Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||
Net sales | $ | 3,729 | $ | 3,650 | $ | 15,395 | $ | 14,121 |
Cost of sales | 3,479 | 3,367 | 14,362 | 13,314 | ||||
Gross profit | 250 | 283 | 1,033 | 807 | ||||
Selling, general and administrative expenses | 127 | 159 | 554 | 598 | ||||
Restructuring and impairment costs | 10 | 5 | 40 | 25 | ||||
Equity income (loss) | 27 | 19 | 84 | 75 | ||||
Earnings (loss) before interest and income taxes | 140 | 138 | 523 | 259 | ||||
Net financing charges | 46 | 43 | 195 | 215 | ||||
Other pension expense (income) | 21 | (4) | 33 | (10) | ||||
Income (loss) before income taxes | 73 | 99 | 295 | 54 | ||||
Income tax provision (benefit) | (84) | 29 | - | 94 | ||||
Net income (loss) | 157 | 70 | 295 | (40) | ||||
Income attributable to noncontrolling interests | 22 | 25 | 90 | 80 | ||||
Net income (loss) attributable to Adient | $ | 135 | $ | 45 | $ | 205 | $ | (120) |
Diluted earnings (loss) per share | $ | 1.42 | $ | 0.47 | $ | 2.15 | $ | (1.27) |
Shares outstanding at period end | 93.7 | 94.9 | 93.7 | 94.9 | ||||
Diluted weighted average shares | 94.8 | 96.0 | 95.4 | 94.8 |
September 30, | ||||
(in millions) | 2023 | 2022 | ||
Assets | ||||
Cash and cash equivalents | $ | 1,110 | $ | 947 |
Accounts receivable - net
| 1,874 | 1,852 | ||
Inventories | 841 | 953 | ||
Other current assets | 491 | 411 | ||
Current assets | 4,316 | 4,163 | ||
Property, plant and equipment - net | 1,382 | 1,377 | ||
Goodwill | 2,094 | 2,057 | ||
Other intangible assets - net | 408 | 467 | ||
Investments in partially-owned affiliates | 303 | 286 | ||
Assets held for sale | 7 | 11 | ||
Other noncurrent assets | 914 | 797 | ||
Total assets | $ | 9,424 | $ | 9,158 |
Liabilities and Shareholders' Equity | ||||
Short-term debt | $ | 134 | $ | 14 |
Accounts payable and accrued expenses | 2,926 | 2,818 | ||
Other current liabilities | 678 | 669 | ||
Current liabilities | 3,738 | 3,501 | ||
Long-term debt | 2,401 | 2,564 | ||
Other noncurrent liabilities | 682 | 673 | ||
Redeemable noncontrolling interests | 57 | 45 | ||
Shareholders' equity attributable to Adient | 2,228 | 2,073 | ||
Noncontrolling interests | 318 | 302 | ||
Total liabilities and shareholders' equity | $ | 9,424 | $ | 9,158 |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Operating Activities | ||||||||
Net income (loss) attributable to Adient | $ | 135 | $ | 45 | $ | 205 | $ | (120) |
Income attributable to noncontrolling interests | 22 | 25 | 90 | 80 | ||||
Net income (loss) | 157 | 70 | 295 | (40) | ||||
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities: | ||||||||
Depreciation | 76 | 75 | 290 | 298 | ||||
Amortization of intangibles | 12 | 12 | 50 | 52 | ||||
Pension and postretirement benefit expense (benefit) | 22 | (1) | 38 | (2) | ||||
Pension and postretirement contributions, net | (6) | 1 | (17) | (16) | ||||
Equity in earnings of partially-owned affiliates, net of dividends received | (7) | 42 | (34) | 4 | ||||
(Gain) on sale / impairment of nonconsolidated partially owned affiliate | - | 2 | 6 | 10 | ||||
Premium paid on repurchase of debt | - | 4 | 7 | 38 | ||||
Retrospective recoveries of Brazil indirect tax credits | - | (29) | - | (29) | ||||
Derivative loss on China Transactions | - | - | - | 3 | ||||
Deferred income taxes | (122) | - | (124) | 5 | ||||
Non-cash restructuring and impairment charges | - | 2 | - | 14 | ||||
Equity-based compensation | 9 | 8 | 34 | 29 | ||||
Other | (7) | 3 | (4) | 17 | ||||
Changes in assets and liabilities: | ||||||||
Receivables | 186 | (161) | 16 | (576) | ||||
Inventories | 6 | (36) | 126 | (62) | ||||
Other assets | 58 | (30) | (26) | 32 | ||||
Restructuring reserves | (8) | (8) | (53) | (57) | ||||
Accounts payable and accrued liabilities | (99) | 259 | 34 | 542 | ||||
Accrued income taxes | 17 | 23 | 29 | 12 | ||||
Cash provided (used) by operating activities | 294 | 236 | 667 | 274 | ||||
Investing Activities | ||||||||
Capital expenditures | (75) | (57) | (252) | (227) | ||||
Sale of property, plant and equipment | 10 | 2 | 26 | 20 | ||||
Settlement of derivatives | - | - | - | (30) | ||||
Acquisition of businesses, net of cash acquired | - | - | (6) | (19) | ||||
Business divestitures | - | - | 5 | 740 | ||||
Other | - | - | (2) | - | ||||
Cash provided (used) by investing activities | (65) | (55) | (229) | 484 | ||||
Financing Activities | ||||||||
Increase (decrease) in short-term debt | 1 | (6) | (1) | (14) | ||||
Increase (decrease) in long-term debt | - | - | 1,002 | - | ||||
Repayment of long-term debt | - | (99) | (1,104) | (987) | ||||
Debt financing costs | - | - | (23) | (1) | ||||
Share repurchases | - | - | (65) | - | ||||
Cash paid to acquire a noncontrolling interest | - | - | - | (153) | ||||
Dividends paid to noncontrolling interests | (10) | (4) | (67) | (106) | ||||
Other | (1) | - | (13) | (12) | ||||
Cash provided (used) by financing activities | (10) | (109) | (271) | (1,273) | ||||
Effect of exchange rate changes on cash and cash equivalents | (17) | (17) | (4) | (59) | ||||
Increase (decrease) in cash and cash equivalents | $ | 202 | $ | 55 | $ | 163 | $ | (574) |
Three Months Ended September 30, | Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Net Sales | ||||||||
Americas | $ | 1,835 | $ | 1,790 | $ | 7,220 | $ | 6,557 |
EMEA | 1,174 | 1,101 | 5,195 | 4,764 | ||||
Asia | 748 | 792 | 3,085 | 2,926 | ||||
Eliminations | (28) | (33) | (105) | (126) | ||||
Total net sales | $ | 3,729 | $ | 3,650 | $ | 15,395 | $ | 14,121 |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Adjusted EBITDA | ||||||||
Americas | $ | 100 | $ | 117 | $ | 336 | $ | 242 |
EMEA | 48 | 34 | 232 | 138 | ||||
Asia | 113 | 100 | 464 | 383 | ||||
Corporate-related costs (1)
| (26) | (24) | (94) | (88) | ||||
Restructuring and impairment costs (2)
| (10) | (5) | (40) | (25) | ||||
Purchase accounting amortization (3)
| (13) | (13) | (52) | (54) | ||||
Restructuring related activities (4)
| 8 | (1) | 2 | (6) | ||||
Stock based compensation | (9) | (8) | (34) | (29) | ||||
Depreciation | (76) | (75) | (290) | (298) | ||||
Other items (5)
| 5 | 13 | (1) | (4) | ||||
Earnings (loss) before interest and income taxes | 140 | 138 | 523 | 259 | ||||
Net financing charges | (46) | (43) | (195) | (215) | ||||
Other pension income (expense) | (21) | 4 | (33) | 10 | ||||
Income (loss) before income taxes | $ | 73 | $ | 99 | $ | 295 | $ | 54 |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||
Income available to shareholders | ||||||||
Net income (loss) attributable to Adient | $ | 135 | $ | 45 | $ | 205 | $ | (120) |
Weighted average shares outstanding | ||||||||
Basic weighted average shares outstanding | 93.7 | 94.8 | 94.5 | 94.8 | ||||
Effect of dilutive securities: | ||||||||
Stock options, unvested restricted stock and unvested performance share awards | 1.1 | 1.2 | 0.9 | - | ||||
Diluted weighted average shares outstanding | 94.8 | 96.0 | 95.4 | 94.8 |
• | Adjusted EBIT is defined as income before income taxes and noncontrolling interests excluding net financing charges, restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, other significant non-recurring items, and net mark-to-market adjustments on pension and postretirement plans. Adjusted EBIT margin is adjusted EBIT as a percentage of net sales. |
• | Adjusted EBITDA is defined as adjusted EBIT excluding depreciation and stock based compensation. Certain corporate-related costs are not allocated to the business segments in determining Adjusted EBITDA. Adjusted EBITDA margin is adjusted EBITDA as a percentage of net sales. Adjusted EBITDA excluding adjusted equity income, each as defined herein, is also presented. |
• | Adjusted net income attributable to Adient is defined as net income attributable to Adient excluding restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, expenses associated with becoming an independent company, other significant non-recurring items, net mark-to-market adjustments on pension and postretirement plans, the tax impact of these items and other discrete tax charges/benefits. |
• | Adjusted effective tax rate is defined as adjusted income tax provision as a percentage of adjusted income before income taxes. |
• | Adjusted earnings per share is defined as Adjusted net income attributable to Adient divided by diluted weighted average shares. |
• | Adjusted equity income is defined as equity income excluding amortization of Adient's intangible assets related to its non-consolidated joint ventures and other unusual or one-time items impacting equity income. |
• | Adjusted interest expense is defined as net financing charges excluding unusual or one-time items impacting interest expense. |
• | Free cash flow is defined as cash provided by operating activities less capital expenditures. |
• | Net debt is calculated as gross debt (short-term and long-term) less cash and cash equivalents. |
• | Net leverage ratio is calculated as net debt divided by LTM Adjusted EBITDA |
Three Months Ended September 30, | ||||||||||||
2023 | 2022 | |||||||||||
(in millions, except per share data) | GAAP Results | Adj. | Adjusted Results | GAAP Results | Adj. | Adjusted Results | ||||||
Net sales | $ | 3,729 | $ | - | $ | 3,729 | $ | 3,650 | $ | - | $ | 3,650 |
Cost of sales (6)
| 3,479 | - | 3,479 | 3,367 | 29 | 3,396 | ||||||
Gross profit | 250 | - | 250 | 283 | (29) | 254 | ||||||
Selling, general and administrative expenses (7)
| 127 | (3) | 124 | 159 | (28) | 131 | ||||||
Restructuring and impairment costs (2)
| 10 | (10) | - | 5 | (5) | - | ||||||
Equity income (loss) (8)
| 27 | (3) | 24 | 19 | 2 | 21 | ||||||
Earnings (loss) before interest and income taxes (EBIT) | 140 | 10 | 150 | 138 | 6 | 144 | ||||||
Memo accounts: | ||||||||||||
Depreciation | 76 | 75 | ||||||||||
Equity based compensation costs | 9 | 8 | ||||||||||
Adjusted EBITDA | $ | 235 | $ | 227 | ||||||||
Net financing charges (9)
| 46 | - | 46 | 43 | (5) | 38 | ||||||
Other pension expense (income) (10)
| 21 | (19) | 2 | (4) | 3 | (1) | ||||||
Income (loss) before income taxes | 73 | 29 | 102 | 99 | 8 | 107 | ||||||
Income tax provision (benefit) (11)
| (84) | 115 | 31 | 29 | - | 29 | ||||||
Net income (loss) attributable to Adient | 135 | (87) | 48 | 45 | 6 | 51 | ||||||
Diluted earnings (loss) per share | 1.42 | (0.91) | 0.51 | 0.47 | 0.06 | 0.53 | ||||||
Diluted weighted average shares | 94.8 | - | 94.8 | 96.0 | - | 96.0 |
Twelve Months Ended September 30, | ||||||||||||
2023 | 2022 | |||||||||||
(in millions, except per share data) | GAAP Results | Adj. | Adjusted Results | GAAP Results | Adj. | Adjusted Results | ||||||
Net sales | $ | 15,395 | $ | - | $ | 15,395 | $ | 14,121 | $ | - | $ | 14,121 |
Cost of sales (6)
| 14,362 | (2) | 14,360 | 13,314 | 26 | 13,340 | ||||||
Gross profit | 1,033 | 2 | 1,035 | 807 | (26) | 781 | ||||||
Selling, general and administrative expenses (7)
| 554 | (43) | 511 | 598 | (77) | 521 | ||||||
Restructuring and impairment costs (2)
| 40 | (40) | - | 25 | (25) | - | ||||||
Equity income (loss) (8)
| 84 | 6 | 90 | 75 | 13 | 88 | ||||||
Earnings (loss) before interest and income taxes (EBIT) | 523 | 91 | 614 | 259 | 89 | 348 | ||||||
Memo accounts: | ||||||||||||
Depreciation | 290 | 298 | ||||||||||
Equity based compensation costs | 34 | 29 | ||||||||||
Adjusted EBITDA | $ | 938 | $ | 675 | ||||||||
Net financing charges (9)
| 195 | (11) | 184 | 215 | (52) | 163 | ||||||
Other pension expense (income) (10)
| 33 | (27) | 6 | (10) | 6 | (4) | ||||||
Income (loss) before income taxes | 295 | 129 | 424 | 54 | 135 | 189 | ||||||
Income tax provision (benefit) (11)
| - | 123 | 123 | 94 | (3) | 91 | ||||||
Net income (loss) attributable to Adient | 205 | - | 205 | (120) | 131 | 11 | ||||||
Diluted earnings (loss) per share | 2.15 | - | 2.15 | (1.27) | 1.38 | 0.11 | ||||||
Diluted weighted average shares | 95.4 | - | 95.4 | 94.8 | 1.0 | 95.8 |
Segment Performance: | ||||||||||
Three months ended September 30, 2023 | ||||||||||
Americas | EMEA | Asia | Corporate/Eliminations | Consolidated | ||||||
Net sales | $ | 1,835 | $ | 1,174 | $ | 748 | $ | (28) | $ | 3,729 |
Adjusted EBITDA | $ | 100 | $ | 48 | $ | 113 | $ | (26) | $ | 235 |
Adjusted EBITDA margin | 5.4 | % | 4.1 | % | 15.1 | % | N/A | 6.3 | % | |
Three months ended September 30, 2022 | ||||||||||
Americas | EMEA | Asia | Corporate/Eliminations | Consolidated | ||||||
Net sales | $ | 1,790 | $ | 1,101 | $ | 792 | $ | (33) | $ | 3,650 |
Adjusted EBITDA | $ | 117 | $ | 34 | $ | 100 | $ | (24) | $ | 227 |
Adjusted EBITDA margin | 6.5 | % | 3.1 | % | 12.6 | % | N/A | 6.2 | % | |
Twelve months ended September 30, 2023 | ||||||||||
Americas | EMEA | Asia | Corporate/Eliminations | Consolidated | ||||||
Net sales | $ | 7,220 | $ | 5,195 | $ | 3,085 | $ | (105) | $ | 15,395 |
Adjusted EBITDA | $ | 336 | $ | 232 | $ | 464 | $ | (94) | $ | 938 |
Adjusted EBITDA margin | 4.7 | % | 4.5 | % | 15.0 | % | N/A | 6.1 | % | |
Twelve months ended September 30, 2022 | ||||||||||
Americas | EMEA | Asia | Corporate/Eliminations | Consolidated | ||||||
Net sales | $ | 6,557 | $ | 4,764 | $ | 2,926 | $ | (126) | $ | 14,121 |
Adjusted EBITDA | $ | 242 | $ | 138 | $ | 383 | $ | (88) | $ | 675 |
Adjusted EBITDA margin | 3.7 | % | 2.9 | % | 13.1 | % | N/A | 4.8 | % |
Three Months Ended September 30, | Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Adjusted EBITDA | $ | 235 | $ | 227 | $ | 938 | $ | 675 |
Less: Adjusted equity income | 24 | 21 | 90 | 88 | ||||
Adjusted EBITDA excluding adjusted equity income | $ | 211 | $ | 206 | $ | 848 | $ | 587 |
% of Sales | 5.8 | % | 5.6 | % | 6.0 | % | 4.2 | % |
Three Months Ended September 30, | ||||||||||
2023 | 2022 | |||||||||
(in millions, except effective tax rate) | Income (loss) before income taxes | Tax impact | Effective tax rate | Income (loss) before income taxes | Tax impact | Effective tax rate | ||||
As reported | $ | 73 | $ | (84) | * nm | $ | 99 | $ | 29 | 29.3% |
Adjustments (11)
| 29 | 115 | * nm | 8 | - | -% | ||||
As adjusted | $ | 102 | $ | 31 | 30.4% | $ | 107 | $ | 29 | 27.1% |
Twelve Months Ended September 30, | ||||||||||
2023 | 2022 | |||||||||
(in millions, except effective tax rate) | Income (loss) before income taxes | Tax impact | Effective tax rate | Income (loss) before income taxes | Tax impact | Effective tax rate | ||||
As reported | 295 | $ | - | -% | $ | 54 | $ | 94 | * nm | |
Adjustments (11)
| 129 | 123 | 95.3% | 135 | (3) | (2.2)% | ||||
As adjusted | $ | 424 | $ | 123 | 29.0% | $ | 189 | $ | 91 | 48.1% |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Net income (loss) attributable to Adient | $ | 135 | $ | 45 | $ | 205 | $ | (120) |
Restructuring and impairment costs (2)
| 10 | 5 | 40 | 25 | ||||
Purchase accounting amortization (3)
| 13 | 13 | 52 | 54 | ||||
Restructuring related activities (4)
| (8) | 1 | (2) | 6 | ||||
Pension mark-to-market and settlement (gain) loss (10)
| 19 | (3) | 27 | (6) | ||||
Write off of deferred financing charges upon repurchase of debt (9)
| - | 1 | 4 | 8 | ||||
Derivative loss on China transactions (9)
| - | - | - | 3 | ||||
Foreign exchange loss on intercompany loan in Russia (9)
| - | - | - | 3 | ||||
Premium paid on repurchase of debt (9)
| - | 4 | 7 | 38 | ||||
Other items (5)
| (5) | (13) | 1 | 4 | ||||
Impact of adjustments on noncontrolling interests (12)
| (1) | (2) | (6) | (7) | ||||
Tax impact of above adjustments and other tax items (11)
| (115) | - | (123) | 3 | ||||
Adjusted net income (loss) attributable to Adient | $ | 48 | $ | 51 | $ | 205 | $ | 11 |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Diluted earnings (loss) per share as reported | $ | 1.42 | $ | 0.47 | $ | 2.15 | $ | (1.27) |
Restructuring and impairment costs (2)
| 0.11 | 0.05 | 0.42 | 0.26 | ||||
Purchase accounting amortization (3)
| 0.14 | 0.14 | 0.55 | 0.58 | ||||
Restructuring related activities (4)
| (0.08) | 0.01 | (0.02) | 0.06 | ||||
Pension mark-to-market and settlement gain/loss (10)
| 0.20 | (0.03) | 0.28 | (0.06) | ||||
Write off of deferred financing charges upon repurchase of debt (9)
| - | 0.01 | 0.04 | 0.08 | ||||
Derivative loss on China transactions (9)
| - | - | - | 0.03 | ||||
Foreign exchange (gain) loss on intercompany loan in Russia (9)
| - | - | - | 0.03 | ||||
Premium paid on repurchase of debt (9)
| - | 0.04 | 0.07 | 0.40 | ||||
Other items (5)
| (0.05) | (0.14) | 0.01 | 0.04 | ||||
Impact of adjustments on noncontrolling interests (12)
| (0.01) | (0.02) | (0.06) | (0.07) | ||||
Tax impact of above adjustments and other tax items (11)
| (1.22) | - | (1.29) | 0.03 | ||||
Adjusted diluted earnings (loss) per share | $ | 0.51 | $ | 0.53 | $ | 2.15 | $ | 0.11 |
September 30, | ||||
(in millions) | 2023 | 2022 | ||
Cash | $ | 1,110 | $ | 947 |
Total debt | 2,535 | 2,578 | ||
Net debt | $ | 1,425 | $ | 1,631 |
LTM Adjusted EBITDA | $ | 938 | $ | 675 |
Net leverage ratio | 1.52 | 2.42 |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Operating cash flow | $ | 294 | $ | 236 | $ | 667 | $ | 274 |
Capital expenditures | (75) | (57) | (252) | (227) | ||||
Free cash flow | $ | 219 | $ | 179 | $ | 415 | $ | 47 |
FY23 | FY22 | |||||||
(in millions) | Q4 | YTD | Q4 | YTD | ||||
Adjusted EBITDA excluding adjusted equity income | $ | 211 | $ | 848 | $ | 206 | $ | 587 |
Dividends received from nonconsolidated partially-owned affiliates
| 20 | 56 | 62 | 89 | ||||
Restructuring (cash) | (11) | (60) | (9) | (57) | ||||
Net Customer Tooling | (7) | (47) | 32 | (4) | ||||
Trade Working Capital (Net AR/AP + Inventory) | 58 | 37 | (15) | (21) | ||||
Accrued Compensation | 16 | 57 | 2 | (43) | ||||
Interest paid | (38) | (145) | (58) | (192) | ||||
Tax refund/taxes paid | (20) | (94) | (14) | (77) | ||||
Non-income related taxes (VAT) | 9 | 4 | - | 33 | ||||
Commercial settlements | 51 | 87 | 31 | (35) | ||||
Capitalized engineering | (8) | (33) | (4) | 29 | ||||
Prepaids | 32 | (9) | 22 | 15 | ||||
Other | (19) | (34) | (19) | (50) | ||||
Operating cash flow | 294 | 667 | 236 | 274 | ||||
Capital expenditures | (75) | (252) | (57) | (227) | ||||
Free cash flow | $ | 219 | $ | 415 | $ | 179 | $ | 47 |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Restructuring charges | $ | (10) | $ | (3) | $ | (40) | $ | (15) |
Held for sale and other asset adjustments | - | - | - | (6) | ||||
Impairment charge associated with Russian operations | - | (2) | - | (4) | ||||
$ | (10) | $ | (5) | $ | (40) | $ | (25) |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Restructuring related charges | $ | (2) | $ | (1) | $ | (8) | $ | (6) |
Gain on sale of restructured facility | 10 | - | 10 | - | ||||
$ | 8 | $ | (1) | $ | 2 | $ | (6) |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Transaction costs | $ | - | $ | (1) | $ | (3) | $ | (8) |
Brazil indirect tax recoveries | 1 | 29 | 4 | 32 | ||||
Non-recurring contract related settlement | - | (14) | - | (14) | ||||
One-time divestiture gain at an affiliate | 4 | - | 4 | - | ||||
Loss on sale / impairment of nonconsolidated partially-owned affiliates
| - | (1) | (6) | (10) | ||||
Other | - | - | - | (4) | ||||
$ | 5 | $ | 13 | $ | (1) | $ | (4) |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Purchase accounting amortization | $ | - | $ | - | $ | (1) | $ | (1) |
Restructuring related charges | (1) | - | (5) | (4) | ||||
Brazil indirect tax recoveries | 1 | 29 | 4 | 32 | ||||
Other | - | - | - | (1) | ||||
$ | - | $ | 29 | $ | (2) | $ | 26 |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Purchase accounting amortization | $ | (12) | $ | (12) | $ | (49) | $ | (51) |
Gain on sale of restructured facility | 10 | - | 10 | - | ||||
Restructuring related charges | (1) | (1) | (1) | (1) | ||||
Transaction costs | - | (1) | (3) | (8) | ||||
Non-recurring contract related settlement | - | (14) | - | (14) | ||||
Other | - | - | - | (3) | ||||
$ | (3) | $ | (28) | $ | (43) | $ | (77) |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Purchase accounting amortization
| $ | 1 | $ | 1 | $ | 2 | $ | 2 |
Gain on sale of certain assets at affiliates in China | (4) | (7) | (4) | (7) | ||||
Restructuring related charges
| - | - | 2 | 1 | ||||
(Gain) loss on sale / impairment of nonconsolidated partially-owned affiliates
| - | 1 | 6 | 10 | ||||
Customer termination charge | - | 7 | - | 7 | ||||
$ | (3) | $ | 2 | $ | 6 | $ | 13 |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Premium paid on repurchase of debt | $ | - | $ | (4) | $ | (7) | $ | (38) |
Write off of deferred financing charges upon repurchase of debt | - | (1) | (4) | (8) | ||||
Derivative loss on China transactions | - | - | - | (3) | ||||
Foreign exchange loss on intercompany loan in Russia | - | - | - | (3) | ||||
$ | - | $ | (5) | $ | (11) | $ | (52) |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Mark-to-market adjustment gain (loss) | $ | (19) | $ | 3 | $ | (19) | $ | 7 |
One-time settlement and curtailment gain (loss) | - | - | (8) | (1) | ||||
$ | (19) | $ | 3 | $ | (27) | $ | 6 |
Three Months Ended September 30, |
Twelve Months Ended September 30, | |||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||
Tax rate change | $ | - | $ | - | $ | - | $ | 4 |
Brazil indirect tax recoveries | - | (7) | - | (4) | ||||
Valuation allowances | 112 | 8 | 111 | (4) | ||||
Amortization | 1 | 1 | 6 | 7 | ||||
Pension mark-to-market and settlement loss | 1 | - | 3 | - | ||||
Other reconciling items | 1 | (2) | 3 | (6) | ||||
$ | 115 | $ | - | $ | 123 | $ | (3) |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Adient plc published this content on 08 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2023 11:54:50 UTC.