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Financial Information for Subsidiary Guarantors and Non-Guarantors

9 Months Ended

Sep. 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.

		September 30, 2014
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Cash and cash equivalents		$	—		$	—		$	264		$	—		$	264
Receivables								1,042						1,042
Inventories								1,112						1,112
Prepaid expenses								105						105
Total current assets		—			—			2,523			—			2,523
Investments in and advances to subsidiaries		2,325			2,075						(4,400		)	—
Property, plant and equipment, net								2,499						2,499
Goodwill								1,960						1,960
Other assets								1,176						1,176
Total assets		$	2,325		$	2,075		$	8,158		$	(4,400	)	$	8,158
Current liabilities:
Short-term loans and long-term debt due within one year		$	—		$	—		$	1,067		$	—		$	1,067
Current portion of asbestos liability		150												150
Accounts payable								1,027						1,027
Other liabilities								544						544
Total current liabilities		150			—			2,638			—			2,788
Long-term debt		250						2,434			(250		)	2,434
Asbestos-related liabilities		226												226
Other long-term liabilities								887						887
Share owners’ equity		1,699			2,075			2,199			(4,150		)	1,823
Total liabilities and share owners’ equity		$	2,325		$	2,075		$	8,158		$	(4,400	)	$	8,158

		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

		September 30, 2013
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Cash and cash equivalents		$	—		$	—		$	219		$	—		$	219
Receivables								1,172						1,172
Inventories								1,178						1,178
Prepaid expenses								103						103
Total current assets		—			—			2,672			—			2,672
Investments in and advances to subsidiaries		1,813			1,563						(3,376		)	—
Property, plant and equipment, net								2,657						2,657
Goodwill								2,059						2,059
Other assets								1,084						1,084
Total assets		$	1,813		$	1,563		$	8,472		$	(3,376	)	$	8,472
Current liabilities:
Short-term loans and long-term debt due within one year		$	—		$	—		$	366		$	—		$	366
Current portion of asbestos liability		155												155
Accounts payable								989						989
Other liabilities								577						577
Total current liabilities		155			—			1,932			—			2,087
Long-term debt		250						3,298			(250		)	3,298
Asbestos-related liabilities		198												198
Other long-term liabilities								1,512						1,512
Share owners’ equity		1,210			1,563			1,730			(3,126		)	1,377
Total liabilities and share owners’ equity		$	1,813		$	1,563		$	8,472		$	(3,376	)	$	8,472

		Three months ended September 30, 2014
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	1,745		$	—		$	1,745
Cost of goods sold								(1,408		)				(1,408		)
Gross profit		—			—			337			—			337
Selling and administrative expense								(118		)				(118		)
Research, development and engineering expense								(15		)				(15		)
Net intercompany interest		5						(5		)				—
Interest expense, net		(5		)				(48		)				(53		)
Equity earnings from subsidiaries		60			60						(120		)	—
Other equity earnings								13						13
Other expense, net								(73		)				(73		)
Earnings before income taxes		60			60			91			(120		)	91
Provision for income taxes								(23		)				(23		)
Earnings from continuing operations		60			60			68			(120		)	68
Loss from discontinued operations								(1		)				(1		)
Net earnings		60			60			67			(120		)	67
Net earnings attributable to noncontrolling interests								(7		)				(7		)
Net earnings attributable to the Company		$	60		$	60		$	60		$	(120	)	$	60

		Three months ended September 30, 2014
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	60		$	60		$	67		$	(120	)	$	67
Other comprehensive income (loss) attributable to the Company		(165		)	(165		)	(186		)	351			(165		)
Other comprehensive income attributable to noncontrolling interests		—			—			(3		)	—			(3		)
Total comprehensive income (loss)		(105		)	(105		)	(122		)	231			(101		)
Net earnings attributable to noncontrolling interests		—			—			7			—			7
Comprehensive income (loss) attributable to the Company		$	(105	)	$	(105	)	$	(126	)	$	231		$	(105	)

		Three months ended September 30, 2013
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	1,784		$	—		$	1,784
Cost of goods sold								(1,432		)				(1,432		)
Gross profit		—			—			352			—			352
Selling and administrative expense								(119		)				(119		)
Research, development and engineering expense								(15		)				(15		)
Net intercompany interest		5						(5		)				—
Interest expense, net		(5		)				(49		)				(54		)
Equity earnings from subsidiaries		130			130						(260		)	—
Other equity earnings								16						16
Other expense, net								(2		)				(2		)
Earnings before income taxes		130			130			178			(260		)	178
Provision for income taxes								(40		)				(40		)
Earnings from continuing operations		130			130			138			(260		)	138
Loss from discontinued operations								(2		)				(2		)
Net earnings		130			130			136			(260		)	136
Net earnings attributable to noncontrolling interests								(6		)				(6		)
Net earnings attributable to the Company		$	130		$	130		$	130		$	(260	)	$	130

		Three months ended September 30, 2013
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	130		$	130		$	136		$	(260	)	$	136
Other comprehensive income (loss) attributable to the Company		39			39			12			(51		)	39
Other comprehensive income attributable to noncontrolling interests		—			—			—			—			—
Total comprehensive income (loss)		169			169			148			(311		)	175
Net earnings attributable to noncontrolling interests		—			—			6			—			6
Comprehensive income (loss) attributable to the Company		$	169		$	169		$	142		$	(311	)	$	169

		Nine months ended September 30, 2014
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	5,181		$	—		$	5,181
Cost of goods sold								(4,165		)				(4,165		)
Gross profit		—			—			1,016			—			1,016
Selling and administrative expense								(382		)				(382		)
Research, development and engineering expense								(47		)				(47		)
Net intercompany interest		15						(15		)				—
Interest expense, net		(15		)				(146		)				(161		)
Equity earnings from subsidiaries		275			275						(550		)	—
Other equity earnings								48						48
Other expense, net								(70		)				(70		)
Earnings before income taxes		275			275			404			(550		)	404
Provision for income taxes								(89		)				(89		)
Earnings from continuing operations		275			275			315			(550		)	315
Loss from discontinued operations								(22		)				(22		)
Net earnings		275			275			293			(550		)	293
Net earnings attributable to noncontrolling interests								(18		)				(18		)
Net earnings attributable to the Company		$	275		$	275		$	275		$	(550	)	$	275

		Nine months ended September 30, 2014
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	275		$	275		$	293		$	(550	)	$	293
Other comprehensive income (loss) attributable to the Company		(46		)	(46		)	(115		)	161			(46		)
Other comprehensive income attributable to noncontrolling interests		—			—			(4		)	—			(4		)
Total comprehensive income (loss)		229			229			174			(389		)	243
Net earnings attributable to noncontrolling interests		—			—			18			—			18
Comprehensive income (loss) attributable to the Company		$	229		$	229		$	160		$	(389	)	$	229

		Nine months ended September 30, 2013
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	5,206		$	—		$	5,206
Cost of goods sold								(4,166		)				(4,166		)
Gross profit		—			—			1,040			—			1,040
Selling and administrative expense								(377		)				(377		)
Research, development and engineering expense								(45		)				(45		)
Net intercompany interest		15						(15		)				—
Interest expense, net		(15		)				(163		)				(178		)
Equity earnings from subsidiaries		331			331						(662		)	—
Other equity earnings								49						49
Other expense, net								(17		)				(17		)
Earnings before income taxes		331			331			472			(662		)	472
Provision for income taxes								(110		)				(110		)
Earnings from continuing operations		331			331			362			(662		)	362
Loss from discontinued operations								(15		)				(15		)
Net earnings		331			331			347			(662		)	347
Net earnings attributable to noncontrolling interests								(16		)				(16		)
Net earnings attributable to the Company		$	331		$	331		$	331		$	(662	)	$	331

		Nine months ended September 30, 2013
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	331		$	331		$	347		$	(662	)	$	347
Other comprehensive income (loss) attributable to the Company		(14		)	(14		)	(94		)	108			(14		)
Other comprehensive income attributable to noncontrolling interests		—			—			(6		)	—			(6		)
Total comprehensive income (loss)		317			317			247			(554		)	327
Net earnings attributable to noncontrolling interests		—			—			16			—			16
Comprehensive income (loss) attributable to the Company		$	317		$	317		$	237		$	(554	)	$	317

		Nine months ended September 30, 2014
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided by (utilized in) operating activities		$	(72	)	$	—		$	259		$	—		$	187
Cash utilized in investing activities								(267		)				(267		)
Cash provided by (utilized in) financing activities		72						(101		)				(29		)
Effect of exchange rate change on cash								(10		)				(10		)
Net change in cash		—			—			(119		)	—			(119		)
Cash at beginning of period								383						383
Cash at end of period		$	—		$	—		$	264		$	—		$	264

		Nine months ended September 30, 2013
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided by (utilized in) operating activities		$	(108	)	$	—		$	350		$	—		$	242
Cash utilized in investing activities								(249		)				(249		)
Cash provided by (utilized in) financing activities		108						(306		)				(198		)
Effect of exchange rate change on cash								(7		)				(7		)
Net change in cash		—			—			(212		)	—			(212		)
Cash at beginning of period								431						431
Cash at end of period		$	—		$	—		$	219		$	—		$	219

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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