XML 40 R29.htm IDEA: XBRL DOCUMENT v3.19.2
Summary of Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Redeemable Noncontrolling Interests
The following is a rollforward of activities in the Company's redeemable noncontrolling interests:
 
Six Months Ended June 30,
 
2019
 
2018
Balance at beginning of period
$
138

 
$
42

Net income (loss) attributable to redeemable noncontrolling interests
15

 
16

Other comprehensive income (loss)
1

 
(1
)
Acquisition and other
16

 
—

Purchase accounting measurement period adjustment
(8
)
 
—

Dividends declared
(17
)
 
(19
)
Balance at end of period
$
145

 
$
38
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Actual weighted average shares outstanding used in calculating earnings (loss) per share were:
 
Three Months Ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Weighted average shares of common stock outstanding
80,920,825

 
51,258,668

 
80,897,731

 
51,232,639

Effect of dilutive securities:
 
 
 
 
 
 
 
Restricted stock, PSUs and RSUs
—

 
298,826

 
—

 
251,971

Stock options
—

 
49,730

 
—

 
61,405

Dilutive shares outstanding
80,920,825

 
51,607,224

 
80,897,731

 
51,546,015
Schedule of Error Corrections and Prior Period Adjustments
The following tables present the effects of these reclassifications and revisions for the condensed consolidated financial statement line items adjusted in the affected periods included within this quarterly report:

 
Three Months Ended June 30, 2018
 
As Reported
 
Reclasses
 
As Reclassified
 
Revisions
 
As Revised
Condensed consolidated statement of income (loss)
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
Net sales and operating revenues
$
2,537

 
$
—

 
$
2,537

 
$
(4
)
 
$
2,533

Costs and expenses
 
 
 
 
 
 
 
 
 
Cost of sales
2,159

 
(23
)
 
2,136

 
(2
)
 
2,134

Selling, general, and administrative
156

 
(2
)
 
154

 
—

 
154

Depreciation and amortization
59

 
—

 
59

 
1

 
60

Engineering, research, and development
42

 
(4
)
 
38

 
1

 
39

Restructuring charges and asset impairments
—

 
29

 
29

 
—

 
29

 
2,416

 
—

 
2,416

 
—

 
2,416

Other expense (income)
 
 
 
 
 
 
 
 
 
Loss on sale of receivables
2

 
(2
)
 
—

 
—

 
—

Non-service pension and other postretirement benefit costs (credits)
—

 
3

 
3

 
—

 
3

Other expense (income), net
6

 
(3
)
 
3

 
—

 
3

 
8

 
(2
)
 
6

 
—

 
6

Earnings (loss) before interest expense, income taxes, and noncontrolling interests
113

 
2

 
115

 
(4
)
 
111

Interest expense
20

 
2

 
22

 
—

 
22

Earnings (loss) before income taxes and noncontrolling interests
93

 
—

 
93

 
(4
)
 
89

Income tax expense (benefit)
27

 
—

 
27

 
(1
)
 
26

Net income (loss)
66

 
—

 
66

 
(3
)
 
63

Less: Net income (loss) attributable to noncontrolling interests
16

 
—

 
16

 
—

 
16

Net income (loss) attributable to Tenneco Inc.
$
50

 
$
—

 
$
50

 
$
(3
)
 
$
47

Earnings (loss) per share
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share of common stock
$
0.98

 
$
—

 
$
0.98

 
$
(0.06
)
 
$
0.92

Diluted earnings (loss) per share of common stock
$
0.98

 
$
—

 
$
0.98

 
$
(0.06
)
 
$
0.92


 
Three Months Ended June 30, 2018
 
As Reported
 
Reclasses
 
As Reclassified
 
Revisions
 
As Revised
Condensed consolidated statement of comprehensive income (loss)
 
 
 
 
 
 
 
 
 
Net income (loss)
$
66

 
$
—

 
$
66

 
$
(3
)
 
$
63

Other comprehensive income (loss)—net of tax

 

 

 

 

Foreign currency translation adjustment
(100
)
 
—

 
(100
)
 
1

 
(99
)
Defined benefit plans
4

 
—

 
4

 
—

 
4

 
(96
)
 
—

 
(96
)
 
1

 
(95
)
Comprehensive income (loss)
(30
)
 
—

 
(30
)
 
(2
)
 
(32
)
Less: Comprehensive income (loss) attributable to noncontrolling interests
9

 
—

 
9

 
—

 
9

Comprehensive income (loss) attributable to common shareholders
$
(39
)
 
$
—

 
$
(39
)
 
$
(2
)
 
$
(41
)


 
Six months ended June 30, 2018
 
As Reported
 
Reclasses
 
As Reclassified
 
Revisions
 
As Revised
Condensed consolidated statement of income (loss)
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
Net sales and operating revenues
$
5,111

 
$
—

 
$
5,111

 
$
3

 
$
5,114

Costs and expenses
 
 
 
 
 
 
 
 
 
Cost of sales
4,357

 
(32
)
 
4,325

 
2

 
4,327

Selling, general, and administrative
309

 
(4
)
 
305

 
—

 
305

Depreciation and amortization
118

 
—

 
118

 
2

 
120

Engineering, research, and development
83

 
(5
)
 
78

 
1

 
79

Restructuring charges and asset impairments
—

 
41

 
41

 
—

 
41

 
4,867

 
—

 
4,867

 
5

 
4,872

Other expense (income)
 
 
 
 
 
 
 
 
 
Loss on sale of receivables
5

 
(5
)
 
—

 
—

 
—

Non-service pension and other postretirement benefit costs (credits)
—

 
6

 
6

 
—

 
6

Other expense (income), net
9

 
(6
)
 
3

 
—

 
3

 
14

 
(5
)
 
9

 
—

 
9

Earnings (loss) before interest expense, income taxes, and noncontrolling interests
230

 
5

 
235

 
(2
)
 
233

Interest expense
40

 
5

 
45

 
—

 
45

Earnings (loss) before income taxes and noncontrolling interests
190

 
—

 
190

 
(2
)
 
188

Income tax expense (benefit)
52

 
—

 
52

 
(1
)
 
51

Net income (loss)
138

 
—

 
138

 
(1
)
 
137

Less: Net income (loss) attributable to noncontrolling interests
30

 
—

 
30

 
—

 
30

Net income (loss) attributable to Tenneco Inc.
$
108

 
$
—

 
$
108

 
$
(1
)
 
$
107

Earnings (loss) per share
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share of common stock
$
2.12

 
$
—

 
$
2.12

 
$
(0.04
)
 
$
2.08

Diluted earnings (loss) per share of common stock
$
2.10

 
$
—

 
$
2.10

 
$
(0.03
)
 
$
2.07


 
Six months ended June 30, 2018
 
As Reported
 
Reclasses
 
As Reclassified
 
Revisions
 
As Revised
Condensed consolidated statement of comprehensive income (loss)

Net income (loss)
$
138

 
$
—

 
$
138

 
$
(1
)
 
$
137

Other comprehensive income (loss)—net of tax
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
(73
)
 
—

 
(73
)
 
1

 
(72
)
Defined benefit plans
7

 
—

 
7

 
—

 
7

 
(66
)
 
—

 
(66
)
 
1

 
(65
)
Comprehensive income (loss)
72

 
—

 
72

 
—

 
72

Less: Comprehensive income (loss) attributable to noncontrolling interests
31

 
—

 
31

 
—

 
31

Comprehensive income (loss) attributable to common shareholders
$
41

 
$
—

 
$
41

 
$
—

 
$
41



 
 
Six months ended June 30, 2018
 
 
As Reported
 
Reclasses
 
As Reclassified
 
Revisions
 
As Revised
Condensed consolidated statements of cash flow
 

Operating Activities
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
138

 
$
—

 
$
138

 
$
(1
)
 
$
137

Net cash provided by (used by) operating activities
 
78

 
—

 
78

 
—

 
78

 
 
 
 
 
 
 
 
 
 
 
Investing Activities
 
 
 
 
 
 
 
 
 
 
Net cash used by investing activities
 
(101
)
 
—

 
(101
)
 
—

 
(101
)
 
 
 
 
 
 
 
 
 
 
 
Financing Activities
 
 
 
 
 
 
 
 
 
 
Proceeds from term loans and notes
 
—

 
—

 
—

 
9

 
9

Repayments of term loans and notes
 
—

 
(12
)
 
(12
)
 
(16
)
 
(28
)
Retirement of long-term debt
 
(12
)
 
12

 
—

 
—

 
—

Borrowings on revolving lines of credit
 
—

 
—

 
—

 
2,669

 
2,669

Payments on revolving lines of credit
 
—

 
—

 
—

 
(2,614
)
 
(2,614
)
Net increase (decrease) in revolver borrowings
 
48

 
—

 
48

 
(48
)
 
—

Issuance (repurchase) of common shares
 
(1
)
 
—

 
(1
)
 
—

 
(1
)
Cash dividends
 
(25
)
 
—

 
(25
)
 
—

 
(25
)
Debt issuance cost of long-term debt
 
(2
)
 
2

 
—

 
—

 
—

Purchase of common stock under the share repurchase program
 
—

 
—

 
—

 
—

 
—

Net increase (decrease) in bank overdrafts
 
(7
)
 
—

 
(7
)
 
—

 
(7
)
Net increase (decrease) in short-term borrowings secured by accounts receivable
 
(20
)
 
20

 
—

 
—

 
—

Other
 
—

 
(22
)
 
(22
)
 
—

 
(22
)
Distributions to noncontrolling interest partners
 
(28
)
 
—

 
(28
)
 
—

 
(28
)
Net cash provided by (used by) financing activities
 
(47
)
 
—

 
(47
)
 
—

 
(47
)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
 
(11
)
 
—

 
(11
)
 
—

 
(11
)
Increase (decrease) in cash, cash equivalents and restricted cash
 
(81
)
 
—

 
(81
)
 
—

 
(81
)
Cash, cash equivalents and restricted cash, beginning of period
 
318

 
—

 
318

 
—

 
318

Cash, cash equivalents and restricted cash, end of period
 
$
237

 
$
—

 
$
237

 
$
—

 
$
237


 
 
Three Months Ended June 30, 2018
 
 
As Reported
 
Revisions
 
As Revised
Condensed consolidated statements of changes in shareholders' equity
 
 
Accumulated Deficit
 
 
 
 
 
 
Balance March 31
 
$
(902
)
 
$
(61
)
 
$
(963
)
Net income (loss) attributable to Tenneco Inc.
 
50

 
(3
)
 
47

Cash dividends declared
 
(12
)
 
—

 
(12
)
Balance June 30
 
$
(864
)
 
$
(64
)
 
$
(928
)
Accumulated Other Comprehensive Income (loss)
 
 
 
 
 
 
Balance March 31
 
$
(519
)
 
$
3

 
$
(516
)
Other comprehensive income (loss)—net of tax:
 
 
 
 
 
 
Foreign currency translation adjustment
 
(93
)
 
1

 
(92
)
Defined benefit plans
 
4

 
—

 
4

Balance June 30
 
$
(608
)
 
$
4

 
$
(604
)
Total Tenneco Inc. Shareholders' Equity
 
 
 
 
 
 
Balance March 31
 
$
765

 
$
(58
)
 
$
707

Net income (loss) attributable to Tenneco Inc.
 
50

 
(3
)
 
47

Other comprehensive income (loss)—net of tax:
 
 
 
 
 
 
Foreign currency translation adjustment
 
(93
)
 
1

 
(92
)
Defined benefit plans
 
4

 
—

 
4

Comprehensive income (loss)
 
(39
)
 
(2
)
 
(41
)
Cash dividends
 
(12
)
 
—

 
(12
)
Common Stock Issued
 
3

 
—

 
3

Balance June 30
 
$
717

 
$
(60
)
 
$
657

Total Equity
 
 
 
 
 
 
Balance March 31
 
$
825

 
$
(58
)
 
$
767

Net income (loss)
 
57

 
(3
)
 
54

Other comprehensive income (loss)—net of tax:
 
 
 
 
 
 
Foreign currency translation adjustment
 
(98
)
 
1

 
(97
)
Defined benefit plans
 
4

 
—

 
4

Comprehensive income (loss)
 
(37
)
 
(2
)
 
(39
)
Common Stock Issued
 
3

 
—

 
3

Cash dividends
 
(30
)
 
—

 
(30
)
Balance June 30
 
$
761

 
$
(60
)
 
$
701


 
 
Six months ended June 30, 2018
 
 
As Reported
 
Revisions
 
As Revised
Condensed consolidated statements of changes in shareholders' equity
 

Accumulated Deficit
 
 
 
 
 
 
Balance January 1
 
$
(946
)
 
$
(63
)
 
$
(1,009
)
Net income (loss) attributable to Tenneco Inc.
 
108

 
(1
)
 
107

Cash dividends declared
 
(25
)
 
—

 
(25
)
Adjustments to adopt new accounting standards
 
(1
)
 
—

 
(1
)
Balance June 30
 
$
(864
)
 
$
(64
)
 
$
(928
)
Accumulated Other Comprehensive Income (loss)
 
 
 
 
 
 
Balance January 1
 
$
(541
)
 
$
3

 
$
(538
)
Other comprehensive income (loss)—net of tax:
 
 
 
 
 
 
Foreign currency translation adjustment
 
(74
)
 
1

 
(73
)
Defined benefit plans
 
7

 
—

 
7

Balance June 30
 
$
(608
)
 
$
4

 
$
(604
)
Total Tenneco Inc. Shareholders' Equity
 
 
 
 
 
 
Balance January 1
 
$
696

 
$
(60
)
 
$
636

Net income (loss) attributable to Tenneco Inc.
 
108

 
(1
)
 
107

Other comprehensive income (loss)—net of tax:
 
 
 
 
 
 
Foreign currency translation adjustment
 
(74
)
 
1

 
(73
)
Defined benefit plans
 
7

 
—

 
7

Comprehensive income (loss)
 
41

 
—

 
41

Adjustments to adopt new accounting standards
 
(1
)
 
—

 
(1
)
Cash dividends
 
(25
)
 
—

 
(25
)
Common Stock Issued
 
6

 
—

 
6

Balance June 30
 
$
717

 
$
(60
)
 
$
657

Total Equity
 
 
 
 
 
 
Balance January 1
 
$
742

 
$
(60
)
 
$
682

Net income (loss)
 
122

 
(1
)
 
121

Other comprehensive income (loss)—net of tax:
 
 
 
 
 
 
Foreign currency translation adjustment
 
(72
)
 
1

 
(71
)
Defined benefit plans
 
7

 
—

 
7

Comprehensive income (loss)
 
57

 
—

 
57

Common Stock Issued
 
6

 
—

 
6

Cash dividends
 
(43
)
 
—

 
(43
)
Adjustments to adopt new accounting standards
 
(1
)
 
—

 
(1
)
Balance June 30
 
$
761

 
$
(60
)
 
$
701