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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adient plc | NYSE:ADNT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.01 | 3.43% | 30.42 | 30.70 | 29.36 | 29.48 | 1,009,356 | 00:17:55 |
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FORM
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10-K
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Adient plc
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(exact name of Registrant as specified in its charter)
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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
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Yes
x
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No
¨
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Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Act.
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Yes
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No
x
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Note:
Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes
x
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No
¨
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Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
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Yes
x
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No
¨
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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
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x
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer
x
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Accelerated filer
¨
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Non-accelerated filer
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Smaller reporting company
¨
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Emerging growth company
¨
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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¨
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
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Yes
¨
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No
x
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ITEM
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PAGE
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*
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Based on production volumes. Source: IHS Automotive
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•
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Market share expansion in seating and seating components.
Adient has extensive relationships with global OEM customers. These relationships, combined with Adient's product offerings, enhance Adient's ability to expand its business with regional customers who are growing and expanding globally and also with new entrants to the automotive market.
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•
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Regional growth opportunities.
Adient is able to leverage its position as the market leader in Europe, North America and China to grow in other markets, such as Southeast Asia.
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•
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Vertical integration.
Adient's efficient operations provide opportunities for continued vertical integration in areas that could enhance Adient's capabilities, expand profit margins and grow revenues with customers who employ component sourcing strategies. Adient believes that as a vertically integrated supplier with global scale and strong
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•
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Business expansion.
Adient is able to leverage its track record of low cost, high quality, effectively executed product launches and ability to maintain high customer satisfaction to pursue growth into additional product markets adjacent to the automotive industry.
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*
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Based on production volumes. Source: IHS Automotive
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1.
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Core seat structures
: By developing common front seat frames and mechanisms across multiple vehicle platforms, OEMs are reducing costs.
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2.
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Component sourcing
: Several OEMs have shifted from sourcing a complete seating system to a components approach where the OEM sources each of the different components of the seat and seating assembly as separate business awards.
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3.
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Engineering "in-sourcing"
: Some OEMs are conducting the design and engineering internally and are selecting suppliers that have the capability to manufacture products on a worldwide basis and adapt to regional variations.
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*
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Based on production volumes. Source: IHS Automotive
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Name
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Age
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Position(s) Held
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Year Appointed to Present Position
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R. Bruce McDonald
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57
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Chairman and Chief Executive Officer
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2016
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Cathleen A. Ebacher
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55
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Vice President, General Counsel and Secretary
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2016
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Byron S. Foster
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49
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Executive Vice President
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2016
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Neil E. Marchuk
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60
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Executive Vice President and Chief Human Resources Officer
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2016
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Eric S. Mitchell
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46
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Executive Vice President
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2016
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Mark A. Skonieczny Jr.
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48
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Vice President and Corporate Controller
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2016
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Jeffrey M. Stafeil
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47
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Executive Vice President and Chief Financial Officer
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2016
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Item 1A.
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Risk Factors
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•
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requiring a substantial portion of Adient's cash flow from operations to make interest payments on this debt following the separation;
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•
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making it more difficult to satisfy debt service and other obligations;
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•
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increasing the risk of a future credit ratings downgrade of its debt, which could increase future debt costs and limit the future availability of debt financing;
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•
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increasing Adient's vulnerability to general adverse economic and industry conditions;
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•
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reducing the cash flow available to fund capital expenditures and other corporate purposes and to grow Adient's business;
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•
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limiting Adient's flexibility in planning for, or reacting to, changes in its business and the industry;
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•
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placing Adient at a competitive disadvantage relative to its competitors that may not be as highly leveraged with debt; and
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•
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limiting Adient's ability to borrow additional funds as needed or take advantage of business opportunities as they arise, pay cash dividends or repurchase ordinary shares.
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•
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actual or anticipated fluctuations in Adient's operating results;
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•
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changes in earnings estimated by securities analysts or Adient's ability to meet those estimates;
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•
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the operating and stock price performance of comparable companies;
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•
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changes to the regulatory and legal environment under which Adient operates;
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•
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the trading volume and liquidity of Adient ordinary shares; and
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•
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domestic and worldwide economic conditions.
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Item 1B.
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Unresolved Staff Comments
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Item 2.
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Properties
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Number of Locations
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Square Footage (in millions)
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||||||||||||||
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Manufacturing
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Administrative
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Total
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Owned
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Leased
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Total
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||||||
United States
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38
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8
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46
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3.4
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1.8
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5.2
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Germany
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31
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7
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38
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4.6
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2.1
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6.7
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Mexico
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20
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—
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20
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1.7
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1.6
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3.3
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Other European countries
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81
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2
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83
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6.2
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4.1
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10.3
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Asia/Pacific
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50
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6
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56
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1.9
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3.7
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5.6
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South America
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8
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—
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8
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0.4
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0.2
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0.6
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Other foreign
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10
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—
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10
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0.3
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0.8
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1.1
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238
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23
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261
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18.5
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14.3
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32.8
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Item 3.
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Legal Proceedings
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Item 4.
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Mine Safety Disclosures
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PART II - OTHER INFORMATION
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Item 5.
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Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Fiscal 2017
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||||||||||||||
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1st Quarter
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2nd Quarter
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3rd Quarter
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4th Quarter
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||||||||
High
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$
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58.60
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$
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75.69
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$
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74.49
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$
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85.71
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Low
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$
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44.20
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$
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55.88
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$
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61.73
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$
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63.99
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Periods
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Total Number of Shares (or Units) Purchased
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Average Price Paid per Share (or Unit)
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Total Number of Shares (or Units)Purchased as Part of Publicly Announced Plans or Programs
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Approximate Dollar Value of Shares (or Units)that may yet be Purchased Under the Plans or Programs
(1)
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|||||||
July 1, 2017 to July 31, 2017
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—
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$
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—
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$
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—
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$
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210,000,580
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August 1, 2017 to August 31, 2017
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—
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—
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—
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210,000,580
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|||
September 1, 2017 to September 30, 2017
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—
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—
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—
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210,000,580
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|||
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—
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$
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—
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$
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—
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$
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210,000,580
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10/31/2016
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12/31/2016
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3/31/2017
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6/30/2017
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9/30/2017
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||||||||||
Adient plc
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$
|
100
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|
|
$
|
129
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|
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$
|
160
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|
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$
|
144
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|
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$
|
186
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|
S&P 500
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$
|
100
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|
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$
|
106
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|
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$
|
112
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|
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$
|
116
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|
|
$
|
121
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Peer Group
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$
|
100
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|
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$
|
106
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|
|
$
|
115
|
|
|
$
|
124
|
|
|
$
|
140
|
|
Item 6.
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Selected Financial Data
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Statement of Operations (dollars in millions)
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|
2017
|
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2016
(1)
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2015
(1)
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2014
(1)
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2013
(1)
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||||||||||
Net sales
(2)
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|
$
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16,213
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|
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$
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16,790
|
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$
|
20,023
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$
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21,991
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|
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$
|
20,423
|
|
Gross profit
|
|
1,408
|
|
|
1,609
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1,852
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1,953
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|
1,575
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|||||
Net income (loss) attributable to Adient
(3)
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|
877
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(1,546
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)
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|
460
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|
|
299
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187
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|||||
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||||||||||
Earnings per share
(4)
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|
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|
|
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|
||||||||||
Basic
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|
$
|
9.38
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|
|
$
|
(16.50
|
)
|
|
$
|
4.91
|
|
|
$
|
3.19
|
|
|
$
|
2.00
|
|
Diluted
|
|
$
|
9.34
|
|
|
$
|
(16.50
|
)
|
|
$
|
4.90
|
|
|
$
|
3.19
|
|
|
$
|
2.00
|
|
|
|
|
|
|
|
|
|
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||||||||||
Balance Sheet Data (dollars in millions)
|
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||||||||||
Total assets
|
|
$
|
13,170
|
|
|
$
|
12,956
|
|
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$
|
10,414
|
|
|
$
|
11,198
|
|
|
$
|
11,387
|
|
Total debt
|
|
3,478
|
|
|
3,521
|
|
|
59
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|
|
156
|
|
|
138
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|
|||||
Shareholders' equity attributable to Adient
|
|
4,279
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|
|
4,176
|
|
|
5,603
|
|
|
5,445
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|
|
5,582
|
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|||||
Total debt to capitalization
(5)
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|
45
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%
|
|
46
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%
|
|
1
|
%
|
|
3
|
%
|
|
2
|
%
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(in millions)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Pension mark-to-market
|
|
$
|
45
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|
|
$
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(110
|
)
|
|
$
|
(6
|
)
|
|
$
|
(50
|
)
|
|
$
|
(13
|
)
|
Gain (loss) on business transactions - net
(6)
|
|
151
|
|
|
—
|
|
|
137
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|
|
(86
|
)
|
|
135
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|
|||||
Costs related to Becoming Adient
|
|
(95
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)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
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|
|||||
Costs related to the separation of Adient
|
|
(10
|
)
|
|
(369
|
)
|
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—
|
|
|
—
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|
|
—
|
|
|||||
Restructuring and impairment costs
|
|
(46
|
)
|
|
(332
|
)
|
|
(182
|
)
|
|
(158
|
)
|
|
(280
|
)
|
|||||
Tax benefit (expense) of items above
|
|
22
|
|
|
66
|
|
|
(65
|
)
|
|
(23
|
)
|
|
(1
|
)
|
|||||
|
|
67
|
|
|
(745
|
)
|
|
(116
|
)
|
|
(317
|
)
|
|
(159
|
)
|
|||||
One-time tax benefit (expense) items
|
|
12
|
|
|
(1,891
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)
|
|
(293
|
)
|
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—
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|
—
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|||||
Impact of significant items
|
|
$
|
79
|
|
|
$
|
(2,636
|
)
|
|
$
|
(409
|
)
|
|
$
|
(317
|
)
|
|
$
|
(159
|
)
|
Item 7.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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*
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Based on production volumes. Source: IHS Automotive
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•
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Adient recorded net sales of
$16,213 million
for fiscal 2017, representing a decrease of
$577 million
when compared to fiscal 2016. Foreign currency had an unfavorable impact of
$97 million
, with the remaining decrease resulting primarily from lower volumes in North America.
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•
|
Gross profit was
$1,408 million
or
9%
of net sales for fiscal 2017 compared to
$1,609 million
or
10%
of net sales in fiscal 2016. Profitability, along with gross profit as a percentage of net sales, was lower primarily from the effect of lower sales volumes and higher commodity costs.
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•
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Equity income was
$522 million
for fiscal 2017, which is
$178 million
higher when compared to fiscal 2016. Excluding the business transaction gain in fiscal 2017 (
$151 million
) and the unfavorable impact of foreign currency, equity income increased by 12% due primarily to growth in China at our Seating affiliates.
|
•
|
Net income attributable to Adient was
$877 million
for fiscal 2017, which is
$2,423 million
higher when compared to fiscal 2016, primarily attributable to prior year one-time tax charges related to the separation.
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Year Ended
September 30, |
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(in millions)
|
|
2017
|
|
Change
|
|
2016
(1)
|
|
Change
|
|
2015
(1)
|
||||||
Net sales
|
|
$
|
16,213
|
|
|
-3%
|
|
$
|
16,790
|
|
|
-16%
|
|
$
|
20,023
|
|
Cost of sales
|
|
14,805
|
|
|
-2%
|
|
15,181
|
|
|
-16%
|
|
18,171
|
|
|||
Gross profit
|
|
1,408
|
|
|
-12%
|
|
1,609
|
|
|
-13%
|
|
1,852
|
|
|||
Selling, general and administrative expenses
|
|
691
|
|
|
-43%
|
|
1,222
|
|
|
8%
|
|
1,131
|
|
|||
Gain (loss) on business divestitures - net
|
|
—
|
|
|
*
|
|
—
|
|
|
*
|
|
137
|
|
|||
Restructuring and impairment costs
|
|
46
|
|
|
-86%
|
|
332
|
|
|
82%
|
|
182
|
|
|||
Equity income
|
|
522
|
|
|
52%
|
|
344
|
|
|
23%
|
|
280
|
|
|||
Earnings before interest and income taxes
|
|
1,193
|
|
|
*
|
|
399
|
|
|
-58%
|
|
956
|
|
|||
Net financing charges
|
|
132
|
|
|
*
|
|
22
|
|
|
83%
|
|
12
|
|
|||
Income before income taxes
|
|
1,061
|
|
|
*
|
|
377
|
|
|
-60%
|
|
944
|
|
|||
Income tax provision
|
|
99
|
|
|
-95%
|
|
1,839
|
|
|
*
|
|
418
|
|
|||
Net income (loss)
|
|
962
|
|
|
*
|
|
(1,462
|
)
|
|
*
|
|
526
|
|
|||
Income attributable to noncontrolling interests
|
|
85
|
|
|
1%
|
|
84
|
|
|
27%
|
|
66
|
|
|||
Net income (loss) attributable to Adient
|
|
$
|
877
|
|
|
*
|
|
$
|
(1,546
|
)
|
|
*
|
|
$
|
460
|
|
|
|
|
|
|
|
|
Year Ended
September 30, |
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Net sales
|
|
$
|
16,213
|
|
|
-3%
|
|
$
|
16,790
|
|
|
-16%
|
|
$
|
20,023
|
|
|
|
Year Ended
September 30, |
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Cost of sales
|
|
$
|
14,805
|
|
|
-2%
|
|
$
|
15,181
|
|
|
-16%
|
|
$
|
18,171
|
|
Gross profit
|
|
1,408
|
|
|
-12%
|
|
1,609
|
|
|
-13%
|
|
1,852
|
|
|||
% of sales
|
|
8.7
|
%
|
|
|
|
9.6
|
%
|
|
|
|
9.2
|
%
|
|
|
Year Ended
September 30, |
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Selling, general and administrative expenses
|
|
$
|
691
|
|
|
-43%
|
|
$
|
1,222
|
|
|
8%
|
|
$
|
1,131
|
|
% of sales
|
|
4.3
|
%
|
|
|
|
7.3
|
%
|
|
|
|
5.6
|
%
|
|
|
Year Ended
September 30, |
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Gain (loss) on business divestitures - net
|
|
$
|
—
|
|
|
*
|
|
$
|
—
|
|
|
*
|
|
$
|
137
|
|
|
|
|
|
|
|
|
Year Ended
September 30, |
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Restructuring and impairment costs
|
|
$
|
46
|
|
|
-86%
|
|
$
|
332
|
|
|
82%
|
|
$
|
182
|
|
|
|
Year Ended
September 30, |
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Net financing charges
|
|
$
|
132
|
|
|
*
|
|
$
|
22
|
|
|
83%
|
|
$
|
12
|
|
|
|
|
|
|
|
|
Year Ended
September 30, |
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Equity income
|
|
$
|
522
|
|
|
52%
|
|
$
|
344
|
|
|
23%
|
|
$
|
280
|
|
|
|
Year Ended
September 30, |
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Income tax provision
|
|
$
|
99
|
|
|
-95%
|
|
$
|
1,839
|
|
|
*
|
|
$
|
418
|
|
|
|
|
|
|
|
|
Year Ended
September 30, |
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Income attributable to noncontrolling interests
|
|
$
|
85
|
|
|
1%
|
|
$
|
84
|
|
|
27%
|
|
$
|
66
|
|
|
|
Year Ended
September 30, |
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Net income (loss) attributable to Adient
|
|
$
|
877
|
|
|
*
|
|
$
|
(1,546
|
)
|
|
*
|
|
$
|
460
|
|
|
|
|
|
|
|
|
Year Ended
September 30, |
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Comprehensive income (loss) attributable to Adient
|
|
$
|
756
|
|
|
*
|
|
$
|
(1,575
|
)
|
|
*
|
|
$
|
(63
|
)
|
|
|
|
|
|
•
|
The Seating segment produces automotive seat metal structures and mechanisms, foam, trim, fabric and complete seat systems.
|
|
|
•
|
The Interiors segment, derived from its global automotive interiors joint ventures, produces instrument panels, floor consoles, door panels, overhead consoles, cockpit systems, decorative trim and other products.
|
|
|
Year Ended
September 30,
|
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Adjusted EBIT
|
|
|
|
|
|
|
|
|
|
|
||||||
Seating
|
|
$
|
1,151
|
|
|
5%
|
|
$
|
1,091
|
|
|
20%
|
|
$
|
909
|
|
Interiors
|
|
93
|
|
|
2%
|
|
91
|
|
|
-23%
|
|
118
|
|
|||
Becoming Adient costs
(1)
|
|
(95
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
|||
Separation costs
(2)
|
|
(10
|
)
|
|
|
|
(369
|
)
|
|
|
|
—
|
|
|||
Restructuring and impairment costs
|
|
(46
|
)
|
|
|
|
(332
|
)
|
|
|
|
(182
|
)
|
|||
Purchase accounting amortization
(3)
|
|
(43
|
)
|
|
|
|
(37
|
)
|
|
|
|
(23
|
)
|
|||
Restructuring related charges
(4)
|
|
(37
|
)
|
|
|
|
(14
|
)
|
|
|
|
(16
|
)
|
|||
Gain on business divestiture
|
|
—
|
|
|
|
|
—
|
|
|
|
|
137
|
|
|||
Pension mark-to-market
(5)
|
|
45
|
|
|
|
|
(110
|
)
|
|
|
|
(6
|
)
|
|||
Gain on previously-held interest
(6)
|
|
151
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||
Other items
(7)
|
|
(16
|
)
|
|
|
|
79
|
|
|
|
|
19
|
|
|||
Earnings before interest and income taxes
|
|
1,193
|
|
|
|
|
399
|
|
|
|
|
956
|
|
|||
Net financing charges
|
|
(132
|
)
|
|
|
|
(22
|
)
|
|
|
|
(12
|
)
|
|||
Income before income taxes
|
|
$
|
1,061
|
|
|
|
|
$
|
377
|
|
|
|
|
$
|
944
|
|
(1)
|
|
Reflects incremental expenses associated with becoming an independent company, including non-cash costs of $30 million for the year ended September 30, 2017
|
(2)
|
|
Reflects expenses associated with and incurred prior to the separation from the former Parent.
|
(3)
|
|
Reflects amortization of intangible assets including those related to the YFAI joint venture recorded within equity income.
|
(4)
|
|
Reflects restructuring related charges for costs that are directly attributable to restructuring activities, but do not meet the definition of restructuring under ASC 420.
|
(5)
|
|
Reflects net mark-to-market adjustments on pension and postretirement plans.
|
(6)
|
|
An amendment to the rights agreement of a seating affiliate in China was finalized in the fourth quarter of fiscal 2017 giving Adient control of the previously non-consolidated affiliate. Adient began consolidating the entity in July 2017 and was required to apply purchase accounting, including recognizing a gain on our previously held interest, which has been recorded in equity income.
|
(7)
|
|
Reflects primarily the $12 million of initial funding of the Adient foundation and $3 million of transaction costs associated with the acquisition of Futuris for the year ended September 30, 2017. Reflects a $24 million multi-employer pension credit associated with the removal of costs for pension plans that remained with the former Parent, $22 million of favorable settlements from prior year business divestitures, a $20 million favorable legal settlement and a $13 million favorable commercial settlement during the year ended September 30, 2016. Reflects a $19 million multi-employer pension credit associated with the removal of costs for pension plans that remained with the former Parent for the year ended September 30, 2015.
|
|
|
Year Ended
September 30,
|
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Net sales
|
|
$
|
16,213
|
|
|
-3%
|
|
$
|
16,790
|
|
|
-2%
|
|
$
|
17,069
|
|
Adjusted EBIT
|
|
1,151
|
|
|
5%
|
|
1,091
|
|
|
20%
|
|
909
|
|
|
|
Year Ended
September 30,
|
||||||||||||||
(in millions)
|
|
2017
|
|
Change
|
|
2016
|
|
Change
|
|
2015
|
||||||
Net sales
|
|
$
|
—
|
|
|
*
|
|
$
|
—
|
|
|
*
|
|
$
|
2,954
|
|
Adjusted EBIT
|
|
93
|
|
|
2%
|
|
91
|
|
|
-23%
|
|
118
|
|
|
|
|
|
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash provided (used) by operating activities
|
|
$
|
746
|
|
|
$
|
(1,034
|
)
|
|
$
|
397
|
|
Cash provided (used) by investing activities
|
|
(795
|
)
|
|
(425
|
)
|
|
(489
|
)
|
|||
Cash provided (used) by financing activities
|
|
627
|
|
|
1,516
|
|
|
93
|
|
|||
Capital expenditures
|
|
(577
|
)
|
|
(437
|
)
|
|
(478
|
)
|
|
|
September 30,
|
||||||
(in millions)
|
|
2017
|
|
2016
|
||||
Current assets
|
|
$
|
4,499
|
|
|
$
|
5,691
|
|
Current liabilities
|
|
4,328
|
|
|
4,260
|
|
||
Working capital
|
|
$
|
171
|
|
|
$
|
1,431
|
|
(in millions)
|
|
Total
|
|
2018
|
|
2019-2020
|
|
2021-2022
|
|
Beyond 2022
|
||||||||||
Long-term debt (including capital lease obligations)
|
|
$
|
3,480
|
|
|
$
|
2
|
|
|
$
|
58
|
|
|
$
|
1,339
|
|
|
$
|
2,081
|
|
Interest on long-term debt (including capital lease obligations)
|
|
827
|
|
|
123
|
|
|
246
|
|
|
200
|
|
|
258
|
|
|||||
Operating leases
|
|
395
|
|
|
114
|
|
|
143
|
|
|
86
|
|
|
52
|
|
|||||
Purchase obligations
|
|
375
|
|
|
375
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Pension and postretirement contributions
|
|
137
|
|
|
13
|
|
|
22
|
|
|
22
|
|
|
80
|
|
|||||
Total contractual cash obligations
|
|
$
|
5,214
|
|
|
$
|
627
|
|
|
$
|
469
|
|
|
$
|
1,647
|
|
|
$
|
2,471
|
|
|
|
Fiscal 2017
|
||||||||||||||
Statement of Operations (dollars in millions)
|
|
First
Quarter
(1)
|
|
Second
Quarter
(1)
|
|
Third
Quarter
(1)
|
|
Fourth
Quarter
|
||||||||
Net sales
|
|
$
|
4,026
|
|
|
$
|
4,201
|
|
|
$
|
4,007
|
|
|
$
|
3,979
|
|
Cost of sales
|
|
3,676
|
|
|
3,822
|
|
|
3,636
|
|
|
3,671
|
|
||||
Net income (loss)
|
|
164
|
|
|
214
|
|
|
223
|
|
|
361
|
|
||||
Income attributable to noncontrolling interests
|
|
22
|
|
|
24
|
|
|
22
|
|
|
17
|
|
||||
Net income (loss) attributable to Adient
|
|
142
|
|
|
190
|
|
|
201
|
|
|
344
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share
(2)
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.52
|
|
|
$
|
2.03
|
|
|
$
|
2.15
|
|
|
$
|
3.69
|
|
Diluted
|
|
$
|
1.51
|
|
|
$
|
2.02
|
|
|
$
|
2.14
|
|
|
$
|
3.67
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Fiscal 2016
|
||||||||||||||
Statement of Operations (dollars in millions)
|
|
First
Quarter
(1)
|
|
Second
Quarter
(1)
|
|
Third
Quarter
(1)
|
|
Fourth
Quarter
(1)
|
||||||||
Net sales
|
|
$
|
4,220
|
|
|
$
|
4,290
|
|
|
$
|
4,348
|
|
|
$
|
3,932
|
|
Cost of sales
|
|
3,852
|
|
|
3,860
|
|
|
3,902
|
|
|
3,567
|
|
||||
Net income (loss)
|
|
150
|
|
|
(758
|
)
|
|
4
|
|
|
(858
|
)
|
||||
Income attributable to noncontrolling interests
|
|
17
|
|
|
23
|
|
|
21
|
|
|
23
|
|
||||
Net income (loss) attributable to Adient
|
|
133
|
|
|
(781
|
)
|
|
(17
|
)
|
|
(881
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share
(2) (3)
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.42
|
|
|
$
|
(8.34
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(9.40
|
)
|
Diluted
|
|
$
|
1.42
|
|
|
$
|
(8.34
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(9.40
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
(1)
Amounts presented have been revised from what was previously reported to correctly report net sales, cost of sales and equity income as discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies" in the notes to the consolidated financial statements. As a result of these revisions, net sales and cost of sales as previously presented for the three months ended December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 2017 decreased $13 million, $8 million, $14 million, $12 million, $12 million, $11 million and $10 million, respectively. As a result of this revision, net income (loss) and net income (loss) attributable to Adient as previously presented for the three months ended December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 2017 decreased $4 million, $2 million, $3 million, $4 million, $7 million, $2 million and $3 million, respectively. Adient plans to reflect the revised amounts in its quarterly Condensed Consolidated Financial Statements for fiscal 2017 in future filings containing such information.
(2)
Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. As a result of this revision, basic EPS as previously presented for the three months ended December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 2017 decreased $0.04, $0.03, $0.03, $0.04, $0.07, $0.02 and $0.03, respectively. As a result of this revision, diluted EPS as previously presented for the three months ended December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017 and June 30, 2017 decreased $0.04, $0.03, $0.03, $0.04, $0.08, $0.02 and $0.03, respectively.
(3)
Adient earnings per share for 2016 were calculated using the number of shares that were distributed to the former Parent shareholders upon the separation (93,671,810 shares).
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 8.
|
Financial Statements and Supplementary Data
|
Index to Consolidated Financial Statements
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
/s/ PricewaterhouseCoopers LLP
|
Detroit, Michigan
|
November 22, 2017
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions, except per share data)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net sales
|
|
$
|
16,213
|
|
|
$
|
16,790
|
|
|
$
|
20,023
|
|
Cost of sales
|
|
14,805
|
|
|
15,181
|
|
|
18,171
|
|
|||
Gross profit
|
|
1,408
|
|
|
1,609
|
|
|
1,852
|
|
|||
Selling, general and administrative expenses
|
|
691
|
|
|
1,222
|
|
|
1,131
|
|
|||
Gain (loss) on business divestitures - net
|
|
—
|
|
|
—
|
|
|
137
|
|
|||
Restructuring and impairment costs
|
|
46
|
|
|
332
|
|
|
182
|
|
|||
Equity income
|
|
522
|
|
|
344
|
|
|
280
|
|
|||
Earnings before interest and income taxes
|
|
1,193
|
|
|
399
|
|
|
956
|
|
|||
Net financing charges
|
|
132
|
|
|
22
|
|
|
12
|
|
|||
Income before income taxes
|
|
1,061
|
|
|
377
|
|
|
944
|
|
|||
Income tax provision
|
|
99
|
|
|
1,839
|
|
|
418
|
|
|||
Net income (loss)
|
|
962
|
|
|
(1,462
|
)
|
|
526
|
|
|||
Income attributable to noncontrolling interests
|
|
85
|
|
|
84
|
|
|
66
|
|
|||
Net income (loss) attributable to Adient
|
|
$
|
877
|
|
|
$
|
(1,546
|
)
|
|
$
|
460
|
|
|
|
|
|
|
|
|
||||||
Earnings per share:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
9.38
|
|
|
$
|
(16.50
|
)
|
|
$
|
4.91
|
|
Diluted
|
|
$
|
9.34
|
|
|
$
|
(16.50
|
)
|
|
$
|
4.90
|
|
|
|
|
|
|
|
|
||||||
Cash dividends declared per share
|
|
$
|
0.825
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
||||||
Shares used in computing earnings per share:
|
|
|
|
|
|
|
||||||
Basic
|
|
93.5
|
|
|
93.7
|
|
|
93.7
|
|
|||
Diluted
|
|
93.9
|
|
|
93.7
|
|
|
93.8
|
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income (loss)
|
|
$
|
962
|
|
|
$
|
(1,462
|
)
|
|
$
|
526
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
|
(133
|
)
|
|
(36
|
)
|
|
(520
|
)
|
|||
Realized and unrealized gains (losses) on derivatives
|
|
17
|
|
|
3
|
|
|
(11
|
)
|
|||
Pension and postretirement plans
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|||
Other comprehensive income (loss)
|
|
(116
|
)
|
|
(34
|
)
|
|
(531
|
)
|
|||
Total comprehensive income (loss)
|
|
846
|
|
|
(1,496
|
)
|
|
(5
|
)
|
|||
Comprehensive income (loss) attributable to noncontrolling interests
|
|
90
|
|
|
79
|
|
|
58
|
|
|||
Comprehensive income (loss) attributable to Adient
|
|
$
|
756
|
|
|
$
|
(1,575
|
)
|
|
$
|
(63
|
)
|
|
|
September 30,
|
||||||
(in millions)
|
|
2017
|
|
2016
|
||||
Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
709
|
|
|
$
|
105
|
|
Restricted cash
|
|
—
|
|
|
2,034
|
|
||
Accounts receivable, less allowance for doubtful accounts of $20 and $21, respectively
|
|
2,224
|
|
|
2,082
|
|
||
Inventories
|
|
735
|
|
|
660
|
|
||
Other current assets
|
|
831
|
|
|
810
|
|
||
Current assets
|
|
4,499
|
|
|
5,691
|
|
||
Property, plant and equipment - net
|
|
2,502
|
|
|
2,195
|
|
||
Goodwill
|
|
2,515
|
|
|
2,179
|
|
||
Other intangible assets - net
|
|
543
|
|
|
113
|
|
||
Investments in partially-owned affiliates
|
|
1,793
|
|
|
1,714
|
|
||
Other noncurrent assets
|
|
1,318
|
|
|
1,064
|
|
||
Total assets
|
|
$
|
13,170
|
|
|
$
|
12,956
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
||||
Short-term debt
|
|
$
|
36
|
|
|
$
|
41
|
|
Current portion of long-term debt
|
|
2
|
|
|
38
|
|
||
Accounts payable
|
|
2,958
|
|
|
2,776
|
|
||
Accrued compensation and benefits
|
|
444
|
|
|
430
|
|
||
Restructuring reserve
|
|
236
|
|
|
351
|
|
||
Other current liabilities
|
|
652
|
|
|
624
|
|
||
Current liabilities
|
|
4,328
|
|
|
4,260
|
|
||
Long-term debt
|
|
3,440
|
|
|
3,442
|
|
||
Pension and postretirement benefits
|
|
129
|
|
|
188
|
|
||
Other noncurrent liabilities
|
|
653
|
|
|
725
|
|
||
Long-term liabilities
|
|
4,222
|
|
|
4,355
|
|
||
Commitments and Contingencies (Note 19)
|
|
|
|
|
||||
Redeemable noncontrolling interests
|
|
28
|
|
|
34
|
|
||
Preferred shares issued, par value $0.001; 100,000,000 shares authorized
Zero shares issued and outstanding at September 30, 2017 |
|
—
|
|
|
—
|
|
||
Ordinary shares issued, par value $0.001; 500,000,000 shares authorized
93,142,283 shares issued and outstanding at September 30, 2017 |
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
|
3,942
|
|
|
—
|
|
||
Retained earnings
|
|
734
|
|
|
—
|
|
||
Parent's net investment
|
|
—
|
|
|
4,452
|
|
||
Accumulated other comprehensive income (loss)
|
|
(397
|
)
|
|
(276
|
)
|
||
Shareholders' equity attributable to Adient
|
|
4,279
|
|
|
4,176
|
|
||
Noncontrolling interests
|
|
313
|
|
|
131
|
|
||
Total shareholders' equity
|
|
4,592
|
|
|
4,307
|
|
||
Total liabilities and shareholders' equity
|
|
$
|
13,170
|
|
|
$
|
12,956
|
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Operating Activities
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to Adient
|
|
$
|
877
|
|
|
$
|
(1,546
|
)
|
|
$
|
460
|
|
Income attributable to noncontrolling interests
|
|
85
|
|
|
84
|
|
|
66
|
|
|||
Net income (loss)
|
|
962
|
|
|
(1,462
|
)
|
|
526
|
|
|||
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities:
|
|
|
|
|
||||||||
Depreciation
|
|
337
|
|
|
327
|
|
|
329
|
|
|||
Amortization of intangibles
|
|
21
|
|
|
17
|
|
|
18
|
|
|||
Pension and postretirement benefit expense
|
|
(41
|
)
|
|
113
|
|
|
15
|
|
|||
Pension and postretirement contributions
|
|
(38
|
)
|
|
(35
|
)
|
|
(25
|
)
|
|||
Equity in earnings of partially-owned affiliates, net of dividends received (includes purchase accounting amortization of $22, $20 and $5 respectively)
|
|
(91
|
)
|
|
(145
|
)
|
|
(87
|
)
|
|||
Gain on previously-held interest
|
|
(151
|
)
|
|
—
|
|
|
—
|
|
|||
Deferred income taxes
|
|
(52
|
)
|
|
(572
|
)
|
|
(51
|
)
|
|||
Non-cash restructuring and impairment charges
|
|
—
|
|
|
87
|
|
|
27
|
|
|||
Loss (gain) on divestitures - net
|
|
—
|
|
|
—
|
|
|
(137
|
)
|
|||
Equity-based compensation
|
|
45
|
|
|
28
|
|
|
16
|
|
|||
Other
|
|
(6
|
)
|
|
(11
|
)
|
|
(2
|
)
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
|
||||||
Receivables
|
|
30
|
|
|
83
|
|
|
(249
|
)
|
|||
Inventories
|
|
(10
|
)
|
|
49
|
|
|
(63
|
)
|
|||
Other assets
|
|
13
|
|
|
22
|
|
|
(111
|
)
|
|||
Restructuring reserves
|
|
(179
|
)
|
|
73
|
|
|
56
|
|
|||
Accounts payable and accrued liabilities
|
|
(113
|
)
|
|
57
|
|
|
8
|
|
|||
Accrued income taxes
|
|
19
|
|
|
335
|
|
|
127
|
|
|||
Cash provided (used) by operating activities
|
|
746
|
|
|
(1,034
|
)
|
|
397
|
|
|||
Investing Activities
|
|
|
|
|
|
|
||||||
Capital expenditures
|
|
(577
|
)
|
|
(437
|
)
|
|
(478
|
)
|
|||
Sale of property, plant and equipment
|
|
44
|
|
|
16
|
|
|
24
|
|
|||
Acquisition of businesses, net of cash acquired
|
|
(247
|
)
|
|
—
|
|
|
(18
|
)
|
|||
Business divestitures
|
|
—
|
|
|
18
|
|
|
—
|
|
|||
Changes in long-term investments
|
|
(11
|
)
|
|
(24
|
)
|
|
(44
|
)
|
|||
Other
|
|
(4
|
)
|
|
2
|
|
|
27
|
|
|||
Cash provided (used) by investing activities
|
|
(795
|
)
|
|
(425
|
)
|
|
(489
|
)
|
|||
Financing Activities
|
|
|
|
|
|
|
||||||
Net transfers from (to) Parent prior to separation
|
|
606
|
|
|
117
|
|
|
239
|
|
|||
Cash transferred from former Parent post separation
|
|
315
|
|
|
—
|
|
|
—
|
|
|||
Increase (decrease) in short-term debt
|
|
(7
|
)
|
|
25
|
|
|
(22
|
)
|
|||
Increase in long-term debt
|
|
183
|
|
|
1,501
|
|
|
—
|
|
|||
Repayment of long-term debt
|
|
(302
|
)
|
|
(39
|
)
|
|
(10
|
)
|
|||
Share repurchases
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
|||
Cash paid to acquire a noncontrolling interest
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|||
Cash dividends
|
|
(52
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends paid to noncontrolling interests
|
|
(79
|
)
|
|
(88
|
)
|
|
(76
|
)
|
|||
Other
|
|
3
|
|
|
—
|
|
|
—
|
|
|||
Cash provided (used) by financing activities
|
|
627
|
|
|
1,516
|
|
|
93
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
|
26
|
|
|
4
|
|
|
(2
|
)
|
|||
Increase (decrease) in cash and cash equivalents
|
|
604
|
|
|
61
|
|
|
(1
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
105
|
|
|
44
|
|
|
45
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
709
|
|
|
$
|
105
|
|
|
$
|
44
|
|
(in millions)
|
|
Ordinary Shares
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Parent's Net Investment
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Shareholders' Equity Attributable
to Adient
|
|
Shareholders' Equity Attributable to Noncontrolling Interests
|
|
Total Equity
|
||||||||||||||||
Balance at September 30, 2014
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,169
|
|
|
$
|
276
|
|
|
$
|
5,445
|
|
|
$
|
159
|
|
|
$
|
5,604
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
460
|
|
|
—
|
|
|
460
|
|
|
50
|
|
|
510
|
|
||||||||
Foreign currency translation adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(512
|
)
|
|
(512
|
)
|
|
(5
|
)
|
|
(517
|
)
|
||||||||
Realized and unrealized gains (losses) on derivatives
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
||||||||
Change in Parent's net investment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
221
|
|
|
—
|
|
|
221
|
|
|
—
|
|
|
221
|
|
||||||||
Dividends attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34
|
)
|
|
(34
|
)
|
||||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
||||||||
Balance at September 30, 2015
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,850
|
|
|
$
|
(247
|
)
|
|
$
|
5,603
|
|
|
$
|
141
|
|
|
$
|
5,744
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,546
|
)
|
|
—
|
|
|
(1,546
|
)
|
|
59
|
|
|
(1,487
|
)
|
||||||||
Foreign currency translation adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|
(6
|
)
|
|
(37
|
)
|
||||||||
Realized and unrealized gains (losses) on derivatives
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||||
Pension and postretirement plans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||||||
Change in Parent's net investment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148
|
|
|
—
|
|
|
148
|
|
|
—
|
|
|
148
|
|
||||||||
Change in noncontrolling interest share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||||
Dividends attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
|
(65
|
)
|
||||||||
Balance at September 30, 2016
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,452
|
|
|
$
|
(276
|
)
|
|
$
|
4,176
|
|
|
$
|
131
|
|
|
$
|
4,307
|
|
Net income
|
|
—
|
|
|
—
|
|
|
812
|
|
|
65
|
|
|
—
|
|
|
877
|
|
|
60
|
|
|
937
|
|
||||||||
Change in Parent's net investment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(880
|
)
|
|
—
|
|
|
(880
|
)
|
|
—
|
|
|
(880
|
)
|
||||||||
Transfers from former Parent
|
|
—
|
|
|
333
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
333
|
|
|
—
|
|
|
333
|
|
||||||||
Reclassification of Parent's net investment and issuance of ordinary shares in connection with separation
|
|
—
|
|
|
3,637
|
|
|
—
|
|
|
(3,637
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Foreign currency translation adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(138
|
)
|
|
(138
|
)
|
|
5
|
|
|
(133
|
)
|
||||||||
Realized and unrealized gains (losses) on derivatives
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||||||
Dividends declared ($0.825 per share)
|
|
—
|
|
|
—
|
|
|
(78
|
)
|
|
—
|
|
|
—
|
|
|
(78
|
)
|
|
—
|
|
|
(78
|
)
|
||||||||
Repurchase and retirement of ordinary shares
|
|
—
|
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40
|
)
|
|
—
|
|
|
(40
|
)
|
||||||||
Dividends attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(58
|
)
|
|
(58
|
)
|
||||||||
Change in noncontrolling interest share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
175
|
|
|
175
|
|
||||||||
Share based compensation
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
||||||||
Balance at September 30, 2017
|
|
$
|
—
|
|
|
$
|
3,942
|
|
|
$
|
734
|
|
|
$
|
—
|
|
|
$
|
(397
|
)
|
|
$
|
4,279
|
|
|
$
|
313
|
|
|
$
|
4,592
|
|
1. Basis of Presentation and Summary of Significant Accounting Policies
|
|
|
September 30,
|
||||||
(in millions)
|
|
2017
|
|
2016
|
||||
Current assets
|
|
$
|
232
|
|
|
$
|
281
|
|
Noncurrent assets
|
|
56
|
|
|
45
|
|
||
Total assets
|
|
$
|
288
|
|
|
$
|
326
|
|
|
|
|
|
|
||||
Current liabilities
|
|
$
|
169
|
|
|
$
|
219
|
|
Total liabilities
|
|
$
|
169
|
|
|
$
|
219
|
|
|
|
Consolidated Statements of Income (Loss)
|
||||||||||||||||||||||
|
|
Year Ended September 30, 2016
|
|
Year Ended September 30, 2015
|
||||||||||||||||||||
(in millions, except per share data)
|
|
As Reported
|
|
Adjustment
|
|
As Revised
|
|
As Reported
|
|
Adjustment
|
|
As Revised
|
||||||||||||
Net sales
|
|
$
|
16,837
|
|
|
$
|
(47
|
)
|
|
$
|
16,790
|
|
|
$
|
20,071
|
|
|
$
|
(48
|
)
|
|
$
|
20,023
|
|
Cost of sales
|
|
15,228
|
|
|
(47
|
)
|
|
15,181
|
|
|
18,219
|
|
|
(48
|
)
|
|
18,171
|
|
||||||
Gross profit
|
|
1,609
|
|
|
—
|
|
|
1,609
|
|
|
1,852
|
|
|
—
|
|
|
1,852
|
|
||||||
Equity income
|
|
357
|
|
|
(13
|
)
|
|
344
|
|
|
295
|
|
|
(15
|
)
|
|
280
|
|
||||||
Earnings before interest and income taxes
|
|
412
|
|
|
(13
|
)
|
|
399
|
|
|
971
|
|
|
(15
|
)
|
|
956
|
|
||||||
Income before income taxes
|
|
390
|
|
|
(13
|
)
|
|
377
|
|
|
959
|
|
|
(15
|
)
|
|
944
|
|
||||||
Net income (loss)
|
|
(1,449
|
)
|
|
(13
|
)
|
|
(1,462
|
)
|
|
541
|
|
|
(15
|
)
|
|
526
|
|
||||||
Net income (loss) attributable to Adient
|
|
(1,533
|
)
|
|
(13
|
)
|
|
(1,546
|
)
|
|
475
|
|
|
(15
|
)
|
|
460
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic
|
|
$
|
(16.36
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(16.50
|
)
|
|
$
|
5.07
|
|
|
$
|
(0.16
|
)
|
|
$
|
4.91
|
|
Diluted
|
|
$
|
(16.36
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(16.50
|
)
|
|
$
|
5.06
|
|
|
$
|
(0.16
|
)
|
|
$
|
4.90
|
|
|
|
Consolidated Statements of Comprehensive Income (Loss)
|
||||||||||||||||||||||
|
|
Year Ended September 30, 2016
|
|
Year Ended September 30, 2015
|
||||||||||||||||||||
(in millions)
|
|
As Reported
|
|
Adjustment
|
|
As Revised
|
|
As Reported
|
|
Adjustment
|
|
As Revised
|
||||||||||||
Total comprehensive income (loss)
|
|
$
|
(1,483
|
)
|
|
$
|
(13
|
)
|
|
$
|
(1,496
|
)
|
|
$
|
10
|
|
|
$
|
(15
|
)
|
|
$
|
(5
|
)
|
Comprehensive income (loss) attributable to Adient
|
|
(1,562
|
)
|
|
(13
|
)
|
|
(1,575
|
)
|
|
(48
|
)
|
|
(15
|
)
|
|
(63
|
)
|
|
|
Consolidated Statement of Financial Position
|
||||||||||
|
|
At September 30, 2016
|
||||||||||
(in millions)
|
|
As Reported
|
|
Adjustment
|
|
As Revised
|
||||||
Investments in partially-owned affiliates
|
|
$
|
1,748
|
|
|
$
|
(34
|
)
|
|
$
|
1,714
|
|
Total assets
|
|
12,990
|
|
|
(34
|
)
|
|
12,956
|
|
|||
Parent's net investment
|
|
4,486
|
|
|
(34
|
)
|
|
4,452
|
|
|||
Shareholders' equity attributable to Adient
|
|
4,210
|
|
|
(34
|
)
|
|
4,176
|
|
|||
Total shareholders' equity
|
|
4,341
|
|
|
(34
|
)
|
|
4,307
|
|
|||
Total liabilities and shareholders' equity
|
|
12,990
|
|
|
(34
|
)
|
|
12,956
|
|
|
|
Consolidated Statements of Cash Flows
|
||||||||||||||||||||||
|
|
Year Ended September 30, 2016
|
|
Year Ended September 30, 2015
|
||||||||||||||||||||
(in millions)
|
|
As Reported
|
|
Adjustment
|
|
As Revised
|
|
As Reported
|
|
Adjustment
|
|
As Revised
|
||||||||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss)
|
|
$
|
(1,449
|
)
|
|
$
|
(13
|
)
|
|
$
|
(1,462
|
)
|
|
$
|
541
|
|
|
$
|
(15
|
)
|
|
$
|
526
|
|
Equity in earnings of partially-owned affiliates, net of dividends received
|
|
(158
|
)
|
|
13
|
|
|
(145
|
)
|
|
(102
|
)
|
|
15
|
|
|
(87
|
)
|
||||||
Cash provided (used) by operating activities
|
|
(1,034
|
)
|
|
—
|
|
|
(1,034
|
)
|
|
397
|
|
|
—
|
|
|
397
|
|
|
|
Consolidated Statement of Shareholders' Equity
|
||||||||||||||||||||||
|
|
At September 30, 2015
|
|
At September 30, 2014
|
||||||||||||||||||||
(in millions)
|
|
As Reported
|
|
Adjustment
|
|
As Revised
|
|
As Reported
|
|
Adjustment
|
|
As Revised
|
||||||||||||
Parent's Net Investment
|
|
$
|
5,873
|
|
|
$
|
(23
|
)
|
|
$
|
5,850
|
|
|
$
|
5,177
|
|
|
$
|
(8
|
)
|
|
$
|
5,169
|
|
Shareholder's Equity Attributable to Adient
|
|
5,626
|
|
|
(23
|
)
|
|
5,603
|
|
|
5,453
|
|
|
(8
|
)
|
|
5,445
|
|
||||||
Total Equity
|
|
5,767
|
|
|
(23
|
)
|
|
5,744
|
|
|
5,612
|
|
|
(8
|
)
|
|
5,604
|
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions, except per share data)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Numerator:
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to Adient
|
|
$
|
877
|
|
|
$
|
(1,546
|
)
|
|
$
|
460
|
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
|
||||||
Shares outstanding
|
|
93.5
|
|
|
93.7
|
|
|
93.7
|
|
|||
Effect of dilutive securities
|
|
0.4
|
|
|
—
|
|
|
0.1
|
|
|||
Diluted shares
|
|
93.9
|
|
|
93.7
|
|
|
93.8
|
|
|||
|
|
|
|
|
|
|
||||||
Earnings per share:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
9.38
|
|
|
$
|
(16.50
|
)
|
|
$
|
4.91
|
|
Diluted
|
|
$
|
9.34
|
|
|
$
|
(16.50
|
)
|
|
$
|
4.90
|
|
2. Acquisitions and Divestitures
|
(in millions)
|
|
Preliminary Purchase Price Allocation
|
||
Cash
|
|
$
|
34
|
|
Accounts receivable
|
|
93
|
|
|
Inventory
|
|
42
|
|
|
Property, plant and equipment
|
|
49
|
|
|
Other assets
|
|
17
|
|
|
Goodwill
|
|
202
|
|
|
Intangible assets
|
|
165
|
|
|
Accounts payable
|
|
(85
|
)
|
|
Other liabilities
|
|
(134
|
)
|
|
Total purchase consideration
|
|
383
|
|
|
Less: cash acquired
|
|
34
|
|
|
Net cash paid
|
|
349
|
|
|
Plus: acquired debt
|
|
4
|
|
|
Net purchase consideration
|
|
$
|
353
|
|
(in millions)
|
|
Preliminary Fair Value Allocation
|
||
Cash and cash equivalents
|
|
$
|
102
|
|
Accounts receivable
|
|
46
|
|
|
Inventory - net
|
|
2
|
|
|
Other assets
|
|
3
|
|
|
Property, plant and equipment
|
|
17
|
|
|
Goodwill
|
|
82
|
|
|
Identifiable intangibles
|
|
276
|
|
|
Accounts payable
|
|
(83
|
)
|
|
Other liabilities
|
|
(91
|
)
|
|
Fair value of the entity
|
|
$
|
354
|
|
Noncontrolling interest
|
|
(170
|
)
|
|
Adient's interest
|
|
$
|
184
|
|
3. Inventories
|
|
|
September 30,
|
||||||
(in millions)
|
|
2017
|
|
2016
|
||||
Raw materials and supplies
|
|
$
|
552
|
|
|
$
|
502
|
|
Work-in-process
|
|
37
|
|
|
35
|
|
||
Finished goods
|
|
146
|
|
|
123
|
|
||
Inventories
|
|
$
|
735
|
|
|
$
|
660
|
|
4. Property, Plant and Equipment
|
|
|
September 30,
|
||||||
(in millions)
|
|
2017
|
|
2016
|
||||
Buildings and improvements
|
|
$
|
1,357
|
|
|
$
|
1,311
|
|
Machinery and equipment
|
|
4,827
|
|
|
4,415
|
|
||
Construction in progress
|
|
521
|
|
|
431
|
|
||
Land
|
|
149
|
|
|
159
|
|
||
Total property, plant and equipment
|
|
6,854
|
|
|
6,316
|
|
||
Less: accumulated depreciation
|
|
(4,352
|
)
|
|
(4,121
|
)
|
||
Property, plant and equipment - net
|
|
$
|
2,502
|
|
|
$
|
2,195
|
|
5. Goodwill and Other Intangible Assets
|
(in millions)
|
|
September 30,
2016 |
|
Business
Acquisitions
|
|
Business
Divestitures
|
|
Currency Translation
and Other
|
|
September 30,
2017 |
||||||||||
Goodwill
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Seating
|
|
$
|
2,179
|
|
|
$
|
284
|
|
|
$
|
—
|
|
|
$
|
52
|
|
|
$
|
2,515
|
|
(in millions)
|
|
September 30, 2015
|
|
Business
Acquisitions
|
|
Business
Divestitures
|
|
Currency Translation
and Other
|
|
September 30, 2016
|
||||||||||
Goodwill
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Seating
|
|
$
|
2,160
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
2,179
|
|
|
|
September 30, 2017
|
|
September 30, 2016
|
||||||||||||||||||||
(in millions)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
Intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Patented technology
|
|
$
|
30
|
|
|
$
|
(15
|
)
|
|
$
|
15
|
|
|
$
|
28
|
|
|
$
|
(13
|
)
|
|
$
|
15
|
|
Customer relationships
|
|
545
|
|
|
(64
|
)
|
|
481
|
|
|
100
|
|
|
(48
|
)
|
|
52
|
|
||||||
Trademarks
|
|
59
|
|
|
(26
|
)
|
|
33
|
|
|
56
|
|
|
(19
|
)
|
|
37
|
|
||||||
Miscellaneous
|
|
22
|
|
|
(8
|
)
|
|
14
|
|
|
15
|
|
|
(6
|
)
|
|
9
|
|
||||||
Total intangible assets
|
|
$
|
656
|
|
|
$
|
(113
|
)
|
|
$
|
543
|
|
|
$
|
199
|
|
|
$
|
(86
|
)
|
|
$
|
113
|
|
6. Product Warranties
|
|
|
September 30,
|
||||||
(in millions)
|
|
2017
|
|
2016
|
||||
Balance at beginning of period
|
|
$
|
13
|
|
|
$
|
12
|
|
Accruals for warranties issued during the period
|
|
3
|
|
|
9
|
|
||
Changes in accruals related to pre-existing warranties (including changes in estimates)
|
|
4
|
|
|
(5
|
)
|
||
Accruals from acquisitions
|
|
9
|
|
|
—
|
|
||
Settlements made (in cash or in kind) during the period
|
|
(10
|
)
|
|
(4
|
)
|
||
Currency translation
|
|
—
|
|
|
1
|
|
||
Balance at end of period
|
|
$
|
19
|
|
|
$
|
13
|
|
7. Leases
|
(in millions)
|
|
Capital
Leases
|
|
Operating
Leases
|
||||
2018
|
|
$
|
3
|
|
|
$
|
114
|
|
2019
|
|
2
|
|
|
81
|
|
||
2020
|
|
—
|
|
|
62
|
|
||
2021
|
|
—
|
|
|
50
|
|
||
2022
|
|
—
|
|
|
36
|
|
||
After 2022
|
|
—
|
|
|
52
|
|
||
Total minimum lease payments
|
|
5
|
|
|
$
|
395
|
|
|
Interest
|
|
(1
|
)
|
|
|
|||
Present value of net minimum lease payments
|
|
$
|
4
|
|
|
|
8. Debt and Financing Arrangements
|
|
|
September 30,
|
||||||
(in millions)
|
|
2017
|
|
2016
|
||||
Term Loan A - LIBOR plus 1.75% due in 2021
|
|
$
|
1,200
|
|
|
$
|
1,500
|
|
4.875% Notes due in 2026
|
|
900
|
|
|
900
|
|
||
3.50% Notes due in 2024
|
|
1,180
|
|
|
1,119
|
|
||
European Investment Bank Loan - EURIBOR plus 0.90% due in 2022
|
|
195
|
|
|
—
|
|
||
Capital lease obligations
|
|
4
|
|
|
2
|
|
||
Other
|
|
1
|
|
|
2
|
|
||
Less: debt issuance costs
|
|
(38
|
)
|
|
(43
|
)
|
||
Gross long-term debt
|
|
3,442
|
|
|
3,480
|
|
||
Less: current portion
|
|
2
|
|
|
38
|
|
||
Net long-term debt
|
|
$
|
3,440
|
|
|
$
|
3,442
|
|
|
|
Year Ended
September 30,
|
||||||||||||||||||
(in millions)
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||||
Principal payments
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
56
|
|
|
$
|
1,144
|
|
|
$
|
195
|
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Bank borrowings
|
|
$
|
36
|
|
|
$
|
41
|
|
|
$
|
17
|
|
Weighted average interest rate on short-term debt outstanding
(1)
|
|
3.0
|
%
|
|
5.9
|
%
|
|
13.7
|
%
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Interest expense, net of capitalized interest costs
|
|
$
|
126
|
|
|
$
|
20
|
|
|
$
|
11
|
|
Banking fees and debt issuance cost amortization
|
|
10
|
|
|
4
|
|
|
2
|
|
|||
Interest income
|
|
(4
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|||
Net financing charges
|
|
$
|
132
|
|
|
$
|
22
|
|
|
$
|
12
|
|
9. Derivative Instruments and Hedging Activities
|
|
|
Derivatives and Hedging
Activities Designated as
Hedging Instruments
under ASC 815
|
|
Derivatives and Hedging
Activities Not Designated as
Hedging Instruments
under ASC 815
|
||||||||||||
(in millions)
|
|
September 30,
2017 |
|
September 30,
2016 |
|
September 30,
2017 |
|
September 30,
2016 |
||||||||
Other current assets
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
$
|
4
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
40
|
|
Other noncurrent assets
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Equity swaps
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Total assets
|
|
$
|
5
|
|
|
$
|
9
|
|
|
$
|
3
|
|
|
$
|
40
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other current liabilities
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
$
|
6
|
|
|
$
|
31
|
|
|
$
|
2
|
|
|
$
|
8
|
|
Other noncurrent liabilities
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Long-term debt
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency denominated debt
|
|
1,180
|
|
|
1,119
|
|
|
—
|
|
|
—
|
|
||||
Total liabilities
|
|
$
|
1,189
|
|
|
$
|
1,150
|
|
|
$
|
2
|
|
|
$
|
8
|
|
|
|
Assets
|
|
Liabilities
|
||||||||||||
(in millions)
|
|
September 30,
2017 |
|
September 30,
2016 |
|
September 30,
2017 |
|
September 30,
2016 |
||||||||
Gross amount recognized
|
|
$
|
8
|
|
|
$
|
49
|
|
|
$
|
1,191
|
|
|
$
|
1,158
|
|
Gross amount eligible for offsetting
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(1
|
)
|
||||
Net amount
|
|
$
|
6
|
|
|
$
|
48
|
|
|
$
|
1,189
|
|
|
$
|
1,157
|
|
(in millions)
|
|
Year Ended
September 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||
Foreign currency exchange derivatives
|
|
$
|
3
|
|
|
$
|
34
|
|
|
$
|
8
|
|
(in millions)
|
|
|
|
Year Ended
September 30,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||||
Foreign currency exchange derivatives
|
|
Cost of sales
|
|
$
|
(13
|
)
|
|
$
|
31
|
|
|
$
|
22
|
|
(in millions)
|
|
|
|
Year Ended
September 30,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||||
Foreign currency exchange derivatives
|
|
Cost of sales
|
|
$
|
(20
|
)
|
|
$
|
10
|
|
|
$
|
1
|
|
Foreign currency exchange derivatives
|
|
Net financing charges
|
|
36
|
|
|
(3
|
)
|
|
14
|
|
|||
Equity swap
|
|
Selling, general and administrative
|
|
3
|
|
|
—
|
|
|
—
|
|
|||
Total
|
|
|
|
$
|
19
|
|
|
$
|
7
|
|
|
$
|
15
|
|
10. Fair Value Measurements
|
|
|
Fair Value Measurements Using:
|
||||||||||||||
(in millions)
|
|
Total as of
September 30,
2017
|
|
Quoted Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Other current assets
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
Other noncurrent assets
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Equity swaps
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Total assets
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
—
|
|
Other current liabilities
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
—
|
|
Other noncurrent liabilities
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Total liabilities
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
—
|
|
11. Stock-Based Compensation
|
|
|
Weighted
Average
Price
|
|
Shares/Units
Subject to
Restriction
|
|||
Nonvested, September 30, 2016
|
|
$
|
46.42
|
|
|
1,320,448
|
|
Converted
|
|
48.06
|
|
|
135,026
|
|
|
Converted and nonvested on October 31, 2016
|
|
46.57
|
|
|
1,455,474
|
|
|
Granted
|
|
45.19
|
|
|
1,162,213
|
|
|
Vested
|
|
50.29
|
|
|
(281,539
|
)
|
|
Forfeited
|
|
44.08
|
|
|
(83,710
|
)
|
|
Nonvested, September 30, 2017
|
|
$
|
45.49
|
|
|
2,252,438
|
|
|
|
|
|
|
|||
Former Parent nonvested, September 30, 2017
|
|
$
|
45.57
|
|
|
1,010,967
|
|
Adient nonvested, September 30, 2017
|
|
45.42
|
|
|
1,241,471
|
|
|
Total nonvested, September 30, 2017
|
|
$
|
45.49
|
|
|
2,252,438
|
|
|
|
Weighted
Average Price |
|
Shares/Units
Subject to PSU |
|||
Nonvested, September 30, 2016
|
|
$
|
—
|
|
|
—
|
|
Converted and nonvested on October 31, 2016
|
|
—
|
|
|
—
|
|
|
Granted
|
|
44.60
|
|
|
236,034
|
|
|
Vested
|
|
—
|
|
|
—
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
Nonvested, September 30, 2017
|
|
$
|
44.60
|
|
|
236,034
|
|
|
|
Weighted
Average
Option Price
|
|
Shares
Subject to
Option
|
|
Weighted
Average
Remaining
Contractual
Life (years)
|
|
Aggregate
Intrinsic
Value
(in millions)
|
|||||
Outstanding, September 30, 2016
|
|
$
|
32.42
|
|
|
2,336,028
|
|
|
|
|
|
||
Exercised
|
|
27.22
|
|
|
(6,280
|
)
|
|
|
|
|
|||
Forfeited or expired
|
|
31.71
|
|
|
(3,330
|
)
|
|
|
|
|
|||
Converted
|
|
33.28
|
|
|
169,125
|
|
|
|
|
|
|||
Converted and outstanding on October 31, 2016
|
|
32.49
|
|
|
2,495,543
|
|
|
|
|
|
|||
Granted
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
|
27.58
|
|
|
(1,070,284
|
)
|
|
|
|
|
|||
Forfeited or expired
|
|
26.32
|
|
|
(3,126
|
)
|
|
|
|
|
|||
Outstanding, September 30, 2017
|
|
$
|
32.04
|
|
|
1,422,133
|
|
|
4.7
|
|
$
|
22
|
|
Exercisable, September 30, 2017
|
|
$
|
29.58
|
|
|
1,151,192
|
|
|
4.0
|
|
$
|
21
|
|
|
|
|
|
|
|
|
|
|
|||||
Former Parent outstanding, September 30, 2017
|
|
$
|
31.83
|
|
|
1,221,817
|
|
|
4.8
|
|
$
|
12
|
|
Adient outstanding, September 30, 2017
|
|
33.32
|
|
|
200,316
|
|
|
4.1
|
|
10
|
|
||
Total outstanding, September 30, 2017
|
|
$
|
32.04
|
|
|
1,422,133
|
|
|
4.7
|
|
$
|
22
|
|
|
|
|
|
|
|
|
|
|
|||||
Former Parent exercisable, September 30, 2017
|
|
$
|
29.26
|
|
|
975,505
|
|
|
4.1
|
|
$
|
12
|
|
Adient exercisable, September 30, 2017
|
|
31.34
|
|
|
175,687
|
|
|
3.6
|
|
9
|
|
||
Total exercisable, September 30, 2017
|
|
$
|
29.58
|
|
|
1,151,192
|
|
|
4.0
|
|
$
|
21
|
|
|
|
Weighted
Average
SAR Price
|
|
Shares
Subject to
SAR
|
|
Weighted
Average
Remaining
Contractual
Life (years)
|
|
Aggregate
Intrinsic
Value
(in millions)
|
|||||
Outstanding, September 30, 2016
|
|
$
|
31.26
|
|
|
654,694
|
|
|
|
|
|
||
Exercised
|
|
29.68
|
|
|
(9,470
|
)
|
|
|
|
|
|||
Converted
|
|
33.16
|
|
|
41,713
|
|
|
|
|
|
|||
Converted and outstanding on October 31, 2016
|
|
31.40
|
|
|
686,937
|
|
|
|
|
|
|||
Granted
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
|
32.35
|
|
|
(131,470
|
)
|
|
|
|
|
|||
Forfeited or expired
|
|
45.95
|
|
|
(6,309
|
)
|
|
|
|
|
|||
Outstanding, September 30, 2017
|
|
$
|
28.12
|
|
|
549,158
|
|
|
3.8
|
|
$
|
9
|
|
Exercisable, September 30, 2017
|
|
$
|
27.10
|
|
|
511,854
|
|
|
3.6
|
|
$
|
9
|
|
|
|
|
|
|
|
|
|
|
|||||
Former Parent outstanding, September 30, 2017
|
|
$
|
27.79
|
|
|
495,754
|
|
|
3.8
|
|
$
|
6
|
|
Adient outstanding, September 30, 2017
|
|
31.19
|
|
|
53,404
|
|
|
3.8
|
|
3
|
|
||
Total outstanding, September 30, 2017
|
|
$
|
28.12
|
|
|
549,158
|
|
|
3.8
|
|
$
|
9
|
|
|
|
|
|
|
|
|
|
|
|||||
Former Parent exercisable, September 30, 2017
|
|
$
|
26.78
|
|
|
461,841
|
|
|
3.6
|
|
$
|
6
|
|
Adient exercisable, September 30, 2017
|
|
30.12
|
|
|
50,013
|
|
|
3.5
|
|
3
|
|
||
Total exercisable, September 30, 2017
|
|
$
|
27.10
|
|
|
511,854
|
|
|
3.6
|
|
$
|
9
|
|
12. Equity and Noncontrolling Interests
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions, net of tax)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
$
|
(260
|
)
|
|
$
|
(229
|
)
|
|
$
|
283
|
|
Aggregate adjustment for the period (net of tax effect of $0, $(28) and $9)
|
|
(138
|
)
|
|
(31
|
)
|
|
(512
|
)
|
|||
Balance at end of period
|
|
(398
|
)
|
|
(260
|
)
|
|
(229
|
)
|
|||
Realized and unrealized gains (losses) on derivatives
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
(14
|
)
|
|
(17
|
)
|
|
(6
|
)
|
|||
Current period changes in fair value (net of tax effect of $1, $10 and $1)
|
|
6
|
|
|
26
|
|
|
5
|
|
|||
Reclassification to income (net of tax effect of $2, $(8) and $(6))*
|
|
11
|
|
|
(23
|
)
|
|
(16
|
)
|
|||
Balance at end of period
|
|
3
|
|
|
(14
|
)
|
|
(17
|
)
|
|||
Pension and postretirement plans
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|||
Reclassifications to income (net of tax effect of $0)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|||
Balance at end of period
|
|
(2
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|||
Accumulated other comprehensive income (loss), end of period
|
|
$
|
(397
|
)
|
|
$
|
(276
|
)
|
|
$
|
(247
|
)
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
|
$
|
34
|
|
|
$
|
31
|
|
|
$
|
27
|
|
Net income
|
|
25
|
|
|
25
|
|
|
16
|
|
|||
Foreign currency translation adjustments
|
|
—
|
|
|
1
|
|
|
(3
|
)
|
|||
Dividends
|
|
(31
|
)
|
|
(23
|
)
|
|
(9
|
)
|
|||
Ending balance
|
|
$
|
28
|
|
|
$
|
34
|
|
|
$
|
31
|
|
13. Retirement Plans
|
2018
|
$
|
26
|
|
2019
|
27
|
|
|
2020
|
28
|
|
|
2021
|
27
|
|
|
2022
|
33
|
|
|
2023-2027
|
176
|
|
2018
|
$
|
1
|
|
2019
|
1
|
|
|
2020
|
1
|
|
|
2021
|
1
|
|
|
2022
|
1
|
|
|
2023-2027
|
7
|
|
|
|
Fair Value Measurements Using:
|
||||||||||||||||||
(in millions)
|
|
Total as of
September 30,
2017
|
|
Quoted Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Net Asset Value (NAV)
|
||||||||||
Pension
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic
|
|
23
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|||||
International - Developed
|
|
74
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|||||
International - Emerging
|
|
10
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Fixed Income Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Government
|
|
195
|
|
|
76
|
|
|
87
|
|
|
—
|
|
|
32
|
|
|||||
Corporate/Other
|
|
80
|
|
|
52
|
|
|
13
|
|
|
—
|
|
|
15
|
|
|||||
Hedge Fund
|
|
73
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|||||
Real Estate
|
|
26
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
15
|
|
|||||
Total
|
|
$
|
491
|
|
|
$
|
200
|
|
|
$
|
173
|
|
|
$
|
11
|
|
|
$
|
107
|
|
Postretirement:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
International - Developed
|
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Fixed Income Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Government
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Corporate/Other
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
15
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Fair Value Measurements Using:
|
||||||||||||||||||
(in millions)
|
|
Total as of
September 30,
2016
|
|
Quoted Prices
in Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Net Asset Value (NAV)
|
||||||||||
Pension
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash
|
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic
|
|
39
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|||||
International - Developed
|
|
45
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|||||
International - Emerging
|
|
7
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Fixed Income Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Government
|
|
172
|
|
|
98
|
|
|
51
|
|
|
—
|
|
|
23
|
|
|||||
Corporate/Other
|
|
90
|
|
|
70
|
|
|
5
|
|
|
—
|
|
|
15
|
|
|||||
Hedge Fund
|
|
65
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|||||
Real Estate
|
|
26
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
17
|
|
|||||
Total
|
|
$
|
457
|
|
|
$
|
230
|
|
|
$
|
121
|
|
|
$
|
9
|
|
|
$
|
97
|
|
Postretirement:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
International - Developed
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
International - Emerging
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Fixed Income Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Government
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Corporate/Other
|
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commodities
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Real Estate
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
12
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(in millions)
|
|
Real Estate
|
||
Pension
|
|
|
||
Asset value as of September 30, 2015
|
|
$
|
8
|
|
Unrealized gain
|
|
1
|
|
|
Asset value as of September 30, 2016
|
|
$
|
9
|
|
Redemptions
|
|
(1
|
)
|
|
Unrealized gain
|
|
3
|
|
|
Asset value as of September 30, 2017
|
|
$
|
11
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Accumulated Benefit Obligation
|
|
$
|
577
|
|
|
$
|
613
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Change in Projected Benefit Obligation:
|
|
|
|
|
|
|
|
|
||||||||
Projected benefit obligation at beginning of year
|
|
$
|
637
|
|
|
$
|
527
|
|
|
$
|
16
|
|
|
$
|
15
|
|
Service cost
|
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
||||
Interest cost
|
|
12
|
|
|
16
|
|
|
1
|
|
|
—
|
|
||||
Plan participant contributions
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Actuarial (gain) loss
|
|
(51
|
)
|
|
132
|
|
|
—
|
|
|
2
|
|
||||
Benefits and settlements paid
|
|
(29
|
)
|
|
(30
|
)
|
|
(1
|
)
|
|
(2
|
)
|
||||
Other
|
|
—
|
|
|
14
|
|
|
(1
|
)
|
|
—
|
|
||||
Currency translation adjustment
|
|
23
|
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
||||
Projected benefit obligation at end of year
|
|
$
|
600
|
|
|
$
|
637
|
|
|
$
|
16
|
|
|
$
|
16
|
|
Change in Plan Assets:
|
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at beginning of year
|
|
$
|
457
|
|
|
$
|
421
|
|
|
$
|
12
|
|
|
$
|
13
|
|
Actual return on plan assets
|
|
9
|
|
|
44
|
|
|
2
|
|
|
1
|
|
||||
Employer and employee contributions
|
|
37
|
|
|
35
|
|
|
2
|
|
|
1
|
|
||||
Benefits and settlements paid
|
|
(29
|
)
|
|
(30
|
)
|
|
(1
|
)
|
|
(2
|
)
|
||||
Other
|
|
—
|
|
|
16
|
|
|
—
|
|
|
(1
|
)
|
||||
Currency translation adjustment
|
|
17
|
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets at end of year
|
|
$
|
491
|
|
|
$
|
457
|
|
|
$
|
15
|
|
|
$
|
12
|
|
Funded status
|
|
$
|
(109
|
)
|
|
$
|
(180
|
)
|
|
$
|
(1
|
)
|
|
$
|
(4
|
)
|
Amounts recognized in the statement of financial position consist of:
|
|
|
|
|
|
|
|
|
||||||||
Prepaid benefit cost
|
|
$
|
22
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accrued benefit liability
|
|
(131
|
)
|
|
(188
|
)
|
|
(1
|
)
|
|
(4
|
)
|
||||
Net amount recognized
|
|
$
|
(109
|
)
|
|
$
|
(180
|
)
|
|
$
|
(1
|
)
|
|
$
|
(4
|
)
|
|
|
Pension Benefits
|
|
Postretirement
Benefits
|
||||||||||||||
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
|||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||
Weighted Average Assumptions
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
(2)
|
|
3.85
|
%
|
|
3.70
|
%
|
|
2.60
|
%
|
|
2.10
|
%
|
|
3.50
|
%
|
|
3.25
|
%
|
Rate of compensation increase
|
|
NA
|
|
|
NA
|
|
|
3.55
|
%
|
|
4.00
|
%
|
|
NA
|
|
|
NA
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Components of Net Periodic Benefit Cost (Credit):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service cost
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Interest cost
|
|
12
|
|
|
16
|
|
|
19
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Expected return on plan assets
|
|
(17
|
)
|
|
(22
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Net actuarial (gain) loss
|
|
(43
|
)
|
|
109
|
|
|
6
|
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
||||||
Settlement loss
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost (credit)
|
|
$
|
(40
|
)
|
|
$
|
112
|
|
|
$
|
14
|
|
|
$
|
(1
|
)
|
|
$
|
1
|
|
|
$
|
1
|
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
|||||||||||||||||||||||
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
||||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|||||||||
Expense Assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Discount rate
|
|
3.70
|
%
|
|
4.40
|
%
|
|
4.35
|
%
|
|
2.10
|
%
|
|
3.40
|
%
|
|
3.50
|
%
|
|
3.25
|
%
|
|
3.80
|
%
|
|
4.35
|
%
|
Expected return on plan assets
|
|
5.50
|
%
|
|
7.50
|
%
|
|
7.50
|
%
|
|
3.80
|
%
|
|
4.45
|
%
|
|
5.40
|
%
|
|
3.35
|
%
|
|
3.80
|
%
|
|
4.00
|
%
|
Rate of compensation increase
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
4.00
|
%
|
|
3.00
|
%
|
|
3.00
|
%
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
14. Significant Restructuring and Impairment Costs
|
(in millions)
|
|
Employee Severance and Termination Benefits
|
|
Long-Lived Asset Impairments
|
|
Other
|
|
Currency
Translation |
|
Total
|
||||||||||
Original Reserve
|
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
46
|
|
Utilized—cash
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(8
|
)
|
|||||
Utilized—noncash
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Balance at September 30, 2017
|
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38
|
|
(in millions)
|
|
Employee Severance and Termination Benefits
|
|
Long-Lived Asset Impairments
|
|
Other
|
|
Currency
Translation |
|
Total
|
||||||||||
Original Reserve
|
|
$
|
223
|
|
|
$
|
87
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
332
|
|
Utilized—cash
|
|
(29
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(30
|
)
|
|||||
Utilized—noncash
|
|
—
|
|
|
(87
|
)
|
|
—
|
|
|
(2
|
)
|
|
(89
|
)
|
|||||
Balance at September 30, 2016
|
|
194
|
|
|
—
|
|
|
21
|
|
|
(2
|
)
|
|
213
|
|
|||||
Utilized—cash
|
|
(48
|
)
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(60
|
)
|
|||||
Utilized—noncash
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|||||
Balance at September 30, 2017
|
|
$
|
146
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
5
|
|
|
$
|
160
|
|
(in millions)
|
|
Employee Severance and Termination Benefits
|
|
Long-Lived Asset Impairments
|
|
Currency
Translation |
|
Total
|
||||||||
Original Reserve
|
|
$
|
155
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
182
|
|
Utilized—cash
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Utilized—noncash
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
(27
|
)
|
||||
Balance at September 30, 2015
|
|
154
|
|
|
—
|
|
|
—
|
|
|
154
|
|
||||
Utilized—cash
|
|
(41
|
)
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
||||
Utilized—noncash
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
Balance at September 30, 2016
|
|
113
|
|
|
—
|
|
|
(1
|
)
|
|
112
|
|
||||
Utilized—cash
|
|
(94
|
)
|
|
—
|
|
|
—
|
|
|
(94
|
)
|
||||
Utilized—noncash
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||
Balance at September 30, 2017
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
16
|
|
15. Impairment of Long-Lived Assets
|
16. Income Taxes
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Ireland
|
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
United States
|
|
122
|
|
|
330
|
|
|
493
|
|
|||
Other Foreign
|
|
945
|
|
|
47
|
|
|
451
|
|
|||
Income before income taxes and noncontrolling interests
|
|
$
|
1,061
|
|
|
$
|
377
|
|
|
$
|
944
|
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Current
|
|
|
|
|
|
|
||||||
Ireland
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
US - Federal and State
|
|
14
|
|
|
1,548
|
|
|
268
|
|
|||
Other Foreign
|
|
137
|
|
|
863
|
|
|
201
|
|
|||
|
|
151
|
|
|
2,411
|
|
|
469
|
|
|||
Deferred
|
|
|
|
|
|
|
||||||
Ireland
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||
US - Federal and State
|
|
13
|
|
|
(295
|
)
|
|
(89
|
)
|
|||
Other Foreign
|
|
(63
|
)
|
|
(277
|
)
|
|
38
|
|
|||
|
|
(52
|
)
|
|
(572
|
)
|
|
(51
|
)
|
|||
|
|
|
|
|
|
|
||||||
Income tax provision
|
|
$
|
99
|
|
|
$
|
1,839
|
|
|
$
|
418
|
|
|
|
Year Ended
September 30,
|
||
(in millions)
|
|
2017
|
||
Tax expense at Ireland statutory rate
|
|
$
|
133
|
|
State income taxes, net of federal benefit
|
|
(10
|
)
|
|
Foreign tax rate differential
|
|
(67
|
)
|
|
Notional interest deduction
|
|
(28
|
)
|
|
Credits and incentives
|
|
(13
|
)
|
|
Gain on previously-held interest
|
|
(19
|
)
|
|
Repatriation of foreign earnings
|
|
30
|
|
|
Foreign exchange
|
|
(11
|
)
|
|
Impact of enacted tax rate changes
|
|
10
|
|
|
Change in uncertain tax positions
|
|
50
|
|
|
Change in valuation allowance
|
|
21
|
|
|
Other
|
|
3
|
|
|
Income tax provision
|
|
$
|
99
|
|
|
|
Year Ended
September 30,
|
||||||
(in millions)
|
|
2016
|
|
2015
|
||||
Tax expense at the U.S. federal statutory rate
|
|
$
|
136
|
|
|
$
|
336
|
|
State income taxes, net of federal benefit
|
|
—
|
|
|
15
|
|
||
Foreign income tax expense at different rates and foreign losses without tax benefits
|
|
(92
|
)
|
|
(13
|
)
|
||
U.S. tax on foreign income
|
|
(207
|
)
|
|
(252
|
)
|
||
U.S. credits and incentives
|
|
(7
|
)
|
|
(6
|
)
|
||
Impacts of transactions and business divestitures
|
|
1,988
|
|
|
356
|
|
||
Reserve and valuation allowance adjustments
|
|
14
|
|
|
(13
|
)
|
||
Other
|
|
7
|
|
|
(5
|
)
|
||
Income tax provision
|
|
$
|
1,839
|
|
|
$
|
418
|
|
|
|
September 30,
|
||||||
(in millions)
|
|
2017
|
|
2016
|
||||
Other noncurrent assets
|
|
$
|
1,025
|
|
|
$
|
613
|
|
Other noncurrent liabilities
|
|
(389
|
)
|
|
(22
|
)
|
||
Net deferred tax asset
|
|
$
|
636
|
|
|
$
|
591
|
|
Tax Jurisdiction
|
|
Earliest Year Open
|
Brazil
|
|
2012
|
China
|
|
2011
|
Czech Republic
|
|
2008
|
France
|
|
2013
|
Germany
|
|
2013
|
Hong Kong
|
|
2011
|
Japan
|
|
2012
|
Luxembourg
|
|
2012
|
Mexico
|
|
2012
|
Poland
|
|
2008
|
United Kingdom
|
|
2011
|
United States
|
|
2017
|
|
|
Year Ended September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Beginning balance
|
|
$
|
596
|
|
|
$
|
390
|
|
|
$
|
284
|
|
Additions for tax positions related to the current year
|
|
76
|
|
|
288
|
|
|
138
|
|
|||
Additions for tax positions of prior years
|
|
5
|
|
|
—
|
|
|
—
|
|
|||
Reductions for tax positions of prior years
|
|
(471
|
)
|
|
(65
|
)
|
|
(32
|
)
|
|||
Settlements with taxing authorities
|
|
(7
|
)
|
|
(15
|
)
|
|
—
|
|
|||
Statute closings
|
|
(6
|
)
|
|
(2
|
)
|
|
—
|
|
|||
Ending balance
|
|
$
|
193
|
|
|
$
|
596
|
|
|
$
|
390
|
|
17. Segment Information
|
•
|
The Seating segment produces automotive seat metal structures and mechanisms, foam, trim, fabric and complete seat systems.
|
|
|
•
|
The Interiors segment, derived from its global automotive interiors joint ventures, produces instrument panels, floor consoles, door panels, overhead consoles, cockpit systems, decorative trim and other products.
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
(1)
|
|
2015
(1)
|
||||||
Adjusted EBIT
|
|
|
|
|
|
|
||||||
Seating
|
|
$
|
1,151
|
|
|
$
|
1,091
|
|
|
$
|
909
|
|
Interiors
|
|
93
|
|
|
91
|
|
|
118
|
|
|||
Becoming Adient costs
(2)
|
|
(95
|
)
|
|
—
|
|
|
—
|
|
|||
Separation costs
(3)
|
|
(10
|
)
|
|
(369
|
)
|
|
—
|
|
|||
Restructuring and impairment costs
|
|
(46
|
)
|
|
(332
|
)
|
|
(182
|
)
|
|||
Purchase accounting amortization
(4)
|
|
(43
|
)
|
|
(37
|
)
|
|
(23
|
)
|
|||
Restructuring related charges
(5)
|
|
(37
|
)
|
|
(14
|
)
|
|
(16
|
)
|
|||
Pension mark-to-market
(6)
|
|
45
|
|
|
(110
|
)
|
|
(6
|
)
|
|||
Gain on previously-held interest
(7)
|
|
151
|
|
|
—
|
|
|
—
|
|
|||
Gain on business divestiture
|
|
—
|
|
|
—
|
|
|
137
|
|
|||
Other items
(8)
|
|
(16
|
)
|
|
79
|
|
|
19
|
|
|||
Earnings before interest and income taxes
|
|
1,193
|
|
|
399
|
|
|
956
|
|
|||
Net financing charges
|
|
(132
|
)
|
|
(22
|
)
|
|
(12
|
)
|
|||
Income before income taxes
|
|
$
|
1,061
|
|
|
$
|
377
|
|
|
$
|
944
|
|
(1)
|
|
Amounts presented have been revised from what was previously reported to correctly report net sales, equity income and total assets as discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies".
|
(2)
|
|
Reflects incremental expenses associated with becoming an independent company, including non-cash costs of $30 million for the year ended September 30, 2017
|
(3)
|
|
Reflects expenses associated with and incurred prior to the separation from the former Parent.
|
(4)
|
|
Reflects amortization of intangible assets including those related to the YFAI joint venture recorded within equity income.
|
(5)
|
|
Reflects restructuring related charges for costs that are directly attributable to restructuring activities, but do not meet the definition of restructuring under ASC 420.
|
(6)
|
|
Reflects net mark-to-market adjustments on pension and postretirement plans.
|
(7)
|
|
An amendment to the rights agreement of a seating affiliate in China was finalized in the fourth quarter of fiscal 2017 giving Adient control of the previously non-consolidated affiliate. Adient began consolidating the entity in July 2017 and was required to apply purchase accounting, including recognizing a gain on our previously held interest, which has been recorded in equity income.
|
(8)
|
|
Reflects primarily the $12 million of initial funding of the Adient foundation and $3 million of transaction costs associated with the acquisition of Futuris for the year ended September 30, 2017. Reflects a $24 million multi-employer pension credit associated with the removal of costs for pension plans that remained with the former Parent, $22 million of favorable settlements from prior year business divestitures, a $20 million favorable legal settlement and a $13 million favorable commercial settlement during the year ended September 30, 2016. Reflects a $19 million multi-employer pension credit associated with the removal of costs for pension plans that remained with the former Parent for the year ended September 30, 2015.
|
|
|
Year Ended September 30, 2017
|
||||||||||||||
|
|
Reportable Segments
|
|
Reconciling Items
(1)
|
|
Consolidated
|
||||||||||
(in millions)
|
|
Seating
|
|
Interiors
|
|
|
||||||||||
Net Sales
|
|
$
|
16,213
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,213
|
|
Equity Income
|
|
301
|
|
|
93
|
|
|
128
|
|
|
522
|
|
||||
Total Assets
|
|
12,061
|
|
|
1,109
|
|
|
—
|
|
|
13,170
|
|
||||
Depreciation
|
|
332
|
|
|
—
|
|
|
5
|
|
|
337
|
|
||||
Amortization
|
|
—
|
|
|
—
|
|
|
21
|
|
|
21
|
|
||||
Capital Expenditures
|
|
577
|
|
|
—
|
|
|
—
|
|
|
577
|
|
(1)
|
|
Included in equity income is a $151 million gain on a previously held interest in a China Seating affiliate that Adient began consolidating in the fourth quarter of fiscal 2017 as a result of an amendment to the related rights agreement, $22 million of purchase accounting amortization related to the YFAI joint venture and $1 million of restructuring related costs related to the YFAI joint venture. Included in depreciation expense is $5 million of accelerated depreciation which is part of the incremental expenses associated with becoming an independent company (Becoming Adient). Included in amortization expense is $21 million of purchase accounting amortization related to consolidated Seating entities.
|
|
|
Year Ended September 30, 2016
|
||||||||||||||
|
|
Reportable Segments
|
|
Reconciling Items
(2)
|
|
Consolidated
(1)
|
||||||||||
(in millions)
|
|
Seating
(1)
|
|
Interiors
|
|
|
||||||||||
Net Sales
|
|
$
|
16,790
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,790
|
|
Equity Income
|
|
273
|
|
|
91
|
|
|
(20
|
)
|
|
344
|
|
||||
Total Assets
|
|
11,917
|
|
|
1,039
|
|
|
—
|
|
|
12,956
|
|
||||
Depreciation
|
|
327
|
|
|
—
|
|
|
—
|
|
|
327
|
|
||||
Amortization
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
||||
Capital Expenditures
|
|
437
|
|
|
—
|
|
|
—
|
|
|
437
|
|
(1)
|
|
Amounts presented have been revised from what was previously reported to correctly report net sales, equity income and total assets as discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies".
|
(2)
|
|
Included in equity income is $20 million of purchase accounting amortization related to the YFAI joint venture. Included in amortization expense is $17 million of purchase accounting amortization related to consolidated Seating entities.
|
|
|
Year Ended September 30, 2015
|
||||||||||||||
|
|
Reportable Segments
|
|
Reconciling Items
(2)
|
|
Consolidated
(1)
|
||||||||||
(in millions)
|
|
Seating
(1)
|
|
Interiors
|
|
|
||||||||||
Net Sales
|
|
$
|
17,069
|
|
|
$
|
2,954
|
|
|
$
|
—
|
|
|
$
|
20,023
|
|
Equity Income
|
|
248
|
|
|
37
|
|
|
(5
|
)
|
|
280
|
|
||||
Total Assets
|
|
9,353
|
|
|
1,006
|
|
|
55
|
|
|
10,414
|
|
||||
Depreciation
|
|
329
|
|
|
—
|
|
|
—
|
|
|
329
|
|
||||
Amortization
|
|
—
|
|
|
—
|
|
|
18
|
|
|
18
|
|
||||
Capital Expenditures
|
|
478
|
|
|
—
|
|
|
—
|
|
|
478
|
|
(1)
|
|
Amounts presented have been revised from what was previously reported to correctly report net sales, equity income and total assets as discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies".
|
(2)
|
|
Included in equity income is $5 million of purchase accounting amortization related to the YFAI joint venture. Included in total assets is $55 million of assets classified as held for sale. Included in amortization expense is $18 million of purchase accounting amortization related to consolidated Seating entities.
|
Net Sales
|
|
|
|
|
|
|
||||||
|
|
Year Ended September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
(1)
|
|
2015
(1)
|
||||||
United States
|
|
$
|
5,798
|
|
|
$
|
6,581
|
|
|
$
|
7,850
|
|
Germany
|
|
1,584
|
|
|
1,901
|
|
|
2,464
|
|
|||
Mexico
|
|
1,079
|
|
|
998
|
|
|
1,299
|
|
|||
Other European countries
|
|
5,012
|
|
|
4,752
|
|
|
5,050
|
|
|||
Other foreign
|
|
2,740
|
|
|
2,558
|
|
|
3,360
|
|
|||
Total
|
|
$
|
16,213
|
|
|
$
|
16,790
|
|
|
$
|
20,023
|
|
(1)
|
|
Amounts presented have been revised from what was previously reported in "other foreign" to correctly report net sales as discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies".
|
Long-Lived Assets
|
|
|
|
|
|
|
||||||
|
|
Year Ended September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
United States
|
|
$
|
685
|
|
|
$
|
580
|
|
|
$
|
583
|
|
Germany
|
|
380
|
|
|
360
|
|
|
375
|
|
|||
Mexico
|
|
277
|
|
|
250
|
|
|
225
|
|
|||
Other European countries
|
|
873
|
|
|
732
|
|
|
722
|
|
|||
Other foreign
|
|
287
|
|
|
273
|
|
|
234
|
|
|||
Total
|
|
$
|
2,502
|
|
|
$
|
2,195
|
|
|
$
|
2,139
|
|
18. Nonconsolidated Partially-Owned Affiliates
|
|
|
% ownership
|
||
Name of partially-owned affiliate
|
|
2017
|
|
2016
|
Seating
|
|
|
|
|
Changchun FAWAY Adient Automotive Systems Co. Ltd.
(1)
|
|
49.0%
|
|
50.0%
|
Adient Yanfeng Seating Mechanism Co., Ltd.
(2)
|
|
50.0%
|
|
50.0%
|
Yanfeng Adient Seating Co., Ltd. (YFAS)
(3)
|
|
49.9%
|
|
49.9%
|
Interiors
|
|
|
|
|
Yanfeng Global Automotive Interiors Systems Co., Ltd. (YFAI)
|
|
30.0%
|
|
29.7%
|
(1)
|
|
Changchun FAWAY - Johnson Controls Automotive Systems Co., Ltd. joint venture was renamed to Changchun FAWAY Adient Automotive Systems Co. Ltd.
|
(2)
|
|
Shanghai Johnson Controls Yanfeng Seating Mechanism Co., Ltd. joint venture was renamed to Adient Yanfeng Seating Mechanism Co., Ltd.
|
(3)
|
|
Shanghai Yanfeng Johnson Controls Seating Co., Ltd. (YFJC) joint venture was renamed to Yanfeng Adient Seating Co., Ltd. (YFAS).
|
|
|
September 30, 2017
|
||||||||||
(in millions)
|
|
YFAS
|
|
All Other
|
|
Total
|
||||||
Current assets
|
|
$
|
3,059
|
|
|
$
|
4,661
|
|
|
$
|
7,720
|
|
Noncurrent assets
|
|
678
|
|
|
2,479
|
|
|
3,157
|
|
|||
Total assets
|
|
$
|
3,737
|
|
|
$
|
7,140
|
|
|
$
|
10,877
|
|
|
|
|
|
|
|
|
||||||
Current liabilities
|
|
$
|
2,793
|
|
|
$
|
4,569
|
|
|
$
|
7,362
|
|
Noncurrent liabilities
|
|
49
|
|
|
331
|
|
|
380
|
|
|||
Noncontrolling interests
|
|
108
|
|
|
31
|
|
|
139
|
|
|||
Shareholders' equity
|
|
787
|
|
|
2,209
|
|
|
2,996
|
|
|||
Total liabilities and shareholders' equity
|
|
$
|
3,737
|
|
|
$
|
7,140
|
|
|
$
|
10,877
|
|
|
|
September 30, 2016
|
||||||||||
(in millions)
|
|
YFAS
(1)
|
|
All Other
|
|
Total
(1)
|
||||||
Current assets
|
|
$
|
2,306
|
|
|
$
|
3,829
|
|
|
$
|
6,135
|
|
Noncurrent assets
|
|
539
|
|
|
2,120
|
|
|
2,659
|
|
|||
Total assets
|
|
$
|
2,845
|
|
|
$
|
5,949
|
|
|
$
|
8,794
|
|
|
|
|
|
|
|
|
||||||
Current liabilities
|
|
$
|
2,004
|
|
|
$
|
3,851
|
|
|
$
|
5,855
|
|
Noncurrent liabilities
|
|
44
|
|
|
151
|
|
|
195
|
|
|||
Noncontrolling interests
|
|
113
|
|
|
27
|
|
|
140
|
|
|||
Shareholders' equity
|
|
684
|
|
|
1,920
|
|
|
2,604
|
|
|||
Total liabilities and shareholders' equity
|
|
$
|
2,845
|
|
|
$
|
5,949
|
|
|
$
|
8,794
|
|
(1)
|
|
Amounts presented have been revised from what was previously reported, as discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies". The engineering recovery revisions decreased noncurrent assets, total assets, shareholders' equity and total liabilities and shareholders' equity at YFAS by $70 million as of September 30, 2016.
|
|
|
2017
|
||||||||||
(in millions)
|
|
YFAS
|
|
All Other
|
|
Total
|
||||||
Net sales
|
|
$
|
4,617
|
|
|
$
|
12,645
|
|
|
$
|
17,262
|
|
Gross profit
|
|
603
|
|
|
1,391
|
|
|
1,994
|
|
|||
Operating income
|
|
432
|
|
|
728
|
|
|
1,160
|
|
|||
Net income
|
|
351
|
|
|
688
|
|
|
1,039
|
|
|||
Income attributable to noncontrolling interests
|
|
47
|
|
|
18
|
|
|
65
|
|
|||
Net income attributable to the entity
|
|
304
|
|
|
670
|
|
|
974
|
|
|||
|
|
|
|
|
|
|
||||||
Equity in net income, before basis adjustments
|
|
152
|
|
|
395
|
|
|
547
|
|
|||
Basis adjustments
|
|
(2
|
)
|
|
(23
|
)
|
|
(25
|
)
|
|||
Equity in net income
|
|
150
|
|
|
372
|
|
|
522
|
|
|
|
2016
|
||||||||||
(in millions)
|
|
YFAS
(1)
|
|
All Other
|
|
Total
(1)
|
||||||
Net sales
|
|
$
|
4,198
|
|
|
$
|
11,928
|
|
|
$
|
16,126
|
|
Gross profit
|
|
583
|
|
|
1,213
|
|
|
1,796
|
|
|||
Operating income
|
|
426
|
|
|
663
|
|
|
1,089
|
|
|||
Net income
|
|
348
|
|
|
625
|
|
|
973
|
|
|||
Income attributable to noncontrolling interests
|
|
48
|
|
|
7
|
|
|
55
|
|
|||
Net income attributable to the entity
|
|
300
|
|
|
618
|
|
|
918
|
|
|||
|
|
|
|
|
|
|
||||||
Equity in net income, before basis adjustments
|
|
150
|
|
|
218
|
|
|
368
|
|
|||
Basis adjustments
|
|
(3
|
)
|
|
(21
|
)
|
|
(24
|
)
|
|||
Equity in net income
|
|
147
|
|
|
197
|
|
|
344
|
|
|
|
2015
|
||||||||||
(in millions)
|
|
YFAS
(1)
|
|
All Other
|
|
Total
(1)
|
||||||
Net sales
|
|
$
|
3,855
|
|
|
$
|
5,594
|
|
|
$
|
9,449
|
|
Gross profit
|
|
538
|
|
|
662
|
|
|
1,200
|
|
|||
Operating income
|
|
405
|
|
|
397
|
|
|
802
|
|
|||
Net income
|
|
332
|
|
|
376
|
|
|
708
|
|
|||
Income attributable to noncontrolling interests
|
|
46
|
|
|
6
|
|
|
52
|
|
|||
Net income attributable to the entity
|
|
286
|
|
|
370
|
|
|
656
|
|
|||
|
|
|
|
|
|
|
||||||
Equity in net income, before basis adjustments
|
|
142
|
|
|
149
|
|
|
291
|
|
|||
Basis adjustments
|
|
(3
|
)
|
|
(8
|
)
|
|
(11
|
)
|
|||
Equity in net income
|
|
139
|
|
|
141
|
|
|
280
|
|
(1)
|
|
Amounts presented have been revised from what was previously reported, as discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting Policies". The engineering recovery revisions decreased operating income, net income and net income attributable to YFAS by $26 million and $28 million for the years ended September 30, 2016 and 2015, respectively.
|
19. Commitments and Contingencies
|
20. Related Party Transactions
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net sales to related parties
|
|
$
|
409
|
|
|
$
|
438
|
|
|
$
|
392
|
|
Purchases from related parties
|
|
511
|
|
|
443
|
|
|
393
|
|
|
|
September 30,
|
||||||
(in millions)
|
|
2017
|
|
2016
|
||||
Receivable from related parties
|
|
$
|
129
|
|
|
$
|
172
|
|
Payable to related parties
|
|
104
|
|
|
96
|
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
|
|
None.
|
|
Item 9A.
|
Controls and Procedures
|
Item 9B.
|
Other Information
|
|
|
Not applicable.
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accounting Fees and Services
|
Index to Consolidated Financial Statements
|
|
Page
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
(2)
|
Financial Statement Schedules
|
|
|
Year Ended
September 30,
|
||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Accounts Receivable - Allowance for Doubtful Accounts
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
$
|
21
|
|
|
$
|
12
|
|
|
$
|
11
|
|
Provision charged to costs and expenses
|
|
13
|
|
|
17
|
|
|
14
|
|
|||
Reserve adjustments
|
|
(14
|
)
|
|
(8
|
)
|
|
(13
|
)
|
|||
Balance at end of period
|
|
$
|
20
|
|
|
$
|
21
|
|
|
$
|
12
|
|
Deferred Tax Assets - Valuation Allowance
|
|
|
|
|
|
|
||||||
Balance at beginning of period
|
|
$
|
267
|
|
|
$
|
392
|
|
|
$
|
459
|
|
Allowance provision for new operating and other loss carryforwards
|
|
23
|
|
|
53
|
|
|
24
|
|
|||
Allowance provision (benefit) adjustments
|
|
(67
|
)
|
|
(178
|
)
|
|
(91
|
)
|
|||
Balance at end of period
|
|
$
|
223
|
|
|
$
|
267
|
|
|
$
|
392
|
|
(3)
|
Exhibits required by Item 601 of Regulation S-K
|
|
|
|
3.1
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
4.5
|
|
|
|
|
|
4.6
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4
|
|
|
|
|
|
10.5
|
|
|
|
|
|
10.6
|
|
|
|
|
10.7
|
|
|
|
|
|
10.8
|
|
|
|
|
|
10.9
|
|
|
|
|
|
10.10
|
|
|
|
|
|
10.11
|
|
|
|
|
|
10.12
|
|
|
|
|
|
10.13
|
|
|
|
|
|
10.14
|
|
|
|
|
|
10.15
|
|
|
|
|
|
10.16
|
|
|
|
|
|
10.17
|
|
|
|
|
|
10.18
|
|
|
|
|
|
10.19
|
|
|
|
|
|
10.20
|
|
|
|
|
|
10.21
|
|
|
|
|
10.22
|
|
|
|
|
|
10.23
|
|
|
|
|
|
10.24
|
|
|
|
|
|
21.1
|
|
|
|
|
|
23.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
#
|
|
Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Adient hereby undertakes to furnish copies of any of the omitted schedules and exhibits upon request by the SEC.
|
|
|
|
*
|
|
Denotes management contract or compensatory plan or arrangement required to be filed as an exhibit hereto.
|
Item 16.
|
Summary
|
|
Adient plc
|
|
|
By:
|
/s/ R. Bruce McDonald
|
|
|
R. Bruce McDonald
|
|
|
Chairman and Chief Executive Officer
|
|
Date:
|
November 22, 2017
|
|
|
|
|
By:
|
/s/ Jeffrey M. Stafeil
|
|
|
Jeffrey M. Stafeil
|
|
|
Executive Vice President and Chief Financial Officer
|
|
Date:
|
November 22, 2017
|
|
|
|
|
|
|
/s/ R. Bruce McDonald
|
|
/s/ Jeffrey M. Stafeil
|
R. Bruce McDonald
|
|
Jeffrey M. Stafeil
|
Chairman and Chief Executive Officer
|
|
Executive Vice President and Chief Financial Officer
|
(Principal Executive Officer)
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
/s/ Mark A. Skonieczny Jr.
|
|
/s/ Richard Goodman
|
Mark A. Skonieczny Jr.
|
|
Richard Goodman
|
Vice President and Corporate Controller
|
|
Director
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
|
/s/ John M. Barth
|
|
/s/ Frederick A. Henderson
|
John M. Barth
|
|
Frederick A. Henderson
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/ Julie L. Bushman
|
|
/s/ Barb J. Samardzich
|
Julie L. Bushman
|
|
Barb J. Samardzich
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/ Raymond L. Conner
|
|
|
Raymond L. Conner
|
|
|
Director
|
|
|
1 Year Adient Chart |
1 Month Adient Chart |
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