(Dollars in millions) | 2024 | 2023 | 2022 |
Operating lease cost | $ 47 | $ 54 | $ 50 |
Short-term lease cost | 6 | 8 | 9 |
Variable lease cost | 6 | 5 | 4 |
Sublease income | (1 ) | (1 ) | (1 ) |
Total lease cost | $ 58 | $ 66 | $ 62 |
Year ended or as of | ||
December 31, | ||
(Dollars in millions) | 2024 | 2023 |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 45 | $ 47 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 27 | 70 |
Weighted-average remaining lease term - operating leases | 8.9 years | 9.4 years |
Weighted-average discount rate - operating leases | 3.3 % | 3.2 % |
(Dollars in millions) | Maturities |
2025 | $ 38 |
2026 | 27 |
2027 | 21 |
2028 | 15 |
2029 | 12 |
Thereafter | 72 |
Total operating lease payments | 184 |
Less imputed interest | (25 ) |
Total operating lease liabilities | $ 159 |
| DECEMBER 31, 2024 | DECEMBER 31, 2023 | |||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||
Derivative asset | Derivative liability | Derivative asset | Derivative liability | |||||||||
Nominal | (Other current | (Other current | Nominal | (Other current | (Other current | |||||||
(Dollars in millions) | volume | assets) | liabilities) | volume | assets) | liabilities) | ||||||
DERIVATIVES NOT DESIGNATED | ||||||||||||
AS HEDGING INSTRUMENTS | ||||||||||||
Foreign exchange swaps, less | ||||||||||||
than 6 months | $ 2,916 | 1) | $ 22 | 2) | $ 42 | 3) | $ 1,895 | 4) | $ 22 | 5) | $ 12 | 6) |
TOTAL DERIVATIVES NOT | ||||||||||||
DESIGNATED AS HEDGING | ||||||||||||
INSTRUMENTS | $ 2,916 | $ 22 | $ 42 | $ 1,895 | $ 22 | $ 12 |
DECEMBER 31, 2024 | DECEMBER 31, 2023 | |||
CARRYING | FAIR | CARRYING | FAIR | |
(Dollars in millions) | VALUE 1) | VALUE | VALUE 1) | VALUE |
LONG-TERM DEBT | ||||
Bonds | $ 1,512 | $ 1,527 | $ 1,023 | $ 1,022 |
Loans | 10 | 10 | 301 | 306 |
TOTAL | $ 1,522 | $ 1,537 | $ 1,324 | $ 1,328 |
SHORT-TERM DEBT | ||||
Short-term portion of long-term debt | $ 273 | $ 275 | $ 297 | $ 297 |
Overdrafts and other short-term debt | 114 | 114 | 241 | 241 |
TOTAL | $ 387 | $ 389 | $ 538 | $ 538 |
| DECEMBER 31, 2024 | DECEMBER 31, 2023 | |||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||
Derivative asset | Derivative liability | Derivative asset | Derivative liability | |||||||||
Nominal | (Other current | (Other current | Nominal | (Other current | (Other current | |||||||
(Dollars in millions) | volume | assets) | liabilities) | volume | assets) | liabilities) | ||||||
DERIVATIVES NOT DESIGNATED | ||||||||||||
AS HEDGING INSTRUMENTS | ||||||||||||
Foreign exchange swaps, less | ||||||||||||
than 6 months | $ 2,916 | 1) | $ 22 | 2) | $ 42 | 3) | $ 1,895 | 4) | $ 22 | 5) | $ 12 | 6) |
TOTAL DERIVATIVES NOT | ||||||||||||
DESIGNATED AS HEDGING | ||||||||||||
INSTRUMENTS | $ 2,916 | $ 22 | $ 42 | $ 1,895 | $ 22 | $ 12 |
INCOME BEFORE INCOME TAXES (Dollars in millions) | 2024 | 2023 | 2022 |
U.S. | $ (51 ) | $ 29 | $ (3 ) |
Non-U.S. | 926 | 583 | 606 |
Total | $ 875 | $ 612 | $ 603 |
PROVISION FOR INCOME TAXES (Dollars in millions) | 2024 | 2023 | 2022 |
Current | |||
U.S. federal | $ (6 ) | $ 19 | $ 32 |
Non-U.S. | 260 | 210 | 181 |
U.S. state and local | 3 | 3 | 5 |
Deferred | |||
U.S. federal | (11 ) | (7 ) | (20 ) |
Non-U.S. | (16 ) | (101 ) | (17 ) |
U.S. state and local | (3 ) | (1 ) | (3 ) |
Total income tax expense | $ 227 | $ 123 | $ 178 |
EFFECTIVE INCOME TAX RATE (%) | 2024 | 2023 | 2022 |
U.S. federal income tax rate | 21.0 % | 21.0 % | 21.0 % |
Non-Deductible Expenses | 0.9 | 1.8 | 0.5 |
Foreign tax rate variances | 2.2 | 4.6 | 3.6 |
Tax credits | (2.1 ) | (3.9 ) | (3.5 ) |
Change in Valuation Allowances | 0.5 | 11.6 | (1.7 ) |
Changes in tax reserves | (2.1 ) | 2.7 | (0.2 ) |
Provision to Return | (1.5 ) | (0.2 ) | 0.6 |
Earnings of equity investments | (0.2 ) | (0.2 ) | (0.1 ) |
Withholding taxes | 5.6 | 5.2 | 4.0 |
State taxes, net of federal benefit | 0.0 | 0.3 | 0.4 |
Tax Audits | (0.5 ) | 0.0 | 1.0 |
Other Deferred Tax Adjustments 1) | 0.0 | (26.7 ) | 0.0 |
U.S. FDII Deduction | 0.0 | (0.4 ) | 0.0 |
U.S. GILTI Tax | 1.9 | 3.4 | 3.4 |
Impact of Translation Rates | 0.6 | 1.1 | 0.2 |
Other, net | (0.3 ) | (0.2 ) | 0.3 |
Effective income tax rate | 26.0 % | 20.1 % | 29.5 % |
UNRECOGNIZED TAX BENEFITS (Dollars in millions) | 2024 | 2023 | 2022 |
Unrecognized tax benefits at beginning of year | $ 83 | $ 67 | $ 65 |
Increases as a result of tax positions taken during a prior period | 0 | 8 | 0 |
Increases as a result of tax positions taken during the current period | 4 | 7 | 7 |
Decreases as a result of tax positions taken during a prior period | (6 ) | 0 | 0 |
Decreases relating to settlements with taxing authorities | (6 ) | 0 | (4 ) |
Decreases resulting from the lapse of the applicable statute of limitations | (39 ) | 0 | 0 |
Translation Difference | (1 ) | 1 | (1 ) |
Total unrecognized tax benefits at end of year | $ 35 | $ 83 | $ 67 |
UNRECOGNIZED TAX BENEFITS (Dollars in millions) | 2024 | 2023 | 2022 |
Unrecognized tax benefits at beginning of year | $ 83 | $ 67 | $ 65 |
Increases as a result of tax positions taken during a prior period | 0 | 8 | 0 |
Increases as a result of tax positions taken during the current period | 4 | 7 | 7 |
Decreases as a result of tax positions taken during a prior period | (6 ) | 0 | 0 |
Decreases relating to settlements with taxing authorities | (6 ) | 0 | (4 ) |
Decreases resulting from the lapse of the applicable statute of limitations | (39 ) | 0 | 0 |
Translation Difference | (1 ) | 1 | (1 ) |
Total unrecognized tax benefits at end of year | $ 35 | $ 83 | $ 67 |
DEFERRED TAXES(Dollars in millions) | December 31, | ||
2024 | 2023 | 2022 | |
Assets | |||
Provisions | $ 112 | $ 126 | $ 99 |
Costs capitalized for tax | 85 | 57 | 43 |
Other Deferred Tax Asset 1) | 158 | 160 | \u2014 |
Property, plant and equipment | 30 | 11 | 12 |
Retirement Plans | 39 | 40 | 42 |
Tax receivables, principally NOL\u2019s | 99 | 133 | 123 |
Deferred tax assets before allowances | 523 | 527 | 319 |
Valuation allowances | (126 ) | (129 ) | (46 ) |
Total | 397 | 398 | 273 |
Liabilities | |||
Distribution taxes | (3 ) | (3 ) | (3 ) |
Other | 0 | (1 ) | (2 ) |
Total | (3 ) | (4 ) | (5 ) |
Net deferred tax asset | $ 394 | $ 394 | $ 268 |
VALUATION ALLOWANCES AGAINST DEFERRED TAX ASSETS (Dollars in millions) | December 31, | ||
2024 | 2023 | 2022 | |
Allowances at beginning of year | $ 129 | $ 46 | $ 59 |
Benefits reserved current year | 11 | 81 | 14 |
Benefits recognized current year 1) | (6 ) | (2 ) | (27 ) |
Translation difference | (8 ) | 4 | 0 |
Allowances at end of year | $ 126 | $ 129 | $ 46 |
(Dollars in millions) | December 31, | ||
2024 | 2023 | 2022 | |
Receivables | $ 2,003 | $ 2,206 | $ 1,916 |
Allowance for credit losses at beginning of year | (8 ) | (10 ) | (8 ) |
Reversal of (addition to) allowance | (2 ) | (2 ) | (4 ) |
Write-off against allowance | 0 | 3 | 2 |
Translation difference | 0 | (0 ) | 0 |
Allowance for credit losses at end of year | (10 ) | (8 ) | (10 ) |
Total receivables, net of allowance | $ 1,993 | $ 2,198 | $ 1,907 |
(Dollars in millions) | December 31, | ||
2024 | 2023 | 2022 | |
Raw material | $ 418 | $ 457 | $ 445 |
Work in progress | 295 | 347 | 350 |
Finished products | 290 | 296 | 265 |
Inventories gross | 1,003 | 1,100 | 1,060 |
Inventory reserve at beginning of year | (89 ) | (91 ) | (91 ) |
Change in reserve, net | 1 | 3 | (6 ) |
Translation difference | 5 | (0 ) | 5 |
Inventory reserve at end of year | (82 ) | (89 ) | (91 ) |
Total inventories, net of reserve | $ 921 | $ 1,012 | $ 969 |
(Dollars in millions) | December 31, | |
2024 | 2023 | |
Equity method investments | $ 13 | $ 11 |
Deferred tax assets | 412 | 433 |
Income tax receivables | 19 | 22 |
Insurance receivables | 44 | 75 |
Other non-current assets | 60 | 66 |
Total other non-current assets | $ 548 | $ 606 |
(Dollars in millions) | December 31, | ||
2024 | 2023 | Estimated life | |
Land and land improvements | $ 127 | $ 136 | n/a to 15 |
Buildings | 1,038 | 1,065 | 20-40 |
Machinery and equipment | 4,539 | 4,545 | 3-12 |
Construction in progress | 629 | 548 | n/a |
Property, plant and equipment | 6,334 | 6,294 | |
Less accumulated depreciation | (4,095 ) | (4,102 ) | |
Net of depreciation | $ 2,239 | $ 2,192 | |
DEPRECIATION INCLUDED IN (Dollars in millions) | 2024 | 2023 | 2022 |
Cost of sales | $ 347 | $ 340 | $ 329 |
Selling, general and administrative expenses | 13 | 12 | 11 |
Research, development and engineering expenses, net | 26 | 24 | 20 |
Total | $ 385 | $ 376 | $ 360 |
December31, | ||
GOODWILL (Dollars in millions) | 2024 | 2023 |
Carrying amount at beginning of year | $ 1,378 | $ 1,375 |
Translation differences | (10 ) | 2 |
Carrying amount at end of year | $ 1,368 | $ 1,378 |
December 31, | ||
AMORTIZABLE INTANGIBLES (Dollars in millions) | 2024 | 2023 |
Gross carrying amount | $ 386 | $ 391 |
Accumulated amortization | (379 ) | (384 ) |
Carrying value | $ 7 | $ 7 |
December31, | ||
GOODWILL (Dollars in millions) | 2024 | 2023 |
Carrying amount at beginning of year | $ 1,378 | $ 1,375 |
Translation differences | (10 ) | 2 |
Carrying amount at end of year | $ 1,368 | $ 1,378 |
December 31, | ||
AMORTIZABLE INTANGIBLES (Dollars in millions) | 2024 | 2023 |
Gross carrying amount | $ 386 | $ 391 |
Accumulated amortization | (379 ) | (384 ) |
Carrying value | $ 7 | $ 7 |
December31, | ||
GOODWILL (Dollars in millions) | 2024 | 2023 |
Carrying amount at beginning of year | $ 1,378 | $ 1,375 |
Translation differences | (10 ) | 2 |
Carrying amount at end of year | $ 1,368 | $ 1,378 |
December 31, | ||
AMORTIZABLE INTANGIBLES (Dollars in millions) | 2024 | 2023 |
Gross carrying amount | $ 386 | $ 391 |
Accumulated amortization | (379 ) | (384 ) |
Carrying value | $ 7 | $ 7 |
As of December 31, | ||
(Dollars in millions) | 2024 | 2023 |
Confirmed obligations outstanding at beginning of the period | $ 345 | $ 314 |
Invoices confirmed during the period | 1,536 | 1,436 |
Confirmed invoices paid during the period | (1,546 ) | (1,405 ) |
Confirmed obligations outstanding at end of the period | $ 335 | $ 345 |
| December 31, | |||
(Dollars in millions) | 2024 | 2023 | 2022 |
Reserve at beginning of the period | $ 213 | $ 32 | $ 88 |
Provision - charge | 20 | 212 | 17 |
Provision - reversal | (2 ) | (1 ) | (4 ) |
Cash payments | (69 ) | (35 ) | (64 ) |
Translation difference | (11 ) | 7 | (5 ) |
Reserve at end of the period | $ 151 | $ 213 | $ 32 |
| December 31, | |||
(Dollars in millions) | 2024 | 2023 | 2022 |
Reserve at beginning of the year | $ 96 | $ 145 | $ 144 |
Addition to reserve | 16 | 28 | 21 |
Reversal of preexisting reserve | (16 ) | (3 ) | (1 ) |
Cash payments | (30 ) | (74 ) | (17 ) |
Translation difference | (2 ) | 0 | (2 ) |
Reserve at end of the year | $ 65 | $ 96 | $ 145 |
Total | |||||||||
PRINCIPAL AMOUNT BY EXPECTED MATURITY | long- | ||||||||
(dollars in millions) | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | term | Total | |
Bonds | $ \u2014 | $ 285 | $ \u2014 | $ 521 | $ 706 | $ \u2014 | $ 1,512 | $ 1,512 | |
Loans | 273 | \u2014 | 10 | \u2014 | \u2014 | 10 | 283 | ||
Commercial papers | 90 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 90 | |
Other short-term debt | 24 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 24 | |
Total principal amount | $ 387 | $ 285 | $ 10 | $ 521 | $ 706 | $ \u2014 | $ 1,522 | $ 1,909 |
DIVIDENDS | 2024 | 2023 | 2022 |
Cash dividend paid per share | $ 2.74 | $ 2.66 | $ 2.58 |
Cash dividend declared per share | $ 2.74 | $ 2.66 | $ 2.58 |
OTHER COMPREHENSIVE LOSS / ENDING BALANCE 1) (Dollars in millions) | 2024 | 2023 |
Cumulative translation adjustments | $ (629 ) | $ (466 ) |
Net pension liability | (31 ) | (30 ) |
Total (ending balance) | $ (659 ) | $ (496 ) |
Deferred taxes on the pension liability | $ 10 | $ 10 |
DIVIDENDS | 2024 | 2023 | 2022 |
Cash dividend paid per share | $ 2.74 | $ 2.66 | $ 2.58 |
Cash dividend declared per share | $ 2.74 | $ 2.66 | $ 2.58 |
(Dollars in millions) | 2024 | 2023 | 2022 |
Interest | $ 104 | $ 80 | $ 64 |
Income taxes | 207 | 192 | 215 |
RSUs | 2024 | 2023 | 2022 |
Weighted average fair value at grant date | $ 112.16 | $ 91.81 | $ 87.56 |
Outstanding at beginning of year | 189,966 | 200,764 | 218,268 |
Granted | 64,601 | 96,243 | 85,985 |
Shares issued | (75,068 ) | (94,055 ) | (84,848 ) |
Cancelled/Forfeited/Expired | (5,352 ) | (12,986 ) | (18,641 ) |
Outstanding at end of year | 174,147 | 189,966 | 200,764 |
PSUs | 2024 | 2023 | 2022 |
Weighted average fair value at grant date | $ 109.41 | $ 91.80 | $ 88.05 |
Outstanding at beginning of year | 111,881 | 101,828 | 179,311 |
Change in performance conditions | 147,022 | 18,211 | (69,924 ) |
Granted | 79,712 | 93,962 | 82,914 |
Shares issued | (49,509 ) | (26,331 ) | (64,397 ) |
Cancelled/Forfeited/Expired | (9,801 ) | (75,789 ) | (26,076 ) |
Outstanding at end of year | 279,305 | 111,881 | 101,828 |
Weighted | ||
average | ||
Number | exercise | |
SOs | of options | price |
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 |
Exercised | (10,777 ) | 76.53 |
Cancelled/Forfeited/Expired | (915 ) | 69.41 |
Outstanding at December 31, 2024 | 3,397 | 80.40 |
OPTIONS EXERCISABLE | ||
At December 31, 2022 | 31,111 | $ 70.77 |
At December 31, 2023 | 15,089 | 76.97 |
At December 31, 2024 | 3,397 | 80.40 |
Weighted | |||
Number | Remaining | average | |
outstanding & | contract life | exercise | |
EXERCISE PRICE | exercisable | (in years) | price |
$80.40 | 3,397 | 0.13 | 80.40 |
3,397 | 0.13 | 80.40 |
U.S. | Non-U.S. | |||
(Dollars in millions) | 2024 | 2023 | 2024 | 2023 |
Benefit obligation at beginning of year | $ 226 | $ 227 | $ 208 | $ 192 |
Service cost | \u2014 | \u2014 | 10 | 9 |
Interest cost | 11 | 12 | 12 | 10 |
Actuarial (gain) loss due to: | ||||
Change in discount rate | (7 ) | 5 | (1 ) | (22 ) |
Experience | (1 ) | 2 | 6 | (1 ) |
Other assumption changes | (8 ) | 2 | 3 | 24 |
Benefits paid | (4 ) | (4 ) | (7 ) | (10 ) |
Plan settlements/curtailments | (12 ) | (17 ) | (9 ) | (2 ) |
Plan amendments | \u2014 | \u2014 | \u2014 | 1 |
Other | \u2014 | \u2014 | 0 | 0 |
Translation difference | \u2014 | \u2014 | (17 ) | 7 |
Benefit obligation at end of year | $ 205 | $ 226 | $ 205 | $ 208 |
Fair value of plan assets at beginning of year | $ 204 | $ 201 | $ 70 | $ 63 |
Actual return on plan assets | 3 | 24 | (4 ) | 3 |
Company contributions | 2 | 0 | 27 | 11 |
Benefits paid | (4 ) | (4 ) | (7 ) | (10 ) |
Plan settlements | (12 ) | (17 ) | (20 ) | (0 ) |
Translation difference | \u2014 | \u2014 | (2 ) | 3 |
Fair value of plan assets at end of year | $ 194 | $ 204 | $ 64 | $ 70 |
Pension liability recognized in the balance sheet | $ 11 | $ 21 | $ 142 | $ 138 |
| U.S. | |||
(Dollars in millions) | 2024 | 2023 | 2022 |
Service cost | $ \u2014 | $ \u2014 | $ \u2014 |
Interest cost | 11 | 12 | 12 |
Expected return on plan assets | (12 ) | (10 ) | (14 ) |
Amortization of actuarial loss | 0 | 0 | 0 |
Settlement loss | 1 | 1 | 6 |
Net periodic benefit cost | $ (0 ) | $ 3 | $ 4 |
| Non-U.S. | |||
(Dollars in millions) | 2024 | 2023 | 2022 |
Service cost | $ 10 | $ 9 | $ 9 |
Interest cost | 12 | 10 | 6 |
Expected return on plan assets | (3 ) | (3 ) | (2 ) |
Amortization of prior service costs | 1 | 1 | 1 |
Amortization of actuarial loss | 1 | 1 | 1 |
Settlement/curtailment (gain) loss | 14 | 0 | (8 ) |
Net periodic benefit cost | $ 34 | $ 18 | $ 7 |
U.S. | Non-U.S. | |||
(Dollars in millions) | 2024 | 2023 | 2024 | 2023 |
Net actuarial loss | $ 7 | $ 15 | $ 29 | $ 19 |
Prior service cost | \u2014 | \u2014 | 3 | 4 |
Total accumulated other comprehensive loss | ||||
recognized in the balance sheet | $ 7 | $ 15 | $ 33 | $ 24 |
U.S. | Non-U.S. | |||
(Dollars in millions) | 2024 | 2023 | 2024 | 2023 |
Total retirement benefit recognized in accumulated | ||||
other comprehensive loss at beginning of year | $ 15 | $ 22 | $ 24 | $ 22 |
Net actuarial loss (gain) | (7 ) | (6 ) | 16 | 2 |
Amortization or curtailment recognition of prior service credit | ||||
(cost) | \u2014 | \u2014 | (1 ) | (1 ) |
Amortization or settlement recognition of net gain (loss) | (1 ) | (1 ) | (4 ) | (1 ) |
Translation difference | \u2014 | \u2014 | (2 ) | 2 |
Total retirement benefit recognized in accumulated | ||||
other comprehensive loss at end of year | $ 7 | $ 15 | $ 33 | $ 24 |
U.S. | Non-U.S. | |||
(Dollars in millions) | 2024 | 2023 | 2024 | 2023 |
Projected Benefit Obligation (PBO) | $ 205 | $ 226 | $ 148 | $ 145 |
Accumulated Benefit Obligation (ABO) | 205 | 226 | 110 | 116 |
Fair value of plan assets | 194 | 204 | 2 | 2 |
U.S. | Non-U.S. 1) | |||
(% Weighted average / % Weighted average range) | 2024 | 2023 | 2024 | 2023 |
Discount rate | 5.60 | 5.13 | 1.25-11.00 | 1.00-10.25 |
Rate of increases in compensation level | n/a | n/a | 2.25-5.00 | 2.25-5.00 |
| U.S. | |||
(% Weighted average) | 2024 | 2023 | 2022 |
Discount rate | 5.13 | 5.41 | 2.77 |
Rate of increases in compensation level | n/a | n/a | n/a |
Expected long-term rate of return on assets | 6.21 | 5.05 | 5.05 |
| Non-U.S. 1) | |||
(% Weighted average range) | 2024 | 2023 | 2022 |
Discount rate | 1.00-10.25 | 0.75-9.75 | 0.25-8.00 |
Rate of increases in compensation level | 2.25-5.00 | 2.10-5.00 | 1.80-5.00 |
Expected long-term rate of return on assets | 4.00-4.95 | 4.20-4.80 | 1.70-2.20 |
U.S. | U.S. | Non-U.S. | |||
Target | |||||
ASSETS CATEGORY (% Weighted average) | allocation | 2024 | 2023 | 2024 | 2023 |
Equity securities % | 32 | 30 | 31 | 0 | 0 |
Debt instruments % | 68 | 69 | 68 | 63 | 64 |
Other assets % | \u2014 | 1 | 1 | 37 | 36 |
Total % | 100 | 100 | 100 | 100 | 100 |
Fair value measurement at December 31, | ||
(Dollars in millions) | 2024 | 2023 |
Assets | ||
Non-U.S. Bonds | ||
Government | $ 21 | $ 24 |
Corporate | 20 | 21 |
Insurance Contracts | 15 | 17 |
Other Investments | 6 | 10 |
Assets at fair value Level 2 | 62 | 71 |
Investments measured at net asset value | ||
(NAV): | ||
Common collective trusts | 195 | 203 |
Total | 258 | $ 274 |
PENSION BENEFITS EXPECTED PAYMENTS (dollars in millions) | U.S. | Non-U.S. |
2025 | $ 17 | $ 15 |
2026 | 19 | 12 |
2027 | 17 | 14 |
2028 | 19 | 14 |
2029 | 18 | 14 |
Years 2030-2034 | 84 | 85 |
NET SALES BY REGION (Dollars in millions) | 2024 | 2023 | 2022 |
China | $ 2,010 | $ 2,105 | $ 1,883 |
Asia, excl. China | 2,010 | 1,968 | 1,638 |
Americas | 3,424 | 3,526 | 2,967 |
Europe | 2,946 | 2,877 | 2,355 |
Total | $ 10,390 | $ 10,475 | $ 8,842 |
NET SALES BY PRODUCT (Dollars in millions) | 2024 | 2023 | 2022 |
Airbag, Steering Wheels 1) | $ 7,023 | $ 7,055 | $ 5,807 |
Seatbelt Products 1) | 3,367 | 3,420 | 3,035 |
Total net sales | $ 10,390 | $ 10,475 | $ 8,842 |
LONG-LIVED ASSETS (Dollars in millions) | 2024 | 2023 |
China | $ 621 | $ 592 |
Asia, excl China | 438 | 408 |
Americas | 541 | 570 |
Europe | 797 | 797 |
Total | $ 2,397 | $ 2,367 |
Significant segment expenses / income (Dollars in millions) | 2024 | 2023 | 2022 |
Total direct costs | $ (7,050 ) | $ (7,208 ) | $ (6,142 ) |
Total production overhead costs | (1,413 ) | (1,446 ) | (1,304 ) |
Cost of sales | (8,463 ) | (8,654 ) | (7,446 ) |
Research, development and engineering expenses (gross) | |||
(612 ) | (618 ) | (595 ) | |
Engineering income | 214 | 193 | 205 |
Research, development and engineering expenses, net | (398 ) | (425 ) | (390 ) |
2024 | 2023 | 2022 | |
Numerator: | |||
Basic and diluted: | |||
Net income attributable to common shareholders | $ 646 | $ 488 | $ 423 |
Denominator: | |||
Basic weighted average common stock | 80.2 | 85.0 | 87.1 |
Added: Weighted average stock options/share awards | 0.2 | 0.2 | 0.2 |
Diluted weighted average common stock | 80.4 | 85.2 | 87.2 |
Net earnings per share - basic | $ 8.06 | $ 5.74 | $ 4.86 |
Net earnings per share - diluted | $ 8.04 | $ 5.72 | $ 4.85 |