TENNECO INC.
CONSOLIDATED BALANCE SHEETS
| December 31, |
|
2008 |
|
|
2007 |
|
| (Millions) |
|
|
|
| ASSETS |
| Current assets: |
|
|
|
|
|
|
|
|
| Cash and cash
equivalents |
|
$ |
126 |
|
|
$ |
188 |
|
| Receivables — |
|
|
|
|
|
|
|
|
| Customer notes and
accounts, net |
|
|
529 |
|
|
|
732 |
|
| Other |
|
|
45 |
|
|
|
25 |
|
| Inventories |
|
|
513 |
|
|
|
539 |
|
| Deferred income
taxes |
|
|
18 |
|
|
|
36 |
|
| Prepayments and
other |
|
|
107 |
|
|
|
121 |
|
| |
|
|
1,338 |
|
|
|
1,641 |
|
| Other assets: |
|
|
|
|
|
|
|
|
| Long-term
receivables, net |
|
|
11 |
|
|
|
19 |
|
| Goodwill |
|
|
95 |
|
|
|
208 |
|
| Intangibles, net |
|
|
26 |
|
|
|
26 |
|
| Deferred income
taxes |
|
|
88 |
|
|
|
370 |
|
| Other |
|
|
125 |
|
|
|
141 |
|
| |
|
|
345 |
|
|
|
764 |
|
| Plant, property, and
equipment, at cost |
|
|
2,960 |
|
|
|
2,978 |
|
| Less —
Accumulated depreciation and amortization |
|
|
(1,815 |
) |
|
|
(1,793 |
) |
| |
|
|
1,145 |
|
|
|
1,185 |
|
| |
|
$ |
2,828 |
|
|
$ |
3,590 |
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
| Current liabilities: |
|
|
|
|
|
|
|
|
| Short-term debt
(including current maturities of long-term debt) |
|
$ |
49 |
|
|
$ |
46 |
|
| Trade payables |
|
|
790 |
|
|
|
987 |
|
| Accrued taxes |
|
|
30 |
|
|
|
41 |
|
| Accrued interest |
|
|
22 |
|
|
|
22 |
|
| Accrued liabilities |
|
|
201 |
|
|
|
213 |
|
| Other |
|
|
65 |
|
|
|
49 |
|
| |
|
|
1,157 |
|
|
|
1,358 |
|
| Long-term debt |
|
|
1,402 |
|
|
|
1,328 |
|
| Deferred income
taxes |
|
|
51 |
|
|
|
114 |
|
| Postretirement
benefits |
|
|
377 |
|
|
|
288 |
|
| Deferred credits and
other liabilities |
|
|
61 |
|
|
|
71 |
|
| Commitments and
contingencies |
|
|
|
|
|
|
|
|
| Minority interest |
|
|
31 |
|
|
|
31 |
|
| Shareholders’
equity: |
|
|
|
|
|
|
|
|
| Common stock |
|
|
— |
|
|
|
— |
|
| Premium on common
stock and other capital surplus |
|
|
2,809 |
|
|
|
2,800 |
|
| Accumulated other
comprehensive loss |
|
|
(318 |
) |
|
|
(73 |
) |
| Retained earnings
(accumulated deficit) |
|
|
(2,502 |
) |
|
|
(2,087 |
) |
| |
|
|
(11 |
) |
|
|
640 |
|
| Less — Shares
held as treasury stock, at cost |
|
|
240 |
|
|
|
240 |
|
| |
|
|
(251 |
) |
|
|
400 |
|
| |
|
$ |
2,828 |
|
|
$ |
3,590 |
|
The accompanying notes to consolidated financial
statements are an integral
part of these balance sheets.
|
