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Segment Information | 6 Months Ended
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Jun. 30, 2012
Segment Information |
Segment Information |
8. Segment Information The Company has four reportable segments based on its four geographic locations: (1) Europe; (2) North America; (3) South America; (4) Asia Pacific. These four segments are aligned with the Company’s internal approach to managing, reporting, and evaluating performance of its global glass operations. Certain assets and activities not directly related to one of the regions or to glass manufacturing are reported with Retained corporate costs and other. These include licensing, equipment manufacturing, global engineering, and non-glass equity investments. Retained corporate costs and other also includes certain headquarters administrative and facilities costs and certain incentive compensation and other benefit plan costs that are global in nature and are not allocable to the reportable segments. The Company’s measure of profit for its reportable segments is Segment Operating Profit, which consists of consolidated earnings from continuing operations 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’s management uses Segment Operating Profit, in combination with net sales and selected cash flow information, to evaluate performance and to allocate resources. Segment Operating Profit for reportable segments includes an allocation of some corporate expenses based on both a percentage of sales and direct billings based on the costs of specific services provided. In prior periods, pension expense was recorded in each segment related to the pension plans in place in that segment, with the exception of the U.S. pension plans which were recorded in Retained corporate costs and other. Effective January 1, 2012, the Company changed the allocation of pension expense to its reportable segments such that pension expense recorded in each segment relates only to the service cost component of the plans in that segment. The other components of pension expense, including interest cost, expected asset returns and amortization of actuarial losses, are recorded in Retained corporate costs and other. This change in allocation has been applied retrospectively to all periods. Also effective January 1, 2012, the Company elected to change the method of valuing U.S. inventories (see Note 1 for additional information). There is no impact of the change in accounting method for inventory on Segment Operating Profit for the three months ended June 30, 2011. The impact of the change in pension expense allocation is as follows:
|  | As |  | Change in |  |  |
|  | Originally |  | Pension |  | As |
|  | Reported |  | Allocation |  | Adjusted |
Segment Operating Profit: |  |  |  |  |  |  |
Europe |  | $ | 107 |  | $ | 5 |  | $ | 112 |
North America |  | 56 |  | (6 | ) | 50 |
South America |  | 53 |  |  |  | 53 |
Asia Pacific |  | 9 |  |  |  | 9 |
Reportable segment totals |  | 225 |  | (1 | ) | 224 |
Retained corporate costs and other |  | (14 | ) | 1 |  | (13 | )
The impact of the changes in pension expense allocation and accounting method for inventory on Segment Operating Profit for the six months ended June 30, 2011 is as follows:
|  |  |  |  |  | Change in |  |  |
|  | As |  | Change in |  | Accounting |  |  |
|  | Originally |  | Pension |  | Method for |  | As |
|  | Reported |  | Allocation |  | Inventory |  | Adjusted |
Segment Operating Profit: |  |  |  |  |  |  |  |  |
Europe |  | $ | 178 |  | $ | 10 |  | $ | — |  | $ | 188 |
North America |  | 115 |  | (12 | ) | 10 |  | 113 |
South America |  | 98 |  |  |  |  |  | 98 |
Asia Pacific |  | 33 |  |  |  |  |  | 33 |
Reportable segment totals |  | 424 |  | (2 | ) | 10 |  | 432 |
Retained corporate costs and other |  | (27 | ) | 2 |  |  |  | (25 | )
Financial information for the three-month periods ended June 30, 2012 and 2011 regarding the Company’s reportable segments is as follows:
|  | 2012 |  | 2011 |
Net sales: |  |  |  |  |
Europe |  | $ | 731 |  | $ | 887 |
North America |  | 516 |  | 506 |
South America |  | 282 |  | 302 |
Asia Pacific |  | 230 |  | 246 |
Reportable segment totals |  | 1,759 |  | 1,941 |
Other |  | 7 |  | 18 |
Net sales |  | $ | 1,766 |  | $ | 1,959 |
|  | 2012 |  | 2011 |
Segment Operating Profit: |  |  |  |  |
Europe |  | $ | 107 |  | $ | 112 |
North America |  | 96 |  | 50 |
South America |  | 47 |  | 53 |
Asia Pacific |  | 16 |  | 9 |
Reportable segment totals |  | 266 |  | 224 |
Items excluded from Segment Operating Profit: |  |  |  |  |
Retained corporate costs and other |  | (27 | ) | (13 | )
Restructuring |  |  |  | (4 | )
Interest income |  | 2 |  | 3 |
Interest expense |  | (62 | ) | (100 | )
Earnings from continuing operations before income taxes |  | $ | 179 |  | $ | 110 |
Financial information for the six-month periods ended June 30, 2012 and 2011 regarding the Company’s reportable segments is as follows:
|  | 2012 |  | 2011 |
Net sales: |  |  |  |  |
Europe |  | $ | 1,436 |  | $ | 1,585 |
North America |  | 998 |  | 969 |
South America |  | 559 |  | 571 |
Asia Pacific |  | 487 |  | 508 |
Reportable segment totals |  | 3,480 |  | 3,633 |
Other |  | 25 |  | 45 |
Net sales |  | $ | 3,505 |  | $ | 3,678 |
|  | 2012 |  | 2011 |
Segment Operating Profit: |  |  |  |  |
Europe |  | $ | 215 |  | $ | 188 |
North America |  | 174 |  | 113 |
South America |  | 85 |  | 98 |
Asia Pacific |  | 52 |  | 33 |
Reportable segment totals |  | 526 |  | 432 |
Items excluded from Segment Operating Profit: |  |  |  |  |
Retained corporate costs and other |  | (56 | ) | (25 | )
Restructuring |  |  |  | (12 | )
Interest income |  | 5 |  | 6 |
Interest expense |  | (126 | ) | (176 | )
Earnings from continuing operations before income taxes |  | $ | 349 |  | $ | 225 |
Financial information regarding the Company’s total assets is as follows:
|  | June 30, |  | December 31, |  | June 30, |
|  | 2012 |  | 2011 |  | 2011 |
Total assets: |  |  |  |  |  |  |
Europe |  | $ | 3,544 |  | $ | 3,588 |  | $ | 3,954 |
North America |  | 2,055 |  | 2,020 |  | 2,042 |
South America |  | 1,583 |  | 1,682 |  | 1,802 |
Asia Pacific |  | 1,318 |  | 1,379 |  | 2,109 |
Reportable segment totals |  | 8,500 |  | 8,669 |  | 9,907 |
Other |  | 334 |  | 306 |  | 286 |
Consolidated totals |  | $ | 8,834 |  | $ | 8,975 |  | $ | 10,193 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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