Financial Analysis

"Commitments and Contingent Liabilities The Company, along with others in most cases, has been identified by the EPA or a comparable state environmental agency as a Potentially Responsible Party (""PRP"") at a number of sites and has recorded aggregate accruals of $12 for its share of estimated future remediation costs at these sites. The Company has been identified as having either directly or indirectly disposed of commercial or industrial waste at the sites subject to the accrual, and where appropriate and supported by available information, generally has agreed to be responsible for a percentage of future remediation costs based on an estimated volume of materials disposed in proportion to the total materials disposed at each site. The Company has not had monetary sanctions imposed nor has the Company been notified of any potential monetary sanctions at any of the sites. The Company has also recorded aggregate accruals of $7 for remediation activities at various worldwide locations that are owned by the Company and for which the Company is not a member of a PRP group. Although the Company believes its accruals are adequate to cover its portion of future remediation costs, there can be no assurance that the ultimate payments will not exceed the amount of the Companys accruals and will not have a material effect on its results of operations, financial position and cash flow. Any possible loss or range of potential loss that may be incurred in excess of the recorded accruals …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt June 30, 2026 December 31, 2025 Principal Carrying Principal Carrying outstanding amount outstanding amount Short-term debt $ 44 $ 44 $ 83 $ 83 Long-term debt Senior secured borrowings: Revolving credit facilities 105 105 Term loan facilities U.S. dollar due 2031 1,175 1,170 1,175 1,173 Euro due 2031 1 571 569 587 587 Senior notes and debentures: U.S. dollar at 4.25% due 2026 400 400 400 400 500 at 5.00% due 2028 571 567 587 583 500 at 4.75% due 2029 571 566 587 582 600 at 4.50% due 2030 685 679 705 697 U.S. dollar at 5.25% due 2030 500 497 500 496 500 at 3.750% due 2031 571 563 587 578 U.S. dollar at 5.875% due 2033 700 692 700 691 U.S. dollar at 7.50% due 2096 40 40 40 40 Other indebtedness in various currencies 170 170 54 54 Total long-term debt 6,059 6,018 5,922 5,881 Less current maturities (519) (519) (480) (480) Total long-term debt, less current maturities $ 5,540 $ 5,499 $ 5,442 $ 5,401 (1) 500 at June 30, 2026 and December 31, 2025 The estimated fair value of the Companys debt, using a market approach incorporating Level 2 inputs such as quoted market prices for the same or similar issues, was $6,121 at June 30, 2026 and $6,077 at December 31, 2025. In March 2026, the Company amended and restated the credit agreement governing its senior secured credit facilities (the ""Second A&R Credit Agreement""). The Second A&R Credit Agreement extended the existing facilities' maturity to March 2031. All other material terms of the credit agreement remained uncha …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The Company recognized revenue as follows: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue recognized over time $ 2,206 $ 1,778 $ 4,096 $ 3,458 Revenue recognized at a point in time 1,462 1,371 2,831 2,578 Total revenue $ 3,668 $ 3,149 $ 6,927 $ 6,036

DisaggregationOfRevenueTableTextBlock

Intangible Assets Gross carrying amounts and accumulated amortization of finite-lived intangible assets by major class were as follows: June 30, 2026 December 31, 2025 Gross Accumulated amortization Net Gross Accumulated amortization Net Customer relationships $ 1,410 $ (931) $ 479 $ 1,418 $ (883) $ 535 Trade names 548 (189) 359 556 (181) 375 Technology 161 (159) 2 163 (159) 4 Long term supply contracts 161 (122) 39 157 (114) 43 Patents 12 (11) 1 12 (10) 2 $ 2,292 $ (1,412) $ 880 $ 2,306 $ (1,347) $ 959 Net income for the three and six months ended June 30, 2026 and 2025 included amortization expense of $35 and $73 and $38 and $73, respectively.

GoodwillAndIntangibleAssetsDisclosureTextBlock

"Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (""FASB"") issued a final standard on disaggregation of income statement expenses. The standard requires disclosure of more detailed information about certain costs and expenses in the notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027. Early adoption is permitted. The standard is applied prospectively with an option for retrospective adoption. The Company is currently evaluating the impact that the new guidance will have on its disclosures. In September 2025, the FASB issued guidance to clarify and modernize the accounting for costs related to internal-use software. The guidance eliminates references to various stages of a software development project and clarifies the threshold to apply to begin capitalizing costs. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. The guidance is applied on a prospective basis with the option to apply the standard retrospectively or using a modified transition approach. Early adoption is permitted. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements. In November 2025, the FASB issued a final standard on improvements to hedge accounting, which introduces five targeted improvements to bette …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension and Other Postretirement Benefits The components of net periodic pension and other postretirement benefits costs for the three and six months ended June 30, 2026 and 2025 were as follows: Three Months Ended Six Months Ended June 30, June 30, Pension benefits U.S. plans 2026 2025 2026 2025 Service cost $ 3 $ 3 $ 6 $ 6 Interest cost 4 4 8 8 Expected return on plan assets (4) (4) (7) (7) Recognized net loss 3 3 5 6 Net periodic cost $ 6 $ 6 $ 12 $ 13 Three Months Ended Six Months Ended June 30, June 30, Pension benefits Non-U.S. plans 2026 2025 2026 2025 Service cost $ 1 $ 2 $ 3 $ 4 Interest cost 4 3 7 6 Expected return on plan assets (3) (3) (6) (6) Settlement and curtailments (5) (5) Net periodic cost $ 2 $ (3) $ 4 $ (1) Three Months Ended Six Months Ended June 30, June 30, Other postretirement benefits 2026 2025 2026 2025 Interest cost $ 1 $ 1 $ 3 $ 2 Net periodic cost $ 1 $ 1 $ 3 $ 2 The components of net periodic cost other than the service cost component are included in Other pension and postretirement in the Consolidated Statement of Operations. The following table provides information about amounts reclassified from accumulated other comprehensive income. Three Months Ended Six Months Ended June 30, June 30, Details about accumulated other comprehensive income components 2026 2025 2026 2025 Affected line items in the statement of operations Actuarial losses $ 3 $ 3 $ 5 $ 6 Other pension and postretirement 3 3 5 6 Income before taxes and equity in net earnings of …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring and Other The Company recorded restructuring and other items as follows: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Asset sales and impairments, net $ (1) $ 30 $ (1) $ 21 Restructuring 4 9 5 16 Other costs (1) (3) (3) Asbestos 11 11 $ 2 $ 47 $ 4 $ 45 For the three and six months ended June 30, 2025, asset sales and impairments primarily included asset impairment charges related to a plant in China and end line rationalization in the Asia Pacific segment. In addition, in the first quarter of 2025 the Company recognized a gain for a sale of a building in the Transit Packaging segment. For the three and six months ended June 30, 2026 , restructuring primarily included headcount reductions and other exit costs in the Transit Packaging segment. During the second quarter of 2025, the Company recorded an $11 asbestos reserve related to an unfavorable jury verdict in the state of California. See Note I for details. During 2026 , the Company made payments of $7 and had a restructuring accrual of $17, primarily related to previously announced restructuring actions. The Company expects to pay these amounts over the next twelve months. The Company continues to review its cost structure and may record additional restructuring charges in the future. …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue The Company recognized revenue as follows: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue recognized over time $ 2,206 $ 1,778 $ 4,096 $ 3,458 Revenue recognized at a point in time 1,462 1,371 2,831 2,578 Total revenue $ 3,668 $ 3,149 $ 6,927 $ 6,036 See Note R for further disaggregation of the Company's revenue. The Company has applied the practical expedient to exclude disclosure of remaining performance obligations as its binding orders typically have a term of one year or less. Contract assets are typically recognized for work in process related to the Company's three-piece printed products and equipment businesses. Contract assets and liabilities are reported in a net position on a contract-by-contract basis. The Company had net contract assets of $36 and $30 as of June 30, 2026 and December 31, 2025, respectively, included in prepaid and other current assets. During the six months ended June 30, 2026, the Company satisfied performance obligations related to contract assets at December 31, 2025 and also recorded new contract assets primarily related to work in process for the equipment businesses.

RevenueFromContractWithCustomerTextBlock

Segment Information The Company evaluates performance and allocates resources based on segment income, which is not a defined term under GAAP. The Company defines segment income as income from operations adjusted to exclude intangibles amortization charges, provisions for restructuring and other and the impact of fair value adjustments related to inventory acquired in an acquisition. Segment income includes cost of products sold, depreciation and general selling and administrative expenses. Segment income should not be considered in isolation or as a substitute for net income prepared in accordance with GAAP and may not be comparable to calculations of similarly titled measures by other companies. The tables below present information about the Company's operating segments. Three Months Ended June 30, 2026 External Intersegment Capital Segment sales sales Depreciation expenditures income Americas Beverage $ 1,699 $ $ 36 $ 19 $ 265 European Beverage 735 16 80 107 Asia Pacific 331 10 4 53 Transit Packaging 537 5 11 6 68 Total reportable segments 3,302 5 73 109 $ 493 Other 366 33 7 7 Corporate and unallocated items 1 Total $ 3,668 $ 38 $ 81 $ 116 Three Months Ended June 30, 2025 External Intersegment Capital Segment sales sales Depreciation expenditures income Americas Beverage $ 1,405 $ $ 33 $ 18 $ 268 European Beverage 635 15 22 97 Asia Pacific 256 11 4 50 Transit Packaging 526 4 10 7 72 Total reportable segments 2,822 4 69 51 $ 487 Other 327 15 6 3 Corporate and unallocated it …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Recent Accounting and Reporting Pronouncements Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board (""FASB"") issued a final standard on disaggregation of income statement expenses. The standard requires disclosure of more detailed information about certain costs and expenses in the notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027. Early adoption is permitted. The standard is applied prospectively with an option for retrospective adoption. The Company is currently evaluating the impact that the new guidance will have on its disclosures. In September 2025, the FASB issued guidance to clarify and modernize the accounting for costs related to internal-use software. The guidance eliminates references to various stages of a software development project and clarifies the threshold to apply to begin capitalizing costs. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. The guidance is applied on a prospective basis with the option to apply the standard retrospectively or using a modified transition approach. Early adoption is permitted. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements. In November 2025, the FASB issued a final standard on improvements to hedge accounting, which …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Capital Stock On July 25, 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027. Share repurchases under the Company's program may be made in the open market or through privately negotiated transactions, and at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The Company repurchased $517 of its shares during the six months ended June 30, 2026. For the three months and six months ended June 30, 2026 and 2025, the Company declared and paid cash dividends of $0.35 per share and $0.70 per share and $0.26 and $0.52 per share, respectively. Additionally, on July 23, 2026, the Company's Board of Directors declared a dividend of $0.35 per share payable on August 20, 2026 to shareholders of record as of August 6, 2026.

StockholdersEquityNoteDisclosureTextBlock