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Adient Plc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Income Attributable to Noncontrolling Interests The decreases in income attributable to noncontrolling interests in the third quarter ($12 million) and the first nine months of fiscal 2022 ($15 million) as compared to the third quarter and first nine months of fiscal 2021 are primarily attributable to lower production volumes due to production stoppages and supply chain issues at certain Seating affiliates in various jurisdictions.
Adient currently estimates that upon completion of the restructuring actions, the fiscal 2022 restructuring plan will reduce annual operating costs by approximately $20 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% will result in net savings.
Adient currently estimates that upon completion of the restructuring actions, the fiscal 2021 restructuring plan will reduce annual operating costs by approximately $23 million, which Adient plc | Form 10-Q | 45 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.
The year over year increase in SG&A is attributable to higher overall engineering and other administrative spending in the current year (primarily the Malaysia flooding event and certain legal settlements) and certain one-time non-recurring benefits in the prior year ($27 million), higher depreciation expense ($5 million), higher amortization expense attributable to the acquired intangible assets ($10 million), and the prior year acquisitions and consolidations of CQADNT and LFADNT ($24 million).
These were offset by lower compensation expense including stock-based and performance-based incentive compensation costs ($43 million), the favorable impact of foreign currencies ($11 million), and lower transaction costs ($6 million).
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Net sales decreased by $438...Read more
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Asia Net sales increased during...Read more
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Capital expenditures: Capital expenditures decreased...Read more
Generally, Adient has been able...Read more
Financial Statements, Disclosures and Schedules
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Adient Plc provided additional information to their SEC Filing as exhibits
Ticker: ADNT
CIK: 1670541
Form Type: 10-Q Quarterly Report
Accession Number: 0001670541-22-000076
Submitted to the SEC: Fri Aug 05 2022 4:12:11 PM EST
Accepted by the SEC: Fri Aug 05 2022
Period: Thursday, June 30, 2022
Industry: Motor Vehicle Parts And Accessories