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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables) | 3 Months Ended
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Mar. 31, 2013
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Balance Sheet |
|  | March 31, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,047 |  | $ | — |  | $ | 1,047 |
Inventories |  |  |  |  |  | 1,178 |  |  |  | 1,178 |
Other current assets |  |  |  |  |  | 458 |  |  |  | 458 |
Total current assets |  | — |  | — |  | 2,683 |  | — |  | 2,683 |
Investments in and advances to subsidiaries |  | 1,674 |  | 1,424 |  |  |  | (3,098 | ) | — |
Goodwill |  |  |  |  |  | 2,048 |  |  |  | 2,048 |
Other non-current assets |  |  |  |  |  | 1,106 |  |  |  | 1,106 |
Total other assets |  | 1,674 |  | 1,424 |  | 3,154 |  | (3,098 | ) | 3,154 |
Property, plant and equipment, net |  |  |  |  |  | 2,680 |  |  |  | 2,680 |
Total assets |  | $ | 1,674 |  | $ | 1,424 |  | $ | 8,517 |  | $ | (3,098 | ) | $ | 8,517 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,427 |  | $ | — |  | $ | 1,427 |
Current portion of asbestos liability |  | 155 |  |  |  |  |  |  |  | 155 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 347 |  |  |  | 347 |
Total current liabilities |  | 155 |  | — |  | 1,774 |  | — |  | 1,929 |
Long-term debt |  | 250 |  |  |  | 3,550 |  | (250 | ) | 3,550 |
Asbestos-related liabilities |  | 289 |  |  |  |  |  |  |  | 289 |
Other non-current liabilities |  |  |  |  |  | 1,594 |  |  |  | 1,594 |
Total share owners’ equity of the Company |  | 980 |  | 1,424 |  | 1,424 |  | (2,848 | ) | 980 |
Noncontrolling interests |  |  |  |  |  | 175 |  |  |  | 175 |
Total liabilities and share owners’ equity |  | $ | 1,674 |  | $ | 1,424 |  | $ | 8,517 |  | $ | (3,098 | ) | $ | 8,517 |
|  | December 31, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 968 |  | $ | — |  | $ | 968 |
Inventories |  |  |  |  |  | 1,139 |  |  |  | 1,139 |
Other current assets |  |  |  |  |  | 541 |  |  |  | 541 |
Total current assets |  | — |  | — |  | 2,648 |  | — |  | 2,648 |
Investments in and advances to subsidiaries |  | 1,592 |  | 1,342 |  |  |  | (2,934 | ) | — |
Goodwill |  |  |  |  |  | 2,079 |  |  |  | 2,079 |
Other non-current assets |  |  |  |  |  | 1,102 |  |  |  | 1,102 |
Total other assets |  | 1,592 |  | 1,342 |  | 3,181 |  | (2,934 | ) | 3,181 |
Property, plant and equipment, net |  |  |  |  |  | 2,769 |  |  |  | 2,769 |
Total assets |  | $ | 1,592 |  | $ | 1,342 |  | $ | 8,598 |  | $ | (2,934 | ) | $ | 8,598 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,688 |  | $ | — |  | $ | 1,688 |
Current portion of asbestos liability |  | 155 |  |  |  |  |  |  |  | 155 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 319 |  |  |  | 319 |
Total current liabilities |  | 155 |  | — |  | 2,007 |  | — |  | 2,162 |
Long-term debt |  | 250 |  |  |  | 3,454 |  | (250 | ) | 3,454 |
Asbestos-related liabilities |  | 306 |  |  |  |  |  |  |  | 306 |
Other non-current liabilities |  |  |  |  |  | 1,621 |  |  |  | 1,621 |
Total share owners’ equity of the Company |  | 881 |  | 1,342 |  | 1,342 |  | (2,684 | ) | 881 |
Noncontrolling interests |  |  |  |  |  | 174 |  |  |  | 174 |
Total liabilities and share owners’ equity |  | $ | 1,592 |  | $ | 1,342 |  | $ | 8,598 |  | $ | (2,934 | ) | $ | 8,598 |
|  | March 31, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |
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 |
Results of Operations |
|  | Three months ended March 31, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Results of Operations |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | — |  | $ | — |  | $ | 1,641 |  | $ | — |  | $ | 1,641 |
Manufacturing, shipping and delivery |  |  |  |  |  | (1,322 | ) |  |  | (1,322 | )
Gross profit |  | — |  | — |  | 319 |  | — |  | 319 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (158 | ) |  |  | (158 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense |  | (5 | ) |  |  | (66 | ) |  |  | (71 | )
Interest income |  |  |  |  |  | 3 |  |  |  | 3 |
Equity earnings from subsidiaries |  | 69 |  | 69 |  |  |  | (138 | ) | — |
Other equity earnings |  |  |  |  |  | 17 |  |  |  | 17 |
Other income |  |  |  |  |  | 7 |  |  |  | 7 |
Earnings before income taxes |  | 69 |  | 69 |  | 117 |  | (138 | ) | 117 |
Provision for income taxes |  |  |  |  |  | (33 | ) |  |  | (33 | )
Earnings from continuing operations |  | 69 |  | 69 |  | 84 |  | (138 | ) | 84 |
Loss from discontinued operations |  |  |  |  |  | (10 | ) |  |  | (10 | )
Net earnings |  | 69 |  | 69 |  | 74 |  | (138 | ) | 74 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (5 | ) |  |  | (5 | )
Net earnings attributable to the Company |  | $ | 69 |  | $ | 69 |  | $ | 69 |  | $ | (138 | ) | $ | 69 |
|  | Three months ended March 31, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Comprehensive Income |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 69 |  | $ | 69 |  | $ | 74 |  | $ | (138 | ) | $ | 74 |
Other comprehensive income |  | 21 |  | 21 |  | (12 | ) | (13 | ) | 17 |
Total comprehensive income |  | 90 |  | 90 |  | 62 |  | (151 | ) | 91 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (1 | ) |  |  | (1 | )
Comprehensive income attributable to the Company |  | $ | 90 |  | $ | 90 |  | $ | 61 |  | $ | (151 | ) | $ | 90 |
|  | Three months ended March 31, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Results of Operations |  |  |  |  |  |  |  |  |  |  |
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 from continuing operations 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 |  |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Comprehensive Income |  |  |  |  |  |  |  |  |  |  |
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 |
Cash Flows |
|  | Three months ended March 31, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (used in) operating activities |  | $ | (17 | ) | $ | — |  | $ | (119 | ) | $ | — |  | $ | (136 | )
Cash used in investing activities |  |  |  |  |  | (94 | ) |  |  | (94 | )
Cash provided by (used in) financing activities |  | 17 |  |  |  | 142 |  |  |  | 159 |
Effect of exchange rate change on cash |  |  |  |  |  | (1 | ) |  |  | (1 | )
Net change in cash |  | — |  | — |  | (72 | ) | — |  | (72 | )
Cash at beginning of period |  |  |  |  |  | 431 |  |  |  | 431 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 359 |  | $ | — |  | $ | 359 |
|  | Three months ended March 31, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash used in operating activities |  | $ | (30 | ) | $ | — |  | $ | (65 | ) | $ | — |  | $ | (95 | )
Cash used in investing activities |  |  |  |  |  | (67 | ) |  |  | (67 | )
Cash provided by 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 |

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