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Condensed Consolidated Guarantor Financial Statements (Tables)
9 Months Ended
Sep. 30, 2013
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 (Loss)
(unaudited)
 
Three months ended September 30, 2013
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
96,699

 
$
20,926

 
$
104,251

 
$
(17,490
)
 
$
204,386

Freight billed to customers

 
170

 
212

 
542

 

 
924

Total revenues

 
96,869

 
21,138

 
104,793

 
(17,490
)
 
205,310

Cost of sales

 
79,960

 
15,840

 
87,095

 
(17,490
)
 
165,405

Gross profit

 
16,909

 
5,298

 
17,698

 

 
39,905

Selling, general and administrative expenses

 
13,476

 
3,103

 
8,940

 

 
25,519

Special charges

 
373

 

 
17

 

 
390

Income (loss) from operations

 
3,060

 
2,195

 
8,741

 

 
13,996

Other income (expense)

 
(238
)
 
(4
)
 
(464
)
 

 
(706
)
Earnings (loss) before interest and income taxes

 
2,822

 
2,191

 
8,277

 

 
13,290

Interest expense

 
5,704

 

 
2,002

 

 
7,706

Income (loss) before income taxes

 
(2,882
)
 
2,191

 
6,275

 

 
5,584

Provision (benefit) for income taxes

 
452

 
81

 
302

 

 
835

Net income (loss)

 
(3,334
)
 
2,110

 
5,973

 

 
4,749

Equity in net income (loss) of subsidiaries
4,749

 
8,083

 

 

 
(12,832
)
 

Net income (loss)
$
4,749

 
$
4,749

 
$
2,110

 
$
5,973

 
$
(12,832
)
 
$
4,749

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
12,827

 
$
12,827

 
$
2,031

 
$
1,641

 
$
(16,499
)
 
$
12,827

 
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


Libbey Inc.
Condensed Consolidating Statements of Comprehensive Income (Loss)
(unaudited)
 
Nine months ended September 30, 2013
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
285,035

 
$
61,342

 
$
293,122

 
$
(41,733
)
 
$
597,766

Freight billed to customers

 
401

 
640

 
1,406

 

 
2,447

Total revenues

 
285,436

 
61,982

 
294,528

 
(41,733
)
 
600,213

Cost of sales

 
209,165

 
46,340

 
246,842

 
(41,733
)
 
460,614

Gross profit

 
76,271

 
15,642

 
47,686

 

 
139,599

Selling, general and administrative expenses

 
46,721

 
8,256

 
26,574

 

 
81,551

Special charges

 
4,602

 

 
17

 

 
4,619

Income (loss) from operations

 
24,948

 
7,386

 
21,095

 

 
53,429

Other income (expense)

 
(2,745
)
 
(16
)
 
(847
)
 

 
(3,608
)
Earnings (loss) before interest and income taxes

 
22,203

 
7,370

 
20,248

 

 
49,821

Interest expense

 
18,120

 

 
6,147

 

 
24,267

Income (loss) before income taxes

 
4,083

 
7,370

 
14,101

 

 
25,554

Provision (benefit) for income taxes

 
1,152

 
230

 
4,998

 

 
6,380

Net income (loss)

 
2,931

 
7,140

 
9,103

 

 
19,174

Equity in net income (loss) of subsidiaries
19,174

 
16,243

 

 

 
(35,417
)
 

Net income (loss)
$
19,174

 
$
19,174

 
$
7,140

 
$
9,103

 
$
(35,417
)
 
$
19,174

 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
$
36,281

 
$
36,281

 
$
7,030

 
$
4,441

 
$
(47,752
)
 
$
36,281

 
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

Schedule of Condensed Balance Sheet [Table Text Block]
 
 
 
September 30, 2013 (unaudited)
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash and equivalents
$

 
$
6,217

 
$
52

 
$
23,197

 
$

 
$
29,466

Accounts receivable — net

 
38,967

 
5,551

 
47,093

 

 
91,611

Inventories — net

 
60,035

 
21,295

 
92,064

 

 
173,394

Other current assets

 
19,638

 
2,284

 
17,630

 
(16,407
)
 
23,145

Total current assets

 
124,857

 
29,182

 
179,984

 
(16,407
)
 
317,616

Other non-current assets

 
18,806

 

 
21,251

 
(4,190
)
 
35,867

Investments in and advances to subsidiaries
68,757

 
372,239

 
197,806

 
(40,632
)
 
(598,170
)
 

Goodwill and purchased intangible assets — net

 
27,423

 
12,347

 
146,909

 

 
186,679

Total other assets
68,757

 
418,468

 
210,153

 
127,528

 
(602,360
)
 
222,546

Property, plant and equipment — net

 
64,876

 
288

 
189,334

 

 
254,498

Total assets
$
68,757

 
$
608,201

 
$
239,623

 
$
496,846

 
$
(618,767
)
 
$
794,660

 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
12,330

 
$
2,118

 
$
46,319

 
$

 
$
60,767

Accrued and other current liabilities

 
56,489

 
22,473

 
28,767

 
(13,334
)
 
94,395

Notes payable and long-term debt due within one year

 
231

 

 
14,915

 

 
15,146

Total current liabilities

 
69,050

 
24,591

 
90,001

 
(13,334
)
 
170,308

Long-term debt

 
404,655

 

 
2,343

 

 
406,998

Other long-term liabilities

 
91,818

 
9,432

 
51,537

 
(4,190
)
 
148,597

Total liabilities

 
565,523

 
34,023

 
143,881

 
(17,524
)
 
725,903

Total shareholders’ equity (deficit)
68,757

 
42,678

 
205,600

 
352,965

 
(601,243
)
 
68,757

Total liabilities and shareholders’ equity (deficit)
$
68,757

 
$
608,201

 
$
239,623

 
$
496,846

 
$
(618,767
)
 
$
794,660

Libbey Inc.
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

Schedule of Condensed Cash Flow Statement [Table Text Block]
 
Three months ended September 30, 2013
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
4,749

 
$
4,749

 
$
2,110

 
$
5,973

 
$
(12,832
)
 
$
4,749

Depreciation and amortization

 
2,921

 
13

 
8,839

 

 
11,773

Other operating activities
(4,749
)
 
12,531

 
(2,122
)
 
(247
)
 
12,832

 
18,245

Net cash provided by (used in) operating activities

 
20,201

 
1

 
14,565

 

 
34,767

Additions to property, plant & equipment

 
(2,620
)
 
(4
)
 
(7,757
)
 

 
(10,381
)
Other investing activities

 
1

 

 
72

 

 
73

Net cash (used in) investing activities

 
(2,619
)
 
(4
)
 
(7,685
)
 

 
(10,308
)
Net borrowings (repayments)

 
(9,856
)
 

 
1,753

 

 
(8,103
)
Other financing activities

 
2,059

 

 

 

 
2,059

Net cash provided by (used in) financing activities

 
(7,797
)
 

 
1,753

 

 
(6,044
)
Exchange effect on cash

 

 

 
507

 

 
507

Increase (decrease) in cash

 
9,785

 
(3
)
 
9,140

 

 
18,922

Cash at beginning of period

 
(3,568
)
 
55

 
14,057

 

 
10,544

Cash at end of period
$

 
$
6,217

 
$
52

 
$
23,197

 
$

 
$
29,466




 
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





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

 
Nine months ended September 30, 2013
(dollars in thousands)
Libbey
Inc.
(Parent)
 
Libbey
Glass
(Issuer)
 
Subsidiary
Guarantors
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
$
19,174

 
$
19,174

 
$
7,140

 
$
9,103

 
$
(35,417
)
 
$
19,174

Depreciation and amortization

 
11,646

 
46

 
22,478

 

 
34,170

Other operating activities
(19,174
)
 
(20,066
)
 
(7,169
)
 
(10,880
)
 
35,417

 
(21,872
)
Net cash provided by (used in) operating activities

 
10,754

 
17

 
20,701

 

 
31,472

Additions to property, plant & equipment

 
(6,689
)
 
(35
)
 
(23,428
)
 

 
(30,152
)
Other investing activities

 
2

 

 
79

 

 
81

Net cash (used in) investing activities

 
(6,687
)
 
(35
)
 
(23,349
)
 

 
(30,071
)
Net borrowings (repayments)

 
(45,165
)
 

 
1,748

 

 
(43,417
)
Other financing activities

 
3,757

 

 

 

 
3,757

Net cash provided by (used in) financing activities

 
(41,408
)
 

 
1,748

 

 
(39,660
)
Exchange effect on cash

 

 

 
517

 

 
517

Increase (decrease) in cash

 
(37,341
)
 
(18
)
 
(383
)
 

 
(37,742
)
Cash at beginning of period

 
43,558

 
70

 
23,580

 

 
67,208

Cash at end of period
$

 
$
6,217

 
$
52

 
$
23,197

 
$

 
$
29,466




 
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