Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Operating Results by Reportable Segments

The operating results of the Company’s reportable segments were as follows:


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Second quarter ended June 30, 2024
Sales:
Third-party sales	$	933	$	394	$	275	$	278	$	1,880
Inter-segment sales	1		—		3		—		4
Total sales	$	934	$	394	$	278	$	278	$	1,884
Profit and loss:

Provision for depreciation and amortization	$	33	$	13	$	11	$	10	$	67
Segment Adjusted EBITDA	292		101		40		75		508
Restructuring and other (credits) charges	(1)		2		14		—		15
Capital expenditures	33		5		5		9		52

Second quarter ended June 30, 2023
Sales:
Third-party sales	$	821	$	329	$	200	$	298	$	1,648
Inter-segment sales	5		—		1		—		6
Total sales	$	826	$	329	$	201	$	298	$	1,654
Profit and loss:

Provision for depreciation and amortization	$	32	$	12	$	12	$	10	$	66
Segment Adjusted EBITDA	223		64		20		81		388
Restructuring and other (credits) charges	(1)		—		5		—		4
Capital expenditures	21		5		5		7		38

	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Six months ended June 30, 2024
Sales:
Third-party sales	$	1,818	$	783	$	537	$	566	$	3,704
Inter-segment sales	3		—		4		—		7
Total sales	$	1,821	$	783	$	541	$	566	$	3,711
Profit and loss:

Provision for depreciation and amortization	$	66	$	24	$	22	$	20	$	132
Segment Adjusted EBITDA	541		193		77		157		968
Restructuring and other (credits) charges	(1)		2		14		—		15
Capital expenditures	88		12		11		21		132

Six months ended June 30, 2023
Sales:
Third-party sales	$	1,616	$	641	$	407	$	587	$	3,251
Inter-segment sales	7		—		1		—		8
Total sales	$	1,623	$	641	$	408	$	587	$	3,259
Profit and loss:

Provision for depreciation and amortization	$	64	$	23	$	24	$	19	$	130
Segment Adjusted EBITDA	435		122		50		160		767
Restructuring and other (credits) charges	(1)		—		6		—		5
Capital expenditures	54		14		15		16		99

Schedule of Segment Reporting Information to Consolidated Income Before Income Taxes

The following table reconciles Total Segment Adjusted EBITDA to Income before income taxes. Differences between the total segment and consolidated totals are in Corporate.


	Second quarter ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Total Segment Adjusted EBITDA	$	508	$	388	$	968	$	767
Segment provision for depreciation and amortization	(67)		(66)		(132)		(130)
Unallocated amounts:
Restructuring and other charges	(22)		(3)		(22)		(4)
Corporate expense	(21)		(34)		(47)		(63)
Operating income	$	398	$	285	$	767	$	570
Loss on debt redemption	—		—		—		(1)
Interest expense, net	(49)		(55)		(98)		(112)
Other (expense) income, net	(15)		13		(32)		6
Income before income taxes	$	334	$	243	$	637	$	463

Schedule of Reconciliation of Capital Expenditures from Segments to Consolidated Cash Flows

The following table reconciles total segment capital expenditures with Capital expenditures as presented in the Statement of Consolidated Cash Flows.


	Second quarter ended				Six months ended
	June 30,				June 30,
	2024		2023		2024		2023
Total segment capital expenditures	$	52	$	38	$	132	$	99
Corporate	3		3		5		6
Capital expenditures	$	55	$	41	$	137	$	105

Schedule of Disaggregation of Revenue by Major End Market Served

The following table disaggregates segment revenue by major market served. Differences between the total segment and consolidated totals are in Corporate.


	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Second quarter ended June 30, 2024
Aerospace - Commercial	$	528	$	251	$	200	$	—	$	979
Aerospace - Defense	192		37		61		—		290
Commercial Transportation	—		68		—		278		346
Industrial and Other	213		38		14		—		265
Total end-market revenue	$	933	$	394	$	275	$	278	$	1,880

Second quarter ended June 30, 2023
Aerospace - Commercial	$	446	$	184	$	141	$	—	$	771
Aerospace - Defense	174		46		42		—		262
Commercial Transportation	—		62		—		298		360
Industrial and Other	201		37		17		—		255
Total end-market revenue	$	821	$	329	$	200	$	298	$	1,648

Six months ended June 30, 2024
Aerospace - Commercial	$	1,020	$	495	$	392	$	—	$	1,907
Aerospace - Defense	377		76		117		—		570
Commercial Transportation	—		134		—		566		700
Industrial and Other	421		78		28		—		527
Total end-market revenue	$	1,818	$	783	$	537	$	566	$	3,704

Six months ended June 30, 2023
Aerospace - Commercial	$	878	$	354	$	293	$	—	$	1,525
Aerospace - Defense	337		90		86		—		513
Commercial Transportation	—		125		—		587		712
Industrial and Other	401		72		28		—		501
Total end-market revenue	$	1,616	$	641	$	407	$	587	$	3,251