Company Quick10K Filing
Meritor
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 87 $1,984
10-Q 2020-01-30 Quarter: 2019-12-29
10-K 2019-11-13 Annual: 2019-09-29
10-Q 2019-07-31 Quarter: 2019-06-30
10-Q 2019-05-02 Quarter: 2019-03-31
10-Q 2019-01-30 Quarter: 2018-12-30
10-K 2018-11-16 Annual: 2018-09-30
10-Q 2018-08-02 Quarter: 2018-07-01
10-Q 2018-05-03 Quarter: 2018-04-01
10-Q 2018-02-01 Quarter: 2017-12-31
10-K 2017-11-16 Annual: 2017-10-01
10-Q 2017-08-03 Quarter: 2017-07-02
10-Q 2017-05-04 Quarter: 2017-04-02
10-Q 2017-02-02 Quarter: 2017-01-01
10-K 2016-12-01 Annual: 2016-10-02
10-Q 2016-08-04 Quarter: 2016-06-30
10-Q 2016-05-05 Quarter: 2016-04-03
10-Q 2016-02-04 Quarter: 2016-01-03
10-K 2015-11-18 Annual: 2015-09-30
10-Q 2015-07-30 Quarter: 2015-06-28
10-Q 2015-04-30 Quarter: 2015-03-29
10-Q 2015-01-29 Quarter: 2014-12-28
10-K 2014-11-20 Annual: 2014-09-30
10-Q 2014-08-01 Quarter: 2014-06-29
10-Q 2014-05-02 Quarter: 2014-03-30
10-Q 2014-01-30 Quarter: 2013-12-29
10-K 2013-11-20 Annual: 2013-09-30
10-Q 2013-08-01 Quarter: 2013-06-30
10-Q 2013-05-03 Quarter: 2013-03-31
10-Q 2013-02-01 Quarter: 2012-12-30
10-K 2012-11-21 Annual: 2012-09-30
10-Q 2012-08-03 Quarter: 2012-07-01
10-Q 2012-05-04 Quarter: 2012-04-01
10-Q 2012-02-06 Quarter: 2012-01-01
10-K 2011-11-23 Annual: 2011-10-02
10-Q 2011-08-04 Quarter: 2011-07-03
10-Q 2011-05-06 Quarter: 2011-04-03
10-Q 2011-02-03 Quarter: 2011-01-02
10-K 2010-11-24 Annual: 2010-10-03
10-Q 2010-08-04 Quarter: 2010-07-04
10-Q 2010-05-06 Quarter: 2010-04-04
10-Q 2010-02-05 Quarter: 2010-02-05
8-K 2020-01-30 Earnings, Exhibits
8-K 2020-01-23 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2020-01-16 Officers, Exhibits
8-K 2019-11-13 Officers
8-K 2019-11-13 Earnings, Exhibits
8-K 2019-11-01 Officers, Exhibits
8-K 2019-09-27 Exit Costs
8-K 2019-09-13 Regulation FD
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-07-29 Regulation FD, Exhibits
8-K 2019-07-09 Regulation FD, Exhibits
8-K 2019-06-07 Enter Agreement, Exhibits
8-K 2019-05-03 Enter Agreement, Regulation FD, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-04-29 Earnings, Exhibits
8-K 2019-03-11 Officers, Exhibits
8-K 2019-01-29 Earnings, Exhibits
8-K 2019-01-24 Shareholder Vote
8-K 2019-01-22 Regulation FD, Exhibits
8-K 2018-12-06 Regulation FD, Exhibits
8-K 2018-12-04 Regulation FD, Exhibits
8-K 2018-11-14 Earnings, Exhibits
8-K 2018-09-26 Officers
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-05-03
8-K 2018-04-30 Earnings, Exhibits
8-K 2018-03-20 Officers
8-K 2018-03-12 Officers, Exhibits
8-K 2018-01-31 Earnings, Exhibits
8-K 2018-01-24 Shareholder Vote
8-K 2018-01-18 Officers, Exhibits
MTOR 2019-12-29
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-3.A mtor-12312019xex3xa.htm
EX-3.B mtor-12312019xex3xb.htm
EX-10.A mtor-12312019xex10xa.htm
EX-10.B mtor-12312019xex10xb.htm
EX-10.C mtor-12312019xex10xc.htm
EX-10.D mtor-12312019xex10xd.htm
EX-10.E mtor-12312019xex10xe.htm
EX-31.A mtor-12312019xex31a.htm
EX-31.B mtor-12312019xex31b.htm
EX-32.A mtor-12312019xex32a.htm
EX-32.B mtor-12312019xex32b.htm

Meritor Earnings 2019-12-29

MTOR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
DAN 2,809 7,346 5,427 8,605 1,182 237 650 5,042 14% 7.8 3%
LCII 2,261 1,330 577 2,362 510 136 258 2,446 22% 9.5 10%
ADNT 2,061 10,574 8,248 12,691 767 -1,778 -774 4,806 6% -6.2 -17%
MTOR 1,984 2,728 2,217 4,440 653 288 459 2,631 15% 5.7 11%
VNE 1,928 2,967 903 2,044 370 -452 -302 880 18% -2.9 -15%
DLPH 1,575 3,903 3,403 4,602 740 235 580 2,887 16% 5.0 6%
VC 1,527 2,192 1,715 2,882 314 93 214 1,437 11% 6.7 4%
THRM 1,364 752 287 1,014 290 32 99 1,435 29% 14.5 4%
AXL 1,359 7,548 5,976 5,240 963 -203 612 4,843 18% 7.9 -3%
GTX 1,193 2,172 4,589 3,220 728 1,111 411 2,577 23% 6.3 51%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended December 29, 2019

Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to

Commission File No. 1-15983

MERITOR, INC.

(Exact name of registrant as specified in its charter)
 
Indiana
 
 
38-3354643
 
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
2135 West Maple Road,
Troy,
Michigan
48084-7186
 
 
(Address of principal executive offices)
 
(Zip Code)
 
(248) 435-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1 Par Value
MTOR
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes
No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Registration S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
Yes
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
 
Accelerated Filer
Non-accelerated Filer
 
Smaller Reporting Company
Emerging Growth Company
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes
No
 
73,910,025 shares of Common Stock, $1.00 par value, of Meritor, Inc. were outstanding on January 29, 2020.



INDEX
 
 
 
Page
No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2


MERITOR, INC.

PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share amounts)
 
Three Months Ended December 31,
 
2019
 
2018
 
(Unaudited)
Sales
$
901

 
$
1,038

Cost of sales
(774
)
 
(897
)
GROSS MARGIN
127

 
141

Selling, general and administrative
(70
)
 
(34
)
Other operating expense, net
(5
)
 

OPERATING INCOME
52

 
107

Other income, net
10

 
11

Equity in earnings of affiliates
6

 
9

Interest expense, net
(14
)
 
(14
)
INCOME BEFORE INCOME TAXES
54

 
113

Provision for income taxes
(13
)
 
(21
)
INCOME FROM CONTINUING OPERATIONS
41

 
92

INCOME FROM DISCONTINUED OPERATIONS, net of tax

 

NET INCOME
41

 
92

Less: Net income attributable to noncontrolling interests
(2
)
 
(2
)
NET INCOME ATTRIBUTABLE TO MERITOR, INC.
$
39

 
$
90

NET INCOME ATTRIBUTABLE TO MERITOR, INC.
 
 
 
Net income from continuing operations
$
39

 
$
90

Income from discontinued operations

 

Net income
$
39

 
$
90

BASIC EARNINGS PER SHARE
 
 
 
Continuing operations
$
0.50

 
$
1.06

Discontinued operations

 

       Basic earnings per share
$
0.50

 
$
1.06

DILUTED EARNINGS PER SHARE
 
 
 
Continuing operations
$
0.48

 
$
1.03

Discontinued operations

 

       Diluted earnings per share
$
0.48

 
$
1.03

 
 
 
 
Basic average common shares outstanding
78.2

 
84.8

Diluted average common shares outstanding
80.7

 
87.5


See Notes to Condensed Consolidated Financial Statements.


3


MERITOR, INC.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in millions)


 
Three Months Ended December 31,
 
2019
 
2018
 
(Unaudited)
Net income
$
41

 
$
92

Other comprehensive income (loss):
 
 
 
Foreign currency translation adjustments:
 
 
 
     Attributable to Meritor, Inc.
21

 
(4
)
     Attributable to noncontrolling interest

 
1

Pension and other postretirement benefit related adjustments
3

 

Unrealized gain on cash flow hedges
2

 
1

Other comprehensive income (loss), net of tax
26

 
(2
)
Total comprehensive income
67

 
90

Less: Comprehensive income attributable to noncontrolling interest
(2
)
 
(3
)
Comprehensive income attributable to Meritor, Inc.
$
65

 
$
87


See Notes to Condensed Consolidated Financial Statements.


4


MERITOR, INC.

CONDENSED CONSOLIDATED BALANCE SHEET
(in millions)

 
December 31,
2019
 
September 30,
2019
 
(Unaudited)
ASSETS
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
108

 
$
108

Receivables, trade and other, net
478

 
551

Inventories
556

 
526

Other current assets
37

 
31

TOTAL CURRENT ASSETS
1,179

 
1,216

NET PROPERTY
517

 
515

GOODWILL
486

 
478

OTHER ASSETS
714

 
606

TOTAL ASSETS
$
2,896

 
$
2,815

LIABILITIES AND EQUITY
 
 
 
CURRENT LIABILITIES:
 
 
 
Short-term debt
$
178

 
$
41

       Accounts and notes payable
540

 
610

Other current liabilities
264

 
285

TOTAL CURRENT LIABILITIES
982

 
936

LONG-TERM DEBT
901

 
902

RETIREMENT BENEFITS
330

 
336

OTHER LIABILITIES
299

 
226

TOTAL LIABILITIES
2,512

 
2,400

COMMITMENTS AND CONTINGENCIES (See Note 20)

 

 
 
 
 
EQUITY:
 
 
 
Common stock (December 31, 2019 and September 30, 2019, 105.3 and 104.1 shares issued and 77.8 and 81.4 shares outstanding, respectively)
105

 
104

Additional paid-in capital
804

 
803

Retained earnings
530

 
491

Treasury stock, at cost (December 31, 2019 and September 30, 2019, 27.6 and 22.7 shares, respectively)
(432
)
 
(332
)
Accumulated other comprehensive loss
(655
)
 
(681
)
Total equity attributable to Meritor, Inc.
352

 
385

Noncontrolling interests
32

 
30

TOTAL EQUITY
384

 
415

TOTAL LIABILITIES AND EQUITY
$
2,896

 
$
2,815


See Notes to Condensed Consolidated Financial Statements.

5


MERITOR, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)

 
Three Months Ended December 31,
 
2019
 
2018
 
(Unaudited)
OPERATING ACTIVITIES
 
 
 
Net income
$
41

 
$
92

Less: Income from discontinued operations, net of tax

 

Income from continuing operations
41

 
92

Adjustments to income from continuing operations to arrive at cash provided by (used for) operating activities:
 
 
 
Depreciation and amortization
24

 
22

Deferred income tax expense
3

 
3

Restructuring costs
5

 

Equity in earnings of affiliates
(6
)
 
(9
)
Pension and retiree medical income
(10
)
 
(9
)
Asbestos related liability remeasurement

 
(31
)
Other adjustments to income from continuing operations
3

 
5

Dividends received from equity method investments

 
1

Pension and retiree medical contributions
(3
)
 
(3
)
Restructuring payments
(7
)
 
(1
)
Changes in off-balance sheet accounts receivable securitization and factoring programs
7

 
38

Changes in receivables, inventories and accounts payable
(31
)
 
(52
)
Changes in other current assets and liabilities
(28
)
 
(40
)
Changes in other assets and liabilities
(16
)
 
(4
)
Operating cash flows provided by (used for) continuing operations
(18
)
 
12

Operating cash flows used for discontinued operations
(1
)
 
(1
)
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
$
(19
)
 
$
11

INVESTING ACTIVITIES
 
 
 
Capital expenditures
(16
)
 
(23
)
Cash paid for investment in Transportation Power, Inc.

 
(3
)
Other investing activities

 
(1
)
CASH USED FOR INVESTING ACTIVITIES
(16
)
 
(27
)
FINANCING ACTIVITIES
 
 
 
Securitization
72

 
33

Borrowings against revolving line of credit
65

 
45

Term loan payments
(3
)
 

Other financing activities

 
(1
)
Net change in debt
134

 
77

Repurchase of common stock
(100
)
 
(50
)
CASH PROVIDED BY FINANCING ACTIVITIES
34

 
27

EFFECT OF CHANGES IN FOREIGN CURRENCY EXCHANGE
RATES ON CASH AND CASH EQUIVALENTS
1

 
1

CHANGE IN CASH AND CASH EQUIVALENTS

 
12

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
108

 
115

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
108

 
$
127


See Notes to Condensed Consolidated Financial Statements.

6


MERITOR, INC.

CONDENSED CONSOLIDATED STATEMENT OF EQUITY
(in millions)
(Unaudited)


 
Three months ended December 31, 2019
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated
Other
Comprehensive
Loss
 
Total Equity Attributable to
Meritor, Inc.
 
Noncontrolling
Interests
 
Total
Beginning Balance at September 30, 2019
$
104

 
$
803

 
$
491

 
$
(332
)
 
$
(681
)
 
$
385

 
$
30

 
$
415

Comprehensive income

 

 
39

 

 
26

 
65

 
2

 
67

Equity based compensation expense

 
3

 

 

 

 
3

 

 
3

Vesting of equity based awards
1

 
(1
)
 

 

 

 

 

 

Repurchase of common stock

 

 

 
(100
)
 

 
(100
)
 

 
(100
)
Other equity adjustments

 
(1
)
 

 

 

 
(1
)
 

 
(1
)
Ending Balance at December 31, 2019
$
105

 
$
804

 
$
530

 
$
(432
)
 
$
(655
)
 
$
352

 
$
32

 
$
384

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended December 31, 2018
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated
Other
Comprehensive
Loss
 
Total Equity Attributable to
Meritor, Inc.
 
Noncontrolling
Interests
 
Total
Beginning Balance at September 30, 2018
$
102

 
$
787

 
$
200

 
$
(236
)
 
$
(566
)
 
$
287

 
$
30

 
$
317

Comprehensive income (loss)

 

 
90

 

 
(3
)
 
87

 
3

 
90

Equity based compensation expense

 
5

 

 

 

 
5

 

 
5

Vesting of equity based awards
2

 
(2
)
 

 

 

 

 

 

Repurchase of common stock

 

 

 
(50
)
 

 
(50
)
 

 
(50
)
Ending Balance at December 31, 2018
$
104

 
$
790

 
$
290

 
$
(286
)
 
$
(569
)
 
$
329

 
$
33

 
$
362




See Notes to Condensed Consolidated Financial Statements.

7


MERITOR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)


1. Basis of Presentation
Meritor, Inc. (the "company" or "Meritor"), headquartered in Troy, Michigan, is a premier global supplier of a broad range of integrated systems, modules and components to original equipment manufacturers ("OEMs") and the aftermarket for the commercial vehicle, transportation and industrial sectors. The company serves commercial truck, trailer, military, bus and coach, construction and other industrial OEMs and certain aftermarkets. The Condensed Consolidated Financial Statements are those of the company and its consolidated subsidiaries.
In the opinion of the company, the unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting solely of adjustments of a normal, recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. These statements should be read in conjunction with the company’s audited consolidated financial statements and notes thereto included in the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2019. The Condensed Consolidated Balance Sheet data as of September 30, 2019 was derived from audited financial statements but does not include all annual disclosures required by accounting principles generally accepted in the United States of America. The results of operations for the three months ended December 31, 2019 are not necessarily indicative of the results for the full year.
The company’s fiscal year ends on the Sunday nearest September 30, and its fiscal quarters generally end on the Sundays nearest December 31, March 31 and June 30. The first quarter of fiscal years 2020 and 2019 ended on December 29, 2019 and December 30, 2018, respectively. Fiscal year 2019 ended on September 29, 2019. All year and quarter references relate to the company’s fiscal year and fiscal quarters, unless otherwise stated. For ease of presentation, September 30 and December 31 are used consistently throughout this report to represent the fiscal year end and first fiscal quarter end, respectively.
2. Earnings per Share
Basic earnings (loss) per share is calculated using the weighted average number of shares outstanding during each period. The diluted earnings (loss) per share calculation includes the impact of dilutive common stock options, restricted shares, restricted share units, performance share unit awards and convertible securities, if applicable.
A reconciliation of basic average common shares outstanding to diluted average common shares outstanding is as follows (in millions):
 
Three Months Ended December 31,
 
2019
 
2018
Basic average common shares outstanding
78.2

 
84.8

Impact of restricted shares, restricted share units and performance share units
1.6

 
2.1

Impact of convertible notes
0.9

 
0.6

Diluted average common shares outstanding
80.7


87.5


3. Equity Based Compensation
In November 2019, the Board of Directors approved a grant of performance share units to all executives eligible to participate in the long-term incentive plan. Each performance share unit represents the right to receive one share of common stock or its cash equivalent upon achievement of certain performance and time vesting criteria. The fair value of each performance share unit was $25.25, which was the company’s share price on the grant date of December 1, 2019. The Board of Directors also approved a grant of 0.3 million restricted share units to these executives. The restricted share units vest at the earlier of three years from the date of grant or upon termination of employment with the company under certain circumstances. The fair value of each restricted share unit was $25.25, which was the company's share price on the grant date of December 1, 2019.
The actual number of performance share units that will vest depends upon the company’s performance relative to the established performance metrics for the three-year performance period of October 1, 2019 to September 30, 2022, measured at the end of the performance period. The number of performance share units that vest will depend on adjusted EBITDA margin, new business wins, free cash flow conversion and adjusted diluted earnings per share from continuing operations which are all weighted at 25%. The number of performance share units that vest will be between 0% and 200% of the grant date amount of 0.4 million performance share units.

8


MERITOR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

For the three months ended December 31, 2019 and December 31, 2018, the dilutive impact of previously issued restricted shares, restricted share units and performance share units was 1.6 million and 2.1 million shares, respectively. For the three months ended December 31, 2019 and December 31, 2018, compensation cost related to restricted shares, restricted share units and performance share units was $3 million and $5 million, respectively.
For the three months ended December 31, 2019 and December 31, 2018, 0.9 million and 0.6 million shares, respectively, were included in the computation of diluted earnings per share, as the company's average stock price during these periods exceeded the conversion price for the 7.875 percent convertible notes due 2026.
4. New Accounting Standards
Accounting standards implemented during fiscal year 2020
On October 1, 2019, the company implemented ASU 2016-02, Leases (Topic 842). The company elected the practical expedient package which allowed the company to not reassess whether existing contracts contain a lease and to not reassess classification of existing leases. The company also adopted ASU 2018-11 Leases (Topic 842) Targeted Improvements, electing to not separate lease and non-lease components in contracts that contain both and electing to not restate comparative periods when adopting ASU 2016-02. As a result, the company recognized a right-of-use asset and lease liability as a lessee for substantially all existing operating leases and has included new and expanded disclosures. (See Note 6)
Accounting standards to be implemented
The following represent the standards that may result in a significant change in practice and/or have a significant financial impact on the company.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including accounts receivable. The ASU also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The amendments in this update are required to be adopted by public business entities in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The company is currently evaluating the potential impact of this guidance on its accounting policies and its Condensed Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU add, modify, and eliminate certain disclosure requirements on fair value measurements in Topic 820. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Certain amendments should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. Others should be applied retrospectively. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this ASU and delay adoption of the additional disclosures until their effective date. The company is currently evaluating the potential impact of this new guidance on its Condensed Consolidated Financial Statements.

5. Revenue
Disaggregation of revenue

In the following tables, revenue is disaggregated for each of our operating segments by primary geographical market for the three months ended December 31, 2019 and 2018.

9


MERITOR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

 
 
Three Months Ended December 31, 2019
Primary Geographical Market
 
Commercial Truck
 
Aftermarket, Industrial and Trailer
 
Total
U.S.
 
$
292

 
$
243

 
$
535

Canada
 

 
14

 
14

Mexico
 
34

 
9

 
43

Total North America
 
326

 
266

 
592

Sweden
 
62

 

 
62

Italy
 
45

 
4

 
49

United Kingdom
 
33

 
2

 
35

Other Europe
 
1

 
37

 
38

Total Europe
 
141

 
43

 
184

Brazil
 
53

 
1

 
54

China
 
34

 

 
34

India
 
22

 
1

 
23

Other Asia-Pacific
 
14

 

 
14

Total sales
 
$
590

 
$
311

 
$
901



 
 
Three Months Ended December 31, 2018(1)
Primary Geographical Market
 
Commercial Truck
 
Aftermarket, Industrial and Trailer
 
Total
U.S.
 
$
350

 
$
240

 
$
590

Canada
 

 
18

 
18

Mexico
 
47

 
10

 
57

Total North America
 
397

 
268

 
665

Sweden
 
74

 

 
74

Italy
 
57

 
4

 
61

United Kingdom
 
41

 
3

 
44

Other Europe
 
3

 
19

 
22

Total Europe
 
175

 
26

 
201

Brazil
 
50

 

 
50

China
 
41

 

 
41

India
 
57

 

 
57

Other Asia-Pacific
 
24

 

 
24

Total sales
 
$
744

 
$
294

 
$
1,038


(1) Amounts for the three months ended December 31, 2018 have been recast to reflect reportable segment changes.

Contract balances

As of December 31, 2019 and September 30, 2019, Trade receivables, net, which are included in Receivables, trade and other, net, on the Condensed Consolidated Balance Sheet, were $451 million and $517 million, respectively.

For the three months ended December 31, 2019 and December 31, 2018, the company had no material bad-debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the Condensed Consolidated Balance Sheet as of December 31, 2019 and December 31, 2018.


10


MERITOR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

6. Leases
The company’s lease portfolio is comprised of leases of real estate, including manufacturing and office facilities, and leases of personal property, including machinery and equipment and IT equipment. Operating leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheet and related lease expense is recognized on a straight-line basis over the lease term. Short-term lease costs and variable lease costs were insignificant in the three months ended December 31, 2019.

For all asset classes, the company has elected to adopt the practical expedient under ASC 842 to not separate lease and non-lease components in contracts that contain both. These lease agreements are accounted for as a single lease component for all classes of underlying assets. The company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As the discount rate implicit in the lease is typically unknown, the discount rate used to determine the lease liability for the majority of our leases is the collateralized incremental borrowing rate in the applicable geographic area for a similar term and amount as the lease agreement.

Components of lease expense
 
Three Months Ended December 31, 2019
Finance lease costs
$
1

Operating lease costs
5

Total lease costs
$
6


The following table provides a summary of the location and amounts related to finance leases recognized in the Condensed Consolidated Balance Sheet.

 
Classification
 
December 31, 2019
Finance lease right-of-use assets
Net Property
 
$
7

Finance lease liabilities
Short-term debt
 
2

Finance lease liabilities
Long-term debt
 
5


The following table provides a summary of the location and amounts related to operating leases recognized in the Condensed Consolidated Balance Sheet.

 
Classification
 
December 31, 2019
Operating lease right-of-use assets
Other assets
 
$
78

Operating lease liabilities
Other current liabilities
 
14

Operating lease liabilities
Other liabilities
 
64




The following tables summarize additional information related to our lease agreements.










11


MERITOR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Supplemental cash flow information related to leases
 
Three Months Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
 
Operating cash flows from operating leases
$
5

Operating cash flows from finance leases

Financing cash flows from finance leases
1

Right-of-use assets obtained in exchange for lease obligations:

Operating leases
4

Finance leases
2



Supplemental balance sheet information related to leases
 
December 31, 2019
Weighted-average remaining lease term (years):
 
Operating leases
8.7

Finance leases
2.7

Weighted-average discount rate:
 
Operating leases
4.5
%
Finance leases
9.1
%


Maturities
 
Operating Leases
 
Finance Leases
2020 (excluding the three months ended December 31, 2019)
$
13

 
$
2

2021
16

 
3

2022
13

 
2

2023
11

 
1

2024
8

 

Thereafter
35

 

Total lease payments
96

 
8

Less: Impact of discounting future lease payments
(18
)
 
(1
)
Present value of lease liabilities
$
78

 
$
7



Disclosures related to periods prior to adoption of ASU 2016-02

Cash obligations under future minimum rental commitments under operating leases as of September 30, 2019 are shown in the table below.

 
2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
 
Total
Lease commitments
$
18

 
$
15

 
$
14

 
$
13

 
$
13

 
$
25

 
$
98



7. Goodwill
In accordance with ASC Topic 350-20, "Intangibles—Goodwill and Other," goodwill is reviewed for impairment annually during the fourth quarter of the fiscal year or more frequently if certain indicators arise. If business conditions or other factors

12


MERITOR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

cause the operating results and cash flows of a reporting unit to decline, the company may be required to record impairment charges for goodwill at that time.
The company tests goodwill for impairment at a level of reporting referred to as a reporting unit, which is an operating segment or one level below an operating segment (referred to as a component). A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component. When two or more components of an operating segment have similar economic characteristics, the components are aggregated and deemed a single reporting unit. An operating segment is deemed to be a reporting unit if all of its components are similar, if none of its components are a reporting unit, or if the segment comprises only a single component.
A summary of the changes in the carrying value of goodwill by the company’s two reportable segments are presented below (in millions):
 
Commercial Truck
 
Aftermarket, Industrial and Trailer
 
Total
Goodwill
$
261

 
$
232

 
$
493

Accumulated impairment losses

 
(15
)
 
(15
)
Beginning Balance at September 30, 2019
261

 
217

 
478

AxleTech measurement period adjustment (see Note 10)

 
2

 
2

Foreign currency translation
4

 
2

 
6

Ending Balance at December 31, 2019
$
265

 
$
221

 
$
486



8. Restructuring Costs
Restructuring reserves, primarily related to unpaid employee termination benefits, were $5 million at December 31, 2019 and $8 million at September 30, 2019. Restructuring costs are recorded within Other operating expense, net within the Condensed Consolidated Statement of Operations. The changes in restructuring reserves for the three months ended December 31, 2019 and 2018 are as follows (in millions):
 
Total
Beginning Balance at September 30, 2019
$
8

Activity during the period:
 
Charges to continuing operations
5

Cash payments – continuing operations
(7
)
Other
(1
)
Total restructuring reserves at December 31, 2019
5

Less: non-current restructuring reserves

Restructuring reserves – current, at December 31, 2019
$
5

 
 
Balance at September 30, 2018
$
4

Activity during the period:
 
Charges to continuing operations

Cash payments – continuing operations
(1
)
Total restructuring reserves at December 31, 2018
3

Less: non-current restructuring reserves
(1
)
Restructuring reserves – current, at December 31, 2018
$
2




13


MERITOR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

9. Income Taxes
For each interim reporting period, the company makes an estimate of the effective tax rate expected to be applicable for the full fiscal year pursuant to FASB ASC Topic 740-270, "Accounting for Income Taxes in Interim Periods." The rate so determined is used in providing for income taxes on a year-to-date basis. Jurisdictions with a projected loss for the year or an actual year-to-date loss where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. The impact of including these jurisdictions on the quarterly effective rate calculation could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings versus annual projections.

Income tax expense (benefit) is allocated among continuing operations, discontinued operations and other comprehensive income ("OCI"). Such allocation is applied by tax jurisdiction, and in periods in which there is a pre-tax loss from continuing operations and pre-tax income in another category, such as discontinued operations or OCI, income tax expense is allocated to the other sources of income, with a related benefit recorded in continuing operations.

In evaluating the ability to recover its net deferred tax assets, the company utilizes a consistent approach which considers its historical operating results, including an assessment of the degree to which any gains or losses are driven by items that are unusual in nature, and tax planning strategies. In addition, the company reviews changes in near-term market conditions and other factors that impact future operating results. As of December 31, 2019, the company continues to maintain the valuation allowances in France, Germany, the U.K., and certain other jurisdictions, as the company believes the negative evidence that it will be able to recover these net deferred tax assets continues to outweigh the positive evidence. If, in the future, the company generates taxable income on a sustained basis, its conclusion regarding the need for valuation allowances in these jurisdictions could change.

For the three months ended December 31, 2019, the company had approximately $3 million of net pre-tax income compared to $6 million of net pre-tax income in the same period in fiscal year 2019 in tax jurisdictions in which tax expense (benefit) is not recorded.
10. Acquisition
Acquisition of AxleTech Business
On July 26, 2019, the company acquired 100 percent of the voting equity interest of the AxleTech group companies for approximately $179 million in cash, subject to certain purchase price adjustments. The company funded the acquisition with the term loan under the revolving credit agreement (see Note 17). The acquisition of AxleTech enhances Meritor’s growth platform with the addition of a complementary product portfolio that includes a full line of independent suspensions, axles, braking solutions and drivetrain components across the off-highway, defense, specialty and aftermarket markets. AxleTech operates within Meritor’s Aftermarket, Industrial and Trailer segment.

Since completion of initial estimates in the fourth quarter of fiscal year 2019, the company recorded $2 million in measurement period adjustments to decrease the provisional fair value of receivables acquired in the AxleTech transaction, resulting in a corresponding $2 million increase in goodwill. This adjustment was made to reflect additional available information. The measurement period remains open to finalize the value of tangible and intangible assets. The company is reviewing and may record other additional measurement period adjustments in fiscal year 2020. All goodwill resulting from the acquisition of AxleTech was assigned to the Aftermarket, Industrial and Trailer reportable segment (see Note 7).





14


MERITOR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

11. Accounts Receivable Factoring and Securitization
The company has a U.S. accounts receivable securitization facility with PNC Bank and participates in various accounts receivable factoring programs, primarily with Nordea Bank for trade receivables from AB Volvo, as follows:
 
 
Current Expiration
 
Total Facility Size as of 12/31/19
 
Utilized as of 12/31/19
 
Utilized as of 9/30/19
 
 
 
 
EUR
 
USD
 
EUR
 
USD
 
EUR
 
USD
On-balance sheet arrangement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Committed U.S. accounts receivable securitization (1)
 
December 2022
 
N/A

 
$
115

 
N/A

 
$
84

 
N/A

 
$
13

Total on-balance sheet arrangement: (1)
 
 
 
N/A

 
$
115

 
N/A

 
$
84

 
N/A

 
$
13

Off-balance sheet arrangements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Committed Swedish factoring facility (2)(3)
 
March 2020 (5)
 
155

 
$
169

 
128

 
$
140

 
109

 
$
119

Committed U.S. factoring facility (2)
 
February 2023
 
N/A