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10-Q Filing

GARRETT MOTION INC. CIK: 1735707 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001735707-23-000044
Period End Date 20230331
Filing Date 20230424
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance gtx-20230331_htm.xml
Balance Sheet 64 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $246.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $291.00M USD Point-in-time
Restricted cash RestrictedCashCurrent $2.00M 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
Restricted cash RestrictedCashCurrent $1.00M USD Point-in-time
Accounts, notes and other receivables net (Note 6) AccountsAndOtherReceivablesNetCurrent $888.00M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.00B shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.00B shares Point-in-time
Accounts, notes and other receivables net (Note 6) AccountsAndOtherReceivablesNetCurrent $803.00M USD Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 65.10M shares Point-in-time
Inventories net (Note 8) InventoryNet $301.00M USD Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 64.94M shares Point-in-time
Inventories net (Note 8) InventoryNet $270.00M USD Point-in-time
Other current assets OtherAssetsCurrent $124.00M USD Point-in-time
Other current assets OtherAssetsCurrent $110.00M USD Point-in-time
Common stock, shares, outstanding (in shares) CommonStockSharesOutstanding 64.83M shares Point-in-time
Common stock, shares, outstanding (in shares) CommonStockSharesOutstanding 64.96M shares Point-in-time
Total current assets AssetsCurrent $1.43B USD Point-in-time
Total current assets AssetsCurrent $1.60B USD Point-in-time
Investments and long-term receivables LongTermInvestmentsAndReceivablesNet $32.00M USD Point-in-time
Investments and long-term receivables LongTermInvestmentsAndReceivablesNet $30.00M USD Point-in-time
Property, plant and equipment net PropertyPlantAndEquipmentNet $462.00M USD Point-in-time
Property, plant and equipment net PropertyPlantAndEquipmentNet $470.00M USD Point-in-time
Goodwill Goodwill $193.00M USD Point-in-time
Goodwill Goodwill $193.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $232.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $240.00M USD Point-in-time
Other assets (Note 9) OtherAssetsNoncurrent $259.00M USD Point-in-time
Other assets (Note 9) OtherAssetsNoncurrent $281.00M USD Point-in-time
Total assets Assets $2.64B USD Point-in-time
Total assets Assets $2.79B USD Point-in-time
Accounts payable AccountsPayableCurrent $1.05B USD Point-in-time
Accounts payable AccountsPayableCurrent $1.12B USD Point-in-time
Current maturities of long-term debt (Note 14) LongTermDebtCurrent $7.00M USD Point-in-time
Current maturities of long-term debt (Note 14) LongTermDebtCurrent $7.00M USD Point-in-time
Accrued liabilities (Note 11) AccruedLiabilitiesCurrent $348.00M USD Point-in-time
Accrued liabilities (Note 11) AccruedLiabilitiesCurrent $320.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.38B USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.48B USD Point-in-time
Long-term debt (Note 14) LongTermDebtNoncurrent $1.16B USD Point-in-time
Long-term debt (Note 14) LongTermDebtNoncurrent $1.15B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $25.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $28.00M USD Point-in-time
Other liabilities (Note 12) OtherLiabilitiesNoncurrent $205.00M USD Point-in-time
Other liabilities (Note 12) OtherLiabilitiesNoncurrent $208.00M USD Point-in-time
Total liabilities Liabilities $2.75B USD Point-in-time
Total liabilities Liabilities $2.87B USD Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 20) CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS AND CONTINGENCIES (Note 20) CommitmentsAndContingencies - USD Point-in-time
Common Stock, par value $0.001; 1,000,000,000 and 1,000,000,000 shares authorized, 65,099,244 and 64,943,238 issued and 64,959,553 and 64,832,609 outstanding as of March 31, 2023 and December 31, 2022, respectively CommonStockValue - USD Point-in-time
Common Stock, par value $0.001; 1,000,000,000 and 1,000,000,000 shares authorized, 65,099,244 and 64,943,238 issued and 64,959,553 and 64,832,609 outstanding as of March 31, 2023 and December 31, 2022, respectively CommonStockValue - USD Point-in-time
Additional paidin capital AdditionalPaidInCapital $1.33B USD Point-in-time
Additional paidin capital AdditionalPaidInCapital $1.34B USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-1.49B USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-1.45B USD Point-in-time
Accumulated other comprehensive income (Note 17) AccumulatedOtherComprehensiveIncomeLossNetOfTax $36.00M USD Point-in-time
Accumulated other comprehensive income (Note 17) AccumulatedOtherComprehensiveIncomeLossNetOfTax $30.00M USD Point-in-time
Total deficit StockholdersEquity $-357.00M USD Point-in-time
Total deficit StockholdersEquity $-80.00M USD Point-in-time
Total deficit StockholdersEquity $-116.00M USD Point-in-time
Total deficit StockholdersEquity $-468.00M USD Point-in-time
Total liabilities and deficit LiabilitiesAndStockholdersEquity $2.64B USD Point-in-time
Total liabilities and deficit LiabilitiesAndStockholdersEquity $2.79B 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 $970.00M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $781.00M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $726.00M USD 1 Quarter
Gross profit GrossProfit $189.00M USD 1 Quarter
Gross profit GrossProfit $175.00M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $56.00M 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 $28.00M USD 1 Quarter
Interest expense InterestExpense $23.00M USD 1 Quarter
Non-operating income NonoperatingIncomeExpense $28.00M USD 1 Quarter
Non-operating income NonoperatingIncomeExpense $4.00M USD 1 Quarter
Reorganization items, net ReorganizationItems - USD 1 Quarter
Reorganization items, net ReorganizationItems $1.00M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $108.00M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $125.00M USD 1 Quarter
Tax expense (Note 5) IncomeTaxExpenseBenefit $37.00M USD 1 Quarter
Tax expense (Note 5) IncomeTaxExpenseBenefit $27.00M USD 1 Quarter
Net income NetIncomeLoss $81.00M USD 1 Quarter
Net income NetIncomeLoss $88.00M USD 1 Quarter
Less: preferred stock dividend (Note 18) PreferredStockDividendsIncomeStatementImpact $40.00M USD 1 Quarter
Less: preferred stock dividend (Note 18) PreferredStockDividendsIncomeStatementImpact $38.00M USD 1 Quarter
Net income available for distribution NetIncomeLossAvailableForDistribution $50.00M USD 1 Quarter
Net income available for distribution NetIncomeLossAvailableForDistribution $41.00M USD 1 Quarter
Earnings per common share, basic (in USD per share) EarningsPerShareBasic $0.15 USD 1 Quarter
Earnings per common share, basic (in USD per share) EarningsPerShareBasic $0.13 USD 1 Quarter
Earnings per common share, diluted (in USD per share) EarningsPerShareDiluted $0.15 USD 1 Quarter
Earnings per common share, diluted (in USD per share) EarningsPerShareDiluted $0.13 USD 1 Quarter
Weighted average common shares outstanding, basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 64.90M 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 65.97M shares 1 Quarter
Weighted average common shares outstanding, diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 64.73M shares 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $88.00M USD 1 Quarter
Net income ProfitLoss $81.00M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $3.00M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $13.00M USD 1 Quarter
Depreciation Depreciation $22.00M USD 1 Quarter
Depreciation Depreciation $21.00M 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 - USD 1 Quarter
Interest payments, net of debt discount accretion InterestPaidNetOfDebtDiscountAccretion $6.00M USD 1 Quarter
Foreign exchange loss ForeignCurrencyTransactionGainLossExcludingHedgesBeforeTax $4.00M USD 1 Quarter
Foreign exchange loss ForeignCurrencyTransactionGainLossExcludingHedgesBeforeTax $2.00M USD 1 Quarter
Stock compensation expense ShareBasedCompensation $3.00M USD 1 Quarter
Stock compensation expense ShareBasedCompensation $2.00M USD 1 Quarter
Change in fair value of derivatives UnrealizedGainLossOnDerivatives $17.00M USD 1 Quarter
Change in fair value of derivatives UnrealizedGainLossOnDerivatives $-10.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $1.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $-12.00M USD 1 Quarter
Accounts, notes and other receivables IncreaseDecreaseInAccountsNotesAndOtherReceivables $61.00M USD 1 Quarter
Accounts, notes and other receivables IncreaseDecreaseInAccountsNotesAndOtherReceivables $77.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $62.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $30.00M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $18.00M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $10.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $62.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $116.00M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $20.00M USD 1 Quarter
Accrued liabilities IncreaseDecreaseInAccruedLiabilities $-2.00M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $5.00M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-7.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $92.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $73.00M USD 1 Quarter
Expenditures for property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $8.00M USD 1 Quarter
Expenditures for property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $29.00M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-29.00M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-8.00M USD 1 Quarter
Payments of long-term debt RepaymentsOfLongTermDebtAndAccruedInterest $2.00M USD 1 Quarter
Payments of long-term debt RepaymentsOfLongTermDebtAndAccruedInterest $2.00M USD 1 Quarter
Redemption of Series B Preferred stock PaymentsForRepurchaseOfRedeemablePreferredStock - USD 1 Quarter
Redemption of Series B Preferred stock PaymentsForRepurchaseOfRedeemablePreferredStock $186.00M USD 1 Quarter
Payments for share repurchases PaymentsForRepurchaseOfEquity - USD 1 Quarter
Payments for share repurchases PaymentsForRepurchaseOfEquity $2.00M USD 1 Quarter
Payments for dividends PaymentsOfDividends $42.00M USD 1 Quarter
Payments for dividends PaymentsOfDividends - USD 1 Quarter
Debt financing costs PaymentsOfFinancingCosts $6.00M USD 1 Quarter
Debt financing costs PaymentsOfFinancingCosts - USD 1 Quarter
Net cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-44.00M 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 $4.00M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $44.00M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-144.00M USD 1 Quarter
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 beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $320.00M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $292.00M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $248.00M USD Point-in-time
Cash, cash equivalents and restricted cash at end 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 $292.00M USD Point-in-time
Cash, cash equivalents and restricted cash at end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $248.00M USD Point-in-time
Income taxes paid (net of refunds) IncomeTaxesPaidNet $19.00M USD 1 Quarter
Income taxes paid (net of refunds) IncomeTaxesPaidNet $14.00M USD 1 Quarter
Interest paid InterestPaidNet $10.00M USD 1 Quarter
Interest paid InterestPaidNet $21.00M USD 1 Quarter
Stockholders Equity 16 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $-357.00M USD Point-in-time
Beginning balance StockholdersEquity $-80.00M USD Point-in-time
Beginning balance StockholdersEquity $-116.00M USD Point-in-time
Beginning balance StockholdersEquity $-468.00M USD Point-in-time
Net income NetIncomeLoss $81.00M USD 1 Quarter
Net income NetIncomeLoss $88.00M USD 1 Quarter
Share repurchases StockRepurchasedDuringPeriodValue $2.00M USD 1 Quarter
Other comprehensive loss, net of tax OtherComprehensiveIncomeLossNetOfTax $-6.00M USD 1 Quarter
Other comprehensive loss, net of tax OtherComprehensiveIncomeLossNetOfTax $23.00M USD 1 Quarter
Dividends declared Dividends $42.00M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.00M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $3.00M USD 1 Quarter
Ending balance StockholdersEquity $-357.00M USD Point-in-time
Ending balance StockholdersEquity $-80.00M USD Point-in-time
Ending balance StockholdersEquity $-116.00M USD Point-in-time
Ending balance StockholdersEquity $-468.00M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $81.00M USD 1 Quarter
Net income NetIncomeLoss $88.00M USD 1 Quarter
Foreign exchange translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $2.00M USD 1 Quarter
Foreign exchange translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $2.00M USD 1 Quarter
Changes in fair value of effective cash flow hedges, net of tax (Note 16) OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $8.00M USD 1 Quarter
Changes in fair value of effective cash flow hedges, net of tax (Note 16) OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-3.00M USD 1 Quarter
Changes in fair value of net investment hedges, net of tax (Note 16) OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossAfterReclassificationNetOfTax $13.00M USD 1 Quarter
Changes in fair value of net investment hedges, net of tax (Note 16) OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossAfterReclassificationNetOfTax $-5.00M USD 1 Quarter
Total other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTax $-6.00M USD 1 Quarter
Total other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTax $23.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $75.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $111.00M USD 1 Quarter

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

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