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Financial Information for Subsidiary Guarantors and Non-Guarantors | 12 Months Ended
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Dec. 31, 2011
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Financial Information for Subsidiary Guarantors and Non-Guarantors |
23. Financial Information for Subsidiary Guarantors and Non-Guarantors The following presents condensed consolidating financial information for the Company, segregating: (1) Owens-Illinois, Inc., the issuer of two series of senior notes and debentures (the "Parent"); (2) the two subsidiaries which have guaranteed the senior notes and debentures on a subordinated basis (the "Guarantor Subsidiaries"); and (3) all other subsidiaries (the "Non-Guarantor Subsidiaries"). The Guarantor Subsidiaries are 100% owned direct and indirect subsidiaries of the Company and their guarantees are full, unconditional and joint and several. They have no operations and function only as intermediate holding companies. Wholly-owned subsidiaries are presented on the equity basis of accounting. Certain reclassifications have been made to conform all of the financial information to the financial presentation on a consolidated basis. The principal eliminations relate to investments in subsidiaries and inter-company balances and transactions.
|  | December 31, 2011 |
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Balance Sheet |  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,158 |  | $ | — |  | $ | 1,158 |
Inventories |  |  |  |  |  |  |  |  | 1,012 |  |  |  |  |  | 1,012 |
Other current assets |  |  |  |  |  |  |  |  | 524 |  |  |  |  |  | 524 |
Total current assets |  |  | — |  |  | — |  |  | 2,694 |  |  | — |  |  | 2,694 |
Investments in and advances to subsidiaries |  |  | 1,560 |  |  | 1,310 |  |  |  |  |  | (2,870 | ) |  | — |
Goodwill |  |  |  |  |  |  |  |  | 2,082 |  |  |  |  |  | 2,082 |
Other non-current assets |  |  |  |  |  |  |  |  | 1,273 |  |  |  |  |  | 1,273 |
Total other assets |  |  | 1,560 |  |  | 1,310 |  |  | 3,355 |  |  | (2,870 | ) |  | 3,355 |
Property, plant and equipment, net |  |  |  |  |  |  |  |  | 2,877 |  |  |  |  |  | 2,877 |
Total assets |  | $ | 1,560 |  | $ | 1,310 |  | $ | 8,926 |  | $ | (2,870 | ) | $ | 8,926 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,674 |  | $ | — |  | $ | 1,674 |
Current portion of asbestos liability |  |  | 165 |  |  |  |  |  |  |  |  |  |  |  | 165 |
Short-term loans and long-term debt due within one year |  |  |  |  |  |  |  |  | 406 |  |  |  |  |  | 406 |
Total current liabilities |  |  | 165 |  |  | — |  |  | 2,080 |  |  | — |  |  | 2,245 |
Long-term debt |  |  | 250 |  |  |  |  |  | 3,627 |  |  | (250 | ) |  | 3,627 |
Asbestos-related liabilities |  |  | 306 |  |  |  |  |  |  |  |  |  |  |  | 306 |
Other non-current liabilities |  |  |  |  |  |  |  |  | 1,756 |  |  |  |  |  | 1,756 |
Total share owners' equity of the Company |  |  | 839 |  |  | 1,310 |  |  | 1,310 |  |  | (2,620 | ) |  | 839 |
Noncontrolling interests |  |  |  |  |  |  |  |  | 153 |  |  |  |  |  | 153 |
Total liabilities and share owners' equity |  | $ | 1,560 |  | $ | 1,310 |  | $ | 8,926 |  | $ | (2,870 | ) | $ | 8,926 |
|  | December 31, 2010 |
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Balance Sheet |  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,075 |  | $ | — |  | $ | 1,075 |
Inventories |  |  |  |  |  |  |  |  | 946 |  |  |  |  |  | 946 |
Other current assets |  |  |  |  |  |  |  |  | 717 |  |  |  |  |  | 717 |
Total current assets |  |  | — |  |  | — |  |  | 2,738 |  |  | — |  |  | 2,738 |
Investments in and advances to subsidiaries |  |  | 2,541 |  |  | 2,291 |  |  |  |  |  | (4,832 | ) |  | — |
Goodwill |  |  |  |  |  |  |  |  | 2,821 |  |  |  |  |  | 2,821 |
Other non-current assets |  |  |  |  |  |  |  |  | 1,088 |  |  |  |  |  | 1,088 |
Total other assets |  |  | 2,541 |  |  | 2,291 |  |  | 3,909 |  |  | (4,832 | ) |  | 3,909 |
Property, plant and equipment, net |  |  |  |  |  |  |  |  | 3,107 |  |  |  |  |  | 3,107 |
Total assets |  | $ | 2,541 |  | $ | 2,291 |  | $ | 9,754 |  | $ | (4,832 | ) | $ | 9,754 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,555 |  | $ | — |  | $ | 1,555 |
Current portion of asbestos liability |  |  | 170 |  |  |  |  |  |  |  |  |  |  |  | 170 |
Short-term loans and long-term debt due within one year |  |  |  |  |  |  |  |  | 354 |  |  |  |  |  | 354 |
Total current liabilities |  |  | 170 |  |  | — |  |  | 1,909 |  |  | — |  |  | 2,079 |
Long-term debt |  |  | 250 |  |  |  |  |  | 3,924 |  |  | (250 | ) |  | 3,924 |
Asbestos-related liabilities |  |  | 306 |  |  |  |  |  |  |  |  |  |  |  | 306 |
Other non-current liabilities |  |  |  |  |  |  |  |  | 1,419 |  |  |  |  |  | 1,419 |
Total share owners' equity of the Company |  |  | 1,815 |  |  | 2,291 |  |  | 2,291 |  |  | (4,582 | ) |  | 1,815 |
Noncontrolling interests |  |  |  |  |  |  |  |  | 211 |  |  |  |  |  | 211 |
Total liabilities and share owners' equity |  | $ | 2,541 |  | $ | 2,291 |  | $ | 9,754 |  | $ | (4,832 | ) | $ | 9,754 |
|  | Year ended December 31, 2011 |
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Results of Operations |  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 7,358 |  | $ | — |  | $ | 7,358 |
Manufacturing, shipping, and delivery |  |  |  |  |  |  |  |  | (5,979 | ) |  |  |  |  | (5,979 | )
Gross profit |  |  | — |  |  | — |  |  | 1,379 |  |  | — |  |  | 1,379 |
Research, engineering, selling, administrative, and other |  |  | (165 | ) |  |  |  |  | (1,410 | ) |  |  |  |  | (1,575 | )
External interest expense |  |  | (20 | ) |  |  |  |  | (294 | ) |  |  |  |  | (314 | )
Intercompany interest expense |  |  |  |  |  | (20 | ) |  | (20 | ) |  | 40 |  |  | — |
External interest income |  |  |  |  |  |  |  |  | 11 |  |  |  |  |  | 11 |
Intercompany interest income |  |  | 20 |  |  | 20 |  |  |  |  |  | (40 | ) |  | — |
Equity earnings from subsidiaries |  |  | (345 | ) |  | (345 | ) |  |  |  |  | 690 |  |  | — |
Other equity earnings |  |  |  |  |  |  |  |  | 66 |  |  |  |  |  | 66 |
Other revenue |  |  |  |  |  |  |  |  | 27 |  |  |  |  |  | 27 |
Earnings (loss) before income taxes |  |  | (510 | ) |  | (345 | ) |  | (241 | ) |  | 690 |  |  | (406 | )
Provision for income taxes |  |  |  |  |  |  |  |  | (85 | ) |  |  |  |  | (85 | )
Earnings (loss) from continuing operations |  |  | (510 | ) |  | (345 | ) |  | (326 | ) |  | 690 |  |  | (491 | )
Earnings from discontinued operations |  |  |  |  |  |  |  |  | 1 |  |  | — |  |  | 1 |
Net earnings (loss) |  |  | (510 | ) |  | (345 | ) |  | (325 | ) |  | 690 |  |  | (490 | )
Net earnings attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (20 | ) |  |  |  |  | (20 | )
Net earnings (loss) attributable to the Company |  | $ | (510 | ) | $ | (345 | ) | $ | (345 | ) | $ | 690 |  | $ | (510 | )
|  | Year ended December 31, 2010 |
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Results of Operations |  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 6,633 |  | $ | — |  | $ | 6,633 |
Manufacturing, shipping, and delivery |  |  |  |  |  |  |  |  | (5,283 | ) |  |  |  |  | (5,283 | )
Gross profit |  |  | — |  |  | — |  |  | 1,350 |  |  | — |  |  | 1,350 |
Research, engineering, selling, administrative, and other |  |  | (170 | ) |  |  |  |  | (611 | ) |  |  |  |  | (781 | )
External interest expense |  |  | (21 | ) |  |  |  |  | (228 | ) |  |  |  |  | (249 | )
Intercompany interest expense |  |  |  |  |  | (21 | ) |  | (21 | ) |  | 42 |  |  | — |
External interest income |  |  |  |  |  |  |  |  | 13 |  |  |  |  |  | 13 |
Intercompany interest income |  |  | 21 |  |  | 21 |  |  |  |  |  | (42 | ) |  | — |
Equity earnings from subsidiaries |  |  | 109 |  |  | 109 |  |  |  |  |  | (218 | ) |  | — |
Other equity earnings |  |  |  |  |  |  |  |  | 59 |  |  |  |  |  | 59 |
Other revenue |  |  |  |  |  |  |  |  | 32 |  |  |  |  |  | 32 |
Earnings before income taxes |  |  | (61 | ) |  | 109 |  |  | 594 |  |  | (218 | ) |  | 424 |
Provision for income taxes |  |  | 8 |  |  |  |  |  | (137 | ) |  |  |  |  | (129 | )
Earnings (loss) from continuing operations |  |  | (53 | ) |  | 109 |  |  | 457 |  |  | (218 | ) |  | 295 |
Earnings from discontinued operations |  |  |  |  |  |  |  |  | 31 |  |  | — |  |  | 31 |
Loss on disposal of discontinued operations |  |  | 6 |  |  |  |  |  | (337 | ) |  |  |  |  | (331 | )
Net earnings (loss) |  |  | (47 | ) |  | 109 |  |  | 151 |  |  | (218 | ) |  | (5 | )
Net earnings attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (42 | ) |  |  |  |  | (42 | )
Net earnings (loss) attributable to the Company |  | $ | (47 | ) | $ | 109 |  | $ | 109 |  | $ | (218 | ) | $ | (47 | )
|  | Year ended December 31, 2009 |
--- | --- | --- | ---
Results of Operations |  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 6,652 |  | $ | — |  | $ | 6,652 |
Manufacturing, shipping, and delivery |  |  |  |  |  |  |  |  | (5,317 | ) |  |  |  |  | (5,317 | )
Gross profit |  |  | — |  |  | — |  |  | 1,335 |  |  | — |  |  | 1,335 |
Research, engineering, selling, administrative, and other |  |  | (180 | ) |  |  |  |  | (813 | ) |  |  |  |  | (993 | )
External interest expense |  |  | (39 | ) |  |  |  |  | (183 | ) |  |  |  |  | (222 | )
Intercompany interest expense |  |  |  |  |  | (39 | ) |  | (39 | ) |  | 78 |  |  | — |
External interest income |  |  |  |  |  |  |  |  | 18 |  |  |  |  |  | 18 |
Intercompany interest income |  |  | 39 |  |  | 39 |  |  |  |  |  | (78 | ) |  | — |
Equity earnings from subsidiaries |  |  | 249 |  |  | 249 |  |  |  |  |  | (498 | ) |  | — |
Other equity earnings |  |  |  |  |  |  |  |  | 53 |  |  |  |  |  | 53 |
Other revenue |  |  |  |  |  |  |  |  | 24 |  |  |  |  |  | 24 |
Earnings before income taxes |  |  | 69 |  |  | 249 |  |  | 395 |  |  | (498 | ) |  | 215 |
Provision for income taxes |  |  | 27 |  |  |  |  |  | (110 | ) |  |  |  |  | (83 | )
Earnings from continuing operations |  |  | 96 |  |  | 249 |  |  | 285 |  |  | (498 | ) |  | 132 |
Earnings from discontinued operations |  |  | 66 |  |  | 66 |  |  | 66 |  |  | (132 | ) |  | 66 |
Net earnings |  |  | 162 |  |  | 315 |  |  | 351 |  |  | (630 | ) |  | 198 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (36 | ) |  |  |  |  | (36 | )
Net earnings attributable to the Company |  | $ | 162 |  | $ | 315 |  | $ | 315 |  | $ | (630 | ) | $ | 162 |
|  | Year ended December 31, 2011 |
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Cash Flows |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (utilized in) operating activities |  | $ | (170 | ) | $ | — |  | $ | 673 |  | $ | — |  | $ | 503 |
Cash utilized in investing activities |  |  |  |  |  |  |  |  | (426 | ) |  |  |  |  | (426 | )
Cash provided by (utilized in) financing activities |  |  | 170 |  |  |  |  |  | (493 | ) |  |  |  |  | (323 | )
Effect of exchange rate change on cash |  |  |  |  |  |  |  |  | 6 |  |  |  |  |  | 6 |
Net change in cash |  |  | — |  |  | — |  |  | (240 | ) |  | — |  |  | (240 | )
Cash at beginning of period |  |  |  |  |  |  |  |  | 640 |  |  |  |  |  | 640 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 400 |  | $ | — |  | $ | 400 |
|  | Year ended December 31, 2010 |
--- | --- | --- | ---
Cash Flows |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (utilized in) operating activities |  | $ | (179 | ) | $ | — |  | $ | 771 |  | $ | — |  | $ | 592 |
Cash utilized in investing activities |  |  |  |  |  |  |  |  | (1,314 | ) |  |  |  |  | (1,314 | )
Cash provided by financing activities |  |  | 179 |  |  |  |  |  | 368 |  |  |  |  |  | 547 |
Effect of exchange rate change on cash |  |  |  |  |  |  |  |  | 3 |  |  |  |  |  | 3 |
Net change in cash |  |  | — |  |  | — |  |  | (172 | ) |  | — |  |  | (172 | )
Cash at beginning of period |  |  |  |  |  |  |  |  | 812 |  |  |  |  |  | 812 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 640 |  | $ | — |  | $ | 640 |
|  | Year ended December 31, 2009 |
--- | --- | --- | ---
Cash Flows |  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (utilized in) operating activities |  | $ | (190 | ) | $ | — |  | $ | 990 |  | $ | — |  | $ | 800 |
Cash utilized in investing activities |  |  |  |  |  |  |  |  | (418 | ) |  |  |  |  | (418 | )
Cash provided by (utilized in) financing activities |  |  | 190 |  |  |  |  |  | (76 | ) |  |  |  |  | 114 |
Effect of exchange rate change on cash |  |  |  |  |  |  |  |  | (64 | ) |  |  |  |  | (64 | )
Net change in cash |  |  | — |  |  | — |  |  | 432 |  |  | — |  |  | 432 |
Cash at beginning of period |  |  |  |  |  |  |  |  | 380 |  |  |  |  |  | 380 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 812 |  | $ | — |  | $ | 812 |

X
- Definition This element represents the disclosure of the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions. + References No definition available. + Details
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