O-I Glass (OI) 10-Q 25 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2017shares
Document and Entity Information
Entity Registrant Name	OWENS ILLINOIS INC /DE/
Entity Central Index Key	812,074
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	162,698,113
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED RESULTS

CONDENSED CONSOLIDATED RESULTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
Net sales	$ 1,615	$ 1,588
Cost of goods sold	(1,300)	(1,269)
Gross profit	315	319
Selling and administrative expense	(119)	(129)
Research, development and engineering expense	(15)	(15)
Interest expense, net	(78)	(66)
Equity earnings	15	14
Other expense, net	(45)	(22)
Earnings from continuing operations before income taxes	73	101
Provision for income taxes	(20)	(27)
Earnings from continuing operations	53	74
Loss from discontinued operations		(1)
Net earnings	53	73
Net earnings attributable to noncontrolling interests	(4)	(6)
Net earnings attributable to the Company	49	67
Amounts attributable to the Company:
Earnings from continuing operations	49	68
Loss from discontinued operations		(1)
Net earnings attributable to the Company	$ 49	$ 67
Basic earnings per share:
Earnings from continuing operations (in dollars per share)	$ 0.30	$ 0.42
Loss from discontinued operations (in dollars per share)		(0.01)
Net earnings (in dollars per share)	$ 0.30	$ 0.41
Weighted average shares outstanding (thousands) (in shares)	162,388	161,204
Diluted earnings per share:
Earnings from continuing operations (in dollars per share)	$ 0.30	$ 0.42
Loss from discontinued operations (in dollars per share)		(0.01)
Net earnings (in dollars per share)	$ 0.30	$ 0.41
Weighted average diluted shares outstanding (thousands) (in shares)	163,840	161,793

CONDENSED CONSOLIDATED COMPREHE

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME
Net earnings	$ 53	$ 73
Other comprehensive income (loss):
Foreign currency translation adjustments	189	94
Pension and other postretirement benefit adjustments, net of tax	11	(42)
Change in fair value of derivative instruments, net of tax	(6)	(2)
Other comprehensive income	194	50
Total comprehensive income	247	123
Comprehensive (income) attributable to noncontrolling interests	(7)	(9)
Comprehensive income attributable to the Company	$ 240	$ 114

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 312	$ 492	$ 239
Trade receivables, net of allowance of $36 million, $32 million, and $31 million at March 31, 2017, December 31, 2016 and March 31, 2016	844	580	771
Inventories	1,051	983	1,107
Prepaid expenses and other current assets	212	199	359
Total current assets	2,419	2,254	2,476
Property, plant and equipment, net	2,926	2,880	2,996
Goodwill	2,524	2,462	2,532
Intangibles, net	485	464	587
Other assets	1,105	1,075	1,097
Total assets	9,459	9,135	9,688
Current liabilities:
Short-term loans and long-term debt due within one year	196	195	239
Current portion of asbestos-related liabilities	115	115	130
Accounts payable	1,017	1,135	1,050
Other liabilities	531	615	467
Total current liabilities	1,859	2,060	1,886
Long-term debt	5,431	5,133	5,662
Asbestos-related liabilities	565	577	676
Other long-term liabilities	988	1,002	1,048
Share owners' equity	616	363	416	$ 279
Total liabilities and share owners' equity	$ 9,459	$ 9,135	$ 9,688

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
CONSOLIDATED BALANCE SHEETS
Trade receivables allowance	$ 36	$ 32	$ 31

CONDENSED CONSOLIDATED CASH FLO

CONDENSED CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net earnings	$ 53	$ 73
Loss from discontinued operations		1
Non-cash charges
Depreciation and amortization	127	125
Pension expense	7	6
Restructuring, asset impairment and related charges	38	19
Cash payments
Pension contributions	(14)	(4)
Asbestos-related payments	(12)	(11)
Cash paid for restructuring activities	(8)	(13)
Change in components of working capital	(542)	(488)
Other, net (a)	14	(9)
Cash utilized in continuing operating activities	(337)	(301)
Cash utilized in discontinued operating activities		(1)
Total cash utilized in operating activities	(337)	(302)
Cash flows from investing activities:
Additions to property, plant and equipment	(98)	(117)
Acquisitions, net of cash acquired	(17)	(22)
Other, net	1	6
Cash utilized in investing activities	(114)	(133)
Cash flows from financing activities:
Changes in borrowings, net	273	274
Issuance of common stock and other	3	5
Payment of finance fees	(19)	(3)
Cash provided by financing activities	257	276
Effect of exchange rate fluctuations on cash	14	(1)
Decrease in cash	(180)	(160)
Cash at beginning of period	492	399
Cash at end of period	$ 312	$ 239

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Information
Segment Information	1. Segment Information The Company has four reportable segments based on its geographic locations: Europe, North America, Latin America and Asia Pacific. These four segments are aligned with the Company’s internal approach to managing, reporting, and evaluating performance of its global glass operations. Certain assets and activities not directly related to one of the regions or to glass manufacturing are reported with Retained corporate costs and other. These include licensing, equipment manufacturing, global engineering, and certain equity investments. Retained corporate costs and other also includes certain headquarters administrative and facilities costs and certain incentive compensation and other benefit plan costs that are global in nature and are not allocable to the reportable segments. The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings from continuing operations before interest income, interest expense, and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations as well as certain retained corporate costs. The Company’s management uses segment operating profit, in combination with selected cash flow information, to evaluate performance and to allocate resources. Segment operating profit for reportable segments includes an allocation of some corporate expenses based on both a percentage of sales and direct billings based on the costs of specific services provided. Intercompany sales in Latin America totaled $33 million and $50 million for the three months ended March 31, 2017 and 2016, respectively. Financial information for the three months ended March 31, 2017 and 2016 regarding the Company’s reportable segments is as follows: Three months ended March 31, 2017 2016 Net sales: Europe $ 554 $ 563 North America 528 532 Latin America 341 312 Asia Pacific 173 159 Reportable segment totals 1,596 1,566 Other 19 22 Net sales $ 1,615 $ 1,588 Three months ended March 31, 2017 2016 Segment operating profit: Europe $ 59 $ 55 North America 85 76 Latin America 54 63 Asia Pacific 20 17 Reportable segment totals 218 211 Items excluded from segment operating profit: Retained corporate costs and other (28) (32) Restructuring, asset impairment and other (39) (12) Interest expense, net (78) (66) Earnings from continuing operations before income taxes $ 73 $ 101 Financial information regarding the Company’s total assets is as follows: March 31, December 31, March 31, 2017 2016 2016 Total assets: Europe $ 2,858 $ 2,792 $ 3,047 North America 2,742 2,522 2,550 Latin America 2,691 2,537 2,855 Asia Pacific 998 926 933 Reportable segment totals 9,289 8,777 9,385 Other 170 358 303 Consolidated totals $ 9,459 $ 9,135 $ 9,688

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventories
Inventories	2. Inventories Major classes of inventory at March 31, 2017, December 31, 2016 and March 31, 2016 are as follows: March 31, December 31, March 31, 2017 2016 2016 Finished goods $ 889 $ 827 $ 954 Raw materials 124 118 116 Operating supplies 38 38 37 $ 1,051 $ 983 $ 1,107

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2017
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	3. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets at March 31, 2017, December 31, 2016 and March 31, 2016 are as follows: March 31, December 31, March 31, 2017 2016 2016 Prepaid expenses $ 64 $ 50 $ 52 Value added taxes 49 46 192 Other 99 103 115 $ 212 $ 199 $ 359

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2017
Derivative Instruments
Derivative Instruments	4. Derivative Instruments The Company has certain derivative assets and liabilities which consist of natural gas forwards and foreign exchange option and forward contracts. The Company uses an income approach to value these contracts. Natural gas forward rates and foreign exchange rates are the significant inputs into the valuation models. These inputs are observable in active markets over the terms of the instruments the Company holds, and accordingly, the Company classifies its derivative assets and liabilities as Level 2 in the hierarchy. The Company also evaluates counterparty risk in determining fair values. Commodity Forward Contracts Designated as Cash Flow Hedges In several regions, the Company enters into commodity forward contracts related to forecasted natural gas requirements, the objectives of which are to limit the effects of fluctuations in the future market price paid for natural gas and the related volatility in cash flows. In North America, the majority of its customer contracts contain provisions that pass the price of natural gas to its customers. In certain of these contracts, the customer has the option of fixing the natural gas price component for a specified period of time. To limit the effects of fluctuations in cash flows resulting from these customer contracts, the Company enters into commodity forward contracts related to forecasted natural gas requirements. In Asia Pacific, the Company implemented a hedging program in the first quarter of 2016, which included the execution of commodity forward contracts for certain contracted natural gas requirements. At March 31, 2017 and 2016, the Company had entered into commodity forward contracts covering approximately 11,200,000 MM BTUs and 12,600,000 MM BTUs, respectively. The Company accounts for the above forward contracts as cash flow hedges at March 31, 2017 and recognizes them on the balance sheet at fair value. The effective portion of changes in the fair value of a derivative that is designated as, and meets the required criteria for, a cash flow hedge is recorded in the Accumulated Other Comprehensive Income component of share owners’ equity (“OCI”) and reclassified into earnings in the same period or periods during which the underlying hedged item affects earnings. An unrecognized gain of $1 million at March 31, 2017, an unrecognized gain of $6 million at December 31, 2016 and an unrecognized loss of $4 million at March 31, 2016 related to the commodity forward contracts was included in Accumulated OCI, and will be reclassified into earnings in the period when the commodity forward contracts expire. Any material portion of the change in the fair value of a derivative designated as a cash flow hedge that is deemed to be ineffective is recognized in current earnings. The ineffectiveness related to these natural gas hedges for the three months ended March 31, 2017 and 2016 was not material. The effect of the commodity forward contracts on the results of operations for the three months ended March 31, 2017 and 2016 is as follows: Amount of Gain Reclassified from Amount of Gain (Loss) Recognized in OCI on Accumulated OCI into Income Commodity Forward Contracts (reported in cost of goods sold) (Effective Portion) (Effective Portion) 2017 2016 2017 2016 $ 6 $ (4) $ — $ 2 Foreign Exchange Derivative Contracts and not Designated as Hedging Instruments The Company may enter into short-term forward exchange or option agreements to purchase foreign currencies at set rates in the future. These agreements are used to limit exposure to fluctuations in foreign currency exchange rates for significant planned purchases of fixed assets or commodities that are denominated in currencies other than the subsidiaries’ functional currency. The Company may also use foreign exchange agreements to offset the foreign currency risk for receivables and payables, including intercompany receivables, payables, and loans, not denominated in, or indexed to, their functional currencies. The Company records these short-term foreign exchange agreements on the balance sheet at fair value and changes in the fair value are recognized in current earnings. At March 31, 2017 and 2016, the Company had outstanding foreign exchange and option agreements denominated in various currencies covering the equivalent of approximately $340 million and $660 million, respectively, related primarily to intercompany transactions and loans. The effect of the foreign exchange derivative contracts on the results of operations for the three months ended March 31, 2017 and 2016 is as follows: Amount of Gain (Loss) Location of Gain (Loss) Recognized in Income on Recognized in Income on Foreign Exchange Contracts Foreign Exchange Contracts 2017 2016 Other expense $ — $ 5 Balance Sheet Classification The Company records the fair values of derivative financial instruments on the balance sheet as follows: (a) receivables if the instrument has a positive fair value and maturity within one year, (b) deposits, receivables, and other assets if the instrument has a positive fair value and maturity after one year, and (c) other accrued liabilities or other liabilities (current) if the instrument has a negative fair value and maturity within one year. The following table shows the amount and classification (as noted above) of the Company’s derivatives at March 31, 2017, December 31, 2016 and March 31, 2016: Fair Value Balance Sheet March 31, December 31, March 31, Location 2017 2016 2016 Asset derivatives: Derivatives designated as hedging instruments: Commodity futures contracts a $ 2 $ 6 $ — Derivatives not designated as hedging instruments: Foreign exchange derivative contracts a 5 9 15 Total asset derivatives $ 7 $ 15 $ 15 Liability derivatives: Derivatives designated as hedging instruments: Commodity futures contracts c $ 1 $ — $ 4 Derivatives not designated as hedging instruments: Foreign exchange derivative contracts c 2 5 2 Total liability derivatives $ 3 $ 5 $ 6

Restructuring Accruals

Restructuring Accruals	3 Months Ended
	Mar. 31, 2017
Restructuring Accruals
Restructuring Accruals	5. Restructuring Accruals Selected information related to the restructuring accruals for the three months ended March 31, 2017 and 2016 is as follows: Other Restructuring Actions Balance at January 1, 2017 $ 85 Charges 38 Write-down of assets to net realizable value (9) Net cash paid, principally severance and related benefits (8) Other, including foreign exchange translation (2) Balance at March 31, 2017 $ Other Asia Pacific Restructuring Total Restructuring Actions Restructuring Balance at January 1, 2016 $ 7 $ 36 $ 43 Charges Write-down of assets to net realizable value Net cash paid, principally severance and related benefits Other, including foreign exchange translation Balance at March 31, 2016 $ 6 $ 34 $ 40 The Company’s decisions to curtail selected production capacity have resulted in write downs of certain long-lived assets to the extent their carrying amounts exceeded fair value or fair value less cost to sell. The Company classified the significant assumptions used to determine the fair value of the impaired assets, which was not material, as Level 3 in the fair value hierarchy as set forth in the general accounting principles for fair value measurements. When a decision is made to take these actions, the Company manages and accounts for them separately from the on-going operations of the business. Information related to major programs (as in the case of the Asia Pacific Restructuring program above) are presented separately. Minor initiatives and discrete restructuring actions are presented on a combined basis as Other Restructuring Actions. When charges related to major programs are completed, remaining accrual balances are classified within Other Restructuring Actions. Asia Pacific Restructuring During the three months ended March 31, 2016, the Company recorded charges of $1 million. These charges primarily represented other exit costs as part of the Company’s Asia Pacific Restructuring program. The Company recorded total cumulative charges of $224 million and does not expect to execute any further actions under this program. The Company expects that the majority of the remaining cash expenditures related to the above charges will be paid out by the end of 2017. Other Restructuring Actions During the three months ended March 31, 2017, the Company recorded restructuring, asset impairment and other charges of $38 million. These charges primarily consist of employee costs, write-down of assets, and other exit costs in the following regions: Latin America ($23 million), Europe ($13 million) and North America ($2 million). Except for the charges recorded in Europe, the discrete restructuring charges recorded in the first quarter of 2017 are expected to approximate the total cumulative costs for those actions as no significant additional costs are expected to be incurred. Since 2016, the Company has recorded total cumulative charges of $54 million related to a plant closure in Europe and does not expect to execute any further significant actions related to this facility. The restructuring charges recorded in the first quarter of 2017 in the Latin American and European regions primarily relate to capacity curtailments. The Company plans to reallocate the products produced at these facilities to others in their respective regions. The Company expects that the majority of the remaining cash expenditures related to the above charges will be paid out by the end of 2018. During the three months ended March 31, 2016, the Company recorded charges of $18 million. These charges primarily represented employee costs, write-down of assets, and other exit costs of $14 million for a plant closure in the first quarter of 2016 in Latin America, $3 million related to a previous plant closure in North America and $1 million related to other restructuring actions. The discrete restructuring charges recorded in the first quarter of 2016 are expected to approximate the total cumulative costs for those actions as no significant additional costs are expected to be incurred. The restructuring charges recorded in the first quarter of 2016 in the Latin American region primarily relate to a capacity curtailment. The Company reallocated the products produced at this facility to others in the region. The Company expects that the majority of the remaining cash expenditures related to the above charges will be paid out by the end of 2017.

Pension Benefit Plans

Pension Benefit Plans	3 Months Ended
	Mar. 31, 2017
Pension Benefit Plans
Pension Benefit Plans	6. Pension Benefit Plans The components of the net periodic pension cost for the three months ended March 31, 2017 and 2016 are as follows: U.S. Non-U.S. 2017 2016 2017 2016 Service cost $ 4 $ 4 $ 4 $ 4 Interest cost 20 24 11 13 Expected asset return (33) (38) (18) (21) Amortization: Prior service cost Actuarial loss 14 15 5 5 Net periodic pension cost $ 5 $ 5 $ 2 $ 1 In March 2016, the Company remeasured the liability related to its hourly plan in the U.S. to reflect certain changes in future benefits. The remeasurement resulted in an increase to its pension liability of approximately $60 million and has been reflected in other comprehensive income.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes
Income Taxes	7. Income Taxes The Company performs a quarterly review of the annual effective tax rate and makes changes if necessary based on new information or events. The estimated annual effective tax rate is forecasted quarterly using actual historical information and forward-looking estimates. The estimated annual effective tax rate may fluctuate due to changes in forecasted annual operating income; changes in the forecasted mix of earnings by country; changes to the valuation allowance for deferred tax assets (such changes would be recorded discretely in the quarter in which they occur); changes to actual or forecasted permanent book to tax differences (non-deductible expenses); impacts from future tax settlements with state, federal or foreign tax authorities (such changes would be recorded discretely in the quarter in which they occur); or impacts from tax law changes. To the extent such changes impact deferred tax assets/liabilities, these changes would generally be recorded discretely in the quarter in which they occur. Additionally, the annual effective tax rate differs from the statutory U.S. Federal tax rate of 35% primarily because of valuation allowances in some jurisdictions and varying non-U.S. tax rates. The Company is currently under examination in various tax jurisdictions in which it operates, including Argentina, Bolivia, Brazil, China, Canada, Colombia, Czech, Ecuador, France, Germany, Indonesia, and Italy. The years under examination range from 2006 through 2015. The Company has received income tax assessments in excess of established reserves. The Company believes that adequate provisions for all income tax uncertainties have been made. However, if income tax assessments are settled against the Company at amounts in excess of established reserves, it could have a material impact to the Company’s results of operations, financial position or cash flows.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt
Debt	8. Debt The following table summarizes the long-term debt of the Company: March 31, December 31, March 31, 2017 2016 2016 Secured Credit Agreement: Revolving Credit Facility: Revolving Loans $ 285 $ — $ 288 Term Loans: Term Loan A 1,370 1,395 1,534 Term Loan A (€279 million) 284 282 309 Term Loan B 558 Senior Notes: 6.75%, due 2020 (€500 million) 530 523 561 4.875%, due 2021 (€330 million) 350 345 370 5.00%, due 2022 495 495 494 5.875%, due 2023 683 682 680 3.125%, due 2024 (€725 million at March 31, 2017 and €500 million at December 31, 2016) 763 520 5.375%, due 2025 297 297 296 6.375%, due 2025 294 294 294 Senior Debentures: 7.80%, due 2018 22 250 250 Capital Leases 56 57 58 Other 26 26 32 Total long-term debt 5,455 5,166 5,724 Less amounts due within one year 24 33 62 Long-term debt $ 5,431 $ 5,133 $ 5,662 On April 22, 2015, the Company entered into a Senior Secured Credit Facility, which subsequently has been amended several times with the most recent amendment being entered into on February 3, 2016 (the “Amended Agreement”). At March 31, 2017, the Amended Agreement includes a $300 million revolving credit facility, a $600 million multicurrency revolving credit facility, a $1,575 million term loan A facility ($1,370 million net of debt issuance costs), and a €279 million term loan A facility ($284 million net of debt issuance costs), each of which has a final maturity date of April 22, 2020. At March 31, 2017, the Company had unused credit of $599 million available under the Amended Agreement. The weighted average interest rate on borrowings outstanding under the Amended Agreement at March 31, 2017 was 2.46%. The Amended Agreement contains various covenants that restrict, among other things and subject to certain exceptions, the ability of the Company to incur certain liens, make certain investments, become liable under contingent obligations in certain defined instances only, make restricted payments, make certain asset sales within guidelines and limits, engage in certain affiliate transactions, participate in sale and leaseback financing arrangements, alter its fundamental business, and amend certain subordinated debt obligations. The Amended Agreement also contains one financial covenant, a Total Leverage Ratio that requires the Company not to exceed a ratio calculated by dividing consolidated total debt, less cash and cash equivalents, by consolidated EBITDA, as defined in the Amended Agreement. The Total Leverage Ratio could restrict the ability of the Company to undertake additional financing or acquisitions to the extent that such financing or acquisitions would cause the Total Leverage Ratio to exceed the specified maximum of (i) 4.5x for the three fiscal quarters ending March 31, 2017, June 30, 2017 and September 30, 2017, and (ii) 4.0x for the fourth fiscal quarter ending December 31, 2017 and each fiscal quarter thereafter. Failure to comply with these covenants and restrictions could result in an event of default under the Amended Agreement. In such an event, the Company would be unable to request borrowings under the revolving facility, and all amounts outstanding under the Amended Agreement, together with accrued interest, could then be declared immediately due and payable. If an event of default occurs under the Amended Agreement and the lenders cause all of the outstanding debt obligations under the Amended Agreement to become due and payable, this would result in a default under a number of other outstanding debt securities and could lead to an acceleration of obligations related to these debt securities. As of March 31, 2017, the Company was in compliance with all covenants and restrictions in the Amended Agreement. In addition, the Company believes that it will remain in compliance and that its ability to borrow funds under the Amended Agreement will not be adversely affected by the covenants and restrictions. The interest rates on borrowings under the Amended Agreement are, at the Company’s option, the Base Rate or the Eurocurrency Rate, as defined in the Amended Agreement, plus an applicable margin. The applicable margin for the term loan A facility and the revolving credit facility is linked to the Company’s Total Leverage Ratio and ranges from 1.25% to 1.75% for Eurocurrency Rate loans and from 0.25% to 0.75% for Base Rate loans. In addition, a facility fee is payable on the revolving credit facility commitments ranging from 0.20% to 0.30% per annum linked to the Total Leverage Ratio. Borrowings under the Amended Agreement are secured by substantially all of the assets, excluding real estate and certain other excluded assets, of certain of the Company’s domestic subsidiaries and certain foreign subsidiaries. Borrowings are also secured by a pledge of intercompany debt and equity investments in certain of the Company’s domestic subsidiaries and, in the case of foreign borrowings, of stock of certain foreign subsidiaries. All borrowings under the Amended Agreement are guaranteed by certain domestic subsidiaries of the Company. During August 2015, the Company issued senior notes with a face value of $700 million that bear interest at 5.875% and are due August 15, 2023 (the “Senior Notes due 2023”) and senior notes with a face value of $300 million that bear interest at 6.375% and are due August 15, 2025 (together with the Senior Notes due 2023, the “2015 Senior Notes”). The 2015 Senior Notes were issued via a private placement and are guaranteed by certain of the Company‘s domestic subsidiaries. The net proceeds from the 2015 Senior Notes, after deducting the debt discount and debt issuance costs, totaled approximately $972 million. During November 2016, the Company issued senior notes with a face value of €500 million that bear interest at 3.125% and are due November 15, 2024 (the “Senior Notes due 2024”). The notes were issued via a private placement and are guaranteed by certain of the Company‘s domestic subsidiaries. The net proceeds, after deducting debt issuance costs, totaled approximately $520 million and were used to repay the term loan B facility under the Amended Agreement. In March 2017, the Company expanded its borrowings under the Senior Notes due 2024 by issuing €225 million of additional notes that bear interest at 3.125% and are due November 15, 2024. The notes were issued via a private placement and are guaranteed by certain of the Company‘s domestic subsidiaries. The net proceeds, after deducting debt issuance costs, totaled approximately $237 million and were used to repay a portion of the Company’s revolving credit facility. In March 2017, the Company purchased in a tender offer approximately $228 million aggregate principal amount of its 7.80% Senior Debentures due in 2018. Approximately $22 million of the Senior Debentures remain outstanding as of March 31, 2017. As part of the tender offer, the Company recorded $17 million of additional interest charges for note repurchase premiums and the related write-off of unamortized finance fees in the first quarter of 2017. The Company assesses its capital raising and refinancing needs on an ongoing basis and may enter into additional credit facilities and seek to issue equity and/or debt securities in the domestic and international capital markets if market conditions are favorable. Also, depending on market conditions, the Company may elect to repurchase portions of its debt securities in the open market. The Company has a €185 million European accounts receivable securitization program, which extends through March 2019, subject to periodic renewal of backup credit lines. Information related to the Company’s accounts receivable securitization program is as follows: March 31, December 31, March 31, 2017 2016 2016 Balance (included in short-term loans) $ 148 $ 152 $ 157 Weighted average interest rate 0.88 % 0.74 % 1.03 % The carrying amounts reported for the accounts receivable securitization program, and certain long-term debt obligations subject to frequently redetermined interest rates, approximate fair value. Fair values for the Company’s significant fixed rate debt obligations are based on published market quotations, and are classified as Level 1 in the fair value hierarchy. Fair values at March 31, 2017 of the Company’s significant fixed rate debt obligations are as follows: Principal Indicated Amount Market Price Fair Value Senior Notes: 6.75%, due 2020 (€500 million) $ 534 $ 119.56 $ 638 4.875%, due 2021 (€330 million) 352 113.94 401 5.00%, due 2022 500 103.00 515 5.875%, due 2023 700 105.95 742 3.125%, due 2024 (€725 million) 774 100.09 775 6.375%, due 2025 300 107.28 322 5.375%, due 2025 300 101.47 304 Senior Debentures: 7.80%, due 2018 22 105.61 23

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
Contingencies
Contingencies	9. Contingencies Asbestos The Company is a defendant in numerous lawsuits alleging bodily injury and death as a result of exposure to asbestos. From 1948 to 1958, one of the Company's former business units commercially produced and sold approximately $40 million of a high-temperature, calcium-silicate based insulation material containing asbestos. The Company sold its insulation business unit at the end of April 1958. The typical asbestos personal injury lawsuit alleges various theories of liability, including negligence, gross negligence and strict liability and seeks compensatory and, in some cases, punitive damages in various amounts (herein referred to as "asbestos claims"). As of March 31, 2017, the Company has determined that it is a named defendant in asbestos lawsuits and claims involving approximately 1,400 plaintiffs and claimants. Based on an analysis of the lawsuits pending as of December 31, 2016, approximately 88% of plaintiffs either do not specify the monetary damages sought, or in the case of court filings, claim an amount sufficient to invoke the jurisdictional minimum of the trial court. Approximately 9% of plaintiffs specifically plead damages above the jurisdictional minimum up to, and including, $15 million or less, and 3% of plaintiffs specifically plead damages greater than $15 million but less than or equal to $100 million. As indicated by the foregoing summary, current pleading practice permits considerable variation in the assertion of monetary damages. The Company’s experience resolving hundreds of thousands of asbestos claims and lawsuits over an extended period demonstrates that the monetary relief alleged in a complaint bears little relevance to a claim’s merits or disposition value. Rather, the amount potentially recoverable is determined by such factors as the type and severity of the plaintiff’s asbestos disease, the plaintiff’s medical history and exposure to other disease-causing agents, the product identification evidence against the Company and other co-defendants, the defenses available to the Company and other co-defendants, the specific jurisdiction in which the claim is made, and the plaintiff’s firm representing the claimant. In addition to the pending claims set forth above, the Company has claims-handling agreements in place with many plaintiffs’ counsel throughout the country. These agreements require evaluation and negotiation regarding whether particular claimants qualify under the criteria established by such agreements. The criteria for such claims include verification of a compensable illness and a reasonable probability of exposure to a product manufactured by the Company's former business unit during its manufacturing period ending in 1958. The Company has also been a defendant in other asbestos-related lawsuits or claims involving maritime workers, medical monitoring claimants, co-defendants and property damage claimants. Based upon its past experience, the Company believes that these categories of lawsuits and claims will not involve any material liability and they are not included in the above description of pending matters or in the following description of disposed matters. Since receiving its first asbestos claim, the Company as of March 31, 2017, has disposed of asbestos claims of approximately 398,000 plaintiffs and claimants at an average indemnity payment per claim of approximately $9,400. The Company’s asbestos indemnity payments have varied on a per claim basis, and are expected to continue to vary considerably over time. Asbestos-related cash payments for 2016, 2015 and 2014 were $125 million, $138 million, and $148 million, respectively. The Company’s cash payments per claim disposed (inclusive of legal costs) were approximately $71,000, $95,000, and $81,000 for the years ended December 31, 2016, 2015 and 2014, respectively. As discussed above, the Company’s objective is to achieve, where possible, resolution of asbestos claims pursuant to claims-handling agreements. Failure of claimants to meet certain medical and product exposure criteria in the Company’s administrative claims handling agreements has generally reduced the number of claims that would otherwise have been received by the Company in the tort system. In addition, certain court orders and legislative acts have reduced or eliminated the number of claims that the Company otherwise would have received by the Company in the tort system. These developments generally have had the effect of increasing the Company’s per-claim average indemnity payment over time. Beginning with the initial liability of $975 million established in 1993, the Company has accrued a total of approximately $4.9 billion through March 31, 2017, before insurance recoveries, for its asbestos-related liability. The Company’s estimates of its liability have been significantly affected by, among other factors, the volatility of asbestos-related litigation in the United States, the significant number of co-defendants that have filed for bankruptcy, the inherent uncertainty of future disease incidence and claiming patterns against the Company, the significant expansion of the defendants that are now sued in this litigation, and the continuing changes in the extent to which these defendants participate in the resolution of cases in which the Company is also a defendant. The Company continues to monitor trends that may affect its ultimate liability and analyze the developments and variables likely to affect the resolution of pending and future asbestos claims against the Company. The material components of the Company’s total accrued liability are determined by the Company in connection with its annual comprehensive legal review and consist of the following estimates, to the extent it is probable that such liabilities have been incurred and can be reasonably estimated: (i) the liability for asbestos claims already asserted against the Company; (ii) the liability for asbestos claims not yet asserted against the Company; and (iii) the legal defense costs estimated to be incurred in connection with the claims already asserted and those claims the Company believes will be asserted. As noted above, the Company conducts a comprehensive legal review of its asbestos-related liabilities and costs annually in connection with finalizing and reporting its annual results of operations, unless significant changes in trends or new developments warrant an earlier review. As part of its annual comprehensive legal review, the Company provides historical claims filing data to a third party with expertise in determining the impact of disease incidence and mortality on future filing trends to develop information to assist the Company in estimating the total number of future claims to be filed. The Company uses this estimate of total future claims, along with an estimation of disposition costs and related legal costs as inputs to develop its best estimate of total probable liability. If the results of the annual comprehensive legal review indicate that the existing amount of the accrued liability is lower (higher) than its reasonably estimable asbestos-related costs, then the Company will record an appropriate charge (credit) to the Company’s results of operations to increase (decrease) the accrued liability. The significant assumptions underlying the material components of the Company’s accrual are: a) settlements will continue to be limited almost exclusively to claimants who were exposed to the Company’s asbestos‑containing insulation prior to its exit from that business in 1958; b) claims will continue to be resolved primarily under the Company’s administrative claims agreements or on terms comparable to those set forth in those agreements; c) the incidence of serious asbestos‑related disease cases and claiming patterns against the Company for such cases do not change materially; d) the Company is substantially able to defend itself successfully at trial and on appeal; e) the number and timing of additional co‑defendant bankruptcies do not change significantly the assets available to participate in the resolution of cases in which the Company is a defendant; and f) co-defendants with substantial resources and assets continue to participate significantly in the resolution of future asbestos lawsuits and claims. For the years ended December 31, 2016 and 2015, the Company concluded that accruals in the amount of $692 million and $817 million, respectively, were required. These amounts have not been discounted for the time value of money. The Company’s comprehensive legal reviews resulted in charges of $0 million, $16 million and $46 million for the years ending December 31, 2016, 2015 and 2014, respectively. The Company believes it is reasonably possible that it will incur a loss for its asbestos-related liabilities in excess of the amount currently recognized, which is $692 million as of December 31, 2016. The Company estimates that reasonably possible losses could be as high as $825 million. This estimate of additional reasonably possible loss reflects a legal judgment about the number and cost of potential future claims and legal costs. The Company believes this estimate is consistent with the level of variability it has experienced when comparing actual results to recent near-term projections. However, it is also possible that the ultimate asbestos-related liability could be above this estimate. The Company expects a significant majority of the total number of claims to be received in the next ten years. This timeframe appropriately reflects the mortality of current and expected claimants in light of the Company’s sale of its insulation business unit in 1958. As noted above, the Company’s asbestos-related liability is based on a projection of new claims that will eventually be filed against the Company and the estimated average disposition cost of these claims and related legal costs. Changes in the significant assumptions noted above have the potential to impact these key factors, which are critical to the estimation of the Company’s asbestos-related liability significantly. Other Matters On July 5, 2016, the Company learned that the Enforcement Division of the SEC is conducting an investigation into certain accounting and control matters pertaining to the Company’s determination of its asbestos-related liabilities. On May 13, 2016, the Company restated its consolidated financial statements for the years ended December 31, 2015, 2014 and 2013 in order to correct an error related to the Company’s method for estimating its future asbestos-related liabilities. The Company is cooperating with the SEC’s investigation. At this time, the Company is unable to predict the outcome of this matter or provide meaningful quantification of how the final resolution of this matter may impact its future consolidated financial statements, results of operations, or cash flows. Other litigation is pending against the Company, in many cases involving ordinary and routine claims incidental to the business of the Company and in others presenting allegations that are non-routine and involve compensatory, punitive or treble damage claims as well as other types of relief. The Company records a liability for such matters when it is both probable that the liability has been incurred and the amount of the liability can be reasonably estimated. Recorded amounts are reviewed and adjusted to reflect changes in the factors upon which the estimates are based, including additional information, negotiations, settlements and other events.

Share Owners' Equity

Share Owners' Equity	3 Months Ended
	Mar. 31, 2017
Share Owners' Equity
Share Owners' Equity	10. Share Owners’ Equity The activity in share owners’ equity for the three months ended March 31, 2017 and 2016 is as follows: Share Owners’ Equity of the Company Accumulated Capital in Other Non- Common Excess of Treasury Retained Comprehensive controlling Total Share Stock Par Value Stock Loss Loss Interests Owners' Equity Balance on January 1, 2017 $ 2 $ 3,080 $ (560) $ (96) $ (2,172) $ 109 $ 363 Reissuance of common stock (99,478 shares) 3 3 Stock compensation 3 3 Net earnings 49 4 53 Other comprehensive income 191 3 194 Balance on March 31, 2017 $ 2 $ 3,083 $ (557) $ (47) $ (1,981) $ 116 $ 616 Share Owners’ Equity of the Company Accumulated Capital in Other Non- Common Excess of Treasury Retained Comprehensive controlling Total Share Stock Par Value Stock Loss Loss Interests Owners' Equity Balance on January 1, 2016 $ 2 $ 3,064 $ (573) $ (305) $ (2,017) $ 108 $ 279 Issuance of common stock (503,410 shares) 5 5 Reissuance of common stock (134,602 shares) 4 4 Stock compensation 5 5 Net earnings 67 6 73 Other comprehensive income 46 4 50 Balance on March 31, 2016 $ 2 $ 3,074 $ (569) $ (238) $ (1,971) $ 118 $ 416 The Company has 250,000,000 shares of common stock authorized with a par value of $.01 per share. Shares outstanding are as follows: Shares Outstanding (in thousands) March 31, December 31, March 31, 2017 2016 2016 Shares of common stock issued (including treasury shares) 185,616 185,355 185,303 Treasury shares 22,918 23,017 23,384

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	11. Accumulated Other Comprehensive Loss The activity in accumulated other comprehensive loss for the three months ended March 31, 2017 and 2016 is as follows: Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on January 1, 2017 $ (788) $ (4) $ (1,380) $ (2,172) Change before reclassifications 186 (12) 174 Amounts reclassified from accumulated other comprehensive income (6) (a) 19 (b) 13 Translation effect 4 4 Other comprehensive income (loss) attributable to the Company 186 (6) 11 191 Balance on March 31, 2017 $ (602) $ (10) $ (1,369) $ (1,981) Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on January 1, 2016 $ (568) $ (17) $ (1,432) $ (2,017) Change before reclassifications 90 90 Amounts reclassified from accumulated other comprehensive income (2) (a) (43) (b) (45) Translation effect 1 1 Other comprehensive income (loss) attributable to the Company 90 (2) (42) 46 Balance on March 31, 2016 $ (478) $ (19) $ (1,474) $ (1,971) (a) Amount is included in Cost of goods sold on the Condensed Consolidated Results of Operations (see Note 4 for additional information). (b) Amount is included in the computation of net periodic pension cost (see Note 6 for additional information) and net postretirement benefit cost.

Other Expense (Income), net

Other Expense (Income), net	3 Months Ended
	Mar. 31, 2017
Other Expense (Income), net
Other Expense (Income), net	12. Other Expense (Income), net Other expense (income), net for the three months ended March 31, 2017 and 2016 included the following: Three months ended March 31, 2017 2016 Restructuring, asset impairment and other charges $ 39 $ 19 Gain on sale of land in China (7) Foreign currency exchange loss (gain) (1) 3 Intangible amortization expense 10 11 Royalty income (4) (3) Other expense (income) 1 (1) $ 45 $ 22

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share
Earnings Per Share	13. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three months ended March 31, 2017 2016 Numerator: Net earnings attributable to the Company $ 49 $ 67 Denominator (in thousands): Denominator for basic earnings per share-weighted average shares outstanding 162,388 161,204 Effect of dilutive securities: Stock options and other 1,452 589 Denominator for diluted earnings per share-adjusted weighted average shares outstanding 163,840 161,793 Basic earnings per share: Earnings from continuing operations $ 0.30 $ 0.42 Loss from discontinued operations — (0.01) Net earnings $ 0.30 $ 0.41 Diluted earnings per share: Earnings from continuing operations $ 0.30 $ 0.42 Loss from discontinued operations — (0.01) Net earnings $ 0.30 $ 0.41 Options to purchase 2,207,915 and 2,970,687 weighted average shares of common stock which were outstanding during the three months ended March 31, 2017 and 2016, respectively, were not included in the computation of diluted earnings per share because the options exercise price was greater than the average market price of the common shares.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information
Supplemental Cash Flow Information	14. Supplemental Cash Flow Information Financial information regarding the Company’s supplemental cash flow information is as follows: Three months ended March 31, 2017 2016 Interest paid in cash $ 98 $ 84 Income taxes paid in cash (all non-U.S.) 33 37 Cash interest for the three months ended March 31, 2017 includes $16 million of note repurchase premiums related to debt that was repaid prior to its maturity. The Company uses various factoring programs to sell certain receivables to financial institutions as part of managing its cash flows. At March 31, 2017 and March 31, 2016, the amount of receivables sold by the Company was $202 million and $268 million, respectively. Any continuing involvement with the sold receivables is immaterial.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2017
Discontinued Operations
Discontinued Operations	15. Discontinued Operations On April 4, 2016, the annulment committee formed by the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) ruled that a subsidiary of the Company is free to pursue the enforcement of a prior arbitration award against Venezuela. That award amounts to more than $500 million after including interest from the date of the expropriation by Venezuela (October 26, 2010). Venezuela’s application to annul the award is still pending. The Company intends to take appropriate steps to vigorously enforce and collect the award, which is enforceable in approximately 150 member states that are party to the ICSID Convention. However, even with the lifting of the stay of enforcement, the Company recognizes that the collection of the award may present significant practical challenges. Because the award has yet to be satisfied and the annulment proceeding is pending, the Company is unable at this stage to reasonably predict the efforts that will be necessary to successfully enforce collection of the award, the amount of the award or the timing of any such collection efforts. Therefore, the Company has not recognized this award in its financial statements. A separate arbitration is pending with ICSID to obtain compensation primarily for third-party minority shareholders’ lost interests in the two expropriated plants. The loss from discontinued operations of less than $1 million and $1 million for the three months ended March 31, 2017 and March 31, 2016, respectively, relates to ongoing costs for the Venezuelan expropriation.

New Accounting Pronouncement

New Accounting Pronouncement	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncement
New Accounting Pronouncement	16. New Accounting Pronouncement Revenue from Contracts with Customers - In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers," which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers”, which delayed by one year the effective date of the new revenue recognition standard, which will be effective for the Company on January 1, 2018. The Company has started an implementation process, including a review of customer contracts, to evaluate the effect this standard will have on its consolidated financial statements and related disclosures. At this time, the Company does not expect that the implementation of this standard in 2018 will have a significant impact on the timing in which it recognizes revenue. While the Company continues to assess the potential impacts of the new standard, the Company does not currently expect the adoption of the new standard to have a material impact on consolidated net income or the consolidated balance sheet. The standard requires new substantial disclosures and the Company continues to evaluate these requirements. The Company plans to select the modified retrospective transition method upon adoption effective January 1, 2018. Leases - In February 2016, the FASB issued ASU No. 2016-02, “Leases”. Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use asset for all leases, with the exception of short-term leases. The lease liability represents the lessee's obligation to make lease payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the lessee’s right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessee’s initial direct costs. The standard also requires a lessee to recognize a single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for the Company on January 1, 2019. ASU No. 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU No. 2016-02 will have on the Company’s consolidated financial statements, and anticipates the new guidance will significantly impact its consolidated financial statements as the Company has a significant number of leases. As further described in Note 16 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, the Company had minimum lease commitments under non-cancellable operating leases totaling $205 million as of December 31, 2016. Stock Compensation - In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which requires all excess tax benefits or deficiencies to be recognized as income tax expense or benefit in the income statement. In addition, excess tax benefits should be classified along with other income tax cash flows as an operating activity in the statement of cash flows. Application of the standard is required for the annual and interim periods beginning after December 15, 2016. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

Financial Information for Subsi

Financial Information for Subsidiary Guarantors and Non-Guarantors	3 Months Ended
	Mar. 31, 2017
Financial Information for Subsidiary Guarantors and Non-Guarantors Disclosure
Financial Information for Subsidiary Guarantors and Non-Guarantors	17. Financial Information for Subsidiary Guarantors and Non-Guarantors The following presents condensed consolidating financial information for the Company, segregating: (1) Owens-Illinois, Inc., the issuer of senior debentures (the “Parent”); (2) the two subsidiaries which have guaranteed the senior debentures on a subordinated basis (the “Guarantor Subsidiaries”); and (3) all other subsidiaries (the “Non-Guarantor Subsidiaries”). The Guarantor Subsidiaries are 100% owned direct and indirect subsidiaries of the Company and their guarantees are full, unconditional and joint and several. They have no operations and function only as intermediate holding companies. Certain reclassifications have been made to conform all of the financial information to the financial presentation on a consolidated basis. The principal eliminations relate to investments in subsidiaries and intercompany balances and transactions. 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 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 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

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Information
Net sales for the Company's reportable segments	Three months ended March 31, 2017 2016 Net sales: Europe $ 554 $ 563 North America 528 532 Latin America 341 312 Asia Pacific 173 159 Reportable segment totals 1,596 1,566 Other 19 22 Net sales $ 1,615 $ 1,588
Segment operating profit (loss) for the Company's reportable segments	Three months ended March 31, 2017 2016 Segment operating profit: Europe $ 59 $ 55 North America 85 76 Latin America 54 63 Asia Pacific 20 17 Reportable segment totals 218 211 Items excluded from segment operating profit: Retained corporate costs and other (28) (32) Restructuring, asset impairment and other (39) (12) Interest expense, net (78) (66) Earnings from continuing operations before income taxes $ 73 $ 101
Total assets for the Company's reportable segments	March 31, December 31, March 31, 2017 2016 2016 Total assets: Europe $ 2,858 $ 2,792 $ 3,047 North America 2,742 2,522 2,550 Latin America 2,691 2,537 2,855 Asia Pacific 998 926 933 Reportable segment totals 9,289 8,777 9,385 Other 170 358 303 Consolidated totals $ 9,459 $ 9,135 $ 9,688

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventories
Major classes of inventory	March 31, December 31, March 31, 2017 2016 2016 Finished goods $ 889 $ 827 $ 954 Raw materials 124 118 116 Operating supplies 38 38 37 $ 1,051 $ 983 $ 1,107

Prepaid Expenses and Other Cu26

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Prepaid Expenses and Other Current Assets
Schedule of Prepaid expenses and other current assets	March 31, December 31, March 31, 2017 2016 2016 Prepaid expenses $ 64 $ 50 $ 52 Value added taxes 49 46 192 Other 99 103 115 $ 212 $ 199 $ 359

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments
Effect of commodity forward contracts designated as cash flow hedges on the results of operations	Amount of Gain Reclassified from Amount of Gain (Loss) Recognized in OCI on Accumulated OCI into Income Commodity Forward Contracts (reported in cost of goods sold) (Effective Portion) (Effective Portion) 2017 2016 2017 2016 $ 6 $ (4) $ — $ 2
Effect of the foreign exchange contracts not designated as hedging instruments on the results of operations	Amount of Gain (Loss) Location of Gain (Loss) Recognized in Income on Recognized in Income on Foreign Exchange Contracts Foreign Exchange Contracts 2017 2016 Other expense $ — $ 5
Balance Sheet Classification of derivative instruments	Fair Value Balance Sheet March 31, December 31, March 31, Location 2017 2016 2016 Asset derivatives: Derivatives designated as hedging instruments: Commodity futures contracts a $ 2 $ 6 $ — Derivatives not designated as hedging instruments: Foreign exchange derivative contracts a 5 9 15 Total asset derivatives $ 7 $ 15 $ 15 Liability derivatives: Derivatives designated as hedging instruments: Commodity futures contracts c $ 1 $ — $ 4 Derivatives not designated as hedging instruments: Foreign exchange derivative contracts c 2 5 2 Total liability derivatives $ 3 $ 5 $ 6

Restructuring Accruals (Tables)

Restructuring Accruals (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring Accruals
Selected information related to the restructuring accruals	Selected information related to the restructuring accruals for the three months ended March 31, 2017 and 2016 is as follows: Other Restructuring Actions Balance at January 1, 2017 $ 85 Charges 38 Write-down of assets to net realizable value (9) Net cash paid, principally severance and related benefits (8) Other, including foreign exchange translation (2) Balance at March 31, 2017 $ Other Asia Pacific Restructuring Total Restructuring Actions Restructuring Balance at January 1, 2016 $ 7 $ 36 $ 43 Charges Write-down of assets to net realizable value Net cash paid, principally severance and related benefits Other, including foreign exchange translation Balance at March 31, 2016 $ 6 $ 34 $ 40

Pension Benefit Plans (Tables)

Pension Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Pension Benefit Plans
Components of net periodic pension cost (income) and net periodic postretirement (benefit) cost	U.S. Non-U.S. 2017 2016 2017 2016 Service cost $ 4 $ 4 $ 4 $ 4 Interest cost 20 24 11 13 Expected asset return (33) (38) (18) (21) Amortization: Prior service cost Actuarial loss 14 15 5 5 Net periodic pension cost $ 5 $ 5 $ 2 $ 1

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt
Long-term Debt	March 31, December 31, March 31, 2017 2016 2016 Secured Credit Agreement: Revolving Credit Facility: Revolving Loans $ 285 $ — $ 288 Term Loans: Term Loan A 1,370 1,395 1,534 Term Loan A (€279 million) 284 282 309 Term Loan B 558 Senior Notes: 6.75%, due 2020 (€500 million) 530 523 561 4.875%, due 2021 (€330 million) 350 345 370 5.00%, due 2022 495 495 494 5.875%, due 2023 683 682 680 3.125%, due 2024 (€725 million at March 31, 2017 and €500 million at December 31, 2016) 763 520 5.375%, due 2025 297 297 296 6.375%, due 2025 294 294 294 Senior Debentures: 7.80%, due 2018 22 250 250 Capital Leases 56 57 58 Other 26 26 32 Total long-term debt 5,455 5,166 5,724 Less amounts due within one year 24 33 62 Long-term debt $ 5,431 $ 5,133 $ 5,662
Information related to accounts receivable securitization program	March 31, December 31, March 31, 2017 2016 2016 Balance (included in short-term loans) $ 148 $ 152 $ 157 Weighted average interest rate 0.88 % 0.74 % 1.03 %
Fair values of the Company's significant fixed rate debt obligations	Fair values at March 31, 2017 of the Company’s significant fixed rate debt obligations are as follows: Principal Indicated Amount Market Price Fair Value Senior Notes: 6.75%, due 2020 (€500 million) $ 534 $ 119.56 $ 638 4.875%, due 2021 (€330 million) 352 113.94 401 5.00%, due 2022 500 103.00 515 5.875%, due 2023 700 105.95 742 3.125%, due 2024 (€725 million) 774 100.09 775 6.375%, due 2025 300 107.28 322 5.375%, due 2025 300 101.47 304 Senior Debentures: 7.80%, due 2018 22 105.61 23

Share Owners' Equity (Tables)

Share Owners' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Share Owners' Equity
Activity in share owner's equity	The activity in share owners’ equity for the three months ended March 31, 2017 and 2016 is as follows: Share Owners’ Equity of the Company Accumulated Capital in Other Non- Common Excess of Treasury Retained Comprehensive controlling Total Share Stock Par Value Stock Loss Loss Interests Owners' Equity Balance on January 1, 2017 $ 2 $ 3,080 $ (560) $ (96) $ (2,172) $ 109 $ 363 Reissuance of common stock (99,478 shares) 3 3 Stock compensation 3 3 Net earnings 49 4 53 Other comprehensive income 191 3 194 Balance on March 31, 2017 $ 2 $ 3,083 $ (557) $ (47) $ (1,981) $ 116 $ 616 Share Owners’ Equity of the Company Accumulated Capital in Other Non- Common Excess of Treasury Retained Comprehensive controlling Total Share Stock Par Value Stock Loss Loss Interests Owners' Equity Balance on January 1, 2016 $ 2 $ 3,064 $ (573) $ (305) $ (2,017) $ 108 $ 279 Issuance of common stock (503,410 shares) 5 5 Reissuance of common stock (134,602 shares) 4 4 Stock compensation 5 5 Net earnings 67 6 73 Other comprehensive income 46 4 50 Balance on March 31, 2016 $ 2 $ 3,074 $ (569) $ (238) $ (1,971) $ 118 $ 416
Schedule of shares outstanding	Shares Outstanding (in thousands) March 31, December 31, March 31, 2017 2016 2016 Shares of common stock issued (including treasury shares) 185,616 185,355 185,303 Treasury shares 22,918 23,017 23,384

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Loss
Component of accumulated other comprehensive loss	The activity in accumulated other comprehensive loss for the three months ended March 31, 2017 and 2016 is as follows: Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on January 1, 2017 $ (788) $ (4) $ (1,380) $ (2,172) Change before reclassifications 186 (12) 174 Amounts reclassified from accumulated other comprehensive income (6) (a) 19 (b) 13 Translation effect 4 4 Other comprehensive income (loss) attributable to the Company 186 (6) 11 191 Balance on March 31, 2017 $ (602) $ (10) $ (1,369) $ (1,981) Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on January 1, 2016 $ (568) $ (17) $ (1,432) $ (2,017) Change before reclassifications 90 90 Amounts reclassified from accumulated other comprehensive income (2) (a) (43) (b) (45) Translation effect 1 1 Other comprehensive income (loss) attributable to the Company 90 (2) (42) 46 Balance on March 31, 2016 $ (478) $ (19) $ (1,474) $ (1,971) (a) Amount is included in Cost of goods sold on the Condensed Consolidated Results of Operations (see Note 4 for additional information). (b) Amount is included in the computation of net periodic pension cost (see Note 6 for additional information) and net postretirement benefit cost.

Other Expense (Income), net (Ta

Other Expense (Income), net (Tables)	3 Months Ended
	Mar. 31, 2017
Other Expense (Income), net
Schedule of other expense (income), net	Three months ended March 31, 2017 2016 Restructuring, asset impairment and other charges $ 39 $ 19 Gain on sale of land in China (7) Foreign currency exchange loss (gain) (1) 3 Intangible amortization expense 10 11 Royalty income (4) (3) Other expense (income) 1 (1) $ 45 $ 22

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share
Computation of basic and diluted earnings per share	Three months ended March 31, 2017 2016 Numerator: Net earnings attributable to the Company $ 49 $ 67 Denominator (in thousands): Denominator for basic earnings per share-weighted average shares outstanding 162,388 161,204 Effect of dilutive securities: Stock options and other 1,452 589 Denominator for diluted earnings per share-adjusted weighted average shares outstanding 163,840 161,793 Basic earnings per share: Earnings from continuing operations $ 0.30 $ 0.42 Loss from discontinued operations — (0.01) Net earnings $ 0.30 $ 0.41 Diluted earnings per share: Earnings from continuing operations $ 0.30 $ 0.42 Loss from discontinued operations — (0.01) Net earnings $ 0.30 $ 0.41

Supplemental Cash Flow Inform35

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information
Supplemental cash flow information	Three months ended March 31, 2017 2016 Interest paid in cash $ 98 $ 84 Income taxes paid in cash (all non-U.S.) 33 37

Financial Information for Sub36

Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables)	3 Months Ended
	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

Segment Information - Reportabl

Segment Information - Reportable Segments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)item	Mar. 31, 2016USD ($)
Segment Reporting Information
Number of reportable segments | item	4
Net sales:
Net sales	$ 1,615	$ 1,588
Items excluded from Segment Operating Profit:
Retained corporate costs and other	(28)	(32)
Restructuring, asset impairment and other	(39)	(12)
Interest expense, net
Interest expense, net	(78)	(66)
Earnings from continuing operations before income taxes
Earnings from continuing operations before income taxes	73	101
Reportable Segment Totals
Net sales:
Net sales	1,596	1,566
Segment operating profit:
Segment operating profit	218	211
Europe
Net sales:
Net sales	554	563
Segment operating profit:
Segment operating profit	59	55
North America
Net sales:
Net sales	528	532
Segment operating profit:
Segment operating profit	85	76
Latin America
Net sales:
Net sales	341	312
Segment operating profit:
Segment operating profit	54	63
Latin America | Intercompany sales
Net sales:
Net sales	33	50
Asia Pacific
Net sales:
Net sales	173	159
Segment operating profit:
Segment operating profit	20	17
Other.
Net sales:
Net sales	$ 19	$ 22

Segment Information - Total Ass

Segment Information - Total Assets (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Assets
Total assets:	$ 9,459	$ 9,135	$ 9,688
Reportable Segment Totals
Assets
Total assets:	9,289	8,777	9,385
Europe
Assets
Total assets:	2,858	2,792	3,047
North America
Assets
Total assets:	2,742	2,522	2,550
Latin America
Assets
Total assets:	2,691	2,537	2,855
Asia Pacific
Assets
Total assets:	998	926	933
Other.
Assets
Total assets:	$ 170	$ 358	$ 303

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Inventories
Finished goods	$ 889	$ 827	$ 954
Raw materials	124	118	116
Operating supplies	38	38	37
Inventories	$ 1,051	$ 983	$ 1,107

Prepaid Expenses and Other Cu40

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Prepaid expenses and other current assets:
Prepaid expenses	$ 64	$ 50	$ 52
Value added taxes	49	46	192
Other	99	103	115
Prepaid expenses and other current assets	$ 212	$ 199	$ 359

Derivative Instruments - Deriva

Derivative Instruments - Derivatives and Hedges (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)MMBTU	Mar. 31, 2016USD ($)MMBTU	Dec. 31, 2016USD ($)
Commodity forward contracts | Cash Flow Hedges
Derivatives and Hedges
Coverage of commodity forward contracts (in MM BTUs) | MMBTU	11,200,000	12,600,000
Unrecognized (loss) gain included in Accumulated OCI	$ 1	$ (4)	$ 6
Commodity forward contracts gain (loss) recognized in OCI	6	(4)
Commodity forward contracts gain (loss) reclassified from accumulated OCI into income		2
Foreign exchange derivative contracts | Derivatives not designated as hedging instruments | Other Expenses.
Derivatives and Hedges
Foreign exchange contracts gain (loss) recognized in income		5
Forward exchange contracts | Derivatives not designated as hedging instruments
Derivatives and Hedges
Foreign exchange contracts in various currencies	$ 340	$ 660

Derivative Instruments - Balanc

Derivative Instruments - Balance Sheet Classification (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Derivatives, Fair Value
Total asset derivatives	$ 7	$ 15	$ 15
Total liability derivatives	3	5	6
Derivatives not designated as hedging instruments | Foreign exchange derivative contracts | Other assets
Derivatives, Fair Value
Total asset derivatives	5	9	15
Derivatives not designated as hedging instruments | Foreign exchange derivative contracts | Other accrued liabilities or other liabilities (current)
Derivatives, Fair Value
Total liability derivatives	2	5	2
Derivatives designated as hedging instruments | Commodity futures contracts | Other assets
Derivatives, Fair Value
Total asset derivatives	2	$ 6
Derivatives designated as hedging instruments | Commodity futures contracts | Other accrued liabilities or other liabilities (current)
Derivatives, Fair Value
Total liability derivatives	$ 1		$ 4

Restructuring Accruals (Details

Restructuring Accruals (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restructuring accrual
Beginning balance, restructuring reserve		$ 43
Charges	$ 38	19
Write-down of assets to net realizable value		(7)
Net cash paid, principally severance and related benefits	(8)	(13)
Other, including foreign exchange translation		(2)
Ending balance, restructuring reserve		40
Asia Pacific Restructuring
Restructuring accrual
Beginning balance, restructuring reserve		7
Charges		1
Net cash paid, principally severance and related benefits		(1)
Other, including foreign exchange translation		(1)
Ending balance, restructuring reserve		6
Restructuring, Additional Information
Cumulative employee costs and asset impairments		224
Other Restructuring Actions
Restructuring accrual
Beginning balance, restructuring reserve	85	36
Charges	38	18
Write-down of assets to net realizable value	(9)	(7)
Net cash paid, principally severance and related benefits	(8)	(12)
Other, including foreign exchange translation	(2)	(1)
Ending balance, restructuring reserve	104	34
Restructuring, Additional Information
Other restructuring costs		1
Other Restructuring Actions | Latin America
Restructuring, Additional Information
Employee costs, asset impairments and other exit costs	23	14
Other Restructuring Actions | Europe
Restructuring, Additional Information
Cumulative plant closure costs	54
Employee costs, asset impairments and other exit costs	13
Other Restructuring Actions | North America
Restructuring, Additional Information
Employee costs, asset impairments and other exit costs	$ 2
Employee and other exit costs		$ 3

Pension Benefit Plans (Details)

Pension Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
U.S Pension Plans
Components of net periodic pension cost
Service cost	$ 4	$ 4
Interest cost	20	24
Expected asset return	(33)	(38)
Amortization:
Actuarial loss	14	15
Net periodic pension cost	5	5
Increase in pension liability		60
Non-U.S. Pension Plans
Components of net periodic pension cost
Service cost	4	4
Interest cost	11	13
Expected asset return	(18)	(21)
Amortization:
Actuarial loss	5	5
Net periodic pension cost	$ 2	$ 1

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2017
Income Taxes
Statutory U.S. Federal tax rate (as a percent)	35.00%

Debt (Details)

Debt (Details) $ / shares in Units, € in Millions, $ in Millions	1 Months Ended			3 Months Ended
	Mar. 31, 2017USD ($)	Nov. 30, 2016USD ($)	Aug. 31, 2015USD ($)	Mar. 31, 2017USD ($)item	Mar. 31, 2017EUR (€)	Mar. 31, 2017USD ($)$ / shares	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Nov. 30, 2016EUR (€)	Mar. 31, 2016USD ($)	Feb. 03, 2016
Debt Instrument
Total long-term debt						$ 5,455		$ 5,166		$ 5,724
Less amounts due within one year						24		33		62
Long-term debt						5,431		5,133		5,662
Accounts receivable securitization
Short-term loans and long-term debt due within one year						196		195		239
Fair values of fixed rate debt obligations
Interest charges for note repurchase premiums and related write-off of unamortized finance fees	$ 17
The Agreement, Senior Secured Credit Facility
Debt Instrument
Leverage ratio, period one											4.50%
Leverage ratio, period two											4.00%
Unused Credit						$ 599
Number financial maintenance covenants | item				1
Accounts receivable securitization
Weighted average interest rate, short-term debt (as a percent)					2.46%	2.46%
Revolving Loans
Debt Instrument
Total long-term debt						$ 285				288
Term Loan A
Debt Instrument
Total long-term debt						1,370		1,395		1,534
Face Value						1,575
Net proceeds, after deducting debt issuance costs				$ 1,370
Term Loan A (€279 million)
Debt Instrument
Total long-term debt					€ 279	284		282		309
Net proceeds, after deducting debt issuance costs				$ 284
Term Loan B (USD tranche)
Debt Instrument
Total long-term debt										558
Senior Notes 6.75%, due 2020 (€500 million)
Debt Instrument
Total long-term debt					€ 500	$ 530		523		561
Interest rate, stated percentage					6.75%	6.75%
Fair values of fixed rate debt obligations
Principal Amount						$ 534
Indicated Market Price (in dollars per share) | $ / shares						$ 119.56
Fair Value						$ 638
Senior Notes 4.875%, due 2021 (€330 million)
Debt Instrument
Total long-term debt					€ 330	$ 350		345		370
Interest rate, stated percentage					4.875%	4.875%
Fair values of fixed rate debt obligations
Principal Amount						$ 352
Indicated Market Price (in dollars per share) | $ / shares						$ 113.94
Fair Value						$ 401
Senior Notes 5.00%, due 2022
Debt Instrument
Total long-term debt						$ 495		495		494
Interest rate, stated percentage					5.00%	5.00%
Fair values of fixed rate debt obligations
Principal Amount						$ 500
Indicated Market Price (in dollars per share) | $ / shares						$ 103
Fair Value						$ 515
Senior Notes 5.875% due 2023
Debt Instrument
Total long-term debt						$ 683		682		680
Interest rate, stated percentage			5.875%		5.875%	5.875%
Face Value			$ 700
Fair values of fixed rate debt obligations
Principal Amount						$ 700
Indicated Market Price (in dollars per share) | $ / shares						$ 105.95
Fair Value						$ 742
Senior Notes 3.125%, due 2024 (€725 million at March 31, 2017 and €500 million at December 31, 2016)
Debt Instrument
Total long-term debt					€ 725	$ 763	€ 500	520
Interest rate, stated percentage					3.125%	3.125%			3.125%
Face Value | €					€ 225				€ 500
Net proceeds, after deducting debt issuance costs	$ 237	$ 520
Fair values of fixed rate debt obligations
Principal Amount						$ 774
Indicated Market Price (in dollars per share) | $ / shares						$ 100.09
Fair Value						$ 775
Senior Notes 5.375%, due 2025
Debt Instrument
Total long-term debt						$ 297		297		296
Interest rate, stated percentage					5.375%	5.375%
Fair values of fixed rate debt obligations
Principal Amount						$ 300
Indicated Market Price (in dollars per share) | $ / shares						$ 101.47
Fair Value						$ 304
Senior Notes 6.375%, due 2025
Debt Instrument
Total long-term debt						$ 294		294		294
Interest rate, stated percentage			6.375%		6.375%	6.375%
Face Value			$ 300
Net proceeds, after deducting debt issuance costs			$ 972
Fair values of fixed rate debt obligations
Principal Amount						$ 300
Indicated Market Price (in dollars per share) | $ / shares						$ 107.28
Fair Value						$ 322
Senior Debentures 7.80%, due 2018
Debt Instrument
Total long-term debt						22		250		250
Long-term debt						$ 22
Interest rate, stated percentage					7.80%	7.80%
Face Value						$ 228
Fair values of fixed rate debt obligations
Principal Amount						$ 22
Indicated Market Price (in dollars per share) | $ / shares						$ 105.61
Fair Value						$ 23
Capital leases
Debt Instrument
Total long-term debt						56		57		58
Other
Debt Instrument
Total long-term debt						26		26		32
Revolving Credit Facility | The Agreement, Senior Secured Credit Facility
Debt Instrument
Total long-term debt						300
Multicurrency Revolving Credit Facility | The Agreement, Senior Secured Credit Facility
Debt Instrument
Total long-term debt						600
Accounts Receivable Securitization Program
Accounts receivable securitization
Short-term loans and long-term debt due within one year						$ 148		$ 152		$ 157
Weighted average interest rate, short-term debt (as a percent)					0.88%	0.88%	0.74%	0.74%		1.03%
European Accounts Receivable Securitization Program
Accounts receivable securitization
Maximum Borrowing Capacity | €					€ 185
Minimum | Senior Secured Credit Agreement
Debt Instrument
Interest rate margin, Eurocurrency Rate loans (as a percent)					1.25%	1.25%
Interest rate margin, Base Rate loans (as a percent)				0.25%
Minimum | Revolving Credit Facility
Debt Instrument
Facility fee payable (as a percent)				0.20%
Maximum | Senior Secured Credit Agreement
Debt Instrument
Interest rate margin, Eurocurrency Rate loans (as a percent)					1.75%	1.75%
Interest rate margin, Base Rate loans (as a percent)				0.75%
Maximum | Revolving Credit Facility
Debt Instrument
Facility fee payable (as a percent)				0.30%

Contingencies - Asbestos (Detai

Contingencies - Asbestos (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)item	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 1993USD ($)
Asbestos
Sale of goods containing asbestos from 1948 to 1958	$ 40,000,000
Number of pending plaintiffs and claimants | item	1,400
Period in which significant majority of claims to be received	10 years
Approximate number of claims disposed of to date | item	398,000
Average indemnity payment per claim	$ 9,400
Payments for Asbestos-Related Liabilities	12,000,000	$ 11,000,000	$ 125,000,000	$ 138,000,000	$ 148,000,000
Cash payments per claim disposed including legal costs			71,000	95,000	81,000
Asbestos-related liability, total amount accrued beginning in 1993 through 2016 before insurance recoveries	$ 4,900,000,000					$ 975,000,000
Accrual of asbestos related liability			692,000,000	817,000,000
Asbestos related charges			0	$ 16,000,000	$ 46,000,000
Maximum
Asbestos
Loss contingency, plaintiffs damages			$ 825,000,000
Damages unspecified or sufficient to invoke jurisdictional minimum
Asbestos
Percentage of asbestos plaintiffs, approximate percentage			88.00%
Damages of $15 million or less
Asbestos
Percentage of asbestos plaintiffs, approximate percentage			9.00%
Damages of $15 million or less | Minimum
Asbestos
Loss contingency, plaintiffs damages			$ 15,000,000
Damages greater than $15 million but less than $100 million
Asbestos
Percentage of asbestos plaintiffs, approximate percentage			3.00%
Damages greater than $15 million but less than $100 million | Minimum
Asbestos
Loss contingency, plaintiffs damages			$ 15,000,000
Damages greater than $15 million but less than $100 million | Maximum
Asbestos
Loss contingency, plaintiffs damages			$ 100,000,000

Share Owners' Equity (Details)

Share Owners' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Increase (Decrease) in Share Owners' Equity
Balance	$ 363	$ 279
Issuance of common stock		$ 5
Issuance of common stock (in shares)		503,410
Reissuance of common stock	$ 3	$ 4
Reissuance of common stock (in shares)	99,478	134,602
Stock compensation	$ 3	$ 5
Net earnings	53	73
Other comprehensive income	194	50
Balance	$ 616	$ 416
Common Stock, Number of Shares, Par Value and Other Disclosures
Common stock, shares authorized	250,000,000
Common stock, par value (in dollars per share)	$ 0.01
Shares of common stock issued (including treasury shares)	185,616,000	185,303,000	185,355,000
Treasury stock, shares	22,918,000	23,384,000	23,017,000
Common Stock
Increase (Decrease) in Share Owners' Equity
Balance	$ 2	$ 2
Balance	2	2
Capital in Excess of Par Value
Increase (Decrease) in Share Owners' Equity
Balance	3,080	3,064
Issuance of common stock		5
Stock compensation	3	5
Balance	3,083	3,074
Treasury Stock
Increase (Decrease) in Share Owners' Equity
Balance	(560)	(573)
Reissuance of common stock	3	4
Balance	(557)	(569)
Retained Loss
Increase (Decrease) in Share Owners' Equity
Balance	(96)	(305)
Net earnings	49	67
Balance	(47)	(238)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Share Owners' Equity
Balance	(2,172)	(2,017)
Other comprehensive income	191	46
Balance	(1,981)	(1,971)
Non-controlling Interests
Increase (Decrease) in Share Owners' Equity
Balance	109	108
Net earnings	4	6
Other comprehensive income	3	4
Balance	$ 116	$ 118

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance	$ 363	$ 279
Other comprehensive income	194	50
Balance	616	416
Net Effect of Exchange Rate Fluctuations
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance	(788)	(568)
Change before reclassifications	186	90
Other comprehensive income	186	90
Balance	(602)	(478)
Change in Certain Derivative Instruments
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance	(4)	(17)
Amounts reclassified from accumulated other comprehensive income	(6)	(2)
Other comprehensive income	(6)	(2)
Balance	(10)	(19)
Employee Benefit Plans
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance	(1,380)	(1,432)
Change before reclassifications	(12)
Amounts reclassified from accumulated other comprehensive income	19	(43)
Translation effect	4	1
Other comprehensive income	11	(42)
Balance	(1,369)	(1,474)
Accumulated Other Comprehensive Loss
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance	(2,172)	(2,017)
Change before reclassifications	174	90
Amounts reclassified from accumulated other comprehensive income	13	(45)
Translation effect	4	1
Other comprehensive income	191	46
Balance	$ (1,981)	$ (1,971)

Other Expense (Income), net (De

Other Expense (Income), net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Expense (Income), net
Restructuring, asset impairment and other charges	$ 39	$ 19
Gain on sale of land in China		(7)
Foreign currency exchange loss (gain)	(1)	3
Intangible amortization expense	10	11
Royalty income	(4)	(3)
Other expense (income)	1	(1)
Other Expense (Income), net	$ 45	$ 22

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net earnings attributable to the Company	$ 49	$ 67
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding (in shares)	162,388,000	161,204,000
Effect of dilutive securities:
Stock options and other (in shares)	1,452,000	589,000
Denominator for diluted earnings per share - adjusted weighted average shares outstanding (in shares)	163,840,000	161,793,000
Basic earnings per share:
Earnings from continuing operations (in dollars per share)	$ 0.30	$ 0.42
Loss from discontinued operations (in dollars per share)		(0.01)
Net earnings (in dollars per share)	0.30	0.41
Diluted earnings per share:
Earnings from continuing operations (in dollars per share)	0.30	0.42
Loss from discontinued operations (in dollars per share)		(0.01)
Net earnings (in dollars per share)	$ 0.30	$ 0.41
Weighted average shares of common stock attributable to options not included in diluted earnings per share (in shares)	2,207,915	2,970,687

Supplemental Cash Flow Inform52

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Cash Flow Information
Interest paid in cash	$ 98	$ 84
Income taxes paid in cash (all non-US)	33	37
Interest paid for note repurchase premiums related to debt repaid prior to maturity	16
Amount of receivables sold	$ 202	$ 268

Discontinued Operations (Detail

Discontinued Operations (Details) $ in Millions	Apr. 04, 2016Plant	Mar. 31, 2017USD ($)item	Mar. 31, 2016USD ($)
Subsidiaries
Litigation Settlement, Amount		$ 500
Number of ICSID member states in which award is enforceable | item		150
Loss from discontinued operations			$ 1
Disposed Venezuelan subsidiaries
Subsidiaries
Expropriated plants | Plant	2
Disposed Venezuelan subsidiaries | Maximum | Discontinued Operations, Disposed of by Means Other than Sale
Subsidiaries
Loss from discontinued operations		$ 1	$ 1

New Accounting Pronouncement (D

New Accounting Pronouncement (Details) $ in Millions	Dec. 31, 2016USD ($)
New Accounting Pronouncement
Minimum lease commitments under non-cancellable operating leases	$ 205

Financial Information for Sub55

Financial Information for Subsidiary Guarantors and Non-Guarantors - Balance Sheet (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)
Financial Information for Subsidiary Guarantors and Non Guarantors
Number of subsidiaries that have guaranteed the notes | item	2
Ownership percentage in Guarantor Subsidiaries	100.00%
Current assets:
Cash and cash equivalents	$ 312	$ 492	$ 239
Trade receivables, net	844	580	771
Inventories	1,051	983	1,107
Prepaid expenses and other current assets	212	199	359
Total current assets	2,419	2,254	2,476
Property, plant and equipment, net	2,926	2,880	2,996
Goodwill	2,524	2,462	2,532
Intangibles, net	485	464	587
Other assets	1,105	1,075	1,097
Total assets	9,459	9,135	9,688
Current liabilities:
Short-term loans and long-term debt due within one year	196	195	239
Current portion of asbestos liability	115	115	130
Accounts payable	1,017	1,135	1,050
Other liabilities	531	615	467
Total current liabilities	1,859	2,060	1,886
Long-term debt	5,431	5,133	5,662
Asbestos-related liabilities	565	577	676
Other long-term liabilities	988	1,002	1,048
Share owners’ equity	500	254	299
Noncontrolling interests	116	109	117
Total liabilities and share owners' equity	9,459	9,135	9,688
Eliminations
Current assets:
Investments in and advances to subsidiaries	(2,383)	(2,144)	(2,467)
Total assets	(2,383)	(2,144)	(2,467)
Current liabilities:
Other liabilities	(1)	(2)	(7)
Total current liabilities	(1)	(2)	(7)
Long-term debt	(22)	(250)	(250)
Share owners’ equity	(2,360)	(1,892)	(2,210)
Total liabilities and share owners' equity	(2,383)	(2,144)	(2,467)
Parent
Current assets:
Investments in and advances to subsidiaries	1,203	1,198	1,362
Total assets	1,203	1,198	1,362
Current liabilities:
Current portion of asbestos liability	115	115	130
Other liabilities	1	2	7
Total current liabilities	116	117	137
Long-term debt	22	250	250
Asbestos-related liabilities	565	577	676
Share owners’ equity	500	254	299
Total liabilities and share owners' equity	1,203	1,198	1,362
Guarantor Subsidiaries
Current assets:
Investments in and advances to subsidiaries	1,180	946	1,105
Total assets	1,180	946	1,105
Current liabilities:
Share owners’ equity	1,180	946	1,105
Total liabilities and share owners' equity	1,180	946	1,105
Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	312	492	239
Trade receivables, net	844	580	771
Inventories	1,051	983	1,107
Prepaid expenses and other current assets	212	199	359
Total current assets	2,419	2,254	2,476
Property, plant and equipment, net	2,926	2,880	2,996
Goodwill	2,524	2,462	2,532
Intangibles, net	485	464	587
Other assets	1,105	1,075	1,097
Total assets	9,459	9,135	9,688
Current liabilities:
Short-term loans and long-term debt due within one year	196	195	239
Accounts payable	1,017	1,135	1,050
Other liabilities	531	615	467
Total current liabilities	1,744	1,945	1,756
Long-term debt	5,431	5,133	5,662
Other long-term liabilities	988	1,002	1,048
Share owners’ equity	1,180	946	1,105
Noncontrolling interests	116	109	117
Total liabilities and share owners' equity	$ 9,459	$ 9,135	$ 9,688

Financial Information for Sub56

Financial Information for Subsidiary Guarantors and Non-Guarantors - Results of Operations and Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Results of Operations
Net sales	$ 1,615	$ 1,588
Cost of goods sold	(1,300)	(1,269)
Gross profit	315	319
Selling and administrative expense	(119)	(129)
Research, development and engineering expense	(15)	(15)
Interest expense, net	(78)	(66)
Other equity earnings	15	14
Other expense, net	(45)	(22)
Earnings from continuing operations before income taxes	73	101
Provision for income taxes	(20)	(27)
Earnings from continuing operations	53	74
Loss from discontinued operations		(1)
Net earnings	53	73
Net (earnings) attributable to noncontrolling interests	(4)	(6)
Net earnings attributable to the Company	49	67
Comprehensive Income
Net earnings	53	73
Other comprehensive income (loss), net	194	50
Total comprehensive income	247	123
Comprehensive income attributable to noncontrolling interests	(7)	(9)
Comprehensive income attributable to the Company	240	114
Parent
Results of Operations
Net intercompany interest	21	5
Interest expense, net	(21)	(5)
Equity earnings from subsidiaries	49	67
Earnings from continuing operations before income taxes	49	67
Earnings from continuing operations	49	67
Net earnings	49	67
Net earnings attributable to the Company	49	67
Comprehensive Income
Net earnings	49	67
Other comprehensive income (loss), net	187	50
Total comprehensive income	236	117
Comprehensive income attributable to the Company	236	117
Guarantor Subsidiaries
Results of Operations
Equity earnings from subsidiaries	49	67
Earnings from continuing operations before income taxes	49	67
Earnings from continuing operations	49	67
Net earnings	49	67
Net earnings attributable to the Company	49	67
Comprehensive Income
Net earnings	49	67
Other comprehensive income (loss), net	187	50
Total comprehensive income	236	117
Comprehensive income attributable to the Company	236	117
Non-Guarantor Subsidiaries
Results of Operations
Net sales	1,615	1,588
Cost of goods sold	(1,300)	(1,269)
Gross profit	315	319
Selling and administrative expense	(119)	(129)
Research, development and engineering expense	(15)	(15)
Net intercompany interest	(21)	(5)
Interest expense, net	(57)	(61)
Other equity earnings	15	14
Other expense, net	(45)	(22)
Earnings from continuing operations before income taxes	73	101
Provision for income taxes	(20)	(27)
Earnings from continuing operations	53	74
Loss from discontinued operations		(1)
Net earnings	53	73
Net (earnings) attributable to noncontrolling interests	(4)	(6)
Net earnings attributable to the Company	49	67
Comprehensive Income
Net earnings	53	73
Other comprehensive income (loss), net	194	50
Total comprehensive income	247	123
Comprehensive income attributable to noncontrolling interests	(7)	(9)
Comprehensive income attributable to the Company	240	114
Eliminations
Results of Operations
Equity earnings from subsidiaries	(98)	(134)
Earnings from continuing operations before income taxes	(98)	(134)
Earnings from continuing operations	(98)	(134)
Net earnings	(98)	(134)
Net earnings attributable to the Company	(98)	(134)
Comprehensive Income
Net earnings	(98)	(134)
Other comprehensive income (loss), net	(374)	(100)
Total comprehensive income	(472)	(234)
Comprehensive income attributable to the Company	$ (472)	$ (234)

Financial Information for Sub57

Financial Information for Subsidiary Guarantors and Non-Guarantors - Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows
Cash provided by (utilized in) operating activities	$ (337)	$ (302)
Cash utilized in investing activities	(114)	(133)
Cash provided by (utilized in) financing activities	257	276
Effect of exchange rate change on cash	14	(1)
Decrease in cash	(180)	(160)
Cash at beginning of period	492	399
Cash at end of period	312	239
Parent
Cash Flows
Cash provided by (utilized in) operating activities	(12)	(11)
Cash provided by (utilized in) financing activities	12	11
Non-Guarantor Subsidiaries
Cash Flows
Cash provided by (utilized in) operating activities	(325)	(291)
Cash utilized in investing activities	(114)	(133)
Cash provided by (utilized in) financing activities	245	265
Effect of exchange rate change on cash	14	(1)
Decrease in cash	(180)	(160)
Cash at beginning of period	492	399
Cash at end of period	$ 312	$ 239