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REPORTABLE SEGMENTS | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS The Company’s business is aggregated into three reportable segments: Air Management, Drivetrain & Battery Systems, and ePropulsion. These segments are strategic business groups that are managed separately as each represents a specific grouping of related automotive components and systems. Segment Adjusted Operating Income (Loss) is the measure of segment income or loss used by the Company. Segment Adjusted Operating Income (Loss) is comprised of operating income for the Company’s reportable segments adjusted for restructuring, merger, acquisition and divestiture expense, intangible asset amortization expense, impairment charges and other items not reflective of ongoing operating income or loss. The Company believes Segment Adjusted Operating Income (Loss) is most reflective of the operational profitability or loss of our reportable segments. The following tables show segment information and Segment Adjusted Operating Income (Loss) for the Company’s reportable segments: Net Sales by Reportable Segment
| Three Months Ended March 31, 2024 |  |
(in millions) | Customers |  | Inter-segment |  | Net |  |  |  |  |  |
Air Management | $ | 2,008 |  |  | $ | 22 |  |  | $ | 2,030 |  |  |  |  |  |  |
Drivetrain & Battery Systems | 1,157 |  |  | 2 |  |  | 1,159 |  |  |  |  |  |  |
ePropulsion | 430 |  |  | 6 |  |  | 436 |  |  |  |  |  |  |
Inter-segment eliminations | — |  |  | (30) |  |  | (30) |  |  |  |  |  |  |
Net sales | $ | 3,595 |  |  | $ | — |  |  | $ | 3,595 |  |  |  |  |  |  |
| Three Months Ended March 31, 2023 |  |
(in millions) | Customers |  | Inter-segment |  | Net |  |  |  |  |  |
Air Management | $ | 1,960 |  |  | $ | 19 |  |  | $ | 1,979 |  |  |  |  |  |  |
Drivetrain & Battery Systems | 955 |  |  | 1 |  |  | 956 |  |  |  |  |  |  |
ePropulsion | 468 |  |  | 19 |  |  | 487 |  |  |  |  |  |  |
Inter-segment eliminations | — |  |  | (39) |  |  | (39) |  |  |  |  |  |  |
Net sales | $ | 3,383 |  |  | $ | — |  |  | $ | 3,383 |  |  |  |  |  |  |
Segment Adjusted Operating Income (Loss)
| Three Months Ended March 31, |  |
(in millions) | 2024 |  | 2023 |  |  |  |
Air Management | $ | 308 |  |  | $ | 285 |  |  |  |  |
Drivetrain & Battery Systems | 158 |  |  | 111 |  |  |  |  |
ePropulsion | (62) |  |  | (35) |  |  |  |  |
Segment Adjusted Operating Income | 404 |  |  | 361 |  |  |  |  |
Corporate, including stock-based compensation | 65 |  |  | 61 |  |  |  |  |
Restructuring expense (Note 5) | 19 |  |  | 3 |  |  |  |  |
Intangible asset amortization expense | 17 |  |  | 17 |  |  |  |  |
Merger and acquisition expense, net | 2 |  |  | 8 |  |  |  |  |
Other non-comparable items | 6 |  |  | (2) |  |  |  |  |
Equity in affiliates’ earnings, net of tax | (5) |  |  | (1) |  |  |  |  |
Unrealized loss on debt and equity securities | 2 |  |  | 15 |  |  |  |  |
Interest expense, net | 5 |  |  | 10 |  |  |  |  |
Other postretirement expense | 3 |  |  | 2 |  |  |  |  |
Earnings from continuing operations before income taxes and noncontrolling interest | $ | 290 |  |  | $ | 248 |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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