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Immaterial Corrections | 12 Months Ended
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Dec. 31, 2011
Immaterial Corrections [Abstract] |
Immaterial Corrections | NOTE 23 Immaterial Corrections NOTE 23 Immaterial Corrections During the fourth quarter of 2011, management concluded the previously issued consolidated financial statements required adjustments to reflect certain immaterial corrections. Prior to the distribution of Exelis and Xylem, the Company had evaluated and concluded that the identified amounts were not material to any of its previously issued financial statements. Although management believes the amounts, individually and in the aggregate, were, and continue to be, immaterial to prior periods, management concluded that the prior period corrections to the post-Distribution financial statements are appropriate. The Company has revised amounts previously reported in the consolidated financial statements to reflect certain adjustments, primarily related to income taxes, cumulative translation adjustments, and other adjustments, related to previously unrecorded immaterial adjustments identified during the preparation of prior years’ financial statements. As a result of these adjustments, basic and diluted earnings per share were adjusted by $0.07 and ($0.16) for 2010 and 2009, respectively, which includes $0.03 and ($0.09) in 2010 and 2009, respectively, related to discontinued operations. The impact of these adjustments are detailed in the tables below. Income Statement as of December 31, 2010
YEAR ENDED DECEMBER 31, 2010 |  | As Previously Reported with Reclassification For Discontinued Operations (Note 4) |  | Adjustments |  | As Adjusted and with Reclassification For Discontinued Operations
General and administrative expenses |  |  | $ | 179 |  |  |  | $ | (3 | ) |  |  | $ | 176 |
Operating loss |  |  |  | (187 | ) |  |  |  | 3 |  |  |  |  | (184 | )
Loss from continuing operations before income tax expense |  |  |  | (279 | ) |  |  |  | 3 |  |  |  |  | (276 | )
Loss from continuing operations |  |  |  | (135 | ) |  |  |  | 3 |  |  |  |  | (132 | )
Income from discontinued operations |  |  |  | 933 |  |  |  |  | 3 |  |  |  |  | 936 |
Net income |  |  | $ | 798 |  |  |  | $ | 6 |  |  |  | $ | 804 |
Income Statement as of December 31, 2009
YEAR ENDED DECEMBER 31, 2009 |  | As Previously Reported with Reclassification For Discontinued Operations (Note 4) |  | Adjustments |  | As Adjusted and with Reclassification For Discontinued Operations
General and administrative expenses |  |  | $ | 195 |  |  |  | $ | 6 |  |  |  | $ | 201 |
Operating loss |  |  |  | (115 | ) |  |  |  | (6 | ) |  |  |  | (121 | )
Loss from continuing operations before income tax expense |  |  |  | (202 | ) |  |  |  | (6 | ) |  |  |  | (208 | )
Income tax expense |  |  |  | (98 | ) |  |  |  | 1 |  |  |  |  | (97 | )
Loss from continuing operations |  |  |  | (104 | ) |  |  |  | (7 | ) |  |  |  | (111 | )
Income from discontinued operations |  |  |  | 748 |  |  |  |  | (8 | ) |  |  |  | 740 |
Net income |  |  | $ | 644 |  |  |  | $ | (15 | ) |  |  | $ | 629 |
Balance Sheet at December 31, 2010
DECEMBER 31, 2010 |  | As Previously Reported with Reclassification For Discontinued Operations (Note 4) |  | Adjustments |  | As Adjusted and with Reclassification For Discontinued Operations
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets of discontinued operations |  |  | $ | 3,459 |  |  |  | $ | (2 | ) |  |  | $ | 3,457 |
Total current assets |  |  |  | 4,426 |  |  |  |  | (2 | ) |  |  |  | 4,424 |
Deferred income taxes (noncurrent) |  |  |  | 339 |  |  |  |  | (19 | ) |  |  |  | 320 |
Noncurrent assets of discontinued operations |  |  |  | 5,871 |  |  |  |  | (6 | ) |  |  |  | 5,865 |
Total non-current assets |  |  |  | 8,216 |  |  |  |  | (25 | ) |  |  |  | 8,191 |
Total assets |  |  |  | 12,642 |  |  |  |  | (27 | ) |  |  |  | 12,615 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued liabilities |  |  |  | 408 |  |  |  |  | (11 | ) |  |  |  | 397 |
Current liabilities of discontinued operations |  |  |  | 1,883 |  |  |  |  | 9 |  |  |  |  | 1,892 |
Total current liabilities |  |  |  | 2,743 |  |  |  |  | (2 | ) |  |  |  | 2,741 |
Other non-current liabilities |  |  |  | 322 |  |  |  |  | 3 |  |  |  |  | 325 |
Noncurrent liabilities of discontinued operations |  |  |  | 1,902 |  |  |  |  | 15 |  |  |  |  | 1,917 |
Total noncurrent liabilities |  |  |  | 5,395 |  |  |  |  | 18 |  |  |  |  | 5,413 |
Total liabilities |  |  |  | 8,138 |  |  |  |  | 16 |  |  |  |  | 8,154 |
Shareholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  |  | 5,499 |  |  |  |  | (58 | ) |  |  |  | 5,441 |
Postretirement benefit plans |  |  |  | (1,360 | ) |  |  |  | 1 |  |  |  |  | (1,359 | )
Cumulative translation adjustments |  |  |  | 262 |  |  |  |  | 14 |  |  |  |  | 276 |
Total shareholders’ equity |  |  |  | 4,504 |  |  |  |  | (43 | ) |  |  |  | 4,461 |
Total liabilities and shareholders’ equity |  |  | $ | 12,642 |  |  |  | $ | (27 | ) |  |  | $ | 12,615 |
Certain of the adjustments described above, or portions thereof, relate to periods prior to 2010. The cumulative effect of those adjustments to retained earnings as of January 1, 2009 and December 31, 2009 is reflected as a change of $51 and $66, respectively. Cash Flows The adjustments had no effect on each of the subtotals within the Consolidated Statement of Cash Flows.

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