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v3.22.4

Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Business Segment Reporting Information | The following table presents segment sales and operating income (loss), and the reconciliation of segment operating income (loss) to Income (Loss) before Income Taxes:
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Sales |  |  |  |  |  |  |  |  |
Americas |  | $ | 12,766 |  |  | $ | 10,051 |  |  | $ | 6,556 |
Europe, Middle East and Africa |  |  | 5,645 |  |  |  | 5,243 |  |  |  | 4,020 |
Asia Pacific |  |  | 2,394 |  |  |  | 2,184 |  |  |  | 1,745 |
Net Sales |  | $ | 20,805 |  |  | $ | 17,478 |  |  | $ | 12,321 |
Segment Operating Income (Loss) |  |  |  |  |  |  |  |  |
Americas |  | $ | 1,094 |  |  | $ | 914 |  |  | $ | 9 |
Europe, Middle East and Africa |  |  | 61 |  |  |  | 239 |  |  |  | (72 | )
Asia Pacific |  |  | 121 |  |  |  | 135 |  |  |  | 49 |
Total Segment Operating Income (Loss) |  | $ | 1,276 |  |  | $ | 1,288 |  |  | $ | (14 | )
Less: |  |  |  |  |  |  |  |  |
Goodwill and Other Asset Impairments (Notes 12 and 13) |  |  | — |  |  |  | — |  |  |  | 330 |
Rationalizations (Note 4) |  |  | 129 |  |  |  | 93 |  |  |  | 159 |
Interest expense (Note 5) |  |  | 451 |  |  |  | 387 |  |  |  | 324 |
Other (income) expense (Note 6) |  |  | 75 |  |  |  | 94 |  |  |  | 119 |
Asset write-offs and accelerated depreciation (Note 4) |  |  | 37 |  |  |  | 1 |  |  |  | 105 |
Corporate incentive compensation plans |  |  | 56 |  |  |  | 87 |  |  |  | 44 |
Retained expenses of divested operations |  |  | 14 |  |  |  | 12 |  |  |  | 8 |
Other(1) |  |  | 115 |  |  |  | 101 |  |  |  | 37 |
Income (Loss) before Income Taxes |  | $ | 399 |  |  | $ | 513 |  |  | $ | (1,140 | )
(1) Primarily represents unallocated corporate costs and the elimination of $25 million, $22 million and $17 million for the years ended December 31, 2022, 2021 and 2020, respectively, of royalty income attributable to the SBUs. Increases in 2021 and 2022 were driven by the acquisition of Cooper Tire.
Segment Assets | The following table presents segment assets at December 31:
(In millions) |  | 2022 |  |  | 2021 |  |  |
Assets |  |  |  |  |  |  |  |
Americas |  | $ | 12,171 |  |  | $ | 10,874 |  |  |
Europe, Middle East and Africa |  |  | 5,239 |  |  |  | 4,953 |  |  |
Asia Pacific |  |  | 2,913 |  |  |  | 3,125 |  |  |
Total Segment Assets |  |  | 20,323 |  |  |  | 18,952 |  |  |
Corporate(1) |  |  | 2,108 |  |  |  | 2,450 |  |  |
|  | $ | 22,431 |  |  | $ | 21,402 |  |  |
(1) Corporate includes substantially all of our U.S. net deferred tax assets.
Geographic Information | The following table presents geographic information. Net sales by country were determined based on the location of the selling subsidiary. Long-lived assets consist of property, plant and equipment. Management did not consider the net sales of any individual country outside the United States to be significant to the consolidated financial statements. For long-lived assets, only the United States and China were considered to be significant.
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Net Sales |  |  |  |  |  |  |  |  |
United States |  | $ | 10,734 |  |  | $ | 8,480 |  |  | $ | 5,424 |
Other international |  |  | 10,071 |  |  |  | 8,998 |  |  |  | 6,897 |
|  | $ | 20,805 |  |  | $ | 17,478 |  |  | $ | 12,321 |
Long-Lived Assets |  |  |  |  |  |  |  |  |
United States |  | $ | 3,804 |  |  | $ | 3,717 |  |  |  |
China |  |  | 743 |  |  |  | 833 |  |  |  |
Other international |  |  | 3,747 |  |  |  | 3,795 |  |  |  |
|  | $ | 8,294 |  |  | $ | 8,345 |  |  |  |
Rationalizations, Asset sales, Other Expense and Asset Write-offs and Accelerated Depreciation Attributable to the SBUs | Goodwill and other asset impairments, as described in Notes to the Consolidated Financial Statements No. 12, Goodwill and Intangible Assets, and No. 13, Other Assets and Investments; rationalizations, as described in Note to the Consolidated Financial Statements No. 4, Costs Associated with Rationalization Programs; net (gains) losses on asset sales, as described in Note to the Consolidated Financial Statements No. 6, Other (Income) Expense; and asset write-offs and accelerated depreciation were not charged (credited) to the SBUs for performance evaluation purposes but were attributable to the SBUs as follows:
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Goodwill and Other Asset Impairments |  |  |  |  |  |  |  |  |
Americas |  | $ | — |  |  | $ | — |  |  | $ | 148 |
Europe, Middle East and Africa |  |  | — |  |  |  | — |  |  |  | 182 |
Total Segment Goodwill and Other Asset Impairments |  | $ | — |  |  | $ | — |  |  | $ | 330 |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Rationalizations |  |  |  |  |  |  |  |  |
Americas |  | $ | 32 |  |  | $ | 38 |  |  | $ | 94 |
Europe, Middle East and Africa |  |  | 92 |  |  |  | 49 |  |  |  | 59 |
Asia Pacific |  |  | — |  |  |  | — |  |  |  | 4 |
Total Segment Rationalizations |  | $ | 124 |  |  | $ | 87 |  |  | $ | 157 |
Corporate |  |  | 5 |  |  |  | 6 |  |  |  | 2 |
|  | $ | 129 |  |  | $ | 93 |  |  | $ | 159 |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Net (Gains) Losses on Asset Sales |  |  |  |  |  |  |  |  |
Americas |  | $ | (122 | ) |  | $ | (1 | ) |  | $ | — |
Europe, Middle East and Africa |  |  | — |  |  |  | (13 | ) |  |  | 2 |
Total Segment (Gains) Losses on Asset Sales |  | $ | (122 | ) |  | $ | (14 | ) |  | $ | 2 |
Corporate |  |  | — |  |  |  | (6 | ) |  |  | — |
|  | $ | (122 | ) |  | $ | (20 | ) |  | $ | 2 |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Asset Write-Offs and Accelerated Depreciation |  |  |  |  |  |  |  |  |
Americas |  | $ | — |  |  | $ | — |  |  | $ | 103 |
Europe, Middle East and Africa |  |  | 20 |  |  |  | 1 |  |  |  | 2 |
Total Segment Asset Write-Offs and Accelerated Depreciation |  | $ | 20 |  |  | $ | 1 |  |  | $ | 105 |
Corporate |  |  | 17 |  |  |  | — |  |  |  | — |
|  | $ | 37 |  |  | $ | 1 |  |  | $ | 105 |
Segment Capital Expenditures, Depreciation and Amortization | The following tables present segment capital expenditures and depreciation and amortization:
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Americas |  | $ | 611 |  |  | $ | 537 |  |  | $ | 302 |
Europe, Middle East and Africa |  |  | 258 |  |  |  | 270 |  |  |  | 235 |
Asia Pacific |  |  | 144 |  |  |  | 135 |  |  |  | 91 |
Total Segment Capital Expenditures |  | $ | 1,013 |  |  | $ | 942 |  |  | $ | 628 |
Corporate |  |  | 48 |  |  |  | 39 |  |  |  | 19 |
|  | $ | 1,061 |  |  | $ | 981 |  |  | $ | 647 |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |
Americas |  | $ | 561 |  |  | $ | 486 |  |  | $ | 490 |
Europe, Middle East and Africa |  |  | 208 |  |  |  | 213 |  |  |  | 201 |
Asia Pacific |  |  | 144 |  |  |  | 146 |  |  |  | 133 |
Total Segment Depreciation and Amortization |  | $ | 913 |  |  | $ | 845 |  |  | $ | 824 |
Corporate |  |  | 51 |  |  |  | 38 |  |  |  | 35 |
|  | $ | 964 |  |  | $ | 883 |  |  | $ | 859 |
Segment Equity In Net Income (Loss) of Investees Accounted For By the Equity Method | The following table presents segment equity in the net (income) loss of investees accounted for by the equity method:
(In millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Equity in (Income) Loss |  |  |  |  |  |  |  |  |
Americas |  | $ | (14 | ) |  | $ | (18 | ) |  | $ | 31 |
Europe, Middle East and Africa |  |  | 1 |  |  |  | — |  |  |  | — |
Asia Pacific |  |  | (12 | ) |  |  | (4 | ) |  |  | — |
Total Segment Equity in (Income) Loss |  | $ | (25 | ) |  | $ | (22 | ) |  | $ | 31 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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