v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Operating Results and Capital Expenditures by Reportable Segments
The operating results of the Company’s reportable segments were as follows:
Engine ProductsFastening SystemsEngineered StructuresForged WheelsTotal
Segment
Second quarter ended June 30, 2025
Sales:
Third-party sales$1,056 $431 $290 $276 $2,053 
Inter-segment sales2 — 3 — 5 
Total sales$1,058 $431 $293 $276 $2,058 
Expenses:
Segment Adjusted cost of goods sold(1)
$682 $276 $222 $189 $1,369 
   Other segment items(2)
27 29 9 11 76 
Profit and loss:
Segment Adjusted EBITDA$349 $126 $62 $76 $613 
Provision for depreciation and amortization35 12 10 10 67 
Restructuring and other charges (credits)— 1 — (1)— 
Other:
Capital expenditures$75 $9 $6 $8 $98 
Second quarter ended June 30, 2024
Sales:
Third-party sales$933 $394 $275 $278 $1,880 
Inter-segment sales1 — 3 — 4 
Total sales$934 $394 $278 $278 $1,884 
Expenses:
Segment Adjusted cost of goods sold(1)
$618 $265 $228 $192 $1,303 
   Other segment items(2)
24 28 10 11 73 
Profit and loss:
Segment Adjusted EBITDA$292 $101 $40 $75 $508 
Provision for depreciation and amortization33 13 11 10 67 
Restructuring and other (credits) charges(1)2 18 1 20 
Other:
Capital expenditures$33 $5 $5 $9 $52 
Engine ProductsFastening SystemsEngineered StructuresForged WheelsTotal
Segment
Six months ended June 30, 2025
Sales:
Third-party sales$2,052 $843 $572 $528 $3,995 
Inter-segment sales4 — 6 — 10 
Total sales$2,056 $843 $578 $528 $4,005 
Expenses:
Segment Adjusted cost of goods sold(1)
$1,330 $532 $439 $363 $2,664 
   Other segment items(2)
52 58 17 21 148 
Profit and loss:
Segment Adjusted EBITDA$674 $253 $122 $144 $1,193 
Provision for depreciation and amortization69 24 22 20 135 
Restructuring and other charges (credits)— 1 (4)(1)(4)
Other:
Capital expenditures$161 $19 $11 $23 $214 
Total assets5,512 2,787 1,374 748 10,421 
Six months ended June 30, 2024
Sales:
Third-party sales$1,818 $783 $537 $566 $3,704 
Inter-segment sales3 — 4 — 7 
Total sales$1,821 $783 $541 $566 $3,711 
Expenses:
Segment Adjusted cost of goods sold(1)
$1,228 $533 $444 $387 $2,592 
   Other segment items(2)
52 57 20 22 151 
Profit and loss:
Segment Adjusted EBITDA$541 $193 $77 $157 $968 
Provision for depreciation and amortization66 24 22 20 132 
Restructuring and other (credits) charges(1)2 18 1 20 
Other:
Capital expenditures$88 $12 $11 $21 $132 
Total assets5,038 2,738 1,405 736 $9,917 
(1)Segment Adjusted cost of goods sold is exclusive of Provision for depreciation and amortization, Restructuring and other charges (credits), and Corporate expenses.
(2)Other segment items includes Selling, general administrative, and other expenses, and Research and development expenses; exclusive of Provision for depreciation and amortization, and Restructuring and other charges (credits).
The following table reconciles total segment capital expenditures with Capital expenditures as presented in the Statement of Consolidated Cash Flows.
Second quarter endedSix months ended
June 30,June 30,
2025202420252024
Total segment capital expenditures$98 $52 $214 $132 
Corporate4 3 7 5 
Capital expenditures$102 $55 $221 $137 
Reconciliation of Total Segment Operating Profit to Income Before Income Taxes
The following table reconciles Total Segment Adjusted EBITDA to Income before income taxes. Differences between the total segment and consolidated totals are in Corporate.
Second quarter endedSix months ended
June 30,June 30,
2025202420252024
Total Segment Adjusted EBITDA$613 $508 $1,193 $968 
Segment provision for depreciation and amortization(67)(67)(135)(132)
Unallocated amounts:
Restructuring and other (charges) credits— (22)4 (22)
Corporate expense(25)(21)(47)(47)
Operating income$521 $398 $1,015 $767 
Interest expense, net(38)(49)(77)(98)
Other expense, net(14)(15)(23)(32)
Income before income taxes$469 $334 $915 $637 
Schedule of Disaggregation of Revenue by Major End Market Served
The following table disaggregates segment revenue by major market served. Differences between the total segment and consolidated totals are in Corporate.
Engine ProductsFastening SystemsEngineered StructuresForged WheelsTotal
Segment
Second quarter ended June 30, 2025
Aerospace - Commercial$574 $297 $189 $— $1,060 
Aerospace - Defense 217 44 91 — 352 
Commercial Transportation— 56 — 276 332 
Industrial and Other265 34 10 — 309 
Total end-market revenue$1,056 $431 $290 $276 $2,053 
Second quarter ended June 30, 2024
Aerospace - Commercial$528 $251 $200 $— $979 
Aerospace - Defense 192 37 61 — 290 
Commercial Transportation— 68 — 278 346 
Industrial and Other213 38 14 — 265 
Total end-market revenue$933 $394 $275 $278 $1,880 
Six months ended June 30, 2025
Aerospace - Commercial$1,123 $572 $381 $— $2,076 
Aerospace - Defense 432 86 167 — 685 
Commercial Transportation— 109 — 528 637 
Industrial and Other497 76 24 — 597 
Total end-market revenue$2,052 $843 $572 $528 $3,995 
Six months ended June 30, 2024
Aerospace - Commercial$1,020 $495 $392 $— $1,907 
Aerospace - Defense 377 76 117 — 570 
Commercial Transportation— 134 — 566 700 
Industrial and Other421 78 28 — 527 
Total end-market revenue$1,818 $783 $537 $566 $3,704