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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables) | 3 Months Ended
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Mar. 31, 2012
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Balance Sheet |
|  | March 31, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,199 |  | $ | — |  | $ | 1,199 |
Inventories |  |  |  |  |  | 1,237 |  |  |  | 1,237 |
Other current assets |  |  |  |  |  | 429 |  |  |  | 429 |
Total current assets |  | — |  | — |  | 2,865 |  | — |  | 2,865 |
Investments in and advances to subsidiaries |  | 1,822 |  | 1,572 |  |  |  | (3,394 | ) | — |
Goodwill |  |  |  |  |  | 2,127 |  |  |  | 2,127 |
Other non-current assets |  |  |  |  |  | 1,285 |  |  |  | 1,285 |
Total other assets |  | 1,822 |  | 1,572 |  | 3,412 |  | (3,394 | ) | 3,412 |
Property, plant and equipment, net |  |  |  |  |  | 2,884 |  |  |  | 2,884 |
Total assets |  | $ | 1,822 |  | $ | 1,572 |  | $ | 9,161 |  | $ | (3,394 | ) | $ | 9,161 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,545 |  | $ | — |  | $ | 1,545 |
Current portion of asbestos liability |  | 165 |  |  |  |  |  |  |  | 165 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 406 |  |  |  | 406 |
Total current liabilities |  | 165 |  | — |  | 1,951 |  | — |  | 2,116 |
Long-term debt |  | 250 |  |  |  | 3,724 |  | (250 | ) | 3,724 |
Asbestos-related liabilities |  | 276 |  |  |  |  |  |  |  | 276 |
Other non-current liabilities |  |  |  |  |  | 1,750 |  |  |  | 1,750 |
Total share owners’ equity of the Company |  | 1,131 |  | 1,572 |  | 1,572 |  | (3,144 | ) | 1,131 |
Noncontrolling interests |  |  |  |  |  | 164 |  |  |  | 164 |
Total liabilities and share owners’ equity |  | $ | 1,822 |  | $ | 1,572 |  | $ | 9,161 |  | $ | (3,394 | ) | $ | 9,161 |
|  | December 31, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,158 |  | $ | — |  | $ | 1,158 |
Inventories |  |  |  |  |  | 1,061 |  |  |  | 1,061 |
Other current assets |  |  |  |  |  | 524 |  |  |  | 524 |
Total current assets |  | — |  | — |  | 2,743 |  | — |  | 2,743 |
Investments in and advances to subsidiaries |  | 1,609 |  | 1,359 |  |  |  | (2,968 | ) | — |
Goodwill |  |  |  |  |  | 2,082 |  |  |  | 2,082 |
Other non-current assets |  |  |  |  |  | 1,273 |  |  |  | 1,273 |
Total other assets |  | 1,609 |  | 1,359 |  | 3,355 |  | (2,968 | ) | 3,355 |
Property, plant and equipment, net |  |  |  |  |  | 2,877 |  |  |  | 2,877 |
Total assets |  | $ | 1,609 |  | $ | 1,359 |  | $ | 8,975 |  | $ | (2,968 | ) | $ | 8,975 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,674 |  | $ | — |  | $ | 1,674 |
Current portion of asbestos liability |  | 165 |  |  |  |  |  |  |  | 165 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 406 |  |  |  | 406 |
Total current liabilities |  | 165 |  | — |  | 2,080 |  | — |  | 2,245 |
Long-term debt |  | 250 |  |  |  | 3,627 |  | (250 | ) | 3,627 |
Asbestos-related liabilities |  | 306 |  |  |  |  |  |  |  | 306 |
Other non-current liabilities |  |  |  |  |  | 1,756 |  |  |  | 1,756 |
Total share owners’ equity of the Company |  | 888 |  | 1,359 |  | 1,359 |  | (2,718 | ) | 888 |
Noncontrolling interests |  |  |  |  |  | 153 |  |  |  | 153 |
Total liabilities and share owners’ equity |  | $ | 1,609 |  | $ | 1,359 |  | $ | 8,975 |  | $ | (2,968 | ) | $ | 8,975 |
|  | March 31, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,223 |  | $ | — |  | $ | 1,223 |
Inventories |  |  |  |  |  | 1,103 |  |  |  | 1,103 |
Other current assets |  |  |  |  |  | 508 |  |  |  | 508 |
Total current assets |  | — |  | — |  | 2,834 |  | — |  | 2,834 |
Investments in and advances to subsidiaries |  | 2,722 |  | 2,472 |  |  |  | (5,194 | ) | — |
Goodwill |  |  |  |  |  | 2,900 |  |  |  | 2,900 |
Other non-current assets |  |  |  |  |  | 1,148 |  |  |  | 1,148 |
Total other assets |  | 2,722 |  | 2,472 |  | 4,048 |  | (5,194 | ) | 4,048 |
Property, plant and equipment, net |  |  |  |  |  | 3,143 |  |  |  | 3,143 |
Total assets |  | $ | 2,722 |  | $ | 2,472 |  | $ | 10,025 |  | $ | (5,194 | ) | $ | 10,025 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,535 |  | $ | — |  | $ | 1,535 |
Current portion of asbestos liability |  | 170 |  |  |  |  |  |  |  | 170 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 372 |  |  |  | 372 |
Total current liabilities |  | 170 |  | — |  | 1,907 |  | — |  | 2,077 |
Long-term debt |  | 250 |  |  |  | 3,991 |  | (250 | ) | 3,991 |
Asbestos-related liabilities |  | 273 |  |  |  |  |  |  |  | 273 |
Other non-current liabilities |  |  |  |  |  | 1,454 |  |  |  | 1,454 |
Total share owners’ equity of the Company |  | 2,029 |  | 2,472 |  | 2,472 |  | (4,944 | ) | 2,029 |
Noncontrolling interests |  |  |  |  |  | 201 |  |  |  | 201 |
Total liabilities and share owners’ equity |  | $ | 2,722 |  | $ | 2,472 |  | $ | 10,025 |  | $ | (5,194 | ) | $ | 10,025 |
Results of Operations |
|  | Three months ended March 31, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,739 |  | $ | — |  | $ | 1,739 |
Manufacturing, shipping and delivery |  |  |  |  |  | (1,361 | ) |  |  | (1,361 | )
Gross profit |  | — |  | — |  | 378 |  | — |  | 378 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (166 | ) |  |  | (166 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense |  | (5 | ) |  |  | (59 | ) |  |  | (64 | )
Interest income |  |  |  |  |  | 3 |  |  |  | 3 |
Equity earnings from subsidiaries |  | 121 |  | 121 |  |  |  | (242 | ) | — |
Other equity earnings |  |  |  |  |  | 13 |  |  |  | 13 |
Other income |  |  |  |  |  | 6 |  |  |  | 6 |
Earnings before income taxes |  | 121 |  | 121 |  | 170 |  | (242 | ) | 170 |
Provision for income taxes |  |  |  |  |  | (44 | ) |  |  | (44 | )
Earnings from continuing operations |  | 121 |  | 121 |  | 126 |  | (242 | ) | 126 |
Loss from discontinued operations |  |  |  |  |  | (1 | ) |  |  | (1 | )
Net earnings |  | 121 |  | 121 |  | 125 |  | (242 | ) | 125 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (4 | ) |  |  | (4 | )
Net earnings attributable to the Company |  | $ | 121 |  | $ | 121 |  | $ | 121 |  | $ | (242 | ) | $ | 121 |
|  | Three months ended March 31, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 121 |  | $ | 121 |  | $ | 125 |  | $ | (242 | ) | $ | 125 |
Other comprehensive income |  | 116 |  | 116 |  | 99 |  | (208 | ) | 123 |
Total comprehensive income |  | 237 |  | 237 |  | 224 |  | (450 | ) | 248 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (11 | ) |  |  | (11 | )
Comprehensive income attributable to the Company |  | $ | 237 |  | $ | 237 |  | $ | 213 |  | $ | (450 | ) | $ | 237 |
|  | Three months ended March 31, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,719 |  | $ | — |  | $ | 1,719 |
Manufacturing, shipping and delivery |  |  |  |  |  | (1,376 | ) |  |  | (1,376 | )
Gross profit |  | — |  | — |  | 343 |  | — |  | 343 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (176 | ) |  |  | (176 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense |  | (5 | ) |  |  | (71 | ) |  |  | (76 | )
Interest income |  |  |  |  |  | 3 |  |  |  | 3 |
Equity earnings from subsidiaries |  | 82 |  | 82 |  |  |  | (164 | ) | — |
Other equity earnings |  |  |  |  |  | 14 |  |  |  | 14 |
Other income |  |  |  |  |  | 7 |  |  |  | 7 |
Earnings from continuing operations before income taxes |  | 82 |  | 82 |  | 115 |  | (164 | ) | 115 |
Provision for income taxes |  |  |  |  |  | (28 | ) |  |  | (28 | )
Earnings from continuing operations |  | 82 |  | 82 |  | 87 |  | (164 | ) | 87 |
Loss from discontinued operations |  |  |  |  |  | (1 | ) |  |  | (1 | )
Net earnings |  | 82 |  | 82 |  | 86 |  | (164 | ) | 86 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (4 | ) |  |  | (4 | )
Net earnings attributable to the Company |  | $ | 82 |  | $ | 82 |  | $ | 82 |  | $ | (164 | ) | $ | 82 |
|  | Three months ended March 31, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 82 |  | $ | 82 |  | $ | 86 |  | $ | (164 | ) | $ | 86 |
Other comprehensive income |  | 91 |  | 91 |  | 74 |  | (161 | ) | 95 |
Total comprehensive income |  | 173 |  | 173 |  | 160 |  | (325 | ) | 181 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (8 | ) |  |  | (8 | )
Comprehensive income attributable to the Company |  | $ | 173 |  | $ | 173 |  | $ | 152 |  | $ | (325 | ) | $ | 173 |
Cash Flows |
|  | Three months ended March 31, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (used in) operating activities |  | $ | (30 | ) | $ | — |  | $ | (65 | ) | $ | — |  | $ | (95 | )
Cash used in investing activities |  |  |  |  |  | (67 | ) |  |  | (67 | )
Cash provided by (used in) financing activities |  | 30 |  |  |  | 15 |  |  |  | 45 |
Effect of exchange rate change on cash |  |  |  |  |  | 16 |  |  |  | 16 |
Net change in cash |  | — |  | — |  | (101 | ) | — |  | (101 | )
Cash at beginning of period |  |  |  |  |  | 400 |  |  |  | 400 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 299 |  | $ | — |  | $ | 299 |
|  | Three months ended March 31, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash used in operating activities |  | $ | (32 | ) | $ | — |  | $ | (53 | ) | $ | — |  | $ | (85 | )
Cash used in investing activities |  |  |  |  |  | (67 | ) |  |  | (67 | )
Cash provided by financing activities |  | 32 |  |  |  | (97 | ) |  |  | (65 | )
Effect of exchange rate change on cash |  |  |  |  |  | 7 |  |  |  | 7 |
Net change in cash |  | — |  | — |  | (210 | ) | — |  | (210 | )
Cash at beginning of period |  |  |  |  |  | 640 |  |  |  | 640 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 430 |  | $ | — |  | $ | 430 |

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- Definition This element represents the consolidated results of operations segregating the Parent, Guarantor Subsidiaries, Non-Guarantor Subsidiaries and eliminations. + References No definition available. + Details
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