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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 | |
---|---|---|---|---|---|---|---|---|
-2.39 | -7.91% | 27.83 | 30.89 | 26.97 | 30.37 | 2,258,261 | 01:00:00 |
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FORM
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10-Q
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Adient plc
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||
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(exact name of Registrant as specified in its charter)
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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 every Interactive Data File required to be submitted 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 such files).
|
Yes
x
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No
¨
|
||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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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Securities registered pursuant to Section 12(b) of the Act:
|
|
||
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Title of each class
|
Trading Symbol
|
Name of exchange on which registered
|
|
|
Ordinary Shares, par value $0.001
|
ADNT
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New York Stock Exchange
|
|
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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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|||
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|||
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|||
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|||
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Three Months Ended
March 31,
|
|
Six Months Ended
March 31,
|
||||||||||||
(in millions, except per share data)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
|
$
|
4,228
|
|
|
$
|
4,596
|
|
|
$
|
8,386
|
|
|
$
|
8,800
|
|
Cost of sales
|
|
4,031
|
|
|
4,314
|
|
|
8,009
|
|
|
8,317
|
|
||||
Gross profit
|
|
197
|
|
|
282
|
|
|
377
|
|
|
483
|
|
||||
Selling, general and administrative expenses
|
|
168
|
|
|
193
|
|
|
346
|
|
|
389
|
|
||||
Restructuring and impairment costs
|
|
113
|
|
|
315
|
|
|
144
|
|
|
315
|
|
||||
Equity income (loss)
|
|
62
|
|
|
85
|
|
|
145
|
|
|
181
|
|
||||
Earnings (loss) before interest and income taxes
|
|
(22
|
)
|
|
(141
|
)
|
|
32
|
|
|
(40
|
)
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||||
Net financing charges
|
|
40
|
|
|
37
|
|
|
75
|
|
|
70
|
|
||||
Other pension expense (income)
|
|
—
|
|
|
(7
|
)
|
|
(2
|
)
|
|
(8
|
)
|
||||
Income (loss) before income taxes
|
|
(62
|
)
|
|
(171
|
)
|
|
(41
|
)
|
|
(102
|
)
|
||||
Income tax provision (benefit)
|
|
64
|
|
|
(28
|
)
|
|
74
|
|
|
237
|
|
||||
Net income (loss)
|
|
(126
|
)
|
|
(143
|
)
|
|
(115
|
)
|
|
(339
|
)
|
||||
Income (loss) attributable to noncontrolling interests
|
|
23
|
|
|
25
|
|
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51
|
|
|
45
|
|
||||
Net income (loss) attributable to Adient
|
|
$
|
(149
|
)
|
|
$
|
(168
|
)
|
|
$
|
(166
|
)
|
|
$
|
(384
|
)
|
|
|
|
|
|
|
|
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|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(1.59
|
)
|
|
$
|
(1.80
|
)
|
|
$
|
(1.78
|
)
|
|
$
|
(4.12
|
)
|
Diluted
|
|
$
|
(1.59
|
)
|
|
$
|
(1.80
|
)
|
|
$
|
(1.78
|
)
|
|
$
|
(4.12
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Shares used in computing earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
93.5
|
|
|
93.4
|
|
|
93.5
|
|
|
93.3
|
|
||||
Diluted
|
|
93.5
|
|
|
93.4
|
|
|
93.5
|
|
|
93.3
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss)
|
|
$
|
(126
|
)
|
|
$
|
(143
|
)
|
|
$
|
(115
|
)
|
|
$
|
(339
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
|
40
|
|
|
142
|
|
|
56
|
|
|
218
|
|
||||
Realized and unrealized gains (losses) on derivatives
|
|
4
|
|
|
10
|
|
|
1
|
|
|
—
|
|
||||
Other comprehensive income (loss)
|
|
44
|
|
|
152
|
|
|
57
|
|
|
218
|
|
||||
Total comprehensive income (loss)
|
|
(82
|
)
|
|
9
|
|
|
(58
|
)
|
|
(121
|
)
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||||
Comprehensive income (loss) attributable to noncontrolling interests
|
|
28
|
|
|
35
|
|
|
56
|
|
|
60
|
|
||||
Comprehensive income (loss) attributable to Adient
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$
|
(110
|
)
|
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$
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(26
|
)
|
|
$
|
(114
|
)
|
|
$
|
(181
|
)
|
(in millions, except share and per share data)
|
|
March 31,
2019
|
|
September 30, 2018
|
||||
Assets
|
|
|
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|
||||
Cash and cash equivalents
|
|
$
|
491
|
|
|
$
|
687
|
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Accounts receivable - net
|
|
1,976
|
|
|
2,091
|
|
||
Inventories
|
|
828
|
|
|
824
|
|
||
Other current assets
|
|
631
|
|
|
707
|
|
||
Current assets
|
|
3,926
|
|
|
4,309
|
|
||
Property, plant and equipment - net
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|
1,641
|
|
|
1,683
|
|
||
Goodwill
|
|
2,165
|
|
|
2,182
|
|
||
Other intangible assets - net
|
|
441
|
|
|
460
|
|
||
Investments in partially-owned affiliates
|
|
1,544
|
|
|
1,407
|
|
||
Assets held for sale
|
|
—
|
|
|
37
|
|
||
Other noncurrent assets
|
|
857
|
|
|
864
|
|
||
Total assets
|
|
$
|
10,574
|
|
|
$
|
10,942
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
||||
Short-term debt
|
|
$
|
9
|
|
|
$
|
6
|
|
Current portion of long-term debt
|
|
1
|
|
|
2
|
|
||
Accounts payable
|
|
2,880
|
|
|
3,101
|
|
||
Accrued compensation and benefits
|
|
387
|
|
|
331
|
|
||
Restructuring reserve
|
|
140
|
|
|
141
|
|
||
Other current liabilities
|
|
587
|
|
|
611
|
|
||
Current liabilities
|
|
4,004
|
|
|
4,192
|
|
||
Long-term debt
|
|
3,373
|
|
|
3,422
|
|
||
Pension and postretirement benefits
|
|
114
|
|
|
124
|
|
||
Other noncurrent liabilities
|
|
416
|
|
|
440
|
|
||
Long-term liabilities
|
|
3,903
|
|
|
3,986
|
|
||
Commitments and Contingencies (Note 16)
|
|
|
|
|
|
|
||
Redeemable noncontrolling interests
|
|
37
|
|
|
47
|
|
||
Preferred shares issued, par value $0.001; 100,000,000 shares authorized
Zero shares issued and outstanding at March 31, 2019 |
|
—
|
|
|
—
|
|
||
Ordinary shares issued, par value $0.001; 500,000,000 shares authorized
93,610,056 shares issued and outstanding at March 31, 2019 |
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
|
3,956
|
|
|
3,951
|
|
||
Retained earnings (accumulated deficit)
|
|
(1,220
|
)
|
|
(1,028
|
)
|
||
Accumulated other comprehensive income (loss)
|
|
(479
|
)
|
|
(531
|
)
|
||
Shareholders' equity attributable to Adient
|
|
2,257
|
|
|
2,392
|
|
||
Noncontrolling interests
|
|
373
|
|
|
325
|
|
||
Total shareholders' equity
|
|
2,630
|
|
|
2,717
|
|
||
Total liabilities and shareholders' equity
|
|
$
|
10,574
|
|
|
$
|
10,942
|
|
|
|
Six Months Ended
March 31, |
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Operating Activities
|
|
|
|
|
||||
Net income (loss) attributable to Adient
|
|
$
|
(166
|
)
|
|
$
|
(384
|
)
|
Income attributable to noncontrolling interests
|
|
51
|
|
|
45
|
|
||
Net income (loss)
|
|
(115
|
)
|
|
(339
|
)
|
||
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities:
|
|
|
||||||
Depreciation
|
|
137
|
|
|
197
|
|
||
Amortization of intangibles
|
|
20
|
|
|
24
|
|
||
Pension and postretirement benefit expense (benefit)
|
|
2
|
|
|
(5
|
)
|
||
Pension and postretirement contributions, net
|
|
(13
|
)
|
|
11
|
|
||
Equity in earnings of partially-owned affiliates, net of dividends received (includes purchase accounting amortization of $0, and $11, respectively)
|
|
(117
|
)
|
|
(103
|
)
|
||
Deferred income taxes
|
|
40
|
|
|
232
|
|
||
Non-cash impairment charges
|
|
66
|
|
|
299
|
|
||
Equity-based compensation
|
|
8
|
|
|
30
|
|
||
Other
|
|
7
|
|
|
6
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
||||
Receivables
|
|
90
|
|
|
(303
|
)
|
||
Inventories
|
|
(12
|
)
|
|
(26
|
)
|
||
Other assets
|
|
62
|
|
|
(21
|
)
|
||
Restructuring reserves
|
|
(70
|
)
|
|
(82
|
)
|
||
Accounts payable and accrued liabilities
|
|
(51
|
)
|
|
13
|
|
||
Accrued income taxes
|
|
(14
|
)
|
|
(83
|
)
|
||
Cash provided (used) by operating activities
|
|
40
|
|
|
(150
|
)
|
||
Investing Activities
|
|
|
|
|
||||
Capital expenditures
|
|
(252
|
)
|
|
(266
|
)
|
||
Sale of property, plant and equipment
|
|
58
|
|
|
2
|
|
||
Changes in long-term investments
|
|
—
|
|
|
(5
|
)
|
||
Other
|
|
4
|
|
|
—
|
|
||
Cash provided (used) by investing activities
|
|
(190
|
)
|
|
(269
|
)
|
||
Financing Activities
|
|
|
|
|
||||
Increase (decrease) in short-term debt
|
|
3
|
|
|
135
|
|
||
Repayment of long-term debt
|
|
(1
|
)
|
|
—
|
|
||
Debt financing costs
|
|
(8
|
)
|
|
(1
|
)
|
||
Cash dividends
|
|
(26
|
)
|
|
(51
|
)
|
||
Dividends paid to noncontrolling interests
|
|
(43
|
)
|
|
(34
|
)
|
||
Formation of consolidated joint venture
|
|
28
|
|
|
—
|
|
||
Other
|
|
(2
|
)
|
|
(4
|
)
|
||
Cash provided (used) by financing activities
|
|
(49
|
)
|
|
45
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
|
3
|
|
|
18
|
|
||
Increase (decrease) in cash and cash equivalents
|
|
(196
|
)
|
|
(356
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
687
|
|
|
709
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
491
|
|
|
$
|
353
|
|
1. Basis of Presentation and Summary of Significant Accounting Policies
|
|
|
March 31,
|
|
September 30,
|
||||
(in millions)
|
|
2019
|
|
2018
|
||||
Current assets
|
|
$
|
266
|
|
|
$
|
270
|
|
Noncurrent assets
|
|
42
|
|
|
43
|
|
||
Total assets
|
|
$
|
308
|
|
|
$
|
313
|
|
|
|
|
|
|
||||
Current liabilities
|
|
$
|
257
|
|
|
$
|
252
|
|
Total liabilities
|
|
$
|
257
|
|
|
$
|
252
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
(in millions, except per share data)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Adient
|
|
$
|
(149
|
)
|
|
$
|
(168
|
)
|
|
$
|
(166
|
)
|
|
$
|
(384
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
|
93.5
|
|
|
93.4
|
|
|
93.5
|
|
|
93.3
|
|
||||
Effect of dilutive securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted shares
|
|
93.5
|
|
|
93.4
|
|
|
93.5
|
|
|
93.3
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(1.59
|
)
|
|
$
|
(1.80
|
)
|
|
$
|
(1.78
|
)
|
|
$
|
(4.12
|
)
|
Diluted
|
|
$
|
(1.59
|
)
|
|
$
|
(1.80
|
)
|
|
$
|
(1.78
|
)
|
|
$
|
(4.12
|
)
|
Standard Adopted
|
|
Description
|
|
Date
Effective and Adopted
|
ASU 2016-01 and ASU 2018-03, Recognition and Measurement of Financial Assets and Financial Liabilities
|
|
ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments.
|
|
October 1, 2018
|
|
|
|
|
|
ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments
|
|
ASU 2016-clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows.
|
|
October 1, 2018
|
|
|
|
|
|
ASU 2016-18, Statement of Cash Flows: Restricted Cash
|
|
ASU 2016-18 clarifies the classification and presentation of restricted cash on the statement of cash flows.
|
|
October 1, 2018
|
|
|
|
|
|
ASU 2017-01, Clarifying the Definition of a Business
|
|
ASU 2017-01 clarifies the definition of a business as it relates to the acquisition or sale of assets or businesses.
|
|
October 1, 2018
|
|
|
|
|
|
ASU 2017-05, Gains and Losses from the Derecognition of Nonfinancial Assets
|
|
ASU 2017-05 clarifies the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets and will follow the same implementation guidelines as ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606).
|
|
October 1, 2018
|
|
|
|
|
|
ASU 2017-09, Stock Compensation - Scope of Modification Accounting
|
|
ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718.
|
|
October 1, 2018
|
|
|
|
|
|
ASU 2018-08, Not for Profit Entities: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
|
|
ASU 2018-08 is intended to clarify and improve the scope and the accounting guidance for contributions received and contributions made. The amendments in ASU No. 2018-08 should assist entities in (1) evaluating whether transactions should be accounted for as contributions (nonreciprocal transaction) within the scope of Topic 958, Not-for-Profit Entities, or as exchange (reciprocal) transactions subject to other guidance and (2) determining whether a contribution is conditional. This amendment applies to all entities that make or receive grants or contributions.
|
|
October 1, 2018
|
|
|
|
|
|
ASU 2018-15, Intangibles-Goodwill and Other-Internal Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract
|
|
The amendments in ASU 2018-15 require implementation costs incurred by customers in cloud computing arrangements to be deferred and recognized over the term of the arrangement, if those costs would be capitalized by the customer in a software licensing arrangement under the internal-use software guidance. The amendments also require an entity to disclose the nature of its hosting arrangements and adhere to certain presentation requirements in its balance sheet, income statement and statement of cash flows.
|
|
ASU No. 2018-15 is effective for Adient for the quarter ending December 31, 2019, with early adoption permitted. Adient early adopted ASU No. 2018-15 effective October 1, 2018.
|
|
|
|
|
|
ASU 2018-16, Derivatives and Hedging: Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes
|
|
The amendments in this Update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate.
|
|
October 1, 2018
|
Standard Pending Adoption
|
|
Description
|
|
Anticipated Impact
|
|
Effective Date
|
ASU 2016-02, 2018-01, 2018-10, 2018-11 and ASU 2019-01
|
|
The standard requires that a lessee recognize on its balance sheet right-of-use assets and corresponding liabilities resulting from leasing transactions, as well as additional financial statement disclosures. Currently, U.S. GAAP only requires balance sheet recognition for leases classified as capital leases. The provisions of this update apply to substantially all leased assets.
|
|
Adient is currently evaluating the impact this standard will have on its consolidated financial position, results of operations and cash flows and expects the impact to the consolidated balance sheet to be significant.
|
|
October 1, 2019
|
Standard Adopted
|
|
Description
|
|
Date Effective
|
ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments
|
|
ASU 2016-13 changes the impairment model for financial assets measured at amortized cost, requiring presentation at the net amount expected to be collected. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts. Available-for-sale debt securities with unrealized losses will now be recorded through an allowance for credit losses.
|
|
October 1, 2020
|
|
|
|
|
|
ASU 2018-07, Compensation-Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting
|
|
ASU 2018-07 expands the scope of Topic 718 to include all share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which the grantor acquires goods and services to be used or consumed in its own operations by issuing share-based payment awards. ASU 2018-07 also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606.
|
|
October 1, 2019
|
|
|
|
|
|
ASU 2018-13, Fair Value Measurement: Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement
|
|
The amendments in ASU 2018-13 eliminate, add, and modify certain disclosure requirements for fair value measurements. ASU 2018-13 will be effective for Adient for the quarter ending December 31, 2019, with early adoption permitted for either the entire ASU or only the provisions that eliminate or modify requirements. The amendments with respect to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty are to be applied prospectively. All other amendments are to be applied retrospectively to all periods presented.
|
|
October 1, 2019
|
|
|
|
|
|
ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General: Disclosure Framework - Changes to the Disclosure Requirements for Defned Benefit Plans
|
|
The amendments in ASU 2018-14 eliminate, add, and modify certain disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The guidance is to be applied on a retrospective basis to all periods presented.
|
|
October 1, 2020
|
|
|
|
|
|
ASU 2018-17, Consolidated: Targeted Improvements to Related Party Guidance for Variable Interest Entities
|
|
The amendments in this Update affect reporting entities that are required to determine whether they should consolidate a legal entity under the guidance within the Variable Interest Entities Subsections of Subtopic 810-10, Consolidation-Overall.
|
|
October 1, 2019
|
|
|
|
|
|
ASU 2018-18, Collaborative Arrangements: Clarifying the Interaction between Topic 808 and Topic 606
|
|
The amendments in this Update make targeted improvements to generally accepted accounting principles (GAAP) for collaborative arrangements as follows: 1) Clarify that certain transactions between collaborative arrangement participant is a customer in the context of a unit of account. In those situations, all the guidance in Topic 606 should be applied, including recognition, measurement, presentation, and disclosure requirements. 2) Add unit-of-account guidance in Topic 808 to align with the guidance in Topic 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of Topic 606. 3) Require that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 606 is precluded if the collaborative arrangement participant is not a customer.
|
|
October 1, 2019
|
2. Revenue Recognition
|
(in millions)
|
|
Three Months Ended
March 31
|
|
Six Months Ended
March 31
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Americas
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
$
|
1,630
|
|
|
$
|
1,634
|
|
|
$
|
3,245
|
|
|
$
|
3,112
|
|
Mexico
|
|
643
|
|
|
656
|
|
|
1,313
|
|
|
1,280
|
|
||||
Other Americas
|
|
100
|
|
|
135
|
|
|
224
|
|
|
280
|
|
||||
Regional elimination
|
|
(458
|
)
|
|
(484
|
)
|
|
(932
|
)
|
|
(945
|
)
|
||||
|
|
1,915
|
|
|
1,941
|
|
|
3,850
|
|
|
3,727
|
|
||||
EMEA
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Germany
|
|
390
|
|
|
494
|
|
|
731
|
|
|
939
|
|
||||
Other EMEA
|
|
1,904
|
|
|
2,112
|
|
|
3,650
|
|
|
3,988
|
|
||||
Regional elimination
|
|
(516
|
)
|
|
(550
|
)
|
|
(963
|
)
|
|
(1,018
|
)
|
||||
|
|
1,778
|
|
|
2,056
|
|
|
3,418
|
|
|
3,909
|
|
||||
Asia
|
|
|
|
|
|
|
|
|
||||||||
China
|
|
129
|
|
|
154
|
|
|
284
|
|
|
344
|
|
||||
Other Asia
|
|
471
|
|
|
536
|
|
|
967
|
|
|
994
|
|
||||
Regional elimination
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
||||
|
|
599
|
|
|
690
|
|
|
1,249
|
|
|
1,338
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Inter-segment elimination
|
|
(64
|
)
|
|
(91
|
)
|
|
(131
|
)
|
|
(174
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total
|
|
$
|
4,228
|
|
|
$
|
4,596
|
|
|
$
|
8,386
|
|
|
$
|
8,800
|
|
3. Acquisitions and Divestitures
|
4. Inventories
|
(in millions)
|
|
March 31,
2019 |
|
September 30, 2018
|
||||
Raw materials and supplies
|
|
$
|
631
|
|
|
$
|
626
|
|
Work-in-process
|
|
34
|
|
|
38
|
|
||
Finished goods
|
|
163
|
|
|
160
|
|
||
Inventories
|
|
$
|
828
|
|
|
$
|
824
|
|
5. Goodwill and Other Intangible Assets
|
(in millions)
|
|
Americas
|
|
EMEA
|
|
Asia
|
|
Total
|
||||||||
Balance at September 30, 2018
|
|
$
|
642
|
|
|
$
|
469
|
|
|
$
|
1,071
|
|
|
$
|
2,182
|
|
Currency translation and other
|
|
—
|
|
|
(29
|
)
|
|
12
|
|
|
(17
|
)
|
||||
Balance at March 31, 2019
|
|
$
|
642
|
|
|
$
|
440
|
|
|
$
|
1,083
|
|
|
$
|
2,165
|
|
|
|
March 31, 2019
|
|
September 30, 2018
|
||||||||||||||||||||
(in millions)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
Intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Patented technology
|
|
$
|
20
|
|
|
$
|
(14
|
)
|
|
$
|
6
|
|
|
$
|
21
|
|
|
$
|
(14
|
)
|
|
$
|
7
|
|
Customer relationships
|
|
514
|
|
|
(117
|
)
|
|
397
|
|
|
509
|
|
|
(101
|
)
|
|
408
|
|
||||||
Trademarks
|
|
53
|
|
|
(31
|
)
|
|
22
|
|
|
58
|
|
|
(30
|
)
|
|
28
|
|
||||||
Miscellaneous
|
|
28
|
|
|
(12
|
)
|
|
16
|
|
|
29
|
|
|
(12
|
)
|
|
17
|
|
||||||
Total intangible assets
|
|
$
|
615
|
|
|
$
|
(174
|
)
|
|
$
|
441
|
|
|
$
|
617
|
|
|
$
|
(157
|
)
|
|
$
|
460
|
|
6. Product Warranties
|
|
|
Six Months Ended
March 31, |
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Balance at beginning of period
|
|
$
|
11
|
|
|
$
|
19
|
|
Accruals for warranties issued during the period
|
|
9
|
|
|
2
|
|
||
Changes in accruals related to pre-existing warranties (including changes in estimates)
|
|
10
|
|
|
(2
|
)
|
||
Settlements made (in cash or in kind) during the period
|
|
(6
|
)
|
|
(3
|
)
|
||
Balance at end of period
|
|
$
|
24
|
|
|
$
|
16
|
|
7. Debt and Financing Arrangements
|
(in millions)
|
|
March 31,
2019 |
|
September 30, 2018
|
||||
Term Loan A - LIBOR plus 1.75% due in 2021
|
|
$
|
1,200
|
|
|
$
|
1,200
|
|
4.875% Notes due in 2026
|
|
900
|
|
|
900
|
|
||
3.50% Notes due in 2024
|
|
1,123
|
|
|
1,162
|
|
||
European Investment Bank Loan - EURIBOR plus 0.90% due in 2022
|
|
185
|
|
|
192
|
|
||
Capital lease obligations
|
|
1
|
|
|
2
|
|
||
Less: debt issuance costs
|
|
(35
|
)
|
|
(32
|
)
|
||
Gross long-term debt
|
|
3,374
|
|
|
3,424
|
|
||
Less: current portion
|
|
1
|
|
|
2
|
|
||
Net long-term debt
|
|
$
|
3,373
|
|
|
$
|
3,422
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest expense, net of capitalized interest costs
|
|
$
|
38
|
|
|
$
|
36
|
|
|
$
|
73
|
|
|
$
|
70
|
|
Banking fees and debt issuance cost amortization
|
|
4
|
|
|
2
|
|
|
7
|
|
|
4
|
|
||||
Interest income
|
|
(3
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|
(2
|
)
|
||||
Net foreign exchange
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
||||
Net financing charges
|
|
$
|
40
|
|
|
$
|
37
|
|
|
$
|
75
|
|
|
$
|
70
|
|
8. 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)
|
|
March 31,
2019 |
|
September 30, 2018
|
|
March 31,
2019 |
|
September 30, 2018
|
||||||||
Other current assets
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
3
|
|
|
$
|
4
|
|
Cross-currency interest rate swaps
|
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other noncurrent assets
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Cross-currency interest rate swaps
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
||||
Total assets
|
|
$
|
26
|
|
|
$
|
17
|
|
|
$
|
3
|
|
|
$
|
6
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other current liabilities
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
$
|
13
|
|
|
$
|
11
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Other noncurrent liabilities
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
1
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Equity swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Long-term debt
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency denominated debt
|
|
1,123
|
|
|
1,162
|
|
|
—
|
|
|
—
|
|
||||
Total liabilities
|
|
$
|
1,137
|
|
|
$
|
1,175
|
|
|
$
|
1
|
|
|
$
|
2
|
|
|
|
Assets
|
|
Liabilities
|
||||||||||||
(in millions)
|
|
March 31,
2019
|
|
September 30, 2018
|
|
March 31,
2019
|
|
September 30, 2018
|
||||||||
Gross amount recognized
|
|
$
|
29
|
|
|
$
|
23
|
|
|
$
|
1,138
|
|
|
$
|
1,177
|
|
Gross amount eligible for offsetting
|
|
(5
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|
(5
|
)
|
||||
Net amount
|
|
$
|
24
|
|
|
$
|
18
|
|
|
$
|
1,133
|
|
|
$
|
1,172
|
|
(in millions)
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Foreign currency exchange derivatives
|
|
$
|
3
|
|
|
$
|
15
|
|
|
$
|
(1
|
)
|
|
$
|
8
|
|
(in millions)
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||
Foreign currency exchange derivatives
|
|
Cost of sales
|
|
$
|
(1
|
)
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
Foreign currency exchange derivatives
|
|
Net financing charges
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
(2
|
)
|
||||
Equity swap
|
|
Selling, general and administrative
|
|
4
|
|
|
(12
|
)
|
|
(13
|
)
|
|
(15
|
)
|
||||
Total
|
|
|
|
$
|
3
|
|
|
$
|
(12
|
)
|
|
$
|
(13
|
)
|
|
$
|
(18
|
)
|
9. Fair Value Measurements
|
|
|
Fair Value Measurements Using:
|
||||||||||||||
(in millions)
|
|
Total as of
March 31,
2019
|
|
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
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
—
|
|
Cross-currency interest rate swaps
|
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
||||
Other noncurrent assets
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total assets
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
—
|
|
Other current liabilities
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
$
|
14
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
—
|
|
Other noncurrent liabilities
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Total liabilities
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
|
Fair Value Measurements Using:
|
||||||||||||||
(in millions)
|
|
Total as of
September 30,
2018
|
|
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
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
—
|
|
Other noncurrent assets
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Cross-currency interest rate swaps
|
|
13
|
|
|
—
|
|
|
13
|
|
|
—
|
|
||||
Total assets
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
23
|
|
|
$
|
—
|
|
Other current liabilities
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
—
|
|
Other noncurrent liabilities
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency exchange derivatives
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Equity swaps
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Total liabilities
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
—
|
|
10. Equity and Noncontrolling Interests
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Ordinary shares, beginning of the period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Ordinary shares, end of the period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Additional paid-in capital, beginning of the period
|
|
3,954
|
|
|
3,952
|
|
|
3,951
|
|
|
3,942
|
|
||||
Share-based compensation
|
|
2
|
|
|
4
|
|
|
8
|
|
|
10
|
|
||||
Other
|
|
—
|
|
|
(1
|
)
|
|
(3
|
)
|
|
3
|
|
||||
Additional paid-in capital, end of the period
|
|
3,956
|
|
|
3,955
|
|
|
3,956
|
|
|
3,955
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Retained earnings (Accumulated deficit), beginning of the period
|
|
(1,070
|
)
|
|
492
|
|
|
(1,028
|
)
|
|
734
|
|
||||
Net income (loss) attributable to Adient
|
|
$
|
(149
|
)
|
|
$
|
(168
|
)
|
|
$
|
(166
|
)
|
|
$
|
(384
|
)
|
Dividends declared ($0.275 per share/quarter)
|
|
—
|
|
|
(25
|
)
|
|
(26
|
)
|
|
(51
|
)
|
||||
Share-based compensation
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Retained earnings (Accumulated deficit), end of the period
|
|
(1,220
|
)
|
|
299
|
|
|
(1,220
|
)
|
|
299
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Accumulated other comprehensive income, beginning of the period
|
|
(518
|
)
|
|
(336
|
)
|
|
(531
|
)
|
|
(397
|
)
|
||||
Foreign currency translation adjustments
|
|
35
|
|
|
132
|
|
|
51
|
|
|
203
|
|
||||
Realized and unrealized gains (losses) on derivatives
|
|
4
|
|
|
10
|
|
|
1
|
|
|
—
|
|
||||
Employee retirement plans
|
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||
Accumulated other comprehensive income, end of the period
|
|
(479
|
)
|
|
(185
|
)
|
|
(479
|
)
|
|
(185
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Shareholders' equity attributable to Adient
|
|
2,257
|
|
|
4,069
|
|
|
2,257
|
|
|
4,069
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Noncontrolling interest, beginning of the period
|
|
358
|
|
|
321
|
|
|
325
|
|
|
313
|
|
||||
Net income (loss)
|
|
14
|
|
|
16
|
|
|
33
|
|
|
29
|
|
||||
Foreign currency translation adjustments
|
|
4
|
|
|
9
|
|
|
5
|
|
|
13
|
|
||||
Dividends attributable to noncontrolling interests
|
|
(3
|
)
|
|
(21
|
)
|
|
(18
|
)
|
|
(30
|
)
|
||||
Change in noncontrolling interest share
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Formation of consolidated joint venture
|
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
||||
Noncontrolling interest, end of the period
|
|
373
|
|
|
326
|
|
|
373
|
|
|
326
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total equity
|
|
$
|
2,630
|
|
|
$
|
4,395
|
|
|
$
|
2,630
|
|
|
$
|
4,395
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
|
$
|
(507
|
)
|
|
$
|
(327
|
)
|
|
$
|
(523
|
)
|
|
$
|
(398
|
)
|
Aggregate adjustment for the period, net of tax
|
|
35
|
|
|
132
|
|
|
51
|
|
|
203
|
|
||||
Balance at end of period
|
|
(472
|
)
|
|
(195
|
)
|
|
(472
|
)
|
|
(195
|
)
|
||||
Realized and unrealized gains (losses) on derivatives
|
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
|
(10
|
)
|
|
(7
|
)
|
|
(7
|
)
|
|
3
|
|
||||
Current period changes in fair value, net of tax
|
|
4
|
|
|
11
|
|
|
1
|
|
|
1
|
|
||||
Reclassification to income, net of tax
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Balance at end of period
|
|
(6
|
)
|
|
3
|
|
|
(6
|
)
|
|
3
|
|
||||
Pension and postretirement plans
|
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
|
(1
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
||||
Net reclassifications to AOCI
|
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||
Balance at end of period
|
|
(1
|
)
|
|
7
|
|
|
(1
|
)
|
|
7
|
|
||||
Accumulated other comprehensive income (loss), end of period
|
|
$
|
(479
|
)
|
|
$
|
(185
|
)
|
|
$
|
(479
|
)
|
|
$
|
(185
|
)
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Beginning balance
|
|
$
|
27
|
|
|
$
|
29
|
|
|
$
|
47
|
|
|
$
|
28
|
|
Net income
|
|
9
|
|
|
9
|
|
|
18
|
|
|
16
|
|
||||
Foreign currency translation adjustments
|
|
1
|
|
|
1
|
|
|
—
|
|
|
2
|
|
||||
Dividends
|
|
—
|
|
|
—
|
|
|
(28
|
)
|
|
(8
|
)
|
||||
Change in noncontrolling interest share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Ending balance
|
|
$
|
37
|
|
|
$
|
39
|
|
|
$
|
37
|
|
|
$
|
39
|
|
11. Retirement Plans
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Service cost
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
4
|
|
Interest cost
|
|
3
|
|
|
3
|
|
|
6
|
|
|
7
|
|
||||
Expected return on plan assets
|
|
(3
|
)
|
|
(4
|
)
|
|
(8
|
)
|
|
(9
|
)
|
||||
Settlement (gain) loss
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
||||
Net periodic benefit cost
|
|
$
|
2
|
|
|
$
|
(5
|
)
|
|
$
|
2
|
|
|
$
|
(4
|
)
|
12. Restructuring and Impairment Costs
|
(in millions)
|
|
Employee Severance and Termination Benefits
|
||
Original Reserve
|
|
$
|
80
|
|
Utilized—cash
|
|
(13
|
)
|
|
Balance at March 31, 2019
|
|
$
|
67
|
|
(in millions)
|
|
Employee Severance and Termination Benefits
|
|
Other
|
|
Currency
Translation |
|
Total
|
||||||||
Balance at September 30, 2018
|
|
$
|
49
|
|
|
$
|
1
|
|
|
$
|
(2
|
)
|
|
$
|
48
|
|
Utilized—cash
|
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
||||
Utilized—noncash
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
||||
Noncash adjustment—underspend
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Balance at March 31, 2019
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
30
|
|
(in millions)
|
|
Employee Severance and Termination Benefits
|
||
Balance at September 30, 2018
|
|
$
|
12
|
|
Utilized—cash
|
|
(2
|
)
|
|
Utilized—noncash
|
|
(1
|
)
|
|
Noncash adjustment—underspend
|
|
(6
|
)
|
|
Balance at March 31, 2019
|
|
$
|
3
|
|
(in millions)
|
|
Employee Severance and Termination Benefits
|
|
Currency
Translation |
|
Total
|
||||||
Balance at September 30, 2018
|
|
$
|
71
|
|
|
$
|
4
|
|
|
$
|
75
|
|
Utilized—cash
|
|
(37
|
)
|
|
—
|
|
|
(37
|
)
|
|||
Utilized—noncash
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|||
Balance at March 31, 2109
|
|
$
|
34
|
|
|
$
|
2
|
|
|
$
|
36
|
|
13. Income Taxes
|
14. Segment Information
|
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
March 31,
|
||||||||||||
(in millions)
|
|
2019
|
|
2018
(1)
|
|
2019
|
|
2018
(1)
|
||||||||
Net Sales
|
|
|
|
|
|
|
|
|
||||||||
Americas
|
|
$
|
1,915
|
|
|
$
|
1,941
|
|
|
$
|
3,850
|
|
|
$
|
3,727
|
|
EMEA
|
|
1,778
|
|
|
2,056
|
|
|
3,418
|
|
|
3,909
|
|
||||
Asia
|
|
599
|
|
|
690
|
|
|
1,249
|
|
|
1,338
|
|
||||
Eliminations
|
|
(64
|
)
|
|
(91
|
)
|
|
(131
|
)
|
|
(174
|
)
|
||||
Total net sales
|
|
$
|
4,228
|
|
|
$
|
4,596
|
|
|
$
|
8,386
|
|
|
$
|
8,800
|
|
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
March 31,
|
||||||||||||
(in millions)
|
|
2019
|
|
2018
(1)
|
|
2019
|
|
2018
(1)
|
||||||||
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
||||||||
Americas
|
|
$
|
34
|
|
|
$
|
98
|
|
|
$
|
77
|
|
|
$
|
133
|
|
EMEA
|
|
59
|
|
|
130
|
|
|
61
|
|
|
212
|
|
||||
Asia
|
|
123
|
|
|
157
|
|
|
277
|
|
|
333
|
|
||||
Corporate-related costs
(2)
|
|
(25
|
)
|
|
(23
|
)
|
|
(48
|
)
|
|
(50
|
)
|
||||
Becoming Adient costs
(3)
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(38
|
)
|
||||
Restructuring and impairment costs
(4)
|
|
(113
|
)
|
|
(315
|
)
|
|
(144
|
)
|
|
(315
|
)
|
||||
Purchase accounting amortization
(5)
|
|
(10
|
)
|
|
(18
|
)
|
|
(20
|
)
|
|
(35
|
)
|
||||
Restructuring related charges
(6)
|
|
(14
|
)
|
|
(12
|
)
|
|
(23
|
)
|
|
(23
|
)
|
||||
Stock based compensation
(7)
|
|
(2
|
)
|
|
(12
|
)
|
|
(8
|
)
|
|
(22
|
)
|
||||
Depreciation
(8)
|
|
(72
|
)
|
|
(99
|
)
|
|
(137
|
)
|
|
(193
|
)
|
||||
Other items
(9)
|
|
(2
|
)
|
|
(28
|
)
|
|
(3
|
)
|
|
(42
|
)
|
||||
Earnings (loss) before interest and income taxes
|
|
(22
|
)
|
|
(141
|
)
|
|
32
|
|
|
(40
|
)
|
||||
Net financing charges
|
|
(40
|
)
|
|
(37
|
)
|
|
(75
|
)
|
|
(70
|
)
|
||||
Other pension income
|
|
—
|
|
|
7
|
|
|
2
|
|
|
8
|
|
||||
Income (loss) before income taxes
|
|
$
|
(62
|
)
|
|
$
|
(171
|
)
|
|
$
|
(41
|
)
|
|
$
|
(102
|
)
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||
|
|
Reportable Segments
|
|
Reconciling Items
(1)
|
|
Consolidated
|
||||||||||||||
(in millions)
|
|
Americas
|
|
EMEA
|
|
Asia
|
|
|
||||||||||||
Equity Income
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
59
|
|
|
$
|
—
|
|
|
$
|
62
|
|
Depreciation
|
|
27
|
|
|
34
|
|
|
11
|
|
|
—
|
|
|
72
|
|
|||||
Capital Expenditures
|
|
52
|
|
|
46
|
|
|
10
|
|
|
—
|
|
|
108
|
|
|||||
Total Assets
|
|
3,309
|
|
|
2,806
|
|
|
3,653
|
|
|
806
|
|
|
10,574
|
|
|
|
Six Months Ended March 31, 2019
|
||||||||||||||||||
|
|
Reportable Segments
|
|
Reconciling Items
(1)
|
|
Consolidated
|
||||||||||||||
(in millions)
|
|
Americas
|
|
EMEA
|
|
Asia
|
|
|
||||||||||||
Equity Income
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
139
|
|
|
$
|
—
|
|
|
$
|
145
|
|
Depreciation
|
|
51
|
|
|
63
|
|
|
23
|
|
|
—
|
|
|
137
|
|
|||||
Capital Expenditures
|
|
100
|
|
|
130
|
|
|
22
|
|
|
—
|
|
|
252
|
|
|||||
Total Assets
|
|
3,309
|
|
|
2,806
|
|
|
3,653
|
|
|
806
|
|
|
10,574
|
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||
|
|
Reportable Segments
|
|
Reconciling Items
(1)
|
|
Consolidated
|
||||||||||||||
(in millions)
|
|
Americas
|
|
EMEA
|
|
Asia
|
|
|
||||||||||||
Equity Income
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
80
|
|
|
$
|
—
|
|
|
$
|
85
|
|
Depreciation
|
|
36
|
|
|
51
|
|
|
11
|
|
|
3
|
|
|
101
|
|
|||||
Capital Expenditures
|
|
42
|
|
|
67
|
|
|
14
|
|
|
—
|
|
|
123
|
|
|
|
Six Months Ended March 31, 2018
|
||||||||||||||||||
|
|
Reportable Segments
|
|
Reconciling Items
(1)
|
|
Consolidated
|
||||||||||||||
(in millions)
|
|
Americas
|
|
EMEA
|
|
Asia
|
|
|
||||||||||||
Equity Income
|
|
$
|
3
|
|
|
$
|
6
|
|
|
$
|
172
|
|
|
$
|
—
|
|
|
$
|
181
|
|
Depreciation
|
|
70
|
|
|
99
|
|
|
22
|
|
|
6
|
|
|
197
|
|
|||||
Capital Expenditures
|
|
104
|
|
|
147
|
|
|
15
|
|
|
—
|
|
|
266
|
|
15. Nonconsolidated Partially-Owned Affiliates
|
|
|
Six Months Ended
March 31,
|
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Income statement data:
|
|
|
|
|
||||
Net sales
|
|
$
|
8,127
|
|
|
$
|
9,273
|
|
Gross profit
|
|
$
|
958
|
|
|
$
|
1,086
|
|
Net income
|
|
$
|
336
|
|
|
$
|
436
|
|
Net income attributable to the entity
|
|
$
|
326
|
|
|
$
|
405
|
|
16. Commitments and Contingencies
|
17. Related Party Transactions
|
|
|
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
March 31,
|
||||||||||||
(in millions)
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales to related parties
|
|
Net sales
|
|
$
|
88
|
|
|
$
|
110
|
|
|
$
|
180
|
|
|
$
|
209
|
|
Purchases from related parties
|
|
Cost of sales
|
|
177
|
|
|
173
|
|
|
350
|
|
|
310
|
|
(in millions)
|
|
|
|
March 31,
2019
|
|
September 30, 2018
|
||||
Accounts receivable due from related parties
|
|
Accounts receivable
|
|
$
|
83
|
|
|
$
|
91
|
|
Accounts payable due to related parties
|
|
Accounts payable
|
|
111
|
|
|
102
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
Adient recorded net sales of
$4,228 million
for the
second quarter of fiscal 2019
, representing a
decrease
of
$368 million
when compared to the
second quarter of fiscal 2018
. The
decrease
in net sales is primarily due to the unfavorable foreign currency impact and lower volumes primarily in EMEA and Asia. Adient recorded net sales of
$8,386 million
for the
first six months of fiscal 2019
, representing a
decrease
of
$414 million
when compared to the
first six months of fiscal 2018
. The
decrease
in net sales is primarily due to the unfavorable foreign currency impact and lower volumes in EMEA and Asia, partially offset by higher volumes in the Americas.
|
•
|
Gross profit was
$197 million
, or
4.7%
of net sales for the
second quarter of fiscal 2019
compared to
$282 million
, or
6.1%
of net sales for the
second quarter of fiscal 2018
. Gross profit was
$377 million
, or
4.5%
of net sales for the
first six months of fiscal 2019
compared to
$483 million
, or
5.5%
of net sales for the
first six months of fiscal 2018
. Profitability, including gross profit as a percentage of net sales, was lower primarily due to ongoing business performance issues in the Americas and EMEA.
|
•
|
Equity income was
$62 million
for the
second quarter of fiscal 2019
, which compared to equity income of
$85 million
for the
second quarter of fiscal 2018
. Equity income was
$145 million
for the
first six months of fiscal 2019
, compared to equity income of
$181 million
for the
first six months of fiscal 2018
. These decreases were primarily attributable to overall lower sales within certain China affiliates along with ongoing operating performance issues at YFAI.
|
•
|
Net
loss
attributable to Adient was
$149 million
for the
second quarter of fiscal 2019
, compared to
$168 million
of net
loss
attributable to Adient for the
second quarter of fiscal 2018
. The net loss in the second quarter of fiscal 2019 is primarily attributable to the $64 million net-of-tax long-lived asset impairment charge, the net $43 million income tax charge to establish a valuation allowance in Poland, overall lower levels of profitability and lower equity income, partially offset by lower levels of administrative costs. Net
loss
attributable to Adient was
$166 million
for the
first six months of fiscal 2019
, compared to
$384 million
of net
loss
attributable to Adient for the
first six months of fiscal 2018
. The year over year decrease in net loss attributable to Adient is primarily attributable to higher one-time costs in the prior year related to goodwill impairment ($279 million, net of tax) and the impact of the 2018 U.S. tax reform legislation ($258 million).
|
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
March 31,
|
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Net sales
|
|
$
|
4,228
|
|
|
-8%
|
|
$
|
4,596
|
|
|
$
|
8,386
|
|
|
-5%
|
|
$
|
8,800
|
|
Cost of sales
|
|
4,031
|
|
|
-7%
|
|
4,314
|
|
|
8,009
|
|
|
-4%
|
|
8,317
|
|
||||
Gross profit
|
|
197
|
|
|
-30%
|
|
282
|
|
|
377
|
|
|
-22%
|
|
483
|
|
||||
Selling, general and administrative expenses
|
|
168
|
|
|
-13%
|
|
193
|
|
|
346
|
|
|
-11%
|
|
389
|
|
||||
Restructuring and impairment costs
|
|
113
|
|
|
-64%
|
|
315
|
|
|
144
|
|
|
-54%
|
|
315
|
|
||||
Equity income (loss)
|
|
62
|
|
|
-27%
|
|
85
|
|
|
145
|
|
|
-20%
|
|
181
|
|
||||
Earnings (loss) before interest and income taxes
|
|
(22
|
)
|
|
-84%
|
|
(141
|
)
|
|
32
|
|
|
*
|
|
(40
|
)
|
||||
Net financing charges
|
|
40
|
|
|
8%
|
|
37
|
|
|
75
|
|
|
7%
|
|
70
|
|
||||
Other pension expense (income)
|
|
—
|
|
|
*
|
|
(7
|
)
|
|
(2
|
)
|
|
-75%
|
|
(8
|
)
|
||||
Income (loss) before income taxes
|
|
(62
|
)
|
|
-64%
|
|
(171
|
)
|
|
(41
|
)
|
|
-60%
|
|
(102
|
)
|
||||
Income tax provision (benefit)
|
|
64
|
|
|
*
|
|
(28
|
)
|
|
74
|
|
|
-69%
|
|
237
|
|
||||
Net income (loss)
|
|
(126
|
)
|
|
-12%
|
|
(143
|
)
|
|
(115
|
)
|
|
-66%
|
|
(339
|
)
|
||||
Income (loss) attributable to noncontrolling interests
|
|
23
|
|
|
-8%
|
|
25
|
|
|
51
|
|
|
13%
|
|
45
|
|
||||
Net income (loss) attributable to Adient
|
|
$
|
(149
|
)
|
|
-11%
|
|
$
|
(168
|
)
|
|
$
|
(166
|
)
|
|
-57%
|
|
$
|
(384
|
)
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Net sales
|
|
$
|
4,228
|
|
|
-8%
|
|
$
|
4,596
|
|
|
$
|
8,386
|
|
|
-5%
|
|
$
|
8,800
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Cost of sales
|
|
$
|
4,031
|
|
|
-7%
|
|
$
|
4,314
|
|
|
$
|
8,009
|
|
|
-4%
|
|
$
|
8,317
|
|
Gross profit
|
|
$
|
197
|
|
|
-30%
|
|
$
|
282
|
|
|
$
|
377
|
|
|
-22%
|
|
$
|
483
|
|
% of sales
|
|
4.7
|
%
|
|
|
|
6.1
|
%
|
|
4.5
|
%
|
|
|
|
5.5
|
%
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Selling, general and administrative expenses
|
|
$
|
168
|
|
|
-13%
|
|
$
|
193
|
|
|
$
|
346
|
|
|
-11%
|
|
$
|
389
|
|
% of sales
|
|
4.0
|
%
|
|
|
|
4.2
|
%
|
|
4.1
|
%
|
|
|
|
4.4
|
%
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Restructuring and impairment costs
|
|
$
|
113
|
|
|
-64%
|
|
$
|
315
|
|
|
$
|
144
|
|
|
-54%
|
|
$
|
315
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Equity income (loss)
|
|
$
|
62
|
|
|
-27%
|
|
$
|
85
|
|
|
$
|
145
|
|
|
-20%
|
|
$
|
181
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Net financing charges
|
|
$
|
40
|
|
|
8%
|
|
$
|
37
|
|
|
$
|
75
|
|
|
7%
|
|
$
|
70
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Other pension expense (income)
|
|
$
|
—
|
|
|
*
|
|
$
|
(7
|
)
|
|
$
|
(2
|
)
|
|
-75%
|
|
$
|
(8
|
)
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Income tax provision (benefit)
|
|
$
|
64
|
|
|
*
|
|
$
|
(28
|
)
|
|
$
|
74
|
|
|
-69%
|
|
$
|
237
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Income (loss) attributable to noncontrolling interests
|
|
$
|
23
|
|
|
-8%
|
|
$
|
25
|
|
|
$
|
51
|
|
|
13%
|
|
$
|
45
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Net income (loss) attributable to Adient
|
|
$
|
(149
|
)
|
|
-11%
|
|
$
|
(168
|
)
|
|
$
|
(166
|
)
|
|
-57%
|
|
$
|
(384
|
)
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Comprehensive income (loss) attributable to Adient
|
|
$
|
(110
|
)
|
|
*
|
|
$
|
(26
|
)
|
|
$
|
(114
|
)
|
|
-37%
|
|
$
|
(181
|
)
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
(in millions)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net Sales
|
|
|
|
|
|
|
|
|
||||||||
Americas
|
|
$
|
1,915
|
|
|
$
|
1,941
|
|
|
$
|
3,850
|
|
|
$
|
3,727
|
|
EMEA
|
|
1,778
|
|
|
2,056
|
|
|
3,418
|
|
|
3,909
|
|
||||
Asia
|
|
599
|
|
|
690
|
|
|
1,249
|
|
|
1,338
|
|
||||
Eliminations
|
|
(64
|
)
|
|
(91
|
)
|
|
(131
|
)
|
|
(174
|
)
|
||||
Total net sales
|
|
$
|
4,228
|
|
|
$
|
4,596
|
|
|
$
|
8,386
|
|
|
$
|
8,800
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
(in millions)
|
|
2019
|
|
2018
(1)
|
|
2019
|
|
2018
(1)
|
||||||||
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
||||||||
Americas
|
|
$
|
34
|
|
|
$
|
98
|
|
|
$
|
77
|
|
|
$
|
133
|
|
EMEA
|
|
59
|
|
|
130
|
|
|
61
|
|
|
212
|
|
||||
Asia
|
|
123
|
|
|
157
|
|
|
277
|
|
|
333
|
|
||||
Corporate-related costs
(2)
|
|
(25
|
)
|
|
(23
|
)
|
|
(48
|
)
|
|
(50
|
)
|
||||
Becoming Adient costs
(3)
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(38
|
)
|
||||
Restructuring and impairment costs
(4)
|
|
(113
|
)
|
|
(315
|
)
|
|
(144
|
)
|
|
(315
|
)
|
||||
Purchase accounting amortization
(5)
|
|
(10
|
)
|
|
(18
|
)
|
|
(20
|
)
|
|
(35
|
)
|
||||
Restructuring related charges
(6)
|
|
(14
|
)
|
|
(12
|
)
|
|
(23
|
)
|
|
(23
|
)
|
||||
Stock based compensation
(7)
|
|
(2
|
)
|
|
(12
|
)
|
|
(8
|
)
|
|
(22
|
)
|
||||
Depreciation
(8)
|
|
(72
|
)
|
|
(99
|
)
|
|
(137
|
)
|
|
(193
|
)
|
||||
Other items
(9)
|
|
(2
|
)
|
|
(28
|
)
|
|
(3
|
)
|
|
(42
|
)
|
||||
Earnings (loss) before interest and income taxes
|
|
(22
|
)
|
|
(141
|
)
|
|
32
|
|
|
(40
|
)
|
||||
Net financing charges
|
|
(40
|
)
|
|
(37
|
)
|
|
(75
|
)
|
|
(70
|
)
|
||||
Other pension income
|
|
—
|
|
|
7
|
|
|
2
|
|
|
8
|
|
||||
Income (loss) before income taxes
|
|
$
|
(62
|
)
|
|
$
|
(171
|
)
|
|
$
|
(41
|
)
|
|
$
|
(102
|
)
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Net sales
|
|
$
|
1,915
|
|
|
-1%
|
|
$
|
1,941
|
|
|
$
|
3,850
|
|
|
3%
|
|
$
|
3,727
|
|
Adjusted EBITDA
|
|
$
|
34
|
|
|
-65%
|
|
$
|
98
|
|
|
$
|
77
|
|
|
-42%
|
|
$
|
133
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Net sales
|
|
$
|
1,778
|
|
|
-14%
|
|
$
|
2,056
|
|
|
$
|
3,418
|
|
|
-13%
|
|
$
|
3,909
|
|
Adjusted EBITDA
|
|
$
|
59
|
|
|
-55%
|
|
$
|
130
|
|
|
$
|
61
|
|
|
-71%
|
|
$
|
212
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||||||
(in millions)
|
|
2019
|
|
Change
|
|
2018
|
|
2019
|
|
Change
|
|
2018
|
||||||||
Net sales
|
|
$
|
599
|
|
|
-13%
|
|
$
|
690
|
|
|
$
|
1,249
|
|
|
-7%
|
|
$
|
1,338
|
|
Adjusted EBITDA
|
|
$
|
123
|
|
|
-22%
|
|
$
|
157
|
|
|
$
|
277
|
|
|
-17%
|
|
$
|
333
|
|
|
|
Six Months Ended
March 31, |
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Cash provided (used) by operating activities
|
|
$
|
40
|
|
|
$
|
(150
|
)
|
Cash provided (used) by investing activities
|
|
(190
|
)
|
|
(269
|
)
|
||
Cash provided (used) by financing activities
|
|
(49
|
)
|
|
45
|
|
||
Capital expenditures
|
|
(252
|
)
|
|
(266
|
)
|
(in millions)
|
|
March 31,
2019 |
|
September 30, 2018
|
||||
Current assets
|
|
$
|
3,926
|
|
|
$
|
4,309
|
|
Current liabilities
|
|
4,004
|
|
|
4,192
|
|
||
Working capital
|
|
$
|
(78
|
)
|
|
$
|
117
|
|
Other Information
|
|
|
|
Not applicable.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
PART II - OTHER INFORMATION
|
Item 1.
|
Legal Proceedings
|
|
|
|
Item 1A.
|
Risk Factors
|
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
(a) Unregistered Sale of Equity Securities
|
|
None.
|
|
(b) Use of Proceeds
|
|
Not applicable.
|
|
(c) Repurchase of Equity Securities
|
|
There was no share repurchase activity during the three months ended March 31, 2019.
|
Item 3.
|
Defaults Upon Senior Securities
|
|
|
|
None.
|
Item 4.
|
Mine Safety Disclosures
|
|
|
|
Not applicable.
|
Item 5.
|
Other Information
|
|
|
|
None.
|
Item 6.
|
Exhibit Index
|
|
|
|
Exhibit No.
|
|
Exhibit Title
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4
|
|
|
|
|
|
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
|
|
Adient plc
|
|
|
By:
|
/s/ Douglas G. Del Grosso
|
|
|
Douglas G. Del Grosso
|
|
|
President and Chief Executive Officer and a Director
|
|
Date:
|
May 9, 2019
|
|
|
|
|
By:
|
/s/ Jeffrey M. Stafeil
|
|
|
Jeffrey M. Stafeil
|
|
|
Executive Vice President and Chief Financial Officer
|
|
Date:
|
May 9, 2019
|
1 Year Adient Chart |
1 Month Adient Chart |
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