prior year period, primarily due to lower average selling prices and sales volumes, partially offset by the impact from favorable foreign currency translation.
Current report
Earnings before income taxes were $97 million lower in the second quarter of 2025 compared to the same period in 2024. This decrease was primarily due to higher restructuring, asset impairment and other charges and lower segment operating profit, partially offset by lower interest expense and retained corporate and other costs.
Current report
Net interest expense for the second quarter of 2025 decreased $2 million compared to the same period in 2024, primarily due to lower note repurchase premiums, write-offs of deferred finance fees and related charges.
Current report
Results of Operations — Second Quarter of 2025 Compared with Second Quarter of 2024
Current report
Europe: Net sales in Europe in the second quarter of 2025 were $741 million compared to $802 million in the second quarter of 2024, a decrease of $61 million, or 8%. Lower average selling prices in Europe decreased net sales by $41 million in the second quarter of 2025. Glass container shipments decreased by approximately 9% in the second quarter of 2025 with lower shipments to beer, wine and spirits customers, and this decreased net sales by approximately $76 million compared to the same period in the prior year. The Company believes that second quarter 2025 sales were adversely impacted by the following factors: a supplier-related delay at a major plant reconfiguration project which is now ramping up; some increased beer and wine shipments in the first quarter of 2025, likely in response to trade policy uncertainty; and macroeconomic uncertainty and unfavorable weather conditions. Favorable effects of foreign currency exchange rate changes increased net sales by $56 million in the second quarter of 2025 compared to the same period in the prior year, as the Euro strengthened compared to the U.S. dollar.
Current report
Segment operating profit of reportable segments in the second quarter of 2025 was $225 million, compared to $233 million in the second quarter of 2024, a decrease of $8 million, or 3%. This decrease was primarily due to lower net prices (net of cost inflation) and sales volumes. Operating costs were favorably impacted by $63 million of benefits from the Company’s Fit to Win initiative, partially offset by approximately $32 million related to temporary curtailments of production volumes, primarily in Europe, to balance supply and demand andreduce inventory levels and other costs.
Current report
Net interest expense in the second quarter of 2025 was $85 million compared to $87 million in the second quarter of 2024, primarily due to lower note repurchase premiums, write-offs of deferred finance fees and related charges.
Current report
Executive Overview — Six months ended June 30, 2025 and 2024
Current report
Segment operating profit for reportable segments in the first half of 2025 was $34 million lower compared to the prior year period, primarily due to lower net prices (net of cost inflation), partially offset by the impact of slightly higher sales volumes and favorable mix and lower operating costs. Operating costs were favorably impacted by benefits from the Company’s Fit to Win initiative, partially offset by temporary curtailments of production volumes, primarily in Europe, to balance supply and demand andreduce inventory levels.
Current report
Net interest expense for the first six months of 2025 increased $1 million compared to the same period in 2024, primarily due to the unfavorable effect of foreign currency exchange rates, partially offset by $2 million in lower note repurchase premiums, write-offs of deferred finance fees and related charges.
Current report
For the first six months of 2025, the Company recorded a net loss attributable to the Company of $20 million, or $0.13 per share, compared to net earnings attributable to the Company of $129 million, or $0.81 per share (diluted), for the first six months of 2024. As discussed below, net loss or earnings attributable to the Company in the first six months of 2025 and 2024 included items that management considers not representative of ongoing operations and other adjustments. These items increased net loss attributable to the Company by $165 million, or $1.06 per share, in the first six months of 2025 and decreased net earnings attributable to the Company by $12 million, or $0.08 per share, in the first six months of 2024.
Current report
Net Sales
Current report
The Company’s net sales in the first half of 2025 were $3,273 million compared with $3,322 million in the first half of 2024, a decrease of $49 million, or 2%. Average selling prices declined, which decreased net sales by $35 million for the first six months of 2025. Glass container shipments, in tons, were up nearly 1% and mix was more favorable for the first six months of 2025, which increased net sales by approximately $40 million compared to the same period in the
Current report
Americas: Net sales in the Americas in the first six months of 2025 were $1,816 million compared to $1,753 million in the first six months of 2024, an increase of $63 million, or 4%. Higher selling prices in the region increased net sales by $52 million in the first half of 2025, driven by the pass through of higher cost inflation. Glass container shipments in the region were up more than 4% in the first six months of 2025 compared to the same period in the prior year, which increased net sales by approximately $98 million. The segment experienced higher shipments to beer, food and spirits customers. The unfavorable effects of foreign currency exchange rate changes decreased net sales by $87 million in the first half of 2025 compared to the same period in the prior year, as the Brazilian Real, Mexican Peso and Colombian Peso weakened compared to the U.S. dollar.
Current report
Europe: Net sales in Europe in the first six months of 2025 were $1,407 million compared to $1,511 million in the first six months of 2024, a decrease of $104 million, or 7%. Lower average selling prices in Europe decreased net sales by $87 million in the first half of 2025. Glass container shipments decreased by approximately 3% in the first six months of 2025 with lower shipments to beer, wine and spirits customers in the first half of 2025, and this decreased net sales by approximately $58 million compared to the same period in the prior year. The Company believes that sales in the first six months of 2025 were adversely impacted by the following factors: a supplier-related delay at a major plant reconfiguration project which is now ramping up, macroeconomic uncertainty and unfavorable weather conditions. Favorable effects of foreign currency exchange rate changes increased net sales by $41 million in the first half of 2025 compared to the same period in the prior year, as the Euro strengthened compared to the U.S. dollar.
Current report
Earnings before income taxes were $26 million in the first six months of 2025 compared to $221 million in the first six months of 2024, a decrease of $195 million. This decrease was due to higher restructuring, asset impairment and other charges, lower segment operating profit, partially offset by lower retained corporate and other costs.
Current report
Americas: Segment operating profit in the Americas in the first six months of 2025 was $276 million, compared to $208 million in the first six months of 2024, an increase of $68 million, or 33%. The impact of higher shipments discussed above resulted in a $21 million increase to segment operating profit in the first six months of 2025 compared to the same period in the prior year. Higher cost inflation exceeded higher selling prices and resulted in a $8 million decrease to segment operating profit in the first half of 2025. The effects of foreign currency exchange rates decreased segment operating profit by $11 million in the first half of 2025.
Current report
Europe: Segment operating profit in Europe in the first six months of 2025 was $158 million compared to $260 million in the first six months of 2024, a decrease of $102 million, or 39%. Lower net selling prices (net of cost inflation) decreased segment operating profit by $62 million in the first half of 2025 compared to the same period in the prior year due to elevated competitive pressures. Operating costs in the first six months of 2025 were $35 million higher than in the same period in the prior year, driven by approximately $89 million from the impact of temporary production curtailments to balance supply and demand and reduce inventory levels and other costs. Partially offsetting these higher costs in the first half of 2025 were approximately $54 million of benefits from the Fit to Win initiative (exceeding management’s expectations). The impact of lower shipments discussed above decreased segment operating profit by approximately $12 million. The effects of foreign currency exchange rates increased segment operating profit by $7 million in the first half of 2025.
Current report
Interest Expense, Net
Current report
Net interest expense in the first six months of 2025 was $166 million compared to $165 million in the first six months of 2024. This increase wasprimarily due to the unfavorable effect of foreign currency exchange rates, partially offset by $2 million in lower note repurchase premiums, write-offs of deferred finance fees and related charges.
Current report
Provision for Income Taxes
Current report
For the first six months of 2025, the Company recorded a net loss attributable to the Company of $20 million, or $0.13 per share, compared to net earnings attributable to the Company of $129 million, or $0.81 per share (diluted), in the first six months of 2024. Net loss and net earnings attributable to the Company in the first six months of 2025 and 2024 included items that management considers not representative of ongoing operations and other adjustments as set forth in the following table (dollars in millions).
Current report
Research, Development and Engineering
Current report
In the second quarter of 2025, the Company revised its approach regarding the use of research, development and engineering activities from those reported in its 2024 Form 10-K. Following a comprehensive evaluation, the Company has decided to halt further MAGMA development and operations. The Company concluded that the MAGMA program had not met the operational and financial thresholds required. As a result of the decision to halt the MAGMA program, the Company has recorded approximately $104 million of restructuring, asset impairment and other charges in the second quarter of 2025.
Current report
In addition, future spending on research, development and engineering activities is expected to significantly decline given the decision to halt further MAGMA development and operations. The Company intends to continue with its plans to roll out ULTRA, its proprietary technology which seeks to reduce the weight of its glass containers by up to 30%, and expects to work closely with select third-party vendors in a strategic way to assist with future research, development and engineering needs for those projects in which additional resources or expertise are needed.
Removed paragraphs (4)
Previous report
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 report
Europe: Net sales in Europe in the first quarter of 2025 were $667 million compared to $709 million in the first quarter of 2024, a decrease of $42 million, or 6%. Lower average selling prices in Europe decreased net sales by $46 million in the first quarter of 2025. Glass container shipments increased by nearly 4% in the first quarter of 2025 with higher shipments in most markets in the segment as customers rebuilt their inventories ahead of higher tariffs. Shipments were higher to beer, wine and food customers in the first quarter of 2025, and this increased net sales by approximately $18 million compared to the same period in the prior year. Unfavorable effects of foreign currency exchange rate changes decreased net sales by $14 million in the first quarter of 2025 compared to the same period in the prior year, as the Euro weakened compared to the U.S. dollar.
Previous report
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 report
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
Reworded paragraphs (32)
Previous 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):
Current wording
Financial information for the three and six months ended June 30, 2025 and 2024 regarding the Company’s reportable segments is as follows (dollars in millions):
Previous 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.
Current wording
Segment operating profit for reportable segments in the second quarter of 2025 was $8 million lower compared to the prior year period, primarily due to lower net prices (net of cost inflation) and sales volumes, partially offset by lower operating costs. Operating costs were favorably impacted by benefits from the Company’s Fit to Win initiative, partially offset by temporary curtailments of production volumes, primarily in Europe, to balance supply and demand andreduce inventory levels.
Previous 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.
Current wording
For the second quarter of 2025, the Company recorded a net loss attributable to the Company of $5 million, or $0.03 per share, compared to net earnings attributable to the Company of $57 million, or $0.36 per share (diluted), in the second quarter of 2024. As discussed below, net loss attributable to the Company in the second quarter of 2025 and 2024 included items that management considers not representative of ongoing operations and other adjustments. These items increased net loss attributable to the Company by $86 million, or $0.56 per share, in the second quarter of 2025 and decreased net earnings attributable to the Company by $12 million, or $0.08 per share, in the second quarter of 2024.
Previous 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.
Current wording
The Company’s net sales in the second quarter of 2025 were $1,706 million compared with $1,729 million in the second quarter of 2024, a decrease of $23 million, or 1%. Average selling prices declined, which decreased net sales by $19 million in the second quarter of 2025. Glass container shipments, in tons, decreased approximately 3% in the second quarter of 2025, which decreased net sales by approximately $26 million compared to the same period in the prior year. This decline in shipments was impacted by soft consumer consumption and generally unfavorable weather across much of the Northern Hemisphere. Favorable foreign currency exchange rates increased net sales by $28 million in the second quarter of 2025 compared to the same period in the prior year. Other sales were approximately $6 million lower in the second quarter of 2025 than in the same period in the prior year, driven by lower machine part sales and lower shipments in Asia Pacific.
Previous wording
Americas: Net sales in the Americas in the first quarter of 2025 were $873 million compared to $854 million in the first quarter of 2024, an increase of $19 million, or 2%. Higher selling prices in the region increased net sales by $30 million in the first quarter of 2025, driven by the pass through of higher cost inflation. Glass container shipments in the region were up more than 4% in the first quarter of 2025 compared to the same period in the prior year, which increased net sales by approximately $48 million. The segment experienced higher shipments in nearly all its markets, especially
Current wording
Americas: Net sales in the Americas in the second quarter of 2025 were $943 million compared to $899 million in the second quarter of 2024, an increase of $44 million, or 5%. Higher selling prices in the region increased net sales by $22 million in the second quarter of 2025, driven by the pass through of higher cost inflation. Glass container shipments in the region were up approximately 4% in the second quarter of 2025 compared to the same period in the prior year, which increased net sales by approximately $50 million. The segment experienced strong shipments to beer and spirits
Previous 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.
Current wording
customers. The unfavorable effects of foreign currency exchange rate changes decreased net sales by $28 million in the second quarter of 2025 compared to the same period in the prior year, as the Brazilian Real, Mexican Peso and Colombian Peso weakened compared to the U.S. dollar.
Previous 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.
Current wording
Earnings before income taxes were $7 million in the second quarter of 2025 compared to $104 million in the second quarter of 2024, a decrease of $97 million. This decrease was due to higher restructuring, asset impairment and other charges and lower segment operating profit, partially offset by lower interest expense and retained corporate and other costs.
Previous 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.
Current wording
Americas: Segment operating profit in the Americas in the second quarter of 2025 was $135 million, compared to $106 million in the second quarter of 2024, an increase of $29 million, or 27%. The impact of higher shipments discussed above resulted in a $10 million increase to segment operating profit in the second quarter of 2025 compared to the second quarter of 2024. Higher cost inflation exceeded higher selling prices and resulted in a $7 million decrease to segment operating profit in the second quarter of 2025. The effects of foreign currency exchange rates decreased segment operating profit by $9 million in the second quarter of 2025.
Previous wording
Europe: Segment operating profit in Europe in the first quarter of 2025 was $68 million compared to $133 million in the first quarter of 2024, a decrease of $65 million, or 49%. Lower net selling prices (net of cost inflation) decreased segment operating profit by $38 million in the first quarter of 2025 compared to the same period in the prior year due to elevated competitive pressures. Operating costs in the first quarter of 2025 were $31 million higher than in the same period in the prior year, driven by approximately $58 million from the impact of temporary production curtailments to reduce inventory levels. Partially offsetting these higher costs in the first quarter of 2025 were approximately $20 million of benefits from the Fit to Win initiative (exceeding management’s expectations). The impact of higher shipments discussed above increased segment operating profit by approximately $6 million. The effects of foreign currency exchange rates decreased segment operating profit by $2 million in the first quarter of 2025.
Current wording
Europe: Segment operating profit in Europe in the second quarter of 2025 was $90 million compared to $127 million in the second quarter of 2024, a decrease of $37 million, or 29%. Lower net selling prices (net of cost inflation) decreased segment operating profit by $24 million in the second quarter of 2025 compared to the same period in the prior year due to elevated competitive pressures. The impact of lower shipments discussed above decreased segment operating profit by approximately $18 million. Operating costs in the second quarter of 2025 were $4 million higher than in the same period in the prior year, primarily driven by approximately $38 million from the impact of temporary production curtailments to balance supply and demand and reduce inventory levels. Partially offsetting these higher costs in the second quarter of 2025 were approximately $34 million of benefits from the Fit to Win initiative (exceeding management’s expectations). The effects of foreign currency exchange rates increased segment operating profit by $9 million in the second quarter of 2025.
Previous 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.
Current wording
The Company’s effective tax rate from operations for the second quarter of 2025 was 85.7% compared to 40.4% for the second quarter of 2024. The effective tax rate for the second quarter of 2025 differed from the second quarter of 2024 due to a net unfavorable tax rate on restructuring and asset impairment charges, a benefit from a European investment tax incentive and a change in the mix of geographic earnings.
Previous 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).
Current wording
For the second quarter of 2025, the Company recorded a net loss attributable to the Company of $5 million, or $0.03 per share, compared to net earnings attributable to the Company of $57 million, or $0.36 per share (diluted), in the second quarter of 2024. Net loss and net earnings attributable to the Company in the second quarter of 2025 and 2024 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
Net sales in the first quarter of 2025 decreased $26 million, or 2%, compared to the prior year, primarily due to the impact from unfavorable foreign currency translation and lower average selling prices, partially offset by higher sales volumes.
Current wording
Net sales for the first six months of 2025 decreased $49 million, or 2%, compared to the same period in the prior year, primarily due to the impact from unfavorable foreign currency translation and lower average selling prices, partially offset by slightly higher sales volumes and favorable mix.
Previous 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.
Current wording
Earnings before income taxes were $195 million lower in the first six months of 2025 compared to the same period in 2024. This decrease was primarily due to higher restructuring, asset impairment and other charges, lower segment operating profit and slightly higher interest expense, partially offset by lower retained corporate and other costs.
Previous wording
Results of Operations — First Quarter of 2025 Compared with First Quarter of 2024
Current wording
Results of Operations — First Six Months of 2025 Compared with First Six Months of 2024
Previous wording
Segment operating profit of reportable segments in the first quarter of 2025 was $209 million, compared to $235 million in the first quarter of 2024, a decrease of $26 million, or 11%. This decrease was primarily due to lower net prices (net of cost inflation) and unfavorable currency translation, partially offset by higher sales volumes. Operating costs were impacted by approximately $58 million related to temporary curtailments of production volumes, primarily in Europe, toreduce inventory levels, offset by approximately $47 million of benefits from the Company’s Fit to Win initiative, $7 million from the settlement of an insurance claim in the Americas and approximately $4 million of other cost improvements.
Current wording
Segment operating profit of reportable segments in the first half of 2025 was $434 million, compared to $468 million in the first half of 2024, a decrease of $34 million, or 7%. This decrease was primarily due to lower net prices (net of cost inflation), partially offset by the impact of slightly higher sales volumes and favorable mix and lower operating costs. Operating costs were favorably impacted by approximately $110 million of benefits from the Company’s Fit to Win initiative and $7 million from the settlement of an insurance claim in the Americas, partially offset by approximately $86 million related to temporary curtailments of production volumes, primarily in Europe, to balance supply and demand andreduce inventory levels. Unfavorable foreign currency exchange rates decreased segment operating profit by $4 million in the first half of 2025 compared to the same period in the prior year.
Previous wording
In addition, operating costs in the first quarter of 2025 were $31 million lower than in the same period in the prior year, primarily due to approximately $27 million in savings from the Company’s Fit To Win initiative (exceeding management’s expectations). Operating costs were also favorably impacted by approximately $7 million from the
Current wording
In addition, operating costs in the first half of 2025 were $66 million lower than in the same period in the prior year, primarily due to approximately $56 million in savings from the Company’s Fit To Win initiative (exceeding management’s expectations). Operating costs were also favorably impacted by approximately $7 million from the settlement of an insurance claim.
Previous wording
settlement of an insurance claim. The Company will continue to monitor business trends and consider whether any additional temporary downtime or permanent capacity closures in the Americas will be necessary in the future to align its business with demand trends. Any permanent capacity closures could result in material restructuring and impairment charges, as well as cash expenditures, in future periods.
Current wording
In late July 2025, the Company finalized its plans for the indefinite suspension of operations of one furnace and the closure of one plant in its Americas segment. The Company will continue to monitor business trends and consider whether any additional temporary downtime or permanent capacity closures in the Americas will be necessary in 2025 to align its business with demand trends. Any permanent capacity closures could result in material restructuring and impairment charges, as well as cash expenditures, in future periods.
Previous wording
In the first quarter of 2025, the Company also announced the permanent closure of a plant and a number of selling, general and administrative positions in Europe in connection with its Fit to Win initiative. Additional indefinite or permanent capacity closures in Europe may be necessary in 2025 to align its business with demand trends. Any indefinite or permanent capacity closures could result in material restructuring and impairment charges, as well as cash expenditures, in future periods.
Current wording
In the first six months of 2025, the Company also announced the permanent closure of a plant and the elimination of a number of selling, general and administrative positions in Europe in connection with its Fit to Win initiative. Additional indefinite or permanent capacity closures and job eliminations in Europe may be necessary in 2025 to align its business with demand trends. Any indefinite or permanent capacity closures could result in material restructuring and impairment charges, as well as cash expenditures, in future periods.
Previous 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).
Current wording
Retained corporate costs and other for the second quarter of 2025 were $25 million compared to $32 million in the second quarter of 2024 and were $53 million in the first six months of 2025 compared to $72 million for the same period in 2024. These costs decreased in the second quarter and first six months of 2025, driven by approximately $21 million and $35 million, respectively, of benefits from the Company’s Fit To Win initiative (exceeding management’s expectations), partially offset by other costs including higher management incentives.
Previous 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.
Current wording
For the three and six months ended June 30, 2025, the Company recorded restructuring, asset impairment and other charges of approximately $108 million (which included $104 million related to its decision to halt the MAGMA program) and $191 million, respectively, to Other expense, net in the Condensed Consolidated Results of Operations, primarily related to the Fit to Win program. For the three months ended June 30, 2025, 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 ($45 million), Europe segment ($3 million) and Retained corporate costs and other ($60 million). For the six months ended June 30, 2025, 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 ($52 million), Europe segment ($55 million) and Retained corporate costs and other ($84 million). As of June 30, 2025, the Company has incurred cumulative charges of approximately $396 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 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.
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 third 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. The Company recorded a charge of $10 million in the second quarter of 2024 related to this matter.
Previous 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.
Current wording
In the first quarter of 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 August 30, 2022, certain of the Company’s subsidiaries entered into an Amendment No. 1 to its Credit Agreement and Syndicated Facility Agreement (the “Credit Agreement Amendment”), which amends the Original Agreement (as amended by the Credit Agreement Amendment, the “Credit Agreement”). The Credit Agreement Amendment provides for up to $500 million of additional borrowings in the form of term loans. The proceeds of such term loans were used, together with cash, to retire the $600 million delayed draw term loan. The term loans mature, and the revolving credit facilities terminate, in March 2027. The term loans borrowed under the Credit Agreement Amendment are secured by certain collateral of the Company and certain of its subsidiaries. In addition, the Credit Agreement Amendment makes modifications to certain loan documents, in order to give the Company increased flexibility to incur secured debt in the future.
Current wording
On August 30, 2022, certain of the Company’s subsidiaries entered into an Amendment No. 1 to its Credit Agreement and Syndicated Facility Agreement (the “Credit Agreement Amendment”), which amends the Original Agreement (as amended by the Credit Agreement Amendment, the “Credit Agreement”). The Credit Agreement Amendment provides for up to $500 million of additional borrowings in the form of term loans. The proceeds of such term loans were used, together with cash, to retire the $600 million delayed draw term loan. The term loans mature, and the revolving credit facilities terminate, in March 2027. The term loans borrowed under the Credit Agreement Amendment are secured by certain collateral of the Company and certain of its subsidiaries. In addition, the Credit
Previous 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%.
Current wording
At June 30, 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 June 30, 2025, net of debt issuance costs). At June 30, 2025, the Company had unused credit of $1.04 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 June 30, 2025 was 6.08%.
Previous 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.
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
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 March 31, 2025, the 2.875% Senior Notes due 2025 were fully repaid.
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. In the first quarter of 2025, the 2.875% Senior Notes due 2025 were fully repaid.
Previous 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.
Current wording
Operating activities: Cash utilized in operating activities was $16 million and $20 million for the six months ended June 30, 2025 and 2024, respectively. The decrease in cash utilized in operating activities in the first six 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 $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
Current wording
Working capital was a use of cash of $335 million in the first six months of 2025, compared to a use of cash of $439 million in the same period in 2024. The reduction in working capital as a use of cash for the six months ended June 30, 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 increase to cash provided by operating activities of approximately $9 million and $90 million for the six months ended June 30, 2025 and 2024, respectively. Excluding the impact of accounts receivable factoring, the Company’s days sales outstanding as of June 30, 2025 were comparable to June 30, 2024.
Previous 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.
Current wording
Investing activities: Cash utilized in investing activities was $221 million and $380 million for the six months ended June 30, 2025 and 2024, respectively. Capital spending for property, plant and equipment was $239 million during the first six months of 2025, compared to $373 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 did not reoccur in the first half 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 $18 million and $6 million, for the six months ended June 30, 2025 and 2024, respectively, reflecting higher proceeds on the sale of land and buildings of a previously closed plant in the Americas.
Previous 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.
Current wording
Financing activities: Cash utilized in financing activities was $47 million and cash provided by financing activities was $180 million for the six months ended June 30, 2025 and 2024, respectively. Financing activities included additions to long-term debt of $680 million and $1,096 million for the six-month periods ended June 30, 2025 and 2024, respectively. Financing activities included repayments of long-term debt of $698 million and $917 million for the six-month periods ended June 30, 2025 and 2024, respectively. Short-term loans increased by $12 million and $54 million for the six months ended June 30, 2025 and 2024, respectively. During each of the six-month periods ended June 30, 2025 and 2024, the Company repurchased $20 million of its common stock.
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
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 involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” “target,” “commit,” and the negatives of these words and other similar expressions generally identify forward-looking statements.
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 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…
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Current wording
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 global trade policies, (20) the Company’s ability to comply with various environmental legal requirements, (21) risks related to recycling and recycled content laws and regulations, (22) risks related to climate-change and air emissions, including related laws or regulations and increased ESG scrutiny and changing expectations from stakeholders, and the other risk factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q or the Company’s other filings with the Securities and Exchange Commission.
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Current report — wording carried from elsewhere
In addition, operating costs in the second quarter of 2025 were $35 million lower than in the same period in the prior year, primarily due to approximately $29 million of benefits from the Company’s Fit To Win initiative (exceeding management’s expectations).
Current report — wording carried from elsewhere
prior year. Unfavorable foreign currency exchange rates decreased net sales by $46 million in the first half of 2025 compared to the same period in the prior year. Other sales were approximately $8 million lower for the first six months of 2025 than in the same period in the prior year, driven by lower machine part sales.
Current report — wording carried from elsewhere
The change in net sales of reportable segments can be summarized as follows (dollars in millions):
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Earnings before Income Taxes and Segment Operating Profit
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Segment operating profit of the reportable segments includes an allocation of some corporate expenses based on a percentage of sales and direct billings based on the costs of specific services provided. Unallocated corporate expenses and certain other expenses not directly related to the reportable segments’ operations are included in Retained corporate costs and other. For further information, see Segment Information included in Note 1 to the Condensed Consolidated Financial Statements.
Current report — wording carried from elsewhere
The change in segment operating profit of reportable segments can be summarized as follows (dollars in millions):
Current report — wording carried from elsewhere
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
Current report — wording carried from elsewhere
below this level as of June 30, 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.
Current report — wording carried from elsewhere
The Company’s effective tax rate from operations for the six months ended June 30, 2025 was 138.5% compared to 37.6% for the six months ended June 30, 2024. The effective tax rate for the first half of 2025 differed from the first half of 2024 due to a net unfavorable tax rate on restructuring charges, a benefit from a European investment tax incentive and a change in the mix of geographic earnings.
Current report — wording carried from elsewhere
Net Earnings (Loss) Attributable to the Company
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Agreement Amendment makes modifications to certain loan documents, in order to give the Company increased flexibility to incur secured debt in the future.
Current report — wording carried from elsewhere
costs, were used to repurchase and redeem the aggregate principal amounts described in the May 2024 tender offer and redemption below.
Current report — wording carried from elsewhere
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) impacts from the Company’s decision to halt further MAGMA development and operations, (8) unanticipated supply chain and operational disruptions, including higher capital spending, (9) seasonality of customer demand, (10) the failure of the
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Previous report — wording carried elsewhere
accounts receivable factoring, the Company’s days sales outstanding as of March 31, 2025 were slightly lower compared to March 31, 2024.
Previous report — wording carried elsewhere
involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” “target,” “commit,” and the negatives of these words and other similar expressions generally identify forward-looking statements.