v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information 3.  Segment Information
We report our financial results of operations in the following three reportable segments:
i.North America, which includes operations in the U.S., Canada and Mexico.
ii.Europe, the Middle East and Africa (“MEA”) and Asia-Pacific (“APAC”).
iii.Latin America (“LATAM”), which includes operations in Central America and the Caribbean, Argentina, Brazil, Chile, Colombia,
Ecuador and Peru.
Segment profitability is measured based on Adjusted EBITDA, defined as income before income taxes, unallocated corporate costs,
depreciation, depletion and amortization, interest expense, net, pension and other postretirement non-service income (expense), net,
share-based compensation expense, other (expense) income, net, amortization of fair value step up on inventory, transaction and
integration-related expenses associated with the Combination, impairment and restructuring costs and other specific items that
management believes are not indicative of the ongoing operating results of the business.
The chief operating decision maker (“CODM”) uses Adjusted EBITDA for each segment predominantly: to forecast and assess the
performance of the segments, individually and comparatively; to set pricing strategies for the segments; and to make decisions about
the allocation of operating and capital resources to each segment strategically, in the annual budget and in the quarterly forecasting
process. The CODM considers budget, or forecast, -to-actual variances on a quarterly and annual basis for segment Adjusted EBITDA
to inform these decisions.
Significant segment expenses are segment cost of sales and segment selling, general and administrative expenses. Segment cost of
sales primarily includes raw materials, direct labor and plant overhead costs. Segment selling, general and administrative expenses
primarily include compensation and benefits, external professional fees and other operating costs. Both segment cost of sales and
segment selling, general and administrative expenses exclude certain adjustments that management believes are not indicative of the
operating results of the business. 
3.  Segment Information - continued
The following tables show selected financial data for our segments.
Three months ended June 30, 2025
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$4,652
$2,773
$515
$—
$7,940
Add net sales (intersegment)
103
5
3
—
111
Net sales (aggregate)
$4,755
$2,778
$518
$8,051
Less segment expenses:
Segment cost of goods sold
$(3,527)
$(2,072)
$(357)
—
Segment selling, general and administrative expenses
(476)
(334)
(38)
—
$(4,003)
$(2,406)
$(395)
$(6,804)
Segment Adjusted EBITDA
$752
$372
$123
$1,247
Unallocated corporate costs
(34)
Depreciation, depletion and amortization
(613)
Impairment and restructuring costs
(280)
Transaction and integration-related expenses associated with
the Combination
(21)
Interest expense, net
(182)
Pension and other postretirement non-service income, net
7
Share-based compensation expense
(36)
Other expense, net
(18)
Other adjustments
(12)
Income before income taxes
$58
Other adjustments in the table above include losses at closed facilities of $12 million.
Three months ended June 30, 2024
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$437
$2,207
$325
$—
$2,969
Add net sales (intersegment)
1
4
15
—
20
Net sales (aggregate)
$438
$2,211
$340
$2,989
Less segment expenses:
Segment cost of goods sold
$(328)
$(1,597)
$(228)
—
Segment selling, general and administrative expenses
(49)
(252)
(25)
—
$(377)
$(1,849)
$(253)
$(2,479)
Segment Adjusted EBITDA
$61
$362
$87
$510
Unallocated corporate costs
(30)
Depreciation, depletion and amortization
(160)
Transaction and integration-related expenses associated with
the Combination
(60)
Interest expense, net
(33)
Pension and other postretirement non-service expense, net
(29)
Share-based compensation expense
(16)
Other income, net
5
Income before income taxes
$187
3.  Segment Information - continued
Six months ended June 30, 2025
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$9,230
$5,349
$1,017
$15,596
Add net sales (intersegment)
194
11
14
219
Net sales (aggregate)
$9,424
$5,360
$1,031
$15,815
Less segment expenses:
Segment cost of goods sold
$(6,914)
$(3,974)
$(704)
Segment selling, general and administrative expenses
(973)
(625)
(89)
$(7,887)
$(4,599)
$(793)
$(13,279)
Segment Adjusted EBITDA
$1,537
$761
$238
$2,536
Unallocated corporate costs
(71)
Depreciation, depletion and amortization
(1,216)
Impairment and restructuring costs
(295)
Transaction and integration-related expenses associated with
the Combination
(57)
Interest expense, net
(349)
Pension and other postretirement non-service income, net
16
Share-based compensation expense
(79)
Other expense, net
(23)
Other adjustments
(14)
Income before income taxes
$448
Other adjustments in the table above include losses at closed facilities of $14 million.
Six months ended June 30, 2024
North America
Europe, MEA
and APAC
LATAM
Total
Net sales (unaffiliated customers)
$849
$4,397
$653
$5,899
Add net sales (intersegment)
1
8
28
37
Net sales (aggregate)
$850
$4,405
$681
$5,936
Less segment expenses:
Segment cost of goods sold
$(632)
$(3,145)
$(484)
Segment selling, general and administrative expenses
(98)
(513)
(56)
$(730)
$(3,658)
$(540)
$(4,928)
Segment Adjusted EBITDA
$120
$747
$141
$1,008
Unallocated corporate costs
(53)
Depreciation, depletion and amortization
(308)
Transaction and integration-related expenses associated with
the Combination
(83)
Interest expense, net
(58)
Pension and other postretirement non-service expense, net
(39)
Share-based compensation expense
(31)
Other adjustments
18
Income before income taxes
$454
Other adjustments in the table above include a reimbursement of a fine from the Italian Competition Authority of $18 million.
3.  Segment Information - continued
Six months ended June 30,
2025
2024
Capital expenditures:
North America
$580
$58
Europe, MEA and APAC
315
229
LATAM
90
87
Total reportable segments
$985
$374
Corporate
14
11
Total capital expenditures
$999
$385
Total assets by segment were:
June 30,
December 31,
2025
2024
Assets:
North America
$29,133
$29,078
Europe, MEA and APAC
12,448
10,723
LATAM
3,559
3,180
Total reportable segments
$45,140
$42,981
Corporate(1)
606
778
Total assets
$45,746
$43,759
(1) Corporate assets are composed primarily of Property, plant and equipment, net, Deferred tax assets, Recoverable or refundable
income taxes and Cash and cash equivalents.