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Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Business Segment Information

Summary of business by segment


		Three Months Ended September 30,						Nine Months Ended September 30,
($ in millions)		2025			2024			2025			2024

Net sales
Beverage packaging, North and Central America		$	1,638		$	1,456		$	4,714		$	4,328
Beverage packaging, EMEA			1,059			950			3,012			2,640
Beverage packaging, South America			508			484			1,529			1,388
Reportable segment sales			3,205			2,890			9,255			8,356
Other			174			192			559			559
Net sales		$	3,379		$	3,082		$	9,814		$	8,915

Comparable segment operating earnings (a)
Beverage packaging, North and Central America		$	210		$	203		$	613		$	605
Beverage packaging, EMEA			147			128			372			326
Beverage packaging, South America			80			78			200			170
Reportable segment comparable operating earnings			437			409			1,185			1,101
Reconciling items
Other (b)			(6)			4			(13)			(66)
Business consolidation and other activities			78			(85)			53			(171)
Amortization of acquired intangibles			(33)			(34)			(101)			(105)
Interest expense			(85)			(67)			(236)			(228)
Debt refinancing and other costs			—			—			—			(3)
Earnings before taxes		$	391		$	227		$	888		$	528

(a)

The difference between reportable segment net sales and comparable operating earnings is comprised of other segment items. Other segment items includes cost of sales, depreciation and amortization, selling, general and administrative and interest income amounts. The CODM does not receive or use these amounts at the reportable segment level. However, the CODM is provided these amounts at a consolidated level to manage operations.

(b)

Includes undistributed corporate expenses, net, of $29 million and $32 million for the three months ended September 30, 2025 and 2024, respectively, and $102 million and $149 million for the nine months ended September 30, 2025 and 2024, respectively. Undistributed corporate expenses, net, includes corporate interest income of $7 million for the three months ended September 30, 2024, and $1 million and $36 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2024, undistributed corporate expenses, net, includes $82 million of incremental compensation cost from the successful sale of the aerospace business.


		Three Months Ended September 30,						Nine Months Ended September 30,
($ in millions)		2025			2024			2025			2024

Depreciation and amortization
Beverage packaging, North and Central America		$	57		$	53		$	169		$	160
Beverage packaging, EMEA			53			47			149			140
Beverage packaging, South America			36			34			108			113
Reportable segment depreciation and amortization			146			134			426			413
Other			12			16			37			47
Depreciation and amortization		$	158		$	150		$	463		$	460