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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables) | 6 Months Ended
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Jun. 30, 2014
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Balance Sheet |
|  | June 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 194 |  | $ | — |  | $ | 194 |
Receivables |  |  |  |  |  | 1,147 |  |  |  | 1,147 |
Inventories |  |  |  |  |  | 1,204 |  |  |  | 1,204 |
Prepaid expenses |  |  |  |  |  | 103 |  |  |  | 103 |
Total current assets |  |  |  | — |  | 2,648 |  |  |  | 2,648 |
Investments in and advances to subsidiaries |  | 2,456 |  | 2,206 |  |  |  | (4,662 | ) | — |
Property, plant and equipment, net |  |  |  |  |  | 2,661 |  |  |  | 2,661 |
Goodwill |  |  |  |  |  | 2,065 |  |  |  | 2,065 |
Other assets |  |  |  |  |  | 1,217 |  |  |  | 1,217 |
Total assets |  | $ | 2,456 |  | $ | 2,206 |  | $ | 8,591 |  | $ | (4,662 | ) | $ | 8,591 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 1,027 |  | $ | — |  | $ | 1,027 |
Current portion of asbestos liability |  | 150 |  |  |  |  |  |  |  | 150 |
Accounts payable |  |  |  |  |  | 1,123 |  |  |  | 1,123 |
Other liabilities |  |  |  |  |  | 538 |  |  |  | 538 |
Total current liabilities |  | 150 |  | — |  | 2,688 |  | — |  | 2,838 |
Long-term debt |  | 250 |  |  |  | 2,620 |  | (250 | ) | 2,620 |
Asbestos-related liabilities |  | 256 |  |  |  |  |  |  |  | 256 |
Other long-term liabilities |  |  |  |  |  | 955 |  |  |  | 955 |
Share owners’ equity |  | 1,800 |  | 2,206 |  | 2,328 |  | (4,412 | ) | 1,922 |
Total liabilities and share owners’ equity |  | $ | 2,456 |  | $ | 2,206 |  | $ | 8,591 |  | $ | (4,662 | ) | $ | 8,591 |
|  | 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 |
|  | June 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 249 |  | $ | — |  | $ | 249 |
Receivables |  |  |  |  |  | 1,159 |  |  |  | 1,159 |
Inventories |  |  |  |  |  | 1,175 |  |  |  | 1,175 |
Prepaid expenses |  |  |  |  |  | 110 |  |  |  | 110 |
Total current assets |  |  |  |  |  | 2,693 |  |  |  | 2,693 |
Investments in and advances to subsidiaries |  | 1,696 |  | 1,446 |  |  |  | (3,142 | ) | — |
Property, plant and equipment, net |  |  |  |  |  | 2,600 |  |  |  | 2,600 |
Goodwill |  |  |  |  |  | 2,031 |  |  |  | 2,031 |
Other assets |  |  |  |  |  | 1,086 |  |  |  | 1,086 |
Total assets |  | $ | 1,696 |  | $ | 1,446 |  | $ | 8,410 |  | $ | (3,142 | ) | $ | 8,410 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 437 |  | $ | — |  | $ | 437 |
Current portion of asbestos liability |  | 155 |  |  |  |  |  |  |  | 155 |
Accounts payable |  |  |  |  |  | 982 |  |  |  | 982 |
Other liabilities |  |  |  |  |  | 545 |  |  |  | 545 |
Total current liabilities |  | 155 |  | — |  | 1,964 |  | — |  | 2,119 |
Long-term debt |  | 250 |  |  |  | 3,336 |  | (250 | ) | 3,336 |
Asbestos-related liabilities |  | 257 |  |  |  |  |  |  |  | 257 |
Other long-term liabilities |  |  |  |  |  | 1,504 |  |  |  | 1,504 |
Share owners’ equity |  | 1,034 |  | 1,446 |  | 1,606 |  | (2,892 | ) | 1,194 |
Total liabilities and share owners’ equity |  | $ | 1,696 |  | $ | 1,446 |  | $ | 8,410 |  | $ | (3,142 | ) | $ | 8,410 |
Results of Operations |
|  | Three months ended June 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,797 |  | $ | — |  | $ | 1,797 |
Cost of goods sold |  |  |  |  |  | (1,439 | ) |  |  | (1,439 | )
Gross profit |  | — |  | — |  | 358 |  | — |  | 358 |
Selling and administrative expense |  |  |  |  |  | (131 | ) |  |  | (131 | )
Research, development and engineering expense |  |  |  |  |  | (17 | ) |  |  | (17 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense, net |  | (5 | ) |  |  | (49 | ) |  |  | (54 | )
Equity earnings from subsidiaries |  | 114 |  | 114 |  |  |  | (228 | ) | — |
Other equity earnings |  |  |  |  |  | 19 |  |  |  | 19 |
Other expense, net |  |  |  |  |  | 4 |  |  |  | 4 |
Earnings before income taxes |  | 114 |  | 114 |  | 179 |  | (228 | ) | 179 |
Provision for income taxes |  |  |  |  |  | (39 | ) |  |  | (39 | )
Earnings from continuing operations |  | 114 |  | 114 |  | 140 |  | (228 | ) | 140 |
Loss from discontinued operations |  |  |  |  |  | (20 | ) |  |  | (20 | )
Net earnings |  | 114 |  | 114 |  | 120 |  | (228 | ) | 120 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (6 | ) |  |  | (6 | )
Net earnings attributable to the Company |  | $ | 114 |  | $ | 114 |  | $ | 114 |  | $ | (228 | ) | $ | 114 |
|  | Three months ended June 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,781 |  | $ | — |  | $ | 1,781 |
Cost of goods sold |  |  |  |  |  | (1,412 | ) |  |  | (1,412 | )
Gross profit |  | — |  | — |  | 369 |  | — |  | 369 |
Selling and administrative expense |  |  |  |  |  | (129 | ) |  |  | (129 | )
Research, development and engineering expense |  |  |  |  |  | (15 | ) |  |  | (15 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense, net |  | (5 | ) |  |  | (51 | ) |  |  | (56 | )
Equity earnings from subsidiaries |  | 132 |  | 132 |  |  |  | (264 | ) | — |
Other equity earnings |  |  |  |  |  | 16 |  |  |  | 16 |
Other expense, net |  |  |  |  |  | (8 | ) |  |  | (8 | )
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 |
|  | Six months ended June 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 3,436 |  | $ | — |  | $ | 3,436 |
Cost of goods sold |  |  |  |  |  | (2,757 | ) |  |  | (2,757 | )
Gross profit |  | — |  | — |  | 679 |  | — |  | 679 |
Selling and administrative expense |  |  |  |  |  | (264 | ) |  |  | (264 | )
Research, development and engineering expense |  |  |  |  |  | (32 | ) |  |  | (32 | )
Net intercompany interest |  | 10 |  |  |  | (10 | ) |  |  | — |
Interest expense, net |  | (10 | ) |  |  | (98 | ) |  |  | (108 | )
Equity earnings from subsidiaries |  | 215 |  | 215 |  |  |  | (430 | ) | — |
Other equity earnings |  |  |  |  |  | 35 |  |  |  | 35 |
Other expense, net |  |  |  |  |  | 3 |  |  |  | 3 |
Earnings before income taxes |  | 215 |  | 215 |  | 313 |  | (430 | ) | 313 |
Provision for income taxes |  |  |  |  |  | (66 | ) |  |  | (66 | )
Earnings from continuing operations |  | 215 |  | 215 |  | 247 |  | (430 | ) | 247 |
Loss from discontinued operations |  |  |  |  |  | (21 | ) |  |  | (21 | )
Net earnings |  | 215 |  | 215 |  | 226 |  | (430 | ) | 226 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (11 | ) |  |  | (11 | )
Net earnings attributable to the Company |  | $ | 215 |  | $ | 215 |  | $ | 215 |  | $ | (430 | ) | $ | 215 |
|  | Six months ended June 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 3,422 |  | $ | — |  | $ | 3,422 |
Cost of goods sold |  |  |  |  |  | (2,734 | ) |  |  | (2,734 | )
Gross profit |  | — |  | — |  | 688 |  | — |  | 688 |
Selling and administrative expense |  |  |  |  |  | (258 | ) |  |  | (258 | )
Research, development and engineering expense |  |  |  |  |  | (30 | ) |  |  | (30 | )
Net intercompany interest |  | 10 |  |  |  | (10 | ) |  |  | — |
Interest expense, net |  | (10 | ) |  |  | (114 | ) |  |  | (124 | )
Equity earnings from subsidiaries |  | 201 |  | 201 |  |  |  | (402 | ) | — |
Other equity earnings |  |  |  |  |  | 33 |  |  |  | 33 |
Other expense, net |  |  |  |  |  | (15 | ) |  |  | (15 | )
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 |
Comprehensive Income |
|  | Three months ended June 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 114 |  | $ | 114 |  | $ | 120 |  | $ | (228 | ) | $ | 120 |
Other comprehensive income, net |  | 60 |  | 60 |  | 48 |  | (106 | ) | 62 |
Total comprehensive income |  | 174 |  | 174 |  | 168 |  | (334 | ) | 182 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (8 | ) |  |  | (8 | )
Comprehensive income attributable to the Company |  | $ | 174 |  | $ | 174 |  | $ | 160 |  | $ | (334 | ) | $ | 174 |
|  | 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, net |  | (74 | ) | (74 | ) | (100 | ) | 172 |  | (76 | )
Total comprehensive income |  | 58 |  | 58 |  | 37 |  | (92 | ) | 61 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (3 | ) |  |  | (3 | )
Comprehensive income attributable to the Company |  | $ | 58 |  | $ | 58 |  | $ | 34 |  | $ | (92 | ) | $ | 58 |
|  | Six months ended June 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 215 |  | $ | 215 |  | $ | 226 |  | $ | (430 | ) | $ | 226 |
Other comprehensive income, net |  | 119 |  | 119 |  | 85 |  | (205 | ) | 118 |
Total comprehensive income |  | 334 |  | 334 |  | 311 |  | (635 | ) | 344 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (10 | ) |  |  | (10 | )
Comprehensive income attributable to the Company |  | $ | 334 |  | $ | 334 |  | $ | 301 |  | $ | (635 | ) | $ | 334 |
|  | 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, net |  | (53 | ) | (53 | ) | (112 | ) | 159 |  | (59 | )
Total comprehensive income |  | 148 |  | 148 |  | 99 |  | (243 | ) | 152 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (4 | ) |  |  | (4 | )
Comprehensive income attributable to the Company |  | $ | 148 |  | $ | 148 |  | $ | 95 |  | $ | (243 | ) | $ | 148 |
Cash Flows |
|  | Six months ended June 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (utilized in) operating activities |  | $ | (42 | ) | $ | — |  | $ | 9 |  | $ | — |  | $ | (33 | )
Cash utilized in investing activities |  |  |  |  |  | (178 | ) |  |  | (178 | )
Cash provided by (utilized in) financing activities |  | 42 |  |  |  | (16 | ) |  |  | 26 |
Effect of exchange rate change on cash |  |  |  |  |  | (4 | ) |  |  | (4 | )
Net change in cash |  | — |  | — |  | (189 | ) | — |  | (189 | )
Cash at beginning of period |  |  |  |  |  | 383 |  |  |  | 383 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 194 |  | $ | — |  | $ | 194 |
|  | Six months ended June 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (utilized in) operating activities |  | $ | (49 | ) | $ | — |  | $ | 66 |  | $ | — |  | $ | 17 |
Cash utilized in investing activities |  |  |  |  |  | (162 | ) |  |  | (162 | )
Cash provided by (utilized 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 |

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