What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-10-30 compared with 2024-07-31 · 153 added, 126 removed, 779 unchanged (26% of the section changed)

4 unchanged sentences

Three Months Ended

Six Months Ended

$ 2,738 $ 2,748 $ 5,473 $ 5,392

Nine Months Ended

September 30,

Costs and expenses

Cost of sales

2,483 2,477 4,974 4,892

Selling, general and administrative expenses

132 144 271 284

Amortization of intangibles

Restructuring charges, net

Loss on disposal group held for sale

Gain (loss) on disposal group previously held for sale

Other income (expense), net

Earnings before interest and income taxes

104 124 174 214

Loss on extinguishment of debt

2 unchanged sentences

Earnings before income taxes

67 89 102 149

Income tax expense

1 unchanged sentence

Noncontrolling interests net income

Redeemable noncontrolling interests net (loss) income

( 5 ) 1 ( 13 )

Redeemable noncontrolling interests net loss

Net income attributable to the parent company

$ 16 $ 30 $ 19 $ 58

Net income per share available to common stockholders

$ 0.11 $ 0.21 $ 0.13 $ 0.40

Weighted-average common shares outstanding

145.0 144.3 144.9 144.1

145.1 144.4 144.9 144.3

The accompanying notes are an integral part of the consolidated financial statements.

3 unchanged sentences

Three Months Ended

Six Months Ended

$ 16 $ 36 $ 16 $ 67

Nine Months Ended

September 30,

Other comprehensive income (loss), net of tax:

Currency translation adjustments

( 46 ) ( 7 ) ( 66 ) 18

Hedging gains and losses

( 26 ) 3 ( 28 ) 18

Defined benefit plans

Other comprehensive (loss) income

( 68 ) ( 4 ) ( 89 ) 37

Total comprehensive (loss) income

( 52 ) 32 ( 73 ) 104

Other comprehensive income (loss)

Total comprehensive income (loss)

Comprehensive income attributable to noncontrolling interests

( 5 ) ( 5 ) ( 9 ) ( 9 )

Comprehensive loss attributable to redeemable noncontrolling interests

Comprehensive (loss) income attributable to the parent company

$ ( 51 ) $ 27 $ ( 65 ) $ 95

Comprehensive income (loss) attributable to the parent company

The accompanying notes are an integral part of the consolidated financial statements.

2 unchanged sentences

(In millions, except share and per share amounts)

September 30,

Current assets

3 unchanged sentences

Other current assets

Current assets of disposal group held for sale

Total current assets

14 unchanged sentences

Other accrued liabilities

Current liabilities of disposal group held for sale

Total current liabilities

3 unchanged sentences

Other noncurrent liabilities

Noncurrent liabilities of disposal group held for sale

Total liabilities

17 unchanged sentences

(In millions)

Six Months Ended

Nine Months Ended

September 30,

Operating activities

6 unchanged sentences

Change in working capital

( 195 ) ( 172 )

Loss on disposal group held for sale

Loss on disposal group previously held for sale

Net cash provided by operating activities

1 unchanged sentence

Purchases of property, plant and equipment

( 181 ) ( 242 )

Proceeds from sale of property, plant and equipment

1 unchanged sentence

Net cash used in investing activities

( 177 ) ( 245 )

Financing activities

2 unchanged sentences

Repayment of long-term debt

( 30 ) ( 204 )

Deferred financing payments

Dividends paid to common stockholders

( 29 ) ( 29 )

Distributions to noncontrolling interests

Collection of note receivable from noncontrolling interest

Collection of note receivable from redeemable noncontrolling interest

Contributions from redeemable noncontrolling interests

10 unchanged sentences

Organization and Summary of Significant Accounting Policies

Disposal Group Held for Sale

Disposal Group Previously Held for Sale

Goodwill and Other Intangible Assets

29 unchanged sentences

Recently adopted accounting pronouncements

We did not adopt any new accounting pronou ncements during the six months ended June 30, 2024 .

We did not adopt any new accounting pronou ncements during the nine months ended September 30, 2024 .

Recently issued accounting pronouncements

9 unchanged sentences

We are currently evaluating the impact of the guidance on our financial statement disclosures.

Disposal Group Held for Sale

Disposal Group Previously Held for Sale

In February 2024, we entered into a definitive agreement to sell our European hydraulics business to HPIH S.à r.l.

for approximately $ 38 .

The sale price is subject to adjustment based on net working capital and net financial position balances as of the closing date.

The results of operations of the European hydraulics business are reported within our Off-Highway operating segment.

We classified the disposal group as held for sale, recognizing a $ 30 loss to adjust the carrying value of net assets to fair value less estimated costs to sell.

The sale is expected to close during the second half of 2024.

The carrying amounts of the major classes of assets and liabilities of our European hydraulics business are as follows:

Accounts receivable - Trade

Accounts receivable - Other 1

Inventories 43

Current assets of disposal group held for sale $ 61

Accounts payable $ 13

Accrued payroll and employee benefits 4

Current portion of operating lease liabilities 1

Other accrued liabilities 3

Current liabilities of disposal group held for sale $ 21

Noncurrent operating lease liabilities $ 1

Pension and postretirement obligations 3

Noncurrent liabilities of disposal group held for sale $ 4

We classified the disposal group as held for sale, recognizing a $ 26 loss to date to adjust the carrying value of net assets to fair value less estimated costs to sell.

The transaction was not completed by the date set forth in the definitive agreement.

The assets of the European hydraulics business are no longer held for sale and have been reclassified as held and used at the lower of their adjusted carrying value or fair value at the date the held for sale criteria was no longer met.

Goodwill and Other Intangible Assets

1 unchanged sentence

Balance, December 31, 2023

Reclassified to disposal group held for sale

Impaired as part of disposal group previously held for sale (Note 2)

Currency impact

Balance, June 30, 2024

Balance, September 30, 2024

Components of other intangible assets —

June 30, 2024

September 30, 2024

December 31, 2023

17 unchanged sentences

Net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments—

June 30, 2024

September 30, 2024

Light Vehicle

3 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Charged to cost of sales

6 unchanged sentences

Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs.

During the second quarter and first six months of 2024 , our restructuring charges were primarily comprised of separation costs related to the rationalization of the global administrative and functional services that support our manufacturing and assembly facilities and technical centers and realignment activities associated with our manufacturing footprint.

During the third quarter and first nine months of 2024 , our restructuring charges were primarily comprised of separation costs related to rationalizing the global administrative and functional services that support our manufacturing and assembly facilities and technical centers and realignment activities associated with our manufacturing footprint.

Accrued restructuring costs and activity —

Employee Termination Benefits

Balance, March 31, 2024

Balance, June 30, 2024

$ 16 $ — $ 16

Charges to restructuring

Adjustments of accruals

Cash payments

( 5 ) ( 2 ) ( 7 )

Balance, June 30, 2024

Balance, September 30, 2024

$ 33 $ — $ 33

2 unchanged sentences

Charges to restructuring

Adjustments of accruals

Cash payments

( 10 ) ( 8 ) ( 18 )

Balance, June 30, 2024

Balance, September 30, 2024

$ 33 $ — $ 33

At June 30, 2024 , the accrued employee termination benefits include costs to reduce approximately 500 e mployees to be complet ed over the next year.

At September 30, 2024 , the accrued employee termination benefits include costs to reduce approximately 900 e mployees to be complet ed over the next year.

Supplemental Balance Sheet and Cash Flow Information

Supplier finance programs —

As of June 30, 2024 and December 31, 2023 , we had $ 73 and $ 69 , respectively, of confirmed obligations subject to supplier finance programs presented as accounts payable within total current liabilities on the consolidated balance sheet.

As of September 30, 2024 and December 31, 2023 , we had $ 68 and $ 69 , respectively, of confirmed obligations subject to supplier finance programs presented as accounts payable within total current liabilities on the consolidated balance sheet.

Inventory components —

June 30, 2024

September 30, 2024

December 31, 2023

3 unchanged sentences

Cash, cash equivalents and restricted cash —

June 30, 2024

September 30, 2024

December 31, 2023

June 30, 2023

September 30, 2023

December 31, 2022

6 unchanged sentences

Stockholders’ Equity

Common stock — Our Board of Directors declared a cash dividend of ten cents per share of common stock in the first and second quarters of 2024.

Common stock — Our Board of Directors declared a cash dividend of ten cents per share of common stock in the first, second, and third quarters of 2024.

Dividends accrue on restricted stock units (RSUs) granted under our stock compensation program and will be paid in cash or additional units when the underlying units vest.

26 unchanged sentences

2 2,267 293 ( 13 ) ( 1,074 ) 69 1,544

Other comprehensive income

Common stock dividends and dividend equivalents

( 14 ) ( 14 )

Distributions to noncontrolling interests

( 13 ) ( 13 )

Stock compensation

Balance, September 30, 2024

$ 2 $ 2,274 $ 283 $ ( 13 ) $ ( 1,066 ) $ 63 $ 1,543

Additional Paid-In Capital

21 unchanged sentences

2 2,244 349 ( 8 ) ( 964 ) 58 1,681

Other comprehensive loss

( 43 ) ( 1 ) ( 44 )

Common stock dividends and dividend equivalents

( 15 ) ( 15 )

Distributions to noncontrolling interests

Stock compensation

Balance, September 30, 2023

$ 2 $ 2,249 $ 353 $ ( 8 ) $ ( 1,007 ) $ 58 $ 1,647

Changes in each component of accumulated other comprehensive income (loss) (AOCI) of the parent —

25 unchanged sentences

( 929 ) ( 8 ) ( 137 ) ( 1,074 )

Currency translation adjustments

Holding gains and losses

( 35 ) ( 35 )

Reclassification of amount to net income (a)

Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)

Other comprehensive income (loss)

Balance, September 30, 2024

$ ( 915 ) $ ( 15 ) $ ( 136 ) $ ( 1,066 )

Parent Company Stockholders

18 unchanged sentences

( 877 ) 39 ( 126 ) ( 964 )

Currency translation adjustments

( 21 ) ( 21 )

Holding gains and losses

Reclassification of amount to net income (a)

( 30 ) ( 30 )

Other comprehensive loss

( 21 ) ( 21 ) ( 1 ) ( 43 )

Balance, September 30, 2023

$ ( 898 ) $ 18 $ ( 127 ) $ ( 1,007 )

(a) Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded.

11 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Balance, beginning of period

12 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Net income available to common stockholders - Numerator basic and diluted

7 unchanged sentences

The share count for diluted earnings per share is computed on the basis of the weighted-average number of common shares outstanding plus the effects of dilutive common stock equivalents (CSEs) outstanding during the period.

We excluded 0.2 million and 2.0 million CSEs from the calculation of diluted earnings per share for the second quarters of 2024 and 2023 and excluded 2.1 million and 0.3 million of CSEs for the respective year-to-date periods as the effect of including them would have been anti-dilutive.

We excluded 0.5 million and 0.1 million CSEs from the calculation of diluted earnings per share for the third quarters of 2024 and 2023 and excluded 2.4 million and 0.1 million of CSEs for the respective year-to-date periods as the effect of including them would have been anti-dilutive.

Stock Compensation

The Compensation Committee of our Board of Directors approved the grant of RSUs and performance share units (PSUs) shown in the table below during the six months ended June 30, 2024 .

The Compensation Committee of our Board of Directors approved the grant of RSUs and performance share units (PSUs) shown in the table below during the nine months ended September 30, 2024 .

(In millions)

9 unchanged sentences

The estimated volatility of 47.7 % was based on observed historical volatility of daily stock returns for the 3 -year period preceding the grant date.

During the six months ended June 30, 2024 , we paid $ 2 of cash to settle RSUs and issued 0.9 million shares of common stock based on the vesting of RSUs.

We recognized stock compensation expense of $ 8 in both the second quarters of 2024 and 2023 and expense of $ 14 during both respective year-to-date periods.

At June 30, 2024 , the total unrecognized compensation cost related to the nonvested awards granted and expected to vest was $ 42 .

During the nine months ended September 30, 2024 , we paid $ 2 of cash to settle RSUs and issued 0.9 million shares of common stock based on the vesting of RSUs.

We recognized stock compensation expense of $ 7 and $ 5 in the third quarters of 2024 and 2023 , respectively and expense of $ 21 and $ 19 during the respective year-to-date periods.

At September 30, 2024 , the total unrecognized compensation cost related to the nonvested awards granted and expected to vest was $ 33 .

This cost is expected to be recognized over a weighted-average period of 1.8 years.

3 unchanged sentences

Components of net periodic benefit cost (credit) —

Three Months Ended June 30,

Three Months Ended September 30,

Interest cost

3 unchanged sentences

Amortization of net actuarial loss (gain)

Net periodic benefit (credit) cost

2 1 1 ( 1 ) ( 1 )

Six Months Ended June 30,

Termination benefit

Net periodic benefit cost

$ 5 $ 5 $ — $ 5 $ — $ —

Nine Months Ended September 30,

Interest cost

4 unchanged sentences

5 1 5 ( 2 ) ( 3 )

Termination benefit

Net periodic benefit cost (credit)

5 unchanged sentences

Interest Rate

June 30, 2024

September 30, 2024

December 31, 2023

41 unchanged sentences

100.000 % 100.000 %

At any time prior to July 15, 2024, we may redeem up to 40% of the aggregate principal amount of the July 2029 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 103.000 % of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, provided that at least 50 % of the aggregate principal amount of the July 2029 Notes remain outstanding after the redemption.

Prior to July 15, 2024, we may also redeem some or all of the July 2029 Notes at a redemption price equal to 100 % of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium.

We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt.

Prior to May 1, 2026, we may redeem some or all of the September 2030 Notes at a redemption price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium.

27 unchanged sentences

We pay a fee for issued and undrawn letters of credit in an amount per annum equal to the applicable margin for SOFR rate advances based on a quarterly average availability under issued and undrawn letters of credit under the Revolving Facility and a per annum fronting fee of 0.125 %, payable quarterly.

At June 30, 2024 , we had no outstanding borrowings under the Revolving Facility and had utilized $ 9 for letters of credit.

We had availability at June 30, 2024 under the Revolving Facility of $ 1,141 after deducting the outstanding letters of credit.

Debt covenants — At June 30, 2024 , we were in compliance with the covenants of our financing agreements.

At September 30, 2024 , we had $ 10 of outstanding borrowings under the Revolving Facility and had utilized $ 10 for letters of credit.

We had availability at September 30, 2024 under the Revolving Facility of $ 1,130 after deducting outstanding borrowings and letters of credit.

Debt covenants — At September 30, 2024 , we were in compliance with the covenants of our financing agreements.

Under the Revolving Facility and the senior notes, we are required to comply with certain incurrence-based covenants customary for facilities of these types and, in the case of the Revolving Facility, a maintenance covenant tested on the last day of each fiscal quarter requiring us to maintain a first lien net leverage ratio not to exceed 2.00 to 1.00.

5 unchanged sentences

Fair Value Level

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

Currency forward contracts

7 unchanged sentences

Cash flow hedges

Other noncurrent assets

Cash flow hedges

Other noncurrent liabilities

2 unchanged sentences

Fair value of financial instruments — The financial instruments that are not carried in our balance sheets at fair value are as follows:

June 30, 2024

September 30, 2024

December 31, 2023

10 unchanged sentences

The impact of the interest rate differential between the inflow and outflow rates on fixed-to-fixed cross-currency swaps is recognized during each period as a component of interest expense for hedges of external debt and as a component of other income (expense), net for hedges of intercompany debt.

The following fixed-to-fixed cross-currency swaps were outstanding at June 30, 2024 :

The following fixed-to-fixed cross-currency swaps were outstanding at September 30, 2024 :

Underlying Financial Instrument

17 unchanged sentences

To the extent the swaps are no longer effective, changes in their fair values will be recorded in earnings.

The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $ 1,014 at June 30, 2024 and $ 776 at December 31, 2023 .

The total notional amount of outstanding foreign currency swaps, including the fixed-to-fixed cross-currency swaps, was $ 967 at June 30, 2024 and $ 981 at December 31, 2023 .

The following currency derivatives were outstanding at June 30, 2024 :

The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $ 1,319 at September 30, 2024 and $ 776 at December 31, 2023 .

The total notional amount of outstanding foreign currency swaps, including the fixed-to-fixed cross-currency swaps, was $ 986 at September 30, 2024 and $ 981 at December 31, 2023 .

The following currency derivatives were outstanding at September 30, 2024 :

Notional Amount (U.S.

2 unchanged sentences

Traded Currency

Chinese renminbi, Indian rupee, Mexican peso, Thai baht, South African rand

$ 426 $ 21 $ 447 Sep-2025

dollar, Australian dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Indian rupee, Mexican peso, Norwegian krone, Swedish krona, South African rand

euro, Chinese renminbi, Indian rupee, Mexican peso, Thai baht, South African rand

$ 669 $ 33 $ 702 Dec-2025

dollar, Australian dollar, Canadian dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Indian rupee, Mexican peso, Norwegian krone, Swedish krona, South African rand

345 32 377 Sep-2027

dollar, euro, British pound

97 97 Jun-2025

77 77 Jul-2025

Brazilian real

56 6 62 Mar-2025

62 18 80 Sep-2025

South African rand

dollar, euro, Thai baht

21 21 Aug-2024

16 16 Oct-2024

Canadian dollar

1 23 24 Oct-2024

6 10 16 Nov-2024

8 3 11 Sep-2025

British pound

6 7 13 Mar-2025

10 7 17 Aug-2025

Chinese renminbi

16 unchanged sentences

Deferred Gain (Loss) in AOCI

June 30, 2024

September 30, 2024

December 31, 2023

6 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Derivatives Designated as Cash Flow Hedges

4 unchanged sentences

Other income (expense), net

( 4 ) 1 ( 4 ) 10

(Gain) or loss on cash flow hedging relationships

15 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Derivatives Not Designated as Hedging Instruments

10 unchanged sentences

These forwards will mature in September 2025.

During the third quarter of 2024, we entered into foreign currency forwards with a notional value of $ 122 that we designated as a net investment hedge of the foreign currency exposure related to a euro denominated subsidiary.

These forwards will mature in November 2025.

Commitments and Contingencies

Environmental liabilities — Accrued environmental liabilities were $ 5 and $ 6 at June 30, 2024 and December 31, 2023 .

Environmental liabilities — Accrued environmental liabilities were $ 6 at both September 30, 2024 and December 31, 2023 .

We consider the most probable method of remediation, current laws and regulations and existing technology in estimating our environmental liabilities.

14 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Balance, beginning of period

5 unchanged sentences

Currency impact

2 ( 1 ) 1 ( 2 )

Balance, end of period

6 unchanged sentences

Net interest expense for the periods presented herein is not significant.

We reported i ncome tax expense of $ 54 and $ 55 for the second quarters of 2024 and 2023 and income tax expense of $ 91 and $ 85 for the respective year-to-date periods.

Our effective tax rates were 89 % and 57 % for the six months ended June 30, 2024 and 2023 .

During the first six months of 2024, we recorded tax expense of $ 11 for valuation allowances related to foreign jurisdictions and tax expense of $ 11 due to revisions in our assertions on unremitted earnings in foreign jurisdictions.

During the second quarter of 2023, we recorded tax expense of $ 19 for income tax reserves associated with prior tax years in foreign jurisdictions.

We reported income tax expense of $ 43 and $ 33 for the third quarters of 2024 and 2023 and income tax expense of $ 134 and $ 118 for the respective year-to-date periods.

Our effective tax rates were 87 % and 58 % for the nine months ended September 30, 2024 and 2023 .

During the first nine months of 2024, we recorded tax expense of $ 11 for valuation allowances related to foreign jurisdictions and tax expense of $ 11 due to revisions in our assertions on unremitted earnings in foreign jurisdictions.

During the first nine months of 2023, we recorded tax expense of $ 19 for income tax reserves associated with prior tax years in foreign jurisdictions.

Our effective income tax rates vary from the U.S.

4 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Non-service cost components of pension and OPEB costs

1 unchanged sentence

Government assistance

Foreign exchange gain (loss)

Foreign exchange loss

( 3 ) ( 1 ) ( 7 )

1 unchanged sentence

( 1 ) ( 2 ) ( 5 ) ( 4 )

Loss on sale of property, plant and equipment

( 1 ) ( 5 ) ( 1 )

Other income (expense), net

3 unchanged sentences

Strategic transaction expenses relate primarily to costs incurred in connection with acquisition and divestiture related activities, including costs to complete the transaction and post-closing integration costs, and other strategic initiatives.

Strategic transaction expenses in the six months ended June 30, 2024 and 2023 were primarily attributable to investigating potential acquisitions and business ventures and other strategic initiatives.

Strategic transaction expenses in the nine months ended September 30, 2024 and 2023 were primarily attributable to investigating potential acquisitions and business ventures and other strategic initiatives.

Revenue from Contracts with Customers

12 unchanged sentences

We evaluate the amounts capitalized each period for recoverability and expense any amounts that are no longer expected to be recovered.

We had $ 6 and $ 5 recorded in other current assets and $ 29 and $ 34 recorded in other noncurrent assets at June 30, 2024 and December 31, 2023 .

We had $ 5 and $ 5 recorded in other current assets and $ 30 and $ 34 recorded in other noncurrent assets at September 30, 2024 and December 31, 2023 .

Certain of our customer contracts include rebate incentives.

5 unchanged sentences

Generally, our contract liabilities turn over frequently given our relatively short production cycles.

Contract liabilities were $ 39 and $ 50 at June 30, 2024 and December 31, 2023 .

Contract liabilities were $ 34 and $ 50 at September 30, 2024 and December 31, 2023 .

Contract liabilities are included in other accrued liabilities on our consolidated balance sheets.

2 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Light Vehicle

13 unchanged sentences

43 69 120 175

$ 494 $ 535 $ 1,545 $ 1,583

North America

32 unchanged sentences

Segment information —

Three Months Ended June 30,

Three Months Ended September 30,

External Sales

14 unchanged sentences

$ 2,476 $ — $ 233 $ 2,669 $ — $ 242

Six Months Ended June 30,

Nine Months Ended September 30,

Light Vehicle

10 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Segment EBITDA

12 unchanged sentences

( 1 ) ( 2 ) ( 5 ) ( 4 )

Loss on sale of property, plant and equipment

( 1 ) ( 5 ) ( 1 )

Distressed supplier costs

Loss on disposal group held for sale

( 14 ) ( 26 )

Loss on disposal group previously held for sale

( 6 ) ( 1 ) ( 5 ) 1

Earnings before interest and income taxes

3 unchanged sentences

Interest expense

40 41 118 114

Earnings before income taxes

1 unchanged sentence

Income tax expense

43 33 134 118

Equity in earnings of affiliates

2 unchanged sentences

We have a number of investments in entities that engage in the manufacture and supply of vehicular parts (primarily axles, axle housings and driveshafts).

Equity method investments at June 30, 2024 —

Equity method investments at September 30, 2024 —

Ownership Percentage

8 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements