AUTOLIV INC
For the period ended Mar 31, 2024. Filed Apr 26, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 26, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Net sales | $2,615 | $2,493 |
| Cost of sales | (2,172) | (2,113) |
| Gross profit | 443 | 379 |
| Selling, general and administrative expenses | (132) | (132) |
| Research, development and engineering expenses, net | (113) | (116) |
| Other income (expense), net | (4) | (4) |
| Operating income | 194 | 127 |
| Income from equity method investment | 2 | 2 |
| Interest income | 5 | 2 |
| Interest expense | (26) | (19) |
| Other non-operating items, net | (1) | (2) |
| Income before income taxes | 174 | 109 |
| Income tax expense | (47) | (34) |
| Net income1) | 127 | 74 |
| Less: Net income attributable to non-controlling interest | 0 | 0 |
| Net income attributable to controlling interest | $126 | $74 |
| Net earnings per share – basic | $1.53 | $0.86 |
| Net earnings per share – diluted | $1.52 | $0.86 |
| Weighted average number of shares outstanding, net of treasury shares (in millions) | 82.3 | 86.1 |
| Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) | 83.0 | 86.3 |
| Cash dividend per share – declared | $0.68 | $0.66 |
| Cash dividend per share – paid | $0.68 | $0.66 |
- For thethree months periods ended March 31, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were $(6) million and $(5) million, respectively.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Net income | $127 | $74 |
| Other comprehensive income (loss) before tax: | ||
| Change in cumulative translation adjustments | (47) | 36 |
| Net change in unrealized components of defined benefit plans | 6 | (0) |
| Other comprehensive (loss), before tax | (40) | 35 |
| Tax effect allocated to other comprehensive income (loss) | (1) | 0 |
| Other comprehensive (loss), net of tax | (42) | 35 |
| Comprehensive income | 85 | 110 |
| Less: Comprehensive income (loss) attributable to non-controlling interest | 0 | 0 |
| Comprehensive income attributable to controlling interest | $85 | $110 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| As of | ||
|---|---|---|
| March 31, 2024 | December 31, 2023 | |
| Assets | ||
| Cash and cash equivalents | $569 | $498 |
| Receivables, net | 2,194 | 2,198 |
| Inventories, net | 997 | 1,012 |
| Prepaid expenses and accrued income | 180 | 173 |
| Other current assets | 71 | 93 |
| Total current assets | 4,011 | 3,974 |
| Property, plant and equipment, net | 2,192 | 2,192 |
| Operating lease right-of-use assets | 177 | 176 |
| Goodwill and intangible assets, net | 1,381 | 1,385 |
| Other non-current assets | 564 | 606 |
| Total assets | 8,324 | 8,332 |
| Liabilities and equity | ||
| Short-term debt | 310 | 538 |
| Accounts payable1) | 1,855 | 1,978 |
| Accrued expenses | 1,129 | 1,135 |
| Operating lease liabilities - current | 41 | 39 |
| Other current liabilities | 323 | 345 |
| Total current liabilities | 3,658 | 4,035 |
| Long-term debt | 1,830 | 1,324 |
| Pension liability | 149 | 159 |
| Operating lease liabilities - non-current | 134 | 135 |
| Other non-current liabilities | 111 | 109 |
| Total non-current liabilities | 2,224 | 1,728 |
| Common stock | 86 | 88 |
| Additional paid-in capital | 1,018 | 1,044 |
| Retained earnings | 2,226 | 2,289 |
| Accumulated other comprehensive loss | (537) | (496) |
| Treasury stock | (364) | (368) |
| Total controlling interest's equity | 2,428 | 2,557 |
| Non-controlling interest | 13 | 13 |
| Total equity | 2,442 | 2,570 |
| Total liabilities and equity | $8,324 | $8,332 |
1)Amount of obligations confirmed under the Company's Supplier Finance Program that remains unpaid is reported as Accounts Payable in the Condensed Consolidated Balance Sheets. Amount of obligations outstanding as of March 31, 2024 and December 31, 2023 are$324 million and $333 million, respectively.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities | ||
| Net income | $127 | $74 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization | 96 | 92 |
| Other, net | 14 | (10) |
| Net change in operating assets and liabilities | (114) | (202) |
| Net cash provided by (used in) operating activities | 122 | (46) |
| Investing activities | ||
| Expenditures for property, plant and equipment | (140) | (144) |
| Proceeds from sale of property, plant and equipment | 0 | 0 |
| Net cash used in investing activities | (140) | (143) |
| Financing activities | ||
| Net decrease in short-term debt | (227) | (135) |
| Proceeds from long-term debt | 534 | 533 |
| Dividends paid | (56) | (57) |
| Stock repurchased | (160) | (42) |
| Common stock options exercised | 0 | 0 |
| Net cash provided by financing activities | 92 | 300 |
| Effect of exchange rate changes on cash and cash equivalents | (3) | 7 |
| Net increase in cash and cash equivalents | 71 | 119 |
| Cash and cash equivalents at beginning of period | 498 | 594 |
| Cash and cash equivalents at end of period | $569 | $713 |
See Notes to unaudited Condensed Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF TOTAL EQUITY (UNAUDITED) (Dollars in millions)
| Commonstock · Additionalpaid-incapital · Retainedearnings · Accumulatedothercomprehensiveloss · Treasurystock · Totalcontrollinginterest'sequity · Non-controllinginterest · Totalequity | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balances at December 31, 2023 | $88 | $1,044 | $2,289 | $(496) | $(368) | $2,557 | $13 | $2,570 | |||||
| Comprehensive Loss: | |||||||||||||
| Net income | 126 | 126 | 0 | 127 | |||||||||
| Foreign currency translation adjustment | (46) | (46) | (0) | (47) | |||||||||
| Pension liability | 5 | 5 | 5 | ||||||||||
| Total Comprehensive Income | — | — | 126 | (41) | — | 85 | 0 | 85 | |||||
| Retired and repurchased shared | (1) | (26) | (134) | (161) | (161) | ||||||||
| Stock-based compensation | 4 | 4 | 4 | ||||||||||
| Cash dividends declared | (56) | (56) | (56) | ||||||||||
| Balances at March 31, 2024 | $86 | $1,018 | $2,226 | $(537) | $(364) | $2,429 | $13 | $2,442 | |||||
| Commonstock · Additionalpaid-incapital · Retainedearnings · Accumulatedothercomprehensiveloss · Treasurystock · Totalcontrollinginterest'sequity · Non-controllinginterest · Totalequity | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balances at December 31, 2022 | $91 | $1,113 | $2,310 | $(522) | $(379) | $2,613 | $13 | $2,626 | |||||
| Comprehensive Income: | |||||||||||||
| Net income | 74 | 74 | 0 | 74 | |||||||||
| Foreign currency translation adjustment | 36 | 36 | 0 | 36 | |||||||||
| Pension liability | (0) | (0) | (0) | ||||||||||
| Total Comprehensive Income | — | — | 74 | 35 | — | 110 | 0 | 110 | |||||
| Stock repurchased and retired | (0) | (9) | (33) | (42) | (42) | ||||||||
| Stock-based compensation | 3 | 3 | 3 | ||||||||||
| Cash dividends declared | (57) | (57) | (57) | ||||||||||
| Balances at March 31, 2023 | $91 | $1,105 | $2,295 | $(487) | $(376) | $2,627 | $14 | $2,641 | |||||
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise noted, all amounts are presented in millions of dollars, except for per share amounts)
March 31, 2024
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.