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10-Q Filing

ADIENT PLC CIK: 1670541 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001670541-23-000050
Period End Date 20221231
Filing Date 20230207
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance adnt-20221231_htm.xml
Filing Contents
Balance Sheet 80 line items
Line Item Tag Value Unit Period
Preferred stock, par value (in usd per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $901.00M USD Point-in-time
Preferred stock, shares authorized (in shares) PreferredStockSharesAuthorized 100.00M shares Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $947.00M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.08B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.52B USD Point-in-time
Accounts receivable - net AccountsAndOtherReceivablesNetCurrent $1.85B USD Point-in-time
Preferred stock, shares issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Accounts receivable - net AccountsAndOtherReceivablesNetCurrent $1.75B USD Point-in-time
Inventories InventoryNet $972.00M USD Point-in-time
Preferred stock, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Inventories InventoryNet $953.00M USD Point-in-time
Common stock, par value (in usd per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Other current assets OtherAssetsCurrent $411.00M USD Point-in-time
Other current assets OtherAssetsCurrent $459.00M USD Point-in-time
Current assets AssetsCurrent $4.09B USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 500.00M shares Point-in-time
Current assets AssetsCurrent $4.16B USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 95.39M shares Point-in-time
Property, plant and equipment - net PropertyPlantAndEquipmentNet $1.42B USD Point-in-time
Property, plant and equipment - net PropertyPlantAndEquipmentNet $1.38B USD Point-in-time
Goodwill Goodwill $2.13B USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 95.39M shares Point-in-time
Goodwill Goodwill $2.06B USD Point-in-time
Other intangible assets - net IntangibleAssetsNetExcludingGoodwill $467.00M USD Point-in-time
Other intangible assets - net IntangibleAssetsNetExcludingGoodwill $463.00M USD Point-in-time
Investments in partially-owned affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $306.00M USD Point-in-time
Investments in partially-owned affiliates InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures $286.00M USD Point-in-time
Assets held for sale DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent $11.00M USD Point-in-time
Assets held for sale DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent $5.00M USD Point-in-time
Other noncurrent assets OtherAssetsNoncurrent $865.00M USD Point-in-time
Other noncurrent assets OtherAssetsNoncurrent $797.00M USD Point-in-time
Total assets Assets $9.16B USD Point-in-time
Total assets Assets $9.27B USD Point-in-time
Short-term debt ShortTermBorrowings $2.00M USD Point-in-time
Short-term debt ShortTermBorrowings $3.00M USD Point-in-time
Current portion of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $11.00M USD Point-in-time
Current portion of long-term debt LongTermDebtAndCapitalLeaseObligationsCurrent $11.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $2.48B USD Point-in-time
Accounts payable AccountsPayableCurrent $2.42B USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $314.00M USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $340.00M USD Point-in-time
Restructuring reserve RestructuringReserve $45.00M USD Point-in-time
Restructuring reserve RestructuringReserve $60.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $624.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $609.00M USD Point-in-time
Current liabilities LiabilitiesCurrent $3.50B USD Point-in-time
Current liabilities LiabilitiesCurrent $3.42B USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $2.63B USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $2.56B USD Point-in-time
Pension and postretirement benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $88.00M USD Point-in-time
Pension and postretirement benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $90.00M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $585.00M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $584.00M USD Point-in-time
Long-term liabilities LiabilitiesNoncurrent $3.24B USD Point-in-time
Long-term liabilities LiabilitiesNoncurrent $3.30B USD Point-in-time
Commitments and Contingencies (Note 17) CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies (Note 17) CommitmentsAndContingencies - USD Point-in-time
Redeemable noncontrolling interests RedeemableNoncontrollingInterestEquityOtherCarryingAmount $45.00M USD Point-in-time
Redeemable noncontrolling interests RedeemableNoncontrollingInterestEquityOtherCarryingAmount $45.00M USD Point-in-time
Preferred shares issued, par value $0.001; 100,000,000 shares authorized, Zero shares issued and outstanding at December 31, 2022 PreferredStockValue - USD Point-in-time
Preferred shares issued, par value $0.001; 100,000,000 shares authorized, Zero shares issued and outstanding at December 31, 2022 PreferredStockValue - USD Point-in-time
Ordinary shares issued, par value $0.001; 500,000,000 shares authorized, 95,385,075 shares issued and outstanding at December 31, 2022 CommonStockValue - USD Point-in-time
Ordinary shares issued, par value $0.001; 500,000,000 shares authorized, 95,385,075 shares issued and outstanding at December 31, 2022 CommonStockValue - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $4.02B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $4.03B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-1.10B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-1.11B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-845.00M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-730.00M USD Point-in-time
Shareholders' equity attributable to Adient StockholdersEquity $2.07B USD Point-in-time
Shareholders' equity attributable to Adient StockholdersEquity $2.19B USD Point-in-time
Noncontrolling interests MinorityInterest $317.00M USD Point-in-time
Noncontrolling interests MinorityInterest $302.00M USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.51B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.72B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.38B USD Point-in-time
Total shareholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.68B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $9.27B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $9.16B USD Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $3.70B USD 1 Quarter
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $3.48B USD 1 Quarter
Cost of sales CostOfRevenue $3.47B USD 1 Quarter
Cost of sales CostOfRevenue $3.31B USD 1 Quarter
Gross profit GrossProfit $173.00M USD 1 Quarter
Gross profit GrossProfit $231.00M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $138.00M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $162.00M USD 1 Quarter
Restructuring and impairment costs RestructuringCostsAndAssetImpairmentCharges $4.00M USD 1 Quarter
Restructuring and impairment costs RestructuringCostsAndAssetImpairmentCharges $7.00M USD 1 Quarter
Equity income (loss) IncomeLossFromEquityMethodInvestments $33.00M USD 1 Quarter
Equity income (loss) IncomeLossFromEquityMethodInvestments $28.00M USD 1 Quarter
Earnings (loss) before interest and income taxes IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet $114.00M USD 1 Quarter
Earnings (loss) before interest and income taxes IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet $40.00M USD 1 Quarter
Net financing charges InterestIncomeExpenseNet $-41.00M USD 1 Quarter
Net financing charges InterestIncomeExpenseNet $-50.00M USD 1 Quarter
Other pension expense (income) PensionExpense $9.00M USD 1 Quarter
Other pension expense (income) PensionExpense $-1.00M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-9.00M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $64.00M USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $31.00M USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $21.00M USD 1 Quarter
Net income (loss) ProfitLoss $33.00M USD 1 Quarter
Net income (loss) ProfitLoss $-30.00M USD 1 Quarter
Income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $24.00M USD 1 Quarter
Income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $21.00M USD 1 Quarter
Net income (loss) attributable to Adient NetIncomeLoss $-54.00M USD 1 Quarter
Net income (loss) attributable to Adient NetIncomeLoss $12.00M USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $-0.57 USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $0.13 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $-0.57 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $0.13 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 95.10M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 94.60M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 95.90M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 94.60M shares 1 Quarter
Cash Flow Statement 82 line items
Line Item Tag Value Unit Period
Purchase accounting amortization FiniteLivedIntangibleAssetsPurchaseAccountingAdjustments $1.00M USD 1 Quarter
Purchase accounting amortization FiniteLivedIntangibleAssetsPurchaseAccountingAdjustments - USD 1 Quarter
Net income (loss) attributable to Adient NetIncomeLoss $-54.00M USD 1 Quarter
Net income (loss) attributable to Adient NetIncomeLoss $12.00M USD 1 Quarter
Income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $24.00M USD 1 Quarter
Income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $21.00M USD 1 Quarter
Net income (loss) ProfitLoss $33.00M USD 1 Quarter
Net income (loss) ProfitLoss $-30.00M USD 1 Quarter
Depreciation Depreciation $69.00M USD 1 Quarter
Depreciation Depreciation $75.00M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $12.00M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $13.00M USD 1 Quarter
Pension and postretirement expense (benefit) PensionAndOtherPostretirementBenefitExpense $9.00M USD 1 Quarter
Pension and postretirement expense (benefit) PensionAndOtherPostretirementBenefitExpense $1.00M USD 1 Quarter
Pension and postretirement contributions, net IncreaseDecreasePensionOPEB $3.00M USD 1 Quarter
Pension and postretirement contributions, net IncreaseDecreasePensionOPEB $5.00M USD 1 Quarter
Equity in earnings of partially-owned affiliates, net of dividends received (includes purchase accounting amortization of $ and $1, respectively) IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions $16.00M USD 1 Quarter
Equity in earnings of partially-owned affiliates, net of dividends received (includes purchase accounting amortization of $ and $1, respectively) IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions $32.00M USD 1 Quarter
Derivative loss on the 2021 Yanfeng Transaction GainLossOnFairValueHedgesRecognizedInEarnings $-3.00M USD 1 Quarter
Derivative loss on the 2021 Yanfeng Transaction GainLossOnFairValueHedgesRecognizedInEarnings - USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $-1.00M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $-3.00M USD 1 Quarter
Non-cash impairment charges AssetImpairmentCharges - USD 1 Quarter
Non-cash impairment charges AssetImpairmentCharges $7.00M USD 1 Quarter
Equity-based compensation ShareBasedCompensation $10.00M USD 1 Quarter
Equity-based compensation ShareBasedCompensation $8.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $3.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $-2.00M USD 1 Quarter
Receivables IncreaseDecreaseInAccountsReceivable $-167.00M USD 1 Quarter
Receivables IncreaseDecreaseInAccountsReceivable $175.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-22.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-26.00M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets - USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $47.00M USD 1 Quarter
Restructuring reserves IncreaseDecreaseInRestructuringReserve $-27.00M USD 1 Quarter
Restructuring reserves IncreaseDecreaseInRestructuringReserve $-24.00M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $104.00M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-191.00M USD 1 Quarter
Accrued income taxes IncreaseDecreaseInAccruedTaxesPayable $12.00M USD 1 Quarter
Accrued income taxes IncreaseDecreaseInAccruedTaxesPayable $14.00M USD 1 Quarter
Cash provided (used) by operating activities NetCashProvidedByUsedInOperatingActivities $44.00M USD 1 Quarter
Cash provided (used) by operating activities NetCashProvidedByUsedInOperatingActivities $-14.00M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $61.00M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $60.00M USD 1 Quarter
Sale of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $11.00M USD 1 Quarter
Sale of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $15.00M USD 1 Quarter
Settlement of derivatives PaymentsForDerivativeInstrumentInvestingActivities $30.00M USD 1 Quarter
Settlement of derivatives PaymentsForDerivativeInstrumentInvestingActivities - USD 1 Quarter
Advance payment for business acquisitions PaymentsToAcquireBusinessTwoNetOfCashAcquired - USD 1 Quarter
Advance payment for business acquisitions PaymentsToAcquireBusinessTwoNetOfCashAcquired $6.00M USD 1 Quarter
Proceeds from business divestitures ProceedsFromDivestitureOfBusinesses $3.00M USD 1 Quarter
Proceeds from business divestitures ProceedsFromDivestitureOfBusinesses $731.00M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $1.00M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities - USD 1 Quarter
Cash provided (used) by investing activities NetCashProvidedByUsedInInvestingActivities $652.00M USD 1 Quarter
Cash provided (used) by investing activities NetCashProvidedByUsedInInvestingActivities $-50.00M USD 1 Quarter
Increase (decrease) in short-term debt ProceedsFromRepaymentsOfShortTermDebt $-6.00M USD 1 Quarter
Increase (decrease) in short-term debt ProceedsFromRepaymentsOfShortTermDebt - USD 1 Quarter
Increase (decrease) in long-term debt ProceedsFromRepaymentsOfOtherLongTermDebt $2.00M USD 1 Quarter
Increase (decrease) in long-term debt ProceedsFromRepaymentsOfOtherLongTermDebt - USD 1 Quarter
Repayment of long-term debt RepaymentsOfLongTermDebt $2.00M USD 1 Quarter
Repayment of long-term debt RepaymentsOfLongTermDebt $2.00M USD 1 Quarter
Debt financing costs PaymentsOfFinancingCosts $7.00M USD 1 Quarter
Debt financing costs PaymentsOfFinancingCosts - USD 1 Quarter
Dividends paid to noncontrolling interests PaymentsOfDividendsMinorityInterest $59.00M USD 1 Quarter
Dividends paid to noncontrolling interests PaymentsOfDividendsMinorityInterest $50.00M USD 1 Quarter
Share based compensation and other PaymentsRelatedToTaxWithholdingForShareBasedCompensation $12.00M USD 1 Quarter
Share based compensation and other PaymentsRelatedToTaxWithholdingForShareBasedCompensation $12.00M USD 1 Quarter
Cash provided (used) by financing activities NetCashProvidedByUsedInFinancingActivities $-79.00M USD 1 Quarter
Cash provided (used) by financing activities NetCashProvidedByUsedInFinancingActivities $-69.00M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $29.00M USD 1 Quarter
Increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-46.00M USD 1 Quarter
Increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $559.00M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $901.00M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $947.00M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.08B USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.52B USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $901.00M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $947.00M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.08B USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.52B USD Point-in-time
Comprehensive Income 14 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $33.00M USD 1 Quarter
Net income (loss) ProfitLoss $-30.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $106.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $24.00M USD 1 Quarter
Realized and unrealized gains (losses) on derivatives OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-2.00M USD 1 Quarter
Realized and unrealized gains (losses) on derivatives OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $25.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $22.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $131.00M USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $164.00M USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-8.00M USD 1 Quarter
Comprehensive income (loss) attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $31.00M USD 1 Quarter
Comprehensive income (loss) attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $37.00M USD 1 Quarter
Comprehensive income (loss) attributable to Adient ComprehensiveIncomeNetOfTax $127.00M USD 1 Quarter
Comprehensive income (loss) attributable to Adient ComprehensiveIncomeNetOfTax $-39.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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