AUTOLIV INC
For the period ended Sep 30, 2024. Filed Oct 18, 2024.
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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.
Sep 30, 2024 · Filed Oct 18, 2024
ALV$124.33+0.7%Stored close · as of Nov 9, 2026
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 September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net sales | $2,555 | $2,596 | $7,774 | $7,724 |
| Cost of sales | (2,095) | (2,131) | (6,398) | (6,432) |
| Gross profit | 459 | 465 | 1,377 | 1,291 |
| Selling, general and administrative expenses | (129) | (119) | (399) | (380) |
| Research, development and engineering expenses, net | (96) | (107) | (325) | (343) |
| Other income (expense), net | (9) | (8) | (27) | (115) |
| Operating income | 226 | 232 | 626 | 453 |
| Income from equity method investment | 2 | 1 | 5 | 4 |
| Interest income | 3 | 3 | 10 | 10 |
| Interest expense | (27) | (24) | (81) | (68) |
| Other non-operating items, net | (7) | (11) | (7) | (6) |
| Income before income taxes | 197 | 201 | 554 | 393 |
| Income tax expense | (58) | (67) | (149) | (131) |
| Net income1) | 139 | 134 | 404 | 262 |
| Less: Net income attributable to non-controlling interest | 0 | 1 | 1 | 1 |
| Net income attributable to controlling interest | $138 | $134 | $403 | $261 |
| Net earnings per share – basic | $1.75 | $1.58 | $4.99 | $3.05 |
| Net earnings per share – diluted | $1.74 | $1.57 | $4.98 | $3.04 |
| Weighted average number of shares outstanding, net of treasury shares (in millions) | 79.2 | 84.9 | 80.7 | 85.5 |
| Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) | 79.3 | 85.0 | 80.9 | 85.7 |
| Cash dividend per share – declared | $0.68 | $0.66 | $2.04 | $1.98 |
| Cash dividend per share – paid | $0.68 | $0.66 | $2.04 | $1.98 |
- For thethree months periods ended September 30, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were a loss of$5 million and a loss of$16 million, respectively. For the nine months periods ended September 30, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were a loss of$7 million and a loss of$31 million, respectively.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income | $139 | $134 | $404 | $262 |
| Other comprehensive income (loss) before tax: | ||||
| Change in cumulative translation adjustments | 36 | (33) | (70) | (43) |
| Net change in unrealized components of defined benefit plans | (1) | 1 | 8 | 6 |
| Other comprehensive (loss), before tax | 34 | (32) | (62) | (37) |
| Tax effect allocated to other comprehensive income (loss) | 0 | (0) | (2) | (1) |
| Other comprehensive (loss), net of tax | 35 | (32) | (63) | (38) |
| Comprehensive income | 173 | 102 | 341 | 223 |
| Less: Comprehensive income (loss) attributable to non-controlling interest | 1 | 0 | 1 | 0 |
| Comprehensive income attributable to controlling interest | $173 | $101 | $340 | $223 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| As of | ||
|---|---|---|
| September 30, 2024 | December 31, 2023 | |
| Assets | ||
| Cash and cash equivalents | $415 | $498 |
| Receivables, net | 2,192 | 2,198 |
| Inventories, net | 997 | 1,012 |
| Prepaid expenses and accrued income | 172 | 173 |
| Other current assets | 90 | 93 |
| Total current assets | 3,865 | 3,974 |
| Property, plant and equipment, net | 2,317 | 2,192 |
| Operating lease right-of-use assets | 173 | 176 |
| Goodwill and intangible assets, net | 1,386 | 1,385 |
| Other non-current assets | 565 | 606 |
| Total assets | 8,306 | 8,332 |
| Liabilities and equity | ||
| Short-term debt | 624 | 538 |
| Accounts payable1) | 1,881 | 1,978 |
| Accrued expenses | 1,189 | 1,135 |
| Operating lease liabilities - current | 44 | 39 |
| Other current liabilities | 297 | 345 |
| Total current liabilities | 4,034 | 4,035 |
| Long-term debt | 1,586 | 1,324 |
| Pension liability | 147 | 159 |
| Operating lease liabilities - non-current | 130 | 135 |
| Other non-current liabilities | 110 | 109 |
| Total non-current liabilities | 1,974 | 1,728 |
| Common stock | 84 | 88 |
| Additional paid-in capital | 968 | 1,044 |
| Retained earnings | 2,154 | 2,293 |
| Accumulated other comprehensive loss2) | (559) | (496) |
| Treasury stock | (358) | (371) |
| Total controlling interest's equity | 2,288 | 2,557 |
| Non-controlling interest | 10 | 13 |
| Total equity | 2,298 | 2,570 |
| Total liabilities and equity | $8,306 | $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 September 30, 2024 and December 31, 2023 are$334 million and$333 million, respectively.
2)Including cumulative translation adjustment as of September 30, 2024 and December 31, 2023 to the amount of$(514) million and$(449) million, respectively.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating activities | ||
| Net income | $404 | $262 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization | 289 | 281 |
| Other, net | 1 | 1 |
| Net change in operating assets and liabilities | (54) | (8) |
| Net cash provided by operating activities | 639 | 535 |
| Investing activities | ||
| Expenditures for property, plant and equipment | (440) | (420) |
| Proceeds from sale of property, plant and equipment | 9 | 1 |
| Net cash used in investing activities | (431) | (419) |
| Financing activities | ||
| Net (decrease) increase in short-term debt | 85 | 115 |
| Proceeds from issuance of long-term debt | 581 | 557 |
| Repayment of long-term debt | (306) | (533) |
| Dividends paid | (164) | (169) |
| Stock repurchased | (450) | (202) |
| Common stock options exercised | 0 | 1 |
| Dividends paid to non-controlling interest | (5) | (1) |
| Net cash used in financing activities | (259) | (232) |
| Effect of exchange rate changes on cash and cash equivalents | (33) | (3) |
| Net decrease in cash and cash equivalents | (84) | (119) |
| Cash and cash equivalents at beginning of period | 498 | 594 |
| Cash and cash equivalents at end of period | $415 | $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 | ||||||||
| Comprehensive Income: | ||||||||||||||||
| Net income | 138 | 138 | 0 | 139 | ||||||||||||
| Foreign currency translation adjustment | 35 | 35 | 0 | 36 | ||||||||||||
| Pension liability | (1) | (1) | (1) | |||||||||||||
| Total Comprehensive Income (loss) | — | — | 138 | 34 | — | 173 | 1 | 173 | ||||||||
| Retired and repurchased shared | (1) | (25) | (105) | (131) | (131) | |||||||||||
| Stock-based compensation | 2 | 2 | 2 | |||||||||||||
| Dividends paid to non-controlling interest on subsidiary shares | (4) | (4) | ||||||||||||||
| Cash dividends declared | (54) | (54) | (54) | |||||||||||||
| Balances at September 30, 2024 | $84 | $968 | $2,154 | $(559) | $(358) | $2,288 | $10 | $2,298 | ||||||||
| 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 | ||||||||
| Comprehensive Income: | ||||||||||||||||
| Net income | 134 | 134 | 1 | 134 | ||||||||||||
| Foreign currency translation adjustment | (33) | (33) | (0) | (33) | ||||||||||||
| Pension liability | 1 | 1 | 1 | |||||||||||||
| Total Comprehensive Income | — | — | 134 | (32) | — | 101 | 0 | 102 | ||||||||
| Stock repurchased and retired | (1) | (23) | (95) | (120) | (120) | |||||||||||
| Stock-based compensation | 3 | 3 | 3 | |||||||||||||
| Dividends paid to non-controlling interest on subsidiary shares | — | — | ||||||||||||||
| Cash dividends declared | (56) | (56) | (56) | |||||||||||||
| Balances at September 30, 2023 | $89 | $1,072 | $2,242 | $(560) | $(371) | $2,473 | $13 | $2,486 | ||||||||
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise noted, all amounts are presented in millions of dollars, except for per share amounts)
September 30, 2024
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.