Autoliv Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Autoliv Inc. filed its Q1 2024 10-Q, detailing financial positions and referencing potential recall events.</b>

AI Summary

AUTOLIV INC (ALV) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Autoliv Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024 and comparative periods. Key financial statement items such as Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for various dates. Information on fair value measurements, foreign exchange contracts, and pension plans is provided. The report references potential recalls, including the ZF Inflator Recall and an unannounced recall.

Why It Matters

For investors and stakeholders tracking AUTOLIV INC, this filing contains several important signals. This filing provides a snapshot of Autoliv's financial health and operational status as of Q1 2024, crucial for investors assessing performance and risk. The mention of recalls, such as the ZF Inflator Recall, signals potential future liabilities and operational impacts that could affect profitability and market perception.

Risk Assessment

Risk Level: medium — AUTOLIV INC shows moderate risk based on this filing. The filing mentions recalls (ZF Inflator Recall, unannounced recall) which could lead to significant financial liabilities and operational disruptions.

Analyst Insight

Investors should monitor future filings for updates on recall-related costs and their impact on Autoliv's financial performance.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-04-26 — Filing Date (Filed as of Date)
• 2024-03-31 — Retained Earnings (Balance as of March 31, 2024)
• 2023-03-31 — Retained Earnings (Balance as of March 31, 2023)

Key Players & Entities

• AUTOLIV INC (company) — Filer name
• ZF (company) — Mentioned in relation to an inflator recall

FAQ

Risk Factors

• Damages From Product Defects [medium — legal]: Potential damages arising from product defects, such as the ZF Inflator Recall, are noted.

Industry Context

Autoliv Inc. operates in the automotive parts and accessories industry, specifically focusing on safety systems like airbags and seatbelts.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for specific figures on assets, liabilities, and equity.
2. Analyze the risk factors section for potential impacts of recalls and other operational challenges.
3. Compare Q1 2024 results with prior periods to identify trends in revenue, profitability, and financial stability.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported is as of this date.
• 2024-04-26: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a regular update on the company's financial performance and condition.)

Fair Value Measurements Recurring

Measurements of fair value that are recorded or disclosed in the financial statements on a recurring basis. (Indicates assets and liabilities valued regularly based on market conditions.)

Year-Over-Year Comparison

This filing provides the Q1 2024 update, following the company's previous filings which would have detailed the year-end 2023 and prior quarterly results.

Key Financial Figures

• $1.00 — ch registered Common Stock (par value $1.00 per share) ALV New York Stock Excha

Filing Documents

• alv-20240331.htm (10-Q) — 1502KB
• alv-ex4_7.htm (EX-4.7) — 1734KB
• alv-ex4_8.htm (EX-4.8) — 586KB
• alv-ex4_9.htm (EX-4.9) — 71KB
• alv-ex10_1.htm (EX-10.1) — 54KB
• alv-ex10_2.htm (EX-10.2) — 71KB
• alv-ex31_1.htm (EX-31.1) — 15KB
• alv-ex31_2.htm (EX-31.2) — 15KB
• alv-ex32_1.htm (EX-32.1) — 8KB
• alv-ex32_2.htm (EX-32.2) — 8KB
• img91573546_0.jpg (GRAPHIC) — 8KB
• img91573546_1.jpg (GRAPHIC) — 4KB
• img91573546_2.jpg (GRAPHIC) — 6KB
• img91573546_3.jpg (GRAPHIC) — 6KB
• img91573546_4.jpg (GRAPHIC) — 6KB
• img92497067_0.jpg (GRAPHIC) — 22KB
• 0000950170-24-048710.txt (&nbsp;) — 8612KB
• alv-20240331.xsd (EX-101.SCH) — 824KB
• alv-20240331_htm.xml (XML) — 803KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. ("Autoliv," the "Company" or "we") or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and/or data available from third parties. Our expectations and assumptions are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "may," "likely," "might," "would," "should," "could," or the negative of these terms and other comparable terminology, although not all forward-looking statements contain such words. Because these forward-looking statements involve risks and uncertainties, the outcome could differ materially from those set out in the forward-looking statements for a variety of reasons, including without limitation: general economic conditions, including inflation; changes in light vehicle production; fluctuation in vehicle production schedules for which the Company is a supplier; global supply chain disruptions, including port, transportation and distribution delays or interruptions; supply chain disruptions and componen

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 4

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 4 1. Basis of Presentation 9 2. New Accounting Standards 10 3. Fair Value Measurements 11 4. Income Taxes 14 5. Inventories 14 6. Restructuring 14 7. Product-Related Liabilities 15 8. Retirement Plans 15 9. Contingent Liabilities 16 10. Stock Incentive Plan 18 11. Earnings Per Share 18 12. Revenue Disaggregation 18 13. Subsequent Events 18

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 30

- OTHER INFORMATION

PART II - OTHER INFORMATION 31

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 31

RISK FACTORS

ITEM 1A. RISK FACTORS 31

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 31

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 31

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 31

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 31

EXHIBITS

ITEM 6. EXHIBITS 32 3

- FINANCI AL INFORMATION

PART I - FINANCI AL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (Dollars in millions, except per share data) Three Months Ended March 31, 2024 2023 Net sales $ 2,615 $ 2,493 Cost of sales ( 2,172 ) ( 2,113 ) Gross profit 443 379 Selling, general and administrative expenses ( 132 ) ( 132 ) Research, development and engineering expenses, net ( 113 ) ( 116 ) Other income (expense), net ( 4 ) ( 4 ) Operating income 194 127 Income from equity method investment 2 2 Interest income 5 2 Interest expense ( 26 ) ( 19 ) Other non-operating items, net ( 1 ) ( 2 ) Income before income taxes 174 109 Income tax expense ( 47 ) ( 34 ) Net income 1 ) 127 74 Less: Net income attributable to non-controlling interest 0 0 Net income attributable to controlling interest $ 126 $ 74 Net earnings per share – basic $ 1.53 $ 0.86 Net earnings per share – diluted $ 1.52 $ 0.86 Weighted average number of shares outstanding, net of treasury shares (in millions) 82.3 86.1 Weighted average number of shares outstanding, assuming dilution and net of treasury shares (in millions) 83.0 86.3 Cash dividend per share – declared $ 0.68 $ 0.66 Cash dividend per share – paid $ 0.68 $ 0.66 1) For the three months periods ended March 31, 2024 and 2023, the aggregate transaction gain (loss) included in net income for the period were $ ( 6 ) million and $ ( 5 ) million, respectively. See Notes to the unaudited Condensed Consolidated Financial Statements. 4 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Dollars in millions) Three Months Ended March 31, 2024 2023 Net income $ 127 $ 74 Other comprehensive income (loss) before tax: Change in cumulative translation adjustments ( 47 ) 36 Net change in unrealized components of defined benefit plans 6 ( 0 ) O

View Full Filing

View this 10-Q filing on SEC EDGAR