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Nonconsolidated Partially-Owned Affiliates
 12 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Nonconsolidated Partially-Owned Affiliates
18. Nonconsolidated Partially-Owned Affiliates

Investments in the net assets of nonconsolidated partially-owned affiliates are reported in the "Investments in partially-owned affiliates" line in the consolidated statements of financial position. Equity in the net income of nonconsolidated partially-owned affiliates are reported in the “Equity income” line in the consolidated statements of income (loss). Adient maintains total investments in partially-owned affiliates of $338 million and $303 million at September 30, 2024 and 2023, respectively. Operating information for nonconsolidated partially-owned affiliates is as follows:

% ownership at September 30,
Name of key partially-owned affiliate20242023
KEIPER Seating Mechanisms Co., Ltd. (“KEIPER”)
50.0%50.0%
Changchun FAWAY Adient Automotive Systems Co. Ltd. (“CFAA”)49.0%49.0%

Year Ended September 30,
(in millions)202420232022
Income statement data:
Net sales$3,783 $3,791 $4,039 
Gross profit$368 $346 $374 
Net income$184 $173 $189 
Net income attributable to the entity$182 $171 $187 
September 30,
(in millions)20242023
Balance sheet data:
Current assets$2,072 $1,800 
Noncurrent assets$730 $756 
Current liabilities$1,875 $1,639 
Noncurrent liabilities$269 $283 

During fiscal 2023, Adient concluded that indicators of other-than-temporary impairment were present related to nonconsolidated partially-owned affiliates in Asia and EMEA, and recorded non-cash impairment charges of $3 million and $3 million as a result, respectively.

In fiscal 2023 and 2022, Adient and KEIPER have modified existing supply agreements, resulting in reductions in Adient’s purchase prices on certain products. Such modifications resulted in reductions of $25 million and $34 million in Adient’s cost of sales and equity income, respectively, during fiscal 2023. The modifications resulted in reductions of $14 million and $17 million in Adient’s cost of sales and equity income, respectively, during fiscal 2022.