O-I Glass Files 2024 Annual Report

TL;DR

O-I Glass dropped its 2024 10-K. All systems go for glass containers.

AI Summary

O-I Glass, Inc. filed its 10-K for the fiscal year ending December 31, 2024, detailing its financial performance and business operations. The company, headquartered in Perrysburg, Ohio, is a major producer of glass containers. The filing provides comprehensive financial statements and discusses the company's strategic direction and risk factors.

Why It Matters

This 10-K filing provides investors and stakeholders with a detailed overview of O-I Glass's financial health and operational performance for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the glass container industry can be subject to economic cycles and raw material price fluctuations.

Key Players & Entities

• O-I Glass, Inc. (company) — Filer of the 10-K
• Perrysburg, Ohio (location) — Company headquarters
• December 31, 2024 (date) — Fiscal year end

FAQ

Key Financial Figures

• $1 million — 4, the Company recognized approximately $1 million of expense related to the purchase of R

Filing Documents

• oi-20241231x10k.htm (10-K) — 4739KB
• oi-20241231xex10d19.htm (EX-10.19) — 74KB
• oi-20241231xex10d48.htm (EX-10.48) — 70KB
• oi-20241231xex19d1.htm (EX-19.1) — 39KB
• oi-20241231xex21.htm (EX-21) — 202KB
• oi-20241231xex23.htm (EX-23) — 7KB
• oi-20241231xex24.htm (EX-24) — 36KB
• oi-20241231xex31d1.htm (EX-31.1) — 14KB
• oi-20241231xex31d2.htm (EX-31.2) — 13KB
• oi-20241231xex32d1.htm (EX-32.1) — 7KB
• oi-20241231xex32d2.htm (EX-32.2) — 7KB
• oi-20241231x10k003.jpg (GRAPHIC) — 2KB
• oi-20241231x10k005.jpg (GRAPHIC) — 59KB
• 0001558370-25-000868.txt ( ) — 22907KB
• oi-20241231.xsd (EX-101.SCH) — 94KB
• oi-20241231_cal.xml (EX-101.CAL) — 155KB
• oi-20241231_def.xml (EX-101.DEF) — 460KB
• oi-20241231_lab.xml (EX-101.LAB) — 961KB
• oi-20241231_pre.xml (EX-101.PRE) — 769KB
• oi-20241231x10k_htm.xml (XML) — 5662KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 9 ITEM 1B. UNRESOLVED STAFF COMMENTS 22 ITEM 1C. CYBERSECURITY 22 ITEM 2.

PROPERTIES

PROPERTIES 24 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 26 ITEM 4. MINE SAFETY DISCLOSURES 26 PART II 27 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHARE OWNER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 27 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 29 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 47 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 50 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 103 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 103 ITEM 9B. OTHER INFORMATION 107 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 107 PART III 107 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 107 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 107 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 108 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 108 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 108 PART IV 109 ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 109 ITEM 16. FORM 10-K SUMMARY 117 EXHIBITS 110

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 69 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. Beginning in 2024, the Company commenced a strategic review of its global profitability and manufacturing footprint, known as its Fit to Win initiative. This program is focused on the reduction of redundant production capacity and the optimization of its network, as well as streamlining other costs, such as selling, general and administrative expenses. This program is expected to last at least through 2025. Since undertaking this review, the Company has announced the idling of capacity or closing of facilities involving eight furnaces and approximately 1,500 job eliminations. The Company believes these actions will contribute to optimizing shareholder returns. 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 in Note 1 to the Consolidated Financial Statements) and to O-I Glass, Inc. and its affiliates ("O-I Glass") after the Corporate Modernization. Company Strategy The Company has established a new vision: Together, to put the power of glass within reach of everyone, every day. To achieve this, the Company has developed a value creation roadmap that guides its strategic initiatives over three horizons: Horizon 1: Fit to Win - The immediate focus is on reducing the cost base to enhance the Company's competitive position, which will improve performance, create shareholder value, and enable future profitable growth. This involv

View Full Filing

View this 10-K filing on SEC EDGAR