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Equity Investments | 12 Months Ended
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Dec. 31, 2022
Equity Investments |
Equity Investments | ​ ​ 6. Equity Investments ​ At December 31, 2022, the Company’s ownership percentage in affiliates include: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | O-I Ownership | ​ | ​ |
Affiliates |  | Percentage |  | Business Type |
Empresas Comegua S.A. | ​ | 49.7 | % | ​ | Glass container manufacturer | ​
BJC O-I Glass Pte. Ltd. | ​ | 50 | % | ​ | Glass container manufacturer | ​
CO Vidrieria SARL ("COV") | ​ | 50 | % | ​ | Glass container manufacturer | ​
Rocky Mountain Bottle Company | ​ | 50 | % | ​ | Glass container manufacturer | ​
Vetrerie Meridionali SpA ("VeMe") | ​ | 50 | % | ​ | Glass container manufacturer | ​
Vetri Speciali SpA | ​ | 50 | % | ​ | Specialty glass manufacturer | ​
​ Summarized information pertaining to the Company’s equity affiliates follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
Equity in earnings: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-U.S. | ​ | $ | 101 | ​ | $ | 83 | ​ | $ | 29 | ​
U.S. | ​ |  | 6 | ​ |  | 7 | ​ |  | 8 | ​
Total | ​ | $ | 107 | ​ | $ | 90 | ​ | $ | 37 | ​
Dividends received | ​ | $ | 71 | ​ | $ | 103 | ​ | $ | 58 | ​
​ In 2020, the Company evaluated the future estimated earnings and cash flow of one of its Non-U.S. equity investments (a glass container manufacturer reported in the Retained corporate costs and other category) and determined that it was other-than-temporarily impaired. As such, the Company recorded an impairment charge of approximately $36 million to the equity earnings line in its Consolidated Results of Operations to reduce its carrying value down to its estimated fair value. Subsequent to the impairment charge, the remaining carrying value of this equity investment was $0. The Company classified the significant assumptions that were utilized in a discounted cash flow model to determine the fair value of the impaired assets as Level 3 in the fair value hierarchy as set forth in the general accounting principles for fair value measurements. Summarized combined financial information for equity affiliates is as follows (unaudited): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |
At end of year: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 641 | ​ | $ | 557 | ​
Non-current assets | ​ |  | 1,369 | ​ |  | 1,317 | ​
Total assets | ​ |  | 2,010 | ​ |  | 1,874 | ​
Current liabilities | ​ |  | 426 | ​ |  | 386 | ​
Other liabilities and deferred items | ​ |  | 207 | ​ |  | 195 | ​
Total liabilities and deferred items | ​ |  | 633 | ​ |  | 581 | ​
Net assets | ​ | $ | 1,377 | ​ | $ | 1,293 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the year: |  | 2022 |  | 2021 |  | 2020 |
Net sales | ​ | $ | 1,328 | ​ | $ | 1,185 | ​ | $ | 927 | ​
Gross profit | ​ | $ | 348 | ​ | $ | 305 | ​ | $ | 256 | ​
Net earnings | ​ | $ | 232 | ​ | $ | 169 | ​ | $ | 141 | ​
​ ​ Based on an evaluation of each of the Company’s equity investments for the three years ending December 31, 2022, no investments exceeded the significant subsidiary thresholds per Rule 3-09 of Regulation S-X. As such, separate financial statements for the Company’s equity investments are not required to be filed with the Securities and Exchange Commission. The Company made purchases of approximately $137 million and $117 million from equity affiliates in 2022 and 2021, respectively, and owed approximately $65 million and $68 million to equity affiliates as of December 31, 2022 and 2021, respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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