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Restatement of Consolidated Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2015
Restatement of Consolidated Financial Statements  
Schedule of corrections of the misstatement on the Company's consolidated results of operations, consolidated comprehensive income, consolidated balance

CONSOLIDATED RESULTS OF OPERATIONS

Dollars in millions, except per share amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

2015

 

2014

 

2013

 

 

  

As Reported

  

Adjustments

  

As Restated

  

As Reported

  

Adjustments

  

As Restated

  

As Reported

  

Adjustments

  

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense, net

 

$
(320)

 

$
209

 

$
(111)

 

$
(283)

 

$
89

 

$
(194)

 

$
(266)

 

$
133

 

$
(133)

 

Earnings from continuing operations before income taxes

 

 
59

 

 
209

 

 
268

 

 
218

 

 
89

 

 
307

 

 
335

 

 
133

 

 
468

 

Provision for income taxes

 

 
(106)

 

 

 

 

 
(106)

 

 
(92)

 

 

 

 

 
(92)

 

 
(120)

 

 

 

 

 
(120)

 

Earnings (loss) from continuing operations

 

 
(47)

 

 
209

 

 
162

 

 
126

 

 
89

 

 
215

 

 
215

 

 
133

 

 
348

 

Loss from discontinued operations

 

 
(4)

 

 

 

 

 
(4)

 

 
(23)

 

 

 

 

 
(23)

 

 
(18)

 

 

 

 

 
(18)

 

Net earnings (loss)

 

 
(51)

 

 
209

 

 
158

 

 
103

 

 
89

 

 
192

 

 
197

 

 
133

 

 
330

 

Net earnings attributable to noncontrolling interests

 

 
(23)

 

 

 

 

 
(23)

 

 
(28)

 

 

 

 

 
(28)

 

 
(13)

 

 

 

 

 
(13)

 

Net earnings (loss) attributable to the Company

 

$
(74)

 

$
209

 

$
135

 

$
75

 

$
89

 

$
164

 

$
184

 

$
133

 

$
317

 

Amounts attributable to the Company:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations

 

$
(70)

 

$
209

 

$
139

 

$
98

 

$
89

 

$
187

 

$
202

 

$
133

 

$
335

 

Loss from discontinued operations

 

 
(4)

 

 

 

 

 
(4)

 

 
(23)

 

 

 

 

 
(23)

 

 
(18)

 

 

 

 

 
(18)

 

Net earnings (loss)

 

$
(74)

 

$
209

 

$
135

 

$
75

 

$
89

 

$
164

 

$
184

 

$
133

 

$
317

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations

 

$
(0.44)

 

$
1.30

 

$
0.86

 

$
0.60

 

$
0.54

 

$
1.14

 

$
1.22

 

$
0.81

 

$
2.03

 

Loss from discontinued operations

 

 
(0.03)

 

 

 

 

 
(0.03)

 

 
(0.14)

 

 

 

 

 
(0.14)

 

 
(0.11)

 

 

 

 

 
(0.11)

 

Net earnings (loss)

 

$
(0.47)

 

$
1.30

 

$
0.83

 

$
0.46

 

$
0.54

 

$
1.00

 

$
1.11

 

$
0.81

 

$
1.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations

 

$
(0.44)

 

$
1.29

 

$
0.85

 

$
0.59

 

$
0.54

 

$
1.13

 

$
1.22

 

$
0.80

 

$
2.02

 

Loss from discontinued operations

 

 
(0.03)

 

 

 

 

 
(0.03)

 

 
(0.14)

 

 

 

 

 
(0.14)

 

 
(0.11)

 

 

 

 

 
(0.11)

 

Net earnings (loss)

 

$
(0.47)

 

$
1.29

 

$
0.82

 

$
0.45

 

$
0.54

 

$
0.99

 

$
1.11

 

$
0.80

 

$
1.91

 

 

1.

Restatement of Consolidated Financial Statements (Continued)

CONSOLIDATED COMPREHENSIVE INCOME

Dollars in millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

2015

 

2014

 

2013

 

 

  

As Reported

  

Adjustments

  

As Restated

  

As Reported

  

Adjustments

  

As Restated

  

As Reported

  

Adjustments

  

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$
(51)

 

$
209

 

$
158

 

$
103

 

$
89

 

$
192

 

$
197

 

$
133

 

$
330

 

Total comprehensive income (loss)

 

 
(590)

 

 
209

 

 
(381)

 

 
(291)

 

 
89

 

 
(202)

 

 
576

 

 
133

 

 
709

 

Comprehensive income (loss) attributable to the Company

 

$
(597)

 

$
209

 

$
(388)

 

$
(298)

 

$
89

 

$
(209)

 

$
569

 

$
133

 

$
702

 

 

CONSOLIDATED BALANCE SHEETS

Dollars in millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 31, 2015

 

Dec. 31, 2014

 

 

  

As Reported

  

Adjustments

  

As Restated

  

As Reported

  

Adjustments

  

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asbestos-related liabilities

 

$
392

 

$
295

 

$
687

 

$
292

 

$
504

 

$
796

 

Retained loss

 

$
(10)

 

$
(295)

 

$
(305)

 

$
64

 

$
(504)

 

$
(440)

 

Total share owners' equity of the Company

 

$
466

 

$
(295)

 

$
171

 

$
1,158

 

$
(504)

 

$
654

 

Total share owners' equity

 

$
574

 

$
(295)

 

$
279

 

$
1,275

 

$
(504)

 

$
771

 

 

CONSOLIDATED CASH FLOWS

Dollars in millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

2015

 

2014

 

2013

 

 

  

As Reported

  

Adjustments

  

As Restated

  

As Reported

  

Adjustments

  

As Restated

  

As Reported

  

Adjustments

  

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (loss)

 

$
(51)

 

$
209

 

$
158

 

$
103

 

$
89

 

$
192

 

$
197

 

$
133

 

$
330

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge for asbestos-related costs

 

$
225

 

$
(209)

 

$
16

 

$
135

 

$
(89)

 

$
46

 

$
145

 

$
(133)

 

$
12

 

 

1.

Restatement of Consolidated Financial Statements (Continued)

 

CONSOLIDATED SHARE OWNERS' EQUITY

Dollars in millions

 

 

 

 

 

 

 

 

 

 

  

Retained earnings

(loss)

  

Total share
owners' equity

 

January 1, 2013

 

 

 

 

 

 

 

As  Reported

 

$
(195)

 

$
1,055

 

Adjustments

 

 
(726)

 

 
(726)

 

As Restated

 

$
(921)

 

$
329

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

 

 

 

 

 

As  Reported

 

$
(11)

 

$
1,603

 

Adjustments

 

 
(593)

 

 
(593)

 

As Restated

 

$
(604)

 

$
1,010

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

 

As  Reported

 

$
64

 

$
1,275

 

Adjustments

 

 
(504)

 

 
(504)

 

As Restated

 

$
(440)

 

$
771

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

 

 

 

As  Reported

 

$
(10)

 

$
574

 

Adjustments

 

 
(295)

 

 
(295)

 

As Restated

 

$
(305)

 

$
279