Form 8-K - Current report

0001670541FALSE00016705412024-11-082024-11-08

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 8, 2024

ADIENT PLC

(Exact name of registrant as specified in its charter)

Ireland			001-37757			98-1328821
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification Number)

3 Dublin Landings, North Wall Quay Dublin 1, Ireland D01 H104
(Address of principal executive offices)

Registrant’s telephone number, including area code: 734-254-5000

Not applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of class

Trading symbol(s)

Name of exchange on which registered

Ordinary Shares, par value $0.001

ADNT

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17     CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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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Item 2.02 Results of Operations and Financial Condition.

On November 8, 2024, Adient plc (the “Company”) issued a news release announcing its financial results for the fourth quarter and fiscal year ended September 30, 2024. The news release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

EXHIBIT INDEX
Exhibit No.						Exhibit Description
99.1						Adient plc News Release dated November 8, 2024
104						Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			ADIENT PLC
Date: November 8, 2024			By:			/s/ Heather M. Tiltmann
			Name:			Heather M. Tiltmann
			Title:			Executive Vice President, Chief Legal and Human Resources Officer, and Corporate Secretary

Exhibit 99.1

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Appendix

Page 1

Adient plc

Condensed Consolidated Statements of Income

(Unaudited)

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions, except per share data)						2024						2023						2024						2023
Net sales						$	3,562					$	3,729					$	14,688					$	15,395
Cost of sales						3,317						3,479						13,760						14,362
Gross profit						245						250						928						1,033
Selling, general and administrative expenses						124						127						507						554
Restructuring and impairment costs						16						10						168						40
Equity income						25						27						90						84
Earnings before interest and income taxes						130						140						343						523
Net financing charges						50						46						189						195
Other pension expense						16						21						21						33
Income before income taxes						64						73						133						295
Income tax expense (benefit)						(36)						(84)						32						—
Net income						100						157						101						295
Income attributable to noncontrolling interests						21						22						83						90
Net income attributable to Adient						$	79					$	135					$	18					$	205
Diluted earnings per share						$	0.91					$	1.42					$	0.20					$	2.15
Shares outstanding at period end						84.9						93.7						84.9						93.7
Diluted weighted average shares						86.5						94.8						90.1						95.4

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Appendix

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Adient plc

Condensed Consolidated Statements of Financial Position

(Unaudited)

						September 30,
(in millions)						2024						2023
Assets
Cash and cash equivalents						$	945					$	1,110
Accounts receivable - net						1,896						1,874
Inventories						758						841
Other current assets						487						491
Current assets						4,086						4,316
Property, plant and equipment - net						1,410						1,382
Goodwill						2,164						2,094
Other intangible assets - net						371						408
Investments in partially-owned affiliates						338						303
Assets held for sale						8						7
Other noncurrent assets						974						914
Total assets						$	9,351					$	9,424
Liabilities and Shareholders' Equity
Short-term debt						$	9					$	134
Accounts payable and accrued expenses						2,910						2,926
Other current liabilities						759						678
Current liabilities						3,678						3,738
Long-term debt						2,396						2,401
Other noncurrent liabilities						743						682
Redeemable noncontrolling interests						91						57
Shareholders' equity attributable to Adient						2,134						2,228
Noncontrolling interests						309						318
Total liabilities and shareholders' equity						$	9,351					$	9,424

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Appendix

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Adient plc

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)			2024						2023						2024						2023
Operating Activities
Net income attributable to Adient			$	79					$	135					$	18					$	205
Income attributable to noncontrolling interests			21						22						83						90
Net income			100						157						101						295
Adjustments to reconcile net income to cash provided (used) by operating activities:
Depreciation			72						76						285						290
Amortization of intangibles			12						12						47						50
Pension and postretirement benefit expense (benefit)			18						22						27						38
Pension and postretirement contributions, net			1						(6)						(20)						(17)
Equity in earnings of partially-owned affiliates, net of dividends received			2						(7)						(17)						(34)
(Gain) on sale / impairment of nonconsolidated partially owned affiliate			(1)						—						(1)						6
Premium paid on repurchase of debt			—						—						—						7
Deferred income taxes			(8)						(122)						(1)						(124)
Non-cash impairment charge			9						—						9						—
Equity-based compensation			3						9						31						34
Other			3						(7)						7						(4)
Changes in assets and liabilities:
Receivables			(15)						186						12						16
Inventories			42						6						111						126
Other assets			2						58						(57)						(26)
Accounts payable and accrued liabilities			72						(107)						72						(19)
Accrued income taxes			(49)						17						(63)						29
Cash provided (used) by operating activities			263						294						543						667
Investing Activities
Capital expenditures			(72)						(75)						(266)						(252)
Sale of property, plant and equipment			1						10						15						26
Acquisition of businesses, net of cash acquired			—						—						—						(6)
Business divestitures			1						—						(2)						5
Other			—						—						—						(2)
Cash provided (used) by investing activities			(70)						(65)						(253)						(229)
Financing Activities
Increase (decrease) in short-term debt			(2)						1						(1)						(1)
Increase in long-term debt			—						—						—						1,002
Repayment of long-term debt			(134)						—						(137)						(1,104)
Debt financing costs			—						—						(5)						(23)
Share repurchases			(50)						—						(275)						(65)
Dividends paid to noncontrolling interests			(3)						(10)						(72)						(67)
Other			—						(1)						(12)						(13)
Cash provided (used) by financing activities			(189)						(10)						(502)						(271)
Effect of exchange rate changes on cash and cash equivalents			51						(17)						47						(4)
Increase (decrease) in cash and cash equivalents			$	55					$	202					$	(165)					$	163

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Appendix

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Footnotes

1. Segment Results

Adient manages its business on a geographic basis and operates in the following three reportable segments for financial reporting purposes: 1) Americas, which is inclusive of North America and South America; 2) Europe, Middle East, and Africa ("EMEA") and 3) Asia Pacific/China ("Asia").

Adient evaluates the performance of its reportable segments using an adjusted EBITDA metric defined as income before income taxes and noncontrolling interests, excluding net financing charges, qualified restructuring and impairment costs, restructuring related-costs, net mark-to-market adjustments on pension and postretirement plans, transaction gains/losses, purchase accounting amortization, depreciation, stock-based compensation and other non-recurring items ("Adjusted EBITDA"). Also, certain corporate-related costs are not allocated to the segments. The reportable segments are consistent with how management views the markets served by Adient and reflect the financial information that is reviewed by its chief operating decision maker.

Financial information relating to Adient's reportable segments is as follows:

(in millions)						Three months ended September 30, 2024
						Americas						EMEA						Asia						Corporate/Eliminations						Consolidated
Net sales						$	1,719					$	1,103					$	765					$	(25)					$	3,562
Adjusted EBITDA						$	116					$	28					$	112					$	(21)					$	235
Adjusted EBITDA margin						6.7		%				2.5		%				14.6		%				N/A						6.6		%
						Three months ended September 30, 2023
						Americas						EMEA						Asia						Corporate/Eliminations						Consolidated
Net sales						$	1,835					$	1,174					$	748					$	(28)					$	3,729
Adjusted EBITDA						$	100					$	48					$	113					$	(26)					$	235
Adjusted EBITDA margin						5.4		%				4.1		%				15.1		%				N/A						6.3		%

(in millions)						Twelve months ended September 30, 2024
						Americas						EMEA						Asia						Corporate/Eliminations						Consolidated
Net sales						$	6,763					$	5,029					$	2,989					$	(93)					$	14,688
Adjusted EBITDA						$	375					$	155					$	439					$	(89)					$	880
Adjusted EBITDA margin						5.5		%				3.1		%				14.7		%				N/A						6.0		%
						Twelve months ended September 30, 2023
						Americas						EMEA						Asia						Corporate/Eliminations						Consolidated
Net sales						$	7,220					$	5,195					$	3,085					$	(105)					$	15,395
Adjusted EBITDA						$	336					$	232					$	464					$	(94)					$	938
Adjusted EBITDA margin						4.7		%				4.5		%				15.0		%				N/A						6.1		%

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Appendix

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						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2024						2023						2024						2023
Adjusted EBITDA
Americas						$	116					$	100					$	375					$	336
EMEA						28						48						155						232
Asia						112						113						439						464
Subtotal						256						261						969						1,032
Corporate-related costs (1)						(21)						(26)						(89)						(94)
Restructuring and impairment costs (2)						(16)						(10)						(168)						(40)
Purchase accounting amortization (3)						(12)						(13)						(48)						(52)
Restructuring related activities (4)						(3)						8						—						2
Equity based compensation						(3)						(9)						(31)						(34)
Depreciation						(72)						(76)						(285)						(290)
Gain (loss) on disposal transactions (5)						1						—						(7)						(6)
Other items (6)						—						5						2						5
Earnings before interest and income taxes						130						140						343						523
Net financing charges						(50)						(46)						(189)						(195)
Other pension expense						(16)						(21)						(21)						(33)
Income before income taxes						$	64					$	73					$	133					$	295

Refer to the Footnote Addendum for footnote explanations.

2. Earnings Per Share

The following table reconciles the numerators and denominators used to calculate basic and diluted earnings per share:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions, except per share data)						2024						2023						2024						2023
Income available to shareholders
Net income attributable to Adient						$	79					$	135					$	18					$	205
Weighted average shares outstanding
Basic weighted average shares outstanding						86.0						93.7						89.5						94.5
Effect of dilutive securities:
Stock options, unvested restricted stock and unvested performance share awards						0.5						1.1						0.6						0.9
Diluted weighted average shares outstanding						86.5						94.8						90.1						95.4

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Appendix

Page 6

3. Non-GAAP Measures

Adjusted EBIT, adjusted EBIT margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to Adient, adjusted effective tax rate, adjusted earnings per share, adjusted equity income, adjusted interest expense, free cash flow, net debt, and net leverage ratio as well as other measures presented on an adjusted basis are not recognized terms under U.S. GAAP and do not purport to be alternatives to the most comparable U.S. GAAP amounts. Since all companies do not use identical calculations, our definition and presentation of these measures may not be comparable to similarly titled measures reported by other companies. Management uses the identified non-GAAP measures to evaluate the operating performance of the Company and its business segments and to forecast future periods. Management believes these non-GAAP measures assist investors and other interested parties in evaluating Adient's on-going operations and provide important supplemental information to management and investors regarding financial and business trends relating to Adient's financial condition and results of operations. Investors should not consider these non-GAAP measures as alternatives to the related GAAP measures. Reconciliations of non-GAAP measures to their closest U.S. GAAP equivalent are presented in the corresponding tables that follow the definitions below. Reconciliations of non-GAAP measures related to guidance for any future period have not been provided due to the unreasonable efforts it would take to provide such reconciliations.

(a)			Adjusted EBIT is defined as income before income taxes and noncontrolling interests excluding net financing charges, restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, other significant non-recurring items, and net mark-to-market adjustments on pension and postretirement plans. Adjusted EBIT margin is adjusted EBIT as a percentage of net sales.
(b)			Adjusted EBITDA is defined as adjusted EBIT excluding depreciation and equity based compensation. Certain corporate-related costs are not allocated to the business segments in determining adjusted EBITDA. Adjusted EBITDA margin is adjusted EBITDA as a percentage of net sales.
(c)			Adjusted net income attributable to Adient is defined as net income attributable to Adient excluding restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, expenses associated with becoming an independent company, other significant non-recurring items, net mark-to-market adjustments on pension and postretirement plans, the tax impact of these items and other discrete tax charges/benefits.
(d)			Adjusted income tax expense (benefit) is defined as income tax expense adjusted for the tax effect of the adjustments to income before income taxes and other discrete tax changes/benefits. Adjusted effective tax rate is defined as adjusted income tax expense (benefit) as a percentage of adjusted income before income taxes.
(e)			Adjusted diluted earnings per share is defined as adjusted net income attributable to Adient divided by diluted weighted average shares.
(f)			Adjusted equity income is defined as equity income excluding amortization of Adient's intangible assets related to its non-consolidated joint ventures and other unusual or non-recurring items impacting equity income.
(g)			Adjusted interest expense is defined as net financing charges excluding unusual or one-time items impacting interest expense.
(h)			Free cash flow is defined as cash provided by operating activities less capital expenditures.
(i)			Net debt is calculated as total debt (short-term and long-term) less cash and cash equivalents.
(j)			Net leverage ratio is calculated as net debt divided by adjusted EBITDA for the last four quarters.

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Appendix

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Reconciliations of non-GAAP measures to their closest US GAAP equivalent:

(a) & (b) Adjusted EBIT and Adjusted EBITDA

The following table reconciles net income to EBIT, adjusted EBIT and adjusted EBITDA:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2024						2023						2024						2023
Net income						$	100					$	157					$	101					$	295
Net financing charges						50						46						189						195
Other pension expense						16						21						21						33
Income tax expense (benefit)						(36)						(84)						32						—
Earnings before interest and income taxes (EBIT)						$	130					$	140					$	343					$	523
EBIT adjustments:
Restructuring and impairment charges (2)						16						10						168						40
Purchase accounting amortization (3)						12						13						48						52
Restructuring related activities (4)						3						(8)						—						(2)
(Gain) loss on disposal transactions (5)						(1)						—						7						6
Other items (6)						—						(5)						(2)						(5)
EBIT adjustments total						30						10						221						91
Adjusted EBIT						$	160					$	150					$	564					$	614
EBITDA adjustments:
Depreciation						72						76						285						290
Equity based compensation						3						9						31						34
Adjusted EBITDA						$	235					$	235					$	880					$	938
Net sales						$	3,562					$	3,729					$	14,688					$	15,395
Net income as % of net sales						2.8		%				4.2		%				0.7		%				1.9		%
EBIT as % of net sales						3.6		%				3.8		%				2.3		%				3.4		%
Adjusted EBIT as % of net sales						4.5		%				4.0		%				3.8		%				4.0		%
Adjusted EBITDA as % of net sales						6.6		%				6.3		%				6.0		%				6.1		%

Refer to the Footnote Addendum for footnote explanations.

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Appendix

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(c) Adjusted net income attributable to Adient

The following table reconciles net income attributable to Adient to adjusted net income attributable to Adient:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2024						2023						2024						2023
Net income attributable to Adient						$	79					$	135					$	18					$	205
Net income adjustments:
EBIT adjustments total - see table (a) & (b)						30						10						221						91
Tax impact of EBIT adjustments and other tax items - see table (d)						(63)						(115)						(82)						(123)
Pension mark-to-market & settlement loss						14						19						14						27
Fees paid on Term Loan B modifications						—						—						1						—
Premium paid on repurchase of debt						—						—						—						7
Write off of deferred financing costs upon repurchase of debt						—						—						—						4
Impact of adjustments on noncontrolling interests (7)						(1)						(1)						(6)						(6)
Net income adjustments total						(20)						(87)						148						—
Adjusted net income attributable to Adient						$	59					$	48					$	166					$	205

Refer to the Footnote Addendum for footnote explanations.

(d) Adjusted income tax expense and effective tax rate

The following tables reconcile income before income taxes to adjusted income before income taxes, income tax expense (benefit) to adjusted income tax expense (benefit) and presents the related effective tax rate and adjusted effective tax rate:

						Three months ended September 30,
						2024																		2023
(in millions, except effective tax rate)						Income before income taxes						Income tax expense (benefit)						Effective tax rate						Income before income taxes						Income tax expense (benefit)						Effective tax rate
As reported						$	64					$	(36)					(56.3)		%				$	73					$	(84)					nm
Adjustments
EBIT adjustments - see table (a) & (b)						30						3						10.0		%				10						3						30.0		%
Pension mark-to-market & settlement loss						14						—						—		%				19						1						5.3		%
Tax audit closures and statute expirations						—						48						nm						—						2						nm
Valuation allowances						—						16						nm						—						112						nm
FX remeasurements of tax balances						—						(9)						nm						—						(1)						nm
Other						—						5						nm						—						(2)						nm
Subtotal of adjustments						44						63						nm						29						115						nm
As adjusted						$	108					$	27					25.0		%				$	102					$	31					30.4		%

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Appendix

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						Twelve months ended September 30,
						2024																		2023
(in millions, except effective tax rate)						Income before income taxes						Income tax expense (benefit)						Effective tax rate						Income before income taxes						Income tax expense (benefit)						Effective tax rate
As reported						$	133					$	32					24.1		%				$	295					$	—					—		%
Adjustments
EBIT adjustments - see table (a) & (b)						221						10						4.5		%				91						8						8.8		%
Write off of deferred financing charges upon repurchase of debt						—						—						nm						7						—						—		%
Fees paid on Term Loan B modifications						1						—						—		%				4
Pension mark-to-market & settlement loss						14						—						—		%				27						3						11.1		%
Tax audit closures and statute expirations						—						70						nm						—						8						nm
Valuation allowances						—						16						nm						—						111						nm
FX remeasurements of tax balances						—						(17)						nm						—						3						nm
Other						—						3						nm						—						(10)						nm
Subtotal of adjustments						236						82						34.7		%				129						123						95.3		%
As adjusted						$	369					$	114					30.9		%				$	424					$	123					29.0		%

(e) Adjusted diluted earnings per share

The following table shows the calculation of diluted earnings per share on an adjusted basis:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions, except per share data)						2024						2023						2024						2023
Numerator:
Adjusted net income attributable to Adient - see table (c)						$	59					$	48					$	166					$	205
Denominator:
Basic weighted average shares outstanding						86.0						93.7						89.5						94.5
Effect of dilutive securities:
Unvested restricted stock and unvested performance share awards						0.5						1.1						0.6						0.9
Diluted weighted average shares outstanding						86.5						94.8						90.1						95.4
Adjusted diluted earnings per share						$	0.68					$	0.51					$	1.84					$	2.15

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Appendix

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The following table reconciles diluted earnings per share as reported to adjusted diluted earnings per share (see table (c) for corresponding dollar amounts):

						Three Months Ended September 30,												Twelve Months Ended September 30,
						2024						2023						2024						2023
Diluted earnings per share as reported						$	0.91					$	1.42					$	0.20					$	2.15
EBIT adjustments total						0.35						0.11						2.45						0.97
Tax impact of EBIT adjustments and other tax items						(0.73)						(1.21)						(0.91)						(1.30)
Pension mark-to-market & settlement loss						0.16						0.20						0.16						0.28
Fees paid on Term Loan B modifications						—						—						0.01						—
Premium paid on repurchase of debt						—						—						—						0.07
Write off of deferred financing costs upon repurchase of debt						—						—						—						0.04
Impact of adjustments on noncontrolling interests						(0.01)						(0.01)						(0.07)						(0.06)
Adjusted diluted earnings per share						$	0.68					$	0.51					$	1.84					$	2.15

(f) Adjusted equity income

The following table reconciles equity income to adjusted equity income:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2024						2023						2024						2023
Equity income						$	25					$	27					$	90					$	84
Equity income adjustments:
Non-recurring net (gain) loss at affiliates						—						(4)						1						(4)
(Gain) loss on disposal transactions (5)						(1)						—						(1)						6
Restructuring related charges						—						—						—						2
Purchase accounting amortization						—						1						1						2
Equity income adjustments total						(1)						(3)						1						6
Adjusted equity income						$	24					$	24					$	91					$	90

(g) Adjusted interest expense

The following table reconciles net financing charges to adjusted net financing charges:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2024						2023						2024						2023
Net financing charges						$	50					$	46					$	189					$	195
Interest expense adjustments:
Premium paid on repurchase of debt						—						—						—						(7)
Write off of deferred financing costs upon repurchase of debt						—						—						—						(4)
Fees paid on Term Loan B modifications						—						—						(1)						—
Interest expense adjustments total						—						—						(1)						(11)
Adjusted net financing charges						$	50					$	46					$	188					$	184

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Appendix

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(h) Free cash flow

The following table reconciles cash from operating activities to free cash flow:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2024						2023						2024						2023
Operating cash flow						$	263					$	294					$	543					$	667
Capital expenditures						(72)						(75)						(266)						(252)
Free cash flow						$	191					$	219					$	277					$	415

The following table reconciles adjusted EBITDA to free cash flow:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2024						2023						2024						2023
Adjusted EBITDA						$	235					$	235					$	880					$	938
Adjusted equity income						(24)						(24)						(91)						(90)
Dividend						25						20						71						56
Restructuring (cash)						(19)						(11)						(52)						(60)
Net customer tooling						46						(7)						33						(47)
Trade working capital (Net AR/AP + Inventory)						(5)						58						41						37
Accrued compensation						9						16						(32)						57
Interest paid						(42)						(38)						(195)						(145)
Tax refund/taxes paid						(20)						(20)						(96)						(94)
Non-income related taxes (VAT)						4						9						(18)						4
Commercial settlements						42						51						56						87
Capitalized engineering						(27)						(8)						(33)						(33)
Other						39						13						(21)						(43)
Operating cash flow						263						294						543						667
Capital expenditures						(72)						(75)						(266)						(252)
Free cash flow						$	191					$	219					$	277					$	415

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Appendix

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(i) & (j) Net debt and net leverage ratio

The following table presents calculations of net debt and net leverage ratio:

						September 30,						September 30,
(in millions)						2024						2023
Numerator:
Short-term debt						$	1					$	2
Current portion of long-term debt						8						132
Long-term debt						2,396						2,401
Total debt						2,405						2,535
Less: cash and cash equivalents						(945)						(1,110)
Net debt						$	1,460					$	1,425
Denominator:
Adjusted EBITDA - last four quarters
Q1 2023						na						212
Q2 2023						na						215
Q3 2023						na						276
Q4 2023						na						235
Q1 2024						216						na
Q2 2024						227						na
Q3 2024						202						na
Q4 2024 - see table (a) & (b)						235						na
Last four quarters						$	880					$	938
Net leverage ratio						1.66						1.52

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Appendix

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Footnote Addendum

(1) Corporate-related costs not allocated to the segments include executive office, communications, corporate development, legal and corporate finance.

(2) Reflects restructuring charges for costs that are probable and reasonably estimable and one-time asset impairments, including $9 million impairment of the Adient Aerospace joint venture recorded in the fourth quarter of fiscal 2024.

(3) Reflects amortization of intangible assets including those related to partially owned affiliates recorded within equity income.

(4) Reflects restructuring-related charges for costs that are recorded as incurred or as earned and other non-recurring impacts that are directly attributable to restructuring activities. Fiscal 2024 and 2023 also each include a non-recurring $10 million gain on the sale of two restructured facilities in Americas.

(5) Gain (loss) on disposal transactions include:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2024						2023						2024						2023
(Loss) on sale of 51% interest in Langfang						$	—					$	—					$	(8)					$	—
Gain (loss) on sale / impairment of nonconsolidated partially-owned affiliates						1						—						1						(6)
						$	1					$	—					$	(7)					$	(6)

Loss on sale / impairment of nonconsolidated partially-owned affiliates is part of equity income and can be found in table (f).

(6) Other items include:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2024						2023						2024						2023
Non-recurring contract related settlement						$	—					$	—					$	3					$	—
Non-recurring net gain (loss) at affiliates						—						4						(1)						4
Transaction costs						—						—						(1)						(3)
Brazil indirect tax recoveries						—						1						1						4
						$	—					$	5					$	2					$	5

(7) Reflects the impact of adjustments, primarily purchase accounting amortization on noncontrolling interests.

Cover	Nov. 08, 2024
Entity Addresses [Line Items]
Document Type	8-K
Document Period End Date	Nov. 08, 2024
Entity Registrant Name	ADIENT PLC
Entity Incorporation, State or Country Code	L2
Entity File Number	001-37757
Entity Tax Identification Number	98-1328821
Entity Address, Address Line One	3 Dublin Landings
Entity Address, Address Line Two	North Wall Quay
Entity Address, City or Town	Dublin 1
Entity Address, Country	IE
Entity Address, Postal Zip Code	D01 H104
City Area Code	734
Local Phone Number	254-5000
Title of 12(b) Security	Ordinary Shares, par value $0.001
Trading Symbol	ADNT
Security Exchange Name	NYSE
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001670541
Amendment Flag	false

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