Debt and Other Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Summary of Long-term Debt Obligations

Interest expense associated with the amortization of the debt issuance costs and original issue discounts recognized in the Company's condensed consolidated statements of income (loss) consist of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Amortization of debt issuance fees	$	4	$	1	$	9	$	2

A summary of our long-term debt obligations at June 30, 2019 and December 31, 2018 is set forth in the following table:

	June 30, 2019				December 31, 2018
	Principal		Carrying Amount (1)		Principal		Carrying Amount (1)
Credit Facilities
Revolver Borrowings
Due 2023	$	250	$	250	$	—	$	—
Term Loans
LIBOR plus 1.75% Term Loan A due 2019 through 2023	1,658		1,649		1,700		1,691
LIBOR plus 3.00% Term Loan B due 2019 through 2025(2)	1,692		1,626		1,700		1,629
Senior Unsecured Notes
$225 million of 5.375% Senior Notes due 2024	225		222		225		222
$500 million of 5.000% Senior Notes due 2026	500		494		500		493
Senior Secured Notes
€415 million 4.875% Euro Fixed Rate Notes due 2022	472		489		476		496
€300 million of Euribor plus 4.875% Euro Floating Rate Notes due 2024	341		345		344		349
€350 million of 5.000% Euro Fixed Rate Notes due 2024	398		422		401		427
Other debt, primarily foreign instruments	93		91		108		106
			5,588				5,413
Less - maturities classified as current			80				73
Total long-term debt			$	5,508			$	5,340

(1) Carrying amount is net of unamortized debt issuance costs and debt discounts or premiums. Total unamortized debt issuance costs were $83 million and $90 million as of June 30, 2019 and December 31, 2018. Total unamortized debt (premium) discount, net was $(43) million and $(49) million as of June 30, 2019 and December 31, 2018.

(2) As of December 31, 2018, the rate on Term Loan B was LIBOR plus 2.75%.

Financing Arrangements

The Company had availability on its credit facilities as of June 30, 2019 as follows:

	Credit Facilities as of June 30, 2019
	Term	Available(b)
		(in billions)
Tenneco Inc. revolving credit facility (a)	2023	$	1.2
Tenneco Inc. Term Loan A	2023	—
Tenneco Inc. Term Loan B	2025	—
Subsidiaries’ credit agreements	2020	0.2
		$	1.4

^(a)  The Company is required to pay commitment fees under the revolving credit facility on the unused portion of the total commitment.

^(b) 

Letters of credit reduce the available borrowings under the revolving credit facility, as of June 30, 2019 the revolving credit facility had $20 million in letters of credit outstanding.

Schedule of Gain (Loss) on Securitizations or Asset-backed Financing Arrangements of Financial Assets Accounted for as Sale [Table Text Block]

The Company has securitization programs for some of its accounts receivables, with limited recourse provisions. Borrowings on these securitization programs, which are recorded in short-term debt, at June 30, 2019 and December 31, 2018 are as follows:

	June 30, 2019		December 31, 2018
Borrowings on securitization programs	$	4	$	6

The amounts outstanding for these factoring and drafting arrangements as of June 30, 2019 and December 31, 2018 are as follows:

	June 30, 2019		December 31, 2018
	(in billions)
Accounts receivable outstanding and derecognized	$	1.1	$	1.0

The deferred purchase price receivable as of June 30, 2019 and December 31, 2018 is as follows:

	June 30, 2019		December 31, 2018
Deferred purchase price receivable	$	52	$	154

Proceeds from the factoring of accounts receivable qualifying as sales are as follows:

	Three months ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(in billions)
Proceeds from factoring qualifying as sales	$	1.3	$	0.7	$	2.5	$	1.5

Financing charges associated with the factoring of receivables are as follows:

	Three months ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Financing charges on sale of receivables(a)	$	6	$	2	$	14	$	5
(a) Amount is included in "Interest expense" in the condensed consolidated statements of income (loss).