$ALSN
Allison Transmission Holdings Inc

2022 Q1 Form 10-Q Financial Statement

#000095017022006523 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $677.0M $588.0M
YoY Change 15.14% -7.69%
Cost Of Revenue $357.0M $297.0M
YoY Change 20.2% -4.5%
Gross Profit $320.0M $291.0M
YoY Change 9.97% -10.74%
Gross Profit Margin 47.27% 49.49%
Selling, General & Admin $75.00M $73.00M
YoY Change 2.74% -2.67%
% of Gross Profit 23.44% 25.09%
Research & Development $43.00M $38.00M
YoY Change 13.16% 5.56%
% of Gross Profit 13.44% 13.06%
Depreciation & Amortization $27.00M $25.00M
YoY Change 8.0% 13.64%
% of Gross Profit 8.44% 8.59%
Operating Expenses $118.0M $111.0M
YoY Change 6.31% 0.0%
Operating Profit $202.0M $180.0M
YoY Change 12.22% -16.28%
Interest Expense -$38.00M -$30.00M
YoY Change 26.67% -3.23%
% of Operating Profit -18.81% -16.67%
Other Income/Expense, Net -$10.00M $3.000M
YoY Change -433.33% -400.0%
Pretax Income $163.0M $154.0M
YoY Change 5.84% -14.92%
Income Tax $34.00M $34.00M
% Of Pretax Income 20.86% 22.08%
Net Earnings $129.0M $120.0M
YoY Change 7.5% -13.67%
Net Earnings / Revenue 19.05% 20.41%
Basic Earnings Per Share $1.32 $1.08
Diluted Earnings Per Share $1.30 $1.07
COMMON SHARES
Basic Shares Outstanding 98.00M 111.0M
Diluted Shares Outstanding 99.00M 112.0M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.0M $295.0M
YoY Change -40.34% 158.77%
Cash & Equivalents $145.0M $295.0M
Short-Term Investments $31.00M
Other Short-Term Assets $47.00M $40.00M
YoY Change 17.5% -4.76%
Inventory $210.0M $193.0M
Prepaid Expenses
Receivables $343.0M $292.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $745.0M $820.0M
YoY Change -9.15% 23.12%
LONG-TERM ASSETS
Property, Plant & Equipment $708.0M $644.0M
YoY Change 9.94% 2.71%
Goodwill $2.077B
YoY Change
Intangibles $913.0M
YoY Change
Long-Term Investments $31.00M
YoY Change
Other Assets $53.00M $55.00M
YoY Change -3.64% -14.06%
Total Long-Term Assets $3.782B $3.714B
YoY Change 1.83% -1.17%
TOTAL ASSETS
Total Short-Term Assets $745.0M $820.0M
Total Long-Term Assets $3.782B $3.714B
Total Assets $4.527B $4.534B
YoY Change -0.15% 2.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $228.0M $167.0M
YoY Change 36.53% -12.57%
Accrued Expenses $115.0M $122.0M
YoY Change -5.74% -3.17%
Deferred Revenue $35.00M $35.00M
YoY Change 0.0% 2.94%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $6.000M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $489.0M $418.0M
YoY Change 16.99% -1.88%
LONG-TERM LIABILITIES
Long-Term Debt $2.503B $2.506B
YoY Change -0.12% -0.24%
Other Long-Term Liabilities $211.0M $387.0M
YoY Change -45.48% 2.38%
Total Long-Term Liabilities $2.714B $2.893B
YoY Change -6.19% 15.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $489.0M $418.0M
Total Long-Term Liabilities $2.714B $2.893B
Total Liabilities $3.848B $3.770B
YoY Change 2.07% 1.05%
SHAREHOLDERS EQUITY
Retained Earnings -$1.098B
YoY Change
Common Stock $1.832B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $679.0M $764.0M
YoY Change
Total Liabilities & Shareholders Equity $4.527B $4.534B
YoY Change -0.15% 2.49%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $129.0M $120.0M
YoY Change 7.5% -13.67%
Depreciation, Depletion And Amortization $27.00M $25.00M
YoY Change 8.0% 13.64%
Cash From Operating Activities $163.0M $131.0M
YoY Change 24.43% -11.49%
INVESTING ACTIVITIES
Capital Expenditures $20.00M $24.00M
YoY Change -16.67% 14.29%
Acquisitions
YoY Change
Other Investing Activities -$18.00M
YoY Change
Cash From Investing Activities -$38.00M -$24.00M
YoY Change 58.33% 14.29%
FINANCING ACTIVITIES
Cash Dividend Paid $20.00M $21.00M
YoY Change -4.76% 5.0%
Common Stock Issuance & Retirement, Net $81.00M $96.00M
YoY Change -15.63% -46.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -106.0M -121.0M
YoY Change -12.4% -40.39%
NET CHANGE
Cash From Operating Activities 163.0M 131.0M
Cash From Investing Activities -38.00M -24.00M
Cash From Financing Activities -106.0M -121.0M
Net Change In Cash 18.00M -15.00M
YoY Change -220.0% -80.77%
FREE CASH FLOW
Cash From Operating Activities $163.0M $131.0M
Capital Expenditures $20.00M $24.00M
Free Cash Flow $143.0M $107.0M
YoY Change 33.64% -15.75%

Facts In Submission

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CY2021Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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2000000
CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2021Q1 alsn Other Comprehensive Income Loss Available For Sale Securities And Derivatives Adjustment Net Of Tax
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11000000
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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CY2021Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
96000000
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
21000000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
120000000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
764000000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
634000000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3000000
CY2022Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
2000000
CY2022Q1 alsn Other Comprehensive Income Loss Available For Sale Securities And Derivatives Adjustment Net Of Tax
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19000000
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
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CY2022Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
81000000
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
20000000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
129000000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
679000000
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;min-width:fit-content;">NOTE A. OVERVIEW</span></p><p style="text-indent:2.267%;font-size:10.0pt;margin-top:6.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;">Overview</span></p><p style="text-indent:4.44%;font-size:10.0pt;margin-top:6.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">Allison Transmission Holdings, Inc. and its subsidiaries (“Allison” or the “Company”) design and manufacture vehicle propulsion solutions, including commercial-duty on-highway, off-highway and defense fully automatic transmissions and electric hybrid and fully electric systems. The business was founded in 1915 and has been headquartered in Indianapolis, Indiana since inception. Allison is traded on the New York Stock Exchange under the symbol, “ALSN”.</span></p><p style="text-indent:4.44%;font-size:10.0pt;margin-top:6.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">Although approximately </span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">76</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">% of revenues were generated in North America in 2021, the Company has a global presence by serving customers in Asia, Europe, South America and Africa. The Company serves customers through an independent network of approximately </span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">1,400</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> independent distributor and dealer locations worldwide.</span></p><p style="text-indent:4.44%;font-size:10.0pt;margin-top:6.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">During the first quarter of 2022, the COVID-19 pandemic continued to cause supply chain, labor and raw material constraints that created volatility in the Company's performance and impacted global markets and supply chains. As a result, the Company experienced, and expects to continue to experience, raw material and component part price inflation, increased freight and logistics costs and increased overtime expense as a result of labor shortages. In addition, despite increased customer demand the Company's net sales for the first quarter of 2022 were negatively impacted as a result of its customers’ inability to secure components from the broader commercial vehicle supply base which resulted in reduced commercial vehicle build schedules. The Company expects that commercial vehicle build schedules will continue to be negatively impacted by the availability of components.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:4.44%;font-size:10.0pt;margin-top:6.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">To limit the spread of variants and sub-variants of COVID-19, governments continue to take various actions that may impact the Company's employees, operations and supply base, including the administration or mandate of vaccinations, travel bans and restrictions, quarantines, curfews, stay-at-home orders, social distancing guidelines and business shutdowns and closures. The Company continues to take a variety of measures, when and where appropriate based on transmission rates and the presence of variants and sub-variants of COVID-19 in the locations in which it operates, to promote the safety and security of its employees and to maintain operations with as minimal impact as possible to our stakeholders.</span></p>
CY2022Q1 alsn Worldwide Independent Distributor And Dealer Locations
WorldwideIndependentDistributorAndDealerLocations
1400
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:2.267%;font-size:10.0pt;margin-top:6.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.4%;font-size:10.0pt;margin-top:6.0pt;line-height:1.38;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses. Estimates include, but are not limited to, sales allowances, government price adjustments, fair market values and future cash flows associated with goodwill, indefinite life intangibles, definite life intangibles, long-lived asset impairment tests, useful lives for depreciation and amortization, warranty liabilities, core deposit liabilities, environmental liabilities, determination of discount rate and other assumptions for pension and other post-retirement benefit ("OPEB") expense, determination of discount rate and period for leases, income taxes and deferred tax valuation allowances, derivative valuation, assumptions for business combinations and contingencies. The Company’s accounting policies involve the application of judgments and assumptions made by management that include inherent risks and uncertainties. Due to the uncertainty surrounding global economic conditions, including the ongoing COVID-19 pandemic and its impact on our supply chain, demand for our products, and the cost and availability of raw materials, labor, and transport, a</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;">ctual results could differ materially from these estimates and assumptions used in preparation of the financial statements including, but not limited to, future cash flows associated with goodwill, indefinite life intangibles, definite life intangibles, long-lived impairment tests, determination of discount rate and other assumptions for pension and OPEB expense and income taxes. Changes in estimates are recorded in results of operations in the period that the events or circumstances giving rise to such changes occur.</span></p>
CY2022Q1 alsn Revenue Adjustments To Variable Consideration Constraint
RevenueAdjustmentsToVariableConsiderationConstraint
0
CY2021Q1 alsn Revenue Adjustments To Variable Consideration Constraint
RevenueAdjustmentsToVariableConsiderationConstraint
0
CY2022Q1 alsn Product Sales Credit Term
ProductSalesCreditTerm
P30D
CY2022Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
0
CY2021Q4 us-gaap Contract With Customer Asset Net
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0
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Number Of Reportable Segments
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1
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
677000000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
588000000
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2195000000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1278000000
CY2022Q1 us-gaap Inventory Parts And Components Net Of Reserves
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105000000
CY2021Q4 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
101000000
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
8000000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
8000000
CY2022Q1 us-gaap Other Inventory Net Of Reserves
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42000000
CY2021Q4 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
44000000
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
55000000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
51000000
CY2022Q1 us-gaap Inventory Net
InventoryNet
210000000
CY2021Q4 us-gaap Inventory Net
InventoryNet
204000000
CY2022Q1 us-gaap Goodwill
Goodwill
2077000000
CY2021Q4 us-gaap Goodwill
Goodwill
2064000000
CY2022Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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2202000000
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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1289000000
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
913000000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
917000000
CY2022Q1 us-gaap Intangible Assets Net Including Goodwill
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2990000000
CY2021Q4 us-gaap Intangible Assets Net Including Goodwill
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2981000000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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45000000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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9000000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5000000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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2000000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1000000
CY2021Q4 us-gaap Goodwill
Goodwill
2064000000
CY2022Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
14000000
CY2022Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
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CY2022Q1 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
13000000
CY2022Q1 us-gaap Goodwill
Goodwill
2077000000
CY2022Q1 alsn Fair Value Measurement Guidance And Hierarchy Levels Description
FairValueMeasurementGuidanceAndHierarchyLevelsDescription
In accordance with the FASB’s authoritative accounting guidance on fair value measurements, fair value is the price (exit price) that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company primarily applies the market approach for recurring fair value measurements and utilizes the best available information that maximizes the use of observable inputs and minimizes the use of unobservable inputs. The Company is able to classify fair value balances based on the observability of those inputs. The accounting guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy defined by the relevant guidance are as follows:Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed equities and publicly traded bonds.Level 2 — Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes financial instruments that are valued using quoted prices in markets that are not active and those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.Level 3 — Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. At each balance sheet date, the Company performs an analysis of all instruments subject to authoritative accounting guidance and includes, in Level 3, all of those whose fair value is based on significant unobservable inputs. As of March 31, 2022 and December 31, 2021, the Company did not have any Level 3 financial assets or liabilities.
CY2022Q1 us-gaap Marketable Securities
MarketableSecurities
31000000
CY2021Q4 us-gaap Marketable Securities
MarketableSecurities
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CY2022Q1 us-gaap Assets Held In Trust
AssetsHeldInTrust
18000000
CY2021Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
19000000
CY2022Q1 us-gaap Deferred Compensation Cashbased Arrangements Liability Current And Noncurrent
DeferredCompensationCashbasedArrangementsLiabilityCurrentAndNoncurrent
18000000
CY2021Q4 us-gaap Deferred Compensation Cashbased Arrangements Liability Current And Noncurrent
DeferredCompensationCashbasedArrangementsLiabilityCurrentAndNoncurrent
19000000
CY2022Q1 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
25000000
CY2021Q4 us-gaap Fair Value Net Asset Liability
FairValueNetAssetLiability
15000000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
2530000000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
2531000000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
6000000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
6000000
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
21000000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
21000000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2503000000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2504000000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
2530000000
CY2022Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2452000000
CY2022Q1 us-gaap Derivative Description Of Terms
DerivativeDescriptionOfTerms
The Company is subject to interest rate risk related to the Senior Secured Credit Facility and enters into interest rate swaps that are based on LIBOR to manage a portion of this exposure. The interest rate swaps are designated as cash flow hedges that qualify for hedge accounting under the hypothetical derivative method. Fair value adjustments are recorded as a component of Accumulated other comprehensive loss, net of tax (“AOCL”) in the Condensed Consolidated Balance Sheets. Balances in AOCL are reclassified to earnings when transactions related to the underlying risk are settled. As of March 31, 2022, the Company held interest rate swaps effective from September 2019 to September 2025 with notional values totaling $250 million and a weighted average LIBOR fixed rate of 3.04%, interest rate swaps effective from September 2019 to September 2022 with notional values totaling $250 million and a weighted average LIBOR fixed rate of 3.01% and interest rate swaps effective from September 2022 to September 2025 with notional values totaling $250 million and a weighted average LIBOR fixed rate of 2.82%. See "Note F. Fair Value of Financial Instruments” for information regarding the fair value of the Company’s interest rate swaps.
CY2022Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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7000000
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
30000000
CY2022Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
23000000
CY2021Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
32000000
CY2021Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
30000000
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
53000000
CY2020Q4 us-gaap Product Warranty Accrual
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66000000
CY2022Q1 us-gaap Product Warranty Accrual Payments
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7000000
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
8000000
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
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4000000
CY2021Q1 us-gaap Product Warranty Accrual Warranties Issued
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4000000
CY2022Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
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CY2022Q1 us-gaap Product Warranty Accrual
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53000000
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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CY2022Q1 us-gaap Contract With Customer Liability Current
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35000000
CY2022Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
97000000
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
35000000
CY2021Q1 us-gaap Contract With Customer Liability Noncurrent
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CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
143000000
CY2022Q1 alsn Contract With Customer Liability Increase
ContractWithCustomerLiabilityIncrease
7000000
CY2021Q1 alsn Contract With Customer Liability Increase
ContractWithCustomerLiabilityIncrease
7000000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
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11000000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
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8000000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
132000000
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
142000000
CY2022Q1 alsn Lessee Lease Description
LesseeLeaseDescription
Contracts are assessed by the Company to determine if the contract conveys the right to control an identified asset in exchange for consideration during a period of time. The Company classifies all identified leases as either operating or finance leases. As of March 31, 2022, the Company was not a party to any finance leases. Contracts that contain leases are assessed to determine if the consideration in the contract is related to a lease component, non-lease component or other components not related to the lease. Lease components are recorded as right-of-use (“ROU”) assets and lease liabilities while any non-lease component is expensed as incurred. The consideration in the contract related to other components not related to the lease is allocated among the lease component and the non-lease component, as applicable, based on the stand-alone selling price of the lease and non-lease components.
CY2022Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0425
CY2021Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0425
CY2022Q1 us-gaap Operating Lease Liability Current
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4000000
CY2021Q4 us-gaap Operating Lease Liability Current
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4000000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13000000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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13000000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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3000000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4000000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2000000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2000000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2000000
CY2022Q1 alsn Lessee Operating Lease Liability Payments Thereafter
LesseeOperatingLeaseLiabilityPaymentsThereafter
6000000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
19000000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2000000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
17000000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17000000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
18000000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y9M18D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y4M24D
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
48000000
CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
14000000
CY2022Q1 alsn Sales Allowances
SalesAllowances
38000000
CY2021Q4 alsn Sales Allowances
SalesAllowances
39000000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
35000000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
80000000
CY2022Q1 us-gaap Interest Payable Current
InterestPayableCurrent
26000000
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
24000000
CY2022Q1 alsn Vendor Buyback Obligation
VendorBuybackObligation
16000000
CY2021Q4 alsn Vendor Buyback Obligation
VendorBuybackObligation
16000000
CY2022Q1 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
4000000
CY2021Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
4000000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4000000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4000000
CY2022Q1 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
4000000
CY2021Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
1000000
CY2022Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
3000000
CY2021Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
10000000
CY2022Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
12000000
CY2021Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
12000000
CY2022Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
190000000
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
204000000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34000000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34000000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.22
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.30
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
CY2022Q1 us-gaap Valuation Allowance Methodologies And Assumptions
ValuationAllowanceMethodologiesAndAssumptions
The need to establish a valuation allowance against the deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold, in accordance with authoritative accounting guidance. Appropriate consideration is given to all positive and negative evidence related to that realization. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry-forward periods, experience with tax attributes expiring unused, and tax planning alternatives. The weight given to these considerations depends upon the degree to which they can be objectively verified. The Company continues to provide for a valuation allowance on certain of its foreign deferred tax assets and an anticipated capital loss carryforward. The Company has determined, based on the evaluation of both objective and subjective evidence available, that this valuation allowance is necessary and that it is more likely than not that the deferred tax assets are not fully realizable.
CY2022Q1 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
In accordance with the FASB’s authoritative guidance on accounting for income taxes, the Company has recorded a liability for unrecognized tax benefits related to a 2010 Research and Development Credit as of March 31, 2022 and December 31, 2021. The accounting guidance prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company's returns will remain subject to examination by various taxing authorities for the duration of the applicable statute of limitations (generally three years from the later of the date of filing or the due date of the return).
CY2022Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
3000000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
129000000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
120000000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
98000000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
111000000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99000000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112000000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.32
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.08

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