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Basis of Presentation
NATURE OF OPERATIONS
Through its operating subsidiaries, the Company is a leading developer, manufacturer and supplier of passive safety systems to the
automotive industry with a broad range of product offerings.
Passive safety systems are primarily meant to improve safety for occupants in a vehicle. Passive safety systems include modules and
components for frontal-impact airbag protection systems, side-impact airbag protection systems, seatbelts, steering wheels and inflator
technologies.
The Company also develops and manufactures mobility safety solutions such as pedestrian protection, battery cut-off switches, connected
safety services, and safety solutions for riders of powered two wheelers.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements have been prepared in accordance with United States (U.S.) Generally Accepted Accounting
Principles (GAAP) and include Autoliv, Inc. and all companies over which Autoliv, Inc. directly or indirectly exercises control, which as a
general rule means that the Company owns more than 50% of the voting rights.
Consolidation is also required when the Company has both the power to direct the activities of a variable interest entity (VIE) and the
obligation to absorb losses or the right to receive benefits from the VIE that could be significant to the VIE.
All intercompany accounts and transactions within the Company have been eliminated from the consolidated financial statements.
Investments in affiliated companies in which the Company exercises significant influence over the operations and financial policies, but
does not control, are reported using the equity method of accounting. Generally, the Company owns between 20-50% of such
investments.
SEGMENT REPORTING
In accordance with ASC 280,
Segment Reporting
, the operating segments are determined based on the information provided to the Chief
Operating Decision Maker (CODM) on a regular basis and used for the purpose of assessing performance and allocating resources within
the 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
the resources and assess the performance of the Company for both strategic and operational initiatives.
ASC 280 indicates that a component is an operating segment if it meets the following criteria:
\u2022
It engages in business activities from which it may earn revenues and incur expenses.
\u2022
Its operating results are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment
and assess its performance.
\u2022
Its discrete financial information is available.
The Company as a whole has met the definition of an operating segment as it engages in business activities from which it may earn
revenues and incur expenses, the consolidated operating results are regularly reviewed by the CEO/CODM to allocate resources and
assess performance, and discrete financial information is available. Additionally, as Autoliv supplies customers on a global basis it also
manages the business on a global basis. Therefore, based on the above analysis, the Company has concluded that the Company is the
single operating and reportable segment under ASC 280,
Segment Reporting
. For more information on the Company's segment, see
Note 19.
RECLASSIFICATIONS AND ROUNDINGS
Certain prior-year amounts have been reclassified to conform to current year presentation.
Certain amounts in the consolidated financial statements and associated notes may not reconcile due to rounding. All percentages have
been calculated using unrounded amounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11545": { "value": "1. Basis of Presentation
NATURE OF OPERATIONS
Through its operating subsidiaries, the Company is a leading developer, manufacturer and supplier of passive safety systems to the
automotive industry with a broad range of product offerings.
Passive safety systems are primarily meant to improve safety for occupants in a vehicle. Passive safety systems include modules and
components for frontal-impact airbag protection systems, side-impact airbag protection systems, seatbelts, steering wheels and inflator
technologies.
The Company also develops and manufactures mobility safety solutions such as pedestrian protection, battery cut-off switches, connected
safety services, and safety solutions for riders of powered two wheelers.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements have been prepared in accordance with United States (U.S.) Generally Accepted Accounting
Principles (GAAP) and include Autoliv, Inc. and all companies over which Autoliv, Inc. directly or indirectly exercises control, which as a
general rule means that the Company owns more than 50% of the voting rights.
Consolidation is also required when the Company has both the power to direct the activities of a variable interest entity (VIE) and the
obligation to absorb losses or the right to receive benefits from the VIE that could be significant to the VIE.
All intercompany accounts and transactions within the Company have been eliminated from the consolidated financial statements.
Investments in affiliated companies in which the Company exercises significant influence over the operations and financial policies, but
does not control, are reported using the equity method of accounting. Generally, the Company owns between 20-50% of such
investments.
SEGMENT REPORTING
In accordance with ASC 280,
Segment Reporting
, the operating segments are determined based on the information provided to the Chief
Operating Decision Maker (CODM) on a regular basis and used for the purpose of assessing performance and allocating resources within
the 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
the resources and assess the performance of the Company for both strategic and operational initiatives.
ASC 280 indicates that a component is an operating segment if it meets the following criteria:
\u2022
It engages in business activities from which it may earn revenues and incur expenses.
\u2022
Its operating results are regularly reviewed by the CODM to make decisions about resources to be allocated to the segment
and assess its performance.
\u2022
Its discrete financial information is available.
The Company as a whole has met the definition of an operating segment as it engages in business activities from which it may earn
revenues and incur expenses, the consolidated operating results are regularly reviewed by the CEO/CODM to allocate resources and
assess performance, and discrete financial information is available. Additionally, as Autoliv supplies customers on a global basis it also
manages the business on a global basis. Therefore, based on the above analysis, the Company has concluded that the Company is the
single operating and reportable segment under ASC 280,
Segment Reporting
. For more information on the Company's segment, see
Note 19.
RECLASSIFICATIONS AND ROUNDINGS
Certain prior-year amounts have been reclassified to conform to current year presentation.
Certain amounts in the consolidated financial statements and associated notes may not reconcile due to rounding. All percentages have
been calculated using unrounded amounts.
2. Summary of Significant Accounting Policies
EQUITY METHOD INVESTMENT
Investments accounted for under the equity method, means that a proportional share of the equity method investment\u2019s net income
increases the investment, and a proportional share of losses and payment of dividends decreases it. In the Consolidated Statements of
Income, the proportional share of the net income (loss) is reported as Income from equity method investment.
USE OF ESTIMATES
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the
consolidated financial statements, and the reported amounts of net sales and expenses during the reporting period. The accounting
estimates that require management\u2019s most significant judgments include the estimation of variable consideration for the Company's
contracts with customers, valuation of stock-based compensation payments, assessment of recoverability of goodwill and intangible
assets, estimation of pension benefit obligations based on actuarial assumptions, estimation of accruals for warranty and recalls,
restructuring charges, uncertain tax positions, valuation allowances and legal proceedings. Actual results could differ from those
estimates.
REVENUE RECOGNITION
In accordance with ASC 606,
Revenue from Contracts with Customers
, revenue is measured based on consideration specified in a
contract with a customer, adjusted for any variable consideration (i.e., price concessions) and estimated at contract inception. The
estimated amount of variable consideration that will be received by the Company is based on historical experience and trends,
management\u00b4s understanding of the status of negotiations with customers and anticipated future pricing strategies. The Company
recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer.
In addition, from time to time, the Company may make payments to or receive additional consideration from customers in connection with
ongoing and future business. These payments to or cash receipts from customers are generally recognized to revenue at the time of the
commitment unless the payments to customers can be clearly linked to the future business. If the payments to customers are capitalized,
the amounts are amortized to revenue as the related goods are transferred.
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and
collected by the Company from a customer, are excluded from revenue.
Shipping and handling costs associated with outbound freight before control of a product has transferred to a customer are accounted for
as a fulfillment cost and are included in cost of sales.
Nature of goods and services
The Company generates revenue from the sale of parts, which includes airbag and seatbelt products and components, to original
equipment manufacturers (\u201cOEMs\u201d).
The Company accounts for individual products separately if they are distinct (i.e., if a product is separately identifiable from other items
and if a customer can benefit from it on its own or with other resources that are readily available to the customer). The consideration for
each of the products, including any price concessions, is based on their stand-alone selling prices. The stand-alone selling prices are
determined based on the cost-plus margin approach.
The Company recognizes revenue for parts primarily at a point in time. For parts with revenue recognized at a point in time, the Company
recognizes revenue upon shipment to the customers and transfer of title and risk of loss under standard commercial terms (typically FOB
shipping point).
There are certain contracts where the criteria to recognize revenue over time have been met (e.g., there is no alternative use to the
Company and the Company has an enforceable right to payment). In such cases, at period end, the Company recognizes revenue and
a related asset and associated cost of goods sold and reduction in inventory. However, the financial impact of these contracts is immaterial
considering the very short production cycles and limited inventory days on hand. The contract balances with customers, included in other
current assets, amounted to $20 million as of December 31, 2023 and 2022.
The amount of revenue recognized is based on the purchase order price and adjusted for variable consideration (i.e., price concessions).
Customers typically pay for the parts based on customary business practices.
GOVERNMENT ASSISTANCE
The Company\u2019s operations are impacted by various government incentives, grants, programs, rebates, and other arrangements.
Government assistance received is recorded in our consolidated financial statements in accordance with their purpose, either as a
reduction of expense or an offset to the related capital asset. The benefit is recorded when all performance obligations attached to the
assistance have been met or are expected to be met and there is reasonable assurance of their receipt. Government assistance received
by the Company is immaterial for all periods presented since the adoption of ASU 2021-10.
RESEARCH, DEVELOPMENT AND ENGINEERING, NET (R,D & E)
Research and development and most engineering expenses are expensed as incurred. These expenses are reported net of expense
reimbursements from contracts to perform engineering design and product development fulfillment activities related to the production of
parts. For the years 2023, 2022 and 2021 total reimbursements from customers were $192 million, $204 million and $205 million,
respectively.
Certain engineering expenses related to long-term supply arrangements are capitalized when defined criteria, such as the existence of a
contractual guarantee for reimbursement, are met. The aggregate amount of such assets is not significant in any period presented.
Tooling is generally agreed upon as a separate contract or a separate component of an engineering contract, as a pre-production project.
Capitalization of tooling costs is made only when the specific criteria for capitalization of customer funded tooling is met or the criteria for
capitalization as Property, Plant & Equipment (P,P&E) for tools owned by the Company are fulfilled. Depreciation on the Company\u2019s own
tooling is recognized in the Consolidated Statements of Income as Cost of sales.
STOCK-BASED COMPENSATION
The compensation costs for all of the Company\u2019s stock-based compensation awards are determined based on the fair value method as
defined in ASC 718,
Compensation \u2013Stock Compensation
. The Company records the compensation expense for awards under the Stock
Incentive Plan, including Restricted Stock Units (RSUs), Performance Shares (PSUs) and stock options (SOs), over the respective vesting
period. For further details, see Note 16.
INCOME TAXES
Current tax liabilities and assets are recognized for the estimated taxes payable or refundable on the tax returns for the current year. In
certain circumstances, payments or refunds may extend beyond twelve months, in such cases amounts would be classified as non-
current taxes payable or receivable. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to
temporary differences and carryforwards that result from events that have been recognized in either the financial statements or the tax
returns, but not both. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws.
Deferred tax assets are reduced by the amount of any tax benefits that are not expected to be realized. A valuation allowance is
recognized 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
will not be realized. Evaluation of the realizability of deferred tax assets is subject to significant judgment requiring careful consideration
of all facts and circumstances. The Company classifies deferred tax assets and liabilities as non-current in the Consolidated Balance
Sheet. Tax assets and liabilities are not offset unless attributable to the same tax jurisdiction and netting is possible according to law and,
as it relates to payables and receivables, expected to take place in the same period.
Tax benefits associated with tax positions taken in the Company\u2019s income tax returns are initially recognized when it is more likely than
not that those tax positions will be sustained upon examination by the relevant taxing authorities. The Company\u2019s evaluation of its tax
benefits is based on the probability of the tax position being upheld if challenged by the taxing authorities (including through negotiation,
appeals, settlement and litigation). Whenever a tax position does not meet the initial recognition criteria, the tax benefit is subsequently
recognized if there is a substantive change in the facts and circumstances that cause a change in judgment concerning the sustainability
of the tax position upon examination by the relevant taxing authorities. In cases where tax benefits meet the initial recognition criterion,
the Company continues, in subsequent periods, to assess its ability to sustain those positions. A previously recognized tax benefit is
derecognized when it is no longer more likely than not that the tax position would be sustained upon examination. Liabilities for
unrecognized tax benefits are classified as non-current unless the payment of the liability is expected to be made within the next 12
months.
EARNINGS PER SHARE
The Company calculates basic earnings per share (EPS) by dividing net income attributable to controlling interest by the weighted-
average number of shares of common stock outstanding for the period (net of treasury shares). The Company\u2019s unvested RSUs and
PSUs, of which some include the right to receive non-forfeitable dividend equivalents, are considered participating securities. The diluted
EPS reflects the potential dilution that could occur if common stock was issued for awards under the Stock Incentive Plan and is calculated
using the treasury stock method. The treasury stock method assumes that the Company uses the proceeds from the exercise of stock
option awards to repurchase ordinary shares at the average market price during the period. For unvested restricted stock, assumed
proceeds under the treasury stock method will include unamortized compensation cost and windfall tax benefits or shortfalls. For further
details, see Notes 16 and 20.
CASH EQUIVALENTS
The Company considers all highly liquid investment instruments purchased with a maturity of three months or less to be cash equivalents.
RECEIVABLES AND ALLOWANCE FOR EXPECTED CREDIT LOSSES
In addition to individually assess overdue customer balances for expected credit losses, the Company also calculates an allowance that
reflects the expected credit losses on receivables considering both historical experience as well as forward looking assumptions. The
method calculates the expected credit loss for a group of customers by using the customer groups\u2019 average short-term default rates
based on officially published credit ratings and the Company\u2019s historical experience. These default rates are considered the Company\u2019s
best estimate of the customer\u2019s ability to pay. The Company regularly reassess the customer groups and the applied customer group\u2019s
default rates by using its best judgment when considering changes in customer\u2019s credit ratings, customer\u2019s historical payments and loss
experience, current market and economic conditions and the Company\u2019s expectations of future market and economic conditions.
There can be no assurance that the amount ultimately realized for receivables will not be materially different than that assumed in the
calculation of the allowance for expected credit losses.
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
All derivatives are recognized at fair value.
Hedge accounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does
not meet the hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that
occurs from changes in interest and foreign exchange rates.
For further details on the Company\u2019s financial instruments, see Note 4.
INVENTORIES
The cost of inventories is computed according to the first-in first-out method (FIFO). Cost includes the cost of materials, direct labor and
the applicable share of manufacturing overhead. Inventories are evaluated based on individual or, in some cases, groups of inventory
items. Reserves are established to reduce the value of inventories to the lower of cost or net realizable value. Net realizable value is the
estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
Excess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company calculates
provisions for excess inventories based on the number of months of inventories on hand compared to anticipated sales or usage.
Management uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. There can be no
assurance that the amount ultimately realized for inventories will not be materially different than that assumed in the calculation of the
reserves.
PROPERTY, PLANT AND EQUIPMENT
Property, Plant and Equipment is recorded at historical cost. Construction in progress generally involves short-term projects for which
capitalized interest is not significant. The Company provides for depreciation of property, plant and equipment computed under the
straight-line method over the assets\u2019 estimated useful lives, or in the case of leasehold improvements over the shorter of the useful life
or the lease term. Amortization on finance leases is recognized with depreciation expense in the Consolidated Statements of Income over
the shorter of the assets\u2019 expected life or the lease contract term. Repairs and maintenance are expensed as incurred.
LEASES
In accordance with ASC 842,
Leases
, the Company recognizes contracts that is, or contains, a lease when the contract conveys the right
to 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
asset and lease liability. The Company recognizes a right-of-use asset and a lease liability at lease commencement. The lease liability
for both finance and operating leases is measured at the present value of the remaining lease payments, discounted at the Company's
incremental borrowing rate (if the implicit interest rate in the lease contract is not readily determinable). The right-of-use asset (ROU) for
finance and operating leases is initially measured at the sum of the initial lease liability plus initial direct costs plus prepaid lease payments
minus lease incentives received. Lease payments include undiscounted fixed payments plus optional payments that are reasonably
certain to be owed. Lease payments do not include variable lease payments other than those that depend on an index or rate. Variable
lease payments that depend on an index or a rate are included in the calculation of lease payments and in the measurement of the lease
liability.
If the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate as the discount rate. The
Company uses its best judgement when determining the incremental borrowing rate, which is the rate of interest that the Company would
have to pay to borrow on a collateralized basis over a similar term to the lease payments in a similar currency.
The Company has elected the practical expedient of not separating lease components from non-lease components for all its classes of
underlying assets. The Company has also elected to recognize the lease payments for short-term leases in its consolidated statement of
income on a straight-line basis over the lease term and recognize the variable lease payments in the period in which the obligation for
those payments is incurred.
Finance lease right-of-use assets are presented together with other property, plant and equipment assets and finance lease liabilities are
presented together with other current and non-current liabilities in the Consolidated Balance Sheets. Finance leases were not material
as of December 31, 2023.
For further details on the Company\u2019s leases, see Note 3.
LONG-LIVED ASSET IMPAIRMENT
The Company evaluates the carrying value and useful lives of long-lived assets, other than goodwill and intangible assets, when
indications of impairment are evident or it is likely that the useful lives have decreased, in which case the Company depreciates the assets
over the remaining useful lives. Impairment testing is primarily done by using the cash flow method based on undiscounted future cash
flows. Estimated undiscounted cash flows for a long-lived asset being evaluated for recoverability are compared with the respective
carrying amount of that asset. If the estimated undiscounted cash flows exceed the carrying amount of the assets, the carrying amounts
of the long-lived asset are considered recoverable and an impairment cannot be recorded. However, if the carrying amount of a group of
assets exceeds the undiscounted cash flows, an entity must then measure the long-lived assets\u2019 fair value to determine whether an
impairment loss should be recognized, generally using a discounted cash flow model.
Generally, the lowest level of cash flows for
impairment assessment is customer platform level.
GOODWILL AND INTANGIBLE ASSETS
Goodwill represents the excess of the fair value of consideration transferred over the fair value of net assets of businesses acquired.
Goodwill is not amortized but subject to at least an annual review for impairment. Other intangible assets, principally related to acquired
technology, are amortized over their useful lives which range from 3 to 25 years.
The Company performs its annual impairment testing in the fourth quarter of each year. Impairment testing is required more often than
annually if an event or circumstance indicates that an impairment, or decline in value, may have occurred. The Company uses either a
qualitative assessment or a quantitative calculation for its impairment testing. The qualitative assessment permits the Company to assess
whether 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.
If the Company concludes based on the qualitative assessment that it is not more likely than not that the fair value of goodwill or an
indefinite-lived intangible asset is less than its carrying amount, it would not have to quantitatively determine the asset\u2019s fair value.
The
Company also consider external factors that could affect the significant inputs used to determine fair value.
In 2023, the Company performed a quantitative impairment test by calculating the fair value of its goodwill. The estimated fair market
value of goodwill is determined by the discounted cash flow method. The Company discounts projected operating cash flows using its
weighted average cost of capital. Estimating the fair value requires the Company to make judgments about appropriate discount rates,
growth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. If the estimated
fair value of a reporting unit exceeds its carrying value, goodwill is considered not to be impaired. If the carrying value of a reporting unit
exceeds its estimated fair value, an impairment loss is recognized for the excess of carrying amount over the fair value of the respective
reporting unit. To supplement this analysis, the Company compares the market value of its equity, calculated by reference to the quoted
market prices of its shares, with the book value of its equity.
There were no impairments of goodwill from 2021 through 2023.
WARRANTIES AND RECALLS
The Company records liabilities for product recalls when probable claims are identified and when it is possible to reasonably estimate
costs. Recall costs are costs incurred when the customer decides to formally recall a product due to a known or suspected safety concern.
Product recall costs are estimated based on the expected cost of replacing the product and the customer\u00b4s cost of carrying out the recall,
which is affected by the number of vehicles subject to recall and the cost of labor and materials to remove and replace the defective
product. Insurance receivables, related to recall issues covered by the insurance, are included within other current and non-current assets
in the Consolidated Balance Sheets. Provisions for warranty claims are estimated based on prior experience, likely changes in
performance of newer products and the mix and volume of products sold. The provisions are recorded on an accrual basis.
RESTRUCTURING PROVISIONS
The Company defines restructuring expense to include costs directly associated with rightsizing, exit or disposal activities. Estimates of
restructuring charges are based on information available at the time such charges are recorded. In general, management anticipates that
restructuring activities will be completed within a timeframe such that significant changes to the exit plan are not likely. Due to inherent
uncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially
estimated.
PENSION OBLIGATIONS
The Company provides for both defined contribution plans and defined benefit plans. A defined contribution plan generally specifies the
periodic amount that the employer must contribute to the plan and how that amount will be allocated to the eligible employees who perform
services during the same period. A defined benefit pension plan is one that contains pension benefit formulas, which generally determine
the amount of pension benefits that each employee will receive for services performed during a specified period of employment.
The amount recognized as a defined benefit liability is the net total of projected benefit obligation (PBO) minus the fair value of plan
assets (if any) (see Note 18).
CONTINGENT LIABILITIES
Various claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters
that arise in the ordinary course of its business activities with respect to commercial, product liability or other matters (see Note 12). The
Company diligently defends itself in such matters and, in addition, carries insurance coverage to the extent reasonably available against
insurable risks. The Company records liabilities for claims, lawsuits and proceedings, when they are probable and it is possible to
reasonably estimate the cost of such liabilities. Legal costs expected to be incurred in connection with a loss contingency are expensed
as such costs are incurred.
The Company believes, based on currently available information, that the resolution of outstanding matters, other than any antitrust
related matters described in Note 17 after taking into account recorded liabilities and available insurance coverage, should not have a
material effect on the Company\u2019s financial position or results of operations. However, due to the inherent uncertainty associated with such
matters, there can be no assurance that the final outcomes of these matters will not be materially different than currently estimated.
TRANSLATION OF NON-U.S. SUBSIDIARIES
The assets and liabilities of subsidiaries with functional currency other than U.S. dollars are translated into U.S. dollars based on the
current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in accumulated other
comprehensive loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured
from their local currency to their functional currency and then translated to U.S. dollars. Revenues and expenses are translated into U.S.
dollars using the average exchange rates prevailing for each period presented.
RECEIVABLES AND LIABILITIES IN NON-FUNCTIONAL CURRENCIES
Receivables and liabilities not denominated in functional currencies are converted at year-end exchange rates. Net transaction losses,
reflected in the Consolidated Statements of Income, amounted to $(30) million in 2023, $(25) million in 2022 and $(29) million in 2021,
and are recorded in operating income if they relate to operational receivables and liabilities or are recorded in other non-operating items,
net if they relate to financial receivables and liabilities.
NEW ACCOUNTING STANDARDS
Changes to U.S. GAAP are established by the Financial Accounting Standards Board (\u201cFASB\u201d) in the form of accounting standards
updates (\u201cASUs\u201d) to the FASB\u2019s Accounting Standards Codification (ASC). The Company considers the applicability and impact of all
ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on
the Company\u2019s consolidated financial statements.
Adoption of New Accounting Standards
In September 2022, the FASB issued ASU 2022-04,
Liabilities-Supplier Finance Programs (Subtopic 405-50), Disclosure of Supplier
Finance Program Obligations
, which requires that a buyer in a supplier finance program disclose sufficient information about the program
to allow a user of financial statements to understand the program\u2019s nature, activity during the period, changes from period to period and
potential magnitude. During the fiscal year of adoption, the information on the key terms of the programs and the balance sheet
presentation of the program obligations, which are annual disclosure requirements, should be disclosed in each interim period. The
amendments in this update should be applied retrospectively to each period in which a balance sheet is presented, except for the
amendment on roll-forward information, which should be applied prospectively.
The Company adopted ASU 2022-04 as of January 1, 2023. The Company has an agreement with an external payment service provider
to facilitate the payments to certain suppliers. The outstanding obligations confirmed towards the external payment service provider are
recorded in Accounts Payable in the Condensed Consolidated Balance Sheet until payment has been effected. The Company has
undertaken to make sure the payment is effected on the original invoice maturity date. The average payment terms during 2023 was 115
days.
The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance program for the year ended
December 31, 2023 is as follows (dollars in millions):
\u00a0
As of
\u00a0
December 31, 2023
December 31, 2022
Confirmed obligations outstanding at beginning of the period
$
314
n/a
Invoices confirmed during the period
1,436
n/a
Confirmed invoices paid during the period
(1,405
)
n/a
Confirmed obligations outstanding at end of the period
1)
$
345
$
314
\n
1)
Amount of obligations confirmed under the program that remains unpaid by the Company is reported as Accounts Payable in the Consolidated Balance Sheet
.
Accounting Standards Issued But Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures
,
which improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.
The amendments in this update require that a public entity make additional disclosures related to segments if it has them. A public entity
that has a single reportable segment would be required to provide all the disclosures required by the amendments in this update and all
existing segment disclosures in Topic 280.
The amendments in this update are affective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years
beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all
prior periods presented in the financial statements. The Company is currently assessing the impact that ASU 2023-07 will have on its
financial statements and will adopt the amendments in this update upon the effective date.
In December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740), Improvements to Income Tax Disclosures
, to enhance
the transparency and decision usefulness of income tax disclosures as well as improve the effectiveness of income tax disclosures. The
amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation
and (2) provide additional information for reconciling items that meet a quantitative threshold. The amendments in this update also require
that all entities disclose on an annual basis certain detailed information about income taxes paid. The amendments in this update related
to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) consistent
categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction.
The amendments allow investors to better assess, in their capital allocation decisions, how an entity\u2019s worldwide operations and related
tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows.
The amendments in this update are affective for annual periods beginning after December 15, 2024. Early adoption is permitted. The
amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The Company is currently
assessing the impact that ASU 2023-09 will have on its financial statements and will adopt the amendments in this update prospectively
upon the effective date.
3. Leases
The Company has operating leases for offices, manufacturing and research buildings, machinery, cars, data processing and other
equipment. The Company\u2019s leases have remaining lease terms of 1-44 years, some of which include options to extend the leases for up
to 25 years, and some of which include options to terminate the leases within one year.
As of December 31, 2023, the Company has no additional material operating leases that have not yet commenced.
The following tables provide information about the Company\u2019s operating leases. The Company has not identified any material finance
leases as of December 31, 2023; therefore, the finance lease components have not been disclosed in the tables below.
Lease cost
(Dollars in millions)
\u00a0
2023
2022
2021
Operating lease cost
$
54
$
50
$
44
Short-term lease cost
8
9
10
Variable lease cost
5
4
4
Sublease income
(1
)
(1
)
(2
)
Total lease cost
$
66
$
62
$
56
\n
Other information
(Dollars in millions)
\u00a0
Year ended or as of
\u00a0
December 31,
\u00a0
2023
2022
Cash paid for amounts included in the measurement of operating lease liabilities
$
47
$
42
Right-of-use assets obtained in exchange for new operating lease liabilities
70
74
Weighted-average remaining lease term - operating leases
9.4 years
9.7 years
Weighted-average discount rate - operating leases
3.2
%
2.8
%
\n
Maturities of operating lease liabilities (undiscounted cash flows) are as follows:
(Dollars in millions)
\u00a0
Maturities
2024
$
40
2025
33
2026
24
2027
19
2028
13
Thereafter
77
Total operating lease payments
206
Less imputed interest
(31
)
Total operating lease liabilities
$
175
\n
4. Fair Value Measurements
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
The carrying value of cash and cash equivalents, accounts receivable, accounts payable, other current liabilities and short-term debt
approximate their fair value because of the short-term maturity of these instruments.
The Company uses derivative financial instruments, \u201cderivatives\u201d, as part of its debt management to mitigate the market risk that occurs
from its exposure to changes in interest and foreign exchange rates. The Company does not enter into derivatives for trading or other
speculative purposes. The Company\u2019s use of derivatives is in accordance with the strategies contained in the Company\u2019s overall financial
policy. All derivatives are recognized in the consolidated financial statements at fair value. Certain derivatives are from time to time
designated either as fair value hedges or cash flow hedges in line with the hedge accounting criteria. For certain other derivatives hedge
accounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does not meet
the hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that occurs from
changes in interest and foreign exchange rates.
The degree of judgment utilized in measuring the fair value of the instruments generally correlates to the level of pricing observability.
Pricing observability is impacted by several factors, including the type of asset or liability, whether the asset or liability has an established
market and the characteristics specific to the transaction. Instruments with readily active quoted prices or for which fair value can be
measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized
in measuring fair value. Conversely, assets rarely traded or not quoted will generally have less, or no, pricing observability and a higher
degree of judgment utilized in measuring fair value.
Under U.S. GAAP, there is a disclosure framework hierarchy associated with the level of pricing observability utilized in measuring assets
and liabilities at fair value. The three broad levels defined by the hierarchy are as follows:
Level 1
- Quoted prices are available in active markets for identical assets or liabilities as of the reported date.
Level 2
- Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported
date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently, and items
that are fair valued using other financial instruments, the parameters of which can be directly observed.
Level 3
- Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets
and are measured using management\u2019s best estimate of fair value, where the inputs into the determination of fair value require significant
management judgment or estimation.
The Company\u2019s derivatives are all classified as Level 2 of the fair value hierarchy.
The tables below present information about the Company\u2019s financial assets and liabilities measured at fair value on a recurring basis as
of December 31, 2023 and December 31, 2022. The carrying value is the same as the fair value as these instruments are recognized in
the consolidated financial statements at fair value. Although the Company is party to close-out netting agreements (ISDA agreements)
with all derivative counterparties, the fair values in the tables below and in the Consolidated Balance Sheets at December 31, 2023 and
December 31, 2022 have been presented on a gross basis. According to the close-out netting agreements, transaction amounts payable
to a counterparty on the same date and in the same currency can be netted. The amounts subject to netting agreements that the Company
choose not to offset are presented below.
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS
There were no derivatives designated as hedging instruments as of December 31, 2023 and December 31, 2022.
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Derivatives not designated as hedging instruments, relate to economic hedges and are marked to market with all amounts recognized in
the Consolidated Statements of Income. The derivatives not designated as hedging instruments outstanding at December 31, 2023 and
December 31, 2022 were foreign exchange swaps.
For 2023, the Company recognized a gain of $2 million in other non-operating items, net for derivative instruments not designated as
hedging instruments. For 2022, the Company recognized a gain of $2 million. For 2021, the Company recognized a loss of $33 million.
The realized part of the losses referred to above are reported under financing activities in the statement of cash flows
.
For 2023, 2022
and 2021, the gains and losses recognized as interest expense were immaterial.
\u00a0
DECEMBER 31, 2023
DECEMBER 31, 2022
\u00a0 \u00a0
Fair Value Measurements
\u00a0
Fair Value Measurements
\u00a0 \u00a0
Derivative asset
Derivative liability
\u00a0
Derivative asset
Derivative liability
\u00a0
Nominal
(Other current
(Other current
Nominal
(Other current
(Other current
(Dollars in millions)
volume
assets)
liabilities)
volume
assets)
liabilities)
DERIVATIVES NOT DESIGNATED
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
AS HEDGING INSTRUMENTS
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange swaps, less
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
than 6 months
$
1,895
1)
$
22
2)
$
12
3)
$
2,616
4)
$
22
5)
$
15
6)
TOTAL DERIVATIVES NOT
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
DESIGNATED AS HEDGING
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
INSTRUMENTS
$
1,895
$
22
$
12
$
2,616
$
22
$
15
\n
1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,895 million.
2) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million.
3) Net amount after deducting for offsetting swaps under ISDA agreements is $12 million.
4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,616 million.
5) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million.
6) Net amount after deducting for offsetting swaps under ISDA agreements is $15 million.
FAIR VALUE OF DEBT
The fair value of long-term debt is determined either from quoted market prices as provided by participants in the secondary market or
for long-term debt without quoted market prices, estimated using a discounted cash flow method based on the Company\u2019s current
borrowing rates for similar types of financing. The Company has determined that each of these fair value measurements of debt reside
within Level 2 of the fair value hierarchy.
During the first quarter of 2023, the Company issued a five year \u20ac500 million Eurobond. These notes were issued as green bonds.
The fair value and carrying value of debt are summarized in the table below (dollars in millions).
\u00a0
DECEMBER 31, 2023
DECEMBER 31, 2022
\u00a0
CARRYING
FAIR
CARRYING
FAIR
\u00a0
VALUE
1)
VALUE
VALUE
1)
VALUE
LONG-TERM DEBT
\u00a0 \u00a0 \u00a0 \u00a0
Bonds
$
1,023
$
1,022
$
767
$
735
Loans
301
306
287
292
TOTAL
$
1,324
$
1,328
$
1,054
$
1,027
SHORT-TERM DEBT
\u00a0 \u00a0 \u00a0 \u00a0
Short-term portion of long-term debt
$
297
$
297
$
533
$
527
Overdrafts and other short-term debt
241
241
178
178
TOTAL
$
538
$
538
$
711
$
705
\n
1) Debt as reported in balance sheet.
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A NON-RECURRING BASIS
In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also has assets and liabilities in its
balance sheet that are measured at fair value on a nonrecurring basis including certain long-lived assets, including equity method
investments, goodwill and other intangible assets, typically as it relates to impairment.
The Company has determined that the fair value measurements included in each of these assets and liabilities rely primarily on Company-
specific inputs and the Company\u2019s assumptions about the use of the assets and settlements of liabilities, as observable inputs are not
available. The Company has determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy. To
determine the fair value of long-lived assets as of the reporting date, the Company utilizes the projected cash flows expected to be
generated by the long-lived assets, then discounts the future cash flows over the expected life of the long-lived assets.
For the period 2021-2023, the Company did not record any material impairment charges on its long-lived assets for its continuing
operations.
5. Income Taxes
INCOME BEFORE INCOME TAXES
(Dollars in millions)
2023
2022
2021
U.S.
$
29
$
(3
)
$
(38
)
Non-U.S.
583
606
652
Total
$
612
$
603
$
614
PROVISION FOR INCOME TAXES (Dollars in millions)
2023
2022
2021
Current
\u00a0 \u00a0 \u00a0
U.S. federal
$
19
$
32
$
8
Non-U.S.
210
181
191
U.S. state and local
3
5
(2
)
Deferred
\u00a0 \u00a0 \u00a0
U.S. federal
(7
)
(20
)
(8
)
Non-U.S.
(101
)
(17
)
(10
)
U.S. state and local
(1
)
(3
)
(2
)
Total income tax expense
$
123
$
178
$
177
EFFECTIVE INCOME TAX RATE (%)
2023
2022
2021
U.S. federal income tax rate
21.0
%
21.0
%
21.0
%
Non-Deductible Expenses
1.8
0.5
(0.1
)
Foreign tax rate variances
4.6
3.6
3.1
Tax credits
(3.9
)
(3.5
)
(2.2
)
Change in Valuation Allowances
11.6
(1.7
)
(0.1
)
Changes in tax reserves
2.7
(0.2
)
0.6
Provision to Return
(0.2
)
0.6
(0.2
)
Earnings of equity investments
(0.2
)
(0.1
)
(0.1
)
Withholding taxes
5.2
4.0
4.5
State taxes, net of federal benefit
0.3
0.4
(0.5
)
Tax Audits
0.0
1.0
0.6
Other Deferred Tax Asset Recognized
1)
(26.7
)
0.0
0.0
U.S. FDII Deduction
(0.4
)
0.0
0.0
U.S. GILTI Tax
3.4
3.4
1.1
Impact of Translation Rates
1.1
0.2
\u2014
Other, net
(0.2
)
0.3
1.2
Effective income tax rate
20.1
%
29.5
%
28.9
%
\n
1) Deferred tax asset recognized in 2023 due to the transfer of certain assets and operations as part of the Company's restructuring activities.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes. On December 31, 2023, the Company had net operating
loss carryforwards (NOL\u2019s) of approximately $513 million, of which approximately $419 million have no expiration date. The remaining
losses expire on various dates through 2037. The Company also has $25 million of U.S. Foreign Tax Credit carry forwards, which begin
to expire in 2026.
Valuation allowances have been established which partially offset the related deferred assets. Such allowances are primarily provided
against NOL\u2019s of companies that have perennially incurred losses, as well as the NOL\u2019s of companies that are start-up operations and
have not established a pattern of profitability. The Company assesses all available evidence, both positive and negative, to determine
the amount of any required valuation allowance. During 2023, the Company recorded valuation allowances against deferred tax assets
of tax losses in certain companies and a partial valuation allowance against the deferred tax asset recognized due to the transfer of
certain assets and operations as part of the Company\u2019s restructuring activities, on the basis of management\u2019s assessment of the amount
of the related deferred tax assets that are not more likely than not to be realized.
The foreign tax rate variance reflects the fact that approximately two-thirds of the Company\u2019s non-U.S. pre-tax income is generated by
business operations located in tax jurisdictions where the tax rate is between 20-30%. The tax rate from quarter to quarter and from year
to year is also impacted by the mix of earnings and tax rates in various jurisdictions compared to the same periods or prior years.
The Company has reserves for income taxes that may become payable in future periods as a result of tax audits. These reserves
represent the Company\u2019s best estimate of the potential liability for tax exposures. Inherent uncertainties exist in estimates of tax exposures
due to changes in tax law, both legislated and concluded through the various jurisdictions\u2019 court systems. The Company files income tax
returns in the United States federal jurisdiction, and various states and non-U.S. jurisdictions.
At any given time, the Company is undergoing tax audits in several tax jurisdictions, covering multiple years. The Company is no longer
subject to income tax examination by the U.S. Federal tax authorities for years prior to 2015. With few exceptions, the Company is no
longer 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
Company is undergoing tax audits in several non-U.S. jurisdictions and several U.S. state jurisdictions, covering multiple years. As of
December 31, 2023, as a result of those tax examinations, the Company is not aware of any proposed income tax adjustments that would
have a material impact on the Company\u2019s financial statements, however, other audits could result in additional increases or decreases to
the unrecognized tax benefits in some future period or periods. The Company believes that some of these audits will conclude within the
next 12 months and that it is reasonably possible the amount of uncertain income tax positions, including interest, may decrease by $10-
$15 million due to settlement of audits and expiration of statues of limitations.
The Company recognizes interest and potential penalties accrued related to unrecognized tax benefits in tax expense. As of December
31, 2022, the Company recorded $46 million for unrecognized tax benefits, including $11 million of accrued interest and penalties.
During 2023, the Company recorded a net increase of $8 million to income tax reserves for unrecognized tax benefits related to tax
positions taken in prior years. Also, during 2023, the Company recorded a net increase of $7 million to income tax reserves for
unrecognized tax benefits based on tax positions taken in the current year.
The Company had $14 million accrued for the payment of interest and penalties as of December 31, 2023. Of the total unrecognized
tax benefits of $64 million recorded at December 31, 2023, $33 million is classified as current income tax payable, and $31 million is
classified as non-current tax payable included in Other Non-Current Liabilities on the Consolidated Balance Sheets. Substantially all of
these reserves would impact the effective tax rate if released into income.
The following table summarizes the activity related to the Company\u2019s unrecognized tax benefits (dollars in millions):
UNRECOGNIZED TAX BENEFITS
2023
2022
2021
Unrecognized tax benefits at beginning of year
$
67
$
65
$
63
Increases as a result of tax positions taken during a prior
\u00a0 \u00a0 \u00a0
period
8
0
3
Increases as a result of tax positions taken during the current
\u00a0 \u00a0 \u00a0
period
7
7
5
Decreases as a result of tax positions taken during a prior period
0
0
0
Decreases relating to settlements with taxing authorities
0
(4
)
(4
)
Decreases resulting from the lapse of the applicable statute
\u00a0 \u00a0 \u00a0
of limitations
0
0
(1
)
Translation Difference
1
(1
)
(1
)
Total unrecognized tax benefits at end of year
$
83
$
67
$
65
\n
The tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities were as
follows (dollars in millions).
DEFERRED TAXES
\n \n
\u00a0
December 31,
\u00a0
2023
2022
2021
Assets
\u00a0\u00a0\u00a0
Provisions
$
126
$
99
$
136
Costs capitalized for tax
57
43
29
Other Deferred Tax Asset
1)
160
0
0
Property, plant and equipment
11
12
0
Retirement Plans
40
42
46
Tax receivables, principally NOL\u2019s
133
123
109
Deferred tax assets before allowances
527
319
320
Valuation allowances
(129
)
(46
)
(59
)
Total
398
273
261
Liabilities
\u00a0\u00a0\u00a0
Statutory tax allowances
0
0
(6
)
Distribution taxes
(3
)
(3
)
(6
)
Other
(1
)
(2
)
(3
)
Total
(4
)
(5
)
(15
)
Net deferred tax asset
$
394
$
268
$
246
\n
1) Deferred tax asset recognized in 2023 due to the transfer of certain assets and operations as part of the Company\u2019s restructuring activities,
and is partially offset by the increased valuation allowances.
The following table summarizes the activity related to the Company\u2019s valuation allowances (dollars in millions):
VALUATION ALLOWANCES AGAINST DEFERRED TAX ASSETS
\u00a0
December 31,
\u00a0
2023
2022
2021
Allowances at beginning of year
$
46
$
59
$
68
Benefits reserved current year
81
14
5
Benefits recognized current year
1)
(2
)
(27
)
(9
)
Translation difference
4
0
(5
)
Allowances at end of year
$
129
$
46
$
59
\n
1) Benefits reserved in the current year include the partial reserve against deferred tax assets recognized in 2023 due to the transfer of certain assets and
operations as part of the Company's restructuring activities.
6. Receivables
(Dollars in millions)
\u00a0
December 31,
\u00a0
2023
2022
2021
Receivables
$
2,206
$
1,916
$
1,707
Allowance for credit loss at beginning of year
(10
)
(8
)
(12
)
addition to allowance
(2
)
(4
)
(0
)
Write-off against allowance
3
2
4
Translation difference
(0
)
0
1
Allowance for credit loss at end of year
(8
)
(10
)
(8
)
Total receivables, net of allowance
$
2,198
$
1,907
$
1,699
\n
7. Inventories
(Dollars in millions)
\u00a0
December 31,
\u00a0
2023
2022
2021
Raw material
$
457
$
445
$
395
Work in progress
347
350
283
Finished products
296
265
190
Inventories
1,100
1,060
867
Inventory reserve at beginning of year
(91
)
(91
)
(93
)
Reversal of (addition to) reserve
3
(6
)
(3
)
Translation difference
(0
)
5
5
Inventory reserve at end of year
(89
)
(91
)
(91
)
Total inventories, net of reserve
$
1,012
$
969
$
777
\n
8. Other Non-Current Assets
(Dollars in millions)
\u00a0
December 31,
\u00a0
2023
2022
Equity method investments
$
11
$
12
Deferred tax assets
433
289
Income tax receivables
22
22
Insurance receivables
75
139
Other non-current assets
66
40
Total other non-current assets
$
606
$
502
\n
As of December 31, 2023 and 2022, the Company had one equity method investment. The Company owns 49% of Autoliv-Hirotako
Safety Sdn, Bhd (parent and subsidiaries) in Malaysia which it currently does not control, but in which it exercises significant influence
over operations and financial position.
9. Property, Plant and Equipment
(Dollars in millions)
\u00a0
December 31,
\u00a0
2023
2022
Estimated life
Land and land improvements
$
136
$
125
n/a to 15
Buildings
1,065
957
20-40
Machinery and equipment
4,545
4,156
3-12
Construction in progress
548
522
n/a
Property, plant and equipment
6,294
5,760
\u00a0
Less accumulated depreciation
(4,102
)
(3,801
)
\u00a0
Net of depreciation
$
2,192
$
1,960
\u00a0
DEPRECIATION INCLUDED IN
2023
2022
2021
Cost of sales
$
340
$
329
$
348
Selling, general and administrative expenses
12
11
13
Research, development and engineering expenses, net
24
20
23
Total
$
376
$
360
$
384
\n
No significant fixed asset impairments related to the Company\u2019s operations were recognized during 2023, 2022 or 2021.
The net book value of machinery and equipment and buildings and land under finance lease contracts recorded at December 31, 2023
and December 31, 2022 were immaterial. The amortization expense related to finance leases is included with depreciation expenses
disclosed in the table above.
10. Goodwill and Intangible Assets
GOODWILL
(Dollars in millions)
2023
2022
Carrying amount at beginning of year
$
1,375
$
1,387
Translation differences
2
(11
)
Carrying amount at end of year
$
1,378
$
1,375
\n
Approximately $1.2 billion of the Company\u2019s goodwill is associated with the 1997 merger of Autoliv AB and the Automotive Safety Products
Division of Morton International, Inc. No goodwill impairment charges were recognized during 2023, 2022 or 2021.
AMORTIZABLE INTANGIBLES
(Dollars in millions)
2023
2022
Gross carrying amount
$
391
$
387
Accumulated amortization
(384
)
(380
)
Carrying value
$
7
$
7
\n
At December 31, 2023, intangible assets subject to amortization mainly relate to acquired technology. No significant impairments of
intangible assets were recognized during 2023, 2022 or 2021.
Amortization expense related to intangible assets was $2 million, $3 million and $10 million in 2023, 2022 and 2021, respectively.
Estimated future amortization expense is immaterial for all future periods.
11. Restructuring
Restructuring provisions are made on a case-by-case basis and primarily include severance costs incurred in connection with employee
reductions and plant consolidations. Restructuring costs other than employee related costs are immaterial for all periods presented and
are included in the table below. The Company expects to finance restructuring programs over the next several years through cash
generated from its ongoing operations or through cash available under its existing credit facilities. The Company does not expect that the
execution of these programs will have an adverse impact on its liquidity position. The changes in the employee-related reserves in the
table below have been charged against Other income (expense), net in the Consolidated Statements of Income. The restructuring reserve
balance is included within Accrued expenses in the Consolidated Balance Sheet.
(Dollars in millions)
2023
2022
2021
Reserve at beginning of the period
$
32
$
88
$
126
Provision - charge
212
17
39
Provision - reversal
(1
)
(4
)
(31
)
Cash payments
(35
)
(64
)
(37
)
Translation difference
7
(5
)
(8
)
Reserve at end of the period
$
213
$
32
$
88
\n
The restructuring charges in 2023 of $212 million relate to the global structural cost reduction program activities initiated in 2023, primarily
in Europe. Cash payments of $35 million in 2023 mainly relate to restructuring activities in Europe. As of December 31, 2023, the majority
of the restructuring reserve balance is attributed to global structural cost reduction program activities initiated in 2023 in Europe.
The restructuring charges in 2022 of $17 million mainly related to footprint optimization activities in Asia and Europe. Cash payments of
$64 million in 2022 were related to the structural efficiency program initiated in 2020, footprint optimization activities initiated in Europe in
2020 and in Asia in 2022.
The restructuring charges in 2021 of $39 million mainly related to footprint optimization activities primarily in Asia. Reversals mainly
related to the structural efficiency program initiated in 2020. Cash payments in 2021 related to the structural efficiency program initiated
in 2020 and other footprint activities.
12. Product Related Liabilities
Autoliv is exposed to product liability and warranty claims in the event that the Company\u2019s products fail to perform as represented and
such failure results, or is alleged to result, in bodily injury, and/or property damage or other loss. The Company has reserves for product
risks. Such reserves are related to product performance issues including recall, product liability and warranty issues. For further
information, see Note 17.
The Company records liabilities for product related risks when probable claims are identified and when it is possible to reasonably estimate
costs. Changes in reserve for warranty claims are estimated based on prior experience, likely changes in performance of newer products,
and the mix and volume of the products sold. The changes in reserve are recorded on an accrual basis.
In 2023, the changes in reserve and cash payments mainly related to the Andrews litigation settlement with the reserve partly offset by
reversal of recall related issues. In 2022, the changes in reserve and cash payments mainly related to warranty related issues. In 2021,
the cash payments mainly related to recall related issues, whereof the main part was related to the \u201cToyota Recall\u201d issue. The reserve
for product related liabilities is included in accrued expenses on the Consolidated Balance Sheet.
A majority of the Company\u2019s recall related issues as of December 31, 2023 are covered by insurance. Insurance receivables are included
within other current and non-current assets on the Consolidated Balance Sheet. As of December 31, 2023, the Company had total
insurance receivables related to recall issues of $81 million ($142 million as of December 31, 2022).
The table below summarizes the change in the balance sheet position of the product related liabilities (dollars in millions).
(Dollars in millions)
2023
2022
2021
Reserve at beginning of the year
$
145
$
144
$
341
Change in reserve
25
20
49
Cash payments
(74
)
(17
)
(245
)
Translation difference
0
(2
)
(1
)
Reserve at end of the year
$
96
$
145
$
144
\n
13. Debt and Credit Agreements
SHORT-TERM DEBT
As of December 31, 2023 and 2022, total short-term debt was $538 million and $711 million, respectively. As of December 31, 2023,
short-term debt consisted mainly of a $297 million U.S. Private Placement and $215 million commercial paper.
The Company\u2019s subsidiaries have credit agreements, principally in the form of overdraft facilities with several local banks. Total available
short-term facilities as of December 31, 2023, excluding commercial paper facilities as described below, amounted to $393 million, of
which approximately $26 million was utilized. The weighted average interest rate on total short-term debt outstanding at December 31,
2023 and 2022, excluding the short-term portion of long-term debt, was 6% and 5%, respectively.
LONG-TERM DEBT
As of December 31, 2023 and 2022, total long-term debt was $1,324 million and $1,054 million, respectively.
In March 2023, the Company priced and issued 5-year notes for a total of \u20ac500 million in the Eurobond market. The notes carry a
coupon of 4.25% and matures in March 2028.
In June 2020, the Company utilized its SEK 3,000 million facility with Swedish Export Credit Corporation which was signed in May 2020.
The SEK 3,000 million facility matures in 2025 and carries a floating interest rate of 3M STIBOR +1.85%.
In 2014, the Company issued long-term debt securities in a U.S. Private Placement. As of December 31, 2023 the total long-term debt
outstanding from the 2014 issuance of $767 million consist of $285 million aggregate principal amount of 12-year senior notes with an
interest rate of 4.24%; and $185 million aggregate principal amount of 15-year senior notes with an interest rate of 4.44%.
CREDIT FACILITIES
In May 2022, the Company entered a $1,100 million senior unsecured revolving credit facility with 11 banks. The facility matures in May
2028 and has a one-year extension option. The Company pays a commitment fee on the undrawn amount. The commitment fee is 35%
of the applicable margin. The applicable margin is related to the Company's credit rating. Given the Company's current rating of BBB
from S&P Global Ratings, the applicable margin is 0.425%. As of December 31, 2023, the facility was not utilized.
The Company has a \u20ac3,000 million Euro Medium Term Note Program in place for being able to issue notes to be traded on the Global
Exchange Market of Euronext Dublin. At December 31, 2023, \u20ac500 million had been issued under this program.
The Company has two commercial paper programs: one SEK 7 billion ($701 million) Swedish program and a $1 billion U.S. program. At
December 31, 2023, the total amount outstanding was $215 million.
The Company is not subject to any financial covenants, i.e., performance related restrictions, in any of its significant long-term borrowings
or commitments.
CREDIT RISK
In the Company\u2019s financial operations, credit risk arises in connection with cash deposits with banks and when entering into forward
exchange agreements, swap contracts or other financial instruments. In order to reduce this risk, deposits and financial instruments are
only 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
to $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
in 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
government paper and in certain AAA rated money market funds. As of December 31, 2023, the Company had placed $290 million in
money market funds compared to $237 million as of December 31, 2022.
The table below shows debt maturity as cash flow. For a description of hedging instruments used as part of debt management, see the
Financial Instruments section of Note 2 and Note 4.
DEBT PROFILE
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
PRINCIPAL AMOUNT BY EXPECTED MATURITY
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
long-
\u00a0
(dollars in millions)
2024
2025
2026
2027
2028
Thereafter
term
Total
Bonds
$
297
$
\u2014
$
285
$
\u2014
$
554
$
185
$
1,024
$
1,321
Loans
\u2014
301
\u2014
\u00a0
\u2014
\u2014
301
301
Commercial papers
215
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
215
Other short-term debt
26
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
26
Total principal amount
$
538
$
301
$
285
$
\u2014
$
554
$
185
$
1,324
$
1,862
\n
14. Shareholders\u2019 Equity
The number of shares outstanding as of December 31, 2023 was 82,642,524. During 2023, the Company has retired 3,671,252 shares.
DIVIDENDS
2023
2022
2021
Cash dividend paid per share
$
2.66
$
2.58
$
1.88
Cash dividend declared per share
$
2.66
$
2.58
$
1.88
\n
OTHER COMPREHENSIVE LOSS / ENDING BALANCE
1)
(Dollars in millions)
2023
2022
Cumulative translation adjustments
$
(466
)
$
(492
)
Net pension liability
(30
)
(30
)
Total (ending balance)
$
(496
)
$
(522
)
Deferred taxes on the pension liability
$
10
$
9
\n
1) The components of Other Comprehensive Loss are net of any related income tax effects.
Cumulative translation effects of $12 million related to liquidated entities during 2023 have been recycled and reported as part of the net
change of cumulative translation adjustment in the Comprehensive income statement and Equity statement
.
SHARE REPURCHASE PROGRAM
In November 2021, the Board of Directors approved a new stock repurchase program that authorizes the Company to repurchase up to
$1.5 billion or up to 17 million shares (whichever comes first) between January 2022 and the end of 2024.
During 2023 the Company repurchased and retired 3,671,252 shares for approximately $352 million. During 2022 the Company
repurchased and retired 1,440,572 shares for approximately $115 million. In total, the Company has repurchased and retired 5,111,824
shares for approximately $467 million under the new stock repurchase program as of December 31, 2023.
15. Supplemental Cash Flow Information
Payments for interest and income taxes were as follows:
(Dollars in millions)
2023
2022
2021
Interest
$
80
$
64
$
60
Income taxes
192
215
207
\n
16. Stock Incentive Plan
The Company maintains the Autoliv, Inc. 1997 Stock Incentive Plan, as amended (the \u201cStock Incentive Plan\u201d), pursuant to which it has
granted to eligible employees and non-employee directors stock options (SOs), restricted stock units (RSUs) and performance shares
(PSUs).
The 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
granted in 2023, 2022 and 2021 entitle the grantee to receive dividend equivalents in the form of additional RSUs and PSUs subject to
the same vesting conditions as the underlying RSUs and PSUs. For the grants made during 2023, 2022 and 2021, the fair value of a
RSU and a PSU was calculated by using the closing stock price on the grant date and, with respect to a PSU, assumed target
performance. The grant date fair value for the RSUs and PSUs granted during 2023 was approximately $7 million and approximately $8
million, respectively.
Pursuant to the Company\u2019s non-employee director compensation policy effective May 1, 2023, the Company\u2019s non-employee directors
receive an annual RSU grant having a grant date value equal to $145,000 and the Chairman of the Board of Directors also receives an
additional annual RSU grant having a grant date value equal to $85,000. All RSUs granted to non-employee directors vest in one
installment 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
as a non-employee director on the vesting date with limited exceptions. The RSUs granted to the Company\u2019s non-employee directors
entitle the grantee to receive dividend equivalents in the form of additional RSUs subject to the same vesting conditions as the underlying
RSUs. The grant date fair value for the RSUs granted in 2023 to the Company\u2019s non-employee directors was approximately $2 million.
The source of the shares issued upon vesting of awards is generally from treasury shares. The Stock Incentive Plan provides for the
issuance of up to 9,585,055 common shares for awards. At December 31, 2023, 7,027,781 of these shares have been issued for awards
and 2,557,274 shares remain available for future grants.
In 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
price equal to the fair market value per share of common stock at the date of grant, and became exercisable after one year of continued
employment following the grant date. The average grant date fair values of SOs were calculated using the Black-Scholes valuation model.
The Company used historical exercise data for determining the expected life assumption. Expected volatility was based on historical and
implied volatility.
The Company recorded approximately $14 million, $4 million and $10 million stock-based compensation expense related to RSUs and
PSUs for 2023, 2022 and 2021, respectively. The total compensation cost related to non-vested awards not yet recognized is $15 million
for RSUs and PSs and the weighted average period over which this cost is expected to be recognized is approximately 1.9 years. There
are no remaining unrecognized compensation costs associated with SOs.
Information on the number of RSUs, PSUs and SOs related to the Stock Incentive Plan during the period of 2021 to 2023 is as follows.
RSUs
2023
2022
2021
Weighted average fair value at grant date
$
91.81
$
87.56
$
94.01
Outstanding at beginning of year
200,764
218,268
244,901
Granted
96,243
85,985
81,866
Shares issued
(94,055
)
(84,848
)
(99,399
)
Cancelled/Forfeited/Expired
(12,986
)
(18,641
)
(9,100
)
Outstanding at end of year
189,966
200,764
218,268
\n
The aggregate intrinsic value for RSUs outstanding at December 31, 2023 was approximately $21 million.
PSUs
2023
2022
2021
Weighted average fair value at grant date
$
91.80
$
88.05
$
93.90
Outstanding at beginning of year
101,828
179,311
158,128
Change in performance conditions
18,211
(69,924
)
(44,385
)
Granted
93,962
82,914
74,427
Shares issued
(26,331
)
(64,397
)
\u2014
Cancelled/Forfeited/Expired
(75,789
)
(26,076
)
(8,859
)
Outstanding at end of year
111,881
101,828
179,311
\n
The PSUs granted include assumptions regarding the ultimate number of shares that will be issued based on the probability of
achievement of the performance conditions. Changes in those assumptions result in changes in the estimated shares to be issued which
is reflected in the \u201cChange in performance conditions\u201d line above.
\u00a0 \u00a0
Weighted
\u00a0 \u00a0
average
\u00a0
Number
exercise
SOs
of options
price
Outstanding at December 31, 2020
90,175
$
68.13
Exercised
(40,112
)
67.49
Cancelled/Forfeited/Expired
(188
)
51.74
Outstanding at December 31, 2021
49,875
68.71
Exercised
(8,614
)
59.28
Cancelled/Forfeited/Expired
(10,150
)
70.40
Outstanding at December 31, 2022
31,111
70.77
Exercised
(15,537
)
65.12
Cancelled/Forfeited/Expired
(485
)
58.63
Outstanding at December 31, 2023
15,089
76.97
OPTIONS EXERCISABLE
\u00a0 \u00a0
At December 31, 2021
49,875
$
68.71
At December 31, 2022
31,111
70.77
At December 31, 2023
15,089
76.97
\n
The following summarizes information about SOs outstanding and exercisable at December 31, 2023:
\u00a0 \u00a0 \u00a0
Weighted
\u00a0
Number
Remaining
average
\u00a0
outstanding &
contract life
exercise
EXERCISE PRICE
exercisable
(in years)
price
$67.29
3,945
0.14
$
67.29
$80.40
11,144
1.13
80.40
\u00a0
15,089
0.87
76.97
\n
The total aggregate intrinsic value, which is the difference between the exercise price and $110.19 (closing price per share at December
31, 2023), for all \u201cin the money\u201d SOs, both outstanding and exercisable as of December 31, 2023, was immaterial.
17. Contingent Liabilities
LEGAL PROCEEDINGS
Various claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters
that arise in the ordinary course of its business activities with respect to commercial, product liability and other matters. Litigation is subject
to many uncertainties, and the outcome of any litigation cannot be assured. After discussions with counsel, and with the exception of
losses resulting from the antitrust proceedings described below, it is the opinion of management that the various legal proceedings and
investigations to which the Company currently is a party will not have a material adverse impact on the consolidated financial position of
Autoliv, but the Company cannot provide assurance that Autoliv will not experience material litigation, product liability or other losses in
the future.
ANTITRUST MATTERS
Authorities in several jurisdictions have conducted broad, and in some cases, long-running investigations of suspected anti-competitive
behavior among parts suppliers in the global automotive vehicle industry. These investigations included, but are not limited to, the products
that the Company sells. In addition to concluded matters, authorities of other countries with significant light vehicle manufacturing or sales
may initiate similar investigations.
PRODUCT WARRANTY, RECALLS AND INTELLECTUAL PROPERTY
Autoliv is exposed to various claims for damages and compensation if its products fail to perform as expected. Such claims can be made,
and result in costs and other losses to the Company, even where the product is eventually found to have functioned properly. Where a
product (actually or allegedly) fails to perform as expected or is defective, the Company may face warranty and recall claims. Where such
(actual or alleged) failure or defect results, or is alleged to result, in bodily injury and/or property damage, the Company may also face
product liability and other claims. There can be no assurance that the Company will not experience material warranty, recall or product
(or other) liability claims or losses in the future, or that the Company will not incur significant costs to defend against such claims. The
Company may be required to participate in a recall involving its products. Each vehicle manufacturer has its own practices regarding
product recalls and other product liability actions relating to its suppliers. As suppliers become more integrally involved in the vehicle
design process and assume more of the vehicle assembly functions, vehicle manufacturers are increasingly looking to their suppliers for
contribution when faced with recalls and product liability claims. Government safety regulators may also play a role in warranty and recall
practices. Recall decisions regarding the Company\u2019s products may require a significant amount of judgment by us, our customers and
safety 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
amount of judgment and discussions between the Company and its customers. A warranty, recall or product-liability claim brought against
the Company in excess of its insurance may have a material adverse effect on the Company\u2019s business. Vehicle manufacturers are also
increasingly requiring their outside suppliers to guarantee or warrant their products and bear the costs of repair and replacement of such
products under new vehicle warranties. A vehicle manufacturer may attempt to hold the Company responsible for some, or all, of the
repair or replacement costs of products when the product supplied did not perform as represented by us or expected by the customer in
either a warranty or a recall situation. Accordingly, the future costs of warranty or recall claims by the customers may be material. However,
the Company believes its established reserves are adequate. Autoliv\u2019s warranty reserves are based upon the Company\u2019s best estimates
of amounts necessary to settle future and existing claims. The Company regularly evaluates the adequacy of these reserves, and adjusts
them when appropriate. However, the final amounts actually due related to these matters could differ materially from the Company\u2019s
recorded estimates.
In addition, as vehicle manufacturers increasingly use global platforms and procedures, quality performance evaluations are also
conducted on a global basis. Any one or more quality, warranty or other recall issue(s) (including those affecting few units and/or having
a small financial impact) may cause a vehicle manufacturer to implement measures such as a temporary or prolonged suspension of new
orders, which may have a material impact on the Company\u2019s results of operations.
The Company maintains a program of insurance, which may include commercial insurance, self-insurance, or a combination of both
approaches, for potential recall and product liability claims in amounts and on terms that it believes are reasonable and prudent based
on our prior claims experience. The Company\u2019s insurance policies generally include coverage of the costs of a recall, although costs
related to replacement parts are generally not covered. In addition, a number of the agreements entered into by the Company, including
the Spin-off Agreements, require Autoliv to indemnify the other parties for certain claims. Autoliv cannot assure that the level of coverage
will be sufficient to cover every possible claim that can arise in our businesses or with respect to other obligations, now or in the future,
or that such coverage always will be available should we, now or in the future, wish to extend, increase or otherwise adjust our insurance.
As noted in Note 12 above, as of December 31, 2023, the Company has accrued $96 million for total product related liabilities. The
majority of the total product liability accrual as of December 31, 2023, relates to recalls, which are generally covered by insurance.
Insurance receivables for such recall related liabilities total $83 million as of December 31, 2023.
Product Liability:
On September 18, 2014, Jamie Andrews filed a wrongful death products liability suit against several Autoliv entities stemming from a fatal
car accident in 2013 where the plaintiff\u2019s husband was fatally injured. The lawsuit alleged that Autoliv should be liable for a designed
driver seatbelt. On December 31, 2021, the United States District Court for the Northern District of Georgia entered a Final Order and
Judgment concluding that Mr. Andrews\u2019s seatbelt was defectively designed and Autoliv was strictly liable for the design.
Autoliv was
ordered to pay approximately $118 million in compensatory and punitive damages and pre-judgment interests. On July 18, 2023, the
Company, without admitting any liability, executed settlement agreements and resolved the lawsuit with all interested parties, concluding
the matter. The final amount by which the product liability accrual exceeded the product liability insurance receivable is $8 million and
includes self-insurance retention costs and deductibles.
Autoliv and several of its subsidiaries have been named in a class action lawsuit that has been consolidated in a multi-district litigation
(MDL) Northern District of Georgia. The plaintiffs in the MDL (the \"ARC Inflator Class Action\") generally allege that the defendants have
violated various state competition, warranty, and trade practice laws relating to ARC inflators included in airbag modules that Autoliv or
its subsidiaries allegedly supplied after Autoliv acquired certain Delphi assets (the \"Delphi Acquisition\") in December 2009. The Company
denies these allegations. Autoliv is not aware of any performance issues regarding ARC inflators included with its airbags at the directions
of its customers that it shipped following the Delphi Acquisition. The proceedings remain ongoing. The Company has determined pursuant
to ASC 450 that a loss is reasonably possible with respect to the ARC Inflator Class Action. However, the Company continues to evaluate
this matter, no accrual has been made, and no estimated range of potential loss can be determined at this time. The Company cannot
predict the ultimate outcome of the ARC Inflator Class Action.
On September 5, 2023, the National Highway Traffic Safety Administration (the \u201cNHTSA\u201d) issued an initial decision to recall approximately
52 million frontal driver and passenger airbag inflators manufactured by ARC and Delphi Automotive Systems because the NHTSA
determined that the airbag inflators contain a safety defect resulting in field ruptures. Some of the ARC inflators included in the airbag
modules that Autoliv or its subsidiaries supplied after the Delphi Acquisition were included in such initial decision. The NHTSA has yet to
release its final decision. If NHTSA final decision results in a recall, it is anticipated that such decision will be challenged in US federal
court. The Company has determined pursuant to ASC 450 that a loss is reasonably possible with respect to the NHTSA ARC recall.
However, the Company continues to evaluate this matter, no accrual has been made, and no estimated range of potential loss can be
determined at this time. The Company cannot predict the ultimate outcome of the NHTSA ARC recall.
Specific Recalls:
In the fourth quarter of 2020, the Company was made aware of a potential recall by American Honda Motor Co. and the recall of
approximately 449,000 vehicles relating to the malfunction of front seat belt buckles was announced on March 9, 2023 (the \u201cHonda Buckle
Recall\u201d). The Company determined pursuant to ASC 450 that a loss with respect to the Honda Buckle Recall is probable and accrued an
amount that is reflected in the total product liability accrual in the fourth quarter of 2020, increased the accrual in the fourth quarter of
2021, and reduced the accrual in the fourth quarter of 2023 based on vehicle repair cost data. Following the accrual reduction in the
fourth quarter of 2023, the amount by which the product liability accrual exceeds the product liability insurance receivable with respect to
the Honda Buckle Recall is $10 million and includes self-insurance retention costs and deductibles. The ultimate loss to the Company of
the Honda Buckle Recall could be materially different from the amount the Company has accrued.
Volvo Car USA, LLC (together with its affiliates, \u201cVolvo\u201d) has recalled approximately 762,000 vehicles relating to the malfunction of
inflators produced by ZF (the \u201cZF Inflator Recall\u201d). The recalled ZF inflators were included in airbag modules supplied by the Company
only to Volvo. The recall commenced in November 2020 and later expanded in September 2021. Because the Company\u2019s airbags were
involved with the ZF Inflator Recall, the Company has determined pursuant to ASC 450 that a loss is reasonably possible with respect to
the ZF Inflator Recall. The Company continues to evaluate this matter with Volvo and ZF and no accrual has been made. Although the
Company currently estimates a range of $0 to $43 million with respect to this potential loss, the Company anticipates that any losses net
of insurance claims and claims against ZF will be immaterial.
Intellectual property:
In its products, the Company utilizes technologies which may be subject to intellectual property rights of third parties. While the Company
does seek to procure the necessary rights to utilize intellectual property rights associated with its products, it may fail to do so. Where the
Company so fails, the Company may be exposed to material claims from the owners of such rights. Where the Company has sold products
which infringe upon such rights, its customers may be entitled to be indemnified by the Company for the claims they suffer as a result
thereof. Such claims could be material.
The table in Note 12 above summarizes the change in the balance sheet position of the product related liabilities for the fiscal year ended
December 31, 2023.
18. Retirement Plans
DEFINED CONTRIBUTION PLANS
Many of the Company\u2019s employees are covered by government sponsored pension and welfare programs. Under the terms of these
programs, the Company makes periodic payments to various government agencies. In addition, in some countries the Company sponsors
or participates in certain non-governmental defined contribution plans. Contributions to defined contribution plans for the years ended
December 31, 2023, 2022 and 2021 were $26 million, $24 million, and $18 million, respectively.
MULTIEMPLOYER PLANS
The Company participates in a multiemployer plan in Sweden. This ITP-2 plan is funded through Alecta and covers employees born
before 1979, for whom it provides a final pay pension benefit based on all service with participating employers. The Company must pay
for wage increases in excess of inflation on service earned with previous employers. The plan also provides disability and family benefits
and is more than 100% funded. The Company\u00b4s contributions to this multiemployer plan for the years ended December 31, 2023, 2022
and 2021 were $4 million, $6 million and $5 million, respectively.
DEFINED BENEFIT PLANS
The Company has a number of defined benefit pension plans, both contributory and non-contributory, in the U.S., France, Germany,
India, Japan, Mexico, Philippines, Poland, Sweden, South Korea, Thailand, Turkey and the United Kingdom. There are funded as well as
unfunded plan arrangements which provide retirement benefits to both U.S. and non-U.S. participants.
The main plan is the U.S. plan for which the benefits are based on an average of the employee\u2019s earnings and on credited service earned
through December 31, 2021. In a prior year, the Company closed participation in the Autoliv ASP, Inc. Pension Plan to exclude those
employees hired after December 31, 2003. Within the U.S. there is also a non-qualified restoration plan that provides benefits to
employees whose benefits in the primary U.S. plan are restricted by limitations on the compensation that can be considered in calculating
their benefits. Effective December 31, 2021, the Autoliv ASP, Inc. Pension Plan is frozen to new accruals and, by extension, the non-
qualified restoration plan is also frozen. Settlement accounting has been recognized each quarter in 2023 and 2022 for the U.S. plans
because the lump-sum payments made to plan participants during 2023 and 2022 exceeded the sum of service cost and interest cost.
For the Company\u2019s non-U.S. defined benefit plans the most significant individual plan is in the U.K. The Company has closed participation
in the U.K. defined benefit plan to exclude all employees hired after April 30, 2003 with few members currently accruing benefits.
CHANGES IN BENEFIT OBLIGATIONS AND PLAN ASSETS FOR THE YEARS ENDED DECEMBER 31
\u00a0
U.S.
Non-U.S.
(Dollars in millions)
2023
2022
2023
2022
Benefit obligation at beginning of year
$
227
$
381
$
192
$
260
Service cost
\u2014
\u2014
9
9
Interest cost
12
12
10
6
Actuarial (gain) loss due to:
\u00a0 \u00a0 \u00a0 \u00a0
Change in discount rate
5
(111
)
(22
)
(65
)
Experience
2
15
(1
)
4
Other assumption changes
2
\u2014
24
18
Benefits paid
(4
)
(4
)
(10
)
(20
)
Plan settlements/curtailments
(17
)
(66
)
(2
)
(3
)
Plan amendments
\u2014
\u2014
1
2
Other
\u2014
\u2014
0
\u2014
Translation difference
\u2014
\u2014
7
(19
)
Benefit obligation at end of year
$
226
$
227
$
208
$
192
Fair value of plan assets at beginning of year
$
201
$
343
$
63
$
101
Actual return on plan assets
24
(75
)
3
(27
)
Company contributions
0
3
11
19
Benefits paid
(4
)
(4
)
(10
)
(20
)
Plan settlements
(17
)
(66
)
(0
)
\u2014
Translation difference
\u2014
\u2014
3
(10
)
Fair value of plan assets at end of year
$
204
$
201
$
70
$
63
Pension liability recognized in the balance sheet
$
21
$
26
$
138
$
129
\n
The 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
reflect a market-derived pension obligation, Autoliv adjusts the assumed lump sum interest rate to reflect market conditions as of each
December 31. This methodology is consistent with the approach required under the Pension Protection Act of 2006, which provides the
rules for determining minimum funding requirements in the U.S.
COMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE DEFINED BENEFIT RETIREMENT PLANS FOR THE
YEARS ENDED DECEMBER 31
\u00a0
U.S.
(Dollars in millions)
2023
2022
2021
Service cost
$
\u2014
$
\u2014
$
8
Interest cost
12
12
10
Expected return on plan assets
(10
)
(14
)
(18
)
Amortization of actuarial loss
0
0
2
Settlement loss
1
6
5
Net periodic benefit cost
$
3
$
4
$
7
\u00a0
Non-U.S.
(Dollars in millions)
2023
2022
2021
Service cost
$
9
$
9
$
12
Interest cost
10
6
5
Expected return on plan assets
(3
)
(2
)
(2
)
Amortization of prior service costs
1
1
0
Amortization of actuarial loss
1
1
1
Settlement/curtailment (gain) loss
0
(8
)
0
Net periodic benefit cost
$
18
$
7
$
17
\n
The service cost and amortization of prior service cost components are reported among other employee compensation costs in the
Consolidated Statements of Income. The remaining components, interest cost, expected returns on plan assets and amortization of
actuarial loss, are reported as Other non-operating items, net in the Consolidated Statements of Income.
Amortization of the net actuarial loss from accumulated other comprehensive income is made over the estimated average remaining
lifetime of the plan participants (27 to 31 years) for the U.S. plans, and the estimated average remaining service lives or lifetimes of the
plan participants for the non-U.S. plans, the periods varying over a wide range between the different countries depending on the age of
the population concerned.
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS BEFORE TAX AS OF DECEMBER 31
\u00a0
U.S.
Non-U.S.
(Dollars in millions)
2023
2022
2023
2022
Net actuarial loss
$
15
$
22
$
19
$
18
Prior service cost
\u2014
\u2014
4
4
Total accumulated other comprehensive loss
\u00a0 \u00a0 \u00a0 \u00a0
recognized in the balance sheet
$
15
$
22
$
24
$
22
\n
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BEFORE TAX FOR THE YEARS ENDED DECEMBER 31
\u00a0
U.S.
Non-U.S.
(Dollars in millions)
2023
2022
2023
2022
Total retirement benefit recognized in accumulated
\u00a0 \u00a0 \u00a0 \u00a0
other comprehensive loss at beginning of year
$
22
$
35
$
22
$
33
Net actuarial loss (gain)
(6
)
(7
)
2
(15
)
Amortization or curtailment recognition of prior service credit
\u00a0 \u00a0 \u00a0 \u00a0
(cost)
\u2014
\u2014
(1
)
1
Amortization or settlement recognition of net gain (loss)
(1
)
(6
)
(1
)
5
Translation difference
\u2014
\u2014
2
(2
)
Total retirement benefit recognized in accumulated
\u00a0 \u00a0 \u00a0 \u00a0
other comprehensive loss at end of year
$
15
$
22
$
24
$
22
\n
The accumulated benefit obligation for the U.S. non-contributory defined benefit pension plans was $226 million and $227 million at
December 31, 2023 and 2022, respectively. The accumulated benefit obligation for the non-U.S. defined benefit pension plans was $173
million and $154 million at December 31, 2023 and 2022, respectively.
Pension plans for which the accumulated benefit obligation (ABO) is notably in excess of the plan assets reside in the following countries:
U.S., Mexico, France, Germany, Japan, South Korea, Sweden, Thailand and Turkey.
PENSION PLANS FOR WHICH ABO EXCEEDS THE FAIR VALUE OF PLAN ASSETS AS OF DECEMBER 31
\u00a0
U.S.
Non-U.S.
(Dollars in millions)
2023
2022
2023
2022
Projected Benefit Obligation (PBO)
$
226
$
227
$
145
$
134
Accumulated Benefit Obligation (ABO)
226
227
116
102
Fair value of plan assets
204
201
2
2
\n
The Company, in consultation with its actuarial advisors, determines certain key assumptions to be used in calculating the projected
benefit obligation and annual net periodic benefit cost.
ASSUMPTIONS USED TO DETERMINE THE BENEFIT OBLIGATIONS AS OF DECEMBER 31
\u00a0
U.S.
Non-U.S.
1)
(% Weighted average / % Weighted average range)
2023
2022
2023
2022
Discount rate
5.13
5.41
1.00-10.25
0.75-9.75
Rate of increases in compensation level
n/a
n/a
2.25-5.00
2.10-5.00
\n
1) The % weighted average ranges in the tables above represent significant non-U.S. plans only.
ASSUMPTIONS USED TO DETERMINE THE NET PERIODIC BENEFIT COST FOR THE YEARS ENDED DECEMBER 31
\u00a0
U.S.
(% Weighted average)
2023
2022
2021
Discount rate
5.41
2.77
2.37
Rate of increases in compensation level
n/a
n/a
2.65
Expected long-term rate of return on assets
5.05
5.05
5.05
\u00a0
Non-U.S.
1)
(% Weighted average range)
2023
2022
2021
Discount rate
0.75-9.75
0.25-8.00
0.25-7.25
Rate of increases in compensation level
2.10-5.00
1.80-5.00
1.80-5.00
Expected long-term rate of return on assets
4.20-4.80
1.70-2.20
1.40-2.25
\n
1) The % weighted average ranges in the tables above represent significant non-U.S. plans only.
The discount rate for the U.S. plans has been set based on the rates of return on high-quality fixed-income investments currently available
at the measurement date and expected to be available during the period the benefits will be paid. The expected timing of cash flows from
the plan has also been considered in selecting the discount rate. In particular, the yields on bonds rated AA or better on the measurement
date 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
long-term high-grade corporate bonds and is determined by reference to financial markets on the measurement date.
The expected rate of increase in compensation levels and long-term rate of return on plan assets are determined based on a number of
factors and must take into account long-term expectations and reflect the financial environment in the respective local market. The
expected return on assets for the U.S. and U.K. plans are based on the fair value of the assets as of December 31.
The level of equity exposure is currently targeted at approximately 32% for the primary U.S. plan. The investment objective is to provide
an attractive risk-adjusted return that will ensure the payment of benefits while protecting against the risk of substantial investment losses.
Correlations among the asset classes are used to identify an asset mix that Autoliv believes will provide the most attractive returns. Long-
term return forecasts for each asset class using historical data and other qualitative considerations to adjust for projected economic
forecasts 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
U.S. plan assets of 5.05% for calculating the 2023 expense.
The Company has assumed a long-term rate of return on the non-U.S. plan assets in a range of 4.20-4.80% for 2023. The closed U.K.
plan, which has a targeted allocation of almost 100% debt instruments, accounts for approximately 73% of the total non-U.S. plan assets.
Autoliv made contributions to the U.S. plans during 2023 and 2022 amounting to $0 million and $3 million, respectively. Contributions to
the U.K plan during 2023 and 2022 amounted to $2 million and $2 million, respectively. The Company expects to contribute $1 million to
its U.S. pension plans in 2024 and is currently projecting a yearly funding at the same level in the years thereafter. For the U.K. pension
plan, which is the most significant non-U.S. plan, the Company expects to contribute $2 million in 2024 and in the years thereafter.
FAIR VALUE OF TOTAL PLAN ASSETS FOR THE YEARS ENDED DECEMBER 31
\u00a0
U.S.
U.S.
Non-U.S.
\u00a0
Target
\u00a0 \u00a0 \u00a0 \u00a0
ASSETS CATEGORY
(% Weighted average)
allocation
2023
2022
2023
2022
Equity securities %
32
31
23
0
0
Debt instruments %
68
68
76
64
60
Other assets %
\u2014
1
1
36
40
Total %
100
100
100
100
100
\n
The following table summarizes the fair value of the Company\u2019s U.S. and non-U.S. defined benefit pension plan assets:
\u00a0
Fair value measurement at December 31,
(Dollars in millions)
2023
2022
Assets
\u00a0 \u00a0
Non-U.S. Bonds
\u00a0 \u00a0
Government
$
24
$
15
Corporate
21
23
Insurance Contracts
17
14
Other Investments
10
11
Assets at fair value Level 2
71
63
Investments measured at net asset value
\u00a0 \u00a0
(NAV):
\u00a0 \u00a0
Common collective trusts
203
201
Total
$
274
$
264
\n
The 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
measurement. Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not
been classified in the fair value hierarchy. Plan assets not measured using the NAV are classified as Level 2 in the table above. Plan
assets measured using the NAV mainly relate to the U.S. defined benefit pension plans and are separately disclosed as Common
collective trusts below the Level 2 assets in the table above.
The estimated future benefit payments for the pension benefits reflect expected future service, as appropriate. The amount of benefit
payments in a given year may vary from the projected amount, especially for the U.S. plan since historically this plan pays the majority of
benefits as a lump sum, where the lump sum amounts vary with market interest rates.
PENSION BENEFITS EXPECTED PAYMENTS
(dollars in millions)
U.S.
Non-U.S.
2024
$
14
$
17
2025
17
12
2026
20
12
2027
19
14
2028
21
14
Years 2029-2033
91
84
\n
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
The Company currently provides postretirement health care and life insurance benefits to a limited group of U.S. retirees.
In 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
December 31, 2006), are reimbursed for qualified medical expenses up to a maximum annual amount. Spouses for certain retirees are
also eligible for reimbursement under the plan. Life insurance coverage is available for those who elect coverage under the retiree health
plan. During 2014, the plan was amended to move from a self-insured model where employees were charged an estimated premium
based on anticipated plan expenses for continued coverage, to a plan where retirees are provided a fixed contribution to a Health
Retirement Account (HRA). Retirees can use the HRA funds to purchase insurance through a private exchange. Employees hired on or
after January 1, 2004 are not eligible to participate in the plan.
As of December 31, 2023 and 2022, the benefit obligation for postretirement benefit plans other than pensions were $13 million and $13
million, respectively. The liability for postretirement benefits other than pensions is classified as other non-current liabilities in the balance
sheet. The components of the net periodic benefit costs associated with these plans were immaterial for the years 2023, 2022 and 2021.
The average discount rate used to determine the U.S. postretirement benefit obligation was 5.16% in 2023 and 5.39% in 2022. The
average discount rate used in determining the postretirement benefit cost was 5.39% in 2023, 2.91% in 2022 and 2.60% in 2021.
The accumulated other comprehensive income before tax associated with the postretirement benefit plans other than pensions
recognized in the balance sheet as of December 31, 2023 and 2022 were $6 million and $7 million, respectively. The components of the
accumulated other comprehensive income were immaterial for the years 2023 and 2022.
The estimated future benefit payments for the postretirement benefits, which reflect expected future service as appropriate, are expected
to be immaterial for all the future years.
19. Segment Information
The Company has one operating segment which includes Autoliv\u2019s airbag and seatbelt products and components. The operating results
of the operating segment are regularly reviewed by the Company\u2019s chief operating decision maker to assess the performance of the
operating segment and make decisions about resources to be allocated to the operating segment.
The Company\u2019s customers consist of all major European, U.S. and Asian automobile manufacturers. Sales to individual customers
representing 10% or more of net sales were:
In 2023: Renault 10% (including Nissan and Mitsubishi) and Stellantis 10%.
In 2022: Renault 11% (including Nissan and Mitsubishi), Stellantis 11% and VW 10%.
In 2021: Renault 13% (including Nissan and Mitsubishi), Stellantis 11% and VW 10%.
NET SALES BY REGION
(Dollars in millions)
2023
2022
2021
China
$
2,105
$
1,883
$
1,766
Asia, excl. China
1,968
1,638
1,641
Americas
3,526
2,967
2,535
Europe
2,877
2,355
2,289
Total
$
10,475
$
8,842
$
8,230
\n
The Company has attributed net sales to the geographic area based on the location of the entity selling the final product.
External sales in the U.S. amounted to $2,342 million, $2,029 million and $1,724 million in 2023, 2022 and 2021, respectively. Of the
external sales, exports from the U.S. to other regions amounted to approximately $343 million, $298 million and $280 million in 2023,
2022 and 2021, respectively.
NET SALES BY PRODUCT
(Dollars in millions)
2023
2022
2021
Airbag, Steering Wheels and Other
1)
$
7,055
$
5,807
$
5,380
Seatbelt Products
1)
3,420
3,035
2,850
Total net sales
$
10,475
$
8,842
$
8,230
\n
1) Including Corporate and other sales.
LONG-LIVED ASSETS
(Dollars in millions)
2023
2022
China
$
592
$
541
Asia, excl China
408
315
Americas
570
511
Europe
797
752
Total
$
2,367
$
2,119
\n
Long -lived assets in the table above consists of Property, Plant and Equipment and Operating Lease right-of-use asset. Long-lived assets
in the U.S. amounted to $261 million and $257 million for 2023 and 2022, respectively.
20. Earnings Per Share
The computation of basic and diluted earnings per share were as follows (dollars and shares in millions):
\u00a0
2023
2022
2021
Numerator:
\u00a0 \u00a0 \u00a0
Basic and diluted:
\u00a0 \u00a0 \u00a0
Net income attributable to common shareholders
$
488
$
423
$
435
Denominator:
\u00a0 \u00a0 \u00a0
Basic weighted average common stock
85.0
87.1
87.5
Added: Weighted average stock options/share awards
0.2
0.2
0.2
Diluted weighted average common stock
85.2
87.2
87.7
Net earnings per share - basic
$
5.74
$
4.86
$
4.97
Net earnings per share - diluted
$
5.72
$
4.85
$
4.96
\n
Anti-dilutive shares outstanding for the years ended December 31, 2023, 2022 and 2021 were immaterial.
21. Subsequent Events
There were no reportable events subsequent to December 31, 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11557": { "value": "PRINCIPLES OF CONSOLIDATION
The consolidated financial statements have been prepared in accordance with United States (U.S.) Generally Accepted Accounting
Principles (GAAP) and include Autoliv, Inc. and all companies over which Autoliv, Inc. directly or indirectly exercises control, which as a
general rule means that the Company owns more than 50% of the voting rights.
Consolidation is also required when the Company has both the power to direct the activities of a variable interest entity (VIE) and the
obligation to absorb losses or the right to receive benefits from the VIE that could be significant to the VIE.
All intercompany accounts and transactions within the Company have been eliminated from the consolidated financial statements.
Investments in affiliated companies in which the Company exercises significant influence over the operations and financial policies, but
does not control, are reported using the equity method of accounting. Generally, the Company owns between 20-50% of such
investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11560": { "value": "United States", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11610": { "value": "2. Summary of Significant Accounting Policies
EQUITY METHOD INVESTMENT
Investments accounted for under the equity method, means that a proportional share of the equity method investment\u2019s net income
increases the investment, and a proportional share of losses and payment of dividends decreases it. In the Consolidated Statements of
Income, the proportional share of the net income (loss) is reported as Income from equity method investment.
USE OF ESTIMATES
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the
consolidated financial statements, and the reported amounts of net sales and expenses during the reporting period. The accounting
estimates that require management\u2019s most significant judgments include the estimation of variable consideration for the Company's
contracts with customers, valuation of stock-based compensation payments, assessment of recoverability of goodwill and intangible
assets, estimation of pension benefit obligations based on actuarial assumptions, estimation of accruals for warranty and recalls,
restructuring charges, uncertain tax positions, valuation allowances and legal proceedings. Actual results could differ from those
estimates.
REVENUE RECOGNITION
In accordance with ASC 606,
Revenue from Contracts with Customers
, revenue is measured based on consideration specified in a
contract with a customer, adjusted for any variable consideration (i.e., price concessions) and estimated at contract inception. The
estimated amount of variable consideration that will be received by the Company is based on historical experience and trends,
management\u00b4s understanding of the status of negotiations with customers and anticipated future pricing strategies. The Company
recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer.
In addition, from time to time, the Company may make payments to or receive additional consideration from customers in connection with
ongoing and future business. These payments to or cash receipts from customers are generally recognized to revenue at the time of the
commitment unless the payments to customers can be clearly linked to the future business. If the payments to customers are capitalized,
the amounts are amortized to revenue as the related goods are transferred.
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and
collected by the Company from a customer, are excluded from revenue.
Shipping and handling costs associated with outbound freight before control of a product has transferred to a customer are accounted for
as a fulfillment cost and are included in cost of sales.
Nature of goods and services
The Company generates revenue from the sale of parts, which includes airbag and seatbelt products and components, to original
equipment manufacturers (\u201cOEMs\u201d).
The Company accounts for individual products separately if they are distinct (i.e., if a product is separately identifiable from other items
and if a customer can benefit from it on its own or with other resources that are readily available to the customer). The consideration for
each of the products, including any price concessions, is based on their stand-alone selling prices. The stand-alone selling prices are
determined based on the cost-plus margin approach.
The Company recognizes revenue for parts primarily at a point in time. For parts with revenue recognized at a point in time, the Company
recognizes revenue upon shipment to the customers and transfer of title and risk of loss under standard commercial terms (typically FOB
shipping point).
There are certain contracts where the criteria to recognize revenue over time have been met (e.g., there is no alternative use to the
Company and the Company has an enforceable right to payment). In such cases, at period end, the Company recognizes revenue and
a related asset and associated cost of goods sold and reduction in inventory. However, the financial impact of these contracts is immaterial
considering the very short production cycles and limited inventory days on hand. The contract balances with customers, included in other
current assets, amounted to $20 million as of December 31, 2023 and 2022.
The amount of revenue recognized is based on the purchase order price and adjusted for variable consideration (i.e., price concessions).
Customers typically pay for the parts based on customary business practices.
GOVERNMENT ASSISTANCE
The Company\u2019s operations are impacted by various government incentives, grants, programs, rebates, and other arrangements.
Government assistance received is recorded in our consolidated financial statements in accordance with their purpose, either as a
reduction of expense or an offset to the related capital asset. The benefit is recorded when all performance obligations attached to the
assistance have been met or are expected to be met and there is reasonable assurance of their receipt. Government assistance received
by the Company is immaterial for all periods presented since the adoption of ASU 2021-10.
RESEARCH, DEVELOPMENT AND ENGINEERING, NET (R,D & E)
Research and development and most engineering expenses are expensed as incurred. These expenses are reported net of expense
reimbursements from contracts to perform engineering design and product development fulfillment activities related to the production of
parts. For the years 2023, 2022 and 2021 total reimbursements from customers were $192 million, $204 million and $205 million,
respectively.
Certain engineering expenses related to long-term supply arrangements are capitalized when defined criteria, such as the existence of a
contractual guarantee for reimbursement, are met. The aggregate amount of such assets is not significant in any period presented.
Tooling is generally agreed upon as a separate contract or a separate component of an engineering contract, as a pre-production project.
Capitalization of tooling costs is made only when the specific criteria for capitalization of customer funded tooling is met or the criteria for
capitalization as Property, Plant & Equipment (P,P&E) for tools owned by the Company are fulfilled. Depreciation on the Company\u2019s own
tooling is recognized in the Consolidated Statements of Income as Cost of sales.
STOCK-BASED COMPENSATION
The compensation costs for all of the Company\u2019s stock-based compensation awards are determined based on the fair value method as
defined in ASC 718,
Compensation \u2013Stock Compensation
. The Company records the compensation expense for awards under the Stock
Incentive Plan, including Restricted Stock Units (RSUs), Performance Shares (PSUs) and stock options (SOs), over the respective vesting
period. For further details, see Note 16.
INCOME TAXES
Current tax liabilities and assets are recognized for the estimated taxes payable or refundable on the tax returns for the current year. In
certain circumstances, payments or refunds may extend beyond twelve months, in such cases amounts would be classified as non-
current taxes payable or receivable. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to
temporary differences and carryforwards that result from events that have been recognized in either the financial statements or the tax
returns, but not both. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws.
Deferred tax assets are reduced by the amount of any tax benefits that are not expected to be realized. A valuation allowance is
recognized 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
will not be realized. Evaluation of the realizability of deferred tax assets is subject to significant judgment requiring careful consideration
of all facts and circumstances. The Company classifies deferred tax assets and liabilities as non-current in the Consolidated Balance
Sheet. Tax assets and liabilities are not offset unless attributable to the same tax jurisdiction and netting is possible according to law and,
as it relates to payables and receivables, expected to take place in the same period.
Tax benefits associated with tax positions taken in the Company\u2019s income tax returns are initially recognized when it is more likely than
not that those tax positions will be sustained upon examination by the relevant taxing authorities. The Company\u2019s evaluation of its tax
benefits is based on the probability of the tax position being upheld if challenged by the taxing authorities (including through negotiation,
appeals, settlement and litigation). Whenever a tax position does not meet the initial recognition criteria, the tax benefit is subsequently
recognized if there is a substantive change in the facts and circumstances that cause a change in judgment concerning the sustainability
of the tax position upon examination by the relevant taxing authorities. In cases where tax benefits meet the initial recognition criterion,
the Company continues, in subsequent periods, to assess its ability to sustain those positions. A previously recognized tax benefit is
derecognized when it is no longer more likely than not that the tax position would be sustained upon examination. Liabilities for
unrecognized tax benefits are classified as non-current unless the payment of the liability is expected to be made within the next 12
months.
EARNINGS PER SHARE
The Company calculates basic earnings per share (EPS) by dividing net income attributable to controlling interest by the weighted-
average number of shares of common stock outstanding for the period (net of treasury shares). The Company\u2019s unvested RSUs and
PSUs, of which some include the right to receive non-forfeitable dividend equivalents, are considered participating securities. The diluted
EPS reflects the potential dilution that could occur if common stock was issued for awards under the Stock Incentive Plan and is calculated
using the treasury stock method. The treasury stock method assumes that the Company uses the proceeds from the exercise of stock
option awards to repurchase ordinary shares at the average market price during the period. For unvested restricted stock, assumed
proceeds under the treasury stock method will include unamortized compensation cost and windfall tax benefits or shortfalls. For further
details, see Notes 16 and 20.
CASH EQUIVALENTS
The Company considers all highly liquid investment instruments purchased with a maturity of three months or less to be cash equivalents.
RECEIVABLES AND ALLOWANCE FOR EXPECTED CREDIT LOSSES
In addition to individually assess overdue customer balances for expected credit losses, the Company also calculates an allowance that
reflects the expected credit losses on receivables considering both historical experience as well as forward looking assumptions. The
method calculates the expected credit loss for a group of customers by using the customer groups\u2019 average short-term default rates
based on officially published credit ratings and the Company\u2019s historical experience. These default rates are considered the Company\u2019s
best estimate of the customer\u2019s ability to pay. The Company regularly reassess the customer groups and the applied customer group\u2019s
default rates by using its best judgment when considering changes in customer\u2019s credit ratings, customer\u2019s historical payments and loss
experience, current market and economic conditions and the Company\u2019s expectations of future market and economic conditions.
There can be no assurance that the amount ultimately realized for receivables will not be materially different than that assumed in the
calculation of the allowance for expected credit losses.
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
All derivatives are recognized at fair value.
Hedge accounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does
not meet the hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that
occurs from changes in interest and foreign exchange rates.
For further details on the Company\u2019s financial instruments, see Note 4.
INVENTORIES
The cost of inventories is computed according to the first-in first-out method (FIFO). Cost includes the cost of materials, direct labor and
the applicable share of manufacturing overhead. Inventories are evaluated based on individual or, in some cases, groups of inventory
items. Reserves are established to reduce the value of inventories to the lower of cost or net realizable value. Net realizable value is the
estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
Excess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company calculates
provisions for excess inventories based on the number of months of inventories on hand compared to anticipated sales or usage.
Management uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. There can be no
assurance that the amount ultimately realized for inventories will not be materially different than that assumed in the calculation of the
reserves.
PROPERTY, PLANT AND EQUIPMENT
Property, Plant and Equipment is recorded at historical cost. Construction in progress generally involves short-term projects for which
capitalized interest is not significant. The Company provides for depreciation of property, plant and equipment computed under the
straight-line method over the assets\u2019 estimated useful lives, or in the case of leasehold improvements over the shorter of the useful life
or the lease term. Amortization on finance leases is recognized with depreciation expense in the Consolidated Statements of Income over
the shorter of the assets\u2019 expected life or the lease contract term. Repairs and maintenance are expensed as incurred.
LEASES
In accordance with ASC 842,
Leases
, the Company recognizes contracts that is, or contains, a lease when the contract conveys the right
to 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
asset and lease liability. The Company recognizes a right-of-use asset and a lease liability at lease commencement. The lease liability
for both finance and operating leases is measured at the present value of the remaining lease payments, discounted at the Company's
incremental borrowing rate (if the implicit interest rate in the lease contract is not readily determinable). The right-of-use asset (ROU) for
finance and operating leases is initially measured at the sum of the initial lease liability plus initial direct costs plus prepaid lease payments
minus lease incentives received. Lease payments include undiscounted fixed payments plus optional payments that are reasonably
certain to be owed. Lease payments do not include variable lease payments other than those that depend on an index or rate. Variable
lease payments that depend on an index or a rate are included in the calculation of lease payments and in the measurement of the lease
liability.
If the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate as the discount rate. The
Company uses its best judgement when determining the incremental borrowing rate, which is the rate of interest that the Company would
have to pay to borrow on a collateralized basis over a similar term to the lease payments in a similar currency.
The Company has elected the practical expedient of not separating lease components from non-lease components for all its classes of
underlying assets. The Company has also elected to recognize the lease payments for short-term leases in its consolidated statement of
income on a straight-line basis over the lease term and recognize the variable lease payments in the period in which the obligation for
those payments is incurred.
Finance lease right-of-use assets are presented together with other property, plant and equipment assets and finance lease liabilities are
presented together with other current and non-current liabilities in the Consolidated Balance Sheets. Finance leases were not material
as of December 31, 2023.
For further details on the Company\u2019s leases, see Note 3.
LONG-LIVED ASSET IMPAIRMENT
The Company evaluates the carrying value and useful lives of long-lived assets, other than goodwill and intangible assets, when
indications of impairment are evident or it is likely that the useful lives have decreased, in which case the Company depreciates the assets
over the remaining useful lives. Impairment testing is primarily done by using the cash flow method based on undiscounted future cash
flows. Estimated undiscounted cash flows for a long-lived asset being evaluated for recoverability are compared with the respective
carrying amount of that asset. If the estimated undiscounted cash flows exceed the carrying amount of the assets, the carrying amounts
of the long-lived asset are considered recoverable and an impairment cannot be recorded. However, if the carrying amount of a group of
assets exceeds the undiscounted cash flows, an entity must then measure the long-lived assets\u2019 fair value to determine whether an
impairment loss should be recognized, generally using a discounted cash flow model.
Generally, the lowest level of cash flows for
impairment assessment is customer platform level.
GOODWILL AND INTANGIBLE ASSETS
Goodwill represents the excess of the fair value of consideration transferred over the fair value of net assets of businesses acquired.
Goodwill is not amortized but subject to at least an annual review for impairment. Other intangible assets, principally related to acquired
technology, are amortized over their useful lives which range from 3 to 25 years.
The Company performs its annual impairment testing in the fourth quarter of each year. Impairment testing is required more often than
annually if an event or circumstance indicates that an impairment, or decline in value, may have occurred. The Company uses either a
qualitative assessment or a quantitative calculation for its impairment testing. The qualitative assessment permits the Company to assess
whether 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.
If the Company concludes based on the qualitative assessment that it is not more likely than not that the fair value of goodwill or an
indefinite-lived intangible asset is less than its carrying amount, it would not have to quantitatively determine the asset\u2019s fair value.
The
Company also consider external factors that could affect the significant inputs used to determine fair value.
In 2023, the Company performed a quantitative impairment test by calculating the fair value of its goodwill. The estimated fair market
value of goodwill is determined by the discounted cash flow method. The Company discounts projected operating cash flows using its
weighted average cost of capital. Estimating the fair value requires the Company to make judgments about appropriate discount rates,
growth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. If the estimated
fair value of a reporting unit exceeds its carrying value, goodwill is considered not to be impaired. If the carrying value of a reporting unit
exceeds its estimated fair value, an impairment loss is recognized for the excess of carrying amount over the fair value of the respective
reporting unit. To supplement this analysis, the Company compares the market value of its equity, calculated by reference to the quoted
market prices of its shares, with the book value of its equity.
There were no impairments of goodwill from 2021 through 2023.
WARRANTIES AND RECALLS
The Company records liabilities for product recalls when probable claims are identified and when it is possible to reasonably estimate
costs. Recall costs are costs incurred when the customer decides to formally recall a product due to a known or suspected safety concern.
Product recall costs are estimated based on the expected cost of replacing the product and the customer\u00b4s cost of carrying out the recall,
which is affected by the number of vehicles subject to recall and the cost of labor and materials to remove and replace the defective
product. Insurance receivables, related to recall issues covered by the insurance, are included within other current and non-current assets
in the Consolidated Balance Sheets. Provisions for warranty claims are estimated based on prior experience, likely changes in
performance of newer products and the mix and volume of products sold. The provisions are recorded on an accrual basis.
RESTRUCTURING PROVISIONS
The Company defines restructuring expense to include costs directly associated with rightsizing, exit or disposal activities. Estimates of
restructuring charges are based on information available at the time such charges are recorded. In general, management anticipates that
restructuring activities will be completed within a timeframe such that significant changes to the exit plan are not likely. Due to inherent
uncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially
estimated.
PENSION OBLIGATIONS
The Company provides for both defined contribution plans and defined benefit plans. A defined contribution plan generally specifies the
periodic amount that the employer must contribute to the plan and how that amount will be allocated to the eligible employees who perform
services during the same period. A defined benefit pension plan is one that contains pension benefit formulas, which generally determine
the amount of pension benefits that each employee will receive for services performed during a specified period of employment.
The amount recognized as a defined benefit liability is the net total of projected benefit obligation (PBO) minus the fair value of plan
assets (if any) (see Note 18).
CONTINGENT LIABILITIES
Various claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters
that arise in the ordinary course of its business activities with respect to commercial, product liability or other matters (see Note 12). The
Company diligently defends itself in such matters and, in addition, carries insurance coverage to the extent reasonably available against
insurable risks. The Company records liabilities for claims, lawsuits and proceedings, when they are probable and it is possible to
reasonably estimate the cost of such liabilities. Legal costs expected to be incurred in connection with a loss contingency are expensed
as such costs are incurred.
The Company believes, based on currently available information, that the resolution of outstanding matters, other than any antitrust
related matters described in Note 17 after taking into account recorded liabilities and available insurance coverage, should not have a
material effect on the Company\u2019s financial position or results of operations. However, due to the inherent uncertainty associated with such
matters, there can be no assurance that the final outcomes of these matters will not be materially different than currently estimated.
TRANSLATION OF NON-U.S. SUBSIDIARIES
The assets and liabilities of subsidiaries with functional currency other than U.S. dollars are translated into U.S. dollars based on the
current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in accumulated other
comprehensive loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured
from their local currency to their functional currency and then translated to U.S. dollars. Revenues and expenses are translated into U.S.
dollars using the average exchange rates prevailing for each period presented.
RECEIVABLES AND LIABILITIES IN NON-FUNCTIONAL CURRENCIES
Receivables and liabilities not denominated in functional currencies are converted at year-end exchange rates. Net transaction losses,
reflected in the Consolidated Statements of Income, amounted to $(30) million in 2023, $(25) million in 2022 and $(29) million in 2021,
and are recorded in operating income if they relate to operational receivables and liabilities or are recorded in other non-operating items,
net if they relate to financial receivables and liabilities.
NEW ACCOUNTING STANDARDS
Changes to U.S. GAAP are established by the Financial Accounting Standards Board (\u201cFASB\u201d) in the form of accounting standards
updates (\u201cASUs\u201d) to the FASB\u2019s Accounting Standards Codification (ASC). The Company considers the applicability and impact of all
ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on
the Company\u2019s consolidated financial statements.
Adoption of New Accounting Standards
In September 2022, the FASB issued ASU 2022-04,
Liabilities-Supplier Finance Programs (Subtopic 405-50), Disclosure of Supplier
Finance Program Obligations
, which requires that a buyer in a supplier finance program disclose sufficient information about the program
to allow a user of financial statements to understand the program\u2019s nature, activity during the period, changes from period to period and
potential magnitude. During the fiscal year of adoption, the information on the key terms of the programs and the balance sheet
presentation of the program obligations, which are annual disclosure requirements, should be disclosed in each interim period. The
amendments in this update should be applied retrospectively to each period in which a balance sheet is presented, except for the
amendment on roll-forward information, which should be applied prospectively.
The Company adopted ASU 2022-04 as of January 1, 2023. The Company has an agreement with an external payment service provider
to facilitate the payments to certain suppliers. The outstanding obligations confirmed towards the external payment service provider are
recorded in Accounts Payable in the Condensed Consolidated Balance Sheet until payment has been effected. The Company has
undertaken to make sure the payment is effected on the original invoice maturity date. The average payment terms during 2023 was 115
days.
The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance program for the year ended
December 31, 2023 is as follows (dollars in millions):
\u00a0
As of
\u00a0
December 31, 2023
December 31, 2022
Confirmed obligations outstanding at beginning of the period
$
314
n/a
Invoices confirmed during the period
1,436
n/a
Confirmed invoices paid during the period
(1,405
)
n/a
Confirmed obligations outstanding at end of the period
1)
$
345
$
314
\n
1)
Amount of obligations confirmed under the program that remains unpaid by the Company is reported as Accounts Payable in the Consolidated Balance Sheet
.
Accounting Standards Issued But Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures
,
which improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.
The amendments in this update require that a public entity make additional disclosures related to segments if it has them. A public entity
that has a single reportable segment would be required to provide all the disclosures required by the amendments in this update and all
existing segment disclosures in Topic 280.
The amendments in this update are affective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years
beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all
prior periods presented in the financial statements. The Company is currently assessing the impact that ASU 2023-07 will have on its
financial statements and will adopt the amendments in this update upon the effective date.
In December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740), Improvements to Income Tax Disclosures
, to enhance
the transparency and decision usefulness of income tax disclosures as well as improve the effectiveness of income tax disclosures. The
amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation
and (2) provide additional information for reconciling items that meet a quantitative threshold. The amendments in this update also require
that all entities disclose on an annual basis certain detailed information about income taxes paid. The amendments in this update related
to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) consistent
categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction.
The amendments allow investors to better assess, in their capital allocation decisions, how an entity\u2019s worldwide operations and related
tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows.
The amendments in this update are affective for annual periods beginning after December 15, 2024. Early adoption is permitted. The
amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The Company is currently
assessing the impact that ASU 2023-09 will have on its financial statements and will adopt the amendments in this update prospectively
upon the effective date.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11613": { "value": "EQUITY METHOD INVESTMENT
Investments accounted for under the equity method, means that a proportional share of the equity method investment\u2019s net income
increases the investment, and a proportional share of losses and payment of dividends decreases it. In the Consolidated Statements of
Income, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11620": { "value": "USE OF ESTIMATES
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the
consolidated financial statements, and the reported amounts of net sales and expenses during the reporting period. The accounting
estimates that require management\u2019s most significant judgments include the estimation of variable consideration for the Company's
contracts with customers, valuation of stock-based compensation payments, assessment of recoverability of goodwill and intangible
assets, estimation of pension benefit obligations based on actuarial assumptions, estimation of accruals for warranty and recalls,
restructuring charges, uncertain tax positions, valuation allowances and legal proceedings. Actual results could differ from those
estimates.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureAndAmountOfChangeInAccountingEstimate", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11632": { "value": "REVENUE RECOGNITION
In accordance with ASC 606,
Revenue from Contracts with Customers
, revenue is measured based on consideration specified in a
contract with a customer, adjusted for any variable consideration (i.e., price concessions) and estimated at contract inception. The
estimated amount of variable consideration that will be received by the Company is based on historical experience and trends,
management\u00b4s understanding of the status of negotiations with customers and anticipated future pricing strategies. The Company
recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer.
In addition, from time to time, the Company may make payments to or receive additional consideration from customers in connection with
ongoing and future business. These payments to or cash receipts from customers are generally recognized to revenue at the time of the
commitment unless the payments to customers can be clearly linked to the future business. If the payments to customers are capitalized,
the amounts are amortized to revenue as the related goods are transferred.
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and
collected by the Company from a customer, are excluded from revenue.
Shipping and handling costs associated with outbound freight before control of a product has transferred to a customer are accounted for
as a fulfillment cost and are included in cost of sales.
Nature of goods and services
The Company generates revenue from the sale of parts, which includes airbag and seatbelt products and components, to original
equipment manufacturers (\u201cOEMs\u201d).
The Company accounts for individual products separately if they are distinct (i.e., if a product is separately identifiable from other items
and if a customer can benefit from it on its own or with other resources that are readily available to the customer). The consideration for
each of the products, including any price concessions, is based on their stand-alone selling prices. The stand-alone selling prices are
determined based on the cost-plus margin approach.
The Company recognizes revenue for parts primarily at a point in time. For parts with revenue recognized at a point in time, the Company
recognizes revenue upon shipment to the customers and transfer of title and risk of loss under standard commercial terms (typically FOB
shipping point).
There are certain contracts where the criteria to recognize revenue over time have been met (e.g., there is no alternative use to the
Company and the Company has an enforceable right to payment). In such cases, at period end, the Company recognizes revenue and
a related asset and associated cost of goods sold and reduction in inventory. However, the financial impact of these contracts is immaterial
considering the very short production cycles and limited inventory days on hand. The contract balances with customers, included in other
current assets, amounted to $20 million as of December 31, 2023 and 2022.
The amount of revenue recognized is based on the purchase order price and adjusted for variable consideration (i.e., price concessions).
Customers typically pay for the parts based on customary business practices.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11668": { "value": "GOVERNMENT ASSISTANCE
The Company\u2019s operations are impacted by various government incentives, grants, programs, rebates, and other arrangements.
Government assistance received is recorded in our consolidated financial statements in accordance with their purpose, either as a
reduction of expense or an offset to the related capital asset. The benefit is recorded when all performance obligations attached to the
assistance have been met or are expected to be met and there is reasonable assurance of their receipt. Government assistance received
by the Company is immaterial for all periods presented since the adoption of ASU 2021-10.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11690": { "value": "RESEARCH, DEVELOPMENT AND ENGINEERING, NET (R,D & E)
Research and development and most engineering expenses are expensed as incurred. These expenses are reported net of expense
reimbursements from contracts to perform engineering design and product development fulfillment activities related to the production of
parts. For the years 2023, 2022 and 2021 total reimbursements from customers were $192 million, $204 million and $205 million,
respectively.
Certain engineering expenses related to long-term supply arrangements are capitalized when defined criteria, such as the existence of a
contractual guarantee for reimbursement, are met. The aggregate amount of such assets is not significant in any period presented.
Tooling is generally agreed upon as a separate contract or a separate component of an engineering contract, as a pre-production project.
Capitalization of tooling costs is made only when the specific criteria for capitalization of customer funded tooling is met or the criteria for
capitalization as Property, Plant & Equipment (P,P&E) for tools owned by the Company are fulfilled. Depreciation on the Company\u2019s own
tooling is recognized in the Consolidated Statements of Income as Cost of sales.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11704": { "value": "STOCK-BASED COMPENSATION
The compensation costs for all of the Company\u2019s stock-based compensation awards are determined based on the fair value method as
defined in ASC 718,
Compensation \u2013Stock Compensation
. The Company records the compensation expense for awards under the Stock
Incentive Plan, including Restricted Stock Units (RSUs), Performance Shares (PSUs) and stock options (SOs), over the respective vesting
period. For further details, see Note 16.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11714": { "value": "INCOME TAXES
Current tax liabilities and assets are recognized for the estimated taxes payable or refundable on the tax returns for the current year. In
certain circumstances, payments or refunds may extend beyond twelve months, in such cases amounts would be classified as non-
current taxes payable or receivable. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to
temporary differences and carryforwards that result from events that have been recognized in either the financial statements or the tax
returns, but not both. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws.
Deferred tax assets are reduced by the amount of any tax benefits that are not expected to be realized. A valuation allowance is
recognized 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
will not be realized. Evaluation of the realizability of deferred tax assets is subject to significant judgment requiring careful consideration
of all facts and circumstances. The Company classifies deferred tax assets and liabilities as non-current in the Consolidated Balance
Sheet. Tax assets and liabilities are not offset unless attributable to the same tax jurisdiction and netting is possible according to law and,
as it relates to payables and receivables, expected to take place in the same period.
Tax benefits associated with tax positions taken in the Company\u2019s income tax returns are initially recognized when it is more likely than
not that those tax positions will be sustained upon examination by the relevant taxing authorities. The Company\u2019s evaluation of its tax
benefits is based on the probability of the tax position being upheld if challenged by the taxing authorities (including through negotiation,
appeals, settlement and litigation). Whenever a tax position does not meet the initial recognition criteria, the tax benefit is subsequently
recognized if there is a substantive change in the facts and circumstances that cause a change in judgment concerning the sustainability
of the tax position upon examination by the relevant taxing authorities. In cases where tax benefits meet the initial recognition criterion,
the Company continues, in subsequent periods, to assess its ability to sustain those positions. A previously recognized tax benefit is
derecognized when it is no longer more likely than not that the tax position would be sustained upon examination. Liabilities for
unrecognized tax benefits are classified as non-current unless the payment of the liability is expected to be made within the next 12
months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11752": { "value": "EARNINGS PER SHARE
The Company calculates basic earnings per share (EPS) by dividing net income attributable to controlling interest by the weighted-
average number of shares of common stock outstanding for the period (net of treasury shares). The Company\u2019s unvested RSUs and
PSUs, of which some include the right to receive non-forfeitable dividend equivalents, are considered participating securities. The diluted
EPS reflects the potential dilution that could occur if common stock was issued for awards under the Stock Incentive Plan and is calculated
using the treasury stock method. The treasury stock method assumes that the Company uses the proceeds from the exercise of stock
option awards to repurchase ordinary shares at the average market price during the period. For unvested restricted stock, assumed
proceeds under the treasury stock method will include unamortized compensation cost and windfall tax benefits or shortfalls. For further
details, see Notes 16 and 20.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11764": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11768": { "value": "RECEIVABLES AND ALLOWANCE FOR EXPECTED CREDIT LOSSES
In addition to individually assess overdue customer balances for expected credit losses, the Company also calculates an allowance that
reflects the expected credit losses on receivables considering both historical experience as well as forward looking assumptions. The
method calculates the expected credit loss for a group of customers by using the customer groups\u2019 average short-term default rates
based on officially published credit ratings and the Company\u2019s historical experience. These default rates are considered the Company\u2019s
best estimate of the customer\u2019s ability to pay. The Company regularly reassess the customer groups and the applied customer group\u2019s
default rates by using its best judgment when considering changes in customer\u2019s credit ratings, customer\u2019s historical payments and loss
experience, current market and economic conditions and the Company\u2019s expectations of future market and economic conditions.
There can be no assurance that the amount ultimately realized for receivables will not be materially different than that assumed in the
calculation of the allowance for expected credit losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11781": { "value": "DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
All derivatives are recognized at fair value.
Hedge accounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does
not meet the hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that
occurs from changes in interest and foreign exchange rates.
For further details on the Company\u2019s financial instruments, see Note 4.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11790": { "value": "INVENTORIES
The cost of inventories is computed according to the first-in first-out method (FIFO). Cost includes the cost of materials, direct labor and
the applicable share of manufacturing overhead. Inventories are evaluated based on individual or, in some cases, groups of inventory
items. Reserves are established to reduce the value of inventories to the lower of cost or net realizable value. Net realizable value is the
estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
Excess inventories are quantities of items that exceed anticipated sales or usage for a reasonable period. The Company calculates
provisions for excess inventories based on the number of months of inventories on hand compared to anticipated sales or usage.
Management uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. There can be no
assurance that the amount ultimately realized for inventories will not be materially different than that assumed in the calculation of the
reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11803": { "value": "PROPERTY, PLANT AND EQUIPMENT
Property, Plant and Equipment is recorded at historical cost. Construction in progress generally involves short-term projects for which
capitalized interest is not significant. The Company provides for depreciation of property, plant and equipment computed under the
straight-line method over the assets\u2019 estimated useful lives, or in the case of leasehold improvements over the shorter of the useful life
or the lease term. Amortization on finance leases is recognized with depreciation expense in the Consolidated Statements of Income over
the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11825": { "value": "LEASES
In accordance with ASC 842,
Leases
, the Company recognizes contracts that is, or contains, a lease when the contract conveys the right
to 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
asset and lease liability. The Company recognizes a right-of-use asset and a lease liability at lease commencement. The lease liability
for both finance and operating leases is measured at the present value of the remaining lease payments, discounted at the Company's
incremental borrowing rate (if the implicit interest rate in the lease contract is not readily determinable). The right-of-use asset (ROU) for
finance and operating leases is initially measured at the sum of the initial lease liability plus initial direct costs plus prepaid lease payments
minus lease incentives received. Lease payments include undiscounted fixed payments plus optional payments that are reasonably
certain to be owed. Lease payments do not include variable lease payments other than those that depend on an index or rate. Variable
lease payments that depend on an index or a rate are included in the calculation of lease payments and in the measurement of the lease
liability.
If the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate as the discount rate. The
Company uses its best judgement when determining the incremental borrowing rate, which is the rate of interest that the Company would
have to pay to borrow on a collateralized basis over a similar term to the lease payments in a similar currency.
The Company has elected the practical expedient of not separating lease components from non-lease components for all its classes of
underlying assets. The Company has also elected to recognize the lease payments for short-term leases in its consolidated statement of
income on a straight-line basis over the lease term and recognize the variable lease payments in the period in which the obligation for
those payments is incurred.
Finance lease right-of-use assets are presented together with other property, plant and equipment assets and finance lease liabilities are
presented together with other current and non-current liabilities in the Consolidated Balance Sheets. Finance leases were not material
as of December 31, 2023.
For further details on the Company\u2019s leases, see Note 3.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11852": { "value": "LONG-LIVED ASSET IMPAIRMENT
The Company evaluates the carrying value and useful lives of long-lived assets, other than goodwill and intangible assets, when
indications of impairment are evident or it is likely that the useful lives have decreased, in which case the Company depreciates the assets
over the remaining useful lives. Impairment testing is primarily done by using the cash flow method based on undiscounted future cash
flows. Estimated undiscounted cash flows for a long-lived asset being evaluated for recoverability are compared with the respective
carrying amount of that asset. If the estimated undiscounted cash flows exceed the carrying amount of the assets, the carrying amounts
of the long-lived asset are considered recoverable and an impairment cannot be recorded. However, if the carrying amount of a group of
assets exceeds the undiscounted cash flows, an entity must then measure the long-lived assets\u2019 fair value to determine whether an
impairment loss should be recognized, generally using a discounted cash flow model.
Generally, the lowest level of cash flows for
impairment assessment is customer platform level.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11866": { "value": "GOODWILL AND INTANGIBLE ASSETS
Goodwill represents the excess of the fair value of consideration transferred over the fair value of net assets of businesses acquired.
Goodwill is not amortized but subject to at least an annual review for impairment. Other intangible assets, principally related to acquired
technology, are amortized over their useful lives which range from 3 to 25 years.
The Company performs its annual impairment testing in the fourth quarter of each year. Impairment testing is required more often than
annually if an event or circumstance indicates that an impairment, or decline in value, may have occurred. The Company uses either a
qualitative assessment or a quantitative calculation for its impairment testing. The qualitative assessment permits the Company to assess
whether 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.
If the Company concludes based on the qualitative assessment that it is not more likely than not that the fair value of goodwill or an
indefinite-lived intangible asset is less than its carrying amount, it would not have to quantitatively determine the asset\u2019s fair value.
The
Company also consider external factors that could affect the significant inputs used to determine fair value.
In 2023, the Company performed a quantitative impairment test by calculating the fair value of its goodwill. The estimated fair market
value of goodwill is determined by the discounted cash flow method. The Company discounts projected operating cash flows using its
weighted average cost of capital. Estimating the fair value requires the Company to make judgments about appropriate discount rates,
growth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. If the estimated
fair value of a reporting unit exceeds its carrying value, goodwill is considered not to be impaired. If the carrying value of a reporting unit
exceeds its estimated fair value, an impairment loss is recognized for the excess of carrying amount over the fair value of the respective
reporting unit. To supplement this analysis, the Company compares the market value of its equity, calculated by reference to the quoted
market prices of its shares, with the book value of its equity.
There were no impairments of goodwill from 2021 through 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11867": { "value": "GOODWILL AND INTANGIBLE ASSETS
Goodwill represents the excess of the fair value of consideration transferred over the fair value of net assets of businesses acquired.
Goodwill is not amortized but subject to at least an annual review for impairment. Other intangible assets, principally related to acquired
technology, are amortized over their useful lives which range from 3 to 25 years.
The Company performs its annual impairment testing in the fourth quarter of each year. Impairment testing is required more often than
annually if an event or circumstance indicates that an impairment, or decline in value, may have occurred. The Company uses either a
qualitative assessment or a quantitative calculation for its impairment testing. The qualitative assessment permits the Company to assess
whether 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.
If the Company concludes based on the qualitative assessment that it is not more likely than not that the fair value of goodwill or an
indefinite-lived intangible asset is less than its carrying amount, it would not have to quantitatively determine the asset\u2019s fair value.
The
Company also consider external factors that could affect the significant inputs used to determine fair value.
In 2023, the Company performed a quantitative impairment test by calculating the fair value of its goodwill. The estimated fair market
value of goodwill is determined by the discounted cash flow method. The Company discounts projected operating cash flows using its
weighted average cost of capital. Estimating the fair value requires the Company to make judgments about appropriate discount rates,
growth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. If the estimated
fair value of a reporting unit exceeds its carrying value, goodwill is considered not to be impaired. If the carrying value of a reporting unit
exceeds its estimated fair value, an impairment loss is recognized for the excess of carrying amount over the fair value of the respective
reporting unit. To supplement this analysis, the Company compares the market value of its equity, calculated by reference to the quoted
market prices of its shares, with the book value of its equity.
There were no impairments of goodwill from 2021 through 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11906": { "value": "WARRANTIES AND RECALLS
The Company records liabilities for product recalls when probable claims are identified and when it is possible to reasonably estimate
costs. Recall costs are costs incurred when the customer decides to formally recall a product due to a known or suspected safety concern.
Product recall costs are estimated based on the expected cost of replacing the product and the customer\u00b4s cost of carrying out the recall,
which is affected by the number of vehicles subject to recall and the cost of labor and materials to remove and replace the defective
product. Insurance receivables, related to recall issues covered by the insurance, are included within other current and non-current assets
in the Consolidated Balance Sheets. Provisions for warranty claims are estimated based on prior experience, likely changes in
performance 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11917": { "value": "RESTRUCTURING PROVISIONS
The Company defines restructuring expense to include costs directly associated with rightsizing, exit or disposal activities. Estimates of
restructuring charges are based on information available at the time such charges are recorded. In general, management anticipates that
restructuring activities will be completed within a timeframe such that significant changes to the exit plan are not likely. Due to inherent
uncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially
estimated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11926": { "value": "PENSION OBLIGATIONS
The Company provides for both defined contribution plans and defined benefit plans. A defined contribution plan generally specifies the
periodic amount that the employer must contribute to the plan and how that amount will be allocated to the eligible employees who perform
services during the same period. A defined benefit pension plan is one that contains pension benefit formulas, which generally determine
the amount of pension benefits that each employee will receive for services performed during a specified period of employment.
The amount recognized as a defined benefit liability is the net total of projected benefit obligation (PBO) minus the fair value of plan
assets (if any) (see Note 18).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11936": { "value": "CONTINGENT LIABILITIES
Various claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters
that arise in the ordinary course of its business activities with respect to commercial, product liability or other matters (see Note 12). The
Company diligently defends itself in such matters and, in addition, carries insurance coverage to the extent reasonably available against
insurable risks. The Company records liabilities for claims, lawsuits and proceedings, when they are probable and it is possible to
reasonably estimate the cost of such liabilities. Legal costs expected to be incurred in connection with a loss contingency are expensed
as such costs are incurred.
The Company believes, based on currently available information, that the resolution of outstanding matters, other than any antitrust
related matters described in Note 17 after taking into account recorded liabilities and available insurance coverage, should not have a
material effect on the Company\u2019s financial position or results of operations. However, due to the inherent uncertainty associated with such
matters, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11950": { "value": "TRANSLATION OF NON-U.S. SUBSIDIARIES
The assets and liabilities of subsidiaries with functional currency other than U.S. dollars are translated into U.S. dollars based on the
current exchange rate prevailing at each balance sheet date and any resulting translation adjustments are included in accumulated other
comprehensive loss. The assets and liabilities of foreign subsidiaries whose local currency is not their functional currency are remeasured
from their local currency to their functional currency and then translated to U.S. dollars. Revenues and expenses are translated into U.S.
dollars using the average exchange rates prevailing for each period presented. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11959": { "value": "RECEIVABLES AND LIABILITIES IN NON-FUNCTIONAL CURRENCIES
Receivables and liabilities not denominated in functional currencies are converted at year-end exchange rates. Net transaction losses,
reflected in the Consolidated Statements of Income, amounted to $(30) million in 2023, $(25) million in 2022 and $(29) million in 2021,
and are recorded in operating income if they relate to operational receivables and liabilities or are recorded in other non-operating items,
net if they relate to financial receivables and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11980": { "value": "NEW ACCOUNTING STANDARDS
Changes to U.S. GAAP are established by the Financial Accounting Standards Board (\u201cFASB\u201d) in the form of accounting standards
updates (\u201cASUs\u201d) to the FASB\u2019s Accounting Standards Codification (ASC). The Company considers the applicability and impact of all
ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on
the Company\u2019s consolidated financial statements.
Adoption of New Accounting Standards
In September 2022, the FASB issued ASU 2022-04,
Liabilities-Supplier Finance Programs (Subtopic 405-50), Disclosure of Supplier
Finance Program Obligations
, which requires that a buyer in a supplier finance program disclose sufficient information about the program
to allow a user of financial statements to understand the program\u2019s nature, activity during the period, changes from period to period and
potential magnitude. During the fiscal year of adoption, the information on the key terms of the programs and the balance sheet
presentation of the program obligations, which are annual disclosure requirements, should be disclosed in each interim period. The
amendments in this update should be applied retrospectively to each period in which a balance sheet is presented, except for the
amendment on roll-forward information, which should be applied prospectively.
The Company adopted ASU 2022-04 as of January 1, 2023. The Company has an agreement with an external payment service provider
to facilitate the payments to certain suppliers. The outstanding obligations confirmed towards the external payment service provider are
recorded in Accounts Payable in the Condensed Consolidated Balance Sheet until payment has been effected. The Company has
undertaken to make sure the payment is effected on the original invoice maturity date. The average payment terms during 2023 was 115
days.
The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance program for the year ended
December 31, 2023 is as follows (dollars in millions):
\u00a0
As of
\u00a0
December 31, 2023
December 31, 2022
Confirmed obligations outstanding at beginning of the period
$
314
n/a
Invoices confirmed during the period
1,436
n/a
Confirmed invoices paid during the period
(1,405
)
n/a
Confirmed obligations outstanding at end of the period
1)
$
345
$
314
\n
1)
Amount of obligations confirmed under the program that remains unpaid by the Company is reported as Accounts Payable in the Consolidated Balance Sheet
.
Accounting Standards Issued But Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures
,
which improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.
The amendments in this update require that a public entity make additional disclosures related to segments if it has them. A public entity
that has a single reportable segment would be required to provide all the disclosures required by the amendments in this update and all
existing segment disclosures in Topic 280.
The amendments in this update are affective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years
beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all
prior periods presented in the financial statements. The Company is currently assessing the impact that ASU 2023-07 will have on its
financial statements and will adopt the amendments in this update upon the effective date.
In December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740), Improvements to Income Tax Disclosures
, to enhance
the transparency and decision usefulness of income tax disclosures as well as improve the effectiveness of income tax disclosures. The
amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation
and (2) provide additional information for reconciling items that meet a quantitative threshold. The amendments in this update also require
that all entities disclose on an annual basis certain detailed information about income taxes paid. The amendments in this update related
to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) consistent
categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction.
The amendments allow investors to better assess, in their capital allocation decisions, how an entity\u2019s worldwide operations and related
tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows.
The amendments in this update are affective for annual periods beginning after December 15, 2024. Early adoption is permitted. The
amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The Company is currently
assessing the impact that ASU 2023-09 will have on its financial statements and will adopt the amendments in this update prospectively
upon the effective date.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11981": { "value": "NEW ACCOUNTING STANDARDS
Changes to U.S. GAAP are established by the Financial Accounting Standards Board (\u201cFASB\u201d) in the form of accounting standards
updates (\u201cASUs\u201d) to the FASB\u2019s Accounting Standards Codification (ASC). The Company considers the applicability and impact of all
ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have an immaterial impact on
the Company\u2019s consolidated financial statements.
Adoption of New Accounting Standards
In September 2022, the FASB issued ASU 2022-04,
Liabilities-Supplier Finance Programs (Subtopic 405-50), Disclosure of Supplier
Finance Program Obligations
, which requires that a buyer in a supplier finance program disclose sufficient information about the program
to allow a user of financial statements to understand the program\u2019s nature, activity during the period, changes from period to period and
potential magnitude. During the fiscal year of adoption, the information on the key terms of the programs and the balance sheet
presentation of the program obligations, which are annual disclosure requirements, should be disclosed in each interim period. The
amendments in this update should be applied retrospectively to each period in which a balance sheet is presented, except for the
amendment on roll-forward information, which should be applied prospectively.
The Company adopted ASU 2022-04 as of January 1, 2023. The Company has an agreement with an external payment service provider
to facilitate the payments to certain suppliers. The outstanding obligations confirmed towards the external payment service provider are
recorded in Accounts Payable in the Condensed Consolidated Balance Sheet until payment has been effected. The Company has
undertaken to make sure the payment is effected on the original invoice maturity date. The average payment terms during 2023 was 115
days.
The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance program for the year ended
December 31, 2023 is as follows (dollars in millions):
\u00a0
As of
\u00a0
December 31, 2023
December 31, 2022
Confirmed obligations outstanding at beginning of the period
$
314
n/a
Invoices confirmed during the period
1,436
n/a
Confirmed invoices paid during the period
(1,405
)
n/a
Confirmed obligations outstanding at end of the period
1)
$
345
$
314
\n
1)
Amount of obligations confirmed under the program that remains unpaid by the Company is reported as Accounts Payable in the Consolidated Balance Sheet
.
Accounting Standards Issued But Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures
,
which improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.
The amendments in this update require that a public entity make additional disclosures related to segments if it has them. A public entity
that has a single reportable segment would be required to provide all the disclosures required by the amendments in this update and all
existing segment disclosures in Topic 280.
The amendments in this update are affective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years
beginning after December 15, 2024. Early adoption is permitted. The amendments in this update should be applied retrospectively to all
prior periods presented in the financial statements. The Company is currently assessing the impact that ASU 2023-07 will have on its
financial statements and will adopt the amendments in this update upon the effective date.
In December 2023, the FASB issued ASU 2023-09,
Income Taxes (Topic 740), Improvements to Income Tax Disclosures
, to enhance
the transparency and decision usefulness of income tax disclosures as well as improve the effectiveness of income tax disclosures. The
amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation
and (2) provide additional information for reconciling items that meet a quantitative threshold. The amendments in this update also require
that all entities disclose on an annual basis certain detailed information about income taxes paid. The amendments in this update related
to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) consistent
categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction.
The amendments allow investors to better assess, in their capital allocation decisions, how an entity\u2019s worldwide operations and related
tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows.
The amendments in this update are affective for annual periods beginning after December 15, 2024. Early adoption is permitted. The
amendments in this update should be applied on a prospective basis. Retrospective application is permitted. The Company is currently
assessing the impact that ASU 2023-09 will have on its financial statements and will adopt the amendments in this update prospectively
upon the effective date.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12094": { "value": "3. Leases
The Company has operating leases for offices, manufacturing and research buildings, machinery, cars, data processing and other
equipment. The Company\u2019s leases have remaining lease terms of 1-44 years, some of which include options to extend the leases for up
to 25 years, and some of which include options to terminate the leases within one year.
As of December 31, 2023, the Company has no additional material operating leases that have not yet commenced.
The following tables provide information about the Company\u2019s operating leases. The Company has not identified any material finance
leases as of December 31, 2023; therefore, the finance lease components have not been disclosed in the tables below.
Lease cost
(Dollars in millions)
\u00a0
2023
2022
2021
Operating lease cost
$
54
$
50
$
44
Short-term lease cost
8
9
10
Variable lease cost
5
4
4
Sublease income
(1
)
(1
)
(2
)
Total lease cost
$
66
$
62
$
56
\n
Other information
(Dollars in millions)
\u00a0
Year ended or as of
\u00a0
December 31,
\u00a0
2023
2022
Cash paid for amounts included in the measurement of operating lease liabilities
$
47
$
42
Right-of-use assets obtained in exchange for new operating lease liabilities
70
74
Weighted-average remaining lease term - operating leases
9.4 years
9.7 years
Weighted-average discount rate - operating leases
3.2
%
2.8
%
\n
Maturities of operating lease liabilities (undiscounted cash flows) are as follows:
(Dollars in millions)
\u00a0
Maturities
2024
$
40
2025
33
2026
24
2027
19
2028
13
Thereafter
77
Total operating lease payments
206
Less imputed interest
(31
)
Total operating lease liabilities
$
175
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12283": { "value": "4. Fair Value Measurements
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS
The carrying value of cash and cash equivalents, accounts receivable, accounts payable, other current liabilities and short-term debt
approximate their fair value because of the short-term maturity of these instruments.
The Company uses derivative financial instruments, \u201cderivatives\u201d, as part of its debt management to mitigate the market risk that occurs
from its exposure to changes in interest and foreign exchange rates. The Company does not enter into derivatives for trading or other
speculative purposes. The Company\u2019s use of derivatives is in accordance with the strategies contained in the Company\u2019s overall financial
policy. All derivatives are recognized in the consolidated financial statements at fair value. Certain derivatives are from time to time
designated either as fair value hedges or cash flow hedges in line with the hedge accounting criteria. For certain other derivatives hedge
accounting is not applied either because non-hedge accounting treatment creates the same accounting result or the hedge does not meet
the hedge accounting requirements, although entered into applying the same rationale concerning mitigating market risk that occurs from
changes in interest and foreign exchange rates.
The degree of judgment utilized in measuring the fair value of the instruments generally correlates to the level of pricing observability.
Pricing observability is impacted by several factors, including the type of asset or liability, whether the asset or liability has an established
market and the characteristics specific to the transaction. Instruments with readily active quoted prices or for which fair value can be
measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized
in measuring fair value. Conversely, assets rarely traded or not quoted will generally have less, or no, pricing observability and a higher
degree of judgment utilized in measuring fair value.
Under U.S. GAAP, there is a disclosure framework hierarchy associated with the level of pricing observability utilized in measuring assets
and liabilities at fair value. The three broad levels defined by the hierarchy are as follows:
Level 1
- Quoted prices are available in active markets for identical assets or liabilities as of the reported date.
Level 2
- Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported
date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently, and items
that are fair valued using other financial instruments, the parameters of which can be directly observed.
Level 3
- Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets
and are measured using management\u2019s best estimate of fair value, where the inputs into the determination of fair value require significant
management judgment or estimation.
The Company\u2019s derivatives are all classified as Level 2 of the fair value hierarchy.
The tables below present information about the Company\u2019s financial assets and liabilities measured at fair value on a recurring basis as
of December 31, 2023 and December 31, 2022. The carrying value is the same as the fair value as these instruments are recognized in
the consolidated financial statements at fair value. Although the Company is party to close-out netting agreements (ISDA agreements)
with all derivative counterparties, the fair values in the tables below and in the Consolidated Balance Sheets at December 31, 2023 and
December 31, 2022 have been presented on a gross basis. According to the close-out netting agreements, transaction amounts payable
to a counterparty on the same date and in the same currency can be netted. The amounts subject to netting agreements that the Company
choose not to offset are presented below.
DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS
There were no derivatives designated as hedging instruments as of December 31, 2023 and December 31, 2022.
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Derivatives not designated as hedging instruments, relate to economic hedges and are marked to market with all amounts recognized in
the Consolidated Statements of Income. The derivatives not designated as hedging instruments outstanding at December 31, 2023 and
December 31, 2022 were foreign exchange swaps.
For 2023, the Company recognized a gain of $2 million in other non-operating items, net for derivative instruments not designated as
hedging instruments. For 2022, the Company recognized a gain of $2 million. For 2021, the Company recognized a loss of $33 million.
The realized part of the losses referred to above are reported under financing activities in the statement of cash flows
.
For 2023, 2022
and 2021, the gains and losses recognized as interest expense were immaterial.
\u00a0
DECEMBER 31, 2023
DECEMBER 31, 2022
\u00a0 \u00a0
Fair Value Measurements
\u00a0
Fair Value Measurements
\u00a0 \u00a0
Derivative asset
Derivative liability
\u00a0
Derivative asset
Derivative liability
\u00a0
Nominal
(Other current
(Other current
Nominal
(Other current
(Other current
(Dollars in millions)
volume
assets)
liabilities)
volume
assets)
liabilities)
DERIVATIVES NOT DESIGNATED
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
AS HEDGING INSTRUMENTS
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange swaps, less
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
than 6 months
$
1,895
1)
$
22
2)
$
12
3)
$
2,616
4)
$
22
5)
$
15
6)
TOTAL DERIVATIVES NOT
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
DESIGNATED AS HEDGING
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
INSTRUMENTS
$
1,895
$
22
$
12
$
2,616
$
22
$
15
\n
1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,895 million.
2) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million.
3) Net amount after deducting for offsetting swaps under ISDA agreements is $12 million.
4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,616 million.
5) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million.
6) Net amount after deducting for offsetting swaps under ISDA agreements is $15 million.
FAIR VALUE OF DEBT
The fair value of long-term debt is determined either from quoted market prices as provided by participants in the secondary market or
for long-term debt without quoted market prices, estimated using a discounted cash flow method based on the Company\u2019s current
borrowing rates for similar types of financing. The Company has determined that each of these fair value measurements of debt reside
within Level 2 of the fair value hierarchy.
During the first quarter of 2023, the Company issued a five year \u20ac500 million Eurobond. These notes were issued as green bonds.
The fair value and carrying value of debt are summarized in the table below (dollars in millions).
\u00a0
DECEMBER 31, 2023
DECEMBER 31, 2022
\u00a0
CARRYING
FAIR
CARRYING
FAIR
\u00a0
VALUE
1)
VALUE
VALUE
1)
VALUE
LONG-TERM DEBT
\u00a0 \u00a0 \u00a0 \u00a0
Bonds
$
1,023
$
1,022
$
767
$
735
Loans
301
306
287
292
TOTAL
$
1,324
$
1,328
$
1,054
$
1,027
SHORT-TERM DEBT
\u00a0 \u00a0 \u00a0 \u00a0
Short-term portion of long-term debt
$
297
$
297
$
533
$
527
Overdrafts and other short-term debt
241
241
178
178
TOTAL
$
538
$
538
$
711
$
705
\n
1) Debt as reported in balance sheet.
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A NON-RECURRING BASIS
In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also has assets and liabilities in its
balance sheet that are measured at fair value on a nonrecurring basis including certain long-lived assets, including equity method
investments, goodwill and other intangible assets, typically as it relates to impairment.
The Company has determined that the fair value measurements included in each of these assets and liabilities rely primarily on Company-
specific inputs and the Company\u2019s assumptions about the use of the assets and settlements of liabilities, as observable inputs are not
available. The Company has determined that each of these fair value measurements reside within Level 3 of the fair value hierarchy. To
determine the fair value of long-lived assets as of the reporting date, the Company utilizes the projected cash flows expected to be
generated by the long-lived assets, then discounts the future cash flows over the expected life of the long-lived assets.
For the period 2021-2023, the Company did not record any material impairment charges on its long-lived assets for its continuing
operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12323": { "value": "DERIVATIVES DESIGNATED AS HEDGING INSTRUMENTS
There were no derivatives designated as hedging instruments as of December 31, 2023 and December 31, 2022.
DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS
Derivatives not designated as hedging instruments, relate to economic hedges and are marked to market with all amounts recognized in
the Consolidated Statements of Income. The derivatives not designated as hedging instruments outstanding at December 31, 2023 and
December 31, 2022 were foreign exchange swaps.
For 2023, the Company recognized a gain of $2 million in other non-operating items, net for derivative instruments not designated as
hedging instruments. For 2022, the Company recognized a gain of $2 million. For 2021, the Company recognized a loss of $33 million.
The realized part of the losses referred to above are reported under financing activities in the statement of cash flows
.
For 2023, 2022
and 2021, the gains and losses recognized as interest expense were immaterial.
\u00a0
DECEMBER 31, 2023
DECEMBER 31, 2022
\u00a0 \u00a0
Fair Value Measurements
\u00a0
Fair Value Measurements
\u00a0 \u00a0
Derivative asset
Derivative liability
\u00a0
Derivative asset
Derivative liability
\u00a0
Nominal
(Other current
(Other current
Nominal
(Other current
(Other current
(Dollars in millions)
volume
assets)
liabilities)
volume
assets)
liabilities)
DERIVATIVES NOT DESIGNATED
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
AS HEDGING INSTRUMENTS
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange swaps, less
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
than 6 months
$
1,895
1)
$
22
2)
$
12
3)
$
2,616
4)
$
22
5)
$
15
6)
TOTAL DERIVATIVES NOT
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
DESIGNATED AS HEDGING
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
INSTRUMENTS
$
1,895
$
22
$
12
$
2,616
$
22
$
15
\n
1) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $1,895 million.
2) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million.
3) Net amount after deducting for offsetting swaps under ISDA agreements is $12 million.
4) Net nominal amount after deducting for offsetting swaps under ISDA agreements is $2,616 million.
5) Net amount after deducting for offsetting swaps under ISDA agreements is $22 million.
6) Net amount after deducting for offsetting swaps under ISDA agreements is $15 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12664": { "value": "5. Income Taxes
INCOME BEFORE INCOME TAXES
(Dollars in millions)
2023
2022
2021
U.S.
$
29
$
(3
)
$
(38
)
Non-U.S.
583
606
652
Total
$
612
$
603
$
614
PROVISION FOR INCOME TAXES (Dollars in millions)
2023
2022
2021
Current
\u00a0 \u00a0 \u00a0
U.S. federal
$
19
$
32
$
8
Non-U.S.
210
181
191
U.S. state and local
3
5
(2
)
Deferred
\u00a0 \u00a0 \u00a0
U.S. federal
(7
)
(20
)
(8
)
Non-U.S.
(101
)
(17
)
(10
)
U.S. state and local
(1
)
(3
)
(2
)
Total income tax expense
$
123
$
178
$
177
EFFECTIVE INCOME TAX RATE (%)
2023
2022
2021
U.S. federal income tax rate
21.0
%
21.0
%
21.0
%
Non-Deductible Expenses
1.8
0.5
(0.1
)
Foreign tax rate variances
4.6
3.6
3.1
Tax credits
(3.9
)
(3.5
)
(2.2
)
Change in Valuation Allowances
11.6
(1.7
)
(0.1
)
Changes in tax reserves
2.7
(0.2
)
0.6
Provision to Return
(0.2
)
0.6
(0.2
)
Earnings of equity investments
(0.2
)
(0.1
)
(0.1
)
Withholding taxes
5.2
4.0
4.5
State taxes, net of federal benefit
0.3
0.4
(0.5
)
Tax Audits
0.0
1.0
0.6
Other Deferred Tax Asset Recognized
1)
(26.7
)
0.0
0.0
U.S. FDII Deduction
(0.4
)
0.0
0.0
U.S. GILTI Tax
3.4
3.4
1.1
Impact of Translation Rates
1.1
0.2
\u2014
Other, net
(0.2
)
0.3
1.2
Effective income tax rate
20.1
%
29.5
%
28.9
%
\n
1) Deferred tax asset recognized in 2023 due to the transfer of certain assets and operations as part of the Company's restructuring activities.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes. On December 31, 2023, the Company had net operating
loss carryforwards (NOL\u2019s) of approximately $513 million, of which approximately $419 million have no expiration date. The remaining
losses expire on various dates through 2037. The Company also has $25 million of U.S. Foreign Tax Credit carry forwards, which begin
to expire in 2026.
Valuation allowances have been established which partially offset the related deferred assets. Such allowances are primarily provided
against NOL\u2019s of companies that have perennially incurred losses, as well as the NOL\u2019s of companies that are start-up operations and
have not established a pattern of profitability. The Company assesses all available evidence, both positive and negative, to determine
the amount of any required valuation allowance. During 2023, the Company recorded valuation allowances against deferred tax assets
of tax losses in certain companies and a partial valuation allowance against the deferred tax asset recognized due to the transfer of
certain assets and operations as part of the Company\u2019s restructuring activities, on the basis of management\u2019s assessment of the amount
of the related deferred tax assets that are not more likely than not to be realized.
The foreign tax rate variance reflects the fact that approximately two-thirds of the Company\u2019s non-U.S. pre-tax income is generated by
business operations located in tax jurisdictions where the tax rate is between 20-30%. The tax rate from quarter to quarter and from year
to year is also impacted by the mix of earnings and tax rates in various jurisdictions compared to the same periods or prior years.
The Company has reserves for income taxes that may become payable in future periods as a result of tax audits. These reserves
represent the Company\u2019s best estimate of the potential liability for tax exposures. Inherent uncertainties exist in estimates of tax exposures
due to changes in tax law, both legislated and concluded through the various jurisdictions\u2019 court systems. The Company files income tax
returns in the United States federal jurisdiction, and various states and non-U.S. jurisdictions.
At any given time, the Company is undergoing tax audits in several tax jurisdictions, covering multiple years. The Company is no longer
subject to income tax examination by the U.S. Federal tax authorities for years prior to 2015. With few exceptions, the Company is no
longer 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
Company is undergoing tax audits in several non-U.S. jurisdictions and several U.S. state jurisdictions, covering multiple years. As of
December 31, 2023, as a result of those tax examinations, the Company is not aware of any proposed income tax adjustments that would
have a material impact on the Company\u2019s financial statements, however, other audits could result in additional increases or decreases to
the unrecognized tax benefits in some future period or periods. The Company believes that some of these audits will conclude within the
next 12 months and that it is reasonably possible the amount of uncertain income tax positions, including interest, may decrease by $10-
$15 million due to settlement of audits and expiration of statues of limitations.
The Company recognizes interest and potential penalties accrued related to unrecognized tax benefits in tax expense. As of December
31, 2022, the Company recorded $46 million for unrecognized tax benefits, including $11 million of accrued interest and penalties.
During 2023, the Company recorded a net increase of $8 million to income tax reserves for unrecognized tax benefits related to tax
positions taken in prior years. Also, during 2023, the Company recorded a net increase of $7 million to income tax reserves for
unrecognized tax benefits based on tax positions taken in the current year.
The Company had $14 million accrued for the payment of interest and penalties as of December 31, 2023. Of the total unrecognized
tax benefits of $64 million recorded at December 31, 2023, $33 million is classified as current income tax payable, and $31 million is
classified as non-current tax payable included in Other Non-Current Liabilities on the Consolidated Balance Sheets. Substantially all of
these reserves would impact the effective tax rate if released into income.
The following table summarizes the activity related to the Company\u2019s unrecognized tax benefits (dollars in millions):
UNRECOGNIZED TAX BENEFITS
2023
2022
2021
Unrecognized tax benefits at beginning of year
$
67
$
65
$
63
Increases as a result of tax positions taken during a prior
\u00a0 \u00a0 \u00a0
period
8
0
3
Increases as a result of tax positions taken during the current
\u00a0 \u00a0 \u00a0
period
7
7
5
Decreases as a result of tax positions taken during a prior period
0
0
0
Decreases relating to settlements with taxing authorities
0
(4
)
(4
)
Decreases resulting from the lapse of the applicable statute
\u00a0 \u00a0 \u00a0
of limitations
0
0
(1
)
Translation Difference
1
(1
)
(1
)
Total unrecognized tax benefits at end of year
$
83
$
67
$
65
\n
The tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities were as
follows (dollars in millions).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13013": { "value": "Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes. On December 31, 2023, the Company had net operating
loss carryforwards (NOL\u2019s) of approximately $513 million, of which approximately $419 million have no expiration date. The remaining
losses expire on various dates through 2037. The Company also has $25 million of U.S. Foreign Tax Credit carry forwards, which begin
to expire in 2026.
Valuation allowances have been established which partially offset the related deferred assets. Such allowances are primarily provided
against NOL\u2019s of companies that have perennially incurred losses, as well as the NOL\u2019s of companies that are start-up operations and
have not established a pattern of profitability. The Company assesses all available evidence, both positive and negative, to determine
the amount of any required valuation allowance. During 2023, the Company recorded valuation allowances against deferred tax assets
of tax losses in certain companies and a partial valuation allowance against the deferred tax asset recognized due to the transfer of
certain assets and operations as part of the Company\u2019s restructuring activities, on the basis of management\u2019s assessment of the amount
of the related deferred tax assets that are not more likely than not to be realized.
The foreign tax rate variance reflects the fact that approximately two-thirds of the Company\u2019s non-U.S. pre-tax income is generated by
business operations located in tax jurisdictions where the tax rate is between 20-30%. The tax rate from quarter to quarter and from year
to year is also impacted by the mix of earnings and tax rates in various jurisdictions compared to the same periods or prior years.
The Company has reserves for income taxes that may become payable in future periods as a result of tax audits. These reserves
represent the Company\u2019s best estimate of the potential liability for tax exposures. Inherent uncertainties exist in estimates of tax exposures
due to changes in tax law, both legislated and concluded through the various jurisdictions\u2019 court systems. The Company files income tax
returns in the United States federal jurisdiction, and various states and non-U.S. jurisdictions.
At any given time, the Company is undergoing tax audits in several tax jurisdictions, covering multiple years. The Company is no longer
subject to income tax examination by the U.S. Federal tax authorities for years prior to 2015. With few exceptions, the Company is no
longer 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
Company is undergoing tax audits in several non-U.S. jurisdictions and several U.S. state jurisdictions, covering multiple years. As of
December 31, 2023, as a result of those tax examinations, the Company is not aware of any proposed income tax adjustments that would
have a material impact on the Company\u2019s financial statements, however, other audits could result in additional increases or decreases to
the unrecognized tax benefits in some future period or periods. The Company believes that some of these audits will conclude within the
next 12 months and that it is reasonably possible the amount of uncertain income tax positions, including interest, may decrease by $10-
$15 million due to settlement of audits and expiration of statues of limitations.
The Company recognizes interest and potential penalties accrued related to unrecognized tax benefits in tax expense. As of December
31, 2022, the Company recorded $46 million for unrecognized tax benefits, including $11 million of accrued interest and penalties.
During 2023, the Company recorded a net increase of $8 million to income tax reserves for unrecognized tax benefits related to tax
positions taken in prior years. Also, during 2023, the Company recorded a net increase of $7 million to income tax reserves for
unrecognized tax benefits based on tax positions taken in the current year.
The Company had $14 million accrued for the payment of interest and penalties as of December 31, 2023. Of the total unrecognized
tax benefits of $64 million recorded at December 31, 2023, $33 million is classified as current income tax payable, and $31 million is
classified as non-current tax payable included in Other Non-Current Liabilities on the Consolidated Balance Sheets. Substantially all of
these reserves would impact the effective tax rate if released into income.
The following table summarizes the activity related to the Company\u2019s unrecognized tax benefits (dollars in millions):
UNRECOGNIZED TAX BENEFITS
2023
2022
2021
Unrecognized tax benefits at beginning of year
$
67
$
65
$
63
Increases as a result of tax positions taken during a prior
\u00a0 \u00a0 \u00a0
period
8
0
3
Increases as a result of tax positions taken during the current
\u00a0 \u00a0 \u00a0
period
7
7
5
Decreases as a result of tax positions taken during a prior period
0
0
0
Decreases relating to settlements with taxing authorities
0
(4
)
(4
)
Decreases resulting from the lapse of the applicable statute
\u00a0 \u00a0 \u00a0
of limitations
0
0
(1
)
Translation Difference
1
(1
)
(1
)
Total unrecognized tax benefits at end of year
$
83
$
67
$
65
\n
The tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities were as
follows (dollars in millions).
DEFERRED TAXES
\n \n
\u00a0
December 31,
\u00a0
2023
2022
2021
Assets
\u00a0\u00a0\u00a0
Provisions
$
126
$
99
$
136
Costs capitalized for tax
57
43
29
Other Deferred Tax Asset
1)
160
0
0
Property, plant and equipment
11
12
0
Retirement Plans
40
42
46
Tax receivables, principally NOL\u2019s
133
123
109
Deferred tax assets before allowances
527
319
320
Valuation allowances
(129
)
(46
)
(59
)
Total
398
273
261
Liabilities
\u00a0\u00a0\u00a0
Statutory tax allowances
0
0
(6
)
Distribution taxes
(3
)
(3
)
(6
)
Other
(1
)
(2
)
(3
)
Total
(4
)
(5
)
(15
)
Net deferred tax asset
$
394
$
268
$
246
\n
1) Deferred tax asset recognized in 2023 due to the transfer of certain assets and operations as part of the Company\u2019s restructuring activities,
and is partially offset by the increased valuation allowances.
The following table summarizes the activity related to the Company\u2019s valuation allowances (dollars in millions):
VALUATION ALLOWANCES AGAINST DEFERRED TAX ASSETS
\u00a0
December 31,
\u00a0
2023
2022
2021
Allowances at beginning of year
$
46
$
59
$
68
Benefits reserved current year
81
14
5
Benefits recognized current year
1)
(2
)
(27
)
(9
)
Translation difference
4
0
(5
)
Allowances at end of year
$
129
$
46
$
59
\n
1) Benefits reserved in the current year include the partial reserve against deferred tax assets recognized in 2023 due to the transfer of certain assets and
operations as part of the Company's restructuring activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13441": { "value": "6. Receivables
(Dollars in millions)
\u00a0
December 31,
\u00a0
2023
2022
2021
Receivables
$
2,206
$
1,916
$
1,707
Allowance for credit loss at beginning of year
(10
)
(8
)
(12
)
addition to allowance
(2
)
(4
)
(0
)
Write-off against allowance
3
2
4
Translation difference
(0
)
0
1
Allowance for credit loss at end of year
(8
)
(10
)
(8
)
Total receivables, net of allowance
$
2,198
$
1,907
$
1,699
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13537": { "value": "7. Inventories
(Dollars in millions)
\u00a0
December 31,
\u00a0
2023
2022
2021
Raw material
$
457
$
445
$
395
Work in progress
347
350
283
Finished products
296
265
190
Inventories
1,100
1,060
867
Inventory reserve at beginning of year
(91
)
(91
)
(93
)
Reversal of (addition to) reserve
3
(6
)
(3
)
Translation difference
(0
)
5
5
Inventory reserve at end of year
(89
)
(91
)
(91
)
Total inventories, net of reserve
$
1,012
$
969
$
777
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13650": { "value": "8. Other Non-Current Assets
(Dollars in millions)
\u00a0
December 31,
\u00a0
2023
2022
Equity method investments
$
11
$
12
Deferred tax assets
433
289
Income tax receivables
22
22
Insurance receivables
75
139
Other non-current assets
66
40
Total other non-current assets
$
606
$
502
\n
As of December 31, 2023 and 2022, the Company had one equity method investment. The Company owns 49% of Autoliv-Hirotako
Safety Sdn, Bhd (parent and subsidiaries) in Malaysia which it currently does not control, but in which it exercises significant influence
over operations and financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13726": { "value": "9. Property, Plant and Equipment
(Dollars in millions)
\u00a0
December 31,
\u00a0
2023
2022
Estimated life
Land and land improvements
$
136
$
125
n/a to 15
Buildings
1,065
957
20-40
Machinery and equipment
4,545
4,156
3-12
Construction in progress
548
522
n/a
Property, plant and equipment
6,294
5,760
\u00a0
Less accumulated depreciation
(4,102
)
(3,801
)
\u00a0
Net of depreciation
$
2,192
$
1,960
\u00a0
DEPRECIATION INCLUDED IN
2023
2022
2021
Cost of sales
$
340
$
329
$
348
Selling, general and administrative expenses
12
11
13
Research, development and engineering expenses, net
24
20
23
Total
$
376
$
360
$
384
\n
No significant fixed asset impairments related to the Company\u2019s operations were recognized during 2023, 2022 or 2021.
The net book value of machinery and equipment and buildings and land under finance lease contracts recorded at December 31, 2023
and December 31, 2022 were immaterial. The amortization expense related to finance leases is included with depreciation expenses
disclosed in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13866": { "value": "10. Goodwill and Intangible Assets
GOODWILL
(Dollars in millions)
2023
2022
Carrying amount at beginning of year
$
1,375
$
1,387
Translation differences
2
(11
)
Carrying amount at end of year
$
1,378
$
1,375
\n
Approximately $1.2 billion of the Company\u2019s goodwill is associated with the 1997 merger of Autoliv AB and the Automotive Safety Products
Division of Morton International, Inc. No goodwill impairment charges were recognized during 2023, 2022 or 2021.
AMORTIZABLE INTANGIBLES
(Dollars in millions)
2023
2022
Gross carrying amount
$
391
$
387
Accumulated amortization
(384
)
(380
)
Carrying value
$
7
$
7
\n
At December 31, 2023, intangible assets subject to amortization mainly relate to acquired technology. No significant impairments of
intangible assets were recognized during 2023, 2022 or 2021.
Amortization expense related to intangible assets was $2 million, $3 million and $10 million in 2023, 2022 and 2021, respectively.
Estimated future amortization expense is immaterial for all future periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13867": { "value": "10. Goodwill and Intangible Assets
GOODWILL
(Dollars in millions)
2023
2022
Carrying amount at beginning of year
$
1,375
$
1,387
Translation differences
2
(11
)
Carrying amount at end of year
$
1,378
$
1,375
\n
Approximately $1.2 billion of the Company\u2019s goodwill is associated with the 1997 merger of Autoliv AB and the Automotive Safety Products
Division of Morton International, Inc. No goodwill impairment charges were recognized during 2023, 2022 or 2021.
AMORTIZABLE INTANGIBLES
(Dollars in millions)
2023
2022
Gross carrying amount
$
391
$
387
Accumulated amortization
(384
)
(380
)
Carrying value
$
7
$
7
\n
At December 31, 2023, intangible assets subject to amortization mainly relate to acquired technology. No significant impairments of
intangible assets were recognized during 2023, 2022 or 2021.
Amortization expense related to intangible assets was $2 million, $3 million and $10 million in 2023, 2022 and 2021, respectively.
Estimated future amortization expense is immaterial for all future periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13868": { "value": "10. Goodwill and Intangible Assets
GOODWILL
(Dollars in millions)
2023
2022
Carrying amount at beginning of year
$
1,375
$
1,387
Translation differences
2
(11
)
Carrying amount at end of year
$
1,378
$
1,375
\n
Approximately $1.2 billion of the Company\u2019s goodwill is associated with the 1997 merger of Autoliv AB and the Automotive Safety Products
Division of Morton International, Inc. No goodwill impairment charges were recognized during 2023, 2022 or 2021.
AMORTIZABLE INTANGIBLES
(Dollars in millions)
2023
2022
Gross carrying amount
$
391
$
387
Accumulated amortization
(384
)
(380
)
Carrying value
$
7
$
7
\n
At December 31, 2023, intangible assets subject to amortization mainly relate to acquired technology. No significant impairments of
intangible assets were recognized during 2023, 2022 or 2021.
Amortization expense related to intangible assets was $2 million, $3 million and $10 million in 2023, 2022 and 2021, respectively.
Estimated future amortization expense is immaterial for all future periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13964": { "value": "11. Restructuring
Restructuring provisions are made on a case-by-case basis and primarily include severance costs incurred in connection with employee
reductions and plant consolidations. Restructuring costs other than employee related costs are immaterial for all periods presented and
are included in the table below. The Company expects to finance restructuring programs over the next several years through cash
generated from its ongoing operations or through cash available under its existing credit facilities. The Company does not expect that the
execution of these programs will have an adverse impact on its liquidity position. The changes in the employee-related reserves in the
table below have been charged against Other income (expense), net in the Consolidated Statements of Income. The restructuring reserve
balance is included within Accrued expenses in the Consolidated Balance Sheet.
(Dollars in millions)
2023
2022
2021
Reserve at beginning of the period
$
32
$
88
$
126
Provision - charge
212
17
39
Provision - reversal
(1
)
(4
)
(31
)
Cash payments
(35
)
(64
)
(37
)
Translation difference
7
(5
)
(8
)
Reserve at end of the period
$
213
$
32
$
88
\n
The restructuring charges in 2023 of $212 million relate to the global structural cost reduction program activities initiated in 2023, primarily
in Europe. Cash payments of $35 million in 2023 mainly relate to restructuring activities in Europe. As of December 31, 2023, the majority
of the restructuring reserve balance is attributed to global structural cost reduction program activities initiated in 2023 in Europe.
The restructuring charges in 2022 of $17 million mainly related to footprint optimization activities in Asia and Europe. Cash payments of
$64 million in 2022 were related to the structural efficiency program initiated in 2020, footprint optimization activities initiated in Europe in
2020 and in Asia in 2022.
The restructuring charges in 2021 of $39 million mainly related to footprint optimization activities primarily in Asia. Reversals mainly
related to the structural efficiency program initiated in 2020. Cash payments in 2021 related to the structural efficiency program initiated
in 2020 and other footprint activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14062": { "value": "12. Product Related Liabilities
Autoliv is exposed to product liability and warranty claims in the event that the Company\u2019s products fail to perform as represented and
such failure results, or is alleged to result, in bodily injury, and/or property damage or other loss. The Company has reserves for product
risks. Such reserves are related to product performance issues including recall, product liability and warranty issues. For further
information, see Note 17.
The Company records liabilities for product related risks when probable claims are identified and when it is possible to reasonably estimate
costs. Changes in reserve for warranty claims are estimated based on prior experience, likely changes in performance of newer products,
and the mix and volume of the products sold. The changes in reserve are recorded on an accrual basis.
In 2023, the changes in reserve and cash payments mainly related to the Andrews litigation settlement with the reserve partly offset by
reversal of recall related issues. In 2022, the changes in reserve and cash payments mainly related to warranty related issues. In 2021,
the cash payments mainly related to recall related issues, whereof the main part was related to the \u201cToyota Recall\u201d issue. The reserve
for product related liabilities is included in accrued expenses on the Consolidated Balance Sheet.
A majority of the Company\u2019s recall related issues as of December 31, 2023 are covered by insurance. Insurance receivables are included
within other current and non-current assets on the Consolidated Balance Sheet. As of December 31, 2023, the Company had total
insurance receivables related to recall issues of $81 million ($142 million as of December 31, 2022).
The table below summarizes the change in the balance sheet position of the product related liabilities (dollars in millions).
(Dollars in millions)
2023
2022
2021
Reserve at beginning of the year
$
145
$
144
$
341
Change in reserve
25
20
49
Cash payments
(74
)
(17
)
(245
)
Translation difference
0
(2
)
(1
)
Reserve at end of the year
$
96
$
145
$
144
\n", "dimensions": { "concept": "alv:DisclosureOfWarrantiesExplanatoryTextBlock", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14157": { "value": "13. Debt and Credit Agreements
SHORT-TERM DEBT
As of December 31, 2023 and 2022, total short-term debt was $538 million and $711 million, respectively. As of December 31, 2023,
short-term debt consisted mainly of a $297 million U.S. Private Placement and $215 million commercial paper.
The Company\u2019s subsidiaries have credit agreements, principally in the form of overdraft facilities with several local banks. Total available
short-term facilities as of December 31, 2023, excluding commercial paper facilities as described below, amounted to $393 million, of
which approximately $26 million was utilized. The weighted average interest rate on total short-term debt outstanding at December 31,
2023 and 2022, excluding the short-term portion of long-term debt, was 6% and 5%, respectively.
LONG-TERM DEBT
As of December 31, 2023 and 2022, total long-term debt was $1,324 million and $1,054 million, respectively.
In March 2023, the Company priced and issued 5-year notes for a total of \u20ac500 million in the Eurobond market. The notes carry a
coupon of 4.25% and matures in March 2028.
In June 2020, the Company utilized its SEK 3,000 million facility with Swedish Export Credit Corporation which was signed in May 2020.
The SEK 3,000 million facility matures in 2025 and carries a floating interest rate of 3M STIBOR +1.85%.
In 2014, the Company issued long-term debt securities in a U.S. Private Placement. As of December 31, 2023 the total long-term debt
outstanding from the 2014 issuance of $767 million consist of $285 million aggregate principal amount of 12-year senior notes with an
interest rate of 4.24%; and $185 million aggregate principal amount of 15-year senior notes with an interest rate of 4.44%.
CREDIT FACILITIES
In May 2022, the Company entered a $1,100 million senior unsecured revolving credit facility with 11 banks. The facility matures in May
2028 and has a one-year extension option. The Company pays a commitment fee on the undrawn amount. The commitment fee is 35%
of the applicable margin. The applicable margin is related to the Company's credit rating. Given the Company's current rating of BBB
from S&P Global Ratings, the applicable margin is 0.425%. As of December 31, 2023, the facility was not utilized.
The Company has a \u20ac3,000 million Euro Medium Term Note Program in place for being able to issue notes to be traded on the Global
Exchange Market of Euronext Dublin. At December 31, 2023, \u20ac500 million had been issued under this program.
The Company has two commercial paper programs: one SEK 7 billion ($701 million) Swedish program and a $1 billion U.S. program. At
December 31, 2023, the total amount outstanding was $215 million.
The Company is not subject to any financial covenants, i.e., performance related restrictions, in any of its significant long-term borrowings
or commitments.
CREDIT RISK
In the Company\u2019s financial operations, credit risk arises in connection with cash deposits with banks and when entering into forward
exchange agreements, swap contracts or other financial instruments. In order to reduce this risk, deposits and financial instruments are
only 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
to $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
in 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
government paper and in certain AAA rated money market funds. As of December 31, 2023, the Company had placed $290 million in
money market funds compared to $237 million as of December 31, 2022.
The table below shows debt maturity as cash flow. For a description of hedging instruments used as part of debt management, see the
Financial Instruments section of Note 2 and Note 4.
DEBT PROFILE
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
PRINCIPAL AMOUNT BY EXPECTED MATURITY
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
long-
\u00a0
(dollars in millions)
2024
2025
2026
2027
2028
Thereafter
term
Total
Bonds
$
297
$
\u2014
$
285
$
\u2014
$
554
$
185
$
1,024
$
1,321
Loans
\u2014
301
\u2014
\u00a0
\u2014
\u2014
301
301
Commercial papers
215
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
215
Other short-term debt
26
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
26
Total principal amount
$
538
$
301
$
285
$
\u2014
$
554
$
185
$
1,324
$
1,862
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14187": { "value": "CREDIT RISK
In the Company\u2019s financial operations, credit risk arises in connection with cash deposits with banks and when entering into forward
exchange agreements, swap contracts or other financial instruments. In order to reduce this risk, deposits and financial instruments are
only 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
to $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
in 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
government paper and in certain AAA rated money market funds. As of December 31, 2023, the Company had placed $290 million in
money market funds compared to $237 million as of December 31, 2022.
The table below shows debt maturity as cash flow. For a description of hedging instruments used as part of debt management, see the
Financial Instruments section of Note 2 and Note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14365": { "value": "14. Shareholders\u2019 Equity
The number of shares outstanding as of December 31, 2023 was 82,642,524. During 2023, the Company has retired 3,671,252 shares.
DIVIDENDS
2023
2022
2021
Cash dividend paid per share
$
2.66
$
2.58
$
1.88
Cash dividend declared per share
$
2.66
$
2.58
$
1.88
\n
OTHER COMPREHENSIVE LOSS / ENDING BALANCE
1)
(Dollars in millions)
2023
2022
Cumulative translation adjustments
$
(466
)
$
(492
)
Net pension liability
(30
)
(30
)
Total (ending balance)
$
(496
)
$
(522
)
Deferred taxes on the pension liability
$
10
$
9
\n
1) The components of Other Comprehensive Loss are net of any related income tax effects.
Cumulative translation effects of $12 million related to liquidated entities during 2023 have been recycled and reported as part of the net
change of cumulative translation adjustment in the Comprehensive income statement and Equity statement
.
SHARE REPURCHASE PROGRAM
In November 2021, the Board of Directors approved a new stock repurchase program that authorizes the Company to repurchase up to
$1.5 billion or up to 17 million shares (whichever comes first) between January 2022 and the end of 2024.
During 2023 the Company repurchased and retired 3,671,252 shares for approximately $352 million. During 2022 the Company
repurchased and retired 1,440,572 shares for approximately $115 million. In total, the Company has repurchased and retired 5,111,824
shares for approximately $467 million under the new stock repurchase program as of December 31, 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14368": { "value": "
DIVIDENDS
2023
2022
2021
Cash dividend paid per share
$
2.66
$
2.58
$
1.88
Cash dividend declared per share
$
2.66
$
2.58
$
1.88
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14465": { "value": "15. Supplemental Cash Flow Information
Payments for interest and income taxes were as follows:
(Dollars in millions)
2023
2022
2021
Interest
$
80
$
64
$
60
Income taxes
192
215
207
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14511": { "value": "16. Stock Incentive Plan
The Company maintains the Autoliv, Inc. 1997 Stock Incentive Plan, as amended (the \u201cStock Incentive Plan\u201d), pursuant to which it has
granted to eligible employees and non-employee directors stock options (SOs), restricted stock units (RSUs) and performance shares
(PSUs).
The 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
granted in 2023, 2022 and 2021 entitle the grantee to receive dividend equivalents in the form of additional RSUs and PSUs subject to
the same vesting conditions as the underlying RSUs and PSUs. For the grants made during 2023, 2022 and 2021, the fair value of a
RSU and a PSU was calculated by using the closing stock price on the grant date and, with respect to a PSU, assumed target
performance. The grant date fair value for the RSUs and PSUs granted during 2023 was approximately $7 million and approximately $8
million, respectively.
Pursuant to the Company\u2019s non-employee director compensation policy effective May 1, 2023, the Company\u2019s non-employee directors
receive an annual RSU grant having a grant date value equal to $145,000 and the Chairman of the Board of Directors also receives an
additional annual RSU grant having a grant date value equal to $85,000. All RSUs granted to non-employee directors vest in one
installment 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
as a non-employee director on the vesting date with limited exceptions. The RSUs granted to the Company\u2019s non-employee directors
entitle the grantee to receive dividend equivalents in the form of additional RSUs subject to the same vesting conditions as the underlying
RSUs. The grant date fair value for the RSUs granted in 2023 to the Company\u2019s non-employee directors was approximately $2 million.
The source of the shares issued upon vesting of awards is generally from treasury shares. The Stock Incentive Plan provides for the
issuance of up to 9,585,055 common shares for awards. At December 31, 2023, 7,027,781 of these shares have been issued for awards
and 2,557,274 shares remain available for future grants.
In 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
price equal to the fair market value per share of common stock at the date of grant, and became exercisable after one year of continued
employment following the grant date. The average grant date fair values of SOs were calculated using the Black-Scholes valuation model.
The Company used historical exercise data for determining the expected life assumption. Expected volatility was based on historical and
implied volatility.
The Company recorded approximately $14 million, $4 million and $10 million stock-based compensation expense related to RSUs and
PSUs for 2023, 2022 and 2021, respectively. The total compensation cost related to non-vested awards not yet recognized is $15 million
for RSUs and PSs and the weighted average period over which this cost is expected to be recognized is approximately 1.9 years. There
are no remaining unrecognized compensation costs associated with SOs.
Information on the number of RSUs, PSUs and SOs related to the Stock Incentive Plan during the period of 2021 to 2023 is as follows.
RSUs
2023
2022
2021
Weighted average fair value at grant date
$
91.81
$
87.56
$
94.01
Outstanding at beginning of year
200,764
218,268
244,901
Granted
96,243
85,985
81,866
Shares issued
(94,055
)
(84,848
)
(99,399
)
Cancelled/Forfeited/Expired
(12,986
)
(18,641
)
(9,100
)
Outstanding at end of year
189,966
200,764
218,268
\n
The aggregate intrinsic value for RSUs outstanding at December 31, 2023 was approximately $21 million.
PSUs
2023
2022
2021
Weighted average fair value at grant date
$
91.80
$
88.05
$
93.90
Outstanding at beginning of year
101,828
179,311
158,128
Change in performance conditions
18,211
(69,924
)
(44,385
)
Granted
93,962
82,914
74,427
Shares issued
(26,331
)
(64,397
)
\u2014
Cancelled/Forfeited/Expired
(75,789
)
(26,076
)
(8,859
)
Outstanding at end of year
111,881
101,828
179,311
\n
The PSUs granted include assumptions regarding the ultimate number of shares that will be issued based on the probability of
achievement of the performance conditions. Changes in those assumptions result in changes in the estimated shares to be issued which
is reflected in the \u201cChange in performance conditions\u201d line above.
\u00a0 \u00a0
Weighted
\u00a0 \u00a0
average
\u00a0
Number
exercise
SOs
of options
price
Outstanding at December 31, 2020
90,175
$
68.13
Exercised
(40,112
)
67.49
Cancelled/Forfeited/Expired
(188
)
51.74
Outstanding at December 31, 2021
49,875
68.71
Exercised
(8,614
)
59.28
Cancelled/Forfeited/Expired
(10,150
)
70.40
Outstanding at December 31, 2022
31,111
70.77
Exercised
(15,537
)
65.12
Cancelled/Forfeited/Expired
(485
)
58.63
Outstanding at December 31, 2023
15,089
76.97
OPTIONS EXERCISABLE
\u00a0 \u00a0
At December 31, 2021
49,875
$
68.71
At December 31, 2022
31,111
70.77
At December 31, 2023
15,089
76.97
\n
The following summarizes information about SOs outstanding and exercisable at December 31, 2023:
\u00a0 \u00a0 \u00a0
Weighted
\u00a0
Number
Remaining
average
\u00a0
outstanding &
contract life
exercise
EXERCISE PRICE
exercisable
(in years)
price
$67.29
3,945
0.14
$
67.29
$80.40
11,144
1.13
80.40
\u00a0
15,089
0.87
76.97
\n
The total aggregate intrinsic value, which is the difference between the exercise price and $110.19 (closing price per share at December
31, 2023), for all \u201cin the money\u201d SOs, both outstanding and exercisable as of December 31, 2023, was immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14918": { "value": "17. Contingent Liabilities
LEGAL PROCEEDINGS
Various claims, lawsuits and proceedings are pending or threatened against the Company or its subsidiaries, covering a range of matters
that arise in the ordinary course of its business activities with respect to commercial, product liability and other matters. Litigation is subject
to many uncertainties, and the outcome of any litigation cannot be assured. After discussions with counsel, and with the exception of
losses resulting from the antitrust proceedings described below, it is the opinion of management that the various legal proceedings and
investigations to which the Company currently is a party will not have a material adverse impact on the consolidated financial position of
Autoliv, but the Company cannot provide assurance that Autoliv will not experience material litigation, product liability or other losses in
the future.
ANTITRUST MATTERS
Authorities in several jurisdictions have conducted broad, and in some cases, long-running investigations of suspected anti-competitive
behavior among parts suppliers in the global automotive vehicle industry. These investigations included, but are not limited to, the products
that the Company sells. In addition to concluded matters, authorities of other countries with significant light vehicle manufacturing or sales
may initiate similar investigations.
PRODUCT WARRANTY, RECALLS AND INTELLECTUAL PROPERTY
Autoliv is exposed to various claims for damages and compensation if its products fail to perform as expected. Such claims can be made,
and result in costs and other losses to the Company, even where the product is eventually found to have functioned properly. Where a
product (actually or allegedly) fails to perform as expected or is defective, the Company may face warranty and recall claims. Where such
(actual or alleged) failure or defect results, or is alleged to result, in bodily injury and/or property damage, the Company may also face
product liability and other claims. There can be no assurance that the Company will not experience material warranty, recall or product
(or other) liability claims or losses in the future, or that the Company will not incur significant costs to defend against such claims. The
Company may be required to participate in a recall involving its products. Each vehicle manufacturer has its own practices regarding
product recalls and other product liability actions relating to its suppliers. As suppliers become more integrally involved in the vehicle
design process and assume more of the vehicle assembly functions, vehicle manufacturers are increasingly looking to their suppliers for
contribution when faced with recalls and product liability claims. Government safety regulators may also play a role in warranty and recall
practices. Recall decisions regarding the Company\u2019s products may require a significant amount of judgment by us, our customers and
safety 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
amount of judgment and discussions between the Company and its customers. A warranty, recall or product-liability claim brought against
the Company in excess of its insurance may have a material adverse effect on the Company\u2019s business. Vehicle manufacturers are also
increasingly requiring their outside suppliers to guarantee or warrant their products and bear the costs of repair and replacement of such
products under new vehicle warranties. A vehicle manufacturer may attempt to hold the Company responsible for some, or all, of the
repair or replacement costs of products when the product supplied did not perform as represented by us or expected by the customer in
either a warranty or a recall situation. Accordingly, the future costs of warranty or recall claims by the customers may be material. However,
the Company believes its established reserves are adequate. Autoliv\u2019s warranty reserves are based upon the Company\u2019s best estimates
of amounts necessary to settle future and existing claims. The Company regularly evaluates the adequacy of these reserves, and adjusts
them when appropriate. However, the final amounts actually due related to these matters could differ materially from the Company\u2019s
recorded estimates.
In addition, as vehicle manufacturers increasingly use global platforms and procedures, quality performance evaluations are also
conducted on a global basis. Any one or more quality, warranty or other recall issue(s) (including those affecting few units and/or having
a small financial impact) may cause a vehicle manufacturer to implement measures such as a temporary or prolonged suspension of new
orders, which may have a material impact on the Company\u2019s results of operations.
The Company maintains a program of insurance, which may include commercial insurance, self-insurance, or a combination of both
approaches, for potential recall and product liability claims in amounts and on terms that it believes are reasonable and prudent based
on our prior claims experience. The Company\u2019s insurance policies generally include coverage of the costs of a recall, although costs
related to replacement parts are generally not covered. In addition, a number of the agreements entered into by the Company, including
the Spin-off Agreements, require Autoliv to indemnify the other parties for certain claims. Autoliv cannot assure that the level of coverage
will be sufficient to cover every possible claim that can arise in our businesses or with respect to other obligations, now or in the future,
or that such coverage always will be available should we, now or in the future, wish to extend, increase or otherwise adjust our insurance.
As noted in Note 12 above, as of December 31, 2023, the Company has accrued $96 million for total product related liabilities. The
majority of the total product liability accrual as of December 31, 2023, relates to recalls, which are generally covered by insurance.
Insurance receivables for such recall related liabilities total $83 million as of December 31, 2023.
Product Liability:
On September 18, 2014, Jamie Andrews filed a wrongful death products liability suit against several Autoliv entities stemming from a fatal
car accident in 2013 where the plaintiff\u2019s husband was fatally injured. The lawsuit alleged that Autoliv should be liable for a designed
driver seatbelt. On December 31, 2021, the United States District Court for the Northern District of Georgia entered a Final Order and
Judgment concluding that Mr. Andrews\u2019s seatbelt was defectively designed and Autoliv was strictly liable for the design.
Autoliv was
ordered to pay approximately $118 million in compensatory and punitive damages and pre-judgment interests. On July 18, 2023, the
Company, without admitting any liability, executed settlement agreements and resolved the lawsuit with all interested parties, concluding
the matter. The final amount by which the product liability accrual exceeded the product liability insurance receivable is $8 million and
includes self-insurance retention costs and deductibles.
Autoliv and several of its subsidiaries have been named in a class action lawsuit that has been consolidated in a multi-district litigation
(MDL) Northern District of Georgia. The plaintiffs in the MDL (the \"ARC Inflator Class Action\") generally allege that the defendants have
violated various state competition, warranty, and trade practice laws relating to ARC inflators included in airbag modules that Autoliv or
its subsidiaries allegedly supplied after Autoliv acquired certain Delphi assets (the \"Delphi Acquisition\") in December 2009. The Company
denies these allegations. Autoliv is not aware of any performance issues regarding ARC inflators included with its airbags at the directions
of its customers that it shipped following the Delphi Acquisition. The proceedings remain ongoing. The Company has determined pursuant
to ASC 450 that a loss is reasonably possible with respect to the ARC Inflator Class Action. However, the Company continues to evaluate
this matter, no accrual has been made, and no estimated range of potential loss can be determined at this time. The Company cannot
predict the ultimate outcome of the ARC Inflator Class Action.
On September 5, 2023, the National Highway Traffic Safety Administration (the \u201cNHTSA\u201d) issued an initial decision to recall approximately
52 million frontal driver and passenger airbag inflators manufactured by ARC and Delphi Automotive Systems because the NHTSA
determined that the airbag inflators contain a safety defect resulting in field ruptures. Some of the ARC inflators included in the airbag
modules that Autoliv or its subsidiaries supplied after the Delphi Acquisition were included in such initial decision. The NHTSA has yet to
release its final decision. If NHTSA final decision results in a recall, it is anticipated that such decision will be challenged in US federal
court. The Company has determined pursuant to ASC 450 that a loss is reasonably possible with respect to the NHTSA ARC recall.
However, the Company continues to evaluate this matter, no accrual has been made, and no estimated range of potential loss can be
determined at this time. The Company cannot predict the ultimate outcome of the NHTSA ARC recall.
Specific Recalls:
In the fourth quarter of 2020, the Company was made aware of a potential recall by American Honda Motor Co. and the recall of
approximately 449,000 vehicles relating to the malfunction of front seat belt buckles was announced on March 9, 2023 (the \u201cHonda Buckle
Recall\u201d). The Company determined pursuant to ASC 450 that a loss with respect to the Honda Buckle Recall is probable and accrued an
amount that is reflected in the total product liability accrual in the fourth quarter of 2020, increased the accrual in the fourth quarter of
2021, and reduced the accrual in the fourth quarter of 2023 based on vehicle repair cost data. Following the accrual reduction in the
fourth quarter of 2023, the amount by which the product liability accrual exceeds the product liability insurance receivable with respect to
the Honda Buckle Recall is $10 million and includes self-insurance retention costs and deductibles. The ultimate loss to the Company of
the Honda Buckle Recall could be materially different from the amount the Company has accrued.
Volvo Car USA, LLC (together with its affiliates, \u201cVolvo\u201d) has recalled approximately 762,000 vehicles relating to the malfunction of
inflators produced by ZF (the \u201cZF Inflator Recall\u201d). The recalled ZF inflators were included in airbag modules supplied by the Company
only to Volvo. The recall commenced in November 2020 and later expanded in September 2021. Because the Company\u2019s airbags were
involved with the ZF Inflator Recall, the Company has determined pursuant to ASC 450 that a loss is reasonably possible with respect to
the ZF Inflator Recall. The Company continues to evaluate this matter with Volvo and ZF and no accrual has been made. Although the
Company currently estimates a range of $0 to $43 million with respect to this potential loss, the Company anticipates that any losses net
of insurance claims and claims against ZF will be immaterial.
Intellectual property:
In its products, the Company utilizes technologies which may be subject to intellectual property rights of third parties. While the Company
does seek to procure the necessary rights to utilize intellectual property rights associated with its products, it may fail to do so. Where the
Company so fails, the Company may be exposed to material claims from the owners of such rights. Where the Company has sold products
which infringe upon such rights, its customers may be entitled to be indemnified by the Company for the claims they suffer as a result
thereof. Such claims could be material.
The table in Note 12 above summarizes the change in the balance sheet position of the product related liabilities for the fiscal year ended
December 31, 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15047": { "value": "18. Retirement Plans
DEFINED CONTRIBUTION PLANS
Many of the Company\u2019s employees are covered by government sponsored pension and welfare programs. Under the terms of these
programs, the Company makes periodic payments to various government agencies. In addition, in some countries the Company sponsors
or participates in certain non-governmental defined contribution plans. Contributions to defined contribution plans for the years ended
December 31, 2023, 2022 and 2021 were $26 million, $24 million, and $18 million, respectively.
MULTIEMPLOYER PLANS
The Company participates in a multiemployer plan in Sweden. This ITP-2 plan is funded through Alecta and covers employees born
before 1979, for whom it provides a final pay pension benefit based on all service with participating employers. The Company must pay
for wage increases in excess of inflation on service earned with previous employers. The plan also provides disability and family benefits
and is more than 100% funded. The Company\u00b4s contributions to this multiemployer plan for the years ended December 31, 2023, 2022
and 2021 were $4 million, $6 million and $5 million, respectively.
DEFINED BENEFIT PLANS
The Company has a number of defined benefit pension plans, both contributory and non-contributory, in the U.S., France, Germany,
India, Japan, Mexico, Philippines, Poland, Sweden, South Korea, Thailand, Turkey and the United Kingdom. There are funded as well as
unfunded plan arrangements which provide retirement benefits to both U.S. and non-U.S. participants.
The main plan is the U.S. plan for which the benefits are based on an average of the employee\u2019s earnings and on credited service earned
through December 31, 2021. In a prior year, the Company closed participation in the Autoliv ASP, Inc. Pension Plan to exclude those
employees hired after December 31, 2003. Within the U.S. there is also a non-qualified restoration plan that provides benefits to
employees whose benefits in the primary U.S. plan are restricted by limitations on the compensation that can be considered in calculating
their benefits. Effective December 31, 2021, the Autoliv ASP, Inc. Pension Plan is frozen to new accruals and, by extension, the non-
qualified restoration plan is also frozen. Settlement accounting has been recognized each quarter in 2023 and 2022 for the U.S. plans
because the lump-sum payments made to plan participants during 2023 and 2022 exceeded the sum of service cost and interest cost.
For the Company\u2019s non-U.S. defined benefit plans the most significant individual plan is in the U.K. The Company has closed participation
in the U.K. defined benefit plan to exclude all employees hired after April 30, 2003 with few members currently accruing benefits.
CHANGES IN BENEFIT OBLIGATIONS AND PLAN ASSETS FOR THE YEARS ENDED DECEMBER 31
\u00a0
U.S.
Non-U.S.
(Dollars in millions)
2023
2022
2023
2022
Benefit obligation at beginning of year
$
227
$
381
$
192
$
260
Service cost
\u2014
\u2014
9
9
Interest cost
12
12
10
6
Actuarial (gain) loss due to:
\u00a0 \u00a0 \u00a0 \u00a0
Change in discount rate
5
(111
)
(22
)
(65
)
Experience
2
15
(1
)
4
Other assumption changes
2
\u2014
24
18
Benefits paid
(4
)
(4
)
(10
)
(20
)
Plan settlements/curtailments
(17
)
(66
)
(2
)
(3
)
Plan amendments
\u2014
\u2014
1
2
Other
\u2014
\u2014
0
\u2014
Translation difference
\u2014
\u2014
7
(19
)
Benefit obligation at end of year
$
226
$
227
$
208
$
192
Fair value of plan assets at beginning of year
$
201
$
343
$
63
$
101
Actual return on plan assets
24
(75
)
3
(27
)
Company contributions
0
3
11
19
Benefits paid
(4
)
(4
)
(10
)
(20
)
Plan settlements
(17
)
(66
)
(0
)
\u2014
Translation difference
\u2014
\u2014
3
(10
)
Fair value of plan assets at end of year
$
204
$
201
$
70
$
63
Pension liability recognized in the balance sheet
$
21
$
26
$
138
$
129
\n
The 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
reflect a market-derived pension obligation, Autoliv adjusts the assumed lump sum interest rate to reflect market conditions as of each
December 31. This methodology is consistent with the approach required under the Pension Protection Act of 2006, which provides the
rules for determining minimum funding requirements in the U.S.
COMPONENTS OF NET PERIODIC BENEFIT COST ASSOCIATED WITH THE DEFINED BENEFIT RETIREMENT PLANS FOR THE
YEARS ENDED DECEMBER 31
\u00a0
U.S.
(Dollars in millions)
2023
2022
2021
Service cost
$
\u2014
$
\u2014
$
8
Interest cost
12
12
10
Expected return on plan assets
(10
)
(14
)
(18
)
Amortization of actuarial loss
0
0
2
Settlement loss
1
6
5
Net periodic benefit cost
$
3
$
4
$
7
\u00a0
Non-U.S.
(Dollars in millions)
2023
2022
2021
Service cost
$
9
$
9
$
12
Interest cost
10
6
5
Expected return on plan assets
(3
)
(2
)
(2
)
Amortization of prior service costs
1
1
0
Amortization of actuarial loss
1
1
1
Settlement/curtailment (gain) loss
0
(8
)
0
Net periodic benefit cost
$
18
$
7
$
17
\n
The service cost and amortization of prior service cost components are reported among other employee compensation costs in the
Consolidated Statements of Income. The remaining components, interest cost, expected returns on plan assets and amortization of
actuarial loss, are reported as Other non-operating items, net in the Consolidated Statements of Income.
Amortization of the net actuarial loss from accumulated other comprehensive income is made over the estimated average remaining
lifetime of the plan participants (27 to 31 years) for the U.S. plans, and the estimated average remaining service lives or lifetimes of the
plan participants for the non-U.S. plans, the periods varying over a wide range between the different countries depending on the age of
the population concerned.
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE LOSS BEFORE TAX AS OF DECEMBER 31
\u00a0
U.S.
Non-U.S.
(Dollars in millions)
2023
2022
2023
2022
Net actuarial loss
$
15
$
22
$
19
$
18
Prior service cost
\u2014
\u2014
4
4
Total accumulated other comprehensive loss
\u00a0 \u00a0 \u00a0 \u00a0
recognized in the balance sheet
$
15
$
22
$
24
$
22
\n
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BEFORE TAX FOR THE YEARS ENDED DECEMBER 31
\u00a0
U.S.
Non-U.S.
(Dollars in millions)
2023
2022
2023
2022
Total retirement benefit recognized in accumulated
\u00a0 \u00a0 \u00a0 \u00a0
other comprehensive loss at beginning of year
$
22
$
35
$
22
$
33
Net actuarial loss (gain)
(6
)
(7
)
2
(15
)
Amortization or curtailment recognition of prior service credit
\u00a0 \u00a0 \u00a0 \u00a0
(cost)
\u2014
\u2014
(1
)
1
Amortization or settlement recognition of net gain (loss)
(1
)
(6
)
(1
)
5
Translation difference
\u2014
\u2014
2
(2
)
Total retirement benefit recognized in accumulated
\u00a0 \u00a0 \u00a0 \u00a0
other comprehensive loss at end of year
$
15
$
22
$
24
$
22
\n
The accumulated benefit obligation for the U.S. non-contributory defined benefit pension plans was $226 million and $227 million at
December 31, 2023 and 2022, respectively. The accumulated benefit obligation for the non-U.S. defined benefit pension plans was $173
million and $154 million at December 31, 2023 and 2022, respectively.
Pension plans for which the accumulated benefit obligation (ABO) is notably in excess of the plan assets reside in the following countries:
U.S., Mexico, France, Germany, Japan, South Korea, Sweden, Thailand and Turkey.
PENSION PLANS FOR WHICH ABO EXCEEDS THE FAIR VALUE OF PLAN ASSETS AS OF DECEMBER 31
\u00a0
U.S.
Non-U.S.
(Dollars in millions)
2023
2022
2023
2022
Projected Benefit Obligation (PBO)
$
226
$
227
$
145
$
134
Accumulated Benefit Obligation (ABO)
226
227
116
102
Fair value of plan assets
204
201
2
2
\n
The Company, in consultation with its actuarial advisors, determines certain key assumptions to be used in calculating the projected
benefit obligation and annual net periodic benefit cost.
ASSUMPTIONS USED TO DETERMINE THE BENEFIT OBLIGATIONS AS OF DECEMBER 31
\u00a0
U.S.
Non-U.S.
1)
(% Weighted average / % Weighted average range)
2023
2022
2023
2022
Discount rate
5.13
5.41
1.00-10.25
0.75-9.75
Rate of increases in compensation level
n/a
n/a
2.25-5.00
2.10-5.00
\n
1) The % weighted average ranges in the tables above represent significant non-U.S. plans only.
ASSUMPTIONS USED TO DETERMINE THE NET PERIODIC BENEFIT COST FOR THE YEARS ENDED DECEMBER 31
\u00a0
U.S.
(% Weighted average)
2023
2022
2021
Discount rate
5.41
2.77
2.37
Rate of increases in compensation level
n/a
n/a
2.65
Expected long-term rate of return on assets
5.05
5.05
5.05
\u00a0
Non-U.S.
1)
(% Weighted average range)
2023
2022
2021
Discount rate
0.75-9.75
0.25-8.00
0.25-7.25
Rate of increases in compensation level
2.10-5.00
1.80-5.00
1.80-5.00
Expected long-term rate of return on assets
4.20-4.80
1.70-2.20
1.40-2.25
\n
1) The % weighted average ranges in the tables above represent significant non-U.S. plans only.
The discount rate for the U.S. plans has been set based on the rates of return on high-quality fixed-income investments currently available
at the measurement date and expected to be available during the period the benefits will be paid. The expected timing of cash flows from
the plan has also been considered in selecting the discount rate. In particular, the yields on bonds rated AA or better on the measurement
date 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
long-term high-grade corporate bonds and is determined by reference to financial markets on the measurement date.
The expected rate of increase in compensation levels and long-term rate of return on plan assets are determined based on a number of
factors and must take into account long-term expectations and reflect the financial environment in the respective local market. The
expected return on assets for the U.S. and U.K. plans are based on the fair value of the assets as of December 31.
The level of equity exposure is currently targeted at approximately 32% for the primary U.S. plan. The investment objective is to provide
an attractive risk-adjusted return that will ensure the payment of benefits while protecting against the risk of substantial investment losses.
Correlations among the asset classes are used to identify an asset mix that Autoliv believes will provide the most attractive returns. Long-
term return forecasts for each asset class using historical data and other qualitative considerations to adjust for projected economic
forecasts 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
U.S. plan assets of 5.05% for calculating the 2023 expense.
The Company has assumed a long-term rate of return on the non-U.S. plan assets in a range of 4.20-4.80% for 2023. The closed U.K.
plan, which has a targeted allocation of almost 100% debt instruments, accounts for approximately 73% of the total non-U.S. plan assets.
Autoliv made contributions to the U.S. plans during 2023 and 2022 amounting to $0 million and $3 million, respectively. Contributions to
the U.K plan during 2023 and 2022 amounted to $2 million and $2 million, respectively. The Company expects to contribute $1 million to
its U.S. pension plans in 2024 and is currently projecting a yearly funding at the same level in the years thereafter. For the U.K. pension
plan, which is the most significant non-U.S. plan, the Company expects to contribute $2 million in 2024 and in the years thereafter.
FAIR VALUE OF TOTAL PLAN ASSETS FOR THE YEARS ENDED DECEMBER 31
\u00a0
U.S.
U.S.
Non-U.S.
\u00a0
Target
\u00a0 \u00a0 \u00a0 \u00a0
ASSETS CATEGORY
(% Weighted average)
allocation
2023
2022
2023
2022
Equity securities %
32
31
23
0
0
Debt instruments %
68
68
76
64
60
Other assets %
\u2014
1
1
36
40
Total %
100
100
100
100
100
\n
The following table summarizes the fair value of the Company\u2019s U.S. and non-U.S. defined benefit pension plan assets:
\u00a0
Fair value measurement at December 31,
(Dollars in millions)
2023
2022
Assets
\u00a0 \u00a0
Non-U.S. Bonds
\u00a0 \u00a0
Government
$
24
$
15
Corporate
21
23
Insurance Contracts
17
14
Other Investments
10
11
Assets at fair value Level 2
71
63
Investments measured at net asset value
\u00a0 \u00a0
(NAV):
\u00a0 \u00a0
Common collective trusts
203
201
Total
$
274
$
264
\n
The 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
measurement. Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not
been classified in the fair value hierarchy. Plan assets not measured using the NAV are classified as Level 2 in the table above. Plan
assets measured using the NAV mainly relate to the U.S. defined benefit pension plans and are separately disclosed as Common
collective trusts below the Level 2 assets in the table above.
The estimated future benefit payments for the pension benefits reflect expected future service, as appropriate. The amount of benefit
payments in a given year may vary from the projected amount, especially for the U.S. plan since historically this plan pays the majority of
benefits as a lump sum, where the lump sum amounts vary with market interest rates.
PENSION BENEFITS EXPECTED PAYMENTS
(dollars in millions)
U.S.
Non-U.S.
2024
$
14
$
17
2025
17
12
2026
20
12
2027
19
14
2028
21
14
Years 2029-2033
91
84
\n
POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
The Company currently provides postretirement health care and life insurance benefits to a limited group of U.S. retirees.
In 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
December 31, 2006), are reimbursed for qualified medical expenses up to a maximum annual amount. Spouses for certain retirees are
also eligible for reimbursement under the plan. Life insurance coverage is available for those who elect coverage under the retiree health
plan. During 2014, the plan was amended to move from a self-insured model where employees were charged an estimated premium
based on anticipated plan expenses for continued coverage, to a plan where retirees are provided a fixed contribution to a Health
Retirement Account (HRA). Retirees can use the HRA funds to purchase insurance through a private exchange. Employees hired on or
after January 1, 2004 are not eligible to participate in the plan.
As of December 31, 2023 and 2022, the benefit obligation for postretirement benefit plans other than pensions were $13 million and $13
million, respectively. The liability for postretirement benefits other than pensions is classified as other non-current liabilities in the balance
sheet. The components of the net periodic benefit costs associated with these plans were immaterial for the years 2023, 2022 and 2021.
The average discount rate used to determine the U.S. postretirement benefit obligation was 5.16% in 2023 and 5.39% in 2022. The
average discount rate used in determining the postretirement benefit cost was 5.39% in 2023, 2.91% in 2022 and 2.60% in 2021.
The accumulated other comprehensive income before tax associated with the postretirement benefit plans other than pensions
recognized in the balance sheet as of December 31, 2023 and 2022 were $6 million and $7 million, respectively. The components of the
accumulated other comprehensive income were immaterial for the years 2023 and 2022.
The estimated future benefit payments for the postretirement benefits, which reflect expected future service as appropriate, are expected
to be immaterial for all the future years.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15061": { "value": "DEFINED BENEFIT PLANS
The Company has a number of defined benefit pension plans, both contributory and non-contributory, in the U.S., France, Germany,
India, Japan, Mexico, Philippines, Poland, Sweden, South Korea, Thailand, Turkey and the United Kingdom. There are funded as well as
unfunded plan arrangements which provide retirement benefits to both U.S. and non-U.S. participants.
The main plan is the U.S. plan for which the benefits are based on an average of the employee\u2019s earnings and on credited service earned
through December 31, 2021. In a prior year, the Company closed participation in the Autoliv ASP, Inc. Pension Plan to exclude those
employees hired after December 31, 2003. Within the U.S. there is also a non-qualified restoration plan that provides benefits to
employees whose benefits in the primary U.S. plan are restricted by limitations on the compensation that can be considered in calculating
their benefits. Effective December 31, 2021, the Autoliv ASP, Inc. Pension Plan is frozen to new accruals and, by extension, the non-
qualified restoration plan is also frozen. Settlement accounting has been recognized each quarter in 2023 and 2022 for the U.S. plans
because the lump-sum payments made to plan participants during 2023 and 2022 exceeded the sum of service cost and interest cost.
For the Company\u2019s non-U.S. defined benefit plans the most significant individual plan is in the U.K. The Company has closed participation
in 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16246": { "value": "19. Segment Information
The Company has one operating segment which includes Autoliv\u2019s airbag and seatbelt products and components. The operating results
of the operating segment are regularly reviewed by the Company\u2019s chief operating decision maker to assess the performance of the
operating segment and make decisions about resources to be allocated to the operating segment.
The Company\u2019s customers consist of all major European, U.S. and Asian automobile manufacturers. Sales to individual customers
representing 10% or more of net sales were:
In 2023: Renault 10% (including Nissan and Mitsubishi) and Stellantis 10%.
In 2022: Renault 11% (including Nissan and Mitsubishi), Stellantis 11% and VW 10%.
In 2021: Renault 13% (including Nissan and Mitsubishi), Stellantis 11% and VW 10%.
NET SALES BY REGION
(Dollars in millions)
2023
2022
2021
China
$
2,105
$
1,883
$
1,766
Asia, excl. China
1,968
1,638
1,641
Americas
3,526
2,967
2,535
Europe
2,877
2,355
2,289
Total
$
10,475
$
8,842
$
8,230
\n
The Company has attributed net sales to the geographic area based on the location of the entity selling the final product.
External sales in the U.S. amounted to $2,342 million, $2,029 million and $1,724 million in 2023, 2022 and 2021, respectively. Of the
external sales, exports from the U.S. to other regions amounted to approximately $343 million, $298 million and $280 million in 2023,
2022 and 2021, respectively.
NET SALES BY PRODUCT
(Dollars in millions)
2023
2022
2021
Airbag, Steering Wheels and Other
1)
$
7,055
$
5,807
$
5,380
Seatbelt Products
1)
3,420
3,035
2,850
Total net sales
$
10,475
$
8,842
$
8,230
\n
1) Including Corporate and other sales.
LONG-LIVED ASSETS
(Dollars in millions)
2023
2022
China
$
592
$
541
Asia, excl China
408
315
Americas
570
511
Europe
797
752
Total
$
2,367
$
2,119
\n
Long -lived assets in the table above consists of Property, Plant and Equipment and Operating Lease right-of-use asset. Long-lived assets
in the U.S. amounted to $261 million and $257 million for 2023 and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16432": { "value": "20. Earnings Per Share
The computation of basic and diluted earnings per share were as follows (dollars and shares in millions):
\u00a0
2023
2022
2021
Numerator:
\u00a0 \u00a0 \u00a0
Basic and diluted:
\u00a0 \u00a0 \u00a0
Net income attributable to common shareholders
$
488
$
423
$
435
Denominator:
\u00a0 \u00a0 \u00a0
Basic weighted average common stock
85.0
87.1
87.5
Added: Weighted average stock options/share awards
0.2
0.2
0.2
Diluted weighted average common stock
85.2
87.2
87.7
Net earnings per share - basic
$
5.74
$
4.86
$
4.97
Net earnings per share - diluted
$
5.72
$
4.85
$
4.96
\nAnti-dilutive shares outstanding for the years ended December 31, 2023, 2022 and 2021 were immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16528": { "value": "21. Subsequent Events There were no reportable events subsequent to December 31, 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:A23RUXWKASG834LTMK28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }