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Condensed Consolidated Guarantor Financial Statements (Tables)
12 Months Ended
Dec. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidating Statements of Operations
 
 
Year ended December 31, 2012
(dollars in thousands)
 
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
 
$
—

 
$
421,630

 
$
76,231

 
$
397,811

 
$
(70,385
)
 
$
825,287

Freight billed to customers
 
—

 
579

 
701

 
1,885

 
—

 
3,165

Total revenues
 
—

 
422,209

 
76,932

 
399,696

 
(70,385
)
 
828,452

Cost of sales
 
—

 
320,175

 
55,787

 
327,690

 
(70,385
)
 
633,267

Gross profit
 
—

 
102,034

 
21,145

 
72,006

 
—

 
195,185

Selling, general and administrative expenses
 
—

 
71,162

 
8,829

 
33,905

 
—

 
113,896

Special charges
 
—

 
—

 
—

 
—

 
—

 
—

Income (loss) from operations
 
—

 
30,872

 
12,316

 
38,101

 
—

 
81,289

Other income (expense)
 
—

 
(30,796
)
 
9

 
(100
)
 
—

 
(30,887
)
Earnings (loss) before interest and income taxes
 
—

 
76

 
12,325

 
38,001

 
—

 
50,402

Interest expense
 
—

 
29,430

 
—

 
8,297

 
—

 
37,727

Income (loss) before income taxes
 
—

 
(29,354
)
 
12,325

 
29,704

 
—

 
12,675

Provision (benefit) for income taxes
 
—

 
(4,013
)
 
5,185

 
4,537

 
—

 
5,709

Net income (loss)
 
—

 
(25,341
)
 
7,140

 
25,167

 
—

 
6,966

Equity in net income (loss) of subsidiaries
 
6,966

 
32,307

 
—

 
—

 
(39,273
)
 
—

Net income (loss)
 
$
6,966

 
$
6,966

 
$
7,140

 
$
25,167

 
$
(39,273
)
 
$
6,966

 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
 
$
(5,702
)
 
$
(5,702
)
 
$
7,366

 
$
14,155

 
$
(15,819
)
 
$
(5,702
)

 
 
Year ended December 31, 2011
(dollars in thousands)
 
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
 
$
—

 
$
408,561

 
$
74,260

 
$
404,567

 
$
(70,332
)
 
$
817,056

Freight billed to customers
 
—

 
630

 
929

 
837

 
—

 
2,396

Total revenues
 
—

 
409,191

 
75,189

 
405,404

 
(70,332
)
 
819,452

Cost of sales
 
—

 
336,027

 
55,455

 
329,563

 
(70,332
)
 
650,713

Gross profit
 
—

 
73,164

 
19,734

 
75,841

 
—

 
168,739

Selling, general and administrative expenses
 
—

 
60,211

 
7,816

 
37,518

 
—

 
105,545

Special charges
 
—

 
(332
)
 
51

 
—

 
—

 
(281
)
Income (loss) from operations
 
—

 
13,285

 
11,867

 
38,323

 
—

 
63,475

Other income (expense)
 
—

 
(2,560
)
 
3,457

 
4,331

 
—

 
5,228

Earnings (loss) before interest and income taxes
 
—

 
10,725

 
15,324

 
42,654

 
—

 
68,703

Interest expense
 
—

 
32,711

 
—

 
10,708

 
—

 
43,419

Income (loss) before income taxes
 
—

 
(21,986
)
 
15,324

 
31,946

 
—

 
25,284

Provision (benefit) for income taxes
 
—

 
(3,811
)
 
4,016

 
1,438

 
—

 
1,643

Net income (loss)
 
—

 
(18,175
)
 
11,308

 
30,508

 
—

 
23,641

Equity in net income (loss) of subsidiaries
 
23,641

 
41,816

 
—

 
—

 
(65,457
)
 
—

Net income (loss)
 
$
23,641

 
$
23,641

 
$
11,308

 
$
30,508

 
$
(65,457
)
 
$
23,641

 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
 
$
6,215

 
$
6,215

 
$
8,756

 
$
30,971

 
$
(45,942
)
 
$
6,215

Libbey Inc.
Condensed Consolidating Statement of Comprehensive Income (Loss)

 
 
Year ended December 31, 2010
(dollars in thousands)
 
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
 
$
—

 
$
400,565

 
$
85,996

 
$
380,912

 
$
(67,679
)
 
$
799,794

Freight billed to customers
 
—

 
622

 
883

 
285

 
—

 
1,790

Total revenues
 
—

 
401,187

 
86,879

 
381,197

 
(67,679
)
 
801,584

Cost of sales
 
—

 
329,865

 
62,827

 
308,558

 
(67,679
)
 
633,571

Gross profit
 
—

 
71,322

 
24,052

 
72,639

 
—

 
168,013

Selling, general and administrative expenses
 
—

 
55,245

 
9,077

 
33,068

 
—

 
97,390

Special charges
 
—

 
765

 
1,037

 
—

 
—

 
1,802

Income (loss) from operations
 
—

 
15,312

 
13,938

 
39,571

 
—

 
68,821

Other income (expense)
 
—

 
57,315

 
(133
)
 
836

 
—

 
58,018

Earnings (loss) before interest and income taxes
 
—

 
72,627

 
13,805

 
40,407

 
—

 
126,839

Interest expense
 
—

 
39,717

 
(5
)
 
5,459

 
—

 
45,171

Income (loss) before income taxes
 
—

 
32,910

 
13,810

 
34,948

 
—

 
81,668

Provision (benefit) for income taxes
 
—

 
(4,057
)
 
4,034

 
11,605

 
—

 
11,582

Net income (loss)
 
—

 
36,967

 
9,776

 
23,343

 
—

 
70,086

Equity in net income (loss) of subsidiaries
 
70,086

 
33,119

 
—

 
—

 
(103,205
)
 
—

Net income (loss)
 
$
70,086

 
$
70,086

 
$
9,776

 
$
23,343

 
$
(103,205
)
 
$
70,086

 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
 
$
74,864

 
$
74,864

 
$
9,734

 
$
17,341

 
$
(101,939
)
 
$
74,864

Condensed Consolidating Balance Sheet
 
 
December 31, 2012
(dollars in thousands)
 
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash and equivalents
 
$
—

 
$
43,558

 
$
70

 
$
23,580

 
$
—

 
$
67,208

Accounts receivable — net
 
—

 
33,987

 
3,560

 
43,303

 
—

 
80,850

Inventories — net
 
—

 
52,627

 
18,477

 
86,445

 
—

 
157,549

Other current assets
 
—

 
17,931

 
810

 
10,446

 
(16,190
)
 
12,997

Total current assets
 
—

 
148,103

 
22,917

 
163,774

 
(16,190
)
 
318,604

Other non-current assets
 
—

 
22,373

 
54

 
20,387

 
(4,190
)
 
38,624

Investments in and advances to subsidiaries
 
24,476

 
384,414

 
194,316

 
(35,962
)
 
(567,244
)
 
—

Goodwill and purchased intangible assets — net
 
—

 
26,833

 
12,347

 
147,614

 
—

 
186,794

Total other assets
 
24,476

 
433,620

 
206,717

 
132,039

 
(571,434
)
 
225,418

Property, plant and equipment — net
 
—

 
72,780

 
298

 
185,076

 
—

 
258,154

Total assets
 
$
24,476

 
$
654,503

 
$
229,932

 
$
480,889

 
$
(587,624
)
 
$
802,176

 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
—

 
$
15,339

 
$
2,854

 
$
47,519

 
$
—

 
$
65,712

Accrued and other current liabilities
 
—

 
63,674

 
20,194

 
27,857

 
(16,190
)
 
95,535

Notes payable and long-term debt due within one year
 
—

 
221

 
—

 
4,362

 
—

 
4,583

Total current liabilities
 
—

 
79,234

 
23,048

 
79,738

 
(16,190
)
 
165,830

Long-term debt
 
—

 
451,090

 
—

 
10,794

 
—

 
461,884

Other long-term liabilities
 
—

 
94,434

 
9,691

 
50,051

 
(4,190
)
 
149,986

Total liabilities
 
—

 
624,758

 
32,739

 
140,583

 
(20,380
)
 
777,700

Total shareholders’ equity (deficit)
 
24,476

 
29,745

 
197,193

 
340,306

 
(567,244
)
 
24,476

Total liabilities and shareholders’ equity (deficit)
 
$
24,476

 
$
654,503

 
$
229,932

 
$
480,889

 
$
(587,624
)
 
$
802,176



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

 
2,614

 
10,506

 
(17,258
)
 
12,775

Total current assets
 
—

 
143,946

 
23,001

 
155,281

 
(17,258
)
 
304,970

Other non-current assets
 
—

 
21,609

 
8

 
24,749

 
(4,257
)
 
42,109

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

 
385,038

 
223,231

 
163,225

 
(569,393
)
 
229,881

Property, plant and equipment — net
 
—

 
75,951

 
416

 
188,351

 
—

 
264,718

Total assets
 
$
27,780

 
$
604,935

 
$
246,648

 
$
506,857

 
$
(586,651
)
 
$
799,569

 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
—

 
$
14,290

 
$
1,840

 
$
42,629

 
$
—

 
$
58,759

Accrued and other current liabilities
 
—

 
67,953

 
20,860

 
32,676

 
(17,258
)
 
104,231

Notes payable and long-term debt due within one year
 
—

 
227

 
—

 
3,965

 
—

 
4,192

Total current liabilities
 
—

 
82,470

 
22,700

 
79,270

 
(17,258
)
 
167,182

Long-term debt
 
—

 
360,626

 
—

 
32,542

 
—

 
393,168

Other long-term liabilities
 
—

 
156,232

 
15,206

 
44,258

 
(4,257
)
 
211,439

Total liabilities
 
—

 
599,328

 
37,906

 
156,070

 
(21,515
)
 
771,789

Total shareholders’ equity (deficit)
 
27,780

 
5,607

 
208,742

 
350,787

 
(565,136
)
 
27,780

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

 
$
604,935

 
$
246,648

 
$
506,857

 
$
(586,651
)
 
$
799,569

Condensed Consolidating Statements of Cash Flows
 
 
Year ended December 31, 2012
(dollars in thousands)
 
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
 
$
6,966

 
$
6,966

 
$
7,140

 
$
25,167

 
$
(39,273
)
 
$
6,966

Depreciation and amortization
 
—

 
12,897

 
70

 
28,504

 
—

 
41,471

Other operating activities
 
(6,966
)
 
(59,493
)
 
(7,295
)
 
(5,459
)
 
39,273

 
(39,940
)
Net cash provided by (used in) operating activities
 
—

 
(39,630
)
 
(85
)
 
48,212

 
—

 
8,497

Additions to property, plant & equipment
 
—

 
(10,104
)
 
—

 
(22,616
)
 
—

 
(32,720
)
Other investing activities
 
—

 
97

 
—

 
550

 
—

 
647

Net cash (used in) investing activities
 
—

 
(10,007
)
 
—

 
(22,066
)
 
—

 
(32,073
)
Net borrowings (repayments)
 
—

 
89,792

 
—

 
(21,674
)
 
—

 
68,118

Other financing activities
 
—

 
(35,846
)
 
—

 
—

 
—

 
(35,846
)
Net cash provided by (used in) financing activities
 
—

 
53,946

 
—

 
(21,674
)
 
—

 
32,272

Exchange effect on cash
 
—

 
—

 
—

 
221

 
—

 
221

Increase (decrease) in cash
 
—

 
4,309

 
(85
)
 
4,693

 
—

 
8,917

Cash at beginning of period
 
—

 
39,249

 
155

 
18,887

 
—

 
58,291

Cash at end of period
 
$
—

 
$
43,558

 
$
70

 
$
23,580

 
$
—

 
$
67,208




 
 
Year ended December 31, 2011
(dollars in thousands)
 
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
 
$
23,641

 
$
23,641

 
$
11,308

 
$
30,508

 
$
(65,457
)
 
$
23,641

Depreciation and amortization
 
—

 
13,501

 
292

 
28,395

 
—

 
42,188

Other operating activities
 
(23,641
)
 
(2,184
)
 
(24,655
)
 
(25,455
)
 
65,457

 
(10,478
)
Net cash provided by (used in) operating activities
 
—

 
34,958

 
(13,055
)
 
33,448

 
—

 
55,351

Additions to property, plant & equipment
 
—

 
(18,098
)
 
(61
)
 
(23,261
)
 
—

 
(41,420
)
Other investing activities
 
—

 
33

 
12,978

 
4,689

 
—

 
17,700

Net cash (used in) investing activities
 
—

 
(18,065
)
 
12,917

 
(18,572
)
 
—

 
(23,720
)
Net borrowings (repayments)
 
—

 
(40,196
)
 
—

 
(13,547
)
 
—

 
(53,743
)
Other financing activities
 
—

 
4,275

 
—

 
—

 
—

 
4,275

Net cash provided by (used in) financing activities
 
—

 
(35,921
)
 
—

 
(13,547
)
 
—

 
(49,468
)
Exchange effect on cash
 
—

 
—

 
—

 
(130
)
 
—

 
(130
)
Increase (decrease) in cash
 
—

 
(19,028
)
 
(138
)
 
1,199

 
—

 
(17,967
)
Cash at beginning of period
 
—

 
58,277

 
293

 
17,688

 
—

 
76,258

Cash at end of period
 
$
—

 
$
39,249

 
$
155

 
$
18,887

 
$
—

 
$
58,291




Libbey Inc.
Condensed Consolidating Statement of Cash Flows


 
 
Year ended December 31, 2010
(dollars in thousands)
 
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
 
$
70,086

 
$
70,086

 
$
9,776

 
$
23,343

 
$
(103,205
)
 
$
70,086

Depreciation and amortization
 
—

 
14,512

 
743

 
25,860

 
—

 
41,115

Other operating activities
 
(70,086
)
 
(67,690
)
 
(10,407
)
 
(18,524
)
 
103,205

 
(63,502
)
Net cash provided by (used in) operating activities
 
—

 
16,908

 
112

 
30,679

 
—

 
47,699

Additions to property, plant & equipment
 
—

 
(8,515
)
 
(238
)
 
(19,494
)
 
—

 
(28,247
)
Other investing activities
 
—

 
—

 
—

 
—

 
—

 
—

Net cash (used in) investing activities
 
—

 
(8,515
)
 
(238
)
 
(19,494
)
 
—

 
(28,247
)
Net borrowings (repayments)
 
—

 
35,112

 
—

 
(10,210
)
 
—

 
24,902

Other financing activities
 
—

 
(22,614
)
 
—

 
—

 
—

 
(22,614
)
Net cash provided by (used in) financing activities
 
—

 
12,498

 
—

 
(10,210
)
 
—

 
2,288

Exchange effect on cash
 
—

 
—

 
—

 
(571
)
 
—

 
(571
)
Increase (decrease) in cash
 
—

 
20,891

 
(126
)
 
404

 
—

 
21,169

Cash at beginning of period
 
—

 
37,386

 
419

 
17,284

 
—

 
55,089

Cash at end of period
 
$
—

 
$
58,277

 
$
293

 
$
17,688

 
$
—

 
$
76,258