XML 45 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Revision of Previously Issued Financial Statements (Tables)
 9 Months Ended
Sep. 30, 2017
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
The following tables present the impact of this revision on our condensed consolidated statements of income, comprehensive income and cash flows for the three months and nine months ended September 30, 2016, and changes in shareholders' equity for the nine months ended September 30, 2016.
 
 
Three Months Ended September 30, 2016
 
 
As Previously Reported
 
Adjustment
 
As Revised
 
 
(Millions Except Per Share Amounts)
Condensed Consolidated Income Statement
 
 
 
 
 
 
Cost of sales (exclusive of depreciation and amortization)
 
$
1,741

 
$
2

 
$
1,743

Earnings before interest expense, income taxes, and noncontrolling interests
 
152

 
(2
)
 
150

Earnings before income taxes and noncontrolling interests
 
128

 
(2
)
 
126

Income tax expense (benefit)
 
(69
)
 
(1
)
 
(70
)
Net income
 
197

 
(1
)
 
196

Net income attributable to Tenneco Inc.
 
$
180

 
$
(1
)
 
$
179

Earnings per share
 
 
 
 
 
 
Basic earnings per share of common stock
 
$
3.24

 
$
(0.02
)
 
$
3.22

Diluted earnings per share of common stock
 
$
3.21

 
$
(0.02
)
 
$
3.19


 
 
Nine Months Ended September 30, 2016
 
 
As Previously Reported
 
Adjustment
 
As Revised
 
 
(Millions Except Per Share Amounts)
Condensed Consolidated Income Statement
 
 
 
 
 
 
Cost of sales (exclusive of depreciation and amortization)
 
$
5,321

 
$
8

 
$
5,329

Earnings before interest expense, income taxes, and noncontrolling interests
 
453

 
(8
)
 
445

Earnings before income taxes and noncontrolling interests
 
377

 
(8
)
 
369

Income tax expense (benefit)
 
5

 
(2
)
 
3

Net income
 
372

 
(6
)
 
366

Less: Net income attributable to noncontrolling interests
 
49

 
(1
)
 
48

Net income attributable to Tenneco Inc.
 
$
323

 
$
(5
)
 
$
318

Earnings per share
 
 
 
 
 
 
Basic earnings per share of common stock
 
$
5.72

 
$
(0.09
)
 
$
5.63

Diluted earnings per share of common stock
 
$
5.67

 
$
(0.09
)
 
$
5.58

 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2016
 
 
As Previously Reported
 
Adjustment
 
As Revised
 
 
(Millions)
Condensed Consolidated Statement of Comprehensive Income
 
 
 
 
 
 
Tenneco Inc.
 
 
 
 
 
 
  Net Income
 
$
180

 
$
(1
)
 
$
179

  Other Comprehensive Income
 
5

 
—

 
5

  Comprehensive Income
 
$
185

 
$
(1
)
 
$
184

 
 
 
 
 
 
 
Noncontrolling Interests
 
 
 
 
 
 
  Net Income
 
$
17

 
$
—

 
$
17

  Other Comprehensive Income
 
—

 
—

 
—

  Comprehensive Income
 
$
17

 
$
—

 
$
17

 
 
 
 
 
 
 
Total
 
 
 
 
 
 
  Net Income
 
$
197

 
$
(1
)
 
$
196

  Other Comprehensive Income
 
5

 
—

 
5

  Comprehensive Income
 
$
202

 
$
(1
)
 
$
201


 
 
Nine Months Ended September 30, 2016
 
 
As Previously Reported
 
Adjustment
 
As Revised
 
 
(Millions)
Condensed Consolidated Statement of Comprehensive Income
 
 
 
 
 
 
Tenneco Inc.
 
 
 
 
 
 
  Net Income
 
$
323

 
$
(5
)
 
$
318

  Other Comprehensive Income
 
15

 
—

 
15

  Comprehensive Income
 
$
338

 
$
(5
)
 
$
333

 
 
 
 
 
 
 
Noncontrolling Interests
 
 
 
 
 
 
  Net Income
 
$
49

 
$
(1
)
 
$
48

  Other Comprehensive Loss
 
(1
)
 
—

 
(1
)
  Comprehensive Income
 
$
48

 
$
(1
)
 
$
47

 
 
 
 
 
 
 
Total
 
 
 
 
 
 
  Net Income
 
$
372

 
$
(6
)
 
$
366

  Other Comprehensive Income
 
14

 
—

 
14

  Comprehensive Income
 
$
386

 
$
(6
)
 
$
380


 
 
Three Months Ended September 30, 2016
 
 
As Previously Reported
 
Adjustment
 
As Revised
 
 
(Millions)
Condensed Consolidated Statement of Cash Flow *
 
 
 
 
 
 
Net income
 
$
197

 
$
(1
)
 
$
196

   Increase (decrease) in payables
 
(7
)
 
2

 
(5
)
   Increase (decrease) in accrued taxes
 
1

 
(1
)
 
—


 
 
Nine Months Ended September 30, 2016
 
 
As Previously Reported
 
Adjustment
 
As Revised
 
 
(Millions)
Condensed Consolidated Statement of Cash Flow *
 
 
 
 
 
 
Net income
 
$
372

 
$
(6
)
 
$
366

Deferred income taxes
 
(73
)
 
(1
)
 
(74
)
Increase (decrease) in payables
 
55

 
4

 
59

Increase (decrease) in accrued taxes
 
10

 
(1
)
 
9

Changes in long-term liabilities
 
9

 
4

 
13


* No change to net cash provided by operating activities. 

 
 
Nine Months Ended September 30, 2016
 
 
As Previously Reported
 
Adjustment
 
As Revised
 
 
(Millions)
Condensed Consolidated Statements of Changes in Shareholders' Equity
 
 
 
 
 
 
Retained earnings (accumulated deficit)
 
 
 
 
 
 
Balance January 1
 
$
(1,448
)
 
$
(8
)
 
$
(1,456
)
  Net income attributable to Tenneco Inc.
 
323

 
(5
)
 
318

Balance September 30
 
$
(1,125
)
 
$
(13
)
 
$
(1,138
)
 
 
 
 
 
 
 
Total Tenneco Inc. shareholders' equity
 
$
635

 
$
(13
)
 
$
622

 
 
 
 
 
 
 
Noncontrolling interests:
 
 
 
 
 
 
Balance January 1
 
$
42

 
$
(3
)
 
$
39

  Net income
 
21

 
(1
)
 
20

  Other comprehensive loss
 
(1
)
 
1

 
—

  Dividends declared
 
(22
)
 
$
—

 
(22
)
Balance September 30
 
$
40

 
$
(3
)
 
$
37

 
 
 
 
 
 
 
Total Equity
 
$
675

 
$
(16
)
 
$
659