v3.25.2
REPORTABLE SEGMENTS AND RELATED INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Revenues and Significant Expenses
The following tables show segment revenues and significant expenses for the Company’s reportable segments:

Three Months Ended June 30, 2025
Fuel SystemsAftermarketInter-segment EliminationsConsolidated
(in millions)
Net sales to external customers$537 $353 $— $890 
Inter-segment eliminations$55 $— $(55)$— 
Net Sales$592 $353 $(55)$890 
Less:
Cost of sales487 261 
Selling, general and administrative expenses (excluding Net R&D costs shown separately below)1
17 32 
Net R&D costs27 3 
Other segment items2
(1)— 
Segment AOI$62 $57 
Three Months Ended June 30, 2024
Fuel SystemsAftermarketInter-segment EliminationsConsolidated
(in millions)
Net sales to external customers$518 $350 $— $868 
Inter-segment eliminations$69 $5 $(74)$— 
Net Sales$587 $355 $(74)$868 
Less:
Cost of sales489 264 
Selling, general and administrative expenses (excluding Net R&D costs shown separately below)1
18 35 
Net R&D costs28 2 
Other segment items2
— 1 
Segment AOI$52 $53 
Six Months Ended June 30, 2025
Fuel SystemsAftermarketInter-segment EliminationsConsolidated
(in millions)
Net sales to external customers$1,010 $676 $— $1,686 
Inter-segment eliminations$110 $— $(110)$— 
Net Sales$1,120 $676 $(110)$1,686 
Less:
Cost of sales931 496 
Selling, general and administrative expenses (excluding Net R&D costs shown separately below)1
32 63 
Net R&D costs52 6 
Other segment items2
(2)2 
Segment AOI$107 $109 
Six Months Ended June 30, 2024
Fuel SystemsAftermarketInter-segment EliminationsConsolidated
(in millions)
Net sales to external customers$1,045 $686 $1,731 
Inter-segment eliminations$118 $7 $(125)$— 
Net Sales$1,163 $693 $(125)$1,731 
Less:
Cost of sales971 504 
Selling, general and administrative expenses (excluding Net R&D costs shown separately below)1
34 69 
Net R&D costs52 5 
Other segment items2
(1)2 
Segment AOI$107 $113 
____________
1 Excludes acquisition-related intangible amortization.

2 Other segment items include inter-segment fees and other income.
Segment information as of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and 2024 is presented in the tables below:
Assets
(in millions)June 30, 2025December 31, 2024
Fuel Systems$2,060 $1,902 
Aftermarket1,421 1,332 
Total3,481 3,234 
Corporate1
413 534 
Consolidated$3,894 $3,768 
_______________
1 Corporate assets include cash and cash equivalents, investments and long-term receivables, and deferred income taxes.
Depreciation and amortizationThree Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Fuel Systems$32 $34 $62 $68 
Aftermarket7 6 13 12 
Total39 40 75 80 
Corporate— — 1 1 
Consolidated$39 $40 $76 $81 
Long-lived asset expenditures1
Six Months Ended June 30,
(in millions)20252024
Fuel Systems$62 $52 
Aftermarket5 6 
Total67 58 
Corporate2 2 
Consolidated$69 $60 
_______________
1 Long-lived asset expenditures include capital expenditures and tooling outlays.
Schedule of Segment Adjusted Operating Income
The following table shows a reconciliation of Segment AOI to Earnings before income taxes for the Company’s reportable segments:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Fuel Systems$62 $52 $107 $107 
Aftermarket57 53 109 113 
Segment AOI119 105 216 220 
Corporate, including stock-based compensation25 21 49 39 
Amortization of acquisition-related intangibles7 7 14 14 
Transaction-related (benefits) costs(4)3 (5)20 
Restructuring expense2 3 7 5 
Equity in affiliates’ earnings, net of tax(4)(2)(8)(5)
Interest income(4)(4)(8)(8)
Interest expense21 39 40 61 
Other postretirement expense, net1 1 2 1 
Earnings before income taxes$75 $37 $125 $93