TABLE OF CONTENTS
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 24, 2002
TRW Inc.
(Exact name of registrant as specified in its charter)
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| Ohio | | 1-2384 | | 34-0575430 |
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|
(State or other jurisdiction of
incorporation) | | (Commission File Number) | | (I.R.S. Employer
Identification Number) |
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| 1900 Richmond Road, Cleveland, Ohio 44124 |
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| (Address of principal executive offices) (Zip Code) |
Registrant’s telephone number, including area code:
(216) 291-7000
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events.
In its earnings release issued for the quarter and year ended December 31, 2001, TRW has reported its results of operations by four segments. TRW previously reported its financial results for the first three quarters of 2001 by six business segments: Systems, Space & Electronics, Aeronautical Systems, Chassis Systems, Occupant Safety Systems and Automotive Electronics. Effective with the fourth quarter of 2001, as a result of a consolidation of the company’s automotive businesses, Chassis Systems, Occupant Safety Systems and Automotive Electronics were combined to form one Automotive segment. The consolidation of TRW’s global automotive operations into a single unit under a single executive was effected to improve the speed of decision-making, encourage consistent operating and customer practices throughout the entire automotive business and lower cost. The reporting of the Automotive business as one segment is also consistent with the way the Automotive business is now managed and the way resources are allocated by the Chief Executive Officer. In addition, effective with the fourth quarter of 2001, the interest component of Other Postretirement Employee Benefits and a portion of pension income related to businesses previously disposed of, previously reported under Corporate Expense and Other, was combined with Pension Income, and is now reported as Net Employee Benefits Income. This action was taken to combine these non-cash, employee benefit-related items, into one line item, and to isolate the reporting of corporate expenses.
A statistical summary of TRW’s first three quarter results for 2001 based on the new reporting format described above is provided in this report.
TRW
Results by Business Segments-Unaudited
(Dollar Amounts In Millions)
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| | | | First quarter ended |
| | | | March 31 |
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| | | | 2001 | | 2000 |
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Sales | |
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| | Systems | | $ | 789 | | | $ | 774 | |
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| | Space & Electronics | | | 484 | | | | 486 | |
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| | Aeronautical Systems | | | 265 | | | | 270 | |
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| | Automotive | | | 2,629 | | | | 3,035 | |
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| | | $ | 4,167 | | | $ | 4,565 | |
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Profit before taxes | |
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| | Systems | | $ | 48 | | | $ | 47 | |
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| | Space & Electronics | | | 34 | | | | 227 | |
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| | Aeronautical Systems | | | 29 | | | | 27 | |
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| | Automotive | | | 98 | | | | 184 | |
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| | | | 209 | | | | 485 | |
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| Corporate expense and other | | | (40 | ) | | | (53 | ) |
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| Financing cost | | | (130 | ) | | | (137 | ) |
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| Net employee benefits income | | | 34 | | | | 46 | |
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| Earnings before income taxes | | $ | 73 | | | $ | 341 | |
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TRW
Results by Business Segments-Unaudited
(Dollar Amounts In Millions)
| | | | | | | | | | | | | | | | | | |
| | | | Second quarter ended | | Six months ended |
| | | | June 30 | | June 30 |
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| | | | 2001 | | 2000 | | 2001 | | 2000 |
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Sales |
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| | Systems | | $ | 799 | | | $ | 837 | | | $ | 1,588 | | | $ | 1,611 | |
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| | Space & Electronics | | | 529 | | | | 467 | | | | 1,013 | | | | 953 | |
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| | Aeronautical Systems | | | 270 | | | | 279 | | | | 535 | | | | 549 | |
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| | Automotive | | | 2,678 | | | | 2,893 | | | | 5,307 | | | | 5,928 | |
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| | | $ | 4,276 | | | $ | 4,476 | | | $ | 8,443 | | | $ | 9,041 | |
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Profit(loss) before taxes |
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| | Systems | | $ | 53 | | | $ | 77 | | | $ | 101 | | | $ | 124 | |
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| | Space & Electronics | | | (40 | ) | | | 143 | | | | (6 | ) | | | 370 | |
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| | Aeronautical Systems | | | 35 | | | | 39 | | | | 64 | | | | 66 | |
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| | Automotive | | | 108 | | | | 227 | | | | 206 | | | | 411 | |
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| | | | 156 | | | | 486 | | | | 365 | | | | 971 | |
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| Corporate expense and other | | | (30 | ) | | | (81 | ) | | | (70 | ) | | | (134 | ) |
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| Financing cost | | | (123 | ) | | | (128 | ) | | | (253 | ) | | | (265 | ) |
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| Net employee benefits income | | | 32 | | | | 38 | | | | 66 | | | | 84 | |
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| Earnings before income taxes | | $ | 35 | | | $ | 315 | | | $ | 108 | | | $ | 656 | |
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TRW
Results by Business Segments-Unaudited
(Dollar Amounts In Millions)
| | | | | | | | | | | | | | | | | | |
| | | | Third quarter ended | | Nine months ended |
| | | | September 30 | | September 30 |
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| | | | 2001 | | 2000 | | 2001 | | 2000 |
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Sales |
| Systems | | $ | 761 | | | $ | 836 | | | $ | 2,349 | | | $ | 2,447 | | |
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| | Space & Electronics | | | 505 | | | | 463 | | | | 1,518 | | | | 1,416 | |
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| | Aeronautical Systems | | | 269 | | | | 257 | | | | 804 | | | | 806 | |
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| | Automotive | | | 2,327 | | | | 2,497 | | | | 7,634 | | | | 8,425 | |
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| | | $ | 3,862 | | | $ | 4,053 | | | $ | 12,305 | | | $ | 13,094 | |
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Profit (loss) before taxes |
| | Systems | | $ | 40 | | | $ | 57 | | | $ | 141 | | | $ | 181 | |
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| | Space & Electronics | | | (47 | ) | | | 41 | | | | (53 | ) | | | 411 | |
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| | Aeronautical Systems | | | 22 | | | | 35 | | | | 86 | | | | 101 | |
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| | Automotive | | | 92 | | | | 66 | | | | 298 | | | | 477 | |
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| | | | 107 | | | | 199 | | | | 472 | | | | 1,170 | |
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| Corporate expense and other | | | (152 | ) | | | (54 | ) | | | (222 | ) | | | (188 | ) |
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| Financing cost | | | (118 | ) | | | (132 | ) | | | (371 | ) | | | (397 | ) |
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| Net employee benefits income | | | 47 | | | | 37 | | | | 113 | | | | 121 | |
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| Earnings (loss) before income taxes | | $ | (116 | ) | | $ | 50 | | | $ | (8 | ) | | $ | 706 | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | | | TRW INC. |
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| Date: | | January 31, 2002 | | By: /s/ W. B. Lawrence |
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| | | | | W. B. Lawrence
Executive Vice President,
General Counsel and Secretary |
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