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Financial Information for Subsidiary Guarantors and Non-Guarantors

3 Months Ended

Mar. 31, 2015

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.

		March 31, 2015
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Cash and cash equivalents		$	—		$	—		$	257		$	—		$	257
Receivables								861						861
Inventories								1,007						1,007
Other current assets								74						74
Total current assets		—			—			2,199			—			2,199
Investments in and advances to subsidiaries		1,583			1,326						(2,909		)	—
Property, plant and equipment, net								2,337						2,337
Goodwill								1,752						1,752
Other assets								1,038						1,038
Total assets		$	1,583		$	1,326		$	7,326		$	(2,909	)	$	7,326
Current liabilities:
Short-term loans and long-term debt due within one year		$	—		$	—		$	637		$	—		$	637
Current portion of asbestos liability		143												143
Accounts payable								919						919
Other liabilities		7						417			(7		)	417
Total current liabilities		150			—			1,973			(7		)	2,116
Long-term debt		250						2,984			(250		)	2,984
Asbestos-related liabilities		278												278
Other long-term liabilities								920						920
Share owners’ equity		905			1,326			1,326			(2,652		)	905
Noncontrolling interest								123						123
Total liabilities and share owners’ equity		$	1,583		$	1,326		$	7,326		$	(2,909	)	$	7,326

		December 31, 2014
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Cash and cash equivalents		$	—		$	—		$	512		$	—		$	512
Receivables								744						744
Inventories								1,035						1,035
Other current assets								80						80
Total current assets		—			—			2,371			—			2,371
Investments in and advances to subsidiaries		1,863			1,593						(3,456		)	—
Property, plant and equipment, net								2,445						2,445
Goodwill								1,893						1,893
Other assets								1,149						1,149
Total assets		$	1,863		$	1,593		$	7,858		$	(3,456	)	$	7,858
Current liabilities:
Short-term loans and long-term debt due within one year		$	—		$	—		$	488		$	—		$	488
Current portion of asbestos liability		143												143
Accounts payable								1,137						1,137
Other liabilities		20						560			(20		)	560
Total current liabilities		163			—			2,185			(20		)	2,328
Long-term debt		250						2,972			(250		)	2,972
Asbestos-related liabilities		292												292
Other long-term liabilities								991						991
Share owners’ equity		1,158			1,593			1,593			(3,186		)	1,158
Noncontrollling interest								117						117
Total liabilities and share owners’ equity		$	1,863		$	1,593		$	7,858		$	(3,456	)	$	7,858

		March 31, 2014
								Non-
					Guarantor			Guarantor
Balance Sheet		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Current assets:
Cash and cash equivalents		$	—		$	—		$	201		$	—		$	201
Receivables								1,078						1,078
Inventories								1,204						1,204
Other current assets								94						94
Total current assets		—			—			2,577			—			2,577
Investments in and advances to subsidiaries		2,313			2,063						(4,376		)	—
Property, plant and equipment, net								2,634						2,634
Goodwill								2,059						2,059
Other assets								1,218						1,218
Total assets		$	2,313		$	2,063		$	8,488		$	(4,376	)	$	8,488
Current liabilities:
Short-term loans and long-term debt due within one year		$	—		$	—		$	331		$	—		$	331
Current portion of asbestos liability		150												150
Accounts payable								1,074						1,074
Other liabilities								527						527
Total current liabilities		150			—			1,932			—			2,082
Long-term debt		250						3,371			(250		)	3,371
Asbestos-related liabilities		283												283
Other long-term liabilities								992						992
Share owners’ equity		1,630			2,063			2,063			(4,126		)	1,630
Noncontrolling interest								130						130
Total liabilities and share owners’ equity		$	2,313		$	2,063		$	8,488		$	(4,376	)	$	8,488

		Three months ended March 31, 2015
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales								$	1,421					$	1,421
Cost of goods sold								(1,153		)				(1,153		)
Gross profit		—			—			268			—			268
Selling and administrative expense								(124		)				(124		)
Research, development and engineering expense								(15		)				(15		)
Net intercompany interest		7						(7		)				—
Interest expense, net		(7		)				(40		)				(47		)
Equity earnings from subsidiaries		71			71						(142		)	—
Other equity earnings								15						15
Other expense, net								3						3
Earnings before income taxes		71			71			100			(142		)	100
Provision for income taxes								(25		)				(25		)
Earnings from continuing operations		71			71			75			(142		)	75
Loss from discontinued operations														—
Net earnings		71			71			75			(142		)	75
Net earnings attributable to noncontrolling interests								(4		)				(4		)
Net earnings attributable to the Company		$	71		$	71		$	71		$	(142	)	$	71

		Three months ended March 31, 2015
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	71		$	71		$	75		$	(142	)	$	75
Other comprehensive income, net		(216		)	(216		)	(220		)	432			(220		)
Total comprehensive income		(145		)	(145		)	(145		)	290			(145		)
Comprehensive income attributable to noncontrolling interests														—
Comprehensive income attributable to the Company		$	(145	)	$	(145	)	$	(145	)	$	290		$	(145	)

		Three months ended March 31, 2014
								Non-
					Guarantor			Guarantor
Results of Operations		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales		$	—		$	—		$	1,639		$	—		$	1,639
Cost of goods sold								(1,318		)				(1,318		)
Gross profit		—			—			321			—			321
Selling and administrative expense								(133		)				(133		)
Research, development and engineering expense								(15		)				(15		)
Net intercompany interest		5						(5		)				—
Interest expense, net		(5		)				(49		)				(54		)
Equity earnings from subsidiaries		101			101						(202		)	—
Other equity earnings								16						16
Other expense, net								(1		)				(1		)
Earnings before income taxes		101			101			134			(202		)	134
Provision for income taxes								(27		)				(27		)
Earnings from continuing operations		101			101			107			(202		)	107
Loss from discontinued operations								(1		)				(1		)
Net earnings		101			101			106			(202		)	106
Net earnings attributable to noncontrolling interests								(5		)				(5		)
Net earnings attributable to the Company		$	101		$	101		$	101		$	(202	)	$	101

		Three months ended March 31, 2014
								Non-
					Guarantor			Guarantor
Comprehensive Income		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net earnings		$	101		$	101		$	106		$	(202	)	$	106
Other comprehensive income, net		59			59			56			(118		)	56
Total comprehensive income		160			160			162			(320		)	162
Comprehensive income attributable to noncontrolling interests								(2		)				(2		)
Comprehensive income attributable to the Company		$	160		$	160		$	160		$	(320	)	$	160

		Three months ended March 31, 2015
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash utilized in operating activities		$	(15	)	$	—		$	(263	)	$	—		$	(278	)
Cash utilized in investing activities								(157		)				(157		)
Cash provided by financing activities		15						192						207
Effect of exchange rate change on cash								(27		)				(27		)
Net change in cash		—			—			(255		)	—			(255		)
Cash at beginning of period								512						512
Cash at end of period		$	—		$	—		$	257		$	—		$	257

		Three months ended March 31, 2014
								Non-
					Guarantor			Guarantor
Cash Flows		Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash utilized in operating activities		$	(15	)	$	—		$	(188	)	$	—		$	(203	)
Cash utilized in investing activities								(94		)				(94		)
Cash provided by financing activities		15						106						121
Effect of exchange rate change on cash								(6		)				(6		)
Net change in cash		—			—			(182		)	—			(182		)
Cash at beginning of period								383						383
Cash at end of period		$	—		$	—		$	201		$	—		$	201

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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