Price Graph
Price
Yield
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Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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☒
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No
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☐
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☒
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No
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☐
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☒
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Accelerated Filer
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☐
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Non-accelerated Filer
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☐
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(Do not check if a smaller reporting company)
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Smaller Reporting Company
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Emerging Growth Company
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Yes
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No
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☒
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Page
No.
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Three Months Ended June 30,
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Nine Months Ended June 30,
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2019
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2018
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2019
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2018
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(Unaudited)
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||||||||||||||
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Sales
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$
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$
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$
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$
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Cost of sales
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(
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(
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(
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(
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GROSS MARGIN
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Selling, general and administrative
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(
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(
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(
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Restructuring
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(
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(
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Other operating expense, net
|
(
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)
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(
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(
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OPERATING INCOME
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Other income, net
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Equity in earnings of affiliates
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Interest expense, net
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(
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)
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(
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(
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(
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INCOME BEFORE INCOME TAXES
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Provision for income taxes
|
(
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(
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(
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(
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INCOME FROM CONTINUING OPERATIONS
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INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax
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(
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)
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(
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NET INCOME
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Less: Net income attributable to noncontrolling interests
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(
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(
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(
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(
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||||
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NET INCOME ATTRIBUTABLE TO MERITOR, INC.
|
$
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$
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$
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$
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NET INCOME (LOSS) ATTRIBUTABLE TO MERITOR, INC.
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||||||||
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Net income from continuing operations
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$
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$
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$
|
|
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$
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Income (Loss) from discontinued operations
|
|
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|
(
|
)
|
|
|
|
|
(
|
)
|
||||
|
Net income
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
BASIC EARNINGS (LOSS) PER SHARE
|
|
|
|
|
|
|
|
||||||||
|
Continuing operations
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Discontinued operations
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
||||
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Basic earnings per share
|
$
|
|
|
|
$
|
|
|
|
$
|
|
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$
|
|
|
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DILUTED EARNINGS (LOSS) PER SHARE
|
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||||||||
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Continuing operations
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Discontinued operations
|
|
|
|
(
|
)
|
|
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|
|
(
|
)
|
||||
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Diluted earnings per share
|
$
|
|
|
|
$
|
|
|
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$
|
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$
|
|
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||||||||
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Basic average common shares outstanding
|
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||||
|
Diluted average common shares outstanding
|
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||||
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Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(Unaudited)
|
||||||||||||||
|
Net income
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
|
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
||||||||
|
Attributable to Meritor, Inc.
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Attributable to noncontrolling interest
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
||||
|
Pension and other postretirement benefit related adjustments
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Unrealized gain (loss) on cash flow hedges
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
||||
|
Other comprehensive loss, net of tax
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Less: Comprehensive income attributable to noncontrolling interest
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Comprehensive income attributable to Meritor, Inc.
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
|
|
(Unaudited)
|
||||||
|
ASSETS
|
|
|
|
||||
|
CURRENT ASSETS:
|
|
|
|
||||
|
Cash and cash equivalents
|
$
|
|
|
|
$
|
|
|
|
Receivables, trade and other, net
|
|
|
|
|
|
||
|
Inventories
|
|
|
|
|
|
||
|
Other current assets
|
|
|
|
|
|
||
|
TOTAL CURRENT ASSETS
|
|
|
|
|
|
||
|
NET PROPERTY
|
|
|
|
|
|
||
|
GOODWILL
|
|
|
|
|
|
||
|
OTHER ASSETS
|
|
|
|
|
|
||
|
TOTAL ASSETS
|
$
|
|
|
|
$
|
|
|
|
LIABILITIES, MEZZANINE EQUITY AND EQUITY
|
|
|
|
||||
|
CURRENT LIABILITIES:
|
|
|
|
||||
|
Short-term debt
|
$
|
|
|
|
$
|
|
|
|
Accounts and notes payable
|
|
|
|
|
|
||
|
Other current liabilities
|
|
|
|
|
|
||
|
TOTAL CURRENT LIABILITIES
|
|
|
|
|
|
||
|
LONG-TERM DEBT
|
|
|
|
|
|
||
|
RETIREMENT BENEFITS
|
|
|
|
|
|
||
|
OTHER LIABILITIES
|
|
|
|
|
|
||
|
TOTAL LIABILITIES
|
|
|
|
|
|
||
|
COMMITMENTS AND CONTINGENCIES (See Note 21)
|
|
|
|
||||
|
MEZZANINE EQUITY:
|
|
|
|
||||
|
Convertible debt with cash settlement
|
|
|
|
|
|
||
|
EQUITY:
|
|
|
|
||||
|
Common stock (June 30, 2019 and September 30, 2018, 103.9 and 102.2 shares issued and 82.6 and 84.9 shares outstanding, respectively)
|
|
|
|
|
|
||
|
Additional paid-in capital
|
|
|
|
|
|
||
|
Retained earnings
|
|
|
|
|
|
||
|
Treasury stock, at cost (June 30, 2019 and September 30, 2018, 21.4 and 17.3 shares, respectively)
|
(
|
)
|
|
(
|
)
|
||
|
Accumulated other comprehensive loss
|
(
|
)
|
|
(
|
)
|
||
|
Total equity attributable to Meritor, Inc.
|
|
|
|
|
|
||
|
Noncontrolling interests
|
|
|
|
|
|
||
|
TOTAL EQUITY
|
|
|
|
|
|
||
|
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY
|
$
|
|
|
|
$
|
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
(Unaudited)
|
||||||
|
OPERATING ACTIVITIES
|
|
|
|
||||
|
CASH PROVIDED BY OPERATING ACTIVITIES (See Note 11)
|
$
|
|
|
|
$
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
||||
|
Capital expenditures
|
(
|
)
|
|
(
|
)
|
||
|
Proceeds from sale of equity method investment
|
|
|
|
|
|
||
|
Cash paid for acquisition of AA Gear & Manufacturing, Inc.
|
|
|
|
(
|
)
|
||
|
Cash paid for investment in Transportation Power, Inc.
|
(
|
)
|
|
(
|
)
|
||
|
Proceeds from sale of a business
|
|
|
|
|
|
||
|
Proceeds from sale of assets
|
|
|
|
|
|
||
|
Proceeds from settlement of cross-currency swaps
|
|
|
|
|
|
||
|
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES
|
(
|
)
|
|
|
|
||
|
FINANCING ACTIVITIES
|
|
|
|
||||
|
Borrowings and securitization
|
(
|
)
|
|
(
|
)
|
||
|
Redemption of notes
|
(
|
)
|
|
(
|
)
|
||
|
Deferred issuance costs
|
(
|
)
|
|
|
|
||
|
Other financing activities
|
(
|
)
|
|
(
|
)
|
||
|
Net change in debt
|
(
|
)
|
|
(
|
)
|
||
|
Repurchase of common stock
|
(
|
)
|
|
(
|
)
|
||
|
CASH USED FOR FINANCING ACTIVITIES
|
(
|
)
|
|
(
|
)
|
||
|
EFFECT OF CHANGES IN FOREIGN CURRENCY EXCHANGE
RATES ON CASH AND CASH EQUIVALENTS
|
|
|
|
(
|
)
|
||
|
CHANGE IN CASH AND CASH EQUIVALENTS
|
(
|
)
|
|
|
|
||
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
|
|
|
|
||
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
|
|
|
$
|
|
|
|
|
Three months ended June 30, 2019
|
||||||||||||||||||||||||||||||
|
|
Common
Stock |
|
Additional
Paid-in Capital |
|
Retained Earnings
|
|
Treasury Stock
|
|
Accumulated
Other Comprehensive Loss |
|
Total Equity Attributable to
Meritor, Inc. |
|
Noncontrolling
Interests |
|
Total
|
||||||||||||||||
|
Beginning Balance at March 31, 2019
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Comprehensive income
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
Equity based compensation expense
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
||||||||
|
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
—
|
|
|
(
|
)
|
|
—
|
|
|
(
|
)
|
||||||||
|
Ending Balance at June 30, 2019
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Three months ended June 30, 2018
|
||||||||||||||||||||||||||||||
|
|
Common
Stock |
|
Additional
Paid-in Capital |
|
Retained Earnings
|
|
Treasury Stock
|
|
Accumulated
Other Comprehensive Loss |
|
Total Equity Attributable to
Meritor, Inc. |
|
Noncontrolling
Interests |
|
Total
|
||||||||||||||||
|
Beginning Balance at March 31, 2018
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Comprehensive income (loss)
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
Equity based compensation expense
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
||||||||
|
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
—
|
|
|
(
|
)
|
|
—
|
|
|
(
|
)
|
||||||||
|
Ending Balance at June 30, 2018
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Nine months ended June 30, 2019
|
||||||||||||||||||||||||||||||
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained Earnings
|
|
Treasury Stock
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total Equity Attributable to
Meritor, Inc.
|
|
Noncontrolling
Interests
|
|
Total
|
||||||||||||||||
|
Beginning Balance at September 30, 2018
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Comprehensive income
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
Equity based compensation expense
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
||||||||
|
Vesting of equity based awards
|
|
|
|
(
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
—
|
|
|
(
|
)
|
|
—
|
|
|
(
|
)
|
||||||||
|
Noncontrolling interest dividend
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
(
|
)
|
||||||||
|
Ending Balance at June 30, 2019
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
Nine months ended June 30, 2018
|
||||||||||||||||||||||||||||||
|
|
Common
Stock |
|
Additional
Paid-in Capital |
|
Retained Earnings
|
|
Treasury Stock
|
|
Accumulated
Other Comprehensive Loss |
|
Total Equity Attributable to
Meritor, Inc. |
|
Noncontrolling
Interests |
|
Total
|
||||||||||||||||
|
Beginning Balance at October 1, 2017
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Comprehensive income (loss)
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
|
Equity based compensation expense
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
||||||||
|
Vesting of equity based awards
|
|
|
|
(
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
—
|
|
|
(
|
)
|
|
—
|
|
|
(
|
)
|
||||||||
|
Noncontrolling interest dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
(
|
)
|
||||||||
|
Other equity adjustments
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||
|
Ending Balance at June 30, 2018
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
|
Basic average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of restricted shares, restricted share units and performance share units
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of convertible notes
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
ASU
|
|
Effective Date
|
|
2016-01
|
Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
|
October 1, 2018
|
|
2016-15
|
Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)
|
October 1, 2018
|
|
2016-16
|
Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory
|
October 1, 2018
|
|
2016-18
|
Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)
|
October 1, 2018
|
|
2017-01
|
Business Combinations (Topic 805): Clarifying the Definition of a Business
|
October 1, 2018
|
|
2017-09
|
Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting
|
October 1, 2018
|
|
2017-10
|
Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services (a consensus of the FASB Emerging Issues Task Force)
|
October 1, 2018
|
|
2018-03
|
Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
|
October 1, 2018
|
|
2018-04
|
Investments—Debt Securities (Topic 320) and Regulated Operations (Topic 980): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 (SEC Update)
|
October 1, 2018
|
|
2018-08
|
Not-For-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
|
October 1, 2018
|
|
|
|
Three Months Ended June 30, 2019
|
||||||||||
|
Primary Geographical Market
|
|
Commercial Truck
|
|
Aftermarket, Industrial and Trailer
|
|
Total
|
||||||
|
U.S.
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Canada
|
|
|
|
|
|
|
|
|
|
|||
|
Mexico
|
|
|
|
|
|
|
|
|
|
|||
|
Total North America
|
|
|
|
|
|
|
|
|
|
|||
|
Sweden
|
|
|
|
|
|
|
|
|
|
|||
|
Italy
|
|
|
|
|
|
|
|
|
|
|||
|
United Kingdom
|
|
|
|
|
|
|
|
|
|
|||
|
Other Europe
|
|
|
|
|
|
|
|
|
|
|||
|
Total Europe
|
|
|
|
|
|
|
|
|
|
|||
|
Brazil
|
|
|
|
|
|
|
|
|
|
|||
|
China
|
|
|
|
|
|
|
|
|
|
|||
|
India
|
|
|
|
|
|
|
|
|
|
|||
|
Other Asia-Pacific
|
|
|
|
|
|
|
|
|
|
|||
|
Total sales
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
Nine Months Ended June 30, 2019
|
||||||||||
|
Primary Geographical Market
|
|
Commercial Truck
|
|
Aftermarket, Industrial and Trailer
|
|
Total
|
||||||
|
U.S.
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Canada
|
|
|
|
|
|
|
|
|
|
|||
|
Mexico
|
|
|
|
|
|
|
|
|
|
|||
|
Total North America
|
|
|
|
|
|
|
|
|
|
|||
|
Sweden
|
|
|
|
|
|
|
|
|
|
|||
|
Italy
|
|
|
|
|
|
|
|
|
|
|||
|
United Kingdom
|
|
|
|
|
|
|
|
|
|
|||
|
Other Europe
|
|
|
|
|
|
|
|
|
|
|||
|
Total Europe
|
|
|
|
|
|
|
|
|
|
|||
|
Brazil
|
|
|
|
|
|
|
|
|
|
|||
|
China
|
|
|
|
|
|
|
|
|
|
|||
|
India
|
|
|
|
|
|
|
|
|
|
|||
|
Other Asia-Pacific
|
|
|
|
|
|
|
|
|
|
|||
|
Total sales
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Sales
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income (loss) before income taxes
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
(
|
)
|
|
Benefit from income taxes
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income (loss) from discontinued operations attributable to Meritor, Inc.
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
(
|
)
|
|
|
Commercial Truck
|
|
Aftermarket, Industrial and Trailer
|
|
Total
|
||||||
|
Goodwill
(1)
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Accumulated impairment losses
(1)
|
|
|
|
(
|
)
|
|
(
|
)
|
|||
|
Beginning Balance at September 30, 2018
(1)
|
|
|
|
|
|
|
|
|
|||
|
AAG measurement period adjustment (see Note 9)
|
|
|
|
|
|
|
|
|
|||
|
Foreign currency translation
|
(
|
)
|
|
|
|
|
(
|
)
|
|||
|
Ending Balance at June 30, 2019
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Employee Termination Benefits
|
|
Plant Shutdown & Other
|
|
Total
|
||||||
|
Beginning Balance at September 30, 2018
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Activity during the period:
|
|
|
|
|
|
||||||
|
Charges to continuing operations
|
(
|
)
|
|
|
|
|
(
|
)
|
|||
|
Cash payments – continuing operations
|
(
|
)
|
|
|
|
|
(
|
)
|
|||
|
Other
|
|
|
|
|
|
|
|
|
|||
|
Total restructuring reserves at June 30, 2019
|
|
|
|
|
|
|
|
|
|||
|
Less: non-current restructuring reserves
|
|
|
|
|
|
|
|
|
|||
|
Restructuring reserves – current, at June 30, 2019
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
||||||
|
Balance at September 30, 2017
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Activity during the period:
|
|
|
|
|
|
||||||
|
Charges to continuing operations
|
|
|
|
|
|
|
|
|
|||
|
Cash payments – continuing operations
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||
|
Total restructuring reserves at June 30, 2018
|
|
|
|
|
|
|
|
|
|||
|
Less: non-current restructuring reserves
|
(
|
)
|
|
|
|
|
(
|
)
|
|||
|
Restructuring reserves – current, at June 30, 2018
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
Current Expiration
|
|
Total Facility Size as of 6/30/19
|
|
Utilized as of 6/30/19
|
|
Utilized as of 9/30/18
|
||||||||||||||||||
|
|
|
|
|
EUR
|
|
USD
|
|
EUR
|
|
USD
|
|
EUR
|
|
USD
|
||||||||||||
|
On-balance sheet arrangement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Committed U.S. accounts receivable securitization
(1)
|
|
December 2021
|
|
N/A
|
|
|
$
|
|
|
|
N/A
|
|
|
$
|
|
|
|
N/A
|
|
|
$
|
|
|
|||
|
Total on-balance sheet arrangement:
(1)
|
|
|
|
N/A
|
|
|
$
|
|
|
|
N/A
|
|
|
$
|
|
|
|
N/A
|
|
|
$
|
|
|
|||
|
Off-balance sheet arrangements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Committed Swedish factoring facility
(2)(3)
|
|
March 2020
|
|
€
|
|
|
|
$
|
|
|
|
€
|
|
|
|
$
|
|
|
|
€
|
|
|
|
$
|
|
|
|
Committed U.S. factoring facility
(2)
|
|
February 2023
|
|
N/A
|
|
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Uncommitted U.K. factoring facility
|
|
February 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Uncommitted Italy factoring facility
|
|
June 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Other uncommitted factoring facilities
(4)
|
|
None
|
|
N/A
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total off-balance sheet arrangements
|
|
|
|
€
|
|
|
|
$
|
|
|
|
€
|
|
|
|
$
|
|
|
|
€
|
|
|
|
$
|
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
|
OPERATING ACTIVITIES
|
|
|
|
||||
|
Net income
|
$
|
|
|
|
$
|
|
|
|
Less: Loss from discontinued operations, net of tax
|
|
|
|
(
|
)
|
||
|
Income from continuing operations
|
|
|
|
|
|
||
|
Adjustments to income from continuing operations to arrive at cash provided by operating activities:
|
|
|
|
||||
|
Depreciation and amortization
|
|
|
|
|
|
||
|
Deferred income tax expense
|
|
|
|
|
|
||
|
Loss on debt extinguishment
|
|
|
|
|
|
||
|
Restructuring costs
|
(
|
)
|
|
|
|
||
|
Asset impairment charges
|
|
|
|
|
|
||
|
Equity in earnings of affiliates
|
(
|
)
|
|
(
|
)
|
||
|
Pension and retiree medical income
|
(
|
)
|
|
(
|
)
|
||
|
Asbestos related liability remeasurement
|
(
|
)
|
|
|
|
||
|
Other adjustments to income from continuing operations
|
|
|
|
|
|
||
|
Dividends received from equity method investments
|
|
|
|
|
|
||
|
Pension and retiree medical contributions
|
(
|
)
|
|
(
|
)
|
||
|
Restructuring payments
|
(
|
)
|
|
(
|
)
|
||
|
Changes in off-balance sheet accounts receivable securitization and factoring programs
|
|
|
|
|
|
||
|
Changes in receivables, inventories and accounts payable
|
(
|
)
|
|
(
|
)
|
||
|
Changes in other current assets and liabilities
|
(
|
)
|
|
|
|
||
|
Changes in other assets and liabilities
|
(
|
)
|
|
|
|
||
|
Operating cash flows provided by continuing operations
|
|
|
|
|
|
||
|
Operating cash flows provided by (used for) discontinued operations
|
(
|
)
|
|
|
|
||
|
CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
|
|
|
$
|
|
|
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
|
Finished goods
|
$
|
|
|
|
$
|
|
|
|
Work in process
|
|
|
|
|
|
||
|
Raw materials, parts and supplies
|
|
|
|
|
|
||
|
Total
|
$
|
|
|
|
$
|
|
|
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
|
Asbestos-related recoveries (see Note 21)
|
$
|
|
|
|
$
|
|
|
|
Prepaid and other
|
|
|
|
|
|
||
|
Other current assets
|
$
|
|
|
|
$
|
|
|
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
|
Property at cost:
|
|
|
|
||||
|
Land and land improvements
|
$
|
|
|
|
$
|
|
|
|
Buildings
|
|
|
|
|
|
||
|
Machinery and equipment
|
|
|
|
|
|
||
|
Company-owned tooling
|
|
|
|
|
|
||
|
Construction in progress
|
|
|
|
|
|
||
|
Total
|
|
|
|
|
|
||
|
Less: accumulated depreciation
|
(
|
)
|
|
(
|
)
|
||
|
Net property
|
$
|
|
|
|
$
|
|
|
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
|
Investments in non-consolidated joint ventures
|
$
|
|
|
|
$
|
|
|
|
Asbestos-related recoveries (see Note 21)
|
|
|
|
|
|
||
|
Unamortized revolver debt issuance costs
|
|
|
|
|
|
||
|
Capitalized software costs, net
|
|
|
|
|
|
||
|
Deferred income tax assets, net
|
|
|
|
|
|
||
|
Assets for uncertain tax positions
|
|
|
|
|
|
||
|
Prepaid pension costs
|
|
|
|
|
|
||
|
Intangible assets
(1)
|
|
|
|
|
|
||
|
Other
|
|
|
|
|
|
||
|
Other assets
|
$
|
|
|
|
$
|
|
|
|
(1)
|
Primarily relates to customer relationships. As of
June 30, 2019
, the gross carrying value was
$
|
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
|
Compensation and benefits
|
$
|
|
|
|
$
|
|
|
|
Income taxes
|
|
|
|
|
|
||
|
Taxes other than income taxes
|
|
|
|
|
|
||
|
Accrued interest
|
|
|
|
|
|
||
|
Product warranties
|
|
|
|
|
|
||
|
Environmental reserves (see Note 21)
|
|
|
|
|
|
||
|
Restructuring (see Note 7)
|
|
|
|
|
|
||
|
Asbestos-related liabilities (see Note 21)
|
|
|
|
|
|
||
|
Indemnity obligations
|
|
|
|
|
|
||
|
Accrued payable to Maremont (see Note 21)
|
|
|
|
|
|
||
|
Other
|
|
|
|
|
|
||
|
Other current liabilities
|
$
|
|
|
|
$
|
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
|
Total product warranties – beginning of period
|
$
|
|
|
|
$
|
|
|
|
Accruals for product warranties
|
|
|
|
|
|
||
|
Payments
|
(
|
)
|
|
(
|
)
|
||
|
Change in estimates and other
|
(
|
)
|
|
|
|
||
|
Total product warranties – end of period
|
|
|
|
|
|
||
|
Less: Non-current product warranties
|
(
|
)
|
|
(
|
)
|
||
|
Product warranties – current
|
$
|
|
|
|
$
|
|
|
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
|
Asbestos-related liabilities (see Note 21)
|
$
|
|
|
|
$
|
|
|
|
Restructuring (see Note 7)
|
|
|
|
|
|
||
|
Non-current deferred income tax liabilities
|
|
|
|
|
|
||
|
Liabilities for uncertain tax positions
|
|
|
|
|
|
||
|
Product warranties (see Note 16)
|
|
|
|
|
|
||
|
Environmental (see Note 21)
|
|
|
|
|
|
||
|
Indemnity obligations
|
|
|
|
|
|
||
|
Other
|
|
|
|
|
|
||
|
Other liabilities
|
$
|
|
|
|
$
|
|
|
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
|
3.25 percent convertible notes due 2037
(1)(3)
|
$
|
|
|
|
$
|
|
|
|
4.0 percent convertible notes due 2027
(1)(4)
|
|
|
|
|
|
||
|
7.875 percent convertible notes due 2026
(1)(5)
|
|
|
|
|
|
||
|
6.25 percent notes due 2024
(2)(6)
|
|
|
|
|
|
||
|
Capital lease obligation
|
|
|
|
|
|
||
|
Borrowings and securitization
|
|
|
|
|
|
||
|
Unamortized discount on convertible notes
(7)
|
(
|
)
|
|
(
|
)
|
||
|
Subtotal
|
|
|
|
|
|
||
|
Less: current maturities
|
(
|
)
|
|
(
|
)
|
||
|
Long-term debt
|
$
|
|
|
|
$
|
|
|
|
|
June 30, 2019
|
|
September 30, 2018
|
||||||||||||
|
|
Carrying
Value
|
|
Fair
Value
|
|
Carrying
Value
|
|
Fair
Value
|
||||||||
|
Cash and cash equivalents
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Short-term debt
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Foreign exchange forward contracts (other assets)
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Foreign exchange forward contracts (other liabilities)
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Foreign currency option contracts (other assets)
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cross-currency swaps (other assets)
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cross-currency swaps (other liabilities)
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
June 30, 2019
|
|
September 30, 2018
|
||||||||||||||
|
|
Gross
Amounts Recognized |
|
Gross Amounts
Offset |
|
Net Amounts
Reported |
|
Gross
Amounts Recognized |
|
Gross Amounts
Offset |
|
Net Amounts
Reported |
||||||
|
Derivative Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Foreign exchange forward contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cross-currency swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Foreign exchange forward contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cross-currency swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
Level 1 inputs use quoted prices in active markets for identical instruments.
|
|
•
|
Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar instruments in active markets and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.
|
|
•
|
Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related instrument.
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
|
Cash and cash equivalents
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Short-term debt
|
|
|
|
|
|
|
|
|
|||
|
Long-term debt
|
|
|
|
|
|
|
|
|
|||
|
Foreign exchange forward contracts (other assets)
|
|
|
|
|
|
|
|
|
|||
|
Foreign exchange forward contracts (other liabilities)
|
|
|
|
|
|
|
|
|
|||
|
Foreign currency option contracts (other assets)
|
|
|
|
|
|
|
|
|
|||
|
Cross-currency Swap (other assets)
|
|
|
|
|
|
|
|
|
|||
|
Cross-currency swaps (other liabilities)
|
|
|
|
|
|
|
|
|
|||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
|
Cash and cash equivalents
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Short-term debt
|
|
|
|
|
|
|
|
|
|||
|
Long-term debt
|
|
|
|
|
|
|
|
|
|||
|
Foreign exchange forward contracts (other assets)
|
|
|
|
|
|
|
|
|
|||
|
Foreign exchange forward contracts (other liabilities)
|
|
|
|
|
|
|
|
|
|||
|
Foreign currency option contracts (other assets)
|
|
|
|
|
|
|
|
|
|||
|
Cross-currency swap (other assets)
|
|
|
|
|
|
|
|
|
|||
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
|
Retiree medical liability
|
$
|
|
|
|
$
|
|
|
|
Pension liability
|
|
|
|
|
|
||
|
Other
|
|
|
|
|
|
||
|
Subtotal
|
|
|
|
|
|
||
|
Less: current portion (included in compensation and benefits, Note 16)
|
(
|
)
|
|
(
|
)
|
||
|
Retirement benefits
|
$
|
|
|
|
$
|
|
|
|
|
2019
|
|
2018
|
||||||||||||
|
|
Pension
|
|
Retiree Medical
|
|
Pension
|
|
Retiree Medical
|
||||||||
|
Interest cost
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Assumed return on plan assets
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
||||
|
Amortization of prior service costs
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
||||
|
Recognized actuarial loss
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total income
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
|
2019
|
|
2018
|
||||||||||||
|
|
Pension
|
|
Retiree Medical
|
|
Pension
|
|
Retiree Medical
|
||||||||
|
Interest cost
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Assumed return on plan assets
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
||||
|
Amortization of prior service costs
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
||||
|
Recognized actuarial loss
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total income
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
|
Superfund Sites
|
|
Non-Superfund Sites
|
|
Total
|
||||||
|
Beginning Balance at September 30, 2018
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Payments and other
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||
|
Accruals
|
|
|
|
|
|
|
|
|
|||
|
Ending Balance at June 30, 2019
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Foreign Currency Translation
|
|
Employee Benefit Related Adjustments
|
|
Unrealized Income (Loss) on cash flow hedges
|
|
Total
|
||||||||
|
Balance at March 31, 2019
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
(
|
)
|
|
Other comprehensive income before reclassification
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
||||
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||
|
Net current-period other comprehensive income
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
Balance at June 30, 2019
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
Details about Accumulated Other Comprehensive Income Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Income
|
|
Affected Line Item in the Consolidated Statement of Operations
|
|||
|
Employee Benefit Related Adjustment
|
|
|
|
|
|||
|
Prior service costs
|
|
$
|
(
|
)
|
|
(a)
|
|
|
Actuarial losses
|
|
|
|
|
(a)
|
||
|
|
|
|
|
|
Total before tax
|
||
|
|
|
|
|
|
Tax benefit
|
||
|
Total reclassifications for the period
|
|
$
|
|
|
|
Net of tax
|
|
|
(a)
These accumulated other comprehensive income components are included in the computation of net periodic pension and retiree medical expense (see Note 20 for additional details), which is recorded in other operating income (expense).
|
|||||||
|
|
Foreign Currency Translation
|
|
Employee Benefit Related Adjustments
|
|
Unrealized Income (Loss) on cash flow hedges
|
|
Total
|
||||||||
|
Balance at March 31, 2018
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
Other comprehensive income before reclassification
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
||||
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net current-period other comprehensive income
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
Balance at June 30, 2018
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
(
|
)
|
|
Details about Accumulated Other Comprehensive Income Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Income
|
|
Affected Line Item in the Consolidated Statement of Operations
|
|||
|
Employee Benefit Related Adjustment
|
|
|
|
|
|||
|
Prior service costs
|
|
$
|
(
|
)
|
|
(b)
|
|
|
Actuarial losses
|
|
$
|
|
|
|
(b)
|
|
|
|
|
|
|
|
Total before tax
|
||
|
|
|
|
|
|
Tax benefit
|
||
|
Total reclassifications for the period
|
|
$
|
|
|
|
Net of tax
|
|
|
|
|
|
|
|
|||
|
(b)
These accumulated other comprehensive income components are included in the computation of net periodic pension and retiree medical expense (see Note 20 for additional details), which is recorded in other operating income (expense).
|
|||||||
|
|
Foreign Currency Translation
|
|
Employee Benefit Related Adjustments
|
|
Unrealized Income (Loss) on cash flow hedges
|
|
Total
|
||||||||
|
Balance at September 30, 2018
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
(
|
)
|
|
Other comprehensive income before reclassification
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
||||
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
|
|
|
|
(
|
)
|
|
|
|
||||
|
Net current-period other comprehensive income
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
Balance at June 30, 2019
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
Details about Accumulated Other Comprehensive Income Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Income
|
|
Affected Line Item in the Consolidated Statement of Operations
|
|||
|
Employee Benefit Related Adjustment
|
|
|
|
|
|||
|
Prior service costs
|
|
$
|
(
|
)
|
|
(a)
|
|
|
Actuarial losses
|
|
|
|
|
(a)
|
||
|
|
|
|
|
|
Total before tax
|
||
|
|
|
|
|
|
Tax benefit
|
||
|
Total reclassifications for the period
|
|
$
|
|
|
|
Net of tax
|
|
|
(a)
These accumulated other comprehensive income components are included in the computation of net periodic pension and retiree medical expense (see Note 20 for additional details), which is recorded in other operating income (expense).
|
|||||||
|
|
Foreign Currency Translation
|
|
Employee Benefit Related Adjustments
|
|
Unrealized Income (Loss) on cash flow hedges
|
|
Total
|
||||||||
|
Balance at September 30, 2017
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
Other comprehensive income before reclassification
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
||||
|
Amounts reclassified from accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net current-period other comprehensive income
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
Balance at June 30, 2018
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
(
|
)
|
|
Details about Accumulated Other Comprehensive Income Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Income
|
|
Affected Line Item in the Consolidated Statement of Operations
|
|||
|
Employee Benefit Related Adjustment
|
|
|
|
|
|||
|
Prior service costs
|
|
$
|
(
|
)
|
|
(a)
|
|
|
Actuarial losses
|
|
|
|
|
(a)
|
||
|
|
|
|
|
|
Total before tax
|
||
|
|
|
(
|
)
|
|
Tax benefit
|
||
|
Total reclassifications for the period
|
|
$
|
|
|
|
Net of tax
|
|
|
(a)
These accumulated other comprehensive income components are included in the computation of net periodic pension and retiree medical expense (see Note 20 for additional details), which is recorded in other operating income (expense).
|
|||||||
|
•
|
The
Commercial Truck
segment supplies drivetrain systems and components, including axles, drivelines and braking and suspension systems, primarily for medium- and heavy-duty trucks and other applications in North America, South America, Europe and Asia Pacific. This segment also includes the company's aftermarket businesses in Asia Pacific and South America.
|
|
•
|
The
Aftermarket, Industrial and Trailer
segment supplies axles, brakes, drivelines, suspension parts and other replacement parts to commercial vehicle and industrial aftermarket customers, primarily in North America and Europe. In addition, this segment supplies drivetrain systems and certain components, including axles, drivelines, brakes and suspension systems for military, construction, bus and coach, fire and emergency and other applications in North America and Europe. It also supplies a variety of undercarriage products and systems for trailer applications in North America.
|
|
|
Commercial Truck
|
|
Aftermarket,
Industrial and Trailer |
|
Eliminations
|
|
Total
|
||||||||
|
Three Months Ended June 30, 2019
|
|
|
|
|
|
|
|
||||||||
|
External Sales
|
$
|
|
|
|
$
|
|
|
|
$
|
—
|
|
|
$
|
|
|
|
Intersegment Sales
|
|
|
|
|
|
|
(
|
)
|
|
—
|
|
||||
|
Total Sales
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
Three Months Ended June 30, 2018
(1)
|
|
|
|
|
|
|
|
||||||||
|
External Sales
|
$
|
|
|
|
$
|
|
|
|
$
|
—
|
|
|
$
|
|
|
|
Intersegment Sales
|
|
|
|
|
|
|
(
|
)
|
|
—
|
|
||||
|
Total Sales
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Commercial Truck
|
|
Aftermarket,
Industrial and Trailer |
|
Eliminations
|
|
Total
|
||||||||
|
Nine Months Ended June 30, 2019
|
|
|
|
|
|
|
|
||||||||
|
External Sales
|
$
|
|
|
|
$
|
|
|
|
|
|
$
|
|
|
||
|
Intersegment Sales
|
|
|
|
|
|
|
(
|
)
|
|
—
|
|
||||
|
Total Sales
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
Nine Months Ended June 30, 2018
(1)
|
|
|
|
|
|
|
|
||||||||
|
External Sales
|
$
|
|
|
|
$
|
|
|
|
$
|
—
|
|
|
$
|
|
|
|
Intersegment Sales
|
|
|
|
|
|
|
(
|
)
|
|
—
|
|
||||
|
Total Sales
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
(3)
|
|
2019
|
|
2018
(3)
|
||||||||
|
Segment adjusted EBITDA:
|
|
|
|
|
|
|
|
||||||||
|
Commercial Truck
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Aftermarket, Industrial and Trailer
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Segment adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Unallocated legacy and corporate expense, net
(1)
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
||||
|
Interest expense, net
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Provision for income taxes
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Depreciation and amortization
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Noncontrolling interests
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Loss on sale of receivables
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||
|
Asset impairment charges
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(
|
)
|
||||
|
Restructuring
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
||||
|
Asbestos related liability remeasurement
(2)
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from continuing operations attributable to Meritor, Inc.
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
(1)
|
Unallocated legacy and corporate income (expense), net represents items that are not directly related to the company's business segments. These items primarily include asbestos-related charges and settlements, pension and retiree medical costs associated with sold businesses, and other legacy costs for environmental and product liability.
|
|
(2)
|
The nine months ended June 30, 2019 includes
$
|
|
(3)
|
Amounts for the three and nine months ended June 30, 2018 have been recast to reflect reportable segment changes.
|
|
|
June 30,
2019 |
|
September 30, 2018
(3)
|
||||
|
Segment Assets:
|
|
|
|
||||
|
Commercial Truck
|
$
|
|
|
|
$
|
|
|
|
Aftermarket, Industrial and Trailer
|
|
|
|
|
|
||
|
Total segment assets
|
|
|
|
|
|
||
|
Corporate
(1)
|
|
|
|
|
|
||
|
Less: Accounts receivable sold under off-balance sheet factoring programs
(2)
|
(
|
)
|
|
(
|
)
|
||
|
Total assets
|
$
|
|
|
|
$
|
|
|
|
(1)
|
Corporate assets consist primarily of cash, deferred income taxes and prepaid pension costs.
|
|
(2)
|
At
June 30, 2019
and
September 30, 2018
, segment assets include
$
|
|
(3)
|
Amounts as of September 30, 2018 have been recast to reflect reportable segment changes, including the reallocation of goodwill.
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Elims
|
|
Consolidated
|
||||||||||
|
Sales
|
|
|
|
|
|
|
|
|
|
||||||||||
|
External
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
—
|
|
|
$
|
|
|
|
Subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
—
|
|
|||||
|
Total sales
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Cost of sales
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
GROSS MARGIN
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Selling, general and administrative
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Restructuring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Other operating expense, net
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
OPERATING INCOME (LOSS)
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Other income (expense), net
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|||||
|
Equity in earnings of affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest income (expense), net
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
INCOME (LOSS) BEFORE INCOME TAXES
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Benefit (provision) for income taxes
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Equity income from continuing operations of subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
INCOME FROM CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
NET INCOME
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Less: Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
NET INCOME ATTRIBUTABLE TO MERITOR, INC.
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Elims
|
|
Consolidated
|
||||||||||
|
Net income
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
Other comprehensive loss, net of tax
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Less: Comprehensive income attributable to
noncontrolling interests |
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Comprehensive income attributable to Meritor, Inc.
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
Three Months Ended June 30, 2018
(1)
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Elims
|
|
Consolidated
|
||||||||||
|
Sales
|
|
|
|
|
|
|
|
|
|
||||||||||
|
External
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
—
|
|
|
$
|
|
|
|
Subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
—
|
|
|||||
|
Total sales
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Cost of sales
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
GROSS MARGIN
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Selling, general and administrative
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Restructuring
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
OPERATING INCOME (LOSS)
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Other income (expense), net
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|||||
|
Equity in earnings of affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest income (expense), net
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
INCOME (LOSS) BEFORE INCOME TAXES
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Benefit (provision) for income taxes
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Equity income from continuing operations of subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
INCOME FROM CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
LOSS FROM DISCONTINUED OPERATIONS, net of tax
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
NET INCOME
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Less: Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
NET INCOME ATTRIBUTABLE TO MERITOR, INC.
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Elims
|
|
Consolidated
|
||||||||||
|
Net income
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
Other comprehensive loss, net of tax
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Less: Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Comprehensive income attributable to Meritor, Inc.
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
Nine Months Ended June 30, 2019
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Elims
|
|
Consolidated
|
||||||||||
|
Sales
|
|
|
|
|
|
|
|
|
|
||||||||||
|
External
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
—
|
|
|
$
|
|
|
|
Subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
—
|
|
|||||
|
Total sales
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Cost of sales
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
GROSS MARGIN
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Selling, general and administrative
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Restructuring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Other operating expense, net
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
OPERATING INCOME (LOSS)
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Other income (expense), net
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|||||
|
Equity in earnings of affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest income (expense), net
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
INCOME (LOSS) BEFORE INCOME TAXES
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Benefit (provision) for income taxes
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Equity income from continuing operations of subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
INCOME FROM CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
LOSS FROM DISCONTINUED OPERATIONS, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
NET INCOME
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Less: Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
NET INCOME ATTRIBUTABLE TO MERITOR, INC.
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
Nine Months Ended June 30, 2019
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors |
|
Elims
|
|
Consolidated
|
||||||||||
|
Net income
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
Other comprehensive loss, net of tax
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Less: Comprehensive income attributable to
noncontrolling interests |
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Comprehensive income attributable to Meritor, Inc.
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
Nine Months Ended June 30, 2018
(1)
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Elims
|
|
Consolidated
|
||||||||||
|
Sales
|
|
|
|
|
|
|
|
|
|
||||||||||
|
External
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
—
|
|
|
$
|
|
|
|
Subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
—
|
|
|||||
|
Total sales
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Cost of sales
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
GROSS MARGIN
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Selling, general and administrative
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Restructuring
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Other operating expense, net
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
OPERATING INCOME (LOSS)
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Other income (expense), net
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|||||
|
Equity in earnings of affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest income (expense), net
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
INCOME (LOSS) BEFORE INCOME TAXES
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Provision for income taxes
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Equity income from continuing operations of subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
INCOME FROM CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
LOSS FROM DISCONTINUED OPERATIONS, net of tax
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
NET INCOME
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Less: Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
NET INCOME ATTRIBUTABLE TO MERITOR, INC.
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
Nine Months Ended June 30, 2018
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Elims
|
|
Consolidated
|
||||||||||
|
Net income
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
Other comprehensive income (loss), net of tax
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
Less: Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Comprehensive income attributable to Meritor, Inc.
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
June 30, 2019
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Elims
|
|
Consolidated
|
||||||||||
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Receivables trade and other, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Inventories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Other current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
TOTAL CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
NET PROPERTY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GOODWILL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
INVESTMENTS IN SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
TOTAL ASSETS
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Short-term debt
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Accounts and notes payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Other current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
TOTAL CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
LONG-TERM DEBT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RETIREMENT BENEFITS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
INTERCOMPANY PAYABLE (RECEIVABLE)
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|||||
|
OTHER LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
MEZZANINE EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
EQUITY ATTRIBUTABLE TO MERITOR, INC.
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
NONCONTROLLING INTERESTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
September 30, 2018
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Elims
|
|
Consolidated
|
||||||||||
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Receivables trade and other, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Inventories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Other current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
TOTAL CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
NET PROPERTY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GOODWILL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
INVESTMENTS IN SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
TOTAL ASSETS
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Short-term debt
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
Accounts and notes payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Other current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
TOTAL CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
LONG-TERM DEBT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
RETIREMENT BENEFITS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
INTERCOMPANY PAYABLE (RECEIVABLE)
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|||||
|
OTHER LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
MEZZANINE EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
EQUITY ATTRIBUTABLE TO MERITOR, INC.
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|||||
|
NONCONTROLLING INTERESTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(
|
)
|
|
$
|
|
|
|
|
Nine Months Ended June 30, 2019
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Elims
|
|
Consolidated
|
||||||||||
|
CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Capital expenditures
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Cash paid for investment in Transportation Power, Inc.
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Proceeds from settlement of cross-currency swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Borrowings and securitization
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Redemption of notes
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Deferred issuance costs
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Repurchase of common stock
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Intercompany advances
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|||||
|
Other financing activities
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
CASH USED FOR FINANCING ACTIVITIES
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
EFFECT OF CHANGES IN FOREIGN CURRENCY
EXCHANGE RATES ON CASH AND CASH
EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
CHANGE IN CASH AND CASH EQUIVALENTS
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
CASH AND CASH EQUIVALENTS AT END OF
PERIOD
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Nine Months Ended June 30, 2018
|
||||||||||||||||||
|
|
Parent
|
|
Guarantors
|
|
Non-
Guarantors
|
|
Elims
|
|
Consolidated
|
||||||||||
|
CASH PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
|
$
|
(
|
)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Capital expenditures
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Proceeds from sale of a business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Proceeds from prior year sale of equity method investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cash paid for investment in Transportation Power, Inc.
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Cash paid for acquisition of AA Gear & Manufacturing, Inc.
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Proceeds from sale of assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|||||
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Borrowings and securitization
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
Redemption of notes
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Repurchase of common stock
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
Intercompany advances
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|||||
|
Other financing activities
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|||||
|
CASH USED FOR FINANCING ACTIVITIES
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
EFFECT OF CHANGES IN FOREIGN CURRENCY
EXCHANGE RATES ON CASH AND CASH
EQUIVALENTS
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||
|
CHANGE IN CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
CASH AND CASH EQUIVALENTS AT END OF
PERIOD
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Three Months Ended June 30,
|
|
Percent
|
|
Nine Months Ended June 30,
|
|
Percent
|
||||||||||
|
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
||||||
|
Estimated Commercial Truck production (in thousands):
|
|
|
|
|
|
|
|||||||||||
|
North America, Heavy-Duty Trucks
|
93
|
|
|
78
|
|
|
19
|
%
|
|
266
|
|
|
218
|
|
|
22
|
%
|
|
North America, Medium-Duty Trucks
|
77
|
|
|
72
|
|
|
7
|
%
|
|
212
|
|
|
194
|
|
|
9
|
%
|
|
North America, Trailers
|
86
|
|
|
81
|
|
|
6
|
%
|
|
250
|
|
|
227
|
|
|
10
|
%
|
|
Western Europe, Heavy- and Medium-Duty Trucks
|
125
|
|
|
124
|
|
|
1
|
%
|
|
392
|
|
|
367
|
|
|
7
|
%
|
|
South America, Heavy- and Medium-Duty Trucks
|
31
|
|
|
25
|
|
|
24
|
%
|
|
85
|
|
|
74
|
|
|
15
|
%
|
|
India, Heavy- and Medium-Duty Trucks
|
110
|
|
|
113
|
|
|
(3
|
)%
|
|
343
|
|
|
342
|
|
|
—
|
%
|
|
•
|
Uncertainty around the global market outlook;
|
|
•
|
Volatility in price and availability of steel, components and other commodities;
|
|
•
|
Potential for disruptions in the financial markets and their impact on the availability and cost of credit;
|
|
•
|
Volatile energy and transportation costs;
|
|
•
|
Impact of currency exchange rate volatility; and
|
|
•
|
Consolidation and globalization of OEMs and their suppliers.
|
|
•
|
Significant contract awards or losses of existing contracts or failure to negotiate acceptable terms in contract renewals;
|
|
•
|
Ability to successfully launch a significant number of new products, including potential product quality issues, and obtain new business;
|
|
•
|
Ability to manage possible adverse effects on European markets or our European operations, or financing arrangements related thereto, following the United Kingdom's decision to exit the European Union, or in the event one or more other countries exit the European monetary union;
|
|
•
|
Ability to further implement planned productivity, cost reduction, and other margin improvement initiatives;
|
|
•
|
Ability to successfully execute and implement strategic initiatives;
|
|
•
|
Ability to work with our customers to manage rapidly changing production volumes;
|
|
•
|
Ability to recover, and timing of recovery of, steel price and other cost increases from our customers;
|
|
•
|
Any unplanned extended shutdowns or production interruptions by us, our customers or our suppliers;
|
|
•
|
A significant deterioration or slowdown in economic activity in the key markets in which we operate;
|
|
•
|
Competitively driven price reductions to our customers;
|
|
•
|
Potential price increases from our suppliers;
|
|
•
|
Additional restructuring actions and the timing and recognition of restructuring charges, including any actions associated with prolonged softness in markets in which we operate;
|
|
•
|
Higher-than-planned warranty expenses, including the outcome of known or potential recall campaigns;
|
|
•
|
Uncertainties of asbestos claim, environmental and other legal proceedings, the long-term solvency of our insurance carriers, and the potential for higher-than-anticipated costs resulting from environmental liabilities, including those related to site remediation;
|
|
•
|
Significant pension costs; and
|
|
•
|
Restrictive government actions (such as restrictions on transfer of funds and trade protection measures, including import and export duties, quotas and customs duties and tariffs).
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Income from continuing operations attributable to the company
|
$
|
85
|
|
|
$
|
66
|
|
|
$
|
248
|
|
|
$
|
88
|
|
|
Loss on debt extinguishment
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||
|
Restructuring
|
(1
|
)
|
|
3
|
|
|
(2
|
)
|
|
6
|
|
||||
|
Asset impairment charges, net of noncontrolling interests
|
1
|
|
|
—
|
|
|
1
|
|
|
2
|
|
||||
|
Non-cash tax expense
(1)
|
20
|
|
|
12
|
|
|
47
|
|
|
26
|
|
||||
|
U.S. tax reform impacts
(2)
|
(2
|
)
|
|
1
|
|
|
(9
|
)
|
|
77
|
|
||||
|
Asbestos related liability remeasurement
(3)
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
||||
|
Income tax expense (benefits)
(4)
|
—
|
|
|
(2
|
)
|
|
6
|
|
|
(4
|
)
|
||||
|
Adjusted income from continuing operations attributable to the company
|
$
|
103
|
|
|
$
|
80
|
|
|
$
|
260
|
|
|
$
|
203
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted earnings per share from continuing operations
|
$
|
0.99
|
|
|
$
|
0.73
|
|
|
$
|
2.86
|
|
|
$
|
0.96
|
|
|
Impact of adjustments on diluted earnings per share
|
0.21
|
|
|
0.16
|
|
|
0.14
|
|
|
1.27
|
|
||||
|
Adjusted diluted earnings per share from continuing operations
|
$
|
1.20
|
|
|
$
|
0.89
|
|
|
$
|
3.00
|
|
|
$
|
2.23
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Cash provided by operating activities
|
$
|
143
|
|
|
$
|
119
|
|
|
$
|
194
|
|
|
$
|
191
|
|
|
Capital expenditures
|
(19
|
)
|
|
(17
|
)
|
|
(63
|
)
|
|
(52
|
)
|
||||
|
Free cash flow
|
$
|
124
|
|
|
$
|
102
|
|
|
$
|
131
|
|
|
$
|
139
|
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Net income attributable to Meritor, Inc.
|
$
|
86
|
|
|
$
|
64
|
|
|
$
|
248
|
|
|
$
|
85
|
|
|
Loss (income) from discontinued operations, net of tax, attributable to Meritor, Inc.
|
(1
|
)
|
|
2
|
|
|
—
|
|
|
3
|
|
||||
|
Income from continuing operations, net of tax, attributable to Meritor, Inc.
|
$
|
85
|
|
|
$
|
66
|
|
|
$
|
248
|
|
|
$
|
88
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense, net
|
14
|
|
|
14
|
|
|
43
|
|
|
54
|
|
||||
|
Provision for income taxes
|
21
|
|
|
26
|
|
|
69
|
|
|
131
|
|
||||
|
Depreciation and amortization
|
21
|
|
|
22
|
|
|
64
|
|
|
64
|
|
||||
|
Noncontrolling interests
|
3
|
|
|
3
|
|
|
7
|
|
|
8
|
|
||||
|
Loss on sale of receivables
|
2
|
|
|
1
|
|
|
5
|
|
|
3
|
|
||||
|
Asset impairment charges
|
1
|
|
|
—
|
|
|
1
|
|
|
2
|
|
||||
|
Asbestos related liability remeasurement
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
||||
|
Restructuring
|
(1
|
)
|
|
3
|
|
|
(2
|
)
|
|
6
|
|
||||
|
Adjusted EBITDA
|
$
|
146
|
|
|
$
|
135
|
|
|
$
|
404
|
|
|
$
|
356
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted EBITDA margin
(1)
|
12.5
|
%
|
|
12.0
|
%
|
|
12.0
|
%
|
|
11.5
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Unallocated legacy and corporate expense, net
(2)
|
1
|
|
|
3
|
|
|
—
|
|
|
15
|
|
||||
|
Segment adjusted EBITDA
|
$
|
147
|
|
|
$
|
138
|
|
|
$
|
404
|
|
|
$
|
371
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial Truck
(3)
|
|
|
|
|
|
|
|
||||||||
|
Segment adjusted EBITDA
|
$
|
93
|
|
|
$
|
100
|
|
|
$
|
258
|
|
|
$
|
263
|
|
|
Segment adjusted EBITDA margin
(4)
|
10.7
|
%
|
|
11.7
|
%
|
|
10.2
|
%
|
|
11.2
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Aftermarket, Industrial and Trailer
(3)
|
|
|
|
|
|
|
|
||||||||
|
Segment adjusted EBITDA
|
$
|
54
|
|
|
$
|
38
|
|
|
$
|
146
|
|
|
$
|
108
|
|
|
Segment adjusted EBITDA margin
(4)
|
15.9
|
%
|
|
11.9
|
%
|
|
15.0
|
%
|
|
12.4
|
%
|
||||
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
|
Short-term debt
|
$
|
24
|
|
|
$
|
94
|
|
|
Long-term debt
|
734
|
|
|
730
|
|
||
|
Total debt
|
758
|
|
|
824
|
|
||
|
Less: Cash and cash equivalents
|
(111
|
)
|
|
(115
|
)
|
||
|
Net debt
|
$
|
647
|
|
|
$
|
709
|
|
|
|
Twelve Months Ended
(1)
|
|
Twelve Months Ended
|
||||
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
|
Net income attributable to Meritor, Inc.
|
$
|
280
|
|
|
$
|
117
|
|
|
Loss from discontinued operations, net of tax, attributable to Meritor, Inc.
|
—
|
|
|
3
|
|
||
|
Income from continuing operations, net of tax, attributable to Meritor, Inc.
|
$
|
280
|
|
|
$
|
120
|
|
|
|
|
|
|
||||
|
Interest expense, net
|
56
|
|
|
67
|
|
||
|
Provision for income taxes
|
87
|
|
|
149
|
|
||
|
Depreciation and amortization
|
84
|
|
|
84
|
|
||
|
Noncontrolling interests
|
8
|
|
|
9
|
|
||
|
Loss on sale of receivables
|
7
|
|
|
5
|
|
||
|
Asset impairment charges
|
2
|
|
|
3
|
|
||
|
Asbestos related liability remeasurement
|
(31
|
)
|
|
—
|
|
||
|
Asbestos related items
|
25
|
|
|
25
|
|
||
|
Pension settlement loss
|
6
|
|
|
6
|
|
||
|
Restructuring costs
|
(2
|
)
|
|
6
|
|
||
|
Adjusted EBITDA
|
$
|
522
|
|
|
$
|
474
|
|
|
|
|
|
|
||||
|
Net debt over adjusted EBITDA
|
1.2
|
|
|
1.5
|
|
||
|
|
Three Months Ended June 30,
|
|
|
|
|
|
Dollar Change Due To
|
|||||||||||||||
|
|
2019
|
|
2018
(1)
|
|
Dollar
Change
|
|
%
Change
|
|
Currency
|
|
Volume/ Other
|
|||||||||||
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Commercial Truck
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
North America
|
$
|
473
|
|
|
$
|
431
|
|
|
$
|
42
|
|
|
10
|
%
|
|
$
|
—
|
|
|
$
|
42
|
|
|
Europe
|
180
|
|
|
196
|
|
|
(16
|
)
|
|
(8
|
)%
|
|
(11
|
)
|
|
(5
|
)
|
|||||
|
South America
|
67
|
|
|
55
|
|
|
12
|
|
|
22
|
%
|
|
(7
|
)
|
|
19
|
|
|||||
|
China
|
44
|
|
|
53
|
|
|
(9
|
)
|
|
(17
|
)%
|
|
(3
|
)
|
|
(6
|
)
|
|||||
|
India
|
53
|
|
|
58
|
|
|
(5
|
)
|
|
(9
|
)%
|
|
(1
|
)
|
|
(4
|
)
|
|||||
|
Other
|
18
|
|
|
26
|
|
|
(8
|
)
|
|
(31
|
)%
|
|
(1
|
)
|
|
(7
|
)
|
|||||
|
Total External Sales
|
$
|
835
|
|
|
$
|
819
|
|
|
$
|
16
|
|
|
2
|
%
|
|
$
|
(23
|
)
|
|
$
|
39
|
|
|
Intersegment Sales
|
34
|
|
|
35
|
|
|
(1
|
)
|
|
(3
|
)%
|
|
(3
|
)
|
|
2
|
|
|||||
|
Total Sales
|
$
|
869
|
|
|
$
|
854
|
|
|
$
|
15
|
|
|
2
|
%
|
|
$
|
(26
|
)
|
|
$
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Aftermarket, Industrial and Trailer
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
North America
|
$
|
308
|
|
|
$
|
279
|
|
|
$
|
29
|
|
|
10
|
%
|
|
$
|
(1
|
)
|
|
$
|
30
|
|
|
Europe
|
23
|
|
|
31
|
|
|
(8
|
)
|
|
(26
|
)%
|
|
(1
|
)
|
|
(7
|
)
|
|||||
|
Total External Sales
|
$
|
331
|
|
|
$
|
310
|
|
|
$
|
21
|
|
|
7
|
%
|
|
$
|
(2
|
)
|
|
$
|
23
|
|
|
Intersegment Sales
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
%
|
|
(2
|
)
|
|
2
|
|
|||||
|
Total Sales
|
$
|
340
|
|
|
$
|
319
|
|
|
$
|
21
|
|
|
7
|
%
|
|
$
|
(4
|
)
|
|
$
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total External Sales
|
$
|
1,166
|
|
|
$
|
1,129
|
|
|
$
|
37
|
|
|
3
|
%
|
|
$
|
(25
|
)
|
|
$
|
62
|
|
|
|
Cost of Sales
|
||
|
Three Months Ended June 30, 2018
(1)
|
$
|
959
|
|
|
Volume, mix and other, net
|
60
|
|
|
|
Foreign exchange
|
(32
|
)
|
|
|
Three Months Ended June 30, 2019
|
$
|
987
|
|
|
|
Change in Cost of Sales
|
||
|
Higher material costs
|
$
|
38
|
|
|
Lower labor and overhead costs
|
(8
|
)
|
|
|
Other, net
|
(2
|
)
|
|
|
Total change in costs of sales
|
$
|
28
|
|
|
|
Three Months Ended
|
|
|
|
|
||||||||||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
|
Increase (Decrease)
|
||||||||||||||
|
SG&A
|
Amount
|
|
% of sales
|
|
Amount
|
|
% of sales
|
|
Amount
|
|
% of sales
|
||||||||
|
Loss on sale of receivables
|
$
|
(2
|
)
|
|
(0.2
|
)%
|
|
$
|
(1
|
)
|
|
(0.1
|
)%
|
|
$
|
1
|
|
|
0.1 pts
|
|
Short and long-term variable
compensation
|
(16
|
)
|
|
(1.4
|
)%
|
|
(16
|
)
|
|
(1.4
|
)%
|
|
—
|
|
|
0.0 pts
|
|||
|
Asbestos related expense, net of asbestos related insurance recoveries
|
—
|
|
|
—
|
%
|
|
(3
|
)
|
|
(0.3
|
)%
|
|
(3
|
)
|
|
(0.3) pts
|
|||
|
All other SG&A
|
(55
|
)
|
|
(4.7
|
)%
|
|
(56
|
)
|
|
(4.9
|
)%
|
|
(1
|
)
|
|
(0.2) pts
|
|||
|
Total SG&A
|
$
|
(73
|
)
|
|
(6.3
|
)%
|
|
$
|
(76
|
)
|
|
(6.7
|
)%
|
|
$
|
(3
|
)
|
|
(0.4) pts
|
|
|
Segment adjusted EBITDA
|
|
Segment adjusted EBITDA margins
|
||||||||||||||||
|
|
Three Months Ended June 30,
|
|
|
|
Three Months Ended June 30,
|
|
|
||||||||||||
|
|
2019
|
|
2018
(1)
|
|
Change
|
|
2019
|
|
2018
(1)
|
|
Change
|
||||||||
|
Commercial Truck
|
$
|
93
|
|
|
$
|
100
|
|
|
$
|
(7
|
)
|
|
10.7
|
%
|
|
11.7
|
%
|
|
(1.0) pts
|
|
Aftermarket, Industrial and Trailer
|
54
|
|
|
38
|
|
|
16
|
|
|
15.9
|
%
|
|
11.9
|
%
|
|
4.0 pts
|
|||
|
Segment adjusted EBITDA
|
$
|
147
|
|
|
$
|
138
|
|
|
$
|
9
|
|
|
12.6
|
%
|
|
12.2
|
%
|
|
0.4 pts
|
|
|
Commercial Truck
|
|
Aftermarket, Industrial and Trailer
|
|
TOTAL
|
||||||
|
Segment adjusted EBITDA– Quarter ended June 30, 2018
(1)
|
$
|
100
|
|
|
$
|
38
|
|
|
$
|
138
|
|
|
Lower pension and retiree medical expense, net
|
1
|
|
|
—
|
|
|
1
|
|
|||
|
Impact of foreign currency exchange rates
|
(5
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|||
|
Volume, mix, pricing and other
|
(3
|
)
|
|
17
|
|
|
14
|
|
|||
|
Segment adjusted EBITDA – Quarter ended June 30, 2019
|
$
|
93
|
|
|
$
|
54
|
|
|
$
|
147
|
|
|
|
Nine Months Ended June 30,
|
|
|
|
|
|
Dollar Change Due To
|
|||||||||||||||
|
|
2019
|
|
2018
(1)
|
|
Dollar
Change
|
|
%
Change
|
|
Currency
|
|
Volume/ Other
|
|||||||||||
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Commercial Truck
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
North America
|
$
|
1,333
|
|
|
$
|
1,122
|
|
|
$
|
211
|
|
|
19
|
%
|
|
$
|
—
|
|
|
$
|
211
|
|
|
Europe
|
536
|
|
|
567
|
|
|
(31
|
)
|
|
(5
|
)%
|
|
(35
|
)
|
|
4
|
|
|||||
|
South America
|
180
|
|
|
162
|
|
|
18
|
|
|
11
|
%
|
|
(24
|
)
|
|
42
|
|
|||||
|
China
|
129
|
|
|
149
|
|
|
(20
|
)
|
|
(13
|
)%
|
|
(8
|
)
|
|
(12
|
)
|
|||||
|
India
|
172
|
|
|
172
|
|
|
—
|
|
|
—
|
%
|
|
(13
|
)
|
|
13
|
|
|||||
|
Other
|
66
|
|
|
82
|
|
|
(16
|
)
|
|
(20
|
)%
|
|
(3
|
)
|
|
(13
|
)
|
|||||
|
Total External Sales
|
$
|
2,416
|
|
|
$
|
2,254
|
|
|
$
|
162
|
|
|
7
|
%
|
|
$
|
(83
|
)
|
|
$
|
245
|
|
|
Intersegment Sales
|
108
|
|
|
102
|
|
|
6
|
|
|
6
|
%
|
|
(11
|
)
|
|
17
|
|
|||||
|
Total Sales
|
$
|
2,524
|
|
|
$
|
2,356
|
|
|
$
|
168
|
|
|
7
|
%
|
|
$
|
(94
|
)
|
|
$
|
262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Aftermarket, Industrial and Trailer
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
North America
|
$
|
869
|
|
|
$
|
752
|
|
|
$
|
117
|
|
|
16
|
%
|
|
$
|
(3
|
)
|
|
$
|
120
|
|
|
Europe
|
75
|
|
|
92
|
|
|
(17
|
)
|
|
(18
|
)%
|
|
(4
|
)
|
|
(13
|
)
|
|||||
|
Total External Sales
|
$
|
944
|
|
|
$
|
844
|
|
|
$
|
100
|
|
|
12
|
%
|
|
$
|
(7
|
)
|
|
$
|
107
|
|
|
Intersegment Sales
|
28
|
|
|
25
|
|
|
3
|
|
|
12
|
%
|
|
(5
|
)
|
|
8
|
|
|||||
|
Total Sales
|
$
|
972
|
|
|
$
|
869
|
|
|
$
|
103
|
|
|
12
|
%
|
|
$
|
(12
|
)
|
|
$
|
115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Total External Sales
|
$
|
3,360
|
|
|
$
|
3,098
|
|
|
$
|
262
|
|
|
8
|
%
|
|
$
|
(90
|
)
|
|
$
|
352
|
|
|
|
Cost of Sales
|
||
|
Nine Months Ended June 30, 2018
(1)
|
$
|
2,625
|
|
|
Volume, mix and other, net
|
332
|
|
|
|
Foreign exchange
|
(91
|
)
|
|
|
Nine Months Ended June 30, 2019
|
$
|
2,866
|
|
|
|
Change in Cost of Sales
|
||
|
Higher material costs
|
$
|
229
|
|
|
Higher labor and overhead costs
|
13
|
|
|
|
Other, net
|
(1
|
)
|
|
|
Total change in costs of sales
|
$
|
241
|
|
|
|
Nine Months Ended
|
|
|
|
|
||||||||||||||
|
|
June 30, 2019
|
|
June 30, 2018
(1)
|
|
Increase (Decrease)
|
||||||||||||||
|
SG&A
|
Amount
|
|
% of sales
|
|
Amount
|
|
% of sales
|
|
Amount
|
|
% of sales
|
||||||||
|
Loss on sale of receivables
|
$
|
(5
|
)
|
|
(0.1
|
)%
|
|
$
|
(3
|
)
|
|
(0.1
|
)%
|
|
$
|
2
|
|
|
0.0 pts
|
|
Short and long-term variable
compensation
|
(37
|
)
|
|
(1.1
|
)%
|
|
(43
|
)
|
|
(1.4
|
)%
|
|
(6
|
)
|
|
(0.3) pts
|
|||
|
Asbestos related expense, net of asbestos related insurance recoveries
|
—
|
|
|
—
|
%
|
|
(7
|
)
|
|
(0.2
|
)%
|
|
(7
|
)
|
|
(0.2) pts
|
|||
|
Q1 Asbestos related liability remeasurement
|
31
|
|
|
0.9
|
%
|
|
—
|
|
|
—
|
%
|
|
(31
|
)
|
|
(0.9) pts
|
|||
|
All other SG&A
|
(169
|
)
|
|
(5.1
|
)%
|
|
(165
|
)
|
|
(5.3
|
)%
|
|
4
|
|
|
(0.2) pts
|
|||
|
Total SG&A
|
$
|
(180
|
)
|
|
(5.4
|
)%
|
|
$
|
(218
|
)
|
|
(7.0
|
)%
|
|
$
|
(38
|
)
|
|
(1.6) pts
|
|
|
Segment adjusted EBITDA
|
|
Segment adjusted EBITDA margins
|
||||||||||||||||
|
|
Nine Months Ended June 30,
|
|
|
|
Nine Months Ended June 30,
|
|
|
||||||||||||
|
|
2019
|
|
2018
(1)
|
|
Change
|
|
2019
|
|
2018
(1)
|
|
Change
|
||||||||
|
Commercial Truck
|
$
|
258
|
|
|
$
|
263
|
|
|
$
|
(5
|
)
|
|
10.2
|
%
|
|
11.2
|
%
|
|
(1.0) pts
|
|
Aftermarket, Industrial and Trailer
|
146
|
|
|
108
|
|
|
38
|
|
|
15.0
|
%
|
|
12.4
|
%
|
|
2.6 pts
|
|||
|
Segment adjusted EBITDA
|
$
|
404
|
|
|
$
|
371
|
|
|
$
|
33
|
|
|
12.0
|
%
|
|
12.0
|
%
|
|
0.0 pts
|
|
|
Commercial Truck
|
|
Aftermarket, Industrial and Trailer
|
|
TOTAL
|
||||||
|
Segment adjusted EBITDA– Nine months ended June 30, 2018
(1)
|
$
|
263
|
|
|
$
|
108
|
|
|
$
|
371
|
|
|
Higher earnings from unconsolidated affiliates
|
4
|
|
|
—
|
|
|
4
|
|
|||
|
Lower pension and retiree medical expense, net
|
2
|
|
|
1
|
|
|
3
|
|
|||
|
Impact of foreign currency exchange rates
|
(14
|
)
|
|
(4
|
)
|
|
(18
|
)
|
|||
|
Volume, mix, pricing and other
|
3
|
|
|
41
|
|
|
44
|
|
|||
|
Segment adjusted EBITDA – Nine months ended June 30, 2019
|
$
|
258
|
|
|
$
|
146
|
|
|
$
|
404
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
|
OPERATING CASH FLOWS
|
|
|
|
||||
|
Income from continuing operations
|
$
|
255
|
|
|
$
|
96
|
|
|
Depreciation and amortization
|
64
|
|
|
64
|
|
||
|
Deferred income tax expense
|
27
|
|
|
92
|
|
||
|
Loss on debt extinguishment
|
—
|
|
|
8
|
|
||
|
Restructuring costs
|
(2
|
)
|
|
6
|
|
||
|
Asset impairment charges
|
1
|
|
|
2
|
|
||
|
Equity in earnings of affiliates
|
(24
|
)
|
|
(20
|
)
|
||
|
Pension and retiree medical income
|
(28
|
)
|
|
(23
|
)
|
||
|
Asbestos related liability remeasurement
|
(31
|
)
|
|
—
|
|
||
|
Dividends received from equity method investments
|
14
|
|
|
9
|
|
||
|
Pension and retiree medical contributions
|
(12
|
)
|
|
(17
|
)
|
||
|
Restructuring payments
|
(2
|
)
|
|
(7
|
)
|
||
|
Changes in receivables, inventories and accounts payable
|
(96
|
)
|
|
(136
|
)
|
||
|
Changes in off-balance sheet accounts receivable factoring
|
41
|
|
|
65
|
|
||
|
Changes in other current assets and liabilities
|
(21
|
)
|
|
26
|
|
||
|
Changes in other assets and liabilities
|
(3
|
)
|
|
12
|
|
||
|
Other, net
|
13
|
|
|
13
|
|
||
|
Cash flows provided by continuing operations
|
196
|
|
|
190
|
|
||
|
Cash flows provided by (used for) discontinued operations
|
(2
|
)
|
|
1
|
|
||
|
CASH PROVIDED BY OPERATING ACTIVITIES
|
$
|
194
|
|
|
$
|
191
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
|
INVESTING CASH FLOWS
|
|
|
|
||||
|
Capital expenditures
|
$
|
(63
|
)
|
|
$
|
(52
|
)
|
|
Proceeds from sale of equity method investment
|
—
|
|
|
250
|
|
||
|
Cash paid for acquisition of AA Gear & Manufacturing, Inc.
|
—
|
|
|
(36
|
)
|
||
|
Proceeds from sale of a business
|
—
|
|
|
4
|
|
||
|
Proceeds from settlement of cross-currency swaps
|
17
|
|
|
—
|
|
||
|
Cash paid for investment in Transportation Power, Inc.
|
(6
|
)
|
|
(6
|
)
|
||
|
Proceeds from sale of assets
|
—
|
|
|
2
|
|
||
|
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES
|
$
|
(52
|
)
|
|
$
|
162
|
|
|
|
Nine Months Ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
|
FINANCING CASH FLOWS
|
|
|
|
||||
|
Borrowings and securitization
|
$
|
(46
|
)
|
|
$
|
(89
|
)
|
|
Redemption of notes
|
(24
|
)
|
|
(181
|
)
|
||
|
Deferred issuance costs
|
(4
|
)
|
|
—
|
|
||
|
Other financing activities
|
(2
|
)
|
|
(3
|
)
|
||
|
Net change in debt
|
(76
|
)
|
|
(273
|
)
|
||
|
Repurchase of common stock
|
(71
|
)
|
|
(63
|
)
|
||
|
CASH USED FOR FINANCING ACTIVITIES
|
$
|
(147
|
)
|
|
$
|
(336
|
)
|
|
|
June 30, 2019
|
|
September 30, 2018
|
||||
|
Fixed-rate debt securities
|
$
|
444
|
|
|
$
|
444
|
|
|
Fixed-rate convertible notes
|
341
|
|
|
364
|
|
||
|
Unamortized discount on convertible notes
|
(34
|
)
|
|
(37
|
)
|
||
|
Other borrowings
|
7
|
|
|
53
|
|
||
|
Total debt
|
$
|
758
|
|
|
$
|
824
|
|
|
|
Total Facility
Size
|
|
Utilized as of
6/30/19
|
|
Readily Available as of
6/30/19
|
|
Current Expiration
|
||||||
|
On-balance sheet arrangements:
|
|
|
|
|
|
|
|
||||||
|
Revolving credit facility
(1)
|
$
|
625
|
|
|
$
|
—
|
|
|
$
|
625
|
|
|
June 2024
(1)
|
|
Committed U.S. accounts receivable securitization
(2)
|
110
|
|
|
3
|
|
|
107
|
|
|
December 2021
|
|||
|
Total on-balance sheet arrangements
|
$
|
735
|
|
|
$
|
3
|
|
|
$
|
732
|
|
|
|
|
Off-balance sheet arrangements:
(2)
|
|
|
|
|
|
|
|
||||||
|
Committed Swedish factoring facility
(3)
|
$
|
176
|
|
|
$
|
160
|
|
|
$
|
—
|
|
|
March 2020
|
|
Committed U.S. factoring facility
(3)
|
75
|
|
|
70
|
|
|
—
|
|
|
February 2023
|
|||
|
Uncommitted U.K. factoring facility
|
28
|
|
|
11
|
|
|
—
|
|
|
February 2022
|
|||
|
Uncommitted Italy factoring facility
|
34
|
|
|
34
|
|
|
—
|
|
|
June 2022
|
|||
|
Other uncommitted factoring facilities
(4)
|
N/A
|
|
|
19
|
|
|
N/A
|
|
|
None
|
|||
|
Total off-balance sheet arrangements
|
313
|
|
|
294
|
|
|
—
|
|
|
|
|||
|
Total available sources
|
$
|
1,048
|
|
|
$
|
297
|
|
|
$
|
732
|
|
|
|
|
(1)
|
The availability under the revolving credit facility is subject to a priority debt-to-EBITDA ratio covenant. The facility will expire in November 2023 if the outstanding amount of the 6.25 percent notes due 2024 is greater than $75 million at that time.
|
|
(2)
|
Availability subject to adequate eligible accounts receivable available for sale.
|
|
(3)
|
Actual amounts may exceed the bank's commitment at the bank's discretion.
|
|
(4)
|
There is no explicit facility size under the agreement, but the counterparty approves the purchase of receivable tranches at its discretion.
|
|
|
Assuming a
10% Increase
in Rates
|
|
Assuming a
10% Decrease
in Rates
|
|
Increase (Decrease) in
|
||||
|
Foreign Currency Sensitivity:
|
|
|
|
|
|
||||
|
Forward contracts in USD
(1)
|
$
|
2.6
|
|
|
$
|
(2.6
|
)
|
|
Fair Value
|
|
Forward contracts in Euro
(1)
|
(2.6
|
)
|
|
2.6
|
|
|
Fair Value
|
||
|
Foreign currency denominated debt
(2)
|
0.5
|
|
|
(0.5
|
)
|
|
Fair Value
|
||
|
Foreign currency option contracts in USD
|
1.0
|
|
|
0.5
|
|
|
Fair Value
|
||
|
Foreign currency option contracts in Euro
|
(0.3
|
)
|
|
4.5
|
|
|
Fair Value
|
||
|
Cross-currency swaps
|
(26.3
|
)
|
|
26.3
|
|
|
Fair Value
|
||
|
|
|
|
|
|
|
||||
|
|
Assuming a 50
BPS Increase
in Rates
|
|
Assuming a 50
BPS Decrease
in Rates
|
|
Increase (Decrease) in
|
||||
|
Interest Rate Sensitivity:
|
|
|
|
|
|
||||
|
Debt – fixed rate
(3)
|
$
|
(33.1
|
)
|
|
$
|
35.3
|
|
|
Fair Value
|
|
Debt – variable rate
|
—
|
|
|
—
|
|
|
Cash flow
|
||
|
Period
|
Total Number of Shares Purchased
|
Average Price Paid Per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
(1)
|
||||||
|
April 1- 30, 2019
|
—
|
|
$
|
—
|
|
—
|
|
$
|
150,060,376
|
|
|
May 1- 31, 2019
|
726,473
|
|
$
|
20.44
|
|
726,473
|
|
$
|
135,213,780
|
|
|
June 1- 30, 2019
|
273,527
|
|
$
|
20.66
|
|
273,527
|
|
$
|
129,562,852
|
|
|
Total
|
1,000,000
|
|
|
|
1,000,000
|
|
|
129,562,852
|
|
|
|
(1)
|
On November 2, 2018, the Board of Directors authorized the repurchase of up to $200 million of the company's common stock and up to $100 million aggregate principal amount of any of the company's debt securities (including convertible debt securities), in each case from time to time through open market purchases, privately negotiated transactions or otherwise, subject to compliance with legal and regulatory requirements and the company's debt covenants. On July 26, 2019, the Board of Directors authorized the repurchase of up to $250 million of the company’s common stock from time to time through open market purchases, privately negotiated transactions or otherwise, subject to compliance with legal and regulatory requirements and the company’s debt covenants. This authorization supersedes the remaining authority under the prior November 2018 equity repurchase authorization.
|
|
3-a
|
|
|
3-b-1**
|
|
|
3-b-2**
|
|
|
10-a
|
|
|
10-b
|
|
|
31-a**
|
|
|
31-b**
|
|
|
32-a**
|
|
|
32-b**
|
|
|
101.INS
|
XBRL INSTANCE DOCUMENT
|
|
101.SCH
|
XBRL TAXONOMY EXTENSION SCHEMA
|
|
101.PRE
|
XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
|
|
101.LAB
|
XBRL TAXONOMY EXTENSION LABEL LINKBASE
|
|
101.CAL
|
XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
|
|
101.DEF
|
XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
|
|
|
|
MERITOR, INC.
|
||
|
|
|
|
|
|
|
Date:
|
July 31, 2019
|
By:
|
/s/
|
April Miller Boise
|
|
|
|
|
|
April Miller Boise
|
|
|
|
|
|
Senior Vice President, Chief Legal Officer and Corporate Secretary
|
|
|
|
|
|
(For the registrant)
|
|
|
|
|
|
|
|
Date:
|
July 31, 2019
|
By:
|
/s/
|
Paul D. Bialy
|
|
|
|
|
|
Paul D. Bialy
|
|
|
|
|
|
Vice President, Chief Accounting Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
July 31, 2019
|
By:
|
/s/
|
Carl D. Anderson
|
|
|
|
|
|
Carl D. Anderson
|
|
|
|
|
|
Senior Vice President, Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
Customers
| Customer name | Ticker |
|---|---|
| Terex Corporation | TEX |
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|