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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables) | 6 Months Ended
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Jun. 30, 2011
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Balance Sheet |
|  | June 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,322 |  | $ | — |  | $ | 1,322 |
Inventories |  |  |  |  |  | 1,065 |  |  |  | 1,065 |
Other current assets |  |  |  |  |  | 364 |  |  |  | 364 |
Total current assets |  | — |  | — |  | 2,751 |  | — |  | 2,751 |
Investments in and advances to subsidiaries |  | 2,791 |  | 2,541 |  |  |  | (5,332 | ) | — |
Goodwill |  |  |  |  |  | 2,957 |  |  |  | 2,957 |
Other non-current assets |  |  |  |  |  | 1,260 |  |  |  | 1,260 |
Total other assets |  | 2,791 |  | 2,541 |  | 4,217 |  | (5,332 | ) | 4,217 |
Property, plant and equipment, net |  |  |  |  |  | 3,176 |  |  |  | 3,176 |
Total assets |  | $ | 2,791 |  | $ | 2,541 |  | $ | 10,144 |  | $ | (5,332 | ) | $ | 10,144 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,651 |  | $ | — |  | $ | 1,651 |
Current portion of asbestos liability |  | 170 |  |  |  |  |  |  |  | 170 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 371 |  |  |  | 371 |
Total current liabilities |  | 170 |  | — |  | 2,022 |  | — |  | 2,192 |
Long-term debt |  | 250 |  |  |  | 3,969 |  | (250 | ) | 3,969 |
Asbestos-related liabilities |  | 238 |  |  |  |  |  |  |  | 238 |
Other non-current liabilities |  |  |  |  |  | 1,455 |  |  |  | 1,455 |
Total share owners’ equity of the Company |  | 2,133 |  | 2,541 |  | 2,541 |  | (5,082 | ) | 2,133 |
Noncontrolling interests |  |  |  |  |  | 157 |  |  |  | 157 |
Total liabilities and share owners’ equity |  | $ | 2,791 |  | $ | 2,541 |  | $ | 10,144 |  | $ | (5,332 | ) | $ | 10,144 |
Results of Operations |
|  | December 31, 2010 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,075 |  | $ | — |  | $ | 1,075 |
Inventories |  |  |  |  |  | 946 |  |  |  | 946 |
Other current assets |  |  |  |  |  | 717 |  |  |  | 717 |
Total current assets |  | — |  | — |  | 2,738 |  | — |  | 2,738 |
Investments in and advances to subsidiaries |  | 2,541 |  | 2,291 |  |  |  | (4,832 | ) | — |
Goodwill |  |  |  |  |  | 2,821 |  |  |  | 2,821 |
Other non-current assets |  |  |  |  |  | 1,088 |  |  |  | 1,088 |
Total other assets |  | 2,541 |  | 2,291 |  | 3,909 |  | (4,832 | ) | 3,909 |
Property, plant and equipment, net |  |  |  |  |  | 3,107 |  |  |  | 3,107 |
Total assets |  | $ | 2,541 |  | $ | 2,291 |  | $ | 9,754 |  | $ | (4,832 | ) | $ | 9,754 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,555 |  | $ | — |  | $ | 1,555 |
Current portion of asbestos liability |  | 170 |  |  |  |  |  |  |  | 170 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 354 |  |  |  | 354 |
Total current liabilities |  | 170 |  | — |  | 1,909 |  | — |  | 2,079 |
Long-term debt |  | 250 |  |  |  | 3,924 |  | (250 | ) | 3,924 |
Asbestos-related liabilities |  | 306 |  |  |  |  |  |  |  | 306 |
Other non-current liabilities |  |  |  |  |  | 1,419 |  |  |  | 1,419 |
Total share owners’ equity of the Company |  | 1,815 |  | 2,291 |  | 2,291 |  | (4,582 | ) | 1,815 |
Noncontrolling interests |  |  |  |  |  | 211 |  |  |  | 211 |
Total liabilities and share owners’ equity |  | $ | 2,541 |  | $ | 2,291 |  | $ | 9,754 |  | $ | (4,832 | ) | $ | 9,754 |
|  | June 30, 2010 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,076 |  | $ | — |  | $ | 1,076 |
Inventories |  |  |  |  |  | 856 |  |  |  | 856 |
Other current assets |  |  |  |  |  | 718 |  |  |  | 718 |
Assets of discontinued operations |  |  |  |  |  | 78 |  |  |  | 78 |
Total current assets |  | — |  | — |  | 2,728 |  | — |  | 2,728 |
Investments in and advances to subsidiaries |  | 2,196 |  | 1,946 |  |  |  | (4,142 | ) | — |
Goodwill |  |  |  |  |  | 2,222 |  |  |  | 2,222 |
Other non-current assets |  |  |  |  |  | 774 |  |  |  | 774 |
Assets of discontinued operations |  |  |  |  |  | 36 |  |  |  | 36 |
Total other assets |  | 2,196 |  | 1,946 |  | 3,032 |  | (4,142 | ) | 3,032 |
Property, plant and equipment, net |  |  |  |  |  | 2,598 |  |  |  | 2,598 |
Total assets |  | $ | 2,196 |  | $ | 1,946 |  | $ | 8,358 |  | $ | (4,142 | ) | $ | 8,358 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,447 |  | $ | — |  | $ | 1,447 |
Current portion of asbestos liability |  | 175 |  |  |  |  |  |  |  | 175 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 272 |  |  |  | 272 |
Liabilities of discontinued operations |  |  |  |  |  | 25 |  |  |  | 25 |
Total current liabilities |  | 175 |  | — |  | 1,744 |  | — |  | 1,919 |
Liabilities of discontinued operations |  |  |  |  |  | 15 |  |  |  | 15 |
Long-term debt |  | 250 |  |  |  | 3,228 |  | (250 | ) | 3,228 |
Asbestos-related liabilities |  | 233 |  |  |  |  |  |  |  | 233 |
Other non-current liabilities |  |  |  |  |  | 1,220 |  |  |  | 1,220 |
Total share owners’ equity of the Company |  | 1,538 |  | 1,946 |  | 1,946 |  | (3,892 | ) | 1,538 |
Noncontrolling interests |  |  |  |  |  | 205 |  |  |  | 205 |
Total liabilities and share owners’ equity |  | $ | 2,196 |  | $ | 1,946 |  | $ | 8,358 |  | $ | (4,142 | ) | $ | 8,358 |
|  | Three months ended June 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,959 |  | $ | — |  | $ | 1,959 |
Manufacturing, shipping, and delivery |  |  |  |  |  | (1,604 | ) |  |  | (1,604 | )
Gross profit |  | — |  | — |  | 355 |  | — |  | 355 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (172 | ) |  |  | (172 | )
External interest expense |  | (5 | ) |  |  | (95 | ) |  |  | (100 | )
Intercompany interest expense |  |  |  | (5 | ) | (5 | ) | 10 |  | — |
External interest income |  |  |  |  |  | 3 |  |  |  | 3 |
Intercompany interest income |  | 5 |  | 5 |  |  |  | (10 | ) | — |
Equity earnings from subsidiaries |  | 73 |  | 73 |  |  |  | (146 | ) | — |
Other equity earnings |  |  |  |  |  | 19 |  |  |  | 19 |
Other income |  |  |  |  |  | 5 |  |  |  | 5 |
Earnings before income taxes |  | 73 |  | 73 |  | 110 |  | (146 | ) | 110 |
Provision for income taxes |  |  |  |  |  | (32 | ) |  |  | (32 | )
Earnings from continuing operations |  | 73 |  | 73 |  | 78 |  | (146 | ) | 78 |
Earnings from discontinued operations |  |  |  |  |  | 2 |  |  |  | 2 |
Net earnings |  | 73 |  | 73 |  | 80 |  | (146 | ) | 80 |
Net earnings attributable to noncontrolling interest |  |  |  |  |  | (7 | ) |  |  | (7 | )
Net earnings attributable to the Company |  | $ | 73 |  | $ | 73 |  | $ | 73 |  | $ | (146 | ) | $ | 73 |
|  | Three months ended June 30, 2010 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,670 |  | $ | — |  | $ | 1,670 |
Manufacturing, shipping, and delivery |  |  |  |  |  | (1,287 | ) |  |  | (1,287 | )
Gross profit |  | — |  | — |  | 383 |  | — |  | 383 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (152 | ) |  |  | (152 | )
External interest expense |  | (5 | ) |  |  | (55 | ) |  |  | (60 | )
Intercompany interest expense |  |  |  | (5 | ) | (5 | ) | 10 |  | — |
External interest income |  |  |  |  |  | 4 |  |  |  | 4 |
Intercompany interest income |  | 5 |  | 5 |  |  |  | (10 | ) | — |
Equity earnings from subsidiaries |  | 141 |  | 141 |  |  |  | (282 | ) | — |
Other equity earnings |  |  |  |  |  | 13 |  |  |  | 13 |
Other income |  |  |  |  |  | 6 |  |  |  | 6 |
Earnings from continuing operations before income taxes |  | 141 |  | 141 |  | 194 |  | (282 | ) | 194 |
Provision for income taxes |  |  |  |  |  | (51 | ) |  |  | (51 | )
Earnings from continuing operations |  | 141 |  | 141 |  | 143 |  | (282 | ) | 143 |
Earnings from discontinued operations |  |  |  |  |  | 12 |  |  |  | 12 |
Net earnings |  | 141 |  | 141 |  | 155 |  | (282 | ) | 155 |
Net earnings attributable to noncontrolling interest |  |  |  |  |  | (14 | ) |  |  | (14 | )
Net earnings attributable to the Company |  | $ | 141 |  | $ | 141 |  | $ | 141 |  | $ | (282 | ) | $ | 141 |
|  | Six months ended June 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 3,678 |  | $ | — |  | $ | 3,678 |
Manufacturing, shipping, and delivery |  |  |  |  |  | (2,990 | ) |  |  | (2,990 | )
Gross profit |  | — |  | — |  | 688 |  | — |  | 688 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (348 | ) |  |  | (348 | )
External interest expense |  | (10 | ) |  |  | (166 | ) |  |  | (176 | )
Intercompany interest expense |  |  |  | (10 | ) | (10 | ) | 20 |  | — |
External interest income |  |  |  |  |  | 6 |  |  |  | 6 |
Intercompany interest income |  | 10 |  | 10 |  |  |  | (20 | ) | — |
Equity earnings from subsidiaries |  | 145 |  | 145 |  |  |  | (290 | ) | — |
Other equity earnings |  |  |  |  |  | 33 |  |  |  | 33 |
Other income |  |  |  |  |  | 12 |  |  |  | 12 |
Earnings from continuing operations before income taxes |  | 145 |  | 145 |  | 215 |  | (290 | ) | 215 |
Provision for income taxes |  |  |  |  |  | (60 | ) |  |  | (60 | )
Earnings from continuing operations |  | 145 |  | 145 |  | 155 |  | (290 | ) | 155 |
Earnings from discontinued operations |  |  |  |  |  | 1 |  |  |  | 1 |
Net earnings |  | 145 |  | 145 |  | 156 |  | (290 | ) | 156 |
Net earnings attributable to noncontrolling interest |  |  |  |  |  | (11 | ) |  |  | (11 | )
Net earnings attributable to the Company |  | $ | 145 |  | $ | 145 |  | $ | 145 |  | $ | (290 | ) | $ | 145 |
|  | Six months ended June 30, 2010 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 3,216 |  | $ | — |  | $ | 3,216 |
Manufacturing, shipping, and delivery |  |  |  |  |  | (2,534 | ) |  |  | (2,534 | )
Gross profit |  | — |  | — |  | 682 |  | — |  | 682 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (294 | ) |  |  | (294 | )
External interest expense |  | (11 | ) |  |  | (105 | ) |  |  | (116 | )
Intercompany interest expense |  |  |  | (11 | ) | (11 | ) | 22 |  | — |
External interest income |  |  |  |  |  | 8 |  |  |  | 8 |
Intercompany interest income |  | 11 |  | 11 |  |  |  | (22 | ) | — |
Equity earnings from subsidiaries |  | 226 |  | 226 |  |  |  | (452 | ) | — |
Other equity earnings |  |  |  |  |  | 26 |  |  |  | 26 |
Other income |  |  |  |  |  | 11 |  |  |  | 11 |
Earnings from continuing operations before income taxes |  | 226 |  | 226 |  | 317 |  | (452 | ) | 317 |
Provision for income taxes |  |  |  |  |  | (83 | ) |  |  | (83 | )
Earnings from continuing operations |  | 226 |  | 226 |  | 234 |  | (452 | ) | 234 |
Earnings from discontinued operations |  |  |  |  |  | 15 |  |  |  | 15 |
Net earnings |  | 226 |  | 226 |  | 249 |  | (452 | ) | 249 |
Net earnings attributable to noncontrolling interest |  |  |  |  |  | (23 | ) |  |  | (23 | )
Net earnings attributable to the Company |  | $ | 226 |  | $ | 226 |  | $ | 226 |  | $ | (452 | ) | $ | 226 |
Cash Flows |
|  | Six months ended June 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (used in) operating activities |  | $ | (68 | ) | $ | — |  | $ | 162 |  | $ | — |  | $ | 94 |
Cash used in investing activities |  |  |  |  |  | (300 | ) |  |  | (300 | )
Cash provided by (used in) financing activities |  | 68 |  |  |  | (256 | ) |  |  | (188 | )
Effect of exchange rate change on cash |  |  |  |  |  | 14 |  |  |  | 14 |
Net change in cash |  | — |  | — |  | (380 | ) | — |  | (380 | )
Cash at beginning of period |  |  |  |  |  | 640 |  |  |  | 640 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 260 |  | $ | — |  | $ | 260 |
|  | Six months ended June 30, 2010 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (used in) operating activities |  | $ | (77 | ) | $ | — |  | $ | 251 |  | $ | — |  | $ | 174 |
Cash used in investing activities |  |  |  |  |  | (262 | ) |  |  | (262 | )
Cash provided by (used in) financing activities |  | 77 |  |  |  | (99 | ) |  |  | (22 | )
Effect of exchange rate change on cash |  |  |  |  |  | (20 | ) |  |  | (20 | )
Net change in cash |  | — |  | — |  | (130 | ) | — |  | (130 | )
Cash at beginning of period |  |  |  |  |  | 812 |  |  |  | 812 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 682 |  | $ | — |  | $ | 682 |

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