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Basis of Presentation (Policies)
9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Basis of Presentation — Interim Financial Statements Basis of Presentation Interim Financial StatementsCertain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These statements include all adjustments (consisting of normal recurring adjustments) management believes are necessary to fairly state the results of operations, comprehensive income, financial position, changes in shareholders’ equity, and cash flows. The Company’s management believes the disclosures are adequate to make the information presented not misleading when read in conjunction with the audited consolidated financial statements and the notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission on February 24, 2022 (the “2021 Form 10-K”). Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Redeemable noncontrolling interests Redeemable noncontrolling interestsThe Company has noncontrolling interests with redemption features. These redemption features could require the Company to make an offer to purchase the noncontrolling interests in the event of a change in control of Tenneco Inc. or certain of its subsidiaries.
Earnings (loss) per share Earnings (loss) per shareBasic earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average shares outstanding during the period. Diluted earnings (loss) per share reflects the weighted average effect of all potentially dilutive securities from the date of issuance.
Assets Held for Sale and Divestitures
Assets Held for Sale and Divestitures
At September 30, 2022 and December 31, 2021, the Company had $13 million and $22 million of assets held for sale, which primarily consists of land and buildings, and non-core machinery and equipment across multiple segments that are expected to be sold in the next twelve months, as well as $8 million and $9 million in related environmental and asset retirement obligation liabilities. The Company recognized $2 million of impairment charges on assets held for sale during the nine months ended September 30, 2022.

In the first quarter of 2022, the Company closed on the sale of a non-core business and recognized a loss on the sale of $2 million during the nine months ended September 30, 2022. The Company received $1 million and $2 million of cash proceeds during the three and nine months ended September 30, 2022. The remaining receivable is expected to be collected in the fourth quarter of 2022.
The assets and liabilities held for sale are recorded in “Prepayments and other current assets” and “Accrued expenses and other current liabilities” in the consolidated balance sheets at September 30, 2022 and December 31, 2021.