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REPORTING SEGMENTS AND RELATED INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated | The following tables show segment information and Segment Adjusted Operating Income (Loss) for the Company’s reportable segments:
2024 Segment information |  |  |  |  |  |
| Net sales |  | Year-end assets |  | Depreciation/ amortization |  | Long-lived asset expenditures 1
(in millions) | Customers |  | Inter-segment |  | Net |  |  |
Turbos & Thermal Technologies | $ | 5,885 |  |  | $ | 2 |  |  | $ | 5,887 |  |  | $ | 3,693 |  |  | $ | 177 |  |  | $ | 170 |
Drivetrain & Morse Systems | 5,564 |  |  | 13 |  |  | 5,577 |  |  | 3,872 |  |  | 246 |  |  | 115 |
PowerDrive Systems | 1,908 |  |  | 29 |  |  | 1,937 |  |  | 2,792 |  |  | 164 |  |  | 291 |
Battery & Charging Systems | 729 |  |  | — |  |  | 729 |  |  | 1,082 |  |  | 57 |  |  | 82 |
Inter-segment eliminations | — |  |  | (44) |  |  | (44) |  |  | — |  |  | — |  |  | — |
Total | 14,086 |  |  | — |  |  | 14,086 |  |  | 11,439 |  |  | 644 |  |  | 658 |
Corporate 2 | — |  |  | — |  |  | — |  |  | 2,554 |  |  | 29 |  |  | 13 |
Consolidated | $ | 14,086 |  |  | $ | — |  |  | $ | 14,086 |  |  | $ | 13,993 |  |  | $ | 673 |  |  | $ | 671 |
2023 Segment information |  |  |  |  |  |
| Net sales |  | Year-end assets |  | Depreciation/ amortization |  | Long-lived asset expenditures 1
(in millions) | Customers |  | Inter-segment |  | Net |  |  |
Turbos & Thermal Technologies | $ | 6,007 |  |  | $ | 5 |  |  | $ | 6,012 |  |  | $ | 3,938 |  |  | $ | 170 |  |  | $ | 184 |
Drivetrain & Morse Systems | 5,543 |  |  | 6 |  |  | 5,549 |  |  | 4,262 |  |  | 215 |  |  | 134 |
PowerDrive Systems | 2,102 |  |  | 64 |  |  | 2,166 |  |  | 3,185 |  |  | 127 |  |  | 384 |
Battery & Charging Systems | 546 |  |  | — |  |  | 546 |  |  | 1,335 |  |  | 39 |  |  | 96 |
Inter-segment eliminations | — |  |  | (75) |  |  | (75) |  |  | — |  |  | — |  |  | — |
Total | 14,198 |  |  | — |  |  | 14,198 |  |  | 12,720 |  |  | 551 |  |  | 798 |
Corporate 2 | — |  |  | — |  |  | — |  |  | 1,733 |  |  | 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 |  |  |
Turbos & Thermal Technologies | $ | 5,468 |  |  | $ | (13) |  |  | $ | 5,455 |  |  | $ | 3,882 |  |  | $ | 162 |  |  | $ | 129 |
Drivetrain & Morse Systems | 5,027 |  |  | 1 |  |  | 5,028 |  |  | 4,240 |  |  | 218 |  |  | 167 |
PowerDrive Systems | 1,806 |  |  | 100 |  |  | 1,906 |  |  | 2,349 |  |  | 111 |  |  | 257 |
Battery & Charging Systems | 334 |  |  | 1 |  |  | 335 |  |  | 1,178 |  |  | 29 |  |  | 57 |
Inter-segment eliminations | — |  |  | (89) |  |  | (89) |  |  | — |  |  | — |  |  | — |
Total | 12,635 |  |  | — |  |  | 12,635 |  |  | 11,649 |  |  | 520 |  |  | 610 |
Corporate 2 | — |  |  | — |  |  | — |  |  | 1,683 |  |  | 32 |  |  | 12 |
Consolidated | $ | 12,635 |  |  | $ | — |  |  | $ | 12,635 |  |  | $ | 13,332 |  |  | $ | 552 |  |  | $ | 622 |
_______________
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.
The following tables show segment expenses for the Company’s reportable segments. These expenses do not include non-comparable items that are excluded in the calculation of Segment Adjusted Operating Income (Loss): Segment Expenses
| Year ended December 31, 2024
(in millions) | Turbos & Thermal Technologies |  | Drivetrain & Morse Systems |  | PowerDrive Systems |  | Battery & Charging Systems
Net sales | $ | 5,887 |  |  | $ | 5,577 |  |  | $ | 1,937 |  |  | $ | 729 |
Cost of sales | 4,724 |  |  | 4,413 |  |  | 1,648 |  |  | 681 |
Selling, general and administrative expenses - R&D, net | 170 |  |  | 118 |  |  | 384 |  |  | 51 |
Selling, general and administrative expenses - Other | 114 |  |  | 38 |  |  | 60 |  |  | 47 |
Other segment items 1 | 2 |  |  | (2) |  |  | (11) |  |  | (3) |
Segment Adjusted Operating Income (Loss) | $ | 877 |  |  | $ | 1,010 |  |  | $ | (144) |  |  | $ | (47) |
| Year ended December 31, 2023
(in millions) | Turbos & Thermal Technologies |  | Drivetrain & Morse Systems |  | PowerDrive Systems |  | Battery & Charging Systems
Net sales | $ | 6,012 |  |  | $ | 5,549 |  |  | $ | 2,166 |  |  | $ | 546 |
Cost of sales | 4,865 |  |  | 4,413 |  |  | 1,826 |  |  | 581 |
Selling, general and administrative expenses - R&D, net | 175 |  |  | 122 |  |  | 362 |  |  | 44 |
Selling, general and administrative expenses - Other | 100 |  |  | 49 |  |  | 73 |  |  | 40 |
Other segment items 1 | (2) |  |  | 7 |  |  | (5) |  |  | (3) |
Segment Adjusted Operating Income (Loss) | $ | 874 |  |  | $ | 958 |  |  | $ | (90) |  |  | $ | (116) |
| Year ended December 31, 2022
(in millions) | Turbos & Thermal Technologies |  | Drivetrain & Morse Systems |  | PowerDrive Systems |  | Battery & Charging Systems
Net sales | $ | 5,455 |  |  | $ | 5,028 |  |  | $ | 1,906 |  |  | $ | 335 |
Cost of sales | 4,392 |  |  | 4,045 |  |  | 1,558 |  |  | 327 |
Selling, general and administrative expenses - R&D, net | 181 |  |  | 138 |  |  | 344 |  |  | 24 |
Selling, general and administrative expenses - Other | 104 |  |  | 60 |  |  | 91 |  |  | 23 |
Other segment items 1 | (5) |  |  | 2 |  |  | 1 |  |  | 5 |
Segment Adjusted Operating Income (Loss) | $ | 783 |  |  | $ | 783 |  |  | $ | (88) |  |  | $ | (44) |
_______________
1 Other segment items include other income and expenses to derive at segment adjusted operating income.
Schedule of Segment Reporting Information, by Segment | Segment Adjusted Operating Income (Loss)
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Turbos & Thermal Technologies | $ | 877 |  |  | $ | 874 |  |  | $ | 783 |
Drivetrain & Morse Systems | 1,010 |  |  | 958 |  |  | 783 |
PowerDrive Systems | (144) |  |  | (90) |  |  | (88) |
Battery & Charging Systems | (47) |  |  | (116) |  |  | (44) |
Segment Adjusted Operating Income | 1,696 |  |  | 1,626 |  |  | 1,434 |
Corporate, including stock-based compensation | 279 |  |  | 278 |  |  | 282 |
Restructuring expense | 74 |  |  | 79 |  |  | 48 |
Intangible asset amortization expense | 69 |  |  | 67 |  |  | 69 |
Impairment charges | 646 |  |  | 29 |  |  | 30 |
Accelerated depreciation | 50 |  |  | 4 |  |  | — |
Change in accounting method | (29) |  |  | — |  |  | — |
Adjustments associated with Spin-Off related balances | 17 |  |  | — |  |  | — |
Commercial contract settlement | 15 |  |  | — |  |  | — |
Loss (gain) on sale of businesses | 6 |  |  | (5) |  |  | (13) |
Merger and acquisition expense, net | 2 |  |  | 23 |  |  | 9 |
Loss (gain) on sale of assets | 2 |  |  | (13) |  |  | — |
Other non-comparable items | 19 |  |  | 4 |  |  | — |
Equity in affiliates' earnings, net of tax | (27) |  |  | (30) |  |  | (28) |
Unrealized and realized loss on equity and debt securities | 1 |  |  | 174 |  |  | 73 |
Interest expense, net | 20 |  |  | 10 |  |  | 51 |
Other postretirement expense (income) | 13 |  |  | 15 |  |  | — |
Earnings from continuing operations before income taxes and noncontrolling interest | $ | 539 |  |  | $ | 991 |  |  | $ | 913 |
Schedule of Revenue from External Customers and Long-lived Assets, by Geographical Areas |
| Sales |  | Property, plant and equipment
(in millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
United States | $ | 2,240 |  |  | $ | 2,334 |  |  | $ | 2,143 |  |  | $ | 718 |  |  | $ | 778 |  |  | $ | 469 |
Europe: |  |  |  |  |  |  |  |  |  |  |
Germany | 1,680 |  |  | 1,669 |  |  | 1,443 |  |  | 352 |  |  | 393 |  |  | 354 |
Poland | 1,160 |  |  | 1,121 |  |  | 937 |  |  | 356 |  |  | 342 |  |  | 277 |
Hungary | 820 |  |  | 904 |  |  | 636 |  |  | 154 |  |  | 167 |  |  | 170 |
Other Europe | 1,586 |  |  | 1,387 |  |  | 1,057 |  |  | 472 |  |  | 456 |  |  | 327 |
Total Europe | 5,246 |  |  | 5,081 |  |  | 4,073 |  |  | 1,334 |  |  | 1,358 |  |  | 1,128 |
China | 2,862 |  |  | 2,998 |  |  | 2,864 |  |  | 720 |  |  | 876 |  |  | 821 |
Mexico | 1,644 |  |  | 1,759 |  |  | 1,726 |  |  | 412 |  |  | 374 |  |  | 612 |
South Korea | 1,181 |  |  | 1,163 |  |  | 1,073 |  |  | 189 |  |  | 197 |  |  | 205 |
Other foreign | 913 |  |  | 863 |  |  | 756 |  |  | 202 |  |  | 200 |  |  | 191 |
Total | $ | 14,086 |  |  | $ | 14,198 |  |  | $ | 12,635 |  |  | $ | 3,575 |  |  | $ | 3,783 |  |  | $ | 3,426 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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