þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 76-0515284 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
500 North Field Drive Lake Forest, IL (Address of principal executive offices) | 60045 (Zip Code) |
Title of each class | Name of each Exchange on which registered | |
Common Stock, par value $.01 per share | New York and Chicago Stock Exchanges |
Large accelerated filer þ | Accelerated filer ¨ | Non-accelerated filer ¨ | Smaller reporting company ¨ |
(Do not check if a smaller reporting company) |
Document | Part of the Form 10-K into which incorporated | |
Portions of Tenneco Inc.’s Definitive Proxy Statement for the Annual Meeting of Stockholders to be held May 18, 2016 | Part III |
• | general economic, business and market conditions; |
• | our ability to source and procure needed materials, components and other products and services in accordance with customer demand and at competitive prices; |
• | the cost and outcome of existing and any future claims, legal proceedings or investigations, including, but not limited to, any of the foregoing arising in connection with the ongoing global antitrust investigation, product performance, product safety or intellectual property rights; |
• | changes in capital availability or costs, including increases in our cost of borrowing (i.e., interest rate increases), the amount of our debt, our ability to access capital markets at favorable rates, and the credit ratings of our debt; |
• | changes in consumer demand, prices and our ability to have our products included on top selling vehicles, including any shifts in consumer preferences away from light trucks, which tend to be higher margin products for our customers and us, to other lower margin vehicles, for which we may or may not have supply arrangements; |
• | changes in consumer demand for our automotive, commercial or aftermarket products, or changes in automotive and commercial vehicle manufacturers’ production rates and their actual and forecasted requirements for our products, due to difficult economic conditions, such as the prolonged recession in Europe; |
• | the overall highly competitive nature of the automobile and commercial vehicle parts industries, and any resultant inability to realize the sales represented by our awarded book of business (which is based on anticipated pricing and volumes over the life of the applicable program); |
• | the loss of any of our large original equipment manufacturer (“OEM”) customers (on whom we depend for a substantial portion of our revenues), or the loss of market shares by these customers if we are unable to achieve increased sales to other OEMs or any change in customer demand due to delays in the adoption or enforcement of worldwide emissions regulations; |
• | our ability to successfully execute cash management and other cost reduction plans, including our European cost reduction initiatives, and to realize anticipated benefits from these plans; |
• | economic, exchange rate and political conditions in the countries where we operate or sell our products; |
• | industrywide strikes, labor disruptions at our facilities or any labor or other economic disruptions at any of our significant customers or suppliers or any of our customers’ other suppliers; |
• | increases in the costs of raw materials, including our ability to successfully reduce the impact of any such cost increases through materials substitutions, cost reduction initiatives, customer recovery and other methods; |
• | the negative impact of fuel price volatility on transportation and logistics costs, raw material costs, discretionary purchases of vehicles or aftermarket products and demand for off-highway equipment; |
• | the cyclical nature of the global vehicle industry, including the performance of the global aftermarket sector and the impact of vehicle parts’ longer product lives; |
• | costs related to product warranties and other customer satisfaction actions; |
• | the failure or breach of our information technology systems, including the consequences of any misappropriation, exposure or corruption of sensitive information stored on such systems and the interruption to our business that such failure or breach may cause; |
• | the impact of consolidation among vehicle parts suppliers and customers on our ability to compete; |
• | changes in distribution channels or competitive conditions in the markets and countries where we operate, including the impact of increasing competition from lower cost, private-label products on our aftermarket business; |
• | customer acceptance of new products; |
• | new technologies that reduce the demand for certain of our products or otherwise render them obsolete; |
• | our ability to introduce new products and technologies that satisfy customers' needs in a timely fashion; |
• | our ability to realize our business strategy of improving operating performance; |
• | our ability to successfully integrate any acquisitions that we complete and effectively manage our joint ventures and other third-party relationships; |
• | changes by the Financial Accounting Standards Board or the Securities and Exchange Commission of authoritative generally accepted accounting principles or policies; |
• | changes in accounting estimates and assumptions, including changes based on additional information; |
• | any changes by the International Organization for Standardization (ISO) or other such committees in their certification protocols for processes and products, which may have the effect of delaying or hindering our ability to bring new products to market; |
• | the impact of the extensive, increasing and changing laws and regulations to which we are subject, including environmental laws and regulations, which may result in our incurrence of environmental liabilities in excess of the amount reserved; |
• | the potential impairment in the carrying value of our long-lived assets and goodwill or our deferred tax assets; |
• | potential volatility in our effective tax rate; |
• | natural disasters, such as the 2011 earthquake in Japan and flooding in Thailand, and any resultant disruptions in the supply or production of goods or services to us or by us or in demand by our customers; |
• | acts of war and/or terrorism, as well as actions taken or to be taken by the United States and other governments as a result of further acts or threats of terrorism, and the impact of these acts on economic, financial and social conditions in the countries where we operate; and |
• | the timing and occurrence (or non-occurrence) of other transactions, events and circumstances which may be beyond our control. |
PART I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 4.1. | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. |
• | Eight of our nine directors are independent under the NYSE listing standards. |
• | Independent directors are scheduled to meet separately in executive session after every regularly scheduled Board of Directors meeting. |
• | We have a lead independent director, Mr. Paul T. Stecko. |
• | All members meet the independence standards for audit committee membership under the NYSE listing standards and applicable Securities and Exchange Commission (“SEC”) rules. |
• | Two members of the Audit Committee, Mr. Dennis J. Letham and Mr. Thomas C. Freyman, have been designated by the Board as “audit committee financial experts,” as defined in the SEC rules, and all members of the Audit Committee satisfy the NYSE’s financial literacy requirements. |
• | The Audit Committee operates under a written charter which governs its duties and responsibilities, including its sole authority to appoint, review, evaluate and replace our independent auditors. |
• | The Audit Committee has adopted policies and procedures governing the pre-approval of all audit, audit-related, tax and other services provided by our independent auditors. |
• | All members meet the independence standards for compensation and nominating committee membership under the NYSE listing standards. |
• | The Compensation/Nominating/Governance Committee operates under a written charter that governs its duties and responsibilities, including the responsibility for executive compensation. |
• | We have an Executive Compensation Subcommittee which has the responsibility to consider and approve compensation for our executive officers which is intended to qualify as “performance based compensation” under Section 162(m) of the Internal Revenue Code. |
• | We have adopted Corporate Governance Principles, including qualification and independence standards for directors. |
• | We have adopted Stock Ownership Guidelines to align the interests of our executives with the interests of stockholders and promote our commitment to sound corporate governance. |
• | The Stock Ownership Guidelines apply to the independent directors, the Chairman and Chief Executive Officer, and all other officers with a rank of Vice President or higher. |
• | The Audit Committee has established a process for confidential and anonymous submission by our employees, as well as submissions by other interested parties, regarding questionable accounting or auditing matters. |
• | Additionally, the Board of Directors has established a process for stockholders to communicate with the Board of Directors, as a whole, or any independent director. |
• | We have adopted a Code of Ethical Conduct for Financial Managers, which applies to our Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Controller and other key financial managers. This code is filed as Exhibit 14 to this report. |
• | We also operate under a Code of Conduct that applies to all directors, officers and employees and includes provisions ranging from restrictions on gifts to conflicts of interests. All salaried employees are required to affirm annually their acceptance of, and compliance with, the Code of Conduct. |
• | We have adopted a Policy and Procedure for Transactions With Related Persons, under which our Audit Committee must generally pre-approve transactions involving more than $120,000 with our directors, executive officers, five percent or greater stockholders and their immediate family members. |
• | We have adopted a written policy for all issuances by our company of compensatory awards in the form of our common stock or any derivative of our common stock. |
• | We have adopted a clawback policy under which we will, in specified circumstances, require reimbursement of annual and long-term incentives paid to an executive officer. We will continue to review this policy as final rulemaking is adopted regarding clawbacks under the Dodd-Frank Wall Street Reform and Consumer Protection Act. |
• | We comply with and operate in a manner consistent with the legislation outlawing extensions of credit in the form of a personal loan to or for our directors or executive officers. |
2015 | 2014 | 2013 | ||||||||||||||||||
(Dollar Amounts in Millions) | ||||||||||||||||||||
Clean Air Division | ||||||||||||||||||||
North America | $ | 2,867 | 35 | % | $ | 2,840 | 34 | % | $ | 2,666 | 33 | % | ||||||||
Europe, South America & India | 1,935 | 23 | % | 2,088 | 25 | % | 2,045 | 26 | % | |||||||||||
Asia Pacific | 1,037 | 13 | % | 1,022 | 12 | % | 853 | 11 | % | |||||||||||
Intergroup sales | (116 | ) | (1 | )% | (139 | ) | (2 | )% | (120 | ) | (2 | )% | ||||||||
Total Clean Air Division | 5,723 | 70 | % | 5,811 | 69 | % | 5,444 | 68 | % | |||||||||||
Ride Performance Division | ||||||||||||||||||||
North America | 1,323 | 16 | % | 1,361 | 16 | % | 1,265 | 16 | % | |||||||||||
Europe, South America & India | 972 | 12 | % | 1,070 | 13 | % | 1,087 | 14 | % | |||||||||||
Asia Pacific | 275 | 3 | % | 269 | 3 | % | 251 | 3 | % | |||||||||||
Intergroup sales | (84 | ) | (1 | )% | (91 | ) | (1 | )% | (83 | ) | (1 | )% | ||||||||
Total Ride Performance Division | 2,486 | 30 | % | 2,609 | 31 | % | 2,520 | 32 | % | |||||||||||
Total Tenneco Inc. | $ | 8,209 | 100 | % | $ | 8,420 | 100 | % | $ | 7,964 | 100 | % |
2015 | 2014 | 2013 | ||||||||||||||||||
(Dollar Amounts in Millions) | ||||||||||||||||||||
Clean Air Division | ||||||||||||||||||||
North America | $ | 244 | 47 | % | $ | 237 | 48 | % | $ | 229 | 54 | % | ||||||||
Europe, South America & India | 52 | 10 | % | 59 | 12 | % | 57 | 13 | % | |||||||||||
Asia Pacific | 121 | 23 | % | 101 | 21 | % | 84 | 20 | % | |||||||||||
Total Clean Air Division | 417 | 80 | % | 397 | 81 | % | 370 | 87 | % | |||||||||||
Ride Performance Division | ||||||||||||||||||||
North America | 155 | 30 | % | 143 | 29 | % | 124 | 29 | % | |||||||||||
Europe, South America & India | (5 | ) | (1 | )% | 40 | 8 | % | (7 | ) | (1 | )% | |||||||||
Asia Pacific | 39 | 8 | % | 36 | 7 | % | 22 | 5 | % | |||||||||||
Total Ride Performance Division | 189 | 37 | % | 219 | 44 | % | 139 | 33 | % | |||||||||||
Other | (87 | ) | (17 | )% | (124 | ) | (25 | )% | (85 | ) | (20 | )% | ||||||||
Total Tenneco Inc. | $ | 519 | 100 | % | $ | 492 | 100 | % | $ | 424 | 100 | % |
2015 | 2014 | 2013 | ||||||||||||||||||
(Dollar Amounts in Millions) | ||||||||||||||||||||
Clean Air Division | ||||||||||||||||||||
North America | $ | 95 | 32 | % | $ | 83 | 26 | % | $ | 76 | 30 | % | ||||||||
Europe, South America & India | 74 | 25 | % | 84 | 26 | % | 61 | 24 | % | |||||||||||
Asia Pacific | 43 | 15 | % | 56 | 18 | % | 44 | 17 | % | |||||||||||
Total Clean Air Division | 212 | 72 | % | 223 | 70 | % | 181 | 71 | % | |||||||||||
Ride Performance Division | ||||||||||||||||||||
North America | 34 | 12 | % | 35 | 11 | % | 32 | 13 | % | |||||||||||
Europe, South America & India | 42 | 14 | % | 47 | 15 | % | 33 | 13 | % | |||||||||||
Asia Pacific | 6 | 2 | % | 10 | 3 | % | 6 | 2 | % | |||||||||||
Total Ride Performance Division | 82 | 28 | % | 92 | 29 | % | 71 | 28 | % | |||||||||||
Other | 1 | — | % | 2 | 1 | % | 2 | 1 | % | |||||||||||
Total Tenneco Inc. | $ | 295 | 100 | % | $ | 317 | 100 | % | $ | 254 | 100 | % |
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
Interest expense (net of interest capitalized) | $ | 67 | $ | 91 | $ | 80 | |||||
Income tax expense | 149 | 131 | 122 | ||||||||
Noncontrolling interests | 56 | 44 | 39 |
• | “Modules” are groups of component parts arranged in close physical proximity to each other within a vehicle. Modules are often assembled by the supplier and shipped to the OEM for installation in a vehicle as a unit. Integrated shock and spring units, seats, instrument panels, axles and door panels are examples. |
• | “Systems” are groups of component parts located throughout a vehicle which operate together to provide a specific vehicle functionality. Emission control systems, anti-lock braking systems, safety restraint systems, roll control systems and powertrain systems are examples. |
• | Growing Importance of Growth Markets: Because the North American and Western European automotive regions are mature, OEMs are increasingly focusing on other markets for growth opportunities, such as India, China and Thailand. As OEMs have penetrated new regions, growth opportunities for suppliers have emerged. |
• | Governmental Tariffs and Local Parts Requirements: Many governments around the world require vehicles sold within their country to contain specified percentages of locally produced parts. Additionally, some governments place high tariffs on imported parts. |
• | Location of Production Closer to End Markets: As OEMs and parts suppliers have shifted production globally to be closer to their end markets, suppliers have expanded their reach, capturing sales in other markets and taking advantage where possible of relatively low labor costs. |
• | Global Rationalization of OE Vehicle Platforms (described below). |
Net Sales Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
Clean Air Products & Systems | |||||||||||
Aftermarket | $ | 318 | $ | 318 | $ | 327 | |||||
Original Equipment | |||||||||||
OE Value-add | 3,489 | 3,559 | 3,282 | ||||||||
OE Substrate(1) | 1,916 | 1,934 | 1,835 | ||||||||
5,405 | 5,493 | 5,117 | |||||||||
5,723 | 5,811 | 5,444 | |||||||||
Ride Performance Products & Systems | |||||||||||
Aftermarket | 941 | 976 | 953 | ||||||||
Original Equipment | 1,545 | 1,633 | 1,567 | ||||||||
2,486 | 2,609 | 2,520 | |||||||||
Total Revenues | $ | 8,209 | $ | 8,420 | $ | 7,964 |
(1) | See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Item 7 for a discussion of substrate sales. |
• | Monroe®, Kinetic®, Fric-Rot™, Gas-Matic®, Sensa-Trac®, OESpectrum®, and Quick-Strut® for ride performance products, |
• | Walker®, Fonos™, XNOx®, Mega-Flow®, Quiet-Flow®, and Tru-Fit® for clean air products, |
• | DynoMax® and Thrush® for performance clean air products, |
• | Rancho® for suspension products for high performance light trucks, and |
• | Clevite® Elastomers and Axios™ for noise, vibration and harshness control components. |
North America | Europe | Asia | ||
AM General | Agco Corp | Beijing Automotive | ||
Caterpillar | AvtoVAZ | BMW | ||
CNH Industrial | BMW | Brilliance Automobile | ||
Daimler AG | Caterpillar | Chang'an Automotive | ||
FCA | CNH Industrial (Iveco) | China National Heavy-Duty Truck Group | ||
Ford Motor | Daimler AG | Daimler AG | ||
General Motors | Deutz AG | Dongfeng Motor | ||
Harley-Davidson | FCA | Deutz AG | ||
Honda Motors | Ford Motor | First Auto Works | ||
Hyundai Motor | Geely Automobile | Ford Motor | ||
John Deere | General Motors | Geely Automobile | ||
Navistar International | John Deere | General Motors | ||
Nissan Motor | Mazda Motor | Great Wall Motor | ||
Paccar | McLaren Automotive | Isuzu Motor Company | ||
Toyota Motor | Nissan Motor | Jiangling Motors | ||
Volkswagen Group | Paccar | JND | ||
Volvo Global Truck | PSA Peugeot Citroen | Kubota | ||
Renault | Nissan Motor | |||
Suzuki Motor | SAIC Motor | |||
Tata Motors | Toyota Motor | |||
Toyota Motor | Weichai Power | |||
Volkswagen Group | Yuchai Group | |||
Volvo Global Truck |
Australia | South America | India | ||
Ford Motor | Agrale S.A. | Ashok Leyland | ||
General Motors | CNH Industrial (Iveco) | BMW | ||
Toyota Motor | Daimler AG | Daimler AG | ||
FCA | Ford Motor | |||
Ford Motor | General Motors | |||
General Motors | Mahindra & Mahindra | |||
Navistar International | Nissan Motor | |||
Nissan Motor | Suzuki Motor | |||
PSA Peugeot Citroen | Tata Motors | |||
Randon S.A. | Toyota Motor | |||
Renault | Volkswagen Group | |||
Toyota Motor | ||||
Volkswagen Group |
Customer | 2015 | 2014 | 2013 | |||||
General Motors Company | 15 | % | 15 | % | 15 | % | ||
Ford Motor Company | 13 | % | 13 | % | 14 | % |
• | Catalytic converters and diesel oxidation catalysts — Devices consisting of a substrate coated with precious metals enclosed in a steel casing used to reduce harmful gaseous emissions such as carbon monoxide; |
• | Diesel Particulate Filters (DPFs) — Devices to capture and regenerate particulate matter emitted from diesel engines; |
• | Burner systems — Devices which actively combust fuel and air inside the exhaust system to create extra heat for DPF regeneration, or to improve the efficiency of SCR systems; |
• | Lean NOx traps — Devices which reduce nitrogen oxide (NOx) emissions from diesel powertrains using capture and store technology; |
• | Hydrocarbon vaporizers and injectors — Devices to add fuel to a diesel exhaust system in order to regenerate particulate filters or Lean NOx traps; |
• | Selective Catalytic Reduction (SCR) systems — Devices which reduce NOx emissions from diesel powertrains using urea mixers and injected reductants such as Verband der Automobil industrie e.V.'s AdBlue® or Diesel Exhaust Fluid (DEF); |
• | SCR-coated diesel particulate filters (SDPF) systems - Lightweight and compact devices combining the SCR catalyst and the particulate filter onto the same substrate for reducing NOx and particulate matter emissions; |
• | Urea dosing systems - Systems comprised of a urea injector, pump, and control unit, among other parts, that dose liquid urea onto SCR catalysts; |
• | Four-way catalysts - Devices that combine a three-way catalyst and a particulate filter onto a single device by having the catalyst coating of a converter directly applied onto a particulate filter; |
• | Alternative NOx reduction technologies — Devices which reduce NOx emissions from diesel powertrains, by using, for example, alternative reductants such as diesel fuel, E85 (85% ethanol, 15% gasoline), or solid forms of ammonia; |
• | Mufflers and resonators — Devices to provide noise elimination and acoustic tuning; |
• | Fabricated exhaust manifolds — Components that collect gases from individual cylinders of a vehicle’s engine and direct them into a single exhaust pipe. Fabricated manifolds can form the core of an emissions module that includes an integrated catalytic converter (maniverter) and/or turbocharger; |
• | Pipes — Utilized to connect various parts of both the hot and cold ends of an exhaust system; |
• | Hydroformed assemblies — Forms in various geometric shapes, such as Y-pipes or T-pipes, which provide optimization in both design and installation as compared to conventional pipes; |
• | Elastomeric hangers and isolators — Used for system installation and elimination of noise and vibration, and for the improvement of useful life; and |
• | Aftertreatment control units — Computerized electronic devices that utilize embedded software to regulate the performance of active aftertreatment systems, including the control of sensors, injectors, vaporizers, pumps, heaters, valves, actuators, wiring harnesses, relays and other mechatronic components. |
• | Shock absorbers — A broad range of mechanical shock absorbers and related components for light- and heavy-duty vehicles, including twin-tube and monotube shock absorbers; |
• | Struts — A complete line of struts and strut assemblies for light vehicles; |
• | Vibration control components (Clevite® Elastomers, Axios™) — Generally, rubber-to-metal bushings and mountings to reduce vibration between metal parts of a vehicle. Offerings include a broad range of suspension arms, rods and links for light- and heavy-duty vehicles; |
• | Monroe® Intelligent Suspension Portfolio: |
◦ | Kinetic® suspension technology — A suite of roll-control and nearly equal wheel-loading systems ranging from simple mechanical systems to complex hydraulic systems featuring proprietary and patented technology. We have won the PACE Award for our Kinetic® suspension technology; |
◦ | Dual-mode suspension - An adaptive suspension solution used for small- and medium-sized vehicles that provides drivers a choice of two suspension modes such as comfort and sport; |
◦ | Semi-active and active suspension systems — Shock absorbers and suspension systems such as CVSA2 and ACOCAR™ that electronically adjust a vehicle’s performance based on certain inputs such as steering and braking; |
◦ | Kinetic H2/CVSA Continuously Variable Semi Active suspension system (Formerly known as CES) — In 2011, we won the Supplier of the Year award from Vehicle Dynamics International magazine, which recognizes outstanding achievement in global automotive suspension and chassis engineering, for the Kinetic H2/CVSA Continuously Variable Semi Active suspension system installed on the McLaren MP4-12C; and |
• | Other — We also offer other ride performance products such as load assist products, springs, steering stabilizers, adjustable suspension systems, suspension kits and modular assemblies. |
• | Adaptive damping systems — adapt to the vehicle’s motion to better control undesirable vehicle motions; |
• | Electronically adjustable suspensions — change suspension performance based on a variety of inputs such as steering, braking, vehicle height, and velocity; and |
• | Air leveling systems — manually or automatically adjust the height of the vehicle. |
• | currency exchange rate fluctuations; |
• | exposure to local economic conditions and labor issues; |
• | exposure to local political conditions, including the risk of seizure of assets by a foreign government; |
• | exposure to local social unrest, including any resultant acts of war, terrorism or similar events; |
• | exposure to local public health issues and the resultant impact on economic and political conditions; |
• | hyperinflation in certain foreign countries; |
• | controls on the repatriation of cash, including imposition or increase of withholding and other taxes on remittances and other payments by foreign subsidiaries; |
• | export and import restrictions; and |
• | requirements for manufacturers to use locally produced goods. |
Name and Age | Offices Held | |
Gregg M. Sherrill (63) | Chairman and Chief Executive Officer | |
Brian J. Kesseler (49) | Chief Operating Officer | |
Josep Fornos (63) | Executive Vice President, Enterprise Business Initiatives | |
Timothy E. Jackson (59) | Executive Vice President, Technology, Strategy and Business Development | |
Kenneth R. Trammell (55) | Executive Vice President and Chief Financial Officer | |
Gregg Bolt (56) | Senior Vice President, Global Human Resources and Administration | |
Peng (Patrick) Guo (50) | Senior Vice President and General Manager, Asia Pacific | |
James D. Harrington (55) | Senior Vice President, General Counsel and Corporate Secretary | |
Henry Hummel (48) | Senior Vice President and General Manager, Clean Air Division | |
Enrique Orta (44) | Senior Vice President, Ride Performance Division | |
Joseph A. Pomaranski (60) | Senior Vice President and General Manager, Global Aftermarket | |
John E. Kunz (50) | Vice President and Controller |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES. |
Sales Prices | |||||||
Quarter | High | Low | |||||
2015 | |||||||
1st | $ | 59.87 | $ | 49.14 | |||
2nd | 61.73 | 55.01 | |||||
3rd | 58.20 | 39.13 | |||||
4th | 57.18 | 44.15 | |||||
2014 | |||||||
1st | $ | 62.75 | $ | 52.21 | |||
2nd | 67.69 | 56.10 | |||||
3rd | 69.22 | 52.20 | |||||
4th | 58.08 | 46.64 |
Period | Total Number of Shares Purchased | Average Price Paid | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Value of Shares That May Yet be Purchased Under These Plans or Programs (Millions) | |||||||||
October 2015 | 1,065,919 | $ | 48.55 | 1,065,919 | $ | 340 | |||||||
November 2015 | 58,345 | $ | 56.13 | 57,951 | $ | 337 | |||||||
December 2015 | 32 | $ | 50.50 | — | $ | 337 | |||||||
Total | 1,124,296 | 1,123,870 | $ | 337 |
12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | |||||||
Tenneco Inc. | 100.00 | 72.35 | 85.30 | 137.44 | 137.54 | 111.54 | ||||||
S&P 500 | 100.00 | 102.11 | 118.45 | 156.82 | 178.29 | 180.75 | ||||||
Peer Group | 100.00 | 78.45 | 92.10 | 145.18 | 156.60 | 123.67 |
Year Ended December 31, | |||||||||||||||||||
2015(a) | 2014(b) | 2013(c) | 2012(d) | 2011(e) | |||||||||||||||
(Millions Except Share and Per Share Amounts) | |||||||||||||||||||
Statements of Income Data: | |||||||||||||||||||
Net sales and operating revenues — | |||||||||||||||||||
Clean Air Division | |||||||||||||||||||
North America | $ | 2,867 | $ | 2,840 | $ | 2,666 | $ | 2,512 | $ | 2,291 | |||||||||
Europe, South America & India | 1,935 | 2,088 | 2,045 | 1,827 | 1,952 | ||||||||||||||
Asia Pacific | 1,037 | 1,022 | 853 | 695 | 625 | ||||||||||||||
Intergroup sales | (116 | ) | (139 | ) | (120 | ) | (108 | ) | (107 | ) | |||||||||
Total Clean Air Division | 5,723 | 5,811 | 5,444 | 4,926 | 4,761 | ||||||||||||||
Ride Performance Division | |||||||||||||||||||
North America | 1,323 | 1,361 | 1,265 | 1,223 | 1,135 | ||||||||||||||
Europe, South America & India | 972 | 1,070 | 1,087 | 1,094 | 1,217 | ||||||||||||||
Asia Pacific | 275 | 269 | 251 | 213 | 179 | ||||||||||||||
Intergroup sales | (84 | ) | (91 | ) | (83 | ) | (93 | ) | (87 | ) | |||||||||
Total Ride Performance Division | 2,486 | 2,609 | 2,520 | 2,437 | 2,444 | ||||||||||||||
Total Tenneco Inc. | $ | 8,209 | $ | 8,420 | $ | 7,964 | $ | 7,363 | $ | 7,205 | |||||||||
Earnings before interest expense, income taxes, and noncontrolling interests — | |||||||||||||||||||
Clean Air Division | |||||||||||||||||||
North America | $ | 244 | $ | 237 | $ | 229 | $ | 202 | $ | 172 | |||||||||
Europe, South America & India | 52 | 59 | 57 | $ | 54 | $ | 79 | ||||||||||||
Asia Pacific | 121 | 101 | 84 | $ | 71 | $ | 47 | ||||||||||||
Total Clean Air Division | 417 | 397 | 370 | $ | 327 | $ | 298 | ||||||||||||
Ride Performance Division | |||||||||||||||||||
North America | 155 | 143 | 124 | $ | 122 | $ | 76 | ||||||||||||
Europe, South America & India | (5 | ) | 40 | (7 | ) | $ | 41 | $ | 69 | ||||||||||
Asia Pacific | 39 | 36 | 22 | $ | 5 | $ | (6 | ) | |||||||||||
Total Ride Performance Division | 189 | 219 | 139 | $ | 168 | $ | 139 | ||||||||||||
Other | (87 | ) | (124 | ) | (85 | ) | (67 | ) | (58 | ) | |||||||||
Total Tenneco Inc. | $ | 519 | $ | 492 | $ | 424 | 428 | 379 | |||||||||||
Interest expense (net of interest capitalized) | 67 | 91 | 80 | 105 | 108 | ||||||||||||||
Income tax expense | 149 | 131 | 122 | 19 | 88 | ||||||||||||||
Net income | 303 | 270 | 222 | 304 | 183 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | 56 | 44 | 39 | 29 | 26 | ||||||||||||||
Net income attributable to Tenneco Inc. | $ | 247 | $ | 226 | $ | 183 | $ | 275 | $ | 157 | |||||||||
Weighted average shares of common stock outstanding — | |||||||||||||||||||
Basic | 59,678,309 | 60,734,022 | 60,474,492 | 59,985,677 | 59,884,139 | ||||||||||||||
Diluted | 60,193,150 | 61,782,508 | 61,594,062 | 61,083,510 | 61,520,160 | ||||||||||||||
Basic earnings per share of common stock | $ | 4.14 | $ | 3.72 | $ | 3.03 | $ | 4.58 | $ | 2.62 | |||||||||
Diluted earnings per share of common stock | $ | 4.11 | $ | 3.66 | $ | 2.97 | $ | 4.50 | $ | 2.55 |
Years Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(Millions Except Ratio and Percent Amounts) | |||||||||||||||||||
Balance Sheet Data (at year end): | |||||||||||||||||||
Total assets(f) | $ | 3,967 | $ | 3,996 | $ | 3,817 | $ | 3,593 | $ | 3,317 | |||||||||
Short-term debt | 86 | 60 | 83 | 113 | 66 | ||||||||||||||
Long-term debt(f) | 1,124 | 1,055 | 1,006 | 1,052 | 1,138 | ||||||||||||||
Redeemable noncontrolling interests | 43 | 35 | 20 | 15 | 12 | ||||||||||||||
Total Tenneco Inc. shareholders’ equity | 433 | 497 | 433 | 246 | — | ||||||||||||||
Noncontrolling interests | 42 | 41 | 39 | 45 | 43 | ||||||||||||||
Total equity | 475 | 538 | 472 | 291 | 43 | ||||||||||||||
Statement of Cash Flows Data: | |||||||||||||||||||
Net cash provided by operating activities | $ | 517 | $ | 341 | $ | 503 | $ | 365 | $ | 245 | |||||||||
Net cash used by investing activities | (303 | ) | (339 | ) | (266 | ) | (273 | ) | (224 | ) | |||||||||
Net cash provided (used) by financing activities | (172 | ) | 20 | (175 | ) | (89 | ) | (26 | ) | ||||||||||
Cash payments for plant, property and equipment | (286 | ) | (328 | ) | (244 | ) | (256 | ) | (213 | ) | |||||||||
Other Data: | |||||||||||||||||||
EBITDA including noncontrolling interests(g) | $ | 722 | $ | 700 | $ | 629 | $ | 633 | $ | 586 | |||||||||
Ratio of EBITDA including noncontrolling interests to interest expense | 10.78 | 7.69 | 7.86 | 6.03 | 5.43 | ||||||||||||||
Ratio of net debt (total debt less cash and cash equivalents) to EBITDA including noncontrolling interests(h) | 1.28 | 1.19 | 1.29 | 1.49 | 1.69 | ||||||||||||||
Ratio of earnings to fixed charges(i) | 5.85 | 4.41 | 4.34 | 3.55 | 3.10 |
(a) | 2015 includes $63 million of restructuring and related costs primarily related to the European cost reduction efforts, exiting the Marzocchi suspension business, headcount reductions in Australia and South America, and the closure of a JIT plant in Australia. Of the total $63 million we incurred in restructuring and related costs, $10 million was related to asset write-downs. 2015 also includes $4 million in charges related to pension benefits. |
(b) | 2014 includes $49 million of restructuring and related costs primarily related to the European cost reduction efforts, headcount reductions in Australia and South America, the sale of a closed facility in Cozad, Nebraska and costs related to organizational changes. Of the total $49 million we incurred in restructuring and related costs, $3 million was related to non-cash asset write downs and $2 million was related to a non-cash charge on the sale of a closed facility. 2014 also includes $32 million in charges related to postretirement benefits, of which $21 million was a non-cash charge related to payments made to retirement plan participants out of pension assets and $11 million related to an adjustment to the postretirement medical liability. |
(c) | 2013 includes $78 million of restructuring and related costs primarily related to European cost reduction efforts including the planned closing of the ride performance plant in Gijon, Spain and intended reductions to the workforce at our ride performance plant in Sint-Truiden, our exit from the distribution of aftermarket exhaust products and ending production of leaf springs in Australia, headcount reductions in various regions, and the net impact of freezing our defined benefit plans in the United Kingdom. Of the total $78 million we incurred in restructuring and related costs, $3 million was related to non-cash asset write downs. |
(d) | 2012 includes a $7 million asset impairment charge related to certain assets of our European Ride Performance business and a benefit of $5 million from property recoveries related to transactions originated by The Pullman Company before being acquired by Tenneco in 1996. |
(e) | During the third quarter of 2011, we recorded a goodwill impairment charge of $11 million related to our Australian reporting unit within the Asia Pacific segment. |
(f) | In April 2015, the FASB issued Accounting Standard Update 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated |
(g) | EBITDA including noncontrolling interests is a non-GAAP measure defined as net income before extraordinary items, cumulative effect of changes in accounting principle, interest expense, income taxes, depreciation and amortization and noncontrolling interests. We use EBITDA including noncontrolling interests, together with GAAP measures, to evaluate and compare our operating performance on a consistent basis between time periods and with other companies that compete in our markets but which may have different capital structures and tax positions, which can have an impact on the comparability of interest expense, noncontrolling interests and tax expense. We also believe that using this measure allows us to understand and compare operating performance both with and without depreciation expense. We believe EBITDA including noncontrolling interests is useful to our investors and other parties for these same reasons. |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(Millions) | |||||||||||||||||||
Net income | $ | 247 | $ | 226 | $ | 183 | $ | 275 | $ | 157 | |||||||||
Noncontrolling interests | 56 | 44 | 39 | 29 | 26 | ||||||||||||||
Income tax expense | 149 | 131 | 122 | 19 | 88 | ||||||||||||||
Interest expense, net of interest capitalized | 67 | 91 | 80 | 105 | 108 | ||||||||||||||
Depreciation and amortization of other intangibles | 203 | 208 | 205 | 205 | 207 | ||||||||||||||
Total EBITDA including noncontrolling interests | $ | 722 | $ | 700 | $ | 629 | $ | 633 | $ | 586 |
(h) | We present the ratio of net debt (total debt less cash and cash equivalents) to EBITDA including noncontrolling interests because management believes it is a useful measure of Tenneco’s credit position and progress toward reducing leverage. The calculation is limited in that we may not always be able to use cash to repay debt on a dollar-for-dollar basis. Net debt balances are derived from the balance sheets as follows: |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(Millions) | |||||||||||||||||||
Total Debt | $ | 1,210 | $ | 1,115 | $ | 1,089 | $ | 1,165 | $ | 1,204 | |||||||||
Total Cash | 288 | 285 | 280 | 223 | 214 | ||||||||||||||
Net Debt | $ | 922 | $ | 830 | $ | 809 | $ | 942 | $ | 990 |
(i) | For purposes of computing this ratio, earnings generally consist of income before income taxes and fixed charges excluding capitalized interest. Fixed charges consist of interest expense, the portion of rental expense considered representative of the interest factor and capitalized interest. See Exhibit 12 to this Form 10-K for the calculation of this ratio. |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
Year ended December 31, 2014 | $ | 7,025 | |
Volume and mix | 471 | ||
Material | (120 | ) | |
Currency exchange rates | (521 | ) | |
Restructuring | — | ||
Other Costs | (10 | ) | |
Year ended December 31, 2015 | $ | 6,845 |
Year Ended December 31, 2015 | |||||||||||||||||||
Revenues | Substrate Sales | Value-add Revenues | Currency Impact on Value-add Revenues | Value-add Revenues excluding Currency | |||||||||||||||
(Millions) | |||||||||||||||||||
Clean Air Division | |||||||||||||||||||
North America | $ | 2,851 | $ | 1,007 | $ | 1,844 | $ | (5 | ) | $ | 1,849 | ||||||||
Europe, South America & India | 1,835 | 664 | 1,171 | (236 | ) | 1,407 | |||||||||||||
Asia Pacific | 1,037 | 245 | 792 | (28 | ) | 820 | |||||||||||||
Total Clean Air Division | 5,723 | 1,916 | 3,807 | (269 | ) | 4,076 | |||||||||||||
Ride Performance Division | |||||||||||||||||||
North America | 1,313 | — | 1,313 | (29 | ) | 1,342 | |||||||||||||
Europe, South America & India | 944 | — | 944 | (195 | ) | 1,139 | |||||||||||||
Asia Pacific | 229 | — | 229 | (15 | ) | 244 | |||||||||||||
Total Ride Performance Division | 2,486 | — | 2,486 | (239 | ) | 2,725 | |||||||||||||
Total Tenneco Inc. | $ | 8,209 | $ | 1,916 | $ | 6,293 | $ | (508 | ) | $ | 6,801 |
Year Ended December 31, 2014 | |||||||||||||||||||
Revenues | Substrate Sales | Value-add Revenues | Currency Impact on Value-add Revenues | Value-add Revenues excluding Currency | |||||||||||||||
(Millions) | |||||||||||||||||||
Clean Air Division | |||||||||||||||||||
North America | $ | 2,815 | $ | 1,045 | $ | 1,770 | $ | — | $ | 1,770 | |||||||||
Europe, South America & India | 1,974 | 668 | 1,306 | — | 1,306 | ||||||||||||||
Asia Pacific | 1,022 | 221 | 801 | — | 801 | ||||||||||||||
Total Clean Air Division | 5,811 | 1,934 | 3,877 | — | 3,877 | ||||||||||||||
Ride Performance Division | |||||||||||||||||||
North America | 1,351 | — | 1,351 | — | 1,351 | ||||||||||||||
Europe, South America & India | 1,032 | — | 1,032 | — | 1,032 | ||||||||||||||
Asia Pacific | 226 | — | 226 | — | 226 | ||||||||||||||
Total Ride Performance Division | 2,609 | — | 2,609 | — | 2,609 | ||||||||||||||
Total Tenneco Inc. | $ | 8,420 | $ | 1,934 | $ | 6,486 | $ | — | $ | 6,486 |
Year Ended December 31, 2015 Versus Year Ended December 31, 2014 Dollar and Percent Increase (Decrease) | |||||||||||||
Revenues | Percent | Value-add Revenues excluding Currency | Percent | ||||||||||
(Millions Except Percent Amounts) | |||||||||||||
Clean Air Division | |||||||||||||
North America | $ | 36 | 1 | % | $ | 79 | 4 | % | |||||
Europe, South America & India | (139 | ) | (7 | )% | 101 | 8 | % | ||||||
Asia Pacific | 15 | 1 | % | 19 | 2 | % | |||||||
Total Clean Air Division | (88 | ) | (2 | )% | 199 | 5 | % | ||||||
Ride Performance Division | |||||||||||||
North America | (38 | ) | (3 | )% | (9 | ) | (1 | )% | |||||
Europe, South America & India | (88 | ) | (9 | )% | 107 | 10 | % | ||||||
Asia Pacific | 3 | 1 | % | 18 | 8 | % | |||||||
Total Ride Performance Division | (123 | ) | (5 | )% | 116 | 4 | % | ||||||
Total Tenneco Inc. | $ | (211 | ) | (3 | )% | $ | 315 | 5 | % |
Year Ended December 31, | |||||||||||
2015 | 2014 | Increase (Decrease) | % Increase (Decrease) | ||||||||
(Number of Vehicles in Thousands) | |||||||||||
North America | 17,497 | 17,029 | 468 | 3 | % | ||||||
Europe | 20,918 | 20,151 | 767 | 4 | % | ||||||
South America | 3,034 | 3,818 | (784 | ) | (21 | )% | |||||
India | 3,805 | 3,594 | 211 | 6 | % | ||||||
Total Europe, South America & India | 27,757 | 27,563 | 194 | 1 | % | ||||||
China | 23,580 | 22,610 | 970 | 4 | % | ||||||
Australia | 172 | 175 | (3 | ) | (2 | )% |
Year Ended December 31, 2014 | |||||||||||||||||||
Revenues | Substrate Sales | Value-add Revenues | Currency Impact on Value-add Revenues | Value-add Revenues excluding Currency | |||||||||||||||
(Millions) | |||||||||||||||||||
Clean Air Division | |||||||||||||||||||
North America | $ | 2,815 | $ | 1,045 | $ | 1,770 | $ | (3 | ) | $ | 1,773 | ||||||||
Europe, South America & India | 1,974 | 668 | 1,306 | (36 | ) | 1,342 | |||||||||||||
Asia Pacific | 1,022 | 221 | 801 | (9 | ) | 810 | |||||||||||||
Total Clean Air Division | 5,811 | 1,934 | 3,877 | (48 | ) | 3,925 | |||||||||||||
Ride Performance Division | |||||||||||||||||||
North America | 1,351 | — | 1,351 | (14 | ) | 1,365 | |||||||||||||
Europe, South America & India | 1,032 | — | 1,032 | (59 | ) | 1,091 | |||||||||||||
Asia Pacific | 226 | — | 226 | (5 | ) | 231 | |||||||||||||
Total Ride Performance Division | 2,609 | — | 2,609 | (78 | ) | 2,687 | |||||||||||||
Total Tenneco Inc. | $ | 8,420 | $ | 1,934 | $ | 6,486 | $ | (126 | ) | $ | 6,612 |
Year Ended December 31, 2013 | |||||||||||||||||||
Revenues | Substrate Sales | Value-add Revenues | Currency Impact on Value-add Revenues | Value-add Revenues excluding Currency | |||||||||||||||
(Millions) | |||||||||||||||||||
Clean Air Division | |||||||||||||||||||
North America | $ | 2,658 | $ | 1,030 | $ | 1,628 | $ | — | $ | 1,628 | |||||||||
Europe, South America & India | 1,934 | 663 | 1,271 | — | 1,271 | ||||||||||||||
Asia Pacific | 852 | 142 | 710 | — | 710 | ||||||||||||||
Total Clean Air Division | 5,444 | 1,835 | 3,609 | — | 3,609 | ||||||||||||||
Ride Performance Division | |||||||||||||||||||
North America | 1,255 | — | 1,255 | — | 1,255 | ||||||||||||||
Europe, South America & India | 1,046 | — | 1,046 | — | 1,046 | ||||||||||||||
Asia Pacific | 219 | — | 219 | — | 219 | ||||||||||||||
Total Ride Performance Division | 2,520 | — | 2,520 | — | 2,520 | ||||||||||||||
Total Tenneco Inc. | $ | 7,964 | $ | 1,835 | $ | 6,129 | $ | — | $ | 6,129 |
Year Ended December 31, 2014 Versus Year Ended December 31, 2013 Dollar and Percent Increase (Decrease) | ||||||||||||
Revenues | Percent | Value-add Revenues excluding Currency | Percent | |||||||||
(Millions Except Percent Amounts) | ||||||||||||
Clean Air Division | ||||||||||||
North America | $ | 157 | 6% | $ | 145 | 9 | % | |||||
Europe, South America & India | 40 | 2% | 71 | 6 | % | |||||||
Asia Pacific | 170 | 20% | 100 | 14 | % | |||||||
Total Clean Air Division | 367 | 7% | 316 | 9 | % | |||||||
Ride Performance Division | ||||||||||||
North America | 96 | 8% | 110 | 9 | % | |||||||
Europe, South America & India | (14 | ) | (1)% | 45 | 4 | % | ||||||
Asia Pacific | 7 | 3% | 12 | 5 | % | |||||||
Total Ride Performance Division | 89 | 4% | 167 | 7 | % | |||||||
Total Tenneco Inc. | $ | 456 | 6% | $ | 483 | 8 | % |
Year Ended December 31, | ||||||||||
2014 | 2013 | Increase (Decrease) | % Increase (Decrease) | |||||||
(Number of Vehicles in Thousands) | ||||||||||
North America | 17,029 | 16,177 | 852 | 5% | ||||||
Europe | 20,151 | 19,502 | 649 | 3% | ||||||
South America | 3,818 | 4,534 | (716 | ) | (16)% | |||||
India | 3,594 | 3,655 | (61 | ) | (2)% | |||||
Total Europe, South America & India | 27,563 | 27,691 | (128 | ) | —% | |||||
China | 22,610 | 20,920 | 1,690 | 8% | ||||||
Australia | 175 | 210 | (35 | ) | (17)% |
Year Ended December 31, | Change | ||||||||||
2015 | 2014 | ||||||||||
(Millions) | |||||||||||
Clean Air Division | |||||||||||
North America | $ | 244 | $ | 237 | $ | 7 | |||||
Europe, South America & India | 52 | 59 | (7 | ) | |||||||
Asia Pacific | 121 | 101 | 20 | ||||||||
Total Clean Air Division | 417 | 397 | 20 | ||||||||
Ride Performance Division | |||||||||||
North America | 155 | 143 | 12 | ||||||||
Europe, South America & India | (5 | ) | 40 | (45 | ) | ||||||
Asia Pacific | 39 | 36 | 3 | ||||||||
Total Ride Performance Division | 189 | 219 | (30 | ) | |||||||
Other | (87 | ) | (124 | ) | 37 | ||||||
Total Tenneco Inc. | $ | 519 | $ | 492 | $ | 27 |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
(Millions) | |||||||
Clean Air Division | |||||||
North America | |||||||
Restructuring and related expenses | $ | — | $ | 1 | |||
Europe, South America & India | |||||||
Restructuring and related expenses | 6 | 10 | |||||
Bad debt charge (1) | — | 4 | |||||
Asia Pacific | |||||||
Restructuring and related expenses | 4 | 6 | |||||
Total Clean Air Division | $ | 10 | $ | 21 | |||
Ride Performance Division | |||||||
North America | |||||||
Restructuring and related expenses | $ | 2 | $ | 5 | |||
Pension/Postretirement charges (2) | — | 1 | |||||
Europe, South America & India | |||||||
Restructuring and related expenses | 49 | 22 | |||||
Asia Pacific | |||||||
Restructuring and related expenses | 2 | 1 | |||||
Total Ride Performance Division | $ | 53 | $ | 29 | |||
Other | |||||||
Restructuring and related expenses | $ | — | $ | 4 | |||
Pension/Postretirement charges (2) | 4 | 31 | |||||
Total Other | $ | 4 | $ | 35 |
(1) | Charge related to the bankruptcy of an aftermarket customer in Europe. |
(2) | Charges related to pension derisking and the correction of postretirement census data. |
Year Ended December 31, | Change | ||||||||||
2014 | 2013 | ||||||||||
(Millions) | |||||||||||
Clean Air Division | |||||||||||
North America | $ | 237 | $ | 229 | $ | 8 | |||||
Europe, South America & India | 59 | 57 | 2 | ||||||||
Asia Pacific | 101 | 84 | 17 | ||||||||
Total Clean Air Division | 397 | 370 | 27 | ||||||||
Ride Performance Division | |||||||||||
North America | 143 | 124 | 19 | ||||||||
Europe, South America & India | 40 | (7 | ) | 47 | |||||||
Asia Pacific | 36 | 22 | 14 | ||||||||
Total Ride Performance Division | 219 | 139 | 80 | ||||||||
Other | (124 | ) | (85 | ) | (39 | ) | |||||
Total Tenneco Inc. | $ | 492 | $ | 424 | $ | 68 |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
(Millions) | |||||||
Clean Air Division | |||||||
North America | |||||||
Restructuring and related expenses | $ | 1 | $ | — | |||
Europe, South America & India | |||||||
Restructuring and related expenses | 10 | 8 | |||||
Bad debt charge (1) | 4 | — | |||||
Asia Pacific | |||||||
Restructuring and related expenses | 6 | 3 | |||||
Total Clean Air Division | $ | 21 | $ | 11 | |||
Ride Performance Division | |||||||
North America | |||||||
Restructuring and related expenses | $ | 5 | $ | 1 | |||
Pension/Postretirement charges (2) | 1 | — | |||||
Europe, South America & India | |||||||
Restructuring and related expenses | 22 | 62 | |||||
Asia Pacific | |||||||
Restructuring and related expenses | 1 | 2 | |||||
Total Ride Performance Division | $ | 29 | $ | 65 | |||
Other | |||||||
Restructuring and related expenses | $ | 4 | $ | 2 | |||
Pension/Postretirement charges (2) | 31 | — | |||||
Total Other | $ | 35 | $ | 2 |
(1) | Charge related to the bankruptcy of an aftermarket customer in Europe. |
(2) | Charges related to pension derisking and the correction of postretirement census data. |
Year Ended December 31, | |||||
2015 | 2014 | 2013 | |||
Clean Air Division | |||||
North America | 9% | 8% | 9% | ||
Europe, South America & India | 3% | 3% | 3% | ||
Asia Pacific | 12% | 10% | 10% | ||
Total Clean Air Division | 7% | 7% | 7% | ||
Ride Performance Division | |||||
North America | 12% | 11% | 10% | ||
Europe, South America & India | (1)% | 4% | (1)% | ||
Asia Pacific | 17% | 16% | 10% | ||
Total Ride Performance Division | 8% | 8% | 6% | ||
Total Tenneco Inc. | 6% | 6% | 5% |
December 31, 2014 Restructuring Reserve | 2015 Expenses | 2015 Cash Payments | Impact of Exchange Rates | December 31, 2015 Restructuring Reserve | ||||||||||||
(Millions) | ||||||||||||||||
Employee Severance, Termination Benefits and Other Related Costs | $ | 40 | 53 | (59 | ) | (4 | ) | $ | 30 |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
(Millions) | |||||||
Cash provided (used) by: | |||||||
Operating activities | $ | 517 | $ | 341 | |||
Investing activities | (303 | ) | (339 | ) | |||
Financing activities | (172 | ) | 20 |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
(Millions) | |||||||
Cash provided (used) by: | |||||||
Operating activities | $ | 341 | $ | 503 | |||
Investing activities | (339 | ) | (266 | ) | |||
Financing activities | 20 | (175 | ) |
Year Ended December 31, | % Change | |||||||||
2015 | 2014 | |||||||||
(Millions) | ||||||||||
Short-term debt and maturities classified as current | $ | 86 | $ | 60 | 43 | % | ||||
Long-term debt | 1,124 | 1,055 | 7 | |||||||
Total debt | 1,210 | 1,115 | 9 | |||||||
Total redeemable noncontrolling interests | 43 | 35 | 23 | |||||||
Total noncontrolling interests | 42 | 41 | 2 | |||||||
Tenneco Inc. shareholders’ equity | 433 | 497 | (13 | ) | ||||||
Total equity | 475 | 538 | (12 | ) | ||||||
Total capitalization | $ | 1,728 | $ | 1,688 | 2 | % |
Quarter Ended | |||||||||||||||||||||||
December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||||||||||
Req. | Act. | Req. | Act. | Req. | Act. | Req. | Act. | ||||||||||||||||
Leverage Ratio (maximum) | 3.50 | 1.32 | 3.50 | 1.51 | 3.50 | 1.36 | 3.50 | 1.41 | |||||||||||||||
Interest Coverage Ratio (minimum) | 2.75 | 13.99 | 2.75 | 13.07 | 2.75 | 12.43 | 2.75 | 11.95 |
Pro forma Consolidated Leverage Ratio | Aggregate Senior Note Maximum Amount | ||
(Millions) | |||
Greater than or equal to 3.0x | $ | 20 | |
Greater than or equal to 2.5x | $ | 100 | |
Greater than or equal to 2.0x | $ | 200 | |
Less than 2.0x | no limit |
Payments due in: | |||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | Beyond 2020 | Total | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||
Obligations: | |||||||||||||||||||||||||||
Revolver borrowings | $ | — | $ | — | $ | — | $ | 105 | $ | — | $ | — | $ | 105 | |||||||||||||
Senior term loans | 15 | 23 | 30 | 217 | — | — | 285 | ||||||||||||||||||||
Senior notes | — | — | — | — | — | 725 | 725 | ||||||||||||||||||||
Other long term debt | — | — | — | 15 | — | — | 15 | ||||||||||||||||||||
Other subsidiary debt and capital lease obligations | — | 1 | — | 1 | 1 | 4 | 7 | ||||||||||||||||||||
Short-term debt | 85 | — | — | — | — | — | 85 | ||||||||||||||||||||
Debt and capital lease obligations | 100 | 24 | 30 | 338 | 1 | 729 | 1,222 | ||||||||||||||||||||
Operating leases | 38 | 28 | 18 | 13 | 13 | 15 | 125 | ||||||||||||||||||||
Purchase obligations | 117 | 43 | 1 | — | — | — | 161 | ||||||||||||||||||||
Interest payments | 56 | 54 | 64 | 64 | 46 | 12 | 296 | ||||||||||||||||||||
Capital commitments | 89 | — | — | — | — | — | 89 | ||||||||||||||||||||
Total payments | $ | 400 | $ | 149 | $ | 113 | $ | 415 | $ | 60 | $ | 756 | $ | 1,893 |
• | Future reversals of existing taxable temporary differences; |
• | Taxable income or loss, based on recent results, exclusive of reversing temporary differences and carryforwards; |
• | Tax-planning strategies; and |
• | Taxable income in prior carryback years if carryback is permitted under the relevant tax law. |
Notional Amount in Foreign Currency | |||
(Millions) | |||
Australian dollars | —Purchase | 1 | |
British pounds | —Purchase | 45 | |
—Sell | (43 | ) | |
Canadian dollars | —Sell | (2 | ) |
European euro | —Sell | (16 | ) |
Japanese yen | —Purchase | 50 | |
—Sell | (1,153 | ) | |
South African rand | —Purchase | 80 | |
U.S. dollars | —Purchase | 93 | |
—Sell | (71 | ) |
Page | |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Millions Except Share and Per Share Amounts) | |||||||||||
Revenues | |||||||||||
Net sales and operating revenues | $ | 8,209 | $ | 8,420 | $ | 7,964 | |||||
Costs and expenses | |||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 6,845 | 7,025 | 6,734 | ||||||||
Engineering, research, and development | 146 | 169 | 144 | ||||||||
Selling, general, and administrative | 491 | 519 | 453 | ||||||||
Depreciation and amortization of other intangibles | 203 | 208 | 205 | ||||||||
7,685 | 7,921 | 7,536 | |||||||||
Other income (expense) | |||||||||||
Loss on sale of receivables | (4 | ) | (4 | ) | (4 | ) | |||||
Other expense | (1 | ) | (3 | ) | — | ||||||
(5 | ) | (7 | ) | (4 | ) | ||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 519 | 492 | 424 | ||||||||
Interest expense | 67 | 91 | 80 | ||||||||
Earnings before income taxes and noncontrolling interests | 452 | 401 | 344 | ||||||||
Income tax expense | 149 | 131 | 122 | ||||||||
Net income | 303 | 270 | 222 | ||||||||
Less: Net income attributable to noncontrolling interests | 56 | 44 | 39 | ||||||||
Net income attributable to Tenneco Inc. | $ | 247 | $ | 226 | $ | 183 | |||||
Earnings per share | |||||||||||
Weighted average shares of common stock outstanding — | |||||||||||
Basic | 59,678,309 | 60,734,022 | 60,474,492 | ||||||||
Diluted | 60,193,150 | 61,782,508 | 61,594,062 | ||||||||
Basic earnings per share of common stock | $ | 4.14 | $ | 3.72 | $ | 3.03 | |||||
Diluted earnings per share of common stock | $ | 4.11 | $ | 3.66 | $ | 2.97 |
Year Ended December 31, 2015 | |||||||||||||||||||||||
Tenneco Inc. | Noncontrolling interests | Total | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Comprehensive Income (Loss) | ||||||||||||||||||
(Millions) | |||||||||||||||||||||||
Net Income | $ | 247 | $ | 56 | $ | 303 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Cumulative Translation Adjustment | |||||||||||||||||||||||
Balance January 1 | $ | (166 | ) | $ | 3 | $ | (163 | ) | |||||||||||||||
Translation of foreign currency statements | (131 | ) | (131 | ) | (4 | ) | (4 | ) | (135 | ) | (135 | ) | |||||||||||
Balance December 31 | (297 | ) | (1 | ) | (298 | ) | |||||||||||||||||
Adjustment to the Liability for Pension and Postretirement Benefits | |||||||||||||||||||||||
Balance January 1 | (379 | ) | — | (379 | ) | ||||||||||||||||||
Adjustment to the Liability for Pension and Postretirement benefits, net of tax | 11 | 11 | 11 | 11 | |||||||||||||||||||
Balance December 31 | (368 | ) | — | (368 | ) | ||||||||||||||||||
Balance December 31 | $ | (665 | ) | $ | (1 | ) | $ | (666 | ) | ||||||||||||||
Other comprehensive loss | (120 | ) | (4 | ) | (124 | ) | |||||||||||||||||
Comprehensive Income | $ | 127 | $ | 52 | $ | 179 |
Year Ended December 31, 2014 | |||||||||||||||||||||||
Tenneco Inc. | Noncontrolling interests | Total | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Comprehensive Income (Loss) | ||||||||||||||||||
(Millions) | |||||||||||||||||||||||
Net Income | $ | 226 | $ | 44 | $ | 270 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Cumulative Translation Adjustment | |||||||||||||||||||||||
Balance January 1 | $ | (61 | ) | $ | 5 | $ | (56 | ) | |||||||||||||||
Translation of foreign currency statements | (105 | ) | (105 | ) | (2 | ) | (2 | ) | (107 | ) | (107 | ) | |||||||||||
Balance December 31 | (166 | ) | 3 | (163 | ) | ||||||||||||||||||
Adjustment to the Liability for Pension and Postretirement Benefits | |||||||||||||||||||||||
Balance January 1 | (299 | ) | — | (299 | ) | ||||||||||||||||||
Adjustment to the Liability for Pension and Postretirement benefits, net of tax | (80 | ) | (80 | ) | (80 | ) | (80 | ) | |||||||||||||||
Balance December 31 | (379 | ) | — | (379 | ) | ||||||||||||||||||
Balance December 31 | $ | (545 | ) | $ | 3 | $ | (542 | ) | |||||||||||||||
Other comprehensive loss | (185 | ) | (2 | ) | (187 | ) | |||||||||||||||||
Comprehensive Income | $ | 41 | $ | 42 | $ | 83 |
Year Ended December 31, 2013 | |||||||||||||||||||||||
Tenneco Inc. | Noncontrolling interests | Total | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) | Comprehensive Income (Loss) | ||||||||||||||||||
(Millions) | |||||||||||||||||||||||
Net Income | $ | 183 | $ | 39 | $ | 222 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Cumulative Translation Adjustment | |||||||||||||||||||||||
Balance January 1 | $ | (24 | ) | $ | 5 | $ | (19 | ) | |||||||||||||||
Translation of foreign currency statements | (37 | ) | (37 | ) | — | — | (37 | ) | (37 | ) | |||||||||||||
Balance December 31 | (61 | ) | 5 | (56 | ) | ||||||||||||||||||
Adjustment to the Liability for Pension and Postretirement Benefits | |||||||||||||||||||||||
Balance January 1 | (384 | ) | — | (384 | ) | ||||||||||||||||||
Adjustment to the Liability for Pension and Postretirement benefits, net of tax | 85 | 85 | 85 | 85 | |||||||||||||||||||
Balance December 31 | (299 | ) | — | (299 | ) | ||||||||||||||||||
Balance December 31 | $ | (360 | ) | $ | 5 | $ | (355 | ) | |||||||||||||||
Other comprehensive income | 48 | — | 48 | ||||||||||||||||||||
Comprehensive Income | $ | 231 | $ | 39 | $ | 270 |
December 31, | |||||||
2015 | 2014 | ||||||
(Millions) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 287 | $ | 282 | |||
Restricted cash | 1 | 3 | |||||
Receivables — | |||||||
Customer notes and accounts, net | 1,102 | 1,064 | |||||
Other | 10 | 24 | |||||
Inventories | 682 | 688 | |||||
Deferred income taxes | — | 81 | |||||
Prepayments and other | 229 | 284 | |||||
Total current assets | 2,311 | 2,426 | |||||
Other assets: | |||||||
Long-term receivables, net | 13 | 12 | |||||
Goodwill | 60 | 65 | |||||
Intangibles, net | 22 | 26 | |||||
Deferred income taxes | 218 | 143 | |||||
Other | 100 | 106 | |||||
413 | 352 | ||||||
Plant, property, and equipment, at cost | 3,418 | 3,490 | |||||
Less — Accumulated depreciation and amortization | (2,175 | ) | (2,272 | ) | |||
1,243 | 1,218 | ||||||
Total Assets | $ | 3,967 | $ | 3,996 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Short-term debt (including current maturities of long-term debt) | $ | 86 | $ | 60 | |||
Accounts payable | 1,376 | 1,372 | |||||
Accrued taxes | 37 | 40 | |||||
Accrued interest | 4 | 3 | |||||
Accrued liabilities | 250 | 258 | |||||
Other | 41 | 66 | |||||
Total current liabilities | 1,794 | 1,799 | |||||
Long-term debt | 1,124 | 1,055 | |||||
Deferred income taxes | 7 | 18 | |||||
Postretirement benefits | 318 | 339 | |||||
Deferred credits and other liabilities | 206 | 212 | |||||
Commitments and contingencies | |||||||
Total liabilities | 3,449 | 3,423 | |||||
Redeemable noncontrolling interests | 43 | 35 | |||||
Tenneco Inc. Shareholders’ equity: | |||||||
Common stock | 1 | 1 | |||||
Premium on common stock and other capital surplus | 3,081 | 3,059 | |||||
Accumulated other comprehensive loss | (665 | ) | (545 | ) | |||
Retained earnings (accumulated deficit) | (1,448 | ) | (1,695 | ) | |||
969 | 820 | ||||||
Less — Shares held as treasury stock, at cost | 536 | 323 | |||||
Total Tenneco Inc. shareholders’ equity | 433 | 497 | |||||
Noncontrolling interests | 42 | 41 | |||||
Total equity | 475 | 538 | |||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 3,967 | $ | 3,996 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
Operating Activities | |||||||||||
Net income | $ | 303 | $ | 270 | $ | 222 | |||||
Adjustments to reconcile net income to cash provided by operating activities — | |||||||||||
Depreciation and amortization of other intangibles | 203 | 208 | 205 | ||||||||
Deferred income taxes | — | (1 | ) | 5 | |||||||
Stock-based compensation | 15 | 13 | 13 | ||||||||
Loss on sale of assets | 4 | 6 | 1 | ||||||||
Changes in components of working capital — | |||||||||||
(Increase) decrease in receivables | (90 | ) | (83 | ) | (88 | ) | |||||
(Increase) decrease in inventories | (36 | ) | (74 | ) | 3 | ||||||
(Increase) decrease in prepayments and other current assets | 37 | (81 | ) | (53 | ) | ||||||
Increase (decrease) in payables | 90 | 94 | 161 | ||||||||
Increase (decrease) in accrued taxes | (1 | ) | — | (10 | ) | ||||||
Increase (decrease) in accrued interest | 1 | (6 | ) | — | |||||||
Increase (decrease) in other current liabilities | (10 | ) | 13 | 64 | |||||||
Change in long-term assets | 3 | 12 | 7 | ||||||||
Change in long-term liabilities | (2 | ) | (13 | ) | (32 | ) | |||||
Other | — | (17 | ) | 5 | |||||||
Net cash provided by operating activities | 517 | 341 | 503 | ||||||||
Investing Activities | |||||||||||
Proceeds from sale of assets | 4 | 3 | 8 | ||||||||
Cash payments for plant, property, and equipment | (286 | ) | (328 | ) | (244 | ) | |||||
Cash payments for software related intangible assets | (23 | ) | (13 | ) | (25 | ) | |||||
Cash payments for net assets purchased | — | (3 | ) | — | |||||||
Change in restricted cash | 2 | 2 | (5 | ) | |||||||
Net cash used by investing activities | (303 | ) | (339 | ) | (266 | ) | |||||
Financing Activities | |||||||||||
Retirement of long-term debt | (37 | ) | (462 | ) | (16 | ) | |||||
Issuance of long-term debt | 1 | 570 | — | ||||||||
Debt issuance costs of long-term debt | (1 | ) | (12 | ) | — | ||||||
Purchase of common stock under the share repurchase program | (213 | ) | (22 | ) | (27 | ) | |||||
Issuance of common stock | 6 | 19 | 20 | ||||||||
Tax benefit from stock-based compensation | 6 | 26 | 24 | ||||||||
Increase (decrease) in bank overdrafts | (22 | ) | 6 | (6 | ) | ||||||
Net increase (decrease) in revolver borrowings and short-term debt excluding current maturities of long-term debt and short-term borrowings secured by accounts receivable | 102 | (70 | ) | (22 | ) | ||||||
Net increase (decrease) in short-term borrowings secured by accounts receivable | 30 | (10 | ) | (40 | ) | ||||||
Capital contribution from noncontrolling interest partner | — | 5 | — | ||||||||
Purchase of noncontrolling equity interest | — | — | (69 | ) | |||||||
Distribution to noncontrolling interest partners | (44 | ) | (30 | ) | (39 | ) | |||||
Net cash provided (used) by financing activities | (172 | ) | 20 | (175 | ) | ||||||
Effect of foreign exchange rate changes on cash and cash equivalents | (37 | ) | (15 | ) | (10 | ) | |||||
Increase in cash and cash equivalents | 5 | 7 | 52 | ||||||||
Cash and cash equivalents, January 1 | 282 | 275 | 223 | ||||||||
Cash and cash equivalents, December 31 (Note) | $ | 287 | $ | 282 | $ | 275 |
Supplemental Cash Flow Information | |||||||||||
Cash paid during the year for interest | $ | 68 | $ | 93 | $ | 79 | |||||
Cash paid during the year for income taxes (net of refunds) | 105 | 136 | 109 | ||||||||
Non-cash Investing and Financing Activities | |||||||||||
Period end balance of trade payables for plant, property, and equipment | $ | 50 | $ | 41 | $ | 52 |
Note: | Cash and cash equivalents include highly liquid investments with a maturity of three months or less at the date of purchase. |
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||
(Millions Except Share Amounts) | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Balance January 1 | 64,454,248 | $ | 1 | 63,714,728 | $ | 1 | 62,789,382 | $ | 1 | |||||||||||
Issued pursuant to benefit plans | 335,766 | — | 62,334 | — | 156,213 | — | ||||||||||||||
Stock options exercised | 277,118 | — | 677,186 | — | 769,133 | — | ||||||||||||||
Balance December 31 | 65,067,132 | 1 | 64,454,248 | 1 | 63,714,728 | 1 | ||||||||||||||
Premium on Common Stock and Other Capital Surplus | ||||||||||||||||||||
Balance January 1 | 3,059 | 3,014 | 3,031 | |||||||||||||||||
Purchase of noncontrolling equity interest | — | — | (68 | ) | ||||||||||||||||
Premium on common stock issued pursuant to benefit plans | 22 | 45 | 51 | |||||||||||||||||
Balance December 31 | 3,081 | 3,059 | 3,014 | |||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Balance January 1 | (545 | ) | (360 | ) | (408 | ) | ||||||||||||||
Other comprehensive income (loss) | (120 | ) | (185 | ) | 48 | |||||||||||||||
Balance December 31 | (665 | ) | (545 | ) | (360 | ) | ||||||||||||||
Retained Earnings (Accumulated Deficit) | ||||||||||||||||||||
Balance January 1 | (1,695 | ) | (1,921 | ) | (2,104 | ) | ||||||||||||||
Net income attributable to Tenneco Inc. | 247 | 226 | 183 | |||||||||||||||||
Balance December 31 | (1,448 | ) | (1,695 | ) | (1,921 | ) | ||||||||||||||
Less — Common Stock Held as Treasury Stock, at Cost | ||||||||||||||||||||
Balance January 1 | 3,244,692 | 323 | 2,844,692 | 301 | 2,294,692 | 274 | ||||||||||||||
Purchase of common stock through stock repurchase program | 4,228,633 | 213 | 400,000 | 22 | 550,000 | 27 | ||||||||||||||
Balance December 31 | 7,473,325 | 536 | 3,244,692 | 323 | 2,844,692 | 301 | ||||||||||||||
Total Tenneco Inc. shareholders’ equity | $ | 433 | $ | 497 | $ | 433 | ||||||||||||||
Noncontrolling interests: | ||||||||||||||||||||
Balance January 1 | 41 | 39 | 45 | |||||||||||||||||
Net income | 24 | 21 | 24 | |||||||||||||||||
Sale of noncontrolling equity interest | — | — | (1 | ) | ||||||||||||||||
Other comprehensive income (loss) | (3 | ) | (1 | ) | — | |||||||||||||||
Dividends declared | (20 | ) | (18 | ) | (29 | ) | ||||||||||||||
Balance December 31 | $ | 42 | $ | 41 | $ | 39 | ||||||||||||||
Total equity | $ | 475 | $ | 538 | $ | 472 |
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
Balance January 1 | $ | 35 | $ | 20 | $ | 15 | |||||
Net income attributable to redeemable noncontrolling interests | 33 | 23 | 14 | ||||||||
Sale of 45 percent equity interest from Tenneco Inc | — | 4 | — | ||||||||
Capital Contributions | — | 1 | — | ||||||||
Dividends declared | (24 | ) | (13 | ) | (9 | ) | |||||
Balance December 31 | $ | 43 | $ | 35 | $ | 20 |
2015 | 2014 | ||||||
(Millions) | |||||||
Finished goods | $ | 257 | $ | 272 | |||
Work in process | 233 | 221 | |||||
Raw materials | 135 | 137 | |||||
Materials and supplies | 57 | 58 | |||||
$ | 682 | $ | 688 |
Clean Air Division | Ride Performance Division | ||||||||||||||||||||||||||
North America | Europe, South America & India | Asia Pacific | North America | Europe, South America & India | Asia Pacific | Total | |||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 14 | $ | 14 | $ | — | $ | 10 | $ | 31 | $ | — | $ | 69 | |||||||||||||
Translation Adjustment | — | (2 | ) | — | — | (2 | ) | — | (4 | ) | |||||||||||||||||
Balance at December 31, 2014 | 14 | 12 | — | 10 | 29 | — | 65 | ||||||||||||||||||||
Translation Adjustment | — | (1 | ) | — | — | (4 | ) | — | (5 | ) | |||||||||||||||||
Balance at December 31, 2015 | 14 | 11 | — | 10 | 25 | — | 60 |
December 31, 2015 | December 31, 2014 | ||||||||||||||
Gross Carrying Value | Accumulated Amortization | Gross Carrying Value | Accumulated Amortization | ||||||||||||
(Millions) | (Millions) | ||||||||||||||
Customer contract | $ | 8 | $ | (4 | ) | $ | 8 | $ | (4 | ) | |||||
Patents | 2 | (2 | ) | 3 | (2 | ) | |||||||||
Technology rights | 29 | (19 | ) | 26 | (15 | ) | |||||||||
Other | 10 | (2 | ) | 11 | (2 | ) | |||||||||
Total | $ | 49 | $ | (27 | ) | $ | 48 | $ | (23 | ) |
2015 | 2014 | ||||||
(Millions) | |||||||
Land, buildings, and improvements | $ | 561 | $ | 569 | |||
Machinery and equipment | 2,569 | 2,655 | |||||
Other, including construction in progress | 288 | 266 | |||||
$ | 3,418 | $ | 3,490 |
• | Future reversals of existing taxable temporary differences; |
• | Taxable income or loss, based on recent results, exclusive of reversing temporary differences and carryforwards; |
• | Tax-planning strategies; and |
• | Taxable income in prior carryback years if carryback is permitted under the relevant tax law. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Millions Except Share and Per Share Amounts) | |||||||||||
Basic earnings per share — | |||||||||||
Net income attributable to Tenneco Inc. | $ | 247 | $ | 226 | $ | 183 | |||||
Average shares of common stock outstanding | 59,678,309 | 60,734,022 | 60,474,492 | ||||||||
Earnings per average share of common stock | $ | 4.14 | $ | 3.72 | $ | 3.03 | |||||
Diluted earnings per share — | |||||||||||
Net income attributable to Tenneco Inc. | $ | 247 | $ | 226 | $ | 183 | |||||
Average shares of common stock outstanding | 59,678,309 | 60,734,022 | 60,474,492 | ||||||||
Effect of dilutive securities: | |||||||||||
Restricted stock | 96,168 | 130,732 | 205,020 | ||||||||
Stock options | 418,673 | 917,754 | 914,550 | ||||||||
Average shares of common stock outstanding including dilutive securities | 60,193,150 | 61,782,508 | 61,594,062 | ||||||||
Earnings per average share of common stock | $ | 4.11 | $ | 3.66 | $ | 2.97 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
Net income attributable to Tenneco Inc. | $ | 247 | $ | 226 | $ | 183 | |||||
Decrease in equity for purchase of noncontrolling equity interest | — | — | (68 | ) | |||||||
Net income attributable to Tenneco Inc. shareholders less purchase of noncontrolling equity interest | 247 | 226 | 115 |
December 31, 2014 Restructuring Reserve | 2015 Expenses | 2015 Cash Payments | Impact of Exchange Rates | December 31, 2015 Restructuring Reserve | ||||||||||||
(Millions) | ||||||||||||||||
Employee Severance, Termination Benefits and Other Related Costs | $ | 40 | 53 | (59 | ) | (4 | ) | $ | 30 |
2015 | 2014 | ||||||
(Millions) | |||||||
Tenneco Inc. — | |||||||
Revolver borrowings due 2019, average effective interest rate 2.0% in 2015 | $ | 105 | $ | — | |||
Senior Tranche A Term Loan due 2016 through 2019, average effective interest rate 1.9% in 2015 | 285 | 300 | |||||
5 3/8% Senior Notes due 2024 | 225 | 225 | |||||
6 7/8% Senior Notes due 2020 | 500 | 500 | |||||
Debentures due 2017 through 2025, average effective interest rate 7.5% in 2014 | — | 1 | |||||
Other subsidiaries — | |||||||
Other Long Term Debt due in 2019, average interest rate 6.55% in 2015 and 5.45% in 2014 | 15 | 37 | |||||
Notes due 2016 through 2026, average effective interest rate 0.1% in 2015 and 1.3% in 2014 | 7 | 8 | |||||
1,137 | 1,071 | ||||||
Less — maturities classified as current | 1 | 2 | |||||
Total long-term debt | $ | 1,136 | $ | 1,069 |
2015 | 2014 | ||||||
(Millions) | |||||||
Maturities classified as current | $ | 1 | $ | 2 | |||
Short-term borrowings | 85 | 58 | |||||
Total short-term debt | $ | 86 | $ | 60 |
Notes Payable(a) | |||||||
2015 | 2014 | ||||||
(Dollars in Millions) | |||||||
Outstanding borrowings at end of year | $ | 85 | $ | 58 | |||
Weighted average interest rate on outstanding borrowings at end of year(b) | 3.2 | % | 2.6 | % | |||
Maximum month-end outstanding borrowings during year | $ | 178 | $ | 124 | |||
Average month-end outstanding borrowings during year | $ | 118 | $ | 107 | |||
Weighted average interest rate on average month-end outstanding borrowings during year(b) | 3.0 | % | 4.0 | % |
(a) | Includes borrowings under both committed credit facilities and uncommitted lines of credit and similar arrangements. |
(b) | This calculation does not include the commitment fees to be paid on the unused revolving credit facility balances which are recorded as interest expense for accounting purposes. |
Committed Credit Facilities(a) as of December 31, 2015 | |||||||||||||||||
Term | Commitments | Borrowings | Letters of Credit(b) | Available | |||||||||||||
(Millions) | |||||||||||||||||
Tenneco Inc. revolving credit agreement | 2019 | $ | 1,200 | $ | 105 | $ | — | $ | 1,095 | ||||||||
Tenneco Inc. tranche A term facility | 2019 | 285 | 285 | — | — | ||||||||||||
Subsidiaries’ credit agreements | 2016-2027 | 136 | 107 | — | 29 | ||||||||||||
$ | 1,621 | $ | 497 | $ | — | $ | 1,124 |
(a) | We generally are required to pay commitment fees on the unused portion of the total commitment. |
(b) | Letters of credit reduce the available borrowings under the revolving credit agreement. |
Quarter Ended | |||||||||||||||||||||||
December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||||||||||
Req. | Act. | Req. | Act. | Req. | Act. | Req. | Act. | ||||||||||||||||
Leverage Ratio (maximum) | 3.50 | 1.32 | 3.50 | 1.51 | 3.50 | 1.36 | 3.50 | 1.41 | |||||||||||||||
Interest Coverage Ratio (minimum) | 2.75 | 13.99 | 2.75 | 13.07 | 2.75 | 12.43 | 2.75 | 11.95 |
Pro forma Consolidated Leverage Ratio | Aggregate Senior Note Maximum Amount | ||
(Millions) | |||
Greater than or equal to 3.0x | $ | 20 | |
Greater than or equal to 2.5x | $ | 100 | |
Greater than or equal to 2.0x | $ | 200 | |
Less than 2.0x | no limit |
December 31, 2015 | December 31, 2014 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
(Millions) | |||||||||||||||
Long-term debt (including current maturities) | $ | 1,125 | $ | 1,160 | $ | 1,057 | $ | 1,106 | |||||||
Instruments with off-balance sheet risk: | |||||||||||||||
Foreign exchange forward contracts: | |||||||||||||||
Asset derivative contracts | 1 | 1 | — | — |
Level 1 | — | Quoted prices in active markets for identical assets or liabilities. |
Level 2 | — | Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. |
Level 3 | — | Unobservable inputs based on our own assumptions. |
Notional Amount in Foreign Currency | |||
(Millions) | |||
Australian dollars | —Purchase | 1 | |
British pounds | —Purchase | 45 | |
—Sell | (43 | ) | |
Canadian dollars | —Sell | (2 | ) |
European euro | —Sell | (16 | ) |
Japanese yen | —Purchase | 50 | |
—Sell | (1,153 | ) | |
South African rand | —Purchase | 80 | |
U.S. dollars | —Purchase | 93 | |
—Sell | (71 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
U.S. income before income taxes | $ | 198 | $ | 130 | $ | 150 | |||||
Foreign income before income taxes | 254 | 271 | 194 | ||||||||
Income before income taxes and noncontrolling interests | $ | 452 | $ | 401 | $ | 344 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
Current — | |||||||||||
U.S. federal | $ | 64 | $ | 38 | $ | 25 | |||||
State and local | 5 | 3 | 4 | ||||||||
Foreign | 83 | 92 | 81 | ||||||||
152 | 133 | 110 | |||||||||
Deferred — | |||||||||||
U.S. federal | (1 | ) | 2 | (4 | ) | ||||||
State and local | 1 | 7 | 2 | ||||||||
Foreign | (3 | ) | (11 | ) | 14 | ||||||
(3 | ) | (2 | ) | 12 | |||||||
Income tax expense | $ | 149 | $ | 131 | $ | 122 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
Income tax expense computed at the statutory U.S. federal income tax rate | $ | 158 | $ | 140 | $ | 120 | |||||
Increases (reductions) in income tax expense resulting from: | |||||||||||
Foreign income taxed at different rates | (15 | ) | (21 | ) | (21 | ) | |||||
Taxes on repatriation of dividends | 9 | 4 | 9 | ||||||||
Remeasurement of estimated tax on unremitted earnings | (4 | ) | — | (17 | ) | ||||||
State and local taxes on income, net of U.S. federal income tax benefit | 11 | 8 | 6 | ||||||||
Changes in valuation allowance for tax loss carryforwards and credits | 13 | 12 | 27 | ||||||||
Foreign tax holidays | (7 | ) | (6 | ) | (5 | ) | |||||
Investment and R&D tax credits | (26 | ) | (10 | ) | (8 | ) | |||||
Foreign earnings subject to U.S. federal income tax | 3 | 7 | 5 | ||||||||
Adjustment of prior years taxes | 2 | (2 | ) | (1 | ) | ||||||
Impact of tax law changes | — | — | (3 | ) | |||||||
Tax contingencies | 4 | — | 6 | ||||||||
Other | 1 | (1 | ) | 4 | |||||||
Income tax expense | $ | 149 | $ | 131 | $ | 122 |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
(Millions) | |||||||
Deferred tax assets — | |||||||
Tax loss carryforwards: | |||||||
U.S. federal | $ | — | $ | — | |||
State | 14 | 15 | |||||
Foreign | 72 | 75 | |||||
Tax credit benefits | 89 | 86 | |||||
Postretirement benefits other than pensions | 54 | 55 | |||||
Pensions | 50 | 56 | |||||
Bad debts | 2 | 2 | |||||
Sales allowances | 8 | 7 | |||||
Payroll accruals | 34 | 38 | |||||
Other accruals | 55 | 58 | |||||
Valuation allowance | (127 | ) | (139 | ) | |||
Total deferred tax assets | 251 | 253 | |||||
Deferred tax liabilities — | |||||||
Tax over book depreciation | 40 | 51 | |||||
Total deferred tax liabilities | 40 | 51 | |||||
Net deferred tax assets | $ | 211 | $ | 202 |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
(Millions) | |||||||
Balance Sheet: | |||||||
Current portion — deferred tax asset | $ | — | $ | 81 | |||
Non-current portion — deferred tax asset | 218 | 143 | |||||
Current portion — deferred tax liability | — | (4 | ) | ||||
Non-current portion — deferred tax liability | (7 | ) | (18 | ) | |||
Net deferred tax assets | $ | 211 | $ | 202 |
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
Uncertain tax positions — | |||||||||||
Balance January 1 | $ | 114 | $ | 115 | $ | 107 | |||||
Gross increases in tax positions in current period | 7 | 8 | 15 | ||||||||
Gross increases in tax positions in prior period | 14 | 5 | — | ||||||||
Gross decreases in tax positions in prior period | (4 | ) | (5 | ) | (1 | ) | |||||
Gross decreases — settlements | (1 | ) | (2 | ) | — | ||||||
Gross decreases — statute of limitations expired | (7 | ) | (7 | ) | (6 | ) | |||||
Balance December 31 | $ | 123 | $ | 114 | $ | 115 |
Open To Tax Year | |
United States | 2000 |
China | 2005 |
Spain | 2003 |
Canada | 2012 |
Brazil | 2010 |
Mexico | 2010 |
Belgium | 2013 |
Germany | 2013 |
United Kingdom | 2013 |
2015 | 2014 | 2013 | |||||||||
Stock Options Granted: | |||||||||||
Weighted average grant date fair value, per share | $ | — | $ | 26.46 | $ | 19.84 | |||||
Weighted average assumptions used: | |||||||||||
Expected volatility | — | % | 52.8 | % | 66.4 | % | |||||
Expected lives | 0.0 | 5.0 | 4.9 | ||||||||
Risk-free interest rates | — | % | 1.7 | % | 0.8 | % | |||||
Dividends yields | — | % | — | % | — | % |
Year Ended December 31, 2015 | ||||||||||||
Shares Under Option | Weighted Avg. Exercise Prices | Weighted Avg. Remaining Life in Years | Aggregate Intrinsic Value | |||||||||
(Millions) | ||||||||||||
Outstanding Stock Options: | ||||||||||||
Outstanding, January 1, 2015 | 1,454,003 | $ | 31.16 | 4.4 | $ | 33 | ||||||
Canceled | (20,427 | ) | 23.75 | |||||||||
Exercised | (96,997 | ) | 20.78 | 3 | ||||||||
Outstanding, March 31, 2015 | 1,336,579 | $ | 32.03 | 4.3 | $ | 31 | ||||||
Forfeited | (7,531 | ) | 47.36 | |||||||||
Exercised | (141,644 | ) | 14.68 | 6 | ||||||||
Outstanding, June 30, 2015 | 1,187,404 | $ | 34.00 | 4.2 | $ | 30 | ||||||
Exercised | (749 | ) | 19.48 | — | ||||||||
Outstanding, September 30, 2015 | 1,186,655 | $ | 33.99 | 3.9 | $ | 19 | ||||||
Forfeited | (5,066 | ) | 39.81 | |||||||||
Exercised | (36,870 | ) | 11.49 | 1 | ||||||||
Outstanding, December 31, 2015 | 1,144,719 | $ | 34.69 | 3.7 | $ | 19 |
Year Ended December 31, 2015 | ||||||
Shares | Weighted Avg. Grant Date Fair Value | |||||
Nonvested Restricted Shares | ||||||
Nonvested balance at January 1, 2015 | 286,051 | $ | 42.35 | |||
Granted | 350,101 | 53.40 | ||||
Vested | (150,171 | ) | 37.86 | |||
Nonvested balance at March 31, 2015 | 485,981 | $ | 51.70 | |||
Granted | 17,164 | 56.06 | ||||
Vested | (13,008 | ) | 46.37 | |||
Forfeited | (11,034 | ) | 48.85 | |||
Nonvested balance at June 30, 2015 | 479,103 | $ | 52.07 | |||
Granted | 7,824 | 57.98 | ||||
Vested | (14,948 | ) | 49.98 | |||
Nonvested balance at September 30, 2015 | 471,979 | $ | 52.15 | |||
Granted | 32,264 | 44.24 | ||||
Vested | (1,427 | ) | 35.62 | |||
Forfeited | (5,974 | ) | 54.76 | |||
Nonvested balance at December 31, 2015 | 496,842 | $ | 51.65 |
Percentage of Fair Market Value | |||||||||||
December 31, 2015 | December 31, 2014 | ||||||||||
US | Foreign | US | Foreign | ||||||||
Equity Securities | 51 | % | 61 | % | 70 | % | 60 | % | |||
Debt Securities | 49 | % | 30 | % | 30 | % | 32 | % | |||
Real Estate | — | 2 | % | — | 4 | % | |||||
Other | — | 7 | % | — | % | 4 | % |
Fair Value Level as of December 31, 2015 | |||||||||||||||||||||||
US | Foreign | ||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(Millions) | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
U.S. large cap | $ | 33 | $ | 63 | $ | — | $ | 28 | $ | 24 | $ | — | |||||||||||
U.S. mid cap | — | 8 | — | 3 | 5 | — | |||||||||||||||||
U.S. Small Cap | — | 15 | — | — | — | — | |||||||||||||||||
Non-U.S. large cap | — | — | — | 46 | 66 | — | |||||||||||||||||
Non-U.S. mid cap | — | 25 | — | 16 | 15 | — | |||||||||||||||||
Non-U.S. small cap | — | — | — | — | 3 | — | |||||||||||||||||
Emerging markets | — | 8 | — | 2 | 4 | — | |||||||||||||||||
Debt securities: | |||||||||||||||||||||||
U.S. corporate bonds | — | 35 | — | — | 3 | — | |||||||||||||||||
U.S. other fixed income | — | 113 | — | — | — | — | |||||||||||||||||
Non-U.S. treasuries/government bonds | — | — | — | 29 | 28 | — | |||||||||||||||||
Non-U.S. corporate bonds | — | — | — | 18 | 21 | — | |||||||||||||||||
Non-U.S. mortgage backed securities | — | — | — | — | 3 | — | |||||||||||||||||
Non-U.S. municipal obligations | — | — | — | 1 | — | — | |||||||||||||||||
Non-U.S. asset backed securities | — | — | — | — | 2 | — | |||||||||||||||||
Non-U.S. other fixed income | — | — | — | 2 | — | — | |||||||||||||||||
Real Estate: | |||||||||||||||||||||||
Non-U.S. real estate | — | — | — | 1 | 6 | — | |||||||||||||||||
Other: | |||||||||||||||||||||||
Insurance contracts | — | — | — | — | 12 | 8 | |||||||||||||||||
Cash held in bank accounts | 2 | — | — | 11 | — | — | |||||||||||||||||
Total | $ | 35 | $ | 267 | $ | — | $ | 157 | $ | 192 | $ | 8 |
Fair Value Level as of December 31, 2014 | |||||||||||||||||||||||
US | Foreign | ||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||
(Millions) | |||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||
U.S. large cap | $ | 41 | $ | 134 | $ | — | $ | 31 | $ | 25 | $ | — | |||||||||||
U.S. mid cap | — | — | — | 4 | 5 | — | |||||||||||||||||
U.S. Small Cap | — | 25 | — | — | — | — | |||||||||||||||||
Non-U.S. large cap | — | — | — | 57 | 68 | — | |||||||||||||||||
Non-U.S. mid cap | — | 24 | — | 20 | 16 | — | |||||||||||||||||
Non-U.S. small cap | — | — | — | 1 | 6 | — | |||||||||||||||||
Emerging markets | — | 8 | — | — | 3 | — | |||||||||||||||||
Debt securities: | |||||||||||||||||||||||
U.S. corporate bonds | — | 5 | — | — | 5 | — | |||||||||||||||||
U.S. other fixed income | — | 95 | — | — | — | — | |||||||||||||||||
Non-U.S. treasuries/government bonds | — | — | — | 41 | 27 | — | |||||||||||||||||
Non-U.S. corporate bonds | — | — | — | 20 | 27 | — | |||||||||||||||||
Non-U.S. mortgage backed securities | — | — | — | — | 2 | — | |||||||||||||||||
Non-U.S. municipal obligations | — | — | — | 1 | — | — | |||||||||||||||||
Non-U.S. asset backed securities | — | — | — | — | — | — | |||||||||||||||||
Non-U.S. other fixed income | — | — | — | 1 | — | — | |||||||||||||||||
Real Estate: | |||||||||||||||||||||||
Non-U.S. real estate | — | — | — | — | 6 | — | |||||||||||||||||
Other: | |||||||||||||||||||||||
Insurance contracts | — | — | — | — | 13 | 9 | |||||||||||||||||
Cash held in bank accounts | 2 | — | — | 4 | — | — | |||||||||||||||||
Total | $ | 43 | $ | 291 | $ | — | $ | 180 | $ | 203 | $ | 9 |
December 31, 2015 | December 31, 2014 | ||||||||||||||
Level 3 Assets | Level 3 Assets | ||||||||||||||
US | Foreign | US | Foreign | ||||||||||||
(Millions) | (Millions) | ||||||||||||||
Balance at December 31 of the previous year | $ | — | $ | 9 | $ | — | $ | 8 | |||||||
Actual return on plan assets: | |||||||||||||||
Relating to assets still held at the reporting date | — | (1 | ) | — | 1 | ||||||||||
Ending Balance at December 31 | $ | — | $ | 8 | $ | — | $ | 9 |
Asset Category | Fair Value Level | Value | Percentage of Total Assets | ||||||
(Millions) | |||||||||
2015: | |||||||||
Tenneco Stock | 1 | $ | 33 | 5.0 | % | ||||
2014: | |||||||||
Tenneco Stock | 1 | $ | 41 | 5.6 | % |
Pension | Postretirement | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
US | Foreign | US | Foreign | US | US | ||||||||||||||||||
(Millions) | |||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Benefit obligation at December 31 of the previous year | $ | 448 | $ | 483 | $ | 421 | $ | 442 | $ | 143 | $ | 112 | |||||||||||
Currency rate conversion | — | (46 | ) | — | (41 | ) | — | — | |||||||||||||||
Settlement | (8 | ) | (2 | ) | (53 | ) | — | — | — | ||||||||||||||
Service cost | 1 | 9 | 1 | 8 | — | — | |||||||||||||||||
Interest cost | 18 | 15 | 20 | 18 | 6 | 6 | |||||||||||||||||
Administrative expenses/taxes paid | — | (2 | ) | — | (2 | ) | — | — | |||||||||||||||
Plan amendments | — | 2 | — | — | — | — | |||||||||||||||||
Actuarial (gain)/loss | (21 | ) | (17 | ) | 77 | 73 | 1 | 18 | |||||||||||||||
Prior period correction | — | — | — | — | — | 15 | |||||||||||||||||
Benefits paid | (22 | ) | (18 | ) | (18 | ) | (17 | ) | (9 | ) | (8 | ) | |||||||||||
Participants’ contributions | — | 1 | — | 2 | — | — | |||||||||||||||||
Benefit obligation at December 31 | $ | 416 | $ | 425 | $ | 448 | $ | 483 | $ | 141 | $ | 143 | |||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value at December 31 of the previous year | $ | 334 | $ | 392 | $ | 347 | $ | 379 | $ | — | $ | — | |||||||||||
Currency rate conversion | — | (38 | ) | — | (32 | ) | — | — | |||||||||||||||
Settlement | (8 | ) | (2 | ) | (41 | ) | — | — | — | ||||||||||||||
Actual return on plan assets | (11 | ) | 8 | 23 | 40 | — | — | ||||||||||||||||
Administrative expenses/taxes paid | — | (2 | ) | — | (2 | ) | — | — | |||||||||||||||
Employer contributions | 9 | 16 | 23 | 22 | 9 | 8 | |||||||||||||||||
Participants’ contributions | — | 1 | — | 2 | — | — | |||||||||||||||||
Benefits paid | (22 | ) | (18 | ) | (18 | ) | (17 | ) | (9 | ) | (8 | ) | |||||||||||
Fair value at December 31 | $ | 302 | $ | 357 | $ | 334 | $ | 392 | $ | — | $ | — | |||||||||||
Development of net amount recognized: | |||||||||||||||||||||||
Unfunded status at December 31 | $ | (114 | ) | $ | (68 | ) | $ | (115 | ) | $ | (90 | ) | $ | (141 | ) | $ | (143 | ) | |||||
Unrecognized cost: | |||||||||||||||||||||||
Actuarial loss | 232 | 144 | 230 | 172 | 49 | 53 | |||||||||||||||||
Prior service cost/(credit) | — | 5 | 1 | 5 | (6 | ) | (10 | ) | |||||||||||||||
Net amount recognized at December 31 | $ | 118 | $ | 81 | $ | 116 | $ | 87 | $ | (98 | ) | $ | (100 | ) | |||||||||
Amounts recognized in the balance sheets as of December 31 | |||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 6 | $ | — | $ | 8 | $ | — | $ | — | |||||||||||
Current liabilities | (2 | ) | (3 | ) | (10 | ) | (3 | ) | (9 | ) | (9 | ) | |||||||||||
Noncurrent liabilities | (112 | ) | (71 | ) | (105 | ) | (95 | ) | (132 | ) | (134 | ) | |||||||||||
Net amount recognized | $ | (114 | ) | $ | (68 | ) | $ | (115 | ) | $ | (90 | ) | $ | (141 | ) | $ | (143 | ) |
2015 | 2014 | 2013 | |||||||||||||||||||||
US | Foreign | US | Foreign | US | Foreign | ||||||||||||||||||
(Millions) | |||||||||||||||||||||||
Service cost — benefits earned during the year | $ | 1 | $ | 9 | $ | 1 | $ | 8 | $ | 1 | $ | 9 | |||||||||||
Interest cost | 17 | 15 | 20 | 18 | 19 | 17 | |||||||||||||||||
Expected return on plan assets | (23 | ) | (21 | ) | (25 | ) | (23 | ) | (22 | ) | (20 | ) | |||||||||||
Curtailment loss | — | — | — | — | — | — | |||||||||||||||||
Settlement loss | 4 | — | 21 | — | — | 1 | |||||||||||||||||
Net amortization: | |||||||||||||||||||||||
Actuarial loss | 8 | 8 | 7 | 7 | 9 | 10 | |||||||||||||||||
Prior service cost | — | 1 | — | 2 | — | 1 | |||||||||||||||||
Net pension costs | $ | 7 | $ | 12 | $ | 24 | $ | 12 | $ | 7 | $ | 18 |
2015 | 2014 | ||||||||||||||
US | Foreign | US | Foreign | ||||||||||||
(Millions) | |||||||||||||||
Net actuarial loss | $ | 232 | $ | 144 | $ | 230 | $ | 172 | |||||||
Prior service cost | — | 5 | 1 | 5 | |||||||||||
$ | 232 | $ | 149 | $ | 231 | $ | 177 |
Year Ended December 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Before-Tax Amount | Tax Benefit | Net-of-Tax Amount | Before-Tax Amount | Tax Benefit | Net-of-Tax Amount | ||||||||||||||||||
(Millions) | |||||||||||||||||||||||
Defined benefit pension and postretirement plans: | |||||||||||||||||||||||
Change in total actuarial gain (loss) | $ | (7 | ) | $ | 2 | $ | (5 | ) | $ | (124 | ) | $ | 35 | $ | (89 | ) | |||||||
Amortization of prior service cost included in net periodic pension and postretirement cost | (3 | ) | — | (3 | ) | (5 | ) | 1 | (4 | ) | |||||||||||||
Amortization of actuarial gain (loss) included in net periodic pension and postretirement cost | 23 | (4 | ) | 19 | 18 | (5 | ) | 13 | |||||||||||||||
Other comprehensive income — pension benefits | $ | 13 | $ | (2 | ) | $ | 11 | $ | (111 | ) | $ | 31 | $ | (80 | ) |
2016 | |||||||
US | Foreign | ||||||
(Millions) | |||||||
Net actuarial loss | $ | 7 | $ | 7 | |||
Prior service cost | — | 1 | |||||
$ | 7 | $ | 8 |
December 31, 2015 | December 31, 2014 | ||||||||||||||
US | Foreign | US | Foreign | ||||||||||||
(Millions) | |||||||||||||||
Projected benefit obligation | $ | 416 | $ | 337 | $ | 448 | $ | 349 | |||||||
Accumulated benefit obligation | 416 | 332 | 448 | 344 | |||||||||||
Fair value of plan assets | 302 | 262 | 334 | 253 |
Year | US | Foreign | |||||
(Millions) | |||||||
2016 | $ | 22 | $ | 17 | |||
2017 | 30 | 16 | |||||
2018 | 22 | 17 | |||||
2019 | 24 | 20 | |||||
2020 | 24 | 20 | |||||
2021-2025 | 120 | 102 |
2015 | 2014 | ||||||||||
US | Foreign | US | Foreign | ||||||||
Weighted-average assumptions used to determine benefit obligations | |||||||||||
Discount rate | 4.4 | % | 3.5 | % | 4.1 | % | 3.3 | % | |||
Rate of compensation increase | N/A | 2.7 | % | N/A | 3.4 | % |
2015 | 2014 | 2013 | |||||||||||||||
US | Foreign | US | Foreign | US | Foreign | ||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost | |||||||||||||||||
Discount rate | 4.1 | % | 3.2 | % | 4.8 | % | 4.3 | % | 4.1 | % | 4.2 | % | |||||
Expected long-term return on plan assets | 7.8 | % | 5.9 | % | 7.8 | % | 6.1 | % | 7.8 | % | 6.2 | % | |||||
Rate of compensation increase | N/A | 3.0 | % | N/A | 3.3 | % | N/A | 3.4 | % |
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
Service cost — benefits earned during the year | $ | — | $ | — | $ | — | |||||
Interest on accumulated postretirement benefit obligation | 6 | 6 | 5 | ||||||||
Net amortization: | |||||||||||
Actuarial loss | 6 | 4 | 4 | ||||||||
Prior service credit | (4 | ) | (7 | ) | (6 | ) | |||||
Prior period correction | — | $ | 9 | $ | — | ||||||
Net periodic postretirement benefit cost | $ | 8 | $ | 12 | $ | 3 |
2016 | |||
(Millions) | |||
Net actuarial loss | $ | 5 | |
Prior service credit | (2 | ) | |
$ | 3 |
Year | Postretirement Benefits | ||
(Millions) | |||
2016 | $ | 9 | |
2017 | 9 | ||
2018 | 9 | ||
2019 | 9 | ||
2020 | 9 | ||
2021-2025 | 44 |
2015 | 2014 | ||||
Weighted-average assumptions used to determine benefit obligations | |||||
Discount rate | 4.3 | % | 4.1 | % | |
Rate of compensation increase | N/A | N/A |
2015 | 2014 | 2013 | ||||||
Weighted-average assumptions used to determine net periodic benefit cost | ||||||||
Discount rate | 4.1 | % | 4.8 | % | 4.1 | % | ||
Rate of compensation increase | N/A | N/A | N/A |
Clean Air Division | Ride Performance Division | ||||||||||||||||||||||||||||||||||
North America | Europe, South America & India | Asia Pacific | North America | Europe, South America & India | Asia Pacific | Other | Reclass & Elims | Total | |||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||||||||||
At December 31, 2015, and for the Year Ended | |||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 2,851 | $ | 1,835 | $ | 1,037 | $ | 1,313 | $ | 944 | $ | 229 | $ | — | $ | — | $ | 8,209 | |||||||||||||||||
Intersegment revenues | 16 | 100 | — | 10 | 28 | 46 | — | (200 | ) | — | |||||||||||||||||||||||||
EBIT, Earnings (loss) before interest expense, income taxes, and noncontrolling interests | 244 | 52 | 121 | 155 | (5 | ) | 39 | (87 | ) | — | 519 | ||||||||||||||||||||||||
Total assets | 1,209 | 713 | 596 | 692 | 499 | 226 | — | 32 | 3,967 | ||||||||||||||||||||||||||
At December 31, 2014, and for the Year Ended | |||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 2,815 | $ | 1,974 | $ | 1,022 | $ | 1,351 | $ | 1,032 | $ | 226 | $ | — | $ | — | $ | 8,420 | |||||||||||||||||
Intersegment revenues | 25 | 114 | — | 10 | 38 | 43 | — | (230 | ) | — | |||||||||||||||||||||||||
EBIT, Earnings (loss) before interest expense, income taxes, and noncontrolling interests | 237 | 59 | 101 | 143 | 40 | 36 | (124 | ) | — | 492 | |||||||||||||||||||||||||
Total assets | 1,156 | 789 | 593 | 659 | 503 | 227 | — | 69 | 3,996 | ||||||||||||||||||||||||||
At December 31, 2013, and for the Year Ended | |||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 2,658 | $ | 1,934 | $ | 852 | $ | 1,255 | $ | 1,046 | $ | 219 | $ | — | $ | — | $ | 7,964 | |||||||||||||||||
Intersegment revenues | 8 | 111 | 1 | 10 | 41 | 32 | — | (203 | ) | — | |||||||||||||||||||||||||
EBIT, Earnings (loss) before interest expense, income taxes, and noncontrolling interests | 229 | 57 | 84 | 124 | (7 | ) | 22 | (85 | ) | — | 424 | ||||||||||||||||||||||||
Total assets | 1,030 | 827 | 544 | 628 | 552 | 213 | — | 36 | 3,830 |
Net Sales Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
Clean Air Products & Systems | |||||||||||
Aftermarket | $ | 318 | $ | 318 | $ | 327 | |||||
Original Equipment | |||||||||||
OE Value-add | 3,489 | 3,559 | 3,282 | ||||||||
OE Substrate | 1,916 | 1,934 | 1,835 | ||||||||
5,405 | 5,493 | 5,117 | |||||||||
5,723 | 5,811 | 5,444 | |||||||||
Ride Performance Products & Systems | |||||||||||
Aftermarket | 941 | 976 | 953 | ||||||||
Original Equipment | 1,545 | 1,633 | 1,567 | ||||||||
2,486 | 2,609 | 2,520 | |||||||||
Total Revenues | $ | 8,209 | $ | 8,420 | $ | 7,964 | |||||
Customer | 2015 | 2014 | 2013 | |||||
General Motors Company | 15 | % | 15 | % | 15 | % | ||
Ford Motor Company | 13 | % | 13 | % | 14 | % |
Geographic Area | |||||||||||||||||||||||||||||||
United States | China | Germany | Mexico | Canada | Other Foreign(a) | Reclass & Elims | Consolidated | ||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||||||
At December 31, 2015, and for the Year Then Ended | |||||||||||||||||||||||||||||||
Revenues from external customers(b) | $ | 3,362 | $ | 1,101 | $ | 807 | $ | 431 | $ | 387 | $ | 2,121 | $ | — | $ | 8,209 | |||||||||||||||
Long-lived assets(c) | 496 | 203 | 108 | 35 | 41 | 473 | — | 1,356 | |||||||||||||||||||||||
Total assets | 1,726 | 696 | 258 | 158 | 146 | 1,099 | (116 | ) | 3,967 | ||||||||||||||||||||||
At December 31, 2014, and for the Year Then Ended | |||||||||||||||||||||||||||||||
Revenues from external customers(b) | $ | 3,348 | $ | 1,079 | $ | 955 | $ | 423 | $ | 413 | $ | 2,202 | $ | — | $ | 8,420 | |||||||||||||||
Long-lived assets(c) | 473 | 192 | 113 | 34 | 52 | 487 | — | 1,351 | |||||||||||||||||||||||
Total assets | 1,696 | 683 | 319 | 156 | 164 | 1,133 | (155 | ) | 3,996 | ||||||||||||||||||||||
At December 31, 2013, and for the Year Then Ended | |||||||||||||||||||||||||||||||
Revenues from external customers(b) | $ | 3,144 | $ | 875 | $ | 941 | $ | 397 | $ | 387 | $ | 2,220 | $ | — | $ | 7,964 | |||||||||||||||
Long-lived assets(c) | 448 | 158 | 120 | 31 | 59 | 500 | — | 1,316 | |||||||||||||||||||||||
Total assets | 1,552 | 602 | 358 | 126 | 182 | 1,200 | (190 | ) | 3,830 |
(a) | Revenues from external customers and long-lived assets for individual foreign countries other than China, Germany, Mexico, and Canada are not material. |
(b) | Revenues are attributed to countries based on location of the shipper. |
(c) | Long-lived assets include all long-term assets except goodwill, intangibles and deferred tax assets. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Millions) | |||||||||||
Beginning Balance | $ | 26 | $ | 24 | $ | 23 | |||||
Accruals related to product warranties | 15 | 24 | 20 | ||||||||
Reductions for payments made | (18 | ) | (22 | ) | (19 | ) | |||||
Ending Balance | $ | 23 | $ | 26 | $ | 24 |
For the Year Ended December 31, 2015 | |||||||||||||||||||
Guarantor Subsidiaries | Nonguarantor Subsidiaries | Tenneco Inc. (Parent Company) | Reclass & Elims | Consolidated | |||||||||||||||
(Millions) | |||||||||||||||||||
Revenues | |||||||||||||||||||
Net sales and operating revenues — | |||||||||||||||||||
External | $ | 3,711 | $ | 4,498 | $ | — | $ | — | $ | 8,209 | |||||||||
Affiliated companies | 411 | 558 | — | (969 | ) | — | |||||||||||||
4,122 | 5,056 | — | (969 | ) | 8,209 | ||||||||||||||
Costs and expenses | |||||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 3,442 | 4,372 | — | (969 | ) | 6,845 | |||||||||||||
Engineering, research, and development | 70 | 76 | — | — | 146 | ||||||||||||||
Selling, general, and administrative | 193 | 295 | 3 | — | 491 | ||||||||||||||
Depreciation and amortization of other intangibles | 87 | 116 | — | — | 203 | ||||||||||||||
3,792 | 4,859 | 3 | (969 | ) | 7,685 | ||||||||||||||
Other income (expense) | |||||||||||||||||||
Loss on sale of receivables | (1 | ) | (3 | ) | — | — | (4 | ) | |||||||||||
Other income (expense) | 41 | 6 | — | (48 | ) | (1 | ) | ||||||||||||
40 | 3 | — | (48 | ) | (5 | ) | |||||||||||||
Earnings (loss) before interest expense, income taxes, noncontrolling interests and equity in net income from affiliated companies | 370 | 200 | (3 | ) | (48 | ) | 519 | ||||||||||||
Interest expense — | |||||||||||||||||||
External (net of interest capitalized) | (2 | ) | 3 | 66 | — | 67 | |||||||||||||
Affiliated companies (net of interest income) | 54 | (56 | ) | 2 | — | — | |||||||||||||
Earnings (loss) before income taxes, noncontrolling interests and equity in net income from affiliated companies | 318 | 253 | (71 | ) | (48 | ) | 452 | ||||||||||||
Income tax expense | 43 | 106 | — | — | 149 | ||||||||||||||
Equity in net income (loss) from affiliated companies | 84 | — | 318 | (402 | ) | — | |||||||||||||
Net income (loss) | 359 | 147 | 247 | (450 | ) | 303 | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | 56 | — | — | 56 | ||||||||||||||
Net income (loss) attributable to Tenneco Inc. | $ | 359 | $ | 91 | $ | 247 | $ | (450 | ) | $ | 247 | ||||||||
Comprehensive income (loss) attributable to Tenneco Inc. | $ | 359 | $ | 91 | $ | 127 | $ | (450 | ) | $ | 127 |
For the Year Ended December 31, 2014 | |||||||||||||||||||
Guarantor Subsidiaries | Nonguarantor Subsidiaries | Tenneco Inc. (Parent Company) | Reclass & Elims | Consolidated | |||||||||||||||
(Millions) | |||||||||||||||||||
Revenues | |||||||||||||||||||
Net sales and operating revenues — | |||||||||||||||||||
External | $ | 3,727 | $ | 4,693 | $ | — | $ | — | $ | 8,420 | |||||||||
Affiliated companies | 403 | 602 | — | (1,005 | ) | — | |||||||||||||
4,130 | 5,295 | — | (1,005 | ) | 8,420 | ||||||||||||||
Costs and expenses | |||||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 3,391 | 4,639 | — | (1,005 | ) | 7,025 | |||||||||||||
Engineering, research, and development | 81 | 88 | — | — | 169 | ||||||||||||||
Selling, general, and administrative | 211 | 302 | 6 | — | 519 | ||||||||||||||
Depreciation and amortization of other intangibles | 86 | 122 | — | — | 208 | ||||||||||||||
3,769 | 5,151 | 6 | (1,005 | ) | 7,921 | ||||||||||||||
Other income (expense) | |||||||||||||||||||
Loss on sale of receivables | — | (4 | ) | — | — | (4 | ) | ||||||||||||
Other income (expense) | 26 | 9 | — | (38 | ) | (3 | ) | ||||||||||||
26 | 5 | — | (38 | ) | (7 | ) | |||||||||||||
Earnings (loss) before interest expense, income taxes, noncontrolling interests and equity in net income from affiliated companies | 387 | 149 | (6 | ) | (38 | ) | 492 | ||||||||||||
Interest expense — | |||||||||||||||||||
External (net of interest capitalized) | (1 | ) | 4 | 88 | — | 91 | |||||||||||||
Affiliated companies (net of interest income) | 73 | (75 | ) | 2 | — | — | |||||||||||||
Earnings (loss) before income taxes, noncontrolling interests and equity in net income from affiliated companies | 315 | 220 | (96 | ) | (38 | ) | 401 | ||||||||||||
Income tax expense | 94 | 37 | — | — | 131 | ||||||||||||||
Equity in net income (loss) from affiliated companies | 129 | — | 322 | (451 | ) | — | |||||||||||||
Net income (loss) | 350 | 183 | 226 | (489 | ) | 270 | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | 44 | — | — | 44 | ||||||||||||||
Net income (loss) attributable to Tenneco Inc. | $ | 350 | $ | 139 | $ | 226 | $ | (489 | ) | $ | 226 | ||||||||
Comprehensive income (loss) attributable to Tenneco Inc. | $ | 350 | $ | 139 | $ | 41 | $ | (489 | ) | $ | 41 |
For the Year Ended December 31, 2013 | |||||||||||||||||||
Guarantor Subsidiaries | Nonguarantor Subsidiaries | Tenneco Inc. (Parent Company) | Reclass & Elims | Consolidated | |||||||||||||||
(Millions) | |||||||||||||||||||
Revenues | |||||||||||||||||||
Net sales and operating revenues — | |||||||||||||||||||
External | $ | 3,498 | $ | 4,466 | $ | — | $ | — | $ | 7,964 | |||||||||
Affiliated companies | 350 | 572 | — | (922 | ) | — | |||||||||||||
3,848 | 5,038 | — | (922 | ) | 7,964 | ||||||||||||||
Costs and expenses | |||||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 3,103 | 4,553 | — | (922 | ) | 6,734 | |||||||||||||
Engineering, research, and development | 66 | 78 | — | — | 144 | ||||||||||||||
Selling, general, and administrative | 187 | 260 | 6 | — | 453 | ||||||||||||||
Depreciation and amortization of other intangibles | 78 | 127 | — | — | 205 | ||||||||||||||
3,434 | 5,018 | 6 | (922 | ) | 7,536 | ||||||||||||||
Other income (expense) | |||||||||||||||||||
Loss on sale of receivables | — | (4 | ) | — | — | (4 | ) | ||||||||||||
Other income (expense) | (1 | ) | 59 | — | (58 | ) | — | ||||||||||||
(1 | ) | 55 | — | (58 | ) | (4 | ) | ||||||||||||
Earnings (loss) before interest expense, income taxes, noncontrolling interests, and equity in net income from affiliated companies | 413 | 75 | (6 | ) | (58 | ) | 424 | ||||||||||||
Interest expense — | |||||||||||||||||||
External (net of interest capitalized) | (2 | ) | 5 | 77 | — | 80 | |||||||||||||
Affiliated companies (net of interest income) | 70 | (72 | ) | 2 | — | — | |||||||||||||
Earnings (loss) before income taxes, noncontrolling interests, and equity in net income from affiliated companies | 345 | 142 | (85 | ) | (58 | ) | 344 | ||||||||||||
Income tax expense | 60 | 62 | — | — | 122 | ||||||||||||||
Equity in net income (loss) from affiliated companies | 32 | — | 268 | (300 | ) | — | |||||||||||||
Net income (loss) | 317 | 80 | 183 | (358 | ) | 222 | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | 39 | — | — | 39 | ||||||||||||||
Net income (loss) attributable to Tenneco Inc. | $ | 317 | $ | 41 | $ | 183 | $ | (358 | ) | $ | 183 | ||||||||
Comprehensive income (loss) attributable to Tenneco Inc. | $ | 317 | $ | 41 | $ | 231 | $ | (358 | ) | $ | 231 |
December 31, 2015 | |||||||||||||||||||
Guarantor Subsidiaries | Nonguarantor Subsidiaries | Tenneco Inc. (Parent Company) | Reclass & Elims | Consolidated | |||||||||||||||
(Millions) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | 285 | $ | — | $ | — | $ | 287 | |||||||||
Restricted cash | — | 1 | — | — | 1 | ||||||||||||||
Receivables, net | 299 | 1,241 | — | (428 | ) | 1,112 | |||||||||||||
Inventories | 333 | 349 | — | — | 682 | ||||||||||||||
Prepayments and other | 67 | 162 | — | — | 229 | ||||||||||||||
Total current assets | 701 | 2,038 | — | (428 | ) | 2,311 | |||||||||||||
Other assets: | |||||||||||||||||||
Investment in affiliated companies | 1,146 | — | 891 | (2,037 | ) | — | |||||||||||||
Notes and advances receivable from affiliates | 938 | 13,291 | 4,788 | (19,017 | ) | — | |||||||||||||
Long-term receivables, net | 11 | 2 | — | — | 13 | ||||||||||||||
Goodwill | 22 | 38 | — | — | 60 | ||||||||||||||
Intangibles, net | 9 | 13 | — | — | 22 | ||||||||||||||
Deferred income taxes | 122 | 28 | 68 | — | 218 | ||||||||||||||
Other | 42 | 47 | 11 | — | 100 | ||||||||||||||
2,290 | 13,419 | 5,758 | (21,054 | ) | 413 | ||||||||||||||
Plant, property, and equipment, at cost | 1,281 | 2,137 | — | — | 3,418 | ||||||||||||||
Less — Accumulated depreciation and amortization | (851 | ) | (1,324 | ) | — | — | (2,175 | ) | |||||||||||
430 | 813 | — | — | 1,243 | |||||||||||||||
Total assets | $ | 3,421 | $ | 16,270 | $ | 5,758 | $ | (21,482 | ) | $ | 3,967 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Short-term debt (including current maturities of long-term debt) | |||||||||||||||||||
Short-term debt — non-affiliated | $ | — | $ | 73 | $ | 13 | $ | — | $ | 86 | |||||||||
Short-term debt — affiliated | 164 | 147 | — | (311 | ) | — | |||||||||||||
Accounts payable | 484 | 955 | — | (63 | ) | 1,376 | |||||||||||||
Accrued taxes | 6 | 31 | — | — | 37 | ||||||||||||||
Other | 125 | 221 | 3 | (54 | ) | 295 | |||||||||||||
Total current liabilities | 779 | 1,427 | 16 | (428 | ) | 1,794 | |||||||||||||
Long-term debt — non-affiliated | — | 21 | 1,103 | — | 1,124 | ||||||||||||||
Long-term debt — affiliated | 1,583 | 13,226 | 4,208 | (19,017 | ) | — | |||||||||||||
Deferred income taxes | — | 7 | — | — | 7 | ||||||||||||||
Postretirement benefits and other liabilities | 424 | 100 | — | — | 524 | ||||||||||||||
Commitments and contingencies | |||||||||||||||||||
Total liabilities | 2,786 | 14,781 | 5,327 | (19,445 | ) | 3,449 | |||||||||||||
Redeemable noncontrolling interests | — | 43 | — | — | 43 | ||||||||||||||
Tenneco Inc. Shareholders’ equity | 635 | 1,404 | 433 | (2,039 | ) | 433 | |||||||||||||
Noncontrolling interests | — | 42 | — | — | 42 | ||||||||||||||
Total equity | 635 | 1,446 | 433 | (2,039 | ) | 475 | |||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 3,421 | $ | 16,270 | $ | 5,760 | $ | (21,484 | ) | $ | 3,967 |
December 31, 2014 | |||||||||||||||||||
Guarantor Subsidiaries | Nonguarantor Subsidiaries | Tenneco Inc. (Parent Company) | Reclass & Elims | Consolidated | |||||||||||||||
(Millions) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 10 | $ | 272 | $ | — | $ | — | $ | 282 | |||||||||
Restricted cash | — | 3 | — | — | 3 | ||||||||||||||
Receivables, net | 408 | 1,309 | — | (629 | ) | 1,088 | |||||||||||||
Inventories | 312 | 376 | — | — | 688 | ||||||||||||||
Deferred income taxes | 49 | 25 | 7 | — | 81 | ||||||||||||||
Prepayments and other | 96 | 188 | — | — | 284 | ||||||||||||||
Total current assets | 875 | 2,173 | 7 | (629 | ) | 2,426 | |||||||||||||
Other assets: | |||||||||||||||||||
Investment in affiliated companies | 1,064 | — | 764 | (1,828 | ) | — | |||||||||||||
Notes and advances receivable from affiliates | 944 | 10,589 | 4,844 | (16,377 | ) | — | |||||||||||||
Long-term receivables, net | 12 | — | — | — | 12 | ||||||||||||||
Goodwill | 22 | 43 | — | — | 65 | ||||||||||||||
Intangibles, net | 10 | 16 | — | — | 26 | ||||||||||||||
Deferred income taxes | 76 | 14 | 53 | — | 143 | ||||||||||||||
Other | 40 | 53 | 13 | — | 106 | ||||||||||||||
2,168 | 10,715 | 5,674 | (18,205 | ) | 352 | ||||||||||||||
Plant, property, and equipment, at cost | 1,236 | 2,254 | — | — | 3,490 | ||||||||||||||
Less — Accumulated depreciation and amortization | (845 | ) | (1,427 | ) | — | — | (2,272 | ) | |||||||||||
391 | 827 | — | — | 1,218 | |||||||||||||||
Total assets | $ | 3,434 | $ | 13,715 | $ | 5,681 | $ | (18,834 | ) | $ | 3,996 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Short-term debt (including current maturities of long-term debt) | |||||||||||||||||||
Short-term debt — non-affiliated | $ | — | $ | 54 | $ | 6 | $ | — | $ | 60 | |||||||||
Short-term debt — affiliated | 243 | 220 | 9 | (472 | ) | — | |||||||||||||
Accounts payable | 478 | 1,000 | — | (106 | ) | 1,372 | |||||||||||||
Accrued taxes | (15 | ) | 31 | 24 | — | 40 | |||||||||||||
Other | 134 | 241 | 3 | (51 | ) | 327 | |||||||||||||
Total current liabilities | 840 | 1,546 | 42 | (629 | ) | 1,799 | |||||||||||||
Long-term debt — non-affiliated | — | 44 | 1,011 | — | 1,055 | ||||||||||||||
Long-term debt — affiliated | 1,730 | 10,516 | 4,131 | (16,377 | ) | — | |||||||||||||
Deferred income taxes | — | 18 | — | — | 18 | ||||||||||||||
Postretirement benefits and other liabilities | 418 | 129 | — | 4 | 551 | ||||||||||||||
Commitments and contingencies | |||||||||||||||||||
Total liabilities | 2,988 | 12,253 | 5,184 | (17,002 | ) | 3,423 | |||||||||||||
Redeemable noncontrolling interests | — | 35 | — | — | 35 | ||||||||||||||
Tenneco Inc. Shareholders’ equity | 446 | 1,386 | 497 | (1,832 | ) | 497 | |||||||||||||
Noncontrolling interests | — | 41 | — | — | 41 | ||||||||||||||
Total equity | 446 | 1,427 | 497 | (1,832 | ) | 538 | |||||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 3,434 | $ | 13,715 | $ | 5,681 | $ | (18,834 | ) | $ | 3,996 |
Year Ended December 31, 2015 | |||||||||||||||||||
Guarantor Subsidiaries | Nonguarantor Subsidiaries | Tenneco Inc. (Parent Company) | Reclass & Elims | Consolidated | |||||||||||||||
(Millions) | |||||||||||||||||||
Operating Activities | |||||||||||||||||||
Net cash provided (used) by operating activities | $ | 204 | $ | 311 | $ | 49 | $ | (47 | ) | $ | 517 | ||||||||
Investing Activities | |||||||||||||||||||
Proceeds from sale of assets | — | 4 | — | — | 4 | ||||||||||||||
Cash payments for plant, property, and equipment | (114 | ) | (172 | ) | — | — | (286 | ) | |||||||||||
Cash payments for software related intangible assets | (16 | ) | (7 | ) | — | — | (23 | ) | |||||||||||
Change in restricted cash | — | 2 | — | — | 2 | ||||||||||||||
Net cash used by investing activities | (130 | ) | (173 | ) | — | — | (303 | ) | |||||||||||
Financing Activities | |||||||||||||||||||
Retirement of long-term debt | — | (22 | ) | (15 | ) | — | (37 | ) | |||||||||||
Issuance of long-term debt | — | 1 | — | — | 1 | ||||||||||||||
Debt issuance cost on long-term debt | — | — | (1 | ) | — | (1 | ) | ||||||||||||
Tax impact from stock-based compensation | — | — | 6 | — | 6 | ||||||||||||||
Purchase of common stock under the share repurchase program | — | — | (213 | ) | — | (213 | ) | ||||||||||||
Issuance of common shares | — | — | 6 | — | 6 | ||||||||||||||
Increase in bank overdrafts | — | (22 | ) | — | — | (22 | ) | ||||||||||||
Net increase in revolver borrowings and short-term debt excluding current maturities of long-term debt and short-term borrowings secured by accounts receivable | — | 20 | 82 | — | 102 | ||||||||||||||
Net increase (decrease) in short-term borrowings secured by accounts receivable | — | — | 30 | — | 30 | ||||||||||||||
Intercompany dividends and net increase (decrease) in intercompany obligations | (82 | ) | (21 | ) | 56 | 47 | — | ||||||||||||
Distribution to noncontrolling interests partners | — | (44 | ) | — | — | (44 | ) | ||||||||||||
Net cash provided (used) by financing activities | (82 | ) | (88 | ) | (49 | ) | 47 | (172 | ) | ||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | (37 | ) | — | — | (37 | ) | ||||||||||||
Increase in cash and cash equivalents | (8 | ) | 13 | — | — | 5 | |||||||||||||
Cash and cash equivalents, January 1 | 10 | 272 | — | — | 282 | ||||||||||||||
Cash and cash equivalents, December 31 (Note) | $ | 2 | $ | 285 | $ | — | $ | — | $ | 287 |
Note: | Cash and cash equivalents include highly liquid investments with a maturity of three months or less at the date of purchase. |
Year Ended December 31, 2014 | |||||||||||||||||||
Guarantor Subsidiaries | Nonguarantor Subsidiaries | Tenneco Inc. (Parent Company) | Reclass & Elims | Consolidated | |||||||||||||||
(Millions) | |||||||||||||||||||
Operating Activities | |||||||||||||||||||
Net cash provided (used) by operating activities | $ | 44 | $ | 314 | $ | 21 | $ | (38 | ) | $ | 341 | ||||||||
Investing Activities | |||||||||||||||||||
Proceeds from sale of assets | — | 3 | — | — | 3 | ||||||||||||||
Cash payments for plant, property, and equipment | (106 | ) | (222 | ) | — | — | (328 | ) | |||||||||||
Cash payments for software related intangible assets | (5 | ) | (8 | ) | — | — | (13 | ) | |||||||||||
Cash payments for net assets purchased | (3 | ) | — | — | — | (3 | ) | ||||||||||||
Change in restricted cash | — | 2 | — | — | 2 | ||||||||||||||
Net cash used by investing activities | (114 | ) | (225 | ) | — | — | (339 | ) | |||||||||||
Financing Activities | |||||||||||||||||||
Retirement of long-term debt | — | (9 | ) | (453 | ) | — | (462 | ) | |||||||||||
Issuance of long-term debt | — | 45 | 525 | — | 570 | ||||||||||||||
Debt issuance cost on long-term debt | — | — | (12 | ) | — | (12 | ) | ||||||||||||
Tax impact from stock-based compensation | — | — | 26 | — | 26 | ||||||||||||||
Purchase of common stock under the share repurchase program | — | — | (22 | ) | — | (22 | ) | ||||||||||||
Issuance of common shares | — | — | 19 | — | 19 | ||||||||||||||
Increase in bank overdrafts | — | 6 | — | — | 6 | ||||||||||||||
Net decrease in revolver borrowings and short-term debt excluding current maturities of long-term debt and short-term borrowings secured by accounts receivable | — | (13 | ) | (57 | ) | — | (70 | ) | |||||||||||
Net decrease in short-term borrowings secured by accounts receivable | — | — | (10 | ) | — | (10 | ) | ||||||||||||
Intercompany dividends and net increase (decrease) in intercompany obligations | 74 | (75 | ) | (37 | ) | 38 | — | ||||||||||||
Capital contribution from noncontrolling interest partner | — | 5 | — | — | 5 | ||||||||||||||
Distribution to noncontrolling interests partners | — | (30 | ) | — | — | (30 | ) | ||||||||||||
Net cash provided (used) by financing activities | 74 | (71 | ) | (21 | ) | 38 | 20 | ||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | (15 | ) | — | — | (15 | ) | ||||||||||||
Increase in cash and cash equivalents | 4 | 3 | — | — | 7 | ||||||||||||||
Cash and cash equivalents, January 1 | 6 | 269 | — | — | 275 | ||||||||||||||
Cash and cash equivalents, December 31 (Note) | $ | 10 | $ | 272 | $ | — | $ | — | $ | 282 |
Note: | Cash and cash equivalents include highly liquid investments with a maturity of three months or less at the date of purchase. |
Year Ended December 31, 2013 | |||||||||||||||||||
Guarantor Subsidiaries | Nonguarantor Subsidiaries | Tenneco Inc. (Parent Company) | Reclass & Elims | Consolidated | |||||||||||||||
(Millions) | |||||||||||||||||||
Operating Activities | |||||||||||||||||||
Net cash provided (used) by operating activities | $ | 270 | $ | 244 | $ | 48 | $ | (59 | ) | $ | 503 | ||||||||
Investing Activities | |||||||||||||||||||
Proceeds from sale of assets | 1 | 7 | — | — | 8 | ||||||||||||||
Cash payments for plant, property, and equipment | (102 | ) | (142 | ) | — | — | (244 | ) | |||||||||||
Cash payments for software related intangible assets | (19 | ) | (6 | ) | — | — | (25 | ) | |||||||||||
Cash payments for net assets purchased | — | (5 | ) | — | — | (5 | ) | ||||||||||||
Net cash used by investing activities | (120 | ) | (146 | ) | — | — | (266 | ) | |||||||||||
Financing Activities | |||||||||||||||||||
Retirement of long-term debt | — | (2 | ) | (14 | ) | — | (16 | ) | |||||||||||
Tax impact from stock-based compensation | — | — | 24 | — | 24 | ||||||||||||||
Purchase of common stock under the share repurchase program | — | — | (27 | ) | — | (27 | ) | ||||||||||||
Issuance of common shares | — | — | 20 | — | 20 | ||||||||||||||
Increase in bank overdrafts | — | (6 | ) | — | — | (6 | ) | ||||||||||||
Net increase (decrease) in revolver borrowings and short-term debt excluding current maturities of long-term debt | — | (43 | ) | 21 | — | (22 | ) | ||||||||||||
Net decrease in short-term borrowings secured by accounts receivable | — | — | (40 | ) | — | (40 | ) | ||||||||||||
Intercompany dividends and net increase (decrease) in intercompany obligations | (148 | ) | 121 | (32 | ) | 59 | — | ||||||||||||
Purchase of noncontrolling equity interest | — | (69 | ) | — | — | (69 | ) | ||||||||||||
Distribution to noncontrolling interests partners | — | (39 | ) | — | — | (39 | ) | ||||||||||||
Net cash provided (used) by financing activities | (148 | ) | (38 | ) | (48 | ) | 59 | (175 | ) | ||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | (10 | ) | — | — | (10 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 2 | 50 | — | — | 52 | ||||||||||||||
Cash and cash equivalents, January 1 | 4 | 219 | — | — | 223 | ||||||||||||||
Cash and cash equivalents, December 31 (Note) | $ | 6 | $ | 269 | $ | — | $ | — | $ | 275 |
Note: | Cash and cash equivalents include highly liquid investments with a maturity of three months or less at the date of purchase. |
Quarter | Net Sales and Operating Revenues | Cost of Sales (Excluding Depreciation and Amortization) | Earnings Before Interest Expense, Income Taxes and Noncontrolling Interests | Net Income Attributable to Tenneco Inc. | |||||||||||
(Millions) | |||||||||||||||
2015 | |||||||||||||||
1st | $ | 2,023 | $ | 1,686 | $ | 120 | $ | 49 | |||||||
2nd | 2,130 | 1,764 | 155 | 78 | |||||||||||
3rd | 2,025 | 1,707 | 116 | 52 | |||||||||||
4th | 2,031 | 1,688 | 128 | 68 | |||||||||||
$ | 8,209 | $ | 6,845 | $ | 519 | $ | 247 | ||||||||
2014 | |||||||||||||||
1st | $ | 2,094 | $ | 1,754 | $ | 113 | $ | 46 | |||||||
2nd | 2,241 | 1,851 | 156 | 81 | |||||||||||
3rd | 2,081 | 1,735 | 140 | 78 | |||||||||||
4th | 2,004 | 1,685 | 83 | 21 | |||||||||||
$ | 8,420 | $ | 7,025 | $ | 492 | $ | 226 |
Quarter | Basic Earnings per Share of Common Stock | Diluted Earnings per Share of Common Stock | |||||
2015 | |||||||
1st | $ | 0.81 | $ | 0.80 | |||
2nd | 1.27 | 1.26 | |||||
3rd | 0.89 | 0.88 | |||||
4th | 1.18 | 1.17 | |||||
Full Year | 4.14 | 4.11 | |||||
2014 | |||||||
1st | $ | 0.76 | $ | 0.75 | |||
2nd | 1.34 | 1.32 | |||||
3rd | 1.29 | 1.27 | |||||
4th | 0.34 | 0.33 | |||||
Full Year | 3.72 | 3.66 |
Note: | The sum of the quarters may not equal the total of the respective year’s earnings per share on either a basic or diluted basis due to changes in the weighted average shares outstanding throughout the year. |
Additions | ||||||||||||||||
Description | Balance at Beginning of Year | Charged to Costs and Expenses | Charged to Other Accounts | Deductions | Balance at End of Year | |||||||||||
(Millions) | ||||||||||||||||
Allowance for Doubtful Accounts and Notes Receivable Deducted from Assets to Which it Applies: | ||||||||||||||||
Year Ended December 31, 2015 | $ | 16 | 4 | — | 4 | $ | 16 | |||||||||
Year Ended December 31, 2014 | $ | 14 | 4 | — | 2 | $ | 16 | |||||||||
Year Ended December 31, 2013 | $ | 14 | 1 | — | 1 | $ | 14 |
Description | Balance at Beginning of Year | Provision Charged (Credited) to Expense | Allowance Changes | Other Additions (Deductions) | Balance at End of Year | |||||||||||
(Millions) | ||||||||||||||||
Deferred Tax Assets- Valuation Allowance | ||||||||||||||||
Year Ended December 31, 2015 | $ | 139 | 15 | (3 | ) | (24 | ) | $ | 127 | |||||||
Year Ended December 31, 2014 | $ | 135 | 15 | (3 | ) | (8 | ) | $ | 139 | |||||||
Year Ended December 31, 2013 | $ | 118 | 19 | 8 | (10 | ) | $ | 135 |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. |
Plan category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights(1) | (b) Weighted- average exercise price of outstanding options, warrants and rights | (c) Number of securities available for future issuance (excluding shares in column (a))(1) | |||||||
Equity compensation plans approved by security holders: | ||||||||||
Stock Ownership Plan(2) | 70,575 | $ | 20.14 | — | ||||||
2002 Long-Term Incentive Plan (as amended)(3) | — | $ | — | — | ||||||
2006 Long-Term Incentive Plan (as amended)(4) | 1,074,144 | $ | 26.46 | 3,042,433 |
(1) | Reflects the number of shares of the Company’s common stock. Does not include 278,815 shares that may be issued in settlement of common stock equivalent units that were (i) credited to outside directors as payment for their retainer and other fees or (ii) credited to any of our executive officers who have elected to defer a portion of their compensation. In general, these units are settled in cash. At the option of the Company, however, the units may be settled in shares of the Company’s common stock. |
(2) | This plan terminated as to new awards on December 31, 2001 (except awards pursuant to commitments outstanding at that date). |
(3) | This plan terminated as to new awards upon adoption of our 2006 Long-term Incentive Plan (except awards pursuant to commitments outstanding on that date). |
(4) | Does not include 496,842 shares subject to outstanding restricted stock (vest over time) as of December 31, 2015 that were issued at a weighted average grant date fair value of $51.65. Under this plan, as of December 31, 2015, a maximum of 2,041,901 shares remained available for delivery under full value awards (i.e., bonus stock, stock equivalent units, performance units, restricted stock and restricted stock units). |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. |
Exhibit Number | Description | |
2 | — | None. |
3.1(a) | — | Restated Certificate of Incorporation of the registrant dated December 11, 1996 (incorporated herein by reference to Exhibit 3.1(a) of the registrant’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-12387). |
3.1(b) | — | Certificate of Amendment, dated December 11, 1996 (incorporated herein by reference to Exhibit 3.1(c) of the registrant’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-12387). |
3.1(c) | — | Certificate of Ownership and Merger, dated July 8, 1997 (incorporated herein by reference to Exhibit 3.1(d) of the registrant’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-12387). |
3.1(d) | — | Certificate of Designation of Series B Junior Participating Preferred Stock dated September 9, 1998 (incorporated herein by reference to Exhibit 3.1(d) of the registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1998, File No. 1-12387). |
3.1(e) | — | Certificate of Elimination of the Series A Participating Junior Preferred Stock of the registrant dated September 11, 1998 (incorporated herein by reference to Exhibit 3.1(e) of the registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1998, File No. 1-12387). |
3.1(f) | — | Certificate of Amendment to Restated Certificate of Incorporation of the registrant dated November 5, 1999 (incorporated herein by reference to Exhibit 3.1(f) of the registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1999, File No. 1-12387). |
3.1(g) | — | Certificate of Amendment to Restated Certificate of Incorporation of the registrant dated November 5, 1999 (incorporated herein by reference to Exhibit 3.1(g) of the registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1999, File No. 1-12387). |
3.1(h) | — | Certificate of Ownership and Merger merging Tenneco Automotive Merger Sub Inc. with and into the registrant, dated November 5, 1999 (incorporated herein by reference to Exhibit 3.1(h) of the registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1999, File No. 1-12387). |
3.1(i) | — | Certificate of Amendment to Restated Certificate of Incorporation of the registrant dated May 9, 2000 (incorporated herein by reference to Exhibit 3.1(i) of the registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2000, File No. 1-12387). |
3.1(j) | — | Certificate of Ownership and Merger merging Tenneco Inc. with and into the registrant, dated October 27, 2005 (incorporated herein by reference to Exhibit 99.1 of the registrant’s Current Report on Form 8-K dated October 28, 2005, File No. 1-12387). |
3.2 | — | By-laws of the registrant, as amended March 4, 2008 (incorporated herein by reference to Exhibit 99.1 of the registrant’s Current Report on Form 8-K event date March 4, 2008, File No. 1-12387). |
4.1 | — | Specimen stock certificate for Tenneco Inc. common stock (incorporated herein by reference to Exhibit 4.3 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2006, File No. 1-12387). |
4.2(a) | — | Fourth Amended and Restated Credit Agreement, dated as of December 8,2014, among Tenneco Inc., JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto (incorporated herein by reference to Exhibit 4.1 of the registrant’s Current Report on Form 8-K dated December 8, 2014, File No. 1-12387). |
4.2(b) | — | Amended and Restated Guarantee and Collateral Agreement, dated as of December 8, 2014, among Tenneco Inc., various of its subsidiaries and JPMorgan Chase Bank, N.A., as administrative agent (incorporated herein by reference to Exhibit 4.2 of the registrant's Current Report on Form 8-K dated December 8, 2014, File No. 1-12387). |
4.3 | — | Indenture, dated December 23, 2010, among the registrant, various subsidiaries of the registrant and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated herein by reference to Exhibit 4.1 of the registrant’s Current Report on Form 8-K filed December 23, 2010, File No. 1-12387). |
4.4 | — | Indenture, dated December 5, 2014, among the registrant, various subsidiaries of the registrant and U.S, Bank National Association, as trustee (incorporated herein by reference to Exhibit 4.1 of the registrant’s Current Report on Form 8-K filed December 5, 2014, File No. 1-12387). |
4.5 | — | First Supplemental Indenture, dated December 5, 2014, among the registrant, various subsidiaries of the registrant and U.S. Bank National Association, as trustee (incorporated herein by reference to Exhibit 4.2 of the registrant's Current Report on Form 8-K filed December 5, 2014, File No. 1-12387). |
Exhibit Number | Description | |
4.6 | — | The registrant is a party to other agreements for unregistered long-term debt securities, which do not exceed 10% of the registrant’s total assets. The registrant agrees to furnish a copy of such agreements to the Commission upon request. |
9 | — | None |
+10.1 | — | Change of Control Severance Benefits Plan for Key Executives (incorporated herein by reference to Exhibit 10.13 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 1999, File No. 1-12387). |
+10.2 | — | Stock Ownership Plan (incorporated herein by reference to Exhibit 10.14 of the registrant’s Registration Statement on Form S-4, Reg. No. 333-93757). |
+10.3 | — | Key Executive Pension Plan (incorporated herein by reference to Exhibit 10.11 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, File No. 1-12387). |
+10.4 | — | Deferred Compensation Plan (incorporated herein by reference to Exhibit 10.12 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, File No. 1-12387). |
+10.5 | — | Supplemental Executive Retirement Plan (incorporated herein by reference to Exhibit 10.13 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, File No. 1-12387). |
+10.6 | — | Amendment No. 1 to Change in Control Severance Benefits Plan for Key Executives (incorporated herein by reference to Exhibit 10.23 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, File No. 1-12387). |
+10.7 | — | Form of Indemnity Agreement entered into between the registrant and Paul Stecko (incorporated herein by reference to Exhibit 10.29 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2000, File No. 1-12387). |
+10.8 | — | 2002 Long-Term Incentive Plan (As Amended and Restated Effective March 11, 2003) (incorporated herein by reference to Exhibit 10.26 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003, File No. 1-12387). |
+10.9 | — | Amendment No. 1 to Deferred Compensation Plan (incorporated herein by reference to Exhibit 10.27 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2002, File No. 1-12387). |
+10.10 | — | Form of Stock Option Agreement for employees under the 2002 Long-Term Incentive Plan, as amended (providing for a ten year option term) (incorporated herein by reference to Exhibit 99.2 of the registrant’s Current Report on Form 8-K dated January 13, 2005, File No. 1-12387). |
+10.11 | — | Amendment No. 1 to the Key Executive Pension Plan (incorporated herein by reference to Exhibit 10.39 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005, File No. 1-12387). |
+10.12 | — | Amendment No. 1 to the Supplemental Executive Retirement Plan (incorporated herein by reference to Exhibit 10.40 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2005, File No. 1-12387). |
+10.13 | — | Second Amendment to the Key Executive Pension Plan (incorporated herein by reference to Exhibit 10.41 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2005, File No. 1-12387). |
+10.14 | — | Amendment No. 2 to the Deferred Compensation Plan (incorporated herein by reference to Exhibit 10.42 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2005, File No. 1-12387). |
+10.15 | — | Supplemental Retirement Plan (incorporated herein by reference to Exhibit 10.43 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2005, File No. 1-12387). |
+10.16 | — | Supplemental Pension Plan for Management (incorporated herein by reference to Exhibit 10.45 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2005, File No. 1-12387). |
+10.17 | — | Amended and Restated Value Added (“TAVA”) Incentive Compensation Plan, effective January 1, 2006 (incorporated herein by reference to Exhibit 10.47 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2005, File No. 1-12387). |
+10.18 | — | Tenneco Inc. 2006 Long-Term Incentive Plan (incorporated herein by reference to Exhibit 99.1 of the registrant’s Current Report on Form 8-K, dated May 9, 2006). |
+10.19 | — | Form of Stock Option Agreement for employees under the Tenneco Inc. 2006 Long-Term Incentive Plan (incorporated herein by reference to Exhibit 99.3 of the registrant’s Current Report on Form 8-K, dated May 9, 2006). |
+10.20 | — | Form of First Amendment to the Tenneco Inc. Supplemental Pension Plan for Management (incorporated herein by reference to Exhibit 10.56 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2006, File No. 1-12387). |
+10.21 | — | Form of First Amendment to the Tenneco Inc. Supplemental Retirement Plan (incorporated herein by reference to Exhibit 10.57 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2006, File No. 1-12387). |
Exhibit Number | Description | |
+10.22 | — | Tenneco Inc. Change in Control Severance Benefit Plan for Key Executives, as Amended and Restated effective December 12, 2007 (incorporated herein by reference to Exhibit 10.61 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, File No. 1-12387). |
+10.23 | — | Amendment No. 2 to Change in Control Severance Benefit Plan for Key Executives (incorporated herein by reference to Exhibit 10.66 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, File No. 1-12387). |
+10.24 | — | Code Section 409A Amendment to 2002 Long-Term Incentive Plan (incorporated herein by reference to Exhibit 10.68 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, File No. 1-12387). |
+10.25 | — | Code Section 409A Amendment to 2006 Long-Term Incentive Plan (incorporated herein by reference to Exhibit 10.69 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, File No. 1-12387). |
+10.26 | — | Code Section 409A Amendment to Supplemental Retirement Plan (incorporated herein by reference to Exhibit 10.71 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, File No. 1-12387). |
+10.27 | — | Code Section 409A Amendment to Supplemental Pension Plan for Management (incorporated herein by reference to Exhibit 10.72 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, File No. 1-12387). |
+10.28 | — | Code Section 409A Amendment to Amended and Restated Value Added (“TAVA”) Incentive Compensation Plan (incorporated herein by reference to Exhibit 10.73 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, File No. 1-12387). |
+10.29 | — | Tenneco Inc. 2006 Long-Term Incentive Plan (as amended and restated effective March 11, 2009) (incorporated herein by reference to Appendix A of the registrant’s proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on March 31, 2009, File No. 1-12387). |
+10.30 | — | Amendment No. 2, effective January 15, 2010, to Amended and Restated Tenneco Value Added Incentive Compensation Plan (incorporated herein by reference to Exhibit 10.70 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2009, File No. 1-12387). |
+10.31 | — | Form of Tenneco Inc. Three Year Long-Term Performance Unit Award Agreement (incorporated herein by reference to Exhibit 10.1 of the registrant’s Current Report on Form 8-K dated as of March 15, 2010, File No. 1-12387). |
+10.32 | — | First Amendment to Tenneco Inc. Change in Control Severance Benefit Plan for Key Executives, as Amended and Restated effective December 12, 2007 (incorporated herein by reference to Exhibit 10.3 of the registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, File No. 1-12387). |
+10.33 | — | Form of Restricted Stock Award for Non-Employee Directors under Tenneco Inc. 2006 Long-Term Incentive Plan (incorporated herein by reference to Exhibit 10.1 of the registrant’s Current Report on Form 8-K dated January 18, 2012, File No. 1-12387). |
+10.34 | — | Form of Non-Qualified Stock Option Agreement for Employees under Tenneco Inc. 2006 Long-Term Incentive Plan (incorporated herein by reference to Exhibit 10.3 of the registrant’s Current Report on Form 8-K dated January 18, 2012, File No. 1-12387). |
+10.35 | — | Letter Agreement between Tenneco Inc. and Gregg M. Sherrill (incorporated herein by reference to Exhibit 99.2 of the registrant's Current Report on Form 8-K dated as of January 5, 2007. File No. 1-12387). |
+10.36 | — | Letter Agreement between Tenneco Inc. and Gregg M. Sherrill, dated as of January 15, 2007 (incorporated herein by reference to Exhibit 99.1 of the registrant’s Current Report on Form 8-K dated as of January 15, 2007, File No. 1-12387). |
+10.37 | — | Code Section 409A Amendment to Letter Agreement between the registrant and Gregg M. Sherrill (incorporated herein by reference to Exhibit 10.74 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2008, File No. 1-12387). |
+10.38 | — | General Manager Service Contract, dated as of March 1, 2007, between Heinrich Gillet GmbH and Josep Fornos (incorporated herein by reference from Exhibit 10.87 of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2011, File No. 1-12387). |
+10.39 | — | Letter of Understanding, dated as of January 2012, between Tenneco Inc. and Josep Fornos. |
10.40 | — | Third Amended and Restated Receivables Purchase Agreement, dated as of March 26, 2010, among Tenneco Automotive RSA Company, as Seller, Tenneco Automotive Operating Company Inc., as Servicer, Falcon Asset Securitization Company LLC and Liberty Street Funding LLC, as Conduits, the Committed Purchasers from time to time party thereto, JPMorgan Chase Bank, N.A., The Bank of Nova Scotia and Wells Fargo Bank, N.A., as Co-Agents and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated herein by reference to Exhibit 10.1 of the registrant’s Current Report on Form 8-K dated as of March 26, 2010, File No. 1-12387). |
Exhibit Number | Description | |
10.41 | — | Intercreditor Agreement, dated as of March 26, 2010, among Tenneco Automotive RSA Company, Tenneco Automotive Operating Company Inc., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. (incorporated herein by reference to Exhibit 10.2 of the registrant’s Current Report on Form 8-K dated as of March 26, 2010, File No. 1-12387). |
10.42 | — | Omnibus Amendment No. 4, dated as of March 26, 2010, to Receivables Sale Agreements, as amended (incorporated herein by reference to Exhibit 10.3 of the registrant’s Current Report on Form 8-K dated as of March 26, 2010, File No. 1-12387). |
10.43 | — | SLOT Receivables Purchase Agreement, dated as of March 26, 2010, among Tenneco Automotive RSA Company, as Seller, Tenneco Automotive Operating Company Inc., as Servicer, and Wells Fargo Bank, N.A., individually and as SLOT Agent (incorporated herein by reference to Exhibit 10.4 of the registrant’s Current Report on Form 8-K dated as of March 26, 2010, File No. 1-12387). |
10.44 | — | Fourth Amended and Restated Performance Undertaking, dated as of March 26, 2010, by the registrant in favor of Tenneco Automotive RSA Company (incorporated herein by reference to Exhibit 10.5 of the registrant’s Current Report on Form 8-K dated as of March 26, 2010, File No. 1-12387). |
10.45 | — | Amendment No. 1 to Third Amended and Restated Receivables Purchase Agreement, dated as of March 25, 2011, among Tenneco Automotive RSA Company, as Seller, Tenneco Automotive Operating Company Inc., as Servicer, Falcon Asset Securitization Company LLC and Liberty Street Funding LLC, as Conduits, the Committed Purchasers from time to time party thereto, JPMorgan Chase Bank, N.A., The Bank of Nova Scotia and Wells Fargo Bank, N.A., as Co-Agents and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated herein by reference from Exhibit 10.1 of the registrant’s Current Report on Form 8-K dated as of March 29, 2011, File No. 1-12387). |
10.46 | — | Amendment No. 1 to SLOT Receivables Purchase Agreement, dated as of March 25, 2011, among Tenneco Automotive RSA Company, as Seller, Tenneco Automotive Operating Company Inc. as Servicer, and Wells Fargo Bank, N.A., individually and as SLOT Agent (incorporated herein by reference from Exhibit 10.2 of the registrant’s Current Report on Form 8-K dated as of March 29, 2011, File No. 1-12387). |
10.47 | — | Amendment No. 2 to Third Amended and Restated Receivables Purchase Agreement, dated as of March 23, 2012 (incorporated herein by reference from Exhibit 10.1 of the registrant’s Current Report on Form 8-K dated as of March 26, 2012, File No. 1-12387). |
10.48 | — | Amendment No. 2 to SLOT Receivables Purchase Agreement, dated as of March 23, 2012 (incorporated herein by reference from Exhibit 10.2 of the registrant’s Current Report on Form 8-K dated as of March 26, 2012, File No. 1-12387). |
10.49 | — | Omnibus Amendment No. 5 to Receivables Sale Agreements and Amendment No. 3 to Third Amended and Restated Receivables Purchase Agreement, dated March 22, 2013 (incorporated herein by reference from Exhibit 10.1 of the registrant’s Current Report on Form 8-K dated as of March 22, 2013, File No. 1-12387). |
10.50 | — | Amendment No. 3 to SLOT Receivables Purchase Agreement, dated as of March 22, 2013 (incorporated herein by reference from Exhibit 10.2 of the registrant’s Current Report on Form 8-K dated as of March 22, 2013, File No. 1-12387). |
10.51 | — | Amendment No. 4 to SLOT Receivables Purchase Agreement, dated May 22, 2013 (incorporated herein by reference from Exhibit 10.41of the registrant’s Current Report on Form 8-K dated as of May 28, 2013, File No. 1-12387). |
+10.52 | — | Tenneco Inc. Executive Bonus Plan (incorporated herein by reference from Exhibit 99.1 of the registrant’s Current Report on Form 8-K dated as of January 15, 2014, File No. 1-12387). |
+10.53 | — | Amended and Restated Tenneco Inc. 2006 Long-Term Incentive Plan (effective March 18, 2013) (incorporated by reference to Appendix A of the Company’s Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on April 3, 2013). |
+10.54 | — | Form of Restricted Stock Award Agreement for Employees under Tenneco Inc. 2006 Long-Term Incentive Plan (awards after May 21, 2013) (incorporated herein by reference from Exhibit 10.3 of the registrant’s Current Report on Form 8-K dated as of May 21, 2013, File No. 1-12387). |
+10.55 | — | Form of Stock Option Award Agreement for Employees under Tenneco Inc. 2006 Long-Term Incentive Plan (awards after May 21, 2013) (incorporated herein by reference from Exhibit 10.4 of the registrant’s Current Report on Form 8-K dated as of May 21, 2013, File No. 1-12387). |
+10.56 | — | Form of Tenneco Inc. Long-Term Performance Unit Award Agreement under Tenneco Inc. 2006 Long-Term Incentive Plan (grants after January 14, 2014) (incorporated herein by reference from Exhibit 99.2 of the registrant’s Current Report on Form 8-K dated as of January 15, 2014, File No. 1-12387). |
Exhibit Number | Description | |
10.57 | — | Amendment No. 4 to Third Amended and Restated Receivables Purchase Agreement, dated as of March 21, 2014 (incorporated herein by reference to Exhibit 10.1 of the registrant's Current Report on Form 8-K dated March 21, 2014, File No. 1-12387). |
10.58 | — | Amendment No. 5 to SLOT Receivables Purchase Agreement, dated March 21, 2014 (incorporated herein by reference to Exhibit 10.2 of the registrant's Current Report on Form 8-K dated March 21, 2014, File No. 1-12387). |
+10.59 | — | Offer Letter to Brian J. Kesseler dated January 6, 2015 (incorporated herein by reference to Exhibit 10.67 of the registrant's Annual Report on Form 10-K for the year ended December 31, 2014, File No. 1-12387). |
+10.60 | — | Tenneco Inc. Excess Benefit Plan (as amended and restated effective as of January 1, 2013) (incorporated by reference to Exhibit 10.5 of Tenneco Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, File No. 1-12387). |
+10.61 | — | First Amendment to Amended and Restated Tenneco Inc. Excess Benefit Plan (amendment effective as of January 6, 2015) (incorporated by reference to Exhibit 10.5 of Tenneco Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, File No. 1-12387). |
+10.62 | — | Second Amendment to Tenneco Inc. Change in Control Severance Benefit Plan for Key Executives (incorporated by reference to Exhibit 10.1 of registrant's Current Report on form 8-K dated April 28, 2015, File No. 1.12387). |
+10.63 | — | Form of Restricted Stock Award for Brian J. Kesseler (January 2015 replacement grant) under Tenneco Inc. 2006 Long-Term Incentive Plan (incorporated herein by reference to Exhibit 10.71 of the registrant's Annual Report on Form 10-K for the year ended December 31,2014, File No. 1-12387). |
10.64 | — | Amendment No. 5 to Third Amended and Restated Receivables Purchase Agreement, dated as of March 20, 2015 (incorporated herein by reference to Exhibit 10.1 of the registrant's Current Report on Form 8-K dated March 20, 2016, File No. 1-12387). |
+10.65 | — | Amendment No. 6 to SLOT Receivables Purchase Agreement, dated as of March 20, 2015 (incorporated herein by reference to Exhibit 10.2 of the registrant's Current Report on Form 8-K dated March 20, 2015, File No. 1-12387). |
+10.66 | — | Tenneco Inc. Deferred Compensation Plan (as Amended and Restated Effective as of August 1, 2013) (incorporated by reference to Exhibit 10.6 of Tenneco Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, File No. 1-12387). |
+10.67 | — | Tenneco Inc. Incentive Deferral Plan (as Amended and Restated Effective as of August 1, 2013) (incorporated by reference to Exhibit 10.7 of Tenneco Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, File No. 1-12387). |
*+10.68 | — | Letter Agreement dated September 9, 2010 between the registrant and Enrique Orta. |
*+10.69 | — | Letter Agreement dated February 19, 2015 between the registrant and Enrique Orta. |
*+10.70 | — | Amendment dated July 14, 2015 to Letter Agreement dated February 19, 2015 between the registrant and Enrique Orta. |
11 | — | None. |
*12 | — | Computation of Ratio of Earnings to Fixed Charges. |
13 | — | None. |
14 | — | Tenneco Inc. Code of Ethical Conduct for Financial Managers (incorporated herein by reference from Exhibit 99.3 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2002, File No. 1-12387). |
16 | — | None. |
18 | — | None. |
*21 | — | List of Subsidiaries of Tenneco Inc. |
22 | — | None. |
*23.1 | — | Consent of PricewaterhouseCoopers LLP. |
*24.1 | — | Powers of Attorney. |
*31.1 | — | Certification of Gregg M. Sherrill under Section 302 of the Sarbanes-Oxley Act of 2002. |
*31.2 | — | Certification of Kenneth R. Trammell under Section 302 of the Sarbanes-Oxley Act of 2002. |
*32.1 | — | Certification of Gregg M. Sherrill and Kenneth R. Trammell under Section 906 of the Sarbanes-Oxley Act of 2002. |
33 | — | None. |
Exhibit Number | Description | |
34 | — | None. |
35 | — | None. |
99 | — | None. |
100 | — | None. |
101 | — | None. |
*101.INS | — | XBRL Instance Document. |
*101.SCH | — | XBRL Taxonomy Extension Schema Document. |
*101.CAL | — | XBRL Taxonomy Extension Calculation Linkbase Document. |
*101.DEF | — | XBRL Taxonomy Extension Definition Linkbase Document. |
*101.LAB | — | XBRL Taxonomy Extension Label Linkbase Document. |
*101.PRE | — | XBRL Taxonomy Extension Presentation Linkbase Document. |
* | Filed herewith. |
+ | Indicates a management contract or compensatory plan or arrangement. |
TENNECO INC. | |
By | /S/ GREGG M. SHERRILL |
Gregg M. Sherrill | |
Chairman and Chief Executive Officer |
Signature | Title | ||
/S/ GREGG M. SHERRILL | Chairman and Chief Executive Officer and Director (principal executive officer) | ||
Gregg M. Sherrill | |||
/S/ KENNETH R. TRAMMELL | Executive Vice President and Chief Financial Officer (principal financial officer) | ||
Kenneth R. Trammell | |||
* | Vice President and Controller (principal accounting officer) | ||
John E. Kunz | |||
* | Director | ||
Thomas C. Freyman | |||
* | Director | ||
Dennis J. Letham | |||
* | Director | ||
James S. Metcalf | |||
* | Director | ||
Roger B. Porter | |||
* | Director | ||
David B. Price, Jr. | |||
* | Director | ||
Paul T. Stecko | |||
* | Director | ||
Jane L. Warner | |||
* | Director | ||
Roger J. Wood | |||
*BY: | /S/ KENNETH R. TRAMMELL | ||
Kenneth R. Trammell Attorney in fact |
• | your current Spanish extra-legal benefit coverage will remain in place but will be adjusted so that your salary prior to your promotion in August 2010 will be 'frozen'. This 'frozen' salary will remain applicable for your continued current Spanish benefit plan. |
• | for the salary difference (new base salary after promotion and old salary prior to promotion), the Company-Tenneco Automotive Iberica SA - will establish an additional Defined Contribution plan as per below annual contribution levels: |
Years Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||
Net Income attributable to Tenneco Inc. | $ | 247 | $ | 226 | $ | 183 | $ | 275 | $ | 157 | ||||||||||
Add: | ||||||||||||||||||||
Interest expense | 67 | 91 | 80 | 105 | 108 | |||||||||||||||
Portion of rentals representative of the interest factor | 20 | 21 | 19 | 18 | 17 | |||||||||||||||
Income tax expense | 149 | 131 | 122 | 19 | 88 | |||||||||||||||
Noncontrolling interests | 56 | 44 | 39 | 29 | 26 | |||||||||||||||
Amortization of interest capitalized | 4 | 4 | 4 | 4 | 4 | |||||||||||||||
Undistributed (earnings) losses of affiliated companies in which less than a 50% voting interest is owned | 1 | (1 | ) | — | 1 | — | ||||||||||||||
Earnings as defined | $ | 544 | $ | 516 | $ | 447 | $ | 451 | $ | 400 | ||||||||||
Interest expense | $ | 67 | $ | 91 | $ | 80 | $ | 105 | $ | 108 | ||||||||||
Interest capitalized | 6 | 5 | 4 | 4 | 4 | |||||||||||||||
Portion of rentals representative of the interest factor | 20 | 21 | 19 | 18 | 17 | |||||||||||||||
Fixed charges as defined | $ | 93 | $ | 117 | $ | 103 | $ | 127 | $ | 129 | ||||||||||
Ratio of earnings to fixed charges | 5.85 | 4.41 | 4.34 | 3.55 | 3.10 |
Company Name | Ownership Type(a) | Primary Jurisdiction | ||
Armstrong Properties (Pty.) Ltd. | Indirect | South Africa | ||
Autopartes Walker, S. de R.L. de C.V. f/k/a Autopartes Walker, S.A. de C.V. | Indirect | Mexico | ||
Barasset Corp. | Indirect | Ohio | ||
CED’S Inc. | Indirect | Illinois | ||
Clevite Industries Inc. | Indirect | Delaware | ||
Fric-Rot S.A.I.C. | Indirect | Argentina | ||
Futaba-Tenneco U.K. Limited | Indirect | United Kingdom | ||
Gillet Exhaust Manufacturing Limited | Indirect | United Kingdom | ||
Gillet Pressings Cardiff Limited | Indirect | United Kingdom | ||
J.W. Hartley (Motor Trade) Limited | Indirect | United Kingdom | ||
Kinetic Pty. Ltd. | Indirect | Australia | ||
Maco Inversiones S.A. | Indirect | Argentina | ||
McPherson Strut Company LLC f/k/a McPherson Strut Company Inc. | Indirect | Delaware | ||
Monroe Amortisor Imalat Ve Ticaret Anonim Sirketi | Indirect | Turkey | ||
Monroe Australia Pty. Limited | Indirect | Australia | ||
Monroe Czechia s.r.o. | Indirect | Czech Republic | ||
Monroe Manufacturing (Pty.) Ltd | Indirect | South Africa | ||
Monroe Mexico, S de R.L. de C.V. f/k/a Monroe-Mexico, S.A. de C.V. | Indirect | Mexico | ||
Monroe Holding, S. de R.L. de C.V. | Indirect | Mexico | ||
Monroe Packaging BVBA | Indirect | Belgium | ||
Monroe Springs (Australia) Pty. Ltd. | Indirect | Australia | ||
Monroe Springs (New Zealand) Limited | Indirect | New Zealand | ||
Montagewerk Abgastechnik Emden GmbH | Indirect | Germany | ||
Peabody Galion Corporation | Indirect | Delaware | ||
Peabody Gordon-Piatt, Inc. | Indirect | Delaware | ||
Peabody International Corporation | Indirect | Delaware | ||
Peabody-Myers Corporation | Indirect | Illinois | ||
Peabody N.E., Inc. | Indirect | Delaware | ||
Precision Modular Assembly Corp. | Indirect | Delaware | ||
Proveedora Walker S. de R.L. de C.V. | Indirect | Mexico | ||
Pullman Standard Inc. | Indirect | Delaware | ||
Shanghai Tenneco Exhaust System Co., Ltd. | Indirect | China | ||
TA (Australia) Group Pty. Ltd. | Indirect | Australia | ||
Tenneco Asheville Inc. | Indirect | Delaware | ||
Tenneco Asia Inc. | Indirect | Delaware | ||
Tenneco Automotive Brasil Ltda. | Indirect | Brazil | ||
Tenneco Automotive China Inc. | Indirect | Delaware | ||
Tenneco Automotive Deutschland GmbH | Indirect | Germany | ||
Tenneco Automotive Eastern Europe Sp. z o.o. | Indirect | Poland | ||
Tenneco Automotive Europe BVBA | Indirect | Belgium | ||
Tenneco Automotive Europe Coordination Center BVBA | Indirect | Belgium | ||
Tenneco Automotive Foreign Sales Corporation Limited | Indirect | Jamaica | ||
Tenneco Automotive France S.A.S. | Indirect | France | ||
Tenneco Automotive Holdings South Africa Pty. Ltd. | Indirect | South Africa | ||
Tenneco Automotive Iberica, S.A. | Indirect | Spain | ||
Tenneco Automotive Inc. Nevada | Direct | Nevada |
Company Name | Ownership Type(a) | Primary Jurisdiction | ||
Tenneco Automotive India Private Limited | Indirect | India | ||
Tenneco Automotive Italia S.R.L. | Indirect | Italy | ||
Tenneco Automotive Nederland B.V. | Indirect | Netherlands | ||
Tenneco Automotive Operating Company Inc. | Direct | Delaware | ||
Tenneco Automotive Polska Sp. z o.o. | Indirect | Poland | ||
Tenneco Automotive Port Elizabeth (Proprietary) Limited | Indirect | South Africa | ||
Tenneco Automotive Portugal — Componentes Para Automovel, Unipessoal, LDA. | Indirect | Portugal | ||
Tenneco Automotive Romania Srl | Indirect | Romania | ||
Tenneco Automotive RSA Company | Indirect | Delaware | ||
Tenneco Automotive Second RSA Company | Indirect | Delaware | ||
Tenneco Automotive Services Societe Par Actions Simplifiee | Indirect | France | ||
Tenneco Automotive Servicios Mexico, S. de R.L. de C.V. f/k/a Tenneco Automotive Servicios Mexico, S.A de C.V. | Indirect | Mexico | ||
Tenneco Automotive (Thailand) Limited | Indirect | Thailand | ||
Tenneco Automotive Trading Company | Indirect | Delaware | ||
Tenneco Automotive UK Limited | Indirect | United Kingdom | ||
Tenneco Automotive Volga LLC | Indirect | Russia | ||
Tenneco Automotive Walker Inc. | Indirect | Delaware | ||
Tenneco (Beijing) Exhaust System Co., Ltd. | Indirect | China | ||
Tenneco (Beijing) Ride Control System Co., Ltd. | Indirect | China | ||
Tenneco Brake, Inc. | Indirect | Delaware | ||
Tenneco Brazil Ltda. | Indirect | Brazil | ||
Tenneco Canada Inc. | Indirect | Canada | ||
Tenneco (China) Co., Ltd. f/k/a Tenneco Automotive China Company (Shanghai) Ltd. | Indirect | China | ||
Tenneco (Dalian) Exhaust System Co. Ltd. f/k/a Tenneco Tongtai (Dalian) Exhaust System Co., Ltd. | Indirect | China | ||
Tenneco Deutschland Holdinggesellschaft mbH | Indirect | Germany | ||
Tenneco Eastern European Holdings Sarl | Indirect | Luxembourg | ||
Tenneco-Eberspaecher (Dalian) Exhaust System Co., Ltd. | Indirect | China | ||
Tenneco Emission Control (Pty) Ltd f/k/a Gillet Exhaust Technologie | Indirect | South Africa | ||
Tenneco Etain f/k/a Gillet Tubes Technologies S.A.S. | Indirect | France | ||
Tenneco Europe Limited | Indirect | Delaware | ||
Tenneco FAWSN (Foshan) Automobile Parts Co., f/k.a Tenneco FAW Sihuan (Foshan) Automobile Parts Co., Ltd. | Indirect | China | ||
Tenneco FAWSN (Changchun) Automobile Parts Co., Ltd. f/k/a Tenneco FAW Sihuan (Changchun) Automobile Parts Co., Ltd. | Indirect | China | ||
Tenneco Fusheng (Chengdu) Automobile Parts Co., Ltd. f/k/a Chengdu Tenneco Tongtai Exhaust System Co., Ltd. | Indirect | China | ||
Tenneco Global Holdings Inc. | Indirect | Delaware | ||
Tenneco Global Trading FZE | Indirect | Dubai, U.A.E. | ||
Tenneco GmbH f/k/a Heinrich Gillet GmbH | Indirect | Germany | ||
Tenneco (Guangzhou) Co., Ltd. | Indirect | China | ||
Tenneco Holdings Danmark ApS | Indirect | Denmark | ||
Tenneco Hong Kong Holdings Limited | Indirect | Hong Kong | ||
Tenneco Hungary Korlatolt Felelossegu Tarsasag | Indirect | Hungary | ||
Tenneco Innovacion S. L. | Indirect | Spain | ||
Tenneco International Holding Corp. | Indirect | Delaware | ||
Tenneco International Luxembourg S.a.r.l. | Indirect | Luxembourg | ||
Tenneco International Manufacturing S.a.r.l. | Indirect | Luxembourg | ||
Tenneco Japan Ltd. f/k/a Tenneco Automotive Japan Ltd. | Indirect | Japan | ||
Tenneco Korea Limited | Indirect | Korea |
Company Name | Ownership Type(a) | Primary Jurisdiction | ||
Tenneco Lingchuan (Chongqing) Exhaust System Co., Ltd. | Indirect | China | ||
Tenneco Management (Europe) Limited | Indirect | United Kingdom | ||
Tenneco (TM Asia) Ltd. f/k/a Marzocchi Asia Ltd. | Indirect | Republic of China | ||
Tenneco (TM Belgium) BVBA f/k/a Tenneco Marzocchi International BVBA | Indirect | Belgium | ||
Tenneco (MSCan) Operations Inc. f/k/a Tenneco Marzocchi Suspension Canada Inc. | Indirect | Canada (BC) | ||
Tenneco (MUSA) f/k/a Tenneco Marzocchi U.S.A. | Indirect | California | ||
Tenneco Mauritius China Holdings Ltd. | Indirect | Mauritius | ||
Tenneco Mauritius Holdings Limited | Indirect | Mauritius | ||
Tenneco Mauritius Limited | Indirect | Mauritius | ||
Tenneco Mexico, S. de R.L. de C.V. | Indirect | Mexico | ||
Tenneco Ride Control South Africa (Pty.) Ltd. f/k/a Armstrong Hydraulics South Africa (Pty.) Ltd. | Indirect | South Africa | ||
Tenneco Silesia spolka z ograniczona odpowiedzialnoscia | Indirect | Poland | ||
Tenneco (Suzhou) Co., Ltd. | Indirect | China | ||
Tenneco (Suzhou) Emission System Co., Ltd. | Indirect | China | ||
Tenneco (Suzhou) Ride Control Co., Ltd. | Indirect | China | ||
Tenneco Sverige AB f/k/a Tenneco Automotive Sverige AB | Indirect | Sweden | ||
Tenneco-Walker (U.K.) Limited | Indirect | United Kingdom | ||
Tenneco Zwickau GmbH f/k/a Gillet-Abgassysteme Zwickau GmbH | Indirect | Germany | ||
The Pullman Company | Indirect | Delaware | ||
The Tenneco Automotive (UK) Pension Scheme Trustee Limited | Indirect | United Kingdom | ||
Thompson and Stammers (Dunmow) Number 6 Limited | Indirect | United Kingdom | ||
Thompson and Stammers (Dunmow) Number 7 Limited | Indirect | United Kingdom | ||
TM S.r.l. f/k/a Tenneco Marzocchi S.r.l. | Indirect | Italy | ||
TM.com S.r.l. f/k/a Marzocchi.com S.r.l. | Indirect | Italy | ||
TMC Texas Inc. | Indirect | Delaware | ||
Walker Australia Pty. Limited | Indirect | Australia | ||
Walker Danmark ApS | Indirect | Denmark | ||
Walker Electronic Silencing, Inc. | Indirect | Delaware | ||
Walker Europe, Inc. | Indirect | Delaware | ||
Walker Exhaust (Thailand) Company Limited | Indirect | Thailand | ||
Walker Gillet (Europe) GmbH | Indirect | Germany | ||
Walker Limited | Indirect | United Kingdom | ||
Walker Manufacturing Company | Indirect | Delaware | ||
Walker UK Ltd | Indirect | United Kingdom | ||
Wimetal Societe Par Actions Simplifiee | Indirect | France |
(a) | Ownership type indicates whether each subsidiary or affiliate is directly owned by Tenneco Inc., indirectly owned by a subsidiary of Tenneco Inc. (in each case, such subsidiary or affiliate may be partially or wholly owned), or a combination thereof. |
/s/ Gregg M. Sherrill |
Name: Gregg M. Sherrill |
/s/ Kenneth R. Trammell |
Name: Kenneth R. Trammell |
/s/ John E. Kunz |
Name: John E. Kunz |
/s/ Dennis J. Letham |
Name: Dennis J. Letham |
/s/ James S. Metcalf |
Name: James S. Metcalf |
/s/ Roger B. Porter |
Name: Roger B. Porter |
/s/ David B. Price, Jr. |
Name: David B. Price, Jr. |
/s/ Paul T. Stecko |
Name: Paul T. Stecko |
/s/ Jane L. Warner |
Name: Jane L. Warner |
/s/ Thomas C. Freyman |
Name: Thomas C. Freyman |
/s/ Roger J. Wood |
Name: Roger J. Wood |
1. | I have reviewed this annual report on Form 10-K of Tenneco Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of the registrant’s internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ | GREGG M. SHERRILL |
Gregg M. Sherrill | |
Chairman and Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K of Tenneco Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of the registrant’s internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ | KENNETH R. TRAMMELL |
Kenneth R. Trammell | |
Executive Vice President and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ GREGG M. SHERRILL |
Gregg M. Sherrill |
Chairman and Chief Executive Officer |
/s/ KENNETH R. TRAMMELL |
Kenneth R. Trammell |
Executive Vice President and Chief Financial Officer |
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Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 19, 2016 |
Jun. 30, 2015 |
|
Document Documentand Entity Information [Abstract] | |||
Entity Registrant Name | TENNECO INC | ||
Entity Central Index Key | 0001024725 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | TEN | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 57,514,337 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3.4 |
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Revenues | |||||||||||
Net sales and operating revenues | $ 2,031 | $ 2,025 | $ 2,130 | $ 2,023 | $ 2,004 | $ 2,081 | $ 2,241 | $ 2,094 | $ 8,209 | $ 8,420 | $ 7,964 |
Costs and expenses | |||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 1,688 | 1,707 | 1,764 | 1,686 | 1,685 | 1,735 | 1,851 | 1,754 | 6,845 | 7,025 | 6,734 |
Engineering, research, and development | 146 | 169 | 144 | ||||||||
Selling, general, and administrative | 491 | 519 | 453 | ||||||||
Depreciation and amortization of other intangibles | 203 | 208 | 205 | ||||||||
Costs and expenses | 7,685 | 7,921 | 7,536 | ||||||||
Other income (expense) | |||||||||||
Loss on sale of receivables | (4) | (4) | (4) | ||||||||
Other expense | (1) | (3) | 0 | ||||||||
Total other income (expense) | (5) | (7) | (4) | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 128 | 116 | 155 | 120 | 83 | 140 | 156 | 113 | 519 | 492 | 424 |
Interest expense | 67 | 91 | 80 | ||||||||
Earnings before income taxes and noncontrolling interests | 452 | 401 | 344 | ||||||||
Income tax expense | 149 | 131 | 122 | ||||||||
Net income | 303 | 270 | 222 | ||||||||
Less: Net income attributable to noncontrolling interests | 56 | 44 | 39 | ||||||||
Net income attributable to Tenneco Inc. | $ 68 | $ 52 | $ 78 | $ 49 | $ 21 | $ 78 | $ 81 | $ 46 | $ 247 | $ 226 | $ 183 |
Weighted average shares of common stock outstanding — | |||||||||||
Basic (in shares) | 59,678,309 | 60,734,022 | 60,474,492 | ||||||||
Diluted (in shares) | 60,193,150 | 61,782,508 | 61,594,062 | ||||||||
Basic earnings per share of common stock (in dollars per share) | $ 1.18 | $ 0.89 | $ 1.27 | $ 0.81 | $ 0.34 | $ 1.29 | $ 1.34 | $ 0.76 | $ 4.14 | $ 3.72 | $ 3.03 |
Diluted earnings per share of common stock (in dollars per share) | $ 1.17 | $ 0.88 | $ 1.26 | $ 0.80 | $ 0.33 | $ 1.27 | $ 1.32 | $ 0.75 | $ 4.11 | $ 3.66 | $ 2.97 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||
Operating Activities | |||||||
Net income | $ 303 | $ 270 | $ 222 | ||||
Adjustments to reconcile net income to cash provided by operating activities — | |||||||
Depreciation and amortization of other intangibles | 203 | 208 | 205 | ||||
Deferred income taxes | 0 | (1) | 5 | ||||
Stock-based compensation | 15 | 13 | 13 | ||||
Loss on sale of assets | 4 | 6 | 1 | ||||
Changes in components of working capital — | |||||||
(Increase) decrease in receivables | (90) | (83) | (88) | ||||
(Increase) decrease in inventories | (36) | (74) | 3 | ||||
(Increase) decrease in prepayments and other current assets | 37 | (81) | (53) | ||||
Increase (decrease) in payables | 90 | 94 | 161 | ||||
Increase (decrease) in accrued taxes | (1) | 0 | (10) | ||||
Increase (decrease) in accrued interest | 1 | (6) | 0 | ||||
Increase (decrease) in other current liabilities | (10) | 13 | 64 | ||||
Change in long-term assets | 3 | 12 | 7 | ||||
Change in long-term liabilities | (2) | (13) | (32) | ||||
Other | 0 | (17) | 5 | ||||
Net cash provided by operating activities | 517 | 341 | 503 | ||||
Investing Activities | |||||||
Proceeds from sale of assets | 4 | 3 | 8 | ||||
Cash payments for plant, property, and equipment | (286) | (328) | (244) | ||||
Cash payments for software related intangible assets | (23) | (13) | (25) | ||||
Cash payments for net assets purchased | 0 | (3) | 0 | ||||
Change in restricted cash | 2 | 2 | (5) | ||||
Net cash used by investing activities | (303) | (339) | (266) | ||||
Financing Activities | |||||||
Retirement of long-term debt | (37) | (462) | (16) | ||||
Issuance of long-term debt | 1 | 570 | 0 | ||||
Debt issuance costs of long-term debt | (1) | (12) | 0 | ||||
Purchase of common stock under the share repurchase program | (213) | (22) | (27) | ||||
Issuance of common stock | 6 | 19 | 20 | ||||
Tax benefit from stock-based compensation | 6 | 26 | 24 | ||||
Increase (decrease) in bank overdrafts | (22) | 6 | (6) | ||||
Net increase (decrease) in revolver borrowings and short-term debt excluding current maturities of long-term debt and short-term borrowings secured by accounts receivable | 102 | (70) | (22) | ||||
Net increase (decrease) in short-term borrowings secured by accounts receivable | 30 | (10) | (40) | ||||
Capital contribution from noncontrolling interest partner | 0 | 5 | 0 | ||||
Purchase of noncontrolling equity interest | 0 | 0 | (69) | ||||
Distribution to noncontrolling interest partners | (44) | (30) | (39) | ||||
Net cash provided (used) by financing activities | (172) | 20 | (175) | ||||
Effect of foreign exchange rate changes on cash and cash equivalents | (37) | (15) | (10) | ||||
Increase in cash and cash equivalents | 5 | 7 | 52 | ||||
Cash and cash equivalents, January 1 | 282 | [1] | 275 | [1] | 223 | ||
Cash and cash equivalents, December 31 (Note) | [1] | 287 | 282 | 275 | |||
Supplemental Cash Flow Information | |||||||
Cash paid during the year for interest | 68 | 93 | 79 | ||||
Cash paid during the year for income taxes (net of refunds) | 105 | 136 | 109 | ||||
Non-cash Investing and Financing Activities | |||||||
Period end balance of trade payables for plant, property, and equipment | $ 50 | $ 41 | $ 52 | ||||
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions |
Total |
Common Stock |
Premium on Common Stock and Other Capital Surplus |
Accumulated Other Comprehensive Loss |
Retained Earnings (Accumulated Deficit) |
Less - Common Stock Held as Treasury Stock, at Cost |
Noncontrolling Interest |
---|---|---|---|---|---|---|---|
Treasury Stock, Shares, Acquired | 550,000 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 27 | ||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | $ 24 | ||||||
Beginning Balance (in shares) at Dec. 31, 2012 | 62,789,382 | 2,294,692 | |||||
Beginning Balance at Dec. 31, 2012 | $ 1 | $ 3,031 | $ (408) | $ (2,104) | $ 274 | 45 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issued pursuant to benefit plans (in shares) | 156,213 | ||||||
Stock options exercised (in shares) | 769,133 | ||||||
Purchase of noncontrolling equity interest | (68) | (68) | |||||
Premium on common stock issued pursuant to benefit plans | 51 | ||||||
Other comprehensive income (loss) | 48 | 48 | |||||
Net income attributable to Tenneco Inc. | 183 | 183 | |||||
Total Tenneco Inc. shareholders’ equity at Dec. 31, 2013 | 433 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Sale of noncontrolling equity interest | (1) | ||||||
Other comprehensive income (loss) | 0 | ||||||
Dividends declared | (29) | ||||||
Ending Balance (in shares) at Dec. 31, 2013 | 63,714,728 | 2,844,692 | |||||
Ending Balance at Dec. 31, 2013 | 472 | $ 1 | 3,014 | (360) | (1,921) | $ 301 | 39 |
Treasury Stock, Shares, Acquired | 400,000 | ||||||
Treasury Stock, Value, Acquired, Cost Method | 22 | ||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 21 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issued pursuant to benefit plans (in shares) | 62,334 | ||||||
Stock options exercised (in shares) | 677,186 | ||||||
Purchase of noncontrolling equity interest | 0 | 0 | |||||
Premium on common stock issued pursuant to benefit plans | 45 | ||||||
Other comprehensive income (loss) | (187) | (185) | |||||
Net income attributable to Tenneco Inc. | 226 | 226 | |||||
Total Tenneco Inc. shareholders’ equity at Dec. 31, 2014 | 497 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Sale of noncontrolling equity interest | 0 | ||||||
Other comprehensive income (loss) | (1) | ||||||
Dividends declared | (18) | ||||||
Ending Balance (in shares) at Dec. 31, 2014 | 64,454,248 | 3,244,692 | |||||
Ending Balance at Dec. 31, 2014 | 538 | $ 1 | 3,059 | (545) | (1,695) | $ 323 | 41 |
Treasury Stock, Shares, Acquired | 4,228,633 | ||||||
Treasury Stock, Value, Acquired, Cost Method | 213 | ||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 24 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issued pursuant to benefit plans (in shares) | 335,766 | ||||||
Stock options exercised (in shares) | 277,118 | ||||||
Purchase of noncontrolling equity interest | 0 | 0 | |||||
Premium on common stock issued pursuant to benefit plans | 22 | ||||||
Other comprehensive income (loss) | (124) | (120) | |||||
Net income attributable to Tenneco Inc. | 247 | 247 | |||||
Total Tenneco Inc. shareholders’ equity at Dec. 31, 2015 | 433 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Sale of noncontrolling equity interest | 0 | ||||||
Other comprehensive income (loss) | (3) | ||||||
Dividends declared | (20) | ||||||
Ending Balance (in shares) at Dec. 31, 2015 | 65,067,132 | 7,473,325 | |||||
Ending Balance at Dec. 31, 2015 | $ 475 | $ 1 | $ 3,081 | $ (665) | $ (1,448) | $ 536 | $ 42 |
Summary of Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accounting Policies | Summary of Accounting Policies Consolidation and Presentation Our consolidated financial statements include all majority-owned subsidiaries. We carry investments in 20 percent to 50 percent owned companies in which the Company does not have a controlling interest, as equity method investments, at cost plus equity in undistributed earnings since the date of acquisition and cumulative translation adjustments. We have eliminated intercompany transactions. We have evaluated all subsequent events through the date our financial statements were issued. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include among others, allowances for doubtful receivables, promotional and product returns, pension and postretirement benefit plans, income taxes, and contingencies. These items are covered in more detail elsewhere in Note 1, Note 7, Note 10, and Note 12 of the consolidated financial statements of Tenneco Inc. Actual results could differ from those estimates. Redeemable Noncontrolling Interests We have noncontrolling interests in five joint ventures with redemption features that could require us to purchase the noncontrolling interests at fair value in the event of a change in control of Tenneco Inc. or certain of our subsidiaries. We do not believe that it is probable that the redemption features in any of these joint venture agreements will be triggered. However, the redemption of these shares is not solely within our control. Accordingly, the related noncontrolling interests are presented as “Redeemable noncontrolling interests” in the temporary equity section of our consolidated balance sheets. In May 2014, we sold a 45 percent equity interest in Tenneco Fusheng (Chengdu) Automobile Parts Co., Ltd., to a third party for $4 million. As a result of the sale, our equity ownership of Tenneco Fusheng (Chengdu) Automobile Parts Co., Ltd. changed to 55 percent from 100 percent. The following is a rollforward of activity in our redeemable noncontrolling interests for the years ending December 31, 2015, 2014 and 2013, respectively:
Inventories At December 31, 2015 and 2014, inventory by major classification was as follows:
Our inventories are stated at the lower of cost or market value using the first-in, first-out (“FIFO”) or average cost methods. Work in process includes purchased parts such as substrates coated with precious metals. Goodwill and Intangibles, net We evaluate goodwill for impairment in the fourth quarter of each year, or more frequently if events indicate it is warranted. The goodwill impairment test consists of a two-step process. In step one, we compare the estimated fair value of our reporting units with goodwill to the carrying value of the unit’s assets and liabilities to determine if impairment exists within the recorded balance of goodwill. We estimate the fair value of each reporting unit using the income approach which is based on the present value of estimated future cash flows. The income approach is dependent on a number of factors, including estimates of market trends, forecasted revenues and expenses, capital expenditures, weighted average cost of capital and other variables. A separate discount rate derived by a combination of published sources, internal estimates and weighted based on our debt to equity ratio, was used to calculate the discounted cash flows for each of our reporting units. These estimates are based on assumptions that we believe to be reasonable, but which are inherently uncertain and outside of the control of management. If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist which requires step two to be performed to measure the amount of the impairment loss. The amount of impairment is determined by comparing the implied fair value of a reporting unit’s goodwill to its carrying value. At December 31, 2015, accumulated goodwill impairment charges include $306 million related to our North America Ride Performance reporting unit, $32 million related to our Europe, South America & India Ride Performance reporting unit and $11 million related to our Asia Pacific Ride Performance reporting unit. In the fourth quarter of 2015, 2014 and 2013, as a result of our annual goodwill impairment testing, the estimated fair value of each of our reporting units exceeded the carrying value of their assets and liabilities as of the testing date. The changes in the net carrying amount of goodwill for the years ended December 31, 2015, 2014 and 2013 were as follows:
We have capitalized certain intangible assets, primarily technology rights, trademarks and patents, based on their estimated fair value at the date we acquired them. We amortize our finite useful life intangible assets on a straight-line basis over periods ranging from 5 to 50 years. Amortization of intangibles amounted to $5 million in 2015, $4 million in 2014, and $5 million in 2013, and are included in the statements of income caption “Depreciation and amortization of intangibles.” The carrying amount and accumulated amortization of our finite useful life intangible assets were as follows:
Estimated amortization of intangible assets over the next five years is expected to be $3 million in 2016, $2 million in 2017 and $1 million in 2018, 2019 and 2020. Plant, Property, and Equipment, at Cost At December 31, 2015 and 2014, plant, property, and equipment, at cost, by major category were as follows:
We depreciate these properties excluding land on a straight-line basis over the estimated useful lives of the assets. Useful lives range from 10 to 50 years for buildings and improvements and from 3 to 25 years for machinery and equipment. Notes and Accounts Receivable and Allowance for Doubtful Accounts Receivables consist of amounts billed and currently due from customers and unbilled pre-production design and development costs. Short and long-term accounts receivable outstanding were $1,126 million and $1,088 million at December 31, 2015 and 2014, respectively. The allowance for doubtful accounts on short-term and long-term accounts receivable was $16 million at both December 31, 2015 and 2014. Short and long-term notes receivable outstanding was $5 million at both December 31, 2015 and 2014. The allowance for doubtful accounts on short-term and long-term notes receivable was zero at both December 31, 2015 and 2014. Pre-production Design and Development and Tooling Assets We expense pre-production design and development costs as incurred unless we have a contractual guarantee for reimbursement from the original equipment customer. Unbilled pre-production design and development costs recorded in prepayments and other and long-term receivables were $21 million and $23 million at December 31, 2015 and 2014, respectively. In addition, plant, property and equipment included $64 million and $59 million at December 31, 2015 and 2014, respectively, for original equipment tools and dies that we own, and prepayments and other included $107 million and $98 million at December 31, 2015 and 2014, respectively, for in-process tools and dies that we are building for our original equipment customers. Internal Use Software Assets We capitalize certain costs related to the purchase and development of software that we use in our business operations. We amortize the costs attributable to these software systems over their estimated useful lives, ranging from 3 to 12 years, based on various factors such as the effects of obsolescence, technology, and other economic factors. Capitalized software development costs, net of amortization, were $58 million and $54 million at December 31, 2015 and 2014, respectively, and are recorded in other long-term assets. Amortization of software development costs was approximately $13 million for the year ended December 31, 2015 and $15 million for both years ended December 31, 2014 and 2013, and is included in the statements of income (loss) caption “Depreciation and amortization of intangibles.” Additions to capitalized software development costs, including payroll and payroll-related costs for those employees directly associated with developing and obtaining the internal use software, are classified as investing activities in the statements of cash flows. Accounts Payable Accounts payable included $93 million and $91 million at December 31, 2015 and December 31, 2014 , respectively, for accrued compensation and $17 million and $39 million at December 31, 2015 and December 31, 2014, respectively, for bank overdrafts at our European subsidiaries. Income Taxes We recognize deferred tax assets and liabilities on the basis of the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax values, and net operating losses ("NOL") and tax credit carryforwards on a taxing jurisdiction basis. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or paid. We evaluate our deferred income taxes quarterly to determine if valuation allowances are required or should be adjusted. U.S. GAAP requires that companies assess whether valuation allowances should be established against their deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and amount of recent losses, the duration of statutory carryforward periods, and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified. Valuation allowances have been established in certain foreign jurisdictions for deferred tax assets based on a “more likely than not” threshold. The ability to realize deferred tax assets depends on our ability to generate sufficient taxable income within the carryforward periods provided for in the tax law for each tax jurisdiction. We have considered the following possible sources of taxable income when assessing the realization of our deferred tax assets:
The valuation allowances recorded against deferred tax assets generated by taxable losses in foreign jurisdictions will impact our provision for income taxes until the valuation allowances are released. Our provision for income taxes will include no tax benefit for losses incurred and no tax expense with respect to income generated in these jurisdictions until the respective valuation allowance is eliminated. Revenue Recognition We recognize revenue for sales to our original equipment and aftermarket customers when title and risk of loss passes to the customers under the terms of our arrangements with those customers, which is usually at the time of shipment from our plants or distribution centers. Generally, in connection with the sale of exhaust systems to certain original equipment manufacturers, we purchase catalytic converters and diesel particulate filters or components thereof including precious metals (“substrates”) on behalf of our customers which are used in the assembled system. These substrates are included in our inventory and “passed through” to the customer at our cost, plus a small margin, since we take title to the inventory and are responsible for both the delivery and quality of the finished product. Revenues recognized for substrate sales were $1,916 million, $1,934 million and $1,835 million in 2015, 2014 and 2013, respectively. For our aftermarket customers, we provide for promotional incentives and returns at the time of sale. Estimates are based upon the terms of the incentives and historical experience with returns. Certain taxes assessed by governmental authorities on revenue producing transactions, such as value added taxes, are excluded from revenue and recorded on a net basis. Shipping and handling costs billed to customers are included in revenues and the related costs are included in cost of sales in our consolidated statements of income (loss). Warranty Reserves Where we have offered product warranty, we also provide for warranty costs. Provisions for estimated expenses related to product warranty are made at the time products are sold or when specific warranty issues are identified on OE products. These estimates are established using historical information about the nature, frequency, and average cost of warranty claims and upon specific warranty issues as they arise. The warranty terms vary but range from one year up to limited lifetime warranties on some of our premium aftermarket products. We actively study trends of our warranty claims and take action to improve product quality and minimize warranty claims. While we have not experienced any material differences between these estimates and our actual costs, it is reasonably possible that future warranty issues could arise that could have a significant impact on our consolidated financial statements. Earnings Per Share We compute basic earnings per share by dividing income available to common shareholders by the weighted-average number of common shares outstanding. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that we adjust the weighted-average number of shares outstanding to include estimates of additional shares that would be issued if potentially dilutive common shares had been issued. In addition, we adjust income available to common shareholders to include any changes in income or loss that would result from the assumed issuance of the dilutive common shares. See Note 2 to the consolidated financial statements of Tenneco Inc. Engineering, Research and Development We expense engineering, research, and development costs as they are incurred. Engineering, research, and development expenses were $146 million for 2015, $169 million for 2014, and $144 million for 2013, net of reimbursements from our customers. Our customers reimburse us for engineering, research, and development costs on some platforms when we prepare prototypes and incur costs before platform awards. Our engineering, research, and development expense for 2015, 2014 and 2013 has been reduced by $145 million, $159 million and $169 million, respectively, for these reimbursements. Advertising and Promotion Expenses We expense advertising and promotion expenses as they are incurred. Advertising and promotion expenses were $54 million, $57 million, and $53 million for the years ended December 31, 2015, 2014, and 2013, respectively. Foreign Currency We translate the consolidated financial statements of foreign subsidiaries into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted-average exchange rate for revenues and expenses in each period. We record translation adjustments for those subsidiaries whose local currency is their functional currency as a component of accumulated other comprehensive income (loss) in shareholders’ equity. We recognize transaction gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency in earnings as incurred, except for those intercompany balances which are designated as long-term investments. Our results include foreign currency transaction losses of $6 million in 2015, of $1 million in 2014 and $13 million in 2013. The amounts are recorded in cost of sales. We use derivative financial instruments, principally foreign currency forward purchase and sales contracts with terms of less than one year, to hedge our exposure to changes in foreign currency exchange rates. Our primary exposure to changes in foreign currency rates results from intercompany loans made between affiliates to minimize the need for borrowings from third parties. Additionally, we enter into foreign currency forward purchase and sale contracts to mitigate our exposure to changes in exchange rates on certain intercompany and third-party trade receivables and payables. We manage counter-party credit risk by entering into derivative financial instruments with major financial institutions that can be expected to fully perform under the terms of such agreements. We do not enter into derivative financial instruments for speculative purposes. In managing our foreign currency exposures, we identify and aggregate existing offsetting positions and then hedge residual exposures through third-party derivative contracts. The fair value of our foreign currency forward contracts was a net asset position of $1 million at December 31, 2015 and a net liability position of less than $1 million at December 31, 2014 and is based on an internally developed model which incorporates observable inputs including quoted spot rates, forward exchange rates and discounted future expected cash flows utilizing market interest rates with similar quality and maturity characteristics. We record the change in fair value of these foreign exchange forward contracts as part of currency gains (losses) within cost of sales in the consolidated statements of income (loss). The fair value of foreign exchange forward contracts are recorded in prepayments and other current assets or other current liabilities in the consolidated balance sheet. New Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update 2015-17, Balance Sheet Classification of Deferred Taxes, which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. For public business entities, the standard is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for all companies in any interim or annual period. We adopted this standard as of December 31, 2015 and applied prospectively. Adoption of this guidance resulted in a reclassification of our net current deferred tax asset to the net non-current deferred tax asset in our Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted. In May 2015, the FASB issued Accounting Standard Update (ASU) No. 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Such investments should be disclosed separate from the fair value hierarchy. For public business entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance is not expected to have an impact on the Company's consolidated financial statements but will impact pension asset disclosure. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. For public business entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted for financial statements that have not been previously issued. We adopted this standard for the first quarter of 2015 and applied retrospectively. Please refer to note 5 in our notes to consolidated financial statements located in Part II Item 8 of this Form 10-K for further discussion. In May 2014, the FASB issued an amendment on revenue recognition. The amendment in this update creates Topic 606, Revenue from Contracts with Customers, and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendment supersedes the cost guidance in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts, and creates new Subtopic 340-40, Other Assets and Deferred Costs-Contracts with Customers. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The FASB has approved a one-year deferral of the effective date from January 1, 2017 to January 1, 2018, while allowing for early adoption as of January 1, 2017 for public entities. We will adopt this amendment on January1, 2018. We are currently evaluating the potential impact of this new guidance on our consolidated financial statements. Restricted Net Assets In certain countries where we operate, transfers of funds out of such countries by way of dividends, loans or advances are subject to certain central bank restrictions which require approval from the central bank authorities prior to transferring funds out of these countries. The countries in which we operate that have such restrictions include Argentina, China, South Africa, and Thailand. The net asset balance of our subsidiaries in the countries in which we operate that have such restrictions was $248 million and $218 million as of December 31, 2015 and 2014, respectively. These central banking restrictions do not have a significant effect on our ability to manage liquidity on a global basis. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Earnings per share of common stock outstanding were computed as follows:
Options to purchase 175,216, 1,357 and 205,104 shares of common stock were outstanding as of December 31, 2015, 2014 and 2013, respectively, but not included in the computation of diluted earnings per share, because the options were anti-dilutive. |
Acquisitions and Divestitures |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Divestitures | Acquisitions and divestitures In the fourth quarter of 2013, we purchased the remaining 20 percent equity interest in Tenneco Tongtai (Dalian) Exhaust System Co., Ltd. (TTEC) joint venture investment in China for $69 million in cash through two transactions. The joint venture partner also received an additional amount of $9 million in lieu of receiving its pro-rata share of dividends owed from the joint venture. As a result of the purchase, TTEC became a wholly owned indirect subsidiary of Tenneco. In May 2014, we sold a 45 percent equity interest in Tenneco Fusheng (Chengdu) Automobile Parts Co., Ltd., to a third party for $4 million. As a result of the sale, our equity ownership of Tenneco Fusheng (Chengdu) Automobile Parts Co., Ltd. changed to 55 percent from 100 percent. The net impact to equity from the sale was less than $1 million. The table below summaries the net income attributable to Tenneco Inc. and transfers to the noncontrolling interest:
In November 2015, we closed on the sale of certain assets related to our Marzocchi mountain bike suspension product line to affiliates of Fox Factory Holding Corp.; and in December 2015, we closed on the sale of the Marzocchi motorcycle fork product line to an Italian company, VRM S.p.A. We recorded charges of $29 million in 2015 related to severance and other employee related costs, asset write-downs and other expenses related to the closure. |
Restructuring and Other Charges Restructuring and Other Charges |
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Restructuring and Other Charges | Restructuring and Other Charges Over the past several years, we have adopted plans to restructure portions of our operations. These plans were approved by our Board of Directors and were designed to reduce operational and administrative overhead costs throughout the business. In 2013, we incurred $78 million in restructuring and related costs, primarily related to European cost reduction efforts including non-cash asset write downs of $3 million, the costs to exit the distribution of aftermarket exhaust products and ending production of leaf springs in Australia, headcount reductions in various regions, and the net impact of freezing our defined benefit plans in the United Kingdom, of which $70 million was recorded in cost of sales, $6 million in SG&A, $1 million in engineering expense and $1 million in other expense. In 2014, we incurred $49 million in restructuring and related costs including non-cash charges of $5 million, primarily related to European cost reduction efforts, headcount reductions in Australia and South America, the sale of a closed facility in Cozad, Nebraska and costs related to organizational change, of which $28 million was recorded in cost of sales, $9 million in SG&A, $7 million in engineering expense, $4 million in other expense and $1 million in depreciation and amortization. In 2015, we incurred $63 million in restructuring and related costs including asset write-downs of $10 million, primarily related to European cost reduction efforts, exiting the Marzocchi suspension business, headcount reductions in Australia and South America, and the closure of a JIT plant in Australia, of which $46 million was recorded in cost of sales, $11 million in SG&A, $1 million in engineering expense, $4 million in depreciation and amortization expense and $1 million in other expense. Amounts related to activities that are part of our restructuring plans are as follows:
On January 31, 2013, we announced our intent to reduce structural costs in Europe by approximately $60 million annually. We still expect to reach our target annual savings rate in 2016, however the recent dramatic changes in exchange rates will likely have an impact on the actual savings achieved when translated from Euros to U.S. dollars. We incurred $78 million in restructuring and related costs in 2013, of which $69 million was related to this initiative including $3 million for non-cash asset write downs. In 2014, we incurred $49 million in restructuring and related costs, of which $31 million was related to this initiative including $3 million for non-cash asset write downs. In 2015, we incurred $63 million in restructuring and related costs, of which $22 million was related to this initiative. While we are nearing the completion of this initiative, we expect to incur additional restructuring and related costs in 2016 due to certain ongoing matters. For example, we closed a plant in Gijon Spain in 2013, but subsequently re-opened it in July 2014 with about half of its prior workforce after the employees' works council successfully filed suit challenging the closure decision. Pursuant to an agreement we entered into with employee representatives, we are currently engaged in a sale process to identify potential purchasers for the facility and intend to continue operating it until a complete transfer of ownership takes place. On July 22, 2015, we announced our intention to discontinue our Marzocchi motorcycle fork suspension product line and our mountain bike suspension product line, and liquidate our Marzocchi operations. These actions were subject to a consultation process with the employee representatives and in total eliminated approximately 138 jobs. We employed 127 people at the Marzocchi plant in Bologna, Italy and an additional 11 people in our operations in North America and Taiwan. In November 2015, we closed on the sale of certain assets related to our Marzocchi mountain bike suspension product line to the affiliates of Fox Factory Holding Corp.; and in December 2015, we closed on the sale of the Marzocchi motorcycle fork product line to an Italian company, VRM S.p.A. These actions were a part of our ongoing efforts to optimize our Ride Performance product line globally while continuously improving our operations and increasing profitability. We recorded charges of $29 million in 2015 related to severance and other employee related costs, asset write-downs and other expenses related to the closure. Under the terms of our amended and restated senior credit agreement that took effect on December 8, 2014, we are allowed to exclude up to $150 million in the aggregate of all costs, expenses, fees, fines, penalties, judgments, legal settlements and other amounts associated with any restructuring, litigation, claim, proceeding or investigation related to or undertaken by us or any of our subsidiaries, together with any related provision for taxes, incurred after December 8, 2014 in the calculation of the financial covenant ratios required under our senior credit facility. As of December 31, 2015, we had excluded $53 million of allowable charges relating to restructuring initiatives against the $150 million available under the terms of the senior credit facility. |
Long-Term Debt, Short-Term Debt, and Financing Arrangements |
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Long-Term Debt, Short-Term Debt, and Financing Arrangements | Long-Term Debt, Short-Term Debt, and Financing Arrangements Long-Term Debt A summary of our long-term debt obligations at December 31, 2015 and 2014, is set forth in the following table:
The aggregate maturities applicable to the long-term debt outstanding at December 31, 2015, are $15 million, $24 million, $30 million, $338 million and $1 million for 2016, 2017, 2018, 2019 and 2020, respectively. We have excluded the required payments, within the next twelve months, under the Tranche A Term Facility totaling $15 million from current liabilities as of December 31, 2015, because we have the intent and ability to refinance the obligations on a long-term basis by using our revolving credit facility. Short-Term Debt Our short-term debt includes the current portion of long-term obligations and borrowings by parent company and foreign subsidiaries. Information regarding our short-term debt as of and for the years ended December 31, 2015 and 2014 is as follows:
Financing Arrangements
Overview. Our financing arrangements are primarily provided by a committed senior secured financing arrangement with a syndicate of banks and other financial institutions. The arrangement is secured by substantially all our domestic assets and pledges of up to 66 percent of the stock of certain first-tier foreign subsidiaries, as well as guarantees by our material domestic subsidiaries. In April 2015, the FASB issued Accounting Standard Update 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. For public business entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted for financial statements that have not been previously issued. We adopted this standard for the first quarter of 2015 and applied retrospectively. The balance for unamortized debt issuance costs was $12 million and $14 million at December 31, 2015 and December 31, 2014, respectively. On December 8, 2014, we completed an amendment and restatement of our senior credit facility by increasing the amounts and extending the maturity dates of our revolving credit facility and our Tranche A Term Facility. The amended and restated facility replaces our former $850 million revolving credit facility and $213 million Tranche A Term Facility. The proceeds from this refinancing transaction were used to repay the $213 million Tranche A Term Facility, to fund the fees and expenses associated with the purchase and redemption of our $225 million 7 3/4 percent senior notes due in 2018 and for general corporate purposes. As of December 31, 2015, the senior credit facility provides us with a total revolving credit facility size of $1,200 million and a $300 million Tranche A Term Facility, both of which will mature on December 8, 2019. Funds may be borrowed, repaid and re-borrowed under the revolving credit facility without premium or penalty (subject to any customary LIBOR breakage fees). The revolving credit facility is reflected as debt on our balance sheet only if we borrow money under this facility or if we use the facility to make payments for letters of credit. Outstanding letters of credit reduce our availability to borrow revolving loans under the facility. We are required to make quarterly principal payments under the Tranche A Term Facility of $3.75 million through December 31, 2016, $5.625 million beginning March 31, 2017 through December 31, 2017, $7.5 million beginning March 31, 2018 through September 30, 2019 and a final payment of $195 million is due on December 8, 2019. We have excluded the required payments, within the next twelve months, under the Tranche A Term Facility totaling $15 million from current liabilities as of December 31, 2015, because we have the intent and ability to refinance the obligations on a long-term basis by using our revolving credit facility. On November 20, 2014, we announced a cash tender offer to purchase our outstanding $225 million 7 3/4 percent senior notes due in 2018 and a solicitation of consents to certain proposed amendments to the indenture governing these notes. We received tenders and consents representing $181 million aggregate principal amount of the notes and, on December 5, 2014, we purchased the tendered notes at a price of 104.35 percent of the principal amount (which includes a consent payment of three percent of the principal amount), plus accrued and unpaid interest, and amended the related indenture. On December 22, 2014, we redeemed the remaining outstanding $44 million aggregate principal amount of senior notes that were not purchased pursuant to the tender offer at a price of 103.88 percent of the principal amount, plus accrued and unpaid interest. The additional liquidity provided by the new $1,200 million revolving credit facility and the new $300 million Tranche A Term Facility was used in part to fund the fees and expenses of the tender offer and redemption. We recorded $13 million of pre-tax interest charges in December 2014 related to the refinancing of our senior credit facility, the repurchase and redemption of our 7 3/4 percent senior notes due in 2018 and the write-off of deferred debt issuance costs relating to those notes. At December 31, 2015, of the $1,200 million available under the revolving credit facility, we had unused borrowing capacity of $1,095 million with $105 million in balance in outstanding borrowings and zero in outstanding letters of credit. As of December 31, 2015, our outstanding debt also included (i) $285 million of a term loan which consisted of a $283 million net carrying amount including a $2 million debt issuance cost related to our Tranche A Term Facility which is subject to quarterly principal payments as described above through December 8, 2019, (ii) $225 million of notes which consisted of a $221 million net carrying amount including a $4 million debt issuance cost of 53/8 percent senior notes due December 15, 2024, (iii) $500 million of notes which consisted of a $494 million net carrying amount including a $6 million debt issuance cost of 67/8 percent senior notes due December 15, 2020, and (iv) $107 million of other debt. Senior Credit Facility — Interest Rates and Fees. Beginning December 8, 2014, our Tranche A Term Facility and revolving credit facility bear interest at an annual rate equal to, at our option, either (i) London Interbank Offered Rate (“LIBOR”) plus a margin of 175 basis points, or (ii) a rate consisting of the greater of (a) the JPMorgan Chase prime rate plus a margin of 75 basis points, (b) the Federal Funds rate plus 50 basis points plus a margin of 75 basis points, and (c) one month LIBOR plus 100 basis points plus a margin of 75 basis points. The margin we pay on these borrowings will be increased by a total of 25 basis points above the original margin following each fiscal quarter for which our consolidated net leverage ratio is equal to or greater than 2.25 and less than 3.25, and will be increased by a total of 50 basis points above the original margin following each fiscal quarter for which our consolidated net leverage ratio is equal to or greater than 3.25. In addition, the margin we pay on these borrowings will be reduced by a total of 25 basis points below the original margin if our consolidated net leverage ratio is less than 1.25. We also pay a commitment fee equal to 30 basis points that will be reduced to 25 basis points or increased to up to 40 basis points depending on consolidated net leverage ratio changes as set forth in the senior credit facility. Senior Credit Facility — Other Terms and Conditions. Our senior credit facility requires that we maintain financial ratios equal to or better than the following consolidated net leverage ratio (consolidated indebtedness net of cash divided by consolidated EBITDA, as defined in the senior credit facility agreement), and consolidated interest coverage ratio (consolidated EBITDA divided by consolidated interest expense, as defined in the senior credit facility agreement) at the end of each period indicated. Failure to maintain these ratios will result in a default under our senior credit facility. The financial ratios required under the amended and restated senior credit facility (or the predecessor facility, as applicable) and the actual ratios we achieved for the four quarters of 2015, are as follows:
The senior credit facility includes a maximum leverage ratio covenant of 3.50 and a minimum interest coverage ratio of 2.75 through December 8, 2019. The covenants in our senior credit facility agreement generally prohibit us from repaying or refinancing our senior notes. So long as no default existed, we would, however, under our senior credit facility agreement, be permitted to repay or refinance our senior notes (i) with the net cash proceeds of permitted refinancing indebtedness (as defined in the senior credit facility agreement) or with the net cash proceeds of our common stock in each case issued within 180 days prior to such repayment; (ii) with the net cash proceeds of the incremental facilities (as defined in the senior credit facility agreement) and certain indebtedness incurred by our foreign subsidiaries; (iii) with the proceeds of the revolving loans (as defined in the senior credit facility agreement); (iv) with the cash generated by our operations; (v) in an amount equal to the net cash proceeds of qualified capital stock (as defined in the senior credit facility agreement) issued by us after December 8, 2014; and (vi) in exchange for permitted refinancing indebtedness or in exchange for shares of our common stock; provided that such purchases are capped as follows (with respect to clauses (iii), (iv) and (v) based on a pro forma consolidated leverage ratio after giving effect to such purchase, cancellation or redemption):
Although the senior credit facility agreement would permit us to repay or refinance our senior notes under the conditions described above, any repayment or refinancing of our outstanding notes would be subject to market conditions and either the voluntary participation of note holders or our ability to redeem the notes under the terms of the applicable note indenture. For example, while the senior credit facility agreement would allow us to repay our outstanding notes via a direct exchange of the notes for either permitted refinancing indebtedness or for shares of our common stock, we do not, under the terms of the agreements governing our outstanding notes, have the right to refinance the notes via any type of direct exchange. The senior credit facility agreement also contains other restrictions on our operations that are customary for similar facilities, including limitations on: (i) incurring additional liens; (ii) sale and leaseback transactions (except for the permitted transactions as described in the senior credit facility agreement); (iii) liquidations and dissolutions; (iv) incurring additional indebtedness or guarantees; (v) investments and acquisitions; (vi) dividends and share repurchases; (vii) mergers and consolidations; and (viii) refinancing of the senior notes. Compliance with these requirements and restrictions is a condition for any incremental borrowings under the senior credit facility agreement and failure to meet these requirements enables the lenders to require repayment of any outstanding loans. As of December 31, 2015, we were in compliance with all the financial covenants and operational restrictions of the senior credit facility. Our senior credit facility does not contain any terms that could accelerate payment of the facility or affect pricing under the facility as a result of a credit rating agency downgrade. Senior Notes. As of December 31, 2015, our outstanding senior notes included $225 million of 5 3/8 percent senior notes due December 15, 2024 which consisted of $221 million net carrying amount including a $4 million debt issuance cost and $500 million of 6 7/8 percent senior notes due December 15, 2020 which consisted of $494 million net carrying amount including a $6 million debt issuance cost. Under the indentures governing the notes, we are permitted to redeem some or all of the remaining senior notes at specified prices that decline to par over a specified period, (a) on or after December 15, 2019, in the case of the senior notes due 2024, and (b) on or after December 15, 2015, in the case of the senior notes due 2020. In addition, the notes may also be redeemed at a price generally equal to 100 percent of the principal amount thereof plus a premium based on the present values of the remaining payments due to the note holders. Further, the indentures governing the notes also permit us to redeem up to 35 percent of the senior notes due 2024, with the proceeds of certain equity offerings completed on or before December 15, 2017. If we sell certain of our assets or experience specified kinds of changes in control, we must offer to repurchase the notes due 2024 and 2020 at 101 percent of the principal amount thereof plus accrued and unpaid interest. Our senior notes require that, as a condition precedent to incurring certain types of indebtedness not otherwise permitted, our consolidated fixed charge coverage ratio, as calculated on a pro forma basis, be greater than 2.00. The indentures also contain restrictions on our operations, including limitations on: (i) incurring additional indebtedness or liens; (ii) dividends; (iii) distributions and stock repurchases; (iv) investments; (v) asset sales and (vi) mergers and consolidations. Subject to limited exceptions, all of our existing and future material domestic wholly owned subsidiaries fully and unconditionally guarantee these notes on a joint and several basis. There are no significant restrictions on the ability of the subsidiaries that have guaranteed these notes to make distributions to us. As of December 31, 2015, we were in compliance with the covenants and restrictions of these indentures. Accounts Receivable Securitization. We securitize some of our accounts receivable on a limited recourse basis in North America and Europe. As servicer under these accounts receivable securitization programs, we are responsible for performing all accounts receivable administration functions for these securitized financial assets including collections and processing of customer invoice adjustments. In North America, we have an accounts receivable securitization program with three commercial banks comprised of a first priority facility and a second priority facility. We securitize original equipment and aftermarket receivables on a daily basis under the bank program. In March 2015, the North American program was amended and extended to April 30, 2017. The first priority facility provides financing of up to $130 million and the second priority facility, which is subordinated to the first priority facility, provides up to an additional $50 million of financing. Both facilities monetize accounts receivable generated in the U.S. and Canada that meet certain eligibility requirements. The second priority facility also monetizes certain accounts receivable generated in the U.S. or Canada that would otherwise be ineligible under the first priority securitization facility. The amount of outstanding third-party investments in our securitized accounts receivable under the North American program was $30 million at December 31, 2015 and zero at December 31, 2014. Each facility contains customary covenants for financings of this type, including restrictions related to liens, payments, mergers or consolidations and amendments to the agreements underlying the receivables pool. Further, each facility may be terminated upon the occurrence of customary events (with customary grace periods, if applicable), including breaches of covenants, failure to maintain certain financial ratios, inaccuracies of representations and warranties, bankruptcy and insolvency events, certain changes in the rate of default or delinquency of the receivables, a change of control and the entry or other enforcement of material judgments. In addition, each facility contains cross-default provisions, where the facility could be terminated in the event of non-payment of other material indebtedness when due and any other event which permits the acceleration of the maturity of material indebtedness. We also securitize receivables in our European operations with regional banks in Europe. The arrangements to securitize receivables in Europe are provided under six separate facilities provided by various financial institutions in each of the foreign jurisdictions. The commitments for these arrangements are generally for one year, but some may be cancelled with notice 90 days prior to renewal. In some instances, the arrangement provides for cancellation by the applicable financial institution at any time upon notification. The amount of outstanding third-party investments in our securitized accounts receivable in Europe was $174 million and $153 million at December 31, 2015 and December 31, 2014, respectively. If we were not able to securitize receivables under either the North American or European securitization programs, our borrowings under our revolving credit agreement might increase. These accounts receivable securitization programs provide us with access to cash at costs that are generally favorable to alternative sources of financing, and allow us to reduce borrowings under our revolving credit agreement. In our North American accounts receivable securitization programs, we transfer a partial interest in a pool of receivables and the interest that we retain is subordinate to the transferred interest. Accordingly, we account for our North American securitization program as a secured borrowing. In our European programs, we transfer accounts receivables in their entirety to the acquiring entities and satisfy all of the conditions established under ASC Topic 860, “Transfers and Servicing,” to report the transfer of financial assets in their entirety as a sale. The fair value of assets received as proceeds in exchange for the transfer of accounts receivable under our European securitization programs approximates the fair value of such receivables. We recognized $2 million in interest expense for each of the years ended 2015, 2014 and 2013 relating to our North American securitization program. In addition, we recognized a loss of $4 million for each of the years ended 2015, 2014 and 2013, on the sale of trade accounts receivable in our European accounts receivable securitization programs, representing the discount from book values at which these receivables were sold to our banks. The discount rate varies based on funding costs incurred by our banks, which averaged approximately two percent for both years ended 2015 and 2014 and three percent for the year ended 2013, respectively. |
Financial Instruments |
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Disclosure Financial Instruments Additional Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments The carrying and estimated fair values of our financial instruments by class at December 31, 2015 and 2014 were as follows:
Asset and Liability Instruments — The fair value of cash and cash equivalents, short and long-term receivables, accounts payable, and short-term debt was considered to be the same as or was not determined to be materially different from the carrying amount. Long-term Debt — The fair value of our public fixed rate senior notes is based on quoted market prices. The fair value of our private borrowings under our senior credit facility and other long-term debt instruments is based on the market value of debt with similar maturities, interest rates and risk characteristics. The fair value of our level 1 debt, as classified in the fair value hierarchy, was $748 million and $759 million at December 31, 2015 and December 31, 2014, respectively. We have classified the $390 million and $301 million as level 2 in the fair value hierarchy at December 31, 2015 and December 31, 2014, respectively, since we utilize valuation inputs that are observable both directly and indirectly. We classified the remaining $22 million and $46 million, consisting of foreign subsidiary debt, as level 3 in the fair value hierarchy at December 31, 2015, and December 31, 2014, respectively. The fair value hierarchy definition prioritizes the inputs used in measuring fair value into the following levels:
Foreign exchange forward contracts — We use derivative financial instruments, principally foreign currency forward purchase and sales contracts with terms of less than one year, to hedge our exposure to changes in foreign currency exchange rates. Our primary exposure to changes in foreign currency rates results from intercompany loans made between affiliates to minimize the need for borrowings from third parties. Additionally, we enter into foreign currency forward purchase and sale contracts to mitigate our exposure to changes in exchange rates on certain intercompany and third-party trade receivables and payables. We manage counter-party credit risk by entering into derivative financial instruments with major financial institutions that can be expected to fully perform under the terms of such agreements. We do not enter into derivative financial instruments for speculative purposes. The fair value of our foreign currency forward contracts is based on an internally developed model which incorporates observable inputs including quoted spot rates, forward exchange rates and discounted future expected cash flows utilizing market interest rates with similar quality and maturity characteristics. We record the change in fair value of these foreign exchange forward contracts as part of currency gains (losses) within cost of sales in the consolidated statements of income. The fair value of foreign exchange forward contracts are recorded in prepayments and other current assets or other current liabilities in the consolidated balance sheet. The fair value of our foreign currency forward contracts was a net asset position of $1 million at December 31, 2015 and a net liability position of less than $1 million at December 31, 2014. The following table summarizes by major currency the notional amounts for foreign currency forward purchase and sale contracts as of December 31, 2015 (all of which mature in 2016):
Guarantees — We have from time to time issued guarantees for the performance of obligations by some of our subsidiaries, and some of our subsidiaries have guaranteed our debt. All of our existing and future material domestic subsidiaries fully and unconditionally guarantee our senior credit facility and our senior notes on a joint and several basis. The arrangement for the senior credit facility is also secured by first-priority liens on substantially all our domestic assets and pledges of up to 66 percent of the stock of certain first-tier foreign subsidiaries. No assets or capital stock secure our senior notes. For additional information, refer to Note 13 of the consolidated financial statements of Tenneco Inc., where we present the Supplemental Guarantor Condensed Consolidating Financial Statements. We have two performance guarantee agreements in the U.K. between Tenneco Management (Europe) Limited (“TMEL”) and the two Walker Group Retirement Plans, the Walker Group Employee Benefit Plan and the Walker Group Executive Retirement Benefit Plan (the “Walker Plans”), whereby TMEL will guarantee the payment of all current and future pension contributions in event of a payment default by the sponsoring or participating employers of the Walker Plans. The Walker Plans are comprised of employees from Tenneco Walker (U.K.) Limited and our Futaba-Tenneco U.K. joint venture. Employer contributions are funded by both Tenneco Walker (U.K.) Limited, as the sponsoring employer and Futaba-Tenneco U.K., as a participating employer. The performance guarantee agreements are expected to remain in effect until all pension obligations for the Walker Plans’ sponsoring and participating employers have been satisfied. The maximum amount payable for these pension performance guarantees that is not attributable to Tenneco is approximately $7 million as of December 31, 2015 which is determined by taking 105 percent of the liability of the Walker Plans calculated under section 179 of the U.K. Pension Act of 2004 offset by plan assets multiplied by the ownership percentage in Futaba-Tenneco U.K. that is attributable to Futaba Industrial Co. Ltd. We did not record an additional liability for this performance guarantee since Tenneco Walker (U.K.) Limited, as the sponsoring employer of the Walker Plans, already recognizes 100 percent of the pension obligation calculated based on U.S. GAAP, for all of the Walker Plans’ participating employers on its balance sheet, which was $11 million and $17 million at December 31, 2015 and December 31, 2014, respectively. At December 31, 2015, all pension contributions under the Walker Plans were current for all of the Walker Plans’ sponsoring and participating employers. In June 2011, we entered into an indemnity agreement between TMEL and Futaba Industrial Co. Ltd. which requires Futaba to indemnify TMEL for any cost, loss or liability which TMEL may incur under the performance guarantee agreements relating to the Futaba-Tenneco U.K. joint venture. The maximum amount reimbursable by Futaba to TMEL under this indemnity agreement is equal to the amount incurred by TMEL under the performance guarantee agreements multiplied by Futaba’s shareholder ownership percentage of the Futaba-Tenneco U.K. joint venture. At December 31, 2015, the maximum amount reimbursable by Futaba to TMEL is approximately $7 million. We have issued guarantees through letters of credit in connection with some obligations of our affiliates. As of December 31, 2015, we have guaranteed $32 million in letters of credit to support some of our subsidiaries’ insurance arrangements, foreign employee benefit programs, environmental remediation activities and cash management and capital requirements. Financial Instruments — One of our European subsidiaries receives payment from one of its customers whereby the accounts receivable are satisfied through the delivery of negotiable financial instruments. We may collect these financial instruments before their maturity date by either selling them at a discount or using them to satisfy accounts receivable that have previously been sold to a European bank. Any of these financial instruments which are not sold are classified as other current assets. Such financial instruments held by our European subsidiary totaled less than $1 million and $1 million as of December 31, 2015 and December 31, 2014, respectively. In certain instances, several of our Chinese subsidiaries receive payment from customers through the receipt of financial instruments on the date the customer payments are due. Several of our Chinese subsidiaries also satisfy vendor payments through the delivery of financial instruments on the date the payments are due. Financial instruments issued to satisfy vendor payables and not redeemed totaled $15 million and $24 million at December 31, 2015 and December 31, 2014, respectively, and were classified as notes payable. Financial instruments received from OE customers and not redeemed totaled $8 million and $17 million at December 31, 2015 and December 31, 2014, respectively. We classify financial instruments received from our customers as other current assets if issued by a financial institution of our customers or as customer notes and accounts, net if issued by our customer. We classified $8 million and $17 million in other current assets at December 31, 2015 and December 31, 2014, respectively. The financial instruments received by one of our European subsidiaries and some of our Chinese subsidiaries are drafts drawn that are payable at a future date and, in some cases, are negotiable and/or are guaranteed by the banks of the customers. The use of these instruments for payment follows local commercial practice. Because certain of such financial instruments are guaranteed by our customers’ banks, we believe they represent a lower financial risk than the outstanding accounts receivable that they satisfy which are not guaranteed by a bank. Supply Chain Financing. Certain of our suppliers in the U.S. participate in a supply chain financing program under which they securitize their accounts receivables from Tenneco. Financial institutions participate in the supply chain financing program on an uncommitted basis and can cease purchasing receivables from Tenneco's suppliers at any time. If the financial institutions did not continue to purchase receivables from Tenneco's suppliers under this program, the participating vendors may have a need to renegotiate their payment terms with Tenneco which in turn would cause our borrowings under our revolving credit facility to increase. Restricted Cash - Some of our Chinese subsidiaries that issue their own financial instruments to pay vendors are required to maintain a cash balance if they exceed credit limits with the financial institution that guarantees the financial instruments. A restricted cash balance was required at those Chinese subsidiaries at December 31, 2015 for $1 million and was not required at December 31, 2014. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The domestic and foreign components of our income before income taxes and noncontrolling interests are as follows:
Following is a comparative analysis of the components of income tax expense:
Following is a reconciliation of income taxes computed at the statutory U.S. federal income tax rate (35 percent for all years presented) to the income tax expense reflected in the statements of income:
In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update 2015-17, Balance Sheet Classification of Deferred Taxes, which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. For public business entities, the standard is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for all companies in any interim or annual period. We adopted this standard as of December 31, 2015 and applied prospectively. Adoption of this guidance resulted in a reclassification of our net current deferred tax asset to the net non-current deferred tax asset in our Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted. The components of our net deferred tax assets were as follows:
State tax loss carryforwards have been presented net of uncertain tax positions that if realized, would reduce tax loss carryforwards in 2015 and 2014 by $3 million and $6 million, respectively. Additionally, foreign tax loss carryforwards, have been presented net of uncertain tax positions that if realized, would reduce tax loss carryforwards in 2015 and 2014 by $13 million and $12 million, respectively. Following is a reconciliation of deferred taxes to the deferred taxes shown in the balance sheet:
As a result of the valuation allowances recorded for $127 million and $139 million at December 31, 2015 and 2014, respectively, we have potential tax assets that were not recognized on our balance sheet. These unrecognized tax assets resulted primarily from foreign tax loss carryforwards, foreign investment tax credits, foreign research and development credits and U.S. state net operating losses that are available to reduce future tax liabilities. We reported income tax expense of $149 million, $131 million and $122 million in the years ended 2015, 2014 and 2013, respectively. The tax expense recorded in 2015 includes a net tax benefit of $15 million primarily relating to prior year U.S. research and development tax credits, changes to uncertain tax positions, and prior year income tax adjustments. The tax expense recorded in 2014 includes a net tax benefit of $11 million for prior year tax adjustments primarily relating to changes to uncertain tax positions and prior year income tax estimates. The tax expense recorded in 2013 differs from the expense that would be recorded using a U.S. Federal statutory rate of 35 percent primarily due to the impact of recording a valuation allowance against a tax benefit for restructuring activities in Spain and Belgium and U.S. taxes on repatriation of dividends, partially offset by tax adjustments related to recognizing a U.S. tax benefit for foreign taxes and a favorable mix of income generated in low tax rate jurisdictions. We have fully utilized our federal net operating loss ("NOL") as of June 30, 2014. The state NOLs expire in various tax years through 2032. We do not provide for U.S. income taxes on unremitted earnings of foreign subsidiaries, except for the earnings of certain of our China operations, as our present intention is to reinvest the unremitted earnings in our foreign operations. Unremitted earnings of foreign subsidiaries were approximately $731 million at December 31, 2015. We estimated that the amount of U.S. and foreign income taxes that would be accrued or paid upon remittance of the assets that represent those unremitted earnings was $150 million. The estimated U.S. and foreign income taxes on unremitted earnings may be impacted in the future if we are unable to claim a U.S. foreign tax credit. U.S. GAAP provides that a tax benefit from an uncertain tax position may be recognized when it is “more likely than not” that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. A reconciliation of our uncertain tax positions is as follows:
Included in the balance of uncertain tax positions were $110 million in 2015, $101 million in 2014, $107 million in 2013, of tax benefits, that if recognized, would affect the effective tax rate. We recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. Penalties of less than $1 million were accrued in 2015, 2014 and 2013. Additionally, we accrued interest income related to uncertain tax positions of less than $1 million in both 2015 and 2014, and interest expense of $2 million in 2013. Our liability for penalties was $2 million at December 31, 2015, $3 million at December 31, 2014 and $2 million at December 31, 2013, respectively, and our liability for interest was $6 million, $6 million, and $7 million at December 31, 2015, 2014 and 2013, respectively. Our uncertain tax position at December 31, 2015 and 2014 included exposures relating to the disallowance of deductions, global transfer pricing and various other issues. We believe it is reasonably possible that a decrease of up to $10 million in unrecognized tax benefits related to the expiration of foreign statute of limitations and the conclusion of income tax examinations may occur within the next twelve months. We are subject to taxation in the U.S. and various state and foreign jurisdictions. As of December 31, 2015, our tax years open to examination in primary jurisdictions are as follows:
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Common Stock | Common Stock We have authorized 135 million shares ($0.01 par value) of common stock, of which 65,067,132 shares and 64,454,248 shares were issued at December 31, 2015 and 2014, respectively. We held 7,473,325 and 3,244,692 shares of treasury stock at December 31, 2015 and 2014, respectively. Equity Plans — In December 1996, we adopted the 1996 Stock Ownership Plan, which permitted the granting of a variety of awards, including common stock, restricted stock, performance units, stock equivalent units, stock appreciation rights (“SARs”) and stock options to our directors, officers, employees and consultants. The 1996 plan, which terminated as to new awards on December 31, 2001, was renamed the “Stock Ownership Plan.” In December 1999, we adopted the Supplemental Stock Ownership Plan, which permitted the granting of a variety of similar awards to our directors, officers, employees and consultants. We were authorized to deliver up to about 1.1 million treasury shares of common stock under the Supplemental Stock Ownership Plan, which also terminated as to new awards on December 31, 2001. In March 2002, we adopted the 2002 Long-Term Incentive Plan which permitted the granting of a variety of similar awards to our officers, directors, employees and consultants. Up to 4 million shares of our common stock were authorized for delivery under the 2002 Long-Term Incentive Plan. In March 2006, we adopted the 2006 Long-Term Incentive Plan which replaced the 2002 Long-Term Incentive Plan and permits the granting of a variety of similar awards to directors, officers, employees and consultants. On May 13, 2009, our stockholders approved an amendment to the Tenneco Inc. 2006 Long-Term Incentive Plan to increase the shares of common stock available thereunder by 2.3 million. Each share underlying an award generally counts as one share against the total plan availability under the 2009 amendment, each share underlying a full value award (e.g. restricted stock), however, counts as 1.25 shares against the total plan availability. On May 15, 2013 our stockholders approved another amendment to the Tenneco Inc. 2006 Long-Term Incentive Plan to increase the shares of common stock available thereunder by 3.5 million. As part of this amendment, each share underlying a full value award subsequently issued counts as 1.49 shares against total plan availability. As of December 31, 2015, up to 3,042,433 shares of our common stock remain authorized for delivery under the 2006 Long-Term Incentive Plan. Our nonqualified stock options have seven to 20 year terms and vest equally over a three-year service period from the date of the grant. We have granted restricted common stock and stock options to our directors and certain key employees and restricted stock units, payable in cash, to certain key employees. These awards generally require, among other things, that the award holder remain in service to our company during the restriction period, which is currently three years, with a portion of the award vesting equally each year. We also have granted stock equivalent units and long-term performance units to certain key employees that are payable in cash. At December 31, 2015, the long-term performance units outstanding included a three-year grant for 2013-2015 payable in the first quarter of 2016, a three-year grant for 2014-2016 payable in the first quarter of 2017 and a three-year grant for 2015-2017 payable in the first quarter of 2018. Payment is based on the attainment of specified performance goals. Grant value is based on stock price, cumulative EBITDA and free cash flow metrics. In addition, we have granted SARs to certain key employees in our Asian and Indian operations that are payable in cash after a three-year service period. The grant value is indexed to the stock price. Accounting Methods — We have recorded compensation expense (net of taxes) of $2 million, $3 million, and $6 million in the years ended December 31, 2015, 2014 and 2013, respectively, related to nonqualified stock options as part of our selling, general and administrative expense. This resulted in a $0.03 decrease in basic and diluted earnings per share in 2015, a $0.06 decrease in basic and diluted earnings per share in 2014, and a $0.10 decrease in basic and a $0.09 decrease in diluted earnings per share in 2013. For employees eligible to retire at the grant date, we immediately expense stock options and restricted stock. If employees become eligible to retire during the vesting period, we immediately recognize any remaining expense associated with their stock options and restricted stock. As of December 31, 2015, there was approximately $2 million of unrecognized compensation costs related to our stock options awards that we expect to recognize over a weighted average period of 0.3 years. Compensation expense for restricted stock, restricted stock units, long-term performance units and SARs (net of taxes) was $12 million, $13 million, and $17 million for each of the years ended 2015, 2014 and 2013, respectively, and was recorded in selling, general, and administrative expense on the consolidated statements of income. Cash received from stock option exercises was $4 million in 2015, $10 million in 2014, and $15 million in 2013. Stock option exercises generated an excess tax benefit of $6 million in 2015, $12 million in 2014 and $6 million in 2013. We started to record this tax benefit in the third quarter of 2013 when we began utilizing our federal and state NOLs. We recorded a tax benefit of $26 million in 2014, of which $14 million was related to the historic tax benefit on stock options from 2011 to 2013. In 2013, we recorded a tax benefit of $24 million related to the historic tax benefit on stock options from 2006 through 2011. Assumptions — We calculated the fair values of stock option awards using the Black-Scholes option pricing model with the weighted average assumptions listed below. The fair value of share-based awards is determined at the time the awards are granted which is generally in January of each year, and requires judgment in estimating employee and market behavior. There were no stock options granted in 2015.
Expected volatility is calculated based on current implied volatility and historical realized volatility for the Company. Expected lives of options are based upon the historical and expected time to post-vesting forfeiture and exercise. We believe this method is the best estimate of the future exercise patterns currently available. The risk-free interest rates are based upon the Constant Maturity Rates provided by the U.S. Treasury. For our valuations, we used the continuous rate with a term equal to the expected life of the options. Stock Options — The following table reflects the status and activity for all options to purchase common stock for the period indicated:
Of the outstanding 1,144,719 options, 941,607 are currently exercisable and have an intrinsic value of $18 million, a weighted average exercise price of 31.85 and a weighted average remaining life of 3.8 years. The weighted average grant-date fair value of options granted during the years 2014 and 2013 was $26.48 and $19.91, respectively. There were no stock options granted in 2015. The total intrinsic value of options exercised during the years ended December 31, 2015, 2014, and 2013 was $10 million, $30 million and $19 million, respectively. The total fair value of shares vested was $6 million in both 2015 and 2014 and $5 million in 2013. Restricted Stock — The following table reflects the status for all nonvested restricted shares for the period indicated:
The fair value of restricted stock grants is equal to the average market price of our stock at the date of grant. As of December 31, 2015, approximately $15 million of total unrecognized compensation costs related to restricted stock awards is expected to be recognized over a weighted-average period of approximately 2.4 years. The weighted average grant-date fair value of restricted stock granted during the years 2015, 2014 and 2013 was $52.85, $55.26, and $36.40, respectively. The total fair value of restricted shares vested was $7 million in 2015, $8 million in 2014 and $6 million in 2013. Share Repurchase Program — In January 2013, our Board of Directors approved a share repurchase program, authorizing our company to repurchase up to 550,000 shares of our outstanding common stock over a 12 month period. This share repurchase program is intended to offset dilution from shares of restricted stock and stock options issued in 2013 to employees. We purchased 450,000 shares through open market purchases and 100,000 shares from the Tenneco Retirement Plan for Salaried Employees, both of which were funded through cash from operations, at a total cost of $27 million, at an average price of 49.33 per share. These repurchased shares are held as part of our treasury stock which increased to 2,844,692 shares at December 31, 2013 from 2,294,692 shares at December 31,2012. In January 2014, our Board of Directors approved a share repurchase program, authorizing our company to repurchase up to 400,000 shares of our outstanding common stock over a 12 month period. This share repurchase program is intended to offset dilution from shares of restricted stock and stock options issued in 2014 to employees. We purchased 400,000 shares through open market purchases, which were funded through cash from operations, at a total cost of $22 million, at an average price of $56.06 per share. These repurchased shares are held as part of our treasury stock which increased to 3,244,692 shares at December 31, 2014 from 2,844,692 shares at December 31, 2013. In January 2015, our Board of Directors approved a share repurchase program, authorizing our company to repurchase up to $350 million of our outstanding common stock over a three-year period. In October 2015 our Board of Directors expanded this share repurchase program, authorizing the repurchase of an additional $200 million of the Company’s outstanding common stock. We purchased 4,228,633 shares through open market purchases, which were funded through cash from operations, at a total cost of $213 million, at an average price of $50.32 per share. These repurchased shares are held as part of our treasury stock which increased to 7,473,325 at December 31, 2015 from 3,244,692 at December 31, 2014. We anticipate completing the additional $200 million share repurchase authorization by the end of 2017. Long-Term Performance Units, Restricted Stock Units and SARs — Long-term performance units, restricted stock units, and SARs are paid in cash and recognized as a liability based upon their fair value. As of December 31, 2015, $14 million of total unrecognized compensation costs is expected to be recognized over a weighted-average period of approximately 1.8 years. |
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Preferred Stock | Preferred Stock We had 50 million shares of preferred stock ($0.01 par value) authorized at December 31, 2015 and 2014, respectively. No shares of preferred stock were outstanding at those dates. |
Pension Plans, Postretirement and Other Employee Benefits |
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Pension Plans, Postretirement and Other Employee Benefits | Pension Plans, Postretirement and Other Employee Benefits Pension benefits are based on years of service and, for most salaried employees, on average compensation. Our funding policy is to contribute to the plans amounts necessary to satisfy the funding requirement of applicable federal or foreign laws and regulations. Of our $841 million benefit obligation at December 31, 2015, approximately $770 million required funding under applicable federal and foreign laws. The balance of our benefit obligation, $71 million, did not require funding under applicable federal or foreign laws and regulations. At December 31, 2015, we had approximately $657 million in assets to fund that obligation. Pension plan assets were invested in the following classes of securities:
The assets of some of our pension plans are invested in trusts that permit commingling of the assets of more than one employee benefit plan for investment and administrative purposes. Each of the plans participating in the trust has interests in the net assets of the underlying investment pools of the trusts. The investments for all our pension plans are recorded at estimated fair value, in compliance with the accounting guidance on fair value measurement. The following table presents our plan assets using the fair value hierarchy as of December 31, 2015 and 2014, respectively. The fair value hierarchy has three levels based on the methods used to determine the fair value. Level 1 assets refer to those asset values based on quoted market prices in active markets for identical assets at the measurement date. Level 2 assets refer to assets with values determined using significant other observable inputs, and Level 3 assets include values determined with non-observable inputs.
Level 1 assets were valued using market prices based on daily net asset value (NAV) or prices available daily through a public stock exchange. Level 2 assets were valued primarily using market prices, sometimes net of estimated realization expenses, and based on broker/dealer markets or in commingled funds where NAV is not available daily or publicly. For insurance contracts, the estimated surrender value of the policy was used to estimate fair market value. Level 3 assets in the Netherlands were valued using an industry standard model based on certain assumptions such as the U-return and estimated technical reserve. The table below summarizes the changes in the fair value of the Level 3 assets:
The following table contains information about significant concentrations of risk, including all individual assets that make up more than 5 percent of the total assets and any direct investments in Tenneco stock:
Our investment policy for both our domestic and foreign plans is to invest more heavily in equity securities than debt securities. Targeted pension plan allocations are 70 percent in equity securities and 30 percent in debt securities, with acceptable tolerance levels of plus or minus five percent within each category for our domestic plans. Our foreign plans are individually managed to different target levels depending on the investing environment in each country. In December 2015, in anticipation of an offer to active employees and retirees in the U.S. to receive their pension benefit as a lump sum payment, we reallocated a portion of the U.S. pension plan asset portfolio to a lower percentage of equity securities and a higher percentage of debt securities, resulting in a change in the average composition of the domestic investment portfolio to 51 percent equity and 49 percent debt securities. Following the planned distribution of lump sum settlement payments in December 2016, we expect to reestablish the domestic pension plan asset portfolio back to the targeted mix of 70 percent equity and 30 percent debt securities. Our approach to determining expected return on plan asset assumptions evaluates both historical returns as well as estimates of future returns, and adjusts for any expected changes in the long-term outlook for the equity and fixed income markets for both our domestic and foreign plans. A summary of the change in benefit obligation, the change in plan assets, the development of net amount recognized, and the amounts recognized in the balance sheets for the pension plans and postretirement benefit plan follows:
Assets of one plan may not be utilized to pay benefits of other plans. Additionally, the prepaid (accrued) pension cost has been recorded based upon certain actuarial estimates as described below. Those estimates are subject to revision in future periods given new facts or circumstances. Net periodic pension costs for the years 2015, 2014 and 2013, consist of the following components:
Amounts recognized in accumulated other comprehensive loss for pension benefits consist of the following components:
Amounts recognized for pension and postretirement benefits in other comprehensive income for the year ended December 31, 2015 and 2014 include the following components:
In 2016, we expect to recognize the following amounts, which are currently reflected in accumulated other comprehensive loss, as components of net periodic benefit cost:
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for all pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2015 and 2014 were as follows:
The following estimated benefit payments are payable from the pension plans to participants:
The following assumptions were used in the accounting for the pension plans for the years of 2015, 2014, and 2013:
We made contributions of $25 million to our pension plans during 2015. Based on current actuarial estimates, we believe we will be required to make contributions of $15 million to those plans during 2016. Pension contributions beyond 2016 will be required, but those amounts will vary based upon many factors, including the performance of our pension fund investments during 2016 and future discount rate changes. The Company announced and launched a voluntary program offering to buyout former employees vested in the U.S. pension plan during the third quarter of 2014. The process was completed in the fourth quarter of 2014. Based on participant responses, more than 60% of the former employees who were eligible to participate received a buyout. This resulted in a non-cash charge of $21 million. The cash payments to those former employees who elected to take the buyout were made from the pension plan's assets and did not impact the company's cash flow. This program reduced the outstanding U.S. pension liability by approximately $50 million. In February 2016, the Company launched a voluntary program to buy out active employees and retirees who have earned benefits in the U.S. pension plans and announced that the program is expected to be completed by the end of 2016 and will record a non-cash charge at that time. Cash payments to those who elect to take the buyout will be made from pension plan assets. We have life insurance plans which provided benefit to a majority of our U.S. employees. We also have postretirement plans for our U.S. employees hired before January 1, 2001. The plans cover salaried employees retiring on or after attaining age 55 who have at least 10 years of service with us. For hourly employees, the postretirement benefit plans generally cover employees who retire according to one of our hourly employee retirement plans. All of these benefits may be subject to deductibles, co-payment provisions and other limitations, and we have reserved the right to change these benefits. For those employees hired after January 1, 2001, we do not provide any postretirement benefits. Our postretirement healthcare and life insurance plans are not funded. The measurement date used to determine postretirement benefit obligations is December 31. Net periodic postretirement benefit cost for the years 2015, 2014, and 2013, consists of the following components:
In the fourth quarter of 2014, we recorded an $11 million adjustment to our postretirement medical expense as a result of approximately 170 retirees who were entitled to benefits but had not been included in the prior year calculations of net periodic postretirement benefit cost. In 2016, we expect to recognize the following amounts, which are currently reflected in accumulated other comprehensive loss, as components of net periodic benefit cost:
The following estimated postretirement benefit payments are payable from the plan to participants:
We do not expect to receive any future subsidies under the Medicare Prescription Drug, Improvement, and Modernization Act. The weighted-average assumed health care cost trend rate used in determining the 2015 accumulated postretirement benefit obligation was 7.0 percent, declining to 4.5 percent by 2026. For 2014, the health care cost trend rate was 6.5 percent declining to 4.5 percent by 2019 and for 2013, the health care cost trend rate was 7.0 percent declining to 4.5 percent by 2019. The following assumptions were used in the accounting for postretirement cost for the years of 2015, 2014 and 2013:
A one-percentage-point increase in the 2015 assumed health care cost trend rates would increase total service and interest cost by $1 million and would increase the postretirement benefit obligation by $15 million. A one-percentage-point decrease in the 2015 assumed health care cost trend rates would decrease the total service and interest cost by $1 million and decrease the postretirement benefit obligation by $13 million. Based on current actuarial estimates, we believe we will be required to make postretirement contributions of approximately $9 million during 2016. Effective January 1, 2012, the Tenneco Employee Stock Ownership Plan for Hourly Employees and the Tenneco Employee Stock Ownership Plan for Salaried Employees were merged into one plan called the Tenneco 401(k) Retirement Savings Plan (the “Retirement Savings Plan”). Under the plan, subject to limitations in the Internal Revenue Code, participants may elect to defer up to 75 percent of their salary through contributions to the plan, which are invested in selected mutual funds or used to buy our common stock. We match 100 percent of an employee's contributions up to three percent of the employee's salary and 50 percent of an employee's contributions that are between three percent and five percent of the employee's salary. In connection with freezing the defined benefit pension plans for nearly all U.S. based salaried and non-union hourly employees effective December 31, 2006, and the related replacement of those defined benefit plans with defined contribution plans, we are making additional contributions to the Employee Stock Ownership Plans. We recorded expense for these contributions of approximately $27 million, $25 million and $23 million in 2015, 2014 and 2013, respectively. Matching contributions vest immediately. Defined benefit replacement contributions fully vest on the employee’s third anniversary of employment. |
Segment and Geographic Area Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Geographic Area Information | Segment and Geographic Area Information We are organized and manage our business along our two major product lines (clean air and ride performance) and three geographic areas (North America; Europe, South America and India; and Asia Pacific), resulting in six operating segments (North America Clean Air, North America Ride Performance, Europe, South America and India Clean Air, Europe, South America and India Ride Performance, Asia Pacific Clean Air and Asia Pacific Ride Performance). Within each geographical area, each operating segment manufactures and distributes either clean air or ride performance products primarily for the original equipment and aftermarket industries. Each of the six operating segments constitutes a reportable segment. Costs related to other business activities, primarily corporate headquarter functions, are disclosed separately from the six operating segments as "Other." We evaluate segment performance based primarily on earnings before interest expense, income taxes, and noncontrolling interests. Products are transferred between segments and geographic areas on a basis intended to reflect as nearly as possible the "market value" of the products. Segment results for 2015, 2014 and 2013 are as follows:
The following table shows information relating to our external customer revenues for each product or each group of similar products:
The following customers accounted for 10 percent or more of our net sales in the last three years. The net sales to both customers were across segments.
The following table shows information relating to the geographic regions in which we operate:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Capital Commitments We estimate that expenditures aggregating approximately $89 million will be required after December 31, 2015 to complete facilities and projects authorized at such date, and we have made substantial commitments in connection with these facilities and projects. Lease Commitments We have long-term leases for certain facilities, equipment and other assets. The minimum lease payments under our non-cancelable operating leases with lease terms in excess of one year are $38 million in 2016, $28 million in 2017, $18 million in 2018, $13 million in 2019, and $13 million in 2020 and $15 million in subsequent years. The minimum lease payments under our non-cancelable capital leases with lease terms in excess of one year are less than $1 million in each of the next five years. Total rental expense for the year 2015, 2014 and 2013 was $61 million, $64 million and $58 million, respectively. Environmental Matters, Legal Proceedings and Product Warranties We are involved in environmental remediation matters, legal proceedings, claims, investigations and warranty obligations. These matters are typically incidental to the conduct of our business and create the potential for contingent losses. We accrue for potential contingent losses when our review of available facts indicates that it is probable a loss has been incurred and the amount of the loss is reasonably estimable. Each quarter we assess our loss contingencies based upon currently available facts, existing technology, presently enacted laws and regulations and taking into consideration the likely effects of inflation and other societal and economic factors and record adjustments to these reserves as required. As an example, we consider all available evidence including prior experience in remediation of contaminated sites, other companies’ cleanup experiences and data released by the United States Environmental Protection Agency or other organizations when we evaluate our environmental remediation contingencies. All of our loss contingency estimates are subject to revision in future periods based on actual costs or new information. With respect to our environmental liabilities, where future cash flows are fixed or reliably determinable, we have discounted those liabilities. We evaluate recoveries separately from the liability and, when they are assured, recoveries are recorded and reported separately from the associated liability in our consolidated financial statements. Environmental Matters We are subject to a variety of environmental and pollution control laws and regulations in all jurisdictions in which we operate. We expense or capitalize, as appropriate, expenditures for ongoing compliance with environmental regulations that relate to current operations. We expense costs related to an existing condition caused by past operations that do not contribute to current or future revenue generation. As of December 31, 2015, we have the obligation to remediate or contribute towards the remediation of certain sites, including one Federal Superfund site. At December 31, 2015, our aggregated estimated share of environmental remediation costs for all these sites on a discounted basis was approximately $14 million, of which $2 million is recorded in other current liabilities and $12 million is recorded in deferred credits and other liabilities in our consolidated balance sheet. For those locations where the liability was discounted, the weighted average discount rate used was 1.8 percent. The undiscounted value of the estimated remediation costs was $17 million. Our expected payments of environmental remediation costs are estimated to be approximately $2 million in 2016, $1 million each year beginning 2017 through 2020 and $11 million in aggregate thereafter. Based on information known to us, we have established reserves that we believe are adequate for these costs. Although we believe these estimates of remediation costs are reasonable and are based on the latest available information, the costs are estimates and are subject to revision as more information becomes available about the extent of remediation required. At some sites, we expect that other parties will contribute to the remediation costs. In addition, certain environmental statutes provide that our liability could be joint and several, meaning that we could be required to pay in excess of our share of remediation costs. Our understanding of the financial strength of other potentially responsible parties at these sites has been considered, where appropriate, in our determination of our estimated liability. We do not believe that any potential costs associated with our current status as a potentially responsible party in the Federal Superfund site, or as a liable party at the other locations referenced herein, will be material to our consolidated financial position, results of operations, or liquidity. Antitrust Investigations On March 25, 2014, representatives of the European Commission were at Tenneco GmbH's Edenkoben, Germany administrative facility to gather information in connection with an ongoing global antitrust investigation concerning multiple automotive suppliers. On March 25, 2014, we also received a related subpoena from the U.S. Department of Justice (“DOJ”). On November 5, 2014, the DOJ granted us conditional leniency pursuant to an agreement we entered into under the Antitrust Division’s Corporate Leniency Policy. This agreement provides us with important benefits in exchange for our self reporting of matters to the DOJ and our continuing full cooperation with the DOJ’s resulting investigation. For example, the DOJ will not bring any criminal antitrust prosecution against us, nor seek any criminal fines or penalties, in connection with the matters we reported to the DOJ. Additionally, there are limits on our liability related to any follow on civil antitrust litigation in the U.S. The limits include single rather than treble damages, as well as relief from joint and several antitrust liability with other relevant civil antitrust action defendants. These limits are subject to our satisfying the DOJ and any court presiding over such follow on civil litigation. We cannot provide any assurance as to when such actions will be filed in the future or how they will ultimately be resolved. Certain other competition agencies are also investigating possible violations of antitrust laws relating to products supplied by our company. We have cooperated and continue to cooperate fully with all of these antitrust investigations, and take other actions to minimize our potential exposure. Antitrust law investigations and related matters often continue for several years and can result in significant penalties and liability. At this point, we cannot estimate the ultimate impact on our company from investigations into our antitrust compliance and related matters in light of the uncertainties and many variables involved, and there can be no assurance that the ultimate resolution of these matters, including any civil litigation claims, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity. Other Legal Proceedings, Claims and Investigations We are also from time to time involved in other legal proceedings, claims or investigations. Some of these matters involve allegations of damages against us relating to environmental liabilities (including, toxic tort, property damage and remediation), intellectual property matters (including patent, trademark and copyright infringement, and licensing disputes), personal injury claims (including injuries due to product failure, design or warning issues, and other product liability related matters), taxes, employment matters, and commercial or contractual disputes, sometimes related to acquisitions or divestitures. Additionally, some of these matters involve allegations relating to legal compliance. For example, one of our Argentine subsidiaries is currently defending itself against a criminal complaint alleging the failure to comply with laws requiring the proceeds of export transactions to be collected, reported and/or converted to local currency within specified time periods. As another example, in the U.S. we are subject to an audit in 11 states with respect to the payment of unclaimed property to those states, spanning a period as far back as over 30 years. While we vigorously defend ourselves against all of these legal proceedings, claims and investigations and take other actions to minimize our potential exposure, in future periods, we could be subject to cash costs or charges to earnings if any of these matters are resolved on unfavorable terms. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on current information, including our assessment of the merits of the particular claim, except as described above under "Antitrust Investigations," we do not expect the legal proceedings, claims or investigations currently pending against us will have any material adverse impact on our consolidated financial position, results of operations or liquidity. In addition, for many years we have been and continue to be subject to lawsuits initiated by claimants alleging health problems as a result of exposure to asbestos. Our current docket of active and inactive cases is less than 500 cases nationwide. A small number of claims have been asserted against one of our subsidiaries by railroad workers alleging exposure to asbestos products in railroad cars. The substantial majority of the remaining claims are related to alleged exposure to asbestos in our automotive products although a significant number of those claims appear also to involve occupational exposures sustained in industries other than automotive. We believe, based on scientific and other evidence, it is unlikely that claimants were exposed to asbestos by our former products and that, in any event, they would not be at increased risk of asbestos-related disease based on their work with these products. Further, many of these cases involve numerous defendants, with the number in some cases exceeding 100 defendants from a variety of industries. Additionally, the plaintiffs either do not specify any, or specify the jurisdictional minimum, dollar amount for damages. As major asbestos manufacturers and/or users continue to go out of business or file for bankruptcy, we may experience an increased number of these claims. We vigorously defend ourselves against these claims as part of our ordinary course of business. In future periods, we could be subject to cash costs or charges to earnings if any of these matters are resolved unfavorably to us. To date, with respect to claims that have proceeded sufficiently through the judicial process, we have regularly achieved favorable resolutions. Accordingly, we presently believe that these asbestos-related claims will not have a material adverse impact on our future consolidated financial position, results of operations or liquidity. Warranty Matters We provide warranties on some of our products. The warranty terms vary but range from one year up to limited lifetime warranties on some of our premium aftermarket products. Provisions for estimated expenses related to product warranty are made at the time products are sold or when specific warranty issues are identified on OE products. These estimates are established using historical information about the nature, frequency, and average cost of warranty claims. We actively study trends of our warranty claims and take action to improve product quality and minimize warranty claims. We believe that the warranty reserve is appropriate; however, actual claims incurred could differ from the original estimates, requiring adjustments to the reserve. The reserve is included in both current and long-term liabilities on the balance sheet. Below is a table that shows the activity in the warranty accrual accounts:
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Supplemental Guarantor Condensed Consolidating Financial Statements |
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Guarantor Condensed Consolidating Financial Statements | Supplemental Guarantor Condensed Consolidating Financial Statement Basis of Presentation Substantially all of our existing and future material domestic 100% owned subsidiaries (which are referred to as the Guarantor Subsidiaries) fully and unconditionally guarantee our senior notes due in 2020 and 2024 on a joint and several basis. However, a subsidiary’s guarantee may be released in certain customary circumstances such as a sale of the subsidiary or all or substantially all of its assets in accordance with the indenture applicable to the notes. The Guarantor Subsidiaries are combined in the presentation below. These consolidating financial statements are presented on the equity method. Under this method, our investments are recorded at cost and adjusted for our ownership share of a subsidiary’s cumulative results of operations, capital contributions and distributions, and other equity changes. You should read the condensed consolidating financial information of the Guarantor Subsidiaries in connection with our condensed consolidated financial statements and related notes of which this note is an integral part. Distributions There are no significant restrictions on the ability of the Guarantor Subsidiaries to make distributions to us. STATEMENT OF COMPREHENSIVE INCOME (LOSS)
STATEMENT OF COMPREHENSIVE INCOME (LOSS)
STATEMENT OF COMPREHENSIVE INCOME (LOSS)
BALANCE SHEET
BALANCE SHEET
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS
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Quarterly Financial Data (Unaudited) |
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Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited)
(The preceding notes are an integral part of the foregoing consolidated financial statements.) |
VALUATION AND QUALIFYING ACCOUNTS |
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VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II TENNECO INC. AND CONSOLIDATED SUBSIDIARIES SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
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Summary of Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||
Consolidation and Presentation | Consolidation and Presentation Our consolidated financial statements include all majority-owned subsidiaries. We carry investments in 20 percent to 50 percent owned companies in which the Company does not have a controlling interest, as equity method investments, at cost plus equity in undistributed earnings since the date of acquisition and cumulative translation adjustments. We have eliminated intercompany transactions. We have evaluated all subsequent events through the date our financial statements were issued. |
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include among others, allowances for doubtful receivables, promotional and product returns, pension and postretirement benefit plans, income taxes, and contingencies. |
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Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests We have noncontrolling interests in five joint ventures with redemption features that could require us to purchase the noncontrolling interests at fair value in the event of a change in control of Tenneco Inc. or certain of our subsidiaries. We do not believe that it is probable that the redemption features in any of these joint venture agreements will be triggered. However, the redemption of these shares is not solely within our control. Accordingly, the related noncontrolling interests are presented as “Redeemable noncontrolling interests” in the temporary equity section of our consolidated balance sheets. |
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Inventories | Our inventories are stated at the lower of cost or market value using the first-in, first-out (“FIFO”) or average cost methods. |
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Goodwill and Intangibles, net | Goodwill and Intangibles, net We evaluate goodwill for impairment in the fourth quarter of each year, or more frequently if events indicate it is warranted. The goodwill impairment test consists of a two-step process. In step one, we compare the estimated fair value of our reporting units with goodwill to the carrying value of the unit’s assets and liabilities to determine if impairment exists within the recorded balance of goodwill. We estimate the fair value of each reporting unit using the income approach which is based on the present value of estimated future cash flows. The income approach is dependent on a number of factors, including estimates of market trends, forecasted revenues and expenses, capital expenditures, weighted average cost of capital and other variables. A separate discount rate derived by a combination of published sources, internal estimates and weighted based on our debt to equity ratio, was used to calculate the discounted cash flows for each of our reporting units. These estimates are based on assumptions that we believe to be reasonable, but which are inherently uncertain and outside of the control of management. If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist which requires step two to be performed to measure the amount of the impairment loss. The amount of impairment is determined by comparing the implied fair value of a reporting unit’s goodwill to its carrying value. |
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Plant, Property, and Equipment, at Cost | We depreciate these properties excluding land on a straight-line basis over the estimated useful lives of the assets. Useful lives range from 10 to 50 years for buildings and improvements and from 3 to 25 years for machinery and equipment. |
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Notes and Accounts Receivable and Allowance for Doubtful Accounts | Notes and Accounts Receivable and Allowance for Doubtful Accounts Receivables consist of amounts billed and currently due from customers and unbilled pre-production design and development costs. |
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Pre-production Design and Development and Tooling Assets | Pre-production Design and Development and Tooling Assets We expense pre-production design and development costs as incurred unless we have a contractual guarantee for reimbursement from the original equipment customer. |
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Internal Use Software Assets | Internal Use Software Assets We capitalize certain costs related to the purchase and development of software that we use in our business operations. We amortize the costs attributable to these software systems over their estimated useful lives, ranging from 3 to 12 years, based on various factors such as the effects of obsolescence, technology, and other economic factors. |
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Income Taxes | Income Taxes We recognize deferred tax assets and liabilities on the basis of the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax values, and net operating losses ("NOL") and tax credit carryforwards on a taxing jurisdiction basis. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or paid. We evaluate our deferred income taxes quarterly to determine if valuation allowances are required or should be adjusted. U.S. GAAP requires that companies assess whether valuation allowances should be established against their deferred tax assets based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. This assessment considers, among other matters, the nature, frequency and amount of recent losses, the duration of statutory carryforward periods, and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified. Valuation allowances have been established in certain foreign jurisdictions for deferred tax assets based on a “more likely than not” threshold. The ability to realize deferred tax assets depends on our ability to generate sufficient taxable income within the carryforward periods provided for in the tax law for each tax jurisdiction. We have considered the following possible sources of taxable income when assessing the realization of our deferred tax assets:
The valuation allowances recorded against deferred tax assets generated by taxable losses in foreign jurisdictions will impact our provision for income taxes until the valuation allowances are released. Our provision for income taxes will include no tax benefit for losses incurred and no tax expense with respect to income generated in these jurisdictions until the respective valuation allowance is eliminated. |
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Revenue Recognition | Revenue Recognition We recognize revenue for sales to our original equipment and aftermarket customers when title and risk of loss passes to the customers under the terms of our arrangements with those customers, which is usually at the time of shipment from our plants or distribution centers. Generally, in connection with the sale of exhaust systems to certain original equipment manufacturers, we purchase catalytic converters and diesel particulate filters or components thereof including precious metals (“substrates”) on behalf of our customers which are used in the assembled system. These substrates are included in our inventory and “passed through” to the customer at our cost, plus a small margin, since we take title to the inventory and are responsible for both the delivery and quality of the finished product. Revenues recognized for substrate sales were $1,916 million, $1,934 million and $1,835 million in 2015, 2014 and 2013, respectively. For our aftermarket customers, we provide for promotional incentives and returns at the time of sale. Estimates are based upon the terms of the incentives and historical experience with returns. Certain taxes assessed by governmental authorities on revenue producing transactions, such as value added taxes, are excluded from revenue and recorded on a net basis. Shipping and handling costs billed to customers are included in revenues and the related costs are included in cost of sales in our consolidated statements of income (loss). |
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Warranty Reserves | Warranty Reserves Where we have offered product warranty, we also provide for warranty costs. Provisions for estimated expenses related to product warranty are made at the time products are sold or when specific warranty issues are identified on OE products. These estimates are established using historical information about the nature, frequency, and average cost of warranty claims and upon specific warranty issues as they arise. The warranty terms vary but range from one year up to limited lifetime warranties on some of our premium aftermarket products. We actively study trends of our warranty claims and take action to improve product quality and minimize warranty claims. While we have not experienced any material differences between these estimates and our actual costs, it is reasonably possible that future warranty issues could arise that could have a significant impact on our consolidated financial statements. |
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Earnings Per Share | Earnings Per Share We compute basic earnings per share by dividing income available to common shareholders by the weighted-average number of common shares outstanding. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that we adjust the weighted-average number of shares outstanding to include estimates of additional shares that would be issued if potentially dilutive common shares had been issued. In addition, we adjust income available to common shareholders to include any changes in income or loss that would result from the assumed issuance of the dilutive common shares. |
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Engineering, Research and Development | Engineering, Research and Development We expense engineering, research, and development costs as they are incurred. Engineering, research, and development expenses were $146 million for 2015, $169 million for 2014, and $144 million for 2013, net of reimbursements from our customers. Our customers reimburse us for engineering, research, and development costs on some platforms when we prepare prototypes and incur costs before platform awards. |
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Advertising and Promotion Expenses | Advertising and Promotion Expenses We expense advertising and promotion expenses as they are incurred. |
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Foreign Currency Translation | Foreign Currency We translate the consolidated financial statements of foreign subsidiaries into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted-average exchange rate for revenues and expenses in each period. We record translation adjustments for those subsidiaries whose local currency is their functional currency as a component of accumulated other comprehensive income (loss) in shareholders’ equity. We recognize transaction gains and losses arising from fluctuations in currency exchange rates on transactions denominated in currencies other than the functional currency in earnings as incurred, except for those intercompany balances which are designated as long-term investments. |
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Risk Management Activities | We use derivative financial instruments, principally foreign currency forward purchase and sales contracts with terms of less than one year, to hedge our exposure to changes in foreign currency exchange rates. Our primary exposure to changes in foreign currency rates results from intercompany loans made between affiliates to minimize the need for borrowings from third parties. Additionally, we enter into foreign currency forward purchase and sale contracts to mitigate our exposure to changes in exchange rates on certain intercompany and third-party trade receivables and payables. We manage counter-party credit risk by entering into derivative financial instruments with major financial institutions that can be expected to fully perform under the terms of such agreements. We do not enter into derivative financial instruments for speculative purposes. In managing our foreign currency exposures, we identify and aggregate existing offsetting positions and then hedge residual exposures through third-party derivative contracts. The fair value of our foreign currency forward contracts was a net asset position of $1 million at December 31, 2015 and a net liability position of less than $1 million at December 31, 2014 and is based on an internally developed model which incorporates observable inputs including quoted spot rates, forward exchange rates and discounted future expected cash flows utilizing market interest rates with similar quality and maturity characteristics. We record the change in fair value of these foreign exchange forward contracts as part of currency gains (losses) within cost of sales in the consolidated statements of income (loss). The fair value of foreign exchange forward contracts are recorded in prepayments and other current assets or other current liabilities in the consolidated balance sheet. |
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New Accounting Pronouncements | New Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update 2015-17, Balance Sheet Classification of Deferred Taxes, which requires companies to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. For public business entities, the standard is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for all companies in any interim or annual period. We adopted this standard as of December 31, 2015 and applied prospectively. Adoption of this guidance resulted in a reclassification of our net current deferred tax asset to the net non-current deferred tax asset in our Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted. In May 2015, the FASB issued Accounting Standard Update (ASU) No. 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Such investments should be disclosed separate from the fair value hierarchy. For public business entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this guidance is not expected to have an impact on the Company's consolidated financial statements but will impact pension asset disclosure. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. For public business entities, the standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this update is permitted for financial statements that have not been previously issued. We adopted this standard for the first quarter of 2015 and applied retrospectively. Please refer to note 5 in our notes to consolidated financial statements located in Part II Item 8 of this Form 10-K for further discussion. In May 2014, the FASB issued an amendment on revenue recognition. The amendment in this update creates Topic 606, Revenue from Contracts with Customers, and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendment supersedes the cost guidance in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts, and creates new Subtopic 340-40, Other Assets and Deferred Costs-Contracts with Customers. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The FASB has approved a one-year deferral of the effective date from January 1, 2017 to January 1, 2018, while allowing for early adoption as of January 1, 2017 for public entities. We will adopt this amendment on January1, 2018. We are currently evaluating the potential impact of this new guidance on our consolidated financial statements. |
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Restricted Net Assets | Restricted Net Assets In certain countries where we operate, transfers of funds out of such countries by way of dividends, loans or advances are subject to certain central bank restrictions which require approval from the central bank authorities prior to transferring funds out of these countries. The countries in which we operate that have such restrictions include Argentina, China, South Africa, and Thailand. |
Summary of Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | The following is a rollforward of activity in our redeemable noncontrolling interests for the years ending December 31, 2015, 2014 and 2013, respectively:
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Inventories by Major Classification | Inventories At December 31, 2015 and 2014, inventory by major classification was as follows:
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Changes in Net Carrying Amount of Goodwill | The changes in the net carrying amount of goodwill for the years ended December 31, 2015, 2014 and 2013 were as follows:
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Carrying Amount and Accumulated Amortization of Finite Useful Life Intangible Assets | The carrying amount and accumulated amortization of our finite useful life intangible assets were as follows:
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Property, Plant and Equipment | At December 31, 2015 and 2014, plant, property, and equipment, at cost, by major category were as follows:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Earnings Per Share of Common Stock | Earnings per share of common stock outstanding were computed as follows:
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Acquisitions and Divestitures (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to Noncontrolling Interest | The table below summaries the net income attributable to Tenneco Inc. and transfers to the noncontrolling interest:
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Restructuring and Other Charges (Tables) |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Roll Forward of Restructuring Reserve | Amounts related to activities that are part of our restructuring plans are as follows:
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Long-Term Debt, Short-Term Debt, and Financing Arrangements (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-term Debt Obligations | Long-Term Debt A summary of our long-term debt obligations at December 31, 2015 and 2014, is set forth in the following table:
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Summary of Short-term Debt Obligations | Information regarding our short-term debt as of and for the years ended December 31, 2015 and 2014 is as follows:
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Financing Arrangements | Financing Arrangements
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Financial Ratios under Senior Credit Facility | The financial ratios required under the amended and restated senior credit facility (or the predecessor facility, as applicable) and the actual ratios we achieved for the four quarters of 2015, are as follows:
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Proforma Consolidated Leverage Ratio | So long as no default existed, we would, however, under our senior credit facility agreement, be permitted to repay or refinance our senior notes (i) with the net cash proceeds of permitted refinancing indebtedness (as defined in the senior credit facility agreement) or with the net cash proceeds of our common stock in each case issued within 180 days prior to such repayment; (ii) with the net cash proceeds of the incremental facilities (as defined in the senior credit facility agreement) and certain indebtedness incurred by our foreign subsidiaries; (iii) with the proceeds of the revolving loans (as defined in the senior credit facility agreement); (iv) with the cash generated by our operations; (v) in an amount equal to the net cash proceeds of qualified capital stock (as defined in the senior credit facility agreement) issued by us after December 8, 2014; and (vi) in exchange for permitted refinancing indebtedness or in exchange for shares of our common stock; provided that such purchases are capped as follows (with respect to clauses (iii), (iv) and (v) based on a pro forma consolidated leverage ratio after giving effect to such purchase, cancellation or redemption):
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Financial Instruments (Tables) |
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Disclosure Financial Instruments Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying and Estimated Fair Value | The carrying and estimated fair values of our financial instruments by class at December 31, 2015 and 2014 were as follows:
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Summarization for Foreign Currency Forward Purchase and Sale Contracts | The following table summarizes by major currency the notional amounts for foreign currency forward purchase and sale contracts as of December 31, 2015 (all of which mature in 2016):
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before Income Taxes and Noncontrolling Interests | The domestic and foreign components of our income before income taxes and noncontrolling interests are as follows:
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Comparative Analysis of Components of Income Tax Expense | Following is a comparative analysis of the components of income tax expense:
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Reconciliation of Income Taxes Computed at Statutory U.S. Federal Income Tax Rate to Income Tax Expense | Following is a reconciliation of income taxes computed at the statutory U.S. federal income tax rate (35 percent for all years presented) to the income tax expense reflected in the statements of income:
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Components of Our Net Deferred Tax Assets | The components of our net deferred tax assets were as follows:
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Reconciliation of Deferred Taxes to Deferred Taxes Shown In Balance Sheet | Following is a reconciliation of deferred taxes to the deferred taxes shown in the balance sheet:
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Reconciliation of our Uncertain Tax Positions | A reconciliation of our uncertain tax positions is as follows:
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Tax Years Open to Examination in Primary Jurisdictions | We are subject to taxation in the U.S. and various state and foreign jurisdictions. As of December 31, 2015, our tax years open to examination in primary jurisdictions are as follows:
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Common Stock (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Assumptions Used for Calculating Fair Values of Stock Option Awards | The fair value of share-based awards is determined at the time the awards are granted which is generally in January of each year, and requires judgment in estimating employee and market behavior. There were no stock options granted in 2015.
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Stock Options Status and Activity | The following table reflects the status and activity for all options to purchase common stock for the period indicated:
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Nonvested Restricted Shares | The following table reflects the status for all nonvested restricted shares for the period indicated:
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Pension Plans, Postretirement and Other Employee Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Pension Plan Assets Invested | Pension plan assets were invested in the following classes of securities:
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Plan Assets using Fair Value Hierarchy | The following table presents our plan assets using the fair value hierarchy as of December 31, 2015 and 2014, respectively. The fair value hierarchy has three levels based on the methods used to determine the fair value. Level 1 assets refer to those asset values based on quoted market prices in active markets for identical assets at the measurement date. Level 2 assets refer to assets with values determined using significant other observable inputs, and Level 3 assets include values determined with non-observable inputs.
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Changes in Fair Value of Level 3 Assets | The table below summarizes the changes in the fair value of the Level 3 assets:
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Significant Concentrations of Risk | The following table contains information about significant concentrations of risk, including all individual assets that make up more than 5 percent of the total assets and any direct investments in Tenneco stock:
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Amounts Recognized in Balance Sheets for Pension Plans and Postretirement Benefit Plan | A summary of the change in benefit obligation, the change in plan assets, the development of net amount recognized, and the amounts recognized in the balance sheets for the pension plans and postretirement benefit plan follows:
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Components of Net Periodic Benefit Cost | Net periodic postretirement benefit cost for the years 2015, 2014, and 2013, consists of the following components:
Net periodic pension costs for the years 2015, 2014 and 2013, consist of the following components:
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Amounts recognized in accumulated other comprehensive loss for pension benefits | Amounts recognized in accumulated other comprehensive loss for pension benefits consist of the following components:
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Amounts Recognized for Pension and Postretirement Benefits in Other Comprehensive Income | Amounts recognized for pension and postretirement benefits in other comprehensive income for the year ended December 31, 2015 and 2014 include the following components:
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Components of Net Periodic Benefit Cost | In 2016, we expect to recognize the following amounts, which are currently reflected in accumulated other comprehensive loss, as components of net periodic benefit cost:
In 2016, we expect to recognize the following amounts, which are currently reflected in accumulated other comprehensive loss, as components of net periodic benefit cost:
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Projected Benefit Obligation Accumulated Benefit Obligation and Fair Value of Plan Assets for all Pension Plans | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for all pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2015 and 2014 were as follows:
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Estimated Pension Plan Benefit Payments | The following estimated benefit payments are payable from the pension plans to participants:
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Assumptions used in accounting for Pension Plans | The following assumptions were used in the accounting for the pension plans for the years of 2015, 2014, and 2013:
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Estimated Postretirement Benefit Payments | The following estimated postretirement benefit payments are payable from the plan to participants:
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Postretirement Cost | The following assumptions were used in the accounting for postretirement cost for the years of 2015, 2014 and 2013:
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Segment and Geographic Area Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment results for 2015, 2014 and 2013 are as follows:
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Revenue from External Customers Table | The following table shows information relating to our external customer revenues for each product or each group of similar products:
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Revenue Percent by Major Customers | The following customers accounted for 10 percent or more of our net sales in the last three years. The net sales to both customers were across segments.
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Geographic Information Table | The following table shows information relating to the geographic regions in which we operate:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranty Accrual Table | Below is a table that shows the activity in the warranty accrual accounts:
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Supplemental Guarantor Condensed Consolidating Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of Comprehensive Income (Loss) | STATEMENT OF COMPREHENSIVE INCOME (LOSS)
STATEMENT OF COMPREHENSIVE INCOME (LOSS)
STATEMENT OF COMPREHENSIVE INCOME (LOSS)
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Balance Sheet | BALANCE SHEET
BALANCE SHEET
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Statement of Cash Flows | STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS
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Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data |
|
Summary of Accounting Policies - Consolidation and Presentation (Narrative) (Details) |
Dec. 31, 2015 |
---|---|
Minimum [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |
Range of percentages of investments, equity method investments | 20.00% |
Maximum [Member] | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |
Range of percentages of investments, equity method investments | 50.00% |
Summary of Accounting Policies - Redeemable Noncontrolling Interests (Narrative) (Details) $ in Millions |
1 Months Ended | 12 Months Ended |
---|---|---|
May. 31, 2014
USD ($)
|
Dec. 31, 2015
joint_venture
|
|
Redeemable Noncontrolling Interest [Line Items] | ||
Number of Joint Ventures | joint_venture | 5 | |
Tenneco Fusheng (chendu) Automobile Parts Co Ltd [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Buisness Sale Percentage of Voting Interest Sold | 45.00% | |
Proceeds from Sale of Equity Method Investments | $ | $ 4 | |
Equity Ownership Percentage after Additional Sale | 55.00% | |
Equity Ownership Percentage Before Additional Sale | 100.00% |
Summary of Accounting Policies - Redeemable Non Controlling Interest (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Redeemable Noncontrolling Interest [Roll Forward] | |||
Beginning Balance | $ 35 | $ 20 | $ 15 |
Net income attributable to redeemable noncontrolling interests | 33 | 23 | 14 |
Sale of 45 percent equity interest from Tenneco Inc | 0 | 4 | 0 |
Capital Contributions | 0 | 1 | 0 |
Dividends declared | (24) | (13) | (9) |
Ending Balance | $ 43 | $ 35 | $ 20 |
Summary of Accounting Policies - Inventories by Major Classification (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Accounting Policies [Abstract] | ||
Finished goods | $ 257 | $ 272 |
Work in process | 233 | 221 |
Raw materials | 135 | 137 |
Materials and supplies | 57 | 58 |
Inventories | $ 682 | $ 688 |
Summary of Accounting Policies - Goodwill and Intangibles, Net (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Intangible Assets And Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 5 | $ 4 | $ 5 |
Estimated amortization of intangible assets, 2016 | 3 | ||
Estimated amortization of intangible assets, 2017 | 2 | ||
Estimated amortization of intangible assets, 2018 | 1 | ||
Estimated amortization of intangible assets, 2019 | 1 | ||
Estimated amortization of intangible assets, 2020 | 1 | ||
North America | Ride Performance Division | |||
Intangible Assets And Goodwill [Line Items] | |||
Goodwill, Impaired, Accumulated Impairment Loss | 306 | ||
Europe, South America & India | Clean Air Division | |||
Intangible Assets And Goodwill [Line Items] | |||
Goodwill, Impaired, Accumulated Impairment Loss | 32 | ||
Asia Pacific | Ride Performance Division | |||
Intangible Assets And Goodwill [Line Items] | |||
Goodwill, Impaired, Accumulated Impairment Loss | $ 11 | ||
Maximum [Member] | |||
Intangible Assets And Goodwill [Line Items] | |||
Finite useful life of intangible assets, Minimum | 50 years | ||
Minimum [Member] | |||
Intangible Assets And Goodwill [Line Items] | |||
Finite useful life of intangible assets, Minimum | 5 years |
Summary of Accounting Policies - Net Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Goodwill [Roll Forward] | ||
Balance, beginning | $ 65 | $ 69 |
Translation adjustments | (5) | (4) |
Balance, ending | 60 | 65 |
Clean Air Division | North America | ||
Goodwill [Roll Forward] | ||
Balance, beginning | 14 | 14 |
Translation adjustments | 0 | 0 |
Balance, ending | 14 | 14 |
Clean Air Division | Europe, South America & India | ||
Goodwill [Roll Forward] | ||
Balance, beginning | 12 | 14 |
Translation adjustments | (1) | (2) |
Balance, ending | 11 | 12 |
Clean Air Division | Asia Pacific | ||
Goodwill [Roll Forward] | ||
Balance, beginning | 0 | 0 |
Translation adjustments | 0 | 0 |
Balance, ending | 0 | 0 |
Ride Performance Division | North America | ||
Goodwill [Roll Forward] | ||
Balance, beginning | 10 | 10 |
Translation adjustments | 0 | 0 |
Balance, ending | 10 | 10 |
Ride Performance Division | Europe, South America & India | ||
Goodwill [Roll Forward] | ||
Balance, beginning | 29 | 31 |
Translation adjustments | (4) | (2) |
Balance, ending | 25 | 29 |
Ride Performance Division | Asia Pacific | ||
Goodwill [Roll Forward] | ||
Balance, beginning | 0 | 0 |
Translation adjustments | 0 | 0 |
Balance, ending | $ 0 | $ 0 |
Summary of Accounting Policies - Finite-Lived Intangible Assets (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 49 | $ 48 |
Accumulated Amortization | (27) | (23) |
Customer Contracts | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 8 | 8 |
Accumulated Amortization | (4) | (4) |
Patents | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 2 | 3 |
Accumulated Amortization | (2) | (2) |
Technology Rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 29 | 26 |
Accumulated Amortization | (19) | (15) |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 10 | 11 |
Accumulated Amortization | $ (2) | $ (2) |
Summary of Accounting Policies - Plant Property, and Equipment (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Plant, property, and equipment, at cost | $ 3,418 | $ 3,490 |
Land, buildings, and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Plant, property, and equipment, at cost | 561 | 569 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Plant, property, and equipment, at cost | 2,569 | 2,655 |
Other, including construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Plant, property, and equipment, at cost | $ 288 | $ 266 |
Summary of Accounting Policies - Plant, Property, and Equipment, at Cost (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Property, Plant and Equipment [Line Items] | ||
Plant, property, and equipment, at cost | $ 3,418 | $ 3,490 |
Land, buildings, and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Plant, property, and equipment, at cost | $ 561 | 569 |
Buildings and improvements | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of plant, property and equipment | 10 years | |
Buildings and improvements | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of plant, property and equipment | 50 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Plant, property, and equipment, at cost | $ 2,569 | 2,655 |
Machinery and equipment | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of plant, property and equipment | 3 years | |
Machinery and equipment | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of plant, property and equipment | 25 years | |
Other, including construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Plant, property, and equipment, at cost | $ 288 | $ 266 |
Summary of Accounting Policies - Notes and Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounting Policies [Abstract] | |||
Short-term and long-term accounts receivable outstanding | $ 1,126 | $ 1,088 | |
Allowance for doubtful accounts on short-term and long-term accounts receivable | 16 | 16 | |
Short and Long-term notes receivable outstanding | 5 | 5 | |
Allowance for doubtful accounts on short-term and long-term notes receivable | 0 | 0 | |
Capitalized Computer Software, Amortization | $ 13 | $ 15 | $ 15 |
Summary of Accounting Policies - Pre-production Design and Development and Tooling Assets (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Accounting Policies [Abstract] | ||
Unbilled pre-production design and development costs | $ 21 | $ 23 |
Original Equipment tools and dies, owned | 64 | 59 |
In-process tools and dies built for original equipment customers | $ 107 | $ 98 |
Summary of Accounting Policies - Internal Use Software Assets/Accounts Payable (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Capitalized software development costs, net of amortization | $ 58 | $ 54 | |
Capitalized Computer Software, Amortization | $ 13 | 15 | $ 15 |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite useful life of intangible assets, Maximum | 5 years | ||
Minimum [Member] | Software Development [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite useful life of intangible assets, Maximum | 3 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite useful life of intangible assets, Maximum | 50 years | ||
Maximum [Member] | Software Development [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite useful life of intangible assets, Maximum | 12 years | ||
Accounts Payable [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accounts payable | $ 93 | 91 | |
Accrued compensation | $ 17 | $ 39 |
Summary of Accounting Policies - Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounting Policies [Abstract] | |||
Substrate sales revenue | $ 1,916 | $ 1,934 | $ 1,835 |
Summary of Accounting Policies - Engineering, Research and Development (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounting Policies [Abstract] | |||
Engineering, research, and development | $ 146 | $ 169 | $ 144 |
Customer reimbursements for engineering, research and development expenses | $ 145 | $ 159 | $ 169 |
Summary of Accounting Policies - Advertising and Promotion Expenses (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounting Policies [Abstract] | |||
Advertising and promotion expenses | $ 54 | $ 57 | $ 53 |
Summary of Accounting Policies - Foreign Currency Translation (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounting Policies [Abstract] | |||
Foreign currency transaction losses | $ 6 | $ 1 | $ 13 |
Summary of Accounting Policies - Risk Management Activities (Details) - Foreign Exchange Forward - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Derivative [Line Items] | ||
Fair value of derivative asset | $ 1 | |
Fair value of derivative liability | $ 1 |
Summary of Accounting Policies - Restricted Net Assets (Narrative) (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Accounting Policies [Abstract] | ||
Restricted Net Assets | $ 248 | $ 218 |
Earnings Per Share - Summary of Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Basic earnings per share — | |||||||||||
Net income attributable to Tenneco Inc. | $ 68 | $ 52 | $ 78 | $ 49 | $ 21 | $ 78 | $ 81 | $ 46 | $ 247 | $ 226 | $ 183 |
Average shares of common stock outstanding (in shares) | 59,678,309 | 60,734,022 | 60,474,492 | ||||||||
Earnings per average share of common stock (in dollars per share) | $ 1.18 | $ 0.89 | $ 1.27 | $ 0.81 | $ 0.34 | $ 1.29 | $ 1.34 | $ 0.76 | $ 4.14 | $ 3.72 | $ 3.03 |
Diluted earnings per share — | |||||||||||
Average shares of common stock outstanding (in shares) | 59,678,309 | 60,734,022 | 60,474,492 | ||||||||
Effect of dilutive securities: | |||||||||||
Restricted stock (in shares) | 96,168 | 130,732 | 205,020 | ||||||||
Stock options (in shares) | 418,673 | 917,754 | 914,550 | ||||||||
Average shares of common stock outstanding including dilutive securities (in shares) | 60,193,150 | 61,782,508 | 61,594,062 | ||||||||
Diluted earnings per share of common stock (in dollars per share) | $ 1.17 | $ 0.88 | $ 1.26 | $ 0.80 | $ 0.33 | $ 1.27 | $ 1.32 | $ 0.75 | $ 4.11 | $ 3.66 | $ 2.97 |
Earnings Per Share - Additional Information (Details) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Earnings Per Share [Abstract] | |||
Anti-dilutive stock options | 175,216 | 1,357 | 205,104 |
Acquisitions and Divestitures -Additional Information (Detail) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
May. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Business Acquisition [Line Items] | |||||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ 1 | $ 0 | $ 0 | $ 68 | |||
Restructuring and Related Cost, Incurred Cost | 63 | $ 49 | $ 78 | ||||
Discontinuation of Marzocchi Motor Bike Fork Suspension Business, Mountain Bike Business, and Liquidation of Marzocchi Operations | |||||||
Business Acquisition [Line Items] | |||||||
Restructuring and Related Cost, Incurred Cost | $ 29 | ||||||
Tenneco Fusheng (chendu) Automobile Parts Co Ltd | |||||||
Business Acquisition [Line Items] | |||||||
Buisness Sale Percentage of Voting Interest Sold | 45.00% | ||||||
Proceeds from Sale of Equity Method Investments | $ 4 | ||||||
Equity Ownership Percentage after Additional Sale | 55.00% | ||||||
Equity Ownership Percentage Before Additional Sale | 100.00% | ||||||
TTEC | |||||||
Business Acquisition [Line Items] | |||||||
Additional equity interest purchased in joint venture | 20.00% | 20.00% | |||||
Payment to acquire additional interest in joint venture | $ 9 | $ 69 |
Acquisitions and Divestitures -Transfers to Noncontrolling Interest (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Business Combinations [Abstract] | |||||||||||
Net income attributable to Tenneco Inc. | $ 68 | $ 52 | $ 78 | $ 49 | $ 21 | $ 78 | $ 81 | $ 46 | $ 247 | $ 226 | $ 183 |
Decrease in equity for purchase of noncontrolling equity interest | $ (1) | 0 | 0 | (68) | |||||||
Net income attributable to Tenneco Inc. shareholders less purchase of noncontrolling equity interest | $ 247 | $ 226 | $ 115 |
Restructuring and Other Charges - Additional Information (Details) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Jul. 22, 2015
people
job
|
Dec. 08, 2014
USD ($)
|
Jan. 31, 2013
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 63 | $ 49 | $ 78 | |||
Non- cash charges | 10 | 5 | 3 | |||
Effect on Future Cash Flows, Amount | $ 60 | |||||
Restructuring and related cost allowed to be excluded from the calculation of financial covenant ratios | $ 150 | 53 | ||||
Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 22 | 31 | ||||
Non- cash charges | 3 | 3 | ||||
Restructuring Charges | 69 | |||||
Discontinuation of Marzocchi Motor Bike Fork Suspension Business, Mountain Bike Business, and Liquidation of Marzocchi Operations | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 29 | |||||
Restructuring and Related Cost, Number of Positions Eliminated | job | 138 | |||||
Discontinuation of Marzocchi Motor Bike Fork Suspension Business, Mountain Bike Business, and Liquidation of Marzocchi Operations | Bologna, Italy | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Number of Positions Eliminated | people | 127 | |||||
Discontinuation of Marzocchi Motor Bike Fork Suspension Business, Mountain Bike Business, and Liquidation of Marzocchi Operations | North America and Taiwan | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Number of Positions Eliminated | people | 11 | |||||
Cost of Sales | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 46 | 28 | 70 | |||
Selling, General and Administrative Expenses | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 11 | 9 | 6 | |||
Engineering Expense | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 1 | 7 | 1 | |||
Other Expense | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | 1 | 4 | $ 1 | |||
Reduced Depreciation [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 4 | $ 1 |
Restructuring and Other Charges - Roll Forward of Restructuring Reserve (Details) - Employee Severance $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve, beginning balance | $ 40 |
Expenses | 53 |
Cash Payments | (59) |
Impact of Exchange Rates | (4) |
Restructuring Reserve, ending balance | $ 30 |
Long-Term Debt, Short-Term Debt, and Financing Arrangements - Summary of Long-Term Debt Obligations (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt (including current maturities) | $ 1,137 | $ 1,071 |
Less - maturities classified as current | 1 | 2 |
Total long-term debt | 1,136 | 1,069 |
Tenneco Inc. (Parent Company) | Line of Credit [Member] | Revolver Borrowings Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt (including current maturities) | 105 | 0 |
Tenneco Inc. (Parent Company) | Term Loan [Member] | Senior Tranche A Term Loan Due 2017 Through 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt (including current maturities) | 285 | 300 |
Tenneco Inc. (Parent Company) | Senior Notes [Member] | Senior Notes Due 2024, 5.375% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt (including current maturities) | 225 | 225 |
Tenneco Inc. (Parent Company) | Senior Notes [Member] | Senior Notes Due 2020, 6.875% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt (including current maturities) | 500 | 500 |
Tenneco Inc. (Parent Company) | Debentures [Member] | Debentures Due 2017 Through 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt (including current maturities) | 0 | 1 |
Other subsidiaries | Other Long Term Debt [Member] | Other Long Term Debt Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt (including current maturities) | 15 | 37 |
Other subsidiaries | Notes Payable, Other Payables [Member] | Notes Due 2016 Through 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt (including current maturities) | $ 7 | $ 8 |
Long-Term Debt, Short-Term Debt, and Financing Arrangements - Summary of Long-Term Debt Obligations Additional Information (Detail) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Revolver Borrowings Due 2019 [Member] | Tenneco Inc. (Parent Company) | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Average effective interest rate | 2.00% | 0.00% |
Notes Due 2016 Through 2026 [Member] | Other subsidiaries | Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Average effective interest rate | 0.10% | 1.30% |
Other Long Term Debt Due 2019 [Member] | Other subsidiaries | Other Long Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Average effective interest rate | 6.55% | 5.45% |
Debentures Due 2017 Through 2025 [Member] | Tenneco Inc. (Parent Company) | Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Average effective interest rate | 0.00% | 7.50% |
Senior Notes Due 2020, 6.875% [Member] | Tenneco Inc. (Parent Company) | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.875% | 6.875% |
Senior Notes Due 2024, 5.375% [Member] | Tenneco Inc. (Parent Company) | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.38% | 5.38% |
Senior Tranche A Term Loan Due 2017 Through 2019 [Member] | Tenneco Inc. (Parent Company) | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Average effective interest rate | 1.90% | 2.70% |
Long-Term Debt, Short-Term Debt, and Financing Arrangements -Additional Information (Detail) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | 18 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 05, 2014 |
Feb. 28, 2014 |
Apr. 30, 2012
USD ($)
|
Mar. 31, 2012
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2016
USD ($)
|
Sep. 30, 2019
USD ($)
|
Dec. 07, 2014
USD ($)
|
Dec. 04, 2014 |
Nov. 19, 2014
USD ($)
|
Apr. 06, 2012 |
Mar. 22, 2012
USD ($)
|
Mar. 08, 2012
USD ($)
|
|
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Maturities and sinking fund requirement applicable to long term debt 2014 | $ 15,000,000 | |||||||||||||||||
Maturities and sinking fund requirement applicable to long term debt 2015 | 24,000,000 | |||||||||||||||||
Maturities and sinking fund requirement applicable to long term debt 2016 | 30,000,000 | |||||||||||||||||
Maturities and sinking fund requirement applicable to long term debt 2017 | 338,000,000 | |||||||||||||||||
Maturities and sinking fund requirement applicable to long term debt 2018 | $ 1,000,000 | |||||||||||||||||
Maximum percentage of stock of certain first-tier foreign subsidiaries pledged to secure senior credit facility | 66.00% | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,200,000,000 | |||||||||||||||||
Unused borrowing capacity | 1,124,000,000 | |||||||||||||||||
Line of credit facility letters of credit outstanding | $ 1,071,000,000 | $ 1,137,000,000 | $ 1,071,000,000 | |||||||||||||||
Leverage ratio required (maximum) through March 22, 2017 | 3.50 | |||||||||||||||||
Interest coverage required (minimum) through December 31, 2013 | 2.75 | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||||||
Percent of the principal amount thereof plus accrued and unpaid interest | 101.00% | |||||||||||||||||
Subsidiaries' credit agreements | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Unused borrowing capacity | $ 29,000,000 | |||||||||||||||||
Minimum [Member] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Senior notes indentures minimum required fixed charge coverage ratio prior to incurring certain types of indebtedness | 2.00 | |||||||||||||||||
Minimum [Member] | Subsidiaries' credit agreements | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Committed Credit Facilities, Term | 2015 | |||||||||||||||||
Maximum [Member] | Subsidiaries' credit agreements | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Committed Credit Facilities, Term | 2026 | |||||||||||||||||
North America | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
North American Program maximum facility size | $ 130,000,000 | |||||||||||||||||
Additional financing from second priority facility | 50,000,000 | |||||||||||||||||
Outstanding third party investments in securitized accounts receivable bank program | $ 0 | 30,000,000 | 0 | |||||||||||||||
Interest expense recognized from securitization of receivables | 2,000,000 | 2,000,000 | $ 2,000,000 | |||||||||||||||
Europe | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Outstanding third party investments in securitized accounts receivable bank program | $ 153,000,000 | $ 174,000,000 | 153,000,000 | |||||||||||||||
Term of Commitments | 1 year | |||||||||||||||||
Bank facility cancellation notification | 90 days | |||||||||||||||||
Loss on sale of trade accounts receivable | $ 4,000,000 | $ 4,000,000 | $ 4,000,000 | |||||||||||||||
Financing Cost Related To Sale Of Securitized Receivables | 2.00% | 2.00% | 3.00% | |||||||||||||||
Expiration of Former Revolving Credit Agreement due 2014 | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 850,000,000 | |||||||||||||||||
Expiration Of Tranche B Term Facility | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 213,000,000 | |||||||||||||||||
8 1/8 Percent Senior Notes due in 2015 | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Debt Instrument, Periodic Payment, Percentage of Principal Amount | 3.00% | |||||||||||||||||
Senior note rate | 7.75% | |||||||||||||||||
Amount of debt offered for exchange by the company | $ 225,000,000 | $ 225,000,000 | ||||||||||||||||
Amount of debt tendered for exchange by the holders | $ 181,000,000 | |||||||||||||||||
Debt instrument redemption price as percentage of principal amount prior quarter | 104.35% | |||||||||||||||||
Amount of debt tendered for exchange by the holders on April 6, 2012 | $ 44,000,000 | |||||||||||||||||
Debt instrument redemption price as percentage of principal amount current quarter | 103.88% | |||||||||||||||||
Expenses related to redemption | $ 13,000,000 | |||||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of credit facility, maturity date | Dec. 08, 2019 | |||||||||||||||||
Tranche A Term Facility due March 22, 2017 | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Maturities and sinking fund requirement applicable to long term debt 2014 | $ 15,000,000 | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | |||||||||||||||||
Line of credit facility, maturity date | Dec. 08, 2019 | |||||||||||||||||
Line of credit facility letters of credit outstanding | $ 300,000,000 | |||||||||||||||||
Tranche A Term Facility due March 22, 2017 | London Interbank Offered Rate (LIBOR) | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 175.00% | |||||||||||||||||
Tranche A Term Facility due March 22, 2017 | London Interbank Offered Rate (LIBOR) | Initial Spread | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 100.00% | |||||||||||||||||
Tranche A Term Facility due March 22, 2017 | London Interbank Offered Rate (LIBOR) | Ending Spread | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 75.00% | |||||||||||||||||
Tranche A Term Facility due March 22, 2017 | JP Morgan Chase Prime Rate | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 75.00% | |||||||||||||||||
Tranche A Term Facility due March 22, 2017 | Federal Funds Effective Rate | Initial Spread | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 50.00% | |||||||||||||||||
Tranche A Term Facility due March 22, 2017 | Federal Funds Effective Rate | Ending Spread | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 75.00% | |||||||||||||||||
Five Point Three Seven Five Percent Senior Notes Due December 15 2024 [Member] [Domain] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of credit facility letters of credit outstanding | $ 225,000,000 | |||||||||||||||||
Other Debt [Member] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Unsecured debt | $ 107,000,000 | |||||||||||||||||
Senior Credit Facility | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Borrowings reduced in basis points to applicable margin, resulting from senior secured leverage ratio below minimum | 0.0025 | |||||||||||||||||
Increase (decrease) in basis points to applicable margin, resulting from senior secured leverage ratio below minimum | (0.25%) | 0.50% | ||||||||||||||||
Commitment fee basis points | 0.30% | |||||||||||||||||
Senior Credit Facility | Minimum [Member] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Senior secured leverage ratio | 2.25 | |||||||||||||||||
Senior Credit Facility | Maximum [Member] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Senior secured leverage ratio | 3.25 | |||||||||||||||||
commitment fee [Domain] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Increase (decrease) in basis points to applicable margin, resulting from senior secured leverage ratio below minimum | 0.40% | |||||||||||||||||
Six Point Eight Seven Five Percent Senior Notes Due December 15 2020 [Member] [Member] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of credit facility letters of credit outstanding | $ 500,000,000 | |||||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 1,200,000,000 | |||||||||||||||||
Unused borrowing capacity | 1,095,000,000 | |||||||||||||||||
Line of credit facility letters of credit outstanding | 105,000,000 | |||||||||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,200,000,000 | |||||||||||||||||
Revolving Credit Facility [Member] | Tranche A Term Facility due March 22, 2017 | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of credit facility letters of credit outstanding | 285,000,000 | |||||||||||||||||
Revolving Credit Facility [Member] | Letter of Credit | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of credit facility letters of credit outstanding | 0 | |||||||||||||||||
Revolving Credit Facility [Member] | Five Point Three Seven Five Percent Senior Notes Due December 15 2024 [Member] [Domain] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of credit facility letters of credit outstanding | $ 225,000,000 | |||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 35.00% | |||||||||||||||||
Revolving Credit Facility [Member] | Six Point Eight Seven Five Percent Senior Notes Due December 15 2020 [Member] [Member] | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of credit facility letters of credit outstanding | $ 500,000,000 | |||||||||||||||||
Scenario, Forecast [Member] | Tranche A Term Facility due March 22, 2017 | ||||||||||||||||||
Long Term Debt And Other Financing Arrangement [Line Items] | ||||||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | $ 195,000,000 | $ 5,625,000 | $ 3,750,000 | $ 7,500,000 |
Long-Term Debt, Short-Term Debt, and Financing Arrangements - Short-Term Debt (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Disclosure [Abstract] | ||
Maturities classified as current | $ 1 | $ 2 |
Short-term borrowings | 85 | 58 |
Total short-term debt | $ 86 | $ 60 |
Long-Term Debt, Short-Term Debt, and Financing Arrangements - Notes Payable (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Short-term Debt [Line Items] | ||
Outstanding borrowings at end of year | $ 85 | $ 58 |
Notes Payable Current | ||
Short-term Debt [Line Items] | ||
Outstanding borrowings at end of year | $ 85 | $ 58 |
Weighted average interest rate on outstanding borrowings at end of year(b) | 3.20% | 2.60% |
Approximate maximum month-end outstanding borrowings during year | $ 178 | $ 124 |
Approximate average month-end outstanding borrowings during year | $ 118 | $ 107 |
Weighted average interest rate on average month-end outstanding borrowings during year(b) | 3.00% | 4.00% |
Long-Term Debt, Short-Term Debt, and Financing Arrangements - Financing Arrangements (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
|
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,124 | $ 1,055 | |
Long-term debt | 1,136 | 1,069 | |
Committed Credit Facilities, Commitments | 1,621 | ||
Committed Credit Facilities, Borrowings | 497 | ||
Committed Credit Facilities, Letter of Credit | 0 | ||
Committed Credit Facilities, Available | 1,124 | ||
Long-term Debt, Gross | 1,137 | 1,071 | |
Tenneco Inc. revolving credit agreement | |||
Debt Instrument [Line Items] | |||
Committed Credit Facilities, Commitments | 1,200 | ||
Committed Credit Facilities, Borrowings | 105 | ||
Committed Credit Facilities, Letter of Credit | 0 | ||
Committed Credit Facilities, Available | 1,095 | ||
Tranche A Term Facility | |||
Debt Instrument [Line Items] | |||
Committed Credit Facilities, Commitments | 285 | ||
Committed Credit Facilities, Borrowings | 285 | ||
Subsidiaries' credit agreements | |||
Debt Instrument [Line Items] | |||
Committed Credit Facilities, Commitments | 136 | ||
Committed Credit Facilities, Borrowings | 107 | ||
Committed Credit Facilities, Available | $ 29 | ||
Subsidiaries' credit agreements | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Committed Credit Facilities, Term | 2015 | ||
Subsidiaries' credit agreements | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Committed Credit Facilities, Term | 2026 | ||
Tranche A Term Facility due March 22, 2017 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 300 | ||
Five Point Three Seven Five Percent Senior Notes Due December 15 2024 [Member] [Domain] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 221 | ||
Unamortized Debt Issuance Expense | 4 | ||
Long-term Debt, Gross | 225 | ||
Six Point Eight Seven Five Percent Senior Notes Due December 15 2020 [Member] [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 494 | ||
Unamortized Debt Issuance Expense | 6 | ||
Long-term Debt, Gross | 500 | ||
Other Debt [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | 107 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Committed Credit Facilities, Available | 1,095 | ||
Long-term Debt, Gross | 105 | ||
Revolving Credit Facility [Member] | Tranche A Term Facility due March 22, 2017 | |||
Debt Instrument [Line Items] | |||
Long-term debt | 283 | ||
Unamortized Debt Issuance Expense | 2 | ||
Long-term Debt, Gross | 285 | ||
Revolving Credit Facility [Member] | Five Point Three Seven Five Percent Senior Notes Due December 15 2024 [Member] [Domain] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 221 | ||
Unamortized Debt Issuance Expense | 4 | ||
Long-term Debt, Gross | 225 | ||
Revolving Credit Facility [Member] | Six Point Eight Seven Five Percent Senior Notes Due December 15 2020 [Member] [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 494 | ||
Unamortized Debt Issuance Expense | 6 | ||
Long-term Debt, Gross | $ 500 | ||
Adjustments for New Accounting Principle, Early Adoption [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | $ 12 | $ 14 |
Long-Term Debt, Short-Term Debt, and Financing Arrangements - Financial Ratios Under Senior Credit Facility (Detail) |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
|
Required | ||||
Debt Instrument [Line Items] | ||||
Leverage Ratio (maximum) | 3.5 | 3.5 | 3.50 | 3.5 |
Interest Coverage Ratio (minimum) | 2.75 | 2.75 | 2.75 | 2.75 |
Actual | ||||
Debt Instrument [Line Items] | ||||
Leverage Ratio (maximum) | 1.32 | 1.51 | 1.36 | 1.41 |
Interest Coverage Ratio (minimum) | 13.99 | 13.07 | 12.43 | 11.95 |
Long-Term Debt, Short-Term Debt, and Financing Arrangements - Proforma Consolidated Leverage Ratio (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Greater than or equal to 3.0x | |||
Line of Credit Facility [Line Items] | |||
Maximum aggregate principal amount of purchases, cancellations and redemptions of senior notes | $ 20 | ||
Greater than or equal to 2.5x | |||
Line of Credit Facility [Line Items] | |||
Maximum aggregate principal amount of purchases, cancellations and redemptions of senior notes | 100 | ||
Greater than or equal to 2.0x | |||
Line of Credit Facility [Line Items] | |||
Maximum aggregate principal amount of purchases, cancellations and redemptions of senior notes | $ 200 | ||
Less than 2.0x | |||
Line of Credit Facility [Line Items] | |||
Less than 2.0x | no limit | ||
Europe | |||
Line of Credit Facility [Line Items] | |||
Financing Cost Related To Sale Of Securitized Receivables | 2.00% | 2.00% | 3.00% |
Financial Instruments - Carrying and Estimated Fair Value (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt (including current maturities) | $ 1,124 | $ 1,055 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt (including current maturities) | 1,125 | 1,057 |
Asset derivative contracts | 1 | 0 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt (including current maturities) | 1,160 | 1,106 |
Asset derivative contracts | $ 1 | $ 0 |
Financial Instruments - Additional Information (Detail) $ in Millions |
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Mar. 31, 2013
Agreement
|
---|---|---|---|
Financial Instruments [Line Items] | |||
Maximum percentage of stock of certain first tier foreign subsidiaries pledged to secure senior credit facility | 66.00% | ||
Line of credit facility letters of credit outstanding | $ 32 | ||
NegotiableFinancialInstrumentsNotRedeemedAndNotUsedForVendorPayment | 1 | $ 1 | |
Negotiable financial instruments not redeemed and used for vendor payment classified as notes payable | 15 | 24 | |
Negotiable financial instruments received from OE customer not redeemed | 8 | 17 | |
Negotiable financial instruments received classified as other current assets | 8 | 17 | |
Fair Value, Inputs, Level 1 | |||
Financial Instruments [Line Items] | |||
Fair value of long term debt | 748 | 759 | |
Fair Value, Inputs, Level 2 | |||
Financial Instruments [Line Items] | |||
Fair value of long term debt | 390 | 301 | |
Fair Value, Inputs, Level 3 | |||
Financial Instruments [Line Items] | |||
Fair value of long term debt | 22 | 46 | |
TMEL and Walker Plans | |||
Financial Instruments [Line Items] | |||
Number of performance guarantee agreements | Agreement | 2 | ||
Number of group benefit plans under the agreement | Agreement | 2 | ||
Maximum amount payable for pension performance guarantees | $ 7 | ||
Percentage of liability considered to determine maximum amount payable for pension performance guarantees | 105.00% | ||
Percentage of the pension obligation recognized for participating employers | 100.00% | ||
Pension obligation of participating employers recognized on the balance sheet | $ 11 | 17 | |
TMEL and Futaba | |||
Financial Instruments [Line Items] | |||
Maximum amount reimbursable under indemnity agreement | 7 | ||
Other subsidiaries | China | |||
Financial Instruments [Line Items] | |||
Restricted cash | 1 | ||
Foreign Exchange Forward | |||
Financial Instruments [Line Items] | |||
Fair value of derivative asset | $ 1 | ||
Fair value of derivative liability | $ 1 |
Financial Instruments - Summarization for Foreign Currency Forward Purchase and Sale Contracts (Detail) - Dec. 31, 2015 - Foreign Exchange Forward ¥ in Millions, $ in Millions |
USD ($) |
JPY (¥) |
---|---|---|
Long [Member] | Australia, Dollars | ||
Derivative, Notional Amount | $ (1) | |
Long [Member] | United Kingdom, Pounds | ||
Derivative, Notional Amount | (45) | |
Long [Member] | South Africa, Rand | ||
Derivative, Notional Amount | (80) | |
Long [Member] | United States of America, Dollars | ||
Derivative, Notional Amount | (93) | |
Short [Member] | United Kingdom, Pounds | ||
Derivative, Notional Amount | (43) | |
Short [Member] | Canada, Dollars | ||
Derivative, Notional Amount | (2) | |
Short [Member] | Euro Member Countries, Euro | ||
Derivative, Notional Amount | (16) | |
Short [Member] | Japan, Yen | ||
Derivative, Notional Amount | (50) | ¥ (1,153) |
Short [Member] | United States of America, Dollars | ||
Derivative, Notional Amount | $ (71) |
Income Taxes - Income before income taxes and noncontrolling interests (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
U.S. income before income taxes | $ 198 | $ 130 | $ 150 |
Foreign income before income taxes | 254 | 271 | 194 |
Earnings before income taxes and noncontrolling interests | $ 452 | $ 401 | $ 344 |
Income Taxes - Comparative Analysis of Components of Income Tax Expense (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Current | |||
U.S. federal | $ 64 | $ 38 | $ 25 |
State and local | 5 | 3 | 4 |
Foreign | 83 | 92 | 81 |
Total current income tax expenses | 152 | 133 | 110 |
Deferred | |||
U.S. federal | (1) | 2 | (4) |
State and local | 1 | 7 | 2 |
Foreign | (3) | (11) | 14 |
Total deferred income tax expenses | (3) | (2) | 12 |
Income tax expense | $ 149 | $ 131 | $ 122 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule of Equity Method Investments [Line Items] | |||
U.S. Federal statutory rate | 35.00% | ||
Reducing in tax loss carryforward due to realization domestic and state tax loss | $ 3 | $ 6 | |
Deferred Tax Assets, Valuation Allowance | 127 | 139 | |
Income tax expense (benefit) | 149 | 131 | $ 122 |
Impact on earnings related to reversal of valuation allowance | 15 | ||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 11 | ||
Unremitted earnings of foreign subsidiaries | 731 | ||
Estimated income tax liability related to unremitted earnings of foreign subsidiaries | 150 | ||
Uncertain tax positions that would affect the effective tax rate if recognized | 110 | 101 | 107 |
Liability for interest on unrecognized tax benefits | 6 | 6 | 7 |
Estimated decrease in unrecognized tax benefits related to the expiration of foreign statute of limitations and the conclusion of foreign income tax examinations that may occur within the coming year | 10 | ||
Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Penalties accrued | 1 | 1 | 1 |
Accrued interest related to uncertain tax positions | 1 | 1 | 2 |
Liability for penalties on unrecognized tax benefits | $ 2 | $ 3 | $ 2 |
Income Taxes - Reconciliation of Income Taxes Computed at Statutory U.S. Federal Income Tax Rate to Income Tax Expense (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Income tax expense computed at the statutory U.S. federal income tax rate | $ 158 | $ 140 | $ 120 |
Foreign income taxed at different rates | (15) | (21) | (21) |
Taxes on repatriation of dividends | 9 | 4 | 9 |
Remeasurement of estimated tax on unremitted earnings | (4) | 0 | (17) |
State and local taxes on income, net of U.S. federal income tax benefit | 11 | 8 | 6 |
Changes in valuation allowance for tax loss carryforwards and credits | 13 | 12 | 27 |
Foreign tax holidays | (7) | (6) | (5) |
Investment and R&D tax credits | (26) | (10) | (8) |
Foreign earnings subject to U.S. federal income tax | 3 | 7 | 5 |
Adjustment of prior years taxes | 2 | (2) | (1) |
Impact of foreign tax law changes | 0 | 0 | (3) |
Tax contingencies | 4 | 0 | 6 |
Other | 1 | (1) | 4 |
Income tax expense | $ 149 | $ 131 | $ 122 |
Income Taxes - Components of Our Net Deferred Tax Assets (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
U.S. federal | $ 0 | $ 0 |
State | 14 | 15 |
Foreign | 72 | 75 |
Tax credit benefits | 89 | 86 |
Postretirement benefits other than pensions | 54 | 55 |
Pensions | 50 | 56 |
Bad debts | 2 | 2 |
Sales allowances | 8 | 7 |
Payroll and other accruals | 34 | 38 |
Other accruals | 55 | 58 |
Valuation allowance | (127) | (139) |
Total deferred tax assets | 251 | 253 |
Tax over book depreciation | 40 | 51 |
Total deferred tax liabilities | 40 | 51 |
Net deferred tax assets | $ 211 | $ 202 |
Income Taxes - Reconciliation of Deferred Taxes to Deferred Taxes Shown In Balance Sheet (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Reducing in Tax Loss Carryforward Due To Realization Foreign Tax Loss | $ 13 | $ 12 | |
Deferred Tax Assets, Valuation Allowance | 127 | 139 | |
Income tax expense | 149 | 131 | $ 122 |
Impact on earnings related to reversal of valuation allowance | 15 | ||
Balance Sheet: | |||
Current portion - deferred tax asset | 0 | 81 | |
Non-current portion - deferred tax asset | 218 | 143 | |
Current portion - deferred tax liability shown in other current liabilities | 0 | (4) | |
Non-current portion - deferred tax liability | (7) | (18) | |
Net deferred tax assets | $ 211 | $ 202 |
Income Taxes - Reconciliation of our Uncertain Tax Positions (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Deferred Tax Liabilities, Net, Current | $ 0 | $ 4 | |
Current portion - deferred tax asset | 0 | 81 | |
Uncertain tax positions - | |||
Balance January 1 | 114 | 115 | $ 107 |
Gross increases in tax positions in current period | 7 | 8 | 15 |
Gross increases in tax positions in prior period | 14 | 5 | 0 |
Gross decreases in tax positions in prior period | (4) | (5) | (1) |
Gross decreases - settlements | (1) | (2) | 0 |
Gross decreases - statute of limitations expired | (7) | (7) | (6) |
Balance December 31 | $ 123 | $ 114 | $ 115 |
Income Taxes - Tax Years Open to Examination in Primary Jurisdictions (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
United States - due to NOL | |
Income Tax Contingency [Line Items] | |
Tax years open to examination in primary jurisdictions | 2000 |
China | |
Income Tax Contingency [Line Items] | |
Tax years open to examination in primary jurisdictions | 2005 |
Spain | |
Income Tax Contingency [Line Items] | |
Tax years open to examination in primary jurisdictions | 2003 |
Canada | |
Income Tax Contingency [Line Items] | |
Tax years open to examination in primary jurisdictions | 2012 |
Brazil | |
Income Tax Contingency [Line Items] | |
Tax years open to examination in primary jurisdictions | 2010 |
Mexico | |
Income Tax Contingency [Line Items] | |
Tax years open to examination in primary jurisdictions | 2010 |
Belgium | |
Income Tax Contingency [Line Items] | |
Tax years open to examination in primary jurisdictions | 2013 |
Germany | |
Income Tax Contingency [Line Items] | |
Tax years open to examination in primary jurisdictions | 2013 |
United Kingdom | |
Income Tax Contingency [Line Items] | |
Tax years open to examination in primary jurisdictions | 2013 |
Common Stock - Additional Information (Detail) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May. 31, 2014 |
Jan. 31, 2013 |
Dec. 31, 1999 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Oct. 31, 2015 |
Jan. 31, 2015 |
Jan. 31, 2014 |
May. 15, 2013 |
May. 13, 2009 |
Mar. 12, 2002 |
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,144,719 | 1,186,655 | 1,187,404 | 1,336,579 | 1,144,719 | 1,454,003 | ||||||||||
Authorized common stock available for issuance under the plan | 135,000,000 | 135,000,000 | ||||||||||||||
Common stock, par value | $ 0.01 | $ 0.01 | ||||||||||||||
Common stock, shares issued | 65,067,132 | 65,067,132 | 64,454,248 | |||||||||||||
Treasury stock shares | 7,473,325 | 7,473,325 | 3,244,692 | 2,844,692 | ||||||||||||
Term for stock options (in years) | 3 years | 1 day | 5 years | 4 years 10 months 24 days | ||||||||||||
Restriction period for restricted common stock | 3 years | |||||||||||||||
Decrease in basic earnings per share | $ 0.03 | $ 0.06 | $ 0.09 | |||||||||||||
Share based compensation | $ 15,000,000 | $ 13,000,000 | $ 13,000,000 | |||||||||||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 6,000,000 | $ 12,000,000 | $ 6,000,000 | |||||||||||||
Weighted average grant-date fair value of options granted | $ 26.48 | $ 19.91 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 941,607 | 941,607 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 18,000,000 | $ 18,000,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 31.85 | $ 31.85 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 9 months | |||||||||||||||
Total Intrinsic value of options exercised | $ 1,000,000 | $ 0 | $ 6,000,000 | $ 3,000,000 | $ 10,000,000 | $ 30,000,000 | $ 19,000,000 | |||||||||
Total fair value of shares vested | $ 6,000,000 | $ 6,000,000 | $ 5,000,000 | |||||||||||||
Weighted average grant-date fair value of restricted stock granted | $ 52.85 | $ 55.26 | $ 36.40 | |||||||||||||
Total fair value of restricted shares vested | $ 7,000,000 | $ 8,000,000 | $ 6,000,000 | |||||||||||||
Number of shares authorized to be repurchased | 550,000 | 350,000,000 | 400,000 | |||||||||||||
Stock repurchased during the period | $ 22,000,000 | $ 27,000,000 | $ 213,000,000 | |||||||||||||
Treasury stock average cost per share | $ 56.06 | $ 49.33 | $ 50.32 | |||||||||||||
Share-based Compensation, Effect on Earnings Per Share, Basic | $ 0.03 | $ 0.06 | $ 0.10 | |||||||||||||
Stock Appreciation Rights (SARs) [Member] | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Restriction period for restricted common stock | 3 years | |||||||||||||||
Stock Option | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Compensation expense related to nonqualified stock options | $ 2,000,000 | $ 3,000,000 | $ 6,000,000 | |||||||||||||
Unrecognized compensation costs | 2,000,000 | $ 2,000,000 | ||||||||||||||
Unrecognized compensation costs, weighted average period | 3 months | |||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Cash received from stock option exercises | $ 4,000,000 | 10,000,000 | 15,000,000 | |||||||||||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 26,000,000 | |||||||||||||||
Restricted stock, restricted stock units, long term performance units, SARs | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Unrecognized compensation costs | 14,000,000 | $ 14,000,000 | ||||||||||||||
Unrecognized compensation costs, weighted average period | 1 year 9 months | |||||||||||||||
Share based compensation | $ 12,000,000 | 13,000,000 | 17,000,000 | |||||||||||||
Restricted Stock | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Unrecognized compensation costs | $ 15,000,000 | $ 15,000,000 | ||||||||||||||
Unrecognized compensation costs, weighted average period | 2 years 5 months | |||||||||||||||
Weighted average grant-date fair value of restricted stock granted | $ 44.24 | $ 57.98 | $ 56.06 | $ 53.40 | ||||||||||||
Supplemental Stock Ownership Plan | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Authorized treasury shares available for purchase under the supplemental stock ownership plan | 1,100,000 | |||||||||||||||
2002 Long-Term Incentive Plan | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Authorized common stock available for issuance under the plan | 4,000,000 | |||||||||||||||
2006 Long-Term Incentive Plan | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Authorized common stock available for issuance under the plan | 3,500,000 | 2,300,000 | ||||||||||||||
Count of each share from a stock option award against shares available for issuance under the plan | 1 | |||||||||||||||
Count of each share from a full value award against shares available for issuance under the plan | 1.49 | 1.25 | ||||||||||||||
Shares of common stock remain authorized for delivery | 3,042,433 | 3,042,433 | ||||||||||||||
United States | Stock Option | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Cash received from stock option exercises | $ 24,000,000 | |||||||||||||||
United States | Employee Stock Option [Member] | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 14,000,000 | |||||||||||||||
2013 [Domain] | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Treasury stock shares | 2,294,692 | |||||||||||||||
2014 [Domain] | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Treasury stock shares | 2,844,692 | |||||||||||||||
Less - Common Stock Held as Treasury Stock, at Cost | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 200,000,000 | |||||||||||||||
Less - Common Stock Held as Treasury Stock, at Cost | Open Market [Member] | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Stock repurchased during period | 400,000 | 450,000 | 4,228,633 | |||||||||||||
Less - Common Stock Held as Treasury Stock, at Cost | Tenneco Retirement Plan for Salaried Employees [Member] | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Stock repurchased during period | 100,000 | |||||||||||||||
Maximum [Member] | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Term for stock options (in years) | 20 years | |||||||||||||||
Minimum [Member] | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Term for stock options (in years) | 7 years | |||||||||||||||
2012 Through 2014 [Member] | Performance Shares [Member] | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Restriction period for restricted common stock | 3 years | |||||||||||||||
2014 Through 2016 [Member] | Performance Shares [Member] | ||||||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||||||
Restriction period for restricted common stock | 3 years |
Common Stock - Assumptions Used for Calculating Fair Values of Stock Option Awards (Detail) - $ / shares |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 1999 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Stock Options Granted | ||||
Weighted average grant date fair value, per share (in dollars per share) | $ 26.46 | $ 19.84 | ||
Weighted average assumptions used: | ||||
Expected volatility | 0.00% | 52.80% | 66.40% | |
Expected lives (in years) | 3 years | 1 day | 5 years | 4 years 10 months 24 days |
Risk-free interest rates | 0.00% | 1.70% | 0.80% | |
Dividends yields | 0.00% | 0.00% | 0.00% |
Common Stock - Stock Options Status and Activity (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||
Shares Under Option Outstanding Beginning Balance | 1,186,655 | 1,187,404 | 1,336,579 | 1,454,003 | 1,454,003 | ||
Share Under Option, Canceled | (20,427) | ||||||
Shares Under Option, Forfeited | (5,066) | (7,531) | |||||
Shares Under Option, Exercised | (36,870) | (749) | (141,644) | (96,997) | |||
Shares Under Option Outstanding Ending Balance | 1,144,719 | 1,186,655 | 1,187,404 | 1,336,579 | 1,144,719 | 1,454,003 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Weighted Average Exercise Prices, Outstanding, Beginning Balance | $ 33.99 | $ 34.00 | $ 32.03 | $ 31.16 | $ 31.16 | ||
Weighted Average Exercise Price, Canceled | 23.75 | ||||||
Weighted Average Exercise Prices, Forfeited | 39.81 | 47.36 | |||||
Weighted Average Exercise Prices, Exercised | 11.49 | 19.48 | 14.68 | 20.78 | |||
Weighted Average Exercise Prices, Outstanding, Ending Balance | $ 34.69 | $ 33.99 | $ 34.00 | $ 32.03 | $ 34.69 | $ 31.16 | |
Weighted Average Remaining Life in Years | 3 years 8 months | 3 years 10 months 24 days | 4 years 2 months 12 days | 4 years 3 months 17 days | 4 years 4 months 24 days | ||
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ 19 | $ 30 | $ 31 | $ 33 | $ 33 | ||
Aggregate Intrinsic Value, Exercised | 1 | 0 | 6 | 3 | 10 | $ 30 | $ 19 |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ 19 | $ 19 | $ 30 | $ 31 | $ 19 | $ 33 |
Common Stock - Nonvested Restricted Shares (Detail) - $ / shares |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Granted | $ 52.85 | $ 55.26 | $ 36.40 | ||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||||
Nonvested Restricted Shares, Beginning Balance | 471,979 | 479,103 | 485,981 | 286,051 | 286,051 | ||
Nonvested Restricted Shares, Granted | 32,264 | 7,824 | 17,164 | 350,101 | |||
Restricted Shares, Vested | (1,427) | (14,948) | (13,008) | (150,171) | |||
Nonvested Restricted Shares, Forfeited | (5,974) | (11,034) | |||||
Nonvested Restricted Shares, Ending Balance | 496,842 | 471,979 | 479,103 | 485,981 | 496,842 | 286,051 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Nonvested, Weighted Average Grant Date Fair Value, Beginning of Period | $ 52.15 | $ 52.07 | $ 51.70 | $ 42.35 | $ 42.35 | ||
Granted | 44.24 | 57.98 | 56.06 | 53.40 | |||
Vested | 35.62 | 49.98 | 46.37 | 37.86 | |||
Forfeited | 54.76 | 48.85 | |||||
Nonvested, Weighted Average Grant Date Fair Value, End of Period | $ 51.65 | $ 52.15 | $ 52.07 | $ 51.70 | $ 51.65 | $ 42.35 |
Preferred Stock - Additional Information (Detail) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Equity [Abstract] | ||
Authorized shares | 50,000,000 | 50,000,000 |
Par value | $ 0.01 | $ 0.01 |
Outstanding shares | 0 | 0 |
Pension Plans, Postretirement and Other Employee Benefits - Additional Information (Detail) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jan. 02, 2012
retirement_plan
|
Dec. 31, 2015
USD ($)
retiree
|
Sep. 30, 2015 |
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||||||
Pension benefit obligations | $ 841 | $ 841 | ||||
Pension benefit obligations with funding requirements | 770 | 770 | ||||
Pension Fund assets available to fund pension benefit obligations | 657 | 657 | ||||
Pension benefit obligations with no funding requirements | 71 | $ 71 | ||||
Acceptable tolerance limit of investment allocations for securities | 5.00% | |||||
Employer contributions | $ 25 | |||||
Expected contributions in 2013 | $ 15 | |||||
Defined Benefit Plan, Other Information | 21 | |||||
Minimum retirement age for eligible employees of the post retirement plans | 55 years | |||||
Minimum years of service for eligible employees of the post retirement plans | 10 years | |||||
Prior period correction | $ 11 | |||||
Defined Benefit Plan, Prior Period Adjustment, Number of Retirees Entitled to Benefits Not Included | retiree | 170 | |||||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 7.00% | 6.50% | 7.00% | |||
Defined Benefit Plan Ultimate Health Care Cost Year Five | 4.50% | 4.50% | 4.50% | |||
Retirement Savings Plan | retirement_plan | 1 | |||||
Maximum percentage of salary deferral allowed under the Employee Stock Ownership Plans | 75.00% | 75.00% | ||||
Defined Compensation Plan, Amended Employee Match Percentage on One Hundred Percent of Employee Contributions | 3.00% | |||||
Defined Compensation Plan, Amended Employee Match Percentage on Fifty Percent of Employee Contributions | 50.00% | |||||
Expense recorded relating to employee matching contribution | $ 27 | $ 25 | $ 23 | |||
Maximum [Member] | ||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||||||
Defined Compensation Plan, Amended Employee Match Percentage on Fifty Percent of Employee Contributions | 5.00% | |||||
Postretirement | ||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||||||
Employer contributions | $ 9 | 8 | ||||
Percent of eligible employees who participated in voluntary buyout, more than | 60.00% | |||||
Defined Benefit Plan, Other Information | 50 | |||||
Prior period correction | $ 0 | $ 15 | ||||
One percentage point increase effect on postretirement benefit obligation | 15 | |||||
One percentage point decrease effect on postretirement benefit obligation | 13 | |||||
Postretirement | Maximum [Member] | ||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||||||
Defined benefit plan effect of one percentage point increase on service and interest cost components | 1 | |||||
Defined benefit plan effect of one percentage point decrease on service and interest cost components | $ 1 | |||||
Postretirement | Minimum [Member] | ||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||||||
Defined Compensation Plan, Amended Employee Match Percentage on One Hundred Percent of Employee Contributions | 100.00% | |||||
Defined Compensation Plan, Amended Employee Match Percentage on Fifty Percent of Employee Contributions | 3.00% | |||||
Pension Plans, Defined Benefit | ||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||||||
Expected contributions in 2013 | $ 9 | |||||
Equity Securities | ||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||||||
Targeted pension plan allocations in debt securities | 70.00% | |||||
Debt Securities | ||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ||||||
Targeted pension plan allocations in debt securities | 30.00% |
Pension Plans, Postretirement and Other Employee Benefits - Pension Plan Assets Classes of Securities (Detail) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
United States Pension Plans of US Entity, Defined Benefits | Equity Securities | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ||
Debt Securities | 51.00% | 70.00% |
United States Pension Plans of US Entity, Defined Benefits | Debt Securities | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ||
Debt Securities | 49.00% | 30.00% |
United States Pension Plans of US Entity, Defined Benefits | All Other | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ||
Debt Securities | 0.00% | |
Foreign | Equity Securities | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ||
Debt Securities | 61.00% | 60.00% |
Foreign | Debt Securities | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ||
Debt Securities | 30.00% | 32.00% |
Foreign | Real Estate | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ||
Debt Securities | 2.00% | 4.00% |
Foreign | All Other | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ||
Debt Securities | 7.00% | 4.00% |
Pension Plans, Postretirement and Other Employee Benefits - Plan Assets Using Fair Value Hierarchy (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 657 | |
United States Pension Plans of US Entity, Defined Benefits | Fair Value, Inputs, Level 1 | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 35 | $ 43 |
United States Pension Plans of US Entity, Defined Benefits | Fair Value, Inputs, Level 1 | U.S. large cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 33 | 41 |
United States Pension Plans of US Entity, Defined Benefits | Fair Value, Inputs, Level 1 | Cash held in bank accounts | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 2 |
United States Pension Plans of US Entity, Defined Benefits | Fair Value, Inputs, Level 2 | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 267 | 291 |
United States Pension Plans of US Entity, Defined Benefits | Fair Value, Inputs, Level 2 | U.S. large cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 63 | 134 |
United States Pension Plans of US Entity, Defined Benefits | Fair Value, Inputs, Level 2 | U.S. Small Cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 15 | 25 |
United States Pension Plans of US Entity, Defined Benefits | Fair Value, Inputs, Level 2 | Non-U.S. mid cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 25 | 24 |
United States Pension Plans of US Entity, Defined Benefits | Fair Value, Inputs, Level 2 | Emerging Markets | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 8 | 8 |
United States Pension Plans of US Entity, Defined Benefits | Fair Value, Inputs, Level 2 | U.S. corporate bonds | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 35 | 5 |
United States Pension Plans of US Entity, Defined Benefits | Fair Value, Inputs, Level 2 | U.S. other fixed income | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 113 | 95 |
Foreign | Fair Value, Inputs, Level 1 | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 157 | 180 |
Foreign | Fair Value, Inputs, Level 1 | U.S. large cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 28 | 31 |
Foreign | Fair Value, Inputs, Level 1 | U.S. mid cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 4 |
Foreign | Fair Value, Inputs, Level 1 | Non-U.S. large cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 46 | 57 |
Foreign | Fair Value, Inputs, Level 1 | Non-U.S. mid cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 16 | 20 |
Foreign | Fair Value, Inputs, Level 1 | Non-U.S. small cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 1 |
Foreign | Fair Value, Inputs, Level 1 | Emerging Markets | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 0 |
Foreign | Fair Value, Inputs, Level 1 | Non-U.S. treasuries/government bonds | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 29 | 41 |
Foreign | Fair Value, Inputs, Level 1 | Non-U.S. corporate bonds | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 18 | 20 |
Foreign | Fair Value, Inputs, Level 1 | Non-U.S. municipal obligations | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 1 |
Foreign | Fair Value, Inputs, Level 1 | Non-U.S. other fixed income | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 1 |
Foreign | Fair Value, Inputs, Level 1 | Non-U.S. real estate | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 0 |
Foreign | Fair Value, Inputs, Level 1 | Cash held in bank accounts | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 11 | 4 |
Foreign | Fair Value, Inputs, Level 2 | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 192 | 203 |
Foreign | Fair Value, Inputs, Level 2 | U.S. large cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 24 | 25 |
Foreign | Fair Value, Inputs, Level 2 | U.S. mid cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 5 | 5 |
Foreign | Fair Value, Inputs, Level 2 | U.S. Small Cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |
Foreign | Fair Value, Inputs, Level 2 | Non-U.S. large cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 66 | 68 |
Foreign | Fair Value, Inputs, Level 2 | Non-U.S. mid cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 15 | 16 |
Foreign | Fair Value, Inputs, Level 2 | Non-U.S. small cap | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 6 |
Foreign | Fair Value, Inputs, Level 2 | Emerging Markets | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 4 | 3 |
Foreign | Fair Value, Inputs, Level 2 | U.S. corporate bonds | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 5 |
Foreign | Fair Value, Inputs, Level 2 | U.S. other fixed income | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |
Foreign | Fair Value, Inputs, Level 2 | Non-U.S. treasuries/government bonds | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 28 | 27 |
Foreign | Fair Value, Inputs, Level 2 | Non-U.S. corporate bonds | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 21 | 27 |
Foreign | Fair Value, Inputs, Level 2 | Non-U.S. mortgage backed securities | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 2 |
Foreign | Fair Value, Inputs, Level 2 | Non-U.S. asset backed securities | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 0 |
Foreign | Fair Value, Inputs, Level 2 | Non-U.S. other fixed income | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Foreign | Fair Value, Inputs, Level 2 | Non-U.S. real estate | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 6 | 6 |
Foreign | Fair Value, Inputs, Level 2 | Insurance contracts | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 12 | 13 |
Foreign | Fair Value, Inputs, Level 3 | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 8 | 9 |
Foreign | Fair Value, Inputs, Level 3 | Insurance contracts | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 8 | $ 9 |
Pension Plans, Postretirement and Other Employee Benefits - Changes in Fair Value of Level 3 Assets (Detail) - Foreign - Fair Value, Inputs, Level 3 - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Balance at December 31 of the previous year | $ 9 | $ 8 |
Relating to assets still held at the reporting date | (1) | 1 |
Ending Balance at December 31 | $ 8 | $ 9 |
Pension Plans, Postretirement and Other Employee Benefits - Significant Concentrations of Risk (Detail) - Fair Value, Inputs, Level 1 - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Investment in Tenneco stock | $ 33 | $ 41 |
Investment in Tenneco stock as a percentage of total plan assets | 5.00% | 5.60% |
Pension Plans, Postretirement and Other Employee Benefits - Summary of Amount Recognised in Balance Sheets for Pension Plans and Postretirement Benefit Plan (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 6 | $ 6 | $ 5 | |
Prior period correction | $ 11 | |||
Employer contributions | 25 | |||
Fair value at December 31 | 657 | 657 | ||
Actuarial loss | 6 | 4 | 4 | |
Prior service cost | (2) | |||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | 0 | |
Noncurrent liabilities | (318) | (318) | (339) | |
United States Pension Plans of US Entity, Defined Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation at December 31 of the previous year | 143 | |||
Interest cost | 17 | 20 | 19 | |
Benefits paid | (9) | (8) | ||
Benefit obligation at December 31 | 143 | |||
Actuarial loss | 8 | 7 | 9 | |
Prior service cost | 0 | 1 | ||
Foreign | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | 15 | 18 | 17 | |
Actuarial loss | 8 | 7 | 10 | |
Prior service cost | 5 | 5 | ||
Postretirement | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation at December 31 of the previous year | 143 | 112 | ||
Service cost | 0 | |||
Interest cost | 6 | 6 | ||
Actuarial (gain)/loss | 1 | 18 | ||
Prior period correction | 0 | 15 | ||
Benefits paid | (9) | |||
Benefit obligation at December 31 | 141 | 141 | 143 | 112 |
Employer contributions | 9 | 8 | ||
Unfunded status at December 31 | (141) | (143) | ||
Actuarial loss | 49 | 53 | ||
Prior service cost | (6) | (10) | ||
Net amount recognized at December 31 | (98) | (98) | (100) | |
Current liabilities | (9) | (9) | (9) | |
Noncurrent liabilities | (132) | (132) | (134) | |
Net amount recognized | (141) | (141) | (143) | |
Pension Plans, Defined Benefit | United States Pension Plans of US Entity, Defined Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation at December 31 of the previous year | 448 | 421 | ||
Settlement | (8) | (53) | ||
Service cost | 1 | 1 | ||
Interest cost | 18 | 20 | ||
Actuarial (gain)/loss | (21) | 77 | ||
Benefits paid | (22) | (18) | ||
Benefit obligation at December 31 | 416 | 416 | 448 | 421 |
Fair value at December 31 of the previous year | 334 | 347 | ||
Settlement | (8) | |||
Actual return on plan assets | (11) | 23 | ||
Employer contributions | 9 | 23 | ||
Fair value at December 31 | 302 | 302 | 334 | 347 |
Unfunded status at December 31 | (114) | (115) | ||
Actuarial loss | 232 | 230 | ||
Prior service cost | 0 | 1 | ||
Net amount recognized at December 31 | 118 | 118 | 116 | |
Current liabilities | (2) | (2) | (10) | |
Noncurrent liabilities | (112) | (112) | (105) | |
Net amount recognized | (114) | (114) | (115) | |
Pension Plans, Defined Benefit | Foreign | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation at December 31 of the previous year | 483 | 442 | ||
Currency rate conversion | (46) | (41) | ||
Settlement | (2) | 0 | ||
Service cost | 9 | 8 | ||
Interest cost | 15 | 18 | ||
Administrative expenses/taxes paid | (2) | (2) | ||
Plan amendments | 2 | 0 | ||
Actuarial (gain)/loss | (17) | 73 | ||
Benefits paid | (18) | (17) | ||
Participants' contributions | 1 | 2 | ||
Benefit obligation at December 31 | 425 | 425 | 483 | 442 |
Fair value at December 31 of the previous year | 392 | 379 | ||
Currency rate conversion | (38) | (32) | ||
Settlement | (2) | 0 | ||
Actual return on plan assets | 8 | 40 | ||
Employer contributions | 16 | 22 | ||
Participants' contributions | 1 | 2 | ||
Fair value at December 31 | 357 | 357 | 392 | $ 379 |
Unfunded status at December 31 | (68) | (90) | ||
Actuarial loss | 144 | 172 | ||
Prior service cost | 5 | 5 | ||
Net amount recognized at December 31 | 81 | 81 | 87 | |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 6 | 6 | 8 | |
Current liabilities | (3) | (3) | (3) | |
Noncurrent liabilities | (71) | (71) | (95) | |
Net amount recognized | $ (68) | $ (68) | $ (90) |
Pension Plans, Postretirement and Other Employee Benefits - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost - benefits earned during the year | $ 0 | $ 0 | $ 0 |
Interest cost | 6 | 6 | 5 |
Net amortization: | |||
Actuarial loss | 6 | 4 | 4 |
Prior service cost | (4) | (7) | (6) |
Prior period correction | 0 | 9 | 0 |
Net pension costs | 8 | 12 | 3 |
United States Pension Plans of US Entity, Defined Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost - benefits earned during the year | 1 | 1 | 1 |
Interest cost | 17 | 20 | 19 |
Expected return on plan assets | 23 | 25 | 22 |
Settlement loss | (4) | (21) | 0 |
Net amortization: | |||
Actuarial loss | 8 | 7 | 9 |
Net pension costs | 7 | 24 | 7 |
Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost - benefits earned during the year | 9 | 8 | 9 |
Interest cost | 15 | 18 | 17 |
Expected return on plan assets | 21 | 23 | 20 |
Settlement loss | 0 | 0 | (1) |
Net amortization: | |||
Actuarial loss | 8 | 7 | 10 |
Prior service cost | 1 | 2 | 1 |
Net pension costs | 12 | 12 | $ 18 |
Pension Plans, Defined Benefit | United States Pension Plans of US Entity, Defined Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Settlements, Benefit Obligation | (8) | (53) | |
Interest cost | 18 | 20 | |
Net amortization: | |||
Actuarial loss | 232 | 230 | |
Pension Plans, Defined Benefit | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Settlements, Benefit Obligation | (2) | 0 | |
Interest cost | 15 | 18 | |
Net amortization: | |||
Actuarial loss | $ 144 | $ 172 |
Pension Plans, Postretirement and Other Employee Benefits - Amounts to be Reflected as Component of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss | $ 5 | |
Prior service cost | (2) | |
Total | 3 | |
United States Pension Plans of US Entity, Defined Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss | 232 | $ 230 |
Prior service cost | 0 | 1 |
Total | 232 | 231 |
Net actuarial loss | 7 | |
Prior service cost | 0 | |
Total expected amounts that will be amortized from accumulated other comprehensive income in 2013 | 7 | |
Foreign | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss | 144 | 172 |
Prior service cost | 5 | 5 |
Total | 149 | $ 177 |
Net actuarial loss | 7 | |
Prior service cost | 1 | |
Total expected amounts that will be amortized from accumulated other comprehensive income in 2013 | $ 8 |
Pension Plans, Postretirement and Other Employee Benefits - Amounts Recognized for Pension and Postretirement Benefits in Other Comprehensive Income (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Compensation and Retirement Disclosure [Abstract] | |||
Change in total actuarial loss, Before-tax amount | $ (7) | $ (124) | |
Amortization of prior service cost included in net periodic pension and postretirement cost, Before-tax amount | (3) | (5) | |
Amortization of actuarial loss included in net periodic pension and postretirement cost, Before-tax amount | 23 | 18 | |
Other comprehensive income - pension benefits, Before-tax amount | 13 | (111) | |
Change in total actuarial loss, Tax Benefit | 2 | 35 | |
Amortization of prior service cost included in net periodic pension and postretirement cost, Tax Benefit | 0 | 1 | |
Amortization of actuarial loss included in net periodic pension and postretirement cost, Tax Benefit | (4) | (5) | |
Other comprehensive - pension benefits, Tax Benefit | (2) | 31 | |
Change in total actuarial loss, Net-of-tax amount | (5) | (89) | |
Amortization of prior service cost included in net periodic pension and postretirement cost, Net-of-tax Amount | (3) | (4) | |
Amortization of actuarial loss included in net periodic pension and postretirement cost, Net-of-tax Amount | 19 | 13 | |
Other comprehensive income - pension benefits, Net-of-tax Amount | $ 11 | $ (80) | $ 85 |
Pension Plans, Postretirement and Other Employee Benefits - Projected Benefit Obligation Accumulated Benefit Obligation and Fair Value of Plan Assets for All Pension Plans (Detail) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
United States Pension Plans of US Entity, Defined Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligation | $ 416 | $ 448 |
Accumulated benefit obligation | 416 | 448 |
Fair value of plan assets | 302 | 334 |
Foreign | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Projected benefit obligation | 337 | 349 |
Accumulated benefit obligation | 332 | 344 |
Fair value of plan assets | $ 262 | $ 253 |
Pension Plans, Postretirement and Other Employee Benefits - Estimated Pension Plan Benefit Payments (Detail) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
United States Pension Plans of US Entity, Defined Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2016 | $ 22 |
2017 | 30 |
2018 | 22 |
2019 | 24 |
2020 | 24 |
2021-2025 | 120 |
Foreign | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2016 | 17 |
2017 | 16 |
2018 | 17 |
2019 | 20 |
2020 | 20 |
2021-2025 | $ 102 |
Pension Plans, Postretirement and Other Employee Benefits - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan Ultimate Health Care Cost Year Five | 4.50% | 4.50% | 4.50% |
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 4.30% | 4.10% | |
United States Pension Plans of US Entity, Defined Benefits | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 4.40% | 4.10% | |
Foreign | |||
Weighted-average assumptions used to determine benefit obligations | |||
Discount rate | 3.50% | 3.30% | |
Rate of compensation increase | 2.70% | 3.40% |
Pension Plans, Postretirement and Other Employee Benefits - Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 4.10% | 4.80% | 4.10% |
United States Pension Plans of US Entity, Defined Benefits | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 4.10% | 4.80% | 4.10% |
Expected long-term return on plan assets | 7.80% | 7.80% | 7.80% |
Foreign | |||
Weighted-average assumptions used to determine net periodic benefit cost | |||
Discount rate | 3.20% | 4.30% | 4.20% |
Expected long-term return on plan assets | 5.90% | 6.10% | 6.20% |
Rate of compensation increase | 3.00% | 3.30% | 3.40% |
Pension Plans, Postretirement and Other Employee Benefits - Amounts to be Reflected as Component of Net Periodic Cost (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 5 | |
Prior service cost | (2) | |
Total | 3 | |
Postretirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | $ (6) | $ (10) |
Pension Plans, Postretirement and Other Employee Benefits - Estimated Subsidies Under Medicare Prescription Drug Improvement and Modernization Act (Detail) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Compensation and Retirement Disclosure [Abstract] | |
2016 | $ 9 |
2017 | 9 |
2018 | 9 |
2019 | 9 |
2020 | 9 |
2021-2025 | $ 44 |
Pension Plans, Postretirement and Other Employee Benefits - Assumptions Used to Determine Postretirement Cost (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Compensation and Retirement Disclosure [Abstract] | |||
Discount rate, Benefit Obligation | 4.30% | 4.10% | |
Discount rate, Net Periodic Benefit Cost | 4.10% | 4.80% | 4.10% |
Segment and Geographic Area Information - Additional Information (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015
operating_segment
geographic_segment
product_segment
| |
Segment Reporting [Abstract] | |
Number of Reportable Segments | geographic_segment | 3 |
Number of Product Segments | product_segment | 2 |
Number of Operating Segments | operating_segment | 6 |
Segment and Geographic Area Information - Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | $ 2,031 | $ 2,025 | $ 2,130 | $ 2,023 | $ 2,004 | $ 2,081 | $ 2,241 | $ 2,094 | $ 8,209 | $ 8,420 | $ 7,964 |
Revenues from external customers | 8,209 | 8,420 | 7,964 | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 128 | $ 116 | $ 155 | $ 120 | 83 | $ 140 | $ 156 | $ 113 | 519 | 492 | 424 |
Total assets | 3,967 | 3,996 | 3,967 | 3,996 | 3,830 | ||||||
Other | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 0 | 0 | 0 | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | (87) | (124) | (85) | ||||||||
Total assets | 0 | 0 | 0 | 0 | 0 | ||||||
Intersegment revenues | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Revenues from external customers | 0 | 0 | 0 | ||||||||
Intersegment revenues | Other | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Revenues from external customers | 0 | 0 | 0 | ||||||||
North America | Clean Air Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 2,851 | 2,815 | 2,658 | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 244 | 237 | 229 | ||||||||
Total assets | 1,209 | 1,156 | 1,209 | 1,156 | 1,030 | ||||||
North America | Ride Performance Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 1,313 | 1,351 | 1,255 | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 155 | 143 | 124 | ||||||||
Total assets | 692 | 659 | 692 | 659 | 628 | ||||||
North America | Intersegment revenues | Clean Air Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Revenues from external customers | 16 | 25 | 8 | ||||||||
North America | Intersegment revenues | Ride Performance Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Revenues from external customers | 10 | 10 | 10 | ||||||||
Europe, South America & India | Clean Air Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 1,835 | 1,974 | 1,934 | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 52 | 59 | 57 | ||||||||
Total assets | 713 | 789 | 713 | 789 | 827 | ||||||
Europe, South America & India | Ride Performance Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 944 | 1,032 | 1,046 | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | (5) | 40 | (7) | ||||||||
Total assets | 499 | 503 | 499 | 503 | 552 | ||||||
Europe, South America & India | Intersegment revenues | Clean Air Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Revenues from external customers | 100 | 114 | 111 | ||||||||
Europe, South America & India | Intersegment revenues | Ride Performance Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Revenues from external customers | 28 | 38 | 41 | ||||||||
Asia Pacific | Clean Air Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 1,037 | 1,022 | 852 | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 121 | 101 | 84 | ||||||||
Total assets | 596 | 593 | 596 | 593 | 544 | ||||||
Asia Pacific | Ride Performance Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 229 | 226 | 219 | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 39 | 36 | 22 | ||||||||
Total assets | 226 | 227 | 226 | 227 | 213 | ||||||
Asia Pacific | Intersegment revenues | Clean Air Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Revenues from external customers | 0 | 0 | 1 | ||||||||
Asia Pacific | Intersegment revenues | Ride Performance Division | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Revenues from external customers | 46 | 43 | 32 | ||||||||
Reclass & Elims | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 0 | 0 | 0 | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 0 | 0 | 0 | ||||||||
Total assets | $ 32 | $ 69 | 32 | 69 | 36 | ||||||
Reclass & Elims | Intersegment revenues | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Revenues from external customers | $ (200) | $ (230) | $ (203) |
Segment and Geographic Area Information - Revenue from External Customers (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | $ 2,031 | $ 2,025 | $ 2,130 | $ 2,023 | $ 2,004 | $ 2,081 | $ 2,241 | $ 2,094 | $ 8,209 | $ 8,420 | $ 7,964 |
Clean Air Systems And Products | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 5,723 | 5,811 | 5,444 | ||||||||
Clean Air Systems And Products | Aftermarket | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 318 | 318 | 327 | ||||||||
Clean Air Systems And Products | Original Equipment | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 5,405 | 5,493 | 5,117 | ||||||||
Clean Air Systems And Products | Original Equipment | OE Value-add | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 3,489 | 3,559 | 3,282 | ||||||||
Clean Air Systems And Products | Original Equipment | OE Substrate | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 1,916 | 1,934 | 1,835 | ||||||||
Ride Control Systems And Products | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 2,486 | 2,609 | 2,520 | ||||||||
Ride Control Systems And Products | Aftermarket | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | 941 | 976 | 953 | ||||||||
Ride Control Systems And Products | Original Equipment | |||||||||||
Segment Reporting [Line Items] | |||||||||||
Net sales and operating revenues | $ 1,545 | $ 1,633 | $ 1,567 |
Segment and Geographic Area Information - Revenue Percent by Major Customers (Details) - Net Sales |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
General Motors | |||
Revenue, Major Customer [Line Items] | |||
Customer accounted for ten percent or more of net sales | 15.00% | 15.00% | 15.00% |
Ford | |||
Revenue, Major Customer [Line Items] | |||
Customer accounted for ten percent or more of net sales | 13.00% | 13.00% | 14.00% |
Segment and Geographic Area Information - Geographic Information Table (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Schedule Of Geographical Information [Line Items] | |||
Revenues from external customers | $ 8,209 | $ 8,420 | $ 7,964 |
Long-lived assets | 1,356 | 1,351 | 1,316 |
Total assets | 3,967 | 3,996 | 3,830 |
United States | |||
Schedule Of Geographical Information [Line Items] | |||
Revenues from external customers | 3,362 | 3,348 | 3,144 |
Long-lived assets | 496 | 473 | 448 |
Total assets | 1,726 | 1,696 | 1,552 |
China | |||
Schedule Of Geographical Information [Line Items] | |||
Revenues from external customers | 1,101 | 1,079 | 875 |
Long-lived assets | 203 | 192 | 158 |
Total assets | 696 | 683 | 602 |
Germany | |||
Schedule Of Geographical Information [Line Items] | |||
Revenues from external customers | 807 | 955 | 941 |
Long-lived assets | 108 | 113 | 120 |
Total assets | 258 | 319 | 358 |
Mexico | |||
Schedule Of Geographical Information [Line Items] | |||
Revenues from external customers | 431 | 423 | 397 |
Long-lived assets | 35 | 34 | 31 |
Total assets | 158 | 156 | 126 |
Canada | |||
Schedule Of Geographical Information [Line Items] | |||
Revenues from external customers | 387 | 413 | 387 |
Long-lived assets | 41 | 52 | 59 |
Total assets | 146 | 164 | 182 |
Other Foreign | |||
Schedule Of Geographical Information [Line Items] | |||
Revenues from external customers | 2,121 | 2,202 | 2,220 |
Long-lived assets | 473 | 487 | 500 |
Total assets | 1,099 | 1,133 | 1,200 |
Reclass & Elims | |||
Schedule Of Geographical Information [Line Items] | |||
Revenues from external customers | 0 | 0 | 0 |
Long-lived assets | 0 | 0 | 0 |
Total assets | $ (116) | $ (155) | $ (190) |
Commitments and Contingencies - Capital and Lease Commitments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Estimate of authorized expenditures required to complete facilities and projects | $ 89 | ||
Operating Leases, 2016 | 38 | ||
Operating Leases, 2017 | 28 | ||
Operating Leases, 2018 | 18 | ||
Operating Leases, 2019 | 13 | ||
Operating Leases, 2020 | 13 | ||
Operating Leases for subsequent years | 15 | ||
Capital Lease, 2016 | 1 | ||
Capital Lease, 2017 | 1 | ||
Capital Lease, 2018 | 1 | ||
Capital Lease, 2019 | 1 | ||
Capital Lease, 2020 | 1 | ||
Total rental expense | $ 61 | $ 64 | $ 58 |
Commitments and Contingencies - Environmental Matters (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Environmental remediation accrual, discounted basis | $ 14 |
Portion of environmental remediation costs recorded in other current liabilities | 2 |
Portion of environmental remediation costs recorded in deferred credits and other liabilities | $ 12 |
Weighted average discount rate | 1.80% |
Environmental remediation accrual, undiscounted basis | $ 17 |
Expected payments of environmental remediation costs, 2016 | 2 |
Expected payments of environmental remediation costs, 2017 | 1 |
Expected payments of environmental remediation costs, 2018 | 1 |
Expected payments of environmental remediation costs, 2019 | 1 |
Expected payments of environmental remediation costs, 2020 | 1 |
Expected payments of environmental remediation costs, thereafter | $ 11 |
Commitments and Contingencies - Other Legal Proceedings, Claims and Investigations (Details) |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2015
LegalMatter
defendent
|
Dec. 31, 2015
State
|
|
Commitments and Contingencies Disclosure [Abstract] | ||
Number of states for which we are subject to an audit with respect to payment of unclaimed property | State | 11 | |
Number of years subject to audit with respect to payment of unclaimed property | 30 years | |
Current docket of active and inactive cases nationwide relating to alleged exposure to asbestos from our product categories | LegalMatter | 500 | |
Number of defendants in many asbestos related cases | defendent | 100 |
Commitments and Contingencies - Warranty Accrual Table (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Beginning Balance | $ 26 | $ 24 | $ 23 |
Accruals related to product warranties | 15 | 24 | 20 |
Reductions for payments made | (18) | (22) | (19) |
Ending Balance | $ 23 | $ 26 | $ 24 |
Supplemental Guarantor Condensed Consolidating Financial Statements - Additional Information (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Ownership percentage of existing and future material domestic owned subsidiaries | 100.00% |
Supplemental Guarantor Condensed Consolidating Financial Statements - Statement of Comprehensive Income Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Net sales and operating revenues — | |||||||||||
External | $ 8,209 | $ 8,420 | $ 7,964 | ||||||||
Affiliated companies | 0 | 0 | 0 | ||||||||
Net sales and operating revenues | $ 2,031 | $ 2,025 | $ 2,130 | $ 2,023 | $ 2,004 | $ 2,081 | $ 2,241 | $ 2,094 | 8,209 | 8,420 | 7,964 |
Costs and expenses | |||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 1,688 | 1,707 | 1,764 | 1,686 | 1,685 | 1,735 | 1,851 | 1,754 | 6,845 | 7,025 | 6,734 |
Engineering, research, and development | 146 | 169 | 144 | ||||||||
Selling, general, and administrative | 491 | 519 | 453 | ||||||||
Depreciation and amortization of other intangibles | 203 | 208 | 205 | ||||||||
Costs and expenses | 7,685 | 7,921 | 7,536 | ||||||||
Other income (expense) | |||||||||||
Loss on sale of receivables | (4) | (4) | (4) | ||||||||
Other income (expense) | (1) | (3) | 0 | ||||||||
Total other income (expense) | (5) | (7) | (4) | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 128 | 116 | 155 | 120 | 83 | 140 | 156 | 113 | 519 | 492 | 424 |
Interest expense — | |||||||||||
External (net of interest capitalized) | 67 | 91 | 80 | ||||||||
Affiliated companies (net of interest income) | 0 | 0 | 0 | ||||||||
Earnings (loss) before income taxes, noncontrolling interests and equity in net income from affiliated companies | 452 | 401 | 344 | ||||||||
Income tax expense | 149 | 131 | 122 | ||||||||
Equity in net income (loss) from affiliated companies | 0 | 0 | 0 | ||||||||
Net income (loss) | 303 | 270 | 222 | ||||||||
Less: Net income attributable to noncontrolling interests | 56 | 44 | 39 | ||||||||
Net income (loss) attributable to Tenneco Inc. | $ 68 | $ 52 | $ 78 | $ 49 | $ 21 | $ 78 | $ 81 | $ 46 | 247 | 226 | 183 |
Comprehensive income (loss) attributable to Tenneco Inc. | 127 | 41 | 231 | ||||||||
Reclass & Elims | |||||||||||
Net sales and operating revenues — | |||||||||||
External | 0 | 0 | 0 | ||||||||
Affiliated companies | (969) | (1,005) | (922) | ||||||||
Net sales and operating revenues | (969) | (1,005) | (922) | ||||||||
Costs and expenses | |||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | (969) | (1,005) | (922) | ||||||||
Engineering, research, and development | 0 | 0 | 0 | ||||||||
Selling, general, and administrative | 0 | 0 | 0 | ||||||||
Depreciation and amortization of other intangibles | 0 | 0 | 0 | ||||||||
Costs and expenses | (969) | (1,005) | (922) | ||||||||
Other income (expense) | |||||||||||
Loss on sale of receivables | 0 | 0 | 0 | ||||||||
Other income (expense) | (48) | (38) | (58) | ||||||||
Total other income (expense) | (48) | (38) | (58) | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | (48) | (38) | (58) | ||||||||
Interest expense — | |||||||||||
External (net of interest capitalized) | 0 | 0 | 0 | ||||||||
Affiliated companies (net of interest income) | 0 | 0 | 0 | ||||||||
Earnings (loss) before income taxes, noncontrolling interests and equity in net income from affiliated companies | (48) | (38) | (58) | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Equity in net income (loss) from affiliated companies | (402) | (451) | (300) | ||||||||
Net income (loss) | (450) | (489) | (358) | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Tenneco Inc. | (450) | (489) | (358) | ||||||||
Comprehensive income (loss) attributable to Tenneco Inc. | (450) | (489) | (358) | ||||||||
Guarantor Subsidiaries | |||||||||||
Net sales and operating revenues — | |||||||||||
External | 3,711 | 3,727 | 3,498 | ||||||||
Affiliated companies | 411 | 403 | 350 | ||||||||
Net sales and operating revenues | 4,122 | 4,130 | 3,848 | ||||||||
Costs and expenses | |||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 3,442 | 3,391 | 3,103 | ||||||||
Engineering, research, and development | 70 | 81 | 66 | ||||||||
Selling, general, and administrative | 193 | 211 | 187 | ||||||||
Depreciation and amortization of other intangibles | 87 | 86 | 78 | ||||||||
Costs and expenses | 3,792 | 3,769 | 3,434 | ||||||||
Other income (expense) | |||||||||||
Loss on sale of receivables | (1) | 0 | 0 | ||||||||
Other income (expense) | 41 | 26 | (1) | ||||||||
Total other income (expense) | 40 | 26 | (1) | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 370 | 387 | 413 | ||||||||
Interest expense — | |||||||||||
External (net of interest capitalized) | (2) | (1) | (2) | ||||||||
Affiliated companies (net of interest income) | 54 | 73 | 70 | ||||||||
Earnings (loss) before income taxes, noncontrolling interests and equity in net income from affiliated companies | 318 | 315 | 345 | ||||||||
Income tax expense | 43 | 94 | 60 | ||||||||
Equity in net income (loss) from affiliated companies | 84 | 129 | 32 | ||||||||
Net income (loss) | 359 | 350 | 317 | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Tenneco Inc. | 359 | 350 | 317 | ||||||||
Comprehensive income (loss) attributable to Tenneco Inc. | 359 | 350 | 317 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Net sales and operating revenues — | |||||||||||
External | 4,498 | 4,693 | 4,466 | ||||||||
Affiliated companies | 558 | 602 | 572 | ||||||||
Net sales and operating revenues | 5,056 | 5,295 | 5,038 | ||||||||
Costs and expenses | |||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 4,372 | 4,639 | 4,553 | ||||||||
Engineering, research, and development | 76 | 88 | 78 | ||||||||
Selling, general, and administrative | 295 | 302 | 260 | ||||||||
Depreciation and amortization of other intangibles | 116 | 122 | 127 | ||||||||
Costs and expenses | 4,859 | 5,151 | 5,018 | ||||||||
Other income (expense) | |||||||||||
Loss on sale of receivables | (3) | (4) | (4) | ||||||||
Other income (expense) | 6 | 9 | 59 | ||||||||
Total other income (expense) | 3 | 5 | 55 | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | 200 | 149 | 75 | ||||||||
Interest expense — | |||||||||||
External (net of interest capitalized) | 3 | 4 | 5 | ||||||||
Affiliated companies (net of interest income) | (56) | (75) | (72) | ||||||||
Earnings (loss) before income taxes, noncontrolling interests and equity in net income from affiliated companies | 253 | 220 | 142 | ||||||||
Income tax expense | 106 | 37 | 62 | ||||||||
Equity in net income (loss) from affiliated companies | 0 | 0 | 0 | ||||||||
Net income (loss) | 147 | 183 | 80 | ||||||||
Less: Net income attributable to noncontrolling interests | 56 | 44 | 39 | ||||||||
Net income (loss) attributable to Tenneco Inc. | 91 | 139 | 41 | ||||||||
Comprehensive income (loss) attributable to Tenneco Inc. | 91 | 139 | 41 | ||||||||
Tenneco Inc. (Parent Company) | |||||||||||
Net sales and operating revenues — | |||||||||||
External | 0 | 0 | 0 | ||||||||
Affiliated companies | 0 | 0 | 0 | ||||||||
Net sales and operating revenues | 0 | 0 | 0 | ||||||||
Costs and expenses | |||||||||||
Cost of sales (exclusive of depreciation and amortization shown below) | 0 | 0 | 0 | ||||||||
Engineering, research, and development | 0 | 0 | 0 | ||||||||
Selling, general, and administrative | 3 | 6 | 6 | ||||||||
Depreciation and amortization of other intangibles | 0 | 0 | 0 | ||||||||
Costs and expenses | 3 | 6 | 6 | ||||||||
Other income (expense) | |||||||||||
Loss on sale of receivables | 0 | 0 | 0 | ||||||||
Other income (expense) | 0 | 0 | 0 | ||||||||
Total other income (expense) | 0 | 0 | 0 | ||||||||
Earnings before interest expense, income taxes, and noncontrolling interests | (3) | (6) | (6) | ||||||||
Interest expense — | |||||||||||
External (net of interest capitalized) | 66 | 88 | 77 | ||||||||
Affiliated companies (net of interest income) | 2 | 2 | 2 | ||||||||
Earnings (loss) before income taxes, noncontrolling interests and equity in net income from affiliated companies | (71) | (96) | (85) | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Equity in net income (loss) from affiliated companies | 318 | 322 | 268 | ||||||||
Net income (loss) | 247 | 226 | 183 | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to Tenneco Inc. | 247 | 226 | 183 | ||||||||
Comprehensive income (loss) attributable to Tenneco Inc. | $ 127 | $ 41 | $ 231 |
Supplemental Guarantor Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|||||
---|---|---|---|---|---|---|---|---|---|
Current assets: | |||||||||
Cash and cash equivalents | $ 287 | [1] | $ 282 | [1] | $ 275 | [1] | $ 223 | ||
Restricted cash | 1 | 3 | |||||||
Receivables, net | 1,112 | 1,088 | |||||||
Inventories | 682 | 688 | |||||||
Deferred income taxes | 0 | 81 | |||||||
Prepayments and other | 229 | 284 | |||||||
Total current assets | 2,311 | 2,426 | |||||||
Other assets: | |||||||||
Investment in affiliated companies | 0 | 0 | |||||||
Notes and advances receivable from affiliates | 0 | 0 | |||||||
Long-term receivables, net | 13 | 12 | |||||||
Goodwill | 60 | 65 | |||||||
Intangibles, net | 22 | 26 | |||||||
Deferred income taxes | 218 | 143 | |||||||
Other | 100 | 106 | |||||||
Total other assets | 413 | 352 | |||||||
Plant, property, and equipment, at cost | 3,418 | 3,490 | |||||||
Less — Accumulated depreciation and amortization | (2,175) | (2,272) | |||||||
Plant, property and equipment, net | 1,243 | 1,218 | |||||||
Total Assets | 3,967 | 3,996 | 3,830 | ||||||
Short-term debt (including current maturities of long-term debt) | |||||||||
Short-term debt — non-affiliated | 86 | 60 | |||||||
Short-term debt — affiliated | 0 | 0 | |||||||
Accounts payable | 1,376 | 1,372 | |||||||
Accrued taxes | 37 | 40 | |||||||
Other | 295 | 327 | |||||||
Total current liabilities | 1,794 | 1,799 | |||||||
Long-term debt — non-affiliated | 1,124 | 1,055 | |||||||
Long-term debt — affiliated | 0 | 0 | |||||||
Deferred income taxes | 7 | 18 | |||||||
Postretirement benefits and other liabilities | $ 524 | $ 551 | |||||||
Commitments and contingencies | |||||||||
Total liabilities | $ 3,449 | $ 3,423 | |||||||
Redeemable noncontrolling interests | 43 | 35 | 20 | 15 | |||||
Total Tenneco Inc. shareholders’ equity | 433 | 497 | 433 | ||||||
Noncontrolling interests | 42 | 41 | |||||||
Total equity | 475 | 538 | 472 | ||||||
Total liabilities, redeemable noncontrolling interests and equity | 3,967 | 3,996 | |||||||
Guarantor Subsidiaries | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 2 | 10 | 6 | 4 | |||||
Restricted cash | 0 | 0 | |||||||
Receivables, net | 299 | 408 | |||||||
Inventories | 333 | 312 | |||||||
Deferred income taxes | 49 | ||||||||
Prepayments and other | 67 | 96 | |||||||
Total current assets | 701 | 875 | |||||||
Other assets: | |||||||||
Investment in affiliated companies | 1,146 | 1,064 | |||||||
Notes and advances receivable from affiliates | 938 | 944 | |||||||
Long-term receivables, net | 11 | 12 | |||||||
Goodwill | 22 | 22 | |||||||
Intangibles, net | 9 | 10 | |||||||
Deferred income taxes | 122 | 76 | |||||||
Other | 42 | 40 | |||||||
Total other assets | 2,290 | 2,168 | |||||||
Plant, property, and equipment, at cost | 1,281 | 1,236 | |||||||
Less — Accumulated depreciation and amortization | (851) | (845) | |||||||
Plant, property and equipment, net | 430 | 391 | |||||||
Total Assets | 3,421 | 3,434 | |||||||
Short-term debt (including current maturities of long-term debt) | |||||||||
Short-term debt — non-affiliated | 0 | 0 | |||||||
Short-term debt — affiliated | 164 | 243 | |||||||
Accounts payable | 484 | 478 | |||||||
Accrued taxes | 6 | (15) | |||||||
Other | 125 | 134 | |||||||
Total current liabilities | 779 | 840 | |||||||
Long-term debt — non-affiliated | 0 | 0 | |||||||
Long-term debt — affiliated | 1,583 | 1,730 | |||||||
Deferred income taxes | 0 | 0 | |||||||
Postretirement benefits and other liabilities | $ 424 | $ 418 | |||||||
Commitments and contingencies | |||||||||
Total liabilities | $ 2,786 | $ 2,988 | |||||||
Redeemable noncontrolling interests | 0 | 0 | |||||||
Total Tenneco Inc. shareholders’ equity | 635 | 446 | |||||||
Noncontrolling interests | 0 | 0 | |||||||
Total equity | 635 | 446 | |||||||
Total liabilities, redeemable noncontrolling interests and equity | 3,421 | 3,434 | |||||||
Non-Guarantor Subsidiaries | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 285 | 272 | 269 | 219 | |||||
Restricted cash | 1 | 3 | |||||||
Receivables, net | 1,241 | 1,309 | |||||||
Inventories | 349 | 376 | |||||||
Deferred income taxes | 25 | ||||||||
Prepayments and other | 162 | 188 | |||||||
Total current assets | 2,038 | 2,173 | |||||||
Other assets: | |||||||||
Investment in affiliated companies | 0 | 0 | |||||||
Notes and advances receivable from affiliates | 13,291 | 10,589 | |||||||
Long-term receivables, net | 2 | 0 | |||||||
Goodwill | 38 | 43 | |||||||
Intangibles, net | 13 | 16 | |||||||
Deferred income taxes | 28 | 14 | |||||||
Other | 47 | 53 | |||||||
Total other assets | 13,419 | 10,715 | |||||||
Plant, property, and equipment, at cost | 2,137 | 2,254 | |||||||
Less — Accumulated depreciation and amortization | (1,324) | (1,427) | |||||||
Plant, property and equipment, net | 813 | 827 | |||||||
Total Assets | 16,270 | 13,715 | |||||||
Short-term debt (including current maturities of long-term debt) | |||||||||
Short-term debt — non-affiliated | 73 | 54 | |||||||
Short-term debt — affiliated | 147 | 220 | |||||||
Accounts payable | 955 | 1,000 | |||||||
Accrued taxes | 31 | 31 | |||||||
Other | 221 | 241 | |||||||
Total current liabilities | 1,427 | 1,546 | |||||||
Long-term debt — non-affiliated | 21 | 44 | |||||||
Long-term debt — affiliated | 13,226 | 10,516 | |||||||
Deferred income taxes | 7 | 18 | |||||||
Postretirement benefits and other liabilities | $ 100 | $ 129 | |||||||
Commitments and contingencies | |||||||||
Total liabilities | $ 14,781 | $ 12,253 | |||||||
Redeemable noncontrolling interests | 43 | 35 | |||||||
Total Tenneco Inc. shareholders’ equity | 1,404 | 1,386 | |||||||
Noncontrolling interests | 42 | 41 | |||||||
Total equity | 1,446 | 1,427 | |||||||
Total liabilities, redeemable noncontrolling interests and equity | 16,270 | 13,715 | |||||||
Tenneco Inc. (Parent Company) | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||||
Restricted cash | 0 | 0 | |||||||
Receivables, net | 0 | 0 | |||||||
Inventories | 0 | 0 | |||||||
Deferred income taxes | 7 | ||||||||
Prepayments and other | 0 | 0 | |||||||
Total current assets | 0 | 7 | |||||||
Other assets: | |||||||||
Investment in affiliated companies | 891 | 764 | |||||||
Notes and advances receivable from affiliates | 4,788 | 4,844 | |||||||
Long-term receivables, net | 0 | 0 | |||||||
Goodwill | 0 | 0 | |||||||
Intangibles, net | 0 | 0 | |||||||
Deferred income taxes | 68 | 53 | |||||||
Other | 11 | 13 | |||||||
Total other assets | 5,758 | 5,674 | |||||||
Plant, property, and equipment, at cost | 0 | 0 | |||||||
Less — Accumulated depreciation and amortization | 0 | 0 | |||||||
Plant, property and equipment, net | 0 | 0 | |||||||
Total Assets | 5,758 | 5,681 | |||||||
Short-term debt (including current maturities of long-term debt) | |||||||||
Short-term debt — non-affiliated | 13 | 6 | |||||||
Short-term debt — affiliated | 0 | 9 | |||||||
Accounts payable | 0 | 0 | |||||||
Accrued taxes | 0 | 24 | |||||||
Other | 3 | 3 | |||||||
Total current liabilities | 16 | 42 | |||||||
Long-term debt — non-affiliated | 1,103 | 1,011 | |||||||
Long-term debt — affiliated | 4,208 | 4,131 | |||||||
Deferred income taxes | 0 | 0 | |||||||
Postretirement benefits and other liabilities | $ 0 | $ 0 | |||||||
Commitments and contingencies | |||||||||
Total liabilities | $ 5,327 | $ 5,184 | |||||||
Redeemable noncontrolling interests | 0 | 0 | |||||||
Total Tenneco Inc. shareholders’ equity | 433 | 497 | |||||||
Noncontrolling interests | 0 | 0 | |||||||
Total equity | 433 | 497 | |||||||
Total liabilities, redeemable noncontrolling interests and equity | 5,760 | 5,681 | |||||||
Reclass & Elims | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |||||
Restricted cash | 0 | 0 | |||||||
Receivables, net | (428) | (629) | |||||||
Inventories | 0 | 0 | |||||||
Deferred income taxes | 0 | ||||||||
Prepayments and other | 0 | 0 | |||||||
Total current assets | (428) | (629) | |||||||
Other assets: | |||||||||
Investment in affiliated companies | (2,037) | (1,828) | |||||||
Notes and advances receivable from affiliates | (19,017) | (16,377) | |||||||
Long-term receivables, net | 0 | 0 | |||||||
Goodwill | 0 | 0 | |||||||
Intangibles, net | 0 | 0 | |||||||
Deferred income taxes | 0 | 0 | |||||||
Other | 0 | 0 | |||||||
Total other assets | (21,054) | (18,205) | |||||||
Plant, property, and equipment, at cost | 0 | 0 | |||||||
Less — Accumulated depreciation and amortization | 0 | 0 | |||||||
Plant, property and equipment, net | 0 | 0 | |||||||
Total Assets | (21,482) | (18,834) | |||||||
Short-term debt (including current maturities of long-term debt) | |||||||||
Short-term debt — non-affiliated | 0 | 0 | |||||||
Short-term debt — affiliated | (311) | (472) | |||||||
Accounts payable | (63) | (106) | |||||||
Accrued taxes | 0 | 0 | |||||||
Other | (54) | (51) | |||||||
Total current liabilities | (428) | (629) | |||||||
Long-term debt — non-affiliated | 0 | 0 | |||||||
Long-term debt — affiliated | (19,017) | (16,377) | |||||||
Deferred income taxes | 0 | 0 | |||||||
Postretirement benefits and other liabilities | $ 0 | $ 4 | |||||||
Commitments and contingencies | |||||||||
Total liabilities | $ (19,445) | $ (17,002) | |||||||
Redeemable noncontrolling interests | 0 | 0 | |||||||
Total Tenneco Inc. shareholders’ equity | (2,039) | (1,832) | |||||||
Noncontrolling interests | 0 | 0 | |||||||
Total equity | (2,039) | (1,832) | |||||||
Total liabilities, redeemable noncontrolling interests and equity | $ (21,484) | $ (18,834) | |||||||
|
Supplemental Guarantor Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||
Operating Activities | |||||||
Net cash provided (used) by operating activities | $ 517 | $ 341 | $ 503 | ||||
Investing Activities | |||||||
Proceeds from sale of assets | 4 | 3 | 8 | ||||
Cash payments for plant, property, and equipment | (286) | (328) | (244) | ||||
Cash payments for software related intangible assets | (23) | (13) | (25) | ||||
Payments to Acquire Other Productive Assets | (3) | (5) | |||||
Change in restricted cash | 2 | 2 | (5) | ||||
Net cash used by investing activities | (303) | (339) | (266) | ||||
Financing Activities | |||||||
Retirement of long-term debt | (37) | (462) | (16) | ||||
Issuance of long-term debt | 1 | 570 | 0 | ||||
Debt issuance cost on long-term debt | (1) | (12) | 0 | ||||
Tax benefit from stock-based compensation | 6 | 26 | 24 | ||||
Purchase of common stock under the share repurchase program | (213) | (22) | (27) | ||||
Issuance of common stock | 6 | 19 | 20 | ||||
Increase in bank overdrafts | (22) | 6 | (6) | ||||
Net increase/decrease in revolver borrowings and short-term debt excluding current maturities of long-term debt | 102 | (70) | (22) | ||||
Net decrease in short-term borrowings secured by accounts receivable | 30 | (10) | (40) | ||||
Intercompany dividends and net increase (decrease) in intercompany obligations | 0 | 0 | 0 | ||||
Capital contribution from noncontrolling interest partner | 0 | 5 | 0 | ||||
Purchase of noncontrolling equity interest | 0 | 0 | (69) | ||||
Distribution to noncontrolling interest partners | (44) | (30) | (39) | ||||
Net cash provided (used) by financing activities | (172) | 20 | (175) | ||||
Effect of foreign exchange rate changes on cash and cash equivalents | (37) | (15) | (10) | ||||
Increase in cash and cash equivalents | 5 | 7 | 52 | ||||
Cash and cash equivalents, January 1 | 282 | [1] | 275 | [1] | 223 | ||
Cash and cash equivalents, December 31 (Note) | [1] | 287 | 282 | 275 | |||
Guarantor Subsidiaries | |||||||
Operating Activities | |||||||
Net cash provided (used) by operating activities | 204 | 44 | 270 | ||||
Investing Activities | |||||||
Proceeds from sale of assets | 0 | 0 | 1 | ||||
Cash payments for plant, property, and equipment | (114) | (106) | (102) | ||||
Cash payments for software related intangible assets | (16) | (5) | (19) | ||||
Payments to Acquire Other Productive Assets | (3) | 0 | |||||
Change in restricted cash | 0 | 0 | |||||
Net cash used by investing activities | (130) | (114) | (120) | ||||
Financing Activities | |||||||
Retirement of long-term debt | 0 | 0 | 0 | ||||
Issuance of long-term debt | 0 | 0 | |||||
Debt issuance cost on long-term debt | 0 | 0 | |||||
Tax benefit from stock-based compensation | 0 | 0 | 0 | ||||
Purchase of common stock under the share repurchase program | 0 | 0 | 0 | ||||
Issuance of common stock | 0 | 0 | 0 | ||||
Increase in bank overdrafts | 0 | 0 | 0 | ||||
Net increase/decrease in revolver borrowings and short-term debt excluding current maturities of long-term debt | 0 | 0 | 0 | ||||
Net decrease in short-term borrowings secured by accounts receivable | 0 | 0 | 0 | ||||
Intercompany dividends and net increase (decrease) in intercompany obligations | (82) | 74 | (148) | ||||
Capital contribution from noncontrolling interest partner | 0 | ||||||
Purchase of noncontrolling equity interest | 0 | ||||||
Distribution to noncontrolling interest partners | 0 | 0 | 0 | ||||
Net cash provided (used) by financing activities | (82) | 74 | (148) | ||||
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||
Increase in cash and cash equivalents | (8) | 4 | 2 | ||||
Cash and cash equivalents, January 1 | 10 | 6 | 4 | ||||
Cash and cash equivalents, December 31 (Note) | 2 | 10 | 6 | ||||
Non-Guarantor Subsidiaries | |||||||
Operating Activities | |||||||
Net cash provided (used) by operating activities | 311 | 314 | 244 | ||||
Investing Activities | |||||||
Proceeds from sale of assets | 4 | 3 | 7 | ||||
Cash payments for plant, property, and equipment | (172) | (222) | (142) | ||||
Cash payments for software related intangible assets | (7) | (8) | (6) | ||||
Payments to Acquire Other Productive Assets | 0 | (5) | |||||
Change in restricted cash | 2 | 2 | |||||
Net cash used by investing activities | (173) | (225) | (146) | ||||
Financing Activities | |||||||
Retirement of long-term debt | (22) | (9) | (2) | ||||
Issuance of long-term debt | 1 | 45 | |||||
Debt issuance cost on long-term debt | 0 | 0 | |||||
Tax benefit from stock-based compensation | 0 | 0 | 0 | ||||
Purchase of common stock under the share repurchase program | 0 | 0 | 0 | ||||
Issuance of common stock | 0 | 0 | 0 | ||||
Increase in bank overdrafts | (22) | 6 | (6) | ||||
Net increase/decrease in revolver borrowings and short-term debt excluding current maturities of long-term debt | 20 | (13) | (43) | ||||
Net decrease in short-term borrowings secured by accounts receivable | 0 | 0 | 0 | ||||
Intercompany dividends and net increase (decrease) in intercompany obligations | (21) | (75) | 121 | ||||
Capital contribution from noncontrolling interest partner | 5 | ||||||
Purchase of noncontrolling equity interest | (69) | ||||||
Distribution to noncontrolling interest partners | (44) | (30) | (39) | ||||
Net cash provided (used) by financing activities | (88) | (71) | (38) | ||||
Effect of foreign exchange rate changes on cash and cash equivalents | (37) | (15) | (10) | ||||
Increase in cash and cash equivalents | 13 | 3 | 50 | ||||
Cash and cash equivalents, January 1 | 272 | 269 | 219 | ||||
Cash and cash equivalents, December 31 (Note) | 285 | 272 | 269 | ||||
Tenneco Inc. (Parent Company) | |||||||
Operating Activities | |||||||
Net cash provided (used) by operating activities | 49 | 21 | 48 | ||||
Investing Activities | |||||||
Proceeds from sale of assets | 0 | 0 | 0 | ||||
Cash payments for plant, property, and equipment | 0 | 0 | 0 | ||||
Cash payments for software related intangible assets | 0 | 0 | 0 | ||||
Payments to Acquire Other Productive Assets | 0 | 0 | |||||
Change in restricted cash | 0 | 0 | |||||
Net cash used by investing activities | 0 | 0 | 0 | ||||
Financing Activities | |||||||
Retirement of long-term debt | (15) | (453) | (14) | ||||
Issuance of long-term debt | 0 | 525 | |||||
Debt issuance cost on long-term debt | (1) | (12) | |||||
Tax benefit from stock-based compensation | 6 | 26 | 24 | ||||
Purchase of common stock under the share repurchase program | (213) | (22) | (27) | ||||
Issuance of common stock | 6 | 19 | 20 | ||||
Increase in bank overdrafts | 0 | 0 | 0 | ||||
Net increase/decrease in revolver borrowings and short-term debt excluding current maturities of long-term debt | 82 | (57) | 21 | ||||
Net decrease in short-term borrowings secured by accounts receivable | 30 | (10) | (40) | ||||
Intercompany dividends and net increase (decrease) in intercompany obligations | 56 | (37) | (32) | ||||
Capital contribution from noncontrolling interest partner | 0 | ||||||
Purchase of noncontrolling equity interest | 0 | ||||||
Distribution to noncontrolling interest partners | 0 | 0 | 0 | ||||
Net cash provided (used) by financing activities | (49) | (21) | (48) | ||||
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||
Increase in cash and cash equivalents | 0 | 0 | 0 | ||||
Cash and cash equivalents, January 1 | 0 | 0 | 0 | ||||
Cash and cash equivalents, December 31 (Note) | 0 | 0 | 0 | ||||
Reclass & Elims | |||||||
Operating Activities | |||||||
Net cash provided (used) by operating activities | (47) | (38) | (59) | ||||
Investing Activities | |||||||
Proceeds from sale of assets | 0 | 0 | 0 | ||||
Cash payments for plant, property, and equipment | 0 | 0 | 0 | ||||
Cash payments for software related intangible assets | 0 | 0 | 0 | ||||
Payments to Acquire Other Productive Assets | 0 | 0 | |||||
Change in restricted cash | 0 | 0 | |||||
Net cash used by investing activities | 0 | 0 | 0 | ||||
Financing Activities | |||||||
Retirement of long-term debt | 0 | 0 | 0 | ||||
Issuance of long-term debt | 0 | 0 | |||||
Debt issuance cost on long-term debt | 0 | 0 | |||||
Tax benefit from stock-based compensation | 0 | 0 | 0 | ||||
Purchase of common stock under the share repurchase program | 0 | 0 | 0 | ||||
Issuance of common stock | 0 | 0 | 0 | ||||
Increase in bank overdrafts | 0 | 0 | 0 | ||||
Net increase/decrease in revolver borrowings and short-term debt excluding current maturities of long-term debt | 0 | 0 | 0 | ||||
Net decrease in short-term borrowings secured by accounts receivable | 0 | 0 | 0 | ||||
Intercompany dividends and net increase (decrease) in intercompany obligations | 47 | 38 | 59 | ||||
Capital contribution from noncontrolling interest partner | 0 | ||||||
Purchase of noncontrolling equity interest | 0 | ||||||
Distribution to noncontrolling interest partners | 0 | 0 | 0 | ||||
Net cash provided (used) by financing activities | 47 | 38 | 59 | ||||
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||
Increase in cash and cash equivalents | 0 | 0 | 0 | ||||
Cash and cash equivalents, January 1 | 0 | 0 | 0 | ||||
Cash and cash equivalents, December 31 (Note) | $ 0 | $ 0 | $ 0 | ||||
|
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Sales and Operating Revenues | $ 2,031 | $ 2,025 | $ 2,130 | $ 2,023 | $ 2,004 | $ 2,081 | $ 2,241 | $ 2,094 | $ 8,209 | $ 8,420 | $ 7,964 |
Cost of Sales (Excluding Depreciation and Amortization) | 1,688 | 1,707 | 1,764 | 1,686 | 1,685 | 1,735 | 1,851 | 1,754 | 6,845 | 7,025 | 6,734 |
Earnings Before Interest Expense, Income Taxes and Noncontrolling Interests | 128 | 116 | 155 | 120 | 83 | 140 | 156 | 113 | 519 | 492 | 424 |
Net Income Attributable to Tenneco Inc. | $ 68 | $ 52 | $ 78 | $ 49 | $ 21 | $ 78 | $ 81 | $ 46 | $ 247 | $ 226 | $ 183 |
Basic Earnings per Share of Common Stock (in dollars per share) | $ 1.18 | $ 0.89 | $ 1.27 | $ 0.81 | $ 0.34 | $ 1.29 | $ 1.34 | $ 0.76 | $ 4.14 | $ 3.72 | $ 3.03 |
Diluted Earnings per Share of Common Stock (in dollars per share) | $ 1.17 | $ 0.88 | $ 1.26 | $ 0.80 | $ 0.33 | $ 1.27 | $ 1.32 | $ 0.75 | $ 4.11 | $ 3.66 | $ 2.97 |
VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Allowance for Doubtful Accounts And Notes Receivable | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 16 | $ 14 | $ 14 |
Charged to Costs and Expenses | 4 | 4 | 1 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 4 | 2 | 1 |
Balance at End of Year | 16 | 16 | 14 |
Deferred Tax Assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 139 | 135 | 118 |
Charged to Costs and Expenses | 15 | 15 | 19 |
Charged to Other Accounts | (3) | (3) | 8 |
Deductions | (24) | (8) | (10) |
Balance at End of Year | $ 127 | $ 139 | $ 135 |
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