Financials (10-K)

Part II – Balance sheets – December 31, 2011 and 2010


TENNECO INC.
CONSOLIDATED BALANCE SHEETS

December 31,   2011     2010  
(Millions)      
ASSETS
Current assets:                
Cash and cash equivalents   $ 214     $ 233  
Receivables —                
Customer notes and accounts, net     936       796  
Other     44       30  
Inventories     592       547  
Deferred income taxes     40       38  
Prepayments and other     153       146  
Total Current Assets     1,979       1,790  
Other assets:                
Long-term receivables, net     10       9  
Goodwill     74       89  
Intangibles, net     32       32  
Deferred income taxes     92       92  
Other     103       105  
      311       327  
Plant, property, and equipment, at cost     3,153       3,109  
Less — Accumulated depreciation and amortization     (2,106 )     (2,059 )
      1,047       1,050  
    $ 3,337     $ 3,167  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:                
Short-term debt (including current maturities of long-term debt)   $ 66     $ 63  
Trade payables     1,171       1,048  
Accrued taxes     44       51  
Accrued interest     13       13  
Accrued liabilities     226       227  
Other     50       66  
Total Current Liabilities     1,570       1,468  
Long-term debt     1,158       1,160  
Deferred income taxes     51       56  
Postretirement benefits     385       311  
Deferred credits and other liabilities     118       125  
Commitments and contingencies                
Total liabilities     3,282       3,120  
Redeemable noncontrolling interests     12       12  
Tenneco Inc. Shareholders' equity:                
Common stock     1       1  
Premium on common stock and other capital surplus     3,016       3,008  
Accumulated other comprehensive loss     (382 )     (237 )
Retained earnings (accumulated deficit)     (2,379 )     (2,536 )
      256       236  
Less — Shares held as treasury stock, at cost     256       240  
Total Tenneco Inc. shareholders' equity           (4 )
Noncontrolling interests     43       39  
Total equity     43       35  
Total liabilities, redeemable noncontrolling interests and equity   $ 3,337     $ 3,167  

The accompanying notes to consolidated financial statements are an integral part of these balance sheets.