10-Q Filing

GARRETT MOTION INC. CIK: 1735707 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-023853`
Period End Date	20200331
Filing Date	20200511
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	gtx-10q_20200331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 28 Cash Flow Statement 57 Stockholders Equity 15 Comprehensive Income 10

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	75.94M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$254.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$187.00M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	74.91M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	75.57M	shares	Point-in-time
Accounts, notes and other receivables net (Note 7)	`AccountsAndOtherReceivablesNetCurrent`	$629.00M	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	74.83M	shares	Point-in-time
Accounts, notes and other receivables net (Note 7)	`AccountsAndOtherReceivablesNetCurrent`	$707.00M	USD	Point-in-time
Inventories net (Note 9)	`InventoryNet`	$220.00M	USD	Point-in-time
Inventories net (Note 9)	`InventoryNet`	$225.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$80.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$85.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.19B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.20B	USD	Point-in-time
Investments and long-term receivables	`LongTermInvestmentsAndReceivablesNet`	$34.00M	USD	Point-in-time
Investments and long-term receivables	`LongTermInvestmentsAndReceivablesNet`	$36.00M	USD	Point-in-time
Property, plant and equipment net	`PropertyPlantAndEquipmentNet`	$457.00M	USD	Point-in-time
Property, plant and equipment net	`PropertyPlantAndEquipmentNet`	$471.00M	USD	Point-in-time
Goodwill	`Goodwill`	$193.00M	USD	Point-in-time
Goodwill	`Goodwill`	$193.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$277.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$268.00M	USD	Point-in-time
Other assets (Note 10)	`OtherAssetsNoncurrent`	$108.00M	USD	Point-in-time
Other assets (Note 10)	`OtherAssetsNoncurrent`	$105.00M	USD	Point-in-time
Total assets	`Assets`	$2.25B	USD	Point-in-time
Total assets	`Assets`	$2.27B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.01B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$935.00M	USD	Point-in-time
Borrowings under revolving credit facility	`LinesOfCreditCurrent`	$66.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.00M	USD	Point-in-time
Obligations payable to Honeywell, current (Note 17)	`ObligationsPayableToFormerParentCurrent`	$68.00M	USD	Point-in-time
Obligations payable to Honeywell, current (Note 17)	`ObligationsPayableToFormerParentCurrent`	$69.00M	USD	Point-in-time
Accrued liabilities (Note 11)	`AccruedLiabilitiesCurrent`	$310.00M	USD	Point-in-time
Accrued liabilities (Note 11)	`AccruedLiabilitiesCurrent`	$303.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.39B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.38B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.41B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.39B	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$51.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$37.00M	USD	Point-in-time
Obligations payable to Honeywell (Note 17)	`ObligationsPayableToFormerParentNoncurrent`	$1.24B	USD	Point-in-time
Obligations payable to Honeywell (Note 17)	`ObligationsPayableToFormerParentNoncurrent`	$1.28B	USD	Point-in-time
Other liabilities (Note 12)	`OtherLiabilitiesNoncurrent`	$262.00M	USD	Point-in-time
Other liabilities (Note 12)	`OtherLiabilitiesNoncurrent`	$274.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.30B	USD	Point-in-time
Total liabilities	`Liabilities`	$4.41B	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 17)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 17)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$20.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$19.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$-2.28B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$-2.23B	USD	Point-in-time
Accumulated other comprehensive income (Note 15)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$169.00M	USD	Point-in-time
Accumulated other comprehensive income (Note 15)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$130.00M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.38B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.05B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.52B	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-2.13B	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.25B	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$2.27B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales (Note 3)	`Revenues`	$745.00M	USD	1 Quarter
Net sales (Note 3)	`Revenues`	$835.00M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$639.00M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$603.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$142.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$196.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$61.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$60.00M	USD	1 Quarter
Other expense, net (Note 5)	`OtherOperatingIncomeExpenseNet`	$-19.00M	USD	1 Quarter
Other expense, net (Note 5)	`OtherOperatingIncomeExpenseNet`	$-16.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$16.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$16.00M	USD	1 Quarter
Non-operating (income) expense	`NonoperatingIncomeExpense`	$4.00M	USD	1 Quarter
Non-operating (income) expense	`NonoperatingIncomeExpense`	$-4.00M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$53.00M	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$97.00M	USD	1 Quarter
Tax expense (Note 6)	`IncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Tax expense (Note 6)	`IncomeTaxExpenseBenefit`	$24.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$73.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$52.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.98	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.69	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.68	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.97	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	74.23M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	75.04M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	76.26M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	75.38M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$73.00M	USD	1 Quarter
Net income	`ProfitLoss`	$52.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-15.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.00M	USD	1 Quarter
Depreciation	`Depreciation`	$19.00M	USD	1 Quarter
Depreciation	`Depreciation`	$19.00M	USD	1 Quarter
Amortization of deferred issuance costs	`AmortizationOfDeferredIssuanceCosts`	$2.00M	USD	1 Quarter
Amortization of deferred issuance costs	`AmortizationOfDeferredIssuanceCosts`	$2.00M	USD	1 Quarter
Foreign exchange (gain) loss	`ForeignCurrencyTransactionGainLossExcludingHedgesBeforeTax`	$-12.00M	USD	1 Quarter
Foreign exchange (gain) loss	`ForeignCurrencyTransactionGainLossExcludingHedgesBeforeTax`	$-7.00M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$5.00M	USD	1 Quarter
Pension expense	`PensionExpenseReversalOfExpenseNoncash`	$1.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-8.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-4.00M	USD	1 Quarter
Accounts, notes and other receivables	`IncreaseDecreaseInAccountsNotesAndOtherReceivables`	$-58.00M	USD	1 Quarter
Accounts, notes and other receivables	`IncreaseDecreaseInAccountsNotesAndOtherReceivables`	$43.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$14.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$14.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$10.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-13.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-29.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-24.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$12.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.00M	USD	1 Quarter
Obligations payable to Honeywell	`IncreaseDecreaseInObligationsPayableToFormerParent`	$-21.00M	USD	1 Quarter
Obligations payable to Honeywell	`IncreaseDecreaseInObligationsPayableToFormerParent`	$-21.00M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.00M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-8.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$36.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$57.00M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.00M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-1.00M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-39.00M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.00M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$621.00M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$140.00M	USD	1 Quarter
Payments of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$555.00M	USD	1 Quarter
Payments of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$140.00M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfSeniorSecuredDebtAndTermLoan`	$6.00M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfSeniorSecuredDebtAndTermLoan`	$1.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.00M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$62.00M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.00M	USD	1 Quarter
Effect of foreign exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-13.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$67.00M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$11.00M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$196.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$254.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$187.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$207.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$196.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$254.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$187.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$207.00M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-2.38B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-2.05B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-2.52B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-2.13B	USD	Point-in-time
Net income	`NetIncomeLoss`	$73.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$52.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$39.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$63.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.00M	USD	1 Quarter
Tax withholding related to vesting of restricted stock units and other	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.00M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-2.38B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-2.05B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-2.52B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-2.13B	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$73.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$52.00M	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$39.00M	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$59.00M	USD	1 Quarter
Defined benefit pension plan adjustment, net of tax (Note 18)	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-1.00M	USD	1 Quarter
Changes in fair value of effective cash flow hedges, net of tax (Note 14)	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$3.00M	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$39.00M	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$63.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$91.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$136.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.