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

6 Months Ended

Jun. 30, 2011

Financial Information for Subsidiary Guarantors and Non-Guarantors

Balance Sheet

	June 30, 2011
					Non-
			Guarantor		Guarantor
Balance Sheet	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
Current assets:
Accounts receivable	$	—	$	—	$	1,322	$	—		$	1,322
Inventories					1,065					1,065
Other current assets					364					364
Total current assets	—		—		2,751		—			2,751
Investments in and advances to subsidiaries	2,791		2,541				(5,332		)	—
Goodwill					2,957					2,957
Other non-current assets					1,260					1,260
Total other assets	2,791		2,541		4,217		(5,332		)	4,217
Property, plant and equipment, net					3,176					3,176
Total assets	$	2,791	$	2,541	$	10,144	$	(5,332	)	$	10,144
Current liabilities :
Accounts payable and accrued liabilities	$	—	$	—	$	1,651	$	—		$	1,651
Current portion of asbestos liability	170									170
Short-term loans and long-term debt due within one year					371					371
Total current liabilities	170		—		2,022		—			2,192
Long-term debt	250				3,969		(250		)	3,969
Asbestos-related liabilities	238									238
Other non-current liabilities					1,455					1,455
Total share owners’ equity of the Company	2,133		2,541		2,541		(5,082		)	2,133
Noncontrolling interests					157					157
Total liabilities and share owners’ equity	$	2,791	$	2,541	$	10,144	$	(5,332	)	$	10,144

Results of Operations

	December 31, 2010
					Non-
			Guarantor		Guarantor
Balance Sheet	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
Current assets:
Accounts receivable	$	—	$	—	$	1,075	$	—		$	1,075
Inventories					946					946
Other current assets					717					717
Total current assets	—		—		2,738		—			2,738
Investments in and advances to subsidiaries	2,541		2,291				(4,832		)	—
Goodwill					2,821					2,821
Other non-current assets					1,088					1,088
Total other assets	2,541		2,291		3,909		(4,832		)	3,909
Property, plant and equipment, net					3,107					3,107
Total assets	$	2,541	$	2,291	$	9,754	$	(4,832	)	$	9,754
Current liabilities :
Accounts payable and accrued liabilities	$	—	$	—	$	1,555	$	—		$	1,555
Current portion of asbestos liability	170									170
Short-term loans and long-term debt due within one year					354					354
Total current liabilities	170		—		1,909		—			2,079
Long-term debt	250				3,924		(250		)	3,924
Asbestos-related liabilities	306									306
Other non-current liabilities					1,419					1,419
Total share owners’ equity of the Company	1,815		2,291		2,291		(4,582		)	1,815
Noncontrolling interests					211					211
Total liabilities and share owners’ equity	$	2,541	$	2,291	$	9,754	$	(4,832	)	$	9,754

	June 30, 2010
					Non-
			Guarantor		Guarantor
Balance Sheet	Parent		Subsidiaries		Subsidiaries		Eliminations			Consolidated
Current assets:
Accounts receivable	$	—	$	—	$	1,076	$	—		$	1,076
Inventories					856					856
Other current assets					718					718
Assets of discontinued operations					78					78
Total current assets	—		—		2,728		—			2,728
Investments in and advances to subsidiaries	2,196		1,946				(4,142		)	—
Goodwill					2,222					2,222
Other non-current assets					774					774
Assets of discontinued operations					36					36
Total other assets	2,196		1,946		3,032		(4,142		)	3,032
Property, plant and equipment, net					2,598					2,598
Total assets	$	2,196	$	1,946	$	8,358	$	(4,142	)	$	8,358
Current liabilities :
Accounts payable and accrued liabilities	$	—	$	—	$	1,447	$	—		$	1,447
Current portion of asbestos liability	175									175
Short-term loans and long-term debt due within one year					272					272
Liabilities of discontinued operations					25					25
Total current liabilities	175		—		1,744		—			1,919
Liabilities of discontinued operations					15					15
Long-term debt	250				3,228		(250		)	3,228
Asbestos-related liabilities	233									233
Other non-current liabilities					1,220					1,220
Total share owners’ equity of the Company	1,538		1,946		1,946		(3,892		)	1,538
Noncontrolling interests					205					205
Total liabilities and share owners’ equity	$	2,196	$	1,946	$	8,358	$	(4,142	)	$	8,358

	Three months ended June 30, 2011
							Non-
				Guarantor			Guarantor
Results of Operations	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,959		$	—		$	1,959
Manufacturing, shipping, and delivery							(1,604		)				(1,604		)
Gross profit	—			—			355			—			355
Research, engineering, selling, administrative, and other							(172		)				(172		)
External interest expense	(5		)				(95		)				(100		)
Intercompany interest expense				(5		)	(5		)	10			—
External interest income							3						3
Intercompany interest income	5			5						(10		)	—
Equity earnings from subsidiaries	73			73						(146		)	—
Other equity earnings							19						19
Other income							5						5
Earnings before income taxes	73			73			110			(146		)	110
Provision for income taxes							(32		)				(32		)
Earnings from continuing operations	73			73			78			(146		)	78
Earnings from discontinued operations							2						2
Net earnings	73			73			80			(146		)	80
Net earnings attributable to noncontrolling interest							(7		)				(7		)
Net earnings attributable to the Company	$	73		$	73		$	73		$	(146	)	$	73

	Three months ended June 30, 2010
							Non-
				Guarantor			Guarantor
Results of Operations	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	1,670		$	—		$	1,670
Manufacturing, shipping, and delivery							(1,287		)				(1,287		)
Gross profit	—			—			383			—			383
Research, engineering, selling, administrative, and other							(152		)				(152		)
External interest expense	(5		)				(55		)				(60		)
Intercompany interest expense				(5		)	(5		)	10			—
External interest income							4						4
Intercompany interest income	5			5						(10		)	—
Equity earnings from subsidiaries	141			141						(282		)	—
Other equity earnings							13						13
Other income							6						6
Earnings from continuing operations before income taxes	141			141			194			(282		)	194
Provision for income taxes							(51		)				(51		)
Earnings from continuing operations	141			141			143			(282		)	143
Earnings from discontinued operations							12						12
Net earnings	141			141			155			(282		)	155
Net earnings attributable to noncontrolling interest							(14		)				(14		)
Net earnings attributable to the Company	$	141		$	141		$	141		$	(282	)	$	141

	Six months ended June 30, 2011
							Non-
				Guarantor			Guarantor
Results of Operations	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	3,678		$	—		$	3,678
Manufacturing, shipping, and delivery							(2,990		)				(2,990		)
Gross profit	—			—			688			—			688
Research, engineering, selling, administrative, and other							(348		)				(348		)
External interest expense	(10		)				(166		)				(176		)
Intercompany interest expense				(10		)	(10		)	20			—
External interest income							6						6
Intercompany interest income	10			10						(20		)	—
Equity earnings from subsidiaries	145			145						(290		)	—
Other equity earnings							33						33
Other income							12						12
Earnings from continuing operations before income taxes	145			145			215			(290		)	215
Provision for income taxes							(60		)				(60		)
Earnings from continuing operations	145			145			155			(290		)	155
Earnings from discontinued operations							1						1
Net earnings	145			145			156			(290		)	156
Net earnings attributable to noncontrolling interest							(11		)				(11		)
Net earnings attributable to the Company	$	145		$	145		$	145		$	(290	)	$	145

	Six months ended June 30, 2010
							Non-
				Guarantor			Guarantor
Results of Operations	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	—		$	3,216		$	—		$	3,216
Manufacturing, shipping, and delivery							(2,534		)				(2,534		)
Gross profit	—			—			682			—			682
Research, engineering, selling, administrative, and other							(294		)				(294		)
External interest expense	(11		)				(105		)				(116		)
Intercompany interest expense				(11		)	(11		)	22			—
External interest income							8						8
Intercompany interest income	11			11						(22		)	—
Equity earnings from subsidiaries	226			226						(452		)	—
Other equity earnings							26						26
Other income							11						11
Earnings from continuing operations before income taxes	226			226			317			(452		)	317
Provision for income taxes							(83		)				(83		)
Earnings from continuing operations	226			226			234			(452		)	234
Earnings from discontinued operations							15						15
Net earnings	226			226			249			(452		)	249
Net earnings attributable to noncontrolling interest							(23		)				(23		)
Net earnings attributable to the Company	$	226		$	226		$	226		$	(452	)	$	226

Cash Flows

	Six months ended June 30, 2011
						Non-
				Guarantor		Guarantor
Cash Flows	Parent			Subsidiaries		Subsidiaries			Eliminations		Consolidated
Cash provided by (used in) operating activities	$	(68	)	$	—	$	162		$	—	$	94
Cash used in investing activities						(300		)			(300		)
Cash provided by (used in) financing activities	68					(256		)			(188		)
Effect of exchange rate change on cash						14					14
Net change in cash	—			—		(380		)	—		(380		)
Cash at beginning of period						640					640
Cash at end of period	$	—		$	—	$	260		$	—	$	260

	Six months ended June 30, 2010
						Non-
				Guarantor		Guarantor
Cash Flows	Parent			Subsidiaries		Subsidiaries			Eliminations		Consolidated
Cash provided by (used in) operating activities	$	(77	)	$	—	$	251		$	—	$	174
Cash used in investing activities						(262		)			(262		)
Cash provided by (used in) financing activities	77					(99		)			(22		)
Effect of exchange rate change on cash						(20		)			(20		)
Net change in cash	—			—		(130		)	—		(130		)
Cash at beginning of period						812					812
Cash at end of period	$	—		$	—	$	682		$	—	$	682