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REPORTABLE SEGMENTS
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
The Company’s business is aggregated into three reportable segments: Air Management, Drivetrain & Battery Systems, and ePropulsion. These segments are strategic business groups that are managed separately as each represents a specific grouping of related automotive components and systems.

Segment Adjusted Operating Income (Loss) is the measure of segment income or loss used by the Company. Segment Adjusted Operating Income (Loss) is comprised of operating income for the Company’s reportable segments adjusted for restructuring, merger, acquisition and divestiture expense, intangible asset amortization expense, impairment charges and other items not reflective of ongoing operating income or loss. The Company believes Segment Adjusted Operating Income (Loss) is most reflective of the operational profitability or loss of our reportable segments.

The following tables show segment information and Segment Adjusted Operating Income (Loss) for the Company’s reportable segments:

Net Sales by Reportable Segment
Three Months Ended March 31, 2024
(in millions)CustomersInter-segmentNet
Air Management$2,008 $22 $2,030 
Drivetrain & Battery Systems1,157 2 1,159 
ePropulsion430 6 436 
Inter-segment eliminations— (30)(30)
Net sales$3,595 $— $3,595 

Three Months Ended March 31, 2023
(in millions)CustomersInter-segmentNet
Air Management$1,960 $19 $1,979 
Drivetrain & Battery Systems955 1 956 
ePropulsion468 19 487 
Inter-segment eliminations— (39)(39)
Net sales$3,383 $— $3,383 
Segment Adjusted Operating Income (Loss)
Three Months Ended March 31,
(in millions)20242023
Air Management$308 $285 
Drivetrain & Battery Systems158 111 
ePropulsion(62)(35)
Segment Adjusted Operating Income404 361 
Corporate, including stock-based compensation65 61 
Restructuring expense (Note 5)19 3 
Intangible asset amortization expense17 17 
Merger and acquisition expense, net2 8 
Other non-comparable items6 (2)
Equity in affiliates’ earnings, net of tax(5)(1)
Unrealized loss on debt and equity securities2 15 
Interest expense, net5 10 
Other postretirement expense3 2 
Earnings from continuing operations before income taxes and noncontrolling interest$290 $248