Discontinued Operations

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

On August 30, 2012, the company entered into a definitive agreement with Flash Bermuda Co. Ltd., a Bermuda exempted limited liability company formed by affiliates of The Carlyle Group (collectively referred to as "Carlyle") in which Carlyle has agreed to purchase certain subsidiaries and assets comprising the company's Performance Coatings business for approximately $4,900 in cash and the assumption of certain liabilities, including approximately $250 of unfunded pension liabilities. The transaction is expected to close in the first quarter of 2013, subject to customary closing conditions and regulatory approvals.

Beginning in third quarter 2012, the results of operations of Performance Coatings have been reclassified to reflect the business as discontinued operations for all periods presented and the assets and liabilities of the business have been reclassified as held for sale at September 30, 2012.

The results of discontinued operations are summarized below:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
Net sales	$	1,039	$	1,100	$	3,178	$	3,198
Income before income taxes	$	164	$	118	$	436	$	382
Provision for income taxes1	111		34		209		111
Income from discontinued operations after income taxes	$	53	$	84	$	227	$	271

¹   Three and nine months ended September 30, 2012 includes expense of $62 to accrue taxes associated with earnings of certain Performance Coatings subsidiaries that were previously considered permanently reinvested as these entities have been reclassified as held for sale.

The key components of the assets and liabilities classified as held for sale at September 30, 2012 related to Performance Coatings consisted of the following:

	September 30, 2012
Cash	$	96
Accounts and notes receivable, net	870
Inventories	487
Prepaid expenses	6
Deferred income taxes - current	25
Property, plant and equipment, net of accumulated depreciation	710
Goodwill	808
Other intangible assets	64
Deferred income taxes - noncurrent	29
Other assets - noncurrent	62
Total assets held for sale	$	3,157
Accounts payable	$	427
Income taxes	1
Other accrued liabilities	265
Other liabilities - noncurrent	284
Deferred income taxes - noncurrent	33
Total liabilities related to assets held for sale	$	1,010