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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables) | 6 Months Ended
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Jun. 30, 2012
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Balance Sheet |
|  | June 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,173 |  | $ | — |  | $ | 1,173 |
Inventories |  |  |  |  |  | 1,223 |  |  |  | 1,223 |
Other current assets |  |  |  |  |  | 451 |  |  |  | 451 |
Total current assets |  | — |  | — |  | 2,847 |  | — |  | 2,847 |
Investments in and advances to subsidiaries |  | 1,765 |  | 1,515 |  |  |  | (3,280 | ) | — |
Goodwill |  |  |  |  |  | 2,023 |  |  |  | 2,023 |
Other non-current assets |  |  |  |  |  | 1,243 |  |  |  | 1,243 |
Total other assets |  | 1,765 |  | 1,515 |  | 3,266 |  | (3,280 | ) | 3,266 |
Property, plant and equipment, net |  |  |  |  |  | 2,721 |  |  |  | 2,721 |
Total assets |  | $ | 1,765 |  | $ | 1,515 |  | $ | 8,834 |  | $ | (3,280 | ) | $ | 8,834 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,497 |  | $ | — |  | $ | 1,497 |
Current portion of asbestos liability |  | 165 |  |  |  |  |  |  |  | 165 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 452 |  |  |  | 452 |
Total current liabilities |  | 165 |  | — |  | 1,949 |  | — |  | 2,114 |
Long-term debt |  | 250 |  |  |  | 3,567 |  | (250 | ) | 3,567 |
Asbestos-related liabilities |  | 248 |  |  |  |  |  |  |  | 248 |
Other non-current liabilities |  |  |  |  |  | 1,661 |  |  |  | 1,661 |
Total share owners’ equity of the Company |  | 1,102 |  | 1,515 |  | 1,515 |  | (3,030 | ) | 1,102 |
Noncontrolling interests |  |  |  |  |  | 142 |  |  |  | 142 |
Total liabilities and share owners’ equity |  | $ | 1,765 |  | $ | 1,515 |  | $ | 8,834 |  | $ | (3,280 | ) | $ | 8,834 |
|  | 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 |
|  | June 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,322 |  | $ | — |  | $ | 1,322 |
Inventories |  |  |  |  |  | 1,114 |  |  |  | 1,114 |
Other current assets |  |  |  |  |  | 364 |  |  |  | 364 |
Total current assets |  | — |  | — |  | 2,800 |  | — |  | 2,800 |
Investments in and advances to subsidiaries |  | 2,840 |  | 2,590 |  |  |  | (5,430 | ) | — |
Goodwill |  |  |  |  |  | 2,957 |  |  |  | 2,957 |
Other non-current assets |  |  |  |  |  | 1,260 |  |  |  | 1,260 |
Total other assets |  | 2,840 |  | 2,590 |  | 4,217 |  | (5,430 | ) | 4,217 |
Property, plant and equipment, net |  |  |  |  |  | 3,176 |  |  |  | 3,176 |
Total assets |  | $ | 2,840 |  | $ | 2,590 |  | $ | 10,193 |  | $ | (5,430 | ) | $ | 10,193 |
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 |  | 2,182 |  | 2,590 |  | 2,590 |  | (5,180 | ) | 2,182 |
Noncontrolling interests |  |  |  |  |  | 157 |  |  |  | 157 |
Total liabilities and share owners’ equity |  | $ | 2,840 |  | $ | 2,590 |  | $ | 10,193 |  | $ | (5,430 | ) | $ | 10,193 |
Results of Operations |
Three months ended June 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,766 |  | $ | — |  | $ | 1,766 |
Manufacturing, shipping and delivery |  |  |  |  |  | (1,390 | ) |  |  | (1,390 | )
Gross profit |  | — |  | — |  | 376 |  | — |  | 376 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (164 | ) |  |  | (164 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense |  | (5 | ) |  |  | (57 | ) |  |  | (62 | )
Interest income |  |  |  |  |  | 2 |  |  |  | 2 |
Equity earnings from subsidiaries |  | 133 |  | 133 |  |  |  | (266 | ) | — |
Other equity earnings |  |  |  |  |  | 18 |  |  |  | 18 |
Other income |  |  |  |  |  | 9 |  |  |  | 9 |
Earnings before income taxes |  | 133 |  | 133 |  | 179 |  | (266 | ) | 179 |
Provision for income taxes |  |  |  |  |  | (41 | ) |  |  | (41 | )
Earnings from continuing operations |  | 133 |  | 133 |  | 138 |  | (266 | ) | 138 |
Loss from discontinued operations |  |  |  |  |  | (1 | ) |  |  | (1 | )
Net earnings |  | 133 |  | 133 |  | 137 |  | (266 | ) | 137 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (4 | ) |  |  | (4 | )
Net earnings attributable to the Company |  | $ | 133 |  | $ | 133 |  | $ | 133 |  | $ | (266 | ) | $ | 133 |
|  | Three months ended June 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 133 |  | $ | 133 |  | $ | 137 |  | $ | (266 | ) | $ | 137 |
Other comprehensive income (loss) |  | (168 | ) | (168 | ) | (196 | ) | 361 |  | (171 | )
Total comprehensive income (loss) |  | (35 | ) | (35 | ) | (59 | ) | 95 |  | (34 | )
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (1 | ) |  |  | (1 | )
Comprehensive income (loss) attributable to the Company |  | $ | (35 | ) | $ | (35 | ) | $ | (60 | ) | $ | 95 |  | $ | (35 | )
|  | 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 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense |  | (5 | ) |  |  | (95 | ) |  |  | (100 | )
Interest income |  |  |  |  |  | 3 |  |  |  | 3 |
Equity earnings from subsidiaries |  | 73 |  | 73 |  |  |  | (146 | ) | — |
Other equity earnings |  |  |  |  |  | 19 |  |  |  | 19 |
Other income |  |  |  |  |  | 5 |  |  |  | 5 |
Earnings from continuing operations 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, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 73 |  | $ | 73 |  | $ | 80 |  | $ | (146 | ) | $ | 80 |
Other comprehensive income |  | 143 |  | 143 |  | 126 |  | (264 | ) | 148 |
Total comprehensive income |  | 216 |  | 216 |  | 206 |  | (410 | ) | 228 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (12 | ) |  |  | (12 | )
Comprehensive income attributable to the Company |  | $ | 216 |  | $ | 216 |  | $ | 194 |  | $ | (410 | ) | $ | 216 |
|  | Six months ended June 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 3,505 |  | $ | — |  | $ | 3,505 |
Manufacturing, shipping, and delivery |  |  |  |  |  | (2,751 | ) |  |  | (2,751 | )
Gross profit |  | — |  | — |  | 754 |  | — |  | 754 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (330 | ) |  |  | (330 | )
Net intercompany interest |  | 10 |  |  |  | (10 | ) | — |  | — |
Interest expense |  | (10 | ) |  |  | (116 | ) |  |  | (126 | )
Interest income |  |  |  |  |  | 5 |  | — |  | 5 |
Equity earnings from subsidiaries |  | 254 |  | 254 |  |  |  | (508 | ) | — |
Other equity earnings |  |  |  |  |  | 31 |  |  |  | 31 |
Other income |  |  |  |  |  | 15 |  |  |  | 15 |
Earnings from continuing operations before income taxes |  | 254 |  | 254 |  | 349 |  | (508 | ) | 349 |
Provision for income taxes |  |  |  |  |  | (85 | ) |  |  | (85 | )
Earnings from continuing operations |  | 254 |  | 254 |  | 264 |  | (508 | ) | 264 |
Loss from discontinued operations |  |  |  |  |  | (2 | ) |  |  | (2 | )
Net earnings |  | 254 |  | 254 |  | 262 |  | (508 | ) | 262 |
Net earnings attributable to noncontrolling interest |  |  |  |  |  | (8 | ) |  |  | (8 | )
Net earnings attributable to the Company |  | $ | 254 |  | $ | 254 |  | $ | 254 |  | $ | (508 | ) | $ | 254 |
|  | Six months ended June 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 254 |  | $ | 254 |  | $ | 262 |  | $ | (508 | ) | $ | 262 |
Other comprehensive income (loss) |  | (52 | ) | (52 | ) | (97 | ) | 153 |  | (48 | )
Total comprehensive income |  | 202 |  | 202 |  | 165 |  | (355 | ) | 214 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (12 | ) |  |  | (12 | )
Comprehensive income attributable to the Company |  | $ | 202 |  | $ | 202 |  | $ | 153 |  | $ | (355 | ) | $ | 202 |
|  | 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 |  |  |  |  |  | (2,980 | ) |  |  | (2,980 | )
Gross profit |  | — |  | — |  | 698 |  | — |  | 698 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (348 | ) |  |  | (348 | )
Net intercompany interest |  | 10 |  |  |  | (10 | ) |  |  | — |
Interest expense |  | (10 | ) |  |  | (166 | ) |  |  | (176 | )
Interest income |  |  |  |  |  | 6 |  |  |  | 6 |
Equity earnings from subsidiaries |  | 155 |  | 155 |  |  |  | (310 | ) | — |
Other equity earnings |  |  |  |  |  | 33 |  |  |  | 33 |
Other income |  |  |  |  |  | 12 |  |  |  | 12 |
Earnings from continuing operations before income taxes |  | 155 |  | 155 |  | 225 |  | (310 | ) | 225 |
Provision for income taxes |  |  |  |  |  | (60 | ) |  |  | (60 | )
Earnings from continuing operations |  | 155 |  | 155 |  | 165 |  | (310 | ) | 165 |
Earnings from discontinued operations |  |  |  |  |  | 1 |  |  |  | 1 |
Net earnings |  | 155 |  | 155 |  | 166 |  | (310 | ) | 166 |
Net earnings attributable to noncontrolling interest |  |  |  |  |  | (11 | ) |  |  | (11 | )
Net earnings attributable to the Company |  | $ | 155 |  | $ | 155 |  | $ | 155 |  | $ | (310 | ) | $ | 155 |
|  | Six months ended June 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 155 |  | $ | 155 |  | $ | 166 |  | $ | (310 | ) | $ | 166 |
Other comprehensive income |  | 234 |  | 234 |  | 200 |  | (425 | ) | 243 |
Total comprehensive income |  | 389 |  | 389 |  | 366 |  | (735 | ) | 409 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (20 | ) |  |  | (20 | )
Comprehensive income attributable to the Company |  | $ | 389 |  | $ | 389 |  | $ | 346 |  | $ | (735 | ) | $ | 389 |
Cash Flows |
Six months ended June 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (used in) operating activities |  | $ | (58 | ) | $ | — |  | $ | 62 |  | $ | — |  | $ | 4 |
Cash used in investing activities |  |  |  |  |  | (100 | ) |  |  | (100 | )
Cash provided by (used in) financing activities |  | 58 |  |  |  | (31 | ) |  |  | 27 |
Effect of exchange rate change on cash |  |  |  |  |  | 5 |  |  |  | 5 |
Net change in cash |  | — |  | — |  | (64 | ) | — |  | (64 | )
Cash at beginning of period |  |  |  |  |  | 400 |  |  |  | 400 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 336 |  | $ | — |  | $ | 336 |
|  | 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 |

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