EX-99.1 2 a10302020adientformex9.htm EX-99.1

Exhibit 99.1

---

---

---

Appendix

Page 1

Adient plc

Condensed Consolidated Statements of Income

(Unaudited)

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions, except per share data)						2020						2019						2020						2019
Net sales						$	3,597					$	3,921					$	12,670					$	16,526
Cost of sales						3,352						3,708						12,078						15,725
Gross profit						245						213						592						801
Selling, general and administrative expenses						151						160						558						671
(Gain) loss on business divestitures - net						(12)						—						13						—
Restructuring and impairment costs						135						17						238						176
Equity income (loss)						79						66						22						275
Earnings (loss) before interest and income taxes						50						102						(195)						229
Net financing charges						64						47						220						182
Other pension expense (income)						19						42						14						45
Income (loss) before income taxes						(33)						13						(429)						2
Income tax provision (benefit)						(18)						(2)						57						410
Net income (loss)						(15)						15						(486)						(408)
Income attributable to noncontrolling interests						21						19						61						83
Net income (loss) attributable to Adient						$	(36)					$	(4)					$	(547)					$	(491)
Diluted earnings (loss) per share						$	(0.38)					$	(0.04)					$	(5.83)					$	(5.25)
Shares outstanding at period end						93.9						93.6						93.9						93.6
Diluted weighted average shares						93.9						93.6						93.8						93.6

---

Appendix

Page 2

Adient plc

Condensed Consolidated Statements of Financial Position

(Unaudited)

						September 30,
(in millions)						2020						2019
Assets
Cash and cash equivalents						$	1,692					$	924
Accounts receivable - net						1,641						1,905
Inventories						685						793
Assets held for sale						43						—
Other current assets						421						494
Current assets						4,482						4,116
Property, plant and equipment - net						1,581						1,671
Goodwill						2,057						2,150
Other intangible assets - net						443						405
Investments in partially-owned affiliates						707						1,399
Assets held for sale						27						—
Other noncurrent assets						964						601
Total assets						$	10,261					$	10,342
Liabilities and Shareholders' Equity
Short-term debt						$	210					$	30
Accounts payable and accrued expenses						2,553						3,073
Liabilities held for sale						46						—
Other current liabilities						1,010						732
Current liabilities						3,819						3,835
Long-term debt						4,097						3,708
Other noncurrent liabilities						767						559
Redeemable noncontrolling interests						43						51
Shareholders' equity attributable to Adient						1,213						1,848
Noncontrolling interests						322						341
Total liabilities and shareholders' equity						$	10,261					$	10,342

---

Appendix

Page 3

Adient plc

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)			2020						2019						2020						2019
Operating Activities
Net income (loss) attributable to Adient			$	(36)					$	(4)					$	(547)					$	(491)
Income attributable to noncontrolling interests			21						19						61						83
Net income (loss)			(15)						15						(486)						(408)
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities:
Depreciation			81						73						295						278
Amortization of intangibles			10						9						37						40
Pension and postretirement benefit expense (benefit)			21						44						23						53
Pension and postretirement contributions, net			2						(2)						(19)						(19)
Equity in earnings of partially-owned affiliates, net of dividends received			(61)						(44)						24						(55)
Impairment of nonconsolidated partially owned affiliate			9						—						231						—
Deferred income taxes			(20)						(16)						(33)						288
Non-cash restructuring and impairment charges			26						12						53						78
Loss (gain) on divestitures - net			(12)						—						13						—
Equity-based compensation			7						4						15						20
Other			14						5						24						23
Changes in assets and liabilities:
Receivables			(516)						(88)						190						131
Inventories			62						(31)						78						8
Other assets			63						58						140						163
Restructuring reserves			(20)						(18)						(80)						(108)
Accounts payable and accrued liabilities			884						(19)						(251)						(204)
Accrued income taxes			(17)						—						(8)						20
Cash provided (used) by operating activities			518						2						246						308
Investing Activities
Capital expenditures			(68)						(118)						(326)						(468)
Sale of property, plant and equipment			10						3						15						68
Settlement of cross-currency interest rate swaps			—						10						10						10
Business divestitures (net of $4 million of divested cash)			499						—						499						—
Changes in long-term investments			—						—						(37)						3
Other			5						—						5						4
Cash provided (used) by investing activities			446						(105)						166						(383)
Financing Activities
Increase (decrease) in short-term debt			(180)						16						(16)						17
Increase (decrease) in long-term debt			—						—						600						1,600
Repayment of long-term debt			(102)						(2)						(108)						(1,204)
Debt financing costs			—						(2)						(10)						(47)
Cash dividends			—						—						—						(26)
Dividends paid to noncontrolling interests			(4)						(9)						(71)						(62)
Formation of consolidated joint venture			—						—						—						28
Other			—						—						(2)						(3)
Cash provided (used) by financing activities			(286)						3						393						303
Effect of exchange rate changes on cash and cash equivalents			(15)						(1)						(34)						9
Increase (decrease) in cash and cash equivalents, including cash classified within current assets held for sale			663						(101)						771						237
Less: Cash classified within current assets held for sale			(3)						—						(3)						—
Increase (decrease) in cash and cash equivalents			$	660					$	(101)					$	768					$	237

---

Appendix

Page 4

Footnotes

1. Segment Results

Adient manages its business on a geographic basis and operates in the following three reportable segments for financial reporting purposes: 1) Americas, which is inclusive of North America and South America; 2) Europe, Middle East, and Africa ("EMEA") and 3) Asia Pacific/China ("Asia").

Adient evaluates the performance of its reportable segments using an adjusted EBITDA metric defined as income before income taxes and noncontrolling interests, excluding net financing charges, qualified restructuring and impairment costs, restructuring related-costs, net mark-to-market adjustments on pension and postretirement plans, transaction gains/losses, purchase accounting amortization, depreciation, stock-based compensation and other non-recurring items ("Adjusted EBITDA"). Also, certain corporate-related costs are not allocated to the segments. The reportable segments are consistent with how management views the markets served by Adient and reflect the financial information that is reviewed by its chief operating decision maker.

Financial information relating to Adient's reportable segments is as follows:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Net Sales
Americas						$	1,796					$	1,925					$	5,889					$	7,785
EMEA						1,398						1,505						5,148						6,675
Asia						460						558						1,822						2,337
Eliminations						(57)						(67)						(189)						(271)
Total net sales						$	3,597					$	3,921					$	12,670					$	16,526

---

Appendix

Page 5

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Adjusted EBITDA
Americas						$	111					$	64					$	228					$	210
EMEA						84						47						101						161
Asia						113						126						424						513
Corporate-related costs (1)						(21)						(22)						(80)						(97)
Restructuring and impairment costs (2)						(135)						(17)						(238)						(176)
Purchase accounting amortization (3)						(10)						(12)						(40)						(44)
Restructuring related charges (4)						(3)						(4)						(20)						(31)
Gain (loss) on business divestitures - net (5)						12						—						(13)						—
Impairment of nonconsolidated partially owned affiliate						(9)						—						(231)						—
Stock based compensation						(7)						(4)						(15)						(20)
Depreciation						(81)						(73)						(295)						(278)
Other items (6)						(4)						(3)						(16)						(9)
Earnings (loss) before interest and income taxes						50						102						(195)						229
Net financing charges						(64)						(47)						(220)						(182)
Other pension income (expense)						(19)						(42)						(14)						(45)
Income (loss) before income taxes						$	(33)					$	13					$	(429)					$	2

Refer to the Footnote Addendum for footnote explanations.

2. Earnings Per Share

The following table reconciles the numerators and denominators used to calculate basic and diluted earnings (loss) per share:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions, except per share data)						2020						2019						2020						2019
Income available to shareholders
Net income (loss) attributable to Adient						$	(36)					$	(4)					$	(547)					$	(491)
Weighted average shares outstanding
Basic weighted average shares outstanding						93.9						93.6						93.8						93.6
Effect of dilutive securities:
Stock options, unvested restricted stock and unvested performance share awards						—						—						—						—
Diluted weighted average shares outstanding						93.9						93.6						93.8						93.6

---

Appendix

Page 6

3. Non-GAAP Measures

Adjusted EBIT, Adjusted EBIT margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income attributable to Adient, Adjusted effective tax rate, Adjusted earnings per share, Adjusted equity income, Free cash flow and Net debt as well as other measures presented on an adjusted basis are not recognized terms under U.S. GAAP and do not purport to be alternatives to the most comparable U.S. GAAP amounts. Since all companies do not use identical calculations, our definition and presentation of these measures may not be comparable to similarly titled measures reported by other companies. Management uses the identified non-GAAP measures to evaluate the operating performance of the Company and its business segments and to forecast future periods. Management believes these non-GAAP measures assist investors and other interested parties in evaluating Adient's on-going operations and provide important supplemental information to management and investors regarding financial and business trends relating to Adient's financial condition and results of operations. Investors should not consider these non-GAAP measures as alternatives to the related GAAP measures. Reconciliations of non-GAAP measures to their closest U.S. GAAP equivalent are presented below. Reconciliations of non-GAAP measures related to guidance for any future period have not been provided due to the unreasonable efforts it would take to provide such reconciliations.

•			Adjusted EBIT is defined as income before income taxes and noncontrolling interests excluding net financing charges, restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, other significant non-recurring items, and net mark-to-market adjustments on pension and postretirement plans. Adjusted EBIT margin is adjusted EBIT as a percentage of net sales.
•			Adjusted EBITDA is defined as adjusted EBIT excluding depreciation and stock based compensation. Certain corporate-related costs are not allocated to the business segments in determining Adjusted EBITDA. Adjusted EBITDA margin is adjusted EBITDA as a percentage of net sales.
•			Adjusted net income attributable to Adient is defined as net income attributable to Adient excluding restructuring, impairment and related costs, purchase accounting amortization, transaction gains/losses, expenses associated with becoming an independent company, other significant non-recurring items, net mark-to-market adjustments on pension and postretirement plans, the tax impact of these items and other discrete tax charges/benefits.
•			Adjusted effective tax rate is defined as adjusted income tax provision as a percentage of adjusted income before income taxes.
•			Adjusted earnings per share is defined as Adjusted net income attributable to Adient divided by diluted weighted average shares.
•			Adjusted equity income is defined as equity income excluding amortization of Adient's intangible assets related to its non-consolidated joint ventures and other unusual or one-time items impacting equity income.
•			Free cash flow is defined as cash from operating activities less capital expenditures.
•			Net debt is calculated as gross debt less cash and cash equivalents.

---

Appendix

Page 7

Summarized Income Statement Information

(Refer to the Footnote Addendum for footnote explanations and details

of reconciling items between GAAP results and Adjusted results)

						Three Months Ended September 30,
						2020																		2019
(in millions, except per share data)						GAAP Results						Adj.						Adjusted Results						GAAP Results						Adj.						Adjusted Results
Net sales						$	3,597					$	—					$	3,597					$	3,921					$	—					$	3,921
Cost of sales (7)						3,352						(4)						3,348						3,708						(4)						3,704
Gross profit						245						4						249						213						4						217
Selling, general and administrative expenses (8)						151						(13)						138						160						(7)						153
(Gain) loss on business divestitures - net (5)						(12)						12						—						—						—						—
Restructuring and impairment costs (2)						135						(135)						—						17						(17)						—
Equity income (loss) (9)						79						9						88						66						8						74
Earnings (loss) before interest and income taxes (EBIT)						50						149						199						102						36						138
Memo accounts:
Depreciation																		81																		73
Equity based compensation costs																		7																		4
Adjusted EBITDA																		$	287																	$	215
Net financing charges (10)						64						3						67						47						—						47
Other pension expense (income) (11)						19						(21)						(2)						42						(43)						(1)
Income (loss) before income taxes						(33)						167						134						13						79						92
Income tax provision (benefit) (12)						(18)						19						1						(2)						15						13
Net income (loss) attributable to Adient						(36)						145						109						(4)						63						59
Diluted earnings (loss) per share						(0.38)						1.53						1.15						(0.04)						0.67						0.63
Diluted weighted average shares						93.9						0.5						94.4						93.6						0.5						94.1

---

Appendix

Page 8

Summarized Income Statement Information

(Refer to the Footnote Addendum for footnote explanations and details

of reconciling items between GAAP results and Adjusted results)

						Twelve Months Ended September 30,
						2020																		2019
(in millions, except per share data)						GAAP Results						Adj.						Adjusted Results						GAAP Results						Adj.						Adjusted Results
Net sales						$	12,670					$	—					$	12,670					$	16,526					$	—					$	16,526
Cost of sales (7)						12,078						(10)						12,068						15,725						(33)						15,692
Gross profit						592						10						602						801						33						834
Selling, general and administrative expenses (8)						558						(54)						504						671						(40)						631
(Gain) loss on business divestitures - net (5)						13						(13)						—						—						—						—
Restructuring and impairment costs (2)						238						(238)						—						176						(176)						—
Equity income (loss) (9)						22						243						265						275						11						286
Earnings (loss) before interest and income taxes (EBIT)						(195)						558						363						229						260						489
Memo accounts:
Depreciation																		295																		278
Equity based compensation costs																		15																		20
Adjusted EBITDA																		$	673																	$	787
Net financing charges (10)						220						3						223						182						(13)						169
Other pension expense (income) (11)						14						(23)						(9)						45						(49)						(4)
Income (loss) before income taxes						(429)						578						149						2						322						324
Income tax provision (benefit) (12)						57						27						84						410						(325)						85
Net income (loss) attributable to Adient						(547)						543						(4)						(491)						644						153
Diluted earnings (loss) per share						(5.83)						5.79						(0.04)						(5.25)						6.88						1.63
Diluted weighted average shares						93.8						—						93.8						93.6						0.3						93.9

---

Appendix

Page 9

Segment Performance:
						Three months ended September 30, 2020
						Americas						EMEA						Asia						Corporate/Eliminations						Consolidated
Net sales						$	1,796					$	1,398					$	460					$	(57)					$	3,597
Adjusted EBITDA						$	111					$	84					$	113					$	(21)					$	287
Adjusted EBITDA margin						6.2		%				6.0		%				24.6		%				N/A						8.0		%
						Three months ended September 30, 2019
						Americas						EMEA						Asia						Corporate/Eliminations						Consolidated
Net sales						$	1,925					$	1,505					$	558					$	(67)					$	3,921
Adjusted EBITDA						$	64					$	47					$	126					$	(22)					$	215
Adjusted EBITDA margin						3.3		%				3.1		%				22.6		%				N/A						5.5		%
						Twelve months ended September 30, 2020
						Americas						EMEA						Asia						Corporate/Eliminations						Consolidated
Net sales						$	5,889					$	5,148					$	1,822					$	(189)					$	12,670
Adjusted EBITDA						$	228					$	101					$	424					$	(80)					$	673
Adjusted EBITDA margin						3.9		%				2.0		%				23.3		%				N/A						5.3		%
						Twelve months ended September 30, 2019
						Americas						EMEA						Asia						Corporate/Eliminations						Consolidated
						7785
Net sales						$	7,785					$	6,675					$	2,337					$	(271)					$	16,526
																		$513
Adjusted EBITDA						$	210					$	161					$	513					$	(97)					$	787
Adjusted EBITDA margin						2.7		%				2.4		%				22.0		%				N/A						4.8		%

---

Appendix

Page 10

The following table reconciles income (loss) before income taxes to adjusted income before income taxes and presents the related effective tax rate and adjusted effective tax rate:

						Three Months Ended September 30,
						2020																		2019
(in millions, except effective tax rate)						Income (loss) before income taxes						Tax impact						Effective tax rate						Income (loss) before income taxes						Tax impact						Effective tax rate
As reported						$	(33)					$	(18)					54.5%						$	13					$	(2)					(15.4)%
Adjustments (12)						167						19						11.4%						79						15						19.0%
As adjusted						$	134					$	1					0.7%						$	92					$	13					14.1%

						Twelve Months Ended September 30,
						2020																		2019
(in millions, except effective tax rate)						Income (loss) before income taxes						Tax impact						Effective tax rate						Income (loss) before income taxes						Tax impact						Effective tax rate
As reported						$	(429)					$	57					(13.3)%						$	2					$	410					*
Adjustments (12)						578						27						4.7%						322						(325)						*
As adjusted						$	149					$	84					56.4%						$	324					$	85					26.2%

* Measure not meaningful.

The following table reconciles net income (loss) attributable to Adient to adjusted net income (loss) attributable to Adient:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Net income (loss) attributable to Adient						$	(36)					$	(4)					$	(547)					$	(491)
Restructuring and impairment costs (2)						135						17						238						176
Purchase accounting amortization (3)						10						12						40						44
Restructuring related charges (4)						3						4						20						31
(Gain) loss on business divestitures - net (5)						(12)						—						13						—
Pension mark-to-market and settlement gain/loss (11)						21						43						23						49
Impairment of YFAI investment (9)						9						—						231						—
Gain on partial extinguishment of long-term debt (10)						(3)						—						(3)						13
Other items (6)						4						3						16						9
Impact of adjustments on noncontrolling interests (13)						(3)						(1)						(8)						(3)
Tax impact of above adjustments and other tax items (12)						(19)						(15)						(27)						325
Adjusted net income (loss) attributable to Adient						$	109					$	59					$	(4)					$	153

Refer to the Footnote Addendum for footnote explanations

---

Appendix

Page 11

The following table reconciles diluted earnings (loss) per share as reported to adjusted diluted earnings per share:

						Three Months Ended September 30,												Twelve Months Ended September 30,
						2020						2019						2020						2019
Diluted earnings (loss) per share as reported						$	(0.38)					$	(0.04)					$	(5.83)					$	(5.25)
Restructuring and impairment costs (2)						1.43						0.18						2.54						1.87
Purchase accounting amortization (3)						0.11						0.13						0.43						0.47
Restructuring related charges (4)						0.03						0.04						0.21						0.33
(Gain) loss on business divestitures - net (5)						(0.13)						—						0.14						—
Pension mark-to-market and settlement gain/loss (11)						0.22						0.46						0.25						0.52
Impairment of YFAI investment (9)						0.10						—						2.46						—
Gain on partial extinguishment of long-term debt (10)						(0.03)						—						(0.03)						0.14
Other items (6)						0.04						0.03						0.17						0.11
Impact of adjustments on noncontrolling interests (13)						(0.03)						(0.01)						(0.09)						(0.03)
Tax impact of above adjustments and other tax items (12)						(0.21)						(0.16)						(0.29)						3.47
Adjusted diluted earnings (loss) per share						$	1.15					$	0.63					$	(0.04)					$	1.63

The following table presents calculations of net debt:

						September 30,
(in millions, except net leverage)						2020						2019
Cash						$	1,692					$	924
Total debt						4,307						3,738
Net debt						$	2,615					$	2,814

The following table reconciles cash from operating activities to free cash flow:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Operating cash flow						$	518					$	2					$	246					$	308
Capital expenditures						(68)						(118)						(326)						(468)
Free cash flow						$	450					$	(116)					$	(80)					$	(160)

---

Appendix

Page 12

The following table reconciles adjusted EBITDA to Free cash flow:

						FY20												FY19
(in millions)						Q4FY20						YTD						Q4FY19						YTD
Adjusted EBITDA						$	287					$	673					$	215					$	787
(+/-) Net equity in earnings						(61)						12						(53)						(68)
(-) Restructuring (cash)						(23)						(93)						(19)						(132)
(+/-) Net Customer Tooling						4						18						30						73
(+/-) Trade Working Capital (Net AR/AP + Inventory)						204						(180)						(89)						(176)
(+/-) Accrued Compensation						28						(14)						(31)						17
(-) Interest paid						(59)						(207)						(55)						(137)
(+/-) Tax refund/taxes paid						(19)						(98)						(14)						(102)
(+/-) Other						157						135						18						46
Operating cash flow						518						246						2						308
Capital expenditures						(68)						(326)						(118)						(468)
Free cash flow						$	450					$	(80)					$	(116)					$	(160)

---

Appendix

Page 13

Footnote Addendum

(1) Corporate-related costs not allocated to the segments include executive office, communications, corporate development, legal and corporate finance.

(2) Reflects qualified restructuring charges for costs that are directly attributable to restructuring activities and meet the definition of restructuring under ASC 420 and one-time asset impairments, as follows:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Restructuring charges						$	109					$	5					$	185					$	92
Long-lived asset impairment - SS&M						—						—						—						66
Held for sale and other asset adjustments						26						12						26						18
Futuris China intangible assets impairment						—						—						27						—
						$	135					$	17					$	238					$	176

(3) Reflects amortization of intangible assets including those related to partially owned affiliates recorded within equity income.

(4) Reflects non-qualified restructuring charges for costs that are directly attributable to restructuring activities, but do not meet the definition of restructuring under ASC 420 along with restructuring costs at partially owned affiliates recorded within equity income.

(5) (Gain) loss on business divestitures include:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Adient Aerospace deconsolidation						$	—					$	—					$	4					$	—
Sale of RECARO business						—						—						21						—
Completion of Yanfeng transaction						(12)						—						(12)						—
						$	(12)					$	—					$	13					$	—

(6) Other items include:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Transaction costs						$	(4)					$	—					$	(15)					$	(3)
Futuris integration						—						(1)						—						(4)
Tax adjustments at YFAI						—						(2)						(1)						(2)
						$	(4)					$	(3)					$	(16)					$	(9)

---

Appendix

Page 14

(7) The adjustments to cost of sales include:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Purchase accounting amortization						$	(1)					$	(2)					$	(1)					$	(5)
Restructuring related charges						(3)						(1)						(9)						(24)
Futuris integration						—						(1)						—						(4)
						$	(4)					$	(4)					$	(10)					$	(33)

(8) The adjustments to selling, general and administrative costs include:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Purchase accounting amortization						$	(9)					$	(7)					$	(36)					$	(35)
Restructuring related charges						—						—						(3)						(2)
Transaction costs						(4)						—						(15)						(3)
						$	(13)					$	(7)					$	(54)					$	(40)

(9) The adjustments to equity income include:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Purchase accounting amortization						$	—					$	3					$	3					$	4
Restructuring related charges						—						3						8						5
Impairment of YFAI investment (part of Yanfeng transaction)						9						—						231						—
Tax adjustments at YFAI						—						2						1						2
						$	9					$	8					$	243					$	11

(10) The adjustments to net financing charges include:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Write off of deferred financing charges upon debt renewal						$	—					$	—					$	—					$	(13)
Gain on partial extinguishment of long-term debt						3						—						3						—
						$	3					$	—					$	3					$	(13)

---

Appendix

Page 15

(11) The adjustments to other pension expense (income) include:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Mark-to-market adjustments						$	(22)					$	(43)					$	(22)					$	(49)
One-time settlement and curtailment gain (loss)						1						—						(1)						—
						$	(21)					$	(43)					$	(23)					$	(49)

(12) The adjustments to income tax provision (benefit) include:

						Three Months Ended September 30,												Twelve Months Ended September 30,
(in millions)						2020						2019						2020						2019
Tax rate change						$	—					$	8					$	1					$	5
Valuation allowances						(5)						3						(5)						(297)
Increase to the effective tax rate resulting from valuation allowances						—						—						—						(50)
Sale of fabrics business						3						—						3						—
Yanfeng transaction including YFAI investment impairment						12						—						16						—
SS&M long-lived asset impairment						—						—						—						4
Benefits associated with restructuring and impairment charges						2						—						7						—
Other reconciling items						7						4						5						13
						$	19					$	15					$	27					$	(325)

(13) Reflects the impacts of adjustments, primarily purchase accounting amortization and changes in income tax rates, on noncontrolling interests.