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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark one)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-9576

Graphic

O-I GLASS, INC.

(Exact name of registrant as specified in its charter)

Delaware

22-2781933

(State or other jurisdiction of

(IRS Employer

incorporation or organization)

Identification No.)

One Michael Owens Way, Perrysburg, Ohio

43551

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (567) 336-5000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, $.01 par value

OI

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The number of shares of common stock, par value $.01, of O-I Glass, Inc. outstanding as of September 30, 2020 was 157,165,691.

Part I — FINANCIAL INFORMATION

Item 1. Financial Statements.

The Condensed Consolidated Financial Statements of O-I Glass, Inc. (the “Company”) presented herein are unaudited but, in the opinion of management, reflect all adjustments necessary to present fairly such information for the periods and at the dates indicated. All adjustments are of a normal recurring nature. Because the following unaudited condensed consolidated financial statements have been prepared in accordance with Article 10 of Regulation S-X, they do not contain all information and footnotes normally contained in annual consolidated financial statements; accordingly, they should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

The term “Company,” as used herein and unless otherwise stated or indicated by context, refers to Owens-Illinois, Inc. (“O-I”) prior to the Corporate Modernization (as defined in Note 11) and to O-I Glass, Inc. (“O-I Glass”) after the Corporate Modernization.

1

O-I GLASS, INC.

CONDENSED CONSOLIDATED RESULTS OF OPERATIONS

(Dollars in millions, except per share amounts)
(Unaudited)

Three months ended

Nine months ended

September 30,

September 30,

2020

    

2019

    

2020

    

2019

    

 

Net sales

$

1,616

$

1,670

$

4,595

$

5,063

Cost of goods sold

 

(1,339)

 

(1,371)

 

(3,887)

 

(4,131)

Gross profit

 

277

299

708

932

Selling and administrative expense

 

(95)

(108)

(308)

(339)

Research, development and engineering expense

 

(16)

(16)

(45)

(50)

Interest expense, net

 

(61)

(83)

(212)

(215)

Equity earnings

 

21

17

49

55

Other income (expense), net (incl. goodwill impairment-2019)

 

250

(645)

147

(709)

Earnings (loss) from continuing operations before income taxes

 

376

 

(536)

 

339

 

(326)

Provision for income taxes

 

(41)

(31)

(50)

(86)

Earnings (loss) from continuing operations

 

335

 

(567)

 

289

 

(412)

Loss from discontinued operations

 

(1)

Net earnings (loss)

 

335

 

(567)

 

289

 

(413)

Net earnings attributable to non-controlling interests

 

(7)

(8)

(11)

(17)

Net earnings (loss) attributable to the Company

$

328

$

(575)

$

278

$

(430)

Amounts attributable to the Company:

Earnings (loss) from continuing operations

$

328

$

(575)

$

278

$

(429)

Loss from discontinued operations

 

 

(1)

Net earnings (loss)

$

328

$

(575)

$

278

$

(430)

Basic earnings per share:

Net earnings (loss) from continuing operations attributable to the Company

$

2.09

$

(3.69)

$

1.77

$

(2.77)

Loss from discontinued operations

 

 

 

(0.01)

Net earnings (loss)

$

2.09

$

(3.69)

$

1.77

$

(2.78)

Weighted average shares outstanding (thousands)

157,073

155,536

156,650

155,083

Diluted earnings per share:

Net earnings (loss) from continuing operations attributable to the Company

$

2.06

$

(3.69)

$

1.76

$

(2.77)

Loss from discontinued operations

 

 

 

(0.01)

Net earnings (loss)

$

2.06

$

(3.69)

$

1.76

$

(2.78)

Weighted average diluted shares outstanding (thousands)

159,299

155,536

158,438

155,083

See accompanying notes.

2

O-I GLASS, INC.

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (LOSS)

(Dollars in millions)

(Unaudited)

Three months ended

Nine months ended

September 30,

September 30,

    

2020

    

2019

    

2020

    

2019

    

 

Net earnings (loss)

$

335

$

(567)

$

289

$

(413)

Other comprehensive income (loss):

Foreign currency translation adjustments

 

(148)

(118)

(666)

(67)

Pension and other postretirement benefit adjustments, net of tax

 

42

27

92

49

Change in fair value of derivative instruments, net of tax

 

(11)

5

(18)

1

Other comprehensive income (loss)

(117)

(86)

(592)

(17)

Total comprehensive income (loss)

218

(653)

(303)

(430)

Comprehensive (income) loss attributable to non-controlling interests

 

(7)

14

(1)

13

Comprehensive income (loss) attributable to the Company

$

211

$

(639)

$

(304)

$

(417)

See accompanying notes.

3

O-I GLASS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(Unaudited)

September 30,

December 31,

September 30,

2020

2019

2019

Assets

Current assets:

Cash and cash equivalents

$

606

$

551

$

273

Trade receivables, net of allowance of $33 million, $32 million, and $31 million at September 30, 2020, December 31, 2019 and September 30, 2019

 

724

 

621

 

968

Inventories

 

782

 

1,045

 

1,015

Prepaid expenses and other current assets

 

272

 

271

 

278

Total current assets

 

2,384

 

2,488

 

2,534

Property, plant and equipment, net

2,675

3,273

3,104

Goodwill

1,847

1,934

1,893

Intangibles, net

311

371

404

Other assets

1,407

1,544

1,613

Total assets

$

8,624

$

9,610

$

9,548

Liabilities and Share owners’ equity

Current liabilities:

Accounts payable

$

910

$

1,276

$

1,064

Short-term loans and long-term debt due within one year

212

124

376

Current portion of asbestos-related liabilities

125

Other liabilities

575

595

630

Total current liabilities

 

1,697

 

1,995

 

2,195

Long-term debt

5,163

5,435

5,512

Asbestos-related liabilities

486

342

Paddock support agreement liability

471

Other long-term liabilities

1,028

1,130

1,063

Share owners' equity

265

564

436

Total liabilities and share owners’ equity

$

8,624

$

9,610

$

9,548

See accompanying notes.

4

O-I GLASS, INC.

CONDENSED CONSOLIDATED CASH FLOWS

(Dollars in millions)

(Unaudited)

Nine months ended September 30,

    

2020

    

2019

 

 

Cash flows from operating activities:

Net earnings (loss)

$

289

$

(413)

Loss from discontinued operations

 

 

1

Non-cash charges

Depreciation and amortization

 

363

380

Pension expense

 

30

24

Restructuring, asset impairment and related charges

 

72

56

Pension settlement charges

8

13

Goodwill impairment charge

595

Gain on sale of ANZ business

(280)

Cash payments

Pension contributions

 

(32)

(29)

Asbestos-related payments

 

(135)

Cash paid for restructuring activities

 

(32)

(41)

Change in components of working capital

 

(402)

(661)

Other, net (a)

112

(36)

Cash provided by (utilized in) continuing operating activities

 

128

 

(246)

Cash utilized in discontinued operating activities

 

 

(1)

Total cash provided by (utilized in) operating activities

 

128

 

(247)

Cash flows from investing activities:

Cash payments for property, plant and equipment

 

(246)

(333)

Acquisitions, net of cash acquired

 

(157)

Contributions and advances to joint ventures

(22)

Cash proceeds on disposal of assets

2

2

Cash proceeds on sale of ANZ businesses, net of transaction costs

441

Deconsolidation of Paddock

(47)

Other

1

5

Cash provided by (utilized in) investing activities

 

151

 

(505)

Cash flows from financing activities:

Changes in borrowings, net

(300)

593

Payment of finance fees

(50)

(31)

Treasury shares repurchased

(38)

Dividends paid

(8)

(24)

Net cash proceeds (payments) for hedging activity

(8)

28

Sale leaseback proceeds in conjunction with ANZ sale

155

Distributions to noncontrolling interests

(5)

(7)

Other, net

(3)

(3)

Cash provided by (utilized in) financing activities

 

(219)

 

518

Effect of exchange rate fluctuations on cash

 

(5)

(5)

Increase (Decrease) in cash

 

55

 

(239)

Cash at beginning of period

 

551

512

Cash at end of period

$

606

$

273

(a)Other, net includes other non-cash charges plus other changes in non-current assets and liabilities.

See accompanying notes.

5

O-I GLASS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Tabular data dollars in millions, except per share amounts

1. Segment Information

Historically, the Company had three reportable segments and three operating segments based on its geographic locations: the Americas, Europe and Asia Pacific. These three segments are aligned with the Company’s internal approach to managing, reporting, and evaluating performance of its global glass operations. On July 31, 2020, the Company completed the sale of its Australia and New Zealand (“ANZ”) businesses, which comprised the majority of its businesses in the Asia Pacific region (approximately 85% of net sales in that region for the full year 2019), to Visy Industries Holdings Pty Ltd. (“Visy”).  After the sale of the ANZ businesses, the remaining businesses in the Asia Pacific region do not meet the criteria of an individually reportable segment. For the three and nine month periods ended September 30, 2020, the results for the Asia Pacific reportable segment reflect only one month and seven months, respectively, of the results of the ANZ businesses. For the three and nine months ended September 30, 2019, the results of the Asia Pacific segment have been recast to reflect only the results of its ANZ businesses. For all historical periods discussed in this report, the sales and operating results of the other businesses that historically comprised the Asia Pacific segment, and that have been retained by the Company, have been reclassified to Other sales and Retained corporate costs and other, respectively. For asset reporting purposes, only the assets related to the ANZ businesses have been reported in the Asia Pacific segment, while the other businesses that historically comprised this segment have been reclassified to the Other assets line for all periods presented.

Certain assets and activities not directly related to one of the regions or to glass manufacturing are reported with Retained corporate costs and other. These include licensing, equipment manufacturing, global engineering, certain equity investments and the remaining businesses in the Asia Pacific region that do not meet the criteria of an individually reportable segment after the sale of the ANZ businesses. Retained corporate costs and other also includes certain headquarters administrative and facilities costs and certain incentive compensation and other benefit plan costs that are global in nature and are not allocable to the reportable segments.

The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings (loss) from continuing operations before interest income, interest expense, and benefit (provision) for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations, as well as certain retained corporate costs. The Company’s management uses segment operating profit, in combination with net sales and selected cash flow information, to evaluate performance and to allocate resources. Segment operating profit for reportable segments includes an allocation of some corporate expenses based on both a percentage of sales and direct billings based on the costs of specific services provided. Segment operating profit is not a recognized term under U.S. GAAP and, therefore, does not purport to be an alternative to earnings (loss) before income taxes. Further, the Company's measure of segment operating profit may not be comparable to similarly titled measures of other companies.

6

Financial information for the three and nine months ended September 30, 2020 and 2019 regarding the Company’s reportable segments is as follows:

    

Three months ended September 30,

Nine months ended September 30,

2020

    

2019

    

2020

 

2019

 

Net sales:

Americas

$

887

$

918

$

2,442

$

2,733

Europe

 

644

 

588

 

1,775

1,834

Asia Pacific

 

52

 

128

 

281

382

Reportable segment totals

 

1,583

 

1,634

 

4,498

 

4,949

Other

 

33

36

97

114

Net sales

$

1,616

$

1,670

$

4,595

$

5,063

Three months ended September 30,

Nine months ended September 30,

    

2020

    

2019

    

2020

    

2019

 

Segment operating profit:

Americas

$

113

$

123

$

268

$

380

Europe

 

88

 

79

 

191

 

248

Asia Pacific

 

3

 

4

 

19

 

25

Reportable segment totals

 

204

 

206

 

478

 

653

Items excluded from segment operating profit:

Retained corporate costs and other

(35)

(21)

(98)

(83)

Gain on sale of ANZ businesses

280

280

Charge for goodwill impairment

(595)

(595)

Restructuring, asset impairment and other charges

 

(9)

(32)

(80)

(73)

Charge for deconsolidation of Paddock

 

(14)

Pension settlement charges

 

(11)

(8)

(13)

Strategic transaction costs

(3)

(7)

Interest expense, net

 

(61)

(83)

(212)

(215)

Earnings (loss) from continuing operations before income taxes

$

376

$

(536)

$

339

$

(326)

Financial information regarding the Company’s total assets is as follows:

September 30,

December 31,

September 30,

    

2020

2019

2019

Total assets:

Americas

 

$

4,663

 

$

5,264

 

$

5,241

Europe

 

3,307

 

3,127

 

3,053

Asia Pacific

 

 

694

 

695

Reportable segment totals

 

7,970

 

9,085

 

8,989

Other

 

654

525

559

Consolidated totals

 

$

8,624

 

$

9,610

 

$

9,548

7

2. Revenue

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

For the three- and nine-month periods ended September 30, 2020 and September 30, 2019, the Company had no material bad debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Condensed Consolidated Balance Sheet.

Consistent with the disclosures in Note 1 related to the ANZ sale, Asia Pacific revenue for the three and nine months ended September 30, 2020 reflects only one month and seven months, respectively, of revenue from the ANZ businesses. For the three and nine months ended September 30, 2019, revenue of the Asia Pacific segment has been recast to reflect only the revenue of the ANZ businesses. The other businesses that comprised the Asia Pacific segment and that have been retained by the Company have been reclassified to the Other sales line.

The following tables for the three months ended September 30, 2020 and 2019 disaggregate the Company’s revenue by customer end use:

Three months ended September 30, 2020

    

Americas

Europe

Asia Pacific

Total

Alcoholic beverages (beer, wine, spirits)

 

$

537

 

$

452

 

$

40

$

1,029

Food and other

 

222

 

138

 

6

 

366

Non-alcoholic beverages

 

128

 

54

 

6

 

188

Reportable segment totals

$

887

$

644

$

52

$

1,583

Other

 

33

Net sales

 

$

1,616

Three months ended September 30, 2019

    

Americas

Europe

Asia Pacific

Total

Alcoholic beverages (beer, wine, spirits)

 

$

591

$

409

$

99

$

1,099

Food and other

 

192

119

16

 

327

Non-alcoholic beverages

 

135

60

13

 

208

Reportable segment totals

$

918

$

588

$

128

$

1,634

Other

 

36

Net sales

 

$

1,670

8

The following tables for the nine months ended September 30, 2020 and 2019 disaggregate the Company’s revenue by customer end use:

Nine months ended September 30, 2020

    

Americas

Europe

Asia Pacific

Total

Alcoholic beverages (beer, wine, spirits)

 

$

1,471

 

$

1,258

 

$

217

$

2,946

Food and other

 

609

 

360

 

38

 

1,007

Non-alcoholic beverages

 

362

 

157

 

26

 

545

Reportable segment totals

$

2,442

$

1,775

$

281

$

4,498

Other

 

97

Net sales

 

$

4,595

Nine months ended September 30, 2019

    

Americas

Europe

Asia Pacific

Total

Alcoholic beverages (beer, wine, spirits)

 

$

1,744

$

1,315

$

295

$

3,354

Food and other

 

564

331

51

 

946

Non-alcoholic beverages

 

425

188

36

 

649

Reportable segment totals

$

2,733

$

1,834

$

382

$

4,949

Other

 

114

Net sales

 

$

5,063


3. Credit Losses

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

At September 30, 2020, the Company reported $724 million of accounts receivable, net of allowances of $33 million. Changes in the allowance were not material for the three or nine months ended September 30, 2020.

4. Inventories

Major classes of inventory at September 30, 2020, December 31, 2019 and September 30, 2019 are as follows: