2023 Q1 Form 10-K Financial Statement

#000161686223000007 Filed on February 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.284B $1.237B $4.884B
YoY Change 9.35% 8.75% 10.6%
Cost Of Revenue $901.9M $865.2M $3.466B
YoY Change 7.7% 7.52% 16.01%
Gross Profit $382.0M $371.5M $1.419B
YoY Change 13.45% 11.73% -0.71%
Gross Profit Margin 29.75% 30.04% 29.05%
Selling, General & Admin $206.0M $200.8M $772.4M
YoY Change 6.46% 4.47% 4.56%
% of Gross Profit 53.93% 54.05% 54.44%
Research & Development $19.10M $16.80M $66.40M
YoY Change 16.46% 7.69% 6.41%
% of Gross Profit 5.0% 4.52% 4.68%
Depreciation & Amortization $69.50M $73.60M $303.1M
YoY Change -10.55% -10.02% -4.23%
% of Gross Profit 18.19% 19.81% 21.36%
Operating Expenses $225.1M $261.7M $995.6M
YoY Change 7.24% 11.08% 24.28%
Operating Profit $125.3M $109.8M $423.2M
YoY Change 45.19% 13.31% -8.48%
Interest Expense $48.20M -$38.70M -$139.8M
YoY Change 47.85% 15.52% -204.17%
% of Operating Profit 38.47% -35.25% -33.03%
Other Income/Expense, Net -$1.300M -$13.70M -$26.10M
YoY Change -27.78% -1078.57% -312.2%
Pretax Income $75.80M $57.40M $257.3M
YoY Change 46.05% -8.31% -24.43%
Income Tax $15.30M $13.50M $65.10M
% Of Pretax Income 20.18% 23.52% 25.3%
Net Earnings $60.50M $43.60M $191.6M
YoY Change 45.78% -18.05% -27.4%
Net Earnings / Revenue 4.71% 3.53% 3.92%
Basic Earnings Per Share $0.27 $0.86
Diluted Earnings Per Share $0.27 $196.8K $861.9K
COMMON SHARES
Basic Shares Outstanding 221.1M shares 220.6M shares 221.7M shares
Diluted Shares Outstanding 222.1M shares 222.3M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $512.1M $645.2M $645.2M
YoY Change -11.12% -23.25% -23.25%
Cash & Equivalents $512.1M $645.2M $645.2M
Short-Term Investments
Other Short-Term Assets $101.3M $150.5M $150.5M
YoY Change -6.72% 64.12% 64.12%
Inventory $798.6M $829.6M $829.6M
Prepaid Expenses $140.8M
Receivables $998.8M $1.067B $1.067B
Other Receivables $170.8M $0.00 $0.00
Total Short-Term Assets $2.624B $2.693B $2.693B
YoY Change 4.28% 4.55% 4.55%
LONG-TERM ASSETS
Property, Plant & Equipment $1.204B $1.190B $1.190B
YoY Change 1.65% 0.34% -7.77%
Goodwill $1.524B $1.498B
YoY Change -3.23% -5.95%
Intangibles $1.093B $1.112B
YoY Change -11.64% -12.98%
Long-Term Investments $10.30M
YoY Change 4.04%
Other Assets $555.7M $566.0M $566.0M
YoY Change -2.32% -3.17% 17.84%
Total Long-Term Assets $4.377B $4.367B $4.367B
YoY Change -4.13% -5.93% -5.93%
TOTAL ASSETS
Total Short-Term Assets $2.624B $2.693B $2.693B
Total Long-Term Assets $4.377B $4.367B $4.367B
Total Assets $7.001B $7.059B $7.059B
YoY Change -1.14% -2.19% -2.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $703.5M $733.5M $733.5M
YoY Change -5.95% 11.58% 20.07%
Accrued Expenses $534.6M $620.2M $620.2M
YoY Change 2.63% 3.75% 39.15%
Deferred Revenue
YoY Change
Short-Term Debt $21.60M $16.00M $16.00M
YoY Change -58.3% -71.12% -71.12%
Long-Term Debt Due $20.00M $40.10M $40.10M
YoY Change -17.7% 65.02% 65.02%
Total Short-Term Liabilities $1.280B $1.394B $1.394B
YoY Change -4.86% 4.41% 4.41%
LONG-TERM LIABILITIES
Long-Term Debt $3.606B $3.664B $3.664B
YoY Change -3.58% -2.29% -2.29%
Other Long-Term Liabilities $129.5M $339.6M $339.6M
YoY Change -13.2% 126.85% -18.95%
Total Long-Term Liabilities $129.5M $4.004B $4.004B
YoY Change -13.2% 2574.55% -3.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.280B $1.394B $1.394B
Total Long-Term Liabilities $129.5M $4.004B $4.004B
Total Liabilities $5.385B $5.606B $5.606B
YoY Change -4.86% -1.28% -2.07%
SHAREHOLDERS EQUITY
Retained Earnings $1.079B $1.019B
YoY Change 24.24% 23.16%
Common Stock $1.801B $1.789B
YoY Change 1.71% 1.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $887.3M
YoY Change 29.12%
Treasury Stock Shares
Shareholders Equity $1.570B $1.454B $1.454B
YoY Change
Total Liabilities & Shareholders Equity $7.001B $7.059B $7.059B
YoY Change -1.14% -2.19% -2.19%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $60.50M $43.60M $191.6M
YoY Change 45.78% -18.05% -27.4%
Depreciation, Depletion And Amortization $69.50M $73.60M $303.1M
YoY Change -10.55% -10.02% -4.23%
Cash From Operating Activities -$51.80M $245.6M $293.8M
YoY Change 18.0% -8.56% -47.4%
INVESTING ACTIVITIES
Capital Expenditures $41.40M -$43.40M -$150.9M
YoY Change -2.59% 89.52% -224.1%
Acquisitions $3.000M
YoY Change -99.54%
Other Investing Activities -$900.0K $4.900M $44.50M
YoY Change -10.0% -81.72% 3608.33%
Cash From Investing Activities -$5.500M -$38.50M -$106.4M
YoY Change -46.6% -1087.18% -85.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$200.4M
YoY Change -182.2%
Debt Paid & Issued, Net $75.80M $2.042B
YoY Change 1014.71% 7490.71%
Cash From Financing Activities -$88.40M -94.00M -368.9M
YoY Change -57.52% 70.91% 10.28%
NET CHANGE
Cash From Operating Activities -$51.80M 245.6M 293.8M
Cash From Investing Activities -$5.500M -38.50M -106.4M
Cash From Financing Activities -$88.40M -94.00M -368.9M
Net Change In Cash -$145.7M 113.1M -181.5M
YoY Change -44.45% -48.0% -63.1%
FREE CASH FLOW
Cash From Operating Activities -$51.80M $245.6M $293.8M
Capital Expenditures $41.40M -$43.40M -$150.9M
Free Cash Flow -$93.20M $289.0M $444.7M
YoY Change 7.87% -0.86% 1.76%

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851200000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1364000000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
126800000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
118100000 usd
CY2020 us-gaap Interest Paid Net
InterestPaidNet
151700000 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
63000000.0 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
57900000 usd
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
25900000 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
35100000 usd
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
35100000 usd
CY2022 us-gaap Basis Of Accounting
BasisOfAccounting
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated balance sheets of Axalta Coating Systems Ltd. ("Axalta," the "Company," "we," "our" and "us"), at December 31, 2022 and 2021 and the related consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of cash flows and consolidated statements of changes in shareholders' equity for the years ended December 31, 2022, 2021 and 2020 included herein have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are audited. In the opinion of management, these statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the financial position of Axalta. </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Summary of Significant Accounting Policies</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Principles of Consolidation</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company's ownership is less than 100%, the outside shareholders' interests are shown as noncontrolling interests. Investments in companies in which Axalta does not maintain control, but has the ability to exercise significant influence over operating and financial policies of the investee, are accounted for using the equity method of accounting. As a result, Axalta's share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statements of operations and our share of these companies' stockholders' equity is included in the accompanying consolidated balance sheets. Certain of our joint ventures are accounted for on a one-month lag basis, the effect of which is not material. We eliminated all intercompany accounts and transactions in the preparation of the accompanying consolidated financial statements.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the period. The estimates and assumptions include, but are not limited to, receivable and inventory valuations, derivative instruments, fixed asset valuations, valuations of goodwill and identifiable intangible assets, including analysis of impairment, valuations of long-term employee benefit obligations, income taxes, environmental matters, contingencies, litigation, stock-based compensation, restructuring and allocations of costs. Our estimates are based on historical experience, facts and circumstances available at the time and various other assumptions that are believed to be reasonable. Actual results could differ materially from those estimates.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Accounting for Business Combinations</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We account for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets and assumed liabilities at their acquisition date fair values. The method records any excess purchase price over the fair value of acquired net assets as goodwill. Included in the determination of the purchase price is the fair value of contingent consideration, if applicable, based on the terms and applicable targets described within the acquisition agreements (i.e., projected revenues or EBITDA). Subsequent to the acquisition date, the fair value of the contingent liability, if determined to be payable in cash, is revalued at each balance sheet date with adjustments recorded within earnings. </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The determination of the fair value of assets acquired, liabilities assumed and noncontrolling interests involves assessments of factors such as the expected future cash flows associated with individual assets and liabilities and appropriate discount rates at the closing date of the acquisition. When necessary, we consult with external advisors to help determine fair value. For non-observable market values determined using Level 3 assumptions, we determine fair value using acceptable valuation principles, including most commonly the excess earnings method for customer relationships, relief from royalty method for technology and trademarks, cost method for inventory and a combination of cost and market methods for property, plant and equipment, as applicable.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We include the results of operations from the acquisition date in the financial statements for all businesses acquired.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue Recognition</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See Note 2 for disclosure of our revenue recognition accounting policy.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Cash, Cash Equivalents and Restricted Cash</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash equivalents represent highly liquid investments considered readily convertible to known amounts of cash within three months or less from time of purchase. They are carried at cost plus accrued interest, which approximates fair value because of the short-term maturity of these instruments. Cash balances may exceed government insured limits in certain jurisdictions. </span></div><div style="margin-bottom:5pt;margin-top:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Restricted cash on our consolidated balance sheets represents cash held in escrow for pending contingent liabilities related to an acquisition made during the year ended December 31, 2021 and cash used to secure certain customer guarantees.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fair Value Measurements</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">GAAP defines a fair value hierarchy that prioritizes the inputs to valuation techniques 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 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following valuation techniques are used to measure fair value for assets and liabilities:</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 1—Quoted market prices in active markets for identical assets or liabilities;</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 2—Significant other observable inputs (i.e., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); and</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Level 3—Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Derivatives and Hedging</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company from time to time utilizes derivatives to manage exposures to currency exchange rates and interest rate risk. The fair values of all derivatives are recognized as assets or liabilities at the balance sheet date. Changes in the fair value of these instruments are reported in income or accumulated other comprehensive loss ("AOCI"), depending on the use of the derivative and whether it qualifies for hedge accounting treatment and is designated as such.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gains and losses on derivatives that qualify and are designated as cash flow or net investment hedges are recorded in AOCI, to the extent the hedges are effective, until the underlying transactions are recognized in income.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gains and losses on derivatives qualifying and designated as fair value hedging instruments, as well as the offsetting losses and gains on the hedged items, are reported in income in the same accounting period. Derivatives not designated as hedging instruments are marked-to-market at the end of each accounting period with the results included in income.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash flows from derivatives are presented in the consolidated statements of cash flows in a manner consistent with the underlying transactions.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Receivables and Allowance for Doubtful Accounts</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Receivables are carried at amounts that approximate fair value. Receivables are recognized net of an allowance for doubtful accounts receivable. The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the financial asset, based on historical experience, current conditions and reasonable forecasts of future economic conditions. Accounts receivable are written down or off when a portion or all of such account receivable is determined to be uncollectible.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Inventories</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inventories are valued at the lower of cost or net realizable value with cost being determined on the weighted average cost method. Elements of cost in inventories include:</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:56.25pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">raw materials,</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:56.25pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">direct labor, and</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:56.25pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">manufacturing and indirect overhead.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stores and supplies are valued at the lower of cost or net realizable value; cost is generally determined by the weighted average cost method. Inventories deemed to have costs greater than their respective market values are reduced to net realizable value with a loss recorded in income in the period recognized. </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Property, Plant and Equipment</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property, plant and equipment acquired in an acquisition are recorded at fair value as of the acquisition date and are depreciated over the estimated useful life using the straight-line method. Property, plant and equipment purchases are recorded at cost and are depreciated over the estimated useful life using the straight-line method starting on the date they are placed in service. See Note 15 for a range of estimated useful lives used for each property, plant and equipment class. </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Software included in property, plant and equipment represents the costs of software developed or obtained for internal use. Software costs are amortized on a straight-line basis over their estimated useful lives. Upgrades and enhancements are capitalized if they result in added functionality, which enables the software to perform tasks it was previously incapable of performing. Software maintenance and training costs are expensed in the period in which they are incurred.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Leases</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See Note 7 for disclosure of our accounting policy for leases.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Goodwill and Other Identifiable Intangible Assets</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Goodwill represents the excess of the purchase price over the fair values of the underlying net assets acquired in a business combination. Goodwill and indefinite-lived intangible assets are tested for impairment on an annual basis as of October 1</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">st</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">; however, these tests are performed more frequently if events or changes in circumstances indicate that the asset may be impaired..</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When testing goodwill and indefinite-lived intangible assets for impairment, we first have an option to assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that an impairment exists. Such qualitative factors may include the evaluation of the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant asset-specific events. If based on this qualitative assessment we determine that an impairment is more likely than not, or if we elect not to perform a qualitative assessment, we would be required to perform a quantitative impairment test. </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under the quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit, with respect to goodwill, and indefinite-lived intangible asset to its carrying value. If the fair value of the reporting unit or indefinite-lived intangible asset is less than the carrying value, the difference is recorded as an impairment loss not to exceed the amount of recorded goodwill or carrying value of the respective indefinite-lived intangible asset.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2022, as a result of the time lapsed since our last quantitative evaluation in 2019, we bypassed the qualitative evaluation and tested for impairment of the goodwill of our reporting units and our indefinite-lived intangible assets by performing a quantitative evaluation. The quantitative analysis concluded that all reporting units and indefinite-lived intangible assets had fair values in significant excess of carrying values.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Definite-lived intangible assets, such as technology, trademarks, customer relationships, favorable contractual agreements and non-compete agreements are amortized over their estimated useful lives, generally for periods ranging from 3 to 25 years. We evaluate these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets might not be recoverable. The reasonableness of the useful lives of definite and indefinite-lived assets are regularly evaluated. </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment of Long-Lived Assets</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The carrying value of long-lived assets to be held and used is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable. Evaluation for impairment is done at the asset group level. The carrying value of long-lived asset groupings is considered impaired when the total projected undiscounted cash flows from the asset group is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset group. The fair value methodology used is an estimate of fair market value and is based on prices of similar asset groupings or other valuation methodologies, including present value techniques. Long-lived asset groupings to be disposed of other than by sale are classified as held for use until their disposal. Long-lived asset groupings to be disposed of by sale are classified as held for sale after all applicable attributes in the guidance are met and are reported at the lower of carrying amount or fair market value less cost to sell. Depreciation is discontinued for long-lived asset groupings classified as held for sale.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Research and Development</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Research and development costs incurred in the normal course of business consist primarily of employee-related costs and are expensed as incurred. In-process research and development projects acquired in a business combination are recorded as intangible assets at their fair value as of the acquisition date, using Level 3 assumptions. Subsequent costs related to acquired in-process research and development projects are expensed as incurred. In-process research and development intangible assets are considered indefinite-lived until the abandonment or completion of the associated research and development efforts. These indefinite-lived intangible assets are tested for impairment consistent with the impairment testing performed on other indefinite-lived intangible assets discussed above. Upon completion of the research and development process, the carrying value of acquired in-process research and development projects is reclassified as a finite-lived asset and is amortized over its useful life. Once amortization commences, these assets are tested for impairment consistent with long-lived assets as discussed above.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Environmental Liabilities and Expenditures</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accrued environmental liabilities are not discounted. Claims for recovery from third parties, if any, are reflected separately as an asset. We record recoveries at the earlier of when the gain is probable and reasonably estimable or realized.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Costs related to environmental remediation are charged to expense in the period incurred. Other environmental costs are also charged to expense in the period incurred, unless they increase the value of the property or reduce or prevent contamination from future operations, in which case, they are capitalized and depreciated.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Contingencies and Litigation</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We accrue for liabilities related to contingencies, including the operational matter discussed in Note 6, and litigation matters when available information indicates that the liability is probable, and the amount can be reasonably estimated. Legal costs such as outside counsel fees and expenses are charged to expense in the period incurred.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Income Taxes</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets are also recognized for tax losses, interest and tax credit carryforwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applicable in the years in which they are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax law is recognized in net income in the period that includes the enactment date.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Where we do not intend to indefinitely reinvest earnings of our subsidiaries, we provide for income taxes and withholding taxes, where applicable, on unremitted earnings. We do not provide for income taxes on unremitted earnings of our subsidiaries that are intended to be indefinitely reinvested.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We recognize the benefit of an income tax position only if it is "more likely than not" that the tax position will be sustained. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized. Additionally, we recognize interest and penalties related to unrecognized tax benefits as a component of provision for income taxes. The current portion of unrecognized tax benefits is included in other accrued liabilities and the long-term portion is included in other liabilities in the consolidated balance sheets. </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Foreign Currency Translation</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our reporting currency is the U.S. Dollar. In most cases, our non-U.S. based subsidiaries use their local currency as the functional currency for their respective business operations. Assets and liabilities of these operations are translated into U.S. Dollars at end-of-period exchange rates; income and expenses are translated using the average exchange rates for the reporting period. Resulting cumulative translation adjustments are recorded as a component of shareholders' equity in the accompanying consolidated balance sheets in AOCI.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gains and losses from transactions denominated in currencies other than functional currencies are included in the consolidated statements of operations in other expense (income), net.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Employee Benefits</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on factors such as age, years of service and compensation. The obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of the future benefits that employees earn in return for their service in the current and prior periods. These benefits are then discounted to determine the present value of the obligations and are then adjusted for the impact of any unamortized prior service costs. The discount rate used is based upon market indicators in the region (generally, the yield on bonds that are denominated in the currency in which the benefits will be paid and that have maturity dates approximating the terms of the obligations). The calculations are performed by qualified actuaries using the projected unit credit method. The obligation of defined benefit plans recorded on our consolidated balance sheets is net of the current fair value of assets within each respective plan. See Note 8 for further information.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Stock-Based Compensation </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We provide directors and certain employees stock-based compensation comprising stock options, restricted stock units, and performance share units. The instruments are measured at fair value on the grant date or date of modification, as applicable. We recognize compensation expense on a graded-vesting attribution basis over the requisite service period, inclusive of impacts of any current period modifications of previously granted awards. Compensation expense is recorded net of forfeitures, which we have elected to record in the period they occur. </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Earnings per Common Share </span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Basic earnings per common share is computed by dividing net income attributable to Axalta's common shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per common share is computed by dividing net income attributable to Axalta's common shareholders by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities; anti-dilutive securities are excluded from the calculation. These potentially dilutive securities are calculated under the treasury stock method and all outstanding stock options, restricted stock units, and performance share units are considered.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accounting Guidance Issued But Not Yet Adopted</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-04, "Liabilities – Supplier Finance Programs." The ASU codifies disclosure requirements for supplier financing programs. The new standard is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. We are currently evaluating the impact of ASU 2022-04 on our financial statements but do not expect the guidance to have a material impact.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Risks and Uncertainties</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">After experiencing significant impacts to our results of operations, financial condition and cash flows in 2020 from the coronavirus ("COVID-19") pandemic, we have seen a return to more stable demand for our products and services during 2021 and 2022, though we continue to see impacts to our business given the continued significant presence, and actual or potential spread, of the virus globally, as well as preventative measures enacted in certain regions of the world. We are currently unable to fully determine the future impact of COVID-19 on our business, though we believe the pandemic may continue to have a negative effect on our business through 2023, and potentially longer. We continue to monitor the progression of the pandemic and its ongoing and potential effect on our financial position, results of operations, and cash flows, which effects could be materially adverse in a particular quarterly reporting period as well as on an annual basis.</span></div>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
26.56
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1100000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
26.56
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
2100000 usd
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P2Y9M14D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1100000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
26.56
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
2100000 usd
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P2Y9M14D
CY2021 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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CY2022 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
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CY2020 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
600000 usd
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2500000 usd
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4300000 usd
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1100000 usd
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1900000 usd
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3200000 usd
CY2022 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-15200000 usd
CY2021 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-2900000 usd
CY2020 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
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CY2022 axta Financing Feesand Extinguishment
FinancingFeesandExtinguishment
14700000 usd
CY2021 axta Financing Feesand Extinguishment
FinancingFeesandExtinguishment
200000 usd
CY2020 axta Financing Feesand Extinguishment
FinancingFeesandExtinguishment
34400000 usd
CY2022 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3800000 usd
CY2021 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
15400000 usd
CY2020 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8200000 usd
CY2022 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2021 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2020 us-gaap Nonoperating Income Expense
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CY2022 axta Write Off For Customer Concession Income Expense
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CY2021 axta Indirect Taxes Income Expense
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CY2020 axta Tax Benefit On Step Up Value
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50500000 usd
CY2022 us-gaap Income Tax Holiday Aggregate Dollar Amount
IncomeTaxHolidayAggregateDollarAmount
1900000 usd
CY2021 us-gaap Income Tax Holiday Aggregate Dollar Amount
IncomeTaxHolidayAggregateDollarAmount
2100000 usd
CY2022 us-gaap Income Tax Holiday Income Tax Benefits Per Share
IncomeTaxHolidayIncomeTaxBenefitsPerShare
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CY2021 us-gaap Income Tax Holiday Income Tax Benefits Per Share
IncomeTaxHolidayIncomeTaxBenefitsPerShare
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CY2020 us-gaap Income Tax Holiday Aggregate Dollar Amount
IncomeTaxHolidayAggregateDollarAmount
13200000 usd
CY2020 us-gaap Income Tax Holiday Income Tax Benefits Per Share
IncomeTaxHolidayIncomeTaxBenefitsPerShare
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
137900000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
173300000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
85400000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
119400000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
167200000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
36800000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
257300000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
340500000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
122200000 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2022 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
22100000 usd
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
14600000 usd
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
18100000 usd
CY2021 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
32700000 usd
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
9900000 usd
CY2020 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
11700000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2022 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
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CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
4300000 usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2021 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
5700000 usd
CY2020 us-gaap Current State And Local Tax Expense Benefit
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CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2020 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
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CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
40600000 usd
CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
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CY2022 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
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CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
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CY2021 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
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CY2020 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
47800000 usd
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
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CY2020 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
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CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
25700000 usd
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2020 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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18100000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.053
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 axta Income Tax Reconciliation Foreign Exchange Loss
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CY2022 axta Income Tax Reconciliation Foreign Exchange Loss Percent
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CY2021 axta Income Tax Reconciliation Foreign Exchange Loss
IncomeTaxReconciliationForeignExchangeLoss
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CY2021 axta Income Tax Reconciliation Foreign Exchange Loss Percent
IncomeTaxReconciliationForeignExchangeLossPercent
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CY2020 axta Income Tax Reconciliation Foreign Exchange Loss
IncomeTaxReconciliationForeignExchangeLoss
8200000 usd
CY2020 axta Income Tax Reconciliation Foreign Exchange Loss Percent
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CY2022 axta Effective Income Tax Rate Reconciliation Unrecognized Tax Benefits Amount
EffectiveIncomeTaxRateReconciliationUnrecognizedTaxBenefitsAmount
6200000 usd
CY2022 axta Effective Income Tax Rate Reconciliation Unrecognized Tax Benefits Percent
EffectiveIncomeTaxRateReconciliationUnrecognizedTaxBenefitsPercent
0.024
CY2021 axta Effective Income Tax Rate Reconciliation Unrecognized Tax Benefits Amount
EffectiveIncomeTaxRateReconciliationUnrecognizedTaxBenefitsAmount
-4900000 usd
CY2021 axta Effective Income Tax Rate Reconciliation Unrecognized Tax Benefits Percent
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-0.014
CY2020 axta Effective Income Tax Rate Reconciliation Unrecognized Tax Benefits Amount
EffectiveIncomeTaxRateReconciliationUnrecognizedTaxBenefitsAmount
54900000 usd
CY2020 axta Effective Income Tax Rate Reconciliation Unrecognized Tax Benefits Percent
EffectiveIncomeTaxRateReconciliationUnrecognizedTaxBenefitsPercent
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CY2022 axta Effective Income Tax Rate Reconciliation Withholding Taxes Amount
EffectiveIncomeTaxRateReconciliationWithholdingTaxesAmount
6900000 usd
CY2022 axta Effective Income Tax Rate Reconciliation Withholding Taxes Percent
EffectiveIncomeTaxRateReconciliationWithholdingTaxesPercent
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CY2021 axta Effective Income Tax Rate Reconciliation Withholding Taxes Amount
EffectiveIncomeTaxRateReconciliationWithholdingTaxesAmount
8700000 usd
CY2021 axta Effective Income Tax Rate Reconciliation Withholding Taxes Percent
EffectiveIncomeTaxRateReconciliationWithholdingTaxesPercent
0.025
CY2020 axta Effective Income Tax Rate Reconciliation Withholding Taxes Amount
EffectiveIncomeTaxRateReconciliationWithholdingTaxesAmount
7000000.0 usd
CY2020 axta Effective Income Tax Rate Reconciliation Withholding Taxes Percent
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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CY2022 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
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CY2021 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
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CY2020 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
5300000 usd
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
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CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2800000 usd
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.023
CY2022 axta Effective Income Tax Rate Reconciliation Intra Entity Intellectual Property Transfer Step Up Amount
EffectiveIncomeTaxRateReconciliationIntraEntityIntellectualPropertyTransferStepUpAmount
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CY2022 axta Effective Income Tax Rate Reconciliation Intra Entity Intellectual Property Transfer Step Up Percent
EffectiveIncomeTaxRateReconciliationIntraEntityIntellectualPropertyTransferStepUpPercent
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CY2021 axta Effective Income Tax Rate Reconciliation Intra Entity Intellectual Property Transfer Step Up Amount
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CY2021 axta Effective Income Tax Rate Reconciliation Intra Entity Intellectual Property Transfer Step Up Percent
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CY2020 axta Effective Income Tax Rate Reconciliation Intra Entity Intellectual Property Transfer Step Up Amount
EffectiveIncomeTaxRateReconciliationIntraEntityIntellectualPropertyTransferStepUpAmount
50800000 usd
CY2020 axta Effective Income Tax Rate Reconciliation Intra Entity Intellectual Property Transfer Step Up Percent
EffectiveIncomeTaxRateReconciliationIntraEntityIntellectualPropertyTransferStepUpPercent
0.416
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2020 us-gaap Income Tax Reconciliation Other Adjustments
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2022 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2020 us-gaap Income Tax Expense Benefit
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CY2022Q4 axta Deferred Tax Assets Capital Lossand Other Tax Carryforwards
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CY2021Q4 axta Deferred Tax Assets Capital Lossand Other Tax Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2022Q4 us-gaap Deferred Tax Assets Equity Method Investments
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CY2021Q4 us-gaap Deferred Tax Assets Equity Method Investments
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CY2022Q4 axta Deferred Tax Asset Finance Leases
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CY2021Q4 axta Deferred Tax Asset Finance Leases
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CY2022Q4 us-gaap Deferred Tax Assets Other
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CY2021Q4 us-gaap Deferred Tax Assets Other
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2021Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2021Q4 us-gaap Deferred Tax Assets Net
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CY2022Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
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CY2021Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
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CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2022Q4 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
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CY2021Q4 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
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CY2022Q4 us-gaap Deferred Tax Liabilities Financing Arrangements
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CY2021Q4 us-gaap Deferred Tax Liabilities Financing Arrangements
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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6800000 usd
CY2022Q4 us-gaap Deferred Income Tax Assets Net
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165200000 usd
CY2021Q4 us-gaap Deferred Income Tax Assets Net
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181500000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities Net
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CY2021Q4 us-gaap Deferred Income Tax Liabilities Net
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
6800000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
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800000 usd
CY2020 us-gaap Asset Impairment Charges
AssetImpairmentCharges
5700000 usd
CY2022 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
4300000 usd
CY2021 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
3100000 usd
CY2020 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
9500000 usd
CY2022 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
200000 usd
CY2021 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
4400000 usd
CY2020 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
0 usd
CY2022 axta Indirect Taxes Income Expense
IndirectTaxesIncomeExpense
0 usd
CY2021 axta Indirect Taxes Income Expense
IndirectTaxesIncomeExpense
8300000 usd
CY2020 axta Indirect Taxes Income Expense
IndirectTaxesIncomeExpense
0 usd
CY2022Q4 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
1500000 usd
CY2021 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
19700000 usd
CY2020 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 usd
CY2022 axta Expenses Related To Russian Sanctions
ExpensesRelatedToRussianSanctions
5000000.0 usd
CY2021 axta Expenses Related To Russian Sanctions
ExpensesRelatedToRussianSanctions
0 usd
CY2020 axta Expenses Related To Russian Sanctions
ExpensesRelatedToRussianSanctions
0 usd
CY2022 axta Commercial Agreement Restructuring Write Off
CommercialAgreementRestructuringWriteOff
25000000.0 usd
CY2021 axta Commercial Agreement Restructuring Write Off
CommercialAgreementRestructuringWriteOff
0 usd
CY2020 axta Commercial Agreement Restructuring Write Off
CommercialAgreementRestructuringWriteOff
0 usd
CY2022 axta Gain Loss In Other Adjustments
GainLossInOtherAdjustments
-100000 usd
CY2021 axta Gain Loss In Other Adjustments
GainLossInOtherAdjustments
0 usd
CY2020 axta Gain Loss In Other Adjustments
GainLossInOtherAdjustments
100000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
257300000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
340500000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
122200000 usd
CY2022 axta Divestiture Related Costs Due Diligence Cost
DivestitureRelatedCostsDueDiligenceCost
1900000 usd
CY2021 axta Divestiture Related Costs Due Diligence Cost
DivestitureRelatedCostsDueDiligenceCost
1000000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4884400000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4416200000 usd
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3737600000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1190200000 usd
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1186200000 usd
CY2022Q4 axta Cumulative Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Income Tax Expense Benefit
CumulativeOtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansIncomeTaxExpenseBenefit
-14100000 usd
CY2022Q4 axta Cumulative Other Comprehensive Income Loss Gain Losson Derivatives Income Tax Expense Benefit
CumulativeOtherComprehensiveIncomeLossGainLossonDerivativesIncomeTaxExpenseBenefit
400000 usd
CY2021Q4 axta Cumulative Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Income Tax Expense Benefit
CumulativeOtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansIncomeTaxExpenseBenefit
-24800000 usd
CY2021Q4 axta Cumulative Other Comprehensive Income Loss Gain Losson Derivatives Income Tax Expense Benefit
CumulativeOtherComprehensiveIncomeLossGainLossonDerivativesIncomeTaxExpenseBenefit
-3600000 usd
CY2020Q4 axta Cumulative Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Income Tax Expense Benefit
CumulativeOtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansIncomeTaxExpenseBenefit
-33500000 usd
CY2020Q4 axta Cumulative Other Comprehensive Income Loss Gain Losson Derivatives Income Tax Expense Benefit
CumulativeOtherComprehensiveIncomeLossGainLossonDerivativesIncomeTaxExpenseBenefit
-8800000 usd

Files In Submission

Name View Source Status
axta-20221231_lab.xml Edgar Link unprocessable
axta-20221231_pre.xml Edgar Link unprocessable
axta-20221231_def.xml Edgar Link unprocessable
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