Debt and Other Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Summary of Long-term Debt Obligations

A summary of the Company's long-term debt obligations at December 31, 2019 and 2018, is set forth in the following table:

	2019						2018
	Principal		Carrying Amount(a)		Effective Interest Rate		Principal		Carrying Amount(a)		Effective Interest Rate
Credit Facilities
Revolver Borrowings
Due 2023	$	183	$	183	3.374	%	$	—	$	—	—	%
Term Loans
LIBOR plus 1.75% Term Loan A due 2019 through 2023(b)	1,615		1,608		3.665	%	1,700		1,691		4.410	%
LIBOR plus 3.00% Term Loan B due 2019 through 2025(c)	1,683		1,623		5.557	%	1,700		1,629		6.130	%
Senior Unsecured Notes
$225 million of 5.375% Senior Notes due 2024(d)	225		222		5.609	%	225		222		5.609	%
$500 million of 5.000% Senior Notes due 2026(e)	500		494		5.219	%	500		493		5.219	%
Senior Secured Notes (i)
€415 million 4.875% Euro Fixed Rate Notes due 2022(f)	465		479		3.599	%	476		496		3.599	%
€300 million of Euribor plus 4.875% Euro Floating Rate Notes due 2024(g)	336		340		4.620	%	344		349		4.620	%
€350 million of 5.000% Euro Fixed Rate Notes due 2024(h)	392		413		3.823	%	401		427		3.823	%
Other debt, primarily foreign instruments(j)	14		13				46		44
			5,375						5,351
Less - maturities classified as current(j)			4						11
Total long-term debt			$	5,371					$	5,340

^(a) Carrying amount is net of unamortized debt issuance costs and debt discounts or premiums. Total unamortized debt issuance costs were $76 million and $90 million as of December 31, 2019 and 2018. Total unamortized debt issuance costs related to the revolver were $17 million and $22 million as of December 31, 2019 and 2018. Total unamortized debt (premium) discount, net was $(37) million and $(49) million as of December 31, 2019 and 2018.

^(b) Principal and interest payable in 19 consecutive quarterly installments beginning March 31, 2019. As of December 31, 2019, principal and interest is

payable in 15 remaining quarterly installments with $21 million being paid quarterly in the first four quarters, followed by $32 million paid in the subsequent four quarters followed by $43 million in the subsequent seven quarters and the remainder at maturity.

^(c) Principal and interest payable in 27 consecutive quarterly installments of $4 million beginning March 31, 2019 and the remainder at maturity.

^(d) Interest payable semiannually beginning on June 30, 2015 with principal due at maturity.

^(e) Interest payable semiannually beginning on January 31, 2017 with principal due at maturity.

^(f) Interest is payable semiannually on April 15 and October 15 of each year with principal due at maturity.

^(g) Interest accrues at the three-month EURIBOR rate (with 0% floor) plus 4.875% per annum and payable quarterly on January 15, April 15, July 15 and October 15.

^(h) Interest payable semiannually on January 15 and July 15 of each year beginning on July 17, 2017 with principal due at maturity.

⁽ⁱ⁾ Rank equally in right of payment to all indebtedness under the New Credit Facility (as subsequently defined).

Interest expense associated with the amortization of the debt issuance costs and original issue discounts recognized in the Company's consolidated statements of income (loss) consists of the following:

	2019		2018		2017
Amortization of debt issuance fees	$	18	$	8	$	4

The aggregate maturities applicable to the long-term debt outstanding at December 31, 2019:

	Aggregate Maturities
2020	$	106
2021	$	145
2022	$	652
2023	$	1,432
2024	$	970

Summary of Short-term Debt Obligations

The Company's short-term debt as of December 31, 2019 and 2018 is as follows:

	At December 31
	2019		2018
Maturities classified as current (b)	$	4	$	11
Short-term borrowings(a)(b)	179		128
Bank overdrafts	2		14
Total short-term debt	$	185	$	153

Weighted average interest rate on outstanding short-term borrowings at end of year 4.3 % 4.4 %

^(a) Includes borrowings under both committed credit facilities and uncommitted lines of credit and similar arrangements.

^(b) The prior year amount has been updated from the prior year disclosure.

Financing Arrangements

Financing Arrangements

	Committed Credit Facilities(a) as of December 31, 2019
	Term	Commitments		Borrowings		Letters of Credit(b)		Available
Tenneco Inc. revolving credit agreement	2023	$	1,500	$	183	$	—	$	1,317
Tenneco Inc. Term Loan A	2023	1,615		1,615		—		—
Tenneco Inc. Term Loan B	2025	1,683		1,683		—		—
Subsidiaries’ credit agreements	2020-2028	168		159		—		9
		$	4,966	$	3,640	$	—	$	1,326

^(a)  The Company generally is required to pay commitment fees on the unused portion of the total commitment.

^(b) 

Letters of credit reduce the available borrowings under the revolving credit agreement.

Schedule of Gain (Loss) on Securitizations or Asset-backed Financing Arrangements of Financial Assets Accounted for as Sale [Table Text Block]

Borrowings on these securitization programs at December 31, 2019 and 2018 are as follows:

	At December 31
	2019		2018
Borrowings on securitization programs	$	4	$	6

Expenses associated with these arrangements for the years ended December 31, 2019, 2018, and 2017 are as follows:

	Year Ended December 31
	2019		2018		2017
Loss on sale of receivables (a)	$	31	$	16	$	5

^(a) Included in interest expense within the consolidated statements of income (loss).