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Last10K.com | 10-Q Quarterly Report Fri Feb 04 2022
Exhibit 99.1
The following information was filed by Adient Plc (ADNT) on Friday, February 4, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Adient Plc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Adient Plc.
Assess how Adient Plc's management team is paid from their Annual Proxy
Adient Plc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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- Board Members
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Financial - Expense Highlight
Adient currently estimates that upon completion of the restructuring actions, the fiscal 2022 restructuring plan will reduce annual operating costs by approximately $6 million, which is primarily the result of lower costs of sales and selling, general and administrative expenses due to reduced employee-related costs, of which approximately 40% will result in net savings.
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Financial - Expense Highlight
Adient currently estimates that upon completion of the restructuring actions, the fiscal 2021 restructuring plan will reduce annual operating costs by approximately $16 million, which is primarily the result of lower costs of sales and selling, general and administrative expenses due to reduced employee-related costs, of which approximately 20%-30% will result in net savings.
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Revenue - Product Highlight
EMEA Net sales decreased during the first quarter of fiscal 2022 by $374 million primarily as a result of operational interruptions due to certain unplanned temporary production stoppages primarily resulting from semiconductor chip shortages and supply chain issues ($307 million), the unfavorable impact of foreign currency ($58 million), and the impact of operational footprint changes ($43 million), partially offset by the favorable impact of material economics recoveries ($17 million) and favorable impact of commercial settlements and net pricing adjustments ($17 million).
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Financial - Income Highlight
Three Months EndedDecember 31, (in millions) 2021 Change 2020 Income (loss) attributable to noncontrolling interests $ 24 4% $ 23 The $1 million increase in income attributable to noncontrolling interests for the three months ended December 31, 2021 when compared to the same period in the prior year was primarily attributable to the prior year acquisition of controlling interest in CQADNT, partially offset by lower income resulting from lower volumes in the current year, attributable primarily to the unplanned production stoppages and operational interruptions at certain Seating affiliates in varying jurisdictions.
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Revenue - Geography Highlight
Americas Net sales decreased during the first quarter of fiscal 2022 by $239 million primarily as a result of operational interruptions due to certain unplanned temporary production stoppages primarily resulting from semiconductor chip shortages and supply chain issues ($224 million), the impact of operational footprint changes ($20 million), the impact of unfavorable commercial settlements and net pricing adjustments ($37 million) and the unfavorable impact of foreign currencies ($3 million), partially offset by the favorable impact of material economics recoveries ($45 million).
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Financial - Expense
The year over year decrease...Read more
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Legal - Other
The year over year increase...Read more
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Financial - Expense
The automotive industry has recently...Read more
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Financial - Income
Income Tax Provision The first...Read more
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Financial - Earnings
Interest is payable on the...Read more
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Revenue - Product
The decrease in net sales...Read more
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Financial - Income
The first quarter of fiscal...Read more
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Revenue - Geography
The three months ended December...Read more
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Revenue - Geography
Asia Net sales increased during...Read more
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Revenue - Product
Adient plc | Form 10-Q...Read more
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Financial - Cash Flow
Adient plc | Form 10-Q...Read more
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Financial - Debt
Net Financing Charges Net financing...Read more
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Other - Other
Additional information regarding these and...Read more
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Financial - Earnings
Gross profit was unfavorably impacted...Read more
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Financial - Expense
Although Adient has developed and...Read more
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Financial - Expense
Adient plc | Form 10-Q...Read more
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Other - Other
Future adverse developments in the...Read more
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Financial - Expense
Restructuring and Impairment Costs Restructuring...Read more
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Financial - Earnings
Net Income (Loss) Attributable to...Read more
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Financial - Earnings
In April 2021, Adient amended...Read more
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Other - Other
In January 2022, Adient commenced...Read more
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Financial - Shares
The loss in the first...Read more
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Revenue - Product
As a result, new vehicle...Read more
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Other - Other
New Accounting Pronouncements See Note...Read more
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Other - Other
On-Going Impact of COVID-19 The...Read more
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Financial - Debt
The agreements also provide for...Read more
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Financial - Income
The comprehensive income attributable to...Read more
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Financial - Expense
These commodity and shipping cost...Read more
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Financial - Earnings
Interest on the Term Loan...Read more
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Financial - Shares
(3) Reflects amortization of intangible...Read more
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Financial - Earnings
Profitability, including gross profit as...Read more
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Financial - Debt
The ABL Credit Facility, Term...Read more
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Financial - Expense
Adient's management closely monitors its...Read more
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M & A - Other
The decrease is primarily attributable...Read more
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Revenue - Product
The net loss in the...Read more
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Financial - Earnings
Net loss attributable to Adient...Read more
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Other - Other
The reportable segments are consistent...Read more
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Financial - Cash Flow
Three Months EndedDecember 31, (in...Read more
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Financial - Expense
Cost of Sales / Gross...Read more
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Other - Other
Forward-looking statements can also be...Read more
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Financial - Debt
These notes will mature on...Read more
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Other - Other
Capital expenditures: Capital expenditures decreased...Read more
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Financial - Expense
Generally, Adient has been able...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Cover
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Financial Position
Consolidated Statements Of Financial Position (Parenthetical)
Consolidated Statements Of Income (Loss)
Acquisitions And Divestitures
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Acquisitions (Details)
Acquisitions And Divestitures - Fair Value Allocation (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Carrying Amounts And Classifications Of Assets And Liabilities For Consolidated Vies (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Schedule Of Computation Of Basic And Diluted Earnings Per Share (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt And Financing Arrangements
Debt And Financing Arrangements (Tables)
Debt And Financing Arrangements - Narrative (Details)
Debt And Financing Arrangements - Schedule Of Long-Term Debt (Details)
Debt And Financing Arrangements - Schedule Of Net Financing Charges (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Narrative (Details)
Derivative Instruments And Hedging Activities - Schedule Of Effective Portion Of Pretax Gains (Losses) (Details)
Derivative Instruments And Hedging Activities - Schedule Of Fair Values Of Derivative Instruments And Other Amounts (Details)
Derivative Instruments And Hedging Activities - Schedule Of Gross And Net Amounts Of Derivative Instruments And Other Amounts (Details)
Equity And Noncontrolling Interests
Equity And Noncontrolling Interests (Tables)
Equity And Noncontrolling Interests - Schedule Of Aoci (Details)
Equity And Noncontrolling Interests - Schedule Of Changes In Redeemable Noncontrolling Interest (Details)
Equity And Noncontrolling Interests - Schedule Of Stockholders Equity (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Schedule Of The Fair Value Hierarchy For Assets And Liabilities (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Intangible Assets (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Schedule Of Operating Lease Liabilities And Minimum Payments (Details)
Leases - Schedule Of Operating Lease Right Of Use Assets And Operating Lease Liabilities (Details)
Leases - Supplemental Cash Flow Information (Details)
Nonconsolidated Partially-Owned Affiliates
Nonconsolidated Partially-Owned Affiliates (Tables)
Nonconsolidated Partially-Owned Affiliates - (Details)
Nonconsolidated Partially-Owned Affiliates - Schedule Of Operating Information Of Nonconsolidated Partially-Owned Affiliates (Details)
Product Warranties
Product Warranties (Tables)
Product Warranties - Schedule Of Product Warranty Liability (Details)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
Restructuring And Impairment Costs
Restructuring And Impairment Costs (Tables)
Restructuring And Impairment Costs - Changes In Reserve (Details)
Restructuring And Impairment Costs - Narrative (Details)
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Schedule Of Net Periodic Benefit Cost (Details)
Revenue Recognition
Segment Information
Segment Information (Details)
Segment Information (Tables)
Segment Information - Disaggregation Of Revenue By Geographical Market (Details)
Material Contracts, Statements, Certifications & more
Adient Plc provided additional information to their SEC Filing as exhibits
Ticker: ADNT
CIK: 1670541
Form Type: 10-Q Quarterly Report
Accession Number: 0001670541-22-000008
Submitted to the SEC: Fri Feb 04 2022 4:08:49 PM EST
Accepted by the SEC: Fri Feb 04 2022
Period: Friday, December 31, 2021
Industry: Motor Vehicle Parts And Accessories
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