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

6 Months Ended

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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