Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-12387 | |
Entity Registrant Name | TENNECO INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 76-0515284 | |
Entity Address, Address Line One | 500 North Field Drive | |
Entity Address, City or Town | Lake Forest | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60045 | |
City Area Code | 847 | |
Local Phone Number | 482-5000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 81,972,032 | |
Entity Central Index Key | 0001024725 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Voting Common Stock, par value $0.01 per share | |
Trading Symbol | TEN | |
Security Exchange Name | NYSE | |
Preferred Stock Purchase Rights | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Security Exchange Name | NYSE | |
No Trading Symbol Flag | true |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Net sales and operating revenues | $ 4,583 | $ 2,637 | $ 9,314 | $ 6,473 |
Costs and expenses | ||||
Cost of sales (exclusive of depreciation and amortization) | 3,973 | 2,498 | 8,034 | 5,837 |
Selling, general, and administrative | 269 | 195 | 524 | 444 |
Depreciation and amortization | 145 | 159 | 300 | 330 |
Engineering, research, and development | 73 | 55 | 145 | 132 |
Restructuring charges, net and asset impairments | 27 | 121 | 52 | 605 |
Goodwill and intangible impairment charges | 0 | 0 | 0 | 383 |
Costs and expenses | 4,487 | 3,028 | 9,055 | 7,731 |
Other income (expense) | ||||
Non-service pension and postretirement benefit (costs) credits | 3 | 1 | 6 | 2 |
Equity in earnings (losses) of nonconsolidated affiliates, net of tax | 15 | 4 | 37 | 17 |
Gain (loss) on extinguishment of debt | 0 | 0 | 8 | 0 |
Other income (expense), net | 13 | 11 | 21 | 19 |
Total other expense (income) | 31 | 16 | 72 | 38 |
Earnings (loss) before interest expense, income taxes, and noncontrolling interests | 127 | (375) | 331 | (1,220) |
Interest expense | (69) | (66) | (139) | (141) |
Earnings (loss) before income taxes and noncontrolling interests | 58 | (441) | 192 | (1,361) |
Income tax (expense) benefit | (41) | 101 | (88) | 195 |
Net income (loss) | 17 | (340) | 104 | (1,166) |
Less: Net income (loss) attributable to noncontrolling interests | 27 | 10 | 49 | 23 |
Net income (loss) attributable to Tenneco Inc. | $ (10) | $ (350) | $ 55 | $ (1,189) |
Basic earnings (loss) per share: | ||||
Earnings (loss) per share (in dollars per share) | $ (0.12) | $ (4.30) | $ 0.68 | $ (14.64) |
Weighted average shares outstanding (in shares) | 82,251,559 | 81,350,773 | 82,102,310 | 81,259,667 |
Diluted earnings (loss) per share: | ||||
Earnings (loss) per share (in dollars per share) | $ (0.12) | $ (4.30) | $ 0.67 | $ (14.64) |
Weighted average shares outstanding (in shares) | 82,251,559 | 81,350,773 | 83,122,354 | 81,259,667 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 17 | $ (340) | $ 104 | $ (1,166) |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 62 | 42 | 10 | (177) |
Defined benefit plans | 3 | (5) | 6 | (1) |
Cash flow hedges | (1) | 4 | (3) | 2 |
Other comprehensive income (loss), net of tax | 64 | 41 | 13 | (176) |
Comprehensive income (loss) | 81 | (299) | 117 | (1,342) |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 31 | 17 | 47 | 10 |
Comprehensive income (loss) attributable to common shareholders | $ 50 | $ (316) | $ 70 | $ (1,352) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 713 | $ 798 |
Restricted cash | 6 | 5 |
Receivables: | ||
Customer notes and accounts, net | 2,636 | 2,423 |
Other | 111 | 105 |
Inventories | 1,920 | 1,743 |
Prepayments and other current assets | 619 | 619 |
Total current assets | 6,005 | 5,693 |
Property, plant, and equipment, net | 2,956 | 3,057 |
Long-term receivables, net | 9 | 8 |
Goodwill | 508 | 508 |
Intangibles, net | 1,125 | 1,194 |
Investments in nonconsolidated affiliates | 547 | 581 |
Deferred income taxes | 272 | 285 |
Other assets | 519 | 526 |
Total assets | 11,941 | 11,852 |
Current liabilities: | ||
Short-term debt, including current maturities of long-term debt | 126 | 162 |
Accounts payable | 3,101 | 2,917 |
Accrued compensation and employee benefits | 456 | 365 |
Accrued income taxes | 69 | 54 |
Accrued expenses and other current liabilities | 1,061 | 1,188 |
Total current liabilities | 4,813 | 4,686 |
Long-term debt | 5,081 | 5,171 |
Deferred income taxes | 96 | 89 |
Pension and postretirement benefits | 1,057 | 1,101 |
Deferred credits and other liabilities | 514 | 546 |
Commitments and contingencies (Note 12) | ||
Total liabilities | 11,561 | 11,593 |
Redeemable noncontrolling interests | 108 | 78 |
Tenneco Inc. shareholders’ equity: | ||
Preferred stock - $0.01 par value; none issued | 0 | 0 |
Additional paid-in capital | 4,449 | 4,442 |
Accumulated other comprehensive loss | (729) | (744) |
Accumulated deficit | (2,833) | (2,888) |
Shares held as treasury stock - at cost: (June 30, 2021 and December 31, 2020 - 14,592,888) | (930) | (930) |
Total Tenneco Inc. shareholders’ equity (deficit) | (42) | (119) |
Noncontrolling interests | 314 | 300 |
Total equity | 272 | 181 |
Total liabilities, redeemable noncontrolling interests, and equity | 11,941 | 11,852 |
Class A | ||
Tenneco Inc. shareholders’ equity: | ||
Common stock | 1 | 1 |
Class B | ||
Tenneco Inc. shareholders’ equity: | ||
Common stock | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Class A | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 96,564,069 | 75,714,163 |
Treasury shares (in shares) | 14,592,888 | 14,592,888 |
Class B | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 0 | 20,308,454 |
Treasury shares (in shares) | 0 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net income (loss) | $ 104 | $ (1,166) |
Adjustments to reconcile net income (loss) to cash (used) provided by operating activities: | ||
Goodwill and intangible impairment charges | 0 | 383 |
Depreciation and amortization | 300 | 330 |
Deferred income taxes | 12 | (242) |
Stock-based compensation | 9 | 9 |
Restructuring charges and asset impairments, net of cash paid | 3 | 540 |
Change in pension and other postretirement benefit plans | (11) | (26) |
Equity in earnings of nonconsolidated affiliates | (37) | (17) |
Cash dividends received from nonconsolidated affiliates | 58 | 18 |
Loss (gain) on sale of assets and other | (7) | (1) |
Changes in operating assets and liabilities: | ||
Receivables | (481) | 174 |
Inventories | (193) | 292 |
Payables and accrued expenses | 249 | (540) |
Accrued interest and accrued income taxes | 34 | (17) |
Other assets and liabilities | (17) | (68) |
Net cash (used) provided by operating activities | 23 | (331) |
Investing Activities | ||
Proceeds from sale of assets | 12 | 5 |
Net proceeds from sale of business | 1 | 0 |
Proceeds from sale of investment in nonconsolidated affiliates | 3 | 0 |
Cash payments for property, plant, and equipment | (185) | (212) |
Proceeds from deferred purchase price of factored receivables | 254 | 91 |
Other | 0 | 1 |
Net cash (used) provided by investing activities | 85 | (115) |
Financing Activities | ||
Proceeds from term loans and notes | 838 | 96 |
Repayments of term loans and notes | (939) | (133) |
Debt issuance costs of long-term debt | (12) | (16) |
Borrowings on revolving lines of credit | 2,876 | 4,821 |
Payments on revolving lines of credit | (2,871) | (3,536) |
Issuance (repurchase) of common shares | (2) | (1) |
Net increase (decrease) in bank overdrafts | 0 | 59 |
Distributions to noncontrolling interest partners | (8) | (2) |
Payments on securitization programs and other | (71) | (1) |
Net cash (used) provided by financing activities | (189) | 1,287 |
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (3) | (36) |
Increase (decrease) in cash, cash equivalents, and restricted cash | (84) | 805 |
Cash, cash equivalents, and restricted cash, beginning of period | 803 | 566 |
Cash, cash equivalents, and restricted cash, end of period | 719 | 1,371 |
Supplemental Cash Flow Information | ||
Cash paid during the period for interest | 100 | 123 |
Cash paid during the period for income taxes, net of refunds | 62 | 75 |
Lease assets obtained in exchange for new operating lease liabilities | 26 | 54 |
Non-cash inventory charge due to aftermarket product line exit | 44 | 82 |
Non-cash Investing Activities | ||
Period end balance of accounts payable for property, plant, and equipment | 86 | 86 |
Deferred purchase price of receivables factored in the period | 266 | 95 |
Reduction in assets from redeemable noncontrolling interest transaction with owner | $ 0 | $ 53 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Total Tenneco Inc. Shareholders’ Equity (Deficit) | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Treasury Stock | Noncontrolling Interests | Total Equity |
Beginning balance (in shares) at Dec. 31, 2019 | 1 | ||||||||
Balance at beginning of period at Dec. 31, 2019 | $ 1,425 | $ 4,432 | $ (711) | $ (1,367) | $ (930) | $ 194 | $ 1,619 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (839) | (839) | 2 | (837) | |||||
Foreign currency translation adjustments | (199) | (199) | (13) | (212) | |||||
Defined benefit plans | 4 | 4 | 4 | ||||||
Cash flow hedges | (2) | (2) | (2) | ||||||
Comprehensive income (loss) | (1,036) | (11) | (1,047) | ||||||
Stock-based compensation, net | 2 | 2 | 2 | ||||||
Reclassification of redeemable noncontrolling interest to permanent equity | 82 | 82 | |||||||
Distributions declared to noncontrolling interests | (7) | (7) | (7) | ||||||
Ending balance (in shares) at Mar. 31, 2020 | 1 | ||||||||
Balance at end of period at Mar. 31, 2020 | 384 | 4,427 | (908) | (2,206) | (930) | 265 | 649 | ||
Beginning balance (in shares) at Dec. 31, 2019 | 1 | ||||||||
Balance at beginning of period at Dec. 31, 2019 | 1,425 | 4,432 | (711) | (1,367) | (930) | 194 | 1,619 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | $ (1,166) | ||||||||
Foreign currency translation adjustments | (177) | ||||||||
Defined benefit plans | (1) | ||||||||
Cash flow hedges | 2 | ||||||||
Comprehensive income (loss) | (1,342) | ||||||||
Distributions declared to noncontrolling interests | (82) | ||||||||
Ending balance (in shares) at Jun. 30, 2020 | 1 | ||||||||
Balance at end of period at Jun. 30, 2020 | 74 | 4,433 | (874) | (2,556) | (930) | 275 | 349 | ||
Beginning balance (in shares) at Mar. 31, 2020 | 1 | ||||||||
Balance at beginning of period at Mar. 31, 2020 | 384 | 4,427 | (908) | (2,206) | (930) | 265 | 649 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (340) | (350) | (350) | 6 | (344) | ||||
Foreign currency translation adjustments | 42 | 35 | 35 | 4 | 39 | ||||
Defined benefit plans | (5) | (5) | (5) | (5) | |||||
Cash flow hedges | 4 | 4 | 4 | 4 | |||||
Comprehensive income (loss) | (299) | (316) | 10 | (306) | |||||
Stock-based compensation, net | 6 | 6 | 6 | ||||||
Ending balance (in shares) at Jun. 30, 2020 | 1 | ||||||||
Balance at end of period at Jun. 30, 2020 | 74 | 4,433 | (874) | (2,556) | (930) | 275 | 349 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 1 | ||||||||
Balance at beginning of period at Dec. 31, 2020 | 181 | (119) | 4,442 | (744) | (2,888) | (930) | 300 | 181 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 65 | 65 | 10 | 75 | |||||
Foreign currency translation adjustments | (46) | (46) | (3) | (49) | |||||
Defined benefit plans | 3 | 3 | 3 | ||||||
Cash flow hedges | (2) | (2) | (2) | ||||||
Comprehensive income (loss) | 20 | 7 | 27 | ||||||
Stock-based compensation, net | 3 | 3 | 3 | ||||||
Distributions declared to noncontrolling interests | (2) | (2) | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 1 | ||||||||
Balance at end of period at Mar. 31, 2021 | (96) | 4,445 | (789) | (2,823) | (930) | 305 | 209 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 1 | ||||||||
Balance at beginning of period at Dec. 31, 2020 | 181 | (119) | 4,442 | (744) | (2,888) | (930) | 300 | 181 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 104 | ||||||||
Foreign currency translation adjustments | 10 | ||||||||
Defined benefit plans | 6 | ||||||||
Cash flow hedges | (3) | ||||||||
Comprehensive income (loss) | 117 | ||||||||
Distributions declared to noncontrolling interests | 0 | ||||||||
Ending balance (in shares) at Jun. 30, 2021 | 1 | ||||||||
Balance at end of period at Jun. 30, 2021 | 272 | (42) | 4,449 | (729) | (2,833) | (930) | 314 | 272 | |
Beginning balance (in shares) at Mar. 31, 2021 | 1 | ||||||||
Balance at beginning of period at Mar. 31, 2021 | (96) | 4,445 | (789) | (2,823) | (930) | 305 | 209 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 17 | (10) | (10) | 8 | (2) | ||||
Foreign currency translation adjustments | 62 | 58 | 58 | 2 | 60 | ||||
Defined benefit plans | 3 | 3 | 3 | 3 | |||||
Cash flow hedges | (1) | (1) | (1) | (1) | |||||
Comprehensive income (loss) | 81 | 50 | 10 | 60 | |||||
Stock-based compensation, net | 4 | 4 | 4 | ||||||
Distributions declared to noncontrolling interests | (1) | (1) | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 1 | ||||||||
Balance at end of period at Jun. 30, 2021 | $ 272 | $ (42) | $ 4,449 | $ (729) | $ (2,833) | $ (930) | $ 314 | $ 272 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Tenneco Inc. (“Tenneco” or “the Company”) was formed under the laws of Delaware in 1996. Tenneco designs, manufactures, markets, and distributes products and services for light vehicle, commercial truck, off-highway, industrial, motorsport, and aftermarket customers. The Company manufactures innovative performance solutions, clean air and powertrain products and systems, and serves both original equipment (“OE”) manufacturers and the repair and replacement markets worldwide. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. Basis of Presentation 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, 2020, which was filed with the Securities and Exchange Commission on February 24, 2021 (the “2020 Form 10-K”). Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. There are many uncertainties related to the COVID-19 global pandemic that could negatively affect the Company's results of operations, financial position, and cash flows. Beginning in the first quarter of 2021, the Company made a change to its operating segments. This change consisted of moving a reporting unit within the Powertrain segment to the Ride Performance segment to align with a change in how the Chief Operating Decision Maker (“CODM”) allocates resources and assesses performance against the Company's key growth strategies. In addition, with this change to its segments, Ride Performance was renamed Performance Solutions. As such, prior period operating segment results and related disclosures have been conformed to reflect the Company's current operating segments. Reclassifications Certain amounts in the prior period have been aggregated or disaggregated to conform to current year presentation, as described above for the change in operating segments. 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 in the event of a change in control of Tenneco Inc. or certain of its subsidiaries or the passage of time. At June 30, 2021 and December 31, 2020, the Company held redeemable noncontrolling interests of $58 million and $45 million which were not currently redeemable or probable of becoming redeemable. The redemption of these redeemable noncontrolling interests is not solely within the Company’s control, therefore, they 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. As such, these noncontrolling interests have not been remeasured to redemption value. In addition, at June 30, 2021 and December 31, 2020, the Company held a redeemable noncontrolling interest of $50 million and $33 million which was probable of becoming redeemable. This noncontrolling interest is also presented in the temporary equity section of the Company’s condensed consolidated balance sheets and has been remeasured to its redemption value. The Company immediately recognizes changes to redemption value as a component of “Net income (loss) attributable to noncontrolling interests” in the condensed consolidated statements of income (loss). This redeemable noncontrolling interest represents a 9.5% ownership interest in Öhlins Intressenter AB (the “KÖ Interest”) retained by K Öhlin Holding AB (“Köhlin”), as a result of the Öhlins acquisition on January 10, 2019. Köhlin has an irrevocable right at any time after the third anniversary of the Öhlins acquisition to sell the KÖ Interest to the Company. During the six months ended June 30, 2021 and 2020, the Company recognized an increase of $18 million and $10 million to the carrying value of this noncontrolling interest. During the first quarter of 2020, the Company completed the process to make a tender offer of the shares it did not own for a subsidiary in India acquired by the Company as part of the Federal-Mogul LLC acquisition on October 1, 2018, in accordance with local regulations. As a result of completing the tender offer, the redeemable noncontrolling interest was no longer redeemable or probable of becoming redeemable and the amount of $82 million was reclassified to permanent equity during the six months ended June 30, 2020. Refer to Note 16, “Related Party Transactions”, for additional information related to the tender offer of this noncontrolling interest. The following is a rollforward of activities in the Company’s redeemable noncontrolling interests: Six Months Ended June 30, 2021 2020 Balance at beginning of period $ 78 $ 196 Net income (loss) attributable to redeemable noncontrolling interests 13 5 Other comprehensive income (loss) (1) (4) Noncontrolling interest tender offer redemption — (46) Redemption value measurement adjustment 18 10 Reclassification of noncontrolling interest to permanent equity — (82) Balance at end of period $ 108 $ 79 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 as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Weighted average shares of common stock outstanding 82,251,559 81,350,773 82,102,310 81,259,667 Effect of dilutive securities: PSUs and RSUs — — 1,020,044 — Dilutive shares outstanding 82,251,559 81,350,773 83,122,354 81,259,667 |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Divestitures | 3. Acquisitions and Divestitures Assets Held for Sale |
Restructuring Charges, Net and
Restructuring Charges, Net and Asset Impairments | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges, Net and Asset Impairments | 4. Restructuring Charges, Net and Asset Impairments The Company’s restructuring activities are undertaken as necessary to execute management’s strategy and streamline operations, consolidate and take advantage of available capacity and resources, and ultimately achieve net cost reductions. Restructuring activities include efforts to integrate and rationalize the Company’s businesses and to relocate operations to best cost locations. The Company’s restructuring charges consist primarily of employee costs (principally severance and/or termination benefits), and facility closure and exit costs. For the three and six months ended June 30, 2021 and 2020, restructuring charges, net and asset impairments by segment are as follows: Three Months Ended June 30, 2021 Motorparts Performance Solutions Clean Air Powertrain Corporate Total Severance and other charges, net $ 5 $ 8 $ 2 $ 8 $ 1 $ 24 Asset impairments related to restructuring actions 1 — — — — 1 Other non-restructuring asset impairments — — — — 2 2 Total asset impairment charges 1 — — — 2 3 Total restructuring charges, net and asset impairments $ 6 $ 8 $ 2 $ 8 $ 3 $ 27 Three Months Ended June 30, 2020 Motorparts Performance Solutions Clean Air Powertrain Corporate Total Severance and other charges, net $ 15 $ 18 $ 22 $ 36 $ 1 $ 92 Asset impairments related to restructuring actions 25 — — 3 — 28 Other non-restructuring asset impairments — — — — 1 1 Impairment of assets held for sale (1) — — 1 — — Total asset impairment charges 24 — — 4 1 29 Total restructuring charges, net and asset impairments $ 39 $ 18 $ 22 $ 40 $ 2 $ 121 Six Months Ended June 30, 2021 Motorparts Performance Solutions Clean Air Powertrain Corporate Total Severance and other charges, net $ 7 $ 12 $ 11 $ 18 $ 1 $ 49 Asset impairments related to restructuring actions 1 — — — — 1 Other non-restructuring asset impairments — — — — 2 2 Total asset impairment charges 1 — — — 2 3 Total restructuring charges, net and asset impairments $ 8 $ 12 $ 11 $ 18 $ 3 $ 52 Six Months Ended June 30, 2020 Motorparts Performance Solutions Clean Air Powertrain Corporate Total Severance and other charges, net $ 17 $ 24 $ 22 $ 37 $ 5 $ 105 Asset impairments related to restructuring actions 25 — — 3 — 28 Other non-restructuring asset impairments — 455 — — 17 472 Impairment of assets held for sale (1) — — 1 — — Total asset impairment charges 24 455 — 4 17 500 Total restructuring charges, net and asset impairments $ 41 $ 479 $ 22 $ 41 $ 22 $ 605 Severance and other charges, net Three and six months ended June 30, 2021 The Company recognized $15 million and $32 million in severance and other charges expected to be paid for cost reduction initiatives aimed at optimizing the Company’s cost structure across all segments and regions during the three and six months ended June 30, 2021. The Company also recognized severance and other charges of $9 million and $20 million related to plant consolidations, relocations, and closures during the three and six months ended June 30, 2021. In response to the COVID-19 global pandemic, the Company announced Project Accelerate and executed global headcount reductions. The Company began implementing these actions during the second quarter of 2020 and expects to complete them during 2021. The Company recognized a reduction of $3 million in revisions to estimates for the cash severance costs expected to be paid in connection with these actions during the six months ended June 30, 2021. Motorparts recognized severance and other charges, and revisions to estimates as follows: • $1 million and $3 million for the three and six months ended June 30, 2021 in connection with its supply chain rationalization and distribution network initiative to achieve efficiencies and improve throughput to its customers in North America; • $1 million, along with a reduction of $4 million in revisions to estimates, for the three and six months ended June 30, 2021 in connection with cost reduction initiatives primarily in Europe; and • $7 million for the three and six months ended June 30, 2021 related to plant consolidations, relocations, and closures, primarily in Europe. Performance Solutions recognized severance and other charges as follows: • $7 million and $11 million for the three and six months ended June 30, 2021 in connection with cost reduction initiatives primarily in Europe; and • $1 million for the three and six months ended June 30, 2021 related to plant consolidations, relocations, and closures, primarily in North America. Clean Air recognized severance and other charges, and revisions to estimates as follows: • $2 million and $17 million for the three and six months ended June 30, 2021, along with a reduction of $1 million and $6 million in revisions to estimates for the three and six months ended June 30, 2021, in connection with cost reduction initiatives primarily in Europe; • $1 million and $3 million for the three and six months ended June 30, 2021 related to plant consolidations, relocations and closures primarily in North America and Asia Pacific; and • $3 million reduction due to a revision in estimates for the six months ended June 30, 2021 in connection with Project Accelerate. Powertrain recognized severance and other charges, and revisions to estimates as follows: • $9 million for the three and six months ended June 30, 2021 in connection with cost reduction initiatives primarily in Asia Pacific; • $3 million and $4 million reduction as a result of revisions to estimates for the three and six months ended June 30, 2021, in connection with cost reduction initiatives primarily in Europe; • $9 million for the six months ended June 30, 2021 related to plant consolidations, relocations, and closures, primarily in Europe and North America; and • $2 million and $4 million for the three and six months ended June 30, 2021 incurred related to an approved voluntary termination program at one of its European bearings plants aimed at reducing headcount. As of June 30, 2021, total severance related restructuring charges for this program aggregate to $12 million. Total severance related charges are expected to be approximately $31 million, comprised of approximately $10 million of postemployment benefits, including an early retirement program, and $21 million of special termination benefits. In addition, the Company expects to incur additional costs of approximately $2 million for customer validation, equipment transfer, and related expenditures. The Company also incurred $1 million in cash severance costs within its corporate component for the three and six months ended June 30, 2021. Three and six months ended June 30, 2020 The Company recognized $44 million and $51 million in severance and other charges of expected to be paid for cost reduction initiatives during the three and six months ended June 30, 2020. The Company also recognized severance and other charges of $23 million and $29 million related to plant consolidations, relocations, and closures during the three and six months ended June 30, 2020. The Company recognized charges of $25 million for cash severance costs expected to be paid in connection with Project Accelerate during the three and six months ended June 30, 2020. Motorparts recognized severance and other charges, and revisions to estimates as follows: • $4 million for the three and six months ended June 30, 2020 in connection with its supply chain rationalization and distribution network initiative to achieve efficiencies and improve throughput to its customers in North America; • $4 million and $6 million for the three and six months ended June 30, 2020, along with a reduction of $1 million in revisions to estimates for the three and six months ended June 30, 2020, in connection with cost reduction initiatives primarily in Europe; • $3 million and $4 million for the three and six months ended June 30, 2020, along with a reduction of $1 million in revisions to estimates for the six months ended June 30, 2020, related to plant consolidations, relocations, and closures primarily in Europe and Asia Pacific; and • $5 million for the three and six months ended June 30, 2020 in connection with Project Accelerate. Performance Solutions recognized severance and other charges, and revisions to estimates as follows: • $10 million for the three and six months ended June 30, 2020 in connection with cost reduction initiatives primarily in Europe; • $5 million and $12 million for the three and six months ended June 30, 2020, along with a reduction of $1 million in revisions to estimates for the six months ended June 30, 2020 related to plant consolidations, relocations, and closures, primarily in North America; and • $3 million for the three and six months ended June 30, 2020 in connection with Project Accelerate. Clean Air recognized severance and other charges, and revisions to estimates for the three and six months ended June 30, 2020 as follows: • $14 million, along with a reduction of $1 million in revisions to estimates, in connection with cost reduction initiatives primarily in Europe; • $1 million, along with a reduction of $1 million in revisions to estimates, related to plant consolidations, relocations, and closures primarily in Europe; and • $9 million in connection with Project Accelerate. Powertrain recognized severance and other charges, and revisions to estimates as follows: • $12 million and $14 million for the three and six months ended June 30, 2020 in connection with cost reduction initiatives primarily in Europe; • $16 million for the three and six months ended June 30, 2020, along with a reduction of $1 million in revisions to estimates for the six months ended June 30, 2020, related to plant consolidations, relocations, and closures, primarily in North America and Europe; • $7 million for the three and six months ended June 30, 2020 in connection with Project Accelerate; and • $1 million for the three and six months ended June 30, 2020 incurred related to an approved voluntary termination program at one of its European bearings plants aimed at reducing headcount. The Company also incurred $1 million in cash sev erance costs in connection with Project Accelerate for the three and six months ended June 30, 2020, as well as $4 million in cash sev erance costs for the elimination of certain redundant positions within its corporate component for the six months ended June 30, 2020. Restructuring reserve rollforward The following table provides a summary of the Company’s restructuring liabilities and related activity for each type of exit costs: Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Employee Costs Facility Closure and Other Costs Total Employee Costs Facility Closure and Other Costs Total Balance at beginning of period $ 99 $ 1 $ 100 $ 97 $ 4 $ 101 Provisions 31 3 34 10 5 15 Revisions to estimates (9) — (9) (2) — (2) Payments (21) (4) (25) (23) (7) (30) Foreign currency (1) — (1) (1) — (1) Balance at March 31 99 — 99 81 2 83 Provisions 30 2 32 90 6 96 Revisions to estimates (8) — (8) (4) — (4) Payments (22) (2) (24) (31) (4) (35) Balance at end of period $ 99 $ — $ 99 $ 136 $ 4 $ 140 Asset impairments Asset impairments related to restructuring actions During the three and six months ended June 30, 2021, as a result of the actions in the Motorparts segment, asset impairment charges of $1 million were recognized related to the write-down of property, plant and equipment. During the three and six months ended June 30, 2020, as a result of the actions in the Motorparts segment, asset impairment charges of $25 million were recognized which included $16 million related to the write-down of property, plant, and equipment to its fair value, and $9 million of impairment charge to its operating lease right-of-use assets. Refer to Note 5, “Inventories”, for additional information. During the three and six months ended June 30, 2020, the Powertrain segment incurred $3 million in asset impairment charges in connection with its plant relocation and closure actions . Other non-restructuring asset impairments As a result of changes in the business, during the second quarter of 2021, the Company assessed and concluded an impairment trigger had occurred for certain long-lived asset groups in its corporate component and recognized an impairment charge of $2 million during the three and six months ended June 30, 2021. The Company evaluates its long-lived assets for impairment whenever events or circumstances indicate the value of these long-lived asset groups are not recoverable. During the first quarter of 2020, the Company concluded impairment triggers had occurred for certain long-lived asset groups in the Performance Solutions segment as a result of the effects of the COVID-19 global pandemic on the Company’s projected financial information. Accordingly, the Company tested these long-lived asset groups for recoverability by performing undiscounted cash flow analyses. Based on these analyses, the net carrying values of these asset groups exceeded their undiscounted future cash flows. As such, the Company estimated the fair values of these asset groups at March 31, 2020 and compared them to their carrying values. As the net carrying values of these long-lived asset groups exceeded their fair values, the Company recorded long-lived asset impairment charges for property, plant, and equipment of $455 million during the six months ended June 30, 2020. Refer to Note 8, “Financial Instruments and Fair Value” for additional information on the fair value estimates used in these analyses. As a result of changes in the business, during the first quarter of 2020, the Company assessed and concluded an impairment trigger had occurred for certain long-lived asset groups in its corporate component. Accordingly, the Company tested these long-lived asset groups for recoverability. The Company estimated the fair value of these asset groups and compared it to the carrying value. As the net carrying value exceeded fair value, the Company recorded long-lived asset impairment charges of $1 million and $17 million during the three and six months ended June 30, 2020. Included in the asset impairment charges for the six months ended June 30, 2020 are $11 million of property, plant, and equipment and $6 million of operating lease right-of-use assets, included in “Other assets” within the condensed consolidated balance sheets. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories At June 30, 2021 and December 31, 2020, inventory by major classification was as follows: June 30, December 31, Finished goods $ 797 $ 758 Work in process 551 449 Raw materials 479 441 Materials and supplies 93 95 Total inventories $ 1,920 $ 1,743 Beginning in the second quarter of 2020, the Motorparts segment initiated a rationalization of its supply chain and distribution network to achieve supply chain efficiencies and improve throughput to its customers. As a result, certain assets including inventory, real estate, and personal property will no longer be utilized. As part of Motorparts' on-going efforts related to this initiative, it recognized an additional non-cash charge of $44 million to write-down inventory to its net realizable value, an additional $1 million impairment charge to write-down property, plant and equipment, and $1 million and $3 million in restructuring charges related to cash severance benefits and other costs during the three and six months ended June 30, 2021. During the three and six months ended June 30, 2020, the Motorparts segment recognized an $82 million non-cash charge to write-down inventory to its net realizable value, a $16 million impairment charge to write-down property, plant, and equipment to its fair value, a $9 million impairment charge to its operating lease right-of-use assets, and $4 million in restructuring charges related to cash severance benefits. Refer to Note 4, “Restructuring Charges, Net and Asset Impairments” for additional information. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6. Goodwill and Other Intangible Assets As discussed in Note 2, “Basis of Presentation”, beginning in the first quarter of 2021, the Company moved a reporting unit within the Powertrain segment to the Ride Performance segment and Ride Performance was renamed Performance Solutions. Refer to Note 15, “Segment Information” for further information. At June 30, 2021 and December 31, 2020, goodwill consists of the following: Six Months Ended June 30, 2021 Motorparts Performance Solutions Clean Air Powertrain Total Gross carrying amount at December 31, 2020 $ 623 $ 549 $ 23 $ 59 $ 1,254 Foreign exchange — (3) — — (3) Gross carrying amount at March 31, 2021 623 546 23 59 1,251 Foreign exchange — 2 — — 2 Gross carrying amount at June 30, 2021 623 548 23 59 1,253 Accumulated impairment loss at December 31, 2020 (310) (377) — (59) (746) Foreign exchange — 3 — — 3 Accumulated impairment loss at March 31, 2021 (310) (374) — (59) (743) Foreign exchange — (2) — — (2) Accumulated impairment loss at June 30, 2021 (310) (376) — (59) (745) Net carrying value at June 30, 2021 $ 313 $ 172 $ 23 $ — $ 508 The following table shows a summary of the number of reporting units with a net carrying value of goodwill in each segment at June 30, 2021 and whether or not the reporting unit’s fair value exceeds its carrying value by more or less than 25% based on each respective reporting units most recent goodwill impairment analysis: Segments Motorparts Performance Solutions Clean Air Number of reporting units with goodwill 1 2 3 Number of reporting units where fair value exceeds carrying value: Greater than 25% 1 1 3 Less than 25% — 1 — Goodwill for reporting units where fair value exceeds carrying value: Greater than 25% $ 313 $ 7 $ 23 Less than 25% — 165 — $ 313 $ 172 $ 23 During the first quarter of 2020, the Company concluded it was more likely than not that the fair values of certain of its reporting units and its indefinite-lived intangible assets had declined below their carrying values as a result of the effects of the COVID-19 global pandemic on the Company’s projected financial information. The Company completed a goodwill impairment analysis for four of its reporting units with goodwill in the Motorparts, Performance Solutions, and Powertrain segments. The difference between the reporting units’ carrying values and fair values were recognized as impairment charges. The Company recognized $267 million in non-cash impairment charges related to its goodwill during the six months ended June 30, 2020, which represented full impairments of the goodwill in one reporting unit in the Performance Solutions segment and one reporting unit in the Powertrain segment, and partial impairments of goodwill in one reporting unit in the Motorparts segment and one reporting unit in the Performance Solutions segment. During the first quarter of 2020, the Company also completed an analysis to determine the fair value of its trade names and trademarks for its reporting units in the Motorparts and Performance Solutions segments. It was determined that their carrying values exceeded their fair values and the Company recognized $51 million in non-cash impairment charges related to these indefinite-lived intangible assets during the six months ended June 30, 2020, which represented a full impairment of the trade names and trademarks in one of the reporting units in the Motorparts segment, and a partial impairment of the trade names and trademarks in one of the reporting units in the Performance Solutions segment and one of the reporting units in the Motorparts segment. As discussed in more detail in Note 4, “Restructuring Charges, Net and Asset Impairments”, the Company concluded impairment triggers had occurred during the first quarter of 2020 for certain long-lived asset groups within the Performance Solutions segment. As a result, the Company recorded non-cash impairment charges of $65 million related to its definite-lived intangible assets during the six months ended June 30, 2020, which represented full impairments of the definite-lived intangible assets in two reporting units. Impairment charges for goodwill and intangible assets recognized by segment during the six months ended June 30, 2020 consist of the following: Six Months Ended June 30, 2020 Motorparts Performance Solutions Powertrain Total Goodwill impairment charges $ 70 $ 156 $ 41 $ 267 Trade names and trademarks intangible asset impairment charges 40 11 — 51 Definite-lived intangible asset impairment charges — 65 — 65 $ 110 $ 232 $ 41 $ 383 At June 30, 2021 and December 31, 2020, the Company’s intangible assets consist of the following: June 30, 2021 December 31, 2020 Useful Lives Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Definite-lived intangible assets: Customer relationships and platforms 10 years $ 994 $ (328) $ 666 $ 995 $ (282) $ 713 Customer contracts 10 years 8 (6) 2 8 (6) 2 Patents 10 to 17 years 1 (1) — 1 (1) — Technology rights 10 to 30 years 137 (56) 81 139 (51) 88 Packaged kits know-how 10 years 54 (15) 39 54 (12) 42 Catalogs 10 years 47 (13) 34 47 (11) 36 Licensing agreements 3 to 5 years 65 (42) 23 66 (35) 31 Land use rights 28 to 46 years 50 (5) 45 49 (4) 45 $ 1,356 $ (466) 890 $ 1,359 $ (402) 957 Indefinite-lived intangible assets: Trade names and trademarks 235 237 Total $ 1,125 $ 1,194 The amortization expense associated with definite-lived intangible assets is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amortization expense $ 33 $ 32 $ 65 $ 66 The expected future amortization expense for the Company’s definite-lived intangible assets is as follows: 2021 2022 2023 2024 2025 2026 and thereafter Total Expected amortization expense $ 64 $ 125 $ 122 $ 114 $ 114 $ 351 $ 890 |
Investment in Nonconsolidated A
Investment in Nonconsolidated Affiliates | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Nonconsolidated Affiliates | 7. Investment in Nonconsolidated Affiliates No significant changes occurred in the Company’s ownership interest in nonconsolidated affiliates since December 31, 2020. The carrying amount of the Company’s investments in its nonconsolidated affiliates accounted for under the equity method exceeded its share of the underlying net assets by $278 million and $287 million at June 30, 2021 and December 31, 2020. The following tables present summarized aggregated financial information of the Company’s nonconsolidated affiliates for the three and six months ended June 30, 2021 and 2020. The amounts represent 100% of the interest in the nonconsolidated affiliates and not the Company’s proportionate share: Three Months Ended June 30, 2021 Statements of Income Otomotiv A.S. Anqing TP Goetze Other Total Sales $ 94 $ 52 $ 136 $ 282 Gross profit $ 29 $ 14 $ 29 $ 72 Income from continuing operations $ 25 $ 14 $ 15 $ 54 Net income $ 17 $ 13 $ 14 $ 44 Three Months Ended June 30, 2020 Statements of Income Otomotiv A.S. Anqing TP Goetze Other Total Sales $ 36 $ 11 $ 41 $ 88 Gross profit $ 6 $ 5 $ 6 $ 17 Income from continuing operations $ 4 $ 4 $ 2 $ 10 Net income $ 5 $ 4 $ 2 $ 11 Six Months Ended June 30, 2021 Statements of Income Otomotiv A.S. Anqing TP Goetze Other Total Sales $ 196 $ 101 $ 248 $ 545 Gross profit $ 64 $ 28 $ 51 $ 143 Income from continuing operations $ 57 $ 28 $ 30 $ 115 Net income $ 51 $ 25 $ 24 $ 100 Six Months Ended June 30, 2020 Statements of Income Otomotiv A.S. Anqing TP Goetze Other Total Sales $ 120 $ 41 $ 146 $ 307 Gross profit $ 32 $ 11 $ 26 $ 69 Income from continuing operations $ 27 $ 11 $ 11 $ 49 Net income $ 23 $ 10 $ 8 $ 41 Refer to Note 16, “Related Party Transactions”, for additional information on balances and transactions with equity method investments. |
Financial Instruments and Fair
Financial Instruments and Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Fair Value | 8. Financial Instruments and Fair Value The Company is exposed to market risk, such as fluctuations in foreign currency exchange rates, commodity prices, equity price risk associated with share-based compensation awards, and changes in interest rates, which may result in cash flow risks. For exposures not offset within its operations, the Company may enter into various derivative or other financial instrument transactions pursuant to its risk management policies, which prohibit holding or issuing derivative financial instruments for speculative purposes. In certain cases, the Company may or may not designate certain derivatives instruments as hedges for accounting purposes. Designation of derivative instruments is performed on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the fair value or cash flows of the underlying exposures being hedged. The Company assesses the initial and ongoing effectiveness of its hedging relationships in accordance with its documented policy. Market Risks Foreign Currency Exchange Rate Risk The Company manufactures and sells its products globally. As a result, the Company’s financial results could be significantly affected by factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets in which the Company manufactures and sells its products. The Company generally tries to use natural hedges within its foreign currency activities to minimize foreign currency risk. Where natural hedges are not in place, the Company considers managing certain aspects of its foreign currency activities and larger transactions through the use of foreign currency options or forward contracts. Concentrations of Credit Risk Financial instruments, including cash equivalents and derivative contracts, expose the Company to counterparty credit risk for non-performance. The Company’s counterparties for cash equivalents and derivative contracts are banks and financial institutions that meet the Company’s requirement of high credit standing. The Company’s concentration of credit risk related to derivative contracts at June 30, 2021 and December 31, 2020 is not considered material to the condensed consolidated financial statements. Equity Price Risk The Company has deferred compensation liabilities and certain cash-settled share-based incentive compensation liabilities that are dependent upon the Company’s stock price. These liabilities increase as the stock price increases and decrease as the stock price decreases. The Company has entered into certain financial instruments that move in the opposite direction of these liabilities. The market risk related to the deferred compensation liability and vested portion of the cash-settled share-based incentive compensation awards have been substantially mitigated. Significant market risk still exists with respect to the unvested cash-settled share-based incentive compensation grant awards which have not yet been accrued. Refer to “ Other Financial Instruments ” section below for additional details on these liabilities and the related financial instruments used to reduce the Company's equity price risk. Fair Value A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy definition prioritizes the inputs used in measuring fair value into the following levels: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3 — Unobservable inputs based on the Company's own assumptions. Assets and Liabilities Measured at Fair Value on a Recurring Basis Asset and Liability Instruments The carrying value of cash and cash equivalents, restricted cash, short and long-term receivables, accounts payable, and short-term debt approximates fair value. Derivative Instruments The Company presents its derivative positions and any related material collateral under master netting agreements on a net basis. Derivative gains and losses associated with undesignated hedges are recognized in “Cost of sales (exclusive of depreciation and amortization)” in the condensed consolidated statements of income (loss). Foreign Currency Forward Contracts The Company enters into foreign currency forward purchase and sale contracts to mitigate its exposure to changes in exchange rates on certain intercompany and third-party trade receivables a nd payables. The Company calculates the fair value of its foreign currency contracts using currency forward rates (level 2), to calculate forward values, and then discounts the forward values. The discount rates for all derivative contracts are based on bank deposit rates. The fair value of t hese derivative instrum ents at June 30, 2021 and December 31, 2020 is not considered material to the condensed consolidated financial statements. The following table summarizes by position the notional amounts for foreign currency forward contracts at June 30, 2021, all of which mature in the next twelve months: Notional Amount Long positions $ 277 Short positions $ (282) Other Financial Instruments Cash-Settled Share and Index Swap Transactions The Company has certain employee compensation arrangements, including deferred compensation and cash-settled share-based units granted under its long-term incentive plan, that are valued based on the Company's stock price. As of June 30, 2021 and December 31, 2020, the share equivalents outstanding related to cash-settled share-based awards are as follows: June 30, December 31, Restricted Stock Units (RSUs) 1,758,443 1,878,220 Performance Share Units (PSUs) 2,990,493 — 4,748,936 1,878,220 Deferred compensation arrangements 1,584,039 1,125,605 The Company has entered into financial instruments to mitigate the risk associated with the deferred compensation liability and vested portion of the cash-settled share-based incentive compensation awards. In the second quarter of 2021, the Company entered into an additional agreement to increase the number of common share equivalents from 1,700,000 at December 31, 2020 to 3,200,000 at June 30, 2021 to mitigate additional market risk. These financial instruments use the Company’s stock price as an observable input (level 2) in determining fair value. The estimated fair value of these financial instruments at June 30, 2021 and December 31, 2020 is as follows: Balance sheet classification June 30, December 31, Other financial instruments in asset positions Prepayments and other current assets $ 29 $ 1 Other financial instruments in liability positions (a) Accrued expenses and other current liabilities $ 3 $ — (a) There is cash collateral of $15 million and $7 million at June 30, 2021 and December 31, 2020 associated with this instrument, which is included in “Prepayments and other current assets” in the condensed consolidated balance sheets. The gains and losses associated with these other financial instruments is recognized in “Selling, general, and administrative” in the condensed consolidated statements of income (loss). Hedging Instruments Cash Flow Hedges — Commodity Price Risk The Company’s production processes are dependent upon the supply of certain raw materials that are exposed to price fluctuations on the open market. Commodity rate price forward contracts are executed to offset a portion of the ex posure to potential change in prices for raw materials. The Company monitors its commodity price risk exposures regularly to maximize the overall effectiveness of its commodity forward contracts. The Company has designated these contracts as cash flow hedging instruments. The Company records unrecognized gains and losses in other comprehensive income (loss) (“OCI” or “OCL”) and makes reclassifying adjustments into “Cost of sales (exclusive of depreciation and amortization)” within the condensed consolidated statements of income (loss) when the underlying hedged transaction is recognized in earnings. The Company had commodity derivatives outstanding with an equivalent notional amount of $40 million and $10 million at June 30, 2021 and December 31, 2020. Substantially all of the commodity price hedge contracts mature within one year. The Company calculates the fair value of its commodity contracts using commodity forward rates (level 2), to calculate forward values, and then discounts the forward values. The discount rates for all derivative contracts are based on bank deposit rates. The fair value of these derivative instruments at June 30, 2021 and December 31, 2020 is not considered material to the condensed consolidated financial statements. Net Investment Hedge — Foreign Currency Borrowings At December 31, 2020, the Company had foreign currency denominated debt, of which €344 million or $420 million, was designated as a net investment hedge in certain foreign subsidiaries and affiliates of the Company and was included in “Long-term debt” in the condensed consolidated balance sheets. Changes to its carrying value were included in the condensed consolidated statements of changes in shareholders’ equity in the foreign currency translation component of OCL and offset against the translation adjustments on the underlying net assets of those foreign subsidiaries and affiliates, which are also recorded in OCL. All of the outstanding foreign currency borrowings related to the net investment hedge were discharged on March 17, 2021, as a result, there are no outstanding foreign currency borrowings designated as a net investment hedge at June 30, 2021. The Company’s debt instruments are discussed further in Note 9, “Debt and Other Financing Arrangements”. The following table represents the amount of gain (loss) recognized in accumulated other comprehensive income (loss) before any reclassifications into net income (loss) for derivative and non-derivative instruments designated as hedges for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Commodity price hedge contracts designated as cash flow hedges $ (1) $ 5 $ 1 $ 2 Foreign currency borrowings designated as a net investment hedge $ — $ (16) $ 11 $ (2) The Company estimates approximately $1 million included in accumulated OCI or OCL at June 30, 2021 will be reclassified into net income (loss) within the following twelve months. Refer to Note 14, “Shareholders' Equity” for further information. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Assets may be measured at fair value on a nonrecurring basis. These assets include long-lived assets and intangible assets, which may be written down to fair value as a result of impairment. Long-Lived Assets The Company evaluates its long-lived assets for impairment whenever events or circumstances indicate the value of these long-lived asset groups are not recoverable. During the first quarter of 2020, the Company concluded certain impairment triggers had occurred for certain long-lived asset groups as a result of the effects of the COVID-19 global pandemic on the Company’s projected financial information. After failing the undiscounted cash flow recoverability test, the Company estimated the fair values of these long-lived asset groups and compared them to their net carrying values. The fair value measurements related to these long-lived asset groups rely primarily on Company-specific inputs and the Company’s assumptions about the use of the assets, as observable inputs are not available (level 3). To determine the fair value of the long-lived asset groups, the Company utilized an asset-based approach. The Company believes the assumptions and estimates used to determine the estimated fair values of the long-lived asset groups are reasonable; however, these estimates and assumptions are subject to a high degree of uncertainty. Due to the many variables inherent in estimating fair value, differences in assumptions could have a material effect on the results of the analyses. As the net carrying values of the long-lived asset groups exceeded their fair values, the Company recorded long-lived asset impairment charges consisting of $65 million of definite-lived intangible assets and $455 million of property, plant, and equipment, during the six months ended June 30, 2020. Refer to Note 4, “Restructuring Charges, Net and Asset Impairments” for additional information on asset impairments and refer to Note 6, “Goodwill and Other Intangible Assets”, for additional information on the definite-lived intangible asset impairments. Goodwill and Indefinite-Lived Intangible Assets During the first quarter of 2020, the Company concluded it was more likely than not that the fair values of certain of its reporting units and trade names and trademarks had declined below their carrying values as a result of the effects of the COVID-19 global pandemic on the Company’s projected financial information. The Company completed analyses to estimate the fair values of these reporting units and trade names and trademarks. The Company believes the assumptions and estimates used to determine the estimated fair values are reasonable; however, these estimates and assumptions are subject to a high degree of uncertainty. Due to the many variables inherent in estimating fair value, differences in assumptions could have a material effect on the results of the analyses. The basis of the goodwill impairment and indefinite-lived intangible asset analyses is the Company's current forecast of its annual budget and three-year strategic plan. This includes a projection of future cash flows, which requires the Company to make significant assumptions and estimates about the extent and timing of future cash flows and revenue growth rates. These represent Company-specific inputs and assumptions about the use of the assets, as observable inputs are not available (level 3). Due to the many variables inherent in estimating fair value and the relative size of the goodwill and indefinite-lived intangible assets, differences in assumptions could have a material effect on the results of the analyses. In the goodwill impairment analysis, for reporting units with goodwill, fair values are estimated using a combination of the income approach and market approach. The Company applies a 75% weighting to the income approach and a 25% weighting to the market approach. The most significant inputs in estimating the fair value of the Company's reporting units under the income approach are (i) projected operating margins, (ii) the revenue growth rate, and (iii) the discount rate, which is risk-adjusted based on the aforementioned inputs. For the indefinite-lived asset impairment analysis, the fair value is based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. The primary, and most sensitive, inputs utilized in determining fair values of trade names and trademarks are (i) projected branded product sales, (ii) the revenue growth rate, (iii) the royalty rate, and (iv) the discount rate, which is risk-adjusted based on the projected branded sales. Refer to Note 6, “Goodwill and Other Intangible Assets”, for additional information on the goodwill and indefinite-lived intangible asset impairments. Financial Instruments Not Carried at Fair Value The estimated fair value of the Company’s outstanding debt is as follows: June 30, 2021 December 31, 2020 Fair value Carrying Fair Carrying Fair Long-term debt (including current maturities): Term loans and senior notes Level 2 $ 5,061 $ 5,213 $ 5,153 $ 5,138 The fair value of the Company’s public senior notes and private borrowings under its New Credit Facility, as subsequently defined in Note 9, “Debt and Other Financing Arrangements”, is based on observable inputs , and any borrowings on the revolving credit facility approximate fair value |
Debt and Other Financing Arrang
Debt and Other Financing Arrangements | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Other Financing Arrangements | 9. Debt and Other Financing Arrangements Long-Term Debt A summary of the Company’s long-term debt obligations at June 30, 2021 and December 31, 2020 is set forth in the following table: June 30, 2021 December 31, 2020 Principal Carrying Amount (a) Principal Carrying Amount (a) Credit Facilities Revolver Borrowings Due 2023 $ — $ — $ — $ — Term Loans LIBOR plus 2.00% Term Loan A due 2019 through 2023 (b) 1,466 1,458 1,530 1,520 LIBOR plus 3.00% Term Loan B due 2019 through 2025 1,658 1,609 1,666 1,612 Senior Unsecured Notes $225 million of 5.375% Senior Notes due 2024 225 223 225 223 $500 million of 5.000% Senior Notes due 2026 500 495 500 494 Senior Secured Notes €300 million of Euribor plus 4.875% Euro Floating Rate Notes due 2024 (c) — — 366 370 €350 million of 5.000% Euro Fixed Rate Notes due 2024 (c) — — 428 445 $500 million of 7.875% Senior Secured Notes due 2029 500 490 500 489 $800 million of 5.125% Senior Secured Notes due 2029 (d) 800 786 — — Other debt, primarily foreign instruments 28 27 24 23 5,088 5,176 Less - maturities classified as current 7 5 Total long-term debt $ 5,081 $ 5,171 (a) Carrying amount is net of unamortized debt issuance costs and debt discounts or premiums. Total unamortized debt issuance costs were $87 million and $82 million at June 30, 2021 and December 31, 2020. Total unamortized debt (premium) discount, net was $1 million and $(20) million at June 30, 2021 and December 31, 2020. (b) The interest rate on Term Loan A at December 31, 2020 was LIBOR plus 2.50%. (c) The Company satisfied and discharged all of its 4.875% Euro Floating Rate Notes due 2024 and 5.000% Euro Fixed Rate Notes due 2024 on March 17, 2021. (d) On March 17, 2021, the Company issued $800 million aggregate principal amount of 5.125% senior secured notes due April 15, 2029. Interest payable semiannually on April 15 and October 15 of each year beginning on October 15, 2021 with principal due at maturity. The Company has a senior credit facility under the credit agreement dated October 1, 2018 (as amended, restated, supplemented or otherwise modified, the “New Credit Facility”) that provides $4.9 billion of total debt financing, consisting of a five-year $1.5 billion revolving credit facility, a five-year $1.7 billion term loan A facility (“Term Loan A”) and a seven-year $1.7 billion term loan B facility (“Term Loan B”). Short-Term Debt The Company’s short-term debt at June 30, 2021 and December 31, 2020 consists of the following: June 30, December 31, Maturities classified as current $ 7 $ 5 Short-term borrowings (a) 119 157 Total short-term debt $ 126 $ 162 (a) Includes borrowings under both committed credit facilities and uncommitted lines of credit and similar arrangements. Credit Facilities Financing Arrangements The table below shows the Company’s borrowing capacity on committed credit facilities at June 30, 2021 (in billions): June 30, 2021 Term Available (b) Tenneco Inc. revolving credit facility (a) 2023 $ 1.5 Tenneco Inc. Term Loan A 2023 — Tenneco Inc. Term Loan B 2025 — Subsidiaries’ credit agreements 2022 - 2028 — $ 1.5 (a) The Company is required to pay commitment fees under the revolving credit facility on the unused portion of the total commitment. (b) At June 30, 2021, the Company had $28 million of outstanding letters of credit under the revolving credit facility, which reduces the available borrowings under the revolving credit facility. The Company also had $77 million of outstanding letters of credit under uncommitted facilities at June 30, 2021. At June 30, 2021, the Company had liquidity of $2.2 billion comprised of $719 million of cash and $1.5 billion undrawn on its revolving credit facility. The Company had no outstanding borrowings on its revolving credit facility at June 30, 2021. At June 30, 2021 and December 31, 2020, the unamortized debt issuance costs related to the revolver of $14 million and $17 million are included in “Other assets” in the condensed consolidated balance sheets. Credit Facility New Credit Facility — Interest Rates At June 30, 2021, the interest rate on borrowings under the revolving credit facility and the Term Loan A facility was LIBOR plus 2.00% and will remain at LIBOR plus 2.00% for each relevant period for which the Company's consolidated net leverage ratio (as defined in the New Credit Facility) is less than 4.5 to 1 and greater than 3.0 to 1. The interest rate on borrowings under the revolving credit facility and the Term Loan A facility are subject to step downs in accordance with the credit agreement. New Credit Facility — Other Terms and Conditions Further information on interest rates, fees, and other terms and conditions of the New Credit Facility is included in the Company's 2020 Form 10-K. At June 30, 2021, the Company was in compliance with all the financial covenants of the New Credit Facility. Senior Notes On March 3, 2021, the Company provided notice of its intention to redeem all of the outstanding 5.000% euro denominated senior secured notes due July 15, 2024 (the “2024 Fixed Rate Secured Notes”) and all of the outstanding floating rate euro denominated senior secured notes due April 15, 2024 (the “2024 Floating Rate Secured Notes” and, together with the 2024 Fixed Rate Secured Notes, the “2024 Secured Notes”). On March 17, 2021, the Company using the net proceeds of the offering of 5.125% Senior Secured Notes, together with cash on hand, satisfied and discharged each of the indentures governing the 2024 Secured Notes in accordance with their terms. As a result, the Company recorded a gain on extinguishment of debt of $8 million for the six months ended June 30, 2021. Further information on the terms and conditions of the Senior Unsecured Notes and Senior Secured Notes is included in the Company's 2020 Form 10-K. At June 30, 2021, the Company was in compliance with all of its financial covenants under the indentures governing the Senior Unsecured Notes and Senior Secured Notes. Other Debt Other debt consists primarily of subsidiary debt. Factoring Arrangements In the Company's accounts receivable factoring programs, accounts receivables are transferred in their entirety to the acquiring entities and are accounted for as a sale. The fair value of assets received as proceeds in exchange for the transfer of accounts receivable under these factoring programs approximates the fair value of such receivables. Some of these programs have deferred purchase price arrangements with the banks. The Company is the servicer of the receivables under some of these arrangements and is responsible for performing all accounts receivable administration functions. Where the Company receives a fee to service and monitor these transferred accounts receivables, such fees are sufficient to offset the costs and as such, a servicing asset or liability is not recorded as a result of such activities. At June 30, 2021 and December 31, 2020, the amount of accounts receivable outstanding and derecognized for factoring arrangements was $1.0 billion and $1.0 billion, of which $0.4 billion and $0.4 billion relate to accounts receivable where the Company has continuing involvement. In addition, the deferred purchase price receivable was $62 million and $51 million at June 30, 2021 and December 31, 2020. For the three months ended June 30, 2021 and 2020, proceeds from the factoring of accounts receivable qualifying as sales were $1.3 billion and $0.7 billion, of which $1.0 billion and $0.5 billion were received on accounts receivable where the Company has continuing involvement. For the six months ended June 30, 2021 and 2020, proceeds from the factoring of accounts receivable qualifying as sales were $2.6 billion and $1.9 billion, of which $2.1 billion and $1.6 billion were received on accounts receivable where the Company has continuing involvement. The Company’s financing charges associated with the factoring of receivables, which are included in “Interest expense” in the condensed consolidated statements of income (loss), was $5 million and $4 million for the three months ended June 30, 2021 an d 2020, and $9 million and $10 million for the six months ended June 30, 2021 and 2020. If the Company were not able to factor receivables under these programs, its borrowings under its revolving credit agreement might increase. These programs provide the Company with access to cash at costs that are generally favorable to alternative sources of financing and allow the Company to reduce borrowings under its revolving credit agreement. |
Pension Plans, Postretirement a
Pension Plans, Postretirement and Other Employee Benefits | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension Plans, Postretirement and Other Employee Benefits | 10. Pension Plans, Postretirement and Other Employee Benefits The Company sponsors several defined benefit pension plans (“Pension Benefits”) and health care and life insurance benefits (“Other Postretirement Benefits” or “OPEB”) for certain employees and retirees around the world. Components of net periodic benefit costs (credits) for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Pension Benefits Other Postretirement Benefits 2021 2020 U.S. Non-U.S. U.S. Non-U.S. 2021 2020 Service cost $ 1 $ 6 $ 1 $ 6 $ — $ — Interest cost 7 5 10 5 2 3 Expected return on plan assets (16) (4) (16) (4) — — Net amortization: Actuarial loss 3 3 1 2 — — Prior service cost (credit) — — — — (3) (2) Net pension and postretirement costs (credits) $ (5) $ 10 $ (4) $ 9 $ (1) $ 1 Six Months Ended June 30, Pension Benefits Other Postretirement Benefits 2021 2020 U.S. Non-U.S. U.S. Non-U.S. 2021 2020 Service cost $ 1 $ 13 $ 1 $ 12 $ — $ — Interest cost 15 9 20 9 3 5 Expected return on plan assets (32) (8) (32) (8) — — Net amortization: Actuarial loss 6 5 3 4 1 1 Prior service cost (credit) — — — — (5) (4) Net pension and postretirement costs (credits) $ (10) $ 19 $ (8) $ 17 $ (1) $ 2 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes For interim tax reporting, the Company estimates its annual effective tax rate and applies it to year-to-date ordinary income. Jurisdictions where no tax benefit can be recognized due to a valuation allowance are excluded from the estimated annual effective tax rate. The effect of including these jurisdictions on the quarterly effective rate calculation could result in a higher or lower effective tax rate during a quarter due to the mix and timing of actual earnings versus annual projections. The tax effects of certain items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. The Company considers both positive and negative evidence and evaluates its deferred tax assets quarterly to determine if valuation allowances are required or should be adjusted. This assessment considers, among other matters, the nature, frequency and amount of recent losses, the duration of statutory carryforward periods, reversals of existing taxable temporary differences, and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified. For the three months ended June 30, 2021, the Company recorded an income tax expense of $41 million on income from continuing operations before income taxes of $58 million. This compares to an income tax benefit of $101 million on loss from continuing operations before income taxes of $441 million in the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company recorded an income tax expense of $88 million on income from continuing operations before income taxes of $192 million. This compares to an income tax benefit of $195 million on loss from continuing operations before income taxes of $1,361 million in the six months ended June 30, 2020. Income tax expense for the three months ended June 30, 2021 and 2020 differs from the U.S. statutory rate due primarily to pre-tax income taxed at rates higher than the U.S. statutory rate and pre-tax losses with no tax benefits. Income tax expense for the six months ended June 30, 2021 differs from the U.S. statutory rate due primarily to pre-tax income taxed at rates higher than the U.S. statutory rate and pre-tax losses with no tax benefits. Income tax benefit for the six months ended June 30, 2020 differs from the U.S. statutory rate due primarily to $111 million of tax benefit recognized related to the asset impairment charges of $883 million, pre-tax income taxed at rates higher than the U.S. statutory rate, and pre-tax losses with no tax benefits. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Environmental Matters The Company is subject to a variety of environmental and pollution control laws and regulations in all jurisdictions in which it operates. The Company has been notified by the U.S. Environmental Protection Agency, other national environmental agencies, and various provincial and state agencies that it may be a potentially responsible party (“PRP”) under such laws for the cost of remediating hazardous substances pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and other national and state or provincial environmental laws. PRP designation typically requires the funding of site investigations and subsequent remedial activities. Many of the sites that are likely to be the costliest to remediate are often current or former commercial waste disposal facilities to which numerous companies sent wastes. Despite the potential joint and several liability which might be imposed on the Company under CERCLA and some of the other laws pertaining to these sites, its share of the total waste sent to these sites generally has been small. The Company believes its exposure for liability at these sites is not material. On a global basis, the Company has also identified certain other present and former properties at which it may be responsible for cleaning up or addressing environmental contamination, in some cases, as a result of contractual commitments and/or federal or state environmental laws. The Company is actively seeking to resolve these actual and potential statutory, regulatory, and contractual obligations. The Company expenses or capitalizes, as appropriate, expenditures for ongoing compliance with environmental regulations. At June 30, 2021, the Company has an obligation to remediate or contribute towards the remediation of certain sites, including the sites discussed above at which it may be a PRP. The Company’s estimated share of environmental remediation costs for all these sites is recognized in the condensed consolidated balance sheets at June 30, 2021 and December 31, 2020 as follows: June 30, December 31, Accrued expenses and other current liabilities $ 9 $ 8 Deferred credits and other liabilities 24 26 $ 33 $ 34 Based on information known to the Company from site investigations and the professional judgment of consultants, the Company has established reserves it believes are adequate for these costs. Although the Company believes these estimates of remediation costs are reasonable and are based on the latest available information, the costs are estimates, difficult to quantify based on the complexity of the issues, and are subject to revision as more information becomes available about the extent of remediation required. At some sites, the Company expects other parties will contribute to the remediation costs. In addition, certain environmental statutes provide the Company’s liability could be joint and several, meaning the Company could be required to pay amounts in excess of its share of remediation costs. The financial strength of the other PRPs at these sites has been considered, where appropriate, in the determination of the estimated liability. The Company does not believe any potential costs associated with its current status as a PRP, or as a liable party at the other locations referenced herein, will be material to its annual consolidated financial position, results of operations, or liquidity. Other Legal Proceedings, Claims and Investigations For many years, the Company has been and continues to be subject to lawsuits initiated by claimants alleging health problems as a result of exposure to asbestos. The Company’s current docket of active and inactive cases is approximately 500 cases in the United States and less than 50 in Europe. With respect to the claims filed in the United States, the substantial majority of the claims are related to alleged exposure to asbestos in the Company’s line of Walker® exhaust automotive products although a significant number of those claims appear also to involve occupational exposures sustained in industries other than automotive. A small number of claims have been asserted against one of the Company’s subsidiaries by railroad workers alleging exposure to asbestos products in railroad cars. The Company believes, based on scientific and other evidence, it is unlikely that U.S. claimants were exposed to asbestos by the Company’s former products and that, in any event, they would not be at increased risk of asbestos-related disease based on their work with these products. Further, many of these cases involve numerous defendants. Additionally, in many cases the plaintiffs either do not specify any, or specify the jurisdictional minimum, dollar amount for damages. With respect to the claims filed in Europe, the substantial majority relate to occupational exposure claims brought by current and former employees of Federal-Mogul facilities in France and amounts paid out were not material. A small number of occupational exposure claims have also been asserted against Federal-Mogul entities in Italy and Spain. As major asbestos manufacturers and/or users continue to go out of business or file for bankruptcy, the Company may experience an increased number of these claims. The Company vigorously defends itself against these claims as part of its ordinary course of business. In future periods, the Company could be subject to cash costs or charges to earnings if any of these matters are resolved unfavorably to the Company. To date, with respect to claims that have proceeded sufficiently through the judicial process, the Company has regularly achieved favorable resolutions. Accordingly, the Company presently believes that these asbestos-related claims will not have a material adverse effect on the Company’s annual consolidated financial position, results of operations or liquidity. The Company is also from time to time involved in other legal proceedings, claims or investigations. Some of these matters involve allegations of damages against the Company relating to environmental liabilities (including toxic tort, property damage and remediation), intellectual property matters (including patent, trademark and copyright infringement, and licensing disputes), personal injury claims (including injuries due to product failure, design or warning issues, and other product liability related matters), taxes, unclaimed property, employment matters, advertising matters, and commercial or contractual disputes, sometimes related to acquisitions or divestitures. Additionally, some of these matters involve allegations relating to legal compliance. While the Company vigorously defends itself against all of these legal proceedings, claims and investigations and take other actions to minimize its potential exposure, in future periods, the Company could be subject to cash costs or charges to earnings if any of these matters are resolved on unfavorable terms. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on current information, including the Company’s assessment of the merits of the particular claim, the Company does not expect the legal proceedings, claims or investigations currently pending against it will have any material adverse effect on its annual consolidated financial position, results of operations or liquidity. Asset Retirement Obligations The Company’s primary asset retirement obligations (“ARO”) activities relate to the removal of hazardous building materials at its facilities. The Company records an ARO at fair value upon initial recognition when the amount is probable and can be reasonably estimated. ARO fair values are determined based on the Company’s determination of what a third party would charge to perform the remediation activities, generally using a present value technique. The Company’s ARO liabilities at June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, Accrued expenses and other current liabilities $ 2 $ 2 Deferred credits and other liabilities 12 12 $ 14 $ 14 Warranty Matters The Company provides warranties on some of its products. The warranty terms vary but range from one year up to limited lifetime warranties on some of its premium aftermarket products. Provisions for estimated expenses related to product warranty are made at the time products are sold or when specific warranty issues are identified with the Company’s products. These estimates are established using historical information about the nature, frequency, and average cost of warranty claims. The Company believes the warranty reserve is appropriate; however, actual claims incurred could differ from the original estimates, requiring adjustments to the reserve. The reserve is included in both current and long-term liabilities on the condensed consolidated balance sheets. The following represents the changes in the Company’s warranty accrual accounts for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Balance at beginning of period $ 67 $ 51 $ 62 $ 54 Accruals and revisions to estimates 18 1 32 4 Settlements (14) (1) (22) (7) Foreign currency 1 (1) — (1) Balance at end of period $ 72 $ 50 $ 72 $ 50 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 13. Share-Based Compensation Share-based compensation expense is included in “Selling, general, and administrative” in the condensed consolidated statements of income (loss). Total share-based compensation expense for the three and six months ended June 30, 2021 and 2020 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cash-settled share-based compensation expense $ 12 $ 1 $ 16 $ 1 Share-settled share-based compensation expense 4 7 9 9 $ 16 $ 8 $ 25 $ 10 Cash-Settled Awards The Company has granted restricted stock units (“RSUs”) and performance share units (“PSUs”) to certain key employees that are payable in cash. These awards are classified as liabilities and remeasured at fair value each reporting date until settlement. Compensation expense for the RSUs is recognized ratably over the requisite service period. Compensation expense for the PSUs is recognized ratably over the requisite service period if it is probable the performance target related to the PSUs will be achieved and subsequently adjusted if this probability assessment changes. The PSUs have the potential to pay out between zero and 200%, based on performance target achievement. The following table reflects the outstanding cash-settled share-based awards as of June 30, 2021, and December 31, 2020: June 30, December 31, RSUs 1,758,443 1,878,220 PSUs 2,990,493 — 4,748,936 1,878,220 At June 30, 2021 and December 31, 2020, the liability of all cash-settled RSUs was $11 million and $3 million. The liability of all cash-settled PSUs at June 30, 2021 was $8 million and there were no outstanding PSUs at December 31, 2020. At June 30, 2021, there is $72 million in unrecognized costs on the cash-settled awards, using the quarter end stock price, that is expected to be recognized over a weighted-average period of approximately two years. Share-Settled Awards The Company has granted restricted stock, restricted stock units (“RSUs”), and performance share units (“PSUs”) that are payable in shares to certain key employees. These awards are classified as equity and are recognized at the grant date fair value. Compensation expense for the restricted stock and RSUs is recognized ratably over the requisite service period. Compensation expense for the PSUs is recognized ratably over the requisite service period if it is probable the performance target will be achieved, and subsequently adjusted if this probability assessment changes. The PSUs have the potential to pay out between zero and 200 percent, based on performance target achievement. The following table reflects the status of all share-settled RSUs and PSUs for the six months ended June 30, 2021: Share-Settled RSUs Share-Settled PSUs Units Weighted Avg. Units Weighted Avg. Nonvested balance at beginning of period 2,118,605 $ 26.00 527,105 $ 36.37 Granted 2,078,409 10.70 — — Vested (635,023) 34.09 (57,794) 49.18 Forfeited (171,384) 19.78 (134,361) 46.61 Nonvested balance at end of period 3,390,607 $ 14.89 334,950 $ 24.60 |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | 14. Shareholders' Equity Common Stock Common Stock Outstanding The Company has authorized 175,000,000 shares ($0.01 par value) of Class A Common Stock at June 30, 2021 and December 31, 2020. The Company has authorized 25,000,000 shares ($0.01 par value) of Class B Common Stock at June 30, 2021 and December 31, 2020. Total common stock outstanding and changes in common stock issued are as follows: Class A Common Stock Class B Common Stock Six Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Shares issued at beginning of period 75,714,163 71,727,061 20,308,454 23,793,669 Issued pursuant to benefit plans 790,467 458,855 — — Withheld for taxes pursuant to benefit plans (249,015) (124,440) — — Class B common stock converted to Class A common stock 20,308,454 3,485,215 (20,308,454) (3,485,215) Shares issued at end of period 96,564,069 75,546,691 — 20,308,454 Treasury stock 14,592,888 14,592,888 — — Total shares outstanding 81,971,181 60,953,803 — 20,308,454 Class B Common Stock Conversion During the six months ended June 30, 2021, Icahn Enterprises L.P. (“IEP”) and its affiliates converted all of its remaining 20,308,454 shares of the Company’s Class B Common Stock into 20,308,454 shares of Class A Common Stock. Based on information contained in filings with the SEC as of August 4, 2021, IEP and its affiliates hold less than 10% of the Company’s outstanding Class A Common Stock. Shareholder Agreement In connection with the closing of the Federal-Mogul LLC acquisition, on October 1, 2018, the Company, American Entertainment Properties Corporation, IEP, and Icahn Enterprises Holdings L.P. entered into a Shareholders Agreement (the “Shareholders Agreement”). There have been no changes to the Shareholders Agreement during the six months ended June 30, 2021. Preferred Stock The Company had 50,000,000 shares of preferred stock ($0.01 par value) authorized at both June 30, 2021 and December 31, 2020. No shares of preferred stock were issued or outstanding at those dates. Accumulated Other Comprehensive Income (Loss) The following represents the Company’s changes in accumulated other comprehensive income (loss) by component, net of tax for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency translation adjustments: Balance at beginning of period $ (441) $ (568) $ (395) $ (369) Other comprehensive income (loss) before reclassifications 58 34 12 (165) Reclassification from other comprehensive income (loss) — — — — Other comprehensive income (loss) 58 34 12 (165) Income tax benefit (provision) — 1 — 1 Balance at end of period (383) (533) (383) (533) Defined benefit plans: Balance at beginning of period (350) (338) (353) (342) Other comprehensive income (loss) before reclassifications — — — — Reclassification from other comprehensive income (loss) 3 1 7 4 Other comprehensive income (loss) 3 1 7 4 Income tax benefit (provision) — (6) (1) (5) Balance at end of period (347) (343) (347) (343) Cash flow hedges: Balance at beginning of period 2 (2) 4 — Other comprehensive income (loss) before reclassifications (1) 5 1 2 Reclassification from other comprehensive income (loss) — — (4) — Other comprehensive income (loss) (1) 5 (3) 2 Income tax benefit (provision) — (1) — — Balance at end of period 1 2 1 2 Accumulated other comprehensive loss at end of period $ (729) $ (874) $ (729) $ (874) Other comprehensive income (loss) attributable to noncontrolling interests $ 4 $ 7 $ (2) $ (13) |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 15. Segment Information Tenneco consists of four operating segments, Motorparts, Performance Solutions, Clean Air, and Powertrain. Costs related to other business activities, primarily corporate headquarter functions, are disclosed separately from the four operating segments as “Corporate.” Beginning in the first quarter of 2021, the Company made a change to its operating segments. This change consisted of moving a reporting unit within the Powertrain segment to the Ride Performance segment to align with a change in how the CODM allocates resources and assesses performance against the Company’s key growth strategies. In addition, with this change to its segments, Ride Performance was renamed Performance Solutions. As such, prior period operating segment results and related disclosures have been conformed to reflect the Company's current operating segments. Management uses EBITDA including noncontrolling interests as the key performance measure of segment profitability and uses the measure in its financial and operational decision-making processes, for internal reporting, and for planning and forecasting purposes to effectively allocate resources. EBITDA including noncontrolling interests is defined as earnings before interest expense, income taxes, noncontrolling interests, and depreciation and amortization. Segment assets are not presented as it is not a measure reviewed by the CODM in allocating resources and assessing performance. EBITDA including noncontrolling interests should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income, which is the most directly comparable financial measure to EBITDA including noncontrolling interests that is in accordance with U.S. GAAP. EBITDA including noncontrolling interests, as determined and measured by the Company, should not be compared to similarly titled measures reported by other companies. Segment results for the three and six months ended June 30, 2021 and 2020 are as follows: Reportable Segments Motorparts Performance Solutions Clean Air Powertrain Total Reclass & Elims Total For the Three Months Ended June 30, 2021 Revenues from external customers $ 794 $ 715 $ 2,024 $ 1,050 $ 4,583 $ — $ 4,583 Intersegment revenues $ 10 $ 23 $ 4 $ 47 $ 84 $ (84) $ — Equity in earnings of nonconsolidated affiliates, net of tax $ 4 $ — $ — $ 11 $ 15 $ — $ 15 For the Three Months Ended June 30, 2020 Revenues from external customers $ 559 $ 378 $ 1,140 $ 560 $ 2,637 $ — $ 2,637 Intersegment revenues $ 6 $ 21 $ 3 $ 21 $ 51 $ (51) $ — Equity in earnings of nonconsolidated affiliates, net of tax $ 1 $ 1 $ — $ 2 $ 4 $ — $ 4 For the Six Months Ended June 30, 2021 Revenues from external customers $ 1,513 $ 1,502 $ 4,148 $ 2,151 $ 9,314 $ — $ 9,314 Intersegment revenues $ 19 $ 49 $ 10 $ 94 $ 172 $ (172) $ — Equity in earnings of nonconsolidated affiliates, net of tax $ 7 $ 1 $ — $ 29 $ 37 $ — $ 37 For the Six Months Ended June 30, 2020 Revenues from external customers $ 1,265 $ 1,047 $ 2,685 $ 1,476 $ 6,473 $ — $ 6,473 Intersegment revenues $ 15 $ 50 $ 9 $ 59 $ 133 $ (133) $ — Equity in earnings of nonconsolidated affiliates, net of tax $ 3 $ 1 $ — $ 13 $ 17 $ — $ 17 Segment EBITDA including noncontrolling interests and the reconciliation to earnings (loss) before interest expense, income taxes, and noncontrolling interests are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 EBITDA including noncontrolling interests by segment: Motorparts $ 67 $ (52) $ 169 $ (92) Performance Solutions 32 (63) 75 (737) Clean Air 143 17 292 116 Powertrain 94 (69) 209 (42) Total reportable segments 336 (167) 745 (755) Corporate (64) (49) (114) (135) Depreciation and amortization (145) (159) (300) (330) Earnings (loss) before interest expense, income taxes, and noncontrolling interests 127 (375) 331 (1,220) Interest expense (69) (66) (139) (141) Income tax (expense) benefit (41) 101 (88) 195 Net income (loss) $ 17 $ (340) $ 104 $ (1,166) Disaggregated Revenue Original Equipment Value-Added Sales OE revenue is generated from providing OE manufacturers and servicers with products for automotive, heavy duty, and industrial applications. Supply relationships typically extend over the life of the related vehicle, subject to interim design and technical specification revisions, and do not require the customer to purchase a minimum quantity. Substrate/Passthrough Sales Generally, in connection with the sale of exhaust systems to certain OE manufacturers, the Company purchases catalytic converters and diesel particulate filters or components thereof including precious metals (“substrates”) on behalf of its customers which are used in the assembled system. These substrates are included in inventory and are “passed through” to the customer at cost, plus a small margin. Since the Company takes title to the substrate inventory and has responsibility for both the delivery and quality of the finished product including the substrates, the revenues and related expenses are recorded at gross amounts. Aftermarket Aftermarket revenue is generated from providing products for the global vehicle aftermarket to a wide range of warehouse distributors, retail parts stores, and mass merchants that distribute these products to customers ranging from professional service providers to “do-it-yourself” consumers. Revenue from contracts with customers is disaggregated by customer type and geography, as it depicts the nature and amount of the Company’s revenue that is aligned with the Company’s key growth strategies. In the following tables, revenue is disaggregated accordingly: Reportable Segments By Customer Type Motorparts Performance Solutions Clean Air Powertrain Total Three Months Ended June 30, 2021 OE - Substrate $ — $ — $ 1,081 $ — $ 1,081 OE - Value add — 697 943 1,050 2,690 Aftermarket 794 18 — — 812 Total $ 794 $ 715 $ 2,024 $ 1,050 $ 4,583 Three Months Ended June 30, 2020 OE - Substrate $ — $ — $ 623 $ — $ 623 OE - Value add — 368 517 560 1,445 Aftermarket 559 10 — — 569 Total $ 559 $ 378 $ 1,140 $ 560 $ 2,637 Six Months Ended June 30, 2021 OE - Substrate $ — $ — $ 2,169 $ — $ 2,169 OE - Value add — 1,465 1,979 2,151 5,595 Aftermarket 1,513 37 — — 1,550 Total $ 1,513 $ 1,502 $ 4,148 $ 2,151 $ 9,314 Six Months Ended June 30, 2020 OE - Substrate $ — $ — $ 1,323 $ — $ 1,323 OE - Value add — 1,022 1,362 1,476 3,860 Aftermarket 1,265 25 — — 1,290 Total $ 1,265 $ 1,047 $ 2,685 $ 1,476 $ 6,473 Reportable Segments By Geography Motorparts Performance Solutions Clean Air Powertrain Total Three Months Ended June 30, 2021 North America $ 501 $ 223 $ 812 $ 316 $ 1,852 Europe, Middle East, Africa and South America 238 324 639 548 1,749 Asia Pacific 55 168 573 186 982 Total $ 794 $ 715 $ 2,024 $ 1,050 $ 4,583 Three Months Ended June 30, 2020 North America $ 389 $ 91 $ 335 $ 158 $ 973 Europe, Middle East, Africa and South America 135 170 248 254 807 Asia Pacific 35 117 557 148 857 Total $ 559 $ 378 $ 1,140 $ 560 $ 2,637 Six Months Ended June 30, 2021 North America $ 955 $ 463 $ 1,663 $ 644 $ 3,725 Europe, Middle East, Africa and South America 450 679 1,321 1,111 3,561 Asia Pacific 108 360 1,164 396 2,028 Total $ 1,513 $ 1,502 $ 4,148 $ 2,151 $ 9,314 Six Months Ended June 30, 2020 North America $ 865 $ 319 $ 1,039 $ 472 $ 2,695 Europe, Middle East, Africa and South America 332 489 813 724 2,358 Asia Pacific 68 239 833 280 1,420 Total $ 1,265 $ 1,047 $ 2,685 $ 1,476 $ 6,473 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions The following tables summarize the net sales, purchases, and royalty and other income (expense) to and from related parties for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, 2021 2020 Net Sales Purchases Royalty and Other Net Sales Purchases Royalty and Other Otomotiv A.S. $ 11 $ 67 $ — $ 5 $ 17 $ 2 Anqing TP Goetze $ 1 $ 28 $ 2 $ 3 $ 18 $ 1 Other nonconsolidated affiliates $ 8 $ 13 $ 1 $ 4 $ 5 $ — Icahn Automotive Group LLC $ 40 $ — $ — $ 32 $ — $ 1 PSC Metals, Inc. $ — $ — $ — $ 1 $ — $ — Six Months Ended June 30, 2021 2020 Net Sales Purchases Royalty and Other Net Sales Purchases Royalty and Other Otomotiv A.S. $ 21 $ 143 $ 3 $ 17 $ 76 $ 6 Anqing TP Goetze $ 3 $ 55 $ 3 $ 9 $ 31 $ 1 Other nonconsolidated affiliates $ 16 $ 25 $ 1 $ 11 $ 18 $ — Icahn Automotive Group LLC $ 71 $ — $ 1 $ 65 $ — $ 2 PSC Metals, Inc. $ — $ — $ 1 $ 1 $ — $ — The following table is a summary of amounts due to and from the Company's related parties at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Receivables Payables and Accruals Receivables Payables and Accruals Otomotiv A.S. $ 6 $ 33 $ 10 $ 49 Anqing TP Goetze $ 4 $ 35 $ 4 $ 30 Other nonconsolidated affiliates $ 3 $ 6 $ 3 $ 7 Icahn Automotive Group LLC $ 47 $ 4 $ 47 $ 9 Refer to Note 7, “Investment in Nonconsolidated Affiliates”, for further information for companies within the tables above that represent equity method investments. Amounts presented as Icahn Automotive Group LLC represent the Company’s activities with IEH Auto Parts LLC and Pep Boys—Manny, Moe & Jack. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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, 2020, which was filed with the Securities and Exchange Commission on February 24, 2021 (the “2020 Form 10-K”). Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. There are many uncertainties related to the COVID-19 global pandemic that could negatively affect the Company's results of operations, financial position, and cash flows. |
Reclassifications | ReclassificationsCertain amounts in the prior period have been aggregated or disaggregated to conform to current year presentation, as described above for the change in operating segments. |
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 or the passage of time. |
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. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 2020 Balance at beginning of period $ 78 $ 196 Net income (loss) attributable to redeemable noncontrolling interests 13 5 Other comprehensive income (loss) (1) (4) Noncontrolling interest tender offer redemption — (46) Redemption value measurement adjustment 18 10 Reclassification of noncontrolling interest to permanent equity — (82) Balance at end of period $ 108 $ 79 |
Schedule of Earnings Per Share, Basic and Diluted | Actual weighted average shares outstanding used in calculating earnings (loss) per share were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Weighted average shares of common stock outstanding 82,251,559 81,350,773 82,102,310 81,259,667 Effect of dilutive securities: PSUs and RSUs — — 1,020,044 — Dilutive shares outstanding 82,251,559 81,350,773 83,122,354 81,259,667 |
Restructuring Charges, Net an_2
Restructuring Charges, Net and Asset Impairments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring | For the three and six months ended June 30, 2021 and 2020, restructuring charges, net and asset impairments by segment are as follows: Three Months Ended June 30, 2021 Motorparts Performance Solutions Clean Air Powertrain Corporate Total Severance and other charges, net $ 5 $ 8 $ 2 $ 8 $ 1 $ 24 Asset impairments related to restructuring actions 1 — — — — 1 Other non-restructuring asset impairments — — — — 2 2 Total asset impairment charges 1 — — — 2 3 Total restructuring charges, net and asset impairments $ 6 $ 8 $ 2 $ 8 $ 3 $ 27 Three Months Ended June 30, 2020 Motorparts Performance Solutions Clean Air Powertrain Corporate Total Severance and other charges, net $ 15 $ 18 $ 22 $ 36 $ 1 $ 92 Asset impairments related to restructuring actions 25 — — 3 — 28 Other non-restructuring asset impairments — — — — 1 1 Impairment of assets held for sale (1) — — 1 — — Total asset impairment charges 24 — — 4 1 29 Total restructuring charges, net and asset impairments $ 39 $ 18 $ 22 $ 40 $ 2 $ 121 Six Months Ended June 30, 2021 Motorparts Performance Solutions Clean Air Powertrain Corporate Total Severance and other charges, net $ 7 $ 12 $ 11 $ 18 $ 1 $ 49 Asset impairments related to restructuring actions 1 — — — — 1 Other non-restructuring asset impairments — — — — 2 2 Total asset impairment charges 1 — — — 2 3 Total restructuring charges, net and asset impairments $ 8 $ 12 $ 11 $ 18 $ 3 $ 52 Six Months Ended June 30, 2020 Motorparts Performance Solutions Clean Air Powertrain Corporate Total Severance and other charges, net $ 17 $ 24 $ 22 $ 37 $ 5 $ 105 Asset impairments related to restructuring actions 25 — — 3 — 28 Other non-restructuring asset impairments — 455 — — 17 472 Impairment of assets held for sale (1) — — 1 — — Total asset impairment charges 24 455 — 4 17 500 Total restructuring charges, net and asset impairments $ 41 $ 479 $ 22 $ 41 $ 22 $ 605 The following table provides a summary of the Company’s restructuring liabilities and related activity for each type of exit costs: Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Employee Costs Facility Closure and Other Costs Total Employee Costs Facility Closure and Other Costs Total Balance at beginning of period $ 99 $ 1 $ 100 $ 97 $ 4 $ 101 Provisions 31 3 34 10 5 15 Revisions to estimates (9) — (9) (2) — (2) Payments (21) (4) (25) (23) (7) (30) Foreign currency (1) — (1) (1) — (1) Balance at March 31 99 — 99 81 2 83 Provisions 30 2 32 90 6 96 Revisions to estimates (8) — (8) (4) — (4) Payments (22) (2) (24) (31) (4) (35) Balance at end of period $ 99 $ — $ 99 $ 136 $ 4 $ 140 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | At June 30, 2021 and December 31, 2020, inventory by major classification was as follows: June 30, December 31, Finished goods $ 797 $ 758 Work in process 551 449 Raw materials 479 441 Materials and supplies 93 95 Total inventories $ 1,920 $ 1,743 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | At June 30, 2021 and December 31, 2020, goodwill consists of the following: Six Months Ended June 30, 2021 Motorparts Performance Solutions Clean Air Powertrain Total Gross carrying amount at December 31, 2020 $ 623 $ 549 $ 23 $ 59 $ 1,254 Foreign exchange — (3) — — (3) Gross carrying amount at March 31, 2021 623 546 23 59 1,251 Foreign exchange — 2 — — 2 Gross carrying amount at June 30, 2021 623 548 23 59 1,253 Accumulated impairment loss at December 31, 2020 (310) (377) — (59) (746) Foreign exchange — 3 — — 3 Accumulated impairment loss at March 31, 2021 (310) (374) — (59) (743) Foreign exchange — (2) — — (2) Accumulated impairment loss at June 30, 2021 (310) (376) — (59) (745) Net carrying value at June 30, 2021 $ 313 $ 172 $ 23 $ — $ 508 The following table shows a summary of the number of reporting units with a net carrying value of goodwill in each segment at June 30, 2021 and whether or not the reporting unit’s fair value exceeds its carrying value by more or less than 25% based on each respective reporting units most recent goodwill impairment analysis: Segments Motorparts Performance Solutions Clean Air Number of reporting units with goodwill 1 2 3 Number of reporting units where fair value exceeds carrying value: Greater than 25% 1 1 3 Less than 25% — 1 — Goodwill for reporting units where fair value exceeds carrying value: Greater than 25% $ 313 $ 7 $ 23 Less than 25% — 165 — $ 313 $ 172 $ 23 |
Schedule of Intangible Assets and Goodwill | Impairment charges for goodwill and intangible assets recognized by segment during the six months ended June 30, 2020 consist of the following: Six Months Ended June 30, 2020 Motorparts Performance Solutions Powertrain Total Goodwill impairment charges $ 70 $ 156 $ 41 $ 267 Trade names and trademarks intangible asset impairment charges 40 11 — 51 Definite-lived intangible asset impairment charges — 65 — 65 $ 110 $ 232 $ 41 $ 383 |
Schedule of Indefinite-Lived Intangible Assets | At June 30, 2021 and December 31, 2020, the Company’s intangible assets consist of the following: June 30, 2021 December 31, 2020 Useful Lives Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Definite-lived intangible assets: Customer relationships and platforms 10 years $ 994 $ (328) $ 666 $ 995 $ (282) $ 713 Customer contracts 10 years 8 (6) 2 8 (6) 2 Patents 10 to 17 years 1 (1) — 1 (1) — Technology rights 10 to 30 years 137 (56) 81 139 (51) 88 Packaged kits know-how 10 years 54 (15) 39 54 (12) 42 Catalogs 10 years 47 (13) 34 47 (11) 36 Licensing agreements 3 to 5 years 65 (42) 23 66 (35) 31 Land use rights 28 to 46 years 50 (5) 45 49 (4) 45 $ 1,356 $ (466) 890 $ 1,359 $ (402) 957 Indefinite-lived intangible assets: Trade names and trademarks 235 237 Total $ 1,125 $ 1,194 |
Schedule of Finite-Lived Intangible Assets | At June 30, 2021 and December 31, 2020, the Company’s intangible assets consist of the following: June 30, 2021 December 31, 2020 Useful Lives Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Definite-lived intangible assets: Customer relationships and platforms 10 years $ 994 $ (328) $ 666 $ 995 $ (282) $ 713 Customer contracts 10 years 8 (6) 2 8 (6) 2 Patents 10 to 17 years 1 (1) — 1 (1) — Technology rights 10 to 30 years 137 (56) 81 139 (51) 88 Packaged kits know-how 10 years 54 (15) 39 54 (12) 42 Catalogs 10 years 47 (13) 34 47 (11) 36 Licensing agreements 3 to 5 years 65 (42) 23 66 (35) 31 Land use rights 28 to 46 years 50 (5) 45 49 (4) 45 $ 1,356 $ (466) 890 $ 1,359 $ (402) 957 Indefinite-lived intangible assets: Trade names and trademarks 235 237 Total $ 1,125 $ 1,194 |
Finite-lived Intangible Assets Amortization Expense | The amortization expense associated with definite-lived intangible assets is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Amortization expense $ 33 $ 32 $ 65 $ 66 The expected future amortization expense for the Company’s definite-lived intangible assets is as follows: 2021 2022 2023 2024 2025 2026 and thereafter Total Expected amortization expense $ 64 $ 125 $ 122 $ 114 $ 114 $ 351 $ 890 |
Investment in Nonconsolidated_2
Investment in Nonconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | The following tables present summarized aggregated financial information of the Company’s nonconsolidated affiliates for the three and six months ended June 30, 2021 and 2020. The amounts represent 100% of the interest in the nonconsolidated affiliates and not the Company’s proportionate share: Three Months Ended June 30, 2021 Statements of Income Otomotiv A.S. Anqing TP Goetze Other Total Sales $ 94 $ 52 $ 136 $ 282 Gross profit $ 29 $ 14 $ 29 $ 72 Income from continuing operations $ 25 $ 14 $ 15 $ 54 Net income $ 17 $ 13 $ 14 $ 44 Three Months Ended June 30, 2020 Statements of Income Otomotiv A.S. Anqing TP Goetze Other Total Sales $ 36 $ 11 $ 41 $ 88 Gross profit $ 6 $ 5 $ 6 $ 17 Income from continuing operations $ 4 $ 4 $ 2 $ 10 Net income $ 5 $ 4 $ 2 $ 11 Six Months Ended June 30, 2021 Statements of Income Otomotiv A.S. Anqing TP Goetze Other Total Sales $ 196 $ 101 $ 248 $ 545 Gross profit $ 64 $ 28 $ 51 $ 143 Income from continuing operations $ 57 $ 28 $ 30 $ 115 Net income $ 51 $ 25 $ 24 $ 100 Six Months Ended June 30, 2020 Statements of Income Otomotiv A.S. Anqing TP Goetze Other Total Sales $ 120 $ 41 $ 146 $ 307 Gross profit $ 32 $ 11 $ 26 $ 69 Income from continuing operations $ 27 $ 11 $ 11 $ 49 Net income $ 23 $ 10 $ 8 $ 41 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summarization for Foreign Currency Forward Purchase and Sale Contracts | The following table summarizes by position the notional amounts for foreign currency forward contracts at June 30, 2021, all of which mature in the next twelve months: Notional Amount Long positions $ 277 Short positions $ (282) |
Cash-Settled Awards | As of June 30, 2021 and December 31, 2020, the share equivalents outstanding related to cash-settled share-based awards are as follows: June 30, December 31, Restricted Stock Units (RSUs) 1,758,443 1,878,220 Performance Share Units (PSUs) 2,990,493 — 4,748,936 1,878,220 Deferred compensation arrangements 1,584,039 1,125,605 June 30, December 31, RSUs 1,758,443 1,878,220 PSUs 2,990,493 — 4,748,936 1,878,220 |
Carrying and Estimated Fair Value | The estimated fair value of these financial instruments at June 30, 2021 and December 31, 2020 is as follows: Balance sheet classification June 30, December 31, Other financial instruments in asset positions Prepayments and other current assets $ 29 $ 1 Other financial instruments in liability positions (a) Accrued expenses and other current liabilities $ 3 $ — |
Schedule of Derivative Instruments | The following table represents the amount of gain (loss) recognized in accumulated other comprehensive income (loss) before any reclassifications into net income (loss) for derivative and non-derivative instruments designated as hedges for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Commodity price hedge contracts designated as cash flow hedges $ (1) $ 5 $ 1 $ 2 Foreign currency borrowings designated as a net investment hedge $ — $ (16) $ 11 $ (2) |
Carrying and Estimated Fair Value of Debt Instruments | The estimated fair value of the Company’s outstanding debt is as follows: June 30, 2021 December 31, 2020 Fair value Carrying Fair Carrying Fair Long-term debt (including current maturities): Term loans and senior notes Level 2 $ 5,061 $ 5,213 $ 5,153 $ 5,138 |
Debt and Other Financing Arra_2
Debt and Other Financing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt Obligations | A summary of the Company’s long-term debt obligations at June 30, 2021 and December 31, 2020 is set forth in the following table: June 30, 2021 December 31, 2020 Principal Carrying Amount (a) Principal Carrying Amount (a) Credit Facilities Revolver Borrowings Due 2023 $ — $ — $ — $ — Term Loans LIBOR plus 2.00% Term Loan A due 2019 through 2023 (b) 1,466 1,458 1,530 1,520 LIBOR plus 3.00% Term Loan B due 2019 through 2025 1,658 1,609 1,666 1,612 Senior Unsecured Notes $225 million of 5.375% Senior Notes due 2024 225 223 225 223 $500 million of 5.000% Senior Notes due 2026 500 495 500 494 Senior Secured Notes €300 million of Euribor plus 4.875% Euro Floating Rate Notes due 2024 (c) — — 366 370 €350 million of 5.000% Euro Fixed Rate Notes due 2024 (c) — — 428 445 $500 million of 7.875% Senior Secured Notes due 2029 500 490 500 489 $800 million of 5.125% Senior Secured Notes due 2029 (d) 800 786 — — Other debt, primarily foreign instruments 28 27 24 23 5,088 5,176 Less - maturities classified as current 7 5 Total long-term debt $ 5,081 $ 5,171 (a) Carrying amount is net of unamortized debt issuance costs and debt discounts or premiums. Total unamortized debt issuance costs were $87 million and $82 million at June 30, 2021 and December 31, 2020. Total unamortized debt (premium) discount, net was $1 million and $(20) million at June 30, 2021 and December 31, 2020. (b) The interest rate on Term Loan A at December 31, 2020 was LIBOR plus 2.50%. (c) The Company satisfied and discharged all of its 4.875% Euro Floating Rate Notes due 2024 and 5.000% Euro Fixed Rate Notes due 2024 on March 17, 2021. |
Schedule of Short-term Debt | The Company’s short-term debt at June 30, 2021 and December 31, 2020 consists of the following: June 30, December 31, Maturities classified as current $ 7 $ 5 Short-term borrowings (a) 119 157 Total short-term debt $ 126 $ 162 (a) Includes borrowings under both committed credit facilities and uncommitted lines of credit and similar arrangements. |
Financing Arrangements | Financing Arrangements The table below shows the Company’s borrowing capacity on committed credit facilities at June 30, 2021 (in billions): June 30, 2021 Term Available (b) Tenneco Inc. revolving credit facility (a) 2023 $ 1.5 Tenneco Inc. Term Loan A 2023 — Tenneco Inc. Term Loan B 2025 — Subsidiaries’ credit agreements 2022 - 2028 — $ 1.5 (a) The Company is required to pay commitment fees under the revolving credit facility on the unused portion of the total commitment. (b) At June 30, 2021, the Company had $28 million of outstanding letters of credit under the revolving credit facility, which reduces the available borrowings under the revolving credit facility. The Company also had $77 million of outstanding letters of credit under uncommitted facilities at June 30, 2021. |
Pension Plans, Postretirement_2
Pension Plans, Postretirement and Other Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of net periodic benefit costs (credits) for the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended June 30, Pension Benefits Other Postretirement Benefits 2021 2020 U.S. Non-U.S. U.S. Non-U.S. 2021 2020 Service cost $ 1 $ 6 $ 1 $ 6 $ — $ — Interest cost 7 5 10 5 2 3 Expected return on plan assets (16) (4) (16) (4) — — Net amortization: Actuarial loss 3 3 1 2 — — Prior service cost (credit) — — — — (3) (2) Net pension and postretirement costs (credits) $ (5) $ 10 $ (4) $ 9 $ (1) $ 1 Six Months Ended June 30, Pension Benefits Other Postretirement Benefits 2021 2020 U.S. Non-U.S. U.S. Non-U.S. 2021 2020 Service cost $ 1 $ 13 $ 1 $ 12 $ — $ — Interest cost 15 9 20 9 3 5 Expected return on plan assets (32) (8) (32) (8) — — Net amortization: Actuarial loss 6 5 3 4 1 1 Prior service cost (credit) — — — — (5) (4) Net pension and postretirement costs (credits) $ (10) $ 19 $ (8) $ 17 $ (1) $ 2 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies | The Company’s estimated share of environmental remediation costs for all these sites is recognized in the condensed consolidated balance sheets at June 30, 2021 and December 31, 2020 as follows: June 30, December 31, Accrued expenses and other current liabilities $ 9 $ 8 Deferred credits and other liabilities 24 26 $ 33 $ 34 |
Schedule of Asset Retirement Obligations | The Company’s ARO liabilities at June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, Accrued expenses and other current liabilities $ 2 $ 2 Deferred credits and other liabilities 12 12 $ 14 $ 14 |
Warranty Accrual Table | The following represents the changes in the Company’s warranty accrual accounts for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Balance at beginning of period $ 67 $ 51 $ 62 $ 54 Accruals and revisions to estimates 18 1 32 4 Settlements (14) (1) (22) (7) Foreign currency 1 (1) — (1) Balance at end of period $ 72 $ 50 $ 72 $ 50 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation | Total share-based compensation expense for the three and six months ended June 30, 2021 and 2020 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cash-settled share-based compensation expense $ 12 $ 1 $ 16 $ 1 Share-settled share-based compensation expense 4 7 9 9 $ 16 $ 8 $ 25 $ 10 |
Cash-Settled Awards | As of June 30, 2021 and December 31, 2020, the share equivalents outstanding related to cash-settled share-based awards are as follows: June 30, December 31, Restricted Stock Units (RSUs) 1,758,443 1,878,220 Performance Share Units (PSUs) 2,990,493 — 4,748,936 1,878,220 Deferred compensation arrangements 1,584,039 1,125,605 June 30, December 31, RSUs 1,758,443 1,878,220 PSUs 2,990,493 — 4,748,936 1,878,220 |
Unvested Restricted Shares | The following table reflects the status of all share-settled RSUs and PSUs for the six months ended June 30, 2021: Share-Settled RSUs Share-Settled PSUs Units Weighted Avg. Units Weighted Avg. Nonvested balance at beginning of period 2,118,605 $ 26.00 527,105 $ 36.37 Granted 2,078,409 10.70 — — Vested (635,023) 34.09 (57,794) 49.18 Forfeited (171,384) 19.78 (134,361) 46.61 Nonvested balance at end of period 3,390,607 $ 14.89 334,950 $ 24.60 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Stock by Class | Total common stock outstanding and changes in common stock issued are as follows: Class A Common Stock Class B Common Stock Six Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Shares issued at beginning of period 75,714,163 71,727,061 20,308,454 23,793,669 Issued pursuant to benefit plans 790,467 458,855 — — Withheld for taxes pursuant to benefit plans (249,015) (124,440) — — Class B common stock converted to Class A common stock 20,308,454 3,485,215 (20,308,454) (3,485,215) Shares issued at end of period 96,564,069 75,546,691 — 20,308,454 Treasury stock 14,592,888 14,592,888 — — Total shares outstanding 81,971,181 60,953,803 — 20,308,454 |
Schedule of AOCI | The following represents the Company’s changes in accumulated other comprehensive income (loss) by component, net of tax for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency translation adjustments: Balance at beginning of period $ (441) $ (568) $ (395) $ (369) Other comprehensive income (loss) before reclassifications 58 34 12 (165) Reclassification from other comprehensive income (loss) — — — — Other comprehensive income (loss) 58 34 12 (165) Income tax benefit (provision) — 1 — 1 Balance at end of period (383) (533) (383) (533) Defined benefit plans: Balance at beginning of period (350) (338) (353) (342) Other comprehensive income (loss) before reclassifications — — — — Reclassification from other comprehensive income (loss) 3 1 7 4 Other comprehensive income (loss) 3 1 7 4 Income tax benefit (provision) — (6) (1) (5) Balance at end of period (347) (343) (347) (343) Cash flow hedges: Balance at beginning of period 2 (2) 4 — Other comprehensive income (loss) before reclassifications (1) 5 1 2 Reclassification from other comprehensive income (loss) — — (4) — Other comprehensive income (loss) (1) 5 (3) 2 Income tax benefit (provision) — (1) — — Balance at end of period 1 2 1 2 Accumulated other comprehensive loss at end of period $ (729) $ (874) $ (729) $ (874) Other comprehensive income (loss) attributable to noncontrolling interests $ 4 $ 7 $ (2) $ (13) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment results for the three and six months ended June 30, 2021 and 2020 are as follows: Reportable Segments Motorparts Performance Solutions Clean Air Powertrain Total Reclass & Elims Total For the Three Months Ended June 30, 2021 Revenues from external customers $ 794 $ 715 $ 2,024 $ 1,050 $ 4,583 $ — $ 4,583 Intersegment revenues $ 10 $ 23 $ 4 $ 47 $ 84 $ (84) $ — Equity in earnings of nonconsolidated affiliates, net of tax $ 4 $ — $ — $ 11 $ 15 $ — $ 15 For the Three Months Ended June 30, 2020 Revenues from external customers $ 559 $ 378 $ 1,140 $ 560 $ 2,637 $ — $ 2,637 Intersegment revenues $ 6 $ 21 $ 3 $ 21 $ 51 $ (51) $ — Equity in earnings of nonconsolidated affiliates, net of tax $ 1 $ 1 $ — $ 2 $ 4 $ — $ 4 For the Six Months Ended June 30, 2021 Revenues from external customers $ 1,513 $ 1,502 $ 4,148 $ 2,151 $ 9,314 $ — $ 9,314 Intersegment revenues $ 19 $ 49 $ 10 $ 94 $ 172 $ (172) $ — Equity in earnings of nonconsolidated affiliates, net of tax $ 7 $ 1 $ — $ 29 $ 37 $ — $ 37 For the Six Months Ended June 30, 2020 Revenues from external customers $ 1,265 $ 1,047 $ 2,685 $ 1,476 $ 6,473 $ — $ 6,473 Intersegment revenues $ 15 $ 50 $ 9 $ 59 $ 133 $ (133) $ — Equity in earnings of nonconsolidated affiliates, net of tax $ 3 $ 1 $ — $ 13 $ 17 $ — $ 17 Segment EBITDA including noncontrolling interests and the reconciliation to earnings (loss) before interest expense, income taxes, and noncontrolling interests are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 EBITDA including noncontrolling interests by segment: Motorparts $ 67 $ (52) $ 169 $ (92) Performance Solutions 32 (63) 75 (737) Clean Air 143 17 292 116 Powertrain 94 (69) 209 (42) Total reportable segments 336 (167) 745 (755) Corporate (64) (49) (114) (135) Depreciation and amortization (145) (159) (300) (330) Earnings (loss) before interest expense, income taxes, and noncontrolling interests 127 (375) 331 (1,220) Interest expense (69) (66) (139) (141) Income tax (expense) benefit (41) 101 (88) 195 Net income (loss) $ 17 $ (340) $ 104 $ (1,166) |
Disaggregation of Revenue | Revenue from contracts with customers is disaggregated by customer type and geography, as it depicts the nature and amount of the Company’s revenue that is aligned with the Company’s key growth strategies. In the following tables, revenue is disaggregated accordingly: Reportable Segments By Customer Type Motorparts Performance Solutions Clean Air Powertrain Total Three Months Ended June 30, 2021 OE - Substrate $ — $ — $ 1,081 $ — $ 1,081 OE - Value add — 697 943 1,050 2,690 Aftermarket 794 18 — — 812 Total $ 794 $ 715 $ 2,024 $ 1,050 $ 4,583 Three Months Ended June 30, 2020 OE - Substrate $ — $ — $ 623 $ — $ 623 OE - Value add — 368 517 560 1,445 Aftermarket 559 10 — — 569 Total $ 559 $ 378 $ 1,140 $ 560 $ 2,637 Six Months Ended June 30, 2021 OE - Substrate $ — $ — $ 2,169 $ — $ 2,169 OE - Value add — 1,465 1,979 2,151 5,595 Aftermarket 1,513 37 — — 1,550 Total $ 1,513 $ 1,502 $ 4,148 $ 2,151 $ 9,314 Six Months Ended June 30, 2020 OE - Substrate $ — $ — $ 1,323 $ — $ 1,323 OE - Value add — 1,022 1,362 1,476 3,860 Aftermarket 1,265 25 — — 1,290 Total $ 1,265 $ 1,047 $ 2,685 $ 1,476 $ 6,473 Reportable Segments By Geography Motorparts Performance Solutions Clean Air Powertrain Total Three Months Ended June 30, 2021 North America $ 501 $ 223 $ 812 $ 316 $ 1,852 Europe, Middle East, Africa and South America 238 324 639 548 1,749 Asia Pacific 55 168 573 186 982 Total $ 794 $ 715 $ 2,024 $ 1,050 $ 4,583 Three Months Ended June 30, 2020 North America $ 389 $ 91 $ 335 $ 158 $ 973 Europe, Middle East, Africa and South America 135 170 248 254 807 Asia Pacific 35 117 557 148 857 Total $ 559 $ 378 $ 1,140 $ 560 $ 2,637 Six Months Ended June 30, 2021 North America $ 955 $ 463 $ 1,663 $ 644 $ 3,725 Europe, Middle East, Africa and South America 450 679 1,321 1,111 3,561 Asia Pacific 108 360 1,164 396 2,028 Total $ 1,513 $ 1,502 $ 4,148 $ 2,151 $ 9,314 Six Months Ended June 30, 2020 North America $ 865 $ 319 $ 1,039 $ 472 $ 2,695 Europe, Middle East, Africa and South America 332 489 813 724 2,358 Asia Pacific 68 239 833 280 1,420 Total $ 1,265 $ 1,047 $ 2,685 $ 1,476 $ 6,473 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following tables summarize the net sales, purchases, and royalty and other income (expense) to and from related parties for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, 2021 2020 Net Sales Purchases Royalty and Other Net Sales Purchases Royalty and Other Otomotiv A.S. $ 11 $ 67 $ — $ 5 $ 17 $ 2 Anqing TP Goetze $ 1 $ 28 $ 2 $ 3 $ 18 $ 1 Other nonconsolidated affiliates $ 8 $ 13 $ 1 $ 4 $ 5 $ — Icahn Automotive Group LLC $ 40 $ — $ — $ 32 $ — $ 1 PSC Metals, Inc. $ — $ — $ — $ 1 $ — $ — Six Months Ended June 30, 2021 2020 Net Sales Purchases Royalty and Other Net Sales Purchases Royalty and Other Otomotiv A.S. $ 21 $ 143 $ 3 $ 17 $ 76 $ 6 Anqing TP Goetze $ 3 $ 55 $ 3 $ 9 $ 31 $ 1 Other nonconsolidated affiliates $ 16 $ 25 $ 1 $ 11 $ 18 $ — Icahn Automotive Group LLC $ 71 $ — $ 1 $ 65 $ — $ 2 PSC Metals, Inc. $ — $ — $ 1 $ 1 $ — $ — The following table is a summary of amounts due to and from the Company's related parties at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Receivables Payables and Accruals Receivables Payables and Accruals Otomotiv A.S. $ 6 $ 33 $ 10 $ 49 Anqing TP Goetze $ 4 $ 35 $ 4 $ 30 Other nonconsolidated affiliates $ 3 $ 6 $ 3 $ 7 Icahn Automotive Group LLC $ 47 $ 4 $ 47 $ 9 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest, not currently redeemable | $ 58 | $ 45 | |
Redeemable noncontrolling interest, redemption value | 50 | $ 33 | |
Redemption value measurement adjustment | 18 | $ 10 | |
Reclassification of noncontrolling interest to permanent equity | $ 0 | $ (82) | |
Ă–hlins Intressenter AB | K Ă–hlin Holding AB | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Ownership percentage | 9.50% |
Basis of Presentation - Redeema
Basis of Presentation - Redeemable Non Controlling Interest (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Redeemable Noncontrolling Interest [Roll Forward] | ||
Balance at beginning of period | $ 78 | $ 196 |
Net income (loss) attributable to redeemable noncontrolling interests | 13 | 5 |
Other comprehensive income (loss) | (1) | (4) |
Noncontrolling interest tender offer redemption | 0 | (46) |
Redemption value measurement adjustment | 18 | 10 |
Reclassification of noncontrolling interest to permanent equity | 0 | (82) |
Balance at end of period | $ 108 | $ 79 |
Basis of Presentation - Earning
Basis of Presentation - Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average shares of common stock outstanding (in shares) | 82,251,559 | 81,350,773 | 82,102,310 | 81,259,667 |
Dilutive shares outstanding (in shares) | 82,251,559 | 81,350,773 | 83,122,354 | 81,259,667 |
Anti-dilutive shares (in shares) | 3,459,155 | 3,133,035 | 2,032,790 | 2,508,565 |
PSUs and RSUs | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Effect of dilutive securities (in shares) | 0 | 0 | 1,020,044 | 0 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Assets Held For Sale (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Held-for-sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Property, plant and equipment | $ 11 | $ 15 |
Restructuring Charges, Net an_3
Restructuring Charges, Net and Asset Impairments - Incurred Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Severance and other charges, net | $ 24 | $ 92 | $ 49 | $ 105 | ||
Asset impairments related to restructuring actions | 1 | 28 | 1 | 28 | ||
Other non-restructuring asset impairments | 2 | 1 | 2 | 472 | ||
Impairment of assets held for sale | 0 | 0 | ||||
Total asset impairment charges | 3 | 29 | 3 | 500 | ||
Total restructuring charges, net and asset impairments | 27 | 121 | 52 | 605 | ||
Restructuring charges | 32 | $ 34 | 96 | $ 15 | ||
Motorparts | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total asset impairment charges | 1 | 16 | 1 | 16 | ||
Total Reportable Segments | Motorparts | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance and other charges, net | 5 | 15 | 7 | 17 | ||
Asset impairments related to restructuring actions | 1 | 25 | 1 | 25 | ||
Other non-restructuring asset impairments | 0 | 0 | 0 | 0 | ||
Impairment of assets held for sale | (1) | (1) | ||||
Total asset impairment charges | 1 | 24 | 1 | 24 | ||
Total restructuring charges, net and asset impairments | 6 | 39 | 8 | 41 | ||
Total Reportable Segments | Performance Solutions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance and other charges, net | 8 | 18 | 12 | 24 | ||
Asset impairments related to restructuring actions | 0 | 0 | 0 | 0 | ||
Other non-restructuring asset impairments | 0 | 0 | 0 | 455 | ||
Impairment of assets held for sale | 0 | 0 | ||||
Total asset impairment charges | 0 | 0 | 0 | 455 | ||
Total restructuring charges, net and asset impairments | 8 | 18 | 12 | 479 | ||
Total Reportable Segments | Clean Air | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance and other charges, net | 2 | 22 | 11 | 22 | ||
Asset impairments related to restructuring actions | 0 | 0 | 0 | 0 | ||
Other non-restructuring asset impairments | 0 | 0 | 0 | 0 | ||
Impairment of assets held for sale | 0 | 0 | ||||
Total asset impairment charges | 0 | 0 | 0 | 0 | ||
Total restructuring charges, net and asset impairments | 2 | 22 | 11 | 22 | ||
Total Reportable Segments | Powertrain | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance and other charges, net | 8 | 36 | 18 | 37 | ||
Asset impairments related to restructuring actions | 0 | 3 | 0 | 3 | ||
Other non-restructuring asset impairments | 0 | 0 | 0 | 0 | ||
Impairment of assets held for sale | 1 | 1 | ||||
Total asset impairment charges | 0 | 4 | 0 | 4 | ||
Total restructuring charges, net and asset impairments | 8 | 40 | 18 | 41 | ||
Corporate | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance and other charges, net | 1 | 1 | 1 | 5 | ||
Asset impairments related to restructuring actions | 0 | 0 | 0 | 0 | ||
Other non-restructuring asset impairments | 2 | 1 | 2 | 17 | ||
Impairment of assets held for sale | 0 | 0 | ||||
Total asset impairment charges | 2 | 1 | 2 | 17 | ||
Total restructuring charges, net and asset impairments | $ 3 | $ 2 | $ 3 | $ 22 |
Restructuring Charges, Net an_4
Restructuring Charges, Net and Asset Impairments - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 32 | $ 34 | $ 96 | $ 15 | ||
Revisions to estimates | (8) | (9) | (4) | (2) | ||
Asset impairments related to restructuring actions | 1 | 28 | $ 1 | $ 28 | ||
Total asset impairment charges | 3 | 29 | 3 | 500 | ||
Other non-restructuring asset impairments | 2 | 1 | 2 | 472 | ||
Corporate | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Asset impairments related to restructuring actions | 0 | 0 | 0 | 0 | ||
Total asset impairment charges | 2 | 1 | 2 | 17 | ||
Impairment of property, plant and equipment | 11 | |||||
Operating lease impairment | 6 | |||||
Other non-restructuring asset impairments | 2 | 1 | 2 | 17 | ||
Motorparts | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Total asset impairment charges | 1 | 16 | 1 | 16 | ||
Operating lease impairment | 9 | 9 | ||||
Motorparts | Operating Segments | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Asset impairments related to restructuring actions | 1 | 25 | 1 | 25 | ||
Total asset impairment charges | 1 | 24 | 1 | 24 | ||
Impairment of property, plant and equipment | 1 | 16 | 1 | 16 | ||
Operating lease impairment | 9 | 9 | ||||
Other non-restructuring asset impairments | 0 | 0 | 0 | 0 | ||
Performance Solutions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Impairment of property, plant and equipment | 455 | |||||
Performance Solutions | Operating Segments | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Asset impairments related to restructuring actions | 0 | 0 | 0 | 0 | ||
Total asset impairment charges | 0 | 0 | 0 | 455 | ||
Other non-restructuring asset impairments | 0 | 0 | 0 | 455 | ||
Powertrain | Asia Pacific | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 9 | 9 | ||||
Powertrain | Operating Segments | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Asset impairments related to restructuring actions | 0 | 3 | 0 | 3 | ||
Total asset impairment charges | 0 | 4 | 0 | 4 | ||
Other non-restructuring asset impairments | 0 | 0 | 0 | 0 | ||
Employee Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 30 | 31 | 90 | 10 | ||
Revisions to estimates | (8) | (9) | (4) | (2) | ||
Employee Costs | Corporate | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | 4 | |||||
Employee Costs | Motorparts | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 1 | 4 | 1 | 4 | ||
Employee Costs | Powertrain | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 12 | |||||
Facility Closure and Other Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 2 | 3 | 6 | 5 | ||
Revisions to estimates | 0 | $ 0 | 0 | $ 0 | ||
Other restructuring | Motorparts | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 3 | 3 | ||||
Other restructuring | Motorparts | North America | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 1 | |||||
Cost Reduction Programs | Motorparts | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 4 | 6 | ||||
Cost Reduction Programs | Performance Solutions | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 7 | 10 | 11 | 10 | ||
Cost Reduction Programs | Clean Air | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 14 | 14 | ||||
Cost Reduction Programs | Employee Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 15 | 44 | 15 | 44 | ||
Cost Reduction Programs | Employee Costs | Corporate | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | 1 | 1 | ||||
Cost Reduction Programs | Employee Costs | Clean Air | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 2 | 17 | ||||
Cost Reduction Programs | Employee Costs | Powertrain | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 12 | 14 | ||||
Cost Reduction Programs | Revisions to Estimates Cost | Motorparts | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 1 | |||||
Revisions to estimates | 1 | 4 | ||||
Cost Reduction Programs | Revisions to Estimates Cost | Motorparts | Europe And Asia Pacific | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Revisions to estimates | 1 | |||||
Cost Reduction Programs | Revisions to Estimates Cost | Performance Solutions | North America | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Revisions to estimates | 1 | |||||
Cost Reduction Programs | Revisions to Estimates Cost | Clean Air | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Revisions to estimates | 1 | 1 | ||||
Cost Reduction Programs | Revisions to Estimates Cost | Powertrain | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Revisions to estimates | 3 | 4 | ||||
Cost Reduction Programs | Other restructuring | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 32 | 51 | 32 | 51 | ||
Cost Reduction Programs | Other restructuring | Clean Air | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Revisions to estimates | 1 | 6 | ||||
Plant Consolidations, Relocations And Closures | Motorparts | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 7 | 7 | ||||
Plant Consolidations, Relocations And Closures | Motorparts | Europe And Asia Pacific | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 3 | 4 | ||||
Plant Consolidations, Relocations And Closures | Performance Solutions | North America | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 1 | 5 | 1 | 12 | ||
Plant Consolidations, Relocations And Closures | Clean Air | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 1 | 1 | ||||
Plant Consolidations, Relocations And Closures | Powertrain | Europe And North America | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 16 | 9 | 16 | |||
Plant Consolidations, Relocations And Closures | Powertrain | Operating Segments | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Asset impairments related to restructuring actions | 3 | 3 | ||||
Plant Consolidations, Relocations And Closures | Employee Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 9 | 23 | 9 | 23 | ||
Plant Consolidations, Relocations And Closures | Employee Costs | Clean Air | North America And Asia Pacific | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 1 | 3 | ||||
Plant Consolidations, Relocations And Closures | Revisions to Estimates Cost | Clean Air | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Revisions to estimates | 1 | 1 | ||||
Plant Consolidations, Relocations And Closures | Revisions to Estimates Cost | Powertrain | Europe And North America | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Revisions to estimates | 1 | |||||
Plant Consolidations, Relocations And Closures | Other restructuring | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 20 | 29 | 20 | 29 | ||
Project Accelerate | Motorparts | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 5 | 5 | ||||
Project Accelerate | Performance Solutions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 3 | 3 | ||||
Project Accelerate | Clean Air | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 9 | 9 | ||||
Project Accelerate | Powertrain | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 7 | 7 | ||||
Project Accelerate | Employee Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 25 | 3 | 25 | |||
Project Accelerate | Employee Costs | Clean Air | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 3 | |||||
Voluntary Termination Program | Powertrain | Europe | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | 2 | 1 | $ 4 | 1 | ||
Voluntary Termination Program | Employee Costs | Powertrain | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | 10 | |||||
Voluntary Termination Program | Employee Costs | Powertrain | Corporate | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | 1 | 1 | ||||
Voluntary Termination Program | Termination benefits | Powertrain | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | 31 | |||||
Voluntary Termination Program | Special termination benefits | Powertrain | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | 21 | |||||
Voluntary Termination Program | Other restructuring | Powertrain | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | $ 2 | |||||
Supply Chain Rationalization | Motorparts | North America | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 4 | 4 | ||||
Distribution Network | Motorparts | North America | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 4 | $ 4 |
Restructuring Charges, Net an_5
Restructuring Charges, Net and Asset Impairments - Roll Forward of Restructuring Reserve (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, beginning balance | $ 99 | $ 100 | $ 83 | $ 101 | $ 100 | $ 101 |
Provisions | 32 | 34 | 96 | 15 | ||
Revisions to estimates | (8) | (9) | (4) | (2) | ||
Payments | (24) | (25) | (35) | (30) | ||
Foreign currency | (1) | (1) | ||||
Restructuring reserve, ending balance | 99 | 99 | 140 | 83 | 99 | 140 |
Employee Costs | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, beginning balance | 99 | 99 | 81 | 97 | 99 | 97 |
Provisions | 30 | 31 | 90 | 10 | ||
Revisions to estimates | (8) | (9) | (4) | (2) | ||
Payments | (22) | (21) | (31) | (23) | ||
Foreign currency | (1) | (1) | ||||
Restructuring reserve, ending balance | 99 | 99 | 136 | 81 | 99 | 136 |
Facility Closure and Other Costs | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring reserve, beginning balance | 0 | 1 | 2 | 4 | 1 | 4 |
Provisions | 2 | 3 | 6 | 5 | ||
Revisions to estimates | 0 | 0 | 0 | 0 | ||
Payments | (2) | (4) | (4) | (7) | ||
Foreign currency | 0 | 0 | ||||
Restructuring reserve, ending balance | $ 0 | $ 0 | $ 4 | $ 2 | $ 0 | $ 4 |
Inventories- Schedule of Invent
Inventories- Schedule of Inventory (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 797 | $ 758 |
Work in process | 551 | 449 |
Raw materials | 479 | 441 |
Materials and supplies | 93 | 95 |
Total inventories | $ 1,920 | $ 1,743 |
Inventories- Narrative (Details
Inventories- Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Inventory [Line Items] | ||||||
Total asset impairment charges | $ 3 | $ 29 | $ 3 | $ 500 | ||
Restructuring charges | 32 | $ 34 | 96 | $ 15 | ||
Employee Costs | ||||||
Inventory [Line Items] | ||||||
Restructuring charges | 30 | $ 31 | 90 | $ 10 | ||
Motorparts | ||||||
Inventory [Line Items] | ||||||
Inventory write-down | 44 | 82 | 44 | 82 | ||
Total asset impairment charges | 1 | 16 | 1 | 16 | ||
Operating lease impairment | 9 | 9 | ||||
Motorparts | Employee Costs | ||||||
Inventory [Line Items] | ||||||
Restructuring charges | 1 | $ 4 | 1 | $ 4 | ||
Motorparts | Other restructuring | ||||||
Inventory [Line Items] | ||||||
Restructuring charges | $ 3 | $ 3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)reporting_unit | Jun. 30, 2020reporting_unit | Dec. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |||||
Gross carrying amount at beginning of period | $ 1,251 | $ 1,254 | $ 1,254 | ||
Foreign exchange | 2 | (3) | |||
Gross carrying amount at end of period | 1,253 | 1,251 | 1,253 | ||
Accumulated impairment loss, beginning balance | (743) | (746) | (746) | ||
Foreign exchange | (2) | 3 | |||
Accumulated impairment loss, ending balance | (745) | (743) | (745) | ||
Net carrying value at June 30, 2021 | 508 | 508 | $ 508 | ||
Number of reporting units with goodwill | reporting_unit | 2 | ||||
Motorparts | |||||
Goodwill [Roll Forward] | |||||
Gross carrying amount at beginning of period | 623 | 623 | 623 | ||
Foreign exchange | 0 | 0 | |||
Gross carrying amount at end of period | 623 | 623 | 623 | ||
Accumulated impairment loss, beginning balance | (310) | (310) | (310) | ||
Foreign exchange | 0 | 0 | |||
Accumulated impairment loss, ending balance | (310) | (310) | (310) | ||
Net carrying value at June 30, 2021 | 313 | $ 313 | |||
Number of reporting units with goodwill | reporting_unit | 1 | 1 | |||
Performance Solutions | |||||
Goodwill [Roll Forward] | |||||
Gross carrying amount at beginning of period | 546 | 549 | $ 549 | ||
Foreign exchange | 2 | (3) | |||
Gross carrying amount at end of period | 548 | 546 | 548 | ||
Accumulated impairment loss, beginning balance | (374) | (377) | (377) | ||
Foreign exchange | (2) | 3 | |||
Accumulated impairment loss, ending balance | (376) | (374) | (376) | ||
Net carrying value at June 30, 2021 | 172 | $ 172 | |||
Number of reporting units with goodwill | reporting_unit | 2 | 1 | |||
Clean Air | |||||
Goodwill [Roll Forward] | |||||
Gross carrying amount at beginning of period | 23 | 23 | $ 23 | ||
Foreign exchange | 0 | 0 | |||
Gross carrying amount at end of period | 23 | 23 | 23 | ||
Accumulated impairment loss, beginning balance | 0 | 0 | 0 | ||
Foreign exchange | 0 | 0 | |||
Accumulated impairment loss, ending balance | 0 | 0 | 0 | ||
Net carrying value at June 30, 2021 | 23 | $ 23 | |||
Number of reporting units with goodwill | reporting_unit | 3 | ||||
Powertrain | |||||
Goodwill [Roll Forward] | |||||
Gross carrying amount at beginning of period | 59 | 59 | $ 59 | ||
Foreign exchange | 0 | 0 | |||
Gross carrying amount at end of period | 59 | 59 | 59 | ||
Accumulated impairment loss, beginning balance | (59) | (59) | (59) | ||
Foreign exchange | 0 | 0 | |||
Accumulated impairment loss, ending balance | (59) | $ (59) | (59) | ||
Net carrying value at June 30, 2021 | 0 | $ 0 | |||
Number of reporting units with goodwill | reporting_unit | 1 | ||||
Greater than 25% | Motorparts | |||||
Goodwill [Roll Forward] | |||||
Number of reporting units with goodwill | reporting_unit | 1 | ||||
Goodwill for reporting units where fair value exceeds carrying value | 313 | $ 313 | |||
Greater than 25% | Performance Solutions | |||||
Goodwill [Roll Forward] | |||||
Number of reporting units with goodwill | reporting_unit | 1 | ||||
Goodwill for reporting units where fair value exceeds carrying value | 7 | $ 7 | |||
Greater than 25% | Clean Air | |||||
Goodwill [Roll Forward] | |||||
Number of reporting units with goodwill | reporting_unit | 3 | ||||
Goodwill for reporting units where fair value exceeds carrying value | 23 | $ 23 | |||
Less than 25% | Motorparts | |||||
Goodwill [Roll Forward] | |||||
Number of reporting units with goodwill | reporting_unit | 0 | ||||
Goodwill for reporting units where fair value exceeds carrying value | 0 | $ 0 | |||
Less than 25% | Performance Solutions | |||||
Goodwill [Roll Forward] | |||||
Number of reporting units with goodwill | reporting_unit | 1 | ||||
Goodwill for reporting units where fair value exceeds carrying value | 165 | $ 165 | |||
Less than 25% | Clean Air | |||||
Goodwill [Roll Forward] | |||||
Number of reporting units with goodwill | reporting_unit | 0 | ||||
Goodwill for reporting units where fair value exceeds carrying value | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2021reporting_unit | Jun. 30, 2020USD ($)reporting_unit | |
Goodwill [Line Items] | ||
Goodwill impairment charges | $ 267 | |
Number of reporting units with goodwill | reporting_unit | 2 | |
Trade names and trademarks intangible asset impairment charges | $ 51 | |
Definite-lived intangible assets impairment charges | 65 | |
Motorparts | ||
Goodwill [Line Items] | ||
Goodwill impairment charges | $ 70 | |
Number of reporting units with goodwill | reporting_unit | 1 | 1 |
Trade names and trademarks intangible asset impairment charges | $ 40 | |
Definite-lived intangible assets impairment charges | $ 0 | |
Motorparts | Trademarks and Trade Names | ||
Goodwill [Line Items] | ||
Number of reporting units with goodwill | reporting_unit | 1 | |
Performance Solutions | ||
Goodwill [Line Items] | ||
Goodwill impairment charges | $ 156 | |
Number of reporting units with goodwill | reporting_unit | 2 | 1 |
Trade names and trademarks intangible asset impairment charges | $ 11 | |
Definite-lived intangible assets impairment charges | $ 65 | |
Performance Solutions | Trademarks and Trade Names | ||
Goodwill [Line Items] | ||
Number of reporting units with goodwill | reporting_unit | 1 | |
Powertrain | ||
Goodwill [Line Items] | ||
Goodwill impairment charges | $ 41 | |
Number of reporting units with goodwill | reporting_unit | 1 | |
Trade names and trademarks intangible asset impairment charges | $ 0 | |
Definite-lived intangible assets impairment charges | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Impairment Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Goodwill impairment charges | $ 267 | |||
Trade names and trademarks intangible asset impairment charges | 51 | |||
Definite-lived intangible asset impairment charges | 65 | |||
Total impairment charges | $ 0 | $ 0 | $ 0 | 383 |
Motorparts | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill impairment charges | 70 | |||
Trade names and trademarks intangible asset impairment charges | 40 | |||
Definite-lived intangible asset impairment charges | 0 | |||
Total impairment charges | 110 | |||
Performance Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill impairment charges | 156 | |||
Trade names and trademarks intangible asset impairment charges | 11 | |||
Definite-lived intangible asset impairment charges | 65 | |||
Total impairment charges | 232 | |||
Powertrain | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill impairment charges | 41 | |||
Trade names and trademarks intangible asset impairment charges | 0 | |||
Definite-lived intangible asset impairment charges | 0 | |||
Total impairment charges | $ 41 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 1,356 | $ 1,359 |
Accumulated Amortization | (466) | (402) |
Net Carrying Value | 890 | 957 |
Trade names and trademarks | 235 | 237 |
Total | $ 1,125 | 1,194 |
Customer relationships and platforms | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Gross Carrying Value | $ 994 | 995 |
Accumulated Amortization | (328) | (282) |
Net Carrying Value | $ 666 | 713 |
Customer contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Gross Carrying Value | $ 8 | 8 |
Accumulated Amortization | (6) | (6) |
Net Carrying Value | 2 | 2 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1 | 1 |
Accumulated Amortization | (1) | (1) |
Net Carrying Value | $ 0 | 0 |
Patents | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Patents | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 17 years | |
Technology rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 137 | 139 |
Accumulated Amortization | (56) | (51) |
Net Carrying Value | $ 81 | 88 |
Technology rights | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Technology rights | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 30 years | |
Packaged kits know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Gross Carrying Value | $ 54 | 54 |
Accumulated Amortization | (15) | (12) |
Net Carrying Value | $ 39 | 42 |
Catalogs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 10 years | |
Gross Carrying Value | $ 47 | 47 |
Accumulated Amortization | (13) | (11) |
Net Carrying Value | 34 | 36 |
Licensing agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 65 | 66 |
Accumulated Amortization | (42) | (35) |
Net Carrying Value | $ 23 | 31 |
Licensing agreements | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 3 years | |
Licensing agreements | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 5 years | |
Land use rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 50 | 49 |
Accumulated Amortization | (5) | (4) |
Net Carrying Value | $ 45 | $ 45 |
Land use rights | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 28 years | |
Land use rights | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 46 years |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Amortization expense | $ 33 | $ 32 | $ 65 | $ 66 | |
2021 | 64 | 64 | |||
2022 | 125 | 125 | |||
2023 | 122 | 122 | |||
2024 | 114 | 114 | |||
2025 | 114 | 114 | |||
2026 and thereafter | 351 | 351 | |||
Net Carrying Value | $ 890 | $ 890 | $ 957 |
Investment in Nonconsolidated_3
Investment in Nonconsolidated Affiliates (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Difference between carrying amount and underlying net assets | $ 278 | $ 287 |
Investment in Nonconsolidated_4
Investment in Nonconsolidated Affiliates - Summarized Financial Data (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Sales | $ 4,583 | $ 2,637 | $ 9,314 | $ 6,473 |
Income from continuing operations | 58 | (441) | 192 | (1,361) |
Net income | 17 | (340) | 104 | (1,166) |
Equity Method Investment, Nonconsolidated | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Sales | 282 | 88 | 545 | 307 |
Gross profit | 72 | 17 | 143 | 69 |
Income from continuing operations | 54 | 10 | 115 | 49 |
Net income | 44 | 11 | 100 | 41 |
Equity Method Investment, Nonconsolidated | Otomotiv A.S. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Sales | 94 | 36 | 196 | 120 |
Gross profit | 29 | 6 | 64 | 32 |
Income from continuing operations | 25 | 4 | 57 | 27 |
Net income | 17 | 5 | 51 | 23 |
Equity Method Investment, Nonconsolidated | Anqing TP Goetze | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Sales | 52 | 11 | 101 | 41 |
Gross profit | 14 | 5 | 28 | 11 |
Income from continuing operations | 14 | 4 | 28 | 11 |
Net income | 13 | 4 | 25 | 10 |
Equity Method Investment, Nonconsolidated | Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Sales | 136 | 41 | 248 | 146 |
Gross profit | 29 | 6 | 51 | 26 |
Income from continuing operations | 15 | 2 | 30 | 11 |
Net income | $ 14 | $ 2 | $ 24 | $ 8 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value - Summarization for Foreign Currency Forward Purchase and Sale Contracts (Details) - Foreign exchange forward $ in Millions | Jun. 30, 2021USD ($) |
Long positions | |
Derivative [Line Items] | |
Notional amount | $ 277 |
Short positions | |
Derivative [Line Items] | |
Notional amount | $ 282 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value - Cash-Settled Award (Details) - shares | Jun. 30, 2021 | Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash-settled share based units (in shares) | 4,748,936 | 1,878,220 |
Deferred compensation arrangements (in shares) | 1,584,039 | 1,125,605 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash-settled share based units (in shares) | 1,758,443 | 1,878,220 |
Performance Share Units (PSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash-settled share based units (in shares) | 2,990,493 | 0 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value - Additional Information (Details) € in Millions | 6 Months Ended | ||||||
Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2020EUR (€)shares | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financial Instruments [Line Items] | |||||||
Collateral amount | $ 15,000,000 | $ 7,000,000 | |||||
Long-term debt | 5,081,000,000 | 5,171,000,000 | |||||
Stockholders' equity | 272,000,000 | 181,000,000 | |||||
Definite-lived intangible asset impairment charges | $ 65,000,000 | ||||||
Performance Solutions | |||||||
Financial Instruments [Line Items] | |||||||
Definite-lived intangible asset impairment charges | 65,000,000 | ||||||
Impairment of property, plant and equipment | 455,000,000 | ||||||
Cash flow hedges: | |||||||
Financial Instruments [Line Items] | |||||||
Stockholders' equity | 1,000,000 | $ 2,000,000 | $ 2,000,000 | 4,000,000 | $ (2,000,000) | $ 0 | |
Valuation, Income Approach | |||||||
Financial Instruments [Line Items] | |||||||
Goodwill measurement input | 0.75 | ||||||
Valuation, Market Approach | |||||||
Financial Instruments [Line Items] | |||||||
Goodwill measurement input | 0.25 | ||||||
Other debt, primarily foreign instruments | |||||||
Financial Instruments [Line Items] | |||||||
Fair value of long term debt | $ 146,000,000 | 180,000,000 | |||||
Debt term | 1 year | ||||||
Net investment hedging | |||||||
Financial Instruments [Line Items] | |||||||
Long-term debt | $ 0 | $ 420,000,000 | € 344 | ||||
Swap Agreements | |||||||
Financial Instruments [Line Items] | |||||||
Notional amount (in shares) | shares | 3,200,000 | 1,700,000 | 1,700,000 | ||||
Commodity contracts | |||||||
Financial Instruments [Line Items] | |||||||
Notional amount | $ 40,000,000 | $ 10,000,000 | |||||
Term of derivative | 1 year |
Financial Instruments and Fai_6
Financial Instruments and Fair Value - Estimated Fair Value of Financial Instruments (Details) - Level 2 - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Prepayments and other current assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other financial instruments in asset positions | $ 29 | $ 1 |
Accrued expenses and other current liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other financial instruments in liability positions | $ 3 | $ 0 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Commodity contracts | Commodity price hedge contracts designated as cash flow hedges | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Amount of gain (loss) recognized in accumulated OCI or OCL (effective portion) | $ (1) | $ 5 | $ 2 | |
Foreign Currency | Foreign currency borrowings designated as a net investment hedge | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Amount of gain (loss) recognized in accumulated OCI or OCL (effective portion) | $ 0 | $ (16) | $ 11 | $ (2) |
Financial Instruments and Fai_8
Financial Instruments and Fair Value - Fair Value of Long Term Debt (Details) - Level 2 - Term loans and senior notes - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long term debt | $ 5,061 | $ 5,153 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long term debt | $ 5,213 | $ 5,138 |
Debt and Other Financing Arra_3
Debt and Other Financing Arrangements - Summary of Long-Term Debt Obligations (Details) | Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Mar. 17, 2021USD ($) | Mar. 03, 2021 | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||||
Carrying amount | $ 5,088,000,000 | $ 5,176,000,000 | |||
Less - maturities classified as current | 7,000,000 | 5,000,000 | |||
Total long-term debt | 5,081,000,000 | 5,171,000,000 | |||
Unamortized debt issuance costs | 87,000,000 | 82,000,000 | |||
Debt discount | 1,000,000 | ||||
Unamortized premium | (20,000,000) | ||||
Revolver Borrowings | Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Principal | 0 | 0 | |||
Carrying amount | 0 | 0 | |||
Term Loans | A2.00 Term Loan A Due 2019 Through 2023 | |||||
Debt Instrument [Line Items] | |||||
Principal | 1,466,000,000 | 1,530,000,000 | |||
Carrying amount | $ 1,458,000,000 | $ 1,520,000,000 | |||
Stated rate | 2.00% | 2.00% | |||
Term Loans | A2.00 Term Loan A Due 2019 Through 2023 | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Stated rate | 2.50% | ||||
Term Loans | 3.00% Term Loan B Due 2019 Through 2025 | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 1,658,000,000 | $ 1,666,000,000 | |||
Carrying amount | $ 1,609,000,000 | 1,612,000,000 | |||
Stated rate | 3.00% | 3.00% | |||
Senior Notes | 5.375%Â Senior Notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 225,000,000 | € 225,000,000 | 225,000,000 | ||
Carrying amount | $ 223,000,000 | 223,000,000 | |||
Stated rate | 5.375% | 5.375% | |||
Senior Notes | 5.000%Â Senior Notes due 2026 | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 500,000,000 | € 500,000,000 | 500,000,000 | ||
Carrying amount | $ 495,000,000 | 494,000,000 | |||
Stated rate | 5.00% | 5.00% | |||
Senior Notes | Euro Floating Rate Notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 0 | € 300,000,000 | 366,000,000 | ||
Carrying amount | $ 0 | 370,000,000 | |||
Stated rate | 4.875% | 4.875% | |||
Senior Notes | 5.000% Euro Fixed Rate Notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 0 | € 350,000,000 | 428,000,000 | ||
Carrying amount | $ 0 | 445,000,000 | |||
Stated rate | 5.00% | 5.00% | 5.00% | ||
Senior Notes | 7.875% Senior Secured Notes Due 2029 | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 500,000,000 | 500,000,000 | |||
Carrying amount | $ 490,000,000 | 489,000,000 | |||
Stated rate | 7.875% | 7.875% | |||
Senior Notes | 5.125% Senior Secured Notes Due 2029 | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 800,000,000 | $ 800,000,000 | 0 | ||
Carrying amount | $ 786,000,000 | 0 | |||
Stated rate | 5.125% | 5.125% | 5.125% | ||
Other debt, primarily foreign instruments | |||||
Debt Instrument [Line Items] | |||||
Principal | $ 28,000,000 | 24,000,000 | |||
Carrying amount | $ 27,000,000 | $ 23,000,000 |
Debt and Other Financing Arra_4
Debt and Other Financing Arrangements - Term Loans (Details) $ in Billions | Oct. 01, 2018USD ($) |
Revolver Borrowings | |
Line of Credit Facility [Line Items] | |
Borrowing capacity | $ 4.9 |
Revolving Credit Facility | Revolver Borrowings | |
Line of Credit Facility [Line Items] | |
Borrowing capacity | $ 1.5 |
Debt term | 5 years |
Term Loan A Facility | Term Loans | |
Line of Credit Facility [Line Items] | |
Borrowing capacity | $ 1.7 |
Debt term | 5 years |
Term Loan B Facility | Term Loans | |
Line of Credit Facility [Line Items] | |
Borrowing capacity | $ 1.7 |
Debt term | 7 years |
Debt and Other Financing Arra_5
Debt and Other Financing Arrangements - Short Term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Maturities classified as current | $ 7 | $ 5 |
Short-term borrowings | 119 | 157 |
Total short-term debt | $ 126 | $ 162 |
Debt and Other Financing Arra_6
Debt and Other Financing Arrangements - Financing Arrangements (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Available | $ 1,500 | |
Liquidity | 2,200 | |
Cash | 719 | |
Long-term Debt | 5,081 | $ 5,171 |
Unamortized debt issuance costs | 87 | 82 |
Other assets | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | 14 | $ 17 |
Tenneco Inc. revolving credit agreement | ||
Debt Instrument [Line Items] | ||
Available | 1,500 | |
Long-term Debt | 0 | |
Tenneco Inc. Term Loan A | ||
Debt Instrument [Line Items] | ||
Available | 0 | |
Tenneco Inc. Term Loan B | ||
Debt Instrument [Line Items] | ||
Available | 0 | |
Subsidiaries’ credit agreements | ||
Debt Instrument [Line Items] | ||
Available | $ 0 |
Debt and Other Financing Arra_7
Debt and Other Financing Arrangements - New Credit Facility (Details) - Revolving Credit Facility | 6 Months Ended |
Jun. 30, 2021 | |
LIBOR | Term Loan A, New Credit Facility, Third Amendment | |
Line of Credit Facility [Line Items] | |
Basis spread | 200.00% |
Debt Covenant, Term 1 | Minimum | Term Loan A, New Credit Facility, Third Amendment, Scenario 2 | |
Line of Credit Facility [Line Items] | |
Consolidated net leverage ratio | 3 |
Debt Covenant, Term 1 | Maximum | Term Loan A, New Credit Facility, Third Amendment, Scenario 2 | |
Line of Credit Facility [Line Items] | |
Consolidated net leverage ratio | 4.5 |
Debt and Other Financing Arra_8
Debt and Other Financing Arrangements - Senior Notes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 17, 2021 | Mar. 03, 2021 | |
Debt Instrument [Line Items] | ||||||
Gain (loss) on extinguishment of debt | $ 0 | $ 0 | $ 8 | $ 0 | ||
Senior Notes | 5Â 3/8%Â Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate | 5.375% | 5.375% | ||||
Senior Notes | 5.000%Â Senior Notes due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate | 5.00% | 5.00% | ||||
Senior Notes | 5.000% Euro Fixed Rate Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate | 5.00% | 5.00% | 5.00% | |||
Senior Notes | 5.125% Senior Secured Notes Due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate | 5.125% | 5.125% | 5.125% |
Debt and Other Financing Arra_9
Debt and Other Financing Arrangements - Accounts Receivable Securitization (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||
Accounts receivable outstanding and derecognized | $ 1,000 | $ 1,000 | $ 1,000 | ||
Cash proceeds received for assets derecognized, amount | 400 | 400 | 400 | ||
Deferred purchase price receivable | 62 | 62 | $ 51 | ||
Proceeds from factoring qualifying as sales | 1,300 | $ 700 | 2,600 | $ 1,900 | |
Proceeds from factoring qualifying as draft amount | 1,000 | 500 | 2,100 | 1,600 | |
Interest Expense | |||||
Debt Instrument [Line Items] | |||||
Loss on sale of receivables | $ 5 | $ 4 | $ 9 | $ 10 |
Debt and Other Financing Arr_10
Debt and Other Financing Arrangements - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 87 | $ 82 |
Liquidity | 2,200 | |
Cash | 719 | |
Long-term Debt | 5,081 | 5,171 |
Letters of credit | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding, amount | 28 | |
Uncommitted Letters of Credit | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding, amount | 77 | |
Tenneco Inc. revolving credit agreement | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 0 | |
Other assets | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 14 | $ 17 |
Pension Plans, Postretirement_3
Pension Plans, Postretirement and Other Employee Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 2 | 3 | 3 | 5 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Net amortization: | ||||
Actuarial loss | 0 | 0 | 1 | 1 |
Prior service cost (credit) | (3) | (2) | (5) | (4) |
Net pension and postretirement costs (credits) | (1) | 1 | (1) | 2 |
U.S. | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 1 | 1 |
Interest cost | 7 | 10 | 15 | 20 |
Expected return on plan assets | (16) | (16) | (32) | (32) |
Net amortization: | ||||
Actuarial loss | 3 | 1 | 6 | 3 |
Prior service cost (credit) | 0 | 0 | 0 | 0 |
Net pension and postretirement costs (credits) | (5) | (4) | (10) | (8) |
Non-U.S. | Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 6 | 6 | 13 | 12 |
Interest cost | 5 | 5 | 9 | 9 |
Expected return on plan assets | (4) | (4) | (8) | (8) |
Net amortization: | ||||
Actuarial loss | 3 | 2 | 5 | 4 |
Prior service cost (credit) | 0 | 0 | 0 | 0 |
Net pension and postretirement costs (credits) | $ 10 | $ 9 | $ 19 | $ 17 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $ 41 | $ (101) | $ 88 | $ (195) | |
Earnings (loss) before income taxes and noncontrolling interests | $ 58 | $ (441) | $ 192 | (1,361) | |
Tax beenefit relating to valuation allowance | 111 | ||||
Asset impairments | $ 883 | ||||
Decrease in UTB that is reasonably possible | $ 43 | ||||
Unrecognized tax benefits | 54 | ||||
Valuation Allowance | $ 54 |
Commitments and Contingencies -
Commitments and Contingencies - Environmental Matters (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrued expenses and other current liabilities | $ 9 | $ 8 |
Deferred credits and other liabilities | 24 | 26 |
Environmental remediation accrual, discounted basis | $ 33 | $ 34 |
Commitments and Contingencies_2
Commitments and Contingencies - Other Legal Proceedings, Claims and Investigations (Details) | 6 Months Ended |
Jun. 30, 2021case | |
United states | |
Loss Contingencies [Line Items] | |
Current docket of active and inactive cases nationwide relating to alleged exposure to asbestos from our product categories | 500 |
Europe | |
Loss Contingencies [Line Items] | |
Current docket of active and inactive cases nationwide relating to alleged exposure to asbestos from our product categories | 50 |
Minimum | |
Loss Contingencies [Line Items] | |
Warranty term | 1 year |
Commitments and Contingencies_3
Commitments and Contingencies - Asset Retirement Obligations (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Asset retirement obligation | $ 14 | $ 14 |
Accrued expenses and other current liabilities | ||
Loss Contingencies [Line Items] | ||
Asset retirement obligation | 2 | 2 |
Deferred credits and other liabilities | ||
Loss Contingencies [Line Items] | ||
Asset retirement obligation | $ 12 | $ 12 |
Commitments and Contingencies_4
Commitments and Contingencies - Warranty Accrual Table (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||||
Balance at beginning of period | $ 67 | $ 51 | $ 62 | $ 54 |
Accruals and revisions to estimates | 18 | 1 | 32 | 4 |
Settlements | (14) | (1) | (22) | (7) |
Foreign currency | 1 | (1) | 0 | (1) |
Balance at end of period | $ 72 | $ 50 | $ 72 | $ 50 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Compensation expense | $ 16 | $ 8 | $ 25 | $ 10 |
Cash-Settled Awards | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Compensation expense | 12 | 1 | 16 | 1 |
Share-settled | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Compensation expense | $ 4 | $ 7 | $ 9 | $ 9 |
Share-Based Compensation - Cash
Share-Based Compensation - Cash-Settled Awards (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash-settled share based units (in shares) | 4,748,936 | 1,878,220 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash-settled share based units (in shares) | 1,758,443 | 1,878,220 | |
Share-based compensation liability | $ 11 | $ 3 | |
Performance Share Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash-settled share based units (in shares) | 2,990,493 | 0 | |
Share-based compensation liability | $ 8 | ||
Performance Share Units (PSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of potential pay out, cash-settled award base on performance | 0.00% | ||
Performance Share Units (PSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of potential pay out, cash-settled award base on performance | 200.00% | ||
Cash-Settled Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation costs | $ 72 | ||
Unrecognized compensation costs, not yet recognized | 2 years |
Share-Based Compensation - Unve
Share-Based Compensation - Unvested Restricted Shares (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-Settled RSUs | |
Nonvested Restricted Shares | |
Unvested, beginning balance (in shares) | shares | 2,118,605 |
Granted (in shares) | shares | 2,078,409 |
Vested (in shares) | shares | (635,023) |
Forfeited (in shares) | shares | (171,384) |
Unvested, ending balance (in shares) | shares | 3,390,607 |
Weighted Avg. Grant Date Fair Value | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 26 |
Granted (in dollars per share) | $ / shares | 10.70 |
Vested (in dollars per share) | $ / shares | 34.09 |
Forfeited (in dollars per share) | $ / shares | 19.78 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 14.89 |
Share-Settled PSUs | |
Nonvested Restricted Shares | |
Unvested, beginning balance (in shares) | shares | 527,105 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (57,794) |
Forfeited (in shares) | shares | (134,361) |
Unvested, ending balance (in shares) | shares | 334,950 |
Weighted Avg. Grant Date Fair Value | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 36.37 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 49.18 |
Forfeited (in dollars per share) | $ / shares | 46.61 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 24.60 |
Share-Settled PSUs | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of potential pay out, share-settled award base on performance | 0.00% |
Share-Settled PSUs | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of potential pay out, share-settled award base on performance | 200.00% |
Shareholders' Equity - Shares O
Shareholders' Equity - Shares Outstanding (Details) - $ / shares | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Class A | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 175,000,000 | 175,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued at beginning of period (in shares) | 71,727,061 | ||
Issued pursuant to benefit plans (in shares) | 790,467 | 458,855 | |
Withheld for taxes pursuant to benefit plans (in shares) | (249,015) | (124,440) | |
Class B common stock converted to Class A common stock (in shares) | 20,308,454 | 3,485,215 | |
Shares issued at end of period (in shares) | 75,546,691 | ||
Treasury stock (in shares) | 14,592,888 | 14,592,888 | 14,592,888 |
Total shares outstanding (in shares) | 81,971,181 | 60,953,803 | |
Class B | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued at beginning of period (in shares) | 20,308,454 | 23,793,669 | |
Issued pursuant to benefit plans (in shares) | 0 | 0 | |
Withheld for taxes pursuant to benefit plans (in shares) | 0 | 0 | |
Class B common stock converted to Class A common stock (in shares) | (20,308,454) | (3,485,215) | |
Shares issued at end of period (in shares) | 20,308,454 | ||
Treasury stock (in shares) | 0 | 0 | |
Total shares outstanding (in shares) | 0 | 20,308,454 |
Shareholders' Equity - Share Co
Shareholders' Equity - Share Conversion (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 04, 2021 | |
Class A | ||
Conversion of Stock [Line Items] | ||
Shares converted (in shares) | 20,308,454 | |
Class B | ||
Conversion of Stock [Line Items] | ||
Shares converted (in shares) | 20,308,454 | |
Tenneco | Icahn Enterprises L.P. | Class A | Subsequent Event | ||
Conversion of Stock [Line Items] | ||
Ownership percentage | 10.00% |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 181 | |||
Balance at end of period | $ 272 | 272 | ||
Other comprehensive income (loss) attributable to noncontrolling interests | 4 | $ 7 | (2) | $ (13) |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (789) | (908) | (744) | (711) |
Balance at end of period | (729) | (874) | (729) | (874) |
Foreign currency translation adjustments: | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (441) | (568) | (395) | (369) |
Other comprehensive income (loss) before reclassifications | 58 | 34 | 12 | (165) |
Reclassification from other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | 58 | 34 | 12 | (165) |
Income tax benefit (provision) | 0 | 1 | 0 | 1 |
Balance at end of period | (383) | (533) | (383) | (533) |
Defined benefit plans: | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (350) | (338) | (353) | (342) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Reclassification from other comprehensive income (loss) | 3 | 1 | 7 | 4 |
Other comprehensive income (loss) | 3 | 1 | 7 | 4 |
Income tax benefit (provision) | 0 | (6) | (1) | (5) |
Balance at end of period | (347) | (343) | (347) | (343) |
Cash flow hedges: | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 2 | (2) | 4 | 0 |
Other comprehensive income (loss) before reclassifications | (1) | 5 | 1 | 2 |
Reclassification from other comprehensive income (loss) | 0 | 0 | (4) | 0 |
Other comprehensive income (loss) | (1) | 5 | (3) | 2 |
Income tax benefit (provision) | 0 | (1) | 0 | 0 |
Balance at end of period | $ 1 | $ 2 | $ 1 | $ 2 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Segment Information - Segment I
Segment Information - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | $ 4,583 | $ 2,637 | $ 9,314 | $ 6,473 |
Equity in earnings of nonconsolidated affiliates, net of tax | 15 | 4 | 37 | 17 |
Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | 4,583 | 2,637 | 9,314 | 6,473 |
Equity in earnings of nonconsolidated affiliates, net of tax | 15 | 4 | 37 | 17 |
Motorparts | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | 794 | 559 | 1,513 | 1,265 |
Motorparts | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | 794 | 559 | 1,513 | 1,265 |
Equity in earnings of nonconsolidated affiliates, net of tax | 4 | 1 | 7 | 3 |
Performance Solutions | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | 715 | 378 | 1,502 | 1,047 |
Performance Solutions | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | 715 | 378 | 1,502 | 1,047 |
Equity in earnings of nonconsolidated affiliates, net of tax | 0 | 1 | 1 | 1 |
Clean Air | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | 2,024 | 1,140 | 4,148 | 2,685 |
Clean Air | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | 2,024 | 1,140 | 4,148 | 2,685 |
Equity in earnings of nonconsolidated affiliates, net of tax | 0 | 0 | 0 | 0 |
Powertrain | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | 1,050 | 560 | 2,151 | 1,476 |
Powertrain | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | 1,050 | 560 | 2,151 | 1,476 |
Equity in earnings of nonconsolidated affiliates, net of tax | 11 | 2 | 29 | 13 |
Intersegment Revenues | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | 0 | 0 | 0 | 0 |
Intersegment Revenues | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | (84) | (51) | (172) | (133) |
Intersegment Revenues | Reclass & Elims | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | 84 | 51 | 172 | 133 |
Intersegment Revenues | Motorparts | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | (10) | (6) | (19) | (15) |
Intersegment Revenues | Performance Solutions | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | (23) | (21) | (49) | (50) |
Intersegment Revenues | Clean Air | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | (4) | (3) | (10) | (9) |
Intersegment Revenues | Powertrain | Operating Segments | ||||
Segment Reporting [Line Items] | ||||
Net sales and operating revenues | $ (47) | $ (21) | $ (94) | $ (59) |
Segment Information - Segment A
Segment Information - Segment Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ (145) | $ (159) | $ (300) | $ (330) |
Earnings (loss) before interest expense, income taxes, and noncontrolling interests | 127 | (375) | 331 | (1,220) |
Interest expense | (69) | (66) | (139) | (141) |
Income tax (expense) benefit | (41) | 101 | (88) | 195 |
Net income (loss) | 17 | (340) | 104 | (1,166) |
Total Reportable Segments | ||||
Segment Reporting Information [Line Items] | ||||
EBITDA including noncontrolling interests | 336 | (167) | 745 | (755) |
Total Reportable Segments | Motorparts | ||||
Segment Reporting Information [Line Items] | ||||
EBITDA including noncontrolling interests | 67 | (52) | 169 | (92) |
Total Reportable Segments | Performance Solutions | ||||
Segment Reporting Information [Line Items] | ||||
EBITDA including noncontrolling interests | 32 | (63) | 75 | (737) |
Total Reportable Segments | Clean Air | ||||
Segment Reporting Information [Line Items] | ||||
EBITDA including noncontrolling interests | 143 | 17 | 292 | 116 |
Total Reportable Segments | Powertrain | ||||
Segment Reporting Information [Line Items] | ||||
EBITDA including noncontrolling interests | 94 | (69) | 209 | (42) |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
EBITDA including noncontrolling interests | $ (64) | $ (49) | $ (114) | $ (135) |
Segment Information - Segment R
Segment Information - Segment Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | $ 4,583 | $ 2,637 | $ 9,314 | $ 6,473 |
Motorparts | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 794 | 559 | 1,513 | 1,265 |
Performance Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 715 | 378 | 1,502 | 1,047 |
Clean Air | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 2,024 | 1,140 | 4,148 | 2,685 |
Powertrain | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 1,050 | 560 | 2,151 | 1,476 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 1,852 | 973 | 3,725 | 2,695 |
North America | Motorparts | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 501 | 389 | 955 | 865 |
North America | Performance Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 223 | 91 | 463 | 319 |
North America | Clean Air | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 812 | 335 | 1,663 | 1,039 |
North America | Powertrain | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 316 | 158 | 644 | 472 |
Europe, Middle East, Africa and South America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 1,749 | 807 | 3,561 | 2,358 |
Europe, Middle East, Africa and South America | Motorparts | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 238 | 135 | 450 | 332 |
Europe, Middle East, Africa and South America | Performance Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 324 | 170 | 679 | 489 |
Europe, Middle East, Africa and South America | Clean Air | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 639 | 248 | 1,321 | 813 |
Europe, Middle East, Africa and South America | Powertrain | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 548 | 254 | 1,111 | 724 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 982 | 857 | 2,028 | 1,420 |
Asia Pacific | Motorparts | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 55 | 35 | 108 | 68 |
Asia Pacific | Performance Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 168 | 117 | 360 | 239 |
Asia Pacific | Clean Air | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 573 | 557 | 1,164 | 833 |
Asia Pacific | Powertrain | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 186 | 148 | 396 | 280 |
OE - Substrate | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 1,081 | 623 | 2,169 | 1,323 |
OE - Substrate | Motorparts | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 0 | 0 | 0 | 0 |
OE - Substrate | Performance Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 0 | 0 | 0 | 0 |
OE - Substrate | Clean Air | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 1,081 | 623 | 2,169 | 1,323 |
OE - Substrate | Powertrain | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 0 | 0 | 0 | 0 |
OE - Value add | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 2,690 | 1,445 | 5,595 | 3,860 |
OE - Value add | Motorparts | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 0 | 0 | 0 | 0 |
OE - Value add | Performance Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 697 | 368 | 1,465 | 1,022 |
OE - Value add | Clean Air | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 943 | 517 | 1,979 | 1,362 |
OE - Value add | Powertrain | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 1,050 | 560 | 2,151 | 1,476 |
Aftermarket | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 812 | 569 | 1,550 | 1,290 |
Aftermarket | Motorparts | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 794 | 559 | 1,513 | 1,265 |
Aftermarket | Performance Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 18 | 10 | 37 | 25 |
Aftermarket | Clean Air | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | 0 | 0 | 0 | 0 |
Aftermarket | Powertrain | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales and operating revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Otomotiv A.S. | |||||
Related Party Transaction [Line Items] | |||||
Net Sales | $ 11,000 | $ 5,000 | $ 21,000 | $ 17,000 | |
Purchases | 67,000 | 17,000 | 143,000 | 76,000 | |
Royalty and Other | 0 | 2,000 | 3,000 | 6,000 | |
Receivables | 6,000 | 6,000 | $ 10,000 | ||
Payables and Accruals | 33,000 | 33,000 | 49,000 | ||
Anqing TP Goetze | |||||
Related Party Transaction [Line Items] | |||||
Net Sales | 1,000 | 3,000 | 3,000 | 9,000 | |
Purchases | 28,000 | 18,000 | 55,000 | 31,000 | |
Royalty and Other | 2,000 | 1,000 | 3,000 | 1,000 | |
Receivables | 4,000 | 4,000 | 4,000 | ||
Payables and Accruals | 35,000 | 35,000 | 30,000 | ||
Other nonconsolidated affiliates | |||||
Related Party Transaction [Line Items] | |||||
Net Sales | 8,000 | 4,000 | 16,000 | 11,000 | |
Purchases | 13,000 | 5,000 | 25,000 | 18,000 | |
Royalty and Other | 1,000 | 0 | 1,000 | 0 | |
Receivables | 3,000 | 3,000 | 3,000 | ||
Payables and Accruals | 6,000 | 6,000 | 7,000 | ||
Icahn Automotive Group LLC | |||||
Related Party Transaction [Line Items] | |||||
Net Sales | 40,000 | 32,000 | 71,000 | 65,000 | |
Purchases | 0 | 0 | 0 | 0 | |
Royalty and Other | 0 | 1,000 | 1,000 | 2,000 | |
Receivables | 47,000 | 47,000 | 47,000 | ||
Payables and Accruals | 4,000 | 4,000 | $ 9,000 | ||
PSC Metals, Inc. | |||||
Related Party Transaction [Line Items] | |||||
Net Sales | 0 | 1,000 | 0 | 1,000 | |
Purchases | 0 | 0 | 0 | 0 | |
Royalty and Other | $ 0 | $ 0 | $ 1,000 | $ 0 |