Financials (10-K): Part II – Balance sheets – December 31, 2009 and 2008


TENNECO INC.
CONSOLIDATED BALANCE SHEETS

December 31,   2009     2008  
(Millions)      
ASSETS
Current assets:                
Cash and cash equivalents   $ 167     $ 126  
Receivables —                
Customer notes and accounts, net     572       529  
Other     24       45  
Inventories     428       513  
Deferred income taxes     35       18  
Prepayments and other     167       107  
Total Current Assets     1,393       1,338  
Other assets:                
Long-term receivables, net     8       11  
Goodwill     89       95  
Intangibles, net     30       26  
Deferred income taxes     100       88  
Other     111       125  
      338       345  
Plant, property, and equipment, at cost     3,099       2,960  
Less — Accumulated depreciation and amortization     (1,989 )     (1,815 )
      1,110       1,145  
    $ 2,841     $ 2,828  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:                
Short-term debt (including current maturities of long-term debt)   $ 75     $ 49  
Trade payables     766       790  
Accrued taxes     36       30  
Accrued interest     22       22  
Accrued liabilities     257       201  
Other     45       65  
Total Current Assets     1,201       1,157  
Long-term debt     1,145       1,402  
Deferred income taxes     66       51  
Postretirement benefits     331       377  
Deferred credits and other liabilities     80       61  
Commitments and contingencies                
Total liabilities     2,823       3,048  
Redeemable noncontrolling interests     7       7  
Tenneco Inc. Shareholders’ equity:                
Common stock     1        
Premium on common stock and other capital surplus     3,005       2,809  
Accumulated other comprehensive loss     (212 )     (318 )
Retained earnings (accumulated deficit)     (2,575 )     (2,502 )
      219       (11 )
Less — Shares held as treasury stock, at cost     240       240  
Total Tenneco Inc. shareholders’ equity     (21 )     (251 )
Noncontrolling interests     32       24  
Total equity     11       (227 )
Total liabilities, redeemable noncontrolling interests and equity   $ 2,841     $ 2,828  

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