REPORTABLE SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Net Sales and Total Assets by Reporting Segment

The following tables show segment information and Segment Adjusted Operating Income (Loss) for the Company’s reportable segments:

Net Sales by Reportable Segment

	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
(in millions)	Customers		Inter-segment		Net		Customers		Inter-segment		Net
Air Management	$	1,952	$	22	$	1,974	$	3,960	$	44	$	4,004
Drivetrain & Battery Systems	1,196		—		1,196		2,353		2		2,355
ePropulsion	455		9		464		885		15		900
Inter-segment eliminations	—		(31)		(31)		—		(61)		(61)
Net sales	$	3,603	$	—	$	3,603	$	7,198	$	—	$	7,198

	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
(in millions)	Customers		Inter-segment		Net		Customers		Inter-segment		Net
Air Management	$	2,006	$	21	$	2,027	$	3,966	$	40	$	4,006
Drivetrain & Battery Systems	1,117		—		1,117		2,072		1		2,073
ePropulsion	548		18		566		1,016		37		1,053
Inter-segment eliminations	—		(39)		(39)		—		(78)		(78)
Net sales	$	3,671	$	—	$	3,671	$	7,054	$	—	$	7,054

Schedule of Segment Earnings Before Interest and Income Taxes

Segment Adjusted Operating Income (Loss)

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Air Management	$	304	$	305	$	612	$	590
Drivetrain & Battery Systems	176		142		334		253
ePropulsion	(49)		(19)		(111)		(54)
Segment Adjusted Operating Income	431		428		835		789
Corporate, including stock-based compensation	55		61		120		122
Restructuring expense (Note 5)	25		9		44		12
Intangible asset amortization expense	17		17		34		34
Commercial contract settlement	15		—		15		—
Adjustments associated with Spin-Off related balances	11		—		11		—
Accelerated depreciation	8		—		8		3
Merger and acquisition expense	—		8		5		16
Gain on sale of businesses	—		(5)		(3)		(5)
Service and lease agreement termination	—		9		—		9
Gain on sale of assets	—		(6)		—		(6)
Other non-comparable items	3		2		9		(3)
Equity in affiliates’ earnings, net of tax	(12)		(12)		(17)		(13)
Unrealized loss on equity and debt securities	—		54		2		69
Interest expense, net	8		12		13		22
Other postretirement expense	3		3		6		5
Earnings from continuing operations before income taxes and noncontrolling interest	$	298	$	276	$	588	$	524