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

9 Months Ended

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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