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REPORTING SEGMENTS AND RELATED INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables show segment information and Segment Adjusted Operating Income (Loss) for the Company’s reportable segments:
2023 Segment information |  |  |  |  |  |  |
| Net sales |  | Year-end assets |  | Depreciation/ amortization |  | Long-lived asset expenditures 1
(in millions) | Customers |  | Inter-segment |  | Net |  |  |
Air Management | $ | 7,750 |  |  | $ | 83 |  |  | $ | 7,833 |  |  | $ | 5,505 |  |  | $ | 252 |  |  | $ | 252 |
Drivetrain & Battery Systems | 4,346 |  |  | 2 |  |  | 4,348 |  |  | 4,023 |  |  | 172 |  |  | 162 |
ePropulsion | 2,102 |  |  | 64 |  |  | 2,166 |  |  | 3,185 |  |  | 127 |  |  | 384 |
Inter-segment eliminations | — |  |  | (149) |  |  | (149) |  |  | — |  |  | — |  |  | — |
Total | 14,198 |  |  | — |  |  | 14,198 |  |  | 12,713 |  |  | 551 |  |  | 798 |
Corporate 2 | — |  |  | — |  |  | — |  |  | 1,740 |  |  | 31 |  |  | 34 |
Consolidated | $ | 14,198 |  |  | $ | — |  |  | $ | 14,198 |  |  | $ | 14,453 |  |  | $ | 582 |  |  | $ | 832 |
2022 Segment information |  |  |  |  |  |  |
| Net sales |  | Year-end assets |  | Depreciation/ amortization |  | Long-lived asset expenditures 1
(in millions) | Customers |  | Inter-segment |  | Net |  |  |
Air Management | $ | 7,076 |  |  | $ | 61 |  |  | $ | 7,137 |  |  | $ | 5,329 |  |  | $ | 243 |  |  | $ | 187 |
Drivetrain & Battery Systems | 3,753 |  |  | (18) |  |  | 3,735 |  |  | 3,963 |  |  | 166 |  |  | 166 |
ePropulsion | 1,806 |  |  | 100 |  |  | 1,906 |  |  | 2,349 |  |  | 111 |  |  | 257 |
Inter-segment eliminations | — |  |  | (143) |  |  | (143) |  |  | — |  |  | — |  |  | — |
Total | 12,635 |  |  | — |  |  | 12,635 |  |  | 11,641 |  |  | 520 |  |  | 610 |
Corporate 2 | — |  |  | — |  |  | — |  |  | 1,691 |  |  | 32 |  |  | 12 |
Consolidated | $ | 12,635 |  |  | $ | — |  |  | $ | 12,635 |  |  | $ | 13,332 |  |  | $ | 552 |  |  | $ | 622 |
2021 Segment information |  |  |  |  |  |  |
| Net sales |  | Year-end assets |  | Depreciation/ amortization |  | Long-lived asset expenditures 1
(in millions) | Customers |  | Inter-segment |  | Net |  |  |
Air Management | $ | 6,761 |  |  | $ | 106 |  |  | $ | 6,867 |  |  | $ | 5,174 |  |  | $ | 281 |  |  | $ | 214 |
Drivetrain & Battery Systems | 3,659 |  |  | 1 |  |  | 3,660 |  |  | 4,229 |  |  | 160 |  |  | 150 |
ePropulsion | 1,383 |  |  | 44 |  |  | 1,427 |  |  | 1,828 |  |  | 102 |  |  | 113 |
Inter-segment eliminations | — |  |  | (151) |  |  | (151) |  |  | — |  |  | — |  |  | — |
Total | 11,803 |  |  | — |  |  | 11,803 |  |  | 11,231 |  |  | 543 |  |  | 477 |
Corporate 2 | — |  |  | — |  |  | — |  |  | 1,656 |  |  | 31 |  |  | 37 |
Consolidated | $ | 11,803 |  |  | $ | — |  |  | $ | 11,803 |  |  | $ | 12,887 |  |  | $ | 574 |  |  | $ | 514 |
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1 Long-lived asset expenditures include capital expenditures and tooling outlays.
2 Corporate assets include cash and cash equivalents, investments and long-term receivables, and deferred income taxes.
Segment Adjusted Operating Income (Loss)
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Air Management | $ | 1,171 |  |  | $ | 1,073 |  |  | $ | 1,037 |
Drivetrain & Battery Systems | 545 |  |  | 449 |  |  | 524 |
ePropulsion | (90) |  |  | (88) |  |  | (48) |
Segment Adjusted Operating Income | 1,626 |  |  | 1,434 |  |  | 1,513 |
Corporate, including stock-based compensation | 278 |  |  | 282 |  |  | 234 |
Intangible asset amortization expense | 67 |  |  | 69 |  |  | 59 |
Restructuring expense | 79 |  |  | 48 |  |  | 108 |
Merger and acquisition expense, net | 23 |  |  | 9 |  |  | 48 |
Asset impairments and lease modifications | 29 |  |  | 30 |  |  | — |
(Gain) loss on sale of business | (5) |  |  | (13) |  |  | 29 |
Gain on sale of assets | (13) |  |  | — |  |  | — |
Other non-comparable items | 8 |  |  | — |  |  | (3) |
Customer warranty settlement | — |  |  | — |  |  | 124 |
Equity in affiliates' earnings, net of tax | (30) |  |  | (28) |  |  | (42) |
Realized and unrealized loss on debt and equity securities | 174 |  |  | 73 |  |  | 362 |
Interest expense, net | 10 |  |  | 51 |  |  | 91 |
Other postretirement expense (income) | 15 |  |  | — |  |  | (7) |
Earnings from continuing operations before income taxes and noncontrolling interest | $ | 991 |  |  | $ | 913 |  |  | $ | 510 |
Schedule of Revenue from External Customers and Long-lived Assets, by Geographical Areas |
| Net sales |  | Long-lived assets
(in millions) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
United States | $ | 2,334 |  |  | $ | 2,143 |  |  | $ | 2,125 |  |  | $ | 778 |  |  | $ | 469 |  |  | $ | 489 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Germany | 1,669 |  |  | 1,443 |  |  | 1,338 |  |  | 393 |  |  | 354 |  |  | 401 |
Poland | 1,121 |  |  | 937 |  |  | 961 |  |  | 342 |  |  | 277 |  |  | 276 |
Hungary | 904 |  |  | 636 |  |  | 469 |  |  | 167 |  |  | 170 |  |  | 193 |
Other Europe | 1,386 |  |  | 1,056 |  |  | 1,023 |  |  | 456 |  |  | 327 |  |  | 289 |
Total Europe | 5,080 |  |  | 4,072 |  |  | 3,791 |  |  | 1,358 |  |  | 1,128 |  |  | 1,159 |
China | 2,998 |  |  | 2,864 |  |  | 2,958 |  |  | 876 |  |  | 821 |  |  | 776 |
Mexico | 1,760 |  |  | 1,727 |  |  | 1,208 |  |  | 374 |  |  | 612 |  |  | 561 |
South Korea | 1,163 |  |  | 1,073 |  |  | 1,117 |  |  | 197 |  |  | 205 |  |  | 239 |
Other foreign | 863 |  |  | 756 |  |  | 604 |  |  | 200 |  |  | 191 |  |  | 164 |
Total | $ | 14,198 |  |  | $ | 12,635 |  |  | $ | 11,803 |  |  | $ | 3,783 |  |  | $ | 3,426 |  |  | $ | 3,388 |

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