10-Q Filing

GARRETT MOTION INC. CIK: 1735707 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001735707-22-000042`
Period End Date	20220331
Filing Date	20220428
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	gtx-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 34 Cash Flow Statement 68 Stockholders Equity 15 Comprehensive Income 12

Balance Sheet 64 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$423.00M	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in USD per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$315.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$41.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$5.00M	USD	Point-in-time
Accounts, notes and other receivables net (Note 6)	`AccountsAndOtherReceivablesNetCurrent`	$786.00M	USD	Point-in-time
Common stock, shares, issued (in shares)	`CommonStockSharesIssued`	64.51M	shares	Point-in-time
Accounts, notes and other receivables net (Note 6)	`AccountsAndOtherReceivablesNetCurrent`	$747.00M	USD	Point-in-time
Common stock, shares, issued (in shares)	`CommonStockSharesIssued`	64.57M	shares	Point-in-time
Inventories net (Note 8)	`InventoryNet`	$301.00M	USD	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	64.51M	shares	Point-in-time
Inventories net (Note 8)	`InventoryNet`	$244.00M	USD	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	64.57M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$73.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$56.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.48B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.51B	USD	Point-in-time
Investments and long-term receivables	`LongTermInvestmentsAndReceivablesNet`	$33.00M	USD	Point-in-time
Investments and long-term receivables	`LongTermInvestmentsAndReceivablesNet`	$28.00M	USD	Point-in-time
Property, plant and equipment net	`PropertyPlantAndEquipmentNet`	$485.00M	USD	Point-in-time
Property, plant and equipment net	`PropertyPlantAndEquipmentNet`	$469.00M	USD	Point-in-time
Goodwill	`Goodwill`	$193.00M	USD	Point-in-time
Goodwill	`Goodwill`	$193.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$289.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$278.00M	USD	Point-in-time
Other assets (Note 9)	`OtherAssetsNoncurrent`	$235.00M	USD	Point-in-time
Other assets (Note 9)	`OtherAssetsNoncurrent`	$200.00M	USD	Point-in-time
Total assets	`Assets`	$2.71B	USD	Point-in-time
Total assets	`Assets`	$2.69B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.01B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.07B	USD	Point-in-time
Current maturities of long-term debt (Note 13)	`LongTermDebtCurrent`	$7.00M	USD	Point-in-time
Current maturities of long-term debt (Note 13)	`LongTermDebtCurrent`	$7.00M	USD	Point-in-time
Accrued liabilities (Note 10)	`AccruedLiabilitiesCurrent`	$302.00M	USD	Point-in-time
Accrued liabilities (Note 10)	`AccruedLiabilitiesCurrent`	$295.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.38B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.51B	USD	Point-in-time
Long-term debt (Note 13)	`LongTermDebtNoncurrent`	$1.18B	USD	Point-in-time
Long-term debt (Note 13)	`LongTermDebtNoncurrent`	$1.17B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$21.00M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$24.00M	USD	Point-in-time
Other liabilities (Note 11)	`OtherLiabilitiesNoncurrent`	$271.00M	USD	Point-in-time
Other liabilities (Note 11)	`OtherLiabilitiesNoncurrent`	$269.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.04B	USD	Point-in-time
Total liabilities	`Liabilities`	$3.17B	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 19)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 19)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common Stock, par value $0.001; 1,000,000,000 and 1,000,000,000 shares authorized, 64,506,104 and 64,570,950 issued and 64,506,104 and 64,570,950 outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	-	USD	Point-in-time
Common Stock, par value $0.001; 1,000,000,000 and 1,000,000,000 shares authorized, 64,506,104 and 64,570,950 issued and 64,506,104 and 64,570,950 outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	-	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	$1.33B	USD	Point-in-time
Additional paidin capital	`AdditionalPaidInCapital`	$1.33B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-1.70B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-1.79B	USD	Point-in-time
Accumulated other comprehensive income (loss) (Note 16)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$19.00M	USD	Point-in-time
Accumulated other comprehensive income (loss) (Note 16)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.00M	USD	Point-in-time
Total deficit	`StockholdersEquity`	$-468.00M	USD	Point-in-time
Total deficit	`StockholdersEquity`	$-2.31B	USD	Point-in-time
Total deficit	`StockholdersEquity`	$-357.00M	USD	Point-in-time
Total deficit	`StockholdersEquity`	$-2.30B	USD	Point-in-time
Total liabilities and deficit	`LiabilitiesAndStockholdersEquity`	$2.69B	USD	Point-in-time
Total liabilities and deficit	`LiabilitiesAndStockholdersEquity`	$2.71B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales (Note 3)	`Revenues`	$901.00M	USD	1 Quarter
Net sales (Note 3)	`Revenues`	$997.00M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$726.00M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$801.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$175.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$196.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$55.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$53.00M	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-1.00M	USD	1 Quarter
Other expense, net	`OtherOperatingIncomeExpenseNet`	$-1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$21.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$23.00M	USD	1 Quarter
Non-operating (income) expense	`NonoperatingIncomeExpense`	$-26.00M	USD	1 Quarter
Non-operating (income) expense	`NonoperatingIncomeExpense`	$28.00M	USD	1 Quarter
Reorganization items, net (Note 1)	`ReorganizationItems`	$1.00M	USD	1 Quarter
Reorganization items, net (Note 1)	`ReorganizationItems`	$174.00M	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-81.00M	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$125.00M	USD	1 Quarter
Tax expense (Note 5)	`IncomeTaxExpenseBenefit`	$24.00M	USD	1 Quarter
Tax expense (Note 5)	`IncomeTaxExpenseBenefit`	$37.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-105.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$88.00M	USD	1 Quarter
Less: preferred stock dividend (Note 17)	`PreferredStockDividendsIncomeStatementImpact`	$38.00M	USD	1 Quarter
Less: preferred stock dividend (Note 17)	`PreferredStockDividendsIncomeStatementImpact`	-	USD	1 Quarter
Net income (loss) available for distribution	`NetIncomeLossAvailableForDistribution`	$-105.00M	USD	1 Quarter
Net income (loss) available for distribution	`NetIncomeLossAvailableForDistribution`	$50.00M	USD	1 Quarter
Earnings (loss) per common share, basic (in USD per share)	`EarningsPerShareBasic`	$-1.38	USD	1 Quarter
Earnings (loss) per common share, basic (in USD per share)	`EarningsPerShareBasic`	$0.15	USD	1 Quarter
Earnings (loss) per common share, diluted (in USD per share)	`EarningsPerShareDiluted`	$-1.38	USD	1 Quarter
Earnings (loss) per common share, diluted (in USD per share)	`EarningsPerShareDiluted`	$0.15	USD	1 Quarter
Weighted average common shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	75.90M	shares	1 Quarter
Weighted average common shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	64.54M	shares	1 Quarter
Weighted average common shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	75.90M	shares	1 Quarter
Weighted average common shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	64.73M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$88.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-105.00M	USD	1 Quarter
Reorganization items, net	`ReorganizationItemsNet`	-	USD	1 Quarter
Reorganization items, net	`ReorganizationItemsNet`	$19.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$13.00M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$4.00M	USD	1 Quarter
Depreciation	`Depreciation`	$22.00M	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
Interest payments, net of debt discount accretion	`InterestPaidNetOfDebtDiscountAccretion`	$6.00M	USD	1 Quarter
Interest payments, net of debt discount accretion	`InterestPaidNetOfDebtDiscountAccretion`	-	USD	1 Quarter
Foreign exchange (gain) loss	`ForeignCurrencyTransactionGainLossExcludingHedgesBeforeTax`	$4.00M	USD	1 Quarter
Foreign exchange (gain) 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`	$-12.00M	USD	1 Quarter
Accounts, notes and other receivables	`IncreaseDecreaseInAccountsNotesAndOtherReceivables`	$2.00M	USD	1 Quarter
Accounts, notes and other receivables	`IncreaseDecreaseInAccountsNotesAndOtherReceivables`	$61.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$62.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$34.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$42.00M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-14.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$74.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$116.00M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	-	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$17.00M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-9.00M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-7.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$32.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$73.00M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$29.00M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-1.00M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.00M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.00M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfLongTermLinesOfCredit`	$2.00M	USD	1 Quarter
Payments of debtor-in-possession financing	`RepaymentsOfDebtorInPossessionFinancingFees`	-	USD	1 Quarter
Payments of debtor-in-possession financing	`RepaymentsOfDebtorInPossessionFinancingFees`	$100.00M	USD	1 Quarter
Redemption of Series B Preferred stock	`PaymentsForRepurchaseOfRedeemablePreferredStock`	$186.00M	USD	1 Quarter
Redemption of Series B Preferred stock	`PaymentsForRepurchaseOfRedeemablePreferredStock`	-	USD	1 Quarter
Payments for share repurchases	`PaymentsForRepurchaseOfEquity`	-	USD	1 Quarter
Payments for share repurchases	`PaymentsForRepurchaseOfEquity`	$2.00M	USD	1 Quarter
Debt financing costs	`PaymentsOfFinancingCosts`	$1.00M	USD	1 Quarter
Debt financing costs	`PaymentsOfFinancingCosts`	$6.00M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-101.00M	USD	1 Quarter
Net cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-196.00M	USD	1 Quarter
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.00M	USD	1 Quarter
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-30.00M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-144.00M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-116.00M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$320.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$693.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$577.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$464.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$320.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$693.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$577.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$464.00M	USD	Point-in-time
Income taxes paid (net of refunds)	`IncomeTaxesPaidNet`	$14.00M	USD	1 Quarter
Income taxes paid (net of refunds)	`IncomeTaxesPaidNet`	$15.00M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$16.00M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$21.00M	USD	1 Quarter
Reorganization items paid	`ReorganizationItemsPaidNet`	$2.00M	USD	1 Quarter
Reorganization items paid	`ReorganizationItemsPaidNet`	$145.00M	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-468.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-2.31B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-357.00M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-2.30B	USD	Point-in-time
Net (loss) income	`NetIncomeLoss`	$-105.00M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$88.00M	USD	1 Quarter
Share repurchases	`StockRepurchasedDuringPeriodValue`	$2.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$23.00M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$111.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-468.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-2.31B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-357.00M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-2.30B	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-105.00M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$88.00M	USD	1 Quarter
Foreign exchange translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.00M	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)	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$8.00M	USD	1 Quarter
Changes in fair value of effective cash flow hedges, net of tax (Note 15)	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$1.00M	USD	1 Quarter
Changes in fair value of net investment hedges, net of tax (Note 15)	`OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossAfterReclassificationNetOfTax`	$13.00M	USD	1 Quarter
Changes in fair value of net investment hedges, net of tax (Note 15)	`OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossAfterReclassificationNetOfTax`	-	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$23.00M	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$111.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$111.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$6.00M	USD	1 Quarter

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