O-I Glass (OI) 10-Q 1 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 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	Jun. 30, 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	162,875,946
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED RESULTS

CONDENSED CONSOLIDATED RESULTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
Net sales	$ 1,751	$ 1,760	$ 3,366	$ 3,348
Cost of goods sold	(1,405)	(1,418)	(2,705)	(2,687)
Gross profit	346	342	661	661
Selling and administrative expense	(123)	(126)	(242)	(254)
Research, development and engineering expense	(16)	(16)	(31)	(32)
Interest expense, net	(62)	(67)	(141)	(133)
Equity earnings	18	15	33	29
Other expense, net	(11)	(7)	(56)	(29)
Earnings from continuing operations before income taxes	152	141	224	242
Provision for income taxes	(9)	(30)	(28)	(57)
Earnings from continuing operations	143	111	196	185
Loss from discontinued operations		(2)		(3)
Net earnings	143	109	196	182
Net earnings attributable to noncontrolling interests	(3)	(4)	(8)	(10)
Net earnings attributable to the Company	140	105	188	172
Amounts attributable to the Company:
Earnings from continuing operations	140	107	188	175
Loss from discontinued operations		(2)		(3)
Net earnings attributable to the Company	$ 140	$ 105	$ 188	$ 172
Basic earnings per share:
Earnings from continuing operations (in dollars per share)	$ 0.86	$ 0.66	$ 1.16	$ 1.08
Loss from discontinued operations (in dollars per share)		(0.01)		(0.02)
Net earnings (in dollars per share)	$ 0.86	$ 0.65	$ 1.16	$ 1.06
Weighted average shares outstanding (thousands) (in shares)	162,716	161,945	162,553	161,574
Diluted earnings per share:
Earnings from continuing operations (in dollars per share)	$ 0.85	$ 0.65	$ 1.15	$ 1.07
Loss from discontinued operations (in dollars per share)		(0.01)		(0.02)
Net earnings (in dollars per share)	$ 0.85	$ 0.64	$ 1.15	$ 1.05
Weighted average diluted shares outstanding (thousands) (in shares)	164,482	162,820	164,162	162,307

CONDENSED CONSOLIDATED COMPREHE

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
CONDENSED CONSOLIDATED COMPREHENSIVE INCOME
Net earnings	$ 143	$ 109	$ 196	$ 182
Other comprehensive income (loss):
Foreign currency translation adjustments	14	(108)	202	(14)
Pension and other postretirement benefit adjustments, net of tax	4	26	15	(16)
Change in fair value of derivative instruments, net of tax	(4)	8	(10)	6
Other comprehensive income (loss)	14	(74)	207	(24)
Total comprehensive income (loss)	157	35	403	158
Comprehensive (income) loss attributable to noncontrolling interests	7	8		(2)
Comprehensive income attributable to the Company	$ 164	$ 43	$ 403	$ 156

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 335	$ 492	$ 334
Trade receivables, net of allowance of $35 million, $32 million, and $31 million at June 30, 2017, December 31, 2016 and June 30, 2016	956	580	831
Inventories	1,049	983	1,051
Prepaid expenses and other current assets	214	199	358
Total current assets	2,554	2,254	2,574
Property, plant and equipment, net	2,996	2,880	2,932
Goodwill	2,588	2,462	2,536
Intangibles, net	486	464	517
Other assets	1,156	1,075	1,108
Total assets	9,780	9,135	9,667
Current liabilities:
Short-term loans and long-term debt due within one year	271	195	305
Current portion of asbestos-related liabilities	115	115	130
Accounts payable	1,065	1,135	1,042
Other liabilities	564	615	518
Total current liabilities	2,015	2,060	1,995
Long-term debt	5,471	5,133	5,549
Asbestos-related liabilities	551	577	663
Other long-term liabilities	964	1,002	1,002
Share owners' equity	779	363	458	$ 416	$ 279
Total liabilities and share owners' equity	$ 9,780	$ 9,135	$ 9,667

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
CONSOLIDATED BALANCE SHEETS
Trade receivables allowance	$ 35	$ 32	$ 31

CONDENSED CONSOLIDATED CASH FLO

CONDENSED CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net earnings	$ 196	$ 182
Loss from discontinued operations		3
Non-cash charges
Depreciation and amortization	245	250
Pension expense	15	15
Restructuring, asset impairment and related charges	48	19
Cash payments
Pension contributions	(20)	(9)
Asbestos-related payments	(26)	(24)
Cash paid for restructuring activities	(16)	(17)
Change in components of working capital	(585)	(491)
Other, net (a)	(13)	(35)
Cash utilized in continuing operating activities	(156)	(107)
Cash utilized in discontinued operating activities		(3)
Total cash utilized in operating activities	(156)	(110)
Cash flows from investing activities:
Additions to property, plant and equipment	(186)	(207)
Acquisitions, net of cash acquired	(27)	(31)
Net foreign exchange derivative activity	2	14
Net cash proceeds related to sale of assets	6	34
Cash utilized in investing activities	(205)	(190)
Cash flows from financing activities:
Changes in borrowings, net	215	246
Issuance of common stock and other		5
Distributions to noncontrolling interests	(9)	(10)
Payment of finance fees	(21)	(3)
Cash provided by financing activities	185	238
Effect of exchange rate fluctuations on cash	19	(3)
Decrease in cash	(157)	(65)
Cash at beginning of period	492	399
Cash at end of period	$ 335	$ 334

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 $30 million and $63 million for the three and six months ended June 30, 2017, respectively, and $43 million and $93 million for the three and six months ended June 30, 2016, respectively. Financial information for the three and six months ended June 30, 2017 and 2016 regarding the Company’s reportable segments is as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Net sales: Europe $ 635 $ 646 $ 1,189 $ 1,209 North America 572 599 1,100 1,131 Latin America 370 345 711 657 Asia Pacific 155 158 328 317 Reportable segment totals 1,732 1,748 3,328 3,314 Other 19 12 38 34 Net sales $ 1,751 $ 1,760 $ 3,366 $ 3,348 Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Segment operating profit: Europe $ 80 $ 73 $ 139 $ 128 North America 92 92 177 168 Latin America 69 57 123 120 Asia Pacific 11 11 31 28 Reportable segment totals 252 233 470 444 Items excluded from segment operating profit: Retained corporate costs and other (28) (25) (56) (57) Restructuring, asset impairment and other (10) (49) (12) Interest expense, net (62) (67) (141) (133) Earnings from continuing operations before income taxes $ 152 $ 141 $ 224 $ 242 Financial information regarding the Company’s total assets is as follows: June 30, December 31, June 30, 2017 2016 2016 Total assets: Europe $ 3,074 $ 2,792 $ 2,977 North America 2,781 2,522 2,562 Latin America 2,730 2,537 2,798 Asia Pacific 987 926 981 Reportable segment totals 9,572 8,777 9,318 Other 208 358 349 Consolidated totals $ 9,780 $ 9,135 $ 9,667

Inventories

Inventories	6 Months Ended
	Jun. 30, 2017
Inventories
Inventories	2. Inventories Major classes of inventory at June 30, 2017, December 31, 2016 and June 30, 2016 are as follows: June 30, December 31, June 30, 2017 2016 2016 Finished goods $ 879 $ 827 $ 892 Raw materials 130 118 121 Operating supplies 40 38 38 $ 1,049 $ 983 $ 1,051

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 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 June 30, 2017, December 31, 2016 and June 30, 2016 are as follows: June 30, December 31, June 30, 2017 2016 2016 Prepaid expenses $ 61 $ 50 $ 70 Value added taxes 39 46 172 Other 114 103 116 $ 214 $ 199 $ 358

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 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 June 30, 2017 and 2016, the Company had entered into commodity forward contracts covering approximately 9,800,000 MM BTUs and 11,300,000 MM BTUs, respectively. The Company accounts for the above forward contracts as cash flow hedges at June 30, 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 loss of $1 million at June 30, 2017, an unrecognized gain of $6 million at December 31, 2016 and an unrecognized gain of $3 million at June 30, 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 and six months ended June 30, 2017 and 2016 was not material. The effect of the commodity forward contracts on the results of operations for the three months ended June 30, 2017 and 2016 is as follows: Amount of Gain (Loss) 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 $ (2) $ 7 $ — $ (2) The effect of the commodity forward contracts on the results of operations for the six months ended June 30, 2017 and 2016 is as follows: Amount of Gain (Loss) Reclassified from Amount of Gain 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 $ 4 $ 3 $ — $ — 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 June 30, 2017 and 2016, the Company had outstanding foreign exchange and option agreements denominated in various currencies covering the equivalent of approximately $340 million and $524 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 June 30, 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 $ 4 $ (1) The effect of the foreign exchange derivative contracts on the results of operations for the six months ended June 30, 2017 and 2016 is as follows: Amount of Gain Location of Gain Recognized in Income on Recognized in Income on Foreign Exchange Contracts Foreign Exchange Contracts 2017 2016 Other expense $ 6 $ 4 Hedges of Multiple Risks The Company has variable-interest rate borrowings denominated in currencies other than the functional currency of the borrowing subsidiaries. As a result, the Company is exposed to fluctuations in both the underlying variable interest rate and the currency of the borrowing against the subsidiaries’ functional currency. The Company uses derivatives to manage these exposures and designates these derivatives as cash flow hedges of both interest rate and foreign exchange risks. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges of both interest rate risk and foreign exchange risk is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period for which the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. During the second quarter of 2017, one of the Company’s Euro-functional subsidiaries entered into a cross-currency interest rate swap to manage its exposure to fluctuations in the variable interest rate and the U.S. dollar-Euro exchange rate arising from a U.S. dollar denominated borrowing. This swap involves exchanging fixed rate Euro interest payments for floating rate U.S. dollar interest receipts both of which will occur at the forward exchange rates in effect upon entering into the instrument. This instrument, expected to settle in the third quarter of 2017, has a pay fixed notional amount of €81 million and a receive notional amount of $90 million. 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 June 30, 2017, December 31, 2016 and June 30, 2016: Fair Value Balance Sheet June 30, December 31, June 30, Location 2017 2016 2016 Asset derivatives: Derivatives designated as hedging instruments: Commodity futures contracts a $ — $ 6 $ 3 Derivatives not designated as hedging instruments: Foreign exchange derivative contracts a 2 9 6 Total asset derivatives $ 2 $ 15 $ 9 Liability derivatives: Derivatives designated as hedging instruments: Commodity futures contracts c $ 1 $ — $ — Hedges of multiple risks c 3 Derivatives not designated as hedging instruments: Foreign exchange derivative contracts c 3 5 3 Total liability derivatives $ 7 $ 5 $ 3

Restructuring Accruals

Restructuring Accruals	6 Months Ended
	Jun. 30, 2017
Restructuring Accruals
Restructuring Accruals	5. Restructuring Accruals Selected information related to the restructuring accruals for the three months ended June 30, 2017 and 2016 is as follows: Other Restructuring Actions Balance at April 1, 2017 $ 104 Charges 10 Write-down of assets to net realizable value Net cash paid, principally severance and related benefits (8) Other, including foreign exchange translation 5 Balance at June 30, 2017 $ Other Asia Pacific Restructuring Total Restructuring Actions Restructuring Balance at April 1, 2016 $ 6 $ 34 $ 40 Net cash paid, principally severance and related benefits Other, including foreign exchange translation Balance at June 30, 2016 $ 6 $ 28 $ 34 Selected information related to the restructuring accruals for the six months ended June 30, 2017 and 2016 is as follows: Other Restructuring Actions Balance at January 1, 2017 $ 85 Charges Write-down of assets to net realizable value Net cash paid, principally severance and related benefits Other, including foreign exchange translation Balance at June 30, 2017 $ Other Asia Pacific Restructuring Total Restructuring Actions Restructuring Balance at January 1, 2016 $ 7 $ 36 $ 43 Charges 1 18 19 Write-down of assets to net realizable value (7) (7) Net cash paid, principally severance and related benefits (1) (16) (17) Other, including foreign exchange translation (1) (3) (4) Balance at June 30, 2016 $ 6 $ 28 $ 34 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 six months ended June 30, 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 2018. Beginning in 2017, the Asia Pacific Restructuring program was considered substantially complete and the remaining accrual balance was reclassified into Other Restructuring Actions. Other Restructuring Actions During the three and six months ended June 30, 2017, the Company recorded restructuring, asset impairment and other charges of $10 million and $48 million, respectively. For the six months ended June 30, 2017, these charges primarily consist of employee costs, write-down of assets, and other exit costs in the following regions: Latin America ($33 million), Europe ($13 million) and North America ($2 million). Except for the charges recorded in Europe, the other discrete restructuring charges recorded in 2017 are expected to approximate the total cumulative costs for those actions as no significant additional costs are expected to be incurred. 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 2017 in the Latin American and European regions primarily relate to capacity curtailments and products produced at those facilities have, in large part, been reallocated 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 and six months ended June 30, 2016, the Company recorded restructuring, asset impairment and other charges of $0 and $18 million, respectively. These charges were primarily related to restructuring in the Latin America region. 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	6 Months Ended
	Jun. 30, 2017
Pension Benefit Plans.
Pension Benefit Plans	6. Pension Benefit Plans The components of the net periodic pension cost for the three months ended June 30, 2017 and 2016 are as follows: U.S. Non-U.S. 2017 2016 2017 2016 Service cost $ 4 $ 4 $ 4 $ 5 Interest cost 20 25 11 13 Expected asset return (33) (38) (18) (21) Amortization: Actuarial loss 15 16 5 5 Net periodic pension cost $ 6 $ 7 $ 2 $ 2 The components of the net periodic pension cost for the six months ended June 30, 2017 and 2016 are as follows: U.S. Non-U.S. 2017 2016 2017 2016 Service cost $ 8 $ 8 $ 8 $ 9 Interest cost 40 49 22 26 Expected asset return (66) (76) (36) (42) Amortization: Actuarial loss 29 31 10 10 Net periodic pension cost $ 11 $ 12 $ 4 $ 3 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	6 Months Ended
	Jun. 30, 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, as well as the tax accruals reversed in the second quarter of 2017 due to the resolution of a previous tax matter with a foreign tax authority. 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, and Indonesia. 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	6 Months Ended
	Jun. 30, 2017
Debt
Debt	8. Debt The following table summarizes the long-term debt of the Company: June 30, December 31, June 30, 2017 2016 2016 Secured Credit Agreement: Revolving Credit Facility: Revolving Loans $ 209 $ — $ 203 Term Loans: Term Loan A 1,370 1,395 1,525 Term Loan A (€279 million) 303 282 301 Term Loan B 558 Senior Notes: 6.75%, due 2020 (€500 million) 569 523 551 4.875%, due 2021 (€330 million) 375 345 363 5.00%, due 2022 496 495 494 5.875%, due 2023 684 682 681 3.125%, due 2024 (€725 million at June 30, 2017 and €500 million at December 31, 2016) 819 520 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 58 57 63 Other 22 26 32 Total long-term debt 5,518 5,166 5,611 Less amounts due within one year 47 33 62 Long-term debt $ 5,471 $ 5,133 $ 5,549 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 June 30, 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 ($303 million net of debt issuance costs), each of which has a final maturity date of April 22, 2020. At June 30, 2017, the Company had unused credit of $675 million available under the Amended Agreement. The weighted average interest rate on borrowings outstanding under the Amended Agreement at June 30, 2017 was 2.64%. 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 two fiscal quarters ending 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 June 30, 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 June 30, 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: June 30, December 31, June 30, 2017 2016 2016 Balance (included in short-term loans) $ 182 $ 152 $ 173 Weighted average interest rate 0.74 % 0.74 % 0.70 % 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 June 30, 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) $ 572 $ 119.06 $ 681 4.875%, due 2021 (€330 million) 377 114.02 430 5.00%, due 2022 500 105.45 527 5.875%, due 2023 700 110.21 771 3.125%, due 2024 (€725 million) 829 101.66 843 6.375%, due 2025 300 111.73 335 5.375%, due 2025 300 106.23 319 Senior Debentures: 7.80%, due 2018 22 105.02 23

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2017, has disposed of asbestos claims of approximately 398,000 plaintiffs and claimants at an average indemnity payment per claim of approximately $9,500. 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 June 30, 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	6 Months Ended
	Jun. 30, 2017
Share Owners' Equity
Share Owners' Equity	10. Share Owners’ Equity The activity in share owners’ equity for the three months ended June 30, 2017 and 2016 is as follows: Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on April 1, 2017 $ 2 $ 3,083 $ (557) $ (48) $ (1,981) $ 116 $ 615 Reissuance of common stock (101,687 shares) 2 2 Stock compensation 5 5 Net earnings 140 3 143 Other comprehensive income (loss) 24 (10) 14 Balance on June 30, 2017 $ 2 $ 3,088 $ (555) $ 92 $ (1,957) $ 109 $ 779 Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on April 1, 2016 $ 2 $ 3,074 $ (569) $ (238) $ (1,971) $ 118 $ 416 Reissuance of common stock (49,234 shares) 3 3 Stock compensation 4 4 Net earnings 105 4 109 Other comprehensive income (loss) (62) (12) (74) Balance on June 30, 2016 $ 2 $ 3,078 $ (566) $ (133) $ (2,033) $ 110 $ 458 The activity in share owners’ equity for the six months ended June 30, 2017 and 2016 is as follows: Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on January 1, 2017 $ 2 $ 3,080 $ (560) (96) $ (2,172) $ 109 $ 363 Reissuance of common stock (201,165 shares) 5 5 Stock compensation 8 8 Net earnings 188 8 196 Other comprehensive income (loss) 215 (8) 207 Balance on June 30, 2017 $ 2 $ 3,088 $ (555) $ 92 $ (1,957) $ 109 $ 779 Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on January 1, 2016 $ 2 $ 3,064 $ (573) $ (305) $ (2,017) $ 108 $ 279 Issuance of common stock (504,635 shares) 5 5 Reissuance of common stock (183,836 shares) 7 7 Stock compensation 9 9 Net earnings 172 10 182 Other comprehensive loss (16) (8) (24) Balance on June 30, 2016 $ 2 $ 3,078 $ (566) $ (133) $ (2,033) $ 110 $ 458 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) June 30, December 31, June 30, 2017 2016 2016 Shares of common stock issued (including treasury shares) 185,692 185,355 185,417 Treasury shares 22,816 23,017 23,335

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 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 June 30, 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 April 1, 2017 $ (602) $ (10) $ (1,369) $ (1,981) Change before reclassifications 24 (6) 18 Amounts reclassified from accumulated other comprehensive income (4) (a) 20 (b) 16 Translation effect (10) (10) Tax effect — Other comprehensive income (loss) attributable to the Company 24 (4) 4 24 Balance on June 30, 2017 $ (578) $ (14) $ (1,365) $ (1,957) Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on April 1, 2016 $ (478) $ (19) $ (1,474) $ (1,971) Change before reclassifications (96) (96) Amounts reclassified from accumulated other comprehensive income 7 (a) 15 (b) 22 Translation effect 10 10 Tax effect 1 1 2 Other comprehensive income (loss) attributable to the Company (96) 8 26 (62) Balance on June 30, 2016 $ (574) $ (11) $ (1,448) $ (2,033) (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. The activity in accumulated other comprehensive loss for the six months ended June 30, 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 210 (10) 200 Amounts reclassified from accumulated other comprehensive income (10) (a) 39 (b) 29 Translation effect (14) (14) Tax effect — Other comprehensive income (loss) attributable to the Company 210 (10) 15 215 Balance on June 30, 2017 $ (578) $ (14) $ (1,365) $ (1,957) 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 (6) (6) Amounts reclassified from accumulated other comprehensive income 5 (a) (28) (b) (23) Translation effect 11 11 Tax effect 1 1 2 Other comprehensive income (loss) attributable to the Company (6) 6 (16) (16) Balance on June 30, 2016 $ (574) $ (11) $ (1,448) $ (2,033) (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	6 Months Ended
	Jun. 30, 2017
Other Expense (Income), net
Other Expense (Income), net	12. Other Expense (Income), net Other expense (income), net for the three and six months ended June 30, 2017 and 2016 included the following: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Restructuring, asset impairment and other charges $ 10 $ — $ 49 $ 19 Gain on sale of land in China (7) Foreign currency exchange loss (gain) (1) 1 4 Intangible amortization expense 10 9 20 20 Royalty income (3) (3) (7) (5) Other expense (income) (5) (6) (2) $ 11 $ 7 $ 56 $ 29

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share
Earnings Per Share	13. Earnings Per Share The following tables set forth the computation of basic and diluted earnings per share: Three months ended June 30, 2017 2016 Numerator: Net earnings attributable to the Company $ 140 $ 105 Denominator (in thousands): Denominator for basic earnings per share-weighted average shares outstanding 162,716 161,945 Effect of dilutive securities: Stock options and other 1,766 875 Denominator for diluted earnings per share-adjusted weighted average shares outstanding 164,482 162,820 Basic earnings per share: Earnings from continuing operations $ 0.86 $ 0.66 Loss from discontinued operations (0.01) Net earnings $ 0.86 $ 0.65 Diluted earnings per share: Earnings from continuing operations $ 0.85 $ 0.65 Loss from discontinued operations (0.01) Net earnings $ 0.85 $ 0.64 Options to purchase 1,617,748 and 2,939,441 weighted average shares of common stock which were outstanding during the three months ended June 30, 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. Six months ended June 30, 2017 2016 Numerator: Net earnings attributable to the Company $ 188 $ 172 Denominator (in thousands): Denominator for basic earnings per share-weighted average shares outstanding 162,553 161,574 Effect of dilutive securities: Stock options and other 1,609 733 Denominator for diluted earnings per share-adjusted weighted average shares outstanding 164,162 162,307 Basic earnings per share: Earnings from continuing operations $ 1.16 $ 1.08 Loss from discontinued operations (0.02) Net earnings $ 1.16 $ 1.06 Diluted earnings per share: Earnings from continuing operations $ 1.15 $ 1.07 Loss from discontinued operations (0.02) Net earnings $ 1.15 $ 1.05 Options to purchase 1,912,832 and 2,955,064 weighted average shares of common stock which were outstanding during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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: Six months ended June 30, 2017 2016 Interest paid in cash $ 145 $ 136 Income taxes paid in cash (all non-U.S.) 89 75 Cash interest for the six months ended June 30, 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 June 30, 2017 and June 30, 2016, the amount of receivables sold by the Company was $205 million and $300 million, respectively. Any continuing involvement with the sold receivables is immaterial.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 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 OI European Group B.V. (“OIEG”), a subsidiary of the Company, is free to pursue the enforcement of a prior arbitration award (the “Award”) against Venezuela. As of June 30, 2017, that Award amounts to more than $500 million, including reimbursement of expenses and accrued interest. Venezuela’s application to annul the Award is still pending before an ad hoc committee of the ICSID and a hearing with respect to such application is currently scheduled for September 26-27, 2017. On July 31, 2017, OIEG sold its right, title and interest in amounts due under the Award to an Ireland-domiciled investment fund. Under the terms of the sale, OIEG received a payment, in cash, at closing equal to $115 million (the “Cash Payment”). OIEG may also receive additional payments in the future (“Deferred Amounts”) calculated based on the total compensation that is received from Venezuela as a result of collection efforts or as settlement of the Award with Venezuela. In the event that the Award is partially or completely annulled by the ICSID ad hoc annulment committee, OIEG may be required to repay to the purchaser up to the entire amount of the Cash Payment based on a formula tied to the amount of the Award (if any) that is annulled. In addition, OIEG’s right to receive any Deferred Amounts is subject to the limitations described below. OIEG’s interest in any amounts received in the future from Venezuela in respect of the Award is limited to a percentage of such recovery after taking into account reimbursement of the Cash Payment to the purchaser and reimbursement of legal fees and expenses incurred by the Company and the purchaser. OIEG’s percentage of such recovery will also be reduced over time. Because the Award has yet to be satisfied, the annulment proceeding is pending, and the ability to successfully enforce the Award in countries that are party to the ICSID Convention is subject to significant challenges, the Company is unable to reasonably predict the amount of recoveries from the Award, if any, to which the Company may be entitled in the future. Any future amounts that the Company may receive from the Award are highly speculative and the timing of any such future payments, if any, is highly uncertain. As such, there can be no assurance that the Company will receive any future payments under the Award beyond the Cash Payment. Except as noted above in connection with the annulment proceeding that is pending before the ICSID ad hoc committee, the Cash Payment is not subject to any forfeiture or future adjustment. A separate arbitration involving other subsidiaries of the Company is pending before ICSID to obtain compensation primarily for third-party minority shareholders’ lost interests in the two expropriated plants. For the three and six month periods ending June 30, 2017, the Company has not given recognition to the transaction above in its financial statements. The loss from discontinued operations of less than $1 million and $3 million for the six months ended June 30, 2017 and June 30, 2016, respectively, relates to ongoing costs for the Venezuelan expropriation.

New Accounting Pronouncement

New Accounting Pronouncement	6 Months Ended
	Jun. 30, 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. Compensation – Retirement Benefits - In March 2017, the FASB issued ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” which requires the service cost component to be presented with other employee compensation costs in operating income within the income statement while the other components will be reported separately outside of operations. Application of the standard is required for annual periods beginning after December 15, 2017. The adoption of this standard is not expected to have a material impact on the Company’s condensed consolidated financial statements.

Financial Information for Subsi

Financial Information for Subsidiary Guarantors and Non-Guarantors	6 Months Ended
	Jun. 30, 2017
Financial Information for Subsidiary Guarantors and Non-Guarantors
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. June 30, 2017 Guarantor Non-Guarantor Balance Sheet Parent Subsidiaries Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ — $ 335 $ — $ 335 Trade receivables, net 956 956 Inventories 1,049 1,049 Prepaid expenses and other current assets 214 214 Total current assets — — 2,554 — 2,554 Investments in and advances to subsidiaries 1,358 1,336 — (2,694) — Property, plant and equipment, net 2,996 2,996 Goodwill 2,588 2,588 Intangibles, net 486 486 Other assets 1,156 1,156 Total assets $ 1,358 $ 1,336 $ 9,780 $ (2,694) $ 9,780 Current liabilities : Short-term loans and long-term debt due within one year $ 22 $ — $ 271 $ (22) $ 271 Current portion of asbestos liability 115 — 115 Accounts payable 1,065 1,065 Other liabilities 564 — 564 Total current liabilities 137 — 1,900 (22) 2,015 Long-term debt 5,471 — 5,471 Asbestos-related liabilities 551 551 Other long-term liabilities 964 964 Share owners’ equity 670 1,336 1,336 (2,672) 670 Noncontrolling interests 109 109 Total liabilities and share owners’ equity $ 1,358 $ 1,336 $ 9,780 $ (2,694) $ 9,780 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 June 30, 2016 Non- Guarantor Guarantor Balance Sheet Parent Subsidiaries Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ — $ 334 $ — $ 334 Trade receivables, net 831 831 Inventories 1,051 1,051 Prepaid expenses and other current assets 358 358 Total current assets — — 2,574 — 2,574 Investments in and advances to subsidiaries 1,394 1,142 (2,536) — Property, plant and equipment, net 2,932 2,932 Goodwill 2,536 2,536 Intangibles, net 517 517 Other assets 1,108 1,108 Total assets $ 1,394 $ 1,142 $ 9,667 $ (2,536) $ 9,667 Current liabilities : Short-term loans and long-term debt due within one year $ — $ — $ 305 $ — $ 305 Current portion of asbestos liability 130 130 Accounts payable 1,042 1,042 Other liabilities 2 518 (2) 518 Total current liabilities 132 — 1,865 (2) 1,995 Long-term debt 250 5,549 (250) 5,549 Asbestos-related liabilities 663 663 Other long-term liabilities 1,002 1,002 Share owners’ equity 349 1,142 1,142 (2,284) 349 Noncontrolling interests 109 109 Total liabilities and share owners’ equity $ 1,394 $ 1,142 $ 9,667 $ (2,536) $ 9,667 Three months ended June 30, 2017 Non- Guarantor Guarantor Results of Operations Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ — $ — $ 1,751 $ — $ 1,751 Cost of goods sold (1,405) (1,405) Gross profit — — 346 — 346 Selling and administrative expense (123) (123) Research, development and engineering expense (16) (16) Net intercompany interest — Interest expense, net (62) (62) Equity earnings from subsidiaries 143 143 (286) — Other equity earnings 18 18 Other expense, net (11) (11) Earnings before income taxes 143 143 152 (286) 152 Provision for income taxes (9) (9) Earnings from continuing operations 143 143 143 (286) 143 Loss from discontinued operations — Net earnings 143 143 143 (286) 143 Net (earnings) attributable to noncontrolling interests (3) (3) Net earnings attributable to the Company $ 143 $ 143 $ 140 $ (286) $ 140 Three months ended June 30, 2017 Non- Guarantor Guarantor Comprehensive Income Parent Subsidiaries Subsidiaries Eliminations Consolidated Net earnings $ 143 $ 143 $ 143 $ (286) $ 143 Other comprehensive income (loss), net 20 20 14 (40) 14 Total comprehensive loss 163 163 157 (326) 157 Comprehensive income attributable to noncontrolling interests 7 7 Comprehensive income attributable to the Company $ 163 $ 163 $ 164 $ (326) $ 164 Three months ended June 30, 2016 Non- Guarantor Guarantor Results of Operations Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ — $ — $ 1,760 $ — $ 1,760 Cost of goods sold (1,418) (1,418) Gross profit — — 342 — 342 Selling and administrative expense (126) (126) Research, development and engineering expense (16) (16) Net intercompany interest 5 (5) — Interest expense, net (5) (62) (67) Equity earnings from subsidiaries 105 105 (210) — Other equity earnings 15 15 Other expense, net (7) (7) Earnings before income taxes 105 105 141 (210) 141 Provision for income taxes (30) (30) Earnings from continuing operations 105 105 111 (210) 111 Loss from discontinued operations (2) (2) Net earnings 105 105 109 (210) 109 Net (earnings) attributable to noncontrolling interests (4) (4) Net earnings attributable to the Company $ 105 $ 105 $ 105 $ (210) $ 105 Three months ended June 30, 2016 Non- Guarantor Guarantor Comprehensive Income Parent Subsidiaries Subsidiaries Eliminations Consolidated Net earnings $ 105 $ 105 $ 109 $ (210) $ 109 Other comprehensive income (loss), net (66) (66) (74) 132 (74) Total comprehensive loss 39 39 35 (78) 35 Comprehensive income attributable to noncontrolling interests 8 8 Comprehensive loss attributable to the Company $ 39 $ 39 $ 43 $ (78) $ 43 Six months ended June 30, 2017 Non- Guarantor Guarantor Results of Operations Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ — $ — $ 3,366 $ — $ 3,366 Cost of goods sold (2,705) (2,705) Gross profit — — 661 — 661 Selling and administrative expense (242) (242) Research, development and engineering expense (31) (31) Net intercompany interest 21 (21) — Interest expense, net (21) (120) (141) Equity earnings from subsidiaries 192 192 (384) — Other equity earnings 33 33 Other expense, net (56) (56) Earnings before income taxes 192 192 224 (384) 224 Provision for income taxes (28) (28) Earnings from continuing operations 192 192 196 (384) 196 Loss from discontinued operations — Net earnings 192 192 196 (384) 196 Net (earnings) attributable to noncontrolling interests (8) (8) Net earnings attributable to the Company $ 192 $ 192 $ 188 $ (384) $ 188 Six months ended June 30, 2017 Non- Guarantor Guarantor Comprehensive Income Parent Subsidiaries Subsidiaries Eliminations Consolidated Net earnings $ 192 $ 192 $ 196 $ (384) $ 196 Other comprehensive income (loss), net 207 207 207 (414) 207 Total comprehensive income (loss) 399 399 403 (798) 403 Comprehensive income attributable to noncontrolling interests — Comprehensive income (loss) attributable to the Company $ 399 $ 399 $ 403 $ (798) $ 403 Six months ended June 30, 2016 Non- Guarantor Guarantor Results of Operations Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ — $ — $ 3,348 $ — $ 3,348 Cost of goods sold (2,687) (2,687) Gross profit — — 661 — 661 Selling and administrative expense (254) (254) Research, development and engineering expense (32) (32) Net intercompany interest 10 (10) — Interest expense, net (10) (123) (133) Equity earnings from subsidiaries 172 172 (344) — Other equity earnings 29 29 Other expense, net (29) (29) Earnings before income taxes 172 172 242 (344) 242 Provision for income taxes (57) (57) Earnings from continuing operations 172 172 185 (344) 185 Loss from discontinued operations (3) (3) Net earnings 172 172 182 (344) 182 Net (earnings) attributable to noncontrolling interests (10) (10) Net earnings attributable to the Company $ 172 $ 172 $ 172 $ (344) $ 172 Six months ended June 30, 2016 Non- Guarantor Guarantor Comprehensive Income Parent Subsidiaries Subsidiaries Eliminations Consolidated Net earnings $ 172 $ 172 $ 182 $ (344) $ 182 Other comprehensive income (loss), net (26) (26) (24) 52 (24) Total comprehensive loss 146 146 158 (292) 158 Comprehensive income attributable to noncontrolling interests (2) (2) Comprehensive income (loss) attributable to the Company $ 146 $ 146 $ 156 $ (292) $ 156 Six months ended June 30, 2017 Non- Guarantor Guarantor Cash Flows Parent Subsidiaries Subsidiaries Eliminations Consolidated Cash utilized in operating activities $ (26) $ — (130) $ — $ (156) Cash utilized in investing activities (205) (205) Cash provided by financing activities 26 159 185 Effect of exchange rate change on cash 19 19 Net change in cash — — (157) — (157) Cash at beginning of period 492 492 Cash at end of period $ — $ — $ 335 $ — $ 335 Six months ended June 30, 2016 Non- Guarantor Guarantor Cash Flows Parent Subsidiaries Subsidiaries Eliminations Consolidated Cash utilized in operating activities $ (24) $ — $ (86) $ — $ (110) Cash utilized in investing activities (190) (190) Cash provided by financing activities 24 214 238 Effect of exchange rate change on cash (3) (3) Net change in cash — — (65) — (65) Cash at beginning of period 399 399 Cash at end of period $ — $ — $ 334 $ — $ 334

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Information
Net sales for the Company's reportable segments	Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Net sales: Europe $ 635 $ 646 $ 1,189 $ 1,209 North America 572 599 1,100 1,131 Latin America 370 345 711 657 Asia Pacific 155 158 328 317 Reportable segment totals 1,732 1,748 3,328 3,314 Other 19 12 38 34 Net sales $ 1,751 $ 1,760 $ 3,366 $ 3,348
Segment operating profit (loss) for the Company's reportable segments	Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Segment operating profit: Europe $ 80 $ 73 $ 139 $ 128 North America 92 92 177 168 Latin America 69 57 123 120 Asia Pacific 11 11 31 28 Reportable segment totals 252 233 470 444 Items excluded from segment operating profit: Retained corporate costs and other (28) (25) (56) (57) Restructuring, asset impairment and other (10) (49) (12) Interest expense, net (62) (67) (141) (133) Earnings from continuing operations before income taxes $ 152 $ 141 $ 224 $ 242
Total assets for the Company's reportable segments	June 30, December 31, June 30, 2017 2016 2016 Total assets: Europe $ 3,074 $ 2,792 $ 2,977 North America 2,781 2,522 2,562 Latin America 2,730 2,537 2,798 Asia Pacific 987 926 981 Reportable segment totals 9,572 8,777 9,318 Other 208 358 349 Consolidated totals $ 9,780 $ 9,135 $ 9,667

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2017
Inventories
Major classes of inventory	June 30, December 31, June 30, 2017 2016 2016 Finished goods $ 879 $ 827 $ 892 Raw materials 130 118 121 Operating supplies 40 38 38 $ 1,049 $ 983 $ 1,051

Prepaid Expenses and Other Cu26

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Prepaid Expenses and Other Current Assets
Schedule of Prepaid expenses and other current assets	June 30, December 31, June 30, 2017 2016 2016 Prepaid expenses $ 61 $ 50 $ 70 Value added taxes 39 46 172 Other 114 103 116 $ 214 $ 199 $ 358

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments
Effect of commodity forward contracts designated as cash flow hedges on the results of operations	The effect of the commodity forward contracts on the results of operations for the three months ended June 30, 2017 and 2016 is as follows: Amount of Gain (Loss) 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 $ (2) $ 7 $ — $ (2) The effect of the commodity forward contracts on the results of operations for the six months ended June 30, 2017 and 2016 is as follows: Amount of Gain (Loss) Reclassified from Amount of Gain 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 $ 4 $ 3 $ — $ —
Effect of the foreign exchange contracts not designated as hedging instruments on the results of operations	The effect of the foreign exchange derivative contracts on the results of operations for the three months ended June 30, 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 $ 4 $ (1) The effect of the foreign exchange derivative contracts on the results of operations for the six months ended June 30, 2017 and 2016 is as follows: Amount of Gain Location of Gain Recognized in Income on Recognized in Income on Foreign Exchange Contracts Foreign Exchange Contracts 2017 2016 Other expense $ 6 $ 4
Balance Sheet Classification of derivative instruments	Fair Value Balance Sheet June 30, December 31, June 30, Location 2017 2016 2016 Asset derivatives: Derivatives designated as hedging instruments: Commodity futures contracts a $ — $ 6 $ 3 Derivatives not designated as hedging instruments: Foreign exchange derivative contracts a 2 9 6 Total asset derivatives $ 2 $ 15 $ 9 Liability derivatives: Derivatives designated as hedging instruments: Commodity futures contracts c $ 1 $ — $ — Hedges of multiple risks c 3 Derivatives not designated as hedging instruments: Foreign exchange derivative contracts c 3 5 3 Total liability derivatives $ 7 $ 5 $ 3

Restructuring Accruals (Tables)

Restructuring Accruals (Tables)	6 Months Ended
	Jun. 30, 2017
Restructuring Accruals
Selected information related to the restructuring accruals	Selected information related to the restructuring accruals for the three months ended June 30, 2017 and 2016 is as follows: Other Restructuring Actions Balance at April 1, 2017 $ 104 Charges 10 Write-down of assets to net realizable value Net cash paid, principally severance and related benefits (8) Other, including foreign exchange translation 5 Balance at June 30, 2017 $ Other Asia Pacific Restructuring Total Restructuring Actions Restructuring Balance at April 1, 2016 $ 6 $ 34 $ 40 Net cash paid, principally severance and related benefits Other, including foreign exchange translation Balance at June 30, 2016 $ 6 $ 28 $ 34 Selected information related to the restructuring accruals for the six months ended June 30, 2017 and 2016 is as follows: Other Restructuring Actions Balance at January 1, 2017 $ 85 Charges Write-down of assets to net realizable value Net cash paid, principally severance and related benefits Other, including foreign exchange translation Balance at June 30, 2017 $ Other Asia Pacific Restructuring Total Restructuring Actions Restructuring Balance at January 1, 2016 $ 7 $ 36 $ 43 Charges 1 18 19 Write-down of assets to net realizable value (7) (7) Net cash paid, principally severance and related benefits (1) (16) (17) Other, including foreign exchange translation (1) (3) (4) Balance at June 30, 2016 $ 6 $ 28 $ 34

Pension Benefit Plans (Tables)

Pension Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Pension Benefit Plans.
Components of net periodic pension cost (income) and net periodic postretirement (benefit) cost	The components of the net periodic pension cost for the three months ended June 30, 2017 and 2016 are as follows: U.S. Non-U.S. 2017 2016 2017 2016 Service cost $ 4 $ 4 $ 4 $ 5 Interest cost 20 25 11 13 Expected asset return (33) (38) (18) (21) Amortization: Actuarial loss 15 16 5 5 Net periodic pension cost $ 6 $ 7 $ 2 $ 2 The components of the net periodic pension cost for the six months ended June 30, 2017 and 2016 are as follows: U.S. Non-U.S. 2017 2016 2017 2016 Service cost $ 8 $ 8 $ 8 $ 9 Interest cost 40 49 22 26 Expected asset return (66) (76) (36) (42) Amortization: Actuarial loss 29 31 10 10 Net periodic pension cost $ 11 $ 12 $ 4 $ 3

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt
Long-term Debt	June 30, December 31, June 30, 2017 2016 2016 Secured Credit Agreement: Revolving Credit Facility: Revolving Loans $ 209 $ — $ 203 Term Loans: Term Loan A 1,370 1,395 1,525 Term Loan A (€279 million) 303 282 301 Term Loan B 558 Senior Notes: 6.75%, due 2020 (€500 million) 569 523 551 4.875%, due 2021 (€330 million) 375 345 363 5.00%, due 2022 496 495 494 5.875%, due 2023 684 682 681 3.125%, due 2024 (€725 million at June 30, 2017 and €500 million at December 31, 2016) 819 520 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 58 57 63 Other 22 26 32 Total long-term debt 5,518 5,166 5,611 Less amounts due within one year 47 33 62 Long-term debt $ 5,471 $ 5,133 $ 5,549
Information related to accounts receivable securitization program	June 30, December 31, June 30, 2017 2016 2016 Balance (included in short-term loans) $ 182 $ 152 $ 173 Weighted average interest rate 0.74 % 0.74 % 0.70 %
Fair values of the Company's significant fixed rate debt obligations	Fair values at June 30, 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) $ 572 $ 119.06 $ 681 4.875%, due 2021 (€330 million) 377 114.02 430 5.00%, due 2022 500 105.45 527 5.875%, due 2023 700 110.21 771 3.125%, due 2024 (€725 million) 829 101.66 843 6.375%, due 2025 300 111.73 335 5.375%, due 2025 300 106.23 319 Senior Debentures: 7.80%, due 2018 22 105.02 23

Share Owners' Equity (Tables)

Share Owners' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Share Owners' Equity
Activity in share owner's equity	The activity in share owners’ equity for the three months ended June 30, 2017 and 2016 is as follows: Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on April 1, 2017 $ 2 $ 3,083 $ (557) $ (48) $ (1,981) $ 116 $ 615 Reissuance of common stock (101,687 shares) 2 2 Stock compensation 5 5 Net earnings 140 3 143 Other comprehensive income (loss) 24 (10) 14 Balance on June 30, 2017 $ 2 $ 3,088 $ (555) $ 92 $ (1,957) $ 109 $ 779 Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on April 1, 2016 $ 2 $ 3,074 $ (569) $ (238) $ (1,971) $ 118 $ 416 Reissuance of common stock (49,234 shares) 3 3 Stock compensation 4 4 Net earnings 105 4 109 Other comprehensive income (loss) (62) (12) (74) Balance on June 30, 2016 $ 2 $ 3,078 $ (566) $ (133) $ (2,033) $ 110 $ 458 The activity in share owners’ equity for the six months ended June 30, 2017 and 2016 is as follows: Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on January 1, 2017 $ 2 $ 3,080 $ (560) (96) $ (2,172) $ 109 $ 363 Reissuance of common stock (201,165 shares) 5 5 Stock compensation 8 8 Net earnings 188 8 196 Other comprehensive income (loss) 215 (8) 207 Balance on June 30, 2017 $ 2 $ 3,088 $ (555) $ 92 $ (1,957) $ 109 $ 779 Share Owners’ Equity of the Company Accumulated Capital in Other Non- Total Share Common Excess of Treasury Retained Comprehensive controlling Owners' Stock Par Value Stock Earnings Loss Interests Equity Balance on January 1, 2016 $ 2 $ 3,064 $ (573) $ (305) $ (2,017) $ 108 $ 279 Issuance of common stock (504,635 shares) 5 5 Reissuance of common stock (183,836 shares) 7 7 Stock compensation 9 9 Net earnings 172 10 182 Other comprehensive loss (16) (8) (24) Balance on June 30, 2016 $ 2 $ 3,078 $ (566) $ (133) $ (2,033) $ 110 $ 458
Schedule of shares outstanding	Shares Outstanding (in thousands) June 30, December 31, June 30, 2017 2016 2016 Shares of common stock issued (including treasury shares) 185,692 185,355 185,417 Treasury shares 22,816 23,017 23,335

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2017
Accumulated Other Comprehensive Loss
Component of accumulated other comprehensive loss	The activity in accumulated other comprehensive loss for the three months ended June 30, 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 April 1, 2017 $ (602) $ (10) $ (1,369) $ (1,981) Change before reclassifications 24 (6) 18 Amounts reclassified from accumulated other comprehensive income (4) (a) 20 (b) 16 Translation effect (10) (10) Tax effect — Other comprehensive income (loss) attributable to the Company 24 (4) 4 24 Balance on June 30, 2017 $ (578) $ (14) $ (1,365) $ (1,957) Total Accumulated Net Effect of Change in Certain Other Exchange Rate Derivative Employee Comprehensive Fluctuations Instruments Benefit Plans Loss Balance on April 1, 2016 $ (478) $ (19) $ (1,474) $ (1,971) Change before reclassifications (96) (96) Amounts reclassified from accumulated other comprehensive income 7 (a) 15 (b) 22 Translation effect 10 10 Tax effect 1 1 2 Other comprehensive income (loss) attributable to the Company (96) 8 26 (62) Balance on June 30, 2016 $ (574) $ (11) $ (1,448) $ (2,033) (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. The activity in accumulated other comprehensive loss for the six months ended June 30, 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 210 (10) 200 Amounts reclassified from accumulated other comprehensive income (10) (a) 39 (b) 29 Translation effect (14) (14) Tax effect — Other comprehensive income (loss) attributable to the Company 210 (10) 15 215 Balance on June 30, 2017 $ (578) $ (14) $ (1,365) $ (1,957) 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 (6) (6) Amounts reclassified from accumulated other comprehensive income 5 (a) (28) (b) (23) Translation effect 11 11 Tax effect 1 1 2 Other comprehensive income (loss) attributable to the Company (6) 6 (16) (16) Balance on June 30, 2016 $ (574) $ (11) $ (1,448) $ (2,033) (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)	6 Months Ended
	Jun. 30, 2017
Other Expense (Income), net
Schedule of other expense (income), net	Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Restructuring, asset impairment and other charges $ 10 $ — $ 49 $ 19 Gain on sale of land in China (7) Foreign currency exchange loss (gain) (1) 1 4 Intangible amortization expense 10 9 20 20 Royalty income (3) (3) (7) (5) Other expense (income) (5) (6) (2) $ 11 $ 7 $ 56 $ 29

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share
Computation of basic and diluted earnings per share	Three months ended June 30, 2017 2016 Numerator: Net earnings attributable to the Company $ 140 $ 105 Denominator (in thousands): Denominator for basic earnings per share-weighted average shares outstanding 162,716 161,945 Effect of dilutive securities: Stock options and other 1,766 875 Denominator for diluted earnings per share-adjusted weighted average shares outstanding 164,482 162,820 Basic earnings per share: Earnings from continuing operations $ 0.86 $ 0.66 Loss from discontinued operations (0.01) Net earnings $ 0.86 $ 0.65 Diluted earnings per share: Earnings from continuing operations $ 0.85 $ 0.65 Loss from discontinued operations (0.01) Net earnings $ 0.85 $ 0.64 Six months ended June 30, 2017 2016 Numerator: Net earnings attributable to the Company $ 188 $ 172 Denominator (in thousands): Denominator for basic earnings per share-weighted average shares outstanding 162,553 161,574 Effect of dilutive securities: Stock options and other 1,609 733 Denominator for diluted earnings per share-adjusted weighted average shares outstanding 164,162 162,307 Basic earnings per share: Earnings from continuing operations $ 1.16 $ 1.08 Loss from discontinued operations (0.02) Net earnings $ 1.16 $ 1.06 Diluted earnings per share: Earnings from continuing operations $ 1.15 $ 1.07 Loss from discontinued operations (0.02) Net earnings $ 1.15 $ 1.05

Supplemental Cash Flow Inform35

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Information
Supplemental cash flow information	Six months ended June 30, 2017 2016 Interest paid in cash $ 145 $ 136 Income taxes paid in cash (all non-U.S.) 89 75

Financial Information for Sub36

Financial Information for Subsidiary Guarantors and Non-Guarantors (Tables)	6 Months Ended
	Jun. 30, 2017
Financial Information for Subsidiary Guarantors and Non-Guarantors
Balance Sheet	June 30, 2017 Guarantor Non-Guarantor Balance Sheet Parent Subsidiaries Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ — $ 335 $ — $ 335 Trade receivables, net 956 956 Inventories 1,049 1,049 Prepaid expenses and other current assets 214 214 Total current assets — — 2,554 — 2,554 Investments in and advances to subsidiaries 1,358 1,336 — (2,694) — Property, plant and equipment, net 2,996 2,996 Goodwill 2,588 2,588 Intangibles, net 486 486 Other assets 1,156 1,156 Total assets $ 1,358 $ 1,336 $ 9,780 $ (2,694) $ 9,780 Current liabilities : Short-term loans and long-term debt due within one year $ 22 $ — $ 271 $ (22) $ 271 Current portion of asbestos liability 115 — 115 Accounts payable 1,065 1,065 Other liabilities 564 — 564 Total current liabilities 137 — 1,900 (22) 2,015 Long-term debt 5,471 — 5,471 Asbestos-related liabilities 551 551 Other long-term liabilities 964 964 Share owners’ equity 670 1,336 1,336 (2,672) 670 Noncontrolling interests 109 109 Total liabilities and share owners’ equity $ 1,358 $ 1,336 $ 9,780 $ (2,694) $ 9,780 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 June 30, 2016 Non- Guarantor Guarantor Balance Sheet Parent Subsidiaries Subsidiaries Eliminations Consolidated Current assets: Cash and cash equivalents $ — $ — $ 334 $ — $ 334 Trade receivables, net 831 831 Inventories 1,051 1,051 Prepaid expenses and other current assets 358 358 Total current assets — — 2,574 — 2,574 Investments in and advances to subsidiaries 1,394 1,142 (2,536) — Property, plant and equipment, net 2,932 2,932 Goodwill 2,536 2,536 Intangibles, net 517 517 Other assets 1,108 1,108 Total assets $ 1,394 $ 1,142 $ 9,667 $ (2,536) $ 9,667 Current liabilities : Short-term loans and long-term debt due within one year $ — $ — $ 305 $ — $ 305 Current portion of asbestos liability 130 130 Accounts payable 1,042 1,042 Other liabilities 2 518 (2) 518 Total current liabilities 132 — 1,865 (2) 1,995 Long-term debt 250 5,549 (250) 5,549 Asbestos-related liabilities 663 663 Other long-term liabilities 1,002 1,002 Share owners’ equity 349 1,142 1,142 (2,284) 349 Noncontrolling interests 109 109 Total liabilities and share owners’ equity $ 1,394 $ 1,142 $ 9,667 $ (2,536) $ 9,667
Results of Operations and Comprehensive Income	Three months ended June 30, 2017 Non- Guarantor Guarantor Results of Operations Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ — $ — $ 1,751 $ — $ 1,751 Cost of goods sold (1,405) (1,405) Gross profit — — 346 — 346 Selling and administrative expense (123) (123) Research, development and engineering expense (16) (16) Net intercompany interest — Interest expense, net (62) (62) Equity earnings from subsidiaries 143 143 (286) — Other equity earnings 18 18 Other expense, net (11) (11) Earnings before income taxes 143 143 152 (286) 152 Provision for income taxes (9) (9) Earnings from continuing operations 143 143 143 (286) 143 Loss from discontinued operations — Net earnings 143 143 143 (286) 143 Net (earnings) attributable to noncontrolling interests (3) (3) Net earnings attributable to the Company $ 143 $ 143 $ 140 $ (286) $ 140 Three months ended June 30, 2017 Non- Guarantor Guarantor Comprehensive Income Parent Subsidiaries Subsidiaries Eliminations Consolidated Net earnings $ 143 $ 143 $ 143 $ (286) $ 143 Other comprehensive income (loss), net 20 20 14 (40) 14 Total comprehensive loss 163 163 157 (326) 157 Comprehensive income attributable to noncontrolling interests 7 7 Comprehensive income attributable to the Company $ 163 $ 163 $ 164 $ (326) $ 164 Three months ended June 30, 2016 Non- Guarantor Guarantor Results of Operations Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ — $ — $ 1,760 $ — $ 1,760 Cost of goods sold (1,418) (1,418) Gross profit — — 342 — 342 Selling and administrative expense (126) (126) Research, development and engineering expense (16) (16) Net intercompany interest 5 (5) — Interest expense, net (5) (62) (67) Equity earnings from subsidiaries 105 105 (210) — Other equity earnings 15 15 Other expense, net (7) (7) Earnings before income taxes 105 105 141 (210) 141 Provision for income taxes (30) (30) Earnings from continuing operations 105 105 111 (210) 111 Loss from discontinued operations (2) (2) Net earnings 105 105 109 (210) 109 Net (earnings) attributable to noncontrolling interests (4) (4) Net earnings attributable to the Company $ 105 $ 105 $ 105 $ (210) $ 105 Three months ended June 30, 2016 Non- Guarantor Guarantor Comprehensive Income Parent Subsidiaries Subsidiaries Eliminations Consolidated Net earnings $ 105 $ 105 $ 109 $ (210) $ 109 Other comprehensive income (loss), net (66) (66) (74) 132 (74) Total comprehensive loss 39 39 35 (78) 35 Comprehensive income attributable to noncontrolling interests 8 8 Comprehensive loss attributable to the Company $ 39 $ 39 $ 43 $ (78) $ 43 Six months ended June 30, 2017 Non- Guarantor Guarantor Results of Operations Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ — $ — $ 3,366 $ — $ 3,366 Cost of goods sold (2,705) (2,705) Gross profit — — 661 — 661 Selling and administrative expense (242) (242) Research, development and engineering expense (31) (31) Net intercompany interest 21 (21) — Interest expense, net (21) (120) (141) Equity earnings from subsidiaries 192 192 (384) — Other equity earnings 33 33 Other expense, net (56) (56) Earnings before income taxes 192 192 224 (384) 224 Provision for income taxes (28) (28) Earnings from continuing operations 192 192 196 (384) 196 Loss from discontinued operations — Net earnings 192 192 196 (384) 196 Net (earnings) attributable to noncontrolling interests (8) (8) Net earnings attributable to the Company $ 192 $ 192 $ 188 $ (384) $ 188 Six months ended June 30, 2017 Non- Guarantor Guarantor Comprehensive Income Parent Subsidiaries Subsidiaries Eliminations Consolidated Net earnings $ 192 $ 192 $ 196 $ (384) $ 196 Other comprehensive income (loss), net 207 207 207 (414) 207 Total comprehensive income (loss) 399 399 403 (798) 403 Comprehensive income attributable to noncontrolling interests — Comprehensive income (loss) attributable to the Company $ 399 $ 399 $ 403 $ (798) $ 403 Six months ended June 30, 2016 Non- Guarantor Guarantor Results of Operations Parent Subsidiaries Subsidiaries Eliminations Consolidated Net sales $ — $ — $ 3,348 $ — $ 3,348 Cost of goods sold (2,687) (2,687) Gross profit — — 661 — 661 Selling and administrative expense (254) (254) Research, development and engineering expense (32) (32) Net intercompany interest 10 (10) — Interest expense, net (10) (123) (133) Equity earnings from subsidiaries 172 172 (344) — Other equity earnings 29 29 Other expense, net (29) (29) Earnings before income taxes 172 172 242 (344) 242 Provision for income taxes (57) (57) Earnings from continuing operations 172 172 185 (344) 185 Loss from discontinued operations (3) (3) Net earnings 172 172 182 (344) 182 Net (earnings) attributable to noncontrolling interests (10) (10) Net earnings attributable to the Company $ 172 $ 172 $ 172 $ (344) $ 172 Six months ended June 30, 2016 Non- Guarantor Guarantor Comprehensive Income Parent Subsidiaries Subsidiaries Eliminations Consolidated Net earnings $ 172 $ 172 $ 182 $ (344) $ 182 Other comprehensive income (loss), net (26) (26) (24) 52 (24) Total comprehensive loss 146 146 158 (292) 158 Comprehensive income attributable to noncontrolling interests (2) (2) Comprehensive income (loss) attributable to the Company $ 146 $ 146 $ 156 $ (292) $ 156
Cash Flows	Six months ended June 30, 2017 Non- Guarantor Guarantor Cash Flows Parent Subsidiaries Subsidiaries Eliminations Consolidated Cash utilized in operating activities $ (26) $ — (130) $ — $ (156) Cash utilized in investing activities (205) (205) Cash provided by financing activities 26 159 185 Effect of exchange rate change on cash 19 19 Net change in cash — — (157) — (157) Cash at beginning of period 492 492 Cash at end of period $ — $ — $ 335 $ — $ 335 Six months ended June 30, 2016 Non- Guarantor Guarantor Cash Flows Parent Subsidiaries Subsidiaries Eliminations Consolidated Cash utilized in operating activities $ (24) $ — $ (86) $ — $ (110) Cash utilized in investing activities (190) (190) Cash provided by financing activities 24 214 238 Effect of exchange rate change on cash (3) (3) Net change in cash — — (65) — (65) Cash at beginning of period 399 399 Cash at end of period $ — $ — $ 334 $ — $ 334

Segment Information - Reportabl

Segment Information - Reportable Segments (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)item	Jun. 30, 2016USD ($)
Segment Reporting Information
Number of reportable segments | item			4
Net sales:
Net sales	$ 1,751	$ 1,760	$ 3,366	$ 3,348
Items excluded from Segment Operating Profit:
Retained corporate costs and other	(28)	(25)	(56)	(57)
Restructuring, asset impairment and other	(10)		(49)	(12)
Interest expense, net
Interest expense, net	(62)	(67)	(141)	(133)
Earnings from continuing operations before income taxes
Earnings from continuing operations before income taxes	152	141	224	242
Reportable Segment Totals
Net sales:
Net sales	1,732	1,748	3,328	3,314
Segment operating profit:
Segment operating profit	252	233	470	444
Europe
Net sales:
Net sales	635	646	1,189	1,209
Segment operating profit:
Segment operating profit	80	73	139	128
North America
Net sales:
Net sales	572	599	1,100	1,131
Segment operating profit:
Segment operating profit	92	92	177	168
Latin America
Net sales:
Net sales	370	345	711	657
Segment operating profit:
Segment operating profit	69	57	123	120
Latin America | Intercompany sales
Net sales:
Net sales	30	43	63	93
Asia Pacific
Net sales:
Net sales	155	158	328	317
Segment operating profit:
Segment operating profit	11	11	31	28
Other
Net sales:
Net sales	$ 19	$ 12	$ 38	$ 34

Segment Information - Total Ass

Segment Information - Total Assets (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Assets
Total assets:	$ 9,780	$ 9,135	$ 9,667
Reportable Segment Totals
Assets
Total assets:	9,572	8,777	9,318
Europe
Assets
Total assets:	3,074	2,792	2,977
North America
Assets
Total assets:	2,781	2,522	2,562
Latin America
Assets
Total assets:	2,730	2,537	2,798
Asia Pacific
Assets
Total assets:	987	926	981
Other
Assets
Total assets:	$ 208	$ 358	$ 349

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Inventories
Finished goods	$ 879	$ 827	$ 892
Raw materials	130	118	121
Operating supplies	40	38	38
Inventories	$ 1,049	$ 983	$ 1,051

Prepaid Expenses and Other Cu40

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Prepaid expenses and other current assets:
Prepaid expenses	$ 61	$ 50	$ 70
Value added taxes	39	46	172
Other	114	103	116
Prepaid expenses and other current assets	$ 214	$ 199	$ 358

Derivative Instruments - Deriva

Derivative Instruments - Derivatives and Hedges (Details) € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)MMBTU	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)MMBTU	Jun. 30, 2017EUR (€)MMBTU	Jun. 30, 2017USD ($)MMBTU	Dec. 31, 2016USD ($)
Commodity futures contracts | Cash Flow Hedges
Derivatives and Hedges
Coverage of commodity forward contracts (in MM BTUs) | MMBTU		11,300,000		11,300,000	9,800,000	9,800,000
Unrecognized (loss) gain included in Accumulated OCI		$ 3		$ 3		$ (1)	$ 6
Commodity forward contracts gain (loss) recognized in OCI	$ (2)	7	$ 4	3
Commodity forward contracts gain (loss) reclassified from accumulated OCI into income		(2)
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other Expense
Derivatives and Hedges
Foreign exchange contracts gain (loss) recognized in income	$ 4	(1)	$ 6	4
Forward exchange contracts | Derivatives not designated as hedging instruments
Derivatives and Hedges
Notional amount		$ 524		$ 524		340
Cross-currency interest rate swap | Cash Flow Hedges
Derivatives and Hedges
Notional amount					€ 81	$ 90

Derivative Instruments - Balanc

Derivative Instruments - Balance Sheet Classification (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Derivatives, Fair Value
Total asset derivatives	$ 2	$ 15	$ 9
Total liability derivatives	7	5	3
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other assets.
Derivatives, Fair Value
Total asset derivatives	2	9	6
Derivatives not designated as hedging instruments | Forward exchange contracts | Other liabilities (current)
Derivatives, Fair Value
Total liability derivatives	3	5	3
Derivatives designated as hedging instruments | Commodity futures contracts | Other assets.
Derivatives, Fair Value
Total asset derivatives		$ 6	$ 3
Derivatives designated as hedging instruments | Commodity futures contracts | Other liabilities (current)
Derivatives, Fair Value
Total liability derivatives	1
Derivatives designated as hedging instruments | Cross-currency interest rate swap | Other liabilities (current)
Derivatives, Fair Value
Total liability derivatives	$ 3

Restructuring Accruals (Details

Restructuring Accruals (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Restructuring accrual
Beginning balance, restructuring reserve		$ 40		$ 43
Charges			$ 48	19
Write-down of assets to net realizable value				(7)
Net cash paid, principally severance and related benefits		(4)	(16)	(17)
Other, including foreign exchange translation		(2)		(4)
Ending balance, restructuring reserve		34		34
Asia Pacific Restructuring
Restructuring accrual
Beginning balance, restructuring reserve		6		7
Charges				1
Net cash paid, principally severance and related benefits				(1)
Other, including foreign exchange translation				(1)
Ending balance, restructuring reserve		6		6
Restructuring, Additional Information
Cumulative employee costs and asset impairments				224
Other Restructuring Actions
Restructuring accrual
Beginning balance, restructuring reserve	$ 104	34	85	36
Charges	10		48	18
Write-down of assets to net realizable value			(9)	(7)
Net cash paid, principally severance and related benefits	(8)	(4)	(16)	(16)
Other, including foreign exchange translation	5	(2)	3	(3)
Ending balance, restructuring reserve	$ 111	$ 28	111	28
Restructuring, Additional Information
Other restructuring costs				1
Other Restructuring Actions | Latin America
Restructuring, Additional Information
Employee costs, asset impairments and other exit costs			33	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	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
U.S Pension Plans
Components of net periodic pension cost
Service cost		$ 4	$ 4	$ 8	$ 8
Interest cost		20	25	40	49
Expected asset return		(33)	(38)	(66)	(76)
Amortization:
Actuarial loss		15	16	29	31
Net periodic pension cost		6	7	11	12
Increase in pension liability	$ 60
Non-U.S. Pension Plans
Components of net periodic pension cost
Service cost		4	5	8	9
Interest cost		11	13	22	26
Expected asset return		(18)	(21)	(36)	(42)
Amortization:
Actuarial loss		5	5	10	10
Net periodic pension cost		$ 2	$ 2	$ 4	$ 3

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 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			6 Months Ended
	Mar. 31, 2017USD ($)	Nov. 30, 2016USD ($)	Aug. 31, 2015USD ($)	Jun. 30, 2017USD ($)item	Jun. 30, 2017EUR (€)	Jun. 30, 2017USD ($)$ / shares	Dec. 31, 2016EUR (€)	Dec. 31, 2016USD ($)	Nov. 30, 2016EUR (€)	Jun. 30, 2016USD ($)	Feb. 03, 2016
Debt Instrument
Total long-term debt						$ 5,518		$ 5,166		$ 5,611
Less amounts due within one year						47		33		62
Long-term debt						5,471		5,133		5,549
Accounts receivable securitization
Short-term loans and long-term debt due within one year						271		195		305
Fair values of fixed rate debt obligations
Interest charges for note repurchase premiums and related write-off of unamortized finance fees	$ 17
New Agreement
Debt Instrument
Leverage ratio, period one											4.50%
Leverage ratio, period two											4.00%
Unused Credit						$ 675
Number financial maintenance covenants | item				1
Accounts receivable securitization
Weighted average interest rate, short-term debt (as a percent)					2.64%	2.64%
Revolving Loans
Debt Instrument
Total long-term debt						$ 209				203
Term Loan A
Debt Instrument
Total long-term debt						1,370		1,395		1,525
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	303		282		301
Net proceeds, after deducting debt issuance costs				$ 303
Term Loan B
Debt Instrument
Total long-term debt										558
Senior Notes 6.75%, due 2020 (500 million EUR)
Debt Instrument
Total long-term debt					€ 500	$ 569		523		551
Interest rate, stated percentage					6.75%	6.75%
Fair values of fixed rate debt obligations
Principal Amount						$ 572
Indicated Market Price (in dollars per share) | $ / shares						$ 119.06
Fair Value						$ 681
Senior Notes 4.875%, due 2021 (330 million EUR)
Debt Instrument
Total long-term debt					€ 330	$ 375		345		363
Interest rate, stated percentage					4.875%	4.875%
Fair values of fixed rate debt obligations
Principal Amount						$ 377
Indicated Market Price (in dollars per share) | $ / shares						$ 114.02
Fair Value						$ 430
Senior Notes 5.00%, due 2022
Debt Instrument
Total long-term debt						$ 496		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						$ 105.45
Fair Value						$ 527
Senior Notes 5.875% due 2023
Debt Instrument
Total long-term debt						$ 684		682		681
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						$ 110.21
Fair Value						$ 771
3.125%, due 2024 (725 million EUR at June 30, 2017 and 500 million EUR at December 31, 2016)
Debt Instrument
Total long-term debt					€ 725	$ 819	€ 500	520
Interest rate, stated percentage	3.125%				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						$ 829
Indicated Market Price (in dollars per share) | $ / shares						$ 101.66
Fair Value						$ 843
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						$ 106.23
Fair Value						$ 319
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						$ 111.73
Fair Value						$ 335
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						$ 105.02
Fair Value						$ 23
Capital leases
Debt Instrument
Total long-term debt						58		57		63
Other debt
Debt Instrument
Total long-term debt						22		26		32
Revolving Credit Facility | New Agreement
Debt Instrument
Total long-term debt						300
Multicurrency Revolving Credit Facility | New Agreement
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						$ 182		$ 152		$ 173
Weighted average interest rate, short-term debt (as a percent)					0.74%	0.74%	0.74%	0.74%		0.70%
European Accounts Receivable Securitization Program
Accounts receivable securitization
Maximum Borrowing Capacity | €					€ 185
Parent
Debt Instrument
Long-term debt								$ 250		$ 250
Accounts receivable securitization
Short-term loans and long-term debt due within one year						$ 22
Minimum | 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 | 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)	6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)item	Jun. 30, 2016USD ($)	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	$ 9,500
Payments for Asbestos-Related Liabilities	26,000,000	$ 24,000,000	$ 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Increase (Decrease) in Share Owners' Equity
Balance		$ 416	$ 363	$ 279
Issuance of common stock				$ 5
Issuance of common stock (in shares)				504,635
Reissuance of common stock		$ 3	$ 5	$ 7
Reissuance of common stock (in shares)	101,687	49,234	201,165	183,836
Stock compensation		$ 4	$ 8	$ 9
Net earnings	$ 143	109	196	182
Other comprehensive income (loss)		(74)	207	(24)
Balance	$ 779	$ 458	$ 779	$ 458
Common Stock, Number of Shares, Par Value and Other Disclosures
Common stock, shares authorized	250,000,000		250,000,000
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Shares of common stock issued (including treasury shares)	185,692,000	185,417,000	185,692,000	185,417,000	185,355,000
Treasury stock, shares	22,816,000	23,335,000	22,816,000	23,335,000	23,017,000
Common Stock
Increase (Decrease) in Share Owners' Equity
Balance	$ 2	$ 2	$ 2	$ 2
Balance	2	2	2	2
Capital in Excess of Par Value
Increase (Decrease) in Share Owners' Equity
Balance	3,083	3,074	3,080	3,064
Issuance of common stock				5
Stock compensation	5	4	8	9
Balance	3,088	3,078	3,088	3,078
Treasury Stock
Increase (Decrease) in Share Owners' Equity
Balance	(557)	(569)	(560)	(573)
Reissuance of common stock	2	3	5	7
Balance	(555)	(566)	(555)	(566)
Retained Earnings (Loss)
Increase (Decrease) in Share Owners' Equity
Balance	(48)	(238)	(96)	(305)
Net earnings	140	105	188	172
Balance	92	(133)	92	(133)
Accumulated Other Comprehensive Loss.
Increase (Decrease) in Share Owners' Equity
Balance	(1,981)	(1,971)	(2,172)	(2,017)
Other comprehensive income (loss)	24	(62)	215	(16)
Balance	(1,957)	(2,033)	(1,957)	(2,033)
Non-controlling Interests
Increase (Decrease) in Share Owners' Equity
Balance	116	118	109	108
Net earnings	3	4	8	10
Other comprehensive income (loss)	(10)	(12)	(8)	(8)
Balance	$ 109	$ 110	$ 109	$ 110

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance		$ 416	$ 363	$ 279
Other comprehensive income (loss)	$ 14	(74)	207	(24)
Balance	779	458	779	458
Net Effect of Exchange Rate Fluctuations
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance	(602)	(478)	(788)	(568)
Change before reclassifications	24	(96)	210	(6)
Other comprehensive income (loss)	24	(96)	210	(6)
Balance	(578)	(574)	(578)	(574)
Change in Certain Derivative Instruments
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance	(10)	(19)	(4)	(17)
Amounts reclassified from accumulated other comprehensive income	(4)	7	(10)	5
Tax effect		1		1
Other comprehensive income (loss)	(4)	8	(10)	6
Balance	(14)	(11)	(14)	(11)
Employee Benefit Plans
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance	(1,369)	(1,474)	(1,380)	(1,432)
Change before reclassifications	(6)		(10)
Amounts reclassified from accumulated other comprehensive income	20	15	39	(28)
Translation effect	(10)	10	(14)	11
Tax effect		1		1
Other comprehensive income (loss)	4	26	15	(16)
Balance	(1,365)	(1,448)	(1,365)	(1,448)
Accumulated Other Comprehensive Loss.
Increase (Decrease) Accumulated Other Comprehensive Loss, Net of Tax
Balance	(1,981)	(1,971)	(2,172)	(2,017)
Change before reclassifications	18	(96)	200	(6)
Amounts reclassified from accumulated other comprehensive income	16	22	29	(23)
Translation effect	(10)	10	(14)	11
Tax effect		2		2
Other comprehensive income (loss)	24	(62)	215	(16)
Balance	$ (1,957)	$ (2,033)	$ (1,957)	$ (2,033)

Other Expense (Income), net (De

Other Expense (Income), net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Expense (Income), net
Restructuring, asset impairment and other charges	$ 10		$ 49	$ 19
Gain on sale of land in China				(7)
Foreign currency exchange loss (gain)	(1)	$ 1		4
Intangible amortization expense	10	9	20	20
Royalty income	(3)	(3)	(7)	(5)
Other expense (income)	(5)		(6)	(2)
Other Expense (Income), net	$ 11	$ 7	$ 56	$ 29

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net earnings attributable to the Company	$ 140	$ 105	$ 188	$ 172
Denominator (in thousands):
Denominator for basic earnings per share - weighted average shares outstanding (in shares)	162,716,000	161,945,000	162,553,000	161,574,000
Effect of dilutive securities:
Stock options and other (in shares)	1,766,000	875,000	1,609,000	733,000
Denominator for diluted earnings per share - adjusted weighted average shares outstanding (in shares)	164,482,000	162,820,000	164,162,000	162,307,000
Basic earnings per share:
Earnings from continuing operations (in dollars per share)	$ 0.86	$ 0.66	$ 1.16	$ 1.08
Loss from discontinued operations (in dollars per share)		(0.01)		(0.02)
Net earnings (in dollars per share)	0.86	0.65	1.16	1.06
Diluted earnings per share:
Earnings from continuing operations (in dollars per share)	0.85	0.65	1.15	1.07
Loss from discontinued operations (in dollars per share)		(0.01)		(0.02)
Net earnings (in dollars per share)	$ 0.85	$ 0.64	$ 1.15	$ 1.05
Weighted average shares of common stock attributable to options not included in diluted earnings per share (in shares)	1,617,748	2,939,441	1,912,832	2,955,064

Supplemental Cash Flow Inform52

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental Cash Flow Information
Interest paid in cash	$ 145	$ 136
Income taxes paid in cash (all non-US)	89	75
Interest paid for note repurchase premiums related to debt repaid prior to maturity	16
Amount of receivables sold	$ 205	$ 300

Discontinued Operations (Detail

Discontinued Operations (Details) $ in Millions	Jul. 31, 2017USD ($)	Apr. 04, 2016Plant	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Subsidiaries
Loss from discontinued operations			$ (2)		$ (3)
OI European Group B.V. (“OIEG”)
Subsidiaries
Litigation Settlement, Amount	$ 115
Minimum | OI European Group B.V. (“OIEG”)
Subsidiaries
Litigation Settlement, Amount				$ 500
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)	$ (3)

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	6 Months Ended
	Jun. 30, 2017USD ($)item	Dec. 31, 2016USD ($)	Jun. 30, 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	$ 335	$ 492	$ 334
Trade receivables, net	956	580	831
Inventories	1,049	983	1,051
Prepaid expenses and other current assets	214	199	358
Total current assets	2,554	2,254	2,574
Property, plant and equipment, net	2,996	2,880	2,932
Goodwill	2,588	2,462	2,536
Intangibles, net	486	464	517
Other assets	1,156	1,075	1,108
Total assets	9,780	9,135	9,667
Current liabilities:
Short-term loans and long-term debt due within one year	271	195	305
Current portion of asbestos liability	115	115	130
Accounts payable	1,065	1,135	1,042
Other liabilities	564	615	518
Total current liabilities	2,015	2,060	1,995
Long-term debt	5,471	5,133	5,549
Asbestos-related liabilities	551	577	663
Other long-term liabilities	964	1,002	1,002
Share owners’ equity	670	254	349
Noncontrolling interests	109	109	109
Total liabilities and share owners' equity	9,780	9,135	9,667
Eliminations
Current assets:
Investments in and advances to subsidiaries	(2,694)	(2,144)	(2,536)
Total assets	(2,694)	(2,144)	(2,536)
Current liabilities:
Short-term loans and long-term debt due within one year	(22)
Other liabilities		(2)	(2)
Total current liabilities	(22)	(2)	(2)
Long-term debt		(250)	(250)
Share owners’ equity	(2,672)	(1,892)	(2,284)
Total liabilities and share owners' equity	(2,694)	(2,144)	(2,536)
Parent
Current assets:
Investments in and advances to subsidiaries	1,358	1,198	1,394
Total assets	1,358	1,198	1,394
Current liabilities:
Short-term loans and long-term debt due within one year	22
Current portion of asbestos liability	115	115	130
Other liabilities		2	2
Total current liabilities	137	117	132
Long-term debt		250	250
Asbestos-related liabilities	551	577	663
Share owners’ equity	670	254	349
Total liabilities and share owners' equity	1,358	1,198	1,394
Guarantor Subsidiaries
Current assets:
Investments in and advances to subsidiaries	1,336	946	1,142
Total assets	1,336	946	1,142
Current liabilities:
Share owners’ equity	1,336	946	1,142
Total liabilities and share owners' equity	1,336	946	1,142
Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	335	492	334
Trade receivables, net	956	580	831
Inventories	1,049	983	1,051
Prepaid expenses and other current assets	214	199	358
Total current assets	2,554	2,254	2,574
Property, plant and equipment, net	2,996	2,880	2,932
Goodwill	2,588	2,462	2,536
Intangibles, net	486	464	517
Other assets	1,156	1,075	1,108
Total assets	9,780	9,135	9,667
Current liabilities:
Short-term loans and long-term debt due within one year	271	195	305
Accounts payable	1,065	1,135	1,042
Other liabilities	564	615	518
Total current liabilities	1,900	1,945	1,865
Long-term debt	5,471	5,133	5,549
Other long-term liabilities	964	1,002	1,002
Share owners’ equity	1,336	946	1,142
Noncontrolling interests	109	109	109
Total liabilities and share owners' equity	$ 9,780	$ 9,135	$ 9,667

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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Results of Operations
Net sales	$ 1,751	$ 1,760	$ 3,366	$ 3,348
Cost of goods sold	(1,405)	(1,418)	(2,705)	(2,687)
Gross profit	346	342	661	661
Selling and administrative expense	(123)	(126)	(242)	(254)
Research, development and engineering expense	(16)	(16)	(31)	(32)
Interest expense, net	(62)	(67)	(141)	(133)
Other equity earnings	18	15	33	29
Other expense, net	(11)	(7)	(56)	(29)
Earnings from continuing operations before income taxes	152	141	224	242
Provision for income taxes	(9)	(30)	(28)	(57)
Earnings from continuing operations	143	111	196	185
Loss from discontinued operations		(2)		(3)
Net earnings	143	109	196	182
Net (earnings) attributable to noncontrolling interests	(3)	(4)	(8)	(10)
Net earnings attributable to the Company	140	105	188	172
Comprehensive Income
Net earnings	143	109	196	182
Other comprehensive income (loss), net	14	(74)	207	(24)
Total comprehensive income (loss)	157	35	403	158
Comprehensive income (loss) attributable to noncontrolling interests	7	8		(2)
Comprehensive income attributable to the Company	164	43	403	156
Parent
Results of Operations
Net intercompany interest		5	21	10
Interest expense, net		(5)	(21)	(10)
Equity earnings from subsidiaries	143	105	192	172
Earnings from continuing operations before income taxes	143	105	192	172
Earnings from continuing operations	143	105	192	172
Net earnings	143	105	192	172
Net earnings attributable to the Company	143	105	192	172
Comprehensive Income
Net earnings	143	105	192	172
Other comprehensive income (loss), net	20	(66)	207	(26)
Total comprehensive income (loss)	163	39	399	146
Comprehensive income attributable to the Company	163	39	399	146
Guarantor Subsidiaries
Results of Operations
Equity earnings from subsidiaries	143	105	192	172
Earnings from continuing operations before income taxes	143	105	192	172
Earnings from continuing operations	143	105	192	172
Net earnings	143	105	192	172
Net earnings attributable to the Company	143	105	192	172
Comprehensive Income
Net earnings	143	105	192	172
Other comprehensive income (loss), net	20	(66)	207	(26)
Total comprehensive income (loss)	163	39	399	146
Comprehensive income attributable to the Company	163	39	399	146
Non-Guarantor Subsidiaries
Results of Operations
Net sales	1,751	1,760	3,366	3,348
Cost of goods sold	(1,405)	(1,418)	(2,705)	(2,687)
Gross profit	346	342	661	661
Selling and administrative expense	(123)	(126)	(242)	(254)
Research, development and engineering expense	(16)	(16)	(31)	(32)
Net intercompany interest		(5)	(21)	(10)
Interest expense, net	(62)	(62)	(120)	(123)
Other equity earnings	18	15	33	29
Other expense, net	(11)	(7)	(56)	(29)
Earnings from continuing operations before income taxes	152	141	224	242
Provision for income taxes	(9)	(30)	(28)	(57)
Earnings from continuing operations	143	111	196	185
Loss from discontinued operations		(2)		(3)
Net earnings	143	109	196	182
Net (earnings) attributable to noncontrolling interests	(3)	(4)	(8)	(10)
Net earnings attributable to the Company	140	105	188	172
Comprehensive Income
Net earnings	143	109	196	182
Other comprehensive income (loss), net	14	(74)	207	(24)
Total comprehensive income (loss)	157	35	403	158
Comprehensive income (loss) attributable to noncontrolling interests	7	8		(2)
Comprehensive income attributable to the Company	164	43	403	156
Eliminations
Results of Operations
Equity earnings from subsidiaries	(286)	(210)	(384)	(344)
Earnings from continuing operations before income taxes	(286)	(210)	(384)	(344)
Earnings from continuing operations	(286)	(210)	(384)	(344)
Net earnings	(286)	(210)	(384)	(344)
Net earnings attributable to the Company	(286)	(210)	(384)	(344)
Comprehensive Income
Net earnings	(286)	(210)	(384)	(344)
Other comprehensive income (loss), net	(40)	132	(414)	52
Total comprehensive income (loss)	(326)	(78)	(798)	(292)
Comprehensive income attributable to the Company	$ (326)	$ (78)	$ (798)	$ (292)

Financial Information for Sub57

Financial Information for Subsidiary Guarantors and Non-Guarantors - Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows
Cash provided by (utilized in) operating activities	$ (156)	$ (110)
Cash utilized in investing activities	(205)	(190)
Cash provided by (utilized in) financing activities	185	238
Effect of exchange rate change on cash	19	(3)
Decrease in cash	(157)	(65)
Cash at beginning of period	492	399
Cash at end of period	335	334
Parent
Cash Flows
Cash provided by (utilized in) operating activities	(26)	(24)
Cash provided by (utilized in) financing activities	26	24
Non-Guarantor Subsidiaries
Cash Flows
Cash provided by (utilized in) operating activities	(130)	(86)
Cash utilized in investing activities	(205)	(190)
Cash provided by (utilized in) financing activities	159	214
Effect of exchange rate change on cash	19	(3)
Decrease in cash	(157)	(65)
Cash at beginning of period	492	399
Cash at end of period	$ 335	$ 334