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Condensed Consolidated Guarantor Financial Statements (Tables)
9 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Condensed Income Statement [Table Text Block]
The following tables contain Condensed Consolidating Financial Statements of (a) the parent, Libbey Inc., (b) the issuer, Libbey Glass, (c) the Subsidiary Guarantors, (d) the indirect subsidiaries of Libbey Inc. that are not Subsidiary Guarantors (collectively, Non-Guarantor Subsidiaries), (e) the consolidating elimination entries, and (f) the consolidated totals.
Libbey Inc.
Condensed Consolidating Statements of Comprehensive Income
(unaudited)
 
Three months ended September 30, 2012
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
104,840

 
$
20,210

 
$
104,166

 
$
(20,066
)
 
$
209,150

Freight billed to customers

 
140

 
158

 
717

 

 
1,015

Total revenues

 
104,980

 
20,368

 
104,883

 
(20,066
)
 
210,165

Cost of sales

 
79,164

 
14,483

 
85,375

 
(20,066
)
 
158,956

Gross profit

 
25,816

 
5,885

 
19,508

 

 
51,209

Selling, general and administrative expenses

 
17,261

 
1,495

 
8,131

 

 
26,887

Special charges

 

 

 

 

 

Income (loss) from operations

 
8,555

 
4,390

 
11,377

 

 
24,322

Other income (expense)

 
(541
)
 
9

 
337

 

 
(195
)
Earnings (loss) before interest and income taxes

 
8,014

 
4,399

 
11,714

 

 
24,127

Interest expense

 
6,719

 

 
2,001

 

 
8,720

Income (loss) before income taxes

 
1,295

 
4,399

 
9,713

 

 
15,407

Provision (benefit) for income taxes

 
(1,536
)
 

 
2,082

 

 
546

Net income (loss)

 
2,831

 
4,399

 
7,631

 

 
14,861

Equity in net income (loss) of subsidiaries
14,861

 
12,030

 

 

 
(26,891
)
 

Net income (loss)
$
14,861

 
$
14,861

 
$
4,399

 
$
7,631

 
$
(26,891
)
 
$
14,861

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
21,630

 
$
21,630

 
$
4,522

 
$
10,244

 
$
(36,396
)
 
$
21,630

 
Three months ended September 30, 2011
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
104,363

 
$
17,393

 
$
106,831

 
$
(21,341
)
 
$
207,246

Freight billed to customers

 
137

 
174

 
200

 

 
511

Total revenues

 
104,500

 
17,567

 
107,031

 
(21,341
)
 
207,757

Cost of sales

 
85,442

 
12,783

 
85,989

 
(21,341
)
 
162,873

Gross profit

 
19,058

 
4,784

 
21,042

 

 
44,884

Selling, general and administrative expenses

 
15,587

 
1,704

 
9,448

 

 
26,739

Special charges

 
(232
)
 

 

 

 
(232
)
Income (loss) from operations

 
3,703

 
3,080

 
11,594

 

 
18,377

Other income (expense)

 
1,083

 
(101
)
 
1,255

 

 
2,237

Earnings (loss) before interest and income taxes

 
4,786

 
2,979

 
12,849

 

 
20,614

Interest expense

 
7,838

 

 
2,721

 

 
10,559

Income (loss) before income taxes

 
(3,052
)
 
2,979

 
10,128

 

 
10,055

Provision (benefit) for income taxes

 
134

 

 
2,794

 

 
2,928

Net income (loss)

 
(3,186
)
 
2,979

 
7,334

 

 
7,127

Equity in net income (loss) of subsidiaries
7,127

 
10,313

 

 

 
(17,440
)
 

Net income (loss)
$
7,127

 
$
7,127

 
$
2,979

 
$
7,334

 
$
(17,440
)
 
$
7,127

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
4,412

 
$
4,412

 
$
3,066

 
$
2,490

 
$
(9,968
)
 
$
4,412


Libbey Inc.
Condensed Consolidating Statements of Comprehensive Income
(unaudited)
 
Nine months ended September 30, 2012
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
308,017

 
57,420

 
294,175

 
(53,386
)
 
$
606,226

Freight billed to customers

 
436

 
532

 
1,514

 

 
2,482

Total revenues

 
308,453

 
57,952

 
295,689

 
(53,386
)
 
608,708

Cost of sales

 
229,083

 
41,838

 
240,561

 
(53,386
)
 
458,096

Gross profit

 
79,370

 
16,114

 
55,128

 

 
150,612

Selling, general and administrative expenses

 
52,685

 
4,897

 
24,809

 

 
82,391

Special charges

 

 

 

 

 

Income (loss) from operations

 
26,685

 
11,217

 
30,319

 

 
68,221

Other income (expense)

 
(31,503
)
 
2

 
67

 

 
(31,434
)
Earnings (loss) before interest and income taxes

 
(4,818
)
 
11,219

 
30,386

 

 
36,787

Interest expense

 
22,593

 

 
6,492

 

 
29,085

Income (loss) before income taxes

 
(27,411
)
 
11,219

 
23,894

 

 
7,702

Provision (benefit) for income taxes

 
(3,972
)
 
131

 
6,184

 

 
2,343

Net income (loss)

 
(23,439
)
 
11,088

 
17,710

 

 
5,359

Equity in net income (loss) of subsidiaries
5,359

 
28,798

 

 

 
(34,157
)
 

Net income (loss)
$
5,359

 
$
5,359

 
$
11,088

 
$
17,710

 
$
(34,157
)
 
$
5,359

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
17,763

 
$
17,763

 
$
11,575

 
$
18,120

 
$
(47,458
)
 
$
17,763


 
Nine months ended September 30, 2011
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
299,287

 
$
57,580

 
$
297,583

 
$
(52,176
)
 
$
602,274

Freight billed to customers

 
491

 
744

 
525

 

 
1,760

Total revenues

 
299,778

 
58,324

 
298,108

 
(52,176
)
 
604,034

Cost of sales

 
240,893

 
42,621

 
241,830

 
(52,176
)
 
473,168

Gross profit

 
58,885

 
15,703

 
56,278

 

 
130,866

Selling, general and administrative expenses

 
43,182

 
6,129

 
28,054

 

 
77,365

Special charges

 
(332
)
 
51

 

 

 
(281
)
Income (loss) from operations

 
16,035

 
9,523

 
28,224

 

 
53,782

Other income (expense)

 
(1,694
)
 
3,253

 
3,945

 

 
5,504

Earnings (loss) before interest and income taxes

 
14,341

 
12,776

 
32,169

 

 
59,286

Interest expense

 
24,528

 

 
8,401

 

 
32,929

Income (loss) before income taxes

 
(10,187
)
 
12,776

 
23,768

 

 
26,357

Provision (benefit) for income taxes

 
764

 
55

 
4,006

 

 
4,825

Net income (loss)

 
(10,951
)
 
12,721

 
19,762

 

 
21,532

Equity in net income (loss) of subsidiaries
21,532

 
32,483

 

 

 
(54,015
)
 

Net income (loss)
$
21,532

 
$
21,532

 
$
12,721

 
$
19,762

 
$
(54,015
)
 
$
21,532

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
39,165

 
$
39,165

 
$
12,847

 
$
24,528

 
$
(76,540
)
 
$
39,165

Schedule of Condensed Balance Sheet [Table Text Block]
 
 
 
September 30, 2012 (unaudited)
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash and equivalents
$

 
$
15,794

 
$
154

 
$
17,399

 
$

 
$
33,347

Accounts receivable — net

 
42,897

 
5,215

 
45,850

 

 
93,962

Inventories — net

 
63,330

 
17,730

 
89,754

 

 
170,814

Other current assets

 
14,506

 
236

 
12,166

 
(18,706
)
 
8,202

Total current assets

 
136,527

 
23,335

 
165,169

 
(18,706
)
 
306,325

Other non-current assets

 
25,194

 
673

 
27,651

 
(8,079
)
 
45,439

Investments in and advances to subsidiaries
46,146

 
356,262

 
214,027

 
(14,058
)
 
(602,377
)
 

Goodwill and purchased intangible assets — net

 
26,833

 
12,347

 
147,764

 

 
186,944

Total other assets
46,146

 
408,289

 
227,047

 
161,357

 
(610,456
)
 
232,383

Property, plant and equipment — net

 
71,525

 
313

 
179,680

 

 
251,518

Total assets
$
46,146

 
$
616,341

 
$
250,695

 
$
506,206

 
$
(629,162
)
 
$
790,226

 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
9,909

 
$
1,962

 
$
34,779

 
$

 
$
46,650

Accrued and other current liabilities

 
66,679

 
18,260

 
40,703

 
(16,668
)
 
108,974

Notes payable and long-term debt due within one year

 
218

 

 
3,601

 

 
3,819

Total current liabilities

 
76,806

 
20,222

 
79,083

 
(16,668
)
 
159,443

Long-term debt

 
451,942

 

 
14,916

 

 
466,858

Other long-term liabilities

 
77,465

 
6,310

 
44,121

 
(10,117
)
 
117,779

Total liabilities

 
606,213

 
26,532

 
138,120

 
(26,785
)
 
744,080

Total shareholders’ equity (deficit)
46,146

 
10,128

 
224,163

 
368,086

 
(602,377
)
 
46,146

Total liabilities and shareholders’ equity (deficit)
$
46,146

 
$
616,341

 
$
250,695

 
$
506,206

 
$
(629,162
)
 
$
790,226

Libbey Inc.
Condensed Consolidating Balance Sheet


 
December 31, 2011
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash and equivalents
$

 
$
39,249

 
$
155

 
$
18,887

 
$

 
$
58,291

Accounts receivable — net

 
39,707

 
3,223

 
45,115

 

 
88,045

Inventories — net

 
48,077

 
17,009

 
80,773

 

 
145,859

Other current assets

 
16,913

 
747

 
7,432

 
(15,391
)
 
9,701

Total current assets

 
143,946

 
21,134

 
152,207

 
(15,391
)
 
301,896

Other non-current assets

 
25,138

 
8

 
18,380

 
(7,761
)
 
35,765

Investments in and advances to subsidiaries
27,780

 
336,596

 
210,876

 
(10,116
)
 
(565,136
)
 

Goodwill and purchased intangible assets — net

 
26,833

 
12,347

 
148,592

 

 
187,772

Total other assets
27,780

 
388,567

 
223,231

 
156,856

 
(572,897
)
 
223,537

Property, plant and equipment — net

 
75,951

 
416

 
188,351

 

 
264,718

Total assets
$
27,780

 
$
608,464

 
$
244,781

 
$
497,414

 
$
(588,288
)
 
$
790,151

 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
14,290

 
$
1,840

 
$
42,629

 
$

 
$
58,759

Accrued and other current liabilities

 
67,665

 
20,860

 
33,068

 
(15,391
)
 
106,202

Notes payable and long-term debt due within one year

 
227

 

 
3,965

 

 
4,192

Total current liabilities

 
82,182

 
22,700

 
79,662

 
(15,391
)
 
169,153

Long-term debt

 
360,626

 

 
32,542

 

 
393,168

Other long-term liabilities

 
156,232

 
17,156

 
34,423

 
(7,761
)
 
200,050

Total liabilities

 
599,040

 
39,856

 
146,627

 
(23,152
)
 
762,371

Total shareholders’ equity (deficit)
27,780

 
9,424

 
204,925

 
350,787

 
(565,136
)
 
27,780

Total liabilities and shareholders’ equity (deficit)
$
27,780

 
$
608,464

 
$
244,781

 
$
497,414

 
$
(588,288
)
 
$
790,151

Schedule of Condensed Cash Flow Statement [Table Text Block]
 
Three months ended September 30, 2012
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
14,861

 
$
14,861

 
$
4,399

 
$
7,631

 
$
(26,891
)
 
$
14,861

Depreciation and amortization

 
3,143

 
17

 
6,913

 

 
10,073

Other operating activities
(14,861
)
 
159

 
(4,328
)
 
(4,906
)
 
26,891

 
2,955

Net cash provided by (used in) operating activities

 
18,163

 
88

 
9,638

 

 
27,889

Additions to property, plant & equipment

 
(1,478
)
 

 
(3,934
)
 

 
(5,412
)
Other investing activities

 

 

 
131

 

 
131

Net cash (used in) investing activities

 
(1,478
)
 

 
(3,803
)
 

 
(5,281
)
Net borrowings (repayments)

 
(53
)
 

 
(8,264
)
 

 
(8,317
)
Other financing activities

 
(627
)
 

 

 

 
(627
)
Net cash provided by (used in) financing activities

 
(680
)
 

 
(8,264
)
 

 
(8,944
)
Exchange effect on cash

 

 

 
106

 

 
106

Increase (decrease) in cash

 
16,005

 
88

 
(2,323
)
 

 
13,770

Cash at beginning of period

 
(211
)
 
66

 
19,722

 

 
19,577

Cash at end of period
$

 
$
15,794

 
$
154

 
$
17,399

 
$

 
$
33,347




 
Three months ended September 30, 2011
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
7,127

 
$
7,127

 
$
2,979

 
$
7,334

 
$
(17,440
)
 
$
7,127

Depreciation and amortization

 
3,119

 
19

 
7,219

 

 
10,357

Other operating activities
(7,127
)
 
(28,646
)
 
(3,139
)
 
(702
)
 
17,440

 
(22,174
)
Net cash provided by (used in) operating activities

 
(18,400
)
 
(141
)
 
13,851

 

 
(4,690
)
Additions to property, plant & equipment

 
(5,122
)
 
(27
)
 
(2,910
)
 

 
(8,059
)
Other investing activities

 

 
158

 
65

 

 
223

Net cash (used in) investing activities

 
(5,122
)
 
131

 
(2,845
)
 

 
(7,836
)
Net borrowings (repayments)

 
(49
)
 

 
(6,729
)
 

 
(6,778
)
Other financing activities

 
(19
)
 

 

 

 
(19
)
Net cash provided by (used in) financing activities

 
(68
)
 

 
(6,729
)
 

 
(6,797
)
Exchange effect on cash

 

 

 
(403
)
 

 
(403
)
Increase (decrease) in cash

 
(23,590
)
 
(10
)
 
3,874

 

 
(19,726
)
Cash at beginning of period

 
25,772

 
367

 
18,170

 

 
44,309

Cash at end of period
$

 
$
2,182

 
$
357

 
$
22,044

 
$

 
$
24,583





Libbey Inc.
Condensed Consolidating Statements of Cash Flows
(unaudited)


 
Nine months ended September 30, 2012
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
5,359

 
$
5,359

 
$
11,088

 
$
17,710

 
$
(34,157
)
 
$
5,359

Depreciation and amortization

 
10,150

 
54

 
20,693

 

 
30,897

Other operating activities
(5,359
)
 
(86,674
)
 
(11,143
)
 
(10,867
)
 
34,157

 
(79,886
)
Net cash provided by (used in) operating activities

 
(71,165
)
 
(1
)
 
27,536

 

 
(43,630
)
Additions to property, plant & equipment

 
(5,792
)
 

 
(11,452
)
 

 
(17,244
)
Other investing activities

 

 

 
550

 

 
550

Net cash (used in) investing activities

 
(5,792
)
 

 
(10,902
)
 

 
(16,694
)
Net borrowings (repayments)

 
89,845

 

 
(18,124
)
 

 
71,721

Other financing activities

 
(36,343
)
 

 

 

 
(36,343
)
Net cash provided by (used in) financing activities

 
53,502

 

 
(18,124
)
 

 
35,378

Exchange effect on cash

 

 

 
2

 

 
2

Increase (decrease) in cash

 
(23,455
)
 
(1
)
 
(1,488
)
 

 
(24,944
)
Cash at beginning of period

 
39,249

 
155

 
18,887

 

 
58,291

Cash at end of period
$

 
$
15,794

 
$
154

 
$
17,399

 
$

 
$
33,347




 
Nine months ended September 30, 2011
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
21,532

 
$
21,532

 
$
12,721

 
$
19,762

 
$
(54,015
)
 
$
21,532

Depreciation and amortization

 
10,694

 
278

 
21,293

 

 
32,265

Other operating activities
(21,532
)
 
(37,814
)
 
(26,405
)
 
(19,917
)
 
54,015

 
(51,653
)
Net cash provided by (used in) operating activities

 
(5,588
)
 
(13,406
)
 
21,138

 

 
2,144

Additions to property, plant & equipment

 
(9,207
)
 
(30
)
 
(17,220
)
 

 
(26,457
)
Other investing activities

 
33

 
13,500

 
4,731

 

 
18,264

Net cash (used in) investing activities

 
(9,174
)
 
13,470

 
(12,489
)
 

 
(8,193
)
Net borrowings (repayments)

 
(40,146
)
 

 
(4,624
)
 

 
(44,770
)
Other financing activities

 
(1,187
)
 

 

 

 
(1,187
)
Net cash provided by (used in) financing activities

 
(41,333
)
 

 
(4,624
)
 

 
(45,957
)
Exchange effect on cash

 

 

 
331

 

 
331

Increase (decrease) in cash

 
(56,095
)
 
64

 
4,356

 

 
(51,675
)
Cash at beginning of period

 
58,277

 
293

 
17,688

 

 
76,258

Cash at end of period
$

 
$
2,182

 
$
357

 
$
22,044

 
$

 
$
24,583