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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables)

6 Months Ended

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