DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations

The following table summarizes the assets and liabilities from discontinued operations of PHINIA.

(in millions)	December 31, 2022
ASSETS
Cash, cash equivalents and restricted cash	$	255
Receivables, net	852
Inventories, net	470
Prepayments and other current assets	39
Total current assets of discontinued operations	$	1,616
Property, plant and equipment, net	939
Investments and long-term receivables	77
Goodwill	419
Other intangible assets, net	432
Other non-current assets	179
Total non-current assets of discontinued operations	$	2,046
LIABILITIES
Notes payable and other short-term debt	$	2
Accounts payable	538
Other current liabilities	406
Total current liabilities of discontinued operations	$	946
Long-term debt	26
Retirement-related liabilities	94
Other non-current liabilities	175
Total non-current liabilities of discontinued operations	$	295

The following table summarizes the financial results from discontinued operations of PHINIA.

(in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales	$	—	$	857	$	1,723	$	2,496
Cost of sales	—		658		1,362		1,958
Gross profit	—		199		361		538
Selling, general and administrative expenses	—		72		173		228
Restructuring expense	—		3		7		8
Other operating expense, net	52		—		117		33
Operating (loss) income	(52)		124		64		269
Equity in affiliates’ earnings, net of tax	—		(5)		(5)		(8)
Interest expense, net	—		—		—		1
Other postretirement expense (income)	—		(7)		—		(24)
Earnings from discontinued operations before income taxes	(52)		136		69		300
Provision for income taxes	(15)		36		81		75
Net (loss) earnings from discontinued operations attributable to PHINIA	$	(37)	$	100	$	(12)	$	225