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

3 Months Ended

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