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Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables) | 3 Months Ended
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Mar. 31, 2017
Financial Information for Subsidiary Guarantors and Non-Guarantors Disclosure |
Balance Sheet |
|  | March 31, 2017 |
|  |  |  |  | Guarantor |  | Non-Guarantor |  |  |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 312 |  | $ | — |  | $ | 312 |
Trade receivables, net |  |  |  |  |  |  |  |  | 844 |  |  |  |  |  | 844 |
Inventories |  |  |  |  |  |  |  |  | 1,051 |  |  |  |  |  | 1,051 |
Prepaid expenses and other current assets |  |  |  |  |  |  |  |  | 212 |  |  |  |  |  | 212 |
Total current assets |  |  | — |  |  | — |  |  | 2,419 |  |  | — |  |  | 2,419 |
Investments in and advances to subsidiaries |  |  | 1,203 |  |  | 1,180 |  |  |  |  |  | (2,383) |  |  | — |
Property, plant and equipment, net |  |  |  |  |  |  |  |  | 2,926 |  |  |  |  |  | 2,926 |
Goodwill |  |  |  |  |  |  |  |  | 2,524 |  |  |  |  |  | 2,524 |
Intangibles, net |  |  |  |  |  |  |  |  | 485 |  |  |  |  |  | 485 |
Other assets |  |  |  |  |  |  |  |  | 1,105 |  |  |  |  |  | 1,105 |
Total assets |  | $ | 1,203 |  | $ | 1,180 |  | $ | 9,459 |  | $ | (2,383) |  | $ | 9,459 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 196 |  | $ | — |  | $ | 196 |
Current portion of asbestos liability |  |  | 115 |  |  |  |  |  |  |  |  |  |  |  | 115 |
Accounts payable |  |  |  |  |  |  |  |  | 1,017 |  |  |  |  |  | 1,017 |
Other liabilities |  |  | 1 |  |  |  |  |  | 531 |  |  | (1) |  |  | 531 |
Total current liabilities |  |  | 116 |  |  | — |  |  | 1,744 |  |  | (1) |  |  | 1,859 |
Long-term debt |  |  | 22 |  |  |  |  |  | 5,431 |  |  | (22) |  |  | 5,431 |
Asbestos-related liabilities |  |  | 565 |  |  |  |  |  |  |  |  |  |  |  | 565 |
Other long-term liabilities |  |  |  |  |  |  |  |  | 988 |  |  |  |  |  | 988 |
Share owners’ equity |  |  | 500 |  |  | 1,180 |  |  | 1,180 |  |  | (2,360) |  |  | 500 |
Noncontrolling interests |  |  |  |  |  |  |  |  | 116 |  |  |  |  |  | 116 |
Total liabilities and share owners’ equity |  | $ | 1,203 |  | $ | 1,180 |  | $ | 9,459 |  | $ | (2,383) |  | $ | 9,459 |
|  | December 31, 2016 |
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |  |
|  |  |  |  | Guarantor |  | Guarantor |  |  |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 492 |  | $ | — |  | $ | 492 |
Trade receivables, net |  |  |  |  |  |  |  |  | 580 |  |  |  |  |  | 580 |
Inventories |  |  |  |  |  |  |  |  | 983 |  |  |  |  |  | 983 |
Prepaid expenses and other current assets |  |  |  |  |  |  |  |  | 199 |  |  |  |  |  | 199 |
Total current assets |  |  | — |  |  | — |  |  | 2,254 |  |  | — |  |  | 2,254 |
Investments in and advances to subsidiaries |  |  | 1,198 |  |  | 946 |  |  |  |  |  | (2,144) |  |  | — |
Property, plant and equipment, net |  |  |  |  |  |  |  |  | 2,880 |  |  |  |  |  | 2,880 |
Goodwill |  |  |  |  |  |  |  |  | 2,462 |  |  |  |  |  | 2,462 |
Intangibles, net |  |  |  |  |  |  |  |  | 464 |  |  |  |  |  | 464 |
Other assets |  |  |  |  |  |  |  |  | 1,075 |  |  |  |  |  | 1,075 |
Total assets |  | $ | 1,198 |  | $ | 946 |  | $ | 9,135 |  | $ | (2,144) |  | $ | 9,135 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 195 |  | $ | — |  | $ | 195 |
Current portion of asbestos liability |  |  | 115 |  |  |  |  |  |  |  |  |  |  |  | 115 |
Accounts payable |  |  |  |  |  |  |  |  | 1,135 |  |  |  |  |  | 1,135 |
Other liabilities |  |  | 2 |  |  |  |  |  | 615 |  |  | (2) |  |  | 615 |
Total current liabilities |  |  | 117 |  |  | — |  |  | 1,945 |  |  | (2) |  |  | 2,060 |
Long-term debt |  |  | 250 |  |  |  |  |  | 5,133 |  |  | (250) |  |  | 5,133 |
Asbestos-related liabilities |  |  | 577 |  |  |  |  |  |  |  |  |  |  |  | 577 |
Other long-term liabilities |  |  |  |  |  |  |  |  | 1,002 |  |  |  |  |  | 1,002 |
Share owners’ equity |  |  | 254 |  |  | 946 |  |  | 946 |  |  | (1,892) |  |  | 254 |
Noncontrolling interests |  |  |  |  |  |  |  |  | 109 |  |  |  |  |  | 109 |
Total liabilities and share owners’ equity |  | $ | 1,198 |  | $ | 946 |  | $ | 9,135 |  | $ | (2,144) |  | $ | 9,135 |
|  | March 31, 2016 |
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |  |
|  |  |  |  | Guarantor |  | Guarantor |  |  |  |  |  |  |
Balance Sheet |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  | $ | — |  | $ | 239 |  | $ | — |  | $ | 239 |
Trade receivables, net |  |  |  |  |  |  |  |  | 771 |  |  |  |  |  | 771 |
Inventories |  |  |  |  |  |  |  |  | 1,107 |  |  |  |  |  | 1,107 |
Prepaid expenses and other current assets |  |  |  |  |  |  |  |  | 359 |  |  |  |  |  | 359 |
Total current assets |  |  | — |  |  | — |  |  | 2,476 |  |  | — |  |  | 2,476 |
Investments in and advances to subsidiaries |  |  | 1,362 |  |  | 1,105 |  |  |  |  |  | (2,467) |  |  | — |
Property, plant and equipment, net |  |  |  |  |  |  |  |  | 2,996 |  |  |  |  |  | 2,996 |
Goodwill |  |  |  |  |  |  |  |  | 2,532 |  |  |  |  |  | 2,532 |
Intangibles, net |  |  |  |  |  |  |  |  | 587 |  |  |  |  |  | 587 |
Other assets |  |  |  |  |  |  |  |  | 1,097 |  |  |  |  |  | 1,097 |
Total assets |  | $ | 1,362 |  | $ | 1,105 |  | $ | 9,688 |  | $ | (2,467) |  | $ | 9,688 |
Current liabilities : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term loans and long-term debt due within one year |  | $ | — |  | $ | — |  | $ | 239 |  | $ | — |  | $ | 239 |
Current portion of asbestos liability |  |  | 130 |  |  |  |  |  |  |  |  |  |  |  | 130 |
Accounts payable |  |  |  |  |  |  |  |  | 1,050 |  |  |  |  |  | 1,050 |
Other liabilities |  |  | 7 |  |  |  |  |  | 467 |  |  | (7) |  |  | 467 |
Total current liabilities |  |  | 137 |  |  | — |  |  | 1,756 |  |  | (7) |  |  | 1,886 |
Long-term debt |  |  | 250 |  |  |  |  |  | 5,662 |  |  | (250) |  |  | 5,662 |
Asbestos-related liabilities |  |  | 676 |  |  |  |  |  |  |  |  |  |  |  | 676 |
Other long-term liabilities |  |  |  |  |  |  |  |  | 1,048 |  |  |  |  |  | 1,048 |
Share owners’ equity |  |  | 299 |  |  | 1,105 |  |  | 1,105 |  |  | (2,210) |  |  | 299 |
Noncontrolling interests |  |  |  |  |  |  |  |  | 117 |  |  |  |  |  | 117 |
Total liabilities and share owners’ equity |  | $ | 1,362 |  | $ | 1,105 |  | $ | 9,688 |  | $ | (2,467) |  | $ | 9,688 |
Results of Operations and Comprehensive Income |
|  | Three months ended March 31, 2017 |
|  |  |  |  |  |  | Non- |  |  |  |  |  |  |
|  |  |  |  | Guarantor |  | Guarantor |  |  |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,615 |  | $ | — |  | $ | 1,615 |
Cost of goods sold |  |  |  |  |  |  |  |  | (1,300) |  |  |  |  |  | (1,300) |
Gross profit |  |  | — |  |  | — |  |  | 315 |  |  | — |  |  | 315 |
Selling and administrative expense |  |  |  |  |  |  |  |  | (119) |  |  |  |  |  | (119) |
Research, development and engineering expense |  |  |  |  |  |  |  |  | (15) |  |  |  |  |  | (15) |
Net intercompany interest |  |  | 21 |  |  |  |  |  | (21) |  |  |  |  |  | — |
Interest expense, net |  |  | (21) |  |  |  |  |  | (57) |  |  |  |  |  | (78) |
Equity earnings from subsidiaries |  |  | 49 |  |  | 49 |  |  |  |  |  | (98) |  |  | — |
Other equity earnings |  |  |  |  |  |  |  |  | 15 |  |  |  |  |  | 15 |
Other expense, net |  |  |  |  |  |  |  |  | (45) |  |  |  |  |  | (45) |
Earnings before income taxes |  |  | 49 |  |  | 49 |  |  | 73 |  |  | (98) |  |  | 73 |
Provision for income taxes |  |  |  |  |  |  |  |  | (20) |  |  |  |  |  | (20) |
Earnings from continuing operations |  |  | 49 |  |  | 49 |  |  | 53 |  |  | (98) |  |  | 53 |
Loss from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Net earnings |  |  | 49 |  |  | 49 |  |  | 53 |  |  | (98) |  |  | 53 |
Net (earnings) attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (4) |  |  |  |  |  | (4) |
Net earnings attributable to the Company |  | $ | 49 |  | $ | 49 |  | $ | 49 |  | $ | (98) |  | $ | 49 |
|  | Three months ended March 31, 2017 |
|  |  |  |  |  |  | Non- |  |  |  |  |  |  |
|  |  |  |  | Guarantor |  | Guarantor |  |  |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 49 |  | $ | 49 |  | $ | 53 |  | $ | (98) |  | $ | 53 |
Other comprehensive income (loss), net |  |  | 187 |  |  | 187 |  |  | 194 |  |  | (374) |  |  | 194 |
Total comprehensive loss |  |  | 236 |  |  | 236 |  |  | 247 |  |  | (472) |  |  | 247 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (7) |  |  |  |  |  | (7) |
Comprehensive income attributable to the Company |  | $ | 236 |  | $ | 236 |  | $ | 240 |  | $ | (472) |  | $ | 240 |
|  | Three months ended March 31, 2016 |
|  |  |  |  |  |  | Non- |  |  |  |  |  |  |
|  |  |  |  | Guarantor |  | Guarantor |  |  |  |  |  |  |
Results of Operations |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net sales |  | $ | — |  | $ | — |  | $ | 1,588 |  | $ | — |  | $ | 1,588 |
Cost of goods sold |  |  |  |  |  |  |  |  | (1,269) |  |  |  |  |  | (1,269) |
Gross profit |  |  | — |  |  | — |  |  | 319 |  |  | — |  |  | 319 |
Selling and administrative expense |  |  |  |  |  |  |  |  | (129) |  |  |  |  |  | (129) |
Research, development and engineering expense |  |  |  |  |  |  |  |  | (15) |  |  |  |  |  | (15) |
Net intercompany interest |  |  | 5 |  |  |  |  |  | (5) |  |  |  |  |  | — |
Interest expense, net |  |  | (5) |  |  |  |  |  | (61) |  |  |  |  |  | (66) |
Equity earnings from subsidiaries |  |  | 67 |  |  | 67 |  |  |  |  |  | (134) |  |  | — |
Other equity earnings |  |  |  |  |  |  |  |  | 14 |  |  |  |  |  | 14 |
Other expense, net |  |  |  |  |  |  |  |  | (22) |  |  |  |  |  | (22) |
Earnings before income taxes |  |  | 67 |  |  | 67 |  |  | 101 |  |  | (134) |  |  | 101 |
Provision for income taxes |  |  |  |  |  |  |  |  | (27) |  |  |  |  |  | (27) |
Earnings from continuing operations |  |  | 67 |  |  | 67 |  |  | 74 |  |  | (134) |  |  | 74 |
Loss from discontinued operations |  |  |  |  |  |  |  |  | (1) |  |  |  |  |  | (1) |
Net earnings |  |  | 67 |  |  | 67 |  |  | 73 |  |  | (134) |  |  | 73 |
Net (earnings) attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (6) |  |  |  |  |  | (6) |
Net earnings attributable to the Company |  | $ | 67 |  | $ | 67 |  | $ | 67 |  | $ | (134) |  | $ | 67 |
|  | Three months ended March 31, 2016 |
|  |  |  |  |  |  | Non- |  |  |  |  |  |  |
|  |  |  |  | Guarantor |  | Guarantor |  |  |  |  |  |  |
Comprehensive Income |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Net earnings |  | $ | 67 |  | $ | 67 |  | $ | 73 |  | $ | (134) |  | $ | 73 |
Other comprehensive income (loss), net |  |  | 50 |  |  | 50 |  |  | 50 |  |  | (100) |  |  | 50 |
Total comprehensive loss |  |  | 117 |  |  | 117 |  |  | 123 |  |  | (234) |  |  | 123 |
Comprehensive income attributable to noncontrolling interests |  |  |  |  |  |  |  |  | (9) |  |  |  |  |  | (9) |
Comprehensive loss attributable to the Company |  | $ | 117 |  | $ | 117 |  | $ | 114 |  | $ | (234) |  | $ | 114 |
Cash Flows |
|  | Three months ended March 31, 2017 |
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |  |
|  |  |  |  | Guarantor |  | Guarantor |  |  |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash utilized in operating activities |  | $ | (12) |  | $ | — |  | $ | (325) |  | $ | — |  | $ | (337) |
Cash utilized in investing activities |  |  |  |  |  |  |  |  | (114) |  |  |  |  |  | (114) |
Cash provided by financing activities |  |  | 12 |  |  |  |  |  | 245 |  |  |  |  |  | 257 |
Effect of exchange rate change on cash |  |  |  |  |  |  |  |  | 14 |  |  |  |  |  | 14 |
Net change in cash |  |  | — |  |  | — |  |  | (180) |  |  | — |  |  | (180) |
Cash at beginning of period |  |  |  |  |  |  |  |  | 492 |  |  |  |  |  | 492 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 312 |  | $ | — |  | $ | 312 |
|  | Three months ended March 31, 2016 |
|  |  |  |  |  |  |  | Non- |  |  |  |  |  |  |
|  |  |  |  | Guarantor |  | Guarantor |  |  |  |  |  |  |
Cash Flows |  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Consolidated |
Cash provided by (utilized in) operating activities |  | $ | (11) |  | $ | — |  | $ | (291) |  | $ | — |  | $ | (302) |
Cash utilized in investing activities |  |  |  |  |  |  |  |  | (133) |  |  |  |  |  | (133) |
Cash provided by (utilized in) financing activities |  |  | 11 |  |  |  |  |  | 265 |  |  |  |  |  | 276 |
Effect of exchange rate change on cash |  |  |  |  |  |  |  |  | (1) |  |  |  |  |  | (1) |
Net change in cash |  |  | — |  |  | — |  |  | (160) |  |  | — |  |  | (160) |
Cash at beginning of period |  |  |  |  |  |  |  |  | 399 |  |  |  |  |  | 399 |
Cash at end of period |  | $ | — |  | $ | — |  | $ | 239 |  | $ | — |  | $ | 239 |

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