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Financial Information for Subsidiary Guarantors and Non-Guarantors

6 Months Ended

Jun. 30, 2013

Financial Information for Subsidiary Guarantors and Non-Guarantors

Financial Information for Subsidiary Guarantors and Non-Guarantors

16.  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, 2013
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Accounts receivable		$	—		$	—		$	1,159		$	—		$	1,159
Inventories								1,175						1,175
Other current assets								359						359
Total current assets		—			—			2,693			—			2,693
Investments in and advances to subsidiaries		1,696			1,446						(3,142		)	—
Goodwill								2,031						2,031
Other non-current assets								1,086						1,086
Total other assets		1,696			1,446			3,117			(3,142		)	3,117
Property, plant and equipment, net								2,600						2,600
Total assets		$	1,696		$	1,446		$	8,410		$	(3,142	)	$	8,410
Current liabilities :
Accounts payable and accrued liabilities		$	—		$	—		$	1,527		$	—		$	1,527
Current portion of asbestos liability		155												155
Short-term loans and long-term debt due within one year								437						437
Total current liabilities		155			—			1,964			—			2,119
Long-term debt		250						3,336			(250		)	3,336
Asbestos-related liabilities		257												257
Other non-current liabilities								1,504						1,504
Total share owners’ equity of the Company		1,034			1,446			1,446			(2,892		)	1,034
Noncontrolling interests								160						160
Total liabilities and share owners’ equity		$	1,696		$	1,446		$	8,410		$	(3,142	)	$	8,410

		December 31, 2012
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
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

		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

		Three months ended June 30, 2013
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	1,781		$	—		$	1,781
Manufacturing, shipping and delivery								(1,412		)				(1,412		)
Gross profit		—			—			369			—			369
Research, engineering, selling, administrative, and other								(159		)				(159		)
Net intercompany interest		5						(5		)				—
Interest expense		(5		)				(52		)				(57		)
Interest income								1						1
Equity earnings from subsidiaries		132			132						(264		)	—
Other equity earnings								16						16
Other income								7						7
Earnings before income taxes		132			132			177			(264		)	177
Provision for income taxes								(37		)				(37		)
Earnings from continuing operations		132			132			140			(264		)	140
Loss from discontinued operations								(3		)				(3		)
Net earnings		132			132			137			(264		)	137
Net earnings attributable to noncontrolling interests								(5		)				(5		)
Net earnings attributable to the Company		$	132		$	132		$	132		$	(264	)	$	132

		Three months ended June 30, 2013
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	132		$	132		$	137		$	(264	)	$	137
Other comprehensive income (loss)		(74		)	(74		)	(100		)	172			(76		)
Total comprehensive income (loss)		58			58			37			(92		)	61
Comprehensive income attributable to noncontrolling interests								(3		)				(3		)
Comprehensive income (loss) attributable to the Company		$	58		$	58		$	34		$	(92	)	$	58

		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 from continuing operations 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	)

		Six months ended June 30, 2013
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	3,422		$	—		$	3,422
Manufacturing, shipping and delivery								(2,734		)				(2,734		)
Gross profit		—			—			688			—			688
Research, engineering, selling, administrative, and other								(317		)				(317		)
Net intercompany interest		10						(10		)				—
Interest expense		(10		)				(118		)				(128		)
Interest income								4						4
Equity earnings from subsidiaries		201			201						(402		)	—
Other equity earnings								33						33
Other income								14						14
Earnings before income taxes		201			201			294			(402		)	294
Provision for income taxes								(70		)				(70		)
Earnings from continuing operations		201			201			224			(402		)	224
Loss from discontinued operations								(13		)				(13		)
Net earnings		201			201			211			(402		)	211
Net earnings attributable to noncontrolling interests								(10		)				(10		)
Net earnings attributable to the Company		$	201		$	201		$	201		$	(402	)	$	201

		Six months ended June 30, 2013
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	201		$	201		$	211		$	(402	)	$	211
Other comprehensive income (loss)		(53		)	(53		)	(112		)	159			(59		)
Total comprehensive income (loss)		148			148			99			(243		)	152
Comprehensive income attributable to noncontrolling interests								(4		)				(4		)
Comprehensive income attributable to the Company		$	148		$	148		$	95		$	(243	)	$	148

		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 interests								(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 (loss)		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, 2013
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided by (used in) operating activities		$	(49	)	$	—		$	66		$	—		$	17
Cash used in investing activities								(162		)				(162		)
Cash provided by (used in) financing activities		49						(78		)				(29		)
Effect of exchange rate change on cash								(8		)				(8		)
Net change in cash		—			—			(182		)	—			(182		)
Cash at beginning of period								431						431
Cash at end of period		$	—		$	—		$	249		$	—		$	249

		Six months ended June 30, 2012
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash used in operating activities		$	(58	)	$	—		$	62		$	—		$	4
Cash used in investing activities								(100		)				(100		)
Cash provided by 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

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

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