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Other Expense
12 Months Ended
Dec. 31, 2011
Other Expense  
Other Expense

14. Other Expense

        Other expense for the year ended December 31, 2011 included the following:

  • The Company recorded charges totaling $95 million for restructuring and asset impairment. See Note 15 for additional information.

    The Company recorded charges totaling $17 million for asset impairment, primarily due to the write down of asset values related to a 2010 acquisition in China as a result of integration challenges. The Company wrote down the value of these assets to the extent their carrying amounts exceeded fair value. The Company classified the significant assumptions used to determine the fair value of the impaired assets, which was not material, as Level 3 in the fair value hierarchy.

    The Company recorded a goodwill impairment charge of $641 million related to its Asia Pacific segment. See Note 19 for additional information.

    During the fourth quarter of 2011, the Company recorded a charge of $165 million to increase the accrual for estimated future asbestos-related costs as a result of the findings from the annual review of asbestos-related liabilities. See Note 17 for additional information.

        Other expense for the year ended December 31, 2010 included the following:

  • The Company recorded charges totaling $13 million for restructuring and asset impairment related to the Company's strategic review of its global manufacturing footprint. See Note 15 for additional information.

    The Company recorded charges of $12 million for acquisition-related fair value inventory adjustments. This charge was due to the accounting rules requiring inventory purchased in a business combination to be marked up to fair value, and then recorded as an increase to cost of goods sold as the inventory is sold. The Company also recorded charges of $20 million for acquisition-related restructuring, transaction and financing costs.

    During the fourth quarter of 2010, the Company recorded a charge of $170 million to increase the accrual for estimated future asbestos-related costs as a result of the findings from the annual review of asbestos-related liabilities. See Note 17 for additional information.

        Other expense for the year ended December 31, 2009 included the following:

  • During the fourth quarter of 2009, the Company recorded charges of $18 million for the remeasurement of certain bolivar-denominated assets and liabilities held outside of Venezuela.

    The Company recorded charges totaling $207 million for restructuring and asset impairment. The charges reflect the additional decisions reached in the Company's strategic review of its global manufacturing footprint. See Note 15 for additional information.

    During the fourth quarter of 2009, the Company recorded a charge of $180 million to increase the accrual for estimated future asbestos-related costs as a result of the findings from the annual review of asbestos-related liabilities. See Note 17 for additional information.