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Financial Information for Subsidiary Guarantors and Non-Guarantors

12 Months Ended

Dec. 31, 2013

Financial Information for Subsidiary Guarantors and Non-Guarantors

Financial Information for Subsidiary Guarantors and Non-Guarantors

22. 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.

		December 31, 2013
Balance Sheet		Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Current assets:
Accounts receivable		$	—		$	—		$	943		$	—		$	943
Inventories									1,117						1,117
Other current assets									490						490
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total current assets			—			—			2,550			—			2,550
Investments in and advances to subsidiaries			2,154			1,904						(4,058	)		—
Goodwill									2,059						2,059
Other non-current assets									1,178						1,178
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total other assets			2,154			1,904			3,237			(4,058	)		3,237
Property, plant and equipment, net									2,632						2,632
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total assets		$	2,154		$	1,904		$	8,419		$	(4,058	)	$	8,419
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Current liabilities :
Accounts payable and accrued liabilities		$	—		$	—		$	1,782		$	—		$	1,782
Current portion of asbestos liability			150												150
Short-term loans and long-term debt due within one year									322						322
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total current liabilities			150			—			2,104			—			2,254
Long-term debt			250						3,245			(250	)		3,245
Asbestos-related liabilities			298												298
Other non-current liabilities									1,019						1,019
Total share owners' equity of the Company			1,456			1,904			1,904			(3,808	)		1,456
Noncontrolling interests									147						147
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total liabilities and share owners' equity		$	2,154		$	1,904		$	8,419		$	(4,058	)	$	8,419
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		December 31, 2012
Balance Sheet		Parent			Guarantor Subsidiaries			Non-Guarantor 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
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Year ended December 31, 2013
Results of Operations		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	6,967		$	—		$	6,967
Cost of goods sold									(5,636	)					(5,636	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Gross profit			—			—			1,331			—			1,331
Research, engineering, selling, administrative, and other			(145	)					(689	)					(834	)
Interest expense			(20	)					(219	)					(239	)
Net intercompany interest			20						(20	)					—
Interest income									10						10
Equity earnings from subsidiaries			329			329						(658	)		—
Other equity earnings									67						67
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings before income taxes			184			329			480			(658	)		335
Provision for income taxes									(120	)					(120	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings (loss) from continuing operations			184			329			360			(658	)		215
Loss from discontinued operations									(18	)					(18	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss)			184			329			342			(658	)		197
Net earnings attributable to noncontrolling interests									(13	)					(13	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss) attributable to the Company		$	184		$	329		$	329		$	(658	)	$	184
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Year ended December 31, 2013
Comprehensive Income		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings (loss)		$	184		$	329		$	342		$	(658	)	$	197
Other comprehensive income (loss)			385			385			(199	)		(192	)		379
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total comprehensive income (loss)			569			714			143			(850	)		576
Comprehensive income attributable to noncontrolling interests									(7	)					(7	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Comprehensive income (loss) attributable to the Company		$	569		$	714		$	136		$	(850	)	$	569
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Year ended December 31, 2012
Results of Operations		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	7,000		$	—		$	7,000
Cost of goods sold									(5,626	)					(5,626	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Gross profit			—			—			1,374			—			1,374
Research, engineering, selling, administrative, and other			(155	)					(716	)					(871	)
Interest expense			(20	)					(228	)					(248	)
Net intercompany interest			20						(20	)					—
Interest income									9						9
Equity earnings from subsidiaries			339			339						(678	)		—
Other equity earnings									64						64
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings before income taxes			184			339			483			(678	)		328
Provision for income taxes									(108	)					(108	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings (loss) from continuing operations			184			339			375			(678	)		220
Loss from discontinued operations									(2	)					(2	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss)			184			339			373			(678	)		218
Net earnings attributable to noncontrolling interests									(34	)					(34	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss) attributable to the Company		$	184		$	339		$	339		$	(678	)	$	184
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Year ended December 31, 2012
Comprehensive Income		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings (loss)		$	184		$	339		$	373		$	(678	)	$	218
Other comprehensive income			(185	)		(185	)		(202	)		395			(177	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total comprehensive income			(1	)		154			171			(283	)		41
Comprehensive income attributable to noncontrolling interests									(42	)					(42	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Comprehensive income attributable to the Company		$	(1	)	$	154		$	129		$	(283	)	$	(1	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Year ended December 31, 2011
Results of Operations		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	7,358		$	—		$	7,358
Cost of goods sold									(5,969	)					(5,969	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Gross profit			—			—			1,389			—			1,389
Research, engineering, selling, administrative, and other			(165	)					(1,383	)					(1,548	)
Interest expense			(20	)					(294	)					(314	)
Net intercompany interest			20						(20	)					—
Interest income									11						11
Equity earnings from subsidiaries			(335	)		(335	)					670			—
Other equity earnings									66						66
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings before income taxes			(500	)		(335	)		(231	)		670			(396	)
Provision for income taxes									(85	)					(85	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings from continuing operations			(500	)		(335	)		(316	)		670			(481	)
Earnings from discontinued operations									1						1
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss)			(500	)		(335	)		(315	)		670			(480	)
Net earnings attributable to noncontrolling interests									(20	)					(20	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss) attributable to the Company		$	(500	)	$	(335	)	$	(335	)	$	670		$	(500	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Year ended December 31, 2011
Comprehensive Income		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings (loss)		$	(500	)	$	(335	)	$	(315	)	$	670		$	(480	)
Other comprehensive income			(415	)		(415	)		(164	)		579			(415	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total comprehensive income			(915	)		(750	)		(479	)		1,249			(895	)
Comprehensive income attributable to noncontrolling interests									(20	)					(20	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Comprehensive income attributable to the Company		$	(915	)	$	(750	)	$	(499	)	$	1,249		$	(915	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Year ended December 31, 2013
Cash Flows		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash provided by (utilized in) operating activities		$	(158	)	$	—		$	840		$	—		$	682
Cash utilized in investing activities									(402	)					(402	)
Cash provided by (utilized in) financing activities			158						(479	)					(321	)
Effect of exchange rate change on cash									(7	)					(7	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net change in cash			—			—			(48	)		—			(48	)
Cash at beginning of period									431						431
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash at end of period		$	—		$	—		$	383		$	—		$	383
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Year ended December 31, 2012
Cash Flows		Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Cash provided by (utilized in) operating activities		$	(165	)	$	—		$	740		$	—		$	575
Cash utilized in investing activities									(221	)					(221	)
Cash provided by (utilized in) financing activities			165						(504	)					(339	)
Effect of exchange rate change on cash									16						16
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net change in cash			—			—			31			—			31
Cash at beginning of period									400						400
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Cash at end of period		$	—		$	—		$	431		$	—		$	431
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Year ended December 31, 2011
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
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

        Selected Quarterly Financial Data (unaudited)    The following tables present selected financial data by quarter for the years ended December 31, 2013 and 2012:

		2013
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Net sales		$	1,641		$	1,781		$	1,784		$	1,761		$	6,967
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Gross profit		$	319		$	369		$	352		$	291		$	1,331
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings (loss) from continuing operations attributable to the Company(a)		$	79		$	135		$	132		$	(144	)	$	202
Loss from discontinued operations attributable to the Company			(10	)		(3	)		(2	)		(3	)		(18	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss) attributable to the Company		$	69		$	132		$	130		$	(147	)	$	184
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings per share of common stock(b):
Basic:
Earnings (loss) from continuing operations		$	0.48		$	0.82		$	0.80		$	(0.88	)	$	1.22
Loss from discontinued operations			(0.06	)		(0.02	)		(0.01	)		(0.02	)		(0.11	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss)		$	0.42		$	0.80		$	0.79		$	(0.90	)	$	1.11
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Diluted:
Earnings (loss) from continuing operations		$	0.48		$	0.81		$	0.79		$	(0.88	)	$	1.22
Loss from discontinued operations			(0.06	)		(0.02	)		(0.01	)		(0.02	)		(0.11	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss)		$	0.42		$	0.79		$	0.78		$	(0.90	)	$	1.11
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

(a)

Amounts management considers not representative of ongoing operations include:

Amount for the first quarter included charges totaling $21 million ($20 million after tax amount attributable to the Company) for the following: (1) $11 million (pretax and after tax) for note repurchase premiums and the write-off of finance fees related to debt that was repaid prior to its maturity; and (2) $10 million ($9 million after tax amount attributable to the Company) for restructuring, asset impairment and related charges. The effect of these charges was a reduction in earnings per share of $0.12.

Amount for the fourth quarter included net charges totaling $254 million ($229 million after tax amount attributable to the Company) for the following: (1) $145 million (pretax and after tax) to increase the accrual for estimated future asbestos-related costs; and (2) $109 million ($84 million after tax amount attributable to the Company) for restructuring, asset impairment and related charges. The effect of these charges was a reduction in earnings per share of $1.38.

(b)

Earnings per share are computed independently for each period presented. As such, the sums of the amounts calculated separately for each quarter do not equal the year-to-date amount.

		2012
		First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total Year
Net sales		$	1,739		$	1,766		$	1,747		$	1,748		$	7,000
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Gross profit		$	378		$	376		$	342		$	278		$	1,374
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings (loss) from continuing operations attributable to the Company(c)		$	122		$	134		$	92		$	(162	)	$	186
Earnings (loss) from discontinued operations attributable to the Company			(1	)		(1	)		(2	)		2			(2	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss) attributable to the Company		$	121		$	133		$	90		$	(160	)	$	184
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings per share of common stock(d):
Basic:
Earnings (loss) from continuing operations		$	0.74		$	0.82		$	0.55		$	(0.99	)	$	1.13
Earnings from discontinued operations			(0.01	)		(0.01	)		(0.01	)		0.02			(0.01	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss)		$	0.73		$	0.81		$	0.54		$	(0.97	)	$	1.12
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Diluted:
Earnings (loss) from continuing operations		$	0.73		$	0.81		$	0.55		$	(0.99	)	$	1.12
Earnings from discontinued operations			(0.01	)		(0.01	)		(0.01	)		0.02			(0.01	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings (loss)		$	0.72		$	0.80		$	0.54		$	(0.97	)	$	1.11
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

(c)

Amounts management considers not representative of ongoing operations include:

Amount for the third quarter included charges totaling $33 million ($23 million after tax amount attributable to the Company) for restructuring, asset impairment and related charges. The effect of these charges was a reduction in earnings per share of $0.14.

Amount for the fourth quarter included net charges totaling $229 million ($229 million after tax amount attributable to the Company) for the following: (1) $155 million (pretax and after tax) to increase the accrual for estimated future asbestos-related costs; (2) $135 million ($121 million after tax amount attributable to the Company) for restructuring, asset impairment and related charges; and (3) a gain of $61 million ($33 million after tax amount attributable to the Company) related to cash received from the Chinese government as compensation for land in China that the Company was required to return to the government. The effect of these charges was a reduction in earnings per share of $1.47.

Amount for the fourth quarter included a tax benefit of $14 million for certain tax adjustments. The effect of these tax benefits was an increase in earnings per share of $0.09.

(d)

Earnings per share are computed independently for each period presented. As such, the sums of the amounts calculated separately for each quarter do not equal the year-to-date amount.

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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X

- Details

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