FIRST QUARTER 2021 EARNINGSAPRIL 29, 2021

SAFE HARBOR COMMENTSFORWARD-LOOKING STATEMENTS

This presentation 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 the time, andthus involve uncertainty and risk. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and thenegatives 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 to a variety of factors including, but not limited to the following: (1) the risk that the proposedplan of reorganization 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 anddecisions of participants in the bankruptcy proceeding, and the actions and decisions of third parties, including regulators, that may have an interest in the bankruptcy proceedings, (3) theterms and conditions of 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 tofactors beyond the company’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) thecompany’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 capitalmanagement, achieving cost savings, and remaining well-positioned to address Paddock’s legacy liabilities, (10) the company’s ability to acquire or divest businesses, acquire and expand plants,
integrate operations of acquired businesses and achieve expected benefits from acquisitions, divestitures or expansions, (11) the company’s ability to achieve its strategic plan, (12) thecompany’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 and the ability of the company to refinance debt on favorable terms, (15) the general political, economic and competitive conditions in markets andcountries where the company has operations, including uncertainties related to Brexit, economic and social conditions, disruptions in the supply chain, competitive pricing pressures, inflation
or deflation, changes in tax rates and laws, 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 andcustomers, (20) unanticipated expenditures with respect 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 orcommit additional capital to the joint venture, (24) the ability 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 this document 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 anduncertainties affecting the company’s results or operations and financial condition, the company does not assume any obligation to update or supplement any particular forward-looking
statements contained in this document.

OV E RV I EW
RESULTS CONSISTENT WITH GUIDANCE DESPITE SEVERE WEATHER• 1Q21 aEPS1 was $0.35 compared to original guidance of $0.32 – $0.37

FAVORABLE UNDERLYING PERFORMANCE ACROSS BUSINESS LEVERS• Benefit of higher price offset cost inflation excluding weather related energy surcharges• 1Q21 shipments in-line with PY (up 1.5% excluding impact of severe weather affecting U.S. / Mexico)• Continued strong operating performance and positive impact of margin expansion initiatives• Cash flow favorable to historic trends reflects strong working capital management• Preference for glass as the healthy, premium and sustainable option for Food and Beverage

ADVANCING BOLD PLAN TO CHANGE O-I’S BUSINESS FUNDAMENTALS• Step change in ability to consistently perform and deliver on commitments• Successfully advancing breakthrough innovations like MAGMA to revolutionize glass• Removing historic asbestos liability constraints through Paddock’s agreement in principle for aconsensual plan of reorganization3• At an inflection with increased stability and agility enabling a new period of prosperity for O-I

STRATEGY IMPROVING BUSINESS OUTLOOK• 2Q21 aEPS expected to be $0.45 – $0.50 versus $0.01 in prior year
• Reiterate FY21 guidance: $1.55 - $1.75 aEPS; ~ $240M FCF3

3

1 Adjusted EPS excludes items management does not consider representative of ongoing operations. See the appendix for further disclosure.
2 On April 26, 2021, O-I announced that its subsidiary, Paddock Enterprises, LLC had 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 atrust on the effective date of a plan of reorganization, subject to definitive documentation and satisfaction of certain conditions.
3 Management defines free cash flow as cash provided by continuing operating activities less cash paid for property, plant and equipment (all components asdetermined in accordance with GAAP). See the appendix for further disclosure

S H I P ME N TS S TAB I LIZ E AC RO S S AL L G E O G RAPHIE SEXPECTED VOLUME GROWTH: ≥ 15% 1Q21; 3% – 4% FY21
O-I SHIPMENT TRENDS (VS PY)
5%

EST. FOOD & BEV CONSUMPTIONTRENDS BY CHANNEL
150

Pandemic
disruption

125

-5%
-10%

O-I and Americas up~1.5% excluding
impact of severe
weather

-15%
-20%
1Q20

2Q20

3Q20
O-I

4Q20

AM

Note: Volumes are on a year over year and same structure basis excluding ANZ.

4

1Q21

Consumption Index

0%

100

111
100

103

100

108

75
51

50
25
0
Pre-PandemicEU

Pandemic
RetailSource: Barclays

On Premise

Post-Pandemic

A DVA N C I N G B O L D P L A N TO C H A N G E B U S I N E S S F U N DA M E N TA L S

ENABLING A NEW PERIOD OF PROSPERITY
2021 PRIORITIES

1Q21 HIGHLIGHTS❶ MARGIN EXPANSION – STRONG OPERATING PERFORMANCE AND COST EFFICIENCIES$50M gross initiative benefits$35M benefits YTD, accelerated activity given severe weather

Improve performance in North America

Quick response to severe weather illustrates improved agility❷ REVOLUTIONIZE GLASS – CREATE A NEW BUSINESS MODEL FOR GLASS PACKAGING
Validate MAGMA Gen 1 in Germany

Successful start-up of Holzminden MAGMA line

Glass advocacy campaign

Approximately 110 million impressions on digital marketing campaign

Reposition ESG

Expanded initiatives, doubled goals, 2021 Sustainability report Q3❸ OPTIMIZE STRUCTURE – REBALANCE BUSINESS PORTFOLIO AND IMPROVE BALANCE SHEETAdvance O-I’s $1.15B divestiture program$900M completed to-date; additional $50M land sales in advanced stages

Evaluate expansion opportunities

Announced $75M investment in Andean funded by additional divestitures

Increase cash flow and reduce debt

Favorable YTD FCF compared to historic trends; favorable working capital

Further efforts for a simple, agile organization

Entered a strategic partnership for managed services

Advance Paddock Enterprises, LLC Chapter 11 524(g) case

Agreement in principle reached for Paddock’s consensual plan of reorganization1

5

1.

On April 26, 2021, O-I announced that its subsidiary Paddock Enterprises, LLC had 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 of reorganization, subject to definitive documentation and satisfaction of certain conditions.

G L AS S : T H E WO R L D’S M O S T S US TAI N ABLE PAC K AG E
CONSUMERS VIEW GLASS AS HIGHLY SUSTAINABLE
SURVEY OF CONSUMER VIEWS ON
SUSTAINABILITY OF PACKAGING SUBSTRATESIn a world where SUSTAINABILITY is more important than ever,
we are proud to make an inherently SUSTAINABLE product.
• Made from four basic, natural, inert ingredients• Does not impact the product’s taste or integrity• Only food contact material ‘Generally Recognized as Safe’ by U.S. Food and Drug
Administration• 100% percent recyclable – endlessly – into new food-safe glass packaging• Very circular – majority of containers recycled into new containers• Reusable and refillable up to 25x• Won’t harm the earth or oceans

6
Source: McKinsey and Company “Sustainability in packaging: Inside the minds of global consumers”(2020)

1 Q 2 1 R E S ULT SEARNINGS IN LINE WITH ORIGINAL GUIDANCE

1Q21 aEPS WAS $0.35 VS. $0.41 IN PY AND $0.32 – $0.37 GUIDANCE• At mid-point of guidance range• Benefit of margin expansion initiatives substantially offset impact of severe weather in U.S./MX

SEGMENT OPERATING PROFIT IN LINE WITH PY DESPITE WEATHER• Est. $40M impact from severe weather‒ Energy surcharge cost inflation ($20M), lower sales vol ($8M) and lower production vol ($12M)• $35M benefit from margin expansion initiatives; accelerated given weather issues• Cost inflation exceeded higher selling prices due to weather related energy surcharges• Sales volume flat (up ~ 1.5% vs. PY excluding impact of severe weather)• Good operating performance‒ Margin expansion initiatives (Factory Performance and Cost Transformation)‒ Short term measures to help mitigate weather impact‒ Lower production volume due to severe weather

NON-OPERATING ITEMS• Slightly higher retained corporate cost: Additional R&D mostly offset by cost reduction• Adjusted effective tax rate5: ~29% 1Q21 actual, ~27% 1Q20 actual, ~30% 1Q21 guidance

7

SEGMENTOPERATING
PROFIT1 ($M)
1Q20 AS REPORTED

aEPS

$176

$0.41

FX2

10

0.00

Divestitures (primarily ANZ3)(12)(0.05)SUBTOTAL

$174

$0.36

Net price4 (incl. cost inflation)(20)(0.09)

Volume and mix (incl. acquisitions)

2

0.01

Operating costs (excl. cost inflation)

19

0.09

Retained corporate costs—(0.01)Net interest expense / NCI

—

0.00

Change in tax rate5—(0.01)

Share count

—

0.00

$175

$0.35

1Q21 RESULTS

1 Segment operating profit is defined as 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 and theCompany’s global equipment business. See the appendix for further disclosure.
2 Foreign currency effect determined by using 2021 foreign currency exchange rates to translate 2020
local currency results.
3 Divestitures include Argentina and ANZ.
4 Net price represents the net impact of movement in selling prices and cost inflation.
5 Adjusted effective tax rate exclude certain items that management considers not representative of
ongoing operations.

1Q21 SEGMENT REVIEWHIGHER PROFITS IN EUROPE WHILE AMERIC AS IMPACTED BY SEVERE WEATHERAMERICASSEGMENTOPERATING
PROFIT($M)

COMMENTSEUROPE
SEGMENTOPERATING
PROFIT

COMMENTSASIA PACIFIC1
SEGMENTOPERATING
PROFIT

COMMENTS

1Q20

$103

$61

$12

FX

4

6

—

Divestitures

—

—

(12)

SUBTOTAL

$107

$67

$0

▼
Net price(incl. cost inflation)(17)

Volume and mix(incl. acquisitions)(1)

Operating costs(excl. cost inflation)

11

Est. $20M energy surcharge(weather)▲ Constructive priceenvironment• Revenue Optimization▼

Sales volume down 1.3%
(up 1.5% excl. weather)▲

Margin expansion initiatives• Factory Performance• Cost Transformation
Short term measures tomitigate weather impact
Impact of severe weather

▲
▼

1Q21

8

$100

(3)

3

8

▼
▲

Moderate inflation
Constructive priceenvironment• Revenue Optimization—▲

Sales volume up 2.0%—▲

Margin expansion initiatives• Factory Performance• Cost Transformation$75

1 Following the sale of ANZ on July 31, 2020, the remaining businesses in the Asia Pacific region do not meet the criteria of an individually reportable segment.
Therefore, the results for the company’s remaining Asia businesses will be included in retained corporate and other costs following that date.

—

$0

▼

ANZ sale2 0 2 1 F C F A N D C A P I TA L S T RU C T U R E

FY21 FCF1 AND NET DEBT2FAVORABLE TO PY

HIGHER FCF AND LOWER NET DEBTFCF Progression

GUIDING PRINCIPLE

800

PROGRESS

400

Maximize Free Cash Flow1
1Q21 FCF ($149)M vs ($435)M in PY
1Q21 IDS 11 days below PY

(149)
(435)

(800)
1Q

1Q21 committed liquidity ~ $2.1B(716)

1Q21 Net Debt ~ $900M below 1Q20
1Q21 BCA leverage ratio4 well below covenant
Final ANZ proceeds received ($58M in 1Q21)

3Q

1 Management defines free cash flow as cash provided by continuing operating activities less cash paid for property, plant andequipment (all components as determined in accordance with GAAP). See the appendix for further disclosure.
2 Net Debt is defined as Total Debt less Cash. See appendix for further disclosure.
3 2021 targets exclude any potential impact of Paddock 524(g) funding in the event reorganization is completed prior to FYE21
4 BCA leverage ratio is defined as Net Debt divided by EBITDA, after credit agreement adjustments.

2019

6.5
6.0

6.0
($B)

Agreement in principle for a consensual plan ofreorganization;$610M mill total consideration to fund a section
524(g) trust on effective date of a confirmed plan ofreorganization

2020

4Q

Net Debt Progression

5.5 5.6

5.5
5.0

5.6

5.4

5.0
4.8

4.6

4.6

4.5
4.0
1Q

9

2Q
2021

De-Risk Legacy Liabilities
Advance Paddock Chapter 11 524(g) case

264

(179)

Reduce Net Debt2
FYE21 Net Debt < $4.4B3
FYE21 BCA leverage ratio “high 3s”3Divestitures for further deleveraging

316

0

(400)

Preserve Strong Liquidity
Liquidity ≥ $1.25B across 2021

205

112

($M)

FY21 FCF ~ $240M (20-25% conversion)
DSO/DPO/IDS flat or fav with PY

561

2Q

2021

3Q

2020

2019

4Q

2 0 2 1 BUS I N E S S O UT L O O K
IMPROVING OUTLOOK AS MARKETS STABILIZE AND RECOVER
2Q21 EARNINGS OUTLOOK(aEPS)
2Q21 GUIDANCE: $0.45 – $0.50 aEPS COMPARED TO $0.01 IN PY• Prior year results reflected significant disruption due to the onset of the pandemic• Higher selling prices should mostly offset inflation which is beginning to normalize• Expect improved volumes: sales volume up ≥ 15%; production up ≥ 20%• Continued solid operating performance but prior period temporary benefits don’t repeat

2Q
2Q20 AS REPORTED

$0.01

FX1

$0.00

Divestitures2($0.01)SUBTOTAL$0.00

REITERATE FY21 GUIDANCE: $1.55 – $1.75 aEPS AND ~ $240M FCF

Net price3►• Reiterate despite 1Q21 headwinds including severe weather• 20-25% FCF conversion

Volume and mix▲

Vol up ≥ 15%

Operating costs▲

Production up ≥ 20%
Prior period benefits don’t repeat

Retained corp costs▼

R&D, Incentives

Net interest exp / NCI►

Change in tax rate4►

Share count►2021 INVESTOR DAY EXPECTED MID-SEPTEMBER• Updated strategy• MAGMA value analysis and initial deployment approach• Share company targets and milestones(incl. cost inflation)(incl. acquisitions)(excl. cost inflation)

2Q21 GUIDANCE

10

1. Foreign currency effect determined by using March 31, 2021, foreign currency exchange rates to translate 2020 local currency results.
2. Divestiture of ANZ and Argentina, net of lower interest expense due to debt reduction. Excludes factoring impact.
3. Net price represents the net impact of movement in selling prices and cost inflation.
4. Adjusted effective tax rate exclude certain items that management considers not representative of ongoing operations.

~ 30% tax rate

$0.45 – $0.50

C O N CLUS ION

1Q21 results in line with guidance despite weather issues
Fav underlying performance across all business levers
Advancing bold plan to change O-I’s business fundamentals
Improving business outlook and volume growth

11

FINANCIAL APPENDIX

1 Q 2 1 S E G M E N T F X I M PACT O N E AR N I N GS

APPROXIMATE ANNUAL IMPACT ON
EPS FROM 10% FX CHANGE
EUR
MXN
BRL
COP

13

0.09
0.03
0.03
0.01

FX RATES AT KEY POINTS
Apr 27st
AVG
2021
1Q21
EUR
1.21
1.20
MXN
20.04
20.64
BRL
5.45
5.58
COP
3,716
3,627

Avg
2020
1.15
21.56
5.21
3,715

Avg
2Q20
1.11
22.98
5.38
3,791

N O N - GAAP F I N AN CIAL M E AS UR E S
The company uses certain non-GAAP financial measures, which are measures of its historical or future financial performance that are notcalculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. Management believes that its presentation anduse of certain non-GAAP financial measures, including adjusted earnings, adjusted earnings per share, segment operating profit, net debt, free
cash flow, adjusted EBITDA, adjusted EBITDA to free cash flow conversion, adjusted interest expense and adjusted effective tax rate provide
relevant and useful supplemental financial information, that is widely used by analysts and investors, as well as by management in assessing bothconsolidated and business unit performance. These non-GAAP measures are reconciled to the most directly comparable GAAP measures andshould 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 the company, 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 from continuing operations before interest expense, net, and before income taxes and is also exclusive of
items management considers not representative of ongoing operations as well as certain retained corporate costs. Management uses adjusted
earnings, adjusted earnings per share, and segment 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 reflectiveof such operations. Adjusted earnings, adjusted earnings per share, and segment operating profit may be useful to investors in evaluating theunderlying operating performance of the company’s business as these measures eliminate items that are not reflective of its principal businessactivity.
Net debt is defined as total debt less cash. Management uses net debt to analyze the liquidity of the company.
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 to evaluate its period-over-period cash generation performance because it believes this has
provided a useful supplemental measure related to its principal business activity. Adjusted EBITDA relates to net earnings from continuing
operations attributable to the company, less interest, taxes, depreciation and amortization as well as 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. Free cash flow to adjusted EBITDA conversion may be useful to investors to assist in understanding the comparability 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 fordiscretionary expenditures, since the company has mandatory debt service requirements and other non-discretionary expenditures that are notdeducted from the measure. Management uses non-GAAP information principally for internal reporting, forecasting, budgeting and calculatingcompensation payments.
The Company routinely posts important information on its website at o-i.com/investors.

14

R E C O N C I L I AT I O N TO E A R N I N G S B E F O R E I N C O M E TA X E S
Three months ended
March 312021
2020

Unaudited
Net sales:
Americas
EuropeAsia Pacific
Reportable segment totals

$

Other
Net sales
Segment operating profit

$
(a)

837
639
1,476
24
1,500

$

$

831
576
123
1,530
31
1,561

:

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

(a)

(b)

:

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 orother related costs of capital. 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.

15(b)

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

S E G M E N T R E C O N CILIAT IONS
1Q PRICE,VOLUME AND CURRENCY IMPACT ON REPORTABLE SEGMENT SALES
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

$

$

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)
$

1Q PRICE, SALES VOLUME, OPERATING COSTS AND CURRENCY IMPACT ON REPORTABLE
SEGMENT OPERATING PROFIT
Segment operating profit - 1Q20(a)
Effects of changing foreign currency rates
Net price (net of cost inflation)
Sales volume & mix
Operating costs
Divestitures
Total reconciling items
Segment operating profit - 1Q21

16

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

$

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

Total

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

R E C O N C I L I AT I O N F O R N E T D E B T

Total debt
Cash and cash equivalents
Net Debt

17

March 31,2021

March 31,2020

June 30,
2020

Three Months Ended
Sept 30, Dec 31,
March 31, June 30,
2020
2020
2019
2019

$ 5,348742$ 4,606$$ 6,5071,067$ 5,440$ 5,375606$ 4,769

$

6,398
891
5,507

$ 5,142563$ 4,579$

Sept 30,2019

Dec 31,
2019

5,911 $ 6,331 $ 5,888 $ 5,559
326
371
273
551
$ 5,585 $ 5,960 $ 5,615 $ 5,008

Forecast forYear Ended
Dec 31, 2021
$
$

4,900
500
4,400

E B I T DA AN D F R E E C AS H F L OW R E C O NCILIATIO NSRECONCILIATION TO EBIDTAThe Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measures, EBITDA, for the quarter ending June 30, 2021 and theyear ending December 31, 2021, to its most directly comparable GAAP financial measures, earnings (loss) from operations attributable to the Company because management cannot
reliably predict all of the necessary components of this GAAP financial measure without unreasonable efforts. Earnings (loss) from 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, the Company is unable to provide a reconciliation of EBITDA to earnings (loss) from 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.

RECONCILIATION TO FREE CASH FLOW

Cash provided by (utilized in) operating activities
Cash payments for property, plant and equipment
Free cash flow (non-GAAP)

18

March 31,2021

March 31,
2020

$

$

$

(56)
(93)
(149)

$

June 30,2020(315) $
(120)(435) $

Three Months Ended
Sept 30, Dec 31,
March 31, June 30,
2020
2020
2019
2019

181 $
(69)
112 $

262 $
(57)
205 $

329
(65)
264

$
$

Sept 30,2019(595) $
(67) $(112)(121)(716) $ (179) $Dec 31,
2019

416 $
(100)
316 $

654
(93)
561

Forecast forYear EndedYear Ended
Dec 31,
Dec 31,2020
2019

Dec 31, 2021

$

$

$

457 $
(311)
146 $

408
(426)
(18)

$

615
(375)
240

R E C O N C I L I AT I O N F O R A D J U S T E D E F F E C T I V E TA X R AT E

UnauditedThree Months Ended
March 31, 2021

Three Months Ended
March 31, 2020

Earnings before income taxes (A)Items management considers not representative of ongoing operations
Adjusted Earnings (loss) before income taxes (C)

$

(65)
154
89

$

Benefit (Provision) for income taxes (B)Tax items management considers not representative of ongoing operations
Adjusted benefit (provision) for income taxes (D)

$

(26)
(26)

$

Effective Tax Rate (B)/(A)Adjusted Effective Tax Rate (D)/(C)$$-40.0%
29.2%

$

$

81
14
95
(26)
(26)

32.1%
27.4%

The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted effective tax rate, for the quarter ending June 30, 2021 and the year
ending December 31, 2021, to its most directly comparable GAAP financial measure, provision for income taxes divided by earnings (loss) before income taxes,
because management cannot reliably predict all of the necessary components of these GAAP financial measures without unreasonable efforts.  Earnings (loss)
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 areconciliation of adjusted effective tax rate to earnings (loss) 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.

19

R E C O NCILIATIO N F O R AD J US T E D E AR N I N GS
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 most directlycomparable 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, the Company 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.

20

R E C O NCILIATIO N F O R 2 Q 2 0 AD J US T E D E AR N I N GS

UnauditedThree months
ended
June 30
2020

Earnings (loss) from continuing operations attributable to the Company
Items impacting other expense, net:
Restructuring, asset impairment and other charges
Strategic transaction costs
Pension settlement charges
Items impacting interest expense:
Charges for note repurchase premiums and write-off of finance fees
Items impacting income tax:
Net benefit for income tax on items above

$

(101)

Total adjusting items (non-GAAP)$

102

Adjusted earnings (non-GAAP)

$

1

71
4
8
38
(19)

Diluted average shares (thousands)

156,790

Earnings (loss) per share from continuing operations (diluted)$(0.64)

Adjusted earnings per share (non-GAAP) (a)

$

0.01

(a) For purposes of computing adjusted earnings per share, the diluted average shares (in thousands) are 158,327 for the three months ended June 30, 2020.

21