AUTOLIV INC

For the period ended Jun 30, 2024. Filed Jul 19, 2024.

About 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.

Jun 30, 2024 · Filed Jul 19, 2024

ALV$124.33+0.7%Stored close · as of Nov 9, 2026

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ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Net sales	$2,605	$2,635	$5,220	$5,127
Cost of sales	(2,130)	(2,188)	(4,303)	(4,301)
Gross profit	475	447	917	826
Selling, general and administrative expenses	(138)	(130)	(270)	(262)
Research, development and engineering expenses, net	(116)	(120)	(229)	(237)
Other income (expense), net	(14)	(103)	(18)	(107)
Operating income	206	94	400	221
Income from equity method investment	2	1	3	2
Interest income	3	6	7	8
Interest expense	(28)	(25)	(54)	(45)
Other non-operating items, net	1	7	(0)	5
Income before income taxes	183	83	356	191
Income tax expense	(44)	(30)	(91)	(64)
Net income1)	139	53	266	127
Less: Net income attributable to non-controlling interest	0	0	1	1
Net income attributable to controlling interest	$138	$53	$265	$127
Net earnings per share – basic	$1.71	$0.61	$3.24	$1.48
Net earnings per share – diluted	$1.71	$0.61	$3.23	$1.47
Weighted average number of shares outstanding, net of treasury shares (in millions)	80.9	85.6	81.6	85.9
Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions)	81.1	85.8	82.1	86.0
Cash dividend per share – declared	$0.68	$0.66	$1.36	$1.32
Cash dividend per share – paid	$0.68	$0.66	$1.36	$1.32

For thethree months periods ended June 30, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were a gain of$4 million and a loss of$10 million, respectively. For the six months periods ended June 30, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were a loss of$2 million and a loss of$15 million, respectively.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Net income	$139	$53	$266	$127
Other comprehensive income (loss) before tax:
Change in cumulative translation adjustments	(59)	(46)	(105)	(10)
Net change in unrealized components of defined benefit plans	3	5	9	5
Other comprehensive (loss), before tax	(56)	(40)	(96)	(5)
Tax effect allocated to other comprehensive income (loss)	(1)	(1)	(2)	(1)
Other comprehensive (loss), net of tax	(56)	(41)	(98)	(6)
Comprehensive income	83	12	168	122
Less: Comprehensive income (loss) attributable to non-controlling interest	0	(0)	0	0
Comprehensive income attributable to controlling interest	$82	$12	$167	$121

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	As of
	June 30, 2024	December 31, 2023
Assets
Cash and cash equivalents	$408	$498
Receivables, net	2,090	2,198
Inventories, net	936	1,012
Prepaid expenses and accrued income	193	173
Other current assets	76	93
Total current assets	3,703	3,974
Property, plant and equipment, net	2,197	2,192
Operating lease right-of-use assets	167	176
Goodwill and intangible assets, net	1,379	1,385
Other non-current assets	564	606
Total assets	8,010	8,332
Liabilities and equity
Short-term debt	455	538
Accounts payable1)	1,858	1,978
Accrued expenses	1,120	1,135
Operating lease liabilities - current	41	39
Other current liabilities	312	345
Total current liabilities	3,785	4,035
Long-term debt	1,540	1,324
Pension liability	140	159
Operating lease liabilities - non-current	127	135
Other non-current liabilities	106	109
Total non-current liabilities	1,913	1,728
Common stock	85	88
Additional paid-in capital	993	1,044
Retained earnings	2,174	2,289
Accumulated other comprehensive loss2)	(593)	(496)
Treasury stock	(360)	(368)
Total controlling interest's equity	2,298	2,557
Non-controlling interest	13	13
Total equity	2,311	2,570
Total liabilities and equity	$8,010	$8,332

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 June 30, 2024 and December 31, 2023 are$335 million and$333 million, respectively.

2)Including cumulative translation adjustment as of June 30, 2024 and December 31, 2023 to the amount of$(554) million and$(449) million, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six Months Ended June 30,
	2024	2023
Operating activities
Net income	$266	$127
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	192	186
Other, net	(9)	(8)
Net change in operating assets and liabilities	14	28
Net cash provided by operating activities	462	334
Investing activities
Expenditures for property, plant and equipment	(294)	(268)
Proceeds from sale of property, plant and equipment	8	1
Net cash used in investing activities	(286)	(267)
Financing activities
Net (decrease) increase in short-term debt	(67)	5
Proceeds from long-term debt	534	556
Repayment of long-term debt	(306)	(533)
Dividends paid	(111)	(113)
Stock repurchased	(320)	(82)
Common stock options exercised	0	0
Dividends paid to non-controlling interest	(1)	(1)
Net cash used in financing activities	(269)	(168)
Effect of exchange rate changes on cash and cash equivalents	3	(17)
Net decrease in cash and cash equivalents	(90)	(119)
Cash and cash equivalents at beginning of period	498	594
Cash and cash equivalents at end of period	$408	$475

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
Comprehensive Loss:
Net income			138					138			0		139
Foreign currency translation adjustment					(59)			(59)			(0)		(59)
Pension liability					2			2				2
Total Comprehensive Loss	—	—		138		(56)		—			82		0		83
Retired and repurchased shared	(1)	(25)		(136)					(162)					(162)
Stock-based compensation						4		4				4
Dividends paid to non-controlling interest on subsidiary shares							0			(1)		(1)
Cash dividends declared			(55)					(55)				(55)
Balances at June 30, 2024	$85	$993		$2,174		$(593)		$(360)			$2,298		$13		$2,311

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
Comprehensive Income:
Net income			53					53			0		53
Foreign currency translation adjustment					(45)			(45)			(1)		(46)
Pension liability					4			4				4
Total Comprehensive Income	—	—		53		(41)		—			12		(0)		12
Stock repurchased and retired	(0)	(9)		(31)					(41)					(41)
Stock-based compensation						3		3				3
Dividends paid to non-controlling interest on subsidiary shares							0			(1)		(1)
Cash dividends declared			(56)					(56)				(56)
Balances at June 30, 2023	$90	$1,096		$2,260		$(527)		$(374)			$2,545		$13		$2,557

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise noted, all amounts are presented in millions of dollars, except for per share amounts)

June 30, 2024

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