10-Q Filing

GARRETT MOTION INC. CIK: 1735707 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-021571`
Period End Date	20210331
Filing Date	20210429
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	gtx-10q_20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 30 Cash Flow Statement 56 Stockholders Equity 15 Comprehensive Income 9

Balance Sheet 69 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$592.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$382.00M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	76.23M	shares	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	76.53M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$195.00M	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	75.81M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	76.07M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$101.00M	USD	Point-in-time
Accounts, notes and other receivables net (Note 8)	`AccountsAndOtherReceivablesNetCurrent`	$807.00M	USD	Point-in-time
Accounts, notes and other receivables net (Note 8)	`AccountsAndOtherReceivablesNetCurrent`	$841.00M	USD	Point-in-time
Inventories net (Note 10)	`InventoryNet`	$235.00M	USD	Point-in-time
Inventories net (Note 10)	`InventoryNet`	$258.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$110.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$93.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.74B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.88B	USD	Point-in-time
Investments and long-term receivables	`LongTermInvestmentsAndReceivablesNet`	$30.00M	USD	Point-in-time
Investments and long-term receivables	`LongTermInvestmentsAndReceivablesNet`	$30.00M	USD	Point-in-time
Property, plant and equipment net	`PropertyPlantAndEquipmentNet`	$505.00M	USD	Point-in-time
Property, plant and equipment net	`PropertyPlantAndEquipmentNet`	$484.00M	USD	Point-in-time
Goodwill	`Goodwill`	$193.00M	USD	Point-in-time
Goodwill	`Goodwill`	$193.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$275.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$262.00M	USD	Point-in-time
Other assets (Note 11)	`OtherAssetsNoncurrent`	$131.00M	USD	Point-in-time
Other assets (Note 11)	`OtherAssetsNoncurrent`	$135.00M	USD	Point-in-time
Total assets	`Assets`	$3.02B	USD	Point-in-time
Total assets	`Assets`	$2.83B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.10B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.02B	USD	Point-in-time
Borrowings under revolving credit facility	`LinesOfCreditCurrent`	$370.00M	USD	Point-in-time
Borrowings under revolving credit facility	`LinesOfCreditCurrent`	$370.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrentExcludingRevolvingCreditFacility`	$6.00M	USD	Point-in-time
Debtor-in-possession Term Loan (Note 2)	`DebtorInPossessionFinancingTermLoan`	$200.00M	USD	Point-in-time
Debtor-in-possession Term Loan (Note 2)	`DebtorInPossessionFinancingTermLoan`	$100.00M	USD	Point-in-time
Accrued liabilities (Note 12)	`AccruedLiabilitiesCurrent`	$248.00M	USD	Point-in-time
Accrued liabilities (Note 12)	`AccruedLiabilitiesCurrent`	$277.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.85B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.84B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.05B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.08B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$2.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$2.00M	USD	Point-in-time
Other liabilities (Note 13)	`OtherLiabilitiesNoncurrent`	$125.00M	USD	Point-in-time
Other liabilities (Note 13)	`OtherLiabilitiesNoncurrent`	$114.00M	USD	Point-in-time
Total liabilities not subject to compromise	`LiabilitiesNotSubjectToCompromise`	$3.04B	USD	Point-in-time
Total liabilities not subject to compromise	`LiabilitiesNotSubjectToCompromise`	$3.03B	USD	Point-in-time
Liabilities subject to compromise (Note 2)	`LiabilitiesSubjectToCompromise`	$2.11B	USD	Point-in-time
Liabilities subject to compromise (Note 2)	`LiabilitiesSubjectToCompromise`	$2.29B	USD	Point-in-time
Total liabilities	`Liabilities`	$5.33B	USD	Point-in-time
Total liabilities	`Liabilities`	$5.13B	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 18)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 18)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$30.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$28.00M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-2.21B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-2.31B	USD	Point-in-time
Accumulated other comprehensive loss (Note 16)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-129.00M	USD	Point-in-time
Accumulated other comprehensive loss (Note 16)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-18.00M	USD	Point-in-time
Total deficit	`StockholdersEquity`	$-2.05B	USD	Point-in-time
Total deficit	`StockholdersEquity`	$-2.30B	USD	Point-in-time
Total deficit	`StockholdersEquity`	$-2.31B	USD	Point-in-time
Total deficit	`StockholdersEquity`	$-2.13B	USD	Point-in-time
Total liabilities and deficit	`LiabilitiesAndStockholdersEquity`	$3.02B	USD	Point-in-time
Total liabilities and deficit	`LiabilitiesAndStockholdersEquity`	$2.83B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Contractual interest	`ContractualInterestExpenseOnPrepetitionLiabilitiesNotRecognizedInStatementOfOperations`	$9.00M	USD	1 Quarter
Net sales (Note 4)	`Revenues`	$997.00M	USD	1 Quarter
Net sales (Note 4)	`Revenues`	$745.00M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$801.00M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$607.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$196.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$138.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$57.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$55.00M	USD	1 Quarter
Other expense, net (Note 6)	`OtherOperatingIncomeExpenseNet`	$-16.00M	USD	1 Quarter
Other expense, net (Note 6)	`OtherOperatingIncomeExpenseNet`	$-1.00M	USD	1 Quarter
Interest expense (excludes contractual interest for the three months ended March 31, 2021 of $9 million) (Note 2)	`InterestExpense`	$21.00M	USD	1 Quarter
Interest expense (excludes contractual interest for the three months ended March 31, 2021 of $9 million) (Note 2)	`InterestExpense`	$16.00M	USD	1 Quarter
Non-operating expense (income)	`NonoperatingIncomeExpense`	$4.00M	USD	1 Quarter
Non-operating expense (income)	`NonoperatingIncomeExpense`	$-26.00M	USD	1 Quarter
Reorganization items, net (Note 2)	`ReorganizationItems`	$174.00M	USD	1 Quarter
(Loss) income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$53.00M	USD	1 Quarter
(Loss) income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-81.00M	USD	1 Quarter
Tax expense (Note 7)	`IncomeTaxExpenseBenefit`	$24.00M	USD	1 Quarter
Tax expense (Note 7)	`IncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$52.00M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-105.00M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.69	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-1.38	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.68	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-1.38	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	75.04M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	75.90M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	75.90M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	76.26M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-105.00M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$52.00M	USD	1 Quarter
Reorganization items, net	`ReorganizationItemsNet`	$19.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-15.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$4.00M	USD	1 Quarter
Depreciation	`Depreciation`	$19.00M	USD	1 Quarter
Depreciation	`Depreciation`	$23.00M	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 loss	`ForeignCurrencyTransactionGainLossExcludingHedgesBeforeTax`	$-12.00M	USD	1 Quarter
Foreign exchange loss	`ForeignCurrencyTransactionGainLossExcludingHedgesBeforeTax`	$-33.00M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$2.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$6.00M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-8.00M	USD	1 Quarter
Accounts, notes and other receivables	`IncreaseDecreaseInAccountsNotesAndOtherReceivables`	$2.00M	USD	1 Quarter
Accounts, notes and other receivables	`IncreaseDecreaseInAccountsNotesAndOtherReceivables`	$-58.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$14.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$34.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$10.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-14.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-29.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$74.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$17.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.00M	USD	1 Quarter
Obligations payable to Honeywell	`IncreaseDecreaseInObligationsPayableToFormerParent`	$-21.00M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-9.00M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-8.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$57.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$32.00M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.00M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.00M	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`	$-17.00M	USD	1 Quarter
Payments of debtor-in-possession financing	`RepaymentsOfDebtorInPossessionFinancing`	$100.00M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$621.00M	USD	1 Quarter
Payments of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$555.00M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfSeniorSecuredDebtAndTermLoan`	$1.00M	USD	1 Quarter
Debtor-in-possession financing fees	`RepaymentsOfDebtorInPossessionFinancingFees`	$1.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.00M	USD	1 Quarter
Net cash (used for) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$62.00M	USD	1 Quarter
Net cash (used for) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-101.00M	USD	1 Quarter
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-13.00M	USD	1 Quarter
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-30.00M	USD	1 Quarter
Net (decrease)/increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$67.00M	USD	1 Quarter
Net (decrease)/increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-116.00M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$693.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$577.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$254.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$187.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$693.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$577.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$254.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$187.00M	USD	Point-in-time
Reorganization items paid	`ReorganizationItemsPaidNet`	$145.00M	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-2.05B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-2.30B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-2.31B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-2.13B	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$52.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-105.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$111.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$39.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00M	USD	1 Quarter
Tax withholding related to vesting of restricted stock units and other	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.00M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-2.05B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-2.30B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-2.31B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-2.13B	USD	Point-in-time

Comprehensive Income 9 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$52.00M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-105.00M	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$39.00M	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$110.00M	USD	1 Quarter
Changes in fair value of effective cash flow hedges, net of tax (Note 15)	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$1.00M	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$111.00M	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$39.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$91.00M	USD	1 Quarter

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