NAVISTAR INTERNATIONAL CORP /DE/NEW

CIK:0000808450|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Sales and revenues
Sales and revenues, net	$ 2,162	$ 1,925	$ 3,974	$ 3,763
Costs and expenses
Costs of products sold	1,731	1,624	3,238	3,153
Restructuring charges	2	0	23	1
Asset impairment charges	4	13	35	13
Selling, general and administrative expenses	304	170	509	352
Engineering and product development costs	88	78	172	164
Interest expense	62	63	126	128
Other (income) expense, net	(251)	2	(256)	13
Total costs and expenses	1,940	1,950	3,847	3,824
Equity in loss of non-consolidated affiliates	(3)	(1)	(4)	(2)
Income (loss) before income taxes	219	(26)	123	(63)
Income tax expense	(51)	(7)	(33)	(2)
Income (loss) from continuing operations	168	(33)	90	(65)
Income from discontinued operations, net of tax	0	0	1	0
Net income (loss)	168	(33)	91	(65)
Less: Net income attributable to non-controlling interests	5	5	9	9
Net income (loss) attributable to Navistar International Corporation common stockholders	163	(38)	82	(74)
Amounts attributable to Navistar International Corporation common stockholders:
Income (loss) from continuing operations, net of tax	163	(38)	81	(74)
Income from discontinued operations, net of tax	$ 0	$ 0	$ 1	$ 0
Basic
Continuing operations (in dollars per share)	$ 1.63	$ (0.38)	$ 0.81	$ (0.74)
Discontinued operations (in dollars per share)	0	0	0.01	0
Basic (in dollars per share)	1.63	(0.38)	0.82	(0.74)
Diluted
Continuing operations (in dollars per share)	1.63	(0.38)	0.81	(0.74)
Discontinued operation (in dollars per share)	0	0	0.01	0
Diluted (in dollars per share)	$ 1.63	$ (0.38)	$ 0.82	$ (0.74)
Weighted average shares outstanding:
Basic (in shares)	99.9	99.7	99.9	99.6
Diluted (in shares)	100.2	99.7	100.2	99.6
Sales of manufactured products, net
Sales and revenues
Sales of manufactured products, net	$ 2,121	$ 1,877	$ 3,890	$ 3,671
Financial Service
Sales and revenues
Finance revenues	$ 41	$ 48	$ 84	$ 92

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
Cash flows from operating activities
Net income (loss)	$ 91	$ (65)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	68	70
Depreciation of equipment leased to others	35	29
Deferred taxes, including change in valuation allowance	7	(9)
Asset impairment charges	35	13
Amortization of debt issuance costs and discount	7	7
Stock-based compensation	12	13
Provision for credit losses	6	9
Equity in loss of non-consolidated affiliates, net of dividends	4	2
Other non-cash operating activities	(7)	(5)
Changes in other assets and liabilities	(290)	(182)
Net cash used in operating activities	(32)	(118)
Cash flows from investing activities
Capital expenditures	(137)	(90)
Purchases of equipment leased to others	(76)	(16)
Proceeds from sales of property and equipment	10	7
Purchases of equity investments	(143)	0
Proceeds from sales of investments and businesses	0	10
Net cash used in investing activities	(346)	(89)
Cash flows from financing activities
Proceeds from issuance of securitized debt	26	16
Principal payments on securitized debt	(28)	(30)
Net change in secured revolving credit facilities	241	(167)
Proceeds from issuance of non-securitized debt	15	620
Principal payments on non-securitized debt	(10)	(107)
Net change in notes and debt outstanding under revolving credit facilities	(127)	24
Debt issuance costs	(1)	(10)
Proceeds from exercise of stock options	1	3
Dividends paid by subsidiaries to non-controlling interest	(10)	(10)
Other financing activities	(2)	(2)
Net cash provided by financing activities	105	337
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2	(9)
Increase (decrease) in cash, cash equivalents and restricted cash	(271)	121
Cash, cash equivalents and restricted cash at beginning of the period	1,973	1,557
Cash, cash equivalents and restricted cash at end of the period	$ 1,702	$ 1,678

Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 30, 2021	Oct. 31, 2020
Current assets
Cash and cash equivalents	$ 1,233	$ 1,843
Restricted cash and cash equivalents	402	64
Trade and other receivables, net	283	273
Finance receivables, net	1,360	1,371
Inventories, net	1,017	763
Other current assets	356	263
Total current assets	4,651	4,577
Restricted cash	67	66
Trade and other receivables, net	7	7
Finance receivables, net	258	251
Investments in non-consolidated affiliates	26	31
Property and equipment (net of accumulated depreciation and amortization of $2,317 and $2,335, respectively)	1,263	1,298
Operating lease right of use assets	123	119
Goodwill	38	38
Intangible assets (net of accumulated amortization of $139 and $138, respectively)	18	18
Deferred taxes, net	121	117
Other noncurrent assets	512	115
Total assets	7,084	6,637
Current liabilities
Notes payable and current maturities of long-term debt	843	640
Accounts payable	1,529	1,278
Other current liabilities	1,517	1,453
Total current liabilities	3,889	3,371
Long-term debt	4,624	4,690
Postretirement benefits liabilities	1,439	1,705
Other noncurrent liabilities	772	693
Total liabilities	10,724	10,459
Stockholders’ deficit
Series D convertible junior preference stock	2	2
Common stock, $0.10 par value per share (103.1 shares issued and 220 shares authorized at both dates)	10	10
Additional paid-in capital	2,721	2,726
Accumulated deficit	(4,491)	(4,566)
Accumulated other comprehensive loss	(1,758)	(1,865)
Common stock held in treasury, at cost (3.3 and 3.5 shares, respectively)	(127)	(133)
Total stockholders’ deficit attributable to Navistar International Corporation	(3,643)	(3,826)
Stockholders’ equity attributable to non-controlling interests	3	4
Total stockholders’ deficit	(3,640)	(3,822)
Total liabilities and stockholders’ deficit	$ 7,084	$ 6,637