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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables) | 9 Months Ended
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Sep. 30, 2014
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Balance Sheet |
|  | September 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 264 |  | $ | — |  | $ | 264 |
Receivables |  |  |  |  |  | 1,042 |  |  |  | 1,042 |
Inventories |  |  |  |  |  | 1,112 |  |  |  | 1,112 |
Prepaid expenses |  |  |  |  |  | 105 |  |  |  | 105 |
Total current assets |  | — |  | — |  | 2,523 |  | — |  | 2,523 |
Investments in and advances to subsidiaries |  | 2,325 |  | 2,075 |  |  |  | (4,400 | ) | — |
Property, plant and equipment, net |  |  |  |  |  | 2,499 |  |  |  | 2,499 |
Goodwill |  |  |  |  |  | 1,960 |  |  |  | 1,960 |
Other assets |  |  |  |  |  | 1,176 |  |  |  | 1,176 |
Total assets |  | $ | 2,325 |  | $ | 2,075 |  | $ | 8,158 |  | $ | (4,400 | ) | $ | 8,158 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 1,067 |  | $ | — |  | $ | 1,067 |
Current portion of asbestos liability |  | 150 |  |  |  |  |  |  |  | 150 |
Accounts payable |  |  |  |  |  | 1,027 |  |  |  | 1,027 |
Other liabilities |  |  |  |  |  | 544 |  |  |  | 544 |
Total current liabilities |  | 150 |  | — |  | 2,638 |  | — |  | 2,788 |
Long-term debt |  | 250 |  |  |  | 2,434 |  | (250 | ) | 2,434 |
Asbestos-related liabilities |  | 226 |  |  |  |  |  |  |  | 226 |
Other long-term liabilities |  |  |  |  |  | 887 |  |  |  | 887 |
Share owners’ equity |  | 1,699 |  | 2,075 |  | 2,199 |  | (4,150 | ) | 1,823 |
Total liabilities and share owners’ equity |  | $ | 2,325 |  | $ | 2,075 |  | $ | 8,158 |  | $ | (4,400 | ) | $ | 8,158 |
|  | 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 |
|  | September 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 219 |  | $ | — |  | $ | 219 |
Receivables |  |  |  |  |  | 1,172 |  |  |  | 1,172 |
Inventories |  |  |  |  |  | 1,178 |  |  |  | 1,178 |
Prepaid expenses |  |  |  |  |  | 103 |  |  |  | 103 |
Total current assets |  | — |  | — |  | 2,672 |  | — |  | 2,672 |
Investments in and advances to subsidiaries |  | 1,813 |  | 1,563 |  |  |  | (3,376 | ) | — |
Property, plant and equipment, net |  |  |  |  |  | 2,657 |  |  |  | 2,657 |
Goodwill |  |  |  |  |  | 2,059 |  |  |  | 2,059 |
Other assets |  |  |  |  |  | 1,084 |  |  |  | 1,084 |
Total assets |  | $ | 1,813 |  | $ | 1,563 |  | $ | 8,472 |  | $ | (3,376 | ) | $ | 8,472 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 366 |  | $ | — |  | $ | 366 |
Current portion of asbestos liability |  | 155 |  |  |  |  |  |  |  | 155 |
Accounts payable |  |  |  |  |  | 989 |  |  |  | 989 |
Other liabilities |  |  |  |  |  | 577 |  |  |  | 577 |
Total current liabilities |  | 155 |  | — |  | 1,932 |  | — |  | 2,087 |
Long-term debt |  | 250 |  |  |  | 3,298 |  | (250 | ) | 3,298 |
Asbestos-related liabilities |  | 198 |  |  |  |  |  |  |  | 198 |
Other long-term liabilities |  |  |  |  |  | 1,512 |  |  |  | 1,512 |
Share owners’ equity |  | 1,210 |  | 1,563 |  | 1,730 |  | (3,126 | ) | 1,377 |
Total liabilities and share owners’ equity |  | $ | 1,813 |  | $ | 1,563 |  | $ | 8,472 |  | $ | (3,376 | ) | $ | 8,472 |
Results of Operations |
|  | Three months ended September 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,745 |  | $ | — |  | $ | 1,745 |
Cost of goods sold |  |  |  |  |  | (1,408 | ) |  |  | (1,408 | )
Gross profit |  | — |  | — |  | 337 |  | — |  | 337 |
Selling and administrative expense |  |  |  |  |  | (118 | ) |  |  | (118 | )
Research, development and engineering expense |  |  |  |  |  | (15 | ) |  |  | (15 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense, net |  | (5 | ) |  |  | (48 | ) |  |  | (53 | )
Equity earnings from subsidiaries |  | 60 |  | 60 |  |  |  | (120 | ) | — |
Other equity earnings |  |  |  |  |  | 13 |  |  |  | 13 |
Other expense, net |  |  |  |  |  | (73 | ) |  |  | (73 | )
Earnings before income taxes |  | 60 |  | 60 |  | 91 |  | (120 | ) | 91 |
Provision for income taxes |  |  |  |  |  | (23 | ) |  |  | (23 | )
Earnings from continuing operations |  | 60 |  | 60 |  | 68 |  | (120 | ) | 68 |
Loss from discontinued operations |  |  |  |  |  | (1 | ) |  |  | (1 | )
Net earnings |  | 60 |  | 60 |  | 67 |  | (120 | ) | 67 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (7 | ) |  |  | (7 | )
Net earnings attributable to the Company |  | $ | 60 |  | $ | 60 |  | $ | 60 |  | $ | (120 | ) | $ | 60 |
|  | Three months ended September 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,784 |  | $ | — |  | $ | 1,784 |
Cost of goods sold |  |  |  |  |  | (1,432 | ) |  |  | (1,432 | )
Gross profit |  | — |  | — |  | 352 |  | — |  | 352 |
Selling and administrative expense |  |  |  |  |  | (119 | ) |  |  | (119 | )
Research, development and engineering expense |  |  |  |  |  | (15 | ) |  |  | (15 | )
Net intercompany interest |  | 5 |  |  |  | (5 | ) |  |  | — |
Interest expense, net |  | (5 | ) |  |  | (49 | ) |  |  | (54 | )
Equity earnings from subsidiaries |  | 130 |  | 130 |  |  |  | (260 | ) | — |
Other equity earnings |  |  |  |  |  | 16 |  |  |  | 16 |
Other expense, net |  |  |  |  |  | (2 | ) |  |  | (2 | )
Earnings before income taxes |  | 130 |  | 130 |  | 178 |  | (260 | ) | 178 |
Provision for income taxes |  |  |  |  |  | (40 | ) |  |  | (40 | )
Earnings from continuing operations |  | 130 |  | 130 |  | 138 |  | (260 | ) | 138 |
Loss from discontinued operations |  |  |  |  |  | (2 | ) |  |  | (2 | )
Net earnings |  | 130 |  | 130 |  | 136 |  | (260 | ) | 136 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (6 | ) |  |  | (6 | )
Net earnings attributable to the Company |  | $ | 130 |  | $ | 130 |  | $ | 130 |  | $ | (260 | ) | $ | 130 |
|  | Nine months ended September 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 5,181 |  | $ | — |  | $ | 5,181 |
Cost of goods sold |  |  |  |  |  | (4,165 | ) |  |  | (4,165 | )
Gross profit |  | — |  | — |  | 1,016 |  | — |  | 1,016 |
Selling and administrative expense |  |  |  |  |  | (382 | ) |  |  | (382 | )
Research, development and engineering expense |  |  |  |  |  | (47 | ) |  |  | (47 | )
Net intercompany interest |  | 15 |  |  |  | (15 | ) |  |  | — |
Interest expense, net |  | (15 | ) |  |  | (146 | ) |  |  | (161 | )
Equity earnings from subsidiaries |  | 275 |  | 275 |  |  |  | (550 | ) | — |
Other equity earnings |  |  |  |  |  | 48 |  |  |  | 48 |
Other expense, net |  |  |  |  |  | (70 | ) |  |  | (70 | )
Earnings before income taxes |  | 275 |  | 275 |  | 404 |  | (550 | ) | 404 |
Provision for income taxes |  |  |  |  |  | (89 | ) |  |  | (89 | )
Earnings from continuing operations |  | 275 |  | 275 |  | 315 |  | (550 | ) | 315 |
Loss from discontinued operations |  |  |  |  |  | (22 | ) |  |  | (22 | )
Net earnings |  | 275 |  | 275 |  | 293 |  | (550 | ) | 293 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (18 | ) |  |  | (18 | )
Net earnings attributable to the Company |  | $ | 275 |  | $ | 275 |  | $ | 275 |  | $ | (550 | ) | $ | 275 |
|  | Nine months ended September 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 5,206 |  | $ | — |  | $ | 5,206 |
Cost of goods sold |  |  |  |  |  | (4,166 | ) |  |  | (4,166 | )
Gross profit |  | — |  | — |  | 1,040 |  | — |  | 1,040 |
Selling and administrative expense |  |  |  |  |  | (377 | ) |  |  | (377 | )
Research, development and engineering expense |  |  |  |  |  | (45 | ) |  |  | (45 | )
Net intercompany interest |  | 15 |  |  |  | (15 | ) |  |  | — |
Interest expense, net |  | (15 | ) |  |  | (163 | ) |  |  | (178 | )
Equity earnings from subsidiaries |  | 331 |  | 331 |  |  |  | (662 | ) | — |
Other equity earnings |  |  |  |  |  | 49 |  |  |  | 49 |
Other expense, net |  |  |  |  |  | (17 | ) |  |  | (17 | )
Earnings before income taxes |  | 331 |  | 331 |  | 472 |  | (662 | ) | 472 |
Provision for income taxes |  |  |  |  |  | (110 | ) |  |  | (110 | )
Earnings from continuing operations |  | 331 |  | 331 |  | 362 |  | (662 | ) | 362 |
Loss from discontinued operations |  |  |  |  |  | (15 | ) |  |  | (15 | )
Net earnings |  | 331 |  | 331 |  | 347 |  | (662 | ) | 347 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (16 | ) |  |  | (16 | )
Net earnings attributable to the Company |  | $ | 331 |  | $ | 331 |  | $ | 331 |  | $ | (662 | ) | $ | 331 |
Comprehensive Income |
|  | Three months ended September 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 60 |  | $ | 60 |  | $ | 67 |  | $ | (120 | ) | $ | 67 |
Other comprehensive income (loss) attributable to the Company |  | (165 | ) | (165 | ) | (186 | ) | 351 |  | (165 | )
Other comprehensive income attributable to noncontrolling interests |  | — |  | — |  | (3 | ) | — |  | (3 | )
Total comprehensive income (loss) |  | (105 | ) | (105 | ) | (122 | ) | 231 |  | (101 | )
Net earnings attributable to noncontrolling interests |  | — |  | — |  | 7 |  | — |  | 7 |
Comprehensive income (loss) attributable to the Company |  | $ | (105 | ) | $ | (105 | ) | $ | (126 | ) | $ | 231 |  | $ | (105 | )
|  | Three months ended September 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 130 |  | $ | 130 |  | $ | 136 |  | $ | (260 | ) | $ | 136 |
Other comprehensive income (loss) attributable to the Company |  | 39 |  | 39 |  | 12 |  | (51 | ) | 39 |
Other comprehensive income attributable to noncontrolling interests |  | — |  | — |  | — |  | — |  | — |
Total comprehensive income (loss) |  | 169 |  | 169 |  | 148 |  | (311 | ) | 175 |
Net earnings attributable to noncontrolling interests |  | — |  | — |  | 6 |  | — |  | 6 |
Comprehensive income (loss) attributable to the Company |  | $ | 169 |  | $ | 169 |  | $ | 142 |  | $ | (311 | ) | $ | 169 |
|  | Nine months ended September 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 275 |  | $ | 275 |  | $ | 293 |  | $ | (550 | ) | $ | 293 |
Other comprehensive income (loss) attributable to the Company |  | (46 | ) | (46 | ) | (115 | ) | 161 |  | (46 | )
Other comprehensive income attributable to noncontrolling interests |  | — |  | — |  | (4 | ) | — |  | (4 | )
Total comprehensive income (loss) |  | 229 |  | 229 |  | 174 |  | (389 | ) | 243 |
Net earnings attributable to noncontrolling interests |  | — |  | — |  | 18 |  | — |  | 18 |
Comprehensive income (loss) attributable to the Company |  | $ | 229 |  | $ | 229 |  | $ | 160 |  | $ | (389 | ) | $ | 229 |
|  | Nine months ended September 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 331 |  | $ | 331 |  | $ | 347 |  | $ | (662 | ) | $ | 347 |
Other comprehensive income (loss) attributable to the Company |  | (14 | ) | (14 | ) | (94 | ) | 108 |  | (14 | )
Other comprehensive income attributable to noncontrolling interests |  | — |  | — |  | (6 | ) | — |  | (6 | )
Total comprehensive income (loss) |  | 317 |  | 317 |  | 247 |  | (554 | ) | 327 |
Net earnings attributable to noncontrolling interests |  | — |  | — |  | 16 |  | — |  | 16 |
Comprehensive income (loss) attributable to the Company |  | $ | 317 |  | $ | 317 |  | $ | 237 |  | $ | (554 | ) | $ | 317
Cash Flows |
|  | Nine months ended September 30, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (utilized in) operating activities |  | $ | (72 | ) | $ | — |  | $ | 259 |  | $ | — |  | $ | 187 |
Cash utilized in investing activities |  |  |  |  |  | (267 | ) |  |  | (267 | )
Cash provided by (utilized in) financing activities |  | 72 |  |  |  | (101 | ) |  |  | (29 | )
Effect of exchange rate change on cash |  |  |  |  |  | (10 | ) |  |  | (10 | )
Net change in cash |  | — |  | — |  | (119 | ) | — |  | (119 | )
Cash at beginning of period |  |  |  |  |  | 383 |  |  |  | 383 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 264 |  | $ | — |  | $ | 264 |
|  | Nine months ended September 30, 2013 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (utilized in) operating activities |  | $ | (108 | ) | $ | — |  | $ | 350 |  | $ | — |  | $ | 242 |
Cash utilized in investing activities |  |  |  |  |  | (249 | ) |  |  | (249 | )
Cash provided by (utilized in) financing activities |  | 108 |  |  |  | (306 | ) |  |  | (198 | )
Effect of exchange rate change on cash |  |  |  |  |  | (7 | ) |  |  | (7 | )
Net change in cash |  | — |  | — |  | (212 | ) | — |  | (212 | )
Cash at beginning of period |  |  |  |  |  | 431 |  |  |  | 431 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 219 |  | $ | — |  | $ | 219 |

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