Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 13, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'Affinia Group Intermediate Holdings Inc. | ' |
Entity Central Index Key | '0001328655 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 1,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $364 | $351 | $1,060 | $1,023 |
Cost of sales | -274 | -269 | -800 | -784 |
Gross profit | 90 | 82 | 260 | 239 |
Selling, general and administrative expenses | -48 | -51 | -150 | -142 |
Operating profit | 42 | 31 | 110 | 97 |
Loss on extinguishment of debt | ' | ' | ' | -15 |
Other income and expense, net | ' | -1 | -10 | -3 |
Interest expense | -15 | -15 | -45 | -58 |
Income from continuing operations before income tax provision, equity in income (loss), net of tax and noncontrolling interest | 27 | 15 | 55 | 21 |
Income tax provision | -10 | -8 | -26 | -12 |
Equity in income (loss), net of tax | ' | -2 | ' | -2 |
Net income from continuing operations | 17 | 5 | 29 | 7 |
Income from discontinued operations, net of tax | 6 | 4 | 28 | 7 |
Net income | 23 | 9 | 57 | 14 |
Less: net income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Net income (loss) attributable to the Company | $23 | $9 | $57 | $14 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $23 | $9 | $57 | $14 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Change in fair value of interest rate swap | 1 | -1 | -4 | 5 |
Change in foreign currency translation adjustments | -20 | 2 | -13 | -15 |
Total other comprehensive (loss) income | -19 | 1 | -17 | -10 |
Total comprehensive income | 4 | 10 | 40 | 4 |
Less: comprehensive income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Comprehensive income attributable to the Company | $4 | $10 | $40 | $4 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $58 | $101 |
Trade accounts receivable, less allowances | 171 | 141 |
Inventories, net | 230 | 221 |
Current deferred taxes | 32 | 39 |
Prepaid taxes | 29 | 29 |
Other current assets | 37 | 32 |
Current assets of discontinued operations | ' | 141 |
Total current assets | 557 | 704 |
Property, plant, and equipment, net | 121 | 123 |
Goodwill | 3 | 3 |
Other intangible assets, net | 55 | 60 |
Deferred financing costs | 15 | 18 |
Deferred income taxes | 108 | 80 |
Investments and other assets | 18 | 21 |
Total assets | 877 | 1,009 |
Liabilities and shareholder's equity (deficit) | ' | ' |
Accounts payable | 141 | 121 |
Notes payable | 13 | 23 |
Current maturities of long-term debt | ' | 7 |
Other accrued expenses | 92 | 78 |
Accrued payroll and employee benefits | 23 | 19 |
Current liabilities of discontinued operations | ' | 31 |
Total current liabilities | 269 | 279 |
Long-term debt | 807 | 907 |
Deferred employee benefits and other noncurrent liabilities | 21 | 24 |
Total liabilities | 1,097 | 1,210 |
Contingencies and commitments | ' | ' |
Shareholder's equity: | ' | ' |
Common stock, $.01 par value, 1,000 shares authorized, issued and outstanding | 0 | 0 |
Additional paid-in capital | 454 | 456 |
Accumulated deficit | -638 | -638 |
Accumulated other comprehensive loss | -37 | -20 |
Total shareholder's deficit of the Company | -221 | -202 |
Noncontrolling interest in consolidated subsidiaries | 1 | 1 |
Total shareholder's deficit | -220 | -201 |
Total liabilities and shareholder's equity (deficit) | $877 | $1,009 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Trade accounts receivable, allowances | $4 | $2 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities | ' | ' |
Net income | $57 | $14 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 15 | 17 |
Currency devaluation | 7 | 2 |
Gain on the sale of Chassis group | -32 | ' |
Stock-based compensation | ' | 1 |
Loss on extinguishment of debt | ' | 15 |
Write-off of unamortized deferred financing costs | 1 | 8 |
Write-off of original issue discount on Subordinated Notes | ' | 1 |
Provision for deferred income taxes | -29 | 9 |
Change in trade accounts receivable | -58 | -24 |
Change in inventories | -19 | -6 |
Change in other current operating assets | 3 | -33 |
Change in other current operating liabilities | 54 | 51 |
Change in other | 5 | 14 |
Net cash provided by operating activities | 4 | 69 |
Investing activities | ' | ' |
Proceeds from the sale of Chassis group | 149 | ' |
Proceeds from the sale of an equity method investment | 4 | ' |
Investment in companies, net cash acquired | ' | -1 |
Additions to property, plant and equipment | -18 | -18 |
Net cash provided by (used in) investing activities | 135 | -19 |
Financing activities | ' | ' |
Net decrease in other short-term debt | ' | -1 |
Payment of deferred financing costs | ' | -15 |
Repayments of other debt | -10 | ' |
Repayments of Secured Notes | ' | -195 |
Repayments of Subordinated Notes | ' | -367 |
Repayment of Term Loans | -109 | -1 |
Proceeds from Senior Notes | ' | 250 |
Proceeds from Term Loans | ' | 667 |
Distribution to our shareholders | -57 | -352 |
Net cash used in financing activities | -176 | -14 |
Effect of exchange rates on cash | -6 | -1 |
(Decrease) increase in cash and cash equivalents | -43 | 35 |
Cash and cash equivalents at beginning of the period | 101 | 51 |
Cash and cash equivalents at end of the period | $58 | $86 |
Description_of_Business
Description of Business | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
1. DESCRIPTION OF BUSINESS | |
Affinia Group Intermediate Holdings Inc. (the “Company”), headquartered in Gastonia, North Carolina, is an innovative global leader in the design, manufacture, distribution and marketing of industrial grade filtration products and services and replacement products in South America. The Company’s broad range of filtration and other products are sold in North America, Europe, South America, Asia and Africa. The Company’s brands include WIX®, FiltronTM, Nakata® and ecoLAST®. Additionally, the Company provides private label products for certain customers, including NAPA® | |
The Company is wholly-owned by Affinia Group Holdings Inc. (“Holdings”), a company controlled by affiliates of The Cypress Group, L.L.C. (“Cypress”). | |
As discussed further in Note 5 to the Condensed Consolidated Financial Statements, “Discontinued Operation—Chassis”, in the fourth quarter of 2013, management committed to a plan to sell its global chassis business (the “Chassis group”) to F-M Chassis, an affiliate of Federal-Mogul Corporation. Accordingly, the results of the Chassis group have been included as a component of discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented. The sale of the Chassis group was completed on May 1, 2014. | |
The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. In these Notes to the Condensed Consolidated Financial Statements, the terms the “Company,” “we,” “our” and “us” refer to Affinia Group Intermediate Holdings Inc. and its direct and indirect subsidiaries on a consolidated basis. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
2. BASIS OF PRESENTATION | |
These Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP in the U.S. for annual financial statements. Because the interim Condensed Consolidated Financial Statements and Notes do not include all information and notes required by GAAP in the U.S. for annual financial statements, the Condensed Consolidated Financial Statements and other information included in this quarterly report should be read in conjunction with the Consolidated Financial Statements and Notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
These Condensed Consolidated Financial Statements reflect all normal recurring adjustments that, in the opinion of management, are necessary to fairly present the financial position and results of operations. Amounts reported in the interim Condensed Consolidated Statement of Operations and the interim Condensed Consolidated Statements of Comprehensive Income (Loss) are not necessarily indicative of amounts expected for the respective annual periods. | |
In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Pronouncements | ' |
3. NEW ACCOUNTING PRONOUNCEMENTS | |
Accounting Pronouncements Issued But Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This ASU is effective for reporting periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently assessing the impact that this new ASU will have on its revenue recognition upon adoption. | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 amends the definition of a discontinued operation in Accounting Standards Codification (“ASC”) 205-20 and requires entities to provide additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued operations criteria. The FASB issued the ASU to provide more decision-useful information and to make it more difficult for a disposal transaction to qualify as a discontinued operation. In addition, the ASU requires entities to reclassify assets and liabilities of a discontinued operation for all comparative periods in the statement of financial position, as well as significant changes to the presentation requirements within the statement of cash flows. This ASU is effective for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014. Early adoption is permitted. The adoption of this ASU could have a significant impact on the financial statement presentation associated with any disposal transactions that could occur once this ASU becomes effective. | |
Adopted Accounting Pronouncements | |
In July 2013, the FASB issued ASU 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” ASU 2013-10 allows the Fed Funds Effective Swap Rate to be designated as a U.S. benchmark interest rate for hedge accounting purposes, in addition to interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate (“LIBOR”). The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The Company does not anticipate the requirements of ASU 2013-10 will have a material impact on the consolidated financial statements because the Company currently has not entered into any new or redesignated hedging relationships that meet these requirements. | |
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective for annual reporting periods beginning on or after December 15, 2013 and subsequent interim periods. The adoption of this standard has not had any impact on the presentation of unrecognized tax benefits in the Condensed Consolidated Balance Sheets. | |
In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters (Topic 830)—Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” ASU No. 2013-05 resolves the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. ASU 2013-5 is effective prospectively for the first annual period beginning after December 15, 2013. The adoption of this standard did not have any current impact on the results of operations, cash flows or financial position. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||||||
4. SEGMENT INFORMATION | |||||||||||||||||||||||||||||||||
The Company has two operating segments, Filtration and Affinia South America (“ASA”), which are considered reportable segments under ASC 280 “Segment Reporting.” Operating segments are determined based on information used by the chief operating decision maker (“CODM”) in deciding how to allocate resources and evaluate the performance of our businesses. Management evaluates the performance of its operating segments based primarily on revenue growth and operating profit. Although not considered an operating segment, corporate, eliminations and other includes corporate costs, interest expense and other amounts not allocated to the operating segments. | |||||||||||||||||||||||||||||||||
The Filtration segment is the Company’s largest business unit, having contributed approximately 70% of global revenues during the three and nine months ended September 30, 2014. Our Filtration products fit medium and heavy duty trucks, light vehicles, equipment in the off-highway market (i.e. residential and non-residential construction, mining, forestry and agricultural) and equipment for industrial and marine applications. The Filtration segment’s products include oil, air, fuel, cabin air, coolant, hydraulic and other filters for many types of vehicles and machinery. The products are sold under well-known brands, such as WIX® and Filtron, and private label brands including NAPA®. | |||||||||||||||||||||||||||||||||
The ASA segment focuses on distributing and manufacturing brake, suspension, driveshaft and U-joint components, water and fuel pumps, filters, engine products, motorcycle products, accessories and other critical aftermarket components through its operations in Argentina, Brazil, Uruguay and Venezuela. The majority of the ASA segment’s revenue is generated in Brazil. In Brazil, ASA’s operations are conducted through Affinia Automotiva, an aftermarket parts manufacturer and master distributor, and Pellegrino, a warehouse distributor. Affinia Automotiva manufactures Nakata® brand shock absorbers and distributes those and third party products to warehouse distributors, including Pellegrino. | |||||||||||||||||||||||||||||||||
The following table presents financial information for each of our reportable segments, as well as for corporate, eliminations and other, and on a consolidated basis: | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Corporate, | Corporate, | ||||||||||||||||||||||||||||||||
Eliminations & | Eliminations & | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Filtration | ASA | Other | Consolidated | Filtration | ASA | Other | Consolidated | |||||||||||||||||||||||||
Net Sales | $ | 248 | $ | 116 | $ | — | $ | 364 | $ | 234 | $ | 117 | $ | — | $ | 351 | |||||||||||||||||
Operating Profit | 43 | 9 | (10 | ) | 42 | 35 | 9 | (13 | ) | 31 | |||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Corporate, | Corporate, | ||||||||||||||||||||||||||||||||
Eliminations & | Eliminations & | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Filtration | ASA | Other | Consolidated | Filtration | ASA | Other | Consolidated | |||||||||||||||||||||||||
Net Sales | $ | 732 | $ | 328 | $ | — | $ | 1,060 | $ | 678 | $ | 345 | $ | — | $ | 1,023 | |||||||||||||||||
Operating Profit | 117 | 26 | (33 | ) | 110 | 104 | 25 | (32 | ) | 97 |
Discontinued_Operation_Chassis
Discontinued Operation - Chassis | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operation - Chassis | ' | ||||||||||||||||
5. DISCONTINUED OPERATION—CHASSIS | |||||||||||||||||
In the fourth quarter of 2013, management committed to a plan to sell the Chassis group. Pursuant to ASC Topic 205, “Presentation of Financial Statements,” the Chassis group met the definition of a disposal group at the time management committed to a plan to sell the group and, accordingly, the results of operations of the Chassis group have been classified as a component of discontinued operations. On January 21, 2014, Affinia entered into an Asset Purchase Agreement, as amended, with Federal-Mogul Chassis LLC (formerly known as VCS Quest Acquisition LLC) (“FM Chassis”), an affiliate of Federal-Mogul Corporation, pursuant to which FM Chassis agreed to purchase the Chassis group. This transaction closed on May 1, 2014. The consolidated statements of cash flows were not adjusted to reflect this group as a discontinued operation for any period presented. | |||||||||||||||||
Upon the closing of this transaction in May 2014, Affinia received cash proceeds of $140 million, which represented the agreed upon selling price of $150 million less a holdback of consideration of $10 million until completion of certain post-closing performance obligations. In September 2014, the post-closing performance obligations were completed and the Company received $9 million of cash proceeds with the remaining $1 million allocated to a post-closing purchase price adjustment. There are no additional material obligations of either party associated with this transaction. | |||||||||||||||||
The sale of the Chassis group resulted in a pre-tax gain of $32 million, of which $21 million was recorded in the second quarter of 2014 and $11 million was recorded in the third quarter of 2014. These amounts are reflected in the Condensed Consolidated Statements of Operations within Income from discontinued operations, net of tax. The Company released an $18 million capital loss valuation allowance as a result of the sale, the tax benefit of which offset the tax expense incurred by the gain on the sale. This resulted in a tax expense of $6 million on the transaction. | |||||||||||||||||
In addition to the gain on the sale discussed above, the following table shows the Chassis group’s net sales, income before tax provision, income tax provision and net income that are included within Income from discontinued operations, net of tax on the Condensed Consolidated Statements of Operations: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | — | $ | 50 | $ | 64 | $ | 147 | |||||||||
Income before income tax provision | — | 5 | 5 | 12 | |||||||||||||
Income tax provision | — | 1 | 2 | 4 | |||||||||||||
Net income | $ | — | $ | 4 | $ | 3 | $ | 8 | |||||||||
Affinia and FM Chassis entered into a transition services agreement (“TSA”) effective with the sale on May 1, 2014. The TSA provides for certain administrative and other services and support to be provided by Affinia to FM Chassis and to be provided by FM Chassis to Affinia. Most of the transition services will expire during 2014 or 2015. The TSA was established as an arm’s length transaction and is intended for the contracting parties to recover costs of the services provided. | |||||||||||||||||
The following table shows the Chassis group’s assets and liabilities that are included in assets of discontinued operations and liabilities of discontinued operations on the Condensed Consolidated Balance Sheets: | |||||||||||||||||
December 31, | |||||||||||||||||
(Dollars in millions) | 2013 | ||||||||||||||||
Cash | $ | 1 | |||||||||||||||
Accounts receivable | 9 | ||||||||||||||||
Inventory | 74 | ||||||||||||||||
Other current assets | 4 | ||||||||||||||||
Property, plant and equipment | 8 | ||||||||||||||||
Goodwill | 22 | ||||||||||||||||
Other intangible assets | 22 | ||||||||||||||||
Other assets | 1 | ||||||||||||||||
Total assets of discontinued operations | $ | 141 | |||||||||||||||
Accounts payable | $ | 18 | |||||||||||||||
Other accrued expenses | 12 | ||||||||||||||||
Accrued payroll and employee benefits | 1 | ||||||||||||||||
Total liabilities of discontinued operations | $ | 31 |
Derivatives
Derivatives | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Derivatives | ' | ||||||||
6. DERIVATIVES | |||||||||
The Company’s financial derivative assets and liabilities consist of standard currency forward contracts and interest rate swaps. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows: | |||||||||
• | Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. | ||||||||
• | Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. | ||||||||
• | Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. | ||||||||
All derivative instruments are recognized on our balance sheet at fair value. The fair value measurements of our currency forward contracts and interest rate swaps are based upon Level 2 inputs consisting of observable market data, as reported by a recognized independent third-party financial information provider. Based upon the Company’s periodic assessment of its own creditworthiness, and of the creditworthiness of the counterparties to its derivative instruments, fair value measurements are not adjusted for nonperformance risk. | |||||||||
Currency Forward Contract Derivatives | |||||||||
Our currency forward contracts are valued using then-current spot and forward market data as provided by external financial institutions. We enter into currency forward contracts with banking institutions of only the highest tiered credit ratings and thus the counterparty credit risk associated with these contracts is not considered significant. | |||||||||
We enter into short-term currency forward contracts which are intended to offset the currency exchange gain (loss) related to the re-measurement process and are not designated as hedges of specific monetary asset balances subject to currency risks. Therefore, any changes in the fair value of these short-term currency forward contracts are recognized in earnings each accounting period. The aggregate notional amounts of outstanding short-term currency forward contracts were $43 million and $86 million as of September 30, 2014 and December 31, 2013, respectively. During the three months and nine months ended September 30, 2014, we recorded losses of less than $1 million and $1 million, respectively, associated with short-term currency forward contracts. During the three and nine months ended September 30, 2013, we recorded gains of less than $1 million and losses of less than $1 million, respectively, associated with short-term currency forward contracts. | |||||||||
Additionally, beginning in the third quarter of 2014, we entered into currency forward contracts which are intended to offset against foreign exchange risk for certain forecasted gross receivable and payable balances. These currency forward contracts are considered highly effective based on critical terms matching and the result of de minimis testing. Therefore, the gains or losses of these hedges are deferred as a component of “Accumulated Other Comprehensive Income (Loss)” (“AOCI”) and reclassified into net income in the same period during which the hedged transaction affects net income. The aggregate notional amounts of outstanding currency forward contracts were $38 million as of September 30, 2014. There were no gains or losses recorded for these currency forward contracts in the three and nine months ended September 30, 2014. | |||||||||
The Company’s outstanding currency forward contracts are recorded in the Condensed Consolidated Balance Sheets as either “Other current assets” or “Other accrued expenses,” depending on whether the contracts are in asset or liability positions at the end of each reporting period. Currency forward contract gains and losses are recognized in “Other income and expense, net” in the Condensed Consolidated Statements of Operations in the reporting period of occurrence. | |||||||||
Interest Rate Derivatives | |||||||||
On April 25, 2013, we entered into interest rate swaps having an aggregate notional value of $300 million to effectively fix the rate of interest on a portion of our Term Loan B-2 until April 25, 2020. The Company funds its business operations with a combination of fixed and floating-rate debt. Therefore, our reported results from operations may be adversely impacted by rising interest rates. The Company’s interest rate risk policy seeks to minimize the long-term cost of debt, subject to a limitation of the maximum percentage of net floating-rate debt versus total debt outstanding. | |||||||||
While our policy does not require that we maintain a specific ratio of net floating-rate debt as a proportion of total debt outstanding, we use interest rate swaps to manage the ratio of net floating-rate debt to total debt outstanding within our policy target range, thereby reducing the potential impact that interest rate variability may have on our consolidated financial results. Our policy strictly prohibits the use of interest rate derivatives to generate trading profits or to otherwise speculate on interest rate movements. | |||||||||
We have designated our interest rate swaps as cash flow hedges as described in ASC 815, “Derivatives and Hedging”. At the inception of the hedge, the Company formally documents its hedge relationships and risk management objectives and strategy for undertaking the hedge. In addition, the documentation identifies the interest rate swaps as a hedge of specific interest payments on variable rate debt, with the objective to perfectly offset the variability of interest expense as related to specific floating-rate debt. We also specify that the effectiveness of the interest rate swaps in mitigating interest expense variability shall be assessed using the “Hypothetical Derivative Method” as described in ASC 815. | |||||||||
The interest rate swaps are recorded in the Condensed Consolidated Balance Sheets as “Other current assets” or “Other accrued expenses,” depending on whether the contracts are in asset or liability positions at the end of each reporting period. In compliance with ASC 815, the Company formally assesses the effectiveness of its interest rate swaps at inception and at least every three months thereafter. These assessments have established that swaps have been, and are expected to continue to be, highly effective at offsetting the interest expense variability of the underlying floating rate debt and are therefore eligible for cash flow hedge accounting treatment. | |||||||||
Changes in the fair value of derivatives designated as cash flow hedges are recorded as a component of other comprehensive income (loss), to the extent such cash flow hedges are effective. Amounts are reclassified from other comprehensive income (loss) to earnings when the underlying hedged items are recognized, during the period that a hedge transaction is terminated, or whenever a portion of the hedge transaction results are deemed ineffective. We reclassified less than $1 million and $2 million from other comprehensive income (loss) into interest expense during the three and nine months ended September 30, 2014, respectively. There were no amounts reclassified from other comprehensive income (loss) into interest expense during the three or nine months ended September 30, 2013. There have been no gains or losses reclassified from other comprehensive income (loss) into earnings due to hedge ineffectiveness related to any of the Company’s interest rate swap transactions, nor were there gains or losses reclassified to income due to early termination of designated cash-flow hedge transactions during the three and nine months ended September 30, 2014 or 2013. | |||||||||
As of September 30, 2014 and December 31, 2013, the notional amount and fair value of outstanding interest rate swaps outstanding are and were as follows: | |||||||||
(Dollars in millions) | Notional Amount | Fair Value | |||||||
As of September 30, 2014 | $ | 300 | $ | 5 | |||||
As of December 31, 2013 | $ | 300 | $ | 11 |
Debt
Debt | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Debt | ' | ||||||||||||||
7. DEBT | |||||||||||||||
Our debt consists of notes that are publicly traded, an asset-based revolving credit facility (“ABL Revolver”), term loan facilities consisting of Term Loan B-1 and Term Loan B-2 and other short-term borrowings. The fair value framework requires the categorization of our debt into three levels based upon the assumptions (inputs) used to determine fair value. The fair value of debt and the categorization of the hierarchy level of fair value, net of discount, are and were as follows: | |||||||||||||||
Fair Value of Debt at September 30, 2014 | |||||||||||||||
(Dollars in millions) | Book Value | Fair Value | Fair Value | ||||||||||||
of Debt | Factor | of Debt | |||||||||||||
Senior notes, due May 2021(1) | $ | 250 | 103.25 | % | $ | 258 | |||||||||
Term Loan B-1, due April 2026(1) | 175 | 98.56 | % | 173 | |||||||||||
Term Loan B-2, due April 2020(1) | 382 | 98.19 | % | 375 | |||||||||||
ABL Revolver, due April 2018(2) | — | 100 | % | — | |||||||||||
Other debt(2) | 13 | 100 | % | 13 | |||||||||||
Total fair value of debt at September 30, 2014 | $ | 819 | |||||||||||||
Fair Value of Debt at December 31, 2013 | |||||||||||||||
(Dollars in millions) | Book Value | Fair Value | Fair Value | ||||||||||||
of Debt | Factor | of Debt | |||||||||||||
Senior notes, due May 2021(1) | $ | 250 | 96.06 | % | $ | 240 | |||||||||
Term Loan B-1, due April 2026(1) | 199 | 100.63 | % | 200 | |||||||||||
Term Loan B-2, due April 2020(1) | 465 | 101.38 | % | 471 | |||||||||||
ABL revolver, due April 2018(2) | — | 100 | % | — | |||||||||||
Other debt(2) | 23 | 100 | % | 23 | |||||||||||
Total fair value of debt at December 31, 2013 | $ | 934 | |||||||||||||
-1 | The fair value assigned to the Company’s long-term debt reflects financial model estimates generated from a third-party provider based on observable inputs related to market prices of comparable debt instruments and represents a Level 2 approximation within the fair value categorization framework. | ||||||||||||||
-2 | The carrying value of fixed rate short-term debt approximates fair value because of the short term nature of these instruments. The carrying value of the Company’s current floating rate debt instruments approximates fair value because of the variable interest rates pertaining to those instruments. The fair value of debt is categorized within Level 2 of the hierarchy. | ||||||||||||||
A financial covenant exists under the ABL Revolver that would be triggered if excess availability under the ABL Revolver is less than the greater of 10% of the total borrowing base and $10 million. If the covenant trigger were to occur, we would be required to satisfy and maintain a fixed charge coverage ratio of at least 1.00x, measured for the last twelve-month period. As of September 30, 2014, none of the covenant triggers had occurred. The impact of falling below the fixed charge coverage ratio would not be a default but would trigger the imposition of restrictions on our ability to pursue certain operational or financial transactions (e.g. asset dispositions, dividends and acquisitions). | |||||||||||||||
As discussed further in Note 5 to the Condensed Consolidated Financial Statements, “Discontinued Operations—Chassis”, on May 1, 2014, Affinia closed the sale of the Chassis group. In conjunction with the closing of the sale, cash proceeds of $149 million were received. With the proceeds and cash from operations, the Company paid down $24 million of Term Loan B-1 and $85 million of Term Loan B-2. Additionally, the Company made a $57 million distribution to Holdings. Holdings used all of the distribution to partially repay the note issued by Holdings to Dana Corporation (“Dana”) as part of the financing in connection with our acquisition in 2004 of substantially all of the aftermarket business operations of Dana (the “Seller Note.”) As of September 30, 2014, the Seller Note balance was $28 million. | |||||||||||||||
On April 25, 2013, we refinanced our existing notes and credit facilities and made a distribution to Holdings, our sole stockholder. The refinancing consisted of the issuance of $250 million aggregate principal amount 7.75% Senior Notes due May 1, 2021, a $200 million term loan due April 25, 2016, a $470 million term loan due April 25, 2020, the proceeds of which we used, together with $31 million of cash on hand, to redeem our 10.75% Senior Secured Notes due 2016, redeem our 9% Senior Subordinated Notes due 2014, pay fees and expenses in connection with the refinancing transaction and make a $350 million distribution to Holdings. Holdings used the distribution to redeem its preferred shares, repay $61 million of the Seller Note and make a distribution of $133 million to Holdings’ stockholders. | |||||||||||||||
The sources and uses of proceeds of the 2013 refinancing consisted of the following: | |||||||||||||||
(Dollars in millions) | Sources | Uses | |||||||||||||
Term Loan B-1(1) | $ | 199 | Redeemed Secured Notes | $ | 180 | ||||||||||
Term Loan B-2(1) | 468 | Redeemed Subordinated Notes | 367 | ||||||||||||
Senior Notes | 250 | Distribution to Shareholder: | |||||||||||||
Cash on hand | 31 | Redeemed Holdings’ Preferred Shares(2) | 156 | ||||||||||||
Repaid Holdings’ Seller Note(2) | 61 | ||||||||||||||
Distribution to Holdings’ Stockholders(2) | 133 | ||||||||||||||
Total distribution to Shareholder(2) | 350 | ||||||||||||||
Interest payments on Secured and Subordinated Notes | 21 | ||||||||||||||
Call premium on Secured Notes | 15 | ||||||||||||||
Deferred financing costs(3) | 15 | ||||||||||||||
$ | 948 | $ | 948 | ||||||||||||
-1 | Less original issue discount of $2 million for Term Loan B-2 and $1 million for Term Loan B-1. | ||||||||||||||
-2 | A distribution to Holdings, our sole stockholder, of $350 million was used for redemption of preferred shares, payment of debt and a distribution to its stockholders. | ||||||||||||||
-3 | The deferred financing costs paid on the date of the refinancing were $13 million and $2 million was subsequently paid in the remainder of the second quarter of 2013. | ||||||||||||||
As the refinancing was treated as an extinguishment of debt under ASC 470, “Debt”, we recorded a $15 million loss in connection with the refinancing arrangement. Additionally, we recorded a write-off of $5 million for unamortized deferred financing costs associated with the redemption of our Secured Notes and Subordinated Notes, as well as a write-off of $3 million for the replacement of our existing ABL Revolver with a new ABL Revolver. These charges were recorded within Interest Expense in the Condensed Consolidated Statements of Operations. | |||||||||||||||
In conjunction with the refinancing, we recorded $15 million in total deferred financing costs, of which $14 million related to the issuance of our Senior Notes and Term Loans and $1 million was associated with the ABL Revolver. | |||||||||||||||
During the second quarter of 2013, we made a distribution of $351 million to Holdings of which $350 million related to the refinancing, as previously described, and $1 million related to the payment of Holdings’ operating expenses. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
8. INVENTORIES | |||||||||
Inventories are valued at the lower of cost or market. Cost is determined on the first in first out basis for all domestic inventories or average cost basis for non-U.S. inventories. Inventories are reduced by an allowance for slow-moving and obsolete inventories based on management’s review of on-hand inventories compared to historical and estimated future sales and usage. A summary of inventories, net is provided in the table below: | |||||||||
(Dollars in millions) | At September 30, | At December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 64 | $ | 67 | |||||
Work-in-process | 14 | 17 | |||||||
Finished goods | 152 | 137 | |||||||
$ | 230 | $ | 221 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
9. COMMITMENTS AND CONTINGENCIES | |||||||||
At September 30, 2014, the Company had purchase commitments for property, plant and equipment of approximately $4 million. | |||||||||
A reconciliation of the changes in our return reserves, which is included in “Other accrued expenses” in the Condensed Consolidated Balance Sheets, is presented in the following table. The table below excludes amounts associated with the Chassis group. | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
(Dollars in millions) | 2014 | 2013 | |||||||
Beginning balance | $ | 6 | $ | 5 | |||||
Amounts charged to revenue | 5 | 5 | |||||||
Returns processed | (6 | ) | (5 | ) | |||||
Ending balance | $ | 5 | $ | 5 | |||||
The Company is continuing a review of certain allegations that have arisen in connection with business operations involving our subsidiaries in Poland and Ukraine. The allegations raise issues involving potential improper payments in connection with governmental approvals, permits, or other regulatory areas and possible conflicts of interest. The review is being supervised by the Audit Committee of our Board of Directors and is being conducted with the assistance of outside professionals. The review is ongoing and no determination may yet be made as to whether, in connection with the circumstances surrounding the review, we may become subject to any fines, penalties and/or other charges imposed by any governmental authority, or any other damages or costs that may arise in connection with those circumstances. We voluntarily self-reported on these matters to the U.S. Department of Justice and the U.S. Securities and Exchange Commission and intend to fully cooperate with these agencies in their review. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
10. INCOME TAXES | |
The total amount of unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate was $8 million as of both September 30, 2014 and December 31, 2013. The Company recognizes interest related to unrecognized tax benefits in interest expense and recognizes penalties as part of the income tax provision. As of September 30, 2014, the Company’s accrual for interest and penalties was $2 million. We are subject to taxation in the U.S. and various state and foreign jurisdictions. For jurisdictions in which we transact significant business, tax years ended December 31, 2004 and later remain subject to examination by tax authorities. We do not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months. | |
The effective tax rate was 37% for the three months ended September 30, 2014 compared to 53% for the three months ended September 30, 2013. The decrease in the effective tax rate was attributable to a decrease in income earned in jurisdictions with higher income tax rates. The effective tax rate was 47% for the nine months ended September 30, 2014 compared to 57% for the nine months ended September 30, 2013. The decrease in the effective tax rate was attributable to a decrease in income earned in jurisdictions with higher income tax rates. Additionally, in the first quarter of 2014, the Company recorded a currency devaluation of $7 million for the Venezuelan operations. This was a non-deductible item for income tax purposes. |
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
11. LEGAL PROCEEDINGS | |
Various claims, lawsuits and administrative proceedings are pending or threatened against us and our subsidiaries, arising from the ordinary course of business with respect to commercial, intellectual property, product liability and environmental matters. We believe that the ultimate resolution of the foregoing matters will not have a material effect on our financial condition or results of operations or liquidity. | |
The Company has various accruals for civil liability, including product liability, and other costs. If there is a range of equally probable outcomes, we accrue at the lower end of the range. The Company had $2 million and $13 million accrued as of September 30, 2014 and December 31, 2013, respectively. These amounts are reflected in “Other accrued expenses” within the Condensed Consolidated Balance Sheets. The decrease in the amount accrued is due to a payment of $11 million made during the first quarter of 2014 in full settlement of the Neovia Logistics Services (U.K.) Limited claim. The Company had accrued $11 million during 2013 associated with this claim. There are no recoveries expected from third parties associated with outstanding or settled claims. | |
In addition, we have various other claims that are reasonably possible of occurrence for which our aggregate maximum exposure to loss is estimated at $14 million. There are currently no reserves associated with these claims. |
Accounts_Receivable_Factoring
Accounts Receivable Factoring | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable Factoring | ' | ||||||||
12. ACCOUNTS RECEIVABLE FACTORING | |||||||||
Affinia has agreements with third party financial institutions to factor certain receivables on a non-recourse basis. The terms of the factoring arrangements provide for the factoring of certain U.S. Dollar-denominated or Canadian Dollar-denominated receivables, which are purchased at the face value amount of the receivable discounted at the annual rate of LIBOR plus a spread on the purchase date. The amount factored is not contractually defined by the factoring arrangements and our use will vary each month based on the amount of underlying receivables and the cash flow needs of the Company. | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
(Dollars in millions) | 2014 | 2013 | |||||||
Gross accounts receivable factored | $ | 353 | $ | 402 | |||||
Expenses associated with factoring of receivables | 3 | 3 | |||||||
Accounts receivable factored by Affinia are accounted for as a sale and removed from the balance sheet at the time of factoring, with the cost associated with the factoring program presented in “Other income and expense, net” in the Condensed Consolidated Statement of Operations. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
13. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
Changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, for the three and nine months ended September 30, 2014: | |||||||||||||||||
(Dollars in millions) | Pension | Foreign | Interest | Total | |||||||||||||
adjustments | currency | Rate | AOCI | ||||||||||||||
translation | Swap | ||||||||||||||||
adjustment | |||||||||||||||||
Balance at July 1, 2014 | $ | (1 | ) | $ | (19 | ) | $ | 2 | $ | (18 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (20 | ) | — | (20 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 1 | 1 | |||||||||||||
Net current period other comprehensive income | — | (20 | ) | 1 | (19 | ) | |||||||||||
Balance at September 30, 2014 | $ | (1 | ) | $ | (39 | ) | $ | 3 | $ | (37 | ) | ||||||
(Dollars in millions) | Pension | Foreign | Interest | Total | |||||||||||||
adjustments | currency | Rate | AOCI | ||||||||||||||
translation | Swap | ||||||||||||||||
adjustment | |||||||||||||||||
Balance at January 1, 2014 | $ | (1 | ) | $ | (26 | ) | $ | 7 | $ | (20 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (13 | ) | (5 | ) | (18 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 1 | 1 | |||||||||||||
Net current period other comprehensive income | — | (13 | ) | (4 | ) | (17 | ) | ||||||||||
Balance at September 30, 2014 | $ | (1 | ) | $ | (39 | ) | $ | 3 | $ | (37 | ) | ||||||
Changes in AOCI income (loss) by component, net of tax, for the three and nine months ended September 30, 2013: | |||||||||||||||||
(Dollars in millions) | Pension | Foreign | Interest | Total | |||||||||||||
adjustments | currency | Rate | AOCI | ||||||||||||||
translation | Swap | ||||||||||||||||
adjustment | |||||||||||||||||
Balance at July 1, 2013 | $ | (2 | ) | $ | (24 | ) | $ | 6 | $ | (20 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | 2 | (2 | ) | — | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 1 | 1 | |||||||||||||
Net current period other comprehensive income | — | 2 | (1 | ) | 1 | ||||||||||||
Balance at September 30, 2013 | $ | (2 | ) | $ | (22 | ) | $ | 5 | $ | (19 | ) | ||||||
(Dollars in millions) | Pension | Foreign | Interest | Total | |||||||||||||
adjustments | currency | Rate | AOCI | ||||||||||||||
translation | Swap | ||||||||||||||||
adjustment | |||||||||||||||||
Balance at January 1, 2013 | $ | (2 | ) | $ | (7 | ) | $ | — | $ | (9 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (15 | ) | 4 | (11 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 1 | 1 | |||||||||||||
Net current period other comprehensive income | — | (15 | ) | 5 | (10 | ) | |||||||||||
Balance at September 30, 2013 | $ | (2 | ) | $ | (22 | ) | $ | 5 | $ | (19 | ) | ||||||
Venezuelan_Operations
Venezuelan Operations | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Venezuelan Operations | ' |
14. VENEZUELAN OPERATIONS | |
In accordance with U.S. GAAP, effective January 1, 2010, the Company accounted for Venezuela as a highly inflationary economy because the three-year cumulative inflation rate for Venezuela using the blended Consumer Price Index (which is associated with the city of Caracas) and the National Consumer Price Index (developed commencing in 2008 and covering the entire country of Venezuela) exceeded 100%. Accordingly, effective January 1, 2010, our Venezuelan subsidiary used the U.S. Dollar as its functional currency. The financial statements of our subsidiary must be re-measured into the Company’s reporting currency (U.S. Dollar) and gains and losses from the re-measurement of monetary assets and liabilities are reflected in current earnings, rather than exclusively in the equity section of the balance sheet, until such time as the economy is no longer considered highly inflationary. The local currency in Venezuela is the Bolivar Fuerte (“VEF”). | |
On January 11, 2010, the Venezuelan government devalued the country’s currency and, on February 8, 2013, the Venezuelan government announced another devaluation of the currency to 6.30 VEF per U.S. Dollar and it eliminated the regulated parallel market rate of 5.3 VEF per U.S. Dollar. We used the official exchange rate of 6.30 VEF per U.S. Dollar to translate the financial statements of our Venezuelan subsidiary to comply with the regulations of Venezuela and are analyzing the impact of the volume restrictions on our business. The one-time devaluation had a $2 million negative impact on our pre-tax net income during the first quarter of 2013. | |
In 2013, the Venezuelan government authorized certain companies that operate in designated industry sectors to exchange a limited volume of VEFs for U.S. Dollars at a bid rate established via weekly auctions under what is known as SICAD 1. SICAD 1 auctions began in October 2013. However, SICAD 1 auctions are not indicative of a free market exchange as only designated industries may bid into individual auctions and the highest bids are not always recognized by the Venezuelan government. In March 2014, another currency exchange mechanism (SICAD 2) became effective. SICAD 2 is intended to more closely resemble a market-driven exchange rate than the rates provided by Venezuela’s other regulated exchange mechanisms (i.e. the official rate and the SICAD 1 rate). Thus, as of March 31, 2014, entities may be able to convert VEFs at one of three legal exchange rates: official rate of 6.3 VEF to 1 U.S. Dollar, SICAD 1 rate of 10.7 VEF to 1 U.S. Dollar based on closing rate at last auction, and SICAD 2 rate of 50.86 VEF to 1 U.S. Dollar based on closing rate on March 31, 2014. | |
As a result of the multiple exchange rates available to settle transactions, at March 31, 2014, management reevaluated the exchange rates previously used for remeasurement, which had been the official rate of 6.3 VEF to 1 U.S. Dollar. While substantially all of our import transactions for purchases of inventory have been preapproved by the Venezuelan government at the official rate of 6.3 VEF to 1 U.S. Dollar, the Venezuelan government has not settled these transactions with vendors since November 2013. This, along with the introduction of the SICAD 1 and SICAD 2 market mechanisms, raise considerable doubts about our ability to ultimately settle transactions at the official rate in the future. Additionally, legislation enacted by the Venezuelan government in 2014 indicates that foreign investments are subject to the SICAD 1 rate rather than the official rate. While not the determinative factor, management views the passing of this legislation as a critical component in its assessment of the most representative rate to use for remeasurement purposes at March 31, 2014. Given the uncertainty of the exchange markets and the ultimate rate at which transactions may settle in the future, as well as consideration of the aforementioned legislation that was enacted earlier in 2014, we recorded a one-time devaluation of $7 million in the first quarter of 2014, which represents a move from the official rate to the SICAD 1 rate of 10.7 VEF to 1 U.S. Dollar. Of the $7 million devaluation charge, $5 million was recorded in the Filtration segment and $2 million was recorded in the ASA segment. This devaluation is reflected in “Other income and expenses, net” in the Condensed Consolidated Statements of Operations. | |
In the third quarter of 2014, our Venezuelan subsidiaries represented approximately 5% of the Company’s consolidated net sales and the Venezuelan subsidiaries have total assets and liabilities of less than 5% of the Company’s total consolidated assets and liabilities at September 30, 2014. | |
Management will continue to monitor the environment in Venezuela to determine whether further devaluation charges are required. At this time, management does not believe that the foreign exchange limitations or restrictions will have a material impact on our liquidity, cash flows or debt covenants. |
Restructuring_of_Operations
Restructuring of Operations | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring of Operations | ' | ||||
15. RESTRUCTURING OF OPERATIONS | |||||
The restructuring charges consist of employee termination costs and other exit costs and impairment costs. Severance costs are being accounted for in accordance with ASC Topic 420, “Exit or Disposal Cost Obligations” and ASC Topic 712, “Compensation—Nonretirement Postemployment Benefits.” On October 15, 2013, we announced that Affinia would relocate its Ann Arbor, Michigan corporate headquarters to Gastonia, North Carolina, which is the location of the Filtration segment. We recorded an accrual of $5 million as of December 31, 2013 related to the relocation. The transition to the new corporate headquarters was substantially completed by the end of the second quarter of 2014. The following summarizes the restructuring charges and activity for the Company for the nine months ended September 30, 2014: | |||||
(Dollars in millions) | Total | ||||
Balance at December 31, 2013 | $ | 5 | |||
Charges to expense: | |||||
Employee termination benefits | 5 | ||||
Reductions to liability: | |||||
Cash payments | (8 | ) | |||
Balance at September 30, 2014 | $ | 2 | |||
Financial_Information_for_Guar
Financial Information for Guarantors and Non-Guarantors | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||||||
Financial Information for Guarantors and Non-Guarantors | ' | ||||||||||||||||||||||||
16. FINANCIAL INFORMATION FOR GUARANTORS AND NON-GUARANTORS | |||||||||||||||||||||||||
Affinia Group Holdings Inc. (presented as Parent in the following schedules), through its 100% owned subsidiary, Affinia Group Intermediate Holdings Inc. (presented as Issuer in the following schedules), issued $250 million of Senior Notes on April 25, 2013. As of September 30, 2014, there were $250 million of Senior Notes outstanding. The notes were offered only to qualified institutional buyers and certain persons in offshore transactions. | |||||||||||||||||||||||||
The Senior Notes are fully, irrevocably, unconditionally and jointly and severally guaranteed on a senior unsecured basis by the Company’s current and future domestic subsidiaries (the “Guarantors”). The Senior Notes are general obligations of the Issuer and guaranteed by the Parent and the Guarantors. | |||||||||||||||||||||||||
The following unaudited information presents Condensed Consolidating Statements of Operations for the three and nine months ended September 30, 2014 and 2013, Condensed Consolidating Statements of Comprehensive Income for the three and nine months ended September 30, 2014 and 2013, Condensed Consolidating Balance Sheets as of September 30, 2014 and December 31, 2013 and Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2014 and 2013 of (i) the Parent, (ii) the Issuer, (iii) the Guarantors, (iv) the Non-Guarantors, and (v) eliminations to arrive at the information for the Company on a consolidated basis. | |||||||||||||||||||||||||
Affinia Group Intermediate Holdings Inc. | |||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 171 | $ | 233 | $ | (40 | ) | $ | 364 | ||||||||||||
Cost of sales | — | — | (133 | ) | (181 | ) | 40 | (274 | ) | ||||||||||||||||
Gross profit | — | — | 38 | 52 | — | 90 | |||||||||||||||||||
Selling, general and administrative expenses | — | (8 | ) | (17 | ) | (23 | ) | — | (48 | ) | |||||||||||||||
Operating (loss) profit | — | (8 | ) | 21 | 29 | — | 42 | ||||||||||||||||||
Other income and expense, net | — | — | — | — | — | — | |||||||||||||||||||
Interest expense | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||
(Loss) income from continuing operations before income tax provision, equity in income (loss), net of tax and noncontrolling interest | — | (23 | ) | 21 | 29 | — | 27 | ||||||||||||||||||
Income tax provision | — | (5 | ) | — | (5 | ) | — | (10 | ) | ||||||||||||||||
Equity in income (loss), net of tax | 23 | 51 | 24 | — | (98 | ) | — | ||||||||||||||||||
Net income (loss) from continuing operations | 23 | 23 | 45 | 24 | (98 | ) | 17 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | — | 6 | — | — | 6 | |||||||||||||||||||
Net income (loss) | 23 | 23 | 51 | 24 | (98 | ) | 23 | ||||||||||||||||||
Less: net income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Company | $ | 23 | $ | 23 | $ | 51 | $ | 24 | $ | (98 | ) | $ | 23 | ||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net income (loss) | $ | 23 | $ | 23 | $ | 51 | $ | 24 | $ | (98 | ) | $ | 23 | ||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Change in fair value of interest rate swap | 1 | 1 | — | — | (1 | ) | 1 | ||||||||||||||||||
Change in foreign currency translation adjustments | (20 | ) | (20 | ) | — | (20 | ) | 40 | (20 | ) | |||||||||||||||
Total other comprehensive (loss) income | (19 | ) | (19 | ) | — | (20 | ) | 39 | (19 | ) | |||||||||||||||
Total comprehensive income (loss) | 4 | 4 | 51 | 4 | (59 | ) | 4 | ||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | 4 | $ | 4 | $ | 51 | $ | 4 | $ | (59 | ) | $ | 4 | ||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 518 | $ | 663 | $ | (121 | ) | $ | 1,060 | ||||||||||||
Cost of sales | — | — | (407 | ) | (514 | ) | 121 | (800 | ) | ||||||||||||||||
Gross profit | — | — | 111 | 149 | — | 260 | |||||||||||||||||||
Selling, general and administrative expenses | — | (30 | ) | (51 | ) | (69 | ) | — | (150 | ) | |||||||||||||||
Operating (loss) profit | — | (30 | ) | 60 | 80 | — | 110 | ||||||||||||||||||
Other income and expense, net | — | (2 | ) | (1 | ) | (7 | ) | — | (10 | ) | |||||||||||||||
Interest expense | — | (44 | ) | — | (1 | ) | — | (45 | ) | ||||||||||||||||
(Loss) income from continuing operations before income tax provision, equity in income (loss), net of tax and noncontrolling interest | — | (76 | ) | 59 | 72 | — | 55 | ||||||||||||||||||
Income tax provision | — | (8 | ) | — | (18 | ) | — | (26 | ) | ||||||||||||||||
Equity in income (loss), net of tax | 57 | 141 | 57 | — | (255 | ) | — | ||||||||||||||||||
Net income (loss) from continuing operations | 57 | 57 | 116 | 54 | (255 | ) | 29 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | — | 25 | 3 | — | 28 | |||||||||||||||||||
Net income (loss) | 57 | 57 | 141 | 57 | (255 | ) | 57 | ||||||||||||||||||
Less: net income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Company | $ | 57 | $ | 57 | $ | 141 | $ | 57 | $ | (255 | ) | $ | 57 | ||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net income (loss) | $ | 57 | $ | 57 | $ | 141 | $ | 57 | $ | (255 | ) | $ | 57 | ||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||||
Change in fair value of interest rate swap | (4 | ) | (4 | ) | — | — | 4 | (4 | ) | ||||||||||||||||
Change in foreign currency translation adjustments | (13 | ) | (13 | ) | — | (13 | ) | 26 | (13 | ) | |||||||||||||||
Total other comprehensive (loss) income | (17 | ) | (17 | ) | — | (13 | ) | 30 | (17 | ) | |||||||||||||||
Total comprehensive income (loss) | 40 | 40 | 141 | 44 | (225 | ) | 40 | ||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | 40 | $ | 40 | $ | 141 | $ | 44 | $ | (225 | ) | $ | 40 | ||||||||||||
Affinia Group Intermediate Holdings Inc. | |||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 156 | $ | 235 | $ | (40 | ) | $ | 351 | ||||||||||||
Cost of sales | — | — | (128 | ) | (181 | ) | 40 | (269 | ) | ||||||||||||||||
Gross profit | — | — | 28 | 54 | — | 82 | |||||||||||||||||||
Selling, general and administrative expenses | — | (16 | ) | (11 | ) | (24 | ) | — | (51 | ) | |||||||||||||||
Operating (loss) profit | — | (16 | ) | 17 | 30 | — | 31 | ||||||||||||||||||
Other income and expense, net | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||
Interest expense | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||
(Loss) income from continuing operations before income tax provision, equity in income (loss), net of tax and noncontrolling interest | — | (32 | ) | 17 | 30 | — | 15 | ||||||||||||||||||
Income tax provision | — | (2 | ) | (2 | ) | (4 | ) | — | (8 | ) | |||||||||||||||
Equity in income (loss), net of tax | 9 | 43 | 24 | (2 | ) | (76 | ) | (2 | ) | ||||||||||||||||
Net income (loss) from continuing operations | 9 | 9 | 39 | 24 | (76 | ) | 5 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | — | 4 | — | — | 4 | |||||||||||||||||||
Net income (loss) | 9 | 9 | 43 | 24 | (76 | ) | 9 | ||||||||||||||||||
Less: net income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Company | $ | 9 | $ | 9 | $ | 43 | $ | 24 | $ | (76 | ) | $ | 9 | ||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net income (loss) | $ | 9 | $ | 9 | $ | 43 | $ | 24 | $ | (76 | ) | $ | 9 | ||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||||
Change in fair value of interest rate swap | (1 | ) | (1 | ) | — | — | 1 | (1 | ) | ||||||||||||||||
Change in foreign currency translation adjustments | 2 | 2 | — | 2 | (4 | ) | 2 | ||||||||||||||||||
Total other comprehensive loss | 1 | 1 | — | 2 | (3 | ) | 1 | ||||||||||||||||||
Total comprehensive income (loss) | 10 | 10 | 43 | 26 | (79 | ) | 10 | ||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | 10 | $ | 10 | $ | 43 | $ | 26 | $ | (79 | ) | $ | 10 | ||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 477 | $ | 653 | $ | (107 | ) | $ | 1,023 | ||||||||||||
Cost of sales | — | — | (382 | ) | (509 | ) | 107 | (784 | ) | ||||||||||||||||
Gross profit | — | — | 95 | 144 | — | 239 | |||||||||||||||||||
Selling, general and administrative expenses | — | (28 | ) | (47 | ) | (67 | ) | — | (142 | ) | |||||||||||||||
Operating (loss) profit | — | (28 | ) | 48 | 77 | — | 97 | ||||||||||||||||||
Loss on extinguishment of debt | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||
Other income and expense, net | — | (1 | ) | (1 | ) | (1 | ) | — | (3 | ) | |||||||||||||||
Interest expense | — | (57 | ) | — | (1 | ) | — | (58 | ) | ||||||||||||||||
(Loss) income from continuing operations before income tax provision, equity in income, net of tax and noncontrolling interest | — | (101 | ) | 47 | 75 | — | 21 | ||||||||||||||||||
Income tax provision | — | — | 2 | (14 | ) | — | (12 | ) | |||||||||||||||||
Equity in income, net of tax | 14 | 115 | 44 | (2 | ) | (173 | ) | (2 | ) | ||||||||||||||||
Net income (loss) from continuing operations | 14 | 14 | 93 | 59 | (173 | ) | 7 | ||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | 22 | (15 | ) | — | 7 | ||||||||||||||||||
Net income (loss) | 14 | 14 | 115 | 44 | (173 | ) | 14 | ||||||||||||||||||
Less: net income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Company | $ | 14 | $ | 14 | $ | 115 | $ | 44 | $ | (173 | ) | $ | 14 | ||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net income (loss) | $ | 14 | $ | 14 | $ | 115 | $ | 44 | $ | (173 | ) | $ | 14 | ||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||||||||||||
Change in fair value of interest rate swap | 5 | 5 | — | — | (5 | ) | 5 | ||||||||||||||||||
Change in foreign currency translation adjustments | (15 | ) | (15 | ) | — | (15 | ) | 30 | (15 | ) | |||||||||||||||
Total other comprehensive loss | (10 | ) | (10 | ) | — | (15 | ) | 25 | (10 | ) | |||||||||||||||
Total comprehensive income (loss) | 4 | 4 | 115 | 29 | (148 | ) | 4 | ||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | 4 | $ | 4 | $ | 115 | $ | 29 | $ | (148 | ) | $ | 4 | ||||||||||||
Affinia Group Intermediate Holdings Inc. | |||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 25 | $ | — | $ | 33 | $ | — | $ | 58 | |||||||||||||
Accounts receivable | — | — | 56 | 115 | — | 171 | |||||||||||||||||||
Inventories | — | — | 100 | 130 | — | 230 | |||||||||||||||||||
Other current assets | — | 37 | 2 | 59 | — | 98 | |||||||||||||||||||
Total current assets | — | 62 | 158 | 337 | — | 557 | |||||||||||||||||||
Other non-current assets | — | 137 | 37 | 25 | — | 199 | |||||||||||||||||||
Intercompany investments | (220 | ) | 297 | 672 | 1 | (750 | ) | — | |||||||||||||||||
Intercompany (payables) receivables | — | 155 | (527 | ) | 372 | — | — | ||||||||||||||||||
Property, plant and equipment, net | — | 1 | 54 | 66 | — | 121 | |||||||||||||||||||
Total assets | $ | (220 | ) | $ | 652 | $ | 394 | $ | 801 | $ | (750 | ) | $ | 877 | |||||||||||
Liabilities and shareholder’s equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 8 | $ | 73 | $ | 60 | $ | — | $ | 141 | |||||||||||||
Notes payable | — | — | — | 13 | — | 13 | |||||||||||||||||||
Current maturities of long-term debt | — | — | — | — | — | — | |||||||||||||||||||
Accrued payroll and employee benefits | — | 7 | 6 | 10 | — | 23 | |||||||||||||||||||
Other accrued expenses | — | 34 | 17 | 41 | — | 92 | |||||||||||||||||||
Total current liabilities | — | 49 | 96 | 124 | — | 269 | |||||||||||||||||||
Deferred employee benefits and noncurrent liabilities | — | 16 | — | 5 | — | 21 | |||||||||||||||||||
Long-term debt | — | 806 | 1 | — | — | 807 | |||||||||||||||||||
Total liabilities | — | 871 | 97 | 129 | — | 1,097 | |||||||||||||||||||
Total shareholder’s (deficit) equity | (220 | ) | (219 | ) | 297 | 672 | (750 | ) | (220 | ) | |||||||||||||||
Total liabilities and shareholder (deficit) equity | $ | (220 | ) | $ | 652 | $ | 394 | $ | 801 | $ | (750 | ) | $ | 877 | |||||||||||
Affinia Group Intermediate Holdings Inc. | |||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 68 | $ | — | $ | 33 | $ | — | $ | 101 | |||||||||||||
Accounts receivable | — | — | 24 | 117 | — | 141 | |||||||||||||||||||
Inventories, net | — | — | 87 | 134 | — | 221 | |||||||||||||||||||
Other current assets | — | 50 | — | 50 | — | 100 | |||||||||||||||||||
Current assets of discontinued operations | — | — | 138 | 3 | 141 | ||||||||||||||||||||
Total current assets | — | 118 | 249 | 337 | — | 704 | |||||||||||||||||||
Other non-current assets | — | 122 | 36 | 24 | — | 182 | |||||||||||||||||||
Intercompany investments | (202 | ) | 1,196 | 726 | — | (1,720 | ) | — | |||||||||||||||||
Intercompany (payables) receivables | — | (672 | ) | 247 | 425 | — | — | ||||||||||||||||||
Property, plant and equipment, net | — | 2 | 50 | 71 | — | 123 | |||||||||||||||||||
Total assets | $ | (202 | ) | $ | 766 | $ | 1,308 | $ | 857 | $ | (1,720 | ) | $ | 1,009 | |||||||||||
Liabilities and shareholder’s equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 6 | $ | 65 | $ | 50 | $ | — | $ | 121 | |||||||||||||
Notes payable | — | — | — | 23 | — | 23 | |||||||||||||||||||
Current maturities of long-term debt | — | 7 | — | — | — | 7 | |||||||||||||||||||
Accrued payroll and employee benefits | — | 8 | 3 | 8 | — | 19 | |||||||||||||||||||
Other accrued expenses | — | 22 | 14 | 42 | — | 78 | |||||||||||||||||||
Current liabilities of discontinued operations | — | — | 29 | 2 | — | 31 | |||||||||||||||||||
Total current liabilities | — | 43 | 111 | 125 | — | 279 | |||||||||||||||||||
Deferred employee benefits and noncurrent liabilities | — | 17 | 1 | 6 | — | 24 | |||||||||||||||||||
Long-term debt | — | 907 | — | — | — | 907 | |||||||||||||||||||
Total liabilities | — | 967 | 112 | 131 | — | 1,210 | |||||||||||||||||||
Total shareholder’s (deficit) equity | (202 | ) | (201 | ) | 1,196 | 726 | (1,720 | ) | (201 | ) | |||||||||||||||
Total liabilities and shareholder’s (deficit) equity | $ | (202 | ) | $ | 766 | $ | 1,308 | $ | 857 | $ | (1,720 | ) | $ | 1,009 | |||||||||||
Affinia Group Intermediate Holdings Inc. | |||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Operating activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 57 | $ | (30 | ) | $ | 10 | $ | 24 | $ | (57 | ) | $ | 4 | |||||||||||
Investing activities | |||||||||||||||||||||||||
Proceeds from sale of Chassis group | — | 149 | — | — | — | 149 | |||||||||||||||||||
Additions to property, plant and equipment | — | — | (10 | ) | (8 | ) | — | (18 | ) | ||||||||||||||||
Other Investing Activities | — | 4 | — | — | — | 4 | |||||||||||||||||||
Net cash provided by (used in) investing activities | — | 153 | (10 | ) | (8 | ) | — | 135 | |||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Distribution to our shareholders | — | (57 | ) | — | — | — | (57 | ) | |||||||||||||||||
Repayment of other debt | (57 | ) | — | — | (10 | ) | 57 | (10 | ) | ||||||||||||||||
Repayment of Term Loans | — | (109 | ) | — | — | — | (109 | ) | |||||||||||||||||
Net cash used in financing activities | (57 | ) | (166 | ) | — | (10 | ) | 57 | (176 | ) | |||||||||||||||
Effect of exchange rates on cash | — | — | — | (6 | ) | — | (6 | ) | |||||||||||||||||
Decrease in cash and cash equivalents | — | (43 | ) | — | — | — | (43 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of the period | — | 68 | — | 33 | — | 101 | |||||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 25 | $ | — | $ | 33 | $ | — | $ | 58 | |||||||||||||
Affinia Group Intermediate Holdings Inc. | |||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Operating activities | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 43 | $ | 10 | $ | 16 | $ | — | $ | 69 | |||||||||||||
Investing activities | |||||||||||||||||||||||||
Investment in companies, net cash acquired | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||
Additions to property, plant and equipment | — | — | (10 | ) | (8 | ) | — | (18 | ) | ||||||||||||||||
Net cash used in investing activities | — | — | (10 | ) | (9 | ) | — | (19 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Net decrease in other short-term debt | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||
Repayment of Secured Notes | — | (195 | ) | — | — | — | (195 | ) | |||||||||||||||||
Repayment of Subordinated Notes | — | (367 | ) | — | — | — | (367 | ) | |||||||||||||||||
Repayment of Term Loans | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||
Proceeds from Senior Notes | — | 250 | — | — | — | 250 | |||||||||||||||||||
Proceeds from Term Loans | — | 667 | — | — | — | 667 | |||||||||||||||||||
Distribution to our shareholder | — | (352 | ) | — | — | — | (352 | ) | |||||||||||||||||
Payment of deferred financing costs | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||
Net cash used in financing activities | — | (13 | ) | — | (1 | ) | — | (14 | ) | ||||||||||||||||
Effect of exchange rates on cash | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||
Increase in cash and cash equivalents | — | 30 | — | 5 | — | 35 | |||||||||||||||||||
Cash and cash equivalents at beginning of the period | — | 23 | — | 28 | — | 51 | |||||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 53 | $ | — | $ | 33 | $ | — | $ | 86 | |||||||||||||
New_Accounting_Pronouncements_
New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Revenue from Contracts with Customers | ' |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This ASU is effective for reporting periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently assessing the impact that this new ASU will have on its revenue recognition upon adoption. | |
Discontinued Operations and Disclosures of Disposals of Components | ' |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU 2014-08 amends the definition of a discontinued operation in Accounting Standards Codification (“ASC”) 205-20 and requires entities to provide additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued operations criteria. The FASB issued the ASU to provide more decision-useful information and to make it more difficult for a disposal transaction to qualify as a discontinued operation. In addition, the ASU requires entities to reclassify assets and liabilities of a discontinued operation for all comparative periods in the statement of financial position, as well as significant changes to the presentation requirements within the statement of cash flows. This ASU is effective for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014. Early adoption is permitted. The adoption of this ASU could have a significant impact on the financial statement presentation associated with any disposal transactions that could occur once this ASU becomes effective. | |
Interest Rate for Hedge Accounting Purposes | ' |
In July 2013, the FASB issued ASU 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” ASU 2013-10 allows the Fed Funds Effective Swap Rate to be designated as a U.S. benchmark interest rate for hedge accounting purposes, in addition to interest rates on direct Treasury obligations of the U.S. government and the London Interbank Offered Rate (“LIBOR”). The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The Company does not anticipate the requirements of ASU 2013-10 will have a material impact on the consolidated financial statements because the Company currently has not entered into any new or redesignated hedging relationships that meet these requirements. | |
Unrecognized Tax Benefit | ' |
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective for annual reporting periods beginning on or after December 15, 2013 and subsequent interim periods. The adoption of this standard has not had any impact on the presentation of unrecognized tax benefits in the Condensed Consolidated Balance Sheets. | |
Foreign Currency Matters | ' |
In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters (Topic 830)—Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” ASU No. 2013-05 resolves the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. ASU 2013-5 is effective prospectively for the first annual period beginning after December 15, 2013. The adoption of this standard did not have any current impact on the results of operations, cash flows or financial position. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Financial Information of Reportable Segments, Corporate, Eliminations and Other | ' | ||||||||||||||||||||||||||||||||
The following table presents financial information for each of our reportable segments, as well as for corporate, eliminations and other, and on a consolidated basis: | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2014 | Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Corporate, | Corporate, | ||||||||||||||||||||||||||||||||
Eliminations & | Eliminations & | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Filtration | ASA | Other | Consolidated | Filtration | ASA | Other | Consolidated | |||||||||||||||||||||||||
Net Sales | $ | 248 | $ | 116 | $ | — | $ | 364 | $ | 234 | $ | 117 | $ | — | $ | 351 | |||||||||||||||||
Operating Profit | 43 | 9 | (10 | ) | 42 | 35 | 9 | (13 | ) | 31 | |||||||||||||||||||||||
Nine Months Ended September 30, 2014 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Corporate, | Corporate, | ||||||||||||||||||||||||||||||||
Eliminations & | Eliminations & | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Filtration | ASA | Other | Consolidated | Filtration | ASA | Other | Consolidated | |||||||||||||||||||||||||
Net Sales | $ | 732 | $ | 328 | $ | — | $ | 1,060 | $ | 678 | $ | 345 | $ | — | $ | 1,023 | |||||||||||||||||
Operating Profit | 117 | 26 | (33 | ) | 110 | 104 | 25 | (32 | ) | 97 |
Discontinued_Operation_Chassis1
Discontinued Operation - Chassis (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Summary of Net Sales, Income Before Income Tax Provision, Income Tax Provision and Net Income Included Within Income (Loss) from Discontinued Operations | ' | ||||||||||||||||
In addition to the gain on the sale discussed above, the following table shows the Chassis group’s net sales, income before tax provision, income tax provision and net income that are included within Income from discontinued operations, net of tax on the Condensed Consolidated Statements of Operations: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | $ | — | $ | 50 | $ | 64 | $ | 147 | |||||||||
Income before income tax provision | — | 5 | 5 | 12 | |||||||||||||
Income tax provision | — | 1 | 2 | 4 | |||||||||||||
Net income | $ | — | $ | 4 | $ | 3 | $ | 8 | |||||||||
Schedule of Assets and Liabilities Included in Held for Sale | ' | ||||||||||||||||
The following table shows the Chassis group’s assets and liabilities that are included in assets of discontinued operations and liabilities of discontinued operations on the Condensed Consolidated Balance Sheets: | |||||||||||||||||
December 31, | |||||||||||||||||
(Dollars in millions) | 2013 | ||||||||||||||||
Cash | $ | 1 | |||||||||||||||
Accounts receivable | 9 | ||||||||||||||||
Inventory | 74 | ||||||||||||||||
Other current assets | 4 | ||||||||||||||||
Property, plant and equipment | 8 | ||||||||||||||||
Goodwill | 22 | ||||||||||||||||
Other intangible assets | 22 | ||||||||||||||||
Other assets | 1 | ||||||||||||||||
Total assets of discontinued operations | $ | 141 | |||||||||||||||
Accounts payable | $ | 18 | |||||||||||||||
Other accrued expenses | 12 | ||||||||||||||||
Accrued payroll and employee benefits | 1 | ||||||||||||||||
Total liabilities of discontinued operations | $ | 31 | |||||||||||||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Notional Amount and Fair Value of Outstanding Interest Rate Swaps Outstanding | ' | ||||||||
As of September 30, 2014 and December 31, 2013, the notional amount and fair value of outstanding interest rate swaps outstanding are and were as follows: | |||||||||
(Dollars in millions) | Notional Amount | Fair Value | |||||||
As of September 30, 2014 | $ | 300 | $ | 5 | |||||
As of December 31, 2013 | $ | 300 | $ | 11 |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Schedule of Fair Value of Debt, Net of Discount | ' | ||||||||||||||
The fair value of debt and the categorization of the hierarchy level of fair value, net of discount, are and were as follows: | |||||||||||||||
Fair Value of Debt at September 30, 2014 | |||||||||||||||
(Dollars in millions) | Book Value | Fair Value | Fair Value | ||||||||||||
of Debt | Factor | of Debt | |||||||||||||
Senior notes, due May 2021(1) | $ | 250 | 103.25 | % | $ | 258 | |||||||||
Term Loan B-1, due April 2026(1) | 175 | 98.56 | % | 173 | |||||||||||
Term Loan B-2, due April 2020(1) | 382 | 98.19 | % | 375 | |||||||||||
ABL Revolver, due April 2018(2) | — | 100 | % | — | |||||||||||
Other debt(2) | 13 | 100 | % | 13 | |||||||||||
Total fair value of debt at September 30, 2014 | $ | 819 | |||||||||||||
Fair Value of Debt at December 31, 2013 | |||||||||||||||
(Dollars in millions) | Book Value | Fair Value | Fair Value | ||||||||||||
of Debt | Factor | of Debt | |||||||||||||
Senior notes, due May 2021(1) | $ | 250 | 96.06 | % | $ | 240 | |||||||||
Term Loan B-1, due April 2026(1) | 199 | 100.63 | % | 200 | |||||||||||
Term Loan B-2, due April 2020(1) | 465 | 101.38 | % | 471 | |||||||||||
ABL revolver, due April 2018(2) | — | 100 | % | — | |||||||||||
Other debt(2) | 23 | 100 | % | 23 | |||||||||||
Total fair value of debt at December 31, 2013 | $ | 934 | |||||||||||||
-1 | The fair value assigned to the Company’s long-term debt reflects financial model estimates generated from a third-party provider based on observable inputs related to market prices of comparable debt instruments and represents a Level 2 approximation within the fair value categorization framework. | ||||||||||||||
-2 | The carrying value of fixed rate short-term debt approximates fair value because of the short term nature of these instruments. The carrying value of the Company’s current floating rate debt instruments approximates fair value because of the variable interest rates pertaining to those instruments. The fair value of debt is categorized within Level 2 of the hierarchy. | ||||||||||||||
Summary of Sources and Uses of Refinancing | ' | ||||||||||||||
The sources and uses of proceeds of the 2013 refinancing consisted of the following: | |||||||||||||||
(Dollars in millions) | Sources | Uses | |||||||||||||
Term Loan B-1(1) | $ | 199 | Redeemed Secured Notes | $ | 180 | ||||||||||
Term Loan B-2(1) | 468 | Redeemed Subordinated Notes | 367 | ||||||||||||
Senior Notes | 250 | Distribution to Shareholder: | |||||||||||||
Cash on hand | 31 | Redeemed Holdings’ Preferred Shares(2) | 156 | ||||||||||||
Repaid Holdings’ Seller Note(2) | 61 | ||||||||||||||
Distribution to Holdings’ Stockholders(2) | 133 | ||||||||||||||
Total distribution to Shareholder(2) | 350 | ||||||||||||||
Interest payments on Secured and Subordinated Notes | 21 | ||||||||||||||
Call premium on Secured Notes | 15 | ||||||||||||||
Deferred financing costs(3) | 15 | ||||||||||||||
$ | 948 | $ | 948 | ||||||||||||
-1 | Less original issue discount of $2 million for Term Loan B-2 and $1 million for Term Loan B-1. | ||||||||||||||
-2 | A distribution to Holdings, our sole stockholder, of $350 million was used for redemption of preferred shares, payment of debt and a distribution to its stockholders. | ||||||||||||||
-3 | The deferred financing costs paid on the date of the refinancing were $13 million and $2 million was subsequently paid in the remainder of the second quarter of 2013. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
A summary of inventories, net is provided in the table below: | |||||||||
(Dollars in millions) | At September 30, | At December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 64 | $ | 67 | |||||
Work-in-process | 14 | 17 | |||||||
Finished goods | 152 | 137 | |||||||
$ | 230 | $ | 221 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Reconciliation of Changes in Return Reserves | ' | ||||||||
A reconciliation of the changes in our return reserves, which is included in “Other accrued expenses” in the Condensed Consolidated Balance Sheets, is presented in the following table. The table below excludes amounts associated with the Chassis group. | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
(Dollars in millions) | 2014 | 2013 | |||||||
Beginning balance | $ | 6 | $ | 5 | |||||
Amounts charged to revenue | 5 | 5 | |||||||
Returns processed | (6 | ) | (5 | ) | |||||
Ending balance | $ | 5 | $ | 5 | |||||
Accounts_Receivable_Factoring_
Accounts Receivable Factoring (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Summary of Accounts Receivable Factoring | ' | ||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
(Dollars in millions) | 2014 | 2013 | |||||||
Gross accounts receivable factored | $ | 353 | $ | 402 | |||||
Expenses associated with factoring of receivables | 3 | 3 |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Components of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||
Changes in accumulated other comprehensive income (loss) (AOCI) by component, net of tax, for the three and nine months ended September 30, 2014: | |||||||||||||||||
(Dollars in millions) | Pension | Foreign | Interest | Total | |||||||||||||
adjustments | currency | Rate | AOCI | ||||||||||||||
translation | Swap | ||||||||||||||||
adjustment | |||||||||||||||||
Balance at July 1, 2014 | $ | (1 | ) | $ | (19 | ) | $ | 2 | $ | (18 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (20 | ) | — | (20 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 1 | 1 | |||||||||||||
Net current period other comprehensive income | — | (20 | ) | 1 | (19 | ) | |||||||||||
Balance at September 30, 2014 | $ | (1 | ) | $ | (39 | ) | $ | 3 | $ | (37 | ) | ||||||
(Dollars in millions) | Pension | Foreign | Interest | Total | |||||||||||||
adjustments | currency | Rate | AOCI | ||||||||||||||
translation | Swap | ||||||||||||||||
adjustment | |||||||||||||||||
Balance at January 1, 2014 | $ | (1 | ) | $ | (26 | ) | $ | 7 | $ | (20 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (13 | ) | (5 | ) | (18 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 1 | 1 | |||||||||||||
Net current period other comprehensive income | — | (13 | ) | (4 | ) | (17 | ) | ||||||||||
Balance at September 30, 2014 | $ | (1 | ) | $ | (39 | ) | $ | 3 | $ | (37 | ) | ||||||
Changes in AOCI income (loss) by component, net of tax, for the three and nine months ended September 30, 2013: | |||||||||||||||||
(Dollars in millions) | Pension | Foreign | Interest | Total | |||||||||||||
adjustments | currency | Rate | AOCI | ||||||||||||||
translation | Swap | ||||||||||||||||
adjustment | |||||||||||||||||
Balance at July 1, 2013 | $ | (2 | ) | $ | (24 | ) | $ | 6 | $ | (20 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | 2 | (2 | ) | — | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 1 | 1 | |||||||||||||
Net current period other comprehensive income | — | 2 | (1 | ) | 1 | ||||||||||||
Balance at September 30, 2013 | $ | (2 | ) | $ | (22 | ) | $ | 5 | $ | (19 | ) | ||||||
(Dollars in millions) | Pension | Foreign | Interest | Total | |||||||||||||
adjustments | currency | Rate | AOCI | ||||||||||||||
translation | Swap | ||||||||||||||||
adjustment | |||||||||||||||||
Balance at January 1, 2013 | $ | (2 | ) | $ | (7 | ) | $ | — | $ | (9 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | — | (15 | ) | 4 | (11 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 1 | 1 | |||||||||||||
Net current period other comprehensive income | — | (15 | ) | 5 | (10 | ) | |||||||||||
Balance at September 30, 2013 | $ | (2 | ) | $ | (22 | ) | $ | 5 | $ | (19 | ) | ||||||
Restructuring_of_Operations_Ta
Restructuring of Operations (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Schedule of Restructuring Charges and Activity | ' | ||||
substantially completed by the end of the second quarter of 2014. The following summarizes the restructuring charges and activity for the Company for the nine months ended September 30, 2014: | |||||
(Dollars in millions) | Total | ||||
Balance at December 31, 2013 | $ | 5 | |||
Charges to expense: | |||||
Employee termination benefits | 5 | ||||
Reductions to liability: | |||||
Cash payments | (8 | ) | |||
Balance at September 30, 2014 | $ | 2 | |||
Financial_Information_for_Guar1
Financial Information for Guarantors and Non-Guarantors (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||||||
Guarantor Condensed Consolidating Statement of Operations | ' | ||||||||||||||||||||||||
Affinia Group Intermediate Holdings Inc. | |||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 171 | $ | 233 | $ | (40 | ) | $ | 364 | ||||||||||||
Cost of sales | — | — | (133 | ) | (181 | ) | 40 | (274 | ) | ||||||||||||||||
Gross profit | — | — | 38 | 52 | — | 90 | |||||||||||||||||||
Selling, general and administrative expenses | — | (8 | ) | (17 | ) | (23 | ) | — | (48 | ) | |||||||||||||||
Operating (loss) profit | — | (8 | ) | 21 | 29 | — | 42 | ||||||||||||||||||
Other income and expense, net | — | — | — | — | — | — | |||||||||||||||||||
Interest expense | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||
(Loss) income from continuing operations before income tax provision, equity in income (loss), net of tax and noncontrolling interest | — | (23 | ) | 21 | 29 | — | 27 | ||||||||||||||||||
Income tax provision | — | (5 | ) | — | (5 | ) | — | (10 | ) | ||||||||||||||||
Equity in income (loss), net of tax | 23 | 51 | 24 | — | (98 | ) | — | ||||||||||||||||||
Net income (loss) from continuing operations | 23 | 23 | 45 | 24 | (98 | ) | 17 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | — | 6 | — | — | 6 | |||||||||||||||||||
Net income (loss) | 23 | 23 | 51 | 24 | (98 | ) | 23 | ||||||||||||||||||
Less: net income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Company | $ | 23 | $ | 23 | $ | 51 | $ | 24 | $ | (98 | ) | $ | 23 | ||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 518 | $ | 663 | $ | (121 | ) | $ | 1,060 | ||||||||||||
Cost of sales | — | — | (407 | ) | (514 | ) | 121 | (800 | ) | ||||||||||||||||
Gross profit | — | — | 111 | 149 | — | 260 | |||||||||||||||||||
Selling, general and administrative expenses | — | (30 | ) | (51 | ) | (69 | ) | — | (150 | ) | |||||||||||||||
Operating (loss) profit | — | (30 | ) | 60 | 80 | — | 110 | ||||||||||||||||||
Other income and expense, net | — | (2 | ) | (1 | ) | (7 | ) | — | (10 | ) | |||||||||||||||
Interest expense | — | (44 | ) | — | (1 | ) | — | (45 | ) | ||||||||||||||||
(Loss) income from continuing operations before income tax provision, equity in income (loss), net of tax and noncontrolling interest | — | (76 | ) | 59 | 72 | — | 55 | ||||||||||||||||||
Income tax provision | — | (8 | ) | — | (18 | ) | — | (26 | ) | ||||||||||||||||
Equity in income (loss), net of tax | 57 | 141 | 57 | — | (255 | ) | — | ||||||||||||||||||
Net income (loss) from continuing operations | 57 | 57 | 116 | 54 | (255 | ) | 29 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | — | 25 | 3 | — | 28 | |||||||||||||||||||
Net income (loss) | 57 | 57 | 141 | 57 | (255 | ) | 57 | ||||||||||||||||||
Less: net income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Company | $ | 57 | $ | 57 | $ | 141 | $ | 57 | $ | (255 | ) | $ | 57 | ||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 156 | $ | 235 | $ | (40 | ) | $ | 351 | ||||||||||||
Cost of sales | — | — | (128 | ) | (181 | ) | 40 | (269 | ) | ||||||||||||||||
Gross profit | — | — | 28 | 54 | — | 82 | |||||||||||||||||||
Selling, general and administrative expenses | — | (16 | ) | (11 | ) | (24 | ) | — | (51 | ) | |||||||||||||||
Operating (loss) profit | — | (16 | ) | 17 | 30 | — | 31 | ||||||||||||||||||
Other income and expense, net | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||
Interest expense | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||
(Loss) income from continuing operations before income tax provision, equity in income (loss), net of tax and noncontrolling interest | — | (32 | ) | 17 | 30 | — | 15 | ||||||||||||||||||
Income tax provision | — | (2 | ) | (2 | ) | (4 | ) | — | (8 | ) | |||||||||||||||
Equity in income (loss), net of tax | 9 | 43 | 24 | (2 | ) | (76 | ) | (2 | ) | ||||||||||||||||
Net income (loss) from continuing operations | 9 | 9 | 39 | 24 | (76 | ) | 5 | ||||||||||||||||||
Income from discontinued operations, net of tax | — | — | 4 | — | — | 4 | |||||||||||||||||||
Net income (loss) | 9 | 9 | 43 | 24 | (76 | ) | 9 | ||||||||||||||||||
Less: net income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Company | $ | 9 | $ | 9 | $ | 43 | $ | 24 | $ | (76 | ) | $ | 9 | ||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 477 | $ | 653 | $ | (107 | ) | $ | 1,023 | ||||||||||||
Cost of sales | — | — | (382 | ) | (509 | ) | 107 | (784 | ) | ||||||||||||||||
Gross profit | — | — | 95 | 144 | — | 239 | |||||||||||||||||||
Selling, general and administrative expenses | — | (28 | ) | (47 | ) | (67 | ) | — | (142 | ) | |||||||||||||||
Operating (loss) profit | — | (28 | ) | 48 | 77 | — | 97 | ||||||||||||||||||
Loss on extinguishment of debt | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||
Other income and expense, net | — | (1 | ) | (1 | ) | (1 | ) | — | (3 | ) | |||||||||||||||
Interest expense | — | (57 | ) | — | (1 | ) | — | (58 | ) | ||||||||||||||||
(Loss) income from continuing operations before income tax provision, equity in income, net of tax and noncontrolling interest | — | (101 | ) | 47 | 75 | — | 21 | ||||||||||||||||||
Income tax provision | — | — | 2 | (14 | ) | — | (12 | ) | |||||||||||||||||
Equity in income, net of tax | 14 | 115 | 44 | (2 | ) | (173 | ) | (2 | ) | ||||||||||||||||
Net income (loss) from continuing operations | 14 | 14 | 93 | 59 | (173 | ) | 7 | ||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | — | 22 | (15 | ) | — | 7 | ||||||||||||||||||
Net income (loss) | 14 | 14 | 115 | 44 | (173 | ) | 14 | ||||||||||||||||||
Less: net income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Net income (loss) attributable to the Company | $ | 14 | $ | 14 | $ | 115 | $ | 44 | $ | (173 | ) | $ | 14 | ||||||||||||
Guarantor Condensed Consolidating Statement of Comprehensive Income | ' | ||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net income (loss) | $ | 23 | $ | 23 | $ | 51 | $ | 24 | $ | (98 | ) | $ | 23 | ||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||
Change in fair value of interest rate swap | 1 | 1 | — | — | (1 | ) | 1 | ||||||||||||||||||
Change in foreign currency translation adjustments | (20 | ) | (20 | ) | — | (20 | ) | 40 | (20 | ) | |||||||||||||||
Total other comprehensive (loss) income | (19 | ) | (19 | ) | — | (20 | ) | 39 | (19 | ) | |||||||||||||||
Total comprehensive income (loss) | 4 | 4 | 51 | 4 | (59 | ) | 4 | ||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | 4 | $ | 4 | $ | 51 | $ | 4 | $ | (59 | ) | $ | 4 | ||||||||||||
Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net income (loss) | $ | 57 | $ | 57 | $ | 141 | $ | 57 | $ | (255 | ) | $ | 57 | ||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||||
Change in fair value of interest rate swap | (4 | ) | (4 | ) | — | — | 4 | (4 | ) | ||||||||||||||||
Change in foreign currency translation adjustments | (13 | ) | (13 | ) | — | (13 | ) | 26 | (13 | ) | |||||||||||||||
Total other comprehensive (loss) income | (17 | ) | (17 | ) | — | (13 | ) | 30 | (17 | ) | |||||||||||||||
Total comprehensive income (loss) | 40 | 40 | 141 | 44 | (225 | ) | 40 | ||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | 40 | $ | 40 | $ | 141 | $ | 44 | $ | (225 | ) | $ | 40 | ||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net income (loss) | $ | 9 | $ | 9 | $ | 43 | $ | 24 | $ | (76 | ) | $ | 9 | ||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||||||||||
Change in fair value of interest rate swap | (1 | ) | (1 | ) | — | — | 1 | (1 | ) | ||||||||||||||||
Change in foreign currency translation adjustments | 2 | 2 | — | 2 | (4 | ) | 2 | ||||||||||||||||||
Total other comprehensive loss | 1 | 1 | — | 2 | (3 | ) | 1 | ||||||||||||||||||
Total comprehensive income (loss) | 10 | 10 | 43 | 26 | (79 | ) | 10 | ||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | 10 | $ | 10 | $ | 43 | $ | 26 | $ | (79 | ) | $ | 10 | ||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statements of Comprehensive Income (Loss) | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Net income (loss) | $ | 14 | $ | 14 | $ | 115 | $ | 44 | $ | (173 | ) | $ | 14 | ||||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||||||||||||
Change in fair value of interest rate swap | 5 | 5 | — | — | (5 | ) | 5 | ||||||||||||||||||
Change in foreign currency translation adjustments | (15 | ) | (15 | ) | — | (15 | ) | 30 | (15 | ) | |||||||||||||||
Total other comprehensive loss | (10 | ) | (10 | ) | — | (15 | ) | 25 | (10 | ) | |||||||||||||||
Total comprehensive income (loss) | 4 | 4 | 115 | 29 | (148 | ) | 4 | ||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interest, net of tax | — | — | — | — | — | — | |||||||||||||||||||
Comprehensive income (loss) attributable to the Company | $ | 4 | $ | 4 | $ | 115 | $ | 29 | $ | (148 | ) | $ | 4 | ||||||||||||
Guarantor Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
Affinia Group Intermediate Holdings Inc. | |||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 25 | $ | — | $ | 33 | $ | — | $ | 58 | |||||||||||||
Accounts receivable | — | — | 56 | 115 | — | 171 | |||||||||||||||||||
Inventories | — | — | 100 | 130 | — | 230 | |||||||||||||||||||
Other current assets | — | 37 | 2 | 59 | — | 98 | |||||||||||||||||||
Total current assets | — | 62 | 158 | 337 | — | 557 | |||||||||||||||||||
Other non-current assets | — | 137 | 37 | 25 | — | 199 | |||||||||||||||||||
Intercompany investments | (220 | ) | 297 | 672 | 1 | (750 | ) | — | |||||||||||||||||
Intercompany (payables) receivables | — | 155 | (527 | ) | 372 | — | — | ||||||||||||||||||
Property, plant and equipment, net | — | 1 | 54 | 66 | — | 121 | |||||||||||||||||||
Total assets | $ | (220 | ) | $ | 652 | $ | 394 | $ | 801 | $ | (750 | ) | $ | 877 | |||||||||||
Liabilities and shareholder’s equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 8 | $ | 73 | $ | 60 | $ | — | $ | 141 | |||||||||||||
Notes payable | — | — | — | 13 | — | 13 | |||||||||||||||||||
Current maturities of long-term debt | — | — | — | — | — | — | |||||||||||||||||||
Accrued payroll and employee benefits | — | 7 | 6 | 10 | — | 23 | |||||||||||||||||||
Other accrued expenses | — | 34 | 17 | 41 | — | 92 | |||||||||||||||||||
Total current liabilities | — | 49 | 96 | 124 | — | 269 | |||||||||||||||||||
Deferred employee benefits and noncurrent liabilities | — | 16 | — | 5 | — | 21 | |||||||||||||||||||
Long-term debt | — | 806 | 1 | — | — | 807 | |||||||||||||||||||
Total liabilities | — | 871 | 97 | 129 | — | 1,097 | |||||||||||||||||||
Total shareholder’s (deficit) equity | (220 | ) | (219 | ) | 297 | 672 | (750 | ) | (220 | ) | |||||||||||||||
Total liabilities and shareholder (deficit) equity | $ | (220 | ) | $ | 652 | $ | 394 | $ | 801 | $ | (750 | ) | $ | 877 | |||||||||||
Affinia Group Intermediate Holdings Inc. | |||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 68 | $ | — | $ | 33 | $ | — | $ | 101 | |||||||||||||
Accounts receivable | — | — | 24 | 117 | — | 141 | |||||||||||||||||||
Inventories, net | — | — | 87 | 134 | — | 221 | |||||||||||||||||||
Other current assets | — | 50 | — | 50 | — | 100 | |||||||||||||||||||
Current assets of discontinued operations | — | — | 138 | 3 | 141 | ||||||||||||||||||||
Total current assets | — | 118 | 249 | 337 | — | 704 | |||||||||||||||||||
Other non-current assets | — | 122 | 36 | 24 | — | 182 | |||||||||||||||||||
Intercompany investments | (202 | ) | 1,196 | 726 | — | (1,720 | ) | — | |||||||||||||||||
Intercompany (payables) receivables | — | (672 | ) | 247 | 425 | — | — | ||||||||||||||||||
Property, plant and equipment, net | — | 2 | 50 | 71 | — | 123 | |||||||||||||||||||
Total assets | $ | (202 | ) | $ | 766 | $ | 1,308 | $ | 857 | $ | (1,720 | ) | $ | 1,009 | |||||||||||
Liabilities and shareholder’s equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Accounts payable | $ | — | $ | 6 | $ | 65 | $ | 50 | $ | — | $ | 121 | |||||||||||||
Notes payable | — | — | — | 23 | — | 23 | |||||||||||||||||||
Current maturities of long-term debt | — | 7 | — | — | — | 7 | |||||||||||||||||||
Accrued payroll and employee benefits | — | 8 | 3 | 8 | — | 19 | |||||||||||||||||||
Other accrued expenses | — | 22 | 14 | 42 | — | 78 | |||||||||||||||||||
Current liabilities of discontinued operations | — | — | 29 | 2 | — | 31 | |||||||||||||||||||
Total current liabilities | — | 43 | 111 | 125 | — | 279 | |||||||||||||||||||
Deferred employee benefits and noncurrent liabilities | — | 17 | 1 | 6 | — | 24 | |||||||||||||||||||
Long-term debt | — | 907 | — | — | — | 907 | |||||||||||||||||||
Total liabilities | — | 967 | 112 | 131 | — | 1,210 | |||||||||||||||||||
Total shareholder’s (deficit) equity | (202 | ) | (201 | ) | 1,196 | 726 | (1,720 | ) | (201 | ) | |||||||||||||||
Total liabilities and shareholder’s (deficit) equity | $ | (202 | ) | $ | 766 | $ | 1,308 | $ | 857 | $ | (1,720 | ) | $ | 1,009 | |||||||||||
Guarantor Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
Affinia Group Intermediate Holdings Inc. | |||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Operating activities | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 57 | $ | (30 | ) | $ | 10 | $ | 24 | $ | (57 | ) | $ | 4 | |||||||||||
Investing activities | |||||||||||||||||||||||||
Proceeds from sale of Chassis group | — | 149 | — | — | — | 149 | |||||||||||||||||||
Additions to property, plant and equipment | — | — | (10 | ) | (8 | ) | — | (18 | ) | ||||||||||||||||
Other Investing Activities | — | 4 | — | — | — | 4 | |||||||||||||||||||
Net cash provided by (used in) investing activities | — | 153 | (10 | ) | (8 | ) | — | 135 | |||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Distribution to our shareholders | — | (57 | ) | — | — | — | (57 | ) | |||||||||||||||||
Repayment of other debt | (57 | ) | — | — | (10 | ) | 57 | (10 | ) | ||||||||||||||||
Repayment of Term Loans | — | (109 | ) | — | — | — | (109 | ) | |||||||||||||||||
Net cash used in financing activities | (57 | ) | (166 | ) | — | (10 | ) | 57 | (176 | ) | |||||||||||||||
Effect of exchange rates on cash | — | — | — | (6 | ) | — | (6 | ) | |||||||||||||||||
Decrease in cash and cash equivalents | — | (43 | ) | — | — | — | (43 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of the period | — | 68 | — | 33 | — | 101 | |||||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 25 | $ | — | $ | 33 | $ | — | $ | 58 | |||||||||||||
Affinia Group Intermediate Holdings Inc. | |||||||||||||||||||||||||
Guarantor Condensed | |||||||||||||||||||||||||
Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | Parent | Issuer | Guarantor | Non- | Elimination | Consolidated | |||||||||||||||||||
Guarantor | Total | ||||||||||||||||||||||||
Operating activities | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 43 | $ | 10 | $ | 16 | $ | — | $ | 69 | |||||||||||||
Investing activities | |||||||||||||||||||||||||
Investment in companies, net cash acquired | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||
Additions to property, plant and equipment | — | — | (10 | ) | (8 | ) | — | (18 | ) | ||||||||||||||||
Net cash used in investing activities | — | — | (10 | ) | (9 | ) | — | (19 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Net decrease in other short-term debt | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||
Repayment of Secured Notes | — | (195 | ) | — | — | — | (195 | ) | |||||||||||||||||
Repayment of Subordinated Notes | — | (367 | ) | — | — | — | (367 | ) | |||||||||||||||||
Repayment of Term Loans | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||
Proceeds from Senior Notes | — | 250 | — | — | — | 250 | |||||||||||||||||||
Proceeds from Term Loans | — | 667 | — | — | — | 667 | |||||||||||||||||||
Distribution to our shareholder | — | (352 | ) | — | — | — | (352 | ) | |||||||||||||||||
Payment of deferred financing costs | — | (15 | ) | — | — | — | (15 | ) | |||||||||||||||||
Net cash used in financing activities | — | (13 | ) | — | (1 | ) | — | (14 | ) | ||||||||||||||||
Effect of exchange rates on cash | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||
Increase in cash and cash equivalents | — | 30 | — | 5 | — | 35 | |||||||||||||||||||
Cash and cash equivalents at beginning of the period | — | 23 | — | 28 | — | 51 | |||||||||||||||||||
Cash and cash equivalents at end of the period | $ | — | $ | 53 | $ | — | $ | 33 | $ | — | $ | 86 | |||||||||||||
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ' | ' |
Number of operating segments included in continuing operations | ' | 2 |
Filtration Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Percentage of revenue contributed | 70.00% | 70.00% |
Segment_Information_Schedule_o
Segment Information - Schedule of Financial Information of Reportable Segments, Corporate, Eliminations and Other (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $364 | $351 | $1,060 | $1,023 |
Operating Profit | 42 | 31 | 110 | 97 |
Operating Segments [Member] | Filtration Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 248 | 234 | 732 | 678 |
Operating Profit | 43 | 35 | 117 | 104 |
Operating Segments [Member] | ASA [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 116 | 117 | 328 | 345 |
Operating Profit | 9 | 9 | 26 | 25 |
Corporate, Eliminations & Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating Profit | ($10) | ($13) | ($33) | ($32) |
Discontinued_Operation_Chassis2
Discontinued Operation - Chassis - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | 1-May-14 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Selling price on discontinued operations | ' | ' | ' | $149 |
Chassis Group [Member] | ' | ' | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' | ' | ' |
Proceeds from the sale of Chassis group | 150 | ' | ' | ' |
Selling price on discontinued operations | 140 | 9 | ' | ' |
Post closing purchase price adjustment | ' | ' | ' | 1 |
Pre-tax gain on sale of discontinued operation | 32 | ' | 21 | 11 |
Capital loss valuation allowance | ' | 18 | ' | 18 |
Tax expense related to the transaction | ' | 6 | ' | 6 |
Contingent consideration | $10 | ' | ' | ' |
Discontinued_Operation_Chassis3
Discontinued Operation - Chassis - Summary of Net Sales, Income Before Income Tax Provision, Income Tax Provision and Net Income Included Within Income (Loss) from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to the Company | $23 | $9 | $57 | $14 |
Chassis Group [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net sales | ' | 50 | 64 | 147 |
Income before income tax provision | ' | 5 | 5 | 12 |
Income tax provision | ' | 1 | 2 | 4 |
Net income (loss) attributable to the Company | ' | $4 | $3 | $8 |
Discontinued_Operation_Chassis4
Discontinued Operation - Chassis - Schedule of Assets and Liabilities Included in Held for Sale (Detail) (Chassis Group [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Chassis Group [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Cash | $1 |
Accounts receivable | 9 |
Inventory | 74 |
Other current assets | 4 |
Property, plant and equipment | 8 |
Goodwill | 22 |
Other intangible assets | 22 |
Other assets | 1 |
Total assets of discontinued operations | 141 |
Accounts payable | 18 |
Other accrued expenses | 12 |
Accrued payroll and employee benefits | 1 |
Total liabilities of discontinued operations | $31 |
Derivatives_Additional_Informa
Derivatives - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 25, 2013 | |
Short-Term Currency Forward Contracts [Member] | Short-Term Currency Forward Contracts [Member] | Currency Forward Contracts [Member] | Currency Forward Contracts [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Term Loans B [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||
Short-Term Currency Forward Contracts [Member] | Short-Term Currency Forward Contracts [Member] | Short-Term Currency Forward Contracts [Member] | ||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate notional amounts of outstanding currency forward contracts | ' | ' | ' | ' | $43,000,000 | $86,000,000 | $38,000,000 | $38,000,000 | ' | ' | ' | ' | ' | $300,000,000 | $300,000,000 | $300,000,000 |
Gains (loss) associated with currency forward contract | ' | ' | ' | ' | -1,000,000 | ' | 0 | 0 | ' | -1,000,000 | 1,000,000 | -1,000,000 | ' | ' | ' | ' |
Term loan due date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25-Apr-20 | ' | ' | ' |
Reclassified from other comprehensive income into interest expense | ' | 0 | 2,000,000 | 0 | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Gains or losses reclassified from other comprehensive income (loss) into earnings | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_Notional_Amount_of
Derivatives - Notional Amount of Outstanding Derivatives (Detail) (Interest Rate Swap [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 25, 2013 |
In Millions, unless otherwise specified | |||
Interest Rate Swap [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional Amount | $300 | $300 | $300 |
Fair Value | $5 | $11 | ' |
Debt_Schedule_of_Fair_Value_of
Debt - Schedule of Fair Value of Debt, Net of Discount (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Book Value of Debt | $13 | $23 |
Fair Value of Debt | 819 | 934 |
Long Term Debt Current [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Book Value of Debt | 13 | 23 |
Fair Value Factor | 100.00% | 100.00% |
Fair Value of Debt | 13 | 23 |
Senior Notes, Due May 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt maturity date | 1-May-21 | 1-May-21 |
Book Value of Debt | 250 | 250 |
Fair Value Factor | 103.25% | 96.06% |
Fair Value of Debt | 258 | 240 |
Term Loan B-1, Due April 2026 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt maturity date | 1-Apr-26 | 1-Apr-26 |
Book Value of Debt | 175 | 199 |
Fair Value Factor | 98.56% | 100.63% |
Fair Value of Debt | 173 | 200 |
Term Loan B-2, Due April 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt maturity date | 25-Apr-20 | 1-Apr-20 |
Book Value of Debt | 382 | 465 |
Fair Value Factor | 98.19% | 101.38% |
Fair Value of Debt | $375 | $471 |
ABL Revolver, Due April 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt maturity date | 1-Apr-18 | 1-Apr-18 |
Fair Value Factor | 100.00% | 100.00% |
Debt_Additional_Information_Ne
Debt - Additional Information - New ABL Revolver (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | 1-May-14 | Apr. 25, 2014 | Apr. 25, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Apr. 25, 2014 | Apr. 25, 2013 | Apr. 25, 2013 | Apr. 25, 2013 | 1-May-14 | 1-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 25, 2013 | Sep. 30, 2014 | Apr. 25, 2013 | 1-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Apr. 25, 2013 | Apr. 25, 2013 | Sep. 30, 2014 | Apr. 25, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Apr. 25, 2013 | Sep. 30, 2014 |
Affinia Group Holdings Inc [Member] | Affinia Group Holdings Inc [Member] | Refinancing Dividend [Member] | Other Dividend [Member] | Chassis Group [Member] | Term Loan B-2, Due April 2020 [Member] | Term Loan B-2, Due April 2020 [Member] | Term Loan B-2, Due April 2020 [Member] | Term Loan B-2, Due April 2020 [Member] | Term Loan B-1, Due April 2016 [Member] | Term Loan B-1, Due April 2016 [Member] | Term Loan B-1, Due April 2026 [Member] | Term Loan B-1, Due April 2026 [Member] | Term Loan B-1, Due April 2026 [Member] | Seller Note [Member] | 10.75% Senior Secured Notes, Due August 2016 [Member] | 9% Senior Subordinated Notes, Due November 2014 [Member] | ABL Revolver [Member] | ABL Revolver [Member] | ABL Revolver [Member] | 7.75% Senior Notes, Due May 2021 [Member] | 7.75% Senior Notes, Due May 2021 [Member] | U.S. Domestic Borrowers [Member] | |||||||
Minimum [Member] | New ABL Revolver [Member] | ||||||||||||||||||||||||||||
Credit Facilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant: Availability percentage of total borrowing base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' |
Covenant: Availability dollar threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Cash received from discontinued operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 149 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | 61 | 10 | ' | ' | 61 | ' | ' | ' | ' | 85 | ' | ' | ' | ' | ' | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indented amount of debt repayment | 57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Seller Note Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 470 | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | ' |
Senior Notes interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.75% | 9.00% | ' | ' | ' | ' | 7.75% | ' |
Debt maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25-Apr-20 | 1-Apr-20 | ' | 25-Apr-16 | ' | ' | 1-Apr-26 | 1-Apr-26 | ' | ' | ' | ' | ' | ' | 1-May-21 | ' | 25-Apr-18 |
Cash on hand for redemption | ' | 31 | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution made to holdings | ' | ' | 351 | 57 | 352 | ' | 133 | 133 | 350 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Refinancing Arrangement loss | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized deferred financing Cost | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' |
Deferred financing costs | ' | ' | 15 | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | $15 | ' | $18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | $14 | ' |
Debt_Summary_of_Sources_and_Us
Debt - Summary of Sources and Uses of Refinancing (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Apr. 25, 2014 | Apr. 25, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Apr. 25, 2013 | 1-May-14 | Apr. 25, 2013 | Apr. 25, 2013 | Apr. 25, 2013 | Apr. 25, 2013 | Apr. 25, 2014 | Apr. 25, 2013 |
Term Loan B-1, Due April 2016 [Member] | Term Loan B-2, Due April 2020 [Member] | Term Loan B-2, Due April 2020 [Member] | 7.75% Senior Notes, Due May 2021 [Member] | Refinancing Dividend [Member] | Old Senior Notes [Member] | Affinia Group Holdings Inc [Member] | Affinia Group Holdings Inc [Member] | |||||
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt | ' | ' | ' | $667 | $199 | ' | $468 | $250 | ' | ' | ' | ' |
Cash on hand | 31 | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sources of debt refinancing | ' | 948 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemed Secured Notes | ' | 180 | ' | 195 | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemed Subordinated Notes | ' | 367 | ' | 367 | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemed Holdings' Preferred Shares | ' | 156 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repaid Holdings' Seller Note | ' | 61 | 10 | ' | ' | 85 | ' | ' | ' | ' | 61 | ' |
Distribution to Holdings' Stockholders | ' | 351 | 57 | 352 | ' | ' | ' | ' | 350 | ' | 133 | 133 |
Interest payments on Secured and Subordinated Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21 | ' | ' |
Call premium on Secured Notes | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | ' | 15 | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' |
Uses of debt refinancing | ' | $948 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Additional_Information_Ne1
Debt - Additional Information - New ABL Revolver (Parenthetical) (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Apr. 25, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Credit Facilities [Line Items] | ' | ' | ' |
Payment of deferred financing costs | $15 | ' | $15 |
Distribution made to parent | 351 | 57 | 352 |
Term Loan B-2, Due April 2020 [Member] | ' | ' | ' |
Credit Facilities [Line Items] | ' | ' | ' |
Original issue discount | 2 | ' | ' |
Term Loan B-1, Due April 2016 [Member] | ' | ' | ' |
Credit Facilities [Line Items] | ' | ' | ' |
Original issue discount | 1 | ' | ' |
Paid on Date of Refinancing [Member] | ' | ' | ' |
Credit Facilities [Line Items] | ' | ' | ' |
Payment of deferred financing costs | 13 | ' | ' |
Subsequently Paid [Member] | ' | ' | ' |
Credit Facilities [Line Items] | ' | ' | ' |
Payment of deferred financing costs | 2 | ' | ' |
Refinancing Dividend [Member] | ' | ' | ' |
Credit Facilities [Line Items] | ' | ' | ' |
Distribution made to parent | $350 | ' | ' |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $64 | $67 |
Work-in-process | 14 | 17 |
Finished goods | 152 | 137 |
Inventories, net | $230 | $221 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Purchase commitments for property, plant and equipment | $4 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Reconciliation of Changes in Return Reserves (Detail) (Return Reserves [Member], USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Return Reserves [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Beginning balance | $6 | $5 |
Amounts charged to revenue | 5 | 5 |
Returns processed | -6 | -5 |
Ending balance | $5 | $5 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | $8 | ' | ' | $8 | ' | $8 |
Accrued interest and penalties | 2 | ' | ' | 2 | ' | ' |
Change in effective tax rate | 37.00% | ' | 53.00% | 47.00% | 57.00% | ' |
Currency devaluation | ' | $7 | ' | ' | ' | ' |
Legal_Proceedings_Additional_I
Legal Proceedings - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Neovia [Member] | Neovia [Member] | |||
Legal Proceedings [Line Items] | ' | ' | ' | ' |
Accrued for civil liability | $2 | $13 | ' | $11 |
Payment to accrued expenses | ' | ' | 11 | ' |
Aggregated maximum exposure to loss | $14 | ' | ' | ' |
Accounts_Receivable_Factoring_1
Accounts Receivable Factoring - Summary of Accounts Receivable Factoring (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Commitment, Contingency And Related Party Transactions [Abstract] | ' | ' |
Gross accounts receivable factored | $353 | $402 |
Expenses associated with factoring of receivables | $3 | $3 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income (Loss) - Components of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning balance | ($18) | ($20) | ($20) | ($9) |
Other comprehensive income (loss) before reclassifications, net of tax | -20 | ' | -18 | -11 |
Amounts reclassified from accumulated other comprehensive income | 1 | 1 | 1 | 1 |
Total other comprehensive (loss) income | -19 | 1 | -17 | -10 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending balance | -37 | -19 | -37 | -19 |
Pension Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning balance | -1 | -2 | -1 | -2 |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' |
Total other comprehensive (loss) income | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending balance | -1 | -2 | -1 | -2 |
Foreign Currency Translation Adjustment [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning balance | -19 | -24 | -26 | -7 |
Other comprehensive income (loss) before reclassifications, net of tax | -20 | 2 | -13 | -15 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' |
Total other comprehensive (loss) income | -20 | 2 | -13 | -15 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending balance | -39 | -22 | -39 | -22 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning balance | 2 | 6 | 7 | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | -2 | -5 | 4 |
Amounts reclassified from accumulated other comprehensive income | 1 | 1 | 1 | 1 |
Total other comprehensive (loss) income | 1 | -1 | -4 | 5 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending balance | $3 | $5 | $3 | $5 |
Venezuelan_Operations_Addition
Venezuelan Operations - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2010 | Mar. 31, 2014 | Feb. 08, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 |
USD ($) | Filtration Segment [Member] | ASA [Member] | Venezuela Inflationary Accounting [Member] | Venezuela Inflationary Accounting [Member] | Venezuela Inflationary Accounting [Member] | Venezuela Inflationary Accounting [Member] | Venezuela Inflationary Accounting [Member] | Venezuela Inflationary Accounting [Member] | Venezuela Inflationary Accounting [Member] | Venezuela Inflationary Accounting [Member] | Venezuela Inflationary Accounting [Member] | |
USD ($) | USD ($) | USD ($) | VEF | VEF | SICAD 1 [Member] | SICAD 2 [Member] | Venezuelan Subsidiary [Member] | Venezuelan Subsidiary [Member] | ||||
VEF | VEF | |||||||||||
Foreign Operation (Line Items) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exceeded percentages of national consumer price index | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Highly inflationary economy | ' | ' | ' | ' | 'Three-year | ' | ' | ' | ' | ' | ' | ' |
Amount of negative impact on pre-tax net income, due to devaluation | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate, VEF to U.S. Dollar | ' | ' | ' | ' | ' | ' | 6.3 | 6.3 | 10.7 | 50.86 | ' | ' |
Parallel market rate for U.S. Dollar | ' | ' | ' | ' | ' | ' | ' | 5.3 | ' | ' | ' | ' |
Devaluation Charge | $7 | $5 | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of sales earned from subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' |
Subsidiary Assets And Liabilities As Percentage Of Consolidated Assets And Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% |
Restructuring_of_Operations_Ad
Restructuring of Operations - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accrued restructuring | $2 | $5 |
Corporate Headquarters Closure [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accrued restructuring | ' | $5 |
Restructuring_of_Operations_Sc
Restructuring of Operations - Schedule of Restructuring Charges and Activity (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Beginning balance | $5 |
Reductions to liability: | ' |
Cash payments | -8 |
Ending balance | 2 |
Employee Termination Benefits [Member] | ' |
Charges to expense: | ' |
Restructuring expenses | $5 |
Financial_Information_for_Guar2
Financial Information for Guarantors and Non-Guarantors - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 25, 2013 |
Senior Notes [Member] | Senior Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Aggregate principal amount | ' | ' | $250 |
Debt outstanding | ' | $250 | ' |
Ownership interest in Affinia Group Inc. | 100.00% | ' | ' |
Financial_Information_for_Guar3
Financial Information for Guarantors and Non-Guarantors - Guarantor Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $364 | $351 | $1,060 | $1,023 |
Cost of sales | -274 | -269 | -800 | -784 |
Gross profit | 90 | 82 | 260 | 239 |
Selling, general and administrative expenses | -48 | -51 | -150 | -142 |
Operating (loss) profit | 42 | 31 | 110 | 97 |
Loss on extinguishment of debt | ' | ' | ' | -15 |
Other income and expense, net | ' | -1 | -10 | -3 |
Interest expense | -15 | -15 | -45 | -58 |
(Loss) income from continuing operations before income tax provision, equity in income (loss), net of tax and noncontrolling interest | 27 | 15 | 55 | 21 |
Income tax provision | -10 | -8 | -26 | -12 |
Equity in income (loss), net of tax | ' | -2 | ' | -2 |
Net income (loss) from continuing operations | 17 | 5 | 29 | 7 |
Income (loss) from discontinued operations, net of tax | 6 | 4 | 28 | 7 |
Net income (loss) | 23 | 9 | 57 | 14 |
Less: net income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Net income (loss) attributable to the Company | 23 | 9 | 57 | 14 |
Parent [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Equity in income (loss), net of tax | 23 | 9 | 57 | 14 |
Net income (loss) from continuing operations | 23 | 9 | 57 | 14 |
Net income (loss) | 23 | 9 | 57 | 14 |
Less: net income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Net income (loss) attributable to the Company | 23 | 9 | 57 | 14 |
Issuer [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expenses | -8 | -16 | -30 | -28 |
Operating (loss) profit | -8 | -16 | -30 | -28 |
Loss on extinguishment of debt | ' | ' | ' | -15 |
Other income and expense, net | ' | -1 | -2 | -1 |
Interest expense | -15 | -15 | -44 | -57 |
(Loss) income from continuing operations before income tax provision, equity in income (loss), net of tax and noncontrolling interest | -23 | -32 | -76 | -101 |
Income tax provision | -5 | -2 | -8 | ' |
Equity in income (loss), net of tax | 51 | 43 | 141 | 115 |
Net income (loss) from continuing operations | 23 | 9 | 57 | 14 |
Net income (loss) | 23 | 9 | 57 | 14 |
Less: net income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Net income (loss) attributable to the Company | 23 | 9 | 57 | 14 |
Guarantor [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 171 | 156 | 518 | 477 |
Cost of sales | -133 | -128 | -407 | -382 |
Gross profit | 38 | 28 | 111 | 95 |
Selling, general and administrative expenses | -17 | -11 | -51 | -47 |
Operating (loss) profit | 21 | 17 | 60 | 48 |
Other income and expense, net | ' | ' | -1 | -1 |
(Loss) income from continuing operations before income tax provision, equity in income (loss), net of tax and noncontrolling interest | 21 | 17 | 59 | 47 |
Income tax provision | ' | -2 | ' | 2 |
Equity in income (loss), net of tax | 24 | 24 | 57 | 44 |
Net income (loss) from continuing operations | 45 | 39 | 116 | 93 |
Income (loss) from discontinued operations, net of tax | 6 | 4 | 25 | 22 |
Net income (loss) | 51 | 43 | 141 | 115 |
Less: net income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Net income (loss) attributable to the Company | 51 | 43 | 141 | 115 |
Non-Guarantor [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 233 | 235 | 663 | 653 |
Cost of sales | -181 | -181 | -514 | -509 |
Gross profit | 52 | 54 | 149 | 144 |
Selling, general and administrative expenses | -23 | -24 | -69 | -67 |
Operating (loss) profit | 29 | 30 | 80 | 77 |
Other income and expense, net | ' | ' | -7 | -1 |
Interest expense | ' | ' | -1 | -1 |
(Loss) income from continuing operations before income tax provision, equity in income (loss), net of tax and noncontrolling interest | 29 | 30 | 72 | 75 |
Income tax provision | -5 | -4 | -18 | -14 |
Equity in income (loss), net of tax | ' | -2 | ' | -2 |
Net income (loss) from continuing operations | 24 | 24 | 54 | 59 |
Income (loss) from discontinued operations, net of tax | ' | ' | 3 | -15 |
Net income (loss) | 24 | 24 | 57 | 44 |
Less: net income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Net income (loss) attributable to the Company | 24 | 24 | 57 | 44 |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -40 | -40 | -121 | -107 |
Cost of sales | 40 | 40 | 121 | 107 |
Equity in income (loss), net of tax | -98 | -76 | -255 | -173 |
Net income (loss) from continuing operations | -98 | -76 | -255 | -173 |
Net income (loss) | -98 | -76 | -255 | -173 |
Less: net income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Net income (loss) attributable to the Company | ($98) | ($76) | ($255) | ($173) |
Financial_Information_for_Guar4
Financial Information for Guarantors and Non-Guarantors - Guarantor Condensed Consolidating Statements of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net income (loss) | $23 | $9 | $57 | $14 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Change in fair value of interest rate swap | 1 | -1 | -4 | 5 |
Change in foreign currency translation adjustments | -20 | 2 | -13 | -15 |
Total other comprehensive (loss) income | -19 | 1 | -17 | -10 |
Total comprehensive income (loss) | 4 | 10 | 40 | 4 |
Less: comprehensive income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Comprehensive income (loss) attributable to the Company | 4 | 10 | 40 | 4 |
Parent [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net income (loss) | 23 | 9 | 57 | 14 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Change in fair value of interest rate swap | 1 | -1 | -4 | 5 |
Change in foreign currency translation adjustments | -20 | 2 | -13 | -15 |
Total other comprehensive (loss) income | -19 | 1 | -17 | -10 |
Total comprehensive income (loss) | 4 | 10 | 40 | 4 |
Less: comprehensive income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Comprehensive income (loss) attributable to the Company | 4 | 10 | 40 | 4 |
Issuer [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net income (loss) | 23 | 9 | 57 | 14 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Change in fair value of interest rate swap | 1 | -1 | -4 | 5 |
Change in foreign currency translation adjustments | -20 | 2 | -13 | -15 |
Total other comprehensive (loss) income | -19 | 1 | -17 | -10 |
Total comprehensive income (loss) | 4 | 10 | 40 | 4 |
Less: comprehensive income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Comprehensive income (loss) attributable to the Company | 4 | 10 | 40 | 4 |
Guarantor [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net income (loss) | 51 | 43 | 141 | 115 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Total comprehensive income (loss) | 51 | 43 | 141 | 115 |
Less: comprehensive income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Comprehensive income (loss) attributable to the Company | 51 | 43 | 141 | 115 |
Non-Guarantor [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net income (loss) | 24 | 24 | 57 | 44 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Change in foreign currency translation adjustments | -20 | 2 | -13 | -15 |
Total other comprehensive (loss) income | -20 | 2 | -13 | -15 |
Total comprehensive income (loss) | 4 | 26 | 44 | 29 |
Less: comprehensive income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Comprehensive income (loss) attributable to the Company | 4 | 26 | 44 | 29 |
Eliminations [Member] | ' | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net income (loss) | -98 | -76 | -255 | -173 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Change in fair value of interest rate swap | -1 | 1 | 4 | -5 |
Change in foreign currency translation adjustments | 40 | -4 | 26 | 30 |
Total other comprehensive (loss) income | 39 | -3 | 30 | 25 |
Total comprehensive income (loss) | -59 | -79 | -225 | -148 |
Less: comprehensive income attributable to noncontrolling interest, net of tax | ' | ' | ' | ' |
Comprehensive income (loss) attributable to the Company | ($59) | ($79) | ($225) | ($148) |
Financial_Information_for_Guar5
Financial Information for Guarantors and Non-Guarantors - Guarantor Condensed Consolidating Balance Sheets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $58 | $101 | $86 | $51 |
Accounts receivable | 171 | 141 | ' | ' |
Inventories | 230 | 221 | ' | ' |
Other current assets | 98 | 100 | ' | ' |
Current assets of discontinued operations | ' | 141 | ' | ' |
Total current assets | 557 | 704 | ' | ' |
Other non-current assets | 199 | 182 | ' | ' |
Property, plant and equipment, net | 121 | 123 | ' | ' |
Total assets | 877 | 1,009 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 141 | 121 | ' | ' |
Notes payable | 13 | 23 | ' | ' |
Current maturities of long-term debt | ' | 7 | ' | ' |
Accrued payroll and employee benefits | 23 | 19 | ' | ' |
Other accrued expenses | 92 | 78 | ' | ' |
Current liabilities of discontinued operations | ' | 31 | ' | ' |
Total current liabilities | 269 | 279 | ' | ' |
Deferred employee benefits and noncurrent liabilities | 21 | 24 | ' | ' |
Long-term debt | 807 | 907 | ' | ' |
Total liabilities | 1,097 | 1,210 | ' | ' |
Total shareholder's (deficit) equity | -220 | -201 | ' | ' |
Total liabilities and shareholder's equity (deficit) | 877 | 1,009 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Intercompany investments | -220 | -202 | ' | ' |
Total assets | -220 | -202 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Total shareholder's (deficit) equity | -220 | -202 | ' | ' |
Total liabilities and shareholder's equity (deficit) | -220 | -202 | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 25 | 68 | 53 | 23 |
Other current assets | 37 | 50 | ' | ' |
Total current assets | 62 | 118 | ' | ' |
Other non-current assets | 137 | 122 | ' | ' |
Intercompany investments | 297 | 1,196 | ' | ' |
Intercompany (payables) receivables | 155 | -672 | ' | ' |
Property, plant and equipment, net | 1 | 2 | ' | ' |
Total assets | 652 | 766 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 8 | 6 | ' | ' |
Current maturities of long-term debt | ' | 7 | ' | ' |
Accrued payroll and employee benefits | 7 | 8 | ' | ' |
Other accrued expenses | 34 | 22 | ' | ' |
Total current liabilities | 49 | 43 | ' | ' |
Deferred employee benefits and noncurrent liabilities | 16 | 17 | ' | ' |
Long-term debt | 806 | 907 | ' | ' |
Total liabilities | 871 | 967 | ' | ' |
Total shareholder's (deficit) equity | -219 | -201 | ' | ' |
Total liabilities and shareholder's equity (deficit) | 652 | 766 | ' | ' |
Guarantor [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Accounts receivable | 56 | 24 | ' | ' |
Inventories | 100 | 87 | ' | ' |
Other current assets | 2 | ' | ' | ' |
Current assets of discontinued operations | ' | 138 | ' | ' |
Total current assets | 158 | 249 | ' | ' |
Other non-current assets | 37 | 36 | ' | ' |
Intercompany investments | 672 | 726 | ' | ' |
Intercompany (payables) receivables | -527 | 247 | ' | ' |
Property, plant and equipment, net | 54 | 50 | ' | ' |
Total assets | 394 | 1,308 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 73 | 65 | ' | ' |
Accrued payroll and employee benefits | 6 | 3 | ' | ' |
Other accrued expenses | 17 | 14 | ' | ' |
Current liabilities of discontinued operations | ' | 29 | ' | ' |
Total current liabilities | 96 | 111 | ' | ' |
Deferred employee benefits and noncurrent liabilities | ' | 1 | ' | ' |
Long-term debt | 1 | ' | ' | ' |
Total liabilities | 97 | 112 | ' | ' |
Total shareholder's (deficit) equity | 297 | 1,196 | ' | ' |
Total liabilities and shareholder's equity (deficit) | 394 | 1,308 | ' | ' |
Non-Guarantor [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 33 | 33 | 33 | 28 |
Accounts receivable | 115 | 117 | ' | ' |
Inventories | 130 | 134 | ' | ' |
Other current assets | 59 | 50 | ' | ' |
Current assets of discontinued operations | ' | 3 | ' | ' |
Total current assets | 337 | 337 | ' | ' |
Other non-current assets | 25 | 24 | ' | ' |
Intercompany investments | 1 | ' | ' | ' |
Intercompany (payables) receivables | 372 | 425 | ' | ' |
Property, plant and equipment, net | 66 | 71 | ' | ' |
Total assets | 801 | 857 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 60 | 50 | ' | ' |
Notes payable | 13 | 23 | ' | ' |
Accrued payroll and employee benefits | 10 | 8 | ' | ' |
Other accrued expenses | 41 | 42 | ' | ' |
Current liabilities of discontinued operations | ' | 2 | ' | ' |
Total current liabilities | 124 | 125 | ' | ' |
Deferred employee benefits and noncurrent liabilities | 5 | 6 | ' | ' |
Total liabilities | 129 | 131 | ' | ' |
Total shareholder's (deficit) equity | 672 | 726 | ' | ' |
Total liabilities and shareholder's equity (deficit) | 801 | 857 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Intercompany investments | -750 | -1,720 | ' | ' |
Total assets | -750 | -1,720 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Total shareholder's (deficit) equity | -750 | -1,720 | ' | ' |
Total liabilities and shareholder's equity (deficit) | ($750) | ($1,720) | ' | ' |
Financial_Information_for_Guar6
Financial Information for Guarantors and Non-Guarantors - Guarantor Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities | ' | ' |
Net cash provided by (used in) operating activities | $4 | $69 |
Investing activities | ' | ' |
Investment in companies, net cash acquired | ' | -1 |
Proceeds from sale of Chassis group | 149 | ' |
Additions to property, plant and equipment | -18 | -18 |
Other Investing Activities | 4 | ' |
Net cash provided by (used in) investing activities | 135 | -19 |
Financing activities | ' | ' |
Net decrease in other short-term debt | ' | -1 |
Repayments of Secured Notes | ' | -195 |
Repayments of Subordinated Notes | ' | -367 |
Repayment of Term Loans | -109 | -1 |
Proceeds from Senior Notes | ' | 250 |
Proceeds from Term Loans | ' | 667 |
Distribution to our shareholders | -57 | -352 |
Payment of deferred financing costs | ' | -15 |
Repayment of other debt | -10 | ' |
Net cash (used in) provided by financing activities | -176 | -14 |
Effect of exchange rates on cash | -6 | -1 |
Increase (decrease) in cash and cash equivalents | -43 | 35 |
Cash and cash equivalents at beginning of the period | 101 | 51 |
Cash and cash equivalents at end of the period | 58 | 86 |
Parent [Member] | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used in) operating activities | 57 | ' |
Financing activities | ' | ' |
Repayment of other debt | -57 | ' |
Net cash (used in) provided by financing activities | -57 | ' |
Issuer [Member] | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used in) operating activities | -30 | 43 |
Investing activities | ' | ' |
Proceeds from sale of Chassis group | 149 | ' |
Other Investing Activities | 4 | ' |
Net cash provided by (used in) investing activities | 153 | ' |
Financing activities | ' | ' |
Repayments of Secured Notes | ' | -195 |
Repayments of Subordinated Notes | ' | -367 |
Repayment of Term Loans | -109 | -1 |
Proceeds from Senior Notes | ' | 250 |
Proceeds from Term Loans | ' | 667 |
Distribution to our shareholders | -57 | -352 |
Payment of deferred financing costs | ' | -15 |
Net cash (used in) provided by financing activities | -166 | -13 |
Increase (decrease) in cash and cash equivalents | -43 | 30 |
Cash and cash equivalents at beginning of the period | 68 | 23 |
Cash and cash equivalents at end of the period | 25 | 53 |
Guarantor [Member] | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used in) operating activities | 10 | 10 |
Investing activities | ' | ' |
Additions to property, plant and equipment | -10 | -10 |
Net cash provided by (used in) investing activities | -10 | -10 |
Non-Guarantor [Member] | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used in) operating activities | 24 | 16 |
Investing activities | ' | ' |
Investment in companies, net cash acquired | ' | -1 |
Additions to property, plant and equipment | -8 | -8 |
Net cash provided by (used in) investing activities | -8 | -9 |
Financing activities | ' | ' |
Net decrease in other short-term debt | ' | -1 |
Repayment of other debt | -10 | ' |
Net cash (used in) provided by financing activities | -10 | -1 |
Effect of exchange rates on cash | -6 | -1 |
Increase (decrease) in cash and cash equivalents | ' | 5 |
Cash and cash equivalents at beginning of the period | 33 | 28 |
Cash and cash equivalents at end of the period | 33 | 33 |
Eliminations [Member] | ' | ' |
Operating activities | ' | ' |
Net cash provided by (used in) operating activities | -57 | ' |
Financing activities | ' | ' |
Repayment of other debt | 57 | ' |
Net cash (used in) provided by financing activities | $57 | ' |