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"f10812": {
"value": "1. Basis of Presentation \nNATURE OF OPERATIONS
\nThrough its operating subsidiaries, the Company is a leading developer, manufacturer and supplier of passive safety systems to the
\nautomotive industry with a broad range of product offerings.
\nPassive safety systems are primarily meant to improve safety for occupants in a vehicle. Passive safety systems include modules and
\ncomponents for frontal-impact airbag protection systems, side-impact airbag protection systems, seatbelts, steering wheels and inflator
\ntechnologies.
\nThe Company also develops and manufactures mobility safety solutions such as pedestrian protection, battery cut-off switches, connected
\nsafety services, and safety solutions for riders of powered two wheelers.
\nPRINCIPLES OF CONSOLIDATION
\nThe consolidated financial statements have been prepared in accordance with United States (U.S.) Generally Accepted Accounting
\nPrinciples (GAAP) and include Autoliv, Inc. and all companies over which Autoliv, Inc. directly or indirectly exercises control, which as a
\ngeneral rule means that the Company owns more than 50% of the voting rights.
\nConsolidation is also required when the Company has both the power to direct the activities of a variable interest entity (VIE) and the
\nobligation to absorb losses or the right to receive benefits from the VIE that could be significant to the VIE.
\nAll intercompany accounts and transactions within the Company have been eliminated from the consolidated financial statements.
\nInvestments in affiliated companies in which the Company exercises significant influence over the operations and financial policies, but
\ndoes not control, are reported using the equity method of accounting. Generally, the Company owns between 20-50% of such
\ninvestments.
\nSEGMENT REPORTING
\nIn accordance with ASC 280,
Segment Reporting
, the operating segments are determined based on the information provided to the Chief
\nOperating Decision Maker (CODM) on a regular basis and used for the purpose of assessing performance and allocating resources within
\nthe Company. The CEO is deemed to be the CODM of Autoliv since he is the person who makes all major decisions on how to allocate
\nthe resources and assess the performance of the Company for both strategic and operational initiatives.
\nASC 280 indicates that a component is an operating segment if it meets the following criteria:
\n\u2022
It engages in business activities from which it may earn revenues and incur expenses.
\n\u2022
Its operating results are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment
\nand assess its performance.
\n\u2022
Its discrete financial information is available.
\nThe Company as a whole has met the definition of an operating segment as it engages in business activities from which it may earn
\nrevenues and incur expenses, the consolidated operating results are regularly reviewed by the CEO/CODM to allocate resources and
\nassess performance, and discrete financial information is available. Additionally, as Autoliv supplies customers on a global basis it also
\nmanages the business on a global basis. Therefore, based on the above analysis, the Company has concluded that the Company is the
\nsingle operating and reportable segment under ASC 280,
Segment Reporting
. For more information on the Company's segment, see
\nNote 20.
\nRECLASSIFICATIONS AND ROUNDINGS
\nCertain prior-year amounts have been reclassified to conform to current year presentation.
\nCertain amounts in the consolidated financial statements and associated notes may not reconcile due to rounding. All percentages have
\nbeen calculated using unrounded amounts.
\n\n\n62
\n2. Summary of Significant Accounting Policies
\nEQUITY METHOD INVESTMENT
\nInvestments accounted for under the equity method, means that a proportional share of the equity method investment\u2019s net income
\nincreases the investment, and a proportional share of losses and payment of dividends decreases it. In the Consolidated Statements of
\nIncome, the proportional share of the net income (loss) is reported as Income from equity method investment.
\nUSE OF ESTIMATES
\nThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
\nassumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the
\nconsolidated financial statements, and the reported amounts of net sales and expenses during the reporting period. The accounting
\nestimates that require management\u2019s most significant judgments include the estimation of variable consideration for the Company's
\ncontracts with customers, valuation of stock-based compensation payments, assessment of recoverability of goodwill and intangible
\nassets, estimation of pension benefit obligations based on actuarial assumptions, estimation of accruals for warranty and recalls,
\nrestructuring charges, uncertain tax positions, valuation allowances and legal proceedings. Actual results could differ from those
\nestimates.
\nREVENUE RECOGNITION
\nIn accordance with ASC 606,
Revenue from Contracts with Customers
, revenue is measured based on consideration specified in a
\ncontract with a customer, adjusted for any variable consideration (i.e. price concessions) and estimated at contract inception. The
\nestimated amount of variable consideration that will be received by the Company is based on historical experience and trends,
\nmanagement\u00b4s understanding of the status of negotiations with customers and anticipated future pricing strategies. The Company
\nrecognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer.
\nIn addition, from time to time, the Company may make payments to or receive additional consideration from customers in connection with
\nongoing and future business. These payments to or cash receipts from customers are generally recognized to revenue at the time of the
\ncommitment unless the payments to customers can be clearly linked to the future business. If the payments to customers are capitalized,
\nthe amounts are amortized to revenue as the related goods are transferred.
\nTaxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and
\ncollected by the Company from a customer, are excluded from revenue.
\nShipping and handling costs associated with outbound freight before control of a product has transferred to a customer are accounted for
\nas a fulfillment cost and are included in cost of sales.
\nNature of goods and services
\nThe Company generates revenue from the sale of parts, which includes airbag and seatbelt products and components, to original
\nequipment manufacturers (\u201cOEMs\u201d).
\nThe Company accounts for individual products separately if they are distinct (i.e., if a product is separately identifiable from other items
\nand if a customer can benefit from it on its own or with other resources that are readily available to the customer). The consideration for
\neach of the products, including any price concessions, is based on their stand-alone selling prices. The stand-alone selling prices are
\ndetermined based on the cost-plus margin approach.
\nThe Company recognizes revenue for parts primarily at a point in time. For parts with revenue recognized at a point in time, the Company
\nrecognizes revenue upon shipment to the customers and transfer of title and risk of loss under standard commercial terms (typically FOB
\nshipping point).
\nThere are certain contracts where the criteria to recognize revenue over time have been met (e.g., there is no alternative use to the
\nCompany and the Company has an enforceable right to payment). In such cases, at period end, the Company recognizes revenue and
\na related asset and associated cost of goods sold and reduction in inventory. However, the financial impact of these contracts is immaterial
\nconsidering the very short production cycles and limited inventory days on hand. The contract balances with customers, included in other
\ncurrent assets, amounted to $20 million as of December 31, 2022 and 2021.
\nThe amount of revenue recognized is based on the purchase order price and adjusted for variable consideration (i.e. price concessions).
\nCustomers typically pay for the parts based on customary business practices.
\nGOVERNMENT ASSISTANCE
\nThe Company\u2019s operations are impacted by various government incentives, grants, programs, rebates, and other arrangements.
\nGovernment assistance received is recorded in our consolidated financial statements in accordance with their purpose, either as a
\nreduction of expense or an offset to the related capital asset. The benefit is recorded when all performance obligations attached to the
\nassistance have been met or are expected to be met and there is reasonable assurance of their receipt. Government assistance received
\nby the Company is immaterial in all periods presented since the adoption of ASU 2021-10.
63
\nRESEARCH, DEVELOPMENT AND ENGINEERING, NET (R,D&E)
\nResearch and development and most engineering expenses are expensed as incurred. These expenses are reported net of expense
\nreimbursements from contracts to perform engineering design and product development fulfillment activities related to the production of
\nparts. For the years 2022, 2021 and 2020 total reimbursements from customers were $204 million, $205 million and $181 million,
\nrespectively.
\nCertain engineering expenses related to long-term supply arrangements are capitalized when defined criteria, such as the existence of a
\ncontractual guarantee for reimbursement, are met. The aggregate amount of such assets is not significant in any period presented.
\nTooling is generally agreed upon as a separate contract or a separate component of an engineering contract, as a pre-production project.
\nCapitalization of tooling costs is made only when the specific criteria for capitalization of customer funded tooling is met or the criteria for
\ncapitalization as Property, Plant & Equipment (P,P&E) for tools owned by the Company are fulfilled. Depreciation on the Company\u2019s own
\ntooling is recognized in the Consolidated Statements of Income as Cost of sales.
\nSTOCK-BASED COMPENSATION
\nThe compensation costs for all of the Company\u2019s stock-based compensation awards are determined based on the fair value method as
\ndefined in ASC 718,
Compensation - Stock Compensation
. The Company records the compensation expense for awards under the Stock
\nIncentive Plan, including Restricted Stock Units (RSUs), Performance Shares (PSUs) and stock options (SOs), over the respective vesting
\nperiod. For further details, see Note 16.
\nINCOME TAXES
\nCurrent tax liabilities and assets are recognized for the estimated taxes payable or refundable on the tax returns for the current year. In
\ncertain circumstances, payments or refunds may extend beyond twelve months, in such cases amounts would be classified as non-
\ncurrent taxes payable or receivable. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to
\ntemporary differences and carryforwards that result from events that have been recognized in either the financial statements or the tax
\nreturns, but not both. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws.
\nDeferred tax assets are reduced by the amount of any tax benefits that are not expected to be realized. A valuation allowance is
\nrecognized if, based on the weight of all available evidence, it is more likely than not that some portion, or all, of the deferred tax asset
\nwill not be realized. Evaluation of the realizability of deferred tax assets is subject to significant judgment requiring careful consideration
\nof all facts and circumstances. The Company classifies deferred tax assets and liabilities as non-current in the Consolidated Balance
\nSheet. Tax assets and liabilities are not offset unless attributable to the same tax jurisdiction and netting is possible according to law and,
\nas it relates to payables and receivables, expected to take place in the same period.
\nTax benefits associated with tax positions taken in the Company\u2019s income tax returns are initially recognized when it is more likely than
\nnot that those tax positions will be sustained upon examination by the relevant taxing authorities. The Company\u2019s evaluation of its tax
\nbenefits is based on the probability of the tax position being upheld if challenged by the taxing authorities (including through negotiation,
\nappeals, settlement and litigation). Whenever a tax position does not meet the initial recognition criteria, the tax benefit is subsequently
\nrecognized if there is a substantive change in the facts and circumstances that cause a change in judgment concerning the sustainability
\nof the tax position upon examination by the relevant taxing authorities. In cases where tax benefits meet the initial recognition criterion,
\nthe Company continues, in subsequent periods, to assess its ability to sustain those positions. A previously recognized tax benefit is
\nderecognized when it is no longer more likely than not that the tax position would be sustained upon examination. Liabilities for
\nunrecognized tax benefits are classified as non-current unless the payment of the liability is expected to be made within the next 12
\nmonths.
64
\nEARNINGS PER SHARE
\nThe Company calculates basic earnings per share (EPS) by dividing net income attributable to controlling interest by the weighted-
\naverage number of shares of common stock outstanding for the period (net of treasury shares). The Company\u2019s unvested RSUs and
\nPSUs, of which some include the right to receive non-forfeitable dividend equivalents, are considered participating securities. The diluted
\nEPS reflects the potential dilution that could occur if common stock was issued for awards under the Stock Incentive Plan and is calculated
\nusing the more dilutive method of either the two-class method or the treasury stock method. The treasury stock method assumes that the
\nCompany uses the proceeds from the exercise of stock option awards to repurchase ordinary shares at the average market price during
\nthe period.
For unvested restricted stock, assumed proceeds under the treasury stock method will include unamortized compensation
\ncost and windfall tax benefits or shortfalls. Post spin-off assumed proceeds under the treasury stock method related to RSUs will only
\ninclude unamortized compensation cost related to Autoliv employees holding Autoliv RSUs. Calculations of EPS under the two-class
\nmethod exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to
\nbe attributable to participating securities. The related participating securities are similarly excluded from the denominator. For further
\ndetails, see Notes 16 and 21.
\nCASH EQUIVALENTS
\nThe Company considers all highly liquid investment instruments purchased with a maturity of three months or less to be cash equivalents.
\nRECEIVABLES AND ALLOWANCE FOR EXPECTED CREDIT LOSSES
\nIn addition to individually assess overdue customer balances for expected credit losses, the Company also calculates an allowance that
\nreflects the expected credit losses on receivables considering both historical experience as well as forward looking assumptions. The
\nmethod calculates the expected credit loss for a group of customers by using the customer groups\u2019 average short-term default rates
\nbased on officially published credit ratings and the Company\u2019s historical experience. These default rates are considered the Company\u2019s
\nbest estimate of the customer\u2019s ability to pay. The Company regularly reassess the customer groups and the applied customer group\u2019s
\ndefault rates by using its best judgement when considering changes in customer\u2019s credit ratings, customer\u2019s historical payments and loss
\nexperience, current market and economic conditions and the Company\u2019s expectations of future market and economic conditions.
\nThere can be no assurance that the amount ultimately realized for receivables will not be materially different than that assumed in the
\ncalculation of the allowance for expected credit losses.
\nDERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
\nAll derivatives are recognized at fair value.
\nHedge accounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does
\nnot meet the hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that
\noccurs from changes in interest and foreign exchange rates.
\nFor further details on the Company\u2019s financial instruments, see Note 4.
\nINVENTORIES
\nThe cost of inventories is computed according to the first-in first-out method (FIFO). Cost includes the cost of materials, direct labor and
\nthe applicable share of manufacturing overhead. Inventories are evaluated based on individual or, in some cases, groups of inventory
\nitems. Reserves are established to reduce the value of inventories to the lower of cost or net realizable value. Net realizable value is the
\nestimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
\nExcess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company calculates
\nprovisions for excess inventories based on the number of months of inventories on hand compared to anticipated sales or usage.
\nManagement uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. There can be no
\nassurance that the amount ultimately realized for inventories will not be materially different than that assumed in the calculation of the
\nreserves.
\nPROPERTY, PLANT AND EQUIPMENT
\nProperty, Plant and Equipment is recorded at historical cost. Construction in progress generally involves short-term projects for which
\ncapitalized interest is not significant. The Company provides for depreciation of property, plant and equipment computed under the
\nstraight-line method over the assets\u2019 estimated useful lives, or in the case of leasehold improvements over the shorter of the useful life
\nor the lease term. Amortization on finance leases is recognized with depreciation expense in the Consolidated Statements of Income over
\nthe shorter of the assets\u2019 expected life or the lease contract term. Repairs and maintenance are expensed as incurred.
65
\nLEASES
\nIn accordance with ASC 842,
Leases
, the Company recognizes contracts that is, or contains, a lease when the contract conveys the right
\nto control the use of a physically identified asset for a period of time in exchange for consideration in the balance sheet as a right-of-use
\nasset and lease liability. The Company recognizes a right-of-use asset and a lease liability at lease commencement. The lease liability
\nfor both finance and operating leases is measured at the present value of the remaining lease payments, discounted at the Company's
\nincremental borrowing rate (if the implicit interest rate in the lease contract is not readily determinable). The right-of-use asset (ROU) for
\nfinance and operating leases is initially measured at the sum of the initial lease liability plus initial direct costs plus prepaid lease payments
\nminus lease incentives received. Lease payments include undiscounted fixed payments plus optional payments that are reasonably
\ncertain to be owed. Lease payments do not include variable lease payments other than those that depend on an index or rate. Variable
\nlease payments that depend on an index or a rate are included in the calculation of lease payments and in the measurement of the lease
\nliability.
\nIf the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate as the discount rate. The
\nCompany uses its best judgement when determining the incremental borrowing rate, which is the rate of interest that the Company would
\nhave to pay to borrow on a collateralized basis over a similar term to the lease payments in a similar currency.
\nThe Company has elected the practical expedient of not separating lease components from non-lease components for all its classes of
\nunderlying assets. The Company has also elected to recognize the lease payments for short-term leases in its consolidated statement of
\nincome on a straight-line basis over the lease term and recognize the variable lease payments in the period in which the obligation for
\nthose payments is incurred.
\nFinance lease right-of-use assets are presented together with other property, plant and equipment assets and finance lease liabilities are
\npresented together with other current and non-current liabilities in the Consolidated Balance Sheets. Finance leases were not material
\nas of December 31, 2022.
\nFor further details on the Company\u2019s leases, see Note 3.
\nLONG-LIVED ASSET IMPAIRMENT
\nThe Company evaluates the carrying value and useful lives of long-lived assets, other than goodwill and intangible assets, when
\nindications of impairment are evident or it is likely that the useful lives have decreased, in which case the Company depreciates the assets
\nover the remaining useful lives. Impairment testing is primarily done by using the cash flow method based on undiscounted future cash
\nflows. Estimated undiscounted cash flows for a long-lived asset being evaluated for recoverability are compared with the respective
\ncarrying amount of that asset. If the estimated undiscounted cash flows exceed the carrying amount of the assets, the carrying amounts
\nof the long-lived asset are considered recoverable and an impairment cannot be recorded. However, if the carrying amount of a group of
\nassets exceeds the undiscounted cash flows, an entity must then measure the long-lived assets\u2019 fair value to determine whether an
\nimpairment loss should be recognized, generally using a discounted cash flow model.
Generally, the lowest level of cash flows for
\nimpairment assessment is customer platform level.
\nGOODWILL AND INTANGIBLE ASSETS
\nGoodwill represents the excess of the fair value of consideration transferred over the fair value of net assets of businesses acquired.
\nGoodwill is not amortized but subject to at least an annual review for impairment. Other intangible assets, principally related to acquired
\ntechnology, are amortized over their useful lives which range from 3 to 25 years.
\nThe Company performs its annual impairment testing in the fourth quarter of each year. Impairment testing is required more often than
\nannually if an event or circumstance indicates that an impairment, or decline in value, may have occurred. The Company uses either a
\nqualitative assessment or a quantitative calculation for its impairment testing. The qualitative assessment permits the Company to assess
\nwhether it is more than likely than not (i.e. a likelihood of greater than 50%) that goodwill or an indefinite-lived intangible asset is impaired.
\nIf the Company concludes based on the qualitative assessment that it is not more likely than not that the fair value of goodwill or an
\nindefinite-lived intangible asset is less than its carrying amount, it would not have to quantitatively determine the asset\u2019s fair value.
The
\nCompany also consider external factors that could affect the significant inputs used to determine fair value.
\nIn 2022, the Company performed a quantitative impairment test by calculating the fair value of its goodwill. The estimated fair market
\nvalue of goodwill is determined by the discounted cash flow method. The Company discounts projected operating cash flows using its
\nweighted average cost of capital. Estimating the fair value requires the Company to make judgments about appropriate discount rates,
\ngrowth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. If the estimated
\nfair value of a reporting unit exceeds its carrying value, goodwill is considered not to be impaired. If the carrying value of a reporting unit
\nexceeds its estimated fair value, an impairment loss is recognized for the excess of carrying amount over the fair value of the respective
\nreporting unit. To supplement this analysis, the Company compares the market value of its equity, calculated by reference to the quoted
\nmarket prices of its shares, with the book value of its equity.
\nThere were no impairments of goodwill from 2020 through 2022.
66
\nWARRANTIES AND RECALLS
\nThe Company records liabilities for product recalls when probable claims are identified and when it is possible to reasonably estimate
\ncosts. Recall costs are costs incurred when the customer decides to formally recall a product due to a known or suspected safety concern.
\nProduct recall costs are estimated based on the expected cost of replacing the product and the customer\u00b4s cost of carrying out the recall,
\nwhich is affected by the number of vehicles subject to recall and the cost of labor and materials to remove and replace the defective
\nproduct. Insurance receivables, related to recall issues covered by the insurance, are included within other current and non-current assets
\nin the Consolidated Balance Sheets. Provisions for warranty claims are estimated based on prior experience, likely changes in
\nperformance of newer products and the mix and volume of products sold. The provisions are recorded on an accrual basis.
\nRESTRUCTURING PROVISIONS
\nThe Company defines restructuring expense to include costs directly associated with rightsizing, exit or disposal activities. Estimates of
\nrestructuring charges are based on information available at the time such charges are recorded. In general, management anticipates that
\nrestructuring activities will be completed within a timeframe such that significant changes to the exit plan are not likely. Due to inherent
\nuncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially
\nestimated.
\nPENSION OBLIGATIONS
\nThe Company provides for both defined contribution plans and defined benefit plans. A defined contribution plan generally specifies the
\nperiodic amount that the employer must contribute to the plan and how that amount will be allocated to the eligible employees who perform
\nservices during the same period. A defined benefit pension plan is one that contains pension benefit formulas, which generally determine
\nthe amount of pension benefits that each employee will receive for services performed during a specified period of employment.
\nThe amount recognized as a defined benefit liability is the net total of projected benefit obligation (PBO) minus the fair value of plan
\nassets (if any) (see Note 18).
\nCONTINGENT LIABILITIES
\nVarious claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters
\nthat arise in the ordinary course of its business activities with respect to commercial, product liability or other matters (see Note 12). The
\nCompany diligently defends itself in such matters and, in addition, carries insurance coverage to the extent reasonably available against
\ninsurable risks. The Company records liabilities for claims, lawsuits and proceedings when they are probable and it is possible to
\nreasonably estimate the cost of such liabilities. Legal costs expected to be incurred in connection with a loss contingency are expensed
\nas such costs are incurred.
\nThe Company believes, based on currently available information, that the resolution of outstanding matters, other than any antitrust
\nrelated matters described in Note 17 after taking into account recorded liabilities and available insurance coverage, should not have a
\nmaterial effect on the Company\u2019s financial position or results of operations. However, due to the inherent uncertainty associated with such
\nmatters, there can be no assurance that the final outcomes of these matters will not be materially different than currently estimated.
\nTRANSLATION OF NON-U.S. SUBSIDIARIES
\nThe balance sheets of subsidiaries with functional currency other than U.S. dollars are translated into U.S. dollars using year-end
\nexchange rates. The Statements of Income of these subsidiaries is translated into U.S. dollars using monthly average exchange rates.
\nTranslation differences are reflected in equity as a component of OCI.
\nRECEIVABLES AND LIABILITIES IN NON-FUNCTIONAL CURRENCIES
\nReceivables and liabilities not denominated in functional currencies are converted at year-end exchange rates. Net transaction losses,
\nreflected in the Consolidated Statements of Income, amounted to $(25) million in 2022, $(29) million in 2021 and $(24) million in 2020,
\nand are recorded in operating income if they relate to operational receivables and liabilities or are recorded in other non-operating items,
\nnet if they relate to financial receivables and liabilities.
67
\nNEW ACCOUNTING STANDARDS
\nChanges to U.S. GAAP are established by the Financial Accounting Standards Board (\u201cFASB\u201d) in the form of accounting standards
\nupdates (\u201cASUs\u201d) to the FASB\u2019s Accounting Standards Codification (ASC). The Company considers the applicability and impact of all
\nASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on
\nthe Company\u2019s consolidated financial statements.
\nAdoption of New Accounting Standards
\nIn November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about
\nGovernment Assistance, which increases the transparency of government assistance, including the disclosure of (1) the types of
\nassistance, (2) an entity\u2019s accounting for the assistance, and (3) the effect of the assistance on an entity\u2019s financial statements. ASU
\n2021-10 is effective for business entities for annual periods beginning after December 15, 2021, and early adoption is permitted. The
\namendments in this update should be applied either (1) prospectively to all transactions within the scope of the amendments that are
\nreflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial
\napplication or (2) retrospectively to those transactions. The Company adopted this standard prospectively on January 1, 2022, and the
\nadoption of this standard did not have a material impact on our Consolidated Financial Statements or related disclosures. For further
\ninformation, see this Note 2 above.
\nAccounting Standards Issued But Not Yet Adopted
\nIn September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50), Disclosure of Supplier
\nFinance Program Obligations, which requires that a buyer in a supplier finance program disclose sufficient information about the program
\nto allow a user of financial statements to understand the program\u2019s nature, activity during the period, changes from period to period, and
\npotential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance
\nprograms. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of obligations
\ncovered by supplier finance programs. The amendments in this update are effective for fiscal years beginning after December 15, 2022,
\nincluding interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years
\nbeginning after December 15, 2023, with early adoption permitted. During the fiscal year of adoption, the information on the key terms of
\nthe programs and the balance sheet presentation of the program obligations, which are annual disclosure requirements, should be
\ndisclosed in each interim period. The amendments in this update should be applied retrospectively to each period in which a balance
\nsheet is presented, except for the amendment on rollforward information, which should be applied prospectively. The Company is currently
\nassessing the impact that ASU 2022-04 will have on its consolidated financial statements and will adopt the amendments in this update
\nupon the effective dates.
68
\n3. Leases
\nThe Company has operating leases for offices, manufacturing and research buildings, machinery, cars, data processing and other
\nequipment. The Company\u2019s leases have remaining lease terms of 1-45 years, some of which include options to extend the leases for up
\nto 25 years, and some of which include options to terminate the leases within one year.
\nAs of December 31, 2022, the Company has no additional material operating leases that have not yet commenced.
\nThe following tables provide information about the Company\u2019s operating leases. The Company has not identified any material finance
\nleases as of December 31, 2022; therefore, the finance lease cost components have not been disclosed in the tables below.
\nLease cost
\n(Dollars in millions)
\nYear ended December 31
\n2022
2021
\nOperating lease cost
$
50
$
44
\nShort-term lease cost
9
10
\nVariable lease cost
4
4
\nSublease income
(1
)
(2
)
\nTotal lease cost
$
62
$
57
\nOther information
\n(Dollars in millions)
Year ended or as of
\nDecember 31,
\n2022
2021
\nCash paid for amounts included in the measurement
\nof operating lease liabilities
$
42
$
46
\nRight-of-use assets obtained in exchange for new
\noperating lease liabilities
74
41
\nWeighted-average remaining lease term - operating
\nleases
9.7 years
6.7 years
\nWeighted-average discount rate - operating leases
2.8
%
2.1
%
\nMaturities of operating lease liabilities (undiscounted cash
\nflows) are as follows:
\n(Dollars in millions)
\nMaturities
\n2023
$
41
\n2024
27
\n2025
22
\n2026
16
\n2027
13
\nThereafter
67
\nTotal operating lease payments
186
\nLess imputed interest
(27
)
\nTotal operating lease liabilities
$
159
69
\n4. Fair Value Measurements
\nASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
\nThe carrying value of cash and cash equivalents, accounts receivable, accounts payable, other current liabilities and short-term debt
\napproximate their fair value because of the short-term maturity of these instruments.
\nThe Company uses derivative financial instruments, \u201cderivatives\u201d, as part of its debt management to mitigate the market risk that occurs
\nfrom its exposure to changes in interest and foreign exchange rates. The Company does not enter into derivatives for trading or other
\nspeculative purposes. The Company\u2019s use of derivatives is in accordance with the strategies contained in the Company\u2019s overall financial
\npolicy. All derivatives are recognized in the consolidated financial statements at fair value. Certain derivatives are from time to time
\ndesignated either as fair value hedges or cash flow hedges in line with the hedge accounting criteria. For certain other derivatives hedge
\naccounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does not meet
\nthe hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that occurs from
\nchanges in interest and foreign exchange rates.
\nThe degree of judgment utilized in measuring the fair value of the instruments generally correlates to the level of pricing observability.
\nPricing observability is impacted by several factors, including the type of asset or liability, whether the asset or liability has an established
\nmarket and the characteristics specific to the transaction. Instruments with readily active quoted prices or for which fair value can be
\nmeasured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized
\nin measuring fair value. Conversely, assets rarely traded or not quoted will generally have less, or no, pricing observability and a higher
\ndegree of judgment utilized in measuring fair value.
\nUnder U.S. GAAP, there is a disclosure framework hierarchy associated with the level of pricing observability utilized in measuring assets
\nand liabilities at fair value. The three broad levels defined by the hierarchy are as follows:
\nLevel 1
- Quoted prices are available in active markets for identical assets or liabilities as of the reported date.
\nLevel 2
- Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported
\ndate. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items
\nthat are fair valued using other financial instruments, the parameters of which can be directly observed.
\nLevel 3
- Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets
\nand are measured using management\u2019s best estimate of fair value, where the inputs into the determination of fair value require significant
\nmanagement judgment or estimation.
\nThe Company\u2019s derivatives are all classified as Level 2 of the fair value hierarchy.
\nThe tables below present information about the Company\u2019s financial assets and liabilities measured at fair value on a recurring basis for
\nthe continuing operations as of December 31, 2022 and December 31, 2021. The carrying value is the same as the fair value as these
\ninstruments are recognized in the consolidated financial statements at fair value. Although the Company is party to close-out netting
\nagreements (ISDA agreements) with all derivative counterparties, the fair values in the tables below and in the Consolidated Balance
\nSheets at December 31, 2022 and December 31, 2021 have been presented on a gross basis. According to the close-out netting
\nagreements, transaction amounts payable to a counterparty on the same date and in the same currency can be netted. The amounts
\nsubject to netting agreements that the Company choose not to offset are presented below.
\nDERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS
\nThere were no derivatives designated as hedging instruments as of December 31, 2022 and December 31, 2021 related to the continuing
\noperations.
70
\nDERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
\nDerivatives not designated as hedging instruments, relate to economic hedges and are marked to market with all amounts recognized in
\nthe Consolidated Statements of Income. The derivatives not designated as hedging instruments outstanding at December 31, 2022 and
\nDecember 31, 2021 were foreign exchange swaps.
\nFor 2022, the Company recognized a gain of $2 million in other non-operating items, net for derivative instruments not designated as
\nhedging instruments. For 2021, the Company recognized a loss of $33 million. For 2020, the Company recognized a gain of $19 million.
\nThe realized part of the losses referred to above are reported under financing activities in the statement of cash flows
.
For 2022, 2021
\nand 2020, the gains and losses recognized as interest expense were immaterial.
\nDECEMBER 31, 2022
DECEMBER 31, 2021
\nFair Value Measurements
Fair Value Measurements
\nDerivative asset
Derivative liability
Derivative asset
Derivative liability
\nNominal
(Other current
(Other current
Nominal
(Other current
(Other current
\n(Dollars in millions)
volume
assets)
liabilities)
volume
assets)
liabilities)
\nDERIVATIVES NOT DESIGNATED
\nAS HEDGING INSTRUMENTS
\nForeign exchange swaps, less
\nthan 6 months
$
2,616
\n1)
\n$
22
\n2)
\n$
15
\n3)
\n$
1,348
\n4)
\n$
5
\n5)
\n$
16
\n6)
\nTOTAL DERIVATIVES NOT
\nDESIGNATED AS HEDGING
\nINSTRUMENTS
$
2,616
$
22
$
15
$
1,348
$
5
$
16
\n1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,616 million.
\n2) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million.
\n3) Net amount after deducting for offsetting swaps under ISDA agreements is $15 million.
\n4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,326 million.
\n5) Net amount after deducting for offsetting swaps under ISDA agreements is $5 million.
\n6) Net amount after deducting for offsetting swaps under ISDA agreements is $16 million.
\nFAIR VALUE OF DEBT
\nThe fair value of long-term debt is determined either from quoted market prices as provided by participants in the secondary market or
\nfor long-term debt without quoted market prices, estimated using a discounted cash flow method based on the Company\u2019s current
\nborrowing rates for similar types of financing. The fair value and carrying value of debt is summarized in the table below. The Company
\nhas determined that each of these fair value measurements of debt reside within Level 2 of the fair value hierarchy.
\nThe fair value and carrying value of debt for the continuing operations are summarized in the table below (dollars in millions).
\nDECEMBER 31, 2022
DECEMBER 31, 2021
\nCARRYING
\nVALUE
\n1)
\nFAIR
\nVALUE
\nCARRYING
\nVALUE
\n1)
\nFAIR
\nVALUE
\nLONG-TERM DEBT
\nBonds
$
767
$
735
$
1,330
$
1,400
\nLoans
287
292
332
347
\nTOTAL
$
1,054
$
1,027
$
1,662
$
1,747
\nSHORT-TERM DEBT
\nShort-term portion of long-term debt
$
533
$
527
$
332
$
333
\nOverdrafts and other short-term debt
178
178
14
14
\nTOTAL
$
711
$
705
$
346
$
348
\n1) Debt as reported in balance sheet.
\nASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A NON-RECURRING BASIS
\nIn addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also has assets and liabilities in its
\nbalance sheet that are measured at fair value on a nonrecurring basis including certain long-lived assets, including equity method
\ninvestments, goodwill and other intangible assets, typically as it relates to impairment.
\nThe Company has determined that the fair value measurements included in each of these assets and liabilities rely primarily on Company-
\nspecific inputs and the Company\u2019s assumptions about the use of the assets and settlements of liabilities, as observable inputs are not
\navailable. The Company has determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy. To
\ndetermine the fair value of long-lived assets as of the reporting date, the Company utilizes the projected cash flows expected to be
\ngenerated by the long-lived assets, then discounts the future cash flows over the expected life of the long-lived assets.
\nFor the period 2020-2022, the Company did not record any material impairment charges on its long-lived assets for its continuing
\noperations.
71
\n5. Income Taxes
\nINCOME BEFORE INCOME TAXES
(Dollars in millions)
2022
2021
2020
\nU.S.
$
(3
)
$
(38
)
$
(102
)
\nNon-U.S.
606
652
393
\nTotal
$
603
$
614
$
291
\nPROVISION FOR INCOME TAXES (Dollars in millions)
2022
2021
2020
\nCurrent
\nU.S. federal
$
32
$
8
$
(41
)
\nNon-U.S.
181
191
169
\nU.S. state and local
5
(2
)
(2
)
\nDeferred
\nU.S. federal
(20
)
(8
)
(6
)
\nNon-U.S.
(17
)
(10
)
(17
)
\nU.S. state and local
(3
)
(2
)
(2
)
\nTotal income tax expense
$
178
$
177
$
103
\nEFFECTIVE INCOME TAX RATE (%)
2022
2021
2020
\nU.S. federal income tax rate
21.0
%
21.0
%
21.0
%
\nNon-Deductible Expenses
0.5
(0.1
)
3.0
\nForeign tax rate variances
3.6
3.1
8.4
\nTax credits
(3.5
)
(2.2
)
(3.2
)
\nChange in Valuation Allowances
(1.7
)
(0.1
)
7.1
\nChanges in tax reserves
(0.2
)
0.6
1.7
\nProvision to Return
0.6
(0.2
)
(8.8
)
\nEarnings of equity investments
(0.1
)
(0.1
)
(0.2
)
\nWithholding taxes
4.0
4.5
8.5
\nState taxes, net of federal benefit
0.4
(0.5
)
(0.7
)
\nTax Audits
1.0
0.6
0.0
\nU.S. GILTI Tax
3.4
1.1
\u2014
\nImpact of Translation Rates
0.2
\u2014
\u2014
\nOther, net
0.3
1.2
(1.5
)
\nEffective income tax rate
29.5
%
28.9
%
35.3
%
72
\nDeferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for
\nfinancial reporting purposes and the amounts used for income tax purposes. On December 31, 2022, the Company had net operating
\nloss carryforwards (NOL\u2019s) of approximately $453 million, of which approximately $373 million have no expiration date. The remaining
\nlosses expire on various dates through 2037. The Company also has $25 million of U.S. Foreign Tax Credit carry forwards, which begin
\nto expire in 2026.
\nValuation allowances have been established which partially offset the related deferred assets. Such allowances are primarily provided
\nagainst NOL\u2019s of companies that have perennially incurred losses, as well as the NOL\u2019s of companies that are start-up operations and
\nhave not established a pattern of profitability. The Company assesses all available evidence, both positive and negative, to determine
\nthe amount of any required valuation allowance. During 2022, the Company recognized a tax benefit of $24 million due to the reversal of
\nvaluation allowances related to deferred tax assets for loss carryforwards and other deferred balances in Brazil, on the basis of
\nmanagement\u2019s reassessment of the amount of its deferred tax assets that are more likely than not to be realized.
\nOn August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (\u201cIRA\u201d) into law. The IRA contains a number of revisions
\nto the Internal Revenue Code, including a 15% corporate alternative minimum income tax and a 1% excise tax on corporate stock
\nrepurchases in tax years beginning after December 31, 2022. While these tax law changes have no immediate effect and are not expected
\nto have a material adverse effect on our results of operations going forward, we will continue to evaluate its impact as further information
\nbecomes available.
\nThe foreign tax rate variance reflects the fact that approximately two-thirds of the Company\u2019s non-U.S. pre-tax income is generated by
\nbusiness operations located in tax jurisdictions where the tax rate is between 20-30%. The tax rate from quarter to quarter and from year
\nto year is also impacted by the mix of earnings and tax rates in various jurisdictions compared to the same periods or prior years.
\nThe Company has reserves for income taxes that may become payable in future periods as a result of tax audits. These reserves
\nrepresent the Company\u2019s best estimate of the potential liability for tax exposures. Inherent uncertainties exist in estimates of tax exposures
\ndue to changes in tax law, both legislated and concluded through the various jurisdictions\u2019 court systems. The Company files income tax
\nreturns in the United States federal jurisdiction, and various states and non-U.S. jurisdictions.
\nAt any given time, the Company is undergoing tax audits in several tax jurisdictions, covering multiple years. The Company is no longer
\nsubject to income tax examination by the U.S. Federal tax authorities for years prior to 2015. With few exceptions, the Company is no
\nlonger subject to income tax examination by U.S. state or local tax authorities or by non-U.S. tax authorities for years before 2011. The
\nCompany is undergoing tax audits in several non-U.S. jurisdictions and several U.S. state jurisdictions, covering multiple years. As of
\nDecember 31, 2022, as a result of those tax examinations, the Company is not aware of any proposed income tax adjustments that would
\nhave a material impact on the Company\u2019s financial statements, however, other audits could result in additional increases or decreases to
\nthe unrecognized tax benefits in some future period or periods.
\nThe Company recognizes interest and potential penalties accrued related to unrecognized tax benefits in tax expense. As of December
\n31, 2021, the Company had recorded $49 million for unrecognized tax benefits related to prior years, including $11 million of accrued
\ninterest and penalties. During 2022, the Company recorded a net decrease of $4 million to income tax reserves for unrecognized tax
\nbenefits related to tax positions taken in prior years. Also during 2022, the Company recorded a net increase of $7 million to income tax
\nreserves for unrecognized tax benefits based on tax positions taken in the current year.
\nThe Company had $11 million accrued for the payment of interest and penalties as of December 31, 2022. Of the total unrecognized tax
\nbenefits of $46 million recorded at December 31, 2022, $5 million is classified as current income tax payable, and $41 million is classified
\nas non-current tax payable included in Other Non-Current Liabilities on the Consolidated Balance Sheets. Substantially all of these
\nreserves would impact the effective tax rate if released into income. The following table summarizes the activity related to the Company\u2019s
\nunrecognized tax benefits (dollars in millions):
73
\nUNRECOGNIZED TAX BENEFITS
2022
2021
2020
\nUnrecognized tax benefits at beginning of year
$
65
$
63
$
59
\nIncreases as a result of tax positions taken during a prior
\nperiod
0
3
1
\nIncreases as a result of tax positions taken during the current
\nperiod
7
5
4
\nDecreases as a result of tax positions taken during a prior period
0
0
0
\nDecreases relating to settlements with taxing authorities
(4
)
(4
)
0
\nDecreases resulting from the lapse of the applicable statute
\nof limitations
0
(1
)
(1
)
\nTranslation Difference
(1
)
(1
)
(0
)
\nTotal unrecognized tax benefits at end of year
$
67
$
65
$
63
\nThe tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities were as
\nfollows (dollars in millions).
\nDEFERRED TAXES
December 31,
\n2022
2021
2020
\nAssets
\nProvisions
$
99
$
136
$
141
\nCosts capitalized for tax
43
29
21
\nProperty, plant and equipment
12
0
5
\nRetirement Plans
42
46
59
\nTax receivables, principally NOL\u2019s
123
109
110
\nDeferred tax assets before allowances
319
320
336
\nValuation allowances
(46
)
(59
)
(68
)
\nTotal
273
261
268
\nLiabilities
\nAcquired intangibles
0
0
(2
)
\nStatutory tax allowances
0
(6
)
(0
)
\nDistribution taxes
(3
)
(6
)
(15
)
\nOther
(2
)
(3
)
(4
)
\nTotal
(5
)
(15
)
(21
)
\nNet deferred tax asset
$
268
$
246
$
247
\nThe following table summarizes the activity related to the Company\u2019s valuation allowances (dollars in millions):
\nVALUATION ALLOWANCES AGAINST DEFERRED TAX ASSETS
December 31,
\n2022
2021
2020
\nAllowances at beginning of year
$
59
$
68
$
61
\nBenefits reserved current year
14
5
14
\nBenefits recognized current year
(27
)
(9
)
(1
)
\nTranslation difference
0
(5
)
(6
)
\nAllowances at end of year
$
46
$
59
$
68
74
\n6. Receivables
\n(Dollars in millions)
December 31,
\n2022
2021
2020
\nReceivables
$
1,916
$
1,707
$
1,831
\nAllowance for credit loss at beginning of year
(8
)
(12
)
(9
)
\nReversal of (addition to) allowance
(4
)
(0
)
(4
)
\nWrite-off against allowance
2
4
1
\nTranslation difference
1
1
(1
)
\nAllowance for credit loss at end of year
(9
)
(8
)
(12
)
\nTotal receivables, net of allowance
$
1,907
$
1,699
$
1,820
\n7. Inventories
\n(Dollars in millions)
December 31,
\n2022
2021
2020
\nRaw material
$
445
$
395
$
379
\nWork in progress
350
283
292
\nFinished products
265
190
220
\nInventories
1,060
868
891
\nInventory reserve at beginning of year
(91
)
(93
)
(83
)
\nReversal of (addition to) reserve
(5
)
(3
)
(3
)
\nTranslation difference
4
5
(6
)
\nInventory reserve at end of year
(91
)
(91
)
(93
)
\nTotal inventories, net of reserve
$
969
$
777
$
798
\n8. Other Non-Current Assets
\n(Dollars in millions)
December 31,
\n2022
2021
\nEquity method investments
$
12
$
11
\nDeferred tax assets
289
271
\nIncome tax receivables
22
20
\nInsurance receivables
124
127
\nOther non-current assets
56
51
\nTotal other non-current assets
$
502
$
481
\nAs of December 31, 2022 and 2021, the Company had one equity method investment. The Company owns 49% of Autoliv-Hirotako
\nSafety Sdn, Bhd (parent and subsidiaries) in Malaysia which it currently does not control, but in which it exercises significant influence
\nover operations and financial position.
75
\n9. Property, Plant and Equipment
\n(Dollars in millions)
December 31,
\n2022
2021
Estimated life
\nLand and land improvements
$
125
$
147
n/a to 15
\nBuildings
957
957
20-40
\nMachinery and equipment
4,155
4,193
3-12
\nConstruction in progress
523
354
n/a
\nProperty, plant and equipment
5,760
5,651
\nLess accumulated depreciation
(3,800
)
(3,796
)
\nNet of depreciation
$
1,960
$
1,855
\nDEPRECIATION INCLUDED IN
2022
2021
2020
\nCost of sales
$
329
$
348
$
327
\nSelling, general and administrative expenses
11
13
13
\nResearch, development and engineering expenses, net
20
23
21
\nTotal
$
360
$
384
$
361
\nNo significant fixed asset impairments related to the Company\u2019s operations were recognized during 2022, 2021 or 2020.
\nThe net book value of machinery and equipment and buildings and land under finance lease contracts recorded at December 31, 2022
\nand December 31, 2021 were immaterial. The amortization expense related to finance leases is included with depreciation expenses
\ndisclosed in the table above.
\n10. Goodwill and Intangible Assets
\nGOODWILL
(Dollars in millions)
2022
2021
\nCarrying amount at beginning of year
\n$
1,387
$
1,398
\nTranslation differences
\n(11
)
(11
)
\nCarrying amount at end of year
\n$
1,375
$
1,387
\nApproximately $1.2 billion of the Company\u2019s goodwill is associated with the 1997 merger of Autoliv AB and the Automotive Safety Products
\nDivision of Morton International, Inc. No goodwill impairment charges were recognized during 2022, 2021 or 2020.
\nAMORTIZABLE INTANGIBLES
(Dollars in millions)
2022
2021
\nGross carrying amount
$
387
$
398
\nAccumulated amortization
(380
)
(390
)
\nCarrying value
$
7
$
8
\nAt December 31, 2022, intangible assets subject to amortization mainly relate to acquired technology. No significant impairments of
\nintangible assets were recognized during 2022, 2021 or 2020.
\nAmortization expense related to intangible assets was $3 million, $10 million and $10 million in 2022, 2021 and 2020, respectively.
\nEstimated future amortization expense is: 2023: $2 million; 2024: $2 million; 2025: $2 million; 2026: $\u2014 million and 2027: $\u2014 million.
76
\n11. Restructuring
\nRestructuring provisions are made on a case-by-case basis and primarily include severance costs incurred in connection with headcount
\nreductions and plant consolidations. Restructuring costs other than employee related costs are immaterial for all periods presented and
\nare included in the table below. The Company expects to finance restructuring programs over the next several years through cash
\ngenerated from its ongoing operations or through cash available under its existing credit facilities. The Company does not expect that the
\nexecution of these programs will have an adverse impact on its liquidity position. The changes in the employee-related reserves have
\nbeen charged against Other income (expense), net in the Consolidated Statements of Income. The restructuring reserve balance is
\nincluded within Accrued expenses in the Consolidated Balance Sheet.
\n(Dollars in millions)
2022
2021
2020
\nReserve at beginning of the period
$
88
$
126
$
56
\nProvision - charge
17
39
109
\nProvision - reversal
(4
)
(31
)
(10
)
\nCash payments
(64
)
(37
)
(38
)
\nTranslation difference
(5
)
(8
)
9
\nReserve at end of the period
$
31
$
88
$
126
\nAs of December 31, 2022, approximately $10 million out of the $31 million in total reserve balance can be attributed to footprint
\noptimization activities in Europe, initiated in the third quarter of 2020 and expected to be concluded in 2023. The restructuring charges in
\n2022 of $17 million, mainly related to footprint optimization activities in Asia and Europe. Cash payments of $64 million in 2022 are mainly
\nrelated to the structural efficiency program initiated in 2020, footprint optimization activities in Europe initiated in 2020 and in Asia initiated
\nin 2022.
\nThe restructuring charges in 2021 of $39 million, mainly related to footprint optimization activities primarily in Asia. Reversals mainly
\nrelated to the structural efficiency program initiated in the second quarter of 2020. Cash payments in 2021 related to the structural
\nefficiency program initiated in the second quarter of 2020 and other footprint activities.
\nThe restructuring charges in 2020 of $109 million, mainly related to the structural efficiency program initiated in the second quarter of
\n2020 in the Americas and Europe, and footprint optimization activities in Europe initiated in the third quarter of 2020. Cash payments in
\n2020 mainly related to the structural efficiency program initiated in 2019.
\n12. Product Related Liabilities
\nAutoliv is exposed to product liability and warranty claims in the event that the Company\u2019s products fail to perform as represented and
\nsuch failure results, or is alleged to result, in bodily injury, and/or property damage or other loss. The Company has reserves for product
\nrisks. Such reserves are related to product performance issues including recall, product liability and warranty issues. For further
\ninformation, see Note 17.
\nThe Company records liabilities for product related risks when probable claims are identified and when it is possible to reasonably estimate
\ncosts. Changes in reserve for warranty claims are estimated based on prior experience, likely changes in performance of newer products,
\nand the mix and volume of the products sold. The changes in reserve are recorded on an accrual basis.
\nPursuant to the Spin-off Agreements, Autoliv is also required to indemnify Veoneer, Inc. (which was acquired by SSW Partners on April
\n1, 2022) for recalls related to certain qualified Electronics products. At December 31, 2022, the reserves for indemnification liabilities were
\napproximately $4 million and were included within accrued expenses on the Consolidated Balance Sheet.
\nIn 2022, the change in the reserve for product related liabilities mainly related to warranty related issues. Of the cash payments in 2022
\nthe main part was also related to warranty related issues. In 2021, the cash payments mainly related to recall related issues, whereof the
\nmain part was related to the \u201cToyota Recall\u201d recall issue. In 2020, the change in reserve mainly related to recall related issues, whereof
\nthe \"Toyota Recall\" represented the major recall issue. The reserve for product related liabilities is included in accrued expenses on the
\nConsolidated Balance Sheet.
\nA majority of the Company\u2019s recall related issues as of December 31, 2022 are covered by insurance. Insurance receivables are included
\nwithin other current and non-current assets on the Consolidated Balance Sheet. As of December 31, 2022, the Company had total
\ninsurance receivables related to recall issues of $124 million ($138 million as of December 31, 2021).
\nThe table below summarizes the change in the balance sheet position of the product related liabilities (dollars in millions).
\n(Dollars in millions)
2022
2021
2020
\nReserve at beginning of the year
$
144
$
341
$
72
\nChange in reserve
20
49
304
\nCash payments
(17
)
(245
)
(36
)
\nTranslation difference
(2
)
(1
)
1
\nReserve at end of the year
$
145
$
144
$
341
77
\n13. Debt and Credit Agreements
\nSHORT-TERM DEBT
\nAs of December 31, 2022 and 2021, total short-term debt was $711 million and $346 million, respectively. As of December 31, 2022,
\nshort-term debt consisted mainly of a \u20ac500 million ($533 million) 5-year notes in the Eurobond market issued in June 2018. The notes
\ncarry a coupon of 0.75% and are due June 2023.
\nThe Company\u2019s subsidiaries have credit agreements, principally in the form of overdraft facilities with several local banks. Total available
\nshort-term facilities as of December 31, 2022, excluding commercial paper facilities as described below, amounted to $349 million, of
\nwhich approximately $27 million was utilized. The weighted average interest rate on total short-term debt outstanding at December 31,
\n2022 and 2021, excluding the short-term portion of long-term debt, was 5% and 2%, respectively.
\nLONG-TERM DEBT
\nAs of December 31, 2022 and 2021, total long-term debt was $1,054 million and $1,662 million, respectively.
\nIn June 2020, the Company utilized its SEK 3,000 million facility with Swedish Export Credit Corporation which was signed in May 2020.
\nThe SEK 3,000 million ($287 million) loan matures in 2025 and carries a floating interest rate of 3M STIBOR +1.85%.
\nIn 2014, the Company issued
long-term debt securities in a U.S. Private Placement. As of December 31, 2022 the total long-term debt
\noutstanding from the 2014 issuance of $767 million consist of: $297 million aggregate principal amount of 10-year senior notes with an
\ninterest rate of 4.09%; $285 million aggregate principal amount of 12-year senior notes with an interest rate of 4.24%; and $185 million
\naggregate principal amount of 15-year senior notes with an interest rate of 4.44%.
\nCREDIT FACILITIES
\nIn May 2022, the Company refinanced its existing revolving credit facility (RCF) of $1,100 million. The facility, syndicated among 11
\nbanks, matures in May 2027 and has two extension options, each for an additional year. The Company pays a commitment fee on the
\nundrawn amount of 0.15%, representing 35% of the applicable margin, which is 0.425% (given the Company\u2019s rating of \u201cBBB\u201d from S&P
\nGlobal Ratings). Borrowings under the facility are unsecured. As of December 31, 2022, the facility was not utilized.
\nThe Company has a \u20ac3,000 million ($3,199 million) Euro Medium Term Note Program in place for being able to issue notes to be traded
\non the Global Exchange Market of Euronext Dublin. At December 31, 2022, there were no notes outstanding that had been issued under
\nthis program.
\nThe Company has two commercial paper programs: one SEK 7 billion ($671 million) Swedish program and a $1 billion U.S. program. At
\nDecember 31, 2022 the total amount outstanding was SEK 100 million ($10 million) and $142 million under these two programs.
\nThe Company is not subject to any financial covenants, i.e., performance related restrictions, in any of its significant long-term borrowings
\nor commitments.
\nCREDIT RISK
\nIn the Company\u2019s financial operations, credit risk arises in connection with cash deposits with banks and when entering into forward
\nexchange agreements, swap contracts or other financial instruments. In order to reduce this risk, deposits and financial instruments are
\nonly entered with a limited number of banks up to a calculated risk amount of $200 million per bank for banks rated A- or above and up
\nto $50 million for banks rated BBB+. The policy of the Company is to work with banks that have a strong credit rating and that participate
\nin the Company\u2019s financing. In addition to this, deposits of up to an aggregate amount of $2 billion can be placed in U.S. and Swedish
\ngovernment paper and in certain AAA rated money market funds. As of December 31, 2022, the Company had placed $237 million in
\nmoney market funds compared to $579 million as of December 31, 2021.
\nThe table below shows debt maturity as cash flow. For a description of hedging instruments used as part of debt management, see the
\nFinancial Instruments section of Note 2 and Note 4.
\nDEBT PROFILE
\nTotal
\nPRINCIPAL AMOUNT BY EXPECTED MATURITY
\n(dollars in millions)
2023
2024
2025
2026
2027
Thereafter
\nlong-
\nterm
Total
\nBonds
$
533
$
297
$
\u2014
$
285
$
\u2014
$
\u2014
$
185
$
767
$
1,300
\nLoans
\u2014
\u2014
287
\u2014
\u2014
287
287
\nCommercial papers
152
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
152
\nOther short-term debt
27
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
27
\nTotal principal amount
$
711
$
297
$
287
$
285
$
\u2014
$
185
$
1,054
$
1,765
78
\n14. Shareholders\u2019 Equity
\nThe number of shares outstanding as of December 31, 2022 was 86,187,746.
\nDIVIDENDS
2022
2021
2020
\nCash dividend paid per share
$
2.58
$
1.88
$
0.62
\nCash dividend declared per share
$
2.58
$
1.88
$
\u2014
\nOTHER COMPREHENSIVE LOSS / ENDING BALANCE
\n1)
\n(Dollars in millions)
2022
2021
2020
\nCumulative translation adjustments
$
(492
)
$
(355
)
$
(269
)
\nNet pension liability
(30
)
(52
)
(78
)
\nTotal (ending balance)
$
(522
)
$
(408
)
$
(347
)
\nDeferred taxes on the pension liability
$
9
$
15
$
23
\n1) The components of Other Comprehensive Loss are net of any related income tax effects.
\nSHARE REPURCHASE PROGRAM
\nOn December 31, 2021, the stock repurchase program authorized by the Board of Directors in 2014 expired with approximately 3 million
\nshares remaining. In November 2021, the Board of Directors approved a new stock repurchase program that authorizes the Company to
\nrepurchase up to $1.5 billion or up to 17 million shares (whichever comes first) between January 2022 and the end of 2024.
\nDuring 2022, the Company repurchased and immediately retired 1,440,572 shares for approximately $115 million.
\n15. Supplemental Cash Flow Information
\nPayments for interest and income taxes were as follows:
\n(Dollars in millions)
2022
2021
2020
\nInterest
$
64
$
60
$
73
\nIncome taxes
215
207
104
79
\n16. Stock Incentive Plan
\nThe Company maintains the Autoliv, Inc. 1997 Stock Incentive Plan, as amended (the \u201cStock Incentive Plan\u201d), pursuant to which it has
\ngranted to eligible employees and non-employee directors stock options (SOs), restricted stock units (RSUs) and performance shares
\n(PSUs).
\nThe fair value of the RSUs and PSUs is calculated as the grant date fair value of the shares expected to be issued. The RSUs and PSUs
\ngranted in 2022, 2021 and 2020 entitle the grantee to receive dividend equivalents in the form of additional RSUs and PSUs subject to
\nthe same vesting conditions as the underlying RSUs and PSUs. For the grants made during 2022, 2021 and 2020, the fair value of a
\nRSU and a PSU was calculated by using the closing stock price on the grant date and, with respect to a PSU, assumed target
\nperformance. The grant date fair value for the RSUs and PSUs granted during 2022 was approximately $5 million and approximately $8
\nmillion, respectively.
\nPursuant to the Company\u2019s non-employee director compensation policy effective May 1, 2022, the Company\u2019s non-employee directors
\nreceive an annual RSU grant having a grant date value equal to $147,500 and the Chairman of the Board of Directors also receives an
\nadditional annual RSU grant having a grant date value equal to $85,000. All RSUs granted to non-employee directors vest in one
\ninstallment on the earlier of the next AGM or the first anniversary of the grant date, in each case subject to the grantee\u2019s continued service
\nas a non-employee director on the vesting date with limited exceptions. The RSUs granted to the Company\u2019s non-employee directors
\nentitle the grantee to receive dividend equivalents in the form of additional RSUs subject to the same vesting conditions as the underlying
\nRSUs. The grant date fair value for the RSUs granted in 2022 to the Company\u2019s non-employee directors was approximately $2 million.
\nThe source of the shares issued upon vesting of awards is generally from treasury shares. The Stock Incentive Plan provides for the
\nissuance of up to 9,585,055 common shares for awards. At December 31, 2022, 6,926,837 of these shares have been issued for awards
\nand 2,658,218 shares remain available for future grants.
\nIn 2015 and earlier, stock awards were granted in the form of SOs and RSUs. All SOs were granted for 10-year terms, had an exercise
\nprice equal to the fair market value per share of common stock at the date of grant, and became exercisable after one year of continued
\nemployment following the grant date. The average grant date fair values of SOs were calculated using the Black-Scholes valuation model.
\nThe Company used historical exercise data for determining the expected life assumption. Expected volatility was based on historical and
\nimplied volatility.
\nThe Company recorded approximately $4 million, $10 million and $12 million stock-based compensation expense related to RSUs and
\nPSUs for 2022, 2021 and 2020, respectively. The total compensation cost related to non-vested awards not yet recognized is $13 million
\nfor RSUs and PSs and the weighted average period over which this cost is expected to be recognized is approximately 1.7 years. There
\nare no remaining unrecognized compensation costs associated with SOs.
\nInformation on the number of RSUs, PSUs and SOs related to the Stock Incentive Plan during the period of 2020 to 2022 is as follows.
\nRSUs
2022
2021
2020
\nWeighted average fair value at grant date
$
87.56
$
94.01
$
69.58
\nOutstanding at beginning of year
218,268
244,901
255,195
\nGranted
85,985
81,866
115,500
\nShares issued
(84,848
)
(99,399
)
(105,750
)
\nCancelled/Forfeited/Expired
(18,641
)
(9,100
)
(20,044
)
\nOutstanding at end of year
200,764
218,268
244,901
\nThe aggregate intrinsic value for RSUs outstanding at December 31, 2022 was approximately $15 million.
\nPSUs
2022
2021
2020
\nWeighted average fair value at grant date
$
88.05
$
93.90
$
69.86
\nOutstanding at beginning of year
179,311
158,128
76,321
\nChange in performance conditions
(69,924
)
(44,385
)
23,998
\nGranted
82,914
74,427
75,940
\nShares issued
(64,397
)
\u2014
\u2014
\nCancelled/Forfeited/Expired
(26,076
)
(8,859
)
(18,131
)
\nOutstanding at end of year
101,828
179,311
158,128
\nThe PSUs granted include assumptions regarding the ultimate number of shares that will be issued based on the probability of
\nachievement of the performance conditions. Changes in those assumptions result in changes in the estimated shares to be issued which
\nis reflected in the \u201cChange in performance conditions\u201d line above.
80
\nSOs
\nNumber
\nof options
\nWeighted
\naverage
\nexercise
\nprice
\nOutstanding at December 31, 2019
115,875
$
66.70
\nExercised
(14,238
)
55.55
\nSpin conversion
\n1)
\n(11,462
)
69.25
\nOutstanding at December 31, 2020
90,175
68.13
\nExercised
(40,112
)
67.49
\nCancelled/Forfeited/Expired
(188
)
51.74
\nOutstanding at December 31, 2021
49,875
68.71
\nExercised
(8,614
)
59.28
\nCancelled/Forfeited/Expired
(10,150
)
70.40
\nOutstanding at December 31, 2022
31,111
70.77
\nOPTIONS EXERCISABLE
\nAt December 31, 2020
90,175
$
68.13
\nAt December 31, 2021
49,875
68.71
\nAt December 31, 2022
31,111
70.77
\n1)
\nReflects the cancellation of SOs outstanding as of the effective date of the Veoneer spin-off, and the conversion to new awards in accordance with the
\nconversion factor (1.41). The weighted average exercise price reflects the exercise price of the shares cancelled due to the Veoneer spin-off.
\nThe following summarizes information about SOs outstanding and exercisable at December 31, 2022:
\nEXERCISE PRICE
\nNumber
\noutstanding &
\nexercisable
\nRemaining
\ncontract life
\n(in years)
\nWeighted
\naverage
\nexercise
\nprice
\n$49.07
5,203
0.14
$
49.07
\n$67.29
10,424
1.14
67.29
\n$80.40
15,484
2.13
80.40
\n31,111
1.46
70.77
\nThe total aggregate intrinsic value, which is the difference between the exercise price and $76.58 (closing price per share at December
\n31, 2022), for all \u201cin the money\u201d SOs, both outstanding and exercisable as of December 31, 2022, was immaterial.
81
\n17. Contingent Liabilities
\nLEGAL PROCEEDINGS
\nVarious claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters
\nthat arise in the ordinary course of its business activities with respect to commercial, product liability and other matters. Litigation is subject
\nto many uncertainties, and the outcome of any litigation cannot be assured. After discussions with counsel, and with the exception of
\nlosses resulting from the antitrust proceedings described below, it is the opinion of management that the various legal proceedings and
\ninvestigations to which the Company currently is a party will not have a material adverse impact on the consolidated financial position of
\nAutoliv, but the Company cannot provide assurance that Autoliv will not experience material litigation, product liability or other losses in
\nthe future.
\nANTITRUST MATTERS
\nAuthorities in several jurisdictions have conducted broad, and in some cases, long-running investigations of suspected anti-competitive
\nbehavior among parts suppliers in the global automotive vehicle industry. These investigations included, but are not limited to, the products
\nthat the Company sells. In addition to concluded matters, authorities of other countries with significant light vehicle manufacturing or sales
\nmay initiate similar investigations.
\nPRODUCT WARRANTY, RECALLS AND INTELLECTUAL PROPERTY
\nAutoliv is exposed to various claims for damages and compensation if its products fail to perform as expected. Such claims can be made,
\nand result in costs and other losses to the Company, even where the product is eventually found to have functioned properly. Where a
\nproduct (actually or allegedly) fails to perform as expected or is defective, the Company may face warranty and recall claims. Where such
\n(actual or alleged) failure or defect results, or is alleged to result, in bodily injury and/or property damage, the Company may also face
\nproduct liability and other claims. There can be no assurance that the Company will not experience material warranty, recall or product
\n(or other) liability claims or losses in the future, or that the Company will not incur significant costs to defend against such claims. The
\nCompany may be required to participate in a recall involving its products. Each vehicle manufacturer has its own practices regarding
\nproduct recalls and other product liability actions relating to its suppliers. As suppliers become more integrally involved in the vehicle
\ndesign process and assume more of the vehicle assembly functions, vehicle manufacturers are increasingly looking to their suppliers for
\ncontribution when faced with recalls and product liability claims. Government safety regulators may also play a role in warranty and recall
\npractices. Recall decisions regarding the Company\u2019s products may require a significant amount of judgment by us, our customers and
\nsafety regulators and are influenced by a variety of factors. Once a recall has been made, the cost of a recall is also subject to a significant
\namount of judgment and discussions between the Company and its customers. A warranty, recall or product-liability claim brought against
\nthe Company in excess of its insurance may have a material adverse effect on the Company\u2019s business. Vehicle manufacturers are also
\nincreasingly requiring their outside suppliers to guarantee or warrant their products and bear the costs of repair and replacement of such
\nproducts under new vehicle warranties. A vehicle manufacturer may attempt to hold the Company responsible for some, or all, of the
\nrepair or replacement costs of products when the product supplied did not perform as represented by us or expected by the customer in
\neither a warranty or a recall situation. Accordingly, the future costs of warranty or recall claims by the customers may be material. However,
\nthe Company believes its established reserves are adequate. Autoliv\u2019s warranty reserves are based upon the Company\u2019s best estimates
\nof amounts necessary to settle future and existing claims. The Company regularly evaluates the adequacy of these reserves, and adjusts
\nthem when appropriate. However, the final amounts actually due related to these matters could differ materially from the Company\u2019s
\nrecorded estimates.
\nIn addition, as vehicle manufacturers increasingly use global platforms and procedures, quality performance evaluations are also
\nconducted on a global basis. Any one or more quality, warranty or other recall issue(s) (including those affecting few units and/or having
\na small financial impact) may cause a vehicle manufacturer to implement measures such as a temporary or prolonged suspension of new
\norders, which may have a material impact on the Company\u2019s results of operations.
\nThe Company maintains a program of insurance, which may include commercial insurance, self-insurance, or a combination of both
\napproaches, for potential recall and product liability claims in amounts and on terms that it believes are reasonable and prudent based
\non our prior claims experience. The Company\u2019s insurance policies generally include coverage of the costs of a recall, although costs
\nrelated to replacement parts are generally not covered. In addition, a number of the agreements entered into by the Company, including
\nthe Spin-off Agreements, require Autoliv to indemnify the other parties for certain claims. Autoliv cannot assure that the level of coverage
\nwill be sufficient to cover every possible claim that can arise in our businesses or with respect to other obligations, now or in the future,
\nor that such coverage always will be available should we, now or in the future, wish to extend, increase or otherwise adjust our insurance.
\nAs noted in Note 12 above, as of December 31, 2022, the Company has accrued $145 million for total product related liabilities. The
\nmajority of the total product liability accrual as of December 31, 2022, relates to recalls, which are generally covered by insurance.
\nInsurance receivables for such recall related liabilities total $124 million as of December 31, 2022.
82
\nProduct Liability:
\nOn September 18, 2014, Jamie Andrews filed a wrongful death products liability suit against several Autoliv entities stemming from a fatal
\ncar accident in 2013 where the plaintiff\u2019s husband was fatally injured. The lawsuit alleges that Autoliv should be liable for a defectively-
\ndesigned driver seatbelt. The case was removed to the United States District Court for the Northern District of Georgia. The suit originally
\nincluded Bosch and Mazda entities as well, but these entities were dismissed pursuant to confidential settlement agreements with the
\nplaintiff, and all of the Autoliv entities except Autoliv Japan Ltd. were also dismissed. On January 10, 2017, the District Court entered an
\norder granting summary judgment in favor of Autoliv, concluding that Autoliv was not actively involved in the design of Mr. Andrews\u2019s
\nseatbelt and, therefore, should not be liable for plaintiff\u2019s claims as a matter of law. However, on appeal, the Eleventh Circuit Court of
\nAppeals reversed the decision, holding that, under Georgia\u2019s products liability statute, Autoliv could be liable for a design defect associated
\nwith the seatbelt, regardless of its level of involvement in the seatbelt\u2019s ultimate design, because Autoliv manufactured it. On October 4,
\n2021, the case proceeded to a bench trial before the United States District Court for the Northern District of Georgia. On December 31,
\n2021, the District Court entered a Final Order and Judgment concluding that Mr. Andrews\u2019s seatbelt was defectively designed and Autoliv
\nwas strictly liable for the design. In doing so, the District Court concluded that Mr. Andrews had incurred $27,019,343 in compensatory
\ndamages, but only ordered Autoliv to pay 50 percent of that amount, $13,509,671 after finding that 50 percent of the fault for Mr. Andrews\u2019s
\ndamages should be apportioned to Mazda. The Court declined to apportion any fault for Mr. Andrews\u2019s damages to Mr. Andrews or
\nBosch. The District Court also entered an award of punitive damages against Autoliv in the amount of $100,000,000. Subsequently, on
\nSeptember 30, 2022, the District Court awarded pre-judgement interest on the compensatory damages award of approximately
\n$4,734,350.
\nThe Company believes the District Court\u2019s verdict was in error, including the grossly high punitive damages award, and appealed the
\nverdict.
\nThe Company has determined that a loss with respect to this litigation is probable and has in the fourth quarter of 2021 accrued $14
\nmillion pursuant to ASC 450. The Company accrued an additional $5 million for the pre-judgement interest in the third quarter of 2022.
\nThe accrual is reflected in the total product liability accrual. This amount reflects the low end of the range of a probable loss of $18 million
\nto $118 million. The accrual reflects the Company\u2019s best estimate of the probable loss based on currently available information and does
\nnot include any amount for the punitive damages. It is reasonably possible that the Company may have to pay the entire damages
\nawarded by the District Court. The Company believes that its insurance should cover all of the types of damages awarded by the District
\nCourt, and has therefore recognized a receivable, included within Other non-current assets on the Consolidated Balance Sheet at
\nDecember 31, 2021, for the expected insurance proceeds. However, the extent of the Company's insurance coverage for punitive
\ndamages in this matter is uncertain and may be less than all of such punitive damages ultimately awarded. In the event all or a portion of
\nthe punitive damages award survives the Company's appeal, the Company will continue to engage with our insurance carriers and
\naggressively pursue all potential recoveries. The ultimate loss to the Company of the litigation matter could be materially different from
\nthe amount the Company has accrued. The Company cannot predict or estimate the duration or ultimate outcome of this matter.
83
\nSpecific Recalls:
\nIn the fourth quarter of 2020, the Company was made aware of a potential recall by one of its customers (the \u201cUnannounced Recall\u201d).
\nThe Company continues to evaluate this matter with its customer. The Company determined pursuant to ASC 450 that a loss with respect
\nto the Unannounced Recall is probable and accrued an amount that is reflected in the total product liability accrual in the fourth quarter
\nof 2020 and increased the accrual in the fourth quarter of 2021. The amount by which the product liability accrual exceeds the product
\nliability insurance receivable with respect to the Unannounced Recall is $27 million and includes self-insurance retention costs and
\ndeductibles. The ultimate loss to the Company of the Unannounced Recall could be materially different from the amount the Company
\nhas accrued.
\nVolvo Car USA, LLC (together with its affiliates, \u201cVolvo\u201d) has recalled approximately 762,000 vehicles relating to the malfunction of
\ninflators produced by ZF (the \u201cZF Inflator Recall\u201d). The recalled ZF inflators were included in airbag modules supplied by the Company
\nonly to Volvo. The recall commenced in November 2020 and later expanded in September 2021. Because the Company\u2019s airbags were
\ninvolved with the ZF Inflator Recall, the Company has determined pursuant to ASC 450 that a loss is reasonably possible with respect to
\nthe ZF Inflator Recall. The Company continues to evaluate this matter with Volvo and ZF and no accrual has been made. Although the
\nCompany currently estimates a range of $0 to $43 million with respect to this potential loss, the Company anticipates that any losses net
\nof insurance claims and claims against ZF will be immaterial.
\nIntellectual property:
\nIn its products, the Company utilizes technologies which may be subject to intellectual property rights of third parties. While the Company
\ndoes seek to procure the necessary rights to utilize intellectual property rights associated with its products, it may fail to do so. Where the
\nCompany so fails, the Company may be exposed to material claims from the owners of such rights. Where the Company has sold products
\nwhich infringe upon such rights, its customers may be entitled to be indemnified by the Company for the claims they suffer as a result
\nthereof. Such claims could be material.
\nThe table in Note 12 above summarizes the change in the balance sheet position of the product related liabilities for the fiscal year ended
\nDecember 31, 2022.
84
\n18. Retirement Plans
\nDEFINED CONTRIBUTION PLANS
\nMany of the Company\u2019s employees are covered by government sponsored pension and welfare programs. Under the terms of these
\nprograms, the Company makes periodic payments to various government agencies. In addition, in some countries the Company sponsors
\nor participates in certain non-governmental defined contribution plans. Contributions to defined contribution plans for the years ended
\nDecember 31, 2022, 2021 and 2020 were $29 million, $18 million and $15 million, respectively.
\nMULTIEMPLOYER PLANS
\nThe Company participates in a multiemployer plan in Sweden. This ITP-2 plan is funded through Alecta and covers employees born
\nbefore 1979, for whom it provides a final pay pension benefit based on all service with participating employers. The Company must pay
\nfor wage increases in excess of inflation on service earned with previous employers. The plan also provides disability and family benefits
\nand is more than 100% funded. The Company\u00b4s contributions to this multiemployer plan for the years ended December 31, 2022, 2021
\nand 2020 were $6 million, $5 million and $4 million, respectively.
\nDEFINED BENEFIT PLANS
\nThe Company has a number of defined benefit pension plans, both contributory and non-contributory, in the U.S., France, Germany,
\nIndia, Japan, Mexico, Philippines, Poland, Sweden, South Korea, Thailand, Turkey and the United Kingdom. There are funded as well as
\nunfunded plan arrangements which provide retirement benefits to both U.S. and non-U.S. participants.
\nThe main plan is the U.S. plan for which the benefits are based on an average of the employee\u2019s earnings in the years preceding
\nretirement and on credited service. In a prior year, the Company closed participation in the Autoliv ASP, Inc. Pension Plan to exclude
\nthose employees hired after December 31, 2003. Within the U.S. there is also a non-qualified restoration plan that provides benefits to
\nemployees whose benefits in the primary U.S. plan are restricted by limitations on the compensation that can be considered in calculating
\ntheir benefits. During December 2017 the Company amended the U.S. defined benefit pension plan, communicating a benefits freeze
\nthat will begin on December 31, 2021. Settlement accounting has been recognized each quarter in 2022 for the U.S. plans because the
\nlump-sum payments made to plan participants during 2022 exceeded the sum of service cost and interest cost.
\nFor the Company\u2019s non-U.S. defined benefit plans the most significant individual plan is in the U.K. The Company has closed participation
\nin the U.K. defined benefit plan to exclude all employees hired after April 30, 2003 with few members currently accruing benefits.
\nCHANGES IN BENEFIT OBLIGATIONS AND PLAN ASSETS FOR THE YEARS ENDED DECEMBER 31
\nU.S.
Non-U.S.
\n(Dollars in millions)
2022
2021
2022
2021
\nBenefit obligation at beginning of year
$
381
$
426
$
260
$
279
\nService cost
\u2014
8
9
12
\nInterest cost
12
10
6
5
\nActuarial (gain) loss due to:
\nChange in discount rate
(111
)
(17
)
(65
)
(22
)
\nExperience
15
3
4
9
\nOther assumption changes
\u2014
3
18
4
\nBenefits paid
(4
)
(4
)
(20
)
(8
)
\nPlan settlements/curtailments
(66
)
(48
)
(3
)
(2
)
\nPlan amendments
\u2014
\u2014
2
\u2014
\nOther
\u2014
\u2014
\u2014
(0
)
\nTranslation difference
\u2014
\u2014
(19
)
(16
)
\nBenefit obligation at end of year
$
227
$
381
$
192
$
260
\nFair value of plan assets at beginning of year
$
343
$
355
$
101
$
103
\nActual return on plan assets
(75
)
25
(27
)
1
\nCompany contributions
3
15
19
11
\nBenefits paid
(4
)
(4
)
(20
)
(8
)
\nPlan settlements
(66
)
(48
)
\u2014
(2
)
\nTranslation difference
\u2014
\u2014
(10
)
(2
)
\nFair value of plan assets at end of year
$
201
$
343
$
63
$
101
\nPension liability recognized in the balance sheet
$
26
$
38
$
128
$
159
\nThe U.S. plan provides that benefits may be paid in the form of a lump sum if so elected by the participant. In order to more accurately
\nreflect a market-derived pension obligation, Autoliv adjusts the assumed lump sum interest rate to reflect market conditions as of each
\nDecember 31. This methodology is consistent with the approach required under the Pension Protection Act of 2006, which provides the
\nrules for determining minimum funding requirements in the U.S.
85
\nCOMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE DEFINED BENEFIT RETIREMENT PLANS FOR THE
\nYEARS ENDED DECEMBER 31
\nU.S.
\n(Dollars in millions)
2022
2021
2020
\nService cost
$
\u2014
$
8
$
8
\nInterest cost
12
10
12
\nExpected return on plan assets
(14
)
(18
)
(16
)
\nAmortization of actuarial loss
0
2
3
\nSettlement loss
6
5
7
\nNet periodic benefit cost
$
4
$
7
$
13
\nNon-U.S.
\n(Dollars in millions)
2022
2021
2020
\nService cost
$
9
$
12
$
12
\nInterest cost
6
5
6
\nExpected return on plan assets
(2
)
(2
)
(2
)
\nAmortization of prior service costs
1
0
0
\nAmortization of actuarial loss
1
1
2
\nSettlement/curtailment (gain) loss
(8
)
0
0
\nNet periodic benefit cost
$
7
$
17
$
19
\nThe service cost and amortization of prior service cost components are reported among other employee compensation costs in the
\nConsolidated Statements of Income. The remaining components, interest cost, expected returns on plan assets and amortization of
\nactuarial loss, are reported as Other non-operating items, net in the Consolidated Statements of Income.
\nAmortization of the net actuarial loss from accumulated other comprehensive income is made over the estimated average remaining
\nlifetime of the plan participants (28 to 32 years) for the U.S. plans, and the estimated average remaining service lives or lifetimes of the
\nplan participants for the non-U.S. plans, the periods varying over a wide range between the different countries depending on the age of
\nthe population concerned.
\nCOMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS BEFORE TAX AS OF DECEMBER 31
\nU.S.
Non-U.S.
\n(Dollars in millions)
2022
2021
2022
2021
\nNet actuarial loss
$
22
$
35
$
18
$
30
\nPrior service cost
\u2014
\u2014
4
3
\nTotal accumulated other comprehensive loss
\nrecognized in the balance sheet
$
22
$
35
$
22
$
33
\nCHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BEFORE TAX FOR THE YEARS ENDED DECEMBER 31
\nU.S.
Non-U.S.
\n(Dollars in millions)
2022
2021
2022
2021
\nTotal retirement benefit recognized in accumulated
\nother comprehensive loss at beginning of year
$
35
$
62
$
33
$
45
\nNet actuarial loss (gain)
(7
)
(19
)
(15
)
(8
)
\nAmortization or curtailment recognition of prior service credit
\n(cost)
\u2014
\u2014
1
(0
)
\nAmortization or settlement recognition of net gain (loss)
(6
)
(7
)
5
(2
)
\nTranslation difference
\u2014
\u2014
(2
)
(2
)
\nTotal retirement benefit recognized in accumulated
\nother comprehensive loss at end of year
$
22
$
35
$
22
$
33
\nThe accumulated benefit obligation for the U.S. non-contributory defined benefit pension plans was $227 million and $381 million at
\nDecember 31, 2022 and 2021, respectively. The accumulated benefit obligation for the non-U.S. defined benefit pension plans was $154
\nmillion and $223 million at December 31, 2022 and 2021, respectively.
\nPension plans for which the accumulated benefit obligation (ABO) is notably in excess of the plan assets reside in the following countries:
\nU.S., Mexico, France, Germany, Japan, South Korea, Sweden, Thailand and Turkey.
86
\nPENSION PLANS FOR WHICH ABO EXCEEDS THE FAIR VALUE OF PLAN ASSETS AS OF DECEMBER 31
\nU.S.
Non-U.S.
\n(Dollars in millions)
2022
2021
2022
2021
\nProjected Benefit Obligation (PBO)
$
227
$
381
$
134
$
164
\nAccumulated Benefit Obligation (ABO)
227
381
102
132
\nFair value of plan assets
201
343
2
4
\nThe Company, in consultation with its actuarial advisors, determines certain key assumptions to be used in calculating the projected
\nbenefit obligation and annual net periodic benefit cost.
\nASSUMPTIONS USED TO DETERMINE THE BENEFIT OBLIGATIONS AS OF DECEMBER 31
\nU.S.
Non-U.S.
\n1)
\n(% Weighted average / % Range)
2022
2021
2022
2021
\nDiscount rate
5.41
2.77
0.75-5.40
0.25-3.20
\nRate of increases in compensation level
n/a
n/a
2.00-5.00
1.80-4.00
\nASSUMPTIONS USED TO DETERMINE THE NET PERIODIC BENEFIT COST FOR THE YEARS ENDED DECEMBER 31
\nU.S.
\n(% Weighted average)
2022
2021
2020
\nDiscount rate
2.77
2.37
3.25
\nRate of increases in compensation level
n/a
2.65
2.65
\nExpected long-term rate of return on assets
5.05
5.05
5.05
\nNon-U.S.
\n1)
\n(% Range)
2022
2021
2020
\nDiscount rate
0.25-3.20
0.25-2.70
0.25-2.70
\nRate of increases in compensation level
1.80-4.00
1.80-4.00
2.00-5.00
\nExpected long-term rate of return on assets
1.70-2.20
1.40-2.25
1.50-2.25
\n1) The Non-U.S. weighted average plan ranges in the tables above represent significant plans only.
\nThe discount rate for the U.S. plans has been set based on the rates of return on high-quality fixed-income investments currently available
\nat the measurement date and expected to be available during the period the benefits will be paid. The expected timing of cash flows from
\nthe plan has also been considered in selecting the discount rate. In particular, the yields on bonds rated AA or better on the measurement
\ndate have been used to set the discount rate. The discount rate for the U.K. plan has been set based on the weighted average yields on
\nlong-term high-grade corporate bonds and is determined by reference to financial markets on the measurement date.
\nThe expected rate of increase in compensation levels and long-term rate of return on plan assets are determined based on a number of
\nfactors and must take into account long-term expectations and reflect the financial environment in the respective local market. The
\nexpected return on assets for the U.S. and U.K. plans are based on the fair value of the assets as of December 31.
\nThe level of equity exposure is currently targeted at approximately 40% for the primary U.S. plan. The investment objective is to provide
\nan attractive risk-adjusted return that will ensure the payment of benefits while protecting against the risk of substantial investment losses.
\nCorrelations among the asset classes are used to identify an asset mix that Autoliv believes will provide the most attractive returns. Long-
\nterm return forecasts for each asset class using historical data and other qualitative considerations to adjust for projected economic
\nforecasts are used to set the expected rate of return for the entire portfolio. The Company has assumed a long-term rate of return on the
\nU.S. plan assets of 5.05% for calculating the 2022 expense and 5.05% for calculating the 2023 expense.
\nThe Company has assumed a long-term rate of return on the non-U.S. plan assets in a range of 1.70-2.20% for 2022. The closed U.K.
\nplan, which has a targeted and actual allocation of almost 100% debt instruments, accounts for approximately 74% of the total non-U.S.
\nplan assets.
\nAutoliv made contributions to the U.S. plan during 2022 and 2021 amounting to $3 million and $15 million, respectively. Contributions to
\nthe U.K. plan during 2022 and 2021 amounted to $2 million and $2 million, respectively. The Company expects to contribute $1 million to
\nits U.S. pension plan in 2023 and is currently projecting a yearly funding at the same level in the years thereafter. For the UK pension
\nplan, which is the most significant non-U.S. pension plan, the Company expects to contribute $2 million in 2023 and in the years thereafter.
87
\nFAIR VALUE OF TOTAL PLAN ASSETS FOR THE YEARS ENDED DECEMBER 31
\nU.S.
U.S.
Non-U.S.
\nASSETS CATEGORY
(% Weighted average)
\nTarget
\nallocation
2022
2021
2022
2021
\nEquity securities %
40
23
42
0
0
\nDebt instruments %
60
76
57
60
76
\nOther assets %
\u2014
1
1
40
24
\nTotal %
100
100
100
100
100
\nThe following table summarizes the fair value of the Company\u2019s U.S. and non-U.S. defined benefit pension plan assets:
\nFair value measurement at December 31,
\n(Dollars in millions)
2022
2021
\nAssets
\nNon-U.S. Bonds
\nCorporate
$
38
$
77
\nInsurance Contracts
14
16
\nOther Investments
11
8
\nAssets at fair value Level 2
63
101
\nInvestments measured at net asset value
\n(NAV):
\nCommon collective trusts
201
343
\nTotal
$
264
$
444
\nThe fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value
\nmeasurement. Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not
\nbeen classified in the fair value hierarchy. Plan assets not measured using the NAV are classified as Level 2 in the table above. Plan
\nassets measured using the NAV mainly relate to the U.S. defined benefit pension plans and are separately disclosed as Common
\ncollective trusts below the Level 2 assets in the table above.
\nThe estimated future benefit payments for the pension benefits reflect expected future service, as appropriate. The amount of benefit
\npayments in a given year may vary from the projected amount, especially for the U.S. plan since historically this plan pays the majority of
\nbenefits as a lump sum, where the lump sum amounts vary with market interest rates.
\nPENSION BENEFITS EXPECTED PAYMENTS
(dollars in millions)
U.S.
Non-U.S.
\n2023
$
14
$
10
\n2024
16
11
\n2025
17
11
\n2026
19
11
\n2027
19
12
\nYears 2028-2032
94
74
\nPOSTRETIREMENT BENEFITS OTHER THAN PENSIONS
\nThe Company currently provides postretirement health care and life insurance benefits to a limited group of U.S. retirees.
\nIn general, the terms of the plans provide that U.S. employees who retire after attaining age 55, with 15 years of service (5 years before
\nDecember 31, 2006), are reimbursed for qualified medical expenses up to a maximum annual amount. Spouses for certain retirees are
\nalso eligible for reimbursement under the plan. Life insurance coverage is available for those who elect coverage under the retiree health
\nplan. During 2014, the plan was amended to move from a self-insured model where employees were charged an estimated premium
\nbased on anticipated plan expenses for continued coverage, to a plan where retirees are provided a fixed contribution to a Health
\nRetirement Account (HRA). Retirees can use the HRA funds to purchase insurance through a private exchange. Employees hired on or
\nafter January 1, 2004 are not eligible to participate in the plan.
\nAs of December 31, 2022 and 2021, the benefit obligation for postretirement benefit plans other than pensions were $15 million and $21
\nmillion, respectively. The liability for postretirement benefits other than pensions is classified as other non-current liabilities in the balance
\nsheet. The components of the net periodic benefit costs associated with these plans were immaterial for the years 2022, 2021 and 2020.
\nThe average discount rate used to determine the U.S. postretirement benefit obligation was 5.39% in 2022 and 2.91% in 2021. The
\naverage discount rate used in determining the postretirement benefit cost was 2.91% in 2022, 2.60% in 2021 and 3.50% in 2020.
\nThe accumulated other comprehensive income before tax associated with the postretirement benefit plans other than pensions
\nrecognized in the balance sheet as of December 31, 2022 and 2021 were $7 million and $3 million, respectively. The components of the
\naccumulated other comprehensive income were immaterial for the years 2022 and 2021.
\nThe estimated future benefit payments for the postretirement benefits, which reflect expected future service as appropriate, are expected
\nto be immaterial for all the future years 2023-2032.
88
\n19. Related Party Transactions
\nVeoneer, Inc., was a related party until April 1, 2022. During the three months period ended March 31, 2022, when Veoneer was a related
\nparty, the Company's related party purchases from Veoneer amounted to $17 million. The related party purchases for the full year 2021
\namounted to $69 million.
\nAmounts due to and due from related parties as of December 31, 2021 are summarized in the below table:
\n(Dollars in millions)
\nAs of December 31,
\n2021
\nRelated party receivables
$
1
\nRelated party payables
\n1)
\n15
\nRelated party accrued expenses
\n1)
\n9
\n1) Included in Related party liabilities in the Consolidated Balance Sheet
.
\n20. Segment Information
\nThe Company has one operating segment which includes Autoliv\u2019s airbag and seatbelt products and components. The operating results
\nof the operating segment are regularly reviewed by the Company\u2019s chief operating decision maker to assess the performance of the
\noperating segment and make decisions about resources to be allocated to the operating segment.
\nThe Company\u2019s customers consist of all major European, U.S. and Asian automobile manufacturers. Sales to individual customers
\nrepresenting 10% or more of net sales were:
\nIn 2022: Renault 11% (including Nissan and Mitsubishi), Stellantis 11% and VW 10%.
\nIn 2021: Renault 13% (including Nissan and Mitsubishi), Stellantis 11% and VW 10%.
\nIn 2020: Renault 13% (including Nissan and Mitsubishi) and VW 11% and Honda 10%.
\nNET SALES BY REGION
(Dollars in millions)
2022
2021
2020
\nChina
$
1,883
$
1,766
$
1,541
\nJapan
686
733
733
\nRest of Asia
952
908
769
\nAmericas
2,967
2,535
2,337
\nEurope
2,355
2,289
2,067
\nTotal
$
8,842
$
8,230
$
7,447
\nThe Company has attributed net sales to the geographic area based on the location of the entity selling the final product.
\nExternal sales in the U.S. amounted to $2,029 million, $1,724 million and $1,647 million in 2022, 2021 and 2020, respectively. Of the
\nexternal sales, exports from the U.S. to other regions amounted to approximately $298 million, $280 million and $348 million in 2022,
\n2021 and 2020, respectively.
\nNET SALES BY PRODUCT
(Dollars in millions)
2022
2021
2020
\nAirbag, Steering Wheels and Other
\n1)
\n$
5,807
$
5,380
$
4,824
\nSeatbelt Products
\n1)
\n3,035
2,850
2,623
\nTotal net sales
$
8,842
$
8,230
$
7,447
\n1) Including Corporate and other sales.
\nLONG-LIVED ASSETS
(Dollars in millions)
2022
2021
\nChina
$
581
$
521
\nJapan
134
178
\nRest of Asia
283
293
\nAmericas
1,962
1,838
\nEurope
1,043
1,032
\nTotal
$
4,003
$
3,862
\nLong-lived assets in the U.S. amounted to $1,626 million and $1,604 million for 2022 and 2021, respectively. For 2022 and 2021, $1,226
\nmillion and $1,227 million, respectively, of the long-lived assets in the U.S. refers to intangible assets, principally from acquisition goodwill.
89
\n21. Earnings Per Share
\nThe computation of basic and diluted EPS under the two-class method were as follows (dollars and shares in millions):
\n2022
2021
2020
\nNumerator:
\n1)
\nNet income attributable to common shareholders
$
423
$
435
$
187
\nDenominator:
\n1)
\nBasic weighted average common stock
87.1
87.5
87.3
\nAdded: Weighted average stock options/share awards
0.2
0.2
0.2
\nDiluted weighted average common stock
87.2
87.7
87.5
\nBasic EPS
$
4.86
$
4.97
$
2.14
\nDiluted EPS
$
4.85
$
4.96
$
2.14
\n1) The Company\u2019s unvested RSUs and PSs, of which some included the right to receive non-forfeitable dividend equivalents, are considered participating
\nsecurities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any
\nundistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the
\ndenominator. However, these participating securities have been immaterial for all the years presented.
\nAnti-dilutive shares outstanding for the years ended December 31, 2022, 2021 and 2020 were immaterial.
\n22. Subsequent Events
\nThere were no reportable events subsequent to December 31, 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10813": {
"value": "1. Basis of Presentation \nNATURE OF OPERATIONS
\nThrough its operating subsidiaries, the Company is a leading developer, manufacturer and supplier of passive safety systems to the
\nautomotive industry with a broad range of product offerings.
\nPassive safety systems are primarily meant to improve safety for occupants in a vehicle. Passive safety systems include modules and
\ncomponents for frontal-impact airbag protection systems, side-impact airbag protection systems, seatbelts, steering wheels and inflator
\ntechnologies.
\nThe Company also develops and manufactures mobility safety solutions such as pedestrian protection, battery cut-off switches, connected
\nsafety services, and safety solutions for riders of powered two wheelers.
\nPRINCIPLES OF CONSOLIDATION
\nThe consolidated financial statements have been prepared in accordance with United States (U.S.) Generally Accepted Accounting
\nPrinciples (GAAP) and include Autoliv, Inc. and all companies over which Autoliv, Inc. directly or indirectly exercises control, which as a
\ngeneral rule means that the Company owns more than 50% of the voting rights.
\nConsolidation is also required when the Company has both the power to direct the activities of a variable interest entity (VIE) and the
\nobligation to absorb losses or the right to receive benefits from the VIE that could be significant to the VIE.
\nAll intercompany accounts and transactions within the Company have been eliminated from the consolidated financial statements.
\nInvestments in affiliated companies in which the Company exercises significant influence over the operations and financial policies, but
\ndoes not control, are reported using the equity method of accounting. Generally, the Company owns between 20-50% of such
\ninvestments.
\nSEGMENT REPORTING
\nIn accordance with ASC 280,
Segment Reporting
, the operating segments are determined based on the information provided to the Chief
\nOperating Decision Maker (CODM) on a regular basis and used for the purpose of assessing performance and allocating resources within
\nthe Company. The CEO is deemed to be the CODM of Autoliv since he is the person who makes all major decisions on how to allocate
\nthe resources and assess the performance of the Company for both strategic and operational initiatives.
\nASC 280 indicates that a component is an operating segment if it meets the following criteria:
\n\u2022
It engages in business activities from which it may earn revenues and incur expenses.
\n\u2022
Its operating results are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment
\nand assess its performance.
\n\u2022
Its discrete financial information is available.
\nThe Company as a whole has met the definition of an operating segment as it engages in business activities from which it may earn
\nrevenues and incur expenses, the consolidated operating results are regularly reviewed by the CEO/CODM to allocate resources and
\nassess performance, and discrete financial information is available. Additionally, as Autoliv supplies customers on a global basis it also
\nmanages the business on a global basis. Therefore, based on the above analysis, the Company has concluded that the Company is the
\nsingle operating and reportable segment under ASC 280,
Segment Reporting
. For more information on the Company's segment, see
\nNote 20.
\nRECLASSIFICATIONS AND ROUNDINGS
\nCertain prior-year amounts have been reclassified to conform to current year presentation.
\nCertain amounts in the consolidated financial statements and associated notes may not reconcile due to rounding. All percentages have
\nbeen calculated using unrounded amounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10825": {
"value": "PRINCIPLES OF CONSOLIDATION \nThe consolidated financial statements have been prepared in accordance with United States (U.S.) Generally Accepted Accounting
\nPrinciples (GAAP) and include Autoliv, Inc. and all companies over which Autoliv, Inc. directly or indirectly exercises control, which as a
\ngeneral rule means that the Company owns more than 50% of the voting rights.
\nConsolidation is also required when the Company has both the power to direct the activities of a variable interest entity (VIE) and the
\nobligation to absorb losses or the right to receive benefits from the VIE that could be significant to the VIE.
\nAll intercompany accounts and transactions within the Company have been eliminated from the consolidated financial statements.
\nInvestments in affiliated companies in which the Company exercises significant influence over the operations and financial policies, but
\ndoes not control, are reported using the equity method of accounting. Generally, the Company owns between 20-50% of such
\ninvestments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10828": {
"value": "United States",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10877": {
"value": "2. Summary of Significant Accounting Policies \nEQUITY METHOD INVESTMENT
\nInvestments accounted for under the equity method, means that a proportional share of the equity method investment\u2019s net income
\nincreases the investment, and a proportional share of losses and payment of dividends decreases it. In the Consolidated Statements of
\nIncome, the proportional share of the net income (loss) is reported as Income from equity method investment.
\nUSE OF ESTIMATES
\nThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
\nassumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the
\nconsolidated financial statements, and the reported amounts of net sales and expenses during the reporting period. The accounting
\nestimates that require management\u2019s most significant judgments include the estimation of variable consideration for the Company's
\ncontracts with customers, valuation of stock-based compensation payments, assessment of recoverability of goodwill and intangible
\nassets, estimation of pension benefit obligations based on actuarial assumptions, estimation of accruals for warranty and recalls,
\nrestructuring charges, uncertain tax positions, valuation allowances and legal proceedings. Actual results could differ from those
\nestimates.
\nREVENUE RECOGNITION
\nIn accordance with ASC 606,
Revenue from Contracts with Customers
, revenue is measured based on consideration specified in a
\ncontract with a customer, adjusted for any variable consideration (i.e. price concessions) and estimated at contract inception. The
\nestimated amount of variable consideration that will be received by the Company is based on historical experience and trends,
\nmanagement\u00b4s understanding of the status of negotiations with customers and anticipated future pricing strategies. The Company
\nrecognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer.
\nIn addition, from time to time, the Company may make payments to or receive additional consideration from customers in connection with
\nongoing and future business. These payments to or cash receipts from customers are generally recognized to revenue at the time of the
\ncommitment unless the payments to customers can be clearly linked to the future business. If the payments to customers are capitalized,
\nthe amounts are amortized to revenue as the related goods are transferred.
\nTaxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and
\ncollected by the Company from a customer, are excluded from revenue.
\nShipping and handling costs associated with outbound freight before control of a product has transferred to a customer are accounted for
\nas a fulfillment cost and are included in cost of sales.
\nNature of goods and services
\nThe Company generates revenue from the sale of parts, which includes airbag and seatbelt products and components, to original
\nequipment manufacturers (\u201cOEMs\u201d).
\nThe Company accounts for individual products separately if they are distinct (i.e., if a product is separately identifiable from other items
\nand if a customer can benefit from it on its own or with other resources that are readily available to the customer). The consideration for
\neach of the products, including any price concessions, is based on their stand-alone selling prices. The stand-alone selling prices are
\ndetermined based on the cost-plus margin approach.
\nThe Company recognizes revenue for parts primarily at a point in time. For parts with revenue recognized at a point in time, the Company
\nrecognizes revenue upon shipment to the customers and transfer of title and risk of loss under standard commercial terms (typically FOB
\nshipping point).
\nThere are certain contracts where the criteria to recognize revenue over time have been met (e.g., there is no alternative use to the
\nCompany and the Company has an enforceable right to payment). In such cases, at period end, the Company recognizes revenue and
\na related asset and associated cost of goods sold and reduction in inventory. However, the financial impact of these contracts is immaterial
\nconsidering the very short production cycles and limited inventory days on hand. The contract balances with customers, included in other
\ncurrent assets, amounted to $20 million as of December 31, 2022 and 2021.
\nThe amount of revenue recognized is based on the purchase order price and adjusted for variable consideration (i.e. price concessions).
\nCustomers typically pay for the parts based on customary business practices.
\nGOVERNMENT ASSISTANCE
\nThe Company\u2019s operations are impacted by various government incentives, grants, programs, rebates, and other arrangements.
\nGovernment assistance received is recorded in our consolidated financial statements in accordance with their purpose, either as a
\nreduction of expense or an offset to the related capital asset. The benefit is recorded when all performance obligations attached to the
\nassistance have been met or are expected to be met and there is reasonable assurance of their receipt. Government assistance received
\nby the Company is immaterial in all periods presented since the adoption of ASU 2021-10.
\n\n\n63
\nRESEARCH, DEVELOPMENT AND ENGINEERING, NET (R,D&E)
\nResearch and development and most engineering expenses are expensed as incurred. These expenses are reported net of expense
\nreimbursements from contracts to perform engineering design and product development fulfillment activities related to the production of
\nparts. For the years 2022, 2021 and 2020 total reimbursements from customers were $204 million, $205 million and $181 million,
\nrespectively.
\nCertain engineering expenses related to long-term supply arrangements are capitalized when defined criteria, such as the existence of a
\ncontractual guarantee for reimbursement, are met. The aggregate amount of such assets is not significant in any period presented.
\nTooling is generally agreed upon as a separate contract or a separate component of an engineering contract, as a pre-production project.
\nCapitalization of tooling costs is made only when the specific criteria for capitalization of customer funded tooling is met or the criteria for
\ncapitalization as Property, Plant & Equipment (P,P&E) for tools owned by the Company are fulfilled. Depreciation on the Company\u2019s own
\ntooling is recognized in the Consolidated Statements of Income as Cost of sales.
\nSTOCK-BASED COMPENSATION
\nThe compensation costs for all of the Company\u2019s stock-based compensation awards are determined based on the fair value method as
\ndefined in ASC 718,
Compensation - Stock Compensation
. The Company records the compensation expense for awards under the Stock
\nIncentive Plan, including Restricted Stock Units (RSUs), Performance Shares (PSUs) and stock options (SOs), over the respective vesting
\nperiod. For further details, see Note 16.
\nINCOME TAXES
\nCurrent tax liabilities and assets are recognized for the estimated taxes payable or refundable on the tax returns for the current year. In
\ncertain circumstances, payments or refunds may extend beyond twelve months, in such cases amounts would be classified as non-
\ncurrent taxes payable or receivable. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to
\ntemporary differences and carryforwards that result from events that have been recognized in either the financial statements or the tax
\nreturns, but not both. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws.
\nDeferred tax assets are reduced by the amount of any tax benefits that are not expected to be realized. A valuation allowance is
\nrecognized if, based on the weight of all available evidence, it is more likely than not that some portion, or all, of the deferred tax asset
\nwill not be realized. Evaluation of the realizability of deferred tax assets is subject to significant judgment requiring careful consideration
\nof all facts and circumstances. The Company classifies deferred tax assets and liabilities as non-current in the Consolidated Balance
\nSheet. Tax assets and liabilities are not offset unless attributable to the same tax jurisdiction and netting is possible according to law and,
\nas it relates to payables and receivables, expected to take place in the same period.
\nTax benefits associated with tax positions taken in the Company\u2019s income tax returns are initially recognized when it is more likely than
\nnot that those tax positions will be sustained upon examination by the relevant taxing authorities. The Company\u2019s evaluation of its tax
\nbenefits is based on the probability of the tax position being upheld if challenged by the taxing authorities (including through negotiation,
\nappeals, settlement and litigation). Whenever a tax position does not meet the initial recognition criteria, the tax benefit is subsequently
\nrecognized if there is a substantive change in the facts and circumstances that cause a change in judgment concerning the sustainability
\nof the tax position upon examination by the relevant taxing authorities. In cases where tax benefits meet the initial recognition criterion,
\nthe Company continues, in subsequent periods, to assess its ability to sustain those positions. A previously recognized tax benefit is
\nderecognized when it is no longer more likely than not that the tax position would be sustained upon examination. Liabilities for
\nunrecognized tax benefits are classified as non-current unless the payment of the liability is expected to be made within the next 12
\nmonths.
64
\nEARNINGS PER SHARE
\nThe Company calculates basic earnings per share (EPS) by dividing net income attributable to controlling interest by the weighted-
\naverage number of shares of common stock outstanding for the period (net of treasury shares). The Company\u2019s unvested RSUs and
\nPSUs, of which some include the right to receive non-forfeitable dividend equivalents, are considered participating securities. The diluted
\nEPS reflects the potential dilution that could occur if common stock was issued for awards under the Stock Incentive Plan and is calculated
\nusing the more dilutive method of either the two-class method or the treasury stock method. The treasury stock method assumes that the
\nCompany uses the proceeds from the exercise of stock option awards to repurchase ordinary shares at the average market price during
\nthe period.
For unvested restricted stock, assumed proceeds under the treasury stock method will include unamortized compensation
\ncost and windfall tax benefits or shortfalls. Post spin-off assumed proceeds under the treasury stock method related to RSUs will only
\ninclude unamortized compensation cost related to Autoliv employees holding Autoliv RSUs. Calculations of EPS under the two-class
\nmethod exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to
\nbe attributable to participating securities. The related participating securities are similarly excluded from the denominator. For further
\ndetails, see Notes 16 and 21.
\nCASH EQUIVALENTS
\nThe Company considers all highly liquid investment instruments purchased with a maturity of three months or less to be cash equivalents.
\nRECEIVABLES AND ALLOWANCE FOR EXPECTED CREDIT LOSSES
\nIn addition to individually assess overdue customer balances for expected credit losses, the Company also calculates an allowance that
\nreflects the expected credit losses on receivables considering both historical experience as well as forward looking assumptions. The
\nmethod calculates the expected credit loss for a group of customers by using the customer groups\u2019 average short-term default rates
\nbased on officially published credit ratings and the Company\u2019s historical experience. These default rates are considered the Company\u2019s
\nbest estimate of the customer\u2019s ability to pay. The Company regularly reassess the customer groups and the applied customer group\u2019s
\ndefault rates by using its best judgement when considering changes in customer\u2019s credit ratings, customer\u2019s historical payments and loss
\nexperience, current market and economic conditions and the Company\u2019s expectations of future market and economic conditions.
\nThere can be no assurance that the amount ultimately realized for receivables will not be materially different than that assumed in the
\ncalculation of the allowance for expected credit losses.
\nDERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
\nAll derivatives are recognized at fair value.
\nHedge accounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does
\nnot meet the hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that
\noccurs from changes in interest and foreign exchange rates.
\nFor further details on the Company\u2019s financial instruments, see Note 4.
\nINVENTORIES
\nThe cost of inventories is computed according to the first-in first-out method (FIFO). Cost includes the cost of materials, direct labor and
\nthe applicable share of manufacturing overhead. Inventories are evaluated based on individual or, in some cases, groups of inventory
\nitems. Reserves are established to reduce the value of inventories to the lower of cost or net realizable value. Net realizable value is the
\nestimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
\nExcess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company calculates
\nprovisions for excess inventories based on the number of months of inventories on hand compared to anticipated sales or usage.
\nManagement uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. There can be no
\nassurance that the amount ultimately realized for inventories will not be materially different than that assumed in the calculation of the
\nreserves.
\nPROPERTY, PLANT AND EQUIPMENT
\nProperty, Plant and Equipment is recorded at historical cost. Construction in progress generally involves short-term projects for which
\ncapitalized interest is not significant. The Company provides for depreciation of property, plant and equipment computed under the
\nstraight-line method over the assets\u2019 estimated useful lives, or in the case of leasehold improvements over the shorter of the useful life
\nor the lease term. Amortization on finance leases is recognized with depreciation expense in the Consolidated Statements of Income over
\nthe shorter of the assets\u2019 expected life or the lease contract term. Repairs and maintenance are expensed as incurred.
65
\nLEASES
\nIn accordance with ASC 842,
Leases
, the Company recognizes contracts that is, or contains, a lease when the contract conveys the right
\nto control the use of a physically identified asset for a period of time in exchange for consideration in the balance sheet as a right-of-use
\nasset and lease liability. The Company recognizes a right-of-use asset and a lease liability at lease commencement. The lease liability
\nfor both finance and operating leases is measured at the present value of the remaining lease payments, discounted at the Company's
\nincremental borrowing rate (if the implicit interest rate in the lease contract is not readily determinable). The right-of-use asset (ROU) for
\nfinance and operating leases is initially measured at the sum of the initial lease liability plus initial direct costs plus prepaid lease payments
\nminus lease incentives received. Lease payments include undiscounted fixed payments plus optional payments that are reasonably
\ncertain to be owed. Lease payments do not include variable lease payments other than those that depend on an index or rate. Variable
\nlease payments that depend on an index or a rate are included in the calculation of lease payments and in the measurement of the lease
\nliability.
\nIf the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate as the discount rate. The
\nCompany uses its best judgement when determining the incremental borrowing rate, which is the rate of interest that the Company would
\nhave to pay to borrow on a collateralized basis over a similar term to the lease payments in a similar currency.
\nThe Company has elected the practical expedient of not separating lease components from non-lease components for all its classes of
\nunderlying assets. The Company has also elected to recognize the lease payments for short-term leases in its consolidated statement of
\nincome on a straight-line basis over the lease term and recognize the variable lease payments in the period in which the obligation for
\nthose payments is incurred.
\nFinance lease right-of-use assets are presented together with other property, plant and equipment assets and finance lease liabilities are
\npresented together with other current and non-current liabilities in the Consolidated Balance Sheets. Finance leases were not material
\nas of December 31, 2022.
\nFor further details on the Company\u2019s leases, see Note 3.
\nLONG-LIVED ASSET IMPAIRMENT
\nThe Company evaluates the carrying value and useful lives of long-lived assets, other than goodwill and intangible assets, when
\nindications of impairment are evident or it is likely that the useful lives have decreased, in which case the Company depreciates the assets
\nover the remaining useful lives. Impairment testing is primarily done by using the cash flow method based on undiscounted future cash
\nflows. Estimated undiscounted cash flows for a long-lived asset being evaluated for recoverability are compared with the respective
\ncarrying amount of that asset. If the estimated undiscounted cash flows exceed the carrying amount of the assets, the carrying amounts
\nof the long-lived asset are considered recoverable and an impairment cannot be recorded. However, if the carrying amount of a group of
\nassets exceeds the undiscounted cash flows, an entity must then measure the long-lived assets\u2019 fair value to determine whether an
\nimpairment loss should be recognized, generally using a discounted cash flow model.
Generally, the lowest level of cash flows for
\nimpairment assessment is customer platform level.
\nGOODWILL AND INTANGIBLE ASSETS
\nGoodwill represents the excess of the fair value of consideration transferred over the fair value of net assets of businesses acquired.
\nGoodwill is not amortized but subject to at least an annual review for impairment. Other intangible assets, principally related to acquired
\ntechnology, are amortized over their useful lives which range from 3 to 25 years.
\nThe Company performs its annual impairment testing in the fourth quarter of each year. Impairment testing is required more often than
\nannually if an event or circumstance indicates that an impairment, or decline in value, may have occurred. The Company uses either a
\nqualitative assessment or a quantitative calculation for its impairment testing. The qualitative assessment permits the Company to assess
\nwhether it is more than likely than not (i.e. a likelihood of greater than 50%) that goodwill or an indefinite-lived intangible asset is impaired.
\nIf the Company concludes based on the qualitative assessment that it is not more likely than not that the fair value of goodwill or an
\nindefinite-lived intangible asset is less than its carrying amount, it would not have to quantitatively determine the asset\u2019s fair value.
The
\nCompany also consider external factors that could affect the significant inputs used to determine fair value.
\nIn 2022, the Company performed a quantitative impairment test by calculating the fair value of its goodwill. The estimated fair market
\nvalue of goodwill is determined by the discounted cash flow method. The Company discounts projected operating cash flows using its
\nweighted average cost of capital. Estimating the fair value requires the Company to make judgments about appropriate discount rates,
\ngrowth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. If the estimated
\nfair value of a reporting unit exceeds its carrying value, goodwill is considered not to be impaired. If the carrying value of a reporting unit
\nexceeds its estimated fair value, an impairment loss is recognized for the excess of carrying amount over the fair value of the respective
\nreporting unit. To supplement this analysis, the Company compares the market value of its equity, calculated by reference to the quoted
\nmarket prices of its shares, with the book value of its equity.
\nThere were no impairments of goodwill from 2020 through 2022.
66
\nWARRANTIES AND RECALLS
\nThe Company records liabilities for product recalls when probable claims are identified and when it is possible to reasonably estimate
\ncosts. Recall costs are costs incurred when the customer decides to formally recall a product due to a known or suspected safety concern.
\nProduct recall costs are estimated based on the expected cost of replacing the product and the customer\u00b4s cost of carrying out the recall,
\nwhich is affected by the number of vehicles subject to recall and the cost of labor and materials to remove and replace the defective
\nproduct. Insurance receivables, related to recall issues covered by the insurance, are included within other current and non-current assets
\nin the Consolidated Balance Sheets. Provisions for warranty claims are estimated based on prior experience, likely changes in
\nperformance of newer products and the mix and volume of products sold. The provisions are recorded on an accrual basis.
\nRESTRUCTURING PROVISIONS
\nThe Company defines restructuring expense to include costs directly associated with rightsizing, exit or disposal activities. Estimates of
\nrestructuring charges are based on information available at the time such charges are recorded. In general, management anticipates that
\nrestructuring activities will be completed within a timeframe such that significant changes to the exit plan are not likely. Due to inherent
\nuncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially
\nestimated.
\nPENSION OBLIGATIONS
\nThe Company provides for both defined contribution plans and defined benefit plans. A defined contribution plan generally specifies the
\nperiodic amount that the employer must contribute to the plan and how that amount will be allocated to the eligible employees who perform
\nservices during the same period. A defined benefit pension plan is one that contains pension benefit formulas, which generally determine
\nthe amount of pension benefits that each employee will receive for services performed during a specified period of employment.
\nThe amount recognized as a defined benefit liability is the net total of projected benefit obligation (PBO) minus the fair value of plan
\nassets (if any) (see Note 18).
\nCONTINGENT LIABILITIES
\nVarious claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters
\nthat arise in the ordinary course of its business activities with respect to commercial, product liability or other matters (see Note 12). The
\nCompany diligently defends itself in such matters and, in addition, carries insurance coverage to the extent reasonably available against
\ninsurable risks. The Company records liabilities for claims, lawsuits and proceedings when they are probable and it is possible to
\nreasonably estimate the cost of such liabilities. Legal costs expected to be incurred in connection with a loss contingency are expensed
\nas such costs are incurred.
\nThe Company believes, based on currently available information, that the resolution of outstanding matters, other than any antitrust
\nrelated matters described in Note 17 after taking into account recorded liabilities and available insurance coverage, should not have a
\nmaterial effect on the Company\u2019s financial position or results of operations. However, due to the inherent uncertainty associated with such
\nmatters, there can be no assurance that the final outcomes of these matters will not be materially different than currently estimated.
\nTRANSLATION OF NON-U.S. SUBSIDIARIES
\nThe balance sheets of subsidiaries with functional currency other than U.S. dollars are translated into U.S. dollars using year-end
\nexchange rates. The Statements of Income of these subsidiaries is translated into U.S. dollars using monthly average exchange rates.
\nTranslation differences are reflected in equity as a component of OCI.
\nRECEIVABLES AND LIABILITIES IN NON-FUNCTIONAL CURRENCIES
\nReceivables and liabilities not denominated in functional currencies are converted at year-end exchange rates. Net transaction losses,
\nreflected in the Consolidated Statements of Income, amounted to $(25) million in 2022, $(29) million in 2021 and $(24) million in 2020,
\nand are recorded in operating income if they relate to operational receivables and liabilities or are recorded in other non-operating items,
\nnet if they relate to financial receivables and liabilities.
\n\n67
\nNEW ACCOUNTING STANDARDS
\nChanges to U.S. GAAP are established by the Financial Accounting Standards Board (\u201cFASB\u201d) in the form of accounting standards
\nupdates (\u201cASUs\u201d) to the FASB\u2019s Accounting Standards Codification (ASC). The Company considers the applicability and impact of all
\nASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on
\nthe Company\u2019s consolidated financial statements.
\nAdoption of New Accounting Standards
\nIn November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about
\nGovernment Assistance, which increases the transparency of government assistance, including the disclosure of (1) the types of
\nassistance, (2) an entity\u2019s accounting for the assistance, and (3) the effect of the assistance on an entity\u2019s financial statements. ASU
\n2021-10 is effective for business entities for annual periods beginning after December 15, 2021, and early adoption is permitted. The
\namendments in this update should be applied either (1) prospectively to all transactions within the scope of the amendments that are
\nreflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial
\napplication or (2) retrospectively to those transactions. The Company adopted this standard prospectively on January 1, 2022, and the
\nadoption of this standard did not have a material impact on our Consolidated Financial Statements or related disclosures. For further
\ninformation, see this Note 2 above.
\nAccounting Standards Issued But Not Yet Adopted
\nIn September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50), Disclosure of Supplier
\nFinance Program Obligations, which requires that a buyer in a supplier finance program disclose sufficient information about the program
\nto allow a user of financial statements to understand the program\u2019s nature, activity during the period, changes from period to period, and
\npotential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance
\nprograms. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of obligations
\ncovered by supplier finance programs. The amendments in this update are effective for fiscal years beginning after December 15, 2022,
\nincluding interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years
\nbeginning after December 15, 2023, with early adoption permitted. During the fiscal year of adoption, the information on the key terms of
\nthe programs and the balance sheet presentation of the program obligations, which are annual disclosure requirements, should be
\ndisclosed in each interim period. The amendments in this update should be applied retrospectively to each period in which a balance
\nsheet is presented, except for the amendment on rollforward information, which should be applied prospectively. The Company is currently
\nassessing the impact that ASU 2022-04 will have on its consolidated financial statements and will adopt the amendments in this update
\nupon the effective dates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10880": {
"value": "EQUITY METHOD INVESTMENT \nInvestments accounted for under the equity method, means that a proportional share of the equity method investment\u2019s net income
\nincreases the investment, and a proportional share of losses and payment of dividends decreases it. In the Consolidated Statements of
\nIncome, the proportional share of the net income (loss) is reported as Income from equity method investment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10887": {
"value": "USE OF ESTIMATES \nThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
\nassumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the
\nconsolidated financial statements, and the reported amounts of net sales and expenses during the reporting period. The accounting
\nestimates that require management\u2019s most significant judgments include the estimation of variable consideration for the Company's
\ncontracts with customers, valuation of stock-based compensation payments, assessment of recoverability of goodwill and intangible
\nassets, estimation of pension benefit obligations based on actuarial assumptions, estimation of accruals for warranty and recalls,
\nrestructuring charges, uncertain tax positions, valuation allowances and legal proceedings. Actual results could differ from those
\nestimates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureAndAmountOfChangeInAccountingEstimate",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10899": {
"value": "REVENUE RECOGNITION \nIn accordance with ASC 606,
Revenue from Contracts with Customers
, revenue is measured based on consideration specified in a
\ncontract with a customer, adjusted for any variable consideration (i.e. price concessions) and estimated at contract inception. The
\nestimated amount of variable consideration that will be received by the Company is based on historical experience and trends,
\nmanagement\u00b4s understanding of the status of negotiations with customers and anticipated future pricing strategies. The Company
\nrecognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer.
\nIn addition, from time to time, the Company may make payments to or receive additional consideration from customers in connection with
\nongoing and future business. These payments to or cash receipts from customers are generally recognized to revenue at the time of the
\ncommitment unless the payments to customers can be clearly linked to the future business. If the payments to customers are capitalized,
\nthe amounts are amortized to revenue as the related goods are transferred.
\nTaxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and
\ncollected by the Company from a customer, are excluded from revenue.
\nShipping and handling costs associated with outbound freight before control of a product has transferred to a customer are accounted for
\nas a fulfillment cost and are included in cost of sales.
\nNature of goods and services
\nThe Company generates revenue from the sale of parts, which includes airbag and seatbelt products and components, to original
\nequipment manufacturers (\u201cOEMs\u201d).
\nThe Company accounts for individual products separately if they are distinct (i.e., if a product is separately identifiable from other items
\nand if a customer can benefit from it on its own or with other resources that are readily available to the customer). The consideration for
\neach of the products, including any price concessions, is based on their stand-alone selling prices. The stand-alone selling prices are
\ndetermined based on the cost-plus margin approach.
\nThe Company recognizes revenue for parts primarily at a point in time. For parts with revenue recognized at a point in time, the Company
\nrecognizes revenue upon shipment to the customers and transfer of title and risk of loss under standard commercial terms (typically FOB
\nshipping point).
\nThere are certain contracts where the criteria to recognize revenue over time have been met (e.g., there is no alternative use to the
\nCompany and the Company has an enforceable right to payment). In such cases, at period end, the Company recognizes revenue and
\na related asset and associated cost of goods sold and reduction in inventory. However, the financial impact of these contracts is immaterial
\nconsidering the very short production cycles and limited inventory days on hand. The contract balances with customers, included in other
\ncurrent assets, amounted to $20 million as of December 31, 2022 and 2021.
\nThe amount of revenue recognized is based on the purchase order price and adjusted for variable consideration (i.e. price concessions).
\nCustomers typically pay for the parts based on customary business practices.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10935": {
"value": "GOVERNMENT ASSISTANCE \nThe Company\u2019s operations are impacted by various government incentives, grants, programs, rebates, and other arrangements.
\nGovernment assistance received is recorded in our consolidated financial statements in accordance with their purpose, either as a
\nreduction of expense or an offset to the related capital asset. The benefit is recorded when all performance obligations attached to the
\nassistance have been met or are expected to be met and there is reasonable assurance of their receipt. Government assistance received
\nby the Company is immaterial in all periods presented since the adoption of ASU 2021-10.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10955": {
"value": "RESEARCH, DEVELOPMENT AND ENGINEERING, NET (R,D&E) \nResearch and development and most engineering expenses are expensed as incurred. These expenses are reported net of expense
\nreimbursements from contracts to perform engineering design and product development fulfillment activities related to the production of
\nparts. For the years 2022, 2021 and 2020 total reimbursements from customers were $204 million, $205 million and $181 million,
\nrespectively.
\nCertain engineering expenses related to long-term supply arrangements are capitalized when defined criteria, such as the existence of a
\ncontractual guarantee for reimbursement, are met. The aggregate amount of such assets is not significant in any period presented.
\nTooling is generally agreed upon as a separate contract or a separate component of an engineering contract, as a pre-production project.
\nCapitalization of tooling costs is made only when the specific criteria for capitalization of customer funded tooling is met or the criteria for
\ncapitalization as Property, Plant & Equipment (P,P&E) for tools owned by the Company are fulfilled. Depreciation on the Company\u2019s own
\ntooling is recognized in the Consolidated Statements of Income as Cost of sales.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10969": {
"value": "STOCK-BASED COMPENSATION \nThe compensation costs for all of the Company\u2019s stock-based compensation awards are determined based on the fair value method as
\ndefined in ASC 718,
Compensation - Stock Compensation
. The Company records the compensation expense for awards under the Stock
\nIncentive Plan, including Restricted Stock Units (RSUs), Performance Shares (PSUs) and stock options (SOs), over the respective vesting
\nperiod. For further details, see Note 16.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10979": {
"value": "INCOME TAXES \nCurrent tax liabilities and assets are recognized for the estimated taxes payable or refundable on the tax returns for the current year. In
\ncertain circumstances, payments or refunds may extend beyond twelve months, in such cases amounts would be classified as non-
\ncurrent taxes payable or receivable. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to
\ntemporary differences and carryforwards that result from events that have been recognized in either the financial statements or the tax
\nreturns, but not both. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws.
\nDeferred tax assets are reduced by the amount of any tax benefits that are not expected to be realized. A valuation allowance is
\nrecognized if, based on the weight of all available evidence, it is more likely than not that some portion, or all, of the deferred tax asset
\nwill not be realized. Evaluation of the realizability of deferred tax assets is subject to significant judgment requiring careful consideration
\nof all facts and circumstances. The Company classifies deferred tax assets and liabilities as non-current in the Consolidated Balance
\nSheet. Tax assets and liabilities are not offset unless attributable to the same tax jurisdiction and netting is possible according to law and,
\nas it relates to payables and receivables, expected to take place in the same period.
\nTax benefits associated with tax positions taken in the Company\u2019s income tax returns are initially recognized when it is more likely than
\nnot that those tax positions will be sustained upon examination by the relevant taxing authorities. The Company\u2019s evaluation of its tax
\nbenefits is based on the probability of the tax position being upheld if challenged by the taxing authorities (including through negotiation,
\nappeals, settlement and litigation). Whenever a tax position does not meet the initial recognition criteria, the tax benefit is subsequently
\nrecognized if there is a substantive change in the facts and circumstances that cause a change in judgment concerning the sustainability
\nof the tax position upon examination by the relevant taxing authorities. In cases where tax benefits meet the initial recognition criterion,
\nthe Company continues, in subsequent periods, to assess its ability to sustain those positions. A previously recognized tax benefit is
\nderecognized when it is no longer more likely than not that the tax position would be sustained upon examination. Liabilities for
\nunrecognized tax benefits are classified as non-current unless the payment of the liability is expected to be made within the next 12
\nmonths.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11014": {
"value": "EARNINGS PER SHARE \nThe Company calculates basic earnings per share (EPS) by dividing net income attributable to controlling interest by the weighted-
\naverage number of shares of common stock outstanding for the period (net of treasury shares). The Company\u2019s unvested RSUs and
\nPSUs, of which some include the right to receive non-forfeitable dividend equivalents, are considered participating securities. The diluted
\nEPS reflects the potential dilution that could occur if common stock was issued for awards under the Stock Incentive Plan and is calculated
\nusing the more dilutive method of either the two-class method or the treasury stock method. The treasury stock method assumes that the
\nCompany uses the proceeds from the exercise of stock option awards to repurchase ordinary shares at the average market price during
\nthe period.
For unvested restricted stock, assumed proceeds under the treasury stock method will include unamortized compensation
\ncost and windfall tax benefits or shortfalls. Post spin-off assumed proceeds under the treasury stock method related to RSUs will only
\ninclude unamortized compensation cost related to Autoliv employees holding Autoliv RSUs. Calculations of EPS under the two-class
\nmethod exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to
\nbe attributable to participating securities. The related participating securities are similarly excluded from the denominator. For further
\ndetails, see Notes 16 and 21. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11031": {
"value": "CASH EQUIVALENTS The Company considers all highly liquid investment instruments purchased with a maturity of three months or less to be cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11035": {
"value": "RECEIVABLES AND ALLOWANCE FOR EXPECTED CREDIT LOSSES \nIn addition to individually assess overdue customer balances for expected credit losses, the Company also calculates an allowance that
\nreflects the expected credit losses on receivables considering both historical experience as well as forward looking assumptions. The
\nmethod calculates the expected credit loss for a group of customers by using the customer groups\u2019 average short-term default rates
\nbased on officially published credit ratings and the Company\u2019s historical experience. These default rates are considered the Company\u2019s
\nbest estimate of the customer\u2019s ability to pay. The Company regularly reassess the customer groups and the applied customer group\u2019s
\ndefault rates by using its best judgement when considering changes in customer\u2019s credit ratings, customer\u2019s historical payments and loss
\nexperience, current market and economic conditions and the Company\u2019s expectations of future market and economic conditions.
\nThere can be no assurance that the amount ultimately realized for receivables will not be materially different than that assumed in the
\ncalculation of the allowance for expected credit losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11048": {
"value": "DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES \nAll derivatives are recognized at fair value.
\nHedge accounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does
\nnot meet the hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that
\noccurs from changes in interest and foreign exchange rates.
\nFor further details on the Company\u2019s financial instruments, see Note 4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11057": {
"value": "INVENTORIES \nThe cost of inventories is computed according to the first-in first-out method (FIFO). Cost includes the cost of materials, direct labor and
\nthe applicable share of manufacturing overhead. Inventories are evaluated based on individual or, in some cases, groups of inventory
\nitems. Reserves are established to reduce the value of inventories to the lower of cost or net realizable value. Net realizable value is the
\nestimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
\nExcess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company calculates
\nprovisions for excess inventories based on the number of months of inventories on hand compared to anticipated sales or usage.
\nManagement uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. There can be no
\nassurance that the amount ultimately realized for inventories will not be materially different than that assumed in the calculation of the
\nreserves.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11070": {
"value": "PROPERTY, PLANT AND EQUIPMENT \nProperty, Plant and Equipment is recorded at historical cost. Construction in progress generally involves short-term projects for which
\ncapitalized interest is not significant. The Company provides for depreciation of property, plant and equipment computed under the
\nstraight-line method over the assets\u2019 estimated useful lives, or in the case of leasehold improvements over the shorter of the useful life
\nor the lease term. Amortization on finance leases is recognized with depreciation expense in the Consolidated Statements of Income over
\nthe shorter of the assets\u2019 expected life or the lease contract term. Repairs and maintenance are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11089": {
"value": "LEASES \nIn accordance with ASC 842,
Leases
, the Company recognizes contracts that is, or contains, a lease when the contract conveys the right
\nto control the use of a physically identified asset for a period of time in exchange for consideration in the balance sheet as a right-of-use
\nasset and lease liability. The Company recognizes a right-of-use asset and a lease liability at lease commencement. The lease liability
\nfor both finance and operating leases is measured at the present value of the remaining lease payments, discounted at the Company's
\nincremental borrowing rate (if the implicit interest rate in the lease contract is not readily determinable). The right-of-use asset (ROU) for
\nfinance and operating leases is initially measured at the sum of the initial lease liability plus initial direct costs plus prepaid lease payments
\nminus lease incentives received. Lease payments include undiscounted fixed payments plus optional payments that are reasonably
\ncertain to be owed. Lease payments do not include variable lease payments other than those that depend on an index or rate. Variable
\nlease payments that depend on an index or a rate are included in the calculation of lease payments and in the measurement of the lease
\nliability.
\nIf the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate as the discount rate. The
\nCompany uses its best judgement when determining the incremental borrowing rate, which is the rate of interest that the Company would
\nhave to pay to borrow on a collateralized basis over a similar term to the lease payments in a similar currency.
\nThe Company has elected the practical expedient of not separating lease components from non-lease components for all its classes of
\nunderlying assets. The Company has also elected to recognize the lease payments for short-term leases in its consolidated statement of
\nincome on a straight-line basis over the lease term and recognize the variable lease payments in the period in which the obligation for
\nthose payments is incurred.
\nFinance lease right-of-use assets are presented together with other property, plant and equipment assets and finance lease liabilities are
\npresented together with other current and non-current liabilities in the Consolidated Balance Sheets. Finance leases were not material
\nas of December 31, 2022.
\nFor further details on the Company\u2019s leases, see Note 3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11116": {
"value": "LONG-LIVED ASSET IMPAIRMENT \nThe Company evaluates the carrying value and useful lives of long-lived assets, other than goodwill and intangible assets, when
\nindications of impairment are evident or it is likely that the useful lives have decreased, in which case the Company depreciates the assets
\nover the remaining useful lives. Impairment testing is primarily done by using the cash flow method based on undiscounted future cash
\nflows. Estimated undiscounted cash flows for a long-lived asset being evaluated for recoverability are compared with the respective
\ncarrying amount of that asset. If the estimated undiscounted cash flows exceed the carrying amount of the assets, the carrying amounts
\nof the long-lived asset are considered recoverable and an impairment cannot be recorded. However, if the carrying amount of a group of
\nassets exceeds the undiscounted cash flows, an entity must then measure the long-lived assets\u2019 fair value to determine whether an
\nimpairment loss should be recognized, generally using a discounted cash flow model.
Generally, the lowest level of cash flows for
\nimpairment assessment is customer platform level.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11130": {
"value": "GOODWILL AND INTANGIBLE ASSETS \nGoodwill represents the excess of the fair value of consideration transferred over the fair value of net assets of businesses acquired.
\nGoodwill is not amortized but subject to at least an annual review for impairment. Other intangible assets, principally related to acquired
\ntechnology, are amortized over their useful lives which range from 3 to 25 years.
\nThe Company performs its annual impairment testing in the fourth quarter of each year. Impairment testing is required more often than
\nannually if an event or circumstance indicates that an impairment, or decline in value, may have occurred. The Company uses either a
\nqualitative assessment or a quantitative calculation for its impairment testing. The qualitative assessment permits the Company to assess
\nwhether it is more than likely than not (i.e. a likelihood of greater than 50%) that goodwill or an indefinite-lived intangible asset is impaired.
\nIf the Company concludes based on the qualitative assessment that it is not more likely than not that the fair value of goodwill or an
\nindefinite-lived intangible asset is less than its carrying amount, it would not have to quantitatively determine the asset\u2019s fair value.
The
\nCompany also consider external factors that could affect the significant inputs used to determine fair value.
\nIn 2022, the Company performed a quantitative impairment test by calculating the fair value of its goodwill. The estimated fair market
\nvalue of goodwill is determined by the discounted cash flow method. The Company discounts projected operating cash flows using its
\nweighted average cost of capital. Estimating the fair value requires the Company to make judgments about appropriate discount rates,
\ngrowth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. If the estimated
\nfair value of a reporting unit exceeds its carrying value, goodwill is considered not to be impaired. If the carrying value of a reporting unit
\nexceeds its estimated fair value, an impairment loss is recognized for the excess of carrying amount over the fair value of the respective
\nreporting unit. To supplement this analysis, the Company compares the market value of its equity, calculated by reference to the quoted
\nmarket prices of its shares, with the book value of its equity.
\nThere were no impairments of goodwill from 2020 through 2022.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11131": {
"value": "GOODWILL AND INTANGIBLE ASSETS \nGoodwill represents the excess of the fair value of consideration transferred over the fair value of net assets of businesses acquired.
\nGoodwill is not amortized but subject to at least an annual review for impairment. Other intangible assets, principally related to acquired
\ntechnology, are amortized over their useful lives which range from 3 to 25 years.
\nThe Company performs its annual impairment testing in the fourth quarter of each year. Impairment testing is required more often than
\nannually if an event or circumstance indicates that an impairment, or decline in value, may have occurred. The Company uses either a
\nqualitative assessment or a quantitative calculation for its impairment testing. The qualitative assessment permits the Company to assess
\nwhether it is more than likely than not (i.e. a likelihood of greater than 50%) that goodwill or an indefinite-lived intangible asset is impaired.
\nIf the Company concludes based on the qualitative assessment that it is not more likely than not that the fair value of goodwill or an
\nindefinite-lived intangible asset is less than its carrying amount, it would not have to quantitatively determine the asset\u2019s fair value.
The
\nCompany also consider external factors that could affect the significant inputs used to determine fair value.
\nIn 2022, the Company performed a quantitative impairment test by calculating the fair value of its goodwill. The estimated fair market
\nvalue of goodwill is determined by the discounted cash flow method. The Company discounts projected operating cash flows using its
\nweighted average cost of capital. Estimating the fair value requires the Company to make judgments about appropriate discount rates,
\ngrowth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. If the estimated
\nfair value of a reporting unit exceeds its carrying value, goodwill is considered not to be impaired. If the carrying value of a reporting unit
\nexceeds its estimated fair value, an impairment loss is recognized for the excess of carrying amount over the fair value of the respective
\nreporting unit. To supplement this analysis, the Company compares the market value of its equity, calculated by reference to the quoted
\nmarket prices of its shares, with the book value of its equity.
\nThere were no impairments of goodwill from 2020 through 2022.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11167": {
"value": "WARRANTIES AND RECALLS \nThe Company records liabilities for product recalls when probable claims are identified and when it is possible to reasonably estimate
\ncosts. Recall costs are costs incurred when the customer decides to formally recall a product due to a known or suspected safety concern.
\nProduct recall costs are estimated based on the expected cost of replacing the product and the customer\u00b4s cost of carrying out the recall,
\nwhich is affected by the number of vehicles subject to recall and the cost of labor and materials to remove and replace the defective
\nproduct. Insurance receivables, related to recall issues covered by the insurance, are included within other current and non-current assets
\nin the Consolidated Balance Sheets. Provisions for warranty claims are estimated based on prior experience, likely changes in
\nperformance of newer products and the mix and volume of products sold. The provisions are recorded on an accrual basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11178": {
"value": "RESTRUCTURING PROVISIONS \nThe Company defines restructuring expense to include costs directly associated with rightsizing, exit or disposal activities. Estimates of
\nrestructuring charges are based on information available at the time such charges are recorded. In general, management anticipates that
\nrestructuring activities will be completed within a timeframe such that significant changes to the exit plan are not likely. Due to inherent
\nuncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially
\nestimated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11187": {
"value": "PENSION OBLIGATIONS \nThe Company provides for both defined contribution plans and defined benefit plans. A defined contribution plan generally specifies the
\nperiodic amount that the employer must contribute to the plan and how that amount will be allocated to the eligible employees who perform
\nservices during the same period. A defined benefit pension plan is one that contains pension benefit formulas, which generally determine
\nthe amount of pension benefits that each employee will receive for services performed during a specified period of employment.
\nThe amount recognized as a defined benefit liability is the net total of projected benefit obligation (PBO) minus the fair value of plan
\nassets (if any) (see Note 18).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11197": {
"value": "CONTINGENT LIABILITIES \nVarious claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters
\nthat arise in the ordinary course of its business activities with respect to commercial, product liability or other matters (see Note 12). The
\nCompany diligently defends itself in such matters and, in addition, carries insurance coverage to the extent reasonably available against
\ninsurable risks. The Company records liabilities for claims, lawsuits and proceedings when they are probable and it is possible to
\nreasonably estimate the cost of such liabilities. Legal costs expected to be incurred in connection with a loss contingency are expensed
\nas such costs are incurred.
\nThe Company believes, based on currently available information, that the resolution of outstanding matters, other than any antitrust
\nrelated matters described in Note 17 after taking into account recorded liabilities and available insurance coverage, should not have a
\nmaterial effect on the Company\u2019s financial position or results of operations. However, due to the inherent uncertainty associated with such
\nmatters, there can be no assurance that the final outcomes of these matters will not be materially different than currently estimated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11211": {
"value": "TRANSLATION OF NON-U.S. SUBSIDIARIES \nThe balance sheets of subsidiaries with functional currency other than U.S. dollars are translated into U.S. dollars using year-end
\nexchange rates. The Statements of Income of these subsidiaries is translated into U.S. dollars using monthly average exchange rates.
\nTranslation differences are reflected in equity as a component of OCI.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11218": {
"value": "RECEIVABLES AND LIABILITIES IN NON-FUNCTIONAL CURRENCIES \nReceivables and liabilities not denominated in functional currencies are converted at year-end exchange rates. Net transaction losses,
\nreflected in the Consolidated Statements of Income, amounted to $(25) million in 2022, $(29) million in 2021 and $(24) million in 2020,
\nand are recorded in operating income if they relate to operational receivables and liabilities or are recorded in other non-operating items,
\nnet if they relate to financial receivables and liabilities.",
"dimensions": {
"concept": "alv:DescriptionOfAccountingPolicyForReceivablesAndLiabilitiesInNonFunctionalCurrenciesExplanatoryPolicyTextBlock",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11238": {
"value": "NEW ACCOUNTING STANDARDS \nChanges to U.S. GAAP are established by the Financial Accounting Standards Board (\u201cFASB\u201d) in the form of accounting standards
\nupdates (\u201cASUs\u201d) to the FASB\u2019s Accounting Standards Codification (ASC). The Company considers the applicability and impact of all
\nASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on
\nthe Company\u2019s consolidated financial statements.
\nAdoption of New Accounting Standards
\nIn November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about
\nGovernment Assistance, which increases the transparency of government assistance, including the disclosure of (1) the types of
\nassistance, (2) an entity\u2019s accounting for the assistance, and (3) the effect of the assistance on an entity\u2019s financial statements. ASU
\n2021-10 is effective for business entities for annual periods beginning after December 15, 2021, and early adoption is permitted. The
\namendments in this update should be applied either (1) prospectively to all transactions within the scope of the amendments that are
\nreflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial
\napplication or (2) retrospectively to those transactions. The Company adopted this standard prospectively on January 1, 2022, and the
\nadoption of this standard did not have a material impact on our Consolidated Financial Statements or related disclosures. For further
\ninformation, see this Note 2 above.
\nAccounting Standards Issued But Not Yet Adopted
\nIn September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50), Disclosure of Supplier
\nFinance Program Obligations, which requires that a buyer in a supplier finance program disclose sufficient information about the program
\nto allow a user of financial statements to understand the program\u2019s nature, activity during the period, changes from period to period, and
\npotential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance
\nprograms. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of obligations
\ncovered by supplier finance programs. The amendments in this update are effective for fiscal years beginning after December 15, 2022,
\nincluding interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years
\nbeginning after December 15, 2023, with early adoption permitted. During the fiscal year of adoption, the information on the key terms of
\nthe programs and the balance sheet presentation of the program obligations, which are annual disclosure requirements, should be
\ndisclosed in each interim period. The amendments in this update should be applied retrospectively to each period in which a balance
\nsheet is presented, except for the amendment on rollforward information, which should be applied prospectively. The Company is currently
\nassessing the impact that ASU 2022-04 will have on its consolidated financial statements and will adopt the amendments in this update
\nupon the effective dates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11239": {
"value": "NEW ACCOUNTING STANDARDS \nChanges to U.S. GAAP are established by the Financial Accounting Standards Board (\u201cFASB\u201d) in the form of accounting standards
\nupdates (\u201cASUs\u201d) to the FASB\u2019s Accounting Standards Codification (ASC). The Company considers the applicability and impact of all
\nASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on
\nthe Company\u2019s consolidated financial statements.
\nAdoption of New Accounting Standards
\nIn November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about
\nGovernment Assistance, which increases the transparency of government assistance, including the disclosure of (1) the types of
\nassistance, (2) an entity\u2019s accounting for the assistance, and (3) the effect of the assistance on an entity\u2019s financial statements. ASU
\n2021-10 is effective for business entities for annual periods beginning after December 15, 2021, and early adoption is permitted. The
\namendments in this update should be applied either (1) prospectively to all transactions within the scope of the amendments that are
\nreflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial
\napplication or (2) retrospectively to those transactions. The Company adopted this standard prospectively on January 1, 2022, and the
\nadoption of this standard did not have a material impact on our Consolidated Financial Statements or related disclosures. For further
\ninformation, see this Note 2 above.
\nAccounting Standards Issued But Not Yet Adopted
\nIn September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50), Disclosure of Supplier
\nFinance Program Obligations, which requires that a buyer in a supplier finance program disclose sufficient information about the program
\nto allow a user of financial statements to understand the program\u2019s nature, activity during the period, changes from period to period, and
\npotential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance
\nprograms. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of obligations
\ncovered by supplier finance programs. The amendments in this update are effective for fiscal years beginning after December 15, 2022,
\nincluding interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years
\nbeginning after December 15, 2023, with early adoption permitted. During the fiscal year of adoption, the information on the key terms of
\nthe programs and the balance sheet presentation of the program obligations, which are annual disclosure requirements, should be
\ndisclosed in each interim period. The amendments in this update should be applied retrospectively to each period in which a balance
\nsheet is presented, except for the amendment on rollforward information, which should be applied prospectively. The Company is currently
\nassessing the impact that ASU 2022-04 will have on its consolidated financial statements and will adopt the amendments in this update
\nupon the effective dates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11283": {
"value": "3. Leases \nThe Company has operating leases for offices, manufacturing and research buildings, machinery, cars, data processing and other
\nequipment. The Company\u2019s leases have remaining lease terms of 1-45 years, some of which include options to extend the leases for up
\nto 25 years, and some of which include options to terminate the leases within one year.
\nAs of December 31, 2022, the Company has no additional material operating leases that have not yet commenced.
\nThe following tables provide information about the Company\u2019s operating leases. The Company has not identified any material finance
\nleases as of December 31, 2022; therefore, the finance lease cost components have not been disclosed in the tables below.
\nLease cost
\n(Dollars in millions)
\nYear ended December 31
\n2022
2021
\nOperating lease cost
$
50
$
44
\nShort-term lease cost
9
10
\nVariable lease cost
4
4
\nSublease income
(1
)
(2
)
\nTotal lease cost
$
62
$
57
\nOther information
\n(Dollars in millions)
Year ended or as of
\nDecember 31,
\n2022
2021
\nCash paid for amounts included in the measurement
\nof operating lease liabilities
$
42
$
46
\nRight-of-use assets obtained in exchange for new
\noperating lease liabilities
74
41
\nWeighted-average remaining lease term - operating
\nleases
9.7 years
6.7 years
\nWeighted-average discount rate - operating leases
2.8
%
2.1
%
\nMaturities of operating lease liabilities (undiscounted cash
\nflows) are as follows:
\n(Dollars in millions)
\nMaturities
\n2023
$
41
\n2024
27
\n2025
22
\n2026
16
\n2027
13
\nThereafter
67
\nTotal operating lease payments
186
\nLess imputed interest
(27
)
\nTotal operating lease liabilities
$
159",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11378": {
"value": "4. Fair Value Measurements \nASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
\nThe carrying value of cash and cash equivalents, accounts receivable, accounts payable, other current liabilities and short-term debt
\napproximate their fair value because of the short-term maturity of these instruments.
\nThe Company uses derivative financial instruments, \u201cderivatives\u201d, as part of its debt management to mitigate the market risk that occurs
\nfrom its exposure to changes in interest and foreign exchange rates. The Company does not enter into derivatives for trading or other
\nspeculative purposes. The Company\u2019s use of derivatives is in accordance with the strategies contained in the Company\u2019s overall financial
\npolicy. All derivatives are recognized in the consolidated financial statements at fair value. Certain derivatives are from time to time
\ndesignated either as fair value hedges or cash flow hedges in line with the hedge accounting criteria. For certain other derivatives hedge
\naccounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does not meet
\nthe hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that occurs from
\nchanges in interest and foreign exchange rates.
\nThe degree of judgment utilized in measuring the fair value of the instruments generally correlates to the level of pricing observability.
\nPricing observability is impacted by several factors, including the type of asset or liability, whether the asset or liability has an established
\nmarket and the characteristics specific to the transaction. Instruments with readily active quoted prices or for which fair value can be
\nmeasured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized
\nin measuring fair value. Conversely, assets rarely traded or not quoted will generally have less, or no, pricing observability and a higher
\ndegree of judgment utilized in measuring fair value.
\nUnder U.S. GAAP, there is a disclosure framework hierarchy associated with the level of pricing observability utilized in measuring assets
\nand liabilities at fair value. The three broad levels defined by the hierarchy are as follows:
\nLevel 1
- Quoted prices are available in active markets for identical assets or liabilities as of the reported date.
\nLevel 2
- Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported
\ndate. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items
\nthat are fair valued using other financial instruments, the parameters of which can be directly observed.
\nLevel 3
- Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets
\nand are measured using management\u2019s best estimate of fair value, where the inputs into the determination of fair value require significant
\nmanagement judgment or estimation.
\nThe Company\u2019s derivatives are all classified as Level 2 of the fair value hierarchy.
\nThe tables below present information about the Company\u2019s financial assets and liabilities measured at fair value on a recurring basis for
\nthe continuing operations as of December 31, 2022 and December 31, 2021. The carrying value is the same as the fair value as these
\ninstruments are recognized in the consolidated financial statements at fair value. Although the Company is party to close-out netting
\nagreements (ISDA agreements) with all derivative counterparties, the fair values in the tables below and in the Consolidated Balance
\nSheets at December 31, 2022 and December 31, 2021 have been presented on a gross basis. According to the close-out netting
\nagreements, transaction amounts payable to a counterparty on the same date and in the same currency can be netted. The amounts
\nsubject to netting agreements that the Company choose not to offset are presented below.
\nDERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS
\nThere were no derivatives designated as hedging instruments as of December 31, 2022 and December 31, 2021 related to the continuing
\noperations.
\n\n\n\n\n70
\nDERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
\nDerivatives not designated as hedging instruments, relate to economic hedges and are marked to market with all amounts recognized in
\nthe Consolidated Statements of Income. The derivatives not designated as hedging instruments outstanding at December 31, 2022 and
\nDecember 31, 2021 were foreign exchange swaps.
\nFor 2022, the Company recognized a gain of $2 million in other non-operating items, net for derivative instruments not designated as
\nhedging instruments. For 2021, the Company recognized a loss of $33 million. For 2020, the Company recognized a gain of $19 million.
\nThe realized part of the losses referred to above are reported under financing activities in the statement of cash flows
.
For 2022, 2021
\nand 2020, the gains and losses recognized as interest expense were immaterial.
\nDECEMBER 31, 2022
DECEMBER 31, 2021
\nFair Value Measurements
Fair Value Measurements
\nDerivative asset
Derivative liability
Derivative asset
Derivative liability
\nNominal
(Other current
(Other current
Nominal
(Other current
(Other current
\n(Dollars in millions)
volume
assets)
liabilities)
volume
assets)
liabilities)
\nDERIVATIVES NOT DESIGNATED
\nAS HEDGING INSTRUMENTS
\nForeign exchange swaps, less
\nthan 6 months
$
2,616
\n1)
\n$
22
\n2)
\n$
15
\n3)
\n$
1,348
\n4)
\n$
5
\n5)
\n$
16
\n6)
\nTOTAL DERIVATIVES NOT
\nDESIGNATED AS HEDGING
\nINSTRUMENTS
$
2,616
$
22
$
15
$
1,348
$
5
$
16
\n1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,616 million.
\n2) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million.
\n3) Net amount after deducting for offsetting swaps under ISDA agreements is $15 million.
\n4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,326 million.
\n5) Net amount after deducting for offsetting swaps under ISDA agreements is $5 million.
\n6) Net amount after deducting for offsetting swaps under ISDA agreements is $16 million.
\nFAIR VALUE OF DEBT
\nThe fair value of long-term debt is determined either from quoted market prices as provided by participants in the secondary market or
\nfor long-term debt without quoted market prices, estimated using a discounted cash flow method based on the Company\u2019s current
\nborrowing rates for similar types of financing. The fair value and carrying value of debt is summarized in the table below. The Company
\nhas determined that each of these fair value measurements of debt reside within Level 2 of the fair value hierarchy.
\nThe fair value and carrying value of debt for the continuing operations are summarized in the table below (dollars in millions).
\nDECEMBER 31, 2022
DECEMBER 31, 2021
\nCARRYING
\nVALUE
\n1)
\nFAIR
\nVALUE
\nCARRYING
\nVALUE
\n1)
\nFAIR
\nVALUE
\nLONG-TERM DEBT
\nBonds
$
767
$
735
$
1,330
$
1,400
\nLoans
287
292
332
347
\nTOTAL
$
1,054
$
1,027
$
1,662
$
1,747
\nSHORT-TERM DEBT
\nShort-term portion of long-term debt
$
533
$
527
$
332
$
333
\nOverdrafts and other short-term debt
178
178
14
14
\nTOTAL
$
711
$
705
$
346
$
348
\n1) Debt as reported in balance sheet.
\nASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A NON-RECURRING BASIS
\nIn addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also has assets and liabilities in its
\nbalance sheet that are measured at fair value on a nonrecurring basis including certain long-lived assets, including equity method
\ninvestments, goodwill and other intangible assets, typically as it relates to impairment.
\nThe Company has determined that the fair value measurements included in each of these assets and liabilities rely primarily on Company-
\nspecific inputs and the Company\u2019s assumptions about the use of the assets and settlements of liabilities, as observable inputs are not
\navailable. The Company has determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy. To
\ndetermine the fair value of long-lived assets as of the reporting date, the Company utilizes the projected cash flows expected to be
\ngenerated by the long-lived assets, then discounts the future cash flows over the expected life of the long-lived assets.
\nFor the period 2020-2022, the Company did not record any material impairment charges on its long-lived assets for its continuing
\noperations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11418": {
"value": "DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS \nThere were no derivatives designated as hedging instruments as of December 31, 2022 and December 31, 2021 related to the continuing
\noperations.
\n\n\n\n\n70
\nDERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
\nDerivatives not designated as hedging instruments, relate to economic hedges and are marked to market with all amounts recognized in
\nthe Consolidated Statements of Income. The derivatives not designated as hedging instruments outstanding at December 31, 2022 and
\nDecember 31, 2021 were foreign exchange swaps.
\nFor 2022, the Company recognized a gain of $2 million in other non-operating items, net for derivative instruments not designated as
\nhedging instruments. For 2021, the Company recognized a loss of $33 million. For 2020, the Company recognized a gain of $19 million.
\nThe realized part of the losses referred to above are reported under financing activities in the statement of cash flows
.
For 2022, 2021
\nand 2020, the gains and losses recognized as interest expense were immaterial.
\nDECEMBER 31, 2022
DECEMBER 31, 2021
\nFair Value Measurements
Fair Value Measurements
\nDerivative asset
Derivative liability
Derivative asset
Derivative liability
\nNominal
(Other current
(Other current
Nominal
(Other current
(Other current
\n(Dollars in millions)
volume
assets)
liabilities)
volume
assets)
liabilities)
\nDERIVATIVES NOT DESIGNATED
\nAS HEDGING INSTRUMENTS
\nForeign exchange swaps, less
\nthan 6 months
$
2,616
\n1)
\n$
22
\n2)
\n$
15
\n3)
\n$
1,348
\n4)
\n$
5
\n5)
\n$
16
\n6)
\nTOTAL DERIVATIVES NOT
\nDESIGNATED AS HEDGING
\nINSTRUMENTS
$
2,616
$
22
$
15
$
1,348
$
5
$
16
\n1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,616 million.
\n2) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million.
\n3) Net amount after deducting for offsetting swaps under ISDA agreements is $15 million.
\n4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,326 million.
\n5) Net amount after deducting for offsetting swaps under ISDA agreements is $5 million.
\n6) Net amount after deducting for offsetting swaps under ISDA agreements is $16 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11603": {
"value": "5. Income Taxes \nINCOME BEFORE INCOME TAXES
(Dollars in millions)
2022
2021
2020
\nU.S.
$
(3
)
$
(38
)
$
(102
)
\nNon-U.S.
606
652
393
\nTotal
$
603
$
614
$
291
\nPROVISION FOR INCOME TAXES (Dollars in millions)
2022
2021
2020
\nCurrent
\nU.S. federal
$
32
$
8
$
(41
)
\nNon-U.S.
181
191
169
\nU.S. state and local
5
(2
)
(2
)
\nDeferred
\nU.S. federal
(20
)
(8
)
(6
)
\nNon-U.S.
(17
)
(10
)
(17
)
\nU.S. state and local
(3
)
(2
)
(2
)
\nTotal income tax expense
$
178
$
177
$
103
\nEFFECTIVE INCOME TAX RATE (%)
2022
2021
2020
\nU.S. federal income tax rate
21.0
%
21.0
%
21.0
%
\nNon-Deductible Expenses
0.5
(0.1
)
3.0
\nForeign tax rate variances
3.6
3.1
8.4
\nTax credits
(3.5
)
(2.2
)
(3.2
)
\nChange in Valuation Allowances
(1.7
)
(0.1
)
7.1
\nChanges in tax reserves
(0.2
)
0.6
1.7
\nProvision to Return
0.6
(0.2
)
(8.8
)
\nEarnings of equity investments
(0.1
)
(0.1
)
(0.2
)
\nWithholding taxes
4.0
4.5
8.5
\nState taxes, net of federal benefit
0.4
(0.5
)
(0.7
)
\nTax Audits
1.0
0.6
0.0
\nU.S. GILTI Tax
3.4
1.1
\u2014
\nImpact of Translation Rates
0.2
\u2014
\u2014
\nOther, net
0.3
1.2
(1.5
)
\nEffective income tax rate
29.5
%
28.9
%
35.3
%
\n\n\n72
\nDeferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for
\nfinancial reporting purposes and the amounts used for income tax purposes. On December 31, 2022, the Company had net operating
\nloss carryforwards (NOL\u2019s) of approximately $453 million, of which approximately $373 million have no expiration date. The remaining
\nlosses expire on various dates through 2037. The Company also has $25 million of U.S. Foreign Tax Credit carry forwards, which begin
\nto expire in 2026.
\nValuation allowances have been established which partially offset the related deferred assets. Such allowances are primarily provided
\nagainst NOL\u2019s of companies that have perennially incurred losses, as well as the NOL\u2019s of companies that are start-up operations and
\nhave not established a pattern of profitability. The Company assesses all available evidence, both positive and negative, to determine
\nthe amount of any required valuation allowance. During 2022, the Company recognized a tax benefit of $24 million due to the reversal of
\nvaluation allowances related to deferred tax assets for loss carryforwards and other deferred balances in Brazil, on the basis of
\nmanagement\u2019s reassessment of the amount of its deferred tax assets that are more likely than not to be realized.
\nOn August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (\u201cIRA\u201d) into law. The IRA contains a number of revisions
\nto the Internal Revenue Code, including a 15% corporate alternative minimum income tax and a 1% excise tax on corporate stock
\nrepurchases in tax years beginning after December 31, 2022. While these tax law changes have no immediate effect and are not expected
\nto have a material adverse effect on our results of operations going forward, we will continue to evaluate its impact as further information
\nbecomes available.
\nThe foreign tax rate variance reflects the fact that approximately two-thirds of the Company\u2019s non-U.S. pre-tax income is generated by
\nbusiness operations located in tax jurisdictions where the tax rate is between 20-30%. The tax rate from quarter to quarter and from year
\nto year is also impacted by the mix of earnings and tax rates in various jurisdictions compared to the same periods or prior years.
\nThe Company has reserves for income taxes that may become payable in future periods as a result of tax audits. These reserves
\nrepresent the Company\u2019s best estimate of the potential liability for tax exposures. Inherent uncertainties exist in estimates of tax exposures
\ndue to changes in tax law, both legislated and concluded through the various jurisdictions\u2019 court systems. The Company files income tax
\nreturns in the United States federal jurisdiction, and various states and non-U.S. jurisdictions.
\nAt any given time, the Company is undergoing tax audits in several tax jurisdictions, covering multiple years. The Company is no longer
\nsubject to income tax examination by the U.S. Federal tax authorities for years prior to 2015. With few exceptions, the Company is no
\nlonger subject to income tax examination by U.S. state or local tax authorities or by non-U.S. tax authorities for years before 2011. The
\nCompany is undergoing tax audits in several non-U.S. jurisdictions and several U.S. state jurisdictions, covering multiple years. As of
\nDecember 31, 2022, as a result of those tax examinations, the Company is not aware of any proposed income tax adjustments that would
\nhave a material impact on the Company\u2019s financial statements, however, other audits could result in additional increases or decreases to
\nthe unrecognized tax benefits in some future period or periods.
\nThe Company recognizes interest and potential penalties accrued related to unrecognized tax benefits in tax expense. As of December
\n31, 2021, the Company had recorded $49 million for unrecognized tax benefits related to prior years, including $11 million of accrued
\ninterest and penalties. During 2022, the Company recorded a net decrease of $4 million to income tax reserves for unrecognized tax
\nbenefits related to tax positions taken in prior years. Also during 2022, the Company recorded a net increase of $7 million to income tax
\nreserves for unrecognized tax benefits based on tax positions taken in the current year.
\nThe Company had $11 million accrued for the payment of interest and penalties as of December 31, 2022. Of the total unrecognized tax
\nbenefits of $46 million recorded at December 31, 2022, $5 million is classified as current income tax payable, and $41 million is classified
\nas non-current tax payable included in Other Non-Current Liabilities on the Consolidated Balance Sheets. Substantially all of these
\nreserves would impact the effective tax rate if released into income. The following table summarizes the activity related to the Company\u2019s
\nunrecognized tax benefits (dollars in millions):
\n\n73
\nUNRECOGNIZED TAX BENEFITS
2022
2021
2020
\nUnrecognized tax benefits at beginning of year
$
65
$
63
$
59
\nIncreases as a result of tax positions taken during a prior
\nperiod
0
3
1
\nIncreases as a result of tax positions taken during the current
\nperiod
7
5
4
\nDecreases as a result of tax positions taken during a prior period
0
0
0
\nDecreases relating to settlements with taxing authorities
(4
)
(4
)
0
\nDecreases resulting from the lapse of the applicable statute
\nof limitations
0
(1
)
(1
)
\nTranslation Difference
(1
)
(1
)
(0
)
\nTotal unrecognized tax benefits at end of year
$
67
$
65
$
63
\nThe tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities were as
\nfollows (dollars in millions).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11780": {
"value": "Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for \nfinancial reporting purposes and the amounts used for income tax purposes. On December 31, 2022, the Company had net operating
\nloss carryforwards (NOL\u2019s) of approximately $453 million, of which approximately $373 million have no expiration date. The remaining
\nlosses expire on various dates through 2037. The Company also has $25 million of U.S. Foreign Tax Credit carry forwards, which begin
\nto expire in 2026.
\nValuation allowances have been established which partially offset the related deferred assets. Such allowances are primarily provided
\nagainst NOL\u2019s of companies that have perennially incurred losses, as well as the NOL\u2019s of companies that are start-up operations and
\nhave not established a pattern of profitability. The Company assesses all available evidence, both positive and negative, to determine
\nthe amount of any required valuation allowance. During 2022, the Company recognized a tax benefit of $24 million due to the reversal of
\nvaluation allowances related to deferred tax assets for loss carryforwards and other deferred balances in Brazil, on the basis of
\nmanagement\u2019s reassessment of the amount of its deferred tax assets that are more likely than not to be realized.
\nOn August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (\u201cIRA\u201d) into law. The IRA contains a number of revisions
\nto the Internal Revenue Code, including a 15% corporate alternative minimum income tax and a 1% excise tax on corporate stock
\nrepurchases in tax years beginning after December 31, 2022. While these tax law changes have no immediate effect and are not expected
\nto have a material adverse effect on our results of operations going forward, we will continue to evaluate its impact as further information
\nbecomes available.
\nThe foreign tax rate variance reflects the fact that approximately two-thirds of the Company\u2019s non-U.S. pre-tax income is generated by
\nbusiness operations located in tax jurisdictions where the tax rate is between 20-30%. The tax rate from quarter to quarter and from year
\nto year is also impacted by the mix of earnings and tax rates in various jurisdictions compared to the same periods or prior years.
\nThe Company has reserves for income taxes that may become payable in future periods as a result of tax audits. These reserves
\nrepresent the Company\u2019s best estimate of the potential liability for tax exposures. Inherent uncertainties exist in estimates of tax exposures
\ndue to changes in tax law, both legislated and concluded through the various jurisdictions\u2019 court systems. The Company files income tax
\nreturns in the United States federal jurisdiction, and various states and non-U.S. jurisdictions.
\nAt any given time, the Company is undergoing tax audits in several tax jurisdictions, covering multiple years. The Company is no longer
\nsubject to income tax examination by the U.S. Federal tax authorities for years prior to 2015. With few exceptions, the Company is no
\nlonger subject to income tax examination by U.S. state or local tax authorities or by non-U.S. tax authorities for years before 2011. The
\nCompany is undergoing tax audits in several non-U.S. jurisdictions and several U.S. state jurisdictions, covering multiple years. As of
\nDecember 31, 2022, as a result of those tax examinations, the Company is not aware of any proposed income tax adjustments that would
\nhave a material impact on the Company\u2019s financial statements, however, other audits could result in additional increases or decreases to
\nthe unrecognized tax benefits in some future period or periods.
\nThe Company recognizes interest and potential penalties accrued related to unrecognized tax benefits in tax expense. As of December
\n31, 2021, the Company had recorded $49 million for unrecognized tax benefits related to prior years, including $11 million of accrued
\ninterest and penalties. During 2022, the Company recorded a net decrease of $4 million to income tax reserves for unrecognized tax
\nbenefits related to tax positions taken in prior years. Also during 2022, the Company recorded a net increase of $7 million to income tax
\nreserves for unrecognized tax benefits based on tax positions taken in the current year.
\nThe Company had $11 million accrued for the payment of interest and penalties as of December 31, 2022. Of the total unrecognized tax
\nbenefits of $46 million recorded at December 31, 2022, $5 million is classified as current income tax payable, and $41 million is classified
\nas non-current tax payable included in Other Non-Current Liabilities on the Consolidated Balance Sheets. Substantially all of these
\nreserves would impact the effective tax rate if released into income. The following table summarizes the activity related to the Company\u2019s
\nunrecognized tax benefits (dollars in millions):
\n\n\n\n\n73
\nUNRECOGNIZED TAX BENEFITS
2022
2021
2020
\nUnrecognized tax benefits at beginning of year
$
65
$
63
$
59
\nIncreases as a result of tax positions taken during a prior
\nperiod
0
3
1
\nIncreases as a result of tax positions taken during the current
\nperiod
7
5
4
\nDecreases as a result of tax positions taken during a prior period
0
0
0
\nDecreases relating to settlements with taxing authorities
(4
)
(4
)
0
\nDecreases resulting from the lapse of the applicable statute
\nof limitations
0
(1
)
(1
)
\nTranslation Difference
(1
)
(1
)
(0
)
\nTotal unrecognized tax benefits at end of year
$
67
$
65
$
63
\nThe tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities were as
\nfollows (dollars in millions).
\nDEFERRED TAXES
December 31,
\n2022
2021
2020
\nAssets
\nProvisions
$
99
$
136
$
141
\nCosts capitalized for tax
43
29
21
\nProperty, plant and equipment
12
0
5
\nRetirement Plans
42
46
59
\nTax receivables, principally NOL\u2019s
123
109
110
\nDeferred tax assets before allowances
319
320
336
\nValuation allowances
(46
)
(59
)
(68
)
\nTotal
273
261
268
\nLiabilities
\nAcquired intangibles
0
0
(2
)
\nStatutory tax allowances
0
(6
)
(0
)
\nDistribution taxes
(3
)
(6
)
(15
)
\nOther
(2
)
(3
)
(4
)
\nTotal
(5
)
(15
)
(21
)
\nNet deferred tax asset
$
268
$
246
$
247
\nThe following table summarizes the activity related to the Company\u2019s valuation allowances (dollars in millions):
\nVALUATION ALLOWANCES AGAINST DEFERRED TAX ASSETS
December 31,
\n2022
2021
2020
\nAllowances at beginning of year
$
59
$
68
$
61
\nBenefits reserved current year
14
5
14
\nBenefits recognized current year
(27
)
(9
)
(1
)
\nTranslation difference
0
(5
)
(6
)
\nAllowances at end of year
$
46
$
59
$
68 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12024": {
"value": "6. Receivables \n(Dollars in millions)
December 31,
\n2022
2021
2020
\nReceivables
$
1,916
$
1,707
$
1,831
\nAllowance for credit loss at beginning of year
(8
)
(12
)
(9
)
\nReversal of (addition to) allowance
(4
)
(0
)
(4
)
\nWrite-off against allowance
2
4
1
\nTranslation difference
1
1
(1
)
\nAllowance for credit loss at end of year
(9
)
(8
)
(12
)
\nTotal receivables, net of allowance
$
1,907
$
1,699
$
1,820",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12077": {
"value": "7. Inventories \n(Dollars in millions)
December 31,
\n2022
2021
2020
\nRaw material
$
445
$
395
$
379
\nWork in progress
350
283
292
\nFinished products
265
190
220
\nInventories
1,060
868
891
\nInventory reserve at beginning of year
(91
)
(93
)
(83
)
\nReversal of (addition to) reserve
(5
)
(3
)
(3
)
\nTranslation difference
4
5
(6
)
\nInventory reserve at end of year
(91
)
(91
)
(93
)
\nTotal inventories, net of reserve
$
969
$
777
$
798",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12138": {
"value": "8. Other Non-Current Assets \n(Dollars in millions)
December 31,
\n2022
2021
\nEquity method investments
$
12
$
11
\nDeferred tax assets
289
271
\nIncome tax receivables
22
20
\nInsurance receivables
124
127
\nOther non-current assets
56
51
\nTotal other non-current assets
$
502
$
481
\nAs of December 31, 2022 and 2021, the Company had one equity method investment. The Company owns 49% of Autoliv-Hirotako
\nSafety Sdn, Bhd (parent and subsidiaries) in Malaysia which it currently does not control, but in which it exercises significant influence
\nover operations and financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12180": {
"value": "9. Property, Plant and Equipment \n(Dollars in millions)
December 31,
\n2022
2021
Estimated life
\nLand and land improvements
$
125
$
147
n/a to 15
\nBuildings
957
957
20-40
\nMachinery and equipment
4,155
4,193
3-12
\nConstruction in progress
523
354
n/a
\nProperty, plant and equipment
5,760
5,651
\nLess accumulated depreciation
(3,800
)
(3,796
)
\nNet of depreciation
$
1,960
$
1,855
\nDEPRECIATION INCLUDED IN
2022
2021
2020
\nCost of sales
$
329
$
348
$
327
\nSelling, general and administrative expenses
11
13
13
\nResearch, development and engineering expenses, net
20
23
21
\nTotal
$
360
$
384
$
361
\nNo significant fixed asset impairments related to the Company\u2019s operations were recognized during 2022, 2021 or 2020.
\nThe net book value of machinery and equipment and buildings and land under finance lease contracts recorded at December 31, 2022
\nand December 31, 2021 were immaterial. The amortization expense related to finance leases is included with depreciation expenses
\ndisclosed in the table above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12250": {
"value": "10. Goodwill and Intangible Assets \nGOODWILL
(Dollars in millions)
2022
2021
\nCarrying amount at beginning of year
\n$
1,387
$
1,398
\nTranslation differences
\n(11
)
(11
)
\nCarrying amount at end of year
\n$
1,375
$
1,387
\nApproximately $1.2 billion of the Company\u2019s goodwill is associated with the 1997 merger of Autoliv AB and the Automotive Safety Products
\nDivision of Morton International, Inc. No goodwill impairment charges were recognized during 2022, 2021 or 2020.
\nAMORTIZABLE INTANGIBLES
(Dollars in millions)
2022
2021
\nGross carrying amount
$
387
$
398
\nAccumulated amortization
(380
)
(390
)
\nCarrying value
$
7
$
8
\nAt December 31, 2022, intangible assets subject to amortization mainly relate to acquired technology. No significant impairments of
\nintangible assets were recognized during 2022, 2021 or 2020.
\nAmortization expense related to intangible assets was $3 million, $10 million and $10 million in 2022, 2021 and 2020, respectively.
\nEstimated future amortization expense is: 2023: $2 million; 2024: $2 million; 2025: $2 million; 2026: $\u2014 million and 2027: $\u2014 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12251": {
"value": "10. Goodwill and Intangible Assets \nGOODWILL
(Dollars in millions)
2022
2021
\nCarrying amount at beginning of year
\n$
1,387
$
1,398
\nTranslation differences
\n(11
)
(11
)
\nCarrying amount at end of year
\n$
1,375
$
1,387
\nApproximately $1.2 billion of the Company\u2019s goodwill is associated with the 1997 merger of Autoliv AB and the Automotive Safety Products
\nDivision of Morton International, Inc. No goodwill impairment charges were recognized during 2022, 2021 or 2020.
\nAMORTIZABLE INTANGIBLES
(Dollars in millions)
2022
2021
\nGross carrying amount
$
387
$
398
\nAccumulated amortization
(380
)
(390
)
\nCarrying value
$
7
$
8
\nAt December 31, 2022, intangible assets subject to amortization mainly relate to acquired technology. No significant impairments of
\nintangible assets were recognized during 2022, 2021 or 2020.
\nAmortization expense related to intangible assets was $3 million, $10 million and $10 million in 2022, 2021 and 2020, respectively.
\nEstimated future amortization expense is: 2023: $2 million; 2024: $2 million; 2025: $2 million; 2026: $\u2014 million and 2027: $\u2014 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12252": {
"value": "10. Goodwill and Intangible Assets \nGOODWILL
(Dollars in millions)
2022
2021
\nCarrying amount at beginning of year
\n$
1,387
$
1,398
\nTranslation differences
\n(11
)
(11
)
\nCarrying amount at end of year
\n$
1,375
$
1,387
\nApproximately $1.2 billion of the Company\u2019s goodwill is associated with the 1997 merger of Autoliv AB and the Automotive Safety Products
\nDivision of Morton International, Inc. No goodwill impairment charges were recognized during 2022, 2021 or 2020.
\nAMORTIZABLE INTANGIBLES
(Dollars in millions)
2022
2021
\nGross carrying amount
$
387
$
398
\nAccumulated amortization
(380
)
(390
)
\nCarrying value
$
7
$
8
\nAt December 31, 2022, intangible assets subject to amortization mainly relate to acquired technology. No significant impairments of
\nintangible assets were recognized during 2022, 2021 or 2020.
\nAmortization expense related to intangible assets was $3 million, $10 million and $10 million in 2022, 2021 and 2020, respectively.
\nEstimated future amortization expense is: 2023: $2 million; 2024: $2 million; 2025: $2 million; 2026: $\u2014 million and 2027: $\u2014 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12313": {
"value": "11. Restructuring \nRestructuring provisions are made on a case-by-case basis and primarily include severance costs incurred in connection with headcount
\nreductions and plant consolidations. Restructuring costs other than employee related costs are immaterial for all periods presented and
\nare included in the table below. The Company expects to finance restructuring programs over the next several years through cash
\ngenerated from its ongoing operations or through cash available under its existing credit facilities. The Company does not expect that the
\nexecution of these programs will have an adverse impact on its liquidity position. The changes in the employee-related reserves have
\nbeen charged against Other income (expense), net in the Consolidated Statements of Income. The restructuring reserve balance is
\nincluded within Accrued expenses in the Consolidated Balance Sheet.
\n(Dollars in millions)
2022
2021
2020
\nReserve at beginning of the period
$
88
$
126
$
56
\nProvision - charge
17
39
109
\nProvision - reversal
(4
)
(31
)
(10
)
\nCash payments
(64
)
(37
)
(38
)
\nTranslation difference
(5
)
(8
)
9
\nReserve at end of the period
$
31
$
88
$
126
\nAs of December 31, 2022, approximately $10 million out of the $31 million in total reserve balance can be attributed to footprint
\noptimization activities in Europe, initiated in the third quarter of 2020 and expected to be concluded in 2023. The restructuring charges in
\n2022 of $17 million, mainly related to footprint optimization activities in Asia and Europe. Cash payments of $64 million in 2022 are mainly
\nrelated to the structural efficiency program initiated in 2020, footprint optimization activities in Europe initiated in 2020 and in Asia initiated
\nin 2022.
\nThe restructuring charges in 2021 of $39 million, mainly related to footprint optimization activities primarily in Asia. Reversals mainly
\nrelated to the structural efficiency program initiated in the second quarter of 2020. Cash payments in 2021 related to the structural
\nefficiency program initiated in the second quarter of 2020 and other footprint activities.
\nThe restructuring charges in 2020 of $109 million, mainly related to the structural efficiency program initiated in the second quarter of
\n2020 in the Americas and Europe, and footprint optimization activities in Europe initiated in the third quarter of 2020. Cash payments in
\n2020 mainly related to the structural efficiency program initiated in 2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12377": {
"value": "12. Product Related Liabilities \nAutoliv is exposed to product liability and warranty claims in the event that the Company\u2019s products fail to perform as represented and
\nsuch failure results, or is alleged to result, in bodily injury, and/or property damage or other loss. The Company has reserves for product
\nrisks. Such reserves are related to product performance issues including recall, product liability and warranty issues. For further
\ninformation, see Note 17.
\nThe Company records liabilities for product related risks when probable claims are identified and when it is possible to reasonably estimate
\ncosts. Changes in reserve for warranty claims are estimated based on prior experience, likely changes in performance of newer products,
\nand the mix and volume of the products sold. The changes in reserve are recorded on an accrual basis.
\nPursuant to the Spin-off Agreements, Autoliv is also required to indemnify Veoneer, Inc. (which was acquired by SSW Partners on April
\n1, 2022) for recalls related to certain qualified Electronics products. At December 31, 2022, the reserves for indemnification liabilities were
\napproximately $4 million and were included within accrued expenses on the Consolidated Balance Sheet.
\nIn 2022, the change in the reserve for product related liabilities mainly related to warranty related issues. Of the cash payments in 2022
\nthe main part was also related to warranty related issues. In 2021, the cash payments mainly related to recall related issues, whereof the
\nmain part was related to the \u201cToyota Recall\u201d recall issue. In 2020, the change in reserve mainly related to recall related issues, whereof
\nthe \"Toyota Recall\" represented the major recall issue. The reserve for product related liabilities is included in accrued expenses on the
\nConsolidated Balance Sheet.
\nA majority of the Company\u2019s recall related issues as of December 31, 2022 are covered by insurance. Insurance receivables are included
\nwithin other current and non-current assets on the Consolidated Balance Sheet. As of December 31, 2022, the Company had total
\ninsurance receivables related to recall issues of $124 million ($138 million as of December 31, 2021).
\nThe table below summarizes the change in the balance sheet position of the product related liabilities (dollars in millions).
\n(Dollars in millions)
2022
2021
2020
\nReserve at beginning of the year
$
144
$
341
$
72
\nChange in reserve
20
49
304
\nCash payments
(17
)
(245
)
(36
)
\nTranslation difference
(2
)
(1
)
1
\nReserve at end of the year
$
145
$
144
$
341",
"dimensions": {
"concept": "alv:DisclosureOfWarrantiesExplanatoryTextBlock",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12444": {
"value": "13. Debt and Credit Agreements \nSHORT-TERM DEBT
\nAs of December 31, 2022 and 2021, total short-term debt was $711 million and $346 million, respectively. As of December 31, 2022,
\nshort-term debt consisted mainly of a \u20ac500 million ($533 million) 5-year notes in the Eurobond market issued in June 2018. The notes
\ncarry a coupon of 0.75% and are due June 2023.
\nThe Company\u2019s subsidiaries have credit agreements, principally in the form of overdraft facilities with several local banks. Total available
\nshort-term facilities as of December 31, 2022, excluding commercial paper facilities as described below, amounted to $349 million, of
\nwhich approximately $27 million was utilized. The weighted average interest rate on total short-term debt outstanding at December 31,
\n2022 and 2021, excluding the short-term portion of long-term debt, was 5% and 2%, respectively.
\nLONG-TERM DEBT
\nAs of December 31, 2022 and 2021, total long-term debt was $1,054 million and $1,662 million, respectively.
\nIn June 2020, the Company utilized its SEK 3,000 million facility with Swedish Export Credit Corporation which was signed in May 2020.
\nThe SEK 3,000 million ($287 million) loan matures in 2025 and carries a floating interest rate of 3M STIBOR +1.85%.
\nIn 2014, the Company issued
long-term debt securities in a U.S. Private Placement. As of December 31, 2022 the total long-term debt
\noutstanding from the 2014 issuance of $767 million consist of: $297 million aggregate principal amount of 10-year senior notes with an
\ninterest rate of 4.09%; $285 million aggregate principal amount of 12-year senior notes with an interest rate of 4.24%; and $185 million
\naggregate principal amount of 15-year senior notes with an interest rate of 4.44%.
\nCREDIT FACILITIES
\nIn May 2022, the Company refinanced its existing revolving credit facility (RCF) of $1,100 million. The facility, syndicated among 11
\nbanks, matures in May 2027 and has two extension options, each for an additional year. The Company pays a commitment fee on the
\nundrawn amount of 0.15%, representing 35% of the applicable margin, which is 0.425% (given the Company\u2019s rating of \u201cBBB\u201d from S&P
\nGlobal Ratings). Borrowings under the facility are unsecured. As of December 31, 2022, the facility was not utilized.
\nThe Company has a \u20ac3,000 million ($3,199 million) Euro Medium Term Note Program in place for being able to issue notes to be traded
\non the Global Exchange Market of Euronext Dublin. At December 31, 2022, there were no notes outstanding that had been issued under
\nthis program.
\nThe Company has two commercial paper programs: one SEK 7 billion ($671 million) Swedish program and a $1 billion U.S. program. At
\nDecember 31, 2022 the total amount outstanding was SEK 100 million ($10 million) and $142 million under these two programs.
\nThe Company is not subject to any financial covenants, i.e., performance related restrictions, in any of its significant long-term borrowings
\nor commitments.
\nCREDIT RISK
\nIn the Company\u2019s financial operations, credit risk arises in connection with cash deposits with banks and when entering into forward
\nexchange agreements, swap contracts or other financial instruments. In order to reduce this risk, deposits and financial instruments are
\nonly entered with a limited number of banks up to a calculated risk amount of $200 million per bank for banks rated A- or above and up
\nto $50 million for banks rated BBB+. The policy of the Company is to work with banks that have a strong credit rating and that participate
\nin the Company\u2019s financing. In addition to this, deposits of up to an aggregate amount of $2 billion can be placed in U.S. and Swedish
\ngovernment paper and in certain AAA rated money market funds. As of December 31, 2022, the Company had placed $237 million in
\nmoney market funds compared to $579 million as of December 31, 2021.
\nThe table below shows debt maturity as cash flow. For a description of hedging instruments used as part of debt management, see the
\nFinancial Instruments section of Note 2 and Note 4.
\nDEBT PROFILE
\nTotal
\nPRINCIPAL AMOUNT BY EXPECTED MATURITY
\n(dollars in millions)
2023
2024
2025
2026
2027
Thereafter
\nlong-
\nterm
Total
\nBonds
$
533
$
297
$
\u2014
$
285
$
\u2014
$
\u2014
$
185
$
767
$
1,300
\nLoans
\u2014
\u2014
287
\u2014
\u2014
287
287
\nCommercial papers
152
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
152
\nOther short-term debt
27
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
27
\nTotal principal amount
$
711
$
297
$
287
$
285
$
\u2014
$
185
$
1,054
$
1,765",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12476": {
"value": "CREDIT RISK \nIn the Company\u2019s financial operations, credit risk arises in connection with cash deposits with banks and when entering into forward
\nexchange agreements, swap contracts or other financial instruments. In order to reduce this risk, deposits and financial instruments are
\nonly entered with a limited number of banks up to a calculated risk amount of $200 million per bank for banks rated A- or above and up
\nto $50 million for banks rated BBB+. The policy of the Company is to work with banks that have a strong credit rating and that participate
\nin the Company\u2019s financing. In addition to this, deposits of up to an aggregate amount of $2 billion can be placed in U.S. and Swedish
\ngovernment paper and in certain AAA rated money market funds. As of December 31, 2022, the Company had placed $237 million in
\nmoney market funds compared to $579 million as of December 31, 2021.
\nThe table below shows debt maturity as cash flow. For a description of hedging instruments used as part of debt management, see the
\nFinancial Instruments section of Note 2 and Note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12574": {
"value": "14. Shareholders\u2019 Equity \nThe number of shares outstanding as of December 31, 2022 was 86,187,746.
\nDIVIDENDS
2022
2021
2020
\nCash dividend paid per share
$
2.58
$
1.88
$
0.62
\nCash dividend declared per share
$
2.58
$
1.88
$
\u2014
\nOTHER COMPREHENSIVE LOSS / ENDING BALANCE
\n1)
\n(Dollars in millions)
2022
2021
2020
\nCumulative translation adjustments
$
(492
)
$
(355
)
$
(269
)
\nNet pension liability
(30
)
(52
)
(78
)
\nTotal (ending balance)
$
(522
)
$
(408
)
$
(347
)
\nDeferred taxes on the pension liability
$
9
$
15
$
23
\n1) The components of Other Comprehensive Loss are net of any related income tax effects.
\nSHARE REPURCHASE PROGRAM
\nOn December 31, 2021, the stock repurchase program authorized by the Board of Directors in 2014 expired with approximately 3 million
\nshares remaining. In November 2021, the Board of Directors approved a new stock repurchase program that authorizes the Company to
\nrepurchase up to $1.5 billion or up to 17 million shares (whichever comes first) between January 2022 and the end of 2024.
\nDuring 2022, the Company repurchased and immediately retired 1,440,572 shares for approximately $115 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12578": {
"value": "DIVIDENDS 2022
2021
2020
\nCash dividend paid per share
$
2.58
$
1.88
$
0.62
\nCash dividend declared per share
$
2.58
$
1.88
$
\u2014",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12646": {
"value": "15. Supplemental Cash Flow Information \nPayments for interest and income taxes were as follows:
\n(Dollars in millions)
2022
2021
2020
\nInterest
$
64
$
60
$
73
\nIncome taxes
215
207
104",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12675": {
"value": "16. Stock Incentive Plan \nThe Company maintains the Autoliv, Inc. 1997 Stock Incentive Plan, as amended (the \u201cStock Incentive Plan\u201d), pursuant to which it has
\ngranted to eligible employees and non-employee directors stock options (SOs), restricted stock units (RSUs) and performance shares
\n(PSUs).
\nThe fair value of the RSUs and PSUs is calculated as the grant date fair value of the shares expected to be issued. The RSUs and PSUs
\ngranted in 2022, 2021 and 2020 entitle the grantee to receive dividend equivalents in the form of additional RSUs and PSUs subject to
\nthe same vesting conditions as the underlying RSUs and PSUs. For the grants made during 2022, 2021 and 2020, the fair value of a
\nRSU and a PSU was calculated by using the closing stock price on the grant date and, with respect to a PSU, assumed target
\nperformance. The grant date fair value for the RSUs and PSUs granted during 2022 was approximately $5 million and approximately $8
\nmillion, respectively.
\nPursuant to the Company\u2019s non-employee director compensation policy effective May 1, 2022, the Company\u2019s non-employee directors
\nreceive an annual RSU grant having a grant date value equal to $147,500 and the Chairman of the Board of Directors also receives an
\nadditional annual RSU grant having a grant date value equal to $85,000. All RSUs granted to non-employee directors vest in one
\ninstallment on the earlier of the next AGM or the first anniversary of the grant date, in each case subject to the grantee\u2019s continued service
\nas a non-employee director on the vesting date with limited exceptions. The RSUs granted to the Company\u2019s non-employee directors
\nentitle the grantee to receive dividend equivalents in the form of additional RSUs subject to the same vesting conditions as the underlying
\nRSUs. The grant date fair value for the RSUs granted in 2022 to the Company\u2019s non-employee directors was approximately $2 million.
\nThe source of the shares issued upon vesting of awards is generally from treasury shares. The Stock Incentive Plan provides for the
\nissuance of up to 9,585,055 common shares for awards. At December 31, 2022, 6,926,837 of these shares have been issued for awards
\nand 2,658,218 shares remain available for future grants.
\nIn 2015 and earlier, stock awards were granted in the form of SOs and RSUs. All SOs were granted for 10-year terms, had an exercise
\nprice equal to the fair market value per share of common stock at the date of grant, and became exercisable after one year of continued
\nemployment following the grant date. The average grant date fair values of SOs were calculated using the Black-Scholes valuation model.
\nThe Company used historical exercise data for determining the expected life assumption. Expected volatility was based on historical and
\nimplied volatility.
\nThe Company recorded approximately $4 million, $10 million and $12 million stock-based compensation expense related to RSUs and
\nPSUs for 2022, 2021 and 2020, respectively. The total compensation cost related to non-vested awards not yet recognized is $13 million
\nfor RSUs and PSs and the weighted average period over which this cost is expected to be recognized is approximately 1.7 years. There
\nare no remaining unrecognized compensation costs associated with SOs.
\nInformation on the number of RSUs, PSUs and SOs related to the Stock Incentive Plan during the period of 2020 to 2022 is as follows.
\nRSUs
2022
2021
2020
\nWeighted average fair value at grant date
$
87.56
$
94.01
$
69.58
\nOutstanding at beginning of year
218,268
244,901
255,195
\nGranted
85,985
81,866
115,500
\nShares issued
(84,848
)
(99,399
)
(105,750
)
\nCancelled/Forfeited/Expired
(18,641
)
(9,100
)
(20,044
)
\nOutstanding at end of year
200,764
218,268
244,901
\nThe aggregate intrinsic value for RSUs outstanding at December 31, 2022 was approximately $15 million.
\nPSUs
2022
2021
2020
\nWeighted average fair value at grant date
$
88.05
$
93.90
$
69.86
\nOutstanding at beginning of year
179,311
158,128
76,321
\nChange in performance conditions
(69,924
)
(44,385
)
23,998
\nGranted
82,914
74,427
75,940
\nShares issued
(64,397
)
\u2014
\u2014
\nCancelled/Forfeited/Expired
(26,076
)
(8,859
)
(18,131
)
\nOutstanding at end of year
101,828
179,311
158,128
\nThe PSUs granted include assumptions regarding the ultimate number of shares that will be issued based on the probability of
\nachievement of the performance conditions. Changes in those assumptions result in changes in the estimated shares to be issued which
\nis reflected in the \u201cChange in performance conditions\u201d line above.
\n\n\n\n\n80
\nSOs
\nNumber
\nof options
\nWeighted
\naverage
\nexercise
\nprice
\nOutstanding at December 31, 2019
115,875
$
66.70
\nExercised
(14,238
)
55.55
\nSpin conversion
\n1)
\n(11,462
)
69.25
\nOutstanding at December 31, 2020
90,175
68.13
\nExercised
(40,112
)
67.49
\nCancelled/Forfeited/Expired
(188
)
51.74
\nOutstanding at December 31, 2021
49,875
68.71
\nExercised
(8,614
)
59.28
\nCancelled/Forfeited/Expired
(10,150
)
70.40
\nOutstanding at December 31, 2022
31,111
70.77
\nOPTIONS EXERCISABLE
\nAt December 31, 2020
90,175
$
68.13
\nAt December 31, 2021
49,875
68.71
\nAt December 31, 2022
31,111
70.77
\n1)
\nReflects the cancellation of SOs outstanding as of the effective date of the Veoneer spin-off, and the conversion to new awards in accordance with the
\nconversion factor (1.41). The weighted average exercise price reflects the exercise price of the shares cancelled due to the Veoneer spin-off.
\nThe following summarizes information about SOs outstanding and exercisable at December 31, 2022:
\nEXERCISE PRICE
\nNumber
\noutstanding &
\nexercisable
\nRemaining
\ncontract life
\n(in years)
\nWeighted
\naverage
\nexercise
\nprice
\n$49.07
5,203
0.14
$
49.07
\n$67.29
10,424
1.14
67.29
\n$80.40
15,484
2.13
80.40
\n31,111
1.46
70.77
\nThe total aggregate intrinsic value, which is the difference between the exercise price and $76.58 (closing price per share at December
\n31, 2022), for all \u201cin the money\u201d SOs, both outstanding and exercisable as of December 31, 2022, was immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12901": {
"value": "17. Contingent Liabilities \nLEGAL PROCEEDINGS
\nVarious claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters
\nthat arise in the ordinary course of its business activities with respect to commercial, product liability and other matters. Litigation is subject
\nto many uncertainties, and the outcome of any litigation cannot be assured. After discussions with counsel, and with the exception of
\nlosses resulting from the antitrust proceedings described below, it is the opinion of management that the various legal proceedings and
\ninvestigations to which the Company currently is a party will not have a material adverse impact on the consolidated financial position of
\nAutoliv, but the Company cannot provide assurance that Autoliv will not experience material litigation, product liability or other losses in
\nthe future.
\nANTITRUST MATTERS
\nAuthorities in several jurisdictions have conducted broad, and in some cases, long-running investigations of suspected anti-competitive
\nbehavior among parts suppliers in the global automotive vehicle industry. These investigations included, but are not limited to, the products
\nthat the Company sells. In addition to concluded matters, authorities of other countries with significant light vehicle manufacturing or sales
\nmay initiate similar investigations.
\nPRODUCT WARRANTY, RECALLS AND INTELLECTUAL PROPERTY
\nAutoliv is exposed to various claims for damages and compensation if its products fail to perform as expected. Such claims can be made,
\nand result in costs and other losses to the Company, even where the product is eventually found to have functioned properly. Where a
\nproduct (actually or allegedly) fails to perform as expected or is defective, the Company may face warranty and recall claims. Where such
\n(actual or alleged) failure or defect results, or is alleged to result, in bodily injury and/or property damage, the Company may also face
\nproduct liability and other claims. There can be no assurance that the Company will not experience material warranty, recall or product
\n(or other) liability claims or losses in the future, or that the Company will not incur significant costs to defend against such claims. The
\nCompany may be required to participate in a recall involving its products. Each vehicle manufacturer has its own practices regarding
\nproduct recalls and other product liability actions relating to its suppliers. As suppliers become more integrally involved in the vehicle
\ndesign process and assume more of the vehicle assembly functions, vehicle manufacturers are increasingly looking to their suppliers for
\ncontribution when faced with recalls and product liability claims. Government safety regulators may also play a role in warranty and recall
\npractices. Recall decisions regarding the Company\u2019s products may require a significant amount of judgment by us, our customers and
\nsafety regulators and are influenced by a variety of factors. Once a recall has been made, the cost of a recall is also subject to a significant
\namount of judgment and discussions between the Company and its customers. A warranty, recall or product-liability claim brought against
\nthe Company in excess of its insurance may have a material adverse effect on the Company\u2019s business. Vehicle manufacturers are also
\nincreasingly requiring their outside suppliers to guarantee or warrant their products and bear the costs of repair and replacement of such
\nproducts under new vehicle warranties. A vehicle manufacturer may attempt to hold the Company responsible for some, or all, of the
\nrepair or replacement costs of products when the product supplied did not perform as represented by us or expected by the customer in
\neither a warranty or a recall situation. Accordingly, the future costs of warranty or recall claims by the customers may be material. However,
\nthe Company believes its established reserves are adequate. Autoliv\u2019s warranty reserves are based upon the Company\u2019s best estimates
\nof amounts necessary to settle future and existing claims. The Company regularly evaluates the adequacy of these reserves, and adjusts
\nthem when appropriate. However, the final amounts actually due related to these matters could differ materially from the Company\u2019s
\nrecorded estimates.
\nIn addition, as vehicle manufacturers increasingly use global platforms and procedures, quality performance evaluations are also
\nconducted on a global basis. Any one or more quality, warranty or other recall issue(s) (including those affecting few units and/or having
\na small financial impact) may cause a vehicle manufacturer to implement measures such as a temporary or prolonged suspension of new
\norders, which may have a material impact on the Company\u2019s results of operations.
\nThe Company maintains a program of insurance, which may include commercial insurance, self-insurance, or a combination of both
\napproaches, for potential recall and product liability claims in amounts and on terms that it believes are reasonable and prudent based
\non our prior claims experience. The Company\u2019s insurance policies generally include coverage of the costs of a recall, although costs
\nrelated to replacement parts are generally not covered. In addition, a number of the agreements entered into by the Company, including
\nthe Spin-off Agreements, require Autoliv to indemnify the other parties for certain claims. Autoliv cannot assure that the level of coverage
\nwill be sufficient to cover every possible claim that can arise in our businesses or with respect to other obligations, now or in the future,
\nor that such coverage always will be available should we, now or in the future, wish to extend, increase or otherwise adjust our insurance.
\nAs noted in Note 12 above, as of December 31, 2022, the Company has accrued $145 million for total product related liabilities. The
\nmajority of the total product liability accrual as of December 31, 2022, relates to recalls, which are generally covered by insurance.
\nInsurance receivables for such recall related liabilities total $124 million as of December 31, 2022.
\n\n\n82
\nProduct Liability:
\nOn September 18, 2014, Jamie Andrews filed a wrongful death products liability suit against several Autoliv entities stemming from a fatal
\ncar accident in 2013 where the plaintiff\u2019s husband was fatally injured. The lawsuit alleges that Autoliv should be liable for a defectively-
\ndesigned driver seatbelt. The case was removed to the United States District Court for the Northern District of Georgia. The suit originally
\nincluded Bosch and Mazda entities as well, but these entities were dismissed pursuant to confidential settlement agreements with the
\nplaintiff, and all of the Autoliv entities except Autoliv Japan Ltd. were also dismissed. On January 10, 2017, the District Court entered an
\norder granting summary judgment in favor of Autoliv, concluding that Autoliv was not actively involved in the design of Mr. Andrews\u2019s
\nseatbelt and, therefore, should not be liable for plaintiff\u2019s claims as a matter of law. However, on appeal, the Eleventh Circuit Court of
\nAppeals reversed the decision, holding that, under Georgia\u2019s products liability statute, Autoliv could be liable for a design defect associated
\nwith the seatbelt, regardless of its level of involvement in the seatbelt\u2019s ultimate design, because Autoliv manufactured it. On October 4,
\n2021, the case proceeded to a bench trial before the United States District Court for the Northern District of Georgia. On December 31,
\n2021, the District Court entered a Final Order and Judgment concluding that Mr. Andrews\u2019s seatbelt was defectively designed and Autoliv
\nwas strictly liable for the design. In doing so, the District Court concluded that Mr. Andrews had incurred $27,019,343 in compensatory
\ndamages, but only ordered Autoliv to pay 50 percent of that amount, $13,509,671 after finding that 50 percent of the fault for Mr. Andrews\u2019s
\ndamages should be apportioned to Mazda. The Court declined to apportion any fault for Mr. Andrews\u2019s damages to Mr. Andrews or
\nBosch. The District Court also entered an award of punitive damages against Autoliv in the amount of $100,000,000. Subsequently, on
\nSeptember 30, 2022, the District Court awarded pre-judgement interest on the compensatory damages award of approximately
\n$4,734,350.
\nThe Company believes the District Court\u2019s verdict was in error, including the grossly high punitive damages award, and appealed the
\nverdict.
\nThe Company has determined that a loss with respect to this litigation is probable and has in the fourth quarter of 2021 accrued $14
\nmillion pursuant to ASC 450. The Company accrued an additional $5 million for the pre-judgement interest in the third quarter of 2022.
\nThe accrual is reflected in the total product liability accrual. This amount reflects the low end of the range of a probable loss of $18 million
\nto $118 million. The accrual reflects the Company\u2019s best estimate of the probable loss based on currently available information and does
\nnot include any amount for the punitive damages. It is reasonably possible that the Company may have to pay the entire damages
\nawarded by the District Court. The Company believes that its insurance should cover all of the types of damages awarded by the District
\nCourt, and has therefore recognized a receivable, included within Other non-current assets on the Consolidated Balance Sheet at
\nDecember 31, 2021, for the expected insurance proceeds. However, the extent of the Company's insurance coverage for punitive
\ndamages in this matter is uncertain and may be less than all of such punitive damages ultimately awarded. In the event all or a portion of
\nthe punitive damages award survives the Company's appeal, the Company will continue to engage with our insurance carriers and
\naggressively pursue all potential recoveries. The ultimate loss to the Company of the litigation matter could be materially different from
\nthe amount the Company has accrued. The Company cannot predict or estimate the duration or ultimate outcome of this matter.
\n\n83
\nSpecific Recalls:
\nIn the fourth quarter of 2020, the Company was made aware of a potential recall by one of its customers (the \u201cUnannounced Recall\u201d).
\nThe Company continues to evaluate this matter with its customer. The Company determined pursuant to ASC 450 that a loss with respect
\nto the Unannounced Recall is probable and accrued an amount that is reflected in the total product liability accrual in the fourth quarter
\nof 2020 and increased the accrual in the fourth quarter of 2021. The amount by which the product liability accrual exceeds the product
\nliability insurance receivable with respect to the Unannounced Recall is $27 million and includes self-insurance retention costs and
\ndeductibles. The ultimate loss to the Company of the Unannounced Recall could be materially different from the amount the Company
\nhas accrued.
\nVolvo Car USA, LLC (together with its affiliates, \u201cVolvo\u201d) has recalled approximately 762,000 vehicles relating to the malfunction of
\ninflators produced by ZF (the \u201cZF Inflator Recall\u201d). The recalled ZF inflators were included in airbag modules supplied by the Company
\nonly to Volvo. The recall commenced in November 2020 and later expanded in September 2021. Because the Company\u2019s airbags were
\ninvolved with the ZF Inflator Recall, the Company has determined pursuant to ASC 450 that a loss is reasonably possible with respect to
\nthe ZF Inflator Recall. The Company continues to evaluate this matter with Volvo and ZF and no accrual has been made. Although the
\nCompany currently estimates a range of $0 to $43 million with respect to this potential loss, the Company anticipates that any losses net
\nof insurance claims and claims against ZF will be immaterial.
\nIntellectual property:
\nIn its products, the Company utilizes technologies which may be subject to intellectual property rights of third parties. While the Company
\ndoes seek to procure the necessary rights to utilize intellectual property rights associated with its products, it may fail to do so. Where the
\nCompany so fails, the Company may be exposed to material claims from the owners of such rights. Where the Company has sold products
\nwhich infringe upon such rights, its customers may be entitled to be indemnified by the Company for the claims they suffer as a result
\nthereof. Such claims could be material.
\nThe table in Note 12 above summarizes the change in the balance sheet position of the product related liabilities for the fiscal year ended
\nDecember 31, 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13042": {
"value": "18. Retirement Plans \nDEFINED CONTRIBUTION PLANS
\nMany of the Company\u2019s employees are covered by government sponsored pension and welfare programs. Under the terms of these
\nprograms, the Company makes periodic payments to various government agencies. In addition, in some countries the Company sponsors
\nor participates in certain non-governmental defined contribution plans. Contributions to defined contribution plans for the years ended
\nDecember 31, 2022, 2021 and 2020 were $29 million, $18 million and $15 million, respectively.
\nMULTIEMPLOYER PLANS
\nThe Company participates in a multiemployer plan in Sweden. This ITP-2 plan is funded through Alecta and covers employees born
\nbefore 1979, for whom it provides a final pay pension benefit based on all service with participating employers. The Company must pay
\nfor wage increases in excess of inflation on service earned with previous employers. The plan also provides disability and family benefits
\nand is more than 100% funded. The Company\u00b4s contributions to this multiemployer plan for the years ended December 31, 2022, 2021
\nand 2020 were $6 million, $5 million and $4 million, respectively.
\nDEFINED BENEFIT PLANS
\nThe Company has a number of defined benefit pension plans, both contributory and non-contributory, in the U.S., France, Germany,
\nIndia, Japan, Mexico, Philippines, Poland, Sweden, South Korea, Thailand, Turkey and the United Kingdom. There are funded as well as
\nunfunded plan arrangements which provide retirement benefits to both U.S. and non-U.S. participants.
\nThe main plan is the U.S. plan for which the benefits are based on an average of the employee\u2019s earnings in the years preceding
\nretirement and on credited service. In a prior year, the Company closed participation in the Autoliv ASP, Inc. Pension Plan to exclude
\nthose employees hired after December 31, 2003. Within the U.S. there is also a non-qualified restoration plan that provides benefits to
\nemployees whose benefits in the primary U.S. plan are restricted by limitations on the compensation that can be considered in calculating
\ntheir benefits. During December 2017 the Company amended the U.S. defined benefit pension plan, communicating a benefits freeze
\nthat will begin on December 31, 2021. Settlement accounting has been recognized each quarter in 2022 for the U.S. plans because the
\nlump-sum payments made to plan participants during 2022 exceeded the sum of service cost and interest cost.
\nFor the Company\u2019s non-U.S. defined benefit plans the most significant individual plan is in the U.K. The Company has closed participation
\nin the U.K. defined benefit plan to exclude all employees hired after April 30, 2003 with few members currently accruing benefits.
\nCHANGES IN BENEFIT OBLIGATIONS AND PLAN ASSETS FOR THE YEARS ENDED DECEMBER 31
\nU.S.
Non-U.S.
\n(Dollars in millions)
2022
2021
2022
2021
\nBenefit obligation at beginning of year
$
381
$
426
$
260
$
279
\nService cost
\u2014
8
9
12
\nInterest cost
12
10
6
5
\nActuarial (gain) loss due to:
\nChange in discount rate
(111
)
(17
)
(65
)
(22
)
\nExperience
15
3
4
9
\nOther assumption changes
\u2014
3
18
4
\nBenefits paid
(4
)
(4
)
(20
)
(8
)
\nPlan settlements/curtailments
(66
)
(48
)
(3
)
(2
)
\nPlan amendments
\u2014
\u2014
2
\u2014
\nOther
\u2014
\u2014
\u2014
(0
)
\nTranslation difference
\u2014
\u2014
(19
)
(16
)
\nBenefit obligation at end of year
$
227
$
381
$
192
$
260
\nFair value of plan assets at beginning of year
$
343
$
355
$
101
$
103
\nActual return on plan assets
(75
)
25
(27
)
1
\nCompany contributions
3
15
19
11
\nBenefits paid
(4
)
(4
)
(20
)
(8
)
\nPlan settlements
(66
)
(48
)
\u2014
(2
)
\nTranslation difference
\u2014
\u2014
(10
)
(2
)
\nFair value of plan assets at end of year
$
201
$
343
$
63
$
101
\nPension liability recognized in the balance sheet
$
26
$
38
$
128
$
159
\nThe U.S. plan provides that benefits may be paid in the form of a lump sum if so elected by the participant. In order to more accurately
\nreflect a market-derived pension obligation, Autoliv adjusts the assumed lump sum interest rate to reflect market conditions as of each
\nDecember 31. This methodology is consistent with the approach required under the Pension Protection Act of 2006, which provides the
\nrules for determining minimum funding requirements in the U.S.
\n\n\n85
\nCOMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE DEFINED BENEFIT RETIREMENT PLANS FOR THE
\nYEARS ENDED DECEMBER 31
\nU.S.
\n(Dollars in millions)
2022
2021
2020
\nService cost
$
\u2014
$
8
$
8
\nInterest cost
12
10
12
\nExpected return on plan assets
(14
)
(18
)
(16
)
\nAmortization of actuarial loss
0
2
3
\nSettlement loss
6
5
7
\nNet periodic benefit cost
$
4
$
7
$
13
\nNon-U.S.
\n(Dollars in millions)
2022
2021
2020
\nService cost
$
9
$
12
$
12
\nInterest cost
6
5
6
\nExpected return on plan assets
(2
)
(2
)
(2
)
\nAmortization of prior service costs
1
0
0
\nAmortization of actuarial loss
1
1
2
\nSettlement/curtailment (gain) loss
(8
)
0
0
\nNet periodic benefit cost
$
7
$
17
$
19
\nThe service cost and amortization of prior service cost components are reported among other employee compensation costs in the
\nConsolidated Statements of Income. The remaining components, interest cost, expected returns on plan assets and amortization of
\nactuarial loss, are reported as Other non-operating items, net in the Consolidated Statements of Income.
\nAmortization of the net actuarial loss from accumulated other comprehensive income is made over the estimated average remaining
\nlifetime of the plan participants (28 to 32 years) for the U.S. plans, and the estimated average remaining service lives or lifetimes of the
\nplan participants for the non-U.S. plans, the periods varying over a wide range between the different countries depending on the age of
\nthe population concerned.
\nCOMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS BEFORE TAX AS OF DECEMBER 31
\nU.S.
Non-U.S.
\n(Dollars in millions)
2022
2021
2022
2021
\nNet actuarial loss
$
22
$
35
$
18
$
30
\nPrior service cost
\u2014
\u2014
4
3
\nTotal accumulated other comprehensive loss
\nrecognized in the balance sheet
$
22
$
35
$
22
$
33
\nCHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BEFORE TAX FOR THE YEARS ENDED DECEMBER 31
\nU.S.
Non-U.S.
\n(Dollars in millions)
2022
2021
2022
2021
\nTotal retirement benefit recognized in accumulated
\nother comprehensive loss at beginning of year
$
35
$
62
$
33
$
45
\nNet actuarial loss (gain)
(7
)
(19
)
(15
)
(8
)
\nAmortization or curtailment recognition of prior service credit
\n(cost)
\u2014
\u2014
1
(0
)
\nAmortization or settlement recognition of net gain (loss)
(6
)
(7
)
5
(2
)
\nTranslation difference
\u2014
\u2014
(2
)
(2
)
\nTotal retirement benefit recognized in accumulated
\nother comprehensive loss at end of year
$
22
$
35
$
22
$
33
\nThe accumulated benefit obligation for the U.S. non-contributory defined benefit pension plans was $227 million and $381 million at
\nDecember 31, 2022 and 2021, respectively. The accumulated benefit obligation for the non-U.S. defined benefit pension plans was $154
\nmillion and $223 million at December 31, 2022 and 2021, respectively.
\nPension plans for which the accumulated benefit obligation (ABO) is notably in excess of the plan assets reside in the following countries:
\nU.S., Mexico, France, Germany, Japan, South Korea, Sweden, Thailand and Turkey.
86
\nPENSION PLANS FOR WHICH ABO EXCEEDS THE FAIR VALUE OF PLAN ASSETS AS OF DECEMBER 31
\nU.S.
Non-U.S.
\n(Dollars in millions)
2022
2021
2022
2021
\nProjected Benefit Obligation (PBO)
$
227
$
381
$
134
$
164
\nAccumulated Benefit Obligation (ABO)
227
381
102
132
\nFair value of plan assets
201
343
2
4
\nThe Company, in consultation with its actuarial advisors, determines certain key assumptions to be used in calculating the projected
\nbenefit obligation and annual net periodic benefit cost.
\nASSUMPTIONS USED TO DETERMINE THE BENEFIT OBLIGATIONS AS OF DECEMBER 31
\nU.S.
Non-U.S.
\n1)
\n(% Weighted average / % Range)
2022
2021
2022
2021
\nDiscount rate
5.41
2.77
0.75-5.40
0.25-3.20
\nRate of increases in compensation level
n/a
n/a
2.00-5.00
1.80-4.00
\nASSUMPTIONS USED TO DETERMINE THE NET PERIODIC BENEFIT COST FOR THE YEARS ENDED DECEMBER 31
\nU.S.
\n(% Weighted average)
2022
2021
2020
\nDiscount rate
2.77
2.37
3.25
\nRate of increases in compensation level
n/a
2.65
2.65
\nExpected long-term rate of return on assets
5.05
5.05
5.05
\nNon-U.S.
\n1)
\n(% Range)
2022
2021
2020
\nDiscount rate
0.25-3.20
0.25-2.70
0.25-2.70
\nRate of increases in compensation level
1.80-4.00
1.80-4.00
2.00-5.00
\nExpected long-term rate of return on assets
1.70-2.20
1.40-2.25
1.50-2.25
\n1) The Non-U.S. weighted average plan ranges in the tables above represent significant plans only.
\nThe discount rate for the U.S. plans has been set based on the rates of return on high-quality fixed-income investments currently available
\nat the measurement date and expected to be available during the period the benefits will be paid. The expected timing of cash flows from
\nthe plan has also been considered in selecting the discount rate. In particular, the yields on bonds rated AA or better on the measurement
\ndate have been used to set the discount rate. The discount rate for the U.K. plan has been set based on the weighted average yields on
\nlong-term high-grade corporate bonds and is determined by reference to financial markets on the measurement date.
\nThe expected rate of increase in compensation levels and long-term rate of return on plan assets are determined based on a number of
\nfactors and must take into account long-term expectations and reflect the financial environment in the respective local market. The
\nexpected return on assets for the U.S. and U.K. plans are based on the fair value of the assets as of December 31.
\nThe level of equity exposure is currently targeted at approximately 40% for the primary U.S. plan. The investment objective is to provide
\nan attractive risk-adjusted return that will ensure the payment of benefits while protecting against the risk of substantial investment losses.
\nCorrelations among the asset classes are used to identify an asset mix that Autoliv believes will provide the most attractive returns. Long-
\nterm return forecasts for each asset class using historical data and other qualitative considerations to adjust for projected economic
\nforecasts are used to set the expected rate of return for the entire portfolio. The Company has assumed a long-term rate of return on the
\nU.S. plan assets of 5.05% for calculating the 2022 expense and 5.05% for calculating the 2023 expense.
\nThe Company has assumed a long-term rate of return on the non-U.S. plan assets in a range of 1.70-2.20% for 2022. The closed U.K.
\nplan, which has a targeted and actual allocation of almost 100% debt instruments, accounts for approximately 74% of the total non-U.S.
\nplan assets.
\nAutoliv made contributions to the U.S. plan during 2022 and 2021 amounting to $3 million and $15 million, respectively. Contributions to
\nthe U.K. plan during 2022 and 2021 amounted to $2 million and $2 million, respectively. The Company expects to contribute $1 million to
\nits U.S. pension plan in 2023 and is currently projecting a yearly funding at the same level in the years thereafter. For the UK pension
\nplan, which is the most significant non-U.S. pension plan, the Company expects to contribute $2 million in 2023 and in the years thereafter.
\n\n87
\nFAIR VALUE OF TOTAL PLAN ASSETS FOR THE YEARS ENDED DECEMBER 31
\nU.S.
U.S.
Non-U.S.
\nASSETS CATEGORY
(% Weighted average)
\nTarget
\nallocation
2022
2021
2022
2021
\nEquity securities %
40
23
42
0
0
\nDebt instruments %
60
76
57
60
76
\nOther assets %
\u2014
1
1
40
24
\nTotal %
100
100
100
100
100
\nThe following table summarizes the fair value of the Company\u2019s U.S. and non-U.S. defined benefit pension plan assets:
\nFair value measurement at December 31,
\n(Dollars in millions)
2022
2021
\nAssets
\nNon-U.S. Bonds
\nCorporate
$
38
$
77
\nInsurance Contracts
14
16
\nOther Investments
11
8
\nAssets at fair value Level 2
63
101
\nInvestments measured at net asset value
\n(NAV):
\nCommon collective trusts
201
343
\nTotal
$
264
$
444
\nThe fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value
\nmeasurement. Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not
\nbeen classified in the fair value hierarchy. Plan assets not measured using the NAV are classified as Level 2 in the table above. Plan
\nassets measured using the NAV mainly relate to the U.S. defined benefit pension plans and are separately disclosed as Common
\ncollective trusts below the Level 2 assets in the table above.
\nThe estimated future benefit payments for the pension benefits reflect expected future service, as appropriate. The amount of benefit
\npayments in a given year may vary from the projected amount, especially for the U.S. plan since historically this plan pays the majority of
\nbenefits as a lump sum, where the lump sum amounts vary with market interest rates.
\nPENSION BENEFITS EXPECTED PAYMENTS
(dollars in millions)
U.S.
Non-U.S.
\n2023
$
14
$
10
\n2024
16
11
\n2025
17
11
\n2026
19
11
\n2027
19
12
\nYears 2028-2032
94
74
\nPOSTRETIREMENT BENEFITS OTHER THAN PENSIONS
\nThe Company currently provides postretirement health care and life insurance benefits to a limited group of U.S. retirees.
\nIn general, the terms of the plans provide that U.S. employees who retire after attaining age 55, with 15 years of service (5 years before
\nDecember 31, 2006), are reimbursed for qualified medical expenses up to a maximum annual amount. Spouses for certain retirees are
\nalso eligible for reimbursement under the plan. Life insurance coverage is available for those who elect coverage under the retiree health
\nplan. During 2014, the plan was amended to move from a self-insured model where employees were charged an estimated premium
\nbased on anticipated plan expenses for continued coverage, to a plan where retirees are provided a fixed contribution to a Health
\nRetirement Account (HRA). Retirees can use the HRA funds to purchase insurance through a private exchange. Employees hired on or
\nafter January 1, 2004 are not eligible to participate in the plan.
\nAs of December 31, 2022 and 2021, the benefit obligation for postretirement benefit plans other than pensions were $15 million and $21
\nmillion, respectively. The liability for postretirement benefits other than pensions is classified as other non-current liabilities in the balance
\nsheet. The components of the net periodic benefit costs associated with these plans were immaterial for the years 2022, 2021 and 2020.
\nThe average discount rate used to determine the U.S. postretirement benefit obligation was 5.39% in 2022 and 2.91% in 2021. The
\naverage discount rate used in determining the postretirement benefit cost was 2.91% in 2022, 2.60% in 2021 and 3.50% in 2020.
\nThe accumulated other comprehensive income before tax associated with the postretirement benefit plans other than pensions
\nrecognized in the balance sheet as of December 31, 2022 and 2021 were $7 million and $3 million, respectively. The components of the
\naccumulated other comprehensive income were immaterial for the years 2022 and 2021.
\nThe estimated future benefit payments for the postretirement benefits, which reflect expected future service as appropriate, are expected
\nto be immaterial for all the future years 2023-2032.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13056": {
"value": "DEFINED BENEFIT PLANS \nThe Company has a number of defined benefit pension plans, both contributory and non-contributory, in the U.S., France, Germany,
\nIndia, Japan, Mexico, Philippines, Poland, Sweden, South Korea, Thailand, Turkey and the United Kingdom. There are funded as well as
\nunfunded plan arrangements which provide retirement benefits to both U.S. and non-U.S. participants.
\nThe main plan is the U.S. plan for which the benefits are based on an average of the employee\u2019s earnings in the years preceding
\nretirement and on credited service. In a prior year, the Company closed participation in the Autoliv ASP, Inc. Pension Plan to exclude
\nthose employees hired after December 31, 2003. Within the U.S. there is also a non-qualified restoration plan that provides benefits to
\nemployees whose benefits in the primary U.S. plan are restricted by limitations on the compensation that can be considered in calculating
\ntheir benefits. During December 2017 the Company amended the U.S. defined benefit pension plan, communicating a benefits freeze
\nthat will begin on December 31, 2021. Settlement accounting has been recognized each quarter in 2022 for the U.S. plans because the
\nlump-sum payments made to plan participants during 2022 exceeded the sum of service cost and interest cost.
\nFor the Company\u2019s non-U.S. defined benefit plans the most significant individual plan is in the U.K. The Company has closed participation
\nin the U.K. defined benefit plan to exclude all employees hired after April 30, 2003 with few members currently accruing benefits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13684": {
"value": "19. Related Party Transactions \nVeoneer, Inc., was a related party until April 1, 2022. During the three months period ended March 31, 2022, when Veoneer was a related
\nparty, the Company's related party purchases from Veoneer amounted to $17 million. The related party purchases for the full year 2021
\namounted to $69 million.
\nAmounts due to and due from related parties as of December 31, 2021 are summarized in the below table:
\n(Dollars in millions)
\nAs of December 31,
\n2021
\nRelated party receivables
$
1
\nRelated party payables
\n1)
\n15
\nRelated party accrued expenses
\n1)
\n9
\n1) Included in Related party liabilities in the Consolidated Balance Sheet",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13706": {
"value": "20. Segment Information \nThe Company has one operating segment which includes Autoliv\u2019s airbag and seatbelt products and components. The operating results
\nof the operating segment are regularly reviewed by the Company\u2019s chief operating decision maker to assess the performance of the
\noperating segment and make decisions about resources to be allocated to the operating segment.
\nThe Company\u2019s customers consist of all major European, U.S. and Asian automobile manufacturers. Sales to individual customers
\nrepresenting 10% or more of net sales were:
\nIn 2022: Renault 11% (including Nissan and Mitsubishi), Stellantis 11% and VW 10%.
\nIn 2021: Renault 13% (including Nissan and Mitsubishi), Stellantis 11% and VW 10%.
\nIn 2020: Renault 13% (including Nissan and Mitsubishi) and VW 11% and Honda 10%.
\nNET SALES BY REGION
(Dollars in millions)
2022
2021
2020
\nChina
$
1,883
$
1,766
$
1,541
\nJapan
686
733
733
\nRest of Asia
952
908
769
\nAmericas
2,967
2,535
2,337
\nEurope
2,355
2,289
2,067
\nTotal
$
8,842
$
8,230
$
7,447
\nThe Company has attributed net sales to the geographic area based on the location of the entity selling the final product.
\nExternal sales in the U.S. amounted to $2,029 million, $1,724 million and $1,647 million in 2022, 2021 and 2020, respectively. Of the
\nexternal sales, exports from the U.S. to other regions amounted to approximately $298 million, $280 million and $348 million in 2022,
\n2021 and 2020, respectively.
\nNET SALES BY PRODUCT
(Dollars in millions)
2022
2021
2020
\nAirbag, Steering Wheels and Other
\n1)
\n$
5,807
$
5,380
$
4,824
\nSeatbelt Products
\n1)
\n3,035
2,850
2,623
\nTotal net sales
$
8,842
$
8,230
$
7,447
\n1) Including Corporate and other sales.
\nLONG-LIVED ASSETS
(Dollars in millions)
2022
2021
\nChina
$
581
$
521
\nJapan
134
178
\nRest of Asia
283
293
\nAmericas
1,962
1,838
\nEurope
1,043
1,032
\nTotal
$
4,003
$
3,862
\nLong-lived assets in the U.S. amounted to $1,626 million and $1,604 million for 2022 and 2021, respectively. For 2022 and 2021, $1,226
\nmillion and $1,227 million, respectively, of the long-lived assets in the U.S. refers to intangible assets, principally from acquisition goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13820": {
"value": "21. Earnings Per Share \nThe computation of basic and diluted EPS under the two-class method were as follows (dollars and shares in millions):
\n2022
2021
2020
\nNumerator:
\n1)
\nNet income attributable to common shareholders
$
423
$
435
$
187
\nDenominator:
\n1)
\nBasic weighted average common stock
87.1
87.5
87.3
\nAdded: Weighted average stock options/share awards
0.2
0.2
0.2
\nDiluted weighted average common stock
87.2
87.7
87.5
\nBasic EPS
$
4.86
$
4.97
$
2.14
\nDiluted EPS
$
4.85
$
4.96
$
2.14
\n1) The Company\u2019s unvested RSUs and PSs, of which some included the right to receive non-forfeitable dividend equivalents, are considered participating
\nsecurities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any
\nundistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the
\ndenominator. However, these participating securities have been immaterial for all the years presented.
\nAnti-dilutive shares outstanding for the years ended December 31, 2022, 2021 and 2020 were immaterial. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13870": {
"value": "22. Subsequent EventsThere were no reportable events subsequent to December 31, 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:A23RUXWKASG834LTMK28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}