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Last10K.com | 10-Q Quarterly Report Tue Feb 07 2023
Exhibit 99.1
The following information was filed by Adient Plc (ADNT) on Tuesday, February 7, 2023 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 2023 10-K Annual Report includes:
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Revenue - Geography Highlight
The year over year decrease in SG&A is attributable to the favorable impact of foreign currencies ($8 million), lower overall engineering and other administrative spending ($7 million), lower compensation expense including stock-based and performance-based incentive compensation costs ($7 million), and lower depreciation and amortization expense ($2 million).
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Financial - Income Highlight
Income Attributable to Noncontrolling Interests The decreases in income attributable to noncontrolling interests in the first quarter of fiscal 2023 as compared to the first quarter of fiscal 2022 is primarily attributable to lower production volumes at certain affiliates in various jurisdictions.
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Financial - Expense Highlight
The year over year increase in cost of sales was due to higher production volumes ($321 million), increased utilities, labor and freight costs along with operating inefficiencies associated with supply chain issues ($35 million), and higher commodity costs ($33 million), partially offset by the favorable impact of foreign currencies ($199 million), favorable supplier pricing ($18 million), the favorable impact of the KEIPER supply agreement modifications ($6 million), and lower depreciation expense ($5 million).
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Financial - Expense Highlight
Adient currently estimates that upon completion of the restructuring actions, the fiscal 2023 restructuring plan will reduce annual operating costs by approximately $4 million, which is primarily the result of lower costs of sales due to reduced employee-related costs, of which approximately 10% will result in net savings.
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Financial - Income Highlight
The first quarter of fiscal 2022 income tax expense of $21 million was higher than the statutory rate of 12.5% primarily due to the inability to record a tax benefit for losses in jurisdictions with valuation allowances and foreign tax rate differentials.
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Revenue - Geography
Americas Adient plc | Form...Read more
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Financial - Income
Income Tax Provision The first...Read more
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Revenue - Geography
The decrease is primarily attributable...Read more
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Revenue - Geography
The decrease is primarily attributable...Read more
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Revenue - Geography
Asia Net sales increased during...Read more
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Financial - Cash Flow
Investing Cash Flows: The decrease...Read more
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Financial - Earnings
Interest is payable on the...Read more
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Financial - Earnings
The net income in the...Read more
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Financial - Earnings
The higher net income in...Read more
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Financial - Expense
The operating environment is expected...Read more
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Revenue - Product
EMEA Net sales decreased during...Read more
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Other - Other
Future adverse Adient plc |...Read more
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Other - Other
Additional information regarding these and...Read more
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Financial - Cash Flow
Adient plc | Form 10-Q...Read more
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Financial - Expense
Selling, General and Administrative Expenses...Read more
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Financial - Debt
Net Financing Charges Net financing...Read more
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Financial - Shares
Repurchases of Equity Securities In...Read more
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Financial - Earnings
Net Income (Loss) Attributable to...Read more
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Financial - Expense
The automotive industry has recently...Read more
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Revenue - Product
Consolidated Results of Operations Net...Read more
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Financial - Expense
Utility costs have recently shown...Read more
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Revenue - Product
The increase in net sales...Read more
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Revenue - Product
Adjusted EBITDA increased during the...Read more
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Other - Other
New Accounting Pronouncements See Note...Read more
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Financial - Debt
The agreements also provide for...Read more
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Financial - Cash Flow
Working capital is highly influenced...Read more
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Revenue - Product
During the first quarter of...Read more
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Financial - Expense
Adient plc | Form 10-Q...Read more
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Financial - Expense
Adient plc | Form 10-Q...Read more
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Financial - Shares
(3) Reflects amortization of intangible...Read more
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Financial - Debt
The ABL Credit Facility and...Read more
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Financial - Expense
Generally, Adient has been able...Read more
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Other - Other
Adient actively manages its working...Read more
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Financial - Expense
Adient's management closely monitors its...Read more
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Financial - Expense
Adjusted EBITDA decreased during the...Read more
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Financial - Cash Flow
Financing Cash Flows: The decrease...Read more
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Revenue - Product
Sales or discounts of accounts...Read more
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Financial - Earnings
The increase of $166 million...Read more
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Financial - Earnings
Net income attributable to Adient...Read more
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Other - Other
The reportable segments are consistent...Read more
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Revenue - Geography
Light vehicle production levels by...Read more
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Revenue - Geography
Adient US LLC ("Adient US"),...Read more
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Other - Other
Forward-looking statements can also be...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 (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 - Narrative (Details)
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 - 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 - Narrative (Details)
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: 0001670541-23-000050
Submitted to the SEC: Tue Feb 07 2023 4:46:29 PM EST
Accepted by the SEC: Tue Feb 07 2023
Period: Saturday, December 31, 2022
Industry: Motor Vehicle Parts And Accessories
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