Segment Information (Tables)

9 Months Ended

Sep. 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
Third quarter ended September 30, 2024
Sales:
Third-party sales	$	945	$	392	$	253	$	245	$	1,835
Inter-segment sales	3		—		3		—		6
Total sales	$	948	$	392	$	256	$	245	$	1,841
Profit and loss:

Provision for depreciation and amortization	$	34	$	12	$	10	$	10	$	66
Segment Adjusted EBITDA	307		102		38		64		511
Restructuring and other charges	1		1		1		1		4
Capital expenditures	55		5		5		14		79

Third quarter ended September 30, 2023
Sales:
Third-party sales	$	798	$	348	$	227	$	285	$	1,658
Inter-segment sales	5		—		—		—		5
Total sales	$	803	$	348	$	227	$	285	$	1,663
Profit and loss:

Provision for depreciation and amortization	$	33	$	12	$	12	$	10	$	67
Segment Adjusted EBITDA	219		76		30		77		402
Restructuring and other charges	—		1		1		—		2
Capital expenditures	30		9		6		9		54

	Engine Products		Fastening Systems		Engineered Structures		Forged Wheels		Total Segment
Nine months ended September 30, 2024
Sales:
Third-party sales	$	2,763	$	1,175	$	790	$	811	$	5,539
Inter-segment sales	6		—		7		—		13
Total sales	$	2,769	$	1,175	$	797	$	811	$	5,552
Profit and loss:

Provision for depreciation and amortization	$	100	$	36	$	32	$	30	$	198
Segment Adjusted EBITDA	848		295		115		221		1,479
Restructuring and other charges	—		3		15		1		19
Capital expenditures	143		17		16		35		211

Nine months ended September 30, 2023
Sales:
Third-party sales	$	2,414	$	989	$	634	$	872	$	4,909
Inter-segment sales	12		—		1		—		13
Total sales	$	2,426	$	989	$	635	$	872	$	4,922
Profit and loss:

Provision for depreciation and amortization	$	97	$	35	$	36	$	29	$	197
Segment Adjusted EBITDA	654		198		80		237		1,169
Restructuring and other (credits) charges	(1)		1		7		—		7
Capital expenditures	84		23		21		25		153

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.


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Total Segment Adjusted EBITDA	$	511	$	402	$	1,479	$	1,169
Segment provision for depreciation and amortization	(66)		(67)		(198)		(197)
Unallocated amounts:
Restructuring and other credits (charges)	1		(4)		(21)		(8)
Corporate expense	(25)		(24)		(72)		(87)
Operating income	$	421	$	307	$	1,188	$	877
Loss on debt redemption	(6)		—		(6)		(1)
Interest expense, net	(44)		(54)		(142)		(166)
Other expense, net	(17)		(11)		(49)		(5)
Income before income taxes	$	354	$	242	$	991	$	705

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.


	Third quarter ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Total segment capital expenditures	$	79	$	54	$	211	$	153
Corporate	3		5		8		11
Capital expenditures	$	82	$	59	$	219	$	164

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
Third quarter ended September 30, 2024
Aerospace - Commercial	$	534	$	245	$	183	$	—	$	962
Aerospace - Defense	189		43		57		—		289
Commercial Transportation	—		65		—		245		310
Industrial and Other	222		39		13		—		274
Total end-market revenue	$	945	$	392	$	253	$	245	$	1,835

Third quarter ended September 30, 2023
Aerospace - Commercial	$	446	$	209	$	165	$	—	$	820
Aerospace - Defense	165		41		45		—		251
Commercial Transportation	—		67		—		285		352
Industrial and Other	187		31		17		—		235
Total end-market revenue	$	798	$	348	$	227	$	285	$	1,658

Nine months ended September 30, 2024
Aerospace - Commercial	$	1,554	$	740	$	575	$	—	$	2,869
Aerospace - Defense	566		119		174		—		859
Commercial Transportation	—		199		—		811		1,010
Industrial and Other	643		117		41		—		801
Total end-market revenue	$	2,763	$	1,175	$	790	$	811	$	5,539

Nine months ended September 30, 2023
Aerospace - Commercial	$	1,324	$	563	$	458	$	—	$	2,345
Aerospace - Defense	502		131		131		—		764
Commercial Transportation	—		192		—		872		1,064
Industrial and Other	588		103		45		—		736
Total end-market revenue	$	2,414	$	989	$	634	$	872	$	4,909