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Financial Information for Subsidiary Guarantors and Non-Guarantors

3 Months Ended

Mar. 31, 2013

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.

		March 31, 2013
								Non-
					Guarantor			Guarantor
		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Balance Sheet
Current assets:
Accounts receivable		$	—		$	—		$	1,047		$	—		$	1,047
Inventories								1,178						1,178
Other current assets								458						458
Total current assets		—			—			2,683			—			2,683
Investments in and advances to subsidiaries		1,674			1,424						(3,098		)	—
Goodwill								2,048						2,048
Other non-current assets								1,106						1,106
Total other assets		1,674			1,424			3,154			(3,098		)	3,154
Property, plant and equipment, net								2,680						2,680
Total assets		$	1,674		$	1,424		$	8,517		$	(3,098	)	$	8,517
Current liabilities :
Accounts payable and accrued liabilities		$	—		$	—		$	1,427		$	—		$	1,427
Current portion of asbestos liability		155												155
Short-term loans and long-term debt due within one year								347						347
Total current liabilities		155			—			1,774			—			1,929
Long-term debt		250						3,550			(250		)	3,550
Asbestos-related liabilities		289												289
Other non-current liabilities								1,594						1,594
Total share owners’ equity of the Company		980			1,424			1,424			(2,848		)	980
Noncontrolling interests								175						175
Total liabilities and share owners’ equity		$	1,674		$	1,424		$	8,517		$	(3,098	)	$	8,517

		December 31, 2012
								Non-
					Guarantor			Guarantor
		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Balance Sheet
Current assets:
Accounts receivable		$	—		$	—		$	968		$	—		$	968
Inventories								1,139						1,139
Other current assets								541						541
Total current assets		—			—			2,648			—			2,648
Investments in and advances to subsidiaries		1,592			1,342						(2,934		)	—
Goodwill								2,079						2,079
Other non-current assets								1,102						1,102
Total other assets		1,592			1,342			3,181			(2,934		)	3,181
Property, plant and equipment, net								2,769						2,769
Total assets		$	1,592		$	1,342		$	8,598		$	(2,934	)	$	8,598
Current liabilities :
Accounts payable and accrued liabilities		$	—		$	—		$	1,688		$	—		$	1,688
Current portion of asbestos liability		155												155
Short-term loans and long-term debt due within one year								319						319
Total current liabilities		155			—			2,007			—			2,162
Long-term debt		250						3,454			(250		)	3,454
Asbestos-related liabilities		306												306
Other non-current liabilities								1,621						1,621
Total share owners’ equity of the Company		881			1,342			1,342			(2,684		)	881
Noncontrolling interests								174						174
Total liabilities and share owners’ equity		$	1,592		$	1,342		$	8,598		$	(2,934	)	$	8,598

		March 31, 2012
								Non-
					Guarantor			Guarantor
		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Balance Sheet
Current assets:
Accounts receivable		$	—		$	—		$	1,199		$	—		$	1,199
Inventories								1,237						1,237
Other current assets								429						429
Total current assets		—			—			2,865			—			2,865
Investments in and advances to subsidiaries		1,822			1,572						(3,394		)	—
Goodwill								2,127						2,127
Other non-current assets								1,285						1,285
Total other assets		1,822			1,572			3,412			(3,394		)	3,412
Property, plant and equipment, net								2,884						2,884
Total assets		$	1,822		$	1,572		$	9,161		$	(3,394	)	$	9,161
Current liabilities :
Accounts payable and accrued liabilities		$	—		$	—		$	1,545		$	—		$	1,545
Current portion of asbestos liability		165												165
Short-term loans and long-term debt due within one year								406						406
Total current liabilities		165			—			1,951			—			2,116
Long-term debt		250						3,724			(250		)	3,724
Asbestos-related liabilities		276												276
Other non-current liabilities								1,750						1,750
Total share owners’ equity of the Company		1,131			1,572			1,572			(3,144		)	1,131
Noncontrolling interests								164						164
Total liabilities and share owners’ equity		$	1,822		$	1,572		$	9,161		$	(3,394	)	$	9,161

		Three months ended March 31, 2013
								Non-
					Guarantor			Guarantor
		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Results of Operations
Net sales		$	—		$	—		$	1,641		$	—		$	1,641
Manufacturing, shipping and delivery								(1,322		)				(1,322		)
Gross profit		—			—			319			—			319
Research, engineering, selling, administrative, and other								(158		)				(158		)
Net intercompany interest		5						(5		)				—
Interest expense		(5		)				(66		)				(71		)
Interest income								3						3
Equity earnings from subsidiaries		69			69						(138		)	—
Other equity earnings								17						17
Other income								7						7
Earnings before income taxes		69			69			117			(138		)	117
Provision for income taxes								(33		)				(33		)
Earnings from continuing operations		69			69			84			(138		)	84
Loss from discontinued operations								(10		)				(10		)
Net earnings		69			69			74			(138		)	74
Net earnings attributable to noncontrolling interests								(5		)				(5		)
Net earnings attributable to the Company		$	69		$	69		$	69		$	(138	)	$	69

		Three months ended March 31, 2013
								Non-
					Guarantor			Guarantor
		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Comprehensive Income
Net earnings		$	69		$	69		$	74		$	(138	)	$	74
Other comprehensive income		21			21			(12		)	(13		)	17
Total comprehensive income		90			90			62			(151		)	91
Comprehensive income attributable to noncontrolling interests								(1		)				(1		)
Comprehensive income attributable to the Company		$	90		$	90		$	61		$	(151	)	$	90

		Three months ended March 31, 2012
								Non-
					Guarantor			Guarantor
		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Results of Operations
Net sales		$	—		$	—		$	1,739		$	—		$	1,739
Manufacturing, shipping and delivery								(1,361		)				(1,361		)
Gross profit		—			—			378			—			378
Research, engineering, selling, administrative, and other								(166		)				(166		)
Net intercompany interest		5						(5		)				—
Interest expense		(5		)				(59		)				(64		)
Interest income								3						3
Equity earnings from subsidiaries		121			121						(242		)	—
Other equity earnings								13						13
Other income								6						6
Earnings from continuing operations before income taxes		121			121			170			(242		)	170
Provision for income taxes								(44		)				(44		)
Earnings from continuing operations		121			121			126			(242		)	126
Loss from discontinued operations								(1		)				(1		)
Net earnings		121			121			125			(242		)	125
Net earnings attributable to noncontrolling interests								(4		)				(4		)
Net earnings attributable to the Company		$	121		$	121		$	121		$	(242	)	$	121

		Three months ended March 31, 2012
								Non-
					Guarantor			Guarantor
		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Comprehensive Income
Net earnings		$	121		$	121		$	125		$	(242	)	$	125
Other comprehensive income		116			116			99			(208		)	123
Total comprehensive income		237			237			224			(450		)	248
Comprehensive income attributable to noncontrolling interests								(11		)				(11		)
Comprehensive income attributable to the Company		$	237		$	237		$	213		$	(450	)	$	237

		Three months ended March 31, 2013
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided by (used in) operating activities		$	(17	)	$	—		$	(119	)	$	—		$	(136	)
Cash used in investing activities								(94		)				(94		)
Cash provided by (used in) financing activities		17						142						159
Effect of exchange rate change on cash								(1		)				(1		)
Net change in cash		—			—			(72		)	—			(72		)
Cash at beginning of period								431						431
Cash at end of period		$	—		$	—		$	359		$	—		$	359

		Three months ended March 31, 2012
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash used in operating activities		$	(30	)	$	—		$	(65	)	$	—		$	(95	)
Cash used in investing activities								(67		)				(67		)
Cash provided by financing activities		30						15						45
Effect of exchange rate change on cash								16						16
Net change in cash		—			—			(101		)	—			(101		)
Cash at beginning of period								400						400
Cash at end of period		$	—		$	—		$	299		$	—		$	299

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.

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