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Financial Information for Subsidiary Guarantors and Non-Guarantors

6 Months Ended

Jun. 30, 2012

Financial Information for Subsidiary Guarantors and Non-Guarantors

Financial Information for Subsidiary Guarantors and Non-Guarantors

15. 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 senior debentures (the “Parent”); (2) the two subsidiaries which have guaranteed the senior 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.

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 intercompany balances and transactions.

		June 30, 2012
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Accounts receivable		$	—		$	—		$	1,173		$	—		$	1,173
Inventories								1,223						1,223
Other current assets								451						451
Total current assets		—			—			2,847			—			2,847
Investments in and advances to subsidiaries		1,765			1,515						(3,280		)	—
Goodwill								2,023						2,023
Other non-current assets								1,243						1,243
Total other assets		1,765			1,515			3,266			(3,280		)	3,266
Property, plant and equipment, net								2,721						2,721
Total assets		$	1,765		$	1,515		$	8,834		$	(3,280	)	$	8,834
Current liabilities :
Accounts payable and accrued liabilities		$	—		$	—		$	1,497		$	—		$	1,497
Current portion of asbestos liability		165												165
Short-term loans and long-term debt due within one year								452						452
Total current liabilities		165			—			1,949			—			2,114
Long-term debt		250						3,567			(250		)	3,567
Asbestos-related liabilities		248												248
Other non-current liabilities								1,661						1,661
Total share owners’ equity of the Company		1,102			1,515			1,515			(3,030		)	1,102
Noncontrolling interests								142						142
Total liabilities and share owners’ equity		$	1,765		$	1,515		$	8,834		$	(3,280	)	$	8,834

		December 31, 2011
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Accounts receivable		$	—		$	—		$	1,158		$	—		$	1,158
Inventories								1,061						1,061
Other current assets								524						524
Total current assets		—			—			2,743			—			2,743
Investments in and advances to subsidiaries		1,609			1,359						(2,968		)	—
Goodwill								2,082						2,082
Other non-current assets								1,273						1,273
Total other assets		1,609			1,359			3,355			(2,968		)	3,355
Property, plant and equipment, net								2,877						2,877
Total assets		$	1,609		$	1,359		$	8,975		$	(2,968	)	$	8,975
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		888			1,359			1,359			(2,718		)	888
Noncontrolling interests								153						153
Total liabilities and share owners’ equity		$	1,609		$	1,359		$	8,975		$	(2,968	)	$	8,975

		June 30, 2011
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Accounts receivable		$	—		$	—		$	1,322		$	—		$	1,322
Inventories								1,114						1,114
Other current assets								364						364
Total current assets		—			—			2,800			—			2,800
Investments in and advances to subsidiaries		2,840			2,590						(5,430		)	—
Goodwill								2,957						2,957
Other non-current assets								1,260						1,260
Total other assets		2,840			2,590			4,217			(5,430		)	4,217
Property, plant and equipment, net								3,176						3,176
Total assets		$	2,840		$	2,590		$	10,193		$	(5,430	)	$	10,193
Current liabilities :
Accounts payable and accrued liabilities		$	—		$	—		$	1,651		$	—		$	1,651
Current portion of asbestos liability		170												170
Short-term loans and long-term debt due within one year								371						371
Total current liabilities		170			—			2,022			—			2,192
Long-term debt		250						3,969			(250		)	3,969
Asbestos-related liabilities		238												238
Other non-current liabilities								1,455						1,455
Total share owners’ equity of the Company		2,182			2,590			2,590			(5,180		)	2,182
Noncontrolling interests								157						157
Total liabilities and share owners’ equity		$	2,840		$	2,590		$	10,193		$	(5,430	)	$	10,193

		Three months ended June 30, 2012
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	1,766		$	—		$	1,766
Manufacturing, shipping and delivery								(1,390		)				(1,390		)
Gross profit		—			—			376			—			376
Research, engineering, selling, administrative, and other								(164		)				(164		)
Net intercompany interest		5						(5		)				—
Interest expense		(5		)				(57		)				(62		)
Interest income								2						2
Equity earnings from subsidiaries		133			133						(266		)	—
Other equity earnings								18						18
Other income								9						9
Earnings before income taxes		133			133			179			(266		)	179
Provision for income taxes								(41		)				(41		)
Earnings from continuing operations		133			133			138			(266		)	138
Loss from discontinued operations								(1		)				(1		)
Net earnings		133			133			137			(266		)	137
Net earnings attributable to noncontrolling interests								(4		)				(4		)
Net earnings attributable to the Company		$	133		$	133		$	133		$	(266	)	$	133

		Three months ended June 30, 2012
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	133		$	133		$	137		$	(266	)	$	137
Other comprehensive income (loss)		(168		)	(168		)	(196		)	361			(171		)
Total comprehensive income (loss)		(35		)	(35		)	(59		)	95			(34		)
Comprehensive income attributable to noncontrolling interests								(1		)				(1		)
Comprehensive income (loss) attributable to the Company		$	(35	)	$	(35	)	$	(60	)	$	95		$	(35	)

		Three months ended June 30, 2011
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	1,959		$	—		$	1,959
Manufacturing, shipping, and delivery								(1,604		)				(1,604		)
Gross profit		—			—			355			—			355
Research, engineering, selling, administrative, and other								(172		)				(172		)
Net intercompany interest		5						(5		)				—
Interest expense		(5		)				(95		)				(100		)
Interest income								3						3
Equity earnings from subsidiaries		73			73						(146		)	—
Other equity earnings								19						19
Other income								5						5
Earnings from continuing operations before income taxes		73			73			110			(146		)	110
Provision for income taxes								(32		)				(32		)
Earnings from continuing operations		73			73			78			(146		)	78
Earnings from discontinued operations								2						2
Net earnings		73			73			80			(146		)	80
Net earnings attributable to noncontrolling interest								(7		)				(7		)
Net earnings attributable to the Company		$	73		$	73		$	73		$	(146	)	$	73

		Three months ended June 30, 2011
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	73		$	73		$	80		$	(146	)	$	80
Other comprehensive income		143			143			126			(264		)	148
Total comprehensive income		216			216			206			(410		)	228
Comprehensive income attributable to noncontrolling interests								(12		)				(12		)
Comprehensive income attributable to the Company		$	216		$	216		$	194		$	(410	)	$	216

		Six months ended June 30, 2012
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	3,505		$	—		$	3,505
Manufacturing, shipping, and delivery								(2,751		)				(2,751		)
Gross profit		—			—			754			—			754
Research, engineering, selling, administrative, and other								(330		)				(330		)
Net intercompany interest		10						(10		)	—			—
Interest expense		(10		)				(116		)				(126		)
Interest income								5			—			5
Equity earnings from subsidiaries		254			254						(508		)	—
Other equity earnings								31						31
Other income								15						15
Earnings from continuing operations before income taxes		254			254			349			(508		)	349
Provision for income taxes								(85		)				(85		)
Earnings from continuing operations		254			254			264			(508		)	264
Loss from discontinued operations								(2		)				(2		)
Net earnings		254			254			262			(508		)	262
Net earnings attributable to noncontrolling interest								(8		)				(8		)
Net earnings attributable to the Company		$	254		$	254		$	254		$	(508	)	$	254

		Six months ended June 30, 2012
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	254		$	254		$	262		$	(508	)	$	262
Other comprehensive income (loss)		(52		)	(52		)	(97		)	153			(48		)
Total comprehensive income		202			202			165			(355		)	214
Comprehensive income attributable to noncontrolling interests								(12		)				(12		)
Comprehensive income attributable to the Company		$	202		$	202		$	153		$	(355	)	$	202

		Six months ended June 30, 2011
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	3,678		$	—		$	3,678
Manufacturing, shipping, and delivery								(2,980		)				(2,980		)
Gross profit		—			—			698			—			698
Research, engineering, selling, administrative, and other								(348		)				(348		)
Net intercompany interest		10						(10		)				—
Interest expense		(10		)				(166		)				(176		)
Interest income								6						6
Equity earnings from subsidiaries		155			155						(310		)	—
Other equity earnings								33						33
Other income								12						12
Earnings from continuing operations before income taxes		155			155			225			(310		)	225
Provision for income taxes								(60		)				(60		)
Earnings from continuing operations		155			155			165			(310		)	165
Earnings from discontinued operations								1						1
Net earnings		155			155			166			(310		)	166
Net earnings attributable to noncontrolling interest								(11		)				(11		)
Net earnings attributable to the Company		$	155		$	155		$	155		$	(310	)	$	155

		Six months ended June 30, 2011
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	155		$	155		$	166		$	(310	)	$	166
Other comprehensive income		234			234			200			(425		)	243
Total comprehensive income		389			389			366			(735		)	409
Comprehensive income attributable to noncontrolling interests								(20		)				(20		)
Comprehensive income attributable to the Company		$	389		$	389		$	346		$	(735	)	$	389

		Six months ended June 30, 2012
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided by (used in) operating activities		$	(58	)	$	—		$	62		$	—		$	4
Cash used in investing activities								(100		)				(100		)
Cash provided by (used in) financing activities		58						(31		)				27
Effect of exchange rate change on cash								5						5
Net change in cash		—			—			(64		)	—			(64		)
Cash at beginning of period								400						400
Cash at end of period		$	—		$	—		$	336		$	—		$	336

		Six months ended June 30, 2011
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided by (used in) operating activities		$	(68	)	$	—		$	162		$	—		$	94
Cash used in investing activities								(300		)				(300		)
Cash provided by (used in) financing activities		68						(256		)				(188		)
Effect of exchange rate change on cash								14						14
Net change in cash		—			—			(380		)	—			(380		)
Cash at beginning of period								640						640
Cash at end of period		$	—		$	—		$	260		$	—		$	260

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.

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