Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the purchase price (in millions, except for share data):

Tenneco shares issued for purchase of Federal-Mogul	29,444,846
Tenneco share price at October 1, 2018	$	41.99
Fair value of the Stock Consideration	1,236
Cash Consideration(1)	811
Repayment of Federal-Mogul debt and accrued interest (2)	1,660
Total consideration	$	3,707

⁽¹⁾ Cash consideration also included $11 million in advisory fees paid to a third-party.

⁽²⁾ Portion of the proceeds from the issuance of the $4.9 billion new credit facility that was used to repay Federal-Mogul’s term loan and revolver loan of $1,455 million and $200 million, respectively, and the related accrued interest of $5 million.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the acquisition date:

	(Millions)
Cash, cash equivalents and restricted cash	$	277
Customer notes and accounts receivable	1,258
Other receivables	62
Inventories	1,551
Prepayments and other current assets	198
Property, plant and equipment	1,711
Long-term receivables	48
Goodwill	825
Intangibles	1,530
Investments in nonconsolidated affiliates	528
Deferred income taxes	166
Other assets	55
Total assets acquired	8,209
Short-term debt, including current maturities of long-term debt	130
Accounts payable	957
Accrued compensation and employee benefits	231
Accrued income taxes	49
Accrued expenses and other current liabilities	522
Long-term debt	1,315
Deferred income taxes	56
Pension and postretirement benefits	879
Deferred credits and other liabilities	124
Total liabilities assumed	4,263
Redeemable noncontrolling interests	96
Noncontrolling interests	143
Net assets and noncontrolling interests acquired	$	3,707

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

Other intangible assets acquired include the following:

	Estimated Fair Value		Weighted-Average Useful Lives
	(Millions)
Definite-lived intangible assets:
Customer platforms and relationships	$	964	10 years
Technology rights	69		10 years
Packaged kits know-how	36		10 years
Licensing agreements	66		4.5 years
Land use rights	30		42.8 years
Total definite-lived intangible assets	1,165		10.5 years
Indefinite-lived intangible assets:
Trade names and trademarks	365
Total	$	1,530

Pro Forma Information

The following table summarizes, on a pro forma basis, the combined results of operations of the Company and Federal-Mogul business as though the Acquisition and the related financing had occurred as of January 1, 2017. The pro forma results are not necessarily indicative of either the actual consolidated results had the acquisition of Federal-Mogul occurred on December 31, 2016 or of future consolidated operating results.

	For the Year Ended December 31
	2018		2017
	(In millions, except per share amounts)
Net sales and operating revenues	$	17,860	$	17,153
Earnings before income taxes and noncontrolling interests	$	488	$	235
Net income attributable to Tenneco Inc.	$	275	$	372
Basic earnings per share of common stock	$	3.41	$	4.52
Diluted earnings per share of common stock	$	3.40	$	4.51

Disposal Groups, Including Discontinued Operations

The assets and liabilities classified as held for sale as of December 31, 2018 were as follows:

	December 31
	2018
	(Millions)
Assets
Inventories	$	33
Other current assets	5
Long-lived assets	23
Total assets held for sale	$	61
Liabilities
Accounts payable	$	21
Accrued liabilities	7
Other liabilities	11
Total liabilities held for sale	$	39