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

3 Months Ended

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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