Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 16, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ALV | |
Security Exchange Name | NYSE | |
Entity Registrant Name | AUTOLIV, INC. | |
Entity Central Index Key | 0001034670 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock (par value $1.00 per share) | |
Entity Common Stock, Shares Outstanding | 84,148,332 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-12933 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0378542 | |
Entity Address, Address Line One | Klarabergsviadukten 70, Section B7 | |
Entity Address, Address Line Two | Box 70381 | |
Entity Address, City or Town | Stockholm | |
Entity Address, Country | SE | |
Entity Address, Postal Zip Code | SE-107 24 | |
City Area Code | +46 8 | |
Local Phone Number | 587 20 600 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Income Statement [Abstract] | |||||
Net sales | $ 2,596 | $ 2,302 | $ 7,724 | $ 6,507 | |
Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | |
Cost of sales | $ (2,131) | $ (1,918) | $ (6,432) | $ (5,510) | |
Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember | |
Gross profit | $ 465 | $ 383 | $ 1,291 | $ 998 | |
Selling, general and administrative expenses | (118) | (105) | (379) | (333) | |
Research, development and engineering expenses, net | (107) | (106) | (343) | (325) | |
Amortization of intangibles | (1) | 0 | (1) | (2) | |
Other income (expense), net1) | [1] | (8) | (1) | (115) | 91 |
Operating income | 232 | 171 | 453 | 429 | |
Income from equity method investment | 1 | 1 | 4 | 3 | |
Interest income | 3 | 2 | 10 | 4 | |
Interest expense | (24) | (15) | (68) | (41) | |
Other non-operating items, net | (11) | (6) | (6) | (5) | |
Income before income taxes | 201 | 153 | 393 | 389 | |
Income tax expense | (67) | (47) | (131) | (121) | |
Net income | [2] | 134 | 106 | 262 | 268 |
Less: Net income attributable to non-controlling interest | 1 | 1 | 1 | 1 | |
Net income attributable to controlling interest | $ 134 | $ 105 | $ 261 | $ 267 | |
Net earnings per share - basic | $ 1.58 | $ 1.21 | $ 3.05 | $ 3.06 | |
Net earnings per share - diluted | $ 1.57 | $ 1.21 | $ 3.04 | $ 3.06 | |
Weighted average number of shares outstanding, net of treasury shares (in millions) | 84.9 | 87 | 85.5 | 87.2 | |
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) | 85 | 87.2 | 85.7 | 87.4 | |
Cash dividend per share - declared | $ 0.66 | $ 0.64 | $ 1.98 | $ 1.92 | |
Cash dividend per share – paid | $ 0.66 | $ 0.64 | $ 1.98 | $ 1.92 | |
[1] The nine months period ending September 30, 2022, includes a gain on sale of property of $ 80 million in Japan and a gain of $ 21 million from a patent litigation settlement. For the three months periods ended September 30, 2023 and 2022, the aggregate transaction gain (loss) included in net income for the period were $ ( 16 ) million and $ ( 11 ) million, respectively. For the nine months periods ended September 30, 2023 and 2022, the aggregate transaction gain (loss) included in net income for the period were $ ( 31 ) million and $ ( 26 ) million, respectively. |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Gain on sale of property | [1] | $ (8) | $ (1) | $ (115) | $ 91 |
Gain (loss) on aggregate transactions | $ (16) | $ (11) | $ (31) | (26) | |
Property gain Japan | |||||
Gain on sale of property | 80 | ||||
Europe | |||||
Patent litigation settlement | $ 21 | ||||
[1] The nine months period ending September 30, 2022, includes a gain on sale of property of $ 80 million in Japan and a gain of $ 21 million from a patent litigation settlement. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | [1] | $ 134 | $ 106 | $ 262 | $ 268 |
Other comprehensive income (loss) before tax: | |||||
Change in cumulative translation adjustments | (33) | (98) | (43) | (214) | |
Net change in unrealized components of defined benefit plans | 1 | (1) | 6 | 14 | |
Other comprehensive (loss), before tax | (32) | (99) | (37) | (200) | |
Tax effect allocated to other comprehensive income (loss) | 0 | 0 | (1) | (4) | |
Other comprehensive (loss), net of tax | (32) | (99) | (38) | (203) | |
Comprehensive income | 102 | 7 | 223 | 65 | |
Less: Comprehensive income (loss) attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Comprehensive income attributable to controlling interest | $ 101 | $ 7 | $ 223 | $ 65 | |
[1] For the three months periods ended September 30, 2023 and 2022, the aggregate transaction gain (loss) included in net income for the period were $ ( 16 ) million and $ ( 11 ) million, respectively. For the nine months periods ended September 30, 2023 and 2022, the aggregate transaction gain (loss) included in net income for the period were $ ( 31 ) million and $ ( 26 ) million, respectively. |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and cash equivalents | $ 475 | $ 594 | |
Receivables, net | 2,179 | 1,907 | |
Inventories, net | 982 | 969 | |
Prepaid expenses and accrued income | 180 | 160 | |
Other current assets | 63 | 84 | |
Total current assets | 3,879 | 3,714 | |
Property, plant and equipment, net | 2,067 | 1,960 | |
Operating lease right-of-use assets | 162 | 160 | |
Goodwill | 1,372 | 1,375 | |
Intangible assets, net | 6 | 7 | |
Other non-current assets | 500 | 502 | |
Total assets | 7,987 | 7,717 | |
Liabilities and equity | |||
Short-term debt | [1] | 590 | 711 |
Accounts payable | 1,858 | 1,693 | |
Accrued expenses | 1,093 | 915 | |
Operating lease liabilities - current | 37 | 39 | |
Other current liabilities | 274 | 283 | |
Total current liabilities | 3,851 | 3,642 | |
Long-term debt | [1] | 1,277 | 1,054 |
Pension liability | 152 | 154 | |
Operating lease liabilities - non-current | 125 | 119 | |
Other non-current liabilities | 96 | 121 | |
Total non-current liabilities | 1,649 | 1,450 | |
Common stock | 89 | 91 | |
Additional paid-in capital | 1,072 | 1,113 | |
Retained earnings | 2,242 | 2,310 | |
Accumulated other comprehensive loss | (560) | (522) | |
Treasury stock | (371) | (379) | |
Total controlling interest's equity | 2,473 | 2,613 | |
Non-controlling interest | 13 | 13 | |
Total equity | 2,486 | 2,626 | |
Total liabilities and equity | $ 7,987 | $ 7,717 | |
[1] Debt as reported in balance sheet. |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
Operating activities | |||
Net income | [1] | $ 262 | $ 268 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 281 | 273 | |
Gain on divestiture of property | 0 | (80) | |
Other, net | 1 | (44) | |
Net change in operating assets and liabilities | (8) | (168) | |
Net cash provided by operating activities | 535 | 251 | |
Investing activities | |||
Expenditures for property, plant and equipment | (420) | (418) | |
Proceeds from sale of property, plant and equipment | 1 | 98 | |
Net cash used in investing activities | (419) | (319) | |
Financing activities | |||
Net increase (decrease) in short-term debt | 115 | (110) | |
Proceeds from long-term debt | 557 | 251 | |
Repayment of long-term debt | (533) | (302) | |
Dividends paid | (169) | (167) | |
Stock repurchased | (202) | (60) | |
Common stock options exercised | 1 | 0 | |
Dividend paid to non-controlling interest | (1) | (1) | |
Net cash used in financing activities | (232) | (389) | |
Effect of exchange rate changes on cash and cash equivalents | (3) | (28) | |
Net decrease in cash and cash equivalents | (119) | (486) | |
Cash and cash equivalents at beginning of period | 594 | 969 | |
Cash and cash equivalents at end of period | $ 475 | $ 483 | |
[1] For the three months periods ended September 30, 2023 and 2022, the aggregate transaction gain (loss) included in net income for the period were $ ( 16 ) million and $ ( 11 ) million, respectively. For the nine months periods ended September 30, 2023 and 2022, the aggregate transaction gain (loss) included in net income for the period were $ ( 31 ) million and $ ( 26 ) million, respectively. |
CONSOLIDATED STATEMENTS OF TOTA
CONSOLIDATED STATEMENTS OF TOTAL EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total controlling interest's equity | Non-controlling interest | ||
Balance at Dec. 31, 2021 | $ 2,648 | $ 103 | $ 1,329 | $ 2,742 | $ (408) | $ (1,133) | $ 2,633 | $ 15 | ||
Comprehensive Loss: | ||||||||||
Net income | 83 | 83 | 83 | 0 | ||||||
Foreign currency translation adjustment | 6 | 6 | 6 | 0 | ||||||
Pension liability | 8 | 8 | 8 | |||||||
Comprehensive income | 98 | 83 | 14 | 97 | 0 | |||||
Retired and repurchased shared | (18) | 0 | (4) | (13) | (18) | |||||
Stock-based compensation | 2 | 2 | 2 | |||||||
Cash dividends declared | (56) | (56) | (56) | |||||||
Balance at Mar. 31, 2022 | 2,674 | 103 | 1,325 | 2,755 | (393) | (1,131) | 2,659 | 15 | ||
Balance at Dec. 31, 2021 | 2,648 | 103 | 1,329 | 2,742 | (408) | (1,133) | 2,633 | 15 | ||
Comprehensive Loss: | ||||||||||
Net income | [1] | 268 | ||||||||
Comprehensive income | 65 | |||||||||
Balance at Sep. 30, 2022 | 2,491 | 102 | 1,315 | 2,797 | (610) | (1,125) | 2,478 | 13 | ||
Balance at Mar. 31, 2022 | 2,674 | 103 | 1,325 | 2,755 | (393) | (1,131) | 2,659 | 15 | ||
Comprehensive Loss: | ||||||||||
Net income | 79 | 79 | 79 | 0 | ||||||
Foreign currency translation adjustment | (122) | (121) | (121) | (1) | ||||||
Pension liability | 3 | 3 | 3 | |||||||
Comprehensive income | (40) | 79 | (119) | 0 | (40) | (1) | ||||
Retired and repurchased shared | (22) | 0 | (6) | (16) | (22) | |||||
Stock-based compensation | 2 | 2 | 2 | |||||||
Cash dividends declared | (56) | (56) | (56) | |||||||
Balance at Jun. 30, 2022 | 2,558 | 102 | 1,319 | 2,762 | (512) | (1,128) | 2,544 | 15 | ||
Comprehensive Loss: | ||||||||||
Net income | 106 | [1] | 105 | 105 | 1 | |||||
Foreign currency translation adjustment | (99) | (98) | (98) | (1) | ||||||
Pension liability | (1) | (1) | (1) | |||||||
Comprehensive income | 7 | 105 | (98) | 7 | 0 | |||||
Retired and repurchased shared | (20) | 0 | (4) | (15) | (20) | |||||
Stock-based compensation | 3 | 3 | 3 | |||||||
Dividends paid to non-controlling interest on subsidiary shares | (1) | (1) | ||||||||
Cash dividends declared | (56) | (56) | (56) | |||||||
Balance at Sep. 30, 2022 | 2,491 | 102 | 1,315 | 2,797 | (610) | (1,125) | 2,478 | 13 | ||
Balance at Dec. 31, 2022 | 2,626 | 91 | 1,113 | 2,310 | (522) | (379) | 2,613 | 13 | ||
Comprehensive Loss: | ||||||||||
Net income | 74 | 74 | 74 | 0 | ||||||
Foreign currency translation adjustment | 36 | 36 | 36 | 0 | ||||||
Pension liability | 0 | 0 | 0 | |||||||
Comprehensive income | 110 | 74 | 35 | 110 | 0 | |||||
Retired and repurchased shared | (42) | 0 | (9) | (33) | (42) | |||||
Stock-based compensation | 3 | 3 | 3 | |||||||
Cash dividends declared | (57) | (57) | (57) | |||||||
Balance at Mar. 31, 2023 | 2,641 | 91 | 1,105 | 2,295 | (487) | (376) | 2,627 | 14 | ||
Balance at Dec. 31, 2022 | 2,626 | 91 | 1,113 | 2,310 | (522) | (379) | 2,613 | 13 | ||
Comprehensive Loss: | ||||||||||
Net income | [1] | 262 | ||||||||
Comprehensive income | 223 | |||||||||
Balance at Sep. 30, 2023 | 2,486 | 89 | 1,072 | 2,242 | (560) | (371) | 2,473 | 13 | ||
Balance at Mar. 31, 2023 | 2,641 | 91 | 1,105 | 2,295 | (487) | (376) | 2,627 | 14 | ||
Comprehensive Loss: | ||||||||||
Net income | 53 | 53 | 53 | 0 | ||||||
Foreign currency translation adjustment | (46) | (45) | (45) | (1) | ||||||
Pension liability | 4 | 4 | 4 | |||||||
Comprehensive income | 12 | 53 | (41) | 12 | 0 | |||||
Retired and repurchased shared | (41) | 0 | (9) | (31) | (41) | |||||
Stock-based compensation | 3 | 3 | 3 | |||||||
Dividends paid to non-controlling interest on subsidiary shares | (1) | 0 | (1) | |||||||
Cash dividends declared | (56) | 0 | 56 | |||||||
Balance at Jun. 30, 2023 | 2,557 | 90 | 1,096 | 2,260 | (527) | (374) | 2,545 | 13 | ||
Comprehensive Loss: | ||||||||||
Net income | 134 | [1] | 134 | 134 | 1 | |||||
Foreign currency translation adjustment | (33) | (33) | (33) | 0 | ||||||
Pension liability | 1 | 1 | 1 | |||||||
Comprehensive income | 102 | 134 | 32 | 101 | 0 | |||||
Retired and repurchased shared | (120) | (1) | (23) | (95) | (120) | |||||
Stock-based compensation | 3 | 3 | 3 | |||||||
Cash dividends declared | (56) | (56) | (56) | |||||||
Balance at Sep. 30, 2023 | $ 2,486 | $ 89 | $ 1,072 | $ 2,242 | $ (560) | $ (371) | $ 2,473 | $ 13 | ||
[1] For the three months periods ended September 30, 2023 and 2022, the aggregate transaction gain (loss) included in net income for the period were $ ( 16 ) million and $ ( 11 ) million, respectively. For the nine months periods ended September 30, 2023 and 2022, the aggregate transaction gain (loss) included in net income for the period were $ ( 31 ) million and $ ( 26 ) million, respectively. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 134 | $ 105 | $ 261 | $ 267 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete consolidated financial statements. The unaudited condensed consolidated financial statements have been prepared on the same basis as the prior year audited consolidated financial statements and all adjustments considered necessary for a fair presentation have been included in the consolidated financial statements. All such adjustments are of a normal recurring nature. The results for the interim period are not necessarily indicative of the results to be expected for any future period or for the fiscal year ending December 31, 2023. The Condensed Consolidated Balance Sheet as of December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all the information and footnotes required by U.S. GAAP for complete consolidated financial statements. The Company has one reportable segment, which includes Autoliv’s airbag and seatbelt products and components. Certain amounts in the condensed consolidated financial statements and associated notes may not reconcile due to rounding. All percentages have been calculated using unrounded amounts. Certain amounts in prior periods have been reclassified to conform to current year presentation. Statements in this report that are not of historical fact are forward-looking statements that involve risks and uncertainties that could affect the actual results of the Company. A description of the important factors that could cause Autoliv’s actual results to differ materially from the forward-looking statements contained in this report may be found in this report and Autoliv’s other reports filed with the Securities and Exchange Commission (the “SEC”). For further information, refer to the consolidated financial statements, footnotes and definitions thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 16, 2023 . |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | 2. NEW ACCOU NTING STANDARDS Changes to U.S. GAAP are established by the Financial Accounting Standards Board ( “FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). Adoption of new accounting standards In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50), Disclosure of Supplier Finance Program Obligations , which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. During the fiscal year of adoption, the information on the key terms of the programs and the balance sheet presentation of the program obligations, which are annual disclosure requirements, should be disclosed in each interim period. The amendments in this update should be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on roll-forward information, which should be applied prospectively. The Company adopted ASU 2022-04 as of January 1, 2023. The Company has an agreement with an external payment service provider to facilitate the payments to certain suppliers. The outstanding obligations confirmed towards the external payment service provider are recorded in Accounts Payable in the Condensed Consolidated Balance Sheet until payment has been effected. The Company has undertaken to make sure the payment is effected on the original invoice maturity date. The payment terms range between 30 days and 165 days, with a weighted average of 127 days. The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance program for the nine months period ended September 30, 2023 is as follows (dollars in millions): Nine Months Ended September 30, 2023 Confirmed obligations outstanding at beginning of the period $ 314 Invoices confirmed during the period 1,046 Confirmed invoices paid during the period ( 1,030 ) Confirmed obligations outstanding at end of the period 1) $ 330 1) Amount of obligations confirmed under the program that remains unpaid by the Company is reported as Accounts Payable in the Condensed Consolidated Balance Sheet. Accounting standards issued but not yet adopted None. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. FAIR VALU E MEASUREMENTS Assets and liabilities measured at fair value on a recurring basis The carrying value of cash and cash equivalents, accounts receivable, accounts payable, short-term debt and other current financial assets and liabilities approximate their fair value because of the short-term maturity of these instruments. The Company uses derivative financial instruments (“derivatives”) as part of its debt management to mitigate the market risk that occurs from its exposure to changes in interest rates and foreign exchange rates. The Company does not enter into derivatives for trading or other speculative purposes. The Company’s use of derivatives is in accordance with the strategies contained in the Company’s overall financial policy. All derivatives are recognized in the consolidated financial statements at fair value. For certain derivatives, hedge accounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does not meet the hedge accounting requirements, although each hedge is entered into applying the same rationale concerning mitigating market risk that occurs from changes in interest rates and foreign exchange rates. The degree of judgment utilized in measuring the fair value of the instruments generally correlates to the level of pricing observability. Pricing observability is impacted by several factors, including the type of asset or liability, whether the asset or liability has an established market and the characteristics specific to the transaction. Instruments with readily active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, assets rarely traded or not quoted will generally have less, or no, pricing observability and a higher degree of judgment utilized in measuring fair value. All the Company’s derivatives are classified as Level 2 financial instruments in the fair value hierarchy. Level 2 pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed. The carrying value is the same as the fair value as these instruments are recognized in the consolidated financial statements at fair value. Although the Company is party to close-out netting agreements (“ISDA agreements”) with all derivative counterparties, the fair values in the tables below and in the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 have been presented on a gross basis. According to the ISDA agreements, transaction amounts payable to a counterparty on the same date and in the same currency can be netted. The amounts subject to netting agreements that the Company chose not to offset are presented below. Derivatives designated as hedging instruments There were no derivatives designated as hedging instruments as of September 30, 2023 or December 31, 2022 related to the Company's operations. Derivatives not designated as hedging instruments Derivatives not designated as hedging instruments relate to economic hedges and are marked to market with all amounts recognized in the Consolidated Statements of Income. The derivatives no t designated as hedging instruments outstanding as of September 30, 2023 and December 31, 2022 were foreign exchange swaps. For the three months periods ended September 30, 2023 and 2022, the gains (losses) recognized in other non-operating items, net were $ 12 million and $( 9 ) million, respectively, for derivative instruments not designated as hedging instruments. For the nine months periods ended September 30, 2023 and 2022, the gains (losses) recognized in other non-operating items, net were $ 21 million and $( 24 ) million, respectively. The realized part of the losses referred to above is reported under financing activities in the statement of cash flows. For the three and nine months periods ended September 30, 2023 and September 30, 2022, the gains (losses) recognized as interest expense were immaterial. The tables below present information about the Company’s derivative financial assets and liabilities measured at fair value on a recurring basis (dollars in millions). As of September 30, 2023 December 31, 2022 Fair Value Measurements Fair Value Measurements Description Nominal Derivative Derivative Nominal Derivative Derivative Derivatives not designated as hedging Foreign exchange swaps, less $ 2,016 1) $ 13 2) $ 25 3) $ 2,616 4) $ 22 5) $ 15 6) Total derivatives not designated $ 2,016 $ 13 $ 25 $ 2,616 $ 22 $ 15 1) Net nominal amount after deducting for offsetting swaps under ISDA agree ments is $ 2,016 million. 2) Net amount after deducting for offsetting swaps under ISDA agreements is $ 13 million. 3) Net amount after deducting for offsetting swaps under ISDA agreements is $ 25 million . 4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $ 2,616 million. 5) Net amount after deducting for offsetting swaps under ISDA agreements is $ 22 million. 6) Net amount after deducting for offsetting swaps under ISDA agreements is $ 15 million. Fair Value of Debt The fair value of long-term debt is determined either from quoted market prices as provided by participants in the secondary market or for long-term debt without quoted market prices, estimated using a discounted cash flow method based on the Company’s current borrowing rates for similar types of financing. The Company has determined that each of these fair value measurements of debt reside within Level 2 of the fair value hierarchy. During the first quarter of 2023, the Company issued a five-year € 500 million Eurobond. These notes were issued as green bonds. In the second quarter of 2023, the Company repaid the € 500 million for the five-year Eurobond that matured in June 2023. The fair value and carrying value of debt is summarized in the table below (dollars in millions). As of September 30, 2023 December 31, 2022 Carrying 1) Fair Carrying 1) Fair Long-term debt Bonds $ 1,000 $ 980 $ 767 $ 735 Loans 277 282 287 292 Total long-term debt 1,277 1,262 1,054 1,027 Short-term debt Short-term portion of long-term debt 297 295 533 527 Overdrafts and other short-term debt 293 293 178 178 Total short-term debt $ 590 $ 588 $ 711 $ 705 1) Debt as reported in balance sheet. Assets and liabilities measured at fair value on a nonrecurring basis In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also has assets and liabilities in its balance sheet that are measured at fair value on a nonrecurring basis, including certain long-lived assets, including equity method investments, goodwill and other intangible assets, typically as it relates to impairment. The Company has determined that the fair value measurements included in each of these assets and liabilities rely primarily on Company-specific inputs and the Company’s assumptions about the use of the assets and settlements of liabilities, as observable inputs are not available. The Company has determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy. To determine the fair value of long-lived assets, the Company utilizes the projected cash flows expected to be generated by the long-lived assets, then discounts the future cash flows over the expected life of the long-lived assets. For the three and nine months periods ended September 30, 2023 and September 30, 2022, the Company did no t record any material impairment charges on its long-lived assets for its operations. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 4. INCO ME TAXES The effective tax rate for the three months period ended September 30, 2023 was 33.4 % compared to 30.8 % for the three months period ended September 30, 2022. Discrete tax items, net for the three months period ended September 30, 2023 had an unfavorable impact of 0.2 % . Discrete tax items, net for the three months period ended September 30, 2022 had an unfavorable impact of 1.4 % . The effective tax rate for the nine months period ended September 30, 2023 was 33.4 % compared to 31.1 % for the nine months period ended September 30, 2022. Discrete tax items, net for the nine months period ended September 30, 2023 had a favorable impact of 0.6 % . Discrete tax items, net for the nine months period ended September 30, 2022 had an unfavorable impact of 1.2 % . The Company files income tax returns in the U.S. federal jurisdiction, various U.S. states and non-U.S. jurisdictions. At any given time, the Company is undergoing tax audits in several tax jurisdictions covering multiple years. The Company is no longer subject to income tax examination by the U.S. federal income tax authorities for years prior to 2015. With few exceptions, the Company is no longer subject to income tax examination by U.S. state or local tax authorities or by non-U.S. tax authorities for years before 2012. As of September 30, 2023, the Company is not aware of any proposed income tax adjustments resulting from tax examinations that would have a material impact on the Company’s condensed consolidated financial statements. The conclusion of such audits could result in additional increases or decreases to unrecognized tax benefits in some future period or periods. During the nine months period ended September 30, 2023, the Company recorded a net increase of $ 7 million to income tax reserves for unrecognized tax benefits based on tax positions related to the current year, including accruing additional interest related to unrecognized tax benefits from prior years. Of the total unrecognized tax benefits of $ 53 million recorded as of September 30, 2023, $ 16 million is classified as current tax payable within Other current liabilities and $ 37 million is classified as non-current tax payable within Other non-current liabilities on the Condensed Consolidated Balance Sheet. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. INV ENTORIES Inventories are stated at the lower of cost ( “FIFO”) and net realizable value. The components of inventories were as follows (dollars in millions): As of September 30, 2023 December 31, 2022 Raw materials $ 454 $ 445 Work in progress 325 350 Finished products 289 265 Inventories 1,068 1,060 Inventory valuation reserve ( 87 ) ( 91 ) Total inventories, net of reserve $ 982 $ 969 |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 6. REST RUCTURING As of September 30, 2023 , approximately $ 105 million of the $ 122 million in total reserve balance can be attributed to footprint optimization activities in Europe, mainly Germany and the United Kingdom (UK) amounting to $ 89 million. These activities are expected to be concluded during 2024 and 2025. The provision charges for the three and nine months periods ended September 30, 2023 mainly relate to restructuring activities in Germany and UK. The cash payments for the three and nine months periods ended September 30, 2023 relate to restructuring activities in Europe. The majority of the cash payments for the nine months period ended September 30, 2022 mainly related to footprint optimization activities in Asia. The table below summarizes the change in the balance sheet position of the employee-related restructuring reserves (dollars in millions). The restructuring reserve balances are included within Accrued expenses in the Condensed Consolidated Balance Sheets. The changes in the employee-related reserves have been charged against Other income (expense), net in the Consolidated Statements of Income. Restructuring costs other than employee related costs are immaterial for all periods presented. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Reserve at beginning of the period $ 127 $ 45 $ 32 $ 88 Provision - charge 8 2 118 14 Provision - reversal ( 1 ) ( 1 ) ( 1 ) ( 1 ) Cash payments ( 9 ) ( 9 ) ( 24 ) ( 59 ) Translation difference ( 3 ) ( 3 ) ( 2 ) ( 8 ) Reserve at end of the period $ 122 $ 34 $ 122 $ 34 |
Product-Related Liabilities
Product-Related Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Product Warranties Disclosures [Abstract] | |
Product-Related Liabilities | 7. PRODUCT-REL ATED LIABILITIES The Company is exposed to product liability and warranty claims in the event that the Company’s products fail to perform as represented and such failure results, or is alleged to result, in bodily injury, and/or property damage or other loss. The Company has reserves for product risks. Such reserves are related to product performance issues, including recalls, product liability and warranty issues. For further explanation, see Note 9. Contingent Liabilities below. For the three and nine months periods ended September 30, 2023, provisions primarily relate to warranty related issues and cash payments mainly relate to the Andrews litigation settlement. For the three and nine months periods ended September 30, 2022, provisions and cash payments primarily related to warranty related issues. As of September 30, 2023, the reserve for product related liabilities mainly relate to recall related issues. The table below summarizes the change in the balance sheet position of the product-related liabilities (dollars in millions). The reserve for product related liabilities is included in accrued expenses and other non-current liabilities on the Condensed Consolidated Balance Sheets. A majority of the Company’s product-related liabilities as of September 30, 2023 are covered by insurance. Insurance receivables are included within other current assets and other non-current assets on the Condensed Consolidated Balance Sheets. As of September 30, 2023, the Company had total insurance receivables of $ 120 million. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Reserve at beginning of the period $ 178 $ 145 $ 145 $ 144 Change in reserve 3 5 46 17 Cash payments ( 61 ) ( 3 ) ( 71 ) ( 12 ) Translation difference ( 0 ) ( 2 ) ( 1 ) ( 3 ) Reserve at end of the period $ 120 $ 146 $ 120 $ 146 |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 8. RETIR EMENT PLANS The components of total Net Periodic Benefit Cost associated with the Company’s defined benefit retirement plans are as follows (dollars in millions): U.S. Plans Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest cost $ 3 $ 3 $ 9 $ 9 Expected return on plan assets ( 3 ) ( 7 ) ( 8 ) ( 11 ) Settlement loss 1 2 1 3 Net periodic benefit cost $ 1 $ ( 2 ) $ 2 $ 1 Non-U.S. Plans Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Service cost $ 2 $ 2 $ 7 $ 7 Interest cost 2 1 7 4 Expected return on plan assets ( 1 ) ( 0 ) ( 2 ) ( 1 ) Amortization of actuarial loss 1 1 1 1 Settlement/curtailment gain 0 ( 0 ) 0 ( 5 ) Net periodic benefit cost (gain) $ 4 $ 4 $ 13 $ 6 The Service cost component in the table above is reported among other employee compensation costs in the Consolidated Statements of Income. The remaining components - Interest cost, Expected return on plan assets, Amortization of actuarial loss, Settlement loss (gain) and Curtailment gain - are reported as Other non-operating items, net in the Consolidated Statements of Income. The Company triggered settlement accounting for the primary U.S. pension plan in the third quarter of 2023 because the lump-sum payments made during the quarter exceeded the sum of Service cost and Interest cost for this U.S. plan. Due to the settlement accounting, the obligation and plan assets for the primary U.S. plan have been re-measured as of September 30, 2023, which resulted in an immaterial change in the net pension liability compared to December 31, 2022 . The discount rate used to determine the U.S. net periodic benefit cost because of the re-measurement was changed from 5.32 % to 5.98 % in the third quarter of 2023. The expected long-term rate of return on plan asset is unchanged at 5.05 %. |
Contingent Liabilities
Contingent Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | 9. CONTINGE NT LIABILITIES Legal Proceedings Various claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters that arise in the ordinary course of its business activities with respect to commercial, product liability and other matters. Litigation is subject to many uncertainties, and the outcome of any litigation cannot be assured. After discussions with counsel, and with the exception of losses resulting from the antitrust proceedings described below, it is the opinion of management that the various legal proceedings and investigations to which the Company currently is a party will not have a material adverse impact on the consolidated financial position of Autoliv, but the Company cannot provide assurance that Autoliv will not experience material litigation, product liability or other losses in the future. ANTITRUST MATTERS Authorities in several jurisdictions have conducted broad, and in some cases, long-running investigations of suspected anti-competitive behavior among parts suppliers in the global automotive vehicle industry. These investigations included, but are not limited to, the products that the Company sells. In addition to concluded matters, authorities of other countries with significant light vehicle manufacturing or sales may initiate similar investigations. PRODUCT WARRANTY, RECALLS AND INTELLECTUAL PROPERTY Autoliv is exposed to various claims for damages and compensation if its products fail to perform as expected. Such claims can be made, and result in costs and other losses to the Company, even where the product is eventually found to have functioned properly. Where a product (actually or allegedly) fails to perform as expected or is defective, the Company may face warranty and recall claims. Where such (actual or alleged) failure or defect results, or is alleged to result, in bodily injury and/or property damage, the Company may also face product liability and other claims. There can be no assurance that the Company will not experience material warranty, recall or product (or other) liability claims or losses in the future, or that the Company will not incur significant costs to defend against such claims. The Company may be required to participate in a recall involving its products. Each vehicle manufacturer has its own practices regarding product recalls and other product liability actions relating to its suppliers. As suppliers become more integrally involved in the vehicle design process and assume more of the vehicle assembly functions, vehicle manufacturers are increasingly looking to their suppliers for contribution when faced with recalls and product liability claims. Government safety regulators may also play a role in warranty and recall practices. Recall decisions regarding the Company’s products may require a significant amount of judgment by us, our customers and safety regulators and are influenced by a variety of factors. Once a recall has been made, the cost of a recall is also subject to a significant amount of judgment and discussions between the Company and its customers. A warranty, recall or product-liability claim brought against the Company in excess of its insurance may have a material adverse effect on the Company’s business. Vehicle manufacturers are also increasingly requiring their outside suppliers to guarantee or warrant their products and bear the costs of repair and replacement of such products under new vehicle warranties. A vehicle manufacturer may attempt to hold the Company responsible for some, or all, of the repair or replacement costs of products when the product supplied did not perform as represented by us or expected by the customer in either a warranty or a recall situation. Accordingly, the future costs of warranty or recall claims by the customers may be material. However, the Company believes its established reserves are adequate. Autoliv’s warranty reserves are based upon the Company’s best estimates of amounts necessary to settle future and existing claims. The Company regularly evaluates the adequacy of these reserves and adjusts them when appropriate. However, the final amounts actually due related to these matters could differ materially from the Company’s recorded estimates. In addition, as vehicle manufacturers increasingly use global platforms and procedures, quality performance evaluations are also conducted on a global basis. Any one or more quality, warranty or other recall issue(s) (including those affecting few units and/or having a small financial impact) may cause a vehicle manufacturer to implement measures such as a temporary or prolonged suspension of new orders, which may have a material impact on the Company’s results of operations. The Company maintains a program of insurance, which may include commercial insurance, self-insurance, or a combination of both approaches, for potential recall and product liability claims in amounts and on terms that it believes are reasonable and prudent based on our prior claims experience. The Company’s insurance policies generally include coverage of the costs of a recall, although costs related to replacement parts are generally not covered. In addition, a number of the agreements entered into by the Company, including the Spin-off Agreements, require Autoliv to indemnify the other parties for certain claims. Autoliv cannot assure that the level of coverage will be sufficient to cover every possible claim that can arise in our businesses or with respect to other obligations, now or in the future, or that such coverage always will be available should we, now or in the future, wish to extend, increase or otherwise adjust our insurance. Product Liability : In June 2023, several Autoliv subsidiaries were named as defendants in a class action lawsuit filed in the United States District Court for the Eastern District of Michigan by David Anderson, et al. These subsidiaries were also named defendants in a class action filed in the Western District of Tennessee in September 2022. The plaintiffs in these lawsuits (the "ARC Inflator Class Action") generally allege that the defendants have violated various state competition, warranty, and trade practice laws relating to ARC inflators included in airbag modules that the defendants allegedly supplied after Autoliv acquired certain Delphi assets (the "Delphi Acquisition") in December 2009. The Company denies these allegations. Autoliv is not aware of any performance issues regarding ARC inflators included with its airbags at the directions of its customers that it shipped following the Delphi Acquisition. The Company has determined pursuant to ASC 450 that a loss is reasonably possible with respect to the ARC Inflator Class Action. However, the Company continues to evaluate this matter, no accrual has been made, and no estimated range of potential loss can be determined at this time. The Company cannot predict the ultimate outcome of the ARC Inflator Class Action. Specific Recalls: In the fourth quarter of 2020, the Company was made aware of a potential recall by American Honda Motor Co. and the recall of approximately 449,000 vehicles relating to the malfunction of front seat belt buckles was announced on March 9, 2023 (the “Honda Buckle Recall ”). The Company determined pursuant to ASC 450 that a loss with respect to the Honda Buckle Recall is probable and accrued an amount that is reflected in the total product liability accrual in the fourth quarter of 2020 and increased the accrual in the fourth quarter of 2021. The amount by which the product liability accrual exceeds the product liability insurance receivable with respect to the Honda Buckle Recall is $ 27 million and includes self-insurance retention costs and deductibles. The ultimate loss to the Company of the Honda Buckle Recall could be materially different from the amount the Company has accrued. Volvo Car USA, LLC (together with its affiliates, “Volvo” ) has recalled approximately 762,000 vehicles relating to the malfunction of inflators produced by ZF (the “ZF Inflator Recall”). The recalled ZF inflators were included in airbag modules supplied by the Company only to Volvo. The recall commenced in November 2020 and later expanded in September 2021. Because the Company’s airbags were involved with the ZF Inflator Recall, the Company has determined pursuant to ASC 450 that a loss is reasonably possible with respect to the ZF Inflator Recall. The Company continues to evaluate this matter with Volvo and ZF and no accrual has been made. Although the Company currently estimates a range of $ 0 to $ 43 million with respect to this potential loss, the Company anticipates that any losses net of insurance claims and claims against ZF will be immaterial. Intellectual Property: In its products, the Company utilizes technologies which may be subject to intellectual property rights of third parties. While the Company does seek to procure the necessary rights to utilize intellectual property rights associated with its products, it may fail to do so. Where the Company so fails, the Company may be exposed to material claims from the owners of such rights. Where the Company has sold products which infringe upon such rights, its customers may be entitled to be indemnified by the Company for the claims they suffer as a result thereof. Such claims could be material. The table in Note 7 above summarizes the change in the balance sheet position of the product-related liabilities. |
Stock Incentive Plan
Stock Incentive Plan | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Incentive Plan | 10. STOCK IN CENTIVE PLAN Eligible employees and non-employee directors of the Company participate in the Autoliv, Inc.1997 Stock Incentive Plan, as amended, (“the Plan”), and receive Autoliv stock-based awards which include restricted stock units (“RSUs”) and performance stock units (“PSUs”) and in the past included stock options. For the three and nine months periods ended September 30, 2023, the Company recorded approximately $ 3 million and $ 8 million, respectively, in stock-based compensation expense related to RSUs and PSUs. For the three and nine months periods ended September 30, 2022, the Company recorded approximately $ 3 million and $ 7 million, respectively, in stock-based compensation expense related to RSUs and PSUs. During the three and nine months periods ended September 30, 2023 , approximately 8 thousand and 120 thousand shares of common stock from the treasury stock were utilized by the Plan. During the three and nine months periods ended September 30, 2022 , approximately 5 thousand and 144 thousand shares, respectively, of common stock from the treasury stock were utilized by the Pl an. |
Earnings per share
Earnings per share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per share | 11. EARNING S PER SHARE The computation of basic and diluted earnings per share is set forth in the table below. Anti-dilutive shares outstanding were immaterial for all periods presented below. Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share amounts) 2023 2022 2023 2022 Numerator: Basic and diluted: Net income attributable to controlling interest $ 134 $ 105 $ 261 $ 267 Denominator: Basic: Weighted average common stock 84.9 87.0 85.5 87.2 Add: Weighted average stock options/share awards 0.2 0.2 0.2 0.2 Diluted weighted average common stock: 85.0 87.2 85.7 87.4 Net earnings per share - basic $ 1.58 $ 1.21 $ 3.05 $ 3.06 Net earnings per share - diluted $ 1.57 $ 1.21 $ 3.04 $ 3.06 |
Revenue Disaggregation
Revenue Disaggregation | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Disaggregation | 12. REVENUE DISAGGREGATION The Company’s disaggregated revenue for the three and nine months periods ended September 30, 2023 and September 30, 2022 were as follows (dollars in millions). Net Sales by Products Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Airbags, Steering Wheels and Other 1) $ 1,761 $ 1,510 $ 5,191 $ 4,226 Seatbelt Products and Other 1) 835 792 2,533 2,281 Total net sales $ 2,596 $ 2,302 $ 7,724 $ 6,507 Net Sales by Region Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 China $ 538 $ 537 $ 1,488 $ 1,347 Asia, excl. China 495 418 1,449 1,197 Americas 918 794 2,665 2,225 Europe 646 552 2,122 1,738 Total net sales $ 2,596 $ 2,302 $ 7,724 $ 6,507 1) Including Corporate sales. Contract Balances Contract assets relate to the Company's rights to consideration for work completed but not billed (generally in conjunction with contracts for which revenue is recognized over time) at the reporting date on production parts and is included in Other current assets in the Condensed Consolidated Balance Sheet. The contract assets are reclassified into the receivables balance when the rights to receive payments become unconditional. The net change in the contract assets balance, reflecting the adjustments needed to align revenue recognition for work completed but not billed, for the three and nine months periods ended September 30, 2023 and September 30, 2022 , were not material in any period. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. SUBSE QUENT EVENTS There were no reportable events subsequent to September 30, 2023 . |
New Accounting Standards (Polic
New Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
New Accounting Standards | Changes to U.S. GAAP are established by the Financial Accounting Standards Board ( “FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). Adoption of new accounting standards In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50), Disclosure of Supplier Finance Program Obligations , which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. During the fiscal year of adoption, the information on the key terms of the programs and the balance sheet presentation of the program obligations, which are annual disclosure requirements, should be disclosed in each interim period. The amendments in this update should be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on roll-forward information, which should be applied prospectively. The Company adopted ASU 2022-04 as of January 1, 2023. The Company has an agreement with an external payment service provider to facilitate the payments to certain suppliers. The outstanding obligations confirmed towards the external payment service provider are recorded in Accounts Payable in the Condensed Consolidated Balance Sheet until payment has been effected. The Company has undertaken to make sure the payment is effected on the original invoice maturity date. The payment terms range between 30 days and 165 days, with a weighted average of 127 days. The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance program for the nine months period ended September 30, 2023 is as follows (dollars in millions): Nine Months Ended September 30, 2023 Confirmed obligations outstanding at beginning of the period $ 314 Invoices confirmed during the period 1,046 Confirmed invoices paid during the period ( 1,030 ) Confirmed obligations outstanding at end of the period 1) $ 330 1) Amount of obligations confirmed under the program that remains unpaid by the Company is reported as Accounts Payable in the Condensed Consolidated Balance Sheet. Accounting standards issued but not yet adopted None. |
Contingent Liabilities | Autoliv’s warranty reserves are based upon the Company’s best estimates of amounts necessary to settle future and existing claims. The Company regularly evaluates the adequacy of these reserves and adjusts them when appropriate. However, the final amounts actually due related to these matters could differ materially from the Company’s recorded estimates. |
New Accounting Standards (Table
New Accounting Standards (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule Of Companys outstanding Obligations | The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance program for the nine months period ended September 30, 2023 is as follows (dollars in millions): Nine Months Ended September 30, 2023 Confirmed obligations outstanding at beginning of the period $ 314 Invoices confirmed during the period 1,046 Confirmed invoices paid during the period ( 1,030 ) Confirmed obligations outstanding at end of the period 1) $ 330 1) Amount of obligations confirmed under the program that remains unpaid by the Company is reported as Accounts Payable in the Condensed Consolidated Balance Sheet. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Derivative Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The tables below present information about the Company’s derivative financial assets and liabilities measured at fair value on a recurring basis (dollars in millions). As of September 30, 2023 December 31, 2022 Fair Value Measurements Fair Value Measurements Description Nominal Derivative Derivative Nominal Derivative Derivative Derivatives not designated as hedging Foreign exchange swaps, less $ 2,016 1) $ 13 2) $ 25 3) $ 2,616 4) $ 22 5) $ 15 6) Total derivatives not designated $ 2,016 $ 13 $ 25 $ 2,616 $ 22 $ 15 1) Net nominal amount after deducting for offsetting swaps under ISDA agree ments is $ 2,016 million. 2) Net amount after deducting for offsetting swaps under ISDA agreements is $ 13 million. 3) Net amount after deducting for offsetting swaps under ISDA agreements is $ 25 million . 4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $ 2,616 million. 5) Net amount after deducting for offsetting swaps under ISDA agreements is $ 22 million. 6) Net amount after deducting for offsetting swaps under ISDA agreements is $ 15 million. |
Fair Value of Debt | The fair value and carrying value of debt is summarized in the table below (dollars in millions). As of September 30, 2023 December 31, 2022 Carrying 1) Fair Carrying 1) Fair Long-term debt Bonds $ 1,000 $ 980 $ 767 $ 735 Loans 277 282 287 292 Total long-term debt 1,277 1,262 1,054 1,027 Short-term debt Short-term portion of long-term debt 297 295 533 527 Overdrafts and other short-term debt 293 293 178 178 Total short-term debt $ 590 $ 588 $ 711 $ 705 1) Debt as reported in balance sheet. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories are stated at the lower of cost ( “FIFO”) and net realizable value. The components of inventories were as follows (dollars in millions): As of September 30, 2023 December 31, 2022 Raw materials $ 454 $ 445 Work in progress 325 350 Finished products 289 265 Inventories 1,068 1,060 Inventory valuation reserve ( 87 ) ( 91 ) Total inventories, net of reserve $ 982 $ 969 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Change in Balance Sheet Position of Employee Related Restructuring Reserves | The table below summarizes the change in the balance sheet position of the employee-related restructuring reserves (dollars in millions). The restructuring reserve balances are included within Accrued expenses in the Condensed Consolidated Balance Sheets. The changes in the employee-related reserves have been charged against Other income (expense), net in the Consolidated Statements of Income. Restructuring costs other than employee related costs are immaterial for all periods presented. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Reserve at beginning of the period $ 127 $ 45 $ 32 $ 88 Provision - charge 8 2 118 14 Provision - reversal ( 1 ) ( 1 ) ( 1 ) ( 1 ) Cash payments ( 9 ) ( 9 ) ( 24 ) ( 59 ) Translation difference ( 3 ) ( 3 ) ( 2 ) ( 8 ) Reserve at end of the period $ 122 $ 34 $ 122 $ 34 |
Product-Related Liabilities (Ta
Product-Related Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Change in Balance Sheet Position of Product-Related Liabilities | The table below summarizes the change in the balance sheet position of the product-related liabilities (dollars in millions). The reserve for product related liabilities is included in accrued expenses and other non-current liabilities on the Condensed Consolidated Balance Sheets. A majority of the Company’s product-related liabilities as of September 30, 2023 are covered by insurance. Insurance receivables are included within other current assets and other non-current assets on the Condensed Consolidated Balance Sheets. As of September 30, 2023, the Company had total insurance receivables of $ 120 million. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Reserve at beginning of the period $ 178 $ 145 $ 145 $ 144 Change in reserve 3 5 46 17 Cash payments ( 61 ) ( 3 ) ( 71 ) ( 12 ) Translation difference ( 0 ) ( 2 ) ( 1 ) ( 3 ) Reserve at end of the period $ 120 $ 146 $ 120 $ 146 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Schedule of Components of Net Periodic Benefit Cost | The components of total Net Periodic Benefit Cost associated with the Company’s defined benefit retirement plans are as follows (dollars in millions): U.S. Plans Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest cost $ 3 $ 3 $ 9 $ 9 Expected return on plan assets ( 3 ) ( 7 ) ( 8 ) ( 11 ) Settlement loss 1 2 1 3 Net periodic benefit cost $ 1 $ ( 2 ) $ 2 $ 1 Non-U.S. Plans Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Service cost $ 2 $ 2 $ 7 $ 7 Interest cost 2 1 7 4 Expected return on plan assets ( 1 ) ( 0 ) ( 2 ) ( 1 ) Amortization of actuarial loss 1 1 1 1 Settlement/curtailment gain 0 ( 0 ) 0 ( 5 ) Net periodic benefit cost (gain) $ 4 $ 4 $ 13 $ 6 |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted EPS under Two-class Method | The computation of basic and diluted earnings per share is set forth in the table below. Anti-dilutive shares outstanding were immaterial for all periods presented below. Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share amounts) 2023 2022 2023 2022 Numerator: Basic and diluted: Net income attributable to controlling interest $ 134 $ 105 $ 261 $ 267 Denominator: Basic: Weighted average common stock 84.9 87.0 85.5 87.2 Add: Weighted average stock options/share awards 0.2 0.2 0.2 0.2 Diluted weighted average common stock: 85.0 87.2 85.7 87.4 Net earnings per share - basic $ 1.58 $ 1.21 $ 3.05 $ 3.06 Net earnings per share - diluted $ 1.57 $ 1.21 $ 3.04 $ 3.06 |
Revenue Disaggregation (Tables)
Revenue Disaggregation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenue by Products and Region | The Company’s disaggregated revenue for the three and nine months periods ended September 30, 2023 and September 30, 2022 were as follows (dollars in millions). Net Sales by Products Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Airbags, Steering Wheels and Other 1) $ 1,761 $ 1,510 $ 5,191 $ 4,226 Seatbelt Products and Other 1) 835 792 2,533 2,281 Total net sales $ 2,596 $ 2,302 $ 7,724 $ 6,507 Net Sales by Region Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 China $ 538 $ 537 $ 1,488 $ 1,347 Asia, excl. China 495 418 1,449 1,197 Americas 918 794 2,665 2,225 Europe 646 552 2,122 1,738 Total net sales $ 2,596 $ 2,302 $ 7,724 $ 6,507 1) Including Corporate sales. |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2023 Segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
New Accounting Standards - Summ
New Accounting Standards - Summary of Company's outstanding obligations (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 USD ($) | ||
Accounting Changes and Error Corrections [Abstract] | ||
Confirmed obligations outstanding at beginning of the period | $ 314 | |
Invoices confirmed during the period | 1,046 | |
Confirmed invoices paid during the period | (1,030) | |
Confirmed obligations outstanding at end of the period | $ 330 | [1] |
[1] Amount of obligations confirmed under the program that remains unpaid by the Company is reported as Accounts Payable in the Condensed Consolidated Balance Sheet. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) | Mar. 31, 2023 EUR (€) | Sep. 30, 2022 USD ($) | Jun. 30, 2023 EUR (€) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Company Issued Eurobond | € | € 500 | ||||||
Company Repaid Eurobond | € | € 500 | ||||||
Fair Value, Measurements, Nonrecurring | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Asset impairment charges | $ 0 | $ 0 | $ 0 | ||||
Not Designated as Hedging Instrument | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Derivatives designated as hedging instruments | 0 | 0 | $ 0 | ||||
Gains (losses) recognized in other non-operating items, net | $ 12 | $ (9) | $ 21 | $ (24) |
Fair Value Measurements - Deriv
Fair Value Measurements - Derivative Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Not Designated as Hedging Instrument - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | ||
Derivatives, Fair Value [Line Items] | ||||
Nominal volume | $ 2,016 | $ 2,616 | ||
Derivative asset (Other current assets) | 13 | 22 | ||
Derivative liability (Other current liabilities) | 25 | 15 | ||
Less Than Six Months | Foreign Exchange Swaps | ||||
Derivatives, Fair Value [Line Items] | ||||
Nominal volume | 2,016 | [1] | 2,616 | [2] |
Derivative asset (Other current assets) | 13 | [3] | 22 | [4] |
Derivative liability (Other current liabilities) | $ 25 | [5] | $ 15 | [6] |
[1] Net nominal amount after deducting for offsetting swaps under ISDA agree ments is $ 2,016 million. Net nominal amount after deducting for offsetting swaps under ISDA agreements is $ 2,616 million. Net amount after deducting for offsetting swaps under ISDA agreements is $ 13 million. Net amount after deducting for offsetting swaps under ISDA agreements is $ 22 million. Net amount after deducting for offsetting swaps under ISDA agreements is $ 25 million Net amount after deducting for offsetting swaps under ISDA agreements is $ 15 million. |
Fair Value Measurements - Der_2
Fair Value Measurements - Derivative Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - Not Designated as Hedging Instrument - Foreign Exchange Swaps - Fair Value, Measurements, Recurring - Less Than Six Months - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative notional volume, amount after offsetting swaps | $ 2,016 | $ 2,616 |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, amount after offsetting swaps | 13 | 22 |
Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, amount after offsetting swaps | $ 25 | $ 15 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | $ 1,277 | $ 1,054 |
Short-term debt | [1] | 590 | 711 |
Long-term debt, fair value | 1,262 | 1,027 | |
Short-term debt, fair value | 588 | 705 | |
Bonds | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | 1,000 | 767 |
Long-term debt, fair value | 980 | 735 | |
Loans | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | 277 | 287 |
Long-term debt, fair value | 282 | 292 | |
Short-Term Portion of Long-Term Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term debt | [1] | 297 | 533 |
Short-term debt, fair value | 295 | 527 | |
Overdrafts and Other Short-Term Debt | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term debt | [1] | 293 | 178 |
Short-term debt, fair value | $ 293 | $ 178 | |
[1] Debt as reported in balance sheet. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Taxes [Line Items] | ||||
Effective income tax rate | 33.40% | 30.80% | 33.40% | 31.10% |
Increase/(decrease) in effective tax rate due to impact of discrete tax items | 0.20% | 1.40% | 0.60% | 1.20% |
Net increase to income tax reserves for unrecognized tax benefits based on tax positions related to current and prior years | $ 7 | |||
Unrecognized tax benefits reserve that would impact effective tax rate if released into income | $ 53 | 53 | ||
Current Tax Payable Within Other Current Liabilities | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits reserve that would impact effective tax rate if released into income | 16 | 16 | ||
Non-Current Tax Payable Within Other Non-current Liabilities | ||||
Income Taxes [Line Items] | ||||
Unrecognized tax benefits reserve that would impact effective tax rate if released into income | $ 37 | $ 37 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 454 | $ 445 |
Work in progress | 325 | 350 |
Finished products | 289 | 265 |
Inventories | 1,068 | 1,060 |
Inventory valuation reserve | (87) | (91) |
Total inventories, net of reserve | $ 982 | $ 969 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) $ in Millions | Sep. 30, 2023 USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring reserve balance | $ 122 |
Footprint Optimization Activities | Europe | |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring reserve balance | 105 |
Footprint Optimization Activities | UNITED KINGDOM | |
Restructuring Cost and Reserve [Line Items] | |
Total restructuring reserve balance | $ 89 |
Restructuring - Schedule of Cha
Restructuring - Schedule of Changes in Balance Sheet Position of Employee Related Restructuring Reserves (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Reserve at end of the period | $ 122 | $ 122 | ||
Restructuring employee-related | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reserve at beginning of the period | 127 | $ 45 | 32 | $ 88 |
Provision - charge | 8 | 2 | 118 | 14 |
Provision - reversal | (1) | (1) | (1) | (1) |
Cash payments | (9) | (9) | (24) | (59) |
Translation difference | (3) | (3) | (2) | (8) |
Reserve at end of the period | $ 122 | $ 34 | $ 122 | $ 34 |
Product-Related Liabilities - A
Product-Related Liabilities - Additional Information (Detail) $ in Millions | Sep. 30, 2023 USD ($) |
Product Warranty Liability [Line Items] | |
Insurance receivables | $ 120 |
Product-Related Liabilities -Su
Product-Related Liabilities -Summary of Change in Balance Sheet Position of Product-Related Liabilities (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Product Warranties Disclosures [Abstract] | ||||
Reserve at beginning of the period | $ 178 | $ 145 | $ 145 | $ 144 |
Change in reserve | (3) | (5) | (46) | (17) |
Cash payments | (61) | (3) | (71) | (12) |
Translation difference | 0 | (2) | (1) | (3) |
Reserve at end of the period | $ 120 | $ 146 | $ 120 | $ 146 |
Retirement Plans - Components o
Retirement Plans - Components of Net Periodic Benefit Cost (Detail) - Pension Plans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
U.S. Pension Plans | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 3 | $ 3 | $ 9 | $ 9 |
Expected return on plan assets | (3) | (7) | (8) | (11) |
Settlement/curtailment gain | 1 | 2 | 1 | 3 |
Net periodic benefit cost | 1 | (2) | 2 | 1 |
Non-U.S. Pension Plans | ||||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 2 | 2 | 7 | 7 |
Interest cost | 2 | 1 | 7 | 4 |
Expected return on plan assets | (1) | 0 | (2) | (1) |
Amortization of actuarial loss | 1 | 1 | 1 | 1 |
Settlement/curtailment gain | 0 | 0 | 0 | (5) |
Net periodic benefit cost | $ 4 | $ 4 | $ 13 | $ 6 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Details) | 3 Months Ended | 9 Months Ended |
Jun. 30, 2023 | Sep. 30, 2023 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net periodic benefit cost | 5.32% | 5.98% |
Pension Plan [Member] | U.S. Pension Plans | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Expected long-term rate of return on assets | 5.05% |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2020 USD ($) Vehicle | Sep. 30, 2023 USD ($) Vehicle | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Loss Contingencies [Line Items] | |||||||
Product liability insurance receivable | $ 120 | $ 178 | $ 145 | $ 146 | $ 145 | $ 144 | |
Honda Buckle Recall | Damages from Product Defects | |||||||
Loss Contingencies [Line Items] | |||||||
Number of vehicles recalled | Vehicle | 449,000 | ||||||
Unannounced Recall | Damages from Product Defects | |||||||
Loss Contingencies [Line Items] | |||||||
Product liability insurance receivable | $ 27 | ||||||
ZF Inflator Recall | Maximum | |||||||
Loss Contingencies [Line Items] | |||||||
Estimate potential loss | 43 | ||||||
ZF Inflator Recall | Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Estimate potential loss | 0 | ||||||
ZF Inflator Recall | Damages from Product Defects | |||||||
Loss Contingencies [Line Items] | |||||||
Product liability insurance receivable | $ 0 | ||||||
ZF Inflator Recall | Damages from Product Defects | Global | |||||||
Loss Contingencies [Line Items] | |||||||
Number of vehicles recalled | Vehicle | 762,000 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares from treasury stock utilized by the Plan | 8 | 5 | 120 | 144 |
Restricted Stock Units And Performance Stock Units | ||||
Share Based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock compensation cost | $ 3 | $ 3 | $ 8 | $ 7 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic and Diluted EPS under Two-class Method (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator: | ||||
Net Income (Loss) | $ 134 | $ 105 | $ 261 | $ 267 |
Denominator: | ||||
Basic: Weighted average common stock | 84.9 | 87 | 85.5 | 87.2 |
Add: Weighted average stock options/share awards | 0.2 | 0.2 | 0.2 | 0.2 |
Diluted weighted average common stock: | 85 | 87.2 | 85.7 | 87.4 |
Net earnings per share - basic | $ 1.58 | $ 1.21 | $ 3.05 | $ 3.06 |
Net earnings per share - diluted | $ 1.57 | $ 1.21 | $ 3.04 | $ 3.06 |
Schedule of Disaggregated Reven
Schedule of Disaggregated Revenue by Products and Region (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Disaggregation Of Revenue [Line Items] | |||||
Net sales | $ 2,596 | $ 2,302 | $ 7,724 | $ 6,507 | |
Airbags Steering Wheels and Other [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Net sales | [1] | 1,761 | 1,510 | 5,191 | 4,226 |
Seatbelt Products and Other [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Net sales | [1] | 835 | 792 | 2,533 | 2,281 |
China | |||||
Disaggregation Of Revenue [Line Items] | |||||
Net sales | 538 | 537 | 1,488 | 1,347 | |
Asia, excl. China | |||||
Disaggregation Of Revenue [Line Items] | |||||
Net sales | 495 | 418 | 1,449 | 1,197 | |
Americas | |||||
Disaggregation Of Revenue [Line Items] | |||||
Net sales | 918 | 794 | 2,665 | 2,225 | |
Europe | |||||
Disaggregation Of Revenue [Line Items] | |||||
Net sales | $ 646 | $ 552 | $ 2,122 | $ 1,738 | |
[1] Including Corporate sales. |