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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Operating Results by Reportable Segments | The operating results of the Company’s reportable segments were as follows:
| Engine Products |  | Fastening Systems |  | Engineered Structures |  | Forged Wheels |  | Total Segment
First quarter ended March 31, 2025 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 996 |  |  | $ | 412 |  |  | $ | 282 |  |  | $ | 252 |  |  | $ | 1,942 |
Inter-segment sales | 2 |  |  | — |  |  | 3 |  |  | — |  |  | 5 |
Total sales | $ | 998 |  |  | $ | 412 |  |  | $ | 285 |  |  | $ | 252 |  |  | $ | 1,947 |
Expenses: |  |  |  |  |  |  |  |  |
Segment Adjusted cost of goods sold(1) | $ | 648 |  |  | $ | 256 |  |  | $ | 217 |  |  | $ | 174 |  |  | $ | 1,295 |
Other segment items(2) | 25 |  |  | 29 |  |  | 8 |  |  | 10 |  |  | 72 |
Profit and loss: |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 325 |  |  | $ | 127 |  |  | $ | 60 |  |  | $ | 68 |  |  | $ | 580 |
Restructuring and other (credits) charges | — |  |  | — |  |  | (4) |  |  | — |  |  | (4) |
Provision for depreciation and amortization | 34 |  |  | 12 |  |  | 12 |  |  | 10 |  |  | 68 |
Other: |  |  |  |  |  |  |  |  |
Capital expenditures | $ | 86 |  |  | $ | 10 |  |  | $ | 5 |  |  | $ | 15 |  |  | $ | 116 |
Total assets | 5,371 |  |  | 2,741 |  |  | 1,376 |  |  | 728 |  |  | 10,216 |
First quarter ended March 31, 2024 |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |
Third-party sales | $ | 885 |  |  | $ | 389 |  |  | $ | 262 |  |  | $ | 288 |  |  | $ | 1,824 |
Inter-segment sales | 2 |  |  | — |  |  | 1 |  |  | — |  |  | 3 |
Total sales | $ | 887 |  |  | $ | 389 |  |  | $ | 263 |  |  | $ | 288 |  |  | $ | 1,827 |
Expenses: |  |  |  |  |  |  |  |  |
Segment Adjusted cost of goods sold(1) | $ | 610 |  |  | $ | 268 |  |  | $ | 216 |  |  | $ | 195 |  |  | $ | 1,289 |
Other segment items(2) | 28 |  |  | 29 |  |  | 10 |  |  | 11 |  |  | 78 |
Profit and loss: |  |  |  |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 249 |  |  | $ | 92 |  |  | $ | 37 |  |  | $ | 82 |  |  | $ | 460 |
Provision for depreciation and amortization | 33 |  |  | 11 |  |  | 11 |  |  | 10 |  |  | 65 |
Other: |  |  |  |  |  |  |  |  |
Capital expenditures | $ | 55 |  |  | $ | 7 |  |  | $ | 6 |  |  | $ | 12 |  |  | $ | 80 |
Total assets | 4,983 |  |  | 2,753 |  |  | 1,421 |  |  | 715 |  |  | 9,872 |
(1)Segment Adjusted cost of goods sold is exclusive of Provision for depreciation and amortization, Restructuring and other credits, and Corporate expenses. (2)Other segment items includes Selling, general administrative, and other expenses, and Research and development expenses; exclusive of Provision for depreciation and amortization, and Restructuring and other credits.
Schedule of Segment Reporting Information to Consolidated Income Before Income Taxes | The following table reconciles Total Segment Adjusted EBITDA to Income before income taxes. Differences between the total segment and consolidated totals are in Corporate.
| First quarter ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Total Segment Adjusted EBITDA | $ | 580 |  |  | $ | 460 |  |  |  |  |
Segment provision for depreciation and amortization | (68) |  |  | (65) |  |  |  |  |
Unallocated amounts: |  |  |  |  |  |  |
Restructuring and other credits (charges) | 4 |  |  | — |  |  |  |  |
Corporate expense | (22) |  |  | (26) |  |  |  |  |
Operating income | $ | 494 |  |  | $ | 369 |  |  |  |  |
Interest expense, net | (39) |  |  | (49) |  |  |  |  |
Other expense, net | (9) |  |  | (17) |  |  |  |  |
Income before income taxes | $ | 446 |  |  | $ | 303 |  |  |  |  |
Schedule of Reconciliation of Capital Expenditures from Segments to Consolidated Cash Flows | The following table reconciles total segment capital expenditures with Capital expenditures as presented in the Statement of Consolidated Cash Flows.
| First quarter ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Total segment capital expenditures | $ | 116 |  |  | $ | 80 |  |  |  |  |
Corporate | 3 |  |  | 2 |  |  |  |  |
Capital expenditures | $ | 119 |  |  | $ | 82 |  |  |  |  |
Schedule of Disaggregation of Revenue by Major End Market Served | The following table disaggregates segment revenue by major market served. Differences between the total segment and consolidated totals are in Corporate.
| Engine Products |  | Fastening Systems |  | Engineered Structures |  | Forged Wheels |  | Total Segment
First quarter ended March 31, 2025 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 549 |  |  | $ | 275 |  |  | $ | 192 |  |  | $ | — |  |  | $ | 1,016 |
Aerospace - Defense | 215 |  |  | 42 |  |  | 76 |  |  | — |  |  | 333 |
Commercial Transportation | — |  |  | 53 |  |  | — |  |  | 252 |  |  | 305 |
Industrial and Other | 232 |  |  | 42 |  |  | 14 |  |  | — |  |  | 288 |
Total end-market revenue | $ | 996 |  |  | $ | 412 |  |  | $ | 282 |  |  | $ | 252 |  |  | $ | 1,942 |
First quarter ended March 31, 2024 |  |  |  |  |  |  |  |  |
Aerospace - Commercial | $ | 492 |  |  | $ | 244 |  |  | $ | 192 |  |  | $ | — |  |  | $ | 928 |
Aerospace - Defense | 185 |  |  | 39 |  |  | 56 |  |  | — |  |  | 280 |
Commercial Transportation | — |  |  | 66 |  |  | — |  |  | 288 |  |  | 354 |
Industrial and Other | 208 |  |  | 40 |  |  | 14 |  |  | — |  |  | 262 |
Total end-market revenue | $ | 885 |  |  | $ | 389 |  |  | $ | 262 |  |  | $ | 288 |  |  | $ | 1,824 |

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