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Equity and Noncontrolling Interests | 6 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Equity and Noncontrolling Interests |
11. Equity and Noncontrolling Interests
For the three months ended March 31, 2024:
(in millions) |  | Ordinary Shares |  | Additional Paid-in Capital |  | Retained Earnings (Accumulated Deficit) |  |  |  | Accumulated Other Comprehensive Income (Loss) |  | Shareholders' Equity Attributable to Adient |  | Shareholders' Equity Attributable to Noncontrolling Interests |  | Total Equity
Balance at December 31, 2023 |  | $ | — |  |  | $ | 3,872 |  |  | $ | (883) |  |  |  |  | $ | (704) |  |  | $ | 2,285 |  |  | $ | 331 |  |  | $ | 2,616 |
Net income (loss) |  | — |  |  | — |  |  | (70) |  |  |  |  | — |  |  | (70) |  |  | 14 |  |  | (56) |
Foreign currency translation adjustments |  | — |  |  | — |  |  | — |  |  |  |  | (92) |  |  | (92) |  |  | (4) |  |  | (96) |
Realized and unrealized gains (losses) on derivatives |  | — |  |  | — |  |  | — |  |  |  |  | (6) |  |  | (6) |  |  | — |  |  | (6) |
Dividends attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (14) |  |  | (14) |
Repurchases of common stock |  | — |  |  | (50) |  |  | — |  |  |  |  | — |  |  | (50) |  |  | — |  |  | (50) |
Share based compensation and other |  | — |  |  | 8 |  |  | — |  |  |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Balance at March 31, 2024 |  | $ | — |  |  | $ | 3,830 |  |  | $ | (953) |  |  |  |  | $ | (802) |  |  | $ | 2,075 |  |  | $ | 327 |  |  | $ | 2,402 |
For the six months ended March 31, 2024:
(in millions) |  | Ordinary Shares |  | Additional Paid-in Capital |  | Retained Earnings (Accumulated Deficit) |  |  |  | Accumulated Other Comprehensive Income (Loss) |  | Shareholders' Equity Attributable to Adient |  | Shareholders' Equity Attributable to Noncontrolling Interests |  | Total Equity
Balance at September 30, 2023 |  | $ | — |  |  | $ | 3,973 |  |  | $ | (903) |  |  |  |  | $ | (842) |  |  | $ | 2,228 |  |  | $ | 318 |  |  | $ | 2,546 |
Net income (loss) |  | — |  |  | — |  |  | (50) |  |  |  |  | — |  |  | (50) |  |  | 26 |  |  | (24) |
Foreign currency translation adjustments |  | — |  |  | — |  |  | — |  |  |  |  | 37 |  |  | 37 |  |  | 1 |  |  | 38 |
Realized and unrealized gains (losses) on derivatives |  | — |  |  | — |  |  | — |  |  |  |  | 3 |  |  | 3 |  |  | — |  |  | 3 |
Dividends attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (18) |  |  | (18) |
Repurchases of common stock |  | — |  |  | (150) |  |  | — |  |  |  |  | — |  |  | (150) |  |  | — |  |  | (150) |
Share based compensation and other |  | — |  |  | 7 |  |  | — |  |  |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Balance at March 31, 2024 |  | $ | — |  |  | $ | 3,830 |  |  | $ | (953) |  |  |  |  | $ | (802) |  |  | $ | 2,075 |  |  | $ | 327 |  |  | $ | 2,402 |
For the three months ended March 31, 2023:
(in millions) |  | Ordinary Shares |  | Additional Paid-in Capital |  | Retained Earnings (Accumulated Deficit) |  | Accumulated Other Comprehensive Income (Loss) |  | Shareholders' Equity Attributable to Adient |  | Shareholders' Equity Attributable to Noncontrolling Interests |  | Total Equity
Balance at December 31, 2022 |  | $ | — |  |  | $ | 4,018 |  |  | $ | (1,096) |  |  | $ | (730) |  |  | $ | 2,192 |  |  | $ | 317 |  |  | $ | 2,509 |
Net income |  | — |  |  | — |  |  | (15) |  |  | — |  |  | (15) |  |  | 16 |  |  | 1 |
Foreign currency translation adjustments |  | — |  |  | — |  |  | — |  |  | 29 |  |  | 29 |  |  | 4 |  |  | 33 |
Realized and unrealized gains (losses) on derivatives |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 14 |  |  | — |  |  | 14 |
Dividends attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Repurchases of common stock |  | — |  |  | (30) |  |  | — |  |  | — |  |  | (30) |  |  | — |  |  | (30) |
Share based compensation and other |  | — |  |  | 7 |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Balance at March 31, 2023 |  | $ | — |  |  | $ | 3,995 |  |  | $ | (1,111) |  |  | $ | (687) |  |  | $ | 2,197 |  |  | $ | 335 |  |  | $ | 2,532 |
For the six months ended March 31, 2023:
(in millions) |  | Ordinary Shares |  | Additional Paid-in Capital |  | Retained Earnings (Accumulated Deficit) |  | Accumulated Other Comprehensive Income (Loss) |  | Shareholders' Equity Attributable to Adient |  | Shareholders' Equity Attributable to Noncontrolling Interests |  | Total Equity
Balance at September 30, 2022 |  | $ | — |  |  | $ | 4,026 |  |  | $ | (1,108) |  |  | $ | (845) |  |  | $ | 2,073 |  |  | $ | 302 |  |  | $ | 2,375 |
Net income (loss) |  | — |  |  | — |  |  | (3) |  |  | — |  |  | (3) |  |  | 30 |  |  | 27 |
Foreign currency translation adjustments |  | — |  |  | — |  |  | — |  |  | 119 |  |  | 119 |  |  | 9 |  |  | 128 |
Realized and unrealized gains (losses) on derivatives |  | — |  |  | — |  |  | — |  |  | 39 |  |  | 39 |  |  | — |  |  | 39 |
Dividends attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | (6) |
Repurchases of common stock |  | — |  |  | (30) |  |  | — |  |  | — |  |  | (30) |  |  | — |  |  | (30) |
Share based compensation and other |  | — |  |  | (1) |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Balance at March 31, 2023 |  | $ | — |  |  | $ | 3,995 |  |  | $ | (1,111) |  |  | $ | (687) |  |  | $ | 2,197 |  |  | $ | 335 |  |  | $ | 2,532 |
The following table presents changes in AOCI attributable to Adient:
|  | Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Foreign currency translation adjustments |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (725) |  |  | $ | (746) |  |  | $ | (854) |  |  | $ | (836) |
Aggregate adjustment for the period, net of tax |  | (92) |  |  | 29 |  |  | 37 |  |  | 119 |
Balance at end of period (1) |  | $ | (817) |  |  | $ | (717) |  |  | $ | (817) |  |  | $ | (717) |
Realized and unrealized gains (losses) on derivatives |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 22 |  |  | $ | 17 |  |  | $ | 13 |  |  | $ | (8) |
Current period changes in fair value, net of tax |  | 8 |  |  | 27 |  |  | 29 |  |  | 58 |
Reclassification to income, net of tax |  | (14) |  |  | (13) |  |  | (26) |  |  | (19) |
Balance at end of period |  | $ | 16 |  |  | $ | 31 |  |  | $ | 16 |  |  | $ | 31 |
Pension and postretirement plans |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | (1) |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | (1) |
Balance at end of period |  | $ | (1) |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | (1) |
Accumulated other comprehensive income (loss), end of period |  | $ | (802) |  |  | $ | (687) |  |  | $ | (802) |  |  | $ | (687) |
(1) Foreign currency translation adjustments as of March 31, 2024 and 2023 include gains on designated net investment hedge instruments of $1 million and $73 million, respectively. During the next twelve months, no gains or losses are expected to be reclassified from AOCI into Adient's consolidated statements of income. Adient consolidates certain subsidiaries in which the noncontrolling interest party has within their control the right to require Adient to redeem all or a portion of its interest in the subsidiary. These redeemable noncontrolling interests are reported at their estimated redemption value. Any adjustment to the redemption value impacts retained earnings but does not impact net income. Redeemable noncontrolling interests which are redeemable only upon future events, the occurrence of which is not currently probable, are recorded at carrying value. The following table presents changes in the redeemable noncontrolling interests:
|  | Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance |  | $ | 57 |  |  | $ | 45 |  |  | $ | 57 |  |  | $ | 45 |
Net income (1) |  | 7 |  |  | 9 |  |  | 20 |  |  | 16 |
Dividends |  | — |  |  | — |  |  | (21) |  |  | (18) |
Foreign currency translation adjustments |  | (6) |  |  | 1 |  |  | 2 |  |  | 12 |
Ending balance |  | $ | 58 |  |  | $ | 55 |  |  | $ | 58 |  |  | $ | 55 |
(1) During the first quarter of fiscal 2024, a $5 million adjustment was recorded to increase income attributable to noncontrolling interest related to the three months ended September 30, 2023. Repurchases of Equity Securities In November 2022, Adient’s board of directors authorized the repurchase of the Company’s ordinary shares up to an aggregate purchase price of $600 million with no expiration date. Under the share repurchase authorization, Adient’s ordinary shares may be purchased either through discretionary purchases on the open market, by block trades or privately negotiated transactions. The number of ordinary shares repurchased, if any, and the timing of repurchases will depend on a number of factors, including share price, trading volume and general market conditions, as well as on working capital requirements, general business conditions and other factors. During fiscal year 2023, Adient repurchased and immediately retired 1,756,777 shares of its ordinary shares at an average purchase price per share of $37.00. The aggregate amount of cash paid to repurchase shares during fiscal year 2023 was $65 million, of which $28 million had been spent as of March 31, 2023. During the second quarter of fiscal 2024, Adient repurchased and immediately retired 1,460,990 shares of its ordinary shares at an average purchase price per share of $34.22. The aggregate amount of cash paid to repurchase shares during the second quarter of fiscal 2024 was $50 million. During the first six months of fiscal 2024, Adient repurchased and immediately retired 4,464,348 shares of its ordinary shares at an average purchase price per share of $33.60. The aggregate amount of cash paid to repurchase shares during fiscal year 2024 was $150 million. As of March 31, 2024, the remaining aggregate amount of authorized repurchases was $385 million.

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