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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables) | 3 Months Ended
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Mar. 31, 2015
Financial Information for Subsidiary Guarantors and Non-Guarantors |
Balance Sheet |
|  | March 31, 2015 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 257 |  | $ | — |  | $ | 257 |
Receivables |  |  |  |  |  | 861 |  |  |  | 861 |
Inventories |  |  |  |  |  | 1,007 |  |  |  | 1,007 |
Other current assets |  |  |  |  |  | 74 |  |  |  | 74 |
Total current assets |  | — |  | — |  | 2,199 |  | — |  | 2,199 |
Investments in and advances to subsidiaries |  | 1,583 |  | 1,326 |  |  |  | (2,909 | ) | — |
Property, plant and equipment, net |  |  |  |  |  | 2,337 |  |  |  | 2,337 |
Goodwill |  |  |  |  |  | 1,752 |  |  |  | 1,752 |
Other assets |  |  |  |  |  | 1,038 |  |  |  | 1,038 |
Total assets |  | $ | 1,583 |  | $ | 1,326 |  | $ | 7,326 |  | $ | (2,909 | ) | $ | 7,326 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 637 |  | $ | — |  | $ | 637 |
Current portion of asbestos liability |  | 143 |  |  |  |  |  |  |  | 143 |
Accounts payable |  |  |  |  |  | 919 |  |  |  | 919 |
Other liabilities |  | 7 |  |  |  | 417 |  | (7 | ) | 417 |
Total current liabilities |  | 150 |  | — |  | 1,973 |  | (7 | ) | 2,116 |
Long-term debt |  | 250 |  |  |  | 2,984 |  | (250 | ) | 2,984 |
Asbestos-related liabilities |  | 278 |  |  |  |  |  |  |  | 278 |
Other long-term liabilities |  |  |  |  |  | 920 |  |  |  | 920 |
Share owners’ equity |  | 905 |  | 1,326 |  | 1,326 |  | (2,652 | ) | 905 |
Noncontrolling interest |  |  |  |  |  | 123 |  |  |  | 123 |
Total liabilities and share owners’ equity |  | $ | 1,583 |  | $ | 1,326 |  | $ | 7,326 |  | $ | (2,909 | ) | $ | 7,326 |
|  | December 31, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 512 |  | $ | — |  | $ | 512 |
Receivables |  |  |  |  |  | 744 |  |  |  | 744 |
Inventories |  |  |  |  |  | 1,035 |  |  |  | 1,035 |
Other current assets |  |  |  |  |  | 80 |  |  |  | 80 |
Total current assets |  | — |  | — |  | 2,371 |  | — |  | 2,371 |
Investments in and advances to subsidiaries |  | 1,863 |  | 1,593 |  |  |  | (3,456 | ) | — |
Property, plant and equipment, net |  |  |  |  |  | 2,445 |  |  |  | 2,445 |
Goodwill |  |  |  |  |  | 1,893 |  |  |  | 1,893 |
Other assets |  |  |  |  |  | 1,149 |  |  |  | 1,149 |
Total assets |  | $ | 1,863 |  | $ | 1,593 |  | $ | 7,858 |  | $ | (3,456 | ) | $ | 7,858 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 488 |  | $ | — |  | $ | 488 |
Current portion of asbestos liability |  | 143 |  |  |  |  |  |  |  | 143 |
Accounts payable |  |  |  |  |  | 1,137 |  |  |  | 1,137 |
Other liabilities |  | 20 |  |  |  | 560 |  | (20 | ) | 560 |
Total current liabilities |  | 163 |  | — |  | 2,185 |  | (20 | ) | 2,328 |
Long-term debt |  | 250 |  |  |  | 2,972 |  | (250 | ) | 2,972 |
Asbestos-related liabilities |  | 292 |  |  |  |  |  |  |  | 292 |
Other long-term liabilities |  |  |  |  |  | 991 |  |  |  | 991 |
Share owners’ equity |  | 1,158 |  | 1,593 |  | 1,593 |  | (3,186 | ) | 1,158 |
Noncontrollling interest |  |  |  |  |  | 117 |  |  |  | 117 |
Total liabilities and share owners’ equity |  | $ | 1,863 |  | $ | 1,593 |  | $ | 7,858 |  | $ | (3,456 | ) | $ | 7,858 |
|  | March 31, 2014 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 201 |  | $ | — |  | $ | 201 |
Receivables |  |  |  |  |  | 1,078 |  |  |  | 1,078 |
Inventories |  |  |  |  |  | 1,204 |  |  |  | 1,204 |
Other current assets |  |  |  |  |  | 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 |  | 2,063 |  | (4,126 | ) | 1,630 |
Noncontrolling interest |  |  |  |  |  | 130 |  |  |  | 130 |
Total liabilities and share owners’ equity |  | $ | 2,313 |  | $ | 2,063 |  | $ | 8,488 |  | $ | (4,376 | ) | $ | 8,488 |
Results of Operations and Comprehensive Income |
|  | Three months ended March 31, 2015 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  |  |  |  |  | $ | 1,421 |  |  |  | $ | 1,421 |
Cost of goods sold |  |  |  |  |  | (1,153 | ) |  |  | (1,153 | )
Gross profit |  | — |  | — |  | 268 |  | — |  | 268 |
Selling and administrative expense |  |  |  |  |  | (124 | ) |  |  | (124 | )
Research, development and engineering expense |  |  |  |  |  | (15 | ) |  |  | (15 | )
Net intercompany interest |  | 7 |  |  |  | (7 | ) |  |  | — |
Interest expense, net |  | (7 | ) |  |  | (40 | ) |  |  | (47 | )
Equity earnings from subsidiaries |  | 71 |  | 71 |  |  |  | (142 | ) | — |
Other equity earnings |  |  |  |  |  | 15 |  |  |  | 15 |
Other expense, net |  |  |  |  |  | 3 |  |  |  | 3 |
Earnings before income taxes |  | 71 |  | 71 |  | 100 |  | (142 | ) | 100 |
Provision for income taxes |  |  |  |  |  | (25 | ) |  |  | (25 | )
Earnings from continuing operations |  | 71 |  | 71 |  | 75 |  | (142 | ) | 75 |
Loss from discontinued operations |  |  |  |  |  |  |  |  |  | — |
Net earnings |  | 71 |  | 71 |  | 75 |  | (142 | ) | 75 |
Net earnings attributable to noncontrolling interests |  |  |  |  |  | (4 | ) |  |  | (4 | )
Net earnings attributable to the Company |  | $ | 71 |  | $ | 71 |  | $ | 71 |  | $ | (142 | ) | $ | 71 |
|  | Three months ended March 31, 2015 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 71 |  | $ | 71 |  | $ | 75 |  | $ | (142 | ) | $ | 75 |
Other comprehensive income, net |  | (216 | ) | (216 | ) | (220 | ) | 432 |  | (220 | )
Total comprehensive income |  | (145 | ) | (145 | ) | (145 | ) | 290 |  | (145 | )
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  | — |
Comprehensive income attributable to the Company |  | $ | (145 | ) | $ | (145 | ) | $ | (145 | ) | $ | 290 |  | $ | (145 | )
|  | 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 |  | 56 |  | (118 | ) | 56 |
Total comprehensive income |  | 160 |  | 160 |  | 162 |  | (320 | ) | 162 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  | (2 | ) |  |  | (2 | )
Comprehensive income attributable to the Company |  | $ | 160 |  | $ | 160 |  | $ | 160 |  | $ | (320 | ) | $ | 160 |
Cash Flows |
|  | Three months ended March 31, 2015 |
|  |  |  |  |  | Non- |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash utilized in operating activities |  | $ | (15 | ) | $ | — |  | $ | (263 | ) | $ | — |  | $ | (278 | )
Cash utilized in investing activities |  |  |  |  |  | (157 | ) |  |  | (157 | )
Cash provided by financing activities |  | 15 |  |  |  | 192 |  |  |  | 207 |
Effect of exchange rate change on cash |  |  |  |  |  | (27 | ) |  |  | (27 | )
Net change in cash |  | — |  | — |  | (255 | ) | — |  | (255 | )
Cash at beginning of period |  |  |  |  |  | 512 |  |  |  | 512 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 257 |  | $ | — |  | $ | 257 |
|  | 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 |  |  |  |  |  | (94 | ) |  |  | (94 | )
Cash provided by financing activities |  | 15 |  |  |  | 106 |  |  |  | 121 |
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 |

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