FOR IMMEDIATE RELEASE
For more information, contact:
Chris ManuelVice President of Investor Relations
567-336-2600
Chris.Manuel@o-i.com

O-I GLASS REPORTS FIRST QUARTER 2021 RESULTS
Performance was consistent with original guidance despite significant impact of severe weather
PERRYSBURG, Ohio (April 28, 2021) – O-I Glass, Inc. (“O-I”) (NYSE: OI) today reported
financial results for the first quarter ended March 31, 2021.
“O-I’s first quarter business performance was strong and consistent with our original guidance.
This was accomplished despite the significant impact of severe weather that disrupted operationsin Texas, Oklahoma and Mexico. Aside from this temporary event, business trends werefavorable. Excluding the effect of recent divestitures, sales volume was consistent with last year
despite the impact of severe weather and COVID-19 related restrictions. Favorable trends
accelerated as the quarter progressed. Furthermore, continued strong operating performance andthe company’s margin enhancement initiatives offset the impact of severe weather. First quarter
cash flow trends were favorable considering typical business seasonality reflecting our continued
focus on working capital management,” said Andres Lopez, CEO.
“We continue to take bold actions to improve O-I’s business fundamentals. Following a very
successful startup, our first full-scale commercial MAGMA production line is now operational andthe team is conducting the necessary tests to validate this revolutionary technology. In addition,
we recently announced a $75 million investment to further expand a facility in the Andean market
where demand for glass containers exceeds current capacity. Also, as part of its margin
enhancement initiatives, O-I has formed a strategic partnership with Accenture to manage its
global shared service center activity that is expected to increase capability, improve agility andreduce future SG&A costs. Finally, as announced on Monday, our Paddock Enterprises, LLC
subsidiary reached an agreement in principle to accept the terms of a mediator’s proposal
regarding a consensual plan of reorganization under the Bankruptcy Code. The agreement
provides for total consideration of $610 million to fund a trust on the effective date of a plan ofreorganization, subject to definitive documentation and satisfaction of certain conditions. This
represents a major milestone as we seek a fair and final resolution to legacy asbestos-related
liabilities. All of these actions are consistent with our strategy to increase shareholder value.”“I believe the company is at an important inflection point as we advance our bold plan to change
O-I’s business fundamentals. Reflecting our efforts to increase stability and agility, we havedemonstrated a step change in our resilience as well as ability to consistently perform and deliveron our commitments. At the same time, we are removing the constraints of the past including
legacy asbestos liabilities while moving forward with breakthrough innovations like MAGMA. We
expect these and other key strategic actions will usher in a new period of prosperity for O-I,”
concluded Lopez.

1

First Quarter 2021 Results Reported Results: For the first quarter 2021, the company recorded a loss of $0.62 per sharecompared to earnings of $0.32 per share (diluted) in the prior year. The current year loss before
income taxes was $65 million, compared to earnings before income taxes of $81 million in thefirst quarter of 2020. Both periods include items management considers not representative of
ongoing operations. In the first quarter of 2021, this included a $154 million adjustment to thecompany’s Paddock support agreement liability primarily to reflect the subsidiary’s agreementin principle for a consensual plan of reorganization.
 Adjusted Earnings1: Excluding certain items management considers not representative of
ongoing operations, first quarter 2021 adjusted earnings1 were $0.35 per share compared withthe prior year of $0.41 per share. Lower earnings primarily reflected recent divestitures. Current
results were within management’s earnings guidance of $0.32 to $0.37.
 Segment Operating Profit1: First quarter 2021 segment operating profit was $175 million
compared to $176 million in the prior year period. These results were in-line with the prior year
period despite the July 2020 divestiture of the company’s Australia and New Zealand (“ANZ”)
business, which contributed $12 million of segment operating profit in the first quarter of 2020.
Sales volume was stable with prior year levels on a comparable basis, excluding the impact
from recent divestitures. Continued strong operating performance and the benefit of margin
enhancement initiatives offset the significant impact of severe weather.
 Cash Flows: Cash utilized by operating activities was $56 million in first quarter 2021,
compared to a $315 million use of cash in 2020. First quarter 2021 free cash flow1 was a $149
million use of cash compared to a $435 million use of cash in 2020. The first quarter is typicallya use of cash due to the seasonality of the business. The lower use of cash in 2021 primarilyreflected improved working capital management.
 Capital Structure: Total debt was $5.3 billion at March 31, 2021 compared to $6.4 billion atMarch 31, 2020. Net debt1 was $4.6 billion at March 31, 2021 which was down more than $900
million from the prior year. Lower debt levels primarily reflected favorable cash flow and use ofproceeds from divestitures partially offset by unfavorable foreign currency translation.
Committed liquidity approximated $2.1 billion at March 31, 2021.
Net sales were $1.5 billion in the first quarter of 2021 compared to $1.6 billion in the prior year
quarter. Adjusted for divestitures, net sales increased $66 million. Higher average selling prices
contributed $28 million to this increase while favorable mix contributed $10 million. In addition,
foreign currency translation added $35 million of higher sales in the quarter. Finally, revenue fromtechnical services declined $7 million reflecting lower engineering project activity. Shipments intons were essentially flat to the prior year yet the company estimates global shipments increased
1.5 percent excluding the negative effects of severe weather in the U.S. and Mexico.
Segment operating profit was $175 million in the first quarter of 2021 compared to $176 million in
the prior year period.
 Americas: Segment operating profit in the Americas was $100 million compared to $103
million in the first quarter of 2020. Shipments in tons declined 1.3 percent but the company
1

Adjusted earnings per share, free cash flow, segment operating profit, and net debt are each non-GAAP financial
measures. See tables included in this release for reconciliations to the most directly comparable GAAP measures.

2estimates shipments were up 1.5 percent adjusted for the impact of severe weather that
affected Texas, Oklahoma and Mexico. The benefit of higher selling prices was more thanoffset by elevated cost inflation due to estimated energy surcharges related to severe weather.
Benefits from the company’s margin expansion initiatives more than offset the significant
operational impact of severe weather. Results included $4 million of favorable foreign currencytranslation.
 Europe: Segment operating profit in Europe was $75 million compared to $61 million in thefirst quarter 2020. Sales volume increased 2.0 percent while cost inflation slightly outpaced thebenefit of improved prices. Higher segment operating profit primarily reflect the benefit of thecompany’s margin expansion initiatives. Likewise, results included $6 million of favorable
foreign currency translation.
 Asia Pacific: Segment operating profit in Asia Pacific was $0 compared to $12 million in thefirst quarter 2020. Results of the Asia Pacific segment have been recast to reflect only theearnings of the ANZ businesses following the sale of the business unit in July 2020. The sales
and operating results of the other businesses that historically comprised the Asia Pacificsegment and were retained by the company, have been reclassified to Other sales andRetained corporate costs and other, respectively.
Retained corporate and other costs were $35 million compared to $28 million in the prior year
quarter. Higher costs primarily reflected additional R&D investment in MAGMA, marketing
expense for the company’s glass advocacy campaign and the change in value of foreign currency
hedges.
2021 Outlook
Currently, O-I expects second quarter 2021 adjusted earnings will approximate $0.45 to $0.50
per share. This outlook assumes higher selling prices offset cost inflation as well as double-digit
sales and production volume improvement compared to the second quarter 2020, which wassignificantly impacted by disruption from the pandemic.
The company reiterates its full year 2021 guidance of $1.55 to $1.75 adjusted earnings per shareand cash provided by operating activities of approximately $615 million or higher resulting inapproximately $240 million in free cash flow.
Given significant market uncertainty due to the global pandemic, the company’s business outlook
is subject to adjustment, especially if there is a material change in demand trends compared to
expectations. This outlook assumes foreign currency rates as of April 27, 2021, reflects theearnings dilution on the ANZ divestiture and an effective annual tax rate of approximately 30 to
32 percent. This outlook is subject to adjustment if final energy surcharges related to the severe
weather during the first quarter differ significantly from the company’s initial estimates.
Conference Call Scheduled for April 29, 2021

30TU

O-I CEO Andres Lopez and CFO John Haudrich will conduct a conference call to discuss thecompany’s latest results on Thursday, April 29, 2021, at 8:00 a.m. EST. A live webcast of theconference call, including presentation materials, will be available on the O-I website,www.o-i.com/investors, in the Webcasts and Presentations section.
U30T

The conference call also may be accessed by dialing 888-733-1701 (U.S. and Canada) or 706634-4943 (international) by 7:50 a.m. EST, on April 29, 2021. Ask for the O-I conference call. A

3replay of the call will be available on the O-I website, www.o-i.com/investors, for a year following
the call.
30T

Contact:

30T

Sasha Sekpeh, 567-336-5128 – O-I Investor Relations

O-I news releases are available on the O-I website at www.o-i.com.
30T

30T

O-I’s second quarter 2021 earnings conference call is currently scheduled for Wednesday, August
4, 2021, at 8:00 a.m. EST.
About O-I GlassAt O-I Glass, Inc. (NYSE: OI), we love glass and we’re proud to be one of the leading producers
of glass bottles and jars around the globe. Glass is not only beautiful, it’s also pure and completely
recyclable, making it the most sustainable rigid packaging material. Headquartered in Perrysburg,
Ohio (USA), O-I is the preferred partner for many of the world’s leading food and beverage brands.
We innovate in line with customers’ needs to create iconic packaging that builds brands aroundthe world. Led by our diverse team of more than 25,000 people across 72 plants in 20 countries,
O-I achieved revenues of $6.1 billion in 2020. Learn more about us:
o-i.com / Facebook / Twitter / Instagram / LinkedIn
Non-GAAP Financial Measures
The company uses certain non-GAAP financial measures, which are measures of its historical or
future financial performance that are not calculated and presented in accordance with GAAP,
within the meaning of applicable SEC rules. Management believes that its presentation and use
of certain non-GAAP financial measures, including adjusted earnings, adjusted earnings per
share, free cash flow, segment operating profit, net debt, EBITDA and EBITDA to free cash flow
conversion provide relevant and useful supplemental financial information that is widely used byanalysts and investors, as well as by management in assessing both consolidated and business
unit performance. These non-GAAP measures are reconciled to the most directly comparable
GAAP measures and should be considered supplemental in nature and should not be considered
in isolation or be construed as being more important than comparable GAAP measures.
Adjusted earnings relates to net earnings from continuing operations attributable to thecompany, exclusive of items management considers not representative of ongoing operations
because such items are not reflective of the company’s principal business activity, which is glass
container production. Adjusted earnings are divided by weighted average shares outstanding(diluted) to derive adjusted earnings per share. Segment operating profit relates to earnings fromcontinuing operations before interest expense, net, and before income taxes and is also exclusiveof items management considers not representative of ongoing operations as well as certain
retained corporate costs. Management uses adjusted earnings, adjusted earnings per share, andsegment operating profit to evaluate its period-over-period operating performance because it
believes these provide useful supplemental measures of the results of operations of its principal
business activity by excluding items that are not reflective of such operations. Adjusted earnings,
adjusted earnings per share and segment operating profit may be useful to investors in evaluating
the underlying operating performance of the company’s business as these measures eliminate
items that are not reflective of its principal business activity.
Net debt is defined as total debt less cash. Management uses net debt to analyze the liquidity of
the company.

4

Further, free cash flow relates to cash provided by continuing operating activities less cash
payments for property, plant and equipment. Management has historically used free cash flow toevaluate its period-over-period cash generation performance because it believes this has
provided a useful supplemental measure related to its principal business activity. EBITDA isdefined as earnings before interest, taxes, depreciation, and amortization. Free cash flow andfree cash flow to EBITDA conversion may be useful to investors to assist in understanding thecomparability of cash flows generated by the company’s principal business activity. It should not
be inferred that the entire free cash flow amount is available for discretionary expenditures, since
the company has mandatory debt service requirements and other non-discretionary expendituresthat are not deducted from the measure. Management uses non-GAAP information principally
for internal reporting, forecasting, budgeting and calculating compensation payments.
The company routinely posts important information on its website – www.o-i.com/investors.
Forward-Looking Statements
This press release contains “forward-looking” statements related to O-I Glass, Inc. (the“company”) within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) and Section 27A of the Securities Act of 1933. Forward-looking
statements reflect the company’s current expectations and projections about future events at thetime, and thus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,”“could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” andthe negatives of these words and other similar expressions generally identify forward-looking
statements.
It is possible that the company’s future financial performance may differ from expectations due toa variety of factors including, but not limited to the following: (1) the risk that the proposed plan ofreorganization may not be approved by the bankruptcy court or that other conditions necessary
to implement the agreement in principle may not be satisfied, (2) the actions and decisions ofparticipants in the bankruptcy proceeding, and the actions and decisions of third parties, including
regulators, that may have an interest in the bankruptcy proceedings, (3) the terms and conditionsof any reorganization plan that may ultimately be approved by the bankruptcy court, (4) delays in
the confirmation or consummation of a plan of reorganization due to factors beyond thecompany’s and Paddock’s control, (5) risks with respect to the receipt of the consents necessary
to effect the reorganization, (6) risks inherent in, and potentially adverse developments related to,the bankruptcy proceeding, that could adversely affect the company and the company’s liquidity
or results of operations, (7) the impact of the COVID-19 pandemic and the various governmental,
industry and consumer actions related thereto, (8) the company’s ability to obtain the benefits it
anticipates from the corporate modernization, (9) the company’s ability to manage its cost
structure, including its success in implementing restructuring or other plans aimed at improving
the company’s operating efficiency and working capital management, achieving cost savings, andremaining well-positioned to address Paddock’s legacy liabilities, (10) the company’s ability toacquire or divest businesses, acquire and expand plants, integrate operations of acquired
businesses and achieve expected benefits from acquisitions, divestitures or expansions, (11) thecompany’s ability to achieve its strategic plan, (12) the company’s ability to improve its glass
melting technology, known as the MAGMA program, (13) foreign currency fluctuations relative to
the U.S. dollar, (14) changes in capital availability or cost, including interest rate fluctuations andthe ability of the company to refinance debt on favorable terms, (15) the general political,
economic and competitive conditions in markets and countries where the company has
operations, including uncertainties related to Brexit, economic and social conditions, disruptions

5

in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates andlaws, natural disasters, and weather, (16) the company’s ability to generate sufficient future cash
flows to ensure the company’s goodwill is not impaired, (17) consumer preferences for alternative
forms of packaging, (18) cost and availability of raw materials, labor, energy and transportation,(19) consolidation among competitors and customers, (20) unanticipated expenditures withrespect to data privacy, environmental, safety and health laws, (21) unanticipated operational
disruptions, including higher capital spending, (22) the company’s ability to further develop its
sales, marketing and product development capabilities, (23) the failure of the company’s joint
venture partners to meet their obligations or commit additional capital to the joint venture, (24) theability of the company and the third parties on which it relies for information technology system
support to prevent and detect security breaches related to cybersecurity and data privacy, (25)changes in U.S. trade policies, and the other risk factors discussed in the company’s Annual
Report on Form 10-K for the year ended December 31, 2020 and any subsequently filed Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q or the company’s other filings with the
Securities and Exchange Commission.
It is not possible to foresee or identify all such factors. Any forward-looking statements in thisdocument are based on certain assumptions and analyses made by the company in light of its
experience and perception of historical trends, current conditions, expected future developments,and other factors it believes are appropriate in the circumstances. Forward-looking statements
are not a guarantee of future performance and actual results or developments may differ
materially from expectations. While the company continually reviews trends and uncertainties
affecting the company’s results or operations and financial condition, the company does notassume any obligation to update or supplement any particular forward-looking statements
contained in this document.

6

O-I GLASS, INC.
Condensed Consolidated Results of Operations(Dollars in millions, except per share amounts)
Three months ended
March 312021
2020

Unaudited
Net sales
Cost of goods sold

$

1,500
(1,256)$

1,561(1,293)Gross profit

244

268

Selling and administrative expense
Research, development and engineering expense
Interest expense, net
Equity earnings
Other expense, net

(102)
(18)
(51)
18
(156)

(116)
(16)
(53)
15
(17)

Earnings (loss) before income taxes

(65)

81

Provision for income taxes

(26)

(26)

Net earnings (loss)

(91)

55

Net earnings attributable to noncontrolling interests

(6)

(5)

Net earnings (loss) attributable to the Company

$

(97)

$

50

Basic earnings per share:
Net earnings (loss) attributable to the Company
Weighted average shares outstanding (thousands)$(0.62)
157,571$0.32
156,081

Diluted earnings per share:
Net earnings (loss) attributable to the Company
Diluted average shares (thousands)$(0.62)
157,571$0.32
157,684

7

O-I GLASS, INC.
Condensed Consolidated Balance Sheets(Dollars in millions)
Unaudited
AssetsCurrent assets:
Cash and cash equivalents
Trade receivables, net
Inventories
Prepaid expenses and other current assets
Total current assets

March 31,2021$

Property, plant and equipment, net
Goodwill
Intangibles, net
Other assets
Total assets
Liabilities and Share Owners' Equity
Current liabilities:
Accounts payable
Short-term loans and long-term debt due within one year
Other liabilities
Total current liabilities

$

2,791
1,880
310
1,358

563
623
841
270
2,297

March 31,
2020
$

2,907
1,951
325
1,402

891
767
1,047
257
2,962
2,987
1,773
312
1,470

$

8,825

$

8,882

$

9,504

$

998
180
524
1,702

$

1,126
197
575
1,898

$

1,025
283
516
1,824

Long-term debt
Paddock support agreement liability
Other long-term liabilities
Share owners' equity
Total liabilities and share owners' equity

742
714
827
203
2,486

December 31,
2020

5,168
625
1,068
262
$

8,825

4,945
471
1,167
401
$

8,882

6,115
471
1,018
76
$

9,504

8

O-I GLASS, INC.
Condensed Consolidated Cash Flow
(Dollars in millions)Three months ended
March 31

Unaudited
Cash flows from operating activities:
Net earnings (loss)
Non-cash charges
Depreciation and amortization
Pension expense
Charge related to Paddock support agreement liability
Cash payments
Pension contributions
Cash paid for restructuring activities
Change in components of working capital (a)Other, net (b)Cash utilized in operating activities

2021$

Cash flows from investing activities:
Cash payments for property, plant and equipment
Net cash proceeds on disposal of other businesses and misc. assets
Net cash proceeds on sale of ANZ business
Deconsolidation of Paddock
Other
Cash utilized in investing activities
Cash flows from financing activities:
Changes in borrowings, net
Dividends Paid
Issuance of common stock and otherCash provided by financing activities
Effect of exchange rate fluctuations on cash
Change in cash
Cash at beginning of period
Cash at end of period

2020
(91)

$

115
8
154

126
9

(18)
(3)
(229)
8
(56)

(13)
(8)
(461)
(23)
(315)

(93)
4
58

(120)
(47)
2
(165)

(31)
290

$

55

(2)
288
(22)
179
563
742

$

859
(8)
(2)
849
(29)
340
551
891

(a) The Company uses various factoring programs to sell certain receivables to financial institutions as part ofmanaging its cash flows. At March 31, 2021, December 31, 2020 and March 31, 2020, the amount of receivables
sold by the Company was $444 million, $436 million and $429 million, respectively. For the three months ended
March 31, 2021 and 2020, the Company's use of its factoring programs resulted in an increase of $8 million to
cash from operating activities and a $110 million decrease to cash from operating activities, respectively.
(b) Other, net includes other non-cash charges plus other changes in non-current assets and liabilities.

9

O-I GLASS, INC.
Reportable Segment Information and Reconciliation to Earnings Before Income Taxes(Dollars in millions)Three months ended
March 312021
2020

Unaudited
Net sales:
Americas
EuropeAsia Pacific
Reportable segment totals
Other
Net sales

$

$

837
639
1,476
24
1,500

$

$

831
576
123
1,530
31
1,561

Segment operating profit (a):Americas
EuropeAsia Pacific

$

100
75
-

$

103
61
12

Reportable segment totals

175

176

Items excluded from segment operating profit:
Retained corporate costs and otherCharge related to Paddock support agreement liability
Charge for deconsolidation of Paddock

(35)
(154)

(28)

Interest expense, net
Earnings (loss) before income taxes$

Ratio of earnings before income taxes to net sales

(51)
(65)

(14)
$

(53)
81

-4.3%

5.2%

Americas
EuropeAsia Pacific

11.9%
11.7%
-

12.4%
10.6%
9.8%

Reportable segment margin totals

11.9%

11.5%

Segment operating profit margin (b):(a)

Segment operating profit consists of consolidated earnings before interest income, interest expense, and 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 presents information on segment operating profit because management believes that it provides
investors with a measure of operating performance separate from the level of indebtedness or other related costs ofcapital. The most directly comparable GAAP financial measure to segment operating profit is earnings before
income taxes. The Company presents segment operating profit because management uses the measure, in
combination with net sales and selected cash flow information, to evaluate performance and to allocate resources.

(b)

Segment operating profit margin is segment operating profit divided by segment net sales.

10Unaudited

O-I GLASS, INC.
Changes in Net Sales and Segment Operating Profit for Reportable Segments(Dollars in millions)

Americas
Net sales for reportable segments- 1Q20
Effects of changing foreign currency rates (a)PriceSales volume & mix
Divestitures
Total reconciling items
Net sales for reportable segments- 1Q21

Segment operating profit - 1Q20
Effects of changing foreign currency rates (a)Net price (net of cost inflation)
Sales volume & mix
Operating costs
Divestitures
Total reconciling items
Segment operating profit - 1Q21

$

$

$

$

831 $
(13)
26
(3)
(4)
6
837 $

Three months ended March 31
EuropeAsia Pacific
576 $
48
2
13
63
639 $

Total

123 $

1,530
35
28
10
(127)
(54)
1,476

(123)
(123)
$
-

Three months ended March 31
EuropeAsia Pacific
61 $
12 $
6
(3)
3
8
(12)
(3)
14
(12)
100 $
75 $
$

Americas
103 $
4
(17)
(1)
11

Total

176
10
(20)
2
19
(12)
(1)
175

(a) Currency effect on net sales and segment operating profit determined by using 2021 foreign currency exchange rates totranslate 2020 local currency results.

11

O-I GLASS, INC.
Reconciliation for Adjusted Earnings(Dollars in millions, except per share amounts)
The reconciliation below describes the items that management considers not representative of ongoing operations.
UnauditedThree months ended
March 31, 2021
March 31, 2020
Net earnings (loss) attributable to the Company
Items impacting other expense, net:
Charge related to Paddock support agreement liability
Charge for deconsolidation of Paddock
Total adjusting items (non-GAAP)$$

Adjusted earnings (non-GAAP)

$

50

154

$

14
14

57

$

64

154

Diluted average shares (thousands)
Net earnings (loss) attributable to the Company (diluted)
Adjusted earnings per share (non-GAAP) (a)

$

(97)

157,571$$(0.62)
0.35

157,684
$
$

0.32
0.41

(a) For purposes of computing adjusted earnings per share, the diluted average shares (in thousands) are 160,125 for the three months ended March 31, 2021.

The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted earnings and adjusted earnings per share, for the quarter ending June 30, 2021 or year ending December 31, 2021, to its mostdirectly comparable GAAP financial measure, earnings from continuing operations attributable to the Company, because management cannot reliably predict all of the necessary components of this GAAP financial measure without
unreasonable efforts. Earnings from continuing operations attributable to the Company includes several significant items, such as restructuring charges, asset impairment charges, charges for the write-off of finance fees, and the income tax
effect on such items. The decisions and events that typically lead to the recognition of these and other similar items are complex and inherently unpredictable, and the amount recognized for each item can vary significantly. Accordingly, theCompany is unable to provide a reconciliation of adjusted earnings and adjusted earnings per share to earnings from continuing operations attributable to the Company or address the probable significance of the unavailable information, which
could be material to the Company's future financial results.

12Unaudited

Cash provided by (utilized in) continuing operating activities
Cash payments for property, plant and equipment
Free cash flow (non-GAAP)O-I GLASS, INC.
Reconciliation to Free Cash Flow
(Dollars in millions)Three months Ended
March 31, 2021

Three months Ended
March 31, 2020

$

$

(56)
(93)
(149)

$

$

(315)
(120)
(435)

Forecast for Year Ended
December 31, 2021
$
$

615
(375)
240

O-I GLASS, INC.
Reconciliation to Net Debt
Unaudited
Total debt
Cash and cash equivalents
Net Debt

March 31, 2021
$
$

5,348
742
4,606

March 31, 2020
$
$

6,398
891
5,507

O-I GLASS, INC.
Reconciliation to Adjusted Effective Tax Rate
The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted effective tax rate, for the year ending December 31, 2021,
to its most directly comparable GAAP financial measure, provision for income taxes divided by earnings (loss) from continuing operations before income taxes, because
management cannot reliably predict all of the necessary components of these GAAP financial measures without unreasonable efforts.  Earnings (loss) from continuing
operations before income taxes includes several significant items, such as restructuring charges, asset impairment charges, charges for the write-off of finance fees, andthe provision for income taxes would include the income tax effect on such items.  The decisions and events that typically lead to the recognition of these and other similar
items are complex and inherently unpredictable, and the amount recognized for each item can vary significantly. Accordingly, the Company is unable to provide aof adjusted effective tax rate to earnings (loss) from continuing operations before income taxes divided by provision for income taxes or address the probable significanceof the unavailable information, which could be material to the Company's future financial results.

13