O-I Glass, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>O-I Glass, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations.</b>

AI Summary

O-I Glass, Inc. /DE/ (OI) filed a Annual Report (10-K) with the SEC on February 14, 2024. O-I Glass, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and its fiscal year ends on December 31st. Its principal business address is One Michael Owens Way, Perrysburg, OH 43551-2999. The Standard Industrial Classification code for the company is GLASS CONTAINERS [3221]. The filing was made on February 14, 2024.

Why It Matters

For investors and stakeholders tracking O-I Glass, Inc. /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of O-I Glass's financial health, operational performance, and strategic direction for the fiscal year 2023. Investors and analysts can use this report to assess the company's profitability, debt levels, and future outlook within the glass container industry.

Risk Assessment

Risk Level: medium — O-I Glass, Inc. /DE/ shows moderate risk based on this filing. The company operates in the highly competitive glass container industry, which is subject to fluctuations in demand and raw material costs, as indicated by its SIC code and business description.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand O-I Glass's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-14 — Filing Date (Date the report was filed)

Key Players & Entities

• O-I Glass, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• December 31, 2023 (date) — Conformed period of report
• February 14, 2024 (date) — Filed as of date
• One Michael Owens Way, Perrysburg, OH 43551-2999 (address) — Business address
• GLASS CONTAINERS [3221] (industry) — Standard Industrial Classification
• Owens Illinois Inc (company) — Former company name

FAQ

Industry Context

O-I Glass, Inc. operates in the glass container manufacturing industry, producing glass packaging for food and beverages.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports on Form 10-K.

What Investors Should Do

1. Analyze the financial performance metrics presented in the 10-K.
2. Review the company's business description and operational segments.
3. Assess any disclosed risk factors that could impact future performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-14: 10-K Filing Date — Date O-I Glass, Inc. submitted its annual report to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings for prior periods.

Key Financial Figures

• $610 million — and Paddock with consideration totaling $610 million. As a result of the Plan becoming effec
• $1 million — 3, the Company recognized approximately $1 million of expense related to the purchase of R

Filing Documents

• oi-20231231x10k.htm (10-K) — 4669KB
• oi-20231231xex10d44.htm (EX-10.44) — 277KB
• oi-20231231xex21.htm (EX-21) — 202KB
• oi-20231231xex23.htm (EX-23) — 7KB
• oi-20231231xex24.htm (EX-24) — 36KB
• oi-20231231xex31d1.htm (EX-31.1) — 14KB
• oi-20231231xex31d2.htm (EX-31.2) — 13KB
• oi-20231231xex32d1.htm (EX-32.1) — 7KB
• oi-20231231xex32d2.htm (EX-32.2) — 7KB
• oi-20231231xex97d1.htm (EX-97.1) — 67KB
• oi-20231231x10k003.jpg (GRAPHIC) — 2KB
• oi-20231231x10k005.jpg (GRAPHIC) — 60KB
• 0001558370-24-001165.txt (&nbsp;) — 22573KB
• oi-20231231.xsd (EX-101.SCH) — 94KB
• oi-20231231_cal.xml (EX-101.CAL) — 157KB
• oi-20231231_def.xml (EX-101.DEF) — 459KB
• oi-20231231_lab.xml (EX-101.LAB) — 981KB
• oi-20231231_pre.xml (EX-101.PRE) — 782KB
• oi-20231231x10k_htm.xml (XML) — 5411KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 10 ITEM 1B. UNRESOLVED STAFF COMMENTS 23 ITEM 1C. CYBERSECURITY 23 ITEM 2.

PROPERTIES

PROPERTIES 26 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 28 ITEM 4. MINE SAFETY DISCLOSURES 28 PART II 29 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHARE OWNER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 29 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 31 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 49 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 52 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 105 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 105 ITEM 9B. OTHER INFORMATION 109 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 109 PART III 109 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 109 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 109 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 110 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 110 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 110 PART IV 111 ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 111 ITEM 16. FORM 10-K SUMMARY 119 EXHIBITS 112

SIGNATURES

SIGNATURES Table of Contents PART I

BUSINESS

ITEM 1.BUSINESS General Development of Business O-I Glass, Inc., a Delaware corporation (the "Company"), through its subsidiaries, is the successor to a business established in 1903. The Company is one of the leading manufacturers of glass containers in the world with 68 glass manufacturing plants in 19 countries. It competes in the glass container segment of the rigid packaging market and is the leading glass container manufacturer in most of the countries where it has manufacturing facilities. The term "Company," as used herein and unless otherwise stated or indicated by context, refers to Owens-Illinois, Inc. and its affiliates ("O-I") prior to the Corporate Modernization (as defined below) and to O-I Glass, Inc. and its affiliates ("O-I Glass") after the Corporate Modernization. Corporate Modernization and Paddock's Chapter 11 Filing On December 26 and 27, 2019, the Company implemented the Corporate Modernization pursuant to the Agreement and Plan of Merger, dated as of December 26, 2019, among O-I, O-I Glass and Paddock Enterprises, LLC ("Paddock"). The Corporate Modernization was conducted pursuant to Section 251(g) of the General Corporation Law of the State of Delaware, which permits the creation of a holding company through a merger with a direct or indirect wholly owned subsidiary of the constituent corporation without stockholder approval. The Corporate Modernization involved a series of transactions (together with certain related transactions, the "Corporate Modernization") pursuant to which (1) O-I formed a new holding company, O-I Glass, as a direct wholly owned subsidiary of O-I and a sister company to Owens-Illinois Group, Inc. ("O-I Group"), (2) O-I Glass formed a new Delaware limited liability company, Paddock, as a direct wholly owned subsidiary of O-I Glass, (3) O-I merged with and into Paddock, with Paddock continuing as the surviving entity and as a direct wholly owned subsidiary of O-I Glass (the "Merger") and (4) Paddock distributed 10

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View this 10-K filing on SEC EDGAR