0001735707-23-000044 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	Apr. 19, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38636
Entity Registrant Name	Garrett Motion Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4873189
Entity Address, Address Line One	La Pièce 16
Entity Address, City or Town	Rolle
Entity Address, Country	CH
Entity Address, Postal Zip Code	1180
City Area Code	41 21
Local Phone Number	695 30 00
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		64,959,553
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001735707
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	GTX
Security Exchange Name	NASDAQ
Series A Cumulative Convertible Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series A Cumulative Convertible Preferred Stock, par value $0.001 per share
Trading Symbol	GTXAP
Security Exchange Name	NASDAQ

CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales (Note 3)	$ 970	$ 901
Cost of goods sold	781	726
Gross profit	189	175
Selling, general and administrative expenses	56	53
Other expense, net	1	1
Interest expense	28	23
Non-operating income	(4)	(28)
Reorganization items, net	0	1
Income before taxes	108	125
Tax expense (Note 5)	27	37
Net income	81	88
Less: preferred stock dividend (Note 18)	(40)	(38)
Net income available for distribution	$ 41	$ 50
Earnings per common share
Earnings per common share, basic (in USD per share)	$ 0.13	$ 0.15
Earnings per common share, diluted (in USD per share)	$ 0.13	$ 0.15
Weighted average common shares outstanding
Weighted average common shares outstanding, basic (in shares)	64,896,081	64,538,527
Weighted average common shares outstanding, diluted (in shares)	65,970,723	64,732,090

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 81	$ 88
Foreign exchange translation adjustment	2	2
Changes in fair value of effective cash flow hedges, net of tax (Note 16)	(3)	8
Changes in fair value of net investment hedges, net of tax (Note 16)	(5)	13
Total other comprehensive (loss) income, net of tax	(6)	23
Comprehensive income	$ 75	$ 111

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONSOLIDATED INTERIM BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 291	$ 246
Restricted cash	1	2
Accounts, notes and other receivables – net (Note 6)	888	803
Inventories – net (Note 8)	301	270
Other current assets	124	110
Total current assets	1,605	1,431
Investments and long-term receivables	32	30
Property, plant and equipment – net	462	470
Goodwill	193	193
Deferred income taxes	240	232
Other assets (Note 9)	259	281
Total assets	2,791	2,637
Current liabilities:
Accounts payable	1,123	1,048
Current maturities of long-term debt (Note 14)	7	7
Accrued liabilities (Note 11)	348	320
Total current liabilities	1,478	1,375
Long-term debt (Note 14)	1,157	1,148
Deferred income taxes	28	25
Other liabilities (Note 12)	208	205
Total liabilities	2,871	2,753
COMMITMENTS AND CONTINGENCIES (Note 20)
EQUITY (DEFICIT)
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	0	0
Additional paid–in capital	1,336	1,333
Retained deficit	(1,446)	(1,485)
Accumulated other comprehensive income (Note 17)	30	36
Total deficit	(80)	(116)
Total liabilities and deficit	2,791	2,637
Series A Cumulative Convertible Preferred Stock
EQUITY (DEFICIT)
Series A Preferred Stock, par value $0.001; 245,045,431 and 245,089,671 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	$ 0	$ 0

CONSOLIDATED INTERIM BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares, issued (in shares)	65,099,244	64,943,238
Common stock, shares, outstanding (in shares)	64,959,553	64,832,609
Series A Cumulative Convertible Preferred Stock
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	245,045,431	245,089,671
Preferred stock, shares outstanding (in shares)	245,045,431	245,089,671

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 81	$ 88
Adjustments to reconcile net income to net cash provided by operating activities
Deferred income taxes	3	13
Depreciation	21	22
Amortization of deferred issuance costs	2	2
Interest payments, net of debt discount accretion	0	(6)
Foreign exchange loss	(2)	(4)
Stock compensation expense	3	2
Change in fair value of derivatives	10	(17)
Other	12	(1)
Changes in assets and liabilities:
Accounts, notes and other receivables	(77)	(61)
Inventories	(30)	(62)
Other assets	(18)	(10)
Accounts payable	62	116
Accrued liabilities	20	(2)
Other liabilities	5	(7)
Net cash provided by operating activities	92	73
Cash flows from investing activities:
Expenditures for property, plant and equipment	(8)	(29)
Net cash used for investing activities	(8)	(29)
Cash flows from financing activities:
Payments of long-term debt	(2)	(2)
Redemption of Series B Preferred stock	0	(186)
Payments for share repurchases	0	(2)
Payments for dividends	(42)	0
Debt financing costs	0	(6)
Net cash used for financing activities	(44)	(196)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	4	8
Net increase (decrease) in cash, cash equivalents and restricted cash	44	(144)
Cash, cash equivalents and restricted cash at beginning of the period	248	464
Cash, cash equivalents and restricted cash at end of the period	292	320
Supplemental cash flow disclosure:
Income taxes paid (net of refunds)	19	14
Interest paid	$ 10	$ 21

CONSOLIDATED INTERIM STATEMENTS OF EQUITY (DEFICIT) (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Series A Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Deficit	Accumulated Other Comprehensive (Loss)/Income
Beginning balance (in shares) at Dec. 31, 2021		246	64
Beginning balance at Dec. 31, 2021	$ (468)	$ 0	$ 0	$ 1,326	$ (1,790)	$ (4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	88				88
Share repurchases	(2)			(1)	(1)
Other comprehensive loss, net of tax	23					23
Stock-based compensation	2			2
Ending balance (in shares) at Mar. 31, 2022		246	64
Ending balance at Mar. 31, 2022	(357)	$ 0	$ 0	1,327	(1,703)	19
Beginning balance (in shares) at Dec. 31, 2022		246	64
Beginning balance at Dec. 31, 2022	(116)	$ 0	$ 0	1,333	(1,485)	36
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	81				81
Other comprehensive loss, net of tax	(6)					(6)
Dividends declared	(42)				(42)
Stock-based compensation	3			3
Ending balance (in shares) at Mar. 31, 2023		246	64
Ending balance at Mar. 31, 2023	$ (80)	$ 0	$ 0	$ 1,336	$ (1,446)	$ 30

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Background and Basis of Presentation	3 Months Ended
Background and Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Note 1. Background and Basis of Presentation Background Garrett Motion Inc., (the “Company” or “Garrett”) designs, manufactures and sells highly engineered turbocharger and electric-boosting technologies for light and commercial vehicle original equipment manufacturers (“OEMs”) and the global vehicle independent aftermarket, as well as automotive software solutions. These OEMs in turn ship to consumers globally. We are a global technology leader with significant expertise in delivering products across gasoline, diesel, natural gas and electric (hybrid and fuel cell) power trains. These products are key enablers for fuel economy and emission standards compliance. Basis of Presentation The accompanying unaudited Consolidated Interim Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements. The unaudited Consolidated Interim Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and accompanying notes for the year ended December 31, 2022 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 14, 2023 (our “2022 Form 10-K”). The results of operations and cash flows for the three months ended March 31, 2023 should not necessarily be taken as indicative of the entire year. All amounts presented are in millions, except per share amounts. We report our quarterly financial information using a calendar convention: the first, second and third quarters are consistently reported as ending on March 31, June 30 and September 30. It has been our practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires our businesses to close their books on a Saturday to minimize the potentially disruptive effects of quarterly closing on our business processes. For differences in actual closing dates that are material to year-over-year comparisons of quarterly or year-to-date results have been adjusted for the three months ended March 31, 2023. Our actual closing dates for the three months ended March 31, 2023 and 2022 were April 1, 2023 and April 2, 2022, respectively. We evaluate segment reporting in accordance with ASC 280, Segment Reporting. We concluded that Garrett operates in a single operating segment and a single reportable segment based on the operating results available and evaluated regularly by the chief operating decision maker (“CODM”), which is our Chief Executive Officer, to make decisions about resource allocation and performance assessment. The CODM makes operational performance assessments and resource allocation decisions on a consolidated basis, inclusive of all of the Company’s products across channels and geographies. The preparation of the financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases these estimates on assumptions that it believes to be reasonable under the circumstances. Actual results could differ from the original estimates, requiring adjustments to these balances in future periods.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies The accounting policies of the Company are set forth in Note 3 to the Consolidated Financial Statements for the year ended December 31, 2022 included in our 2022 Form 10-K. Recently Adopted Accounting Pronouncements In September 2022, the FASB issued ASU 2022-04, Disclosure of Supplier Finance Program Obligations (Topic 405-50): Disclosure of Supplier Finance Purchase Obligations. The amendment in this update requires companies to disclose key terms of supplier financing programs used in connection with the purchase of goods and services, along with information about their obligations under these programs including a rollforward of those obligations. The Company adopted the new guidance as of January 1, 2023. See Note 10, Supplier Financing for disclosure related to the Company's supplier financing program obligations.

Revenue Recognition and Contracts with Customers

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition and Contracts with Customers

Note 3. Revenue Recognition and Contracts with Customers

Disaggregated Revenue

Net sales by region (determined based on country of shipment) and channel are as follows:











	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
	OEM		Aftermarket		Other		Total		OEM		Aftermarket		Other		Total
	(Dollars in millions)
United States	$	123	$	49	$	1	$	173	$	102	$	51	$	—	$	153
Europe	446		43		8		497		406		38		7		451
Asia	267		12		3		282		266		10		6		282
Other	12		6		—		18		9		6		—		15
	$	848	$	110	$	12	$	970	$	783	$	105	$	13	$	901

Contract Balances

The following table summarizes our contract assets and liabilities balances:


	2023		2022
	(Dollars in millions)
Contract assets—January 1	$	46	$	63
Contract assets—March 31	66		60
Change in contract assets—(Decrease)/Increase	$	20	$	(3)
Contract liabilities—January 1	$	(8)	$	(5)
Contract liabilities—March 31	(10)		(9)
Change in contract liabilities—(Increase)/Decrease	$	(2)	$	(4)

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Research, Development & Engineering

3 Months Ended

Mar. 31, 2023

Research and Development [Abstract]

Research, Development & Engineering

Note 4. Research, Development & Engineering

Garrett conducts research, development and engineering (“RD&E”) activities, which consist primarily of the development of new products and product applications. RD&E costs are charged to expense as incurred unless the Company has a contractual guarantee for reimbursement from the customer. Customer reimbursements are netted against gross RD&E expenditures as they are considered a recovery of cost. Such costs are included in Cost of goods sold as follows:


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Research and development costs		$	40	$	36
Engineering-related expenses (1)		(1)		6
		$	39	$	42

(1) Engineering-related expenses include customer reimbursements of $11 million and $3 million for the three months ended March 31, 2023 and 2022, respectively.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 5. Income Taxes


	Three Months Ended March 31,
		2023			2022
		(Dollars in millions)
Tax expense		$	27		$	37
Effective tax rate		25.0		%	29.6		%

The effective tax rates for the three months ended March 31, 2023 and 2022 were 25.0% and 29.6%, respectively. The change in the effective tax rate for the three months ended March 31, 2023 compared to the prior period is primarily related to a decrease in tax reserve true ups and additional global research and development benefits.

The effective tax rate for the three months ended March 31, 2023 was higher than the U.S. federal statutory rate of 21% primarily because of U.S. taxes on international operations and withholding taxes, partially offset by lower taxes on non-U.S. earnings and global research and development benefits.

The effective tax rate can vary from quarter to quarter due to changes in the Company’s global mix of earnings, the resolution of income tax audits, changes in tax laws (including updated guidance on U.S. tax reform), deductions related to employee share-based payments, internal restructurings, and pension mark-to-market adjustments.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Accounts, Notes and Other Receivables-Net

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Accounts, Notes and Other Receivables-Net

Note 6. Accounts, Notes and Other Receivables—Net


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Trade receivables	$	682	$	619
Notes receivable	117		105
Other receivables	98		88
	897		812
Less—Allowance for expected credit losses	(9)		(9)
	$	888	$	803

Trade receivables include $66 million and $46 million of unbilled customer contract asset balances as of March 31, 2023 and December 31, 2022, respectively. These amounts are billed in accordance with the terms of customer contracts to which they relate. See Note 3, Revenue Recognition and Contracts with Customers.

Notes receivable is related to guaranteed bank notes without recourse that the Company receives in settlement of accounts receivables, primarily in the Asia Pacific region. See Note 7, Factoring and Notes Receivable for further information.

Factoring and Notes Receivable

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Factoring and Notes Receivable

Note 7. Factoring and Notes Receivable

The Company enters into arrangements with financial institutions to sell eligible trade receivables. The receivables are sold without recourse and the Company accounts for these arrangements as true sales. The Company also receives guaranteed bank notes without recourse, in settlement of accounts receivables, primarily in the Asia Pacific region. The Company can hold the bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third-party financial institutions in exchange for cash. Bank notes sold to third-party financial institutions without recourse are likewise accounted for as true sales.


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Eligible receivables sold without recourse		$	182	$	143
Guaranteed bank notes sold without recourse		—		28

The expenses related to the sale of trade receivables and guaranteed bank notes are recognized within Other expense, net in the Consolidated Interim Statements of Operations, and were immaterial for the three months ended March 31, 2023 and 2022.


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Receivables sold but not yet collected by the bank from the customer	$	3	$	5
Guaranteed bank notes sold but not yet collected by the bank from the customer	—		—

As of March 31, 2023 and December 31, 2022, the Company has no guaranteed bank notes pledged as collateral.

Inventories-Net

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories-Net

Note 8. Inventories—Net


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Raw materials	$	208	$	203
Work in process	21		18
Finished products	108		80
	337		301
Less—Reserves	(36)		(31)
	$	301	$	270

Other Assets

3 Months Ended

Mar. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Note 9. Other Assets


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Advanced discounts to customers, non-current	$	50	$	51
Operating right-of-use assets (Note 13)	44		44
Income tax receivable	22		22
Pension and other employee related	4		4
Designated cross-currency swaps	60		74
Designated and undesignated derivatives	69		76
Other	10		10
	$	259	$	281

Supplier Financing

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Supplier Financing

Note 10. Supplier Financing

The Company has supplier financing arrangements with two third-party financial institutions under which certain suppliers may factor their receivables from Garrett. The Company also enters into arrangements with banking institutions to issue bankers acceptance drafts in settlement of accounts payables, primarily in the Asia Pacific region. The bankers acceptance drafts, or guaranteed bank notes, have a contractual maturity of six months or less, and may be held by suppliers until maturity, transferred to their suppliers, or discounted with financial institutions in exchange for cash. The

supplier financing obligations and guaranteed bank notes outstanding are recorded within Accounts payable in our Consolidated Interim Balance Sheet.


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Supplier financing obligations outstanding with financial institutions	$	60	$	33
Guaranteed bank notes outstanding	218		171

Accrued Liabilities

3 Months Ended

Mar. 31, 2023

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Note 11. Accrued Liabilities


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Customer pricing reserve	$	56	$	50
Compensation, benefit and other employee related	65		69
Repositioning	12		9
Product warranties and performance guarantees - short-term (Note 20)	19		18
Income and other taxes	58		39
Advanced discounts from suppliers, current	7		8
Customer advances and deferred income (1)	26		29
Accrued interest	15		13
Short-term lease liability (Note 13)	9		9
Accrued freight	10		9
Dividends payable (Note 15)	42		42
Other (primarily operating expenses) (2)	29		25
	$	348	$	320

(1)Customer advances and deferred income include $10 million and $8 million of contract liabilities as of March 31, 2023 and December 31, 2022, respectively. See Note 3, Revenue Recognition and Contracts with Customers.

(2)Includes $4 million and $3 million of environmental liabilities as of March 31, 2023 and December 31, 2022, respectively.

The Company accrues repositioning costs related to projects to optimize its product costs and right-size our organizational structure. Expenses related to the repositioning accruals are included in Cost of goods sold and Selling, general and administrative expenses in our Consolidated Interim Statements of Operations.


	Severance Costs		Other Costs		Total
	(Dollars in millions)
Balance at December 31, 2022	$	9	$	—	$	9
Charges	5		2		7
Usage—cash	(2)		—		(2)
Non-cash asset write-offs	—		(2)		(2)
Balance at March 31, 2023	$	12	$	—	$	12


	Severance Costs		Other Costs		Total
	(Dollars in millions)
Balance at December 31, 2021	$	10	$	—	$	10
Charges	1		—		1
Usage—cash	(3)		—		(3)
Balance at March 31, 2022	$	8	$	—	$	8

Other Liabilities

3 Months Ended

Mar. 31, 2023

Other Liabilities Disclosure [Abstract]

Other Liabilities

Note 12. Other Liabilities


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Income taxes	$	102	$	99

Pension and other employee related	20		21
Long-term lease liability (Note 13)	36		36
Advanced discounts from suppliers	5		6
Product warranties and performance guarantees – long-term (Note 20)	10		10
Environmental remediation – long term	14		14
Long-term accounts payable	8		8
Other	13		11
	208		205

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Note 13. Leases

We have operating leases that primarily consist of real estate, machinery and equipment. Our leases have remaining lease terms of up to 15 years, some of which include options to extend the leases for up to two years, and some of which include options to terminate the leases within the year.

The components of lease expense are as follows:


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Operating lease cost		$	4	$	4

Supplemental cash flow information related to operating leases is as follows:


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases		$	4	$	3
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		—		1

Supplemental balance sheet information related to operating leases is as follows:


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Other assets	$	44	$	44
Accrued liabilities	9		9
Other liabilities	36		36


	March 31, 2023		December 31, 2022
Weighted-average remaining lease term (in years)	8.33		8.41
Weighted-average discount rate	5.59	%	5.61	%

Maturities of operating lease liabilities as of March 31, 2023 were as follows:


	(Dollars in millions)
2023	$	8
2024	9
2025	7
2026	6
2027	5
Thereafter	20
Total lease payments	55
Less imputed interest	(10)
	$	45

Long-term Debt and Credit Agreements

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt and Credit Agreements

Note 14. Long-term Debt and Credit Agreements

The principal outstanding and carrying amounts of our long-term debt as of March 31, 2023 and December 31, 2022 are as follows:


	Due	Interest Rate	March 31, 2023		December 31, 2022
Dollar Term Facility	4/30/2028	LIBOR plus 325 bps	$	704	$	706
Euro Term Facility	4/30/2028	EURIBOR plus 350 bps	489		480
Total principal outstanding			1,193		1,186
Less: unamortized deferred financing costs			(29)		(31)
Less: current portion of long-term debt			(7)		(7)
Total long-term debt			$	1,157	$	1,148

Credit Facilities

On April 30, 2021, the Company entered into a credit agreement (as amended from time to time, the "Credit Agreement") providing for senior secured financing, consisting of a seven-year secured first-lien U.S. Dollar term loan facility initially in the amount of $715 million (the “Dollar Term Facility”), a seven-year secured first-lien Euro term loan facility initially in the amount of €450 million (the “Euro Term Facility,” and together with the Dollar Term Facility, the “Term Loan Facilities”); and a five-year senior secured first-lien revolving credit facility initially in the amount of $300 million providing for multi-currency revolving loans, (the “Revolving Facility,” and together with the Term Loan Facilities, the “Credit Facilities”).

Following amendments to the Credit Agreement in 2022, the maximum amount of borrowings available under the Revolving Facility is $475 million, and the Company may use up to $125 million for the issuance of letters of credit to its subsidiaries. Letters of credit are available for issuance under the Credit Agreement on terms and conditions customary for financings of this kind, which issuances reduce availability under the Revolving Facility. The Revolving Facility matures on April 30, 2026, with certain extension rights at the discretion of each lender. As of March 31, 2023 the Company had no loans outstanding under the Revolving Facility, no outstanding letters of credit, and available borrowing capacity of approximately $475 million.

Separate from the Revolving Facility, the Company has a bilateral letter of credit facility, which also matures on April 30, 2026. On September 14, 2022, the Company amended the bilateral letter of credit agreement to reduce the available capacity from $35 million to $15 million. The maturity date and other terms of the amended agreement remained the same. As of March 31, 2023, the Company had $12 million utilized and $3 million of remaining available capacity under such facility.

Interest Rate and Fees

The Dollar Term Facility is subject to an interest rate, at our option, of either (a) an alternate base rate (“ABR”) (which shall not be less than 1.50%) or (b) an adjusted LIBOR rate (“LIBOR”) (which shall not be less than 0.50%), in each case, plus an applicable margin equal to 3.25% in the case of LIBOR loans and 2.25% in the case of ABR loans. The Euro Term Facility is subject to an interest rate equal to an adjusted EURIBOR rate (which shall not be less than zero) plus an applicable margin equal to 3.50%. Interest payments with respect to the Dollar and Euro Term Facilities are required either on a quarterly basis (for ABR loans) or at the end of each interest period (for LIBOR and EURIBOR loans) or, if the duration of the applicable interest period exceeds three months, then every three months.

The Revolving Facility is subject to an interest rate comprised of an applicable benchmark rate as provided under the Credit Agreement (which shall not be less than 1.00% if such benchmark is the ABR rate and not less than 0.00% in the case of other applicable benchmark rates) that is selected based on the currency in which borrowings are outstanding thereunder, in each case, plus an applicable margin, that may vary based on our leverage ratio.

In addition to paying interest on outstanding borrowings under the Revolving Facility, we are also required to pay a quarterly commitment fee based on the average daily unused portion of the Revolving Facility during such quarter, which is determined by our leverage ratio and ranges from 0.25% to 0.50% per annum.

Prepayments

The Credit Agreement also contains certain mandatory prepayment provisions in the event that we incur certain types of indebtedness, receive net cash proceeds from certain non-ordinary course asset sales or other dispositions of property, or have excess cash flow (calculated on an annual basis with the required prepayment equal to 50%, 25% or 0% of such excess cash flow, subject to compliance with certain leverage ratios), in each case subject to terms and conditions customary for financings of this kind.

Certain Covenants

The Credit Agreement contains certain affirmative and negative covenants customary for financings of this type. The Revolving Facility also contains a financial covenant requiring the maintenance of a consolidated total leverage ratio of not greater than 4.7 times as of the end of each fiscal quarter if, on the last day of any such fiscal quarter, the aggregate amount of loans and letters of credit (excluding backstopped or cash collateralized letters of credit and other letters of credit with an aggregate face amount not exceeding $30 million) outstanding under the Revolving Facility exceeds 35% of the aggregate commitments in effect thereunder on such date. As of March 31, 2023, the Company was in compliance with all covenants.

Series A Preferred Stock	3 Months Ended
Series A Preferred Stock	Mar. 31, 2023
Equity [Abstract]
Series A Preferred Stock	Note 15. Series A Preferred Stock On March 8, 2023, the Disinterested Directors Committee of the Board of Directors (the "Board") of the Company declared a cash dividend of $0.17 per share on the Company's Series A Preferred Stock. As of the record date of March 22, 2023, a total of 245,045,431 shares of Series A Preferred Stock were outstanding, resulting in an aggregate dividend amount of $42 million. Cash was transferred on March 29, 2023 to the transfer agent for the Series A Preferred Stock in the amount of $42 million for the settlement of the dividend which occurred on April 3, 2023. As of March 31, 2023, a dividend payable of $42 million was recorded within Accrued liabilities, and the cash held by the transfer agent was recorded within Other current assets. As of March 31, 2023, the remaining unpaid cumulative dividends not yet declared on the shares of Series A Preferred Stock outstanding as of that date was $169 million.

Financial Instruments and Fair Value Measures

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments and Fair Value Measures

Note 16. Financial Instruments and Fair Value Measures

Our credit, market and foreign currency risk management policies are described in Note 19, Financial Instruments and Fair Value Measures, to the Consolidated Financial Statements for the year ended December 31, 2022 included in our 2022 Form 10-K. As of March 31, 2023 and December 31, 2022, we had contracts with aggregate gross notional amounts of $2,734 million and $2,621 million, respectively, to hedge interest rates and foreign currencies, principally the U.S. Dollar, Swiss Franc, British Pound, Euro, Chinese Yuan, Japanese Yen, Mexican Peso, New Romanian Leu, Czech Koruna, Australian Dollar and Korean Won.

Fair Value of Financial Instruments

The FASB’s accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2023 and December 31, 2022:


					Fair Value
	Notional Amounts				Assets					Liabilities
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022			March 31, 2023		December 31, 2022
Designated instruments:
Designated forward currency exchange contracts	$	529	$	565	$	18	$	22	(a)	$	6	$	6	(c)
Designated cross-currency swap	715		715		60		74		(b)	—		—
Total designated instruments	1,244		1,280		78		96			6		6
Undesignated instruments:
Undesignated interest rate swap	1,043		1,024		69		76		(b)	—		—
Undesignated forward currency exchange contracts	447		317		2		4		(a)	6		2		(c)
Total undesignated instruments	1,490		1,341		71		80			6		2
Total designated and undesignated instruments	$	2,734	$	2,621	$	149	$	176		$	12	$	8

(a) Recorded within Other current assets

(b) Recorded within Other assets

As of March 31, 2023, the Company had outstanding interest rate swaps with an aggregate notional amount of €960 million, with maturities of April 2023, April 2024, April 2025, April 2026, April 2027 and April 2028. The Company uses interest rate swaps specifically to mitigate variable interest risk exposure on its long-term debt portfolio and has not designated them as hedging instruments for accounting purposes.

The cross-currency swaps have been designated as net investment hedges of its Euro-denominated operations. As of March 31, 2023, an aggregate notional amount of €606 million was designated as net investment hedges of the Company’s investment in Euro-denominated operations. The cross-currency swaps’ fair values were net assets of $60 million at March 31, 2023. Our Consolidated Interim Statements of Comprehensive Income include Changes in fair value of net investment hedges, net of tax, of $(5) million and $13 million, during the three months ended March 31, 2023 and 2022, respectively, related to these net investment hedges. No ineffectiveness has been recorded on the net investment hedges.

The Company's forward currency exchange contracts under our cash flow hedging program are assessed as highly effective and are designated as cash flow hedges. Gains and losses on derivatives qualifying as cash flow hedges are recorded in Accumulated other comprehensive income until the underlying transactions are recognized in earnings.

The foreign currency exchange, interest rate swap and cross-currency swap contracts are valued using market observable inputs. As such, these derivative instruments are classified within Level 2. The assumptions used in measuring the fair value of the cross-currency swap are considered Level 2 inputs, which are based upon market-observable interest rate curves, cross-currency basis curves, credit default swap curves, and foreign exchange rates.

The carrying value of Cash, cash equivalents and restricted cash, Account receivables and Notes and Other receivables contained in the Consolidated Interim Balance Sheet approximates fair value.

The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value:


	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Dollars in millions)
Term Loan Facilities	$	1,164	$	1,168	$	1,156	$	1,151

The Company determined the fair value of certain of its long-term debt and related current maturities utilizing transactions in the listed markets for similar liabilities. As such, the fair value of the long-term debt and related current maturities is considered Level 2.

Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

Note 17. Accumulated Other Comprehensive Income

The changes in Accumulated Other Comprehensive Income by component are set forth below:


	Foreign Exchange Translation Adjustment		Changes in Fair Value of Effective Cash Flow Hedges		Changes in Fair Value of Net Investment Hedges		Pension Adjustments		Total Accumulated Other Comprehensive Income
	(Dollars in millions)
Balance at December 31, 2022	$	(44)	$	13	$	85	$	(18)	$	36
Other comprehensive income before reclassifications	2		5		(5)		—		2
Amounts reclassified from accumulated other comprehensive income	—		(8)		—		—		(8)
Net current period other comprehensive income	2		(3)		(5)		—		(6)
Balance at March 31, 2023	$	(42)	$	10	$	80	$	(18)	$	30


	Foreign Exchange Translation Adjustment		Changes in Fair Value of Effective Cash Flow Hedges		Changes in Fair Value of Net Investment Hedges		Pension Adjustments		Total Accumulated Other Comprehensive Income
	(Dollars in millions)
Balance at December 31, 2021	$	(43)	$	7	$	41	$	(9)	$	(4)
Other comprehensive income before reclassifications	2		13		13		—		28
Amounts reclassified from accumulated other comprehensive income	—		(5)		—		—		(5)
Net current period other comprehensive income	2		8		13		—		23
Balance at March 31, 2022	$	(41)	$	15	$	54	$	(9)	$	19

Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 18. Earnings Per Share

Earnings per share ("EPS") is calculated using the two-class method pursuant to the issuance of our Series A Preferred Stock. Our Series A Preferred Stock is considered a participating security because holders of the Series A Preferred Stock will also be entitled to such dividends paid to holders of Common Stock to the same extent on an as-converted basis. The two-class method requires an allocation of earnings to all securities that participate in dividends with common shares, such as our Series A Preferred Stock, to the extent that each security may share in the entity’s earnings. Basic earnings per share are then calculated by dividing undistributed earnings allocated to common stock by the weighted

average number of common shares outstanding for the period. The Series A Preferred Stock is not included in the computation of basic earnings per share in periods in which we have a net loss, as the Series A Preferred Stock is not contractually obligated to share in our net losses.

Diluted earnings per share for the three months ended March 31, 2023 and 2022 is calculated using the more dilutive of the two-class or if-converted methods. The two-class method uses net income available to common shareholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income and assumes conversion of all potential shares including the participating securities.

The details of the EPS calculations for the three months ended March 31, 2023 and 2022 are as follows:


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions except per share)
Basic earnings per share:
Net income		$	81	$	88
Less: preferred stock dividend		(40)		(38)
Net income available for distribution		41		50
Less: earnings allocated to participating securities		(32)		(40)
Net income available to common shareholders		$	9	$	10
Weighted average common shares outstanding - Basic		64,896,081		64,538,527
EPS – Basic		$	0.13	$	0.15

Diluted earnings per share:
Method used:		Two-class		Two-class
Weighted average common shares outstanding - Basic		64,896,081		64,538,527
Dilutive effect of unvested RSUs and other contingently issuable shares		1,074,642		193,563

Weighted average common shares outstanding – Diluted		65,970,723		64,732,090
EPS – Diluted		$	0.13	$	0.15

Related Party Transactions

3 Months Ended

Mar. 31, 2023

Related Party Transactions

Note 19. Related Party Transactions

We lease certain facilities and receive property maintenance services from Honeywell, which was the owner of our Series B Preferred Stock that was fully redeemed by the Company on June 28, 2022, is a holder of our common stock and Series A Preferred Stock. We also contract with Honeywell for the occasional purchase of certain goods and services. Lease and service agreements were made at commercial terms prevalent in the market at the time they were executed.


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Payments under agreements with Honeywell		$	2	$	2

Our payments under the agreements with Honeywell were included in Cost of goods sold and Selling, general and administrative expenses in our Consolidated Interim Statements of Operations. Related to the agreements with Honeywell, our Consolidated Interim Balance Sheet at March 31, 2023 and our Consolidated Balance Sheet at December 31, 2022 includes liabilities of $9 million and $10 million, respectively. Liability balances are primarily related to lease contracts of $7 million and $7 million as of March 31, 2023 and December 31, 2022, respectively.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 20. Commitments and Contingencies

Securities Litigation

On September 25, 2020, a putative securities class action complaint was filed against Garrett Motion Inc. and certain current and former Garrett officers and directors in the United States District Court for the Southern District of New York. The case bears the caption: Steven Husson, Individually and On Behalf of All Others Similarly Situated, v. Garrett Motion Inc., Olivier Rabiller, Alessandro Gili, Peter Bracke, Sean Deason, and Su Ping Lu, Case No. 1:20-cv-07992-JPC (SDNY) (the “Husson Action”). The Husson Action asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 as amended (the "Exchange Act"), for securities fraud and control person liability. On September 28, 2020, the plaintiff sought to voluntarily dismiss his claim against Garrett Motion Inc. in light of the Company’s bankruptcy; this request was granted.

On October 5, 2020, another putative securities class action complaint was filed against certain current and former Garrett officers and directors in the United States District Court for the Southern District of New York. This case bears the caption: The Gabelli Asset Fund, The Gabelli Dividend & Income Trust, The Gabelli Value 25 Fund Inc., The Gabelli Equity Trust Inc., SM Investors LP and SM Investors II LP, on behalf of themselves and all others similarly situated, v. Su Ping Lu, Olivier Rabiller, Alessandro Gili, Peter Bracke, Sean Deason, Craig Balis, Thierry Mabru, Russell James, Carlos M. Cardoso, Maura J. Clark, Courtney M. Enghauser, Susan L. Main, Carsten Reinhardt, and Scott A. Tozier, Case No. 1:20-cv-08296-JPC (SDNY) (the “Gabelli Action”). The Gabelli Action also asserted claims under Sections 10(b) and 20(a) of the Exchange Act.

On November 5, 2020, another putative securities class action complaint was filed against certain current and former Garrett officers and directors in the United States District Court for the Southern District of New York. This case bears the caption: Joseph Froehlich, Individually and On Behalf of All Others Similarly Situated, v. Olivier Rabiller, Allesandro Gili, Peter Bracke, Sean Deason, and Su Ping Lu, Case No. 1:20-cv-09279-JPC (SDNY) (the “Froehlich Action”). The Froehlich Action also asserted claims under Sections 10(b) and 20(a) of the Exchange Act.

The actions were assigned to Judge John P. Cronan. On November 24, 2020, competing motions were filed seeking the appointment of lead plaintiff and lead counsel and the consolidation of the Husson, Gabelli, and Froehlich Actions.

On December 8, 2020, counsel for the plaintiffs in the Gabelli Action — the Entwistle & Cappucci law firm — filed an unopposed stipulation and proposed order that would (1) appoint the plaintiffs in the Gabelli Action — the “Gabelli Entities” — the lead plaintiffs; (2) would appoint Entwistle & Cappucci as lead counsel for the plaintiff class; and (3) consolidate the Gabelli Action, the Husson Action, and the Froehlich Action (the “Consolidated D&O Action”). On January 21, 2021, the Court granted the motion to consolidate the actions and granted the Gabelli Entities’ motions for appointment as lead plaintiff and for selection of lead counsel. On February 25, 2021, plaintiffs filed a Consolidated Amended Complaint.

The Company’s insurer, AIG, has accepted the defense, subject to the customary reservation of rights.

The Company agreed with the Gabelli Entities and their lead counsel to permit a class claim to be recognized in the bankruptcy court and to have securities claims against the Company to be litigated in the district court alongside the Consolidated D&O Action. The Gabelli Entities have agreed that any recoveries against Garrett Motion Inc. on account of securities claims litigated through the class claim are limited to available insurance policy proceeds. On July 2, 2021, the bankruptcy court entered an order approving the joint request from the Company and the Gabelli Entities to handle the securities claims against Garrett Motion Inc. in this manner.

The Gabelli Entities were authorized, and on July 22, 2021 filed a second amended complaint to add claims against Garrett Motion Inc. On August 11, 2021, Garrett Motion Inc., Olivier Rabiller, Alessandro Gili, Peter Bracke, Sean Deason, Russell James, Carlos Cardoso, Maura Clark, Courtney Enghauser, Susan Main, Carsten Reinhardt, and Scott Tozier filed a motion to dismiss with respect to claims asserted against them. On the same day, Su Ping Lu, who is represented separately, filed a motion to dismiss with respect to the claims asserted against her. Lead plaintiffs’ opposition to the motions to dismiss was filed on October 26, 2021, and the defendant's reply briefs were filed on or before December 8, 2021. On March 31, 2022, the judge dismissed the complaints entirely - Su Ping Lu's motion to dismiss was granted with prejudice while the court granted the plaintiffs 30 days to file a third amended complaint against the Company and the other defendants.

On May 2, 2022, the plaintiffs filed a Third Amended Complaint (“TAC”) against all of the foregoing Defendants apart from Alessandro Gili and Su Ping Lu. On June 24, 2022, defendants moved to dismiss the TAC in its entirety, with

prejudice. Plaintiffs filed their opposition on August 16, 2022, and defendants filed their reply brief on September 23, 2022. On September 22, 2022, the action was reassigned from Judge John P. Cronan to Judge Jennifer L. Rochon, who was recently appointed. On March 31, 2023, the action was dismissed with prejudice and the plaintiffs have 30 days to file an appeal.

Brazilian Tax Matter

In September 2020, the Brazilian tax authorities issued an infraction notice against Garrett Motion Industria Automotiva Brasil Ltda, challenging the use of certain tax credits (“Befiex Credits”) between January 2017 and February 2020. The infraction notice results in a loss contingency that may or may not ultimately be incurred by the Company. The estimated total amount of the contingency as of March 31, 2023 was $35 million including penalties and interest. The Company believes, based on management’s assessment and the advice of external legal counsel, that it has meritorious arguments in connection with the infraction notice and any liability for the infraction notice is currently not probable. Accordingly, no accrual is required at this time.

Warranties and Guarantees

In the normal course of business, we issue product warranties and product performance guarantees. We accrue for the estimated cost of product warranties and performance guarantees based on contract terms and historical experience at the time of sale to the customer. Adjustments to initial obligations for warranties and guarantees are made as changes to the obligations become reasonably estimable. Product warranties and product performance guarantees are included in Accrued Liabilities and Other Liabilities. The following table summarizes information concerning our recorded obligations for product warranties and product performance guarantees.


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Warranty and product performance guarantees at beginning of period		$	28	$	32
Accruals for warranties/guarantees issued during the year		3		3
Settlement of warranty/guarantee claims		(3)		(3)


Warranty and product performance guarantees at end of period		$	28	$	32

Other Commitments and Contingencies

We are subject to other lawsuits, investigations and disputes arising out of the conduct of our business, including matters relating to commercial transactions, government contracts, product liability, prior acquisitions and divestitures, employee benefit plans, intellectual property and environmental, health and safety matters. We recognize a liability for any contingency that is probable of occurring and reasonably estimable. We continually assess the likelihood of adverse judgments of outcomes in these matters, as well as potential ranges of possible losses (taking into consideration any insurance recoveries), based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts.

Pension Benefits

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Pension Benefits

Note 21. Pension Benefits

We sponsor several funded U.S. and non-U.S. defined benefit pension plans. Significant plans outside the U.S. are in Switzerland and Ireland. Other pension plans outside the U.S. are not material to the Company, either individually or in the aggregate.

Our general funding policy for qualified defined benefit pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. We are not required to make any contributions to our U.S. pension plan in 2023. We expect to make contributions of cash and/or marketable securities of approximately $7 million to our non-U.S. pension plans to satisfy regulatory funding standards in 2023, of which $1 million has been contributed as of March 31, 2023.

Net periodic benefit costs for our significant defined benefit plans include the following components:


	Three Months Ended March 31,
		U.S. Plans	Non-U.S. Plan
			2023		2022		2023		2022
			(Dollars in millions)
Service cost			$	—	$	—	$	1	$	2
Interest cost			2		1		1		—
Expected return on plan assets			(2)		(2)		(2)		(2)
Amortization of prior service (credit)			—		—		—		—
			$	—	$	(1)	$	—	$	—

For both our U.S. and non-U.S. defined benefit pension plans, we estimate the service and interest cost components of net periodic benefit (income) cost by utilizing a full yield curve approach in the estimation of these cost components by applying the specific spot rates along the yield curve used in the determination of the pension benefit obligation to their underlying projected cash flows. This approach provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 22. Subsequent Events On April 12, 2023, the Company entered into separate definitive agreements (the “Agreements”) with each of Centerbridge Partners, L.P. (“Centerbridge”) and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to effect a series of integrated transactions designed to increase the attractiveness of the Company to investors, including by simplifying the Company’s capital stock by converting all outstanding Series A Preferred Stock into a single class of Common Stock, on or about July 3, 2023, subject to certain conditions. Pursuant to the Agreements and subject to the completion of the debt financing described below, the Company’s Series A Preferred Stock will convert into shares of the Company’s Common Stock in a manner similar to the conversion procedures of an Automatic Conversion Event set forth in the existing Certificate of Designations for the Series A Preferred Stock. The conversion will occur pursuant to an amendment and restatement of the Certificate of Designations for the Series A Preferred Stock, which has been approved by the Board of Directors and consented to by Centerbridge and Oaktree as the holders of a majority of the Series A Preferred Stock. The Company will repurchase approximately $280 million and $290 million of Series A Preferred Stock from Centerbridge and Oaktree, respectively, for a total of $570 million, at a cash price of $8.10 per share which will be adjusted to equal the volume-weighted average price of the Common Stock for the fifteen trading days following the announcement of the transactions, subject to a minimum price of $7.875 per share and a maximum price of $8.50 per share. In addition, all holders of Series A Preferred Stock will receive an amount equal to: •$0.17 per share, representing the preference dividends that will accrue on the Series A Preferred Stock from April 1, 2023 through June 30, 2023; plus •Approximately $0.6835 per share, representing other accrued and unpaid preference dividends on the Series A Preferred Stock; and •$0.144375 per share, representing the preference dividends that would have accrued on the Series A Preferred Stock from July 1, 2023 through September 30, 2023. Other than the preference dividend that would have accrued through September 30, 2023, which will be paid in cash, these amounts may be paid to all holders in cash, stock, or a combination of cash and stock, at the election of the Company, and any stock issued will be valued at the adjusted purchase price paid to Centerbridge and Oaktree. The repurchases will be funded with approximately $700 million of new debt, which is expected to be in the form of a new term loan B under the Company’s existing credit agreement, subject to certain modifications related to the transaction, and is expected to be consummated in Q2 2023. The repurchase of the shares of Series A Preferred Stock from Centerbridge and Oaktree pursuant to the Agreements is subject to the completion of the debt financing, the effectiveness of the amended and restated Certificate of Designations for the Series A Preferred Stock, and certain other customary conditions. The conversion of the Series A Preferred Stock into shares of Common Stock pursuant to the amended and restated Certificate of Designations for the Series A Preferred Stock is subject to the completion of the repurchases of the shares of Series A Preferred Stock from Centerbridge and Oaktree. The Company has also announced an increase in its share repurchase authorization to $250 million. Under the share repurchase program, the Company may repurchase shares of Series A Preferred Stock or Common Stock in open market transactions, privately negotiated purchases and other transactions from time to time. As part of the Agreements, Centerbridge and Oaktree have also agreed with the Company to certain changes to their governance rights under the Company’s governance documents, including a reduction of their existing board nomination rights, as well as lock-up restrictions on their equity securities of the Company for up to twelve months, and certain limits on their ability to purchase additional equity securities of the Company and to voting limitations, in each case for a period of up to eighteen months.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Interim Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements. The unaudited Consolidated Interim Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and accompanying notes for the year ended December 31, 2022 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 14, 2023 (our “2022 Form 10-K”). The results of operations and cash flows for the three months ended March 31, 2023 should not necessarily be taken as indicative of the entire year. All amounts presented are in millions, except per share amounts. We report our quarterly financial information using a calendar convention: the first, second and third quarters are consistently reported as ending on March 31, June 30 and September 30. It has been our practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires our businesses to close their books on a Saturday to minimize the potentially disruptive effects of quarterly closing on our business processes. For differences in actual closing dates that are material to year-over-year comparisons of quarterly or year-to-date results have been adjusted for the three months ended March 31, 2023. Our actual closing dates for the three months ended March 31, 2023 and 2022 were April 1, 2023 and April 2, 2022, respectively. We evaluate segment reporting in accordance with ASC 280, Segment Reporting. We concluded that Garrett operates in a single operating segment and a single reportable segment based on the operating results available and evaluated regularly by the chief operating decision maker (“CODM”), which is our Chief Executive Officer, to make decisions about resource allocation and performance assessment. The CODM makes operational performance assessments and resource allocation decisions on a consolidated basis, inclusive of all of the Company’s products across channels and geographies. The preparation of the financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases these estimates on assumptions that it believes to be reasonable under the circumstances. Actual results could differ from the original estimates, requiring adjustments to these balances in future periods.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In September 2022, the FASB issued ASU 2022-04, Disclosure of Supplier Finance Program Obligations (Topic 405-50): Disclosure of Supplier Finance Purchase Obligations. The amendment in this update requires companies to disclose key terms of supplier financing programs used in connection with the purchase of goods and services, along with information about their obligations under these programs including a rollforward of those obligations. The Company adopted the new guidance as of January 1, 2023. See Note 10, Supplier Financing for disclosure related to the Company's supplier financing program obligations.

Revenue Recognition and Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Net Sales by Region and Channel

Net sales by region (determined based on country of shipment) and channel are as follows:











	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
	OEM		Aftermarket		Other		Total		OEM		Aftermarket		Other		Total
	(Dollars in millions)
United States	$	123	$	49	$	1	$	173	$	102	$	51	$	—	$	153
Europe	446		43		8		497		406		38		7		451
Asia	267		12		3		282		266		10		6		282
Other	12		6		—		18		9		6		—		15
	$	848	$	110	$	12	$	970	$	783	$	105	$	13	$	901

Summary of Contract Assets and Liabilities

The following table summarizes our contract assets and liabilities balances:


	2023		2022
	(Dollars in millions)
Contract assets—January 1	$	46	$	63
Contract assets—March 31	66		60
Change in contract assets—(Decrease)/Increase	$	20	$	(3)
Contract liabilities—January 1	$	(8)	$	(5)
Contract liabilities—March 31	(10)		(9)
Change in contract liabilities—(Increase)/Decrease	$	(2)	$	(4)

Research, Development & Engineering (Tables)

3 Months Ended

Mar. 31, 2023

Research and Development [Abstract]

Summary of Research, Development & Engineering Activities

Such costs are included in Cost of goods sold as follows:


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Research and development costs		$	40	$	36
Engineering-related expenses (1)		(1)		6
		$	39	$	42

(1) Engineering-related expenses include customer reimbursements of $11 million and $3 million for the three months ended March 31, 2023 and 2022, respectively.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Tax Expense (Benefit) and Effective Tax Rate


	Three Months Ended March 31,
		2023			2022
		(Dollars in millions)
Tax expense		$	27		$	37
Effective tax rate		25.0		%	29.6		%

Accounts, Notes and Other Receivables-Net (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Accounts, Notes and Other Receivables Net


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Trade receivables	$	682	$	619
Notes receivable	117		105
Other receivables	98		88
	897		812
Less—Allowance for expected credit losses	(9)		(9)
	$	888	$	803

Factoring and Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Disclosure of Detailed Information about Trade Receivables and Guaranteed Bank Notes


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Eligible receivables sold without recourse		$	182	$	143
Guaranteed bank notes sold without recourse		—		28


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Receivables sold but not yet collected by the bank from the customer	$	3	$	5
Guaranteed bank notes sold but not yet collected by the bank from the customer	—		—

Inventories-Net (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventories


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Raw materials	$	208	$	203
Work in process	21		18
Finished products	108		80
	337		301
Less—Reserves	(36)		(31)
	$	301	$	270

Other Assets (Tables)

3 Months Ended

Mar. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Advanced discounts to customers, non-current	$	50	$	51
Operating right-of-use assets (Note 13)	44		44
Income tax receivable	22		22
Pension and other employee related	4		4
Designated cross-currency swaps	60		74
Designated and undesignated derivatives	69		76
Other	10		10
	$	259	$	281

Supplier Financing (Tables)

3 Months Ended

Mar. 31, 2023

Payables and Accruals [Abstract]

Supplier Finance Program

The

supplier financing obligations and guaranteed bank notes outstanding are recorded within Accounts payable in our Consolidated Interim Balance Sheet.


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Supplier financing obligations outstanding with financial institutions	$	60	$	33
Guaranteed bank notes outstanding	218		171

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Liabilities, Current [Abstract]

Summary of Accrued Liabilities


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Customer pricing reserve	$	56	$	50
Compensation, benefit and other employee related	65		69
Repositioning	12		9
Product warranties and performance guarantees - short-term (Note 20)	19		18
Income and other taxes	58		39
Advanced discounts from suppliers, current	7		8
Customer advances and deferred income (1)	26		29
Accrued interest	15		13
Short-term lease liability (Note 13)	9		9
Accrued freight	10		9
Dividends payable (Note 15)	42		42
Other (primarily operating expenses) (2)	29		25
	$	348	$	320

(2)Includes $4 million and $3 million of environmental liabilities as of March 31, 2023 and December 31, 2022, respectively.

Summary of Expenses Related to the Repositioning Accruals


	Severance Costs		Other Costs		Total
	(Dollars in millions)
Balance at December 31, 2022	$	9	$	—	$	9
Charges	5		2		7
Usage—cash	(2)		—		(2)
Non-cash asset write-offs	—		(2)		(2)
Balance at March 31, 2023	$	12	$	—	$	12


	Severance Costs		Other Costs		Total
	(Dollars in millions)
Balance at December 31, 2021	$	10	$	—	$	10
Charges	1		—		1
Usage—cash	(3)		—		(3)
Balance at March 31, 2022	$	8	$	—	$	8

Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Income taxes	$	102	$	99

Pension and other employee related	20		21
Long-term lease liability (Note 13)	36		36
Advanced discounts from suppliers	5		6
Product warranties and performance guarantees – long-term (Note 20)	10		10
Environmental remediation – long term	14		14
Long-term accounts payable	8		8
Other	13		11
	208		205

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense are as follows:


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Operating lease cost		$	4	$	4

Summary of Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases is as follows:


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases		$	4	$	3
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		—		1

Summary of Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases is as follows:


	March 31, 2023		December 31, 2022
	(Dollars in millions)
Other assets	$	44	$	44
Accrued liabilities	9		9
Other liabilities	36		36


	March 31, 2023		December 31, 2022
Weighted-average remaining lease term (in years)	8.33		8.41
Weighted-average discount rate	5.59	%	5.61	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of March 31, 2023 were as follows:


	(Dollars in millions)
2023	$	8
2024	9
2025	7
2026	6
2027	5
Thereafter	20
Total lease payments	55
Less imputed interest	(10)
	$	45

Long-term Debt and Credit Agreements (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Principal Outstanding And Carrying Amount of Long term Debt

The principal outstanding and carrying amounts of our long-term debt as of March 31, 2023 and December 31, 2022 are as follows:


	Due	Interest Rate	March 31, 2023		December 31, 2022
Dollar Term Facility	4/30/2028	LIBOR plus 325 bps	$	704	$	706
Euro Term Facility	4/30/2028	EURIBOR plus 350 bps	489		480
Total principal outstanding			1,193		1,186
Less: unamortized deferred financing costs			(29)		(31)
Less: current portion of long-term debt			(7)		(7)
Total long-term debt			$	1,157	$	1,148

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Financial Instruments and Fair Value Measures (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2023 and December 31, 2022:


					Fair Value
	Notional Amounts				Assets					Liabilities
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022			March 31, 2023		December 31, 2022
Designated instruments:
Designated forward currency exchange contracts	$	529	$	565	$	18	$	22	(a)	$	6	$	6	(c)
Designated cross-currency swap	715		715		60		74		(b)	—		—
Total designated instruments	1,244		1,280		78		96			6		6
Undesignated instruments:
Undesignated interest rate swap	1,043		1,024		69		76		(b)	—		—
Undesignated forward currency exchange contracts	447		317		2		4		(a)	6		2		(c)
Total undesignated instruments	1,490		1,341		71		80			6		2
Total designated and undesignated instruments	$	2,734	$	2,621	$	149	$	176		$	12	$	8

(a) Recorded within Other current assets

(b) Recorded within Other assets

Summary of Financial Assets and Liabilities Not Carried at Fair Value

The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value:


	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(Dollars in millions)
Term Loan Facilities	$	1,164	$	1,168	$	1,156	$	1,151

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component

The changes in Accumulated Other Comprehensive Income by component are set forth below:


	Foreign Exchange Translation Adjustment		Changes in Fair Value of Effective Cash Flow Hedges		Changes in Fair Value of Net Investment Hedges		Pension Adjustments		Total Accumulated Other Comprehensive Income
	(Dollars in millions)
Balance at December 31, 2022	$	(44)	$	13	$	85	$	(18)	$	36
Other comprehensive income before reclassifications	2		5		(5)		—		2
Amounts reclassified from accumulated other comprehensive income	—		(8)		—		—		(8)
Net current period other comprehensive income	2		(3)		(5)		—		(6)
Balance at March 31, 2023	$	(42)	$	10	$	80	$	(18)	$	30


	Foreign Exchange Translation Adjustment		Changes in Fair Value of Effective Cash Flow Hedges		Changes in Fair Value of Net Investment Hedges		Pension Adjustments		Total Accumulated Other Comprehensive Income
	(Dollars in millions)
Balance at December 31, 2021	$	(43)	$	7	$	41	$	(9)	$	(4)
Other comprehensive income before reclassifications	2		13		13		—		28
Amounts reclassified from accumulated other comprehensive income	—		(5)		—		—		(5)
Net current period other comprehensive income	2		8		13		—		23
Balance at March 31, 2022	$	(41)	$	15	$	54	$	(9)	$	19

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The details of the EPS calculations for the three months ended March 31, 2023 and 2022 are as follows:


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions except per share)
Basic earnings per share:
Net income		$	81	$	88
Less: preferred stock dividend		(40)		(38)
Net income available for distribution		41		50
Less: earnings allocated to participating securities		(32)		(40)
Net income available to common shareholders		$	9	$	10
Weighted average common shares outstanding - Basic		64,896,081		64,538,527
EPS – Basic		$	0.13	$	0.15

Diluted earnings per share:
Method used:		Two-class		Two-class
Weighted average common shares outstanding - Basic		64,896,081		64,538,527
Dilutive effect of unvested RSUs and other contingently issuable shares		1,074,642		193,563

Weighted average common shares outstanding – Diluted		65,970,723		64,732,090
EPS – Diluted		$	0.13	$	0.15

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Related Party Transactions


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Payments under agreements with Honeywell		$	2	$	2

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary Information Concerning our Recorded Obligations for Product Warranties and Product Performance Guarantees

The following table summarizes information concerning our recorded obligations for product warranties and product performance guarantees.


	Three Months Ended March 31,
		2023		2022
		(Dollars in millions)
Warranty and product performance guarantees at beginning of period		$	28	$	32
Accruals for warranties/guarantees issued during the year		3		3
Settlement of warranty/guarantee claims		(3)		(3)


Warranty and product performance guarantees at end of period		$	28	$	32

Pension Benefits (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Summary of Net Periodic Benefit Cost

Net periodic benefit costs for our significant defined benefit plans include the following components:


	Three Months Ended March 31,
		U.S. Plans	Non-U.S. Plan
			2023		2022		2023		2022
			(Dollars in millions)
Service cost			$	—	$	—	$	1	$	2
Interest cost			2		1		1		—
Expected return on plan assets			(2)		(2)		(2)		(2)
Amortization of prior service (credit)			—		—		—		—
			$	—	$	(1)	$	—	$	—

Background and Basis of Presentation - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Operating Segments	1
Number of Reportable Segments	1

Revenue Recognition and Contracts with Customers - Summary of Net Sales by Region and Channel (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Net sales	$ 970	$ 901
United States
Disaggregation Of Revenue [Line Items]
Net sales	173	153
Europe
Disaggregation Of Revenue [Line Items]
Net sales	497	451
Asia
Disaggregation Of Revenue [Line Items]
Net sales	282	282
Other
Disaggregation Of Revenue [Line Items]
Net sales	18	15
OEM
Disaggregation Of Revenue [Line Items]
Net sales	848	783
OEM \| United States
Disaggregation Of Revenue [Line Items]
Net sales	123	102
OEM \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	446	406
OEM \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	267	266
OEM \| Other
Disaggregation Of Revenue [Line Items]
Net sales	12	9
Aftermarket
Disaggregation Of Revenue [Line Items]
Net sales	110	105
Aftermarket \| United States
Disaggregation Of Revenue [Line Items]
Net sales	49	51
Aftermarket \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	43	38
Aftermarket \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	12	10
Aftermarket \| Other
Disaggregation Of Revenue [Line Items]
Net sales	6	6
Other
Disaggregation Of Revenue [Line Items]
Net sales	12	13
Other \| United States
Disaggregation Of Revenue [Line Items]
Net sales	1	0
Other \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	8	7
Other \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	3	6
Other \| Other
Disaggregation Of Revenue [Line Items]
Net sales	$ 0	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition and Contracts with Customers - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Change in Contract with Customer, Asset [Abstract]
Contract assets—January 1	$ 46	$ 63
Contract assets—March 31	66	60
Change in contract assets—(Decrease)/Increase	20	(3)
Change in Contract with Customer, Liability [Abstract]
Contract liabilities—January 1	(8)	(5)
Contract liabilities—March 31	(10)	(9)
Change in contract liabilities—(Increase)/Decrease	$ (2)	$ (4)

Research, Development & Engineering (Details) - Cost of goods sold - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	$ 39	$ 42
Research and development costs
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	40	36
Engineering-related expenses (1)
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	(1)	6
Customer reimbursement	$ 11	$ 3

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Tax expense	$ 27	$ 37
Effective tax rate	25.00%	29.60%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	25.00%	29.60%

Accounts, Notes and Other Receivables-Net - Schedule of Accounts, Notes and Other Receivables-Net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade receivables	$ 682	$ 619
Notes receivable	117	105
Other receivables	98	88
Accounts, notes and other receivables, gross	897	812
Less—Allowance for expected credit losses	(9)	(9)
Accounts, notes and other receivables, net	$ 888	$ 803

Accounts, Notes and Other Receivables-Net - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Unbilled balances	$ 66	$ 46

Factoring and Notes Receivable - Disclosure of Detailed Information about Trade Receivables (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Receivables [Abstract]
Eligible receivables sold without recourse	$ 182	$ 143
Guaranteed bank notes sold without recourse	$ 0	$ 28

Factoring and Notes Receivable - Disclosure of Detailed Information about Guaranteed Bank Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Receivables [Abstract]
Receivables sold but not yet collected by the bank from the customer	$ 3	$ 5
Guaranteed bank notes sold but not yet collected by the bank from the customer	$ 0	$ 0

Inventories-Net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 208	$ 203
Work in process	21	18
Finished products	108	80
Inventories, gross	337	301
Less—Reserves	(36)	(31)
Inventories, net	$ 301	$ 270

Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advanced discounts to customers, non-current	$ 50	$ 51
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total other assets	Total other assets
Operating right-of-use assets (Note 13)	$ 44	$ 44
Income tax receivable	22	22
Pension and other employee related	4	4
Designated cross-currency swaps	60	74
Designated and undesignated derivatives	69	76
Other	10	10
Total other assets	$ 259	$ 281

Supplier Financing - Narrative (Details)	3 Months Ended
Supplier Financing - Narrative (Details)	Mar. 31, 2023
Guaranteed bank notes outstanding
Supply Commitment [Line Items]
Supplier finance program, payment timing, period	6 months

Supplier Financing (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Supplier financing obligations outstanding with financial institutions
Supply Commitment [Line Items]
Supplier finance program, obligation	$ 60	$ 33
Guaranteed bank notes outstanding
Supply Commitment [Line Items]
Supplier finance program, obligation	$ 218	$ 171

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Customer pricing reserve	$ 56	$ 50
Compensation, benefit and other employee related	65	69
Repositioning	12	9
Product warranties and performance guarantees - short-term (Note 20)	19	18
Income and other taxes	58	39
Advanced discounts from suppliers, current	7	8
Customer advances and deferred income	26	29
Accrued interest	$ 15	$ 13
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities (Note 11)	Accrued liabilities (Note 11)
Short-term lease liability (Note 13)	$ 9	$ 9
Accrued freight	10	9
Dividends payable (Note 15)	42	42
Other (primarily operating expenses)	29	25
Accrued liabilities (Note 11)	348	320
Contract liabilities	10	8
Accrued environmental liability	$ 4	$ 3

Accrued Liabilities - Summary of Expenses Related to the Repositioning Accruals (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 9	$ 10
Charges	7	1
Usage—cash	(2)	(3)
Non-cash asset write-offs	(2)
Balance at end of period	12	8
Severance Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	9	10
Charges	5	1
Usage—cash	(2)	(3)
Non-cash asset write-offs	0
Balance at end of period	12	8
Other Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0	0
Charges	2	0
Usage—cash	0	0
Non-cash asset write-offs	(2)
Balance at end of period	$ 0	$ 0

Other Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Income taxes	$ 102	$ 99
Pension and other employee related	$ 20	$ 21
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total other liabilities	Total other liabilities
Long-term lease liability (Note 13)	$ 36	$ 36
Advanced discounts from suppliers	5	6
Product warranties and performance guarantees – long-term (Note 20)	10	10
Environmental remediation – long term	14	14
Long-term accounts payable	8	8
Other	13	11
Total other liabilities	$ 208	$ 205

Leases - Additional Information (Details) - Maximum	3 Months Ended
Leases - Additional Information (Details) - Maximum	Mar. 31, 2023
Lessee Lease Description [Line Items]
Operating lease, remaining lease terms	15 years
Operating lease, options to extend, years	2 years

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 4	$ 4

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 4	$ 3
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 0	$ 1

Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets (Note 9)	Other assets (Note 9)
Other assets	$ 44	$ 44
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities (Note 11)	Accrued liabilities (Note 11)
Accrued liabilities	$ 9	$ 9
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities (Note 12)	Other liabilities (Note 12)
Other liabilities	$ 36	$ 36
Weighted-average remaining lease term (in years)	8 years 3 months 29 days	8 years 4 months 28 days
Weighted-average discount rate	5.59%	5.61%

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Millions	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023	$ 8
2024	9
2025	7
2026	6
2027	5
Thereafter	20
Total lease payments	55
Less imputed interest	(10)
Operating lease, liabilities	$ 45

Long-term Debt and Credit Agreements - Schedule of Principal Outstanding And Carrying Amount of Long term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt payments	$ 1,193	$ 1,186
Less: unamortized deferred financing costs	(29)	(31)
Less: current portion of long-term debt	(7)	(7)
Total long-term debt	$ 1,157	1,148
Dollar Term Facility
Debt Instrument [Line Items]
Long term debt, interest rate	325.00%
Total debt payments	$ 704	706
Euro Term Facility
Debt Instrument [Line Items]
Long term debt, interest rate	350.00%
Total debt payments	$ 489	$ 480

Long-term Debt and Credit Agreements - Additional Information (Details) € in Millions		3 Months Ended
	Apr. 30, 2021 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 14, 2022 USD ($)	Sep. 13, 2022 USD ($)	Apr. 30, 2021 EUR (€)
Debt Instrument [Line Items]
Debt instrument, interest payment period if applicable period exceeds three months		3 months
Eurodollar
Debt Instrument [Line Items]
Debt instrument, interest rate at option		3.50%
Minimum \| ABR
Debt Instrument [Line Items]
Debt instrument, interest rate at option		0.00%
Credit Agreement
Debt Instrument [Line Items]
Percentage of excess cash flow proceeds starting December 31, 2022		50.00%
Percentage of excess cash flow proceeds thereafter year 1		25.00%
Percentage of excess cash flow proceeds thereafter year 2		0.00%
Debt instrument face amount		$ 30,000,000
Aggregate commitment percentage		35.00%
Credit Agreement \| ABR
Debt Instrument [Line Items]
Debt instrument, interest rate at option		2.25%
Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Debt instrument, interest rate at option		3.25%
Credit Agreement \| Minimum \| ABR
Debt Instrument [Line Items]
Debt instrument, interest rate at option		1.50%
Credit Agreement \| Minimum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, interest rate at option		0.50%
Credit Agreement \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, interest rate at option		0.00%
Credit Agreement \| Maximum
Debt Instrument [Line Items]
Consolidated total leverage ratio		4.7
Term Loan Facility \| Credit Agreement, USD tranche \| Secured debt
Debt Instrument [Line Items]
Line of credit, term	7 years
Line of credit, maximum borrowing capacity	$ 715,000,000
Term Loan Facility \| Credit Agreement, EUR tranche \| Secured debt
Debt Instrument [Line Items]
Line of credit, term	7 years
Line of credit, maximum borrowing capacity \| €						€ 450
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate at option		1.00%
Unused commitment fee percentage		0.25%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee percentage		0.50%
Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity			$ 125,000,000
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit		$ 0
Line of credit, available borrowing capacity		475,000,000
Revolving Credit Facility \| Credit Agreement \| Secured debt
Debt Instrument [Line Items]
Line of credit, term	5 years
Line of credit, maximum borrowing capacity	$ 300,000,000		$ 475,000,000
Undrawn Letters of credit \| Credit Agreement
Debt Instrument [Line Items]
Line of credit		0
Letter of Credit
Debt Instrument [Line Items]
Line of credit		12,000,000
Line of credit, available borrowing capacity		$ 3,000,000
Line of credit, current borrowing capacity				$ 15,000,000	$ 35,000,000

Series A Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Mar. 29, 2023	Mar. 08, 2023	Mar. 31, 2023	Mar. 31, 2022	Mar. 22, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Payments for dividends			$ 42	$ 0
Series A Cumulative Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, dividends per share, declared (in USD per share)		$ 0.17
Preferred stock, shares outstanding (in shares)			245,045,431		245,045,431	245,089,671
Dividends payable			$ 42		$ 42
Payments for dividends	$ 42
Series A Cumulative Convertible Preferred Stock \| Dividends not yet declared
Class Of Stock [Line Items]
Dividends payable			$ 169

Financial Instruments and Fair Value Measures - Additional Information (Details) € in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount	$ 2,734,000,000			$ 2,621,000,000
Changes in fair value of net investment hedges, net of tax	(5,000,000)	$ 13,000,000
Interest rate swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount \| €			€ 960
Cross-currency interest rate swaps
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount \| €			€ 606
Fair value of derivative assets, net	60,000,000
Changes in fair value of net investment hedges, net of tax	(5,000,000)	$ 13,000,000
Ineffectiveness on net investment hedges	$ 0

Financial Instruments and Fair Value Measures - Summary of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) € in Millions, $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	$ 2,734		$ 2,621
Cross-currency interest rate swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts \| €		€ 606
Interest rate swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts \| €		€ 960
Fair value measurements recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	2,734		2,621
Fair Value, Assets	149		176
Fair Value, Liabilities	12		8
Fair value measurements recurring \| Level 2 \| Designated as hedging
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	1,244		1,280
Fair Value, Assets	78		96
Fair Value, Liabilities	6		6
Fair value measurements recurring \| Level 2 \| Designated as hedging \| Forward currency exchange contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	529		565
Fair Value, Assets	18		22
Fair Value, Liabilities	6		6
Fair value measurements recurring \| Level 2 \| Designated as hedging \| Cross-currency interest rate swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	715		715
Fair Value, Assets	60		74
Fair Value, Liabilities	0		0
Fair value measurements recurring \| Level 2 \| Undesignated as hedging
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	1,490		1,341
Fair Value, Assets	71		80
Fair Value, Liabilities	6		2
Fair value measurements recurring \| Level 2 \| Undesignated as hedging \| Forward currency exchange contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	447		317
Fair Value, Assets	2		4
Fair Value, Liabilities	6		2
Fair value measurements recurring \| Level 2 \| Undesignated as hedging \| Interest rate swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	1,043		1,024
Fair Value, Assets	69		76
Fair Value, Liabilities	$ 0		$ 0

Financial Instruments and Fair Value Measures - Summary of Financial Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term Loan Facilities	$ 1,164	$ 1,156
Level 2 \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term Loan Facilities	$ 1,168	$ 1,151

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (116)	$ (468)
Other comprehensive income before reclassifications	2	28
Amounts reclassified from accumulated other comprehensive income	(8)	(5)
Total other comprehensive (loss) income, net of tax	(6)	23
Ending balance	(80)	(357)
Foreign Exchange Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(44)	(43)
Other comprehensive income before reclassifications	2	2
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive (loss) income, net of tax	2	2
Ending balance	(42)	(41)
Changes in Fair Value of Effective Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	13	7
Other comprehensive income before reclassifications	5	13
Amounts reclassified from accumulated other comprehensive income	(8)	(5)
Total other comprehensive (loss) income, net of tax	(3)	8
Ending balance	10	15
Changes in Fair Value of Net Investment Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	85	41
Other comprehensive income before reclassifications	(5)	13
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive (loss) income, net of tax	(5)	13
Ending balance	80	54
Pension Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(18)	(9)
Other comprehensive income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive (loss) income, net of tax	0	0
Ending balance	(18)	(9)
Total Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	36	(4)
Total other comprehensive (loss) income, net of tax	(6)	23
Ending balance	$ 30	$ 19

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic earnings per share:
Net income	$ 81	$ 88
Less: preferred stock dividend	(40)	(38)
Net income available for distribution	41	50
Less: earnings allocated to participating securities	(32)	(40)
Net income available to common shareholders	$ 9	$ 10
Weighted average common shares outstanding - Basic (in shares)	64,896,081	64,538,527
EPS – Basic (in USD per share)	$ 0.13	$ 0.15
Diluted earnings per share:
Weighted average common shares outstanding - Basic (in shares)	64,896,081	64,538,527
Dilutive effect of unvested RSUs and other contingently issuable shares (in shares)	1,074,642	193,563
Weighted average common shares outstanding - Diluted (in shares)	65,970,723	64,732,090
EPS – Diluted (in USD per share)	$ 0.13	$ 0.15

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Honeywell International Inc
Related Party Transaction [Line Items]
Payments under agreements with Honeywell	$ 2	$ 2

- Definition

Direct costs arising from transactions with related parties who are not affiliates or joint Ventures. These costs are categorized as cost of goods sold.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

+ Details

Related Party Transactions - Narrative (Details) - Honeywell International Inc - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party, liabilities	$ 9	$ 10
Related party, lease contracts	$ 7	$ 7

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2023
Brazilian Tax Authorities
Loss Contingencies [Line Items]
Estimated amount of contingency including penalties and interest		$ 35
Securities Litigation
Loss Contingencies [Line Items]
Period to file a third complaint	30 days

Commitments and Contingencies - Summary Information Concerning our Recorded Obligations for Product Warranties and Product Performance Guarantees (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of year	$ 28	$ 32
Accruals for warranties/guarantees issued during the year	3	3
Settlement of warranty/guarantee claims	(3)	(3)
Balance at end of year	$ 28	$ 32

Pension Benefits - Additional Information (Details) - Pension benefits - Foreign Plan [Member] $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected pension contribution in the next fiscal year	$ 7
Pension contribution	$ 1

Pension Benefits - Summary of Net Periodic Benefit Cost (Details) - Pension benefits - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0
Interest cost	2	1
Expected return on plan assets	(2)	(2)
Amortization of prior service (credit)	0	0
Net periodic (income) benefit costs	0	(1)
Foreign Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	2
Interest cost	1	0
Expected return on plan assets	(2)	(2)
Amortization of prior service (credit)	0	0
Net periodic (income) benefit costs	$ 0	$ 0

Subsequent Events (Details) $ / shares in Units, $ in Millions			3 Months Ended
	Apr. 12, 2023 USD ($) d $ / shares	Mar. 08, 2023 $ / shares	Jun. 30, 2023 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount \| $	$ 250
Restrictions, changes to governance rights, maximum term	12 months
Restrictions, limits to the purchase equity securities, maximum term	18 months
Subsequent Event \| Scenario Forecast
Subsequent Event [Line Items]
Proceeds from issuance of long-term debt \| $			$ 700
Series A Cumulative Convertible Preferred Stock
Subsequent Event [Line Items]
Preferred stock, dividends per share, declared (in USD per share)		$ 0.17
Series A Cumulative Convertible Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount \| $	$ 570
Stock repurchase program, price per share (in USD per share)	$ 8.10
Volume-weighted average share price calculation trading days \| d	15
Series A Cumulative Convertible Preferred Stock \| Subsequent Event \| Dividends Declaration One
Subsequent Event [Line Items]
Preferred stock, dividends per share, declared (in USD per share)	$ 0.17
Series A Cumulative Convertible Preferred Stock \| Subsequent Event \| Dividends Declaration Two
Subsequent Event [Line Items]
Preferred stock, dividends per share, declared (in USD per share)	0.6835
Series A Cumulative Convertible Preferred Stock \| Subsequent Event \| Dividends Declaration Three
Subsequent Event [Line Items]
Preferred stock, dividends per share, declared (in USD per share)	0.144375
Series A Cumulative Convertible Preferred Stock \| Minimum \| Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, price per share (in USD per share)	7.875
Series A Cumulative Convertible Preferred Stock \| Maximum \| Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, price per share (in USD per share)	$ 8.50
Series A Cumulative Convertible Preferred Stock \| Centerbridge \| Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount \| $	$ 280
Series A Cumulative Convertible Preferred Stock \| Oaktree \| Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount \| $	$ 290