Quarterly Report (10-q)

Date : 08/06/2019 @ 8:45PM
Source : Edgar (US Regulatory)
Stock : Tenneco Inc (TEN)
Quote : 9.64  -0.48 (-4.74%) @ 5:16PM

Quarterly Report (10-q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________ 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-12387
TENNECO INC .
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)

500 North Field Drive , Lake Forest , Illinois
(Address of principal executive offices)

 

76-0515284
(I.R.S. Employer
Identification No.)

60045
(Zip Code)
Registrant’s telephone number, including area code: ( 847 482-5000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A Voting Common Stock, par value $0.01 per share
TEN
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.   Yes          No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes          No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes         No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
The number of shares of Class A Voting Common Stock, par value $0.01 per share: 57,126,858 shares outstanding as of August 2, 2019 . The number of shares of Class B Non-Voting Common Stock, par value $0.01 per share: 23,793,669 shares outstanding as of August 2, 2019 .




TABLE OF CONTENTS
 
 
 
Page
Part I — Financial Information
 
Item 1.
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
Part II — Other Information
 
Item 1.
Item 1A.
Item 2.
Item 3.
Defaults Upon Senior Securities
*
Item 4.
Mine Safety Disclosures
*
Item 5.
Other Information
*
Item 6.
 
*
No response to this item is included herein for the reason that it is inapplicable or the answer to such item is negative.

2



CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, our prospects and business strategies. These forward-looking statements are included in various sections of this report. The words “may,” “will,” “believe,” “should,” “could,” “plan,” “expect,” “anticipate,” “estimate,” and similar expressions (and variations thereof), identify these forward-looking statements. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, these expectations may not prove to be correct. Because these forward-looking statements are also subject to risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include:
general economic, business and market conditions;
our ability to source and procure needed materials, components and other products and services in accordance with customer demand and at competitive prices;
the cost and outcome of existing and any future claims, legal proceedings or investigations, including, but not limited to, any of the foregoing arising in connection with the ongoing global antitrust investigation, product performance, product safety or intellectual property rights;
changes in consumer demand, prices and our ability to have our products included on top selling vehicles, including any shifts in consumer preferences away from historically higher margin products for our customers and us, to other lower margin vehicles, for which we may or may not have supply arrangements, and the cyclical nature of the global vehicle industry, including the performance of the global aftermarket sector;
changes in consumer demand for our original equipment products or aftermarket products, or changes in automotive and commercial vehicle manufacturers’ production rates and their actual and forecasted requirements for our products, due to difficult economic conditions and/or regulatory or legal changes affecting internal combustion engines and/or aftermarket products;
our dependence on certain large customers, including the loss of any of our large original equipment manufacturer customers (on whom we depend for a substantial portion of our revenues), or the loss of market shares by these customers if we are unable to achieve increased sales to other customers or any change in customer demand due to delays in the adoption or enforcement of worldwide emissions regulations;
new technologies that reduce the demand for certain of our products or otherwise render them obsolete;
our ability to introduce new products and technologies that satisfy customers' needs in a timely fashion;
the overall highly competitive nature of the automotive and commercial vehicle parts industries, and any resultant inability to realize the sales represented by our awarded book of business (which is based on anticipated pricing and volumes over the life of the applicable program);
changes in capital availability or costs, including increases in our cost of borrowing (i.e., interest rate increases), the amount of our debt, our ability to access capital markets at favorable rates, and the credit ratings of our debt;
our ability to comply with the covenants contained in our debt instruments;
our working capital requirements;
our ability to successfully execute cash management and other cost reduction plans, and to realize the anticipated benefits from these plans;
risks inherent in operating a multi-national company, including economic conditions, such as currency exchange and inflation rates, and political conditions in the countries where we operate or sell our products, adverse changes in trade agreements, tariffs, immigration policies, political stability, and tax and other laws, and potential disruptions of production and supply;
increasing competition from lower cost, private-label products;
damage to the reputation of one or more of our leading brands;
the effect of improvements in automotive parts on aftermarket demand for some of our products;
industrywide strikes, labor disruptions at our facilities or any labor or other economic disruptions at any of our significant customers or suppliers or any of our customers’ other suppliers;
developments relating to our intellectual property, including our ability to adapt to changes in technology;
costs related to product warranties and other customer satisfaction actions;
the failure or breach of our information technology systems, including the consequences of any misappropriation, exposure or corruption of sensitive information stored on such systems and the interruption to our business such failure or breach may cause;

3



the effect of consolidation among vehicle parts suppliers and customers on our ability to compete in the highly competitive automotive and commercial vehicle supplier industry;
changes in distribution channels or competitive conditions in the markets and countries where we operate;
the evolution towards autonomous vehicles, and car and ride sharing;
customer acceptance of new products;
our ability to successfully integrate, and benefit from, any acquisitions we complete;
our ability to effectively manage our joint ventures and other third-party relationships;
the potential impairment in the carrying value of our long-lived assets, goodwill, or indefinite-lived intangible assets or our inability to realize our deferred tax assets;
the negative effect of fuel price volatility on transportation and logistics costs, raw material costs, discretionary purchases of vehicles or aftermarket products, and demand for off-highway equipment;
increases in the costs of raw materials or components, including our ability to successfully reduce the effect of any such cost increases through materials substitutions, cost reduction initiatives, customer recovery, and other methods;
changes by the Financial Accounting Standards Board or the Securities and Exchange Commission of authoritative generally accepted accounting principles or policies;
changes in accounting estimates and assumptions, including changes based on additional information;
any changes by the International Organization for Standardization (ISO) or other such committees in their certification protocols for processes and products, which may have the effect of delaying or hindering our ability to bring new products to market;
the effect of the extensive, increasing, and changing laws and regulations to which we are subject, including environmental laws and regulations, which may result in our incurrence of environmental liabilities in excess of the amount reserved or increased costs or loss of revenues relating to products subject to changing regulation;
potential volatility in our effective tax rate;
disasters, such as fires, earthquakes and flooding, and any resultant disruptions in the supply or production of goods or services to us or by us, in demand by our customers or in the operation of our system, disaster recovery capabilities or business continuity capabilities;
acts of war and/or terrorism, as well as actions taken or to be taken by the United States and other governments as a result of further acts or threats of terrorism, and the effect of these acts on economic, financial, and social conditions in the countries where we operate; 
pension obligations and other postretirement benefits;
our hedging activities to address commodity price fluctuations; and
the timing and occurrence (or non-occurrence) of other transactions, events and circumstances which may be beyond our control.
In addition, important factors related to the acquisition of Federal-Mogul LLC ("Federal-Mogul") and the planned separation of our company into a powertrain technology company and an aftermarket and ride performance company that could cause actual results to differ materially from the expectations reflected in the forward-looking statements, including:
the risk the Company may not complete a separation of its powertrain technology business and its aftermarket and ride performance business (or achieve some or all of the anticipated benefits of the separation);
the risk the combined company and each separate company following the separation will underperform relative to our expectations;
the ongoing transaction costs and risk we may incur greater costs following separation of the business;
the risk the spin-off is determined to be a taxable transaction;
the risk the benefits of the acquisition of Federal-Mogul, including synergies, may not be fully realized or may take longer to realize than expected;
the risk the acquisition of Federal-Mogul may not advance our business strategy;
the risk we may experience difficulty integrating or separating employees or operations; and
the risk the transaction may have an adverse effect on existing arrangements with us, including those related to transition, manufacturing and supply services, and tax matters; our ability to retain and hire key personnel; or our ability to maintain relationships with customers, suppliers or other business partners.



4



The risks included here are not exhaustive. Refer to “Part II, Item 1A — Risk Factors” herein and “Part I, Item 1A — Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2018 for further discussion regarding our exposure to risks. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, nor to assess the effect such risk factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Unless otherwise indicated in this report, the forward-looking statements in this report are made as of the date of this report, and, except as required by law, the Company does not undertake any obligation, and disclaims any obligation, to publicly disclose revisions or updates to any forward-looking statements.


5



PART I
FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

TENNECO INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)
(in millions, except share and per share amounts)  
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
   Net sales and operating revenues
$
4,504

 
$
2,533

 
$
8,988

 
$
5,114

 
 
 
 
 
 
 
 
Costs and expenses
 
 
 
 
 
 
 
Cost of sales
3,793

 
2,134

 
7,657

 
4,327

Selling, general, and administrative
288

 
154

 
604

 
305

Depreciation and amortization
169

 
60

 
338

 
120

Engineering, research, and development
78

 
39

 
170

 
79

Restructuring charges and asset impairments
61

 
29

 
85

 
41

Goodwill impairment charge

 

 
60

 

 
4,389

 
2,416

 
8,914

 
4,872

Other expense (income)
 
 
 
 
 
 
 
Non-service pension and other postretirement benefit costs (credits)
4

 
3

 
6

 
6

Equity in (earnings) losses of nonconsolidated affiliates, net of tax
(17
)
 

 
(33
)
 

Other expense (income), net
(13
)
 
3

 
(16
)
 
3

 
(26
)
 
6

 
(43
)
 
9

Earnings (loss) before interest expense, income taxes, and noncontrolling interests
141

 
111

 
117

 
233

Interest expense
82

 
22

 
163

 
45

Earnings (loss) before income taxes and noncontrolling interests
59

 
89

 
(46
)
 
188

Income tax expense (benefit)
14

 
26

 
14

 
51

Net income (loss)
45

 
63

 
(60
)
 
137

Less: Net income (loss) attributable to noncontrolling interests
19

 
16

 
31

 
30

Net income (loss) attributable to Tenneco Inc.
$
26

 
$
47

 
$
(91
)
 
$
107

Earnings (loss) per share
 
 
 
 
 
 
 
Basic earnings (loss) per share:
 
 
 
 
 
 
 
Earnings (loss) per share
$
0.32

 
$
0.92

 
$
(1.13
)
 
$
2.08

Weighted average shares outstanding
80,920,825

 
51,258,668

 
80,897,731

 
51,232,639

Diluted earnings (loss) per share:
 
 
 
 
 
 
 
Earnings (loss) per share
$
0.32

 
$
0.92

 
$
(1.13
)
 
$
2.07

Weighted average shares outstanding
80,920,825

 
51,607,224

 
80,897,731

 
51,546,015

See accompanying notes to the condensed consolidated financial statements.

6



TENNECO INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(in millions)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
45

 
$
63

 
$
(60
)
 
$
137

Other comprehensive income (loss) — net of tax
 
 
 
 
 
 
 
Foreign currency translation adjustment
(18
)
 
(99
)
 
17

 
(72
)
Cash flow hedges
(3
)
 

 
1

 

Defined benefit plans
(2
)
 
4

 
(1
)
 
7

 
(23
)
 
(95
)
 
17

 
(65
)
Comprehensive income (loss)
22

 
(32
)
 
(43
)
 
72

Less: Comprehensive income (loss) attributable to noncontrolling interests
18

 
9

 
36

 
31

Comprehensive income (loss) attributable to common shareholders
$
4

 
$
(41
)
 
$
(79
)
 
$
41

See accompanying notes to the condensed consolidated financial statements.




7




TENNECO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions, except shares)
 
June 30,
2019
 
December 31,
2018
ASSETS
Current assets:
 
 
 
Cash and cash equivalents
$
384

 
$
697

Restricted cash
6

 
5

Receivables:
 
 
 
Customer notes and accounts, net
2,754

 
2,487

Other
93

 
85

Inventories
2,207

 
2,245

Prepayments and other current assets
550

 
590

Total current assets
5,994

 
6,109

Property, plant and equipment, net
3,569

 
3,501

Long-term receivables, net
10

 
10

Goodwill
799

 
869

Intangibles, net
1,649

 
1,519

Investments in nonconsolidated affiliates
531

 
544

Deferred income taxes
480

 
467

Other assets
560

 
213

Total assets
$
13,592

 
$
13,232

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
 
 
 
Short-term debt, including current maturities of long-term debt
$
170

 
$
153

Accounts payable
2,725

 
2,759

Accrued compensation and employee benefits
391

 
343

Accrued income taxes

 
64

Accrued expenses and other current liabilities
1,024

 
1,001

Total current liabilities
4,310

 
4,320

Long-term debt
5,508

 
5,340

Deferred income taxes
110

 
88

Pension and postretirement benefits
1,129

 
1,167

Deferred credits and other liabilities
546

 
263

Commitments and contingencies (Note 13)


 


Total liabilities
11,603

 
11,178

Redeemable noncontrolling interests
145

 
138

Tenneco Inc. shareholders’ equity:
 
 
 
Preferred stock — $0.01 par value; none issued

 

Class A voting stock — $0.01 par value; shares issued: June 30, 2019 — 71,746,952 and December 31, 2018 — 71,675,379
1

 
1

Class B non-voting convertible stock — $0.01 par value; shares issued: June 30, 2019 — 23,793,669 and December 31, 2018 — 23,793,669

 

Additional paid-in capital
4,371

 
4,360

Accumulated other comprehensive loss
(680
)
 
(692
)
Accumulated deficit
(1,124
)
 
(1,013
)
 
2,568

 
2,656

Shares held as treasury stock — at cost: June 30, 2019 and December 31, 2018 — 14,592,888 shares
(930
)
 
(930
)
Total Tenneco Inc. shareholders’ equity
1,638

 
1,726

Noncontrolling interests
206

 
190

Total equity
1,844

 
1,916

Total liabilities, redeemable noncontrolling interests and equity
$
13,592

 
$
13,232

See accompanying notes to the condensed consolidated financial statements.

8



TENNECO INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(in millions)
 
Six Months Ended
June 30,
 
2019
 
2018
Operating Activities
 
 
 
Net income (loss)
$
(60
)
 
$
137

Adjustments to reconcile net income (loss) to cash provided (used) by operating activities:
 
 
 
Goodwill impairment charge
60

 

Depreciation and amortization
338

 
120

Deferred income taxes
(14
)
 
(9
)
Stock-based compensation
13

 
7

Restructuring charges and asset impairments, net of cash paid
14

 
10

Change in pension and other postretirement benefit plans
(32
)
 
2

Equity in earnings of nonconsolidated affiliates
(33
)
 

Cash dividends received from nonconsolidated affiliates
27

 

Loss (gain) on sale of assets
(1
)
 

Changes in operating assets and liabilities:
 
 
 
Receivables
(401
)
 
(233
)
Inventories
101

 
(51
)
Payables and accrued expenses
48

 
206

Accrued interest and accrued income taxes
(66
)
 
(2
)
Other assets and liabilities
(94
)
 
(109
)
Net cash provided (used) by operating activities
(100
)
 
78

Investing Activities
 
 
 
Proceeds from sale of assets
5

 
5

Net proceeds from sale of business
22

 

Cash payments for property, plant, and equipment
(379
)
 
(174
)
Acquisition of business, net of cash acquired
(158
)
 

Proceeds from deferred purchase price of factored receivables
147

 
66

Other
(1
)
 
2

Net cash used by investing activities
(364
)
 
(101
)
Financing Activities
 
 
 
Proceeds from term loans and notes
111

 
9

Repayments of term loans and notes
(190
)
 
(28
)
Borrowings on revolving lines of credit
4,525

 
2,669

Payments on revolving lines of credit
(4,254
)
 
(2,614
)
Issuance (repurchase) of common shares
(2
)
 
(1
)
Cash dividends
(20
)
 
(25
)
Net increase (decrease) in bank overdrafts
(8
)
 
(7
)
Other
(1
)
 
(22
)
Distributions to noncontrolling interest partners
(20
)
 
(28
)
Net cash provided (used) by financing activities
141

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

 
(11
)
Decrease in cash, cash equivalents and restricted cash
(312
)
 
(81
)
Cash, cash equivalents and restricted cash, beginning of period
702

 
318

Cash, cash equivalents and restricted cash, end of period
$
390

 
$
237

Supplemental Cash Flow Information
 
 
 
Cash paid during the period for interest
$
145

 
$
40

Cash paid during the period for income taxes, net of refunds
$
100

 
$
56

Non-cash Investing Activities
 
 
 
Period end balance of accounts payable for property, plant, and equipment
$
116

 
$
54

Deferred purchase price of receivables factored in the period
$
52

 
$
71

See accompanying notes to the condensed consolidated financial statements.

9



TENNECO INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
(in millions)
 
Tenneco Inc. Shareholders' equity
 
 
 
$0.01 Par Value Common Stock
 
Treasury Stock
 
Additional Paid-In Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income (Loss)
 
Total Tenneco Inc. Shareholders' Equity
 
Noncontrolling Interests
 
Total Equity
Balance as of December 31, 2018
$
1

 
$
(930
)
 
$
4,360

 
$
(1,013
)
 
$
(692
)
 
$
1,726

 
$
190

 
$
1,916

Net income (loss)

 

 

 
(117
)
 

 
(117
)
 
7

 
(110
)
Other comprehensive income (loss)—net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
29

 
29

 
4

 
33

Derivatives
 
 
 
 
 
 
 
 
4

 
4

 

 
4

Defined benefit plans
 
 
 
 
 
 
 
 
1

 
1

 

 
1

Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
(83
)
 
11

 
(72
)
Stock-based compensation, net

 

 
5

 



 
5

 

 
5

Cash dividends ($0.25 per share)

 

 

 
(20
)
 

 
(20
)
 

 
(20
)
Purchase accounting measurement period adjustment

 

 

 

 

 

 
(1
)
 
(1
)
Distributions declared to noncontrolling interests

 

 

 

 

 

 
(1
)
 
(1
)
Balance as of March 31, 2019
1

 
(930
)
 
4,365

 
(1,150
)
 
(658
)
 
1,628

 
199

 
1,827

Net income (loss)

 

 

 
26

 

 
26

 
9

 
35

Other comprehensive income (loss)—net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
(17
)
 
(17
)
 

 
(17
)
Derivatives
 
 
 
 
 
 
 
 
(3
)
 
(3
)
 

 
(3
)
Defined benefit plans
 
 
 
 
 
 
 
 
(2
)
 
(2
)
 

 
(2
)
Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
4

 
9

 
13

Stock-based compensation, net

 

 
6

 

 

 
6

 

 
6

Distributions declared to noncontrolling interests

 

 

 

 

 

 
(2
)
 
(2
)
Balance as of June 30, 2019
$
1

 
$
(930
)
 
$
4,371

 
$
(1,124
)
 
$
(680
)
 
$
1,638

 
$
206

 
$
1,844



10



 
Tenneco Inc. Shareholders' equity
 
 
 
$0.01 Par Value Common Stock
 
Treasury Stock
 
Additional Paid-In Capital
 
Accumulated Deficit
 
Accumulated Other Comprehensive Income (Loss)
 
Total Tenneco Inc. Shareholders' Equity
 
Noncontrolling Interests
 
Total Equity
Balance as of December 31, 2017
$
1

 
$
(930
)
 
$
3,112

 
$
(1,009
)
 
$
(538
)
 
$
636

 
$
46

 
$
682

Net Income (loss)

 

 

 
60

 

 
60

 
7

 
67

Other comprehensive income (loss)—net of tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
19

 
19

 
7

 
26

Defined benefit plans
 
 
 
 
 
 
 
 
3

 
3

 

 
3

Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
82

 
14

 
96

Adjustments to adopt new accounting standards

 

 

 
(1
)
 

 
(1
)
 

 
(1
)
Stock-based compensation, net

 

 
3

 

 

 
3

 

 
3

Cash dividends ($0.25 per share)

 

 

 
(13
)
 

 
(13
)
 

 
(13
)
Balance as of March 31, 2018
1

 
(930
)
 
3,115

 
(963
)
 
(516
)
 
707

 
60

 
767

Net Income (loss)

 

 

 
47

 

 
47

 
7

 
54

Other comprehensive income (loss)—net of tax:
 
 
 
 
 
 
 
 
 
 

 
 
 
 
Foreign currency translation adjustments
 
 
 
 
 
 
 
 
(92
)
 
(92
)
 
(5
)
 
(97
)
Derivatives
 
 
 
 
 
 
 
 

 

 

 

Defined benefit plans
 
 
 
 
 
 
 
 
4

 
4

 

 
4

Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
(41
)
 
2

 
(39
)
Stock-based compensation, net

 

 
3

 

 

 
3

 

 
3

Cash dividends ($0.25 per share)

 

 

 
(12
)
 

 
(12
)
 

 
(12
)
Distributions declared to noncontrolling interests

 

 

 

 

 

 
(18
)
 
(18
)
Balance as of June 30, 2018
$
1

 
$
(930
)
 
$
3,118

 
$
(928
)
 
$
(604
)
 
$
657

 
$
44

 
$
701


See accompanying notes to the condensed consolidated financial statements.


11


TENNECO INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(in millions, except share and per share amounts, or as otherwise noted)

1. Description of Business

Tenneco Inc. ("Tenneco" or "the Company") was formed under the laws of Delaware in 1996. Tenneco designs, manufactures, and sells products and services for light vehicle, commercial truck, off-highway, industrial, and aftermarket customers. The Company is one of the world's leading manufacturers of clean air, powertrain, and ride performance products and systems, and serves both original equipment manufacturers ("OEM") and replacement markets worldwide.

On January 10, 2019, the Company completed the acquisition of a 90.5% ownership interest in Öhlins Intressenter AB (“Öhlins”, the "Öhlins Acquisition"), a Swedish technology company that develops premium suspension systems and components for the automotive and motorsport industries. On October 1, 2018, the Company completed the acquisition of a 100% ownership interest in Federal-Mogul LLC ("Federal-Mogul Acquisition," and together with the Öhlins Acquisition, the "Acquisitions"), a global supplier of technology and innovation in vehicle and industrial products for fuel economy, emissions reductions, and safety systems.

2. Summary of Significant Accounting Policies

Basis of Presentation Interim Financial Statements
Certain 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, 2018 , which was filed with the Securities and Exchange Commission on March 18, 2019. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 .

The Company expects to separate its businesses to form two new, independent publicly traded companies, an Aftermarket and Ride Performance company ("DRiV") and a new Powertrain Technology company ("New Tenneco"). The Company currently expects the separation of the businesses to occur through a spinoff transaction of DRiV in mid-2020. In preparation for the spinoff, the Company began to manage and report its DRiV businesses through two new operating segments, in the first quarter of 2019, as compared to the three operating segments it had previously reported. The DRiV operating segments consist of Motorparts and Ride Performance. The new Motorparts operating segment consists of the previously reported Aftermarket operating segment as well as the aftermarket portion of the previously reported Motorparts operating segment. The Ride Performance operating segment consists of the previously reported Ride Performance operating segment as well as the OE Braking business that was included in the previously reported Motorparts operating segment. As such, prior period operating segment results and related disclosures have been conformed to reflect the Company's current operating segments. The future New Tenneco consists of two existing operating segments, Powertrain and Clean Air. See Note 17, Segment Information .

Redeemable Noncontrolling Interests — The Company has noncontrolling interests with redemption features. These redemption features could require the Company to make an offer to purchase the noncontrolling interests at fair value in the event of a change in control of Tenneco Inc. or certain of its subsidiaries. The redemption of these redeemable noncontrolling interests is not solely within the Company's control. Accordingly, these noncontrolling interests are presented in the temporary equity section of the Company's condensed consolidated balance sheets. The Company does not believe it is probable the redemption features related to these noncontrolling interest securities will be triggered, as a change in control event is generally not probable until it occurs, except as discussed in Note 3, Acquisitions and Divestitures , for the redeemable noncontrolling interests from the Acquisitions.

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



The Company recorded a decrease to the redeemable noncontrolling interests of $8 million from the Federal-Mogul Acquisition, as a result of adjustments made in the measurement period to the preliminary purchase price allocation. The purchase price allocations for the Acquisitions are preliminary and subject to finalization. The Company's current estimates and assumptions may change as a result. See Note 3, Acquisitions and Divestitures for additional information.

Earnings (loss) per share — Basic 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. Actual weighted average shares outstanding used in calculating earnings (loss) per share were:

12

TENNECO INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)
(Unaudited)


 
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



For the three and six months ended June 30, 2019 , the calculation of diluted earnings (loss) per share excluded 1,990,099 and 1,850,850 of share-based awards, as the effect on the calculation would have been anti-dilutive. For the three and six months ended June 30, 2018 , the calculation of diluted earnings (loss) per share excluded 123,773 and 123,947 of share-based awards, as the effect on the calculation would have been anti-dilutive.

Revision of Previously Issued Financial Statements
The Company identified an error in the accounting for certain costs capitalized into inventory that did not constitute inventoriable costs in its historical financial statements. The Company also revised for other immaterial errors related to various line items. As a result, certain amounts in the condensed consolidated financial statements have been revised for the three and six month periods ended June 30, 2018 . These revisions were not material to the previously issued financial statements and are presented in the tables below.

Reclassifications: Certain amounts in the prior years have been aggregated or disaggregated to conform to current year presentation. These reclassifications have no effect on previously reported earnings before income taxes and noncontrolling interests or net income, other comprehensive income (loss), current or total assets, current or total liabilities, and the cash provided (used) by operating, investing or financing activities within the condensed consolidated financial statements.


13

TENNECO INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)
(Unaudited)


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
)



14

TENNECO INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)
(Unaudited)


 
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




15

TENNECO INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (Continued)
(Unaudited)


 
 
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