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Segment Information
 6 Months Ended
Jun. 30, 2014
Segment Information  
Segment Information

1.              Segment Information

 

The Company has four reportable segments based on its geographic locations:  Europe, North America, South America and Asia Pacific.  These four segments are aligned with the Company’s internal approach to managing, reporting, and evaluating performance of its global glass operations.  Certain assets and activities not directly related to one of the regions or to glass manufacturing are reported with Retained corporate costs and other.  These include licensing, equipment sales, global engineering, and non-glass equity investments.  Retained corporate costs and other also includes certain headquarters administrative and facilities costs and certain incentive compensation and other benefit plan costs that are global in nature and are not allocable to the reportable segments.

 

The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings from continuing operations before interest income, interest expense, and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations as well as certain retained corporate costs.  The Company’s management uses segment operating profit, in combination with net sales and selected cash flow information, to evaluate performance and to allocate resources.  Segment operating profit for reportable segments includes an allocation of some corporate expenses based on both a percentage of sales and direct billings based on the costs of specific services provided.

 

Financial information for the three and six months ended June 30, 2014 and 2013 regarding the Company’s reportable segments is as follows:

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

Net sales:

 

 

 

 

 

 

 

 

 

Europe

 

$

790

 

$

746

 

$

1,496

 

$

1,396

 

North America

 

541

 

527

 

1,026

 

996

 

South America

 

274

 

269

 

513

 

538

 

Asia Pacific

 

184

 

231

 

387

 

478

 

 

 

 

 

 

 

 

 

 

 

Reportable segment totals

 

1,789

 

1,773

 

3,422

 

3,408

 

Other

 

8

 

8

 

14

 

14

 

Net sales

 

$

1,797

 

$

1,781

 

$

3,436

 

$

3,422

 

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

Segment operating profit:

 

 

 

 

 

 

 

 

 

Europe

 

$

109

 

$

111

 

$

196

 

$

170

 

North America

 

83

 

93

 

148

 

167

 

South America

 

53

 

37

 

94

 

90

 

Asia Pacific

 

17

 

26

 

42

 

66

 

Reportable segment totals

 

262

 

267

 

480

 

493

 

 

 

 

 

 

 

 

 

 

 

Items excluded from segment operating profit:

 

 

 

 

 

 

 

 

 

Retained corporate costs and other

 

(29

)

(34

)

(59

)

(65

)

Restructuring, asset impairment and related charges

 

 

 

 

 

 

 

(10

)

Interest expense, net

 

(54

)

(56

)

(108

)

(124

)

Earnings from continuing operations before income taxes

 

$

179

 

$

177

 

$

313

 

$

294

 

 

Financial information regarding the Company’s total assets is as follows:

 

 

 

June 30,

 

December 31,

 

June 30,

 

 

 

2014

 

2013

 

2013

 

Total assets:

 

 

 

 

 

 

 

Europe

 

$

3,667

 

$

3,509

 

$

3,452

 

North America

 

2,087

 

1,995

 

2,029

 

South America

 

1,436

 

1,467

 

1,495

 

Asia Pacific

 

1,127

 

1,150

 

1,178

 

 

 

 

 

 

 

 

 

Reportable segment totals

 

8,317

 

8,121

 

8,154

 

Other

 

274

 

298

 

256

 

Consolidated totals

 

$

8,591

 

$

8,419

 

$

8,410