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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables) | 3 Months Ended
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Mar. 31, 2014
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Balance Sheet |
|  | March 31, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 201 |  | $ | — |  | $ | 201 |
Receivables |  |  |  |  |  | 1,078 |  |  |  | 1,078 |
Inventories |  |  |  |  |  | 1,204 |  |  |  | 1,204 |
Prepaid expenses |  |  |  |  |  | 94 |  |  |  | 94 |
Total current assets |  | — |  | — |  | 2,577 |  | — |  | 2,577 |
Investments in and advances to subsidiaries |  | 2,313 |  | 2,063 |  |  |  | (4,376 | ) | — |
Property, plant and equipment, net |  |  |  |  |  | 2,634 |  |  |  | 2,634 |
Goodwill |  |  |  |  |  | 2,059 |  |  |  | 2,059 |
Other assets |  |  |  |  |  | 1,218 |  |  |  | 1,218 |
Total assets |  | $ | 2,313 |  | $ | 2,063 |  | $ | 8,488 |  | $ | (4,376 | ) | $ | 8,488 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 331 |  | $ | — |  | $ | 331 |
Current portion of asbestos liability |  | 150 |  |  |  |  |  |  |  | 150 |
Accounts payable |  |  |  |  |  | 1,074 |  |  |  | 1,074 |
Other liabilities |  |  |  |  |  | 527 |  |  |  | 527 |
Total current liabilities |  | 150 |  | — |  | 1,932 |  | — |  | 2,082 |
Long-term debt |  | 250 |  |  |  | 3,371 |  | (250 | ) | 3,371 |
Asbestos-related liabilities |  | 283 |  |  |  |  |  |  |  | 283 |
Other long-term liabilities |  |  |  |  |  | 992 |  |  |  | 992 |
Share owners’ equity |  | 1,630 |  | 2,063 |  | 2,193 |  | (4,126 | ) | 1,760 |
Total liabilities and share owners’ equity |  | $ | 2,313 |  | $ | 2,063 |  | $ | 8,488 |  | $ | (4,376 | ) | $ | 8,488 |
|  | December 31, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 383 |  | $ | — |  | $ | 383 |
Receivables |  |  |  |  |  | 943 |  |  |  | 943 |
Inventories |  |  |  |  |  | 1,117 |  |  |  | 1,117 |
Prepaid expenses |  |  |  |  |  | 107 |  |  |  | 107 |
Total current assets |  |  |  |  |  | 2,550 |  |  |  | 2,550 |
Investments in and advances to subsidiaries |  | 2,154 |  | 1,904 |  |  |  | (4,058 | ) | — |
Property, plant and equipment, net |  |  |  |  |  | 2,632 |  |  |  | 2,632 |
Goodwill |  |  |  |  |  | 2,059 |  |  |  | 2,059 |
Other assets |  |  |  |  |  | 1,178 |  |  |  | 1,178 |
Total assets |  | $ | 2,154 |  | $ | 1,904 |  | $ | 8,419 |  | $ | (4,058 | ) | $ | 8,419 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 322 |  | $ | — |  | $ | 322 |
Current portion of asbestos liability |  | 150 |  |  |  |  |  |  |  | 150 |
Accounts payable |  |  |  |  |  | 1,144 |  |  |  | 1,144 |
Other liabilities |  |  |  |  |  | 638 |  |  |  | 638 |
Total current liabilities |  | 150 |  | — |  | 2,104 |  | — |  | 2,254 |
Long-term debt |  | 250 |  |  |  | 3,245 |  | (250 | ) | 3,245 |
Asbestos-related liabilities |  | 298 |  |  |  |  |  |  |  | 298 |
Other long-term liabilities |  |  |  |  |  | 1,019 |  |  |  | 1,019 |
Share owners’ equity |  | 1,456 |  | 1,904 |  | 2,051 |  | (3,808 | ) | 1,603 |
Total liabilities and share owners’ equity |  | $ | 2,154 |  | $ | 1,904 |  | $ | 8,419 |  | $ | (4,058 | ) | $ | 8,419 |
|  | March 31, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 359 |  | $ | — |  | $ | 359 |
Receivables |  |  |  |  |  | 1,047 |  |  |  | 1,047 |
Inventories |  |  |  |  |  | 1,178 |  |  |  | 1,178 |
Prepaid expenses |  |  |  |  |  | 99 |  |  |  | 99 |
Total current assets |  | — |  | — |  | 2,683 |  | — |  | 2,683 |
Investments in and advances to subsidiaries |  | 1,674 |  | 1,424 |  |  |  | (3,098 | ) | — |
Property, plant and equipment, net |  |  |  |  |  | 2,680 |  |  |  | 2,680 |
Goodwill |  |  |  |  |  | 2,048 |  |  |  | 2,048 |
Other assets |  |  |  |  |  | 1,106 |  |  |  | 1,106 |
Total assets |  | $ | 1,674 |  | $ | 1,424 |  | $ | 8,517 |  | $ | (3,098 | ) | $ | 8,517 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 347 |  | $ | — |  | $ | 347 |
Current portion of asbestos liability |  | 155 |  |  |  |  |  |  |  | 155 |
Accounts payable |  |  |  |  |  | 904 |  |  |  | 904 |
Other liabilities |  |  |  |  |  | 523 |  |  |  | 523 |
Total current liabilities |  | 155 |  | — |  | 1,774 |  | — |  | 1,929 |
Long-term debt |  | 250 |  |  |  | 3,550 |  | (250 | ) | 3,550 |
Asbestos-related liabilities |  | 289 |  |  |  |  |  |  |  | 289 |
Other long-term liabilities |  |  |  |  |  | 1,594 |  |  |  | 1,594 |
Share owners’ equity |  | 980 |  | 1,424 |  | 1,599 |  | (2,848 | ) | 1,155 |
Total liabilities and share owners’ equity |  | $ | 1,674 |  | $ | 1,424 |  | $ | 8,517 |  | $ | (3,098 | ) | $ | 8,517 |
Results of Operations |
|  | Three months ended March 31, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,639 |  | $ | — |  | $ | 1,639 |
Cost of goods sold |  |  |  |  |  | (1,318 | ) |  |  | (1,318 | )
Gross profit |  | — |  | — |  | 321 |  | — |  | 321 |
Selling and administrative expense |  |  |  |  |  | (133 | ) |  |  | (133 | )
Research, development and engineering expense |  |  |  |  |  | (15 | ) |  |  | (15 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense, net |  | (5 | ) |  |  | (49 | ) |  |  | (54 | )
Equity earnings from subsidiaries |  | 101 |  | 101 |  |  |  | (202 | ) | — |
Other equity earnings |  |  |  |  |  | 16 |  |  |  | 16 |
Other expense, net |  |  |  |  |  | (1 | ) |  |  | (1 | )
Earnings before income taxes |  | 101 |  | 101 |  | 134 |  | (202 | ) | 134 |
Provision for income taxes |  |  |  |  |  | (27 | ) |  |  | (27 | )
Earnings from continuing operations |  | 101 |  | 101 |  | 107 |  | (202 | ) | 107 |
Loss from discontinued operations |  |  |  |  |  | (1 | ) |  |  | (1 | )
Net earnings |  | 101 |  | 101 |  | 106 |  | (202 | ) | 106 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (5 | ) |  |  | (5 | )
Net earnings attributable to the Company |  | $ | 101 |  | $ | 101 |  | $ | 101 |  | $ | (202 | ) | $ | 101 |
|  | Three months ended March 31, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 101 |  | $ | 101 |  | $ | 106 |  | $ | (202 | ) | $ | 106 |
Other comprehensive income, net |  | 59 |  | 59 |  | 37 |  | (99 | ) | 56 |
Total comprehensive income |  | 160 |  | 160 |  | 143 |  | (301 | ) | 162 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (2 | ) |  |  | (2 | )
Comprehensive income attributable to the Company |  | $ | 160 |  | $ | 160 |  | $ | 141 |  | $ | (301 | ) | $ | 160 |
|  | Three months ended March 31, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,641 |  | $ | — |  | $ | 1,641 |
Cost of goods sold |  |  |  |  |  | (1,322 | ) |  |  | (1,322 | )
Gross profit |  | — |  | — |  | 319 |  | — |  | 319 |
Selling and administrative expense |  |  |  |  |  | (129 | ) |  |  | (129 | )
Research, development and engineering expense |  |  |  |  |  | (15 | ) |  |  | (15 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense, net |  | (5 | ) |  |  | (63 | ) |  |  | (68 | )
Equity earnings from subsidiaries |  | 69 |  | 69 |  |  |  | (138 | ) | — |
Other equity earnings |  |  |  |  |  | 17 |  |  |  | 17 |
Other expense, net |  |  |  |  |  | (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 |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 69 |  | $ | 69 |  | $ | 74 |  | $ | (138 | ) | $ | 74 |
Other comprehensive income, net |  | 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 |
Cash Flows |
|  | Three months ended March 31, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash utilized in operating activities |  | $ | (15 | ) | $ | — |  | $ | (188 | ) | $ | — |  | $ | (203 | )
Cash utilized in investing activities |  |  |  |  |  | (95 | ) |  |  | (95 | )
Cash provided by financing activities |  | 15 |  |  |  | 107 |  |  |  | 122 |
Effect of exchange rate change on cash |  |  |  |  |  | (6 | ) |  |  | (6 | )
Net change in cash |  | — |  | — |  | (182 | ) | — |  | (182 | )
Cash at beginning of period |  |  |  |  |  | 383 |  |  |  | 383 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 201 |  | $ | — |  | $ | 201 |
|  | Three months ended March 31, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash utilized in operating activities |  | $ | (17 | ) | $ | — |  | $ | (119 | ) | $ | — |  | $ | (136 | )
Cash utilized in investing activities |  |  |  |  |  | (94 | ) |  |  | (94 | )
Cash provided by 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 |

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