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

3 Months Ended

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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