REPORTABLE SEGMENTS (Tables)

9 Months Ended

Sep. 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 September 30, 2024						Nine Months Ended September 30, 2024
(in millions)	Customers		Inter-segment		Net		Customers		Inter-segment		Net
Turbos & Thermal Technologies	$	1,385	$	1	$	1,386	$	4,472	$	3	$	4,475
Drivetrain & Morse Systems	1,362		3		1,365		4,218		8		4,226
PowerDrive Systems	505		7		512		1,390		22		1,412
Battery & Charging Systems	197		—		197		567		—		567
Inter-segment eliminations	—		(11)		(11)		—		(33)		(33)
Net sales	$	3,449	$	—	$	3,449	$	10,647	$	—	$	10,647

	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
(in millions)	Customers		Inter-segment		Net		Customers		Inter-segment		Net
Turbos & Thermal Technologies	$	1,473	$	1	$	1,474	$	4,567	$	3	$	4,570
Drivetrain & Morse Systems	1,447		2		1,449		4,142		4		4,146
PowerDrive Systems	556		15		571		1,572		52		1,624
Battery & Charging Systems	146		—		146		395		—		395
Inter-segment eliminations	—		(18)		(18)		—		(59)		(59)
Net sales	$	3,622	$	—	$	3,622	$	10,676	$	—	$	10,676

Total Assets by Reportable Segment

(in millions)	September 30, 2024		December 31, 2023
Turbos & Thermal Technologies	$	4,007	$	3,938
Drivetrain & Morse Systems	4,128		4,262
PowerDrive Systems	3,326		3,185
Battery & Charging Systems	1,380		1,335
Total	12,841		12,720
Corporate	2,296		1,733
Consolidated	$	15,137	$	14,453

Schedule of Segment Earnings Before Interest and Income Taxes

Segment Adjusted Operating Income (Loss)

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Turbos & Thermal Technologies	$	202	$	214	$	654	$	660
Drivetrain & Morse Systems	251		253		770		700
PowerDrive Systems	(19)		(20)		(130)		(74)
Battery & Charging Systems	(8)		(26)		(33)		(76)
Segment Adjusted Operating Income	426		421		1,261		1,210
Corporate, including stock-based compensation	76		72		196		194
Restructuring expense (Note 5)	21		56		65		68
Intangible asset amortization expense	17		17		51		51
Accelerated depreciation	27		1		35		4
Commercial contract settlement	—		—		15		—
Adjustments associated with Spin-Off related balances	3		—		14		—
Collective bargaining agreement ratification bonus	4		—		4		—
Loss (gain) on sale of businesses	6		—		3		(5)
Asset impairment and lease modification	—		2		—		11
Merger and acquisition expense, net	(5)		2		—		18
Gain on sale of assets	—		(7)		—		(13)
Other non-comparable items	7		6		16		3
Equity in affiliates’ earnings, net of tax	(6)		(10)		(23)		(23)
Unrealized and realized (gain) loss on equity and debt securities	(2)		60		—		129
Interest expense (income), net	4		(19)		17		3
Other postretirement expense	4		3		10		8
Earnings from continuing operations before income taxes and noncontrolling interest	$	270	$	238	$	858	$	762