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Financial Information for Subsidiary Guarantors and Non-Guarantors

6 Months Ended

Jun. 30, 2014

Financial Information for Subsidiary Guarantors and Non-Guarantors

Financial Information for Subsidiary Guarantors and Non-Guarantors

17.  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, 2014
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Cash and cash equivalents		$	—		$	—		$	194		$	—		$	194
Receivables								1,147						1,147
Inventories								1,204						1,204
Prepaid expenses								103						103
Total current assets					—			2,648						2,648
Investments in and advances to subsidiaries		2,456			2,206						(4,662		)	—
Property, plant and equipment, net								2,661						2,661
Goodwill								2,065						2,065
Other assets								1,217						1,217
Total assets		$	2,456		$	2,206		$	8,591		$	(4,662	)	$	8,591
Current liabilities:
Short-term loans and long-term debt due within one year		$	—		$	—		$	1,027		$	—		$	1,027
Current portion of asbestos liability		150												150
Accounts payable								1,123						1,123
Other liabilities								538						538
Total current liabilities		150			—			2,688			—			2,838
Long-term debt		250						2,620			(250		)	2,620
Asbestos-related liabilities		256												256
Other long-term liabilities								955						955
Share owners’ equity		1,800			2,206			2,328			(4,412		)	1,922
Total liabilities and share owners’ equity		$	2,456		$	2,206		$	8,591		$	(4,662	)	$	8,591

		December 31, 2013
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Cash and cash equivalents		$	—		$	—		$	383		$	—		$	383
Receivables								943						943
Inventories								1,117						1,117
Prepaid expenses								107						107
Total current assets								2,550						2,550
Investments in and advances to subsidiaries		2,154			1,904						(4,058		)	—
Property, plant and equipment, net								2,632						2,632
Goodwill								2,059						2,059
Other assets								1,178						1,178
Total assets		$	2,154		$	1,904		$	8,419		$	(4,058	)	$	8,419
Current liabilities:
Short-term loans and long-term debt due within one year		$	—		$	—		$	322		$	—		$	322
Current portion of asbestos liability		150												150
Accounts payable								1,144						1,144
Other liabilities								638						638
Total current liabilities		150			—			2,104			—			2,254
Long-term debt		250						3,245			(250		)	3,245
Asbestos-related liabilities		298												298
Other long-term liabilities								1,019						1,019
Share owners’ equity		1,456			1,904			2,051			(3,808		)	1,603
Total liabilities and share owners’ equity		$	2,154		$	1,904		$	8,419		$	(4,058	)	$	8,419

		June 30, 2013
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Cash and cash equivalents		$	—		$	—		$	249		$	—		$	249
Receivables								1,159						1,159
Inventories								1,175						1,175
Prepaid expenses								110						110
Total current assets								2,693						2,693
Investments in and advances to subsidiaries		1,696			1,446						(3,142		)	—
Property, plant and equipment, net								2,600						2,600
Goodwill								2,031						2,031
Other assets								1,086						1,086
Total assets		$	1,696		$	1,446		$	8,410		$	(3,142	)	$	8,410
Current liabilities:
Short-term loans and long-term debt due within one year		$	—		$	—		$	437		$	—		$	437
Current portion of asbestos liability		155												155
Accounts payable								982						982
Other liabilities								545						545
Total current liabilities		155			—			1,964			—			2,119
Long-term debt		250						3,336			(250		)	3,336
Asbestos-related liabilities		257												257
Other long-term liabilities								1,504						1,504
Share owners’ equity		1,034			1,446			1,606			(2,892		)	1,194
Total liabilities and share owners’ equity		$	1,696		$	1,446		$	8,410		$	(3,142	)	$	8,410

		Three months ended June 30, 2014
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	1,797		$	—		$	1,797
Cost of goods sold								(1,439		)				(1,439		)
Gross profit		—			—			358			—			358
Selling and administrative expense								(131		)				(131		)
Research, development and engineering expense								(17		)				(17		)
Net intercompany interest		5						(5		)				—
Interest expense, net		(5		)				(49		)				(54		)
Equity earnings from subsidiaries		114			114						(228		)	—
Other equity earnings								19						19
Other expense, net								4						4
Earnings before income taxes		114			114			179			(228		)	179
Provision for income taxes								(39		)				(39		)
Earnings from continuing operations		114			114			140			(228		)	140
Loss from discontinued operations								(20		)				(20		)
Net earnings		114			114			120			(228		)	120
Net earnings attributable to noncontrolling interests								(6		)				(6		)
Net earnings attributable to the Company		$	114		$	114		$	114		$	(228	)	$	114

		Three months ended June 30, 2014
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	114		$	114		$	120		$	(228	)	$	120
Other comprehensive income, net		60			60			48			(106		)	62
Total comprehensive income		174			174			168			(334		)	182
Comprehensive income attributable to noncontrolling interests								(8		)				(8		)
Comprehensive income attributable to the Company		$	174		$	174		$	160		$	(334	)	$	174

		Three months ended June 30, 2013
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	1,781		$	—		$	1,781
Cost of goods sold								(1,412		)				(1,412		)
Gross profit		—			—			369			—			369
Selling and administrative expense								(129		)				(129		)
Research, development and engineering expense								(15		)				(15		)
Net intercompany interest		5						(5		)				—
Interest expense, net		(5		)				(51		)				(56		)
Equity earnings from subsidiaries		132			132						(264		)	—
Other equity earnings								16						16
Other expense, net								(8		)				(8		)
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, net		(74		)	(74		)	(100		)	172			(76		)
Total comprehensive income		58			58			37			(92		)	61
Comprehensive income attributable to noncontrolling interests								(3		)				(3		)
Comprehensive income attributable to the Company		$	58		$	58		$	34		$	(92	)	$	58

		Six months ended June 30, 2014
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	3,436		$	—		$	3,436
Cost of goods sold								(2,757		)				(2,757		)
Gross profit		—			—			679			—			679
Selling and administrative expense								(264		)				(264		)
Research, development and engineering expense								(32		)				(32		)
Net intercompany interest		10						(10		)				—
Interest expense, net		(10		)				(98		)				(108		)
Equity earnings from subsidiaries		215			215						(430		)	—
Other equity earnings								35						35
Other expense, net								3						3
Earnings before income taxes		215			215			313			(430		)	313
Provision for income taxes								(66		)				(66		)
Earnings from continuing operations		215			215			247			(430		)	247
Loss from discontinued operations								(21		)				(21		)
Net earnings		215			215			226			(430		)	226
Net earnings attributable to noncontrolling interests								(11		)				(11		)
Net earnings attributable to the Company		$	215		$	215		$	215		$	(430	)	$	215

		Six months ended June 30, 2014
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	215		$	215		$	226		$	(430	)	$	226
Other comprehensive income, net		119			119			85			(205		)	118
Total comprehensive income		334			334			311			(635		)	344
Comprehensive income attributable to noncontrolling interests								(10		)				(10		)
Comprehensive income attributable to the Company		$	334		$	334		$	301		$	(635	)	$	334

		Six months ended June 30, 2013
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	3,422		$	—		$	3,422
Cost of goods sold								(2,734		)				(2,734		)
Gross profit		—			—			688			—			688
Selling and administrative expense								(258		)				(258		)
Research, development and engineering expense								(30		)				(30		)
Net intercompany interest		10						(10		)				—
Interest expense, net		(10		)				(114		)				(124		)
Equity earnings from subsidiaries		201			201						(402		)	—
Other equity earnings								33						33
Other expense, net								(15		)				(15		)
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, net		(53		)	(53		)	(112		)	159			(59		)
Total comprehensive income		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, 2014
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided by (utilized in) operating activities		$	(42	)	$	—		$	9		$	—		$	(33	)
Cash utilized in investing activities								(178		)				(178		)
Cash provided by (utilized in) financing activities		42						(16		)				26
Effect of exchange rate change on cash								(4		)				(4		)
Net change in cash		—			—			(189		)	—			(189		)
Cash at beginning of period								383						383
Cash at end of period		$	—		$	—		$	194		$	—		$	194

		Six months ended June 30, 2013
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided by (utilized in) operating activities		$	(49	)	$	—		$	66		$	—		$	17
Cash utilized in investing activities								(162		)				(162		)
Cash provided by (utilized 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

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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