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Segment Information

3 Months Ended

Mar. 31, 2021

Segment Information

Segment Information

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 months ended March 31, 2020, 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 and that have been retained by the Company 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) 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.
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Financial information for the three months ended March 31, 2021 and 2020 regarding the Company’s reportable segments is as follows:

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​	​	​	​	​	​	​	​
​		Three months ended March 31,					​
​	​	2021			2020
Net sales:	​	​	​	​	​	​	​
Americas	​	$	837	​	$	831	​
Europe	​		639	​	​	576	​
Asia Pacific	​		​	​	​	123	​
Reportable segment totals	​		1,476	​		1,530	​
Other	​	​	24	​	​	31	​
Net sales	​	$	1,500	​	$	1,561	​

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​	​	​	​	​	​	​	​
​	​	Three months ended March 31,					​
​		2021			2020
Segment operating profit:	​	​	​	​	​	​	​
Americas	​	$	100	​	$	103	​
Europe	​		75	​		61	​
Asia Pacific	​		​	​		12	​
Reportable segment totals	​		175	​		176	​
Items excluded from segment operating profit:	​	​	​	​	​	​	​
Retained corporate costs and other	​	​	(35)	​	​	(28)	​
Charge related to Paddock support agreement liability	​	​	(154)	​	​	​	​
Charge for deconsolidation of Paddock	​	​	​	​	​	(14)	​
Interest expense, net	​	​	(51)	​	​	(53)	​
Earnings (loss) before income taxes	​	$	(65)	​	$	81	​

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

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​	​	​	​	​	​	​	​	​	​	​
​	​	March 31,		​	December 31,		​	March 31,		​
​		2021		​	2020		​	2020		​
Total assets:	​	​	​	​	​	​	​	​	​	​
Americas		$	4,755		$	4,927		$	4,693	​
Europe	​		3,536	​		3,507	​		3,290	​
Asia Pacific	​		​	​		​	​		608	​
​	​	​	​	​	​	​	​	​	​	​
Reportable segment totals	​		8,291	​		8,434	​		8,591	​
Other	​		534	​	​	448	​	​	913	​
Consolidated totals		$	8,825		$	8,882		$	9,504	​

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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