Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final fair values of assets acquired and liabilities assumed as of the acquisition date and the measurement period adjustments made during the year ended December 31, 2019:

	Initial Allocation		Adjustments		Final Allocation
Cash, cash equivalents, and restricted cash	$	4	$	—	$	4
Customer notes and accounts receivable	19		—		19
Inventories	31		—		31
Prepayments and other current assets	2		—		2
Property, plant, and equipment	8		—		8
Goodwill	28		14		42
Intangibles	135		(2)		133
Other assets	9		—		9
Total assets acquired	236		12		248
Short-term debt, including current maturities of long-term debt	10		—		10
Accounts payable	11		—		11
Accrued compensation and employee benefits	12		—		12
Deferred income taxes	18		12		30
Deferred credits and other liabilities	6		—		6
Total liabilities assumed	57		12		69
Redeemable noncontrolling interest	17		—		17
Net assets acquired	$	162	$	—	$	162

Schedule of Other Intangible Assets Acquired

Other intangible assets acquired include the following:

	Estimated Fair Value		Weighted-Average Useful Lives
Definite-lived intangible assets:
Customer platforms and relationships	$	37	10 years
Technology rights	41		10 years
Total definite-lived intangible assets	78
Indefinite-lived intangible assets:
Trade names and trademarks	55
Total	$	133

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(a)	811
Repayment of Federal-Mogul debt and accrued interest (b)	1,660
Total consideration	$	3,707

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

(b) 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, and the related accrued interest of $5 million.

Schedule of 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 January 1, 2017 or of future consolidated operating results. Actual operating results for the year ended December 31, 2020 and 2019 have been included in the table below for comparative purposes.

	Actual				Pro Forma (Unaudited)
	Year Ended December 31
	2020		2019		2018
Net sales and operating revenues	$	15,379	$	17,450	$	17,860
Earnings (loss) before income taxes and noncontrolling interests	$	(1,001)	$	(201)	$	488
Net income (loss) attributable to Tenneco Inc.	$	(1,521)	$	(334)	$	275
Basic earnings (loss) per share of common stock	$	(18.69)	$	(4.12)	$	3.41
Diluted earnings (loss) per share of common stock	$	(18.69)	$	(4.12)	$	3.40

Schedule of Assets and Liabilities Classified as Held for Sale

The related assets and liabilities classified as held for sale as of December 31, 2020 and 2019 were as follows:

	December 31
	2020		2019
Assets:
Receivables	$	—	$	5
Inventories	—		8
Other current assets	—		1
Long-lived assets	15		18
Goodwill	—		4
Impairment on carrying value	—		(8)
Total assets held for sale	$	15	$	28
Liabilities:
Accounts payable	$	—	$	4
Accrued expenses and other current liabilities	—		2
Total liabilities held for sale	$	—	$	6