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

6 Months Ended

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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