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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables) | 6 Months Ended
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Jun. 30, 2013
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Balance Sheet |
|  | June 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  | $ | — |  | $ | 1,159 |  | $ | — |  | $ | 1,159 |
Inventories |  |  |  |  |  | 1,175 |  |  |  | 1,175 |
Other current assets |  |  |  |  |  | 359 |  |  |  | 359 |
Total current assets |  | — |  | — |  | 2,693 |  | — |  | 2,693 |
Investments in and advances to subsidiaries |  | 1,696 |  | 1,446 |  |  |  | (3,142 | ) | — |
Goodwill |  |  |  |  |  | 2,031 |  |  |  | 2,031 |
Other non-current assets |  |  |  |  |  | 1,086 |  |  |  | 1,086 |
Total other assets |  | 1,696 |  | 1,446 |  | 3,117 |  | (3,142 | ) | 3,117 |
Property, plant and equipment, net |  |  |  |  |  | 2,600 |  |  |  | 2,600 |
Total assets |  | $ | 1,696 |  | $ | 1,446 |  | $ | 8,410 |  | $ | (3,142 | ) | $ | 8,410 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | — |  | $ | — |  | $ | 1,527 |  | $ | — |  | $ | 1,527 |
Current portion of asbestos liability |  | 155 |  |  |  |  |  |  |  | 155 |
Short-term loans and long-term debt due within one year |  |  |  |  |  | 437 |  |  |  | 437 |
Total current liabilities |  | 155 |  | — |  | 1,964 |  | — |  | 2,119 |
Long-term debt |  | 250 |  |  |  | 3,336 |  | (250 | ) | 3,336 |
Asbestos-related liabilities |  | 257 |  |  |  |  |  |  |  | 257 |
Other non-current liabilities |  |  |  |  |  | 1,504 |  |  |  | 1,504 |
Total share owners’ equity of the Company |  | 1,034 |  | 1,446 |  | 1,446 |  | (2,892 | ) | 1,034 |
Noncontrolling interests |  |  |  |  |  | 160 |  |  |  | 160 |
Total liabilities and share owners’ equity |  | $ | 1,696 |  | $ | 1,446 |  | $ | 8,410 |  | $ | (3,142 | ) | $ | 8,410 |
|  | December 31, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
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 |
|  | 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 |
Results of Operations |
|  | Three months ended June 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,781 |  | $ | — |  | $ | 1,781 |
Manufacturing, shipping and delivery |  |  |  |  |  | (1,412 | ) |  |  | (1,412 | )
Gross profit |  | — |  | — |  | 369 |  | — |  | 369 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (159 | ) |  |  | (159 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense |  | (5 | ) |  |  | (52 | ) |  |  | (57 | )
Interest income |  |  |  |  |  | 1 |  |  |  | 1 |
Equity earnings from subsidiaries |  | 132 |  | 132 |  |  |  | (264 | ) | — |
Other equity earnings |  |  |  |  |  | 16 |  |  |  | 16 |
Other income |  |  |  |  |  | 7 |  |  |  | 7 |
Earnings before income taxes |  | 132 |  | 132 |  | 177 |  | (264 | ) | 177 |
Provision for income taxes |  |  |  |  |  | (37 | ) |  |  | (37 | )
Earnings from continuing operations |  | 132 |  | 132 |  | 140 |  | (264 | ) | 140 |
Loss from discontinued operations |  |  |  |  |  | (3 | ) |  |  | (3 | )
Net earnings |  | 132 |  | 132 |  | 137 |  | (264 | ) | 137 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (5 | ) |  |  | (5 | )
Net earnings attributable to the Company |  | $ | 132 |  | $ | 132 |  | $ | 132 |  | $ | (264 | ) | $ | 132 |
|  | Three months ended June 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 132 |  | $ | 132 |  | $ | 137 |  | $ | (264 | ) | $ | 137 |
Other comprehensive income (loss) |  | (74 | ) | (74 | ) | (100 | ) | 172 |  | (76 | )
Total comprehensive income (loss) |  | 58 |  | 58 |  | 37 |  | (92 | ) | 61 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (3 | ) |  |  | (3 | )
Comprehensive income (loss) attributable to the Company |  | $ | 58 |  | $ | 58 |  | $ | 34 |  | $ | (92 | ) | $ | 58 |
|  | 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 from continuing operations 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 | )
|  | Six months ended June 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 3,422 |  | $ | — |  | $ | 3,422 |
Manufacturing, shipping and delivery |  |  |  |  |  | (2,734 | ) |  |  | (2,734 | )
Gross profit |  | — |  | — |  | 688 |  | — |  | 688 |
Research, engineering, selling, administrative, and other |  |  |  |  |  | (317 | ) |  |  | (317 | )
Net intercompany interest |  | 10 |  |  |  | (10 | ) |  |  | — |
Interest expense |  | (10 | ) |  |  | (118 | ) |  |  | (128 | )
Interest income |  |  |  |  |  | 4 |  |  |  | 4 |
Equity earnings from subsidiaries |  | 201 |  | 201 |  |  |  | (402 | ) | — |
Other equity earnings |  |  |  |  |  | 33 |  |  |  | 33 |
Other income |  |  |  |  |  | 14 |  |  |  | 14 |
Earnings before income taxes |  | 201 |  | 201 |  | 294 |  | (402 | ) | 294 |
Provision for income taxes |  |  |  |  |  | (70 | ) |  |  | (70 | )
Earnings from continuing operations |  | 201 |  | 201 |  | 224 |  | (402 | ) | 224 |
Loss from discontinued operations |  |  |  |  |  | (13 | ) |  |  | (13 | )
Net earnings |  | 201 |  | 201 |  | 211 |  | (402 | ) | 211 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (10 | ) |  |  | (10 | )
Net earnings attributable to the Company |  | $ | 201 |  | $ | 201 |  | $ | 201 |  | $ | (402 | ) | $ | 201 |
|  | Six months ended June 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 201 |  | $ | 201 |  | $ | 211 |  | $ | (402 | ) | $ | 211 |
Other comprehensive income (loss) |  | (53 | ) | (53 | ) | (112 | ) | 159 |  | (59 | )
Total comprehensive income (loss) |  | 148 |  | 148 |  | 99 |  | (243 | ) | 152 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (4 | ) |  |  | (4 | )
Comprehensive income attributable to the Company |  | $ | 148 |  | $ | 148 |  | $ | 95 |  | $ | (243 | ) | $ | 148 |
|  | 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 interests |  |  |  |  |  | (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 (loss) |  | 202 |  | 202 |  | 165 |  | (355 | ) | 214 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (12 | ) |  |  | (12 | )
Comprehensive income attributable to the Company |  | $ | 202 |  | $ | 202 |  | $ | 153 |  | $ | (355 | ) | $ | 202 |
Cash Flows |
Six months ended June 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (used in) operating activities |  | $ | (49 | ) | $ | — |  | $ | 66 |  | $ | — |  | $ | 17 |
Cash used in investing activities |  |  |  |  |  | (162 | ) |  |  | (162 | )
Cash provided by (used in) financing activities |  | 49 |  |  |  | (78 | ) |  |  | (29 | )
Effect of exchange rate change on cash |  |  |  |  |  | (8 | ) |  |  | (8 | )
Net change in cash |  | — |  | — |  | (182 | ) | — |  | (182 | )
Cash at beginning of period |  |  |  |  |  | 431 |  |  |  | 431 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 249 |  | $ | — |  | $ | 249 |
|  | Six months ended June 30, 2012 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash used in operating activities |  | $ | (58 | ) | $ | — |  | $ | 62 |  | $ | — |  | $ | 4 |
Cash used in investing activities |  |  |  |  |  | (100 | ) |  |  | (100 | )
Cash provided by 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 |

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