The FY22 net loss Adient (ADNT), a maker of automotive seating systems and components, reported would have been significantly higher had it not been for a one-time item. In its latest annual report, Adient disclosed:

“During fiscal 2022, Adient recognized a one-time gain of $32 million associated with the retrospective recovery of indirect tax credits in Brazil resulting from the Company’s prioritization of those credits, resulting in net tax expense of $4 million.”

The one time net gain of $28 million reduced Adients FY22 net loss from $148 million to $120 million, or 18.9%.