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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables) | 9 Months Ended
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Sep. 30, 2012
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Balance Sheet |
|  | September 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,133 |  | $ | — |  | $ | 1,133 |
Inventories |  |  |  |  |  | 1,228 |  |  |  | 1,228 |
Other current assets |  |  |  |  |  | 427 |  |  |  | 427 |
Total current assets |  | — |  | — |  | 2,788 |  | — |  | 2,788 |
Investments in and advances to subsidiaries |  | 1,921 |  | 1,671 |  |  |  | (3,592 | ) | — |
Goodwill |  |  |  |  |  | 2,065 |  |  |  | 2,065 |
Other non-current assets |  |  |  |  |  | 1,283 |  |  |  | 1,283 |
Total other assets |  | 1,921 |  | 1,671 |  | 3,348 |  | (3,592 | ) | 3,348 |
Property, plant and equipment, net |  |  |  |  |  | 2,735 |  |  |  | 2,735 |
Total assets |  | $ | 1,921 |  | $ | 1,671 |  | $ | 8,871 |  | $ | (3,592 | ) | $ | 8,871 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,517 |  | $ | — |  | $ | 1,517 |
Current portion of asbestos liability |  | 165 |  |  |  |  |  |  |  | 165 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 356 |  |  |  | 356 |
Total current liabilities |  | 165 |  | — |  | 1,873 |  | — |  | 2,038 |
Long-term debt |  | 250 |  |  |  | 3,537 |  | (250 | ) | 3,537 |
Asbestos-related liabilities |  | 220 |  |  |  |  |  |  |  | 220 |
Other non-current liabilities |  |  |  |  |  | 1,640 |  |  |  | 1,640 |
Total share owners’ equity of the Company |  | 1,286 |  | 1,671 |  | 1,671 |  | (3,342 | ) | 1,286 |
Noncontrolling interests |  |  |  |  |  | 150 |  |  |  | 150 |
Total liabilities and share owners’ equity |  | $ | 1,921 |  | $ | 1,671 |  | $ | 8,871 |  | $ | (3,592 | ) | $ | 8,871 |
|  | 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 |
|  | September 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,218 |  | $ | — |  | $ | 1,218 |
Inventories |  |  |  |  |  | 1,101 |  |  |  | 1,101 |
Other current assets |  |  |  |  |  | 369 |  |  |  | 369 |
Total current assets |  | — |  | — |  | 2,688 |  | — |  | 2,688 |
Investments in and advances to subsidiaries |  | 2,613 |  | 2,363 |  |  |  | (4,976 | ) | — |
Goodwill |  |  |  |  |  | 2,762 |  |  |  | 2,762 |
Other non-current assets |  |  |  |  |  | 1,220 |  |  |  | 1,220 |
Total other assets |  | 2,613 |  | 2,363 |  | 3,982 |  | (4,976 | ) | 3,982 |
Property, plant and equipment, net |  |  |  |  |  | 2,931 |  |  |  | 2,931 |
Total assets |  | $ | 2,613 |  | $ | 2,363 |  | $ | 9,601 |  | $ | (4,976 | ) | $ | 9,601 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,598 |  | $ | — |  | $ | 1,598 |
Current portion of asbestos liability |  | 170 |  |  |  |  |  |  |  | 170 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 345 |  |  |  | 345 |
Total current liabilities |  | 170 |  | — |  | 1,943 |  | — |  | 2,113 |
Long-term debt |  | 250 |  |  |  | 3,743 |  | (250 | ) | 3,743 |
Asbestos-related liabilities |  | 204 |  |  |  |  |  |  |  | 204 |
Other non-current liabilities |  |  |  |  |  | 1,398 |  |  |  | 1,398 |
Total share owners’ equity of the Company |  | 1,989 |  | 2,363 |  | 2,363 |  | (4,726 | ) | 1,989 |
Noncontrolling interests |  |  |  |  |  | 154 |  |  |  | 154 |
Total liabilities and share owners’ equity |  | $ | 2,613 |  | $ | 2,363 |  | $ | 9,601 |  | $ | (4,976 | ) | $ | 9,601 |
Results of Operations |
| Three months ended September 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,747 |  | $ | — |  | $ | 1,747 |
Manufacturing, shipping and delivery |  |  |  |  |  | (1,405 | ) |  |  | (1,405 | )
Gross profit |  | — |  | — |  | 342 |  | — |  | 342 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (180 | ) |  |  | (180 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense |  | (5 | ) |  |  | (56 | ) |  |  | (61 | )
Interest income |  |  |  |  |  | 2 |  |  |  | 2 |
Equity earnings from subsidiaries |  | 90 |  | 90 |  |  |  | (180 | ) | — |
Other equity earnings |  |  |  |  |  | 16 |  |  |  | 16 |
Other income |  |  |  |  |  | 8 |  |  |  | 8 |
Earnings before income taxes |  | 90 |  | 90 |  | 127 |  | (180 | ) | 127 |
Provision for income taxes |  |  |  |  |  | (28 | ) |  |  | (28 | )
Earnings from continuing operations |  | 90 |  | 90 |  | 99 |  | (180 | ) | 99 |
Loss from discontinued operations |  |  |  |  |  | (2 | ) |  |  | (2 | )
Net earnings |  | 90 |  | 90 |  | 97 |  | (180 | ) | 97 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (7 | ) |  |  | (7 | )
Net earnings attributable to the Company |  | $ | 90 |  | $ | 90 |  | $ | 90 |  | $ | (180 | ) | $ | 90 |
|  | Three months ended September 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 90 |  | $ | 90 |  | $ | 97 |  | $ | (180 | ) | $ | 97 |
Other comprehensive income |  | 103 |  | 103 |  | 81 |  | (182 | ) | 105 |
Total comprehensive income |  | 193 |  | 193 |  | 178 |  | (362 | ) | 202 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (9 | ) |  |  | (9 | )
Comprehensive income attributable to the Company |  | $ | 193 |  | $ | 193 |  | $ | 169 |  | $ | 362 | ) | $ | 193 |
|  | Three months ended September 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,862 |  | $ | — |  | $ | 1,862 |
Manufacturing, shipping and delivery |  |  |  |  |  | (1,475 | ) |  |  | (1,475 | )
Gross profit |  | — |  | — |  | 387 |  | — |  | 387 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (196 | ) |  |  | (196 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense |  | (5 | ) |  |  | (65 | ) |  |  | (70 | )
Interest income |  |  |  |  |  | 2 |  |  |  | 2 |
Equity earnings from subsidiaries |  | 116 |  | 116 |  |  |  | (232 | ) | — |
Other equity earnings |  |  |  |  |  | 19 |  |  |  | 19 |
Other income |  |  |  |  |  | 6 |  |  |  | 6 |
Earnings from continuing operations before income taxes |  | 116 |  | 116 |  | 148 |  | (232 | ) | 148 |
Provision for income taxes |  |  |  |  |  | (25 | ) |  |  | (25 | )
Earnings from continuing operations |  | 116 |  | 116 |  | 123 |  | (232 | ) | 123 |
Loss from discontinued operations |  |  |  |  |  | (3 | ) |  |  | (3 | )
Net earnings |  | 116 |  | 116 |  | 120 |  | (232 | ) | 120 |
Net earnings attributable to noncontrolling interest |  |  |  |  |  | (4 | ) |  |  | (4 | )
Net earnings attributable to the Company |  | $ | 116 |  | $ | 116 |  | $ | 116 |  | $ | (232 | ) | $ | 116 |
|  | Three months ended September 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 116 |  | $ | 116 |  | $ | 120 |  | $ | (232 | ) | $ | 120 |
Other comprehensive income |  | (315 | ) | (315 | ) | (341 | ) | 650 |  | (321 | )
Total comprehensive income |  | (199 | ) | (199 | ) | (221 | ) | 418 |  | (201 | )
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | 2 |  |  |  | 2 |
Comprehensive income attributable to the Company |  | $ | (199 | ) | $ | (199 | ) | $ | (219 | ) | $ | 418 |  | $ | (199 | )
|  | Nine months ended September 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 5,252 |  | $ | — |  | $ | 5,252 |
Manufacturing, shipping, and delivery |  |  |  |  |  | (4,156 | ) |  |  | (4,156 | )
Gross profit |  | — |  | — |  | 1,096 |  | — |  | 1,096 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (510 | ) |  |  | (510 | )
Net intercompany interest |  | 15 |  |  |  | (15 | ) | — |  | — |
Interest expense |  | (15 | ) |  |  | (172 | ) |  |  | (187 | )
Interest income |  |  |  |  |  | 7 |  | — |  | 7 |
Equity earnings from subsidiaries |  | 344 |  | 344 |  |  |  | (688 | ) | — |
Other equity earnings |  |  |  |  |  | 47 |  |  |  | 47 |
Other income |  |  |  |  |  | 23 |  |  |  | 23 |
Earnings from continuing operations before income taxes |  | 344 |  | 344 |  | 476 |  | (688 | ) | 476 |
Provision for income taxes |  |  |  |  |  | (113 | ) |  |  | (113 | )
Earnings from continuing operations |  | 344 |  | 344 |  | 363 |  | (688 | ) | 363 |
Loss from discontinued operations |  |  |  |  |  | (4 | ) |  |  | (4 | )
Net earnings |  | 344 |  | 344 |  | 359 |  | (688 | ) | 359 |
Net earnings attributable to noncontrolling interest |  |  |  |  |  | (15 | ) |  |  | (15 | )
Net earnings attributable to the Company |  | $ | 344 |  | $ | 344 |  | $ | 344 |  | $ | (688 | ) | $ | 344 |
|  | Nine months ended September 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 344 |  | $ | 344 |  | $ | 359 |  | $ | (688 | ) | $ | 359 |
Other comprehensive income (loss) |  | 51 |  | 51 |  | (16 | ) | (29 | ) | 57 |
Total comprehensive income |  | 395 |  | 395 |  | 343 |  | (717 | ) | 416 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (21 | ) |  |  | (21 | )
Comprehensive income attributable to the Company |  | $ | 395 |  | $ | 395 |  | $ | 322 |  | $ | (717 | ) | $ | 395 |
|  | Nine months ended September 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 5,540 |  | $ | — |  | $ | 5,540 |
Manufacturing, shipping and delivery |  |  |  |  |  | (4,455 | ) |  |  | (4,455 | )
Gross profit |  | — |  | — |  | 1,085 |  | — |  | 1,085 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (544 | ) |  |  | (544 | )
Net intercompany interest |  | 15 |  |  |  | (15 | ) |  |  | — |
Interest expense |  | (15 | ) |  |  | (231 | ) |  |  | (246 | )
Interest income |  |  |  |  |  | 8 |  |  |  | 8 |
Equity earnings from subsidiaries |  | 271 |  | 271 |  |  |  | (542 | ) | — |
Other equity earnings |  |  |  |  |  | 52 |  |  |  | 52 |
Other income |  |  |  |  |  | 18 |  |  |  | 18 |
Earnings from continuing operations before income taxes |  | 271 |  | 271 |  | 373 |  | (542 | ) | 373 |
Provision for income taxes |  |  |  |  |  | (85 | ) |  |  | (85 | )
Earnings from continuing operations |  | 271 |  | 271 |  | 288 |  | (542 | ) | 288 |
Loss from discontinued operations |  |  |  |  |  | (2 | ) |  |  | (2 | )
Net earnings |  | 271 |  | 271 |  | 286 |  | (542 | ) | 286 |
Net earnings attributable to noncontrolling interest |  |  |  |  |  | (15 | ) |  |  | (15 | )
Net earnings attributable to the Company |  | $ | 271 |  | $ | 271 |  | $ | 271 |  | $ | (542 | ) | $ | 271 |
|  | Nine months ended September 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 271 |  | $ | 271 |  | $ | 286 |  | $ | (542 | ) | $ | 286 |
Other comprehensive income |  | (81 | ) | (81 | ) | (141 | ) | 225 |  | (78 | )
Total comprehensive income |  | 190 |  | 190 |  | 145 |  | (317 | ) | 208 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (18 | ) |  |  | (18 | )
Comprehensive income attributable to the Company |  | $ | 190 |  | $ | 190 |  | $ | 127 |  | $ | (317 | ) | $ | 190
Cash Flows |
|  | Nine months ended September 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (used in) operating activities |  | $ | (86 | ) | $ | — |  | $ | 313 |  | $ | — |  | $ | 227 |
Cash used in investing activities |  |  |  |  |  | (125 | ) |  |  | (125 | )
Cash provided by (used in) financing activities |  | 86 |  |  |  | (265 | ) |  |  | (179 | )
Effect of exchange rate change on cash |  |  |  |  |  | 13 |  |  |  | 13 |
Net change in cash |  | — |  | — |  | (64 | ) | — |  | (64 | )
Cash at beginning of period |  |  |  |  |  | 400 |  |  |  | 400 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 336 |  | $ | — |  | $ | 336 |
|  | Nine months ended September 30, 2011 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (used in) operating activities |  | $ | (102 | ) | $ | — |  | $ | 382 |  | $ | — |  | $ | 280 |
Cash used in investing activities |  |  |  |  |  | (351 | ) |  |  | (351 | )
Cash provided by (used in) financing activities |  | 102 |  |  |  | (418 | ) |  |  | (316 | )
Effect of exchange rate change on cash |  |  |  |  |  | 3 |  |  |  | 3 |
Net change in cash |  | — |  | — |  | (384 | ) | — |  | (384 | )
Cash at beginning of period |  |  |  |  |  | 640 |  |  |  | 640 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 256 |  | $ | — |  | $ | 256 |

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