0001564590-20-049431 | 10-Q | XBRL Viewer

Accounts, Notes and Other Receivables—Net (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Accounts, Notes and Other Receivables Net

	September 30, 2020			December 31, 2019
Trade receivables	$	587		$	574
Notes receivables		66			68
Other receivables		68			69
	$	721		$	711
Less—Allowance for doubtful accounts		(11	)		(4	)
	$	710		$	707

CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net sales (Note 4)	$ 804			$ 781			$ 2,026	$ 2,418
Cost of goods sold	652			609			1,648	1,868
Gross profit	152			172			378	550
Selling, general and administrative expenses	103			68			215	186
Other expense, net (Note 6)	14			18			45	54
Interest expense (excludes contractual interest for the three and nine months ended September 30, 2020 of $0) (Note 2)	20			18			56	52
Non-operating expense (income)	1			(4)			(7)	2
Reorganization items, net	4						4
Income before taxes	10			72			65	256
Tax (benefit) expense (Note 7)	(1)			34			11	79
Net income	$ 11	$ (9)	$ 52	$ 38	$ 66	$ 73	$ 54	$ 177
Earnings per common share
Basic	$ 0.15			$ 0.51			$ 0.72	$ 2.37
Diluted	$ 0.14			$ 0.50			$ 0.71	$ 2.34
Weighted average common shares outstanding
Basic	75,739,152			74,753,593			75,456,358	74,528,740
Diluted	75,943,994			75,704,457			76,123,548	75,700,652

CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 312	$ 187
Restricted cash	3
Accounts, notes and other receivables – net (Note 8)	710	707
Inventories – net (Note 10)	237	220
Other current assets	130	85
Total current assets	1,392	1,199
Investments and long-term receivables	34	36
Property, plant and equipment – net	465	471
Goodwill	193	193
Deferred income taxes	265	268
Other assets (Note 11)	118	108
Total assets	2,467	2,275
Current liabilities:
Accounts payable	461	1,009
Borrowings under revolving credit facility	370
Current maturities of long-term debt		4
Obligations payable to Honeywell, current (Note 18)		69
Accrued liabilities (Note 12)	201	310
Total current liabilities	1,032	1,392
Long-term debt	1,045	1,409
Deferred income taxes	2	51
Obligations payable to Honeywell (Note 18)		1,282
Other liabilities (Note 13)	114	274
Total liabilities not subject to compromise	2,193	4,408
Liabilities subject to compromise	2,470
Total liabilities	4,663	4,408
COMMITMENTS AND CONTINGENCIES (Note 18)
EQUITY (DEFICIT)
Additional paid-in capital	26	19
Retained earnings	(2,233)	(2,282)
Accumulated other comprehensive income (Note 16)	11	130
Total stockholders' deficit	(2,196)	(2,133)
Total liabilities and stockholders' deficit	$ 2,467	$ 2,275

Reorganization and Chapter 11 Proceedings - Condensed Statements of Operations of Debtors (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Net sales	$ 804			$ 781			$ 2,026	$ 2,418
Cost of goods sold	652			609			1,648	1,868
Gross profit	152			172			378	550
Selling, general and administrative expenses	103			68			215	186
Other expense, net	14			18			45	54
Interest expense	20			18			56	52
Non-operating (income) expense	1			(4)			(7)	2
Reorganization items, net	4						4
Income before taxes	10			72			65	256
Tax expense	(1)			34			11	79
Net income	11	$ (9)	$ 52	$ 38	$ 66	$ 73	$ 54	177
Debtors
Net sales	601							1,533
Cost of goods sold	486							1,264
Gross profit	115							269
Selling, general and administrative expenses	90							185
Other expense, net	12							45
Interest expense	20							59
Non-operating (income) expense	1							(118)
Reorganization items, net	4							4
Income before taxes	(12)							94
Tax expense	(17)							(14)
Net income	$ 5							$ 108

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating cash outflows from operating leases	$ 4	$ 3	$ 9	$ 9
Right-of-use assets obtained in exchange for lease obligations, operating leases	$ 1	$ 2	$ 6	$ 10

CONSOLIDATED INTERIM STATEMENTS OF EQUITY (DEFICIT) (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Cumulative-Effect Adjustment	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative-Effect Adjustment	Accumulated Other Comprehensive Income/(loss)
Beginning balance at Dec. 31, 2018	$ (2,517)			$ 5	$ (2,595)		$ 73
Beginning balance, Shares at Dec. 31, 2018			74
Net income (loss)	73				73
Other comprehensive income (loss), net of tax	63						63
Stock-based compensation	5			5
Stock based compensation, Shares			1
Ending balance at Mar. 31, 2019	(2,376)			10	(2,522)		136
Ending balance, Shares at Mar. 31, 2019			75
Beginning balance at Dec. 31, 2018	(2,517)			5	(2,595)		73
Beginning balance, Shares at Dec. 31, 2018			74
Net income (loss)	177
Other comprehensive income (loss), net of tax	138						138
Ending balance at Sep. 30, 2019	(2,188)			19	(2,418)		211
Ending balance, Shares at Sep. 30, 2019			75
Beginning balance at Mar. 31, 2019	(2,376)			10	(2,522)		136
Beginning balance, Shares at Mar. 31, 2019			75
Net income (loss)	66				66
Other comprehensive income (loss), net of tax	(35)						(35)
Stock-based compensation	4			4
Ending balance at Jun. 30, 2019	(2,341)			14	(2,456)		101
Ending balance, Shares at Jun. 30, 2019			75
Net income (loss)	38				38
Other comprehensive income (loss), net of tax	110						110
Stock-based compensation	5			5
Ending balance at Sep. 30, 2019	(2,188)			19	(2,418)		211
Ending balance, Shares at Sep. 30, 2019			75
Beginning balance at Dec. 31, 2019	(2,133)	$ (5)		19	(2,282)	$ (5)	130
Beginning balance, Shares at Dec. 31, 2019			75
Net income (loss)	52				$ 52
Other comprehensive income (loss), net of tax	39						39
Stock-based compensation	2			2
Tax withholding related to vesting of restricted stock units and other	$ (1)			(1)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member				us-gaap:AccountingStandardsUpdate201613Member
Ending balance at Mar. 31, 2020	$ (2,046)			20	$ (2,235)		169
Ending balance, Shares at Mar. 31, 2020			75
Beginning balance at Dec. 31, 2019	(2,133)	$ (5)		19	(2,282)	$ (5)	130
Beginning balance, Shares at Dec. 31, 2019			75
Net income (loss)	54
Other comprehensive income (loss), net of tax	(119)						(119)
Ending balance at Sep. 30, 2020	(2,196)			26	(2,233)		11
Ending balance, Shares at Sep. 30, 2020			75
Beginning balance at Mar. 31, 2020	(2,046)			20	(2,235)		169
Beginning balance, Shares at Mar. 31, 2020			75
Net income (loss)	(9)				(9)
Other comprehensive income (loss), net of tax	(52)						(52)
Stock-based compensation	4			4
Ending balance at Jun. 30, 2020	(2,103)			24	(2,244)		117
Ending balance, Shares at Jun. 30, 2020			75
Net income (loss)	11				11
Other comprehensive income (loss), net of tax	(106)						(106)
Stock-based compensation	2			2
Ending balance at Sep. 30, 2020	$ (2,196)			$ 26	$ (2,233)		$ 11
Ending balance, Shares at Sep. 30, 2020			75

- Definition

Indicates amendment to accounting standards.

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- Definition

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

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+ Details

- Definition

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

+ References

+ 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.

+ References + Details

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accrued Liabilities Current [Abstract]
Customer pricing reserve	$ 88	$ 90
Compensation, benefit and other employee related	51	64
Repositioning	2	4
Product warranties and performance guarantees	13	29
Taxes	15	33
Advanced discounts from suppliers, current	5	19
Customer advances and deferred income	2	12
Accrued interest	1	5
Short-term lease liability (Note 14)	5	8
Other (primarily operating expenses)	19	46
Accrued Liabilities	$ 201	$ 310

Financial Instruments and Fair Value Measures - Summary of Financial Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities not subject to compromise	$ 2,193	$ 4,408
Liabilities subject to compromise	2,470
Carrying Value \| Terms Loans A and B
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities not subject to compromise	1,045
Carrying Value \| 5.125% Senior Notes Due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities subject to compromise	407
Fair Value \| Terms Loans A and B \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities not subject to compromise	1,036
Fair Value \| 5.125% Senior Notes Due 2026 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities subject to compromise	$ 385

Reorganization and Chapter 11 Proceedings - Schedule of Reorganization Items Net (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Reorganizations [Abstract]
Write-off of pre-petition unamortized debt issuance costs	$ 6	$ 6
Other	(2)	(2)
Total reorganization items, net	$ 4	$ 4

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 7. Income Taxes

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(Dollars in millions)
Tax (benefit) expense	$	(1	)	$	34		$	11		$	79
Effective tax rate		(10.0	)%		47.2	%		16.9	%		30.9	%

The effective tax rate for the three months ended September 30, 2020 is lower than the effective tax rate for the three months ended September 30, 2019 primarily because of a decrease in withholding taxes related to undistributed earnings, partially offset by true ups from local filings. The effective tax rate for the nine months ended September 30, 2020 is lower than the effective tax rate for the nine months ended September 30, 2019 because of a decrease in withholding taxes related to undistributed earnings, partially offset by an increase in tax reserves and non-deductible expenses that are not impacted proportionately with lower pre-tax book income.

The effective tax rate for the three months ended September 30, 2020 was lower than the U.S. federal statutory rate of 21% primarily due to a reduction of withholding taxes on undistributed earnings.

The effective tax rate for the nine months ended September 30, 2019 was higher than the U.S. federal statutory rate of 21% primarily due to non-deductible expenses and tax reserves, partially offset by lower withholding taxes on undistributed earnings and non-U.S. earnings taxed at lower rates.

The effective tax rate can vary from quarter to quarter due to changes in the Company’s global mix of earnings, impacts of Covid-19, 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.

In connection with the global outbreak of COVID-19, many countries have enacted legislation to provide various forms of emergency economic relief, including the CARES Act in the United States, that may provide financial benefits to the Company. At this time, we do not expect such benefits to have a material impact to the Company.

- 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.

+ References + Details

Inventories-Net - Summary of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory Combining Work In Process And Raw Materials Alternative Gross [Abstract]
Raw materials	$ 159	$ 142
Work in process	20	18
Finished products	100	85
Inventory, gross	279	245
Less—Reserves	(42)	(25)
Inventories	$ 237	$ 220

Commitments and Contingencies - Summary of Asbestos Claims Activity (Details) - Bendix - Claim	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Claims Activity
Claims Unresolved at the beginning of the period	6,480	6,209
Claims Filed	1,621	2,659
Claims Resolved	(1,680)	(2,388)
Claims Unresolved at the end of the period	6,421	6,480

China Variable Interest Entity - Additional Information (Details) - shares	1 Months Ended
	Sep. 30, 2018	Jun. 03, 2020
Honeywell International Inc \| Garrett China
Variable Interest Entity [Line Items]
Equity interest ownership percentage		100.00%
Garrett China \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable interest ownership percentage	100.00%
Equity interests in exchange for shares of common stock issued	8,444,077

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of diluted EPS	425,866	435,021

Reorganization and Chapter 11 Proceedings - Condensed Balance Sheets of Debtors (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 312			$ 187
Restricted cash	3
Accounts, notes and other receivables – net	710			707
Inventories – net	237			220
Other current assets	130			85
Total current assets	1,392			1,199
Investments and long-term receivables	34			36
Property, plant and equipment – net	465			471
Goodwill	193			193
Deferred income taxes	265			268
Other assets (Note 11)	118			108
Total assets	2,467			2,275
Current liabilities:
Accounts payable	461			1,009
Borrowings under revolving credit facility	370
Current maturities of long-term debt				4
Obligations payable to Honeywell, current (Note 18)				69
Accrued liabilities	201			310
Total current liabilities	1,032			1,392
Long-term debt	1,045			1,409
Deferred income taxes	2			51
Obligations payable to Honeywell (Note 18)				1,282
Other liabilities	114			274
Total liabilities not subject to compromise	2,193			4,408
Liabilities subject to compromise
Total liabilities subject to compromise	2,470
Total liabilities	4,663			4,408
COMMITMENTS AND CONTINGENCIES (Note 18)
EQUITY (DEFICIT)
Total deficit attributable to the Debtors	(2,196)	$ (2,103)	$ (2,046)	(2,133)	$ (2,188)	$ (2,341)	$ (2,376)	$ (2,517)
Total liabilities and stockholders' deficit	2,467			$ 2,275
Debtors
Current assets:
Cash and cash equivalents	222
Restricted cash	2
Accounts, notes and other receivables – net	388
Accounts and other receivables from non-debtor affiliates	42
Inventories – net	172
Other current assets	89
Total current assets	915
Investments and long-term receivables	10
Investment in subsidiaries	883
Property, plant and equipment – net	301
Goodwill	197
Deferred income taxes	232
Other assets (Note 11)	99
Total assets	2,637
Current liabilities:
Accounts payable	36
Borrowings under revolving credit facility	370
Accrued liabilities	75
Total current liabilities	481
Long-term debt	1,045
Other liabilities	22
Total liabilities not subject to compromise	1,548
Liabilities subject to compromise
External	2,470
With non-debtor affiliates	355
Total liabilities subject to compromise	2,825
Total liabilities	4,373
COMMITMENTS AND CONTINGENCIES (Note 18)
EQUITY (DEFICIT)
Total deficit attributable to the Debtors	(1,736)
Total liabilities and stockholders' deficit	$ 2,637

Accrued Liabilities - Summary of Expenses Related to the Repositioning Accruals (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost And Reserve [Line Items]
Balance at beginning of period	$ 4	$ 15
Charges	8	3
Usage—cash	(6)	(9)
Adjustments and reclassifications		(5)
Less: Amounts reclassified to Liabilities subject to compromise	(4)
Balance at end of period	2	4
Severance Costs
Restructuring Cost And Reserve [Line Items]
Balance at beginning of period	3	13
Charges	8	3
Usage—cash	(6)	(7)
Adjustments and reclassifications		(6)
Less: Amounts reclassified to Liabilities subject to compromise	(4)
Balance at end of period	1	3
Exit Costs
Restructuring Cost And Reserve [Line Items]
Balance at beginning of period	1	2
Usage—cash	0	(2)
Adjustments and reclassifications		1
Balance at end of period	$ 1	$ 1

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 16. Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated Other Comprehensive Income (Loss) by Component

	Foreign Exchange Translation Adjustment		Changes in Fair Value of Effective Cash Flow Hedges		Pension Adjustments			Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2018	$	86	$	—	$	(13	)	$	73
Other comprehensive income before reclassifications		127		9		—			136
Amounts reclassified from accumulated other comprehensive income		—		1		1			2
Net current period other comprehensive income		127		10		1			138
Balance at September 30, 2019	$	213	$	10	$	(12	)	$	211

	Foreign Exchange Translation Adjustment			Changes in Fair Value of Effective Cash Flow Hedges			Pension Adjustments			Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2019	$	153		$	4		$	(27	)	$	130
Other comprehensive (loss) before reclassifications		(111	)		(8	)		—			(119	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			—			—			—
Net current period other comprehensive (loss)		(111	)		(8	)					(119	)
Balance at September 30, 2020	$	42		$	(4	)	$	(27	)	$	11

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Summary of Obligation Payable to Honeywell

The following table summarizes our Obligation payable to Honeywell related to these agreements. As of September 30, 2020, all amounts have been reclassified to Liabilities subject to compromise on the Consolidated Interim Balance Sheets:

	Nine Months Ended September 30, 2020
	Asbestos and environmental			Tax Matters		Total
Beginning of year	$	1,090		$	261		1,351
Accrual for update to estimated liability		—			—		—
Legal fees expensed		41			—		41
Payments to Honeywell		(35	)		—		(35	)
Currency translation adjustment		37			10		47
End of period	$	1,133		$	271	$	1,404

Current		2			38		40
Non-current		1,131			233		1,364
Total	$	1,133		$	271	$	1,404

Summary of Asbestos Claim Activity

The following tables present information regarding Bendix related asbestos claims activity:

	Nine Months Ended September 30,			Year Ended December 31,
Claims Activity	2020			2019
Claims Unresolved at the beginning of the period		6,480			6,209
Claims Filed		1,621			2,659
Claims Resolved		(1,680	)		(2,388	)
Claims Unresolved at the end of the period		6,421			6,480

	Nine Months Ended September 30,		Years Ended December 31,
Disease Distribution of Unresolved Claims	2020		2019
Mesothelioma and Other Cancer Claims		3,404		3,399
Nonmalignant Claims		3,017		3,081
Total Claims		6,421		6,480

Summary of Average Resolutions Per Claim Excluding Legal Costs

Honeywell has experienced average resolutions per claim excluding legal costs as follows:

	Years Ended December 31,
	2019		2018		2017		2016
					(in whole dollars)
Malignant claims	$	50,200	$	55,300	$	56,000	$	44,000
Nonmalignant claims	$	3,900	$	4,700	$	2,800	$	4,485

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Advanced discounts to customers, non-current	$ 67	$ 62
Operating right-of-use assets (Note 14)	$ 39	$ 35
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Deferred DIP financing fees	$ 4
Other	8	$ 11
Total	$ 118	$ 108

Financial Instruments and Fair Value Measures

9 Months Ended

Sep. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instruments and Fair Value Measures

Note 15. Financial Instruments and Fair Value Measures

Our credit, market and foreign currency risk management policies are described in Note 18, Financial Instruments and Fair Value Measures, of the notes to the audited annual Consolidated Financial Statements for the year ended December 31, 2019 included in our 2019 Form 10-K. At September 30, 2020 and December 31, 2019, we had contracts with aggregate gross notional amounts of $373 million and $1,820 million, respectively, to limit interest rate risk and to exchange foreign currencies, principally the U.S. Dollar, Swiss Franc, Euro, Chinese Yuan, Japanese Yen, Mexican Peso, New Romanian Leu, Czech Koruna, Australian Dollar and Korean Won.

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 September 30, 2020 and December 31, 2019:

					Fair Value
	Notional Amounts				Assets					Liabilities
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019			September 30, 2020		December 31, 2019
Designated forward currency exchange contracts	$	39	$	392		—	$	5	^(a)	$	1	$	1	^(b)
Undesignated instruments:
Undesignated cross-currency swap		44		420		—		—	^(c)		2		1	^(d)
Undesignated interest rate swap		116		561		—		—			—		1	^(d)
Undesignated forward currency exchange contracts		174		447		2		2	^(a)		—		3	^(b)
	$	373	$	1,820	$	2	$	7		$	3	$	6

(a)

Recorded within Other current assets in the Company’s Consolidated Interim Balance Sheets

(b)

Recorded within Accrued liabilities in the Company’s Consolidated Interim Balance Sheets

(c)

Recorded within Other assets in the Company’s Consolidated Interim Balance Sheets

(d)

Recorded within Other liabilities in the Company´s Consolidated Interim Balance Sheets

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 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.

As a result of our voluntary filing for Chapter 11 protection, all foreign exchange, interest rate swap, and cross-currency swap contracts were stayed as of the Petition Date. As noted in the table above, the majority were terminated at or prior to September 30, 2020. All outstanding amounts as of September 30, 2020 are classified as Other Liabilities and are fully secured and payable upon emergence of the Chapter 11 cases. Any valuation difference from our Petition Date to the termination date will be reflected in Reorganization items, net. See Note 2, Reorganization and Chapter 11 Proceedings, for additional information.

A number of our forward currency exchange contracts are also designated as accounting hedges. Upon termination, these amounts have been dedesignated. As the Company still anticipates the forecasted transaction to commence, the amounts in accumulated comprehensive incomes will be released based on our original forecast.

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

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

	September 30, 2020
	Carrying Value		Fair Value
Liabilities not subject to compromise:
Terms Loans A and B	$	1,045	$	1,036
Liabilities subject to compromise:
Senior Notes	$	407	$	385

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.

Reorganization and Chapter 11 Proceedings - Schedule of Principal Amounts Outstanding on Senior Secured Credit Facilities and Senior Notes (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Senior Secured Credit Facilities
Total consolidated Secured Debt	$ 1,415	$ 1,026
Long-term debt, net subject to compromise
Senior notes	407	387
Total debt, prior to reclassification to Liabilities subject to compromise	1,822	1,413
Less: current portion		(4)
Less: Amounts reclassified to Liabilities subject to compromise	(407)
Total long-term debt	1,415	1,409
Revolving Credit Facility
Senior Secured Credit Facilities
Total consolidated Secured Debt	370
Term Loans
Senior Secured Credit Facilities
Total consolidated Secured Debt	$ 1,045	$ 1,026

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jan. 01, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Retained earnings	$ (2,233)		$ (2,282)
ASU 2016-13
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption	false
Change in accounting principle, accounting standards update, adopted	true
ASU 2016-13 \| Cumulative-Effect Adjustment
Significant Accounting Policies [Line Items]
Retained earnings		$ 5
ASU 2018-13
Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption	false
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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- Definition

Indicates (true false) whether accounting standards update was early adopted.

+ References

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+ Details

Revenue Recognition and Contracts with Customers - Summary of Net Sales by Region and Channel (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Net sales	$ 804	$ 781	$ 2,026	$ 2,418
United States
Disaggregation Of Revenue [Line Items]
Net sales	123	119	321	376
Europe
Disaggregation Of Revenue [Line Items]
Net sales	412	431	1,033	1,364
Asia
Disaggregation Of Revenue [Line Items]
Net sales	261	222	652	651
Other International
Disaggregation Of Revenue [Line Items]
Net sales	8	9	20	27
OEM
Disaggregation Of Revenue [Line Items]
Net sales	701	666	1,744	2,068
OEM \| United States
Disaggregation Of Revenue [Line Items]
Net sales	83	72	208	232
OEM \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	370	388	924	1,233
OEM \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	245	202	606	591
OEM \| Other International
Disaggregation Of Revenue [Line Items]
Net sales	3	4	6	12
Aftermarket
Disaggregation Of Revenue [Line Items]
Net sales	87	97	239	295
Aftermarket \| United States
Disaggregation Of Revenue [Line Items]
Net sales	38	45	110	139
Aftermarket \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	34	34	86	102
Aftermarket \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	10	13	29	39
Aftermarket \| Other International
Disaggregation Of Revenue [Line Items]
Net sales	5	5	14	15
Other
Disaggregation Of Revenue [Line Items]
Net sales	16	18	43	55
Other \| United States
Disaggregation Of Revenue [Line Items]
Net sales	2	2	3	5
Other \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	8	9	23	29
Other \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	$ 6	$ 7	$ 17	$ 21

- 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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+ Details

Background and Basis of Presentation - Additional Information (Details) € in Millions		9 Months Ended
	Sep. 12, 2018 USD ($)	Sep. 30, 2020	Jun. 12, 2020 USD ($)	Jun. 12, 2020 EUR (€)
Subordinated Asbestos Indemnity Agreement
Background And Basis Of Presentation [Line Items]
Percentage of net insurance receipts	90.00%
Agreement termination date	Dec. 31, 2048
Agreement termination description		The Subordinated Asbestos Indemnity Agreement provides that the agreement will terminate upon the earlier of (x) December 31, 2048 or (y) December 31st of the third consecutive year during which certain amounts owed to Honeywell during each such year were less than $25 million as converted into Euros in accordance with the terms of the agreement.
Honeywell International Inc \| Subordinated Asbestos Indemnity Agreement
Background And Basis Of Presentation [Line Items]
Percentage of net insurance receipts	90.00%
Honeywell International Inc \| Subordinated Asbestos Indemnity Agreement \| Maximum
Background And Basis Of Presentation [Line Items]
Liability for asbestos and environmental claims maximum amount converted into euros	$ 25,000,000
Honeywell International Inc \| Bendix \| Subordinated Asbestos Indemnity Agreement
Background And Basis Of Presentation [Line Items]
Percentage of asbestos and environmental liabilities liable to pay	90.00%
2020 Amended Credit Agreement \| Revolving Credit Facility
Background And Basis Of Presentation [Line Items]
Debt instrument, face amount			$ 430,000,000
2020 Amended Credit Agreement \| Term B Loan Facility
Background And Basis Of Presentation [Line Items]
Debt instrument, face amount			425,000,000	€ 375
2020 Amended Credit Agreement \| Term A Loan Facility
Background And Basis Of Presentation [Line Items]
Debt instrument, face amount			$ 330,000,000

Accounts, Notes and Other Receivables Net - Schedule of Accounts, Notes and Other Receivables Net (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade receivables	$ 587	$ 574
Notes receivables	66	68
Other receivables	68	69
Accounts, notes and other receivables, gross	721	711
Less—Allowance for doubtful accounts	(11)	(4)
Accounts, notes and other receivables, net	$ 710	$ 707

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 5	$ 4	$ 11	$ 10

Inventories-Net

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories-Net

Note 10. Inventories—Net

	September 30, 2020			December 31, 2019
Raw materials	$	159		$	142
Work in process		20			18
Finished products		100			85
	$	279		$	245
Less—Reserves		(42	)		(25	)
	$	237		$	220

Commitments and Contingencies - Additional Information (Details) $ in Millions			3 Months Ended	9 Months Ended
	Oct. 01, 2018 USD ($) Installment	Sep. 12, 2018 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)
Brazilian Tax Authorities
Loss Contingencies [Line Items]
Estimated amount of contingency including penalties and interest				$ 27
Subordinated Asbestos Indemnity Agreement
Loss Contingencies [Line Items]
Percentage of net insurance receipts		90.00%
Loss contingency payable		$ 175
Minimum amount agreed to maintain for termination		$ 25
Agreement termination description				The Subordinated Asbestos Indemnity Agreement provides that the agreement will terminate upon the earlier of (x) December 31, 2048 or (y) December 31st of the third consecutive year during which certain amounts owed to Honeywell during each such year were less than $25 million as converted into Euros in accordance with the terms of the agreement.
Honeywell International Inc \| Tax Matters Agreement
Loss Contingencies [Line Items]
Aggregate payments connection with mandatory transition tax	$ 240
Remaining payments connection with mandatory transition tax				$ 200
Number of annual installments \| Installment	5
Mandatory transition tax rate first installment	8.00%
Mandatory transition tax rate second installment	8.00%
Mandatory transition tax rate third installment	15.00%
Mandatory transition tax rate fourth installment	20.00%
Mandatory transition tax rate fifth installment	25.00%
Honeywell International Inc \| Subordinated Asbestos Indemnity Agreement
Loss Contingencies [Line Items]
Percentage of net insurance receipts		90.00%
Payment made in connection with the Indemnification and Reimbursement Agreement			$ 35
Description of subordinated indemnity agreement				As of the Spin-Off date of October 1, 2018, Garrett ASASCO is obligated to make payments to Honeywell in amounts equal to 90% of Honeywell’s asbestos-related liability payments and accounts payable, primarily related to the Bendix business in the United States, as well as certain environmental-related liability payments and accounts payable and non-United States asbestos-related liability payments and accounts payable, in each case related to legacy elements of the Business, including the legal costs of defending and resolving such liabilities, less 90% of Honeywell’s net insurance receipts and, as may be applicable, certain other recoveries associated with such liabilities. Pursuant to the terms of this Subordinated Asbestos Indemnity Agreement, Garrett ASASCO is responsible for paying to Honeywell such amounts, up to a cap of an amount equal to the Euro-to-U.S. dollar exchange rate determined by Honeywell as of a date within two business days prior to the date of the Distribution (1.16977 USD = 1 EUR) equivalent of $175 million in respect of such liabilities arising in any given calendar year.
Bendix \| Honeywell International Inc \| Subordinated Asbestos Indemnity Agreement
Loss Contingencies [Line Items]
Percentage of asbestos and environmental liabilities liable to pay		90.00%

Reorganization and Chapter 11 Proceedings - Additional Information (Details)							9 Months Ended
	Oct. 24, 2020 USD ($)	Oct. 22, 2020 USD ($)	Oct. 19, 2020 USD ($)	Oct. 09, 2020 USD ($)	Oct. 06, 2020	Sep. 27, 2018 USD ($)	Sep. 30, 2020 USD ($)	Oct. 26, 2020 USD ($) Claim	Dec. 31, 2019 USD ($)	Sep. 27, 2018 EUR (€)
Reorganization And Chapter11 Proceedings [Line Items]
Restructuring support agreement, milestone description							The RSA provides certain milestones for the Restructuring Transactions. Failure of the Debtors to satisfy these milestones without a waiver or consensual amendment would provide the Requisite Consenting Lenders a termination right under the RSA. These milestones, as modified from time to time, include (a) no later than 5 days after the Petition Date, the Bankruptcy Court shall have entered the DIP Order (as defined below)on an interim basis, which DIP Order shall be in the form and substance acceptable to the Requisite Consenting Lenders; (b) no later than 35 days after the Petition Date, the Bankruptcy Court shall have entered (i) an order approving the bidding procedures with respect to the Acquisition and (ii) the DIP Order on a final basis; (c) no later than November 20, 2020, the Company Parties shall have filed an Acceptable Plan, Disclosure Statement, and a motion to approve the Disclosure Statement, each of which shall be in form and substance reasonably acceptable to the Requisite Consenting Lenders; (d) no later than January 8, 2021, (i) the hearing to approve the Disclosure Statement shall have occurred and (ii) the Bankruptcy Court shall have entered an order approving the Disclosure Statement on a final basis, which shall be in form and substance reasonably acceptable to the Requisite Consenting Lenders; (e) no later than 150 days after the Petition Date, a hearing shall have occurred for approval of (x) (i) the Acquisition and (ii) confirmation of the Plan or (y) another Acceptable Plan, and within 2 Business Days thereafter, the Bankruptcy Court shall have entered the Confirmation Order on a final basis, which shall be in form and substance reasonably acceptable to the Requisite Consenting Lenders; and (f) no later than 210 days after the Petition Date, (i) the Acquisition shall have closed and (ii) the Plan Effective Date shall have occurred.
Senior notes							$ 407,000,000		$ 387,000,000
5.125% Senior Notes Due 2026
Reorganization And Chapter11 Proceedings [Line Items]
Senior notes						$ 410,000,000				€ 350,000,000
Debt instrument, annual fixed interest rate						5.125%				5.125%
Credit Agreement \| Term B Facility \| Senior Secured Credit Facilities
Reorganization And Chapter11 Proceedings [Line Items]
Line of credit, term						7 years
Line of credit, maximum borrowing capacity						$ 425,000,000				€ 375,000,000
Credit Agreement \| Term A Facility \| Senior Secured Credit Facilities
Reorganization And Chapter11 Proceedings [Line Items]
Line of credit, term						5 years
Line of credit, maximum borrowing capacity \| €										330,000,000
Credit Agreement \| Revolving Credit Facility \| Senior Secured Credit Facilities
Reorganization And Chapter11 Proceedings [Line Items]
Line of credit, term						5 years
Line of credit, maximum borrowing capacity \| €										€ 430,000,000
Subsequent Event
Reorganization And Chapter11 Proceedings [Line Items]
Number of proofs of claim filed \| Claim								12
Unsecured claims amount								$ 1,000,000
Stalking Horse Bidder
Reorganization And Chapter11 Proceedings [Line Items]
Winning bid selected							2,100,000,000
Purchase price agreed from sellers							2,100,000,000
Break-up fee payable upon termination of agreement							$ 63,000,000
Termination of purchase agreement, description							The Stalking Horse Purchase Agreement contains customary representations, warranties and covenants. The Stalking Horse Purchase Agreement may be terminated, subject to certain exceptions: (i) by the mutual written consent of the parties; (ii) by any party, by giving written notice to the other party if (a) any court of competent jurisdiction or other competent governmental authority issues a final, non-appealable order prohibiting the transactions or (b) if the closing has not occurred prior to March 31, 2021; (iii) by any party, for certain material breaches by the other parties of representations and warranties or covenants that remain uncured; (iv) by any party, if (a) the Sellers enter into a definitive agreement with respect to an alternative transaction (including because the Stalking Horse Bidder is not the prevailing party at the conclusion of the auction) or (b) the Bankruptcy Court approves an alternative transaction; (v) by the Stalking Horse Bidder if (a) certain milestones related to the approval of the transactions by the Bankruptcy Court are not met, (b) the Bankruptcy Cases are dismissed or converted to cases under Chapter 7 of the Bankruptcy Code (and neither such dismissal or conversion contemplates the transaction) or (c) Sellers withdraw or seek to withdraw any motion seeking Bankruptcy Court material relief contemplated in the Stalking Horse Purchase Agreement; or (vi) by the Stalking Horse Bidder if the Restructuring Support Agreement (the “RSA”) is terminated. If a termination occurs pursuant to (iii) (regarding a breach by Sellers), (iv) or (v)(a) (but only with regards to a certain milestone) or (v)(c), such termination will be subject to the Stalking Horse Bidder’s right to receive the termination payment and expense reimbursement payment.
Right to receive reverse termination payment							$ 105,000,000
Stalking Horse Bidder \| Subsequent Event
Reorganization And Chapter11 Proceedings [Line Items]
Increase in base purchase price for acquired assets	$ 500,000,000		$ 500,000,000
Purchase price agreed from sellers	$ 2,600,000,000		2,600,000,000
Co-investment aggregate amount, pro rata basis			$ 100,000,000
Outstanding common equity percentage			24.00%
Agreement termination, obligated reimbursement costs and expenses capped amount			$ 21,000,000
Stalking Horse Bidder \| Subsequent Event \| Maximum
Reorganization And Chapter11 Proceedings [Line Items]
Co-investment aggregate amount			$ 350,000,000
Consenting Lenders \| Credit Agreement
Reorganization And Chapter11 Proceedings [Line Items]
Percentage of aggregate outstanding principal amount of loans						61.00%				61.00%
DIP Agent and DIP Lenders \| DIP Term Loan Facility
Reorganization And Chapter11 Proceedings [Line Items]
Debtor-in-possession financing extensions description							The maturity date of the DIP Term Loan Facility is the earlier to occur of (a) March 31, 2021 (the “Scheduled Maturity Date”); provided, however, that upon the Company’s written request such Scheduled Maturity Date can be extended by three separate one-month extensions subject to (i) the payment of an extension fee to the Lenders equal to 0.50% of the principal amount of the Loans outstanding at the time of such extension, (ii) no default or Event of Default (as defined in the DIP Credit Agreement) existing at the time of such extension and (iii) accuracy of the representations and warranties in all material respects at the time of such extension and after giving effect thereto; and (b) the effective date of a plan of reorganization; and certain other events under the DIP Credit Agreement.
Debtor-in-possession interest rate description							The outstanding principal amount under the DIP Term Loan Facility will bear interest at a rate equal to (x) prior to March 31, 2021, LIBOR (subject to a 1.00% LIBOR floor) plus 4.50% per annum and (y) following March 31, 2021, if the Scheduled Maturity Date has been extended at such time, LIBOR (subject to a 1.00% LIBOR floor) plus 5.50% per annum, in each case, compounded monthly and payable every 30 days in arrears. On the Closing Date, the Company paid 1.00% in commitment fees on the total commitment plus 2.00% in fees in the form of original issue discount on the initial $100 million borrowing. On the Delayed Draw Borrowing Date, date the Company paid 2.00% in fees in the form of original issue discount on the $100 million delayed draw loan. Upon an event of default, all outstanding amounts under the DIP Credit Agreement will bear interest at a rate equal to the applicable interest rate plus an additional 2.00% per annum and be payable on demand.
Debtor-in-possession financing,floor rate							1.00%
Debtor-in-possession financing,LIBOR rate							4.50%
Debtor-in-possession extended financing LIBOR rate							5.50%
Debtor-in-possession financing commitment fees percentage							1.00%
Debtor-in-possession financing,additional interest rate							2.00%
DIP Agent and DIP Lenders \| Subsequent Event \| DIP Term Loan Facility
Reorganization And Chapter11 Proceedings [Line Items]
Debtor-in-possession, date of approval by Bankruptcy court					Oct. 06, 2020
Principal amount to be funded		$ 100,000,000		$ 100,000,000
Debtor-in-possession financing maturity date					Mar. 31, 2021
Principal amount of loans outstanding percentage					0.50%
Debtor-in-possession financing commitment fees issue discount on initial borrowing percentage				2.00%
Initial draw of principal amount borrowed				$ 100,000,000
Debtor-in-possession financing, commitment fees issue discount on delayed draw loan percentage		2.00%
Delayed draw of principal amount borrowed		$ 100,000,000
DIP Agent and DIP Lenders \| Subsequent Event \| Maximum \| DIP Term Loan Facility
Reorganization And Chapter11 Proceedings [Line Items]
Principal amount to be funded				$ 200,000,000

Commitments and Contingencies - Summary of Average Resolutions Per Claim Excluding Legal Costs (Details) - $ / Claim	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Malignant claims	50,200	55,300	56,000	44,000
Nonmalignant claims	3,900	4,700	2,800	4,485

Research, Development & Engineering

9 Months Ended

Sep. 30, 2020

Research And Development [Abstract]

Research, Development & Engineering

Note 5. 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development costs	$	27	$	31	$	79	$	92
Engineering-related expenses		2		4		9		8
	$	29	$	35	$	88	$	100

Pension Benefits - Additional Information (Details) - Pension Benefits - Non-U.S. Plans $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected pension contribution in the next fiscal year	$ 7
Pension contribution	$ 6

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic
Net income	$ 11	$ (9)	$ 52	$ 38	$ 66	$ 73	$ 54	$ 177
Weighted average common shares outstanding – Basic	75,739,152			74,753,593			75,456,358	74,528,740
EPS – Basic	$ 0.15			$ 0.51			$ 0.72	$ 2.37
Diluted
Net income	$ 11	$ (9)	$ 52	$ 38	$ 66	$ 73	$ 54	$ 177
Weighted average common shares outstanding – Basic	75,739,152			74,753,593			75,456,358	74,528,740
Dilutive effect of unvested RSUs and other contingently issuable shares	204,842			950,864			667,190	1,171,912
Weighted average common shares outstanding – Diluted	75,943,994			75,704,457			76,123,548	75,700,652
EPS – Diluted	$ 0.14			$ 0.50			$ 0.71	$ 2.34

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

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

+ References

+ Details

Other Liabilities

9 Months Ended

Sep. 30, 2020

Other Liabilities Disclosure [Abstract]

Other Liabilities

Note 13. Other Liabilities

	September 30,		December 31,
	2020		2019
Pension and other employee related	$	13	$	94
Advanced discounts from suppliers		12		46
Uncertain tax positions		42		79
Long-term lease liability (Note 14)		15		28
Undesignated cross-currency and interest rate swaps (Note 15)		22		2
Other		10		25
	$	114	$	274

Other Expense, Net

9 Months Ended

Sep. 30, 2020

Other Income And Expenses [Abstract]

Other Expense, Net

Note 6. Other Expense, Net

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Indemnification related — post Spin-Off	$	14	$	18	$	41	$	54
Indemnification related — litigation		—		—		3		—
Factoring and notes receivables discount fees		—		—		1		—
	$	14	$	18	$	45	$	54

Financial Instruments and Fair Value Measures - Additional Information (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative, aggregate gross notional amount	$ 373,000,000	$ 1,820,000,000

Reorganization and Chapter 11 Proceedings - Condensed Statements of Cash Flows of Debtors (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net cash used for operating activities	$ (136)	$ 125
Cash flows from investing activities:
Expenditures for property, plant and equipment	(79)	(74)
Other		12
Net cash used for investing activities	(79)	(62)
Cash flows from financing activities:
Proceeds from revolving credit facility	1,449	550
Payments of revolving credit facility	(1,100)	(550)
Payments of long-term debt	(2)	(62)
Other	(3)
Net cash provided by (used for) financing activities	340	(62)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	3	(7)
Net increase/(decrease) in cash, cash equivalents and restricted cash	128	(6)
Cash and cash equivalents at beginning of period	187	196
Cash, cash equivalents and restricted cash at end of period	315	$ 190
Debtors
Cash flows from operating activities:
Net cash used for operating activities	(78)
Cash flows from investing activities:
Expenditures for property, plant and equipment	(45)
Net cash used for investing activities	(45)
Cash flows from financing activities:
Proceeds from revolving credit facility	1,437
Payments of revolving credit facility	(1,088)
Payments of long-term debt	(2)
Debtor-in-possession financing fees	(4)
Other	(3)
Net cash provided by (used for) financing activities	340
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	6
Net increase/(decrease) in cash, cash equivalents and restricted cash	223
Cash and cash equivalents at beginning of period	1
Cash, cash equivalents and restricted cash at end of period	$ 224

Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

	September 30,		December 31,
	2020		2019
Pension and other employee related	$	13	$	94
Advanced discounts from suppliers		12		46
Uncertain tax positions		42		79
Long-term lease liability (Note 14)		15		28
Undesignated cross-currency and interest rate swaps (Note 15)		22		2
Other		10		25
	$	114	$	274

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Tax Expense (Benefit) and Effective Tax Rate

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019
	(Dollars in millions)
Tax (benefit) expense	$	(1	)	$	34		$	11		$	79
Effective tax rate		(10.0	)%		47.2	%		16.9	%		30.9	%

Commitments and Contingencies - Summary of Obligation Payable to Honeywell (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Current		$ 69
Non-current		$ 1,282
Exit Costs \| Honeywell International Inc
Loss Contingencies [Line Items]
Beginning of year	$ 1,351
Legal fees expensed	41
Payments to Honeywell	(35)
Currency translation adjustment	47
End of period	1,404
Current	40
Non-current	1,364
Total	1,404
Exit Costs \| Honeywell International Inc \| Asbestos and Environmental
Loss Contingencies [Line Items]
Beginning of year	1,090
Legal fees expensed	41
Payments to Honeywell	(35)
Currency translation adjustment	37
End of period	1,133
Current	2
Non-current	1,131
Total	1,133
Exit Costs \| Honeywell International Inc \| Tax Matters Agreement
Loss Contingencies [Line Items]
Beginning of year	261
Currency translation adjustment	10
End of period	271
Current	38
Non-current	233
Total	$ 271

Financial Instruments and Fair Value Measures (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30, 2020 and December 31, 2019:

					Fair Value
	Notional Amounts				Assets					Liabilities
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019			September 30, 2020		December 31, 2019
Designated forward currency exchange contracts	$	39	$	392		—	$	5	^(a)	$	1	$	1	^(b)
Undesignated instruments:
Undesignated cross-currency swap		44		420		—		—	^(c)		2		1	^(d)
Undesignated interest rate swap		116		561		—		—			—		1	^(d)
Undesignated forward currency exchange contracts		174		447		2		2	^(a)		—		3	^(b)
	$	373	$	1,820	$	2	$	7		$	3	$	6

(a)

Recorded within Other current assets in the Company’s Consolidated Interim Balance Sheets

(b)

Recorded within Accrued liabilities in the Company’s Consolidated Interim Balance Sheets

(c)

Recorded within Other assets in the Company’s Consolidated Interim Balance Sheets

(d)

Recorded within Other liabilities in the Company´s Consolidated Interim Balance Sheets

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:

	September 30, 2020
	Carrying Value		Fair Value
Liabilities not subject to compromise:
Terms Loans A and B	$	1,045	$	1,036
Liabilities subject to compromise:
Senior Notes	$	407	$	385

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Oct. 26, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	Garrett Motion Inc.
Entity Central Index Key	0001735707
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		75,788,279
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-38636
Entity Tax Identification Number	82-4873189
Entity Address, Address Line One	La Pièce 16
Entity Address, City or Town	Rolle
Entity Incorporation, State or Country Code	DE
Entity Address, Country	CH
Entity Address, Postal Zip Code	1180
City Area Code	41 21
Local Phone Number	695 30 00
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Revenue Recognition and Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30, 2020
	OEM		Aftermarket		Other		Total
United States	$	83	$	38	$	2	$	123
Europe		370		34		8		412
Asia		245		10		6		261
Other International		3		5		—		8
	$	701	$	87	$	16	$	804

	Nine months ended September 30, 2020
	OEM		Aftermarket		Other		Total
United States	$	208	$	110	$	3	$	321
Europe		924		86		23		1,033
Asia		606		29		17		652
Other International		6		14		—		20
	$	1,744	$	239	$	43	$	2,026

	Three months ended September 30, 2019
	OEM		Aftermarket		Other		Total
United States	$	72	$	45	$	2	$	119
Europe		388		34		9		431
Asia		202		13		7		222
Other International		4		5		—		9
	$	666	$	97	$	18	$	781

	Nine months ended September 30, 2019
	OEM		Aftermarket		Other		Total
United States	$	232	$	139	$	5	$	376
Europe		1,233		102		29		1,364
Asia		591		39		21		651
Other International		12		15		—		27
	$	2,068	$	295	$	55	$	2,418

Summary of Contract Assets and Liabilities

The following table summarizes our contract assets and liabilities balances:

	2020
Contract assets—January 1	$	6
Contract assets—September 30		48
Change in contract assets—Increase/(Decrease)		42
Contract liabilities—January 1	$	(3	)
Contract liabilities—September 30		(1	)
Change in contract liabilities—(Increase)/Decrease		2

Accrued Liabilities

9 Months Ended

Sep. 30, 2020

Accrued Liabilities Current [Abstract]

Accrued Liabilities

Note 12. Accrued Liabilities

	September 30, 2020		December 31, 2019
Customer pricing reserve	$	88	$	90
Compensation, benefit and other employee related		51		64
Repositioning		2		4
Product warranties and performance guarantees		13		29
Taxes		15		33
Advanced discounts from suppliers, current		5		19
Customer advances and deferred income^(a)		2		12
Accrued interest		1		5
Short-term lease liability (Note 14)		5		8
Other (primarily operating expenses)		19		46
	$	201	$	310

(a)	Customer advances and deferred income include $1 million and $3 million of contract liabilities as of September 30, 2020 and December 31, 2019, respectively. See Note 4, Revenue Recognition and Contracts with Customers.

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

	Severance Costs			Exit Costs			Total
Balance at December 31, 2018	$	13		$	2		$	15
Charges		3			—			3
Usage—cash		(7	)		(2	)		(9	)
Adjustments and reclassifications		(6	)		1			(5	)
Foreign currency translation		—			—			—
Balance at September 30, 2019	$	3		$	1		$	4

	Severance Costs			Exit Costs		Total
Balance at December 31, 2019	$	3		$	1	$	4
Charges		8			—		8
Usage—cash		(6	)		—		(6	)
Foreign currency translation		—			—		—
Less: Amounts reclassified to Liabilities subject to compromise		(4	)		—		(4	)
Balance at September 30, 2020	$	1		$	1	$	2

Financial Instruments and Fair Value Measures - Summary of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	$ 373,000,000	$ 1,820,000,000
Fair Value Measurements Recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	373,000,000	1,820,000,000
Fair Value, Assets	2,000,000	7,000,000
Fair Value, Liabilities	3,000,000	6,000,000
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	39,000,000	392,000,000
Fair Value, Assets		5,000,000
Fair Value, Liabilities	1,000,000	1,000,000
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	174,000,000	447,000,000
Fair Value, Assets	2,000,000	2,000,000
Fair Value, Liabilities		3,000,000
Fair Value Measurements Recurring \| Level 2 \| Undesignated as Hedging \| Cross-currency Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	44,000,000	420,000,000
Fair Value, Liabilities	2,000,000	1,000,000
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	$ 116,000,000	561,000,000
Fair Value, Liabilities		$ 1,000,000

CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Income Statement [Abstract]
Contractual interest	$ 0	$ 0

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 54	$ 177
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash reorganization items, net	4
Deferred income taxes	(25)	4
Depreciation	60	55
Amortization of deferred issuance costs	5	5
Foreign exchange loss	(15)	32
Stock compensation expense	8	14
Pension expense	1	4
Other	9	7
Changes in assets and liabilities:
Accounts, notes and other receivables	(35)	(29)
Inventories	(26)	(33)
Other assets	(54)	7
Accounts payable	(126)	18
Accrued liabilities	(22)	(48)
Obligations payable to Honeywell	6	(84)
Other liabilities	20	(4)
Net cash (used for) provided by operating activities	(136)	125
Cash flows from investing activities:
Expenditures for property, plant and equipment	(79)	(74)
Other		12
Net cash used for investing activities	(79)	(62)
Cash flows from financing activities:
Proceeds from revolving credit facility	1,449	550
Payments of revolving credit facility	(1,100)	(550)
Payments of long-term debt	(2)	(62)
Debtor-in-possession financing fees	(4)
Other	(3)
Net cash provided by (used for) financing activities	340	(62)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	3	(7)
Net increase/(decrease) in cash, cash equivalents and restricted cash	128	(6)
Cash and cash equivalents at beginning of period	187	196
Cash, cash equivalents and restricted cash at end of period	$ 315	$ 190

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Accrued Liabilities Current [Abstract]

Summary of Accrued Liabilities

	September 30, 2020		December 31, 2019
Customer pricing reserve	$	88	$	90
Compensation, benefit and other employee related		51		64
Repositioning		2		4
Product warranties and performance guarantees		13		29
Taxes		15		33
Advanced discounts from suppliers, current		5		19
Customer advances and deferred income^(a)		2		12
Accrued interest		1		5
Short-term lease liability (Note 14)		5		8
Other (primarily operating expenses)		19		46
	$	201	$	310

(a)	Customer advances and deferred income include $1 million and $3 million of contract liabilities as of September 30, 2020 and December 31, 2019, respectively. See Note 4, Revenue Recognition and Contracts with Customers.

Summary of Expenses Related to the Repositioning Accruals

	Severance Costs			Exit Costs			Total
Balance at December 31, 2018	$	13		$	2		$	15
Charges		3			—			3
Usage—cash		(7	)		(2	)		(9	)
Adjustments and reclassifications		(6	)		1			(5	)
Foreign currency translation		—			—			—
Balance at September 30, 2019	$	3		$	1		$	4

	Severance Costs			Exit Costs		Total
Balance at December 31, 2019	$	3		$	1	$	4
Charges		8			—		8
Usage—cash		(6	)		—		(6	)
Foreign currency translation		—			—		—
Less: Amounts reclassified to Liabilities subject to compromise		(4	)		—		(4	)
Balance at September 30, 2020	$	1		$	1	$	2

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 17. Earnings Per Share

The details of the earnings per share (“EPS”) calculations for the three and nine months ended September 30, 2020 and 2019 are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic
Net Income	$	11	$	38	$	54	$	177
Weighted average common shares outstanding		75,739,152		74,753,593		75,456,358		74,528,740
EPS – Basic	$	0.15	$	0.51	$	0.72	$	2.37

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Diluted
Net Income	$	11	$	38	$	54	$	177
Weighted average common shares outstanding – Basic		75,739,152		74,753,593		75,456,358		74,528,740
Dilutive effect of unvested RSUs and other contingently issuable shares		204,842		950,864		667,190		1,171,912
Weighted average common shares outstanding – Diluted		75,943,994		75,704,457		76,123,548		75,700,652
EPS – Diluted	$	0.14	$	0.50	$	0.71	$	2.34

Diluted EPS is computed based upon the weighted average number of common shares outstanding for the period plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the period.

The diluted earnings per share calculations exclude the effect of stock options when the options’ assumed proceeds exceed the average market price of the common shares during the period. For the three and nine months ended September 30, 2020, the weighted number of stock options excluded from the computations was 425,866 and 435,021, respectively. These stock options were outstanding for the three and nine months ended September 30, 2020, respectively.

Other Expenses, Net (Tables)

9 Months Ended

Sep. 30, 2020

Other Income And Expenses [Abstract]

Schedule of Other Operating Cost and Expense

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Indemnification related — post Spin-Off	$	14	$	18	$	41	$	54
Indemnification related — litigation		—		—		3		—
Factoring and notes receivables discount fees		—		—		1		—
	$	14	$	18	$	45	$	54

Factoring and Notes Receivable

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Factoring and Notes Receivable

Note 9. Factoring and Notes Receivable

The Company entered into arrangements with financial institutions to sell eligible trade receivable. During the periods ended September 30, 2020 and December 31, 2019, the Company sold $128 and $27 million of eligible receivables, respectively, without recourse, and accounted for these arrangements as true sales.

The Company also received 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. During the periods ended September 30, 2020 and December 31, 2019, the Company sold $51 and $105 million of bank notes, respectively, without recourse, and accounted for these as true sales.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 18. Commitments and Contingencies

Chapter 11 Proceedings

Commencement of the Chapter 11 Cases automatically stayed the proceedings and actions against us that are described below, in addition to actions seeking to collect pre-petition indebtedness or to exercise control over the property of the Company’s bankruptcy estates. The plan contemplated by the RSA, if confirmed, will provide for the treatment of claims against the Company’s bankruptcy estates, including pre-petition liabilities that have not been satisfied or addressed during the Chapter 11 Cases.

See Note 1 Background and Basis of Presentation and Note 2, Reorganization and Chapter 11 Proceedings for additional information on the Chapter 11 Cases, the RSA, the Stalking Horse Purchase Agreement and the DIP Credit Agreement.

Obligations payable to Honeywell

Honeywell is a defendant in asbestos-related personal injury actions mainly related to its legacy Bendix friction materials (“Bendix”) business. The Bendix business manufactured automotive brake linings that contained chrysotile asbestos in an encapsulated form. Claimants consist largely of individuals who allege exposure to asbestos from brakes from either performing or being in the vicinity of individuals who performed brake replacements. Certain operations that were part of the Bendix business were transferred to Garrett.

In connection with the Spin-Off, Garrett ASASCO, a wholly owned indirect subsidiary of the Company, entered into the Subordinated Asbestos Indemnity Agreement with Honeywell on September 12, 2018. As of the Spin-Off date of October 1, 2018, Garrett ASASCO is obligated to make payments to Honeywell in amounts equal to 90% of Honeywell’s asbestos-related liability payments and accounts payable, primarily related to the Bendix business in the United States, as well as certain environmental-related liability payments and accounts payable and non-United States asbestos-related liability payments and accounts payable, in each case related to legacy elements of the Business, including the legal costs of defending and resolving such liabilities, less 90% of Honeywell’s net insurance receipts and, as may be applicable, certain other recoveries associated with such liabilities. Pursuant to the terms of this Subordinated Asbestos Indemnity Agreement, Garrett ASASCO is responsible for paying to Honeywell such amounts, up to a cap of an amount equal to the Euro-to-U.S. dollar exchange rate determined by Honeywell as of a date within two business days prior to the date of the Distribution (1.16977 USD = 1 EUR) equivalent of $175 million in respect of such liabilities arising in any given calendar year. The payments that Garrett ASASCO is required to make to Honeywell pursuant to the terms of the Subordinated Asbestos Indemnity Agreement will not be deductible for U.S. federal income tax purposes. The Subordinated Asbestos Indemnity Agreement provides that the agreement will terminate upon the earlier of (x) December 31, 2048 or (y) December 31st of the third consecutive year during which certain amounts owed to Honeywell during each such year were less than $25 million as converted into Euros in accordance with the terms of the agreement. During the first quarter of 2020, Garrett ASASCO paid Honeywell the Euro-equivalent of $35 million in connection with the Subordinated Asbestos Indemnity Agreement. Honeywell and Garrett agreed to defer the payment under the Subordinated Asbestos Indemnity Agreement due May 1, 2020 to December 31, 2020 (the “Q2 Payment”). We do not expect Garrett ASASCO to make payments to Honeywell under the Subordinated Asbestos Indemnity Agreement during the pendency of the Chapter 11 Cases. The plan contemplated by the RSA, if confirmed, will provide for the treatment of claims against the Company’s bankruptcy estates under the Subordinated Asbestos Indemnity Agreement, including pre-petition liabilities under the Subordinated Asbestos Indemnity Agreement that have not been satisfied or addressed during the Chapter 11 Cases.

On December 2, 2019, the Company and its subsidiary Garrett ASASCO, filed a Summons with Notice in the Commercial Division of the Supreme Court of the State of New York, County of New York (the “NY Supreme Court”) commencing an action (the “Action”) against Honeywell, certain of Honeywell’s subsidiaries and certain of Honeywell’s employees for declaratory judgment, breach of contract, breach of fiduciary duties, aiding and abetting breach of fiduciary duties, corporate waste, breach of the implied covenant of good faith and fair dealing, and unjust enrichment. On January 15, 2020, the Company and Garrett ASASCO, filed a Complaint in the NY Supreme Court in connection with the Action. The lawsuit arises from the Subordinated Asbestos Indemnity Agreement. The Company is seeking declaratory relief; compensatory damages in an amount to be determined at trial; rescission of the Subordinated Asbestos Indemnity Agreement; attorneys’ fees and costs and such other and further relief as the Court may deem just and proper. There can be no assurance as to the time and resources that will be required to pursue these claims or the ultimate outcome of the lawsuit. Among other claims, Garrett asserts that Honeywell is not entitled to indemnification because it improperly seeks indemnification for amounts attributable to punitive damages and intentional misconduct, and because it has failed to establish other prerequisites for indemnification under New York law. Specifically, the claim asserts that Honeywell has failed to establish its right to indemnity for each and every asbestos settlement of the thousands for which it seeks indemnification. The Action seeks to establish that the Subordinated Asbestos Indemnity Agreement is not enforceable, in whole or in part. On March 5, 2020, Honeywell filed a “Notice of Motion to Dismiss Garrett’s Complaint.” The parties agreed to certain schedules for the case that provided that Garrett would file an amended complaint, then Honeywell would have an opportunity to file another motion to dismiss in response. On September 20, 2020, Garrett and certain of its subsidiaries each filed the Chapter 11 Cases. On September 23, 2020, Garrett removed the case to the United States District Court for the Southern District of New York, and on September 24, 2020, the case was referred to the Bankruptcy Court, where the case is currently pending. On October 13, 2020, Honeywell filed a motion to dismiss in the Bankruptcy Court. Garrett does not believe Honeywell’s motion has merit, and Garrett plans to respond. A pre-trial conference took place on October 22, 2020. The Court is expected to hear argument on Honeywell’s pending motion to dismiss on November 18, 2020.

On September 12, 2018, we also entered into a tax matters agreement with Honeywell (the “Tax Matters Agreement”), which governs the respective rights, responsibilities and obligations of Honeywell and us after the Spin-Off with respect to all tax matters (including tax liabilities, tax attributes, tax returns and tax contests). The Tax Matters Agreement generally provides that, following the Spin-Off date of October 1, 2018, we are responsible and will indemnify Honeywell for all taxes, including income taxes, sales taxes, value-added and payroll taxes, relating to Garrett for all periods, including periods prior to the completion date of the Spin-Off. Among other items, as a result of the mandatory transition tax imposed by the Tax Cuts and Jobs Act, Garrett ASASCO is required to make payments to a subsidiary of Honeywell in the amount representing the net tax liability of Honeywell under the mandatory transition tax attributable to us, as determined by Honeywell. We estimate that Garrett ASASCO’s total aggregate payments to Honeywell with respect to the mandatory transition tax will be $240 million with $200 million in payments remaining as of September 30, 2020. Under the terms of the Tax Matters Agreement, Garrett ASASCO is required to pay this amount in Euros, without interest, in five annual installments, each equal to 8% of the aggregate amount, followed by three additional annual installments equal to 15%, 20% and 25% of the aggregate amount, respectively. Following the Spin-Off in October 2018, Garrett ASASCO paid the first annual installment in October 2018, with subsequent annual installments to be paid in April of each year. The annual installment due on April 1, 2020 has been deferred to December 31, 2020 in agreement with Honeywell. We do not expect Garrett ASASCO to make payments to Honeywell under the Tax Matters Agreement during the pendency of the Chapter 11 Cases. The plan contemplated by the RSA, if confirmed, will provide for the treatment of claims against the Company’s bankruptcy estates under the Tax Matters Agreement, including pre-petition liabilities under the Tax Matters Agreement that have not been satisfied or addressed during the Chapter 11 Cases. In addition, the Tax Matters Agreement addresses the allocation of liability for taxes incurred as a result of restructuring activities undertaken to effectuate the Spin-Off. The Tax Matters Agreement also provides that we are required to indemnify Honeywell for certain taxes (and reasonable expenses) resulting from the failure of the Spin-Off and related internal transactions to qualify for their intended tax treatment under U.S. federal, state and local income tax law, as well as foreign tax law. Further, the Tax Matters Agreement also imposes certain restrictions on us and our subsidiaries (including restrictions on share issuances, redemptions or repurchases, business combinations, sales of assets and similar transactions) that are designed to address compliance with Section 355 of the Internal Revenue Code of 1986, as amended, and are intended to preserve the tax-free nature of the Spin-Off.

On July 17, 2020, we provided notice to Honeywell asserting that Honeywell has caused material breaches of the Tax Matters Agreement and that the Tax Matters Agreement is unenforceable.

	Nine Months Ended September 30, 2020
	Asbestos and environmental			Tax Matters		Total
Beginning of year	$	1,090		$	261		1,351
Accrual for update to estimated liability		—			—		—
Legal fees expensed		41			—		41
Payments to Honeywell		(35	)		—		(35	)
Currency translation adjustment		37			10		47
End of period	$	1,133		$	271	$	1,404

Current		2			38		40
Non-current		1,131			233		1,364
Total	$	1,133		$	271	$	1,404

Asbestos Matters

The accounting for the majority of our asbestos-related liability payments and accounts payable reflect the terms of the Subordinated Asbestos Indemnity Agreement with Honeywell entered into by Garrett ASASCO on September 12, 2018, under which Garrett ASASCO is required to make payments to Honeywell in amounts equal to 90% of Honeywell’s asbestos-related liability payments and accounts payable, primarily related to the Bendix business in the United States, as well as certain environmental-related liability payments and accounts payable and non-United States asbestos-related liability payments and accounts payable, in each case related to legacy elements of the Business, including the legal costs of defending and resolving such liabilities, less 90% of Honeywell’s net insurance receipts and, as may be applicable, certain other recoveries associated with such liabilities. The Subordinated Asbestos Indemnity Agreement provides that the agreement will terminate upon the earlier of (x) December 31, 2048 or (y) December 31st of the third consecutive year during which certain amounts owed to Honeywell during each such year were less than $25 million as converted into Euros in accordance with the terms of the agreement.

The following tables present information regarding Bendix related asbestos claims activity:

	Nine Months Ended September 30,			Year Ended December 31,
Claims Activity	2020			2019
Claims Unresolved at the beginning of the period		6,480			6,209
Claims Filed		1,621			2,659
Claims Resolved		(1,680	)		(2,388	)
Claims Unresolved at the end of the period		6,421			6,480

	Nine Months Ended September 30,		Years Ended December 31,
Disease Distribution of Unresolved Claims	2020		2019
Mesothelioma and Other Cancer Claims		3,404		3,399
Nonmalignant Claims		3,017		3,081
Total Claims		6,421		6,480

Honeywell has experienced average resolutions per claim excluding legal costs as follows:

	Years Ended December 31,
	2019		2018		2017		2016
					(in whole dollars)
Malignant claims	$	50,200	$	55,300	$	56,000	$	44,000
Nonmalignant claims	$	3,900	$	4,700	$	2,800	$	4,485

It is not possible to predict whether resolution values for Bendix-related asbestos claims will increase, decrease or stabilize in the future.

Securities Litigation

On September 25, 2020, a putative class action securities 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 asserts claims under Sections 10(b) and 20(a) of 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.; this request has been referred to the judge for approval. On October 5, 2020, another putative class action securities 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 asserts claims under Sections 10(b) and 20(a) of the Exchange Act. Based on the publicly-available dockets, service has not yet been effected for either the Husson Action or the Gabelli Action. The Company believes it has meritorious defenses to the claims of the plaintiffs and any liability for the alleged claims is not currently probable or reasonably estimable.

Other Matters

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 occurrence 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.

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 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 September 30, 2020 was $27 million including penalties and interest. The Company plans to appeal the infraction notice. However, 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.

Accounts, Notes and Other Receivables—Net

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Accounts, Notes and Other Receivables—Net

Note 8. Accounts, Notes and Other Receivables—Net

	September 30, 2020			December 31, 2019
Trade receivables	$	587		$	574
Notes receivables		66			68
Other receivables		68			69
	$	721		$	711
Less—Allowance for doubtful accounts		(11	)		(4	)
	$	710		$	707

Trade Receivables include $48 million and $4 million of unbilled balances as of September 30, 2020 and December 31, 2019, respectively. These amounts are billed in accordance with the terms of customer contracts to which they relate. Unbilled receivables include $48 million and $6 million of contract assets as of September 30, 2020 and December 31, 2019, respectively. See Note 4, Revenue Recognition and Contracts with Customers.

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Note 14. Leases

We have operating leases for real estate and machinery and equipment. Our leases have remaining lease terms of up to 10 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

September 30,

Nine Months Ended

September 30,

2020

2019

2020

2019

Operating lease cost

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	4	$	3	$	9	$	9
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	1	$	2	$	6	$	10

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

	September 30,		December 31,
	2020		2019
Other assets	$	39	$	35
Accrued liabilities		5		8
Other liabilities		15		28
Liabilities subject to compromise		19		—

	September 30,	December 31,
	2020	2019
Weighted-average lease term	5.23	6.30
Weighted-average discount rate	6.16	6.36

Maturities of operating lease liabilities were as follows:

	September 30, 2020
2020	$	4
2021		11
2022		9
2023		6
2024		5
Thereafter		11
Total lease payments		46
Less imputed interest		(7	)
	$	39

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 11	$ 38	$ 54	$ 177
Foreign exchange translation adjustment	(100)	102	(111)	127
Defined benefit pension plan adjustment, net of tax (Note 19)				1
Changes in fair value of effective cash flow hedges, net of tax (Note 15)	(6)	8	(8)	10
Total other comprehensive (loss) income, net of tax	(106)	110	(119)	138
Comprehensive (loss) income	$ (95)	$ 148	$ (65)	$ 315

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Research, Development & Engineering - Summary of Research, Development & Engineering Activities (Details) - Cost of Goods Sold - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	$ 29	$ 35	$ 88	$ 100
Research and Development Costs
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	27	31	79	92
Engineering-Related Expenses
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	$ 2	$ 4	$ 9	$ 8

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Millions	Sep. 30, 2020 USD ($)
Leases [Abstract]
2020	$ 4
2021	11
2022	9
2023	6
2024	5
Thereafter	11
Total lease payments	46
Less imputed interest	(7)
Operating lease, liabilities	$ 39

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Pension and other employee related	$ 13	$ 94
Advanced discounts from suppliers	12	46
Uncertain tax positions	42	79
Long-term lease liability (Note 14)	15	28
Undesignated cross-currency and interest rate swaps (Note 15)	22	2
Other	10	25
Other Liabilities	$ 114	$ 274

Other Assets

9 Months Ended

Sep. 30, 2020

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Assets

Note 11. Other Assets

	September 30,		December 31,
	2020		2019
Advanced discounts to customers, non-current	$	67	$	62
Operating right-of-use assets (Note 14)		39		35
Deferred DIP financing fees		4		—
Other		8		11
	$	118	$	108

Income Taxes - Tax Expense (Benefit) and Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Tax (benefit) expense (Note 7)	$ (1)	$ 34	$ 11	$ 79
Effective tax rate	(10.00%)	47.20%	16.90%	30.90%

- Definition

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

+ References + Details

China Variable Interest Entity

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

China Variable Interest Entity

Note 20. China Variable Interest Entity

On September 20, 2018 in preparation of the Spin-Off, we entered into an agreement by and between Honeywell and Garrett (the “China Purchase Agreement”) in which Honeywell agreed to sell to Garrett 100% of the equity interests of Honeywell Transportation Investment (China) Co., Ltd. (“Garrett China”) consisting of our primary operations in China, in exchange for upfront consideration of 8,444,077 shares of our common stock. No further consideration from Garrett was due. The China Purchase Agreement was amended to extend the date of the transfer of the equity interests in Garrett China from September 20, 2019 to June 30, 2020.

Prior to the transfer of the equity interests, Garrett China was considered a variable interest entity for which Garrett is the primary beneficiary because the China Purchase Agreement provided Garrett control to direct the management and operation of Garrett China as well as all economic benefits and losses. The intent of the agreement was to place Garrett in the same position as if it already owned 100% of the equity interests of Garrett China. As the agreement was effective prior to the Spin-Off date while the Company and Garrett China were under common control of Honeywell, the assets and liabilities of Garrett China were recognized at their carrying amounts.

On June 3, 2020 Honeywell transferred 100% of the equity interests of Garrett China in accordance with the China Purchase Agreement. Following the transfer, Garrett continues to consolidate Garrett China. However, Garrett China is no longer considered to be a variable interest entity as Garrett now owns 100% of the equity interests. There was no change in the basis of the net assets of Garrett China as the transaction did not result in a change of control under U.S. GAAP.

Background and Basis of Presentation

9 Months Ended

Sep. 30, 2020

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) powertrains. These products are key enablers for fuel economy and emission standards compliance.

COVID-19

In December 2019, a strain of novel coronavirus disease, COVID-19, was identified in Wuhan, China. This virus has been declared a pandemic and has spread across the world, including throughout Asia, the United States and Europe. Our business operations have been materially disrupted and our revenues have decreased significantly as a result of the COVID-19 pandemic and related response measures, and we expect our financial performance in the quarter ending December 31, 2020, and in future fiscal quarters, to be materially negatively affected by the pandemic and its impact on the global automotive industry.

On June 12, 2020, the Company entered into an amendment (the “2020 Amendment”) to its Credit Agreement, dated as of September 27, 2018 (as amended, the “Credit Agreement”) by and among the Company, Garrett LX I S.à r.l., Garrett LX II S.à r.l., Garrett LX III S.à r.l., Garrett Borrowing LLC, and Garrett Motion Sàrl (f/k/a Honeywell Technologies Sàrl), the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent, consisting of:

•

a seven-year term B loan facility, consisting of a tranche denominated in Euro of €375 million and a tranche denominated in U.S. Dollars of $425 million (the “Term B Facility”);

•

a five-year term A loan facility in an aggregate principal amount of €330 million (the “Term A Facility” and, together with the Term B Facility, the “Term Loan Facilities”); and

•

a five-year revolving credit facility in an aggregate principal amount of €430 million (the “Revolving Facility” and, together with the Term Loan Facilities, the “Senior Credit Facilities”).

The primary purpose for entering into the 2020 Amendment was to obtain covenant relief with respect to the total leverage ratio and interest coverage ratios under the Credit Agreement as a result of the impact of the COVID-19 pandemic and the Company’s leveraged capital structure.

The 2020 Amendment qualified as a debt modification that did not result in an extinguishment or have a material impact on our Consolidated Interim Financial Statements.

The commencement of the Chapter 11 Cases (as defined below) constituted an event of default that accelerated the Company’s obligations, as applicable, under the Credit Agreement. The Credit Agreement provides that as a result of the commencement of the Chapter 11 Cases, the principal, interest and all other amounts due thereunder shall be immediately due and payable. Any efforts to enforce the payment obligations under the Credit Agreement are automatically stayed as a result of the Chapter 11 Cases, and the creditors’ rights of enforcement in respect of the Credit Agreement are subject to the applicable provisions of the Bankruptcy Code.

Voluntary Filing Under Chapter 11

On September 20, 2020 (the “Petition Date”), the Company and certain of its subsidiaries (collectively, the “Debtors”) each filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Debtors’ chapter 11 cases (the “Chapter 11 Cases”) are being jointly administered under the caption “In re: Garrett Motion Inc., 20-12212.” On September 22 and 24, 2020, the Bankruptcy Court entered orders granting interim approval of certain forms of relief requested by the Debtors, enabling the Debtors to conduct their business activities in the ordinary course, subject to the terms and conditions of such orders, including authorizing the Debtors to pay employee wages and benefits, to pay taxes and certain governmental fees and charges, to continue to operate the Debtors’ cash management system in the ordinary course, to maintain certain customer programs, and to pay the prepetition claims of

certain of the Debtors’ vendors. On October 20, 21 and 26, 2020, the Bankruptcy Court entered orders granting such relief on a final basis. For goods and services provided following the Petition Date, the Debtors continue to pay vendors under normal terms.

The Consolidated Interim Financial Statements included herein have been prepared in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 852, Reorganizations. See Note 2, Reorganization and Chapter 11 Proceedings, for further details.

Delisting from NYSE

On September 20, 2020, the Company was notified by the New York Stock Exchange (the “NYSE”) that, as a result of the Chapter 11 Cases, and in accordance with Section 802.01D of the NYSE Listed Company Manual, that the NYSE had commenced proceedings to delist the Company’s common stock from the NYSE. The NYSE indefinitely suspended trading of the Company’s common stock on September 21, 2020. The Company determined not to appeal the NYSE’s determination. On October 8, 2020, the NYSE filed a Form 25-NSE with the Securities and Exchange Commission, which removed the Company’s common stock from listing and registration on the NYSE effective as of the opening of business on October 19, 2020.

Going Concern

The accompanying Consolidated Interim Financial Statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. Liabilities subject to compromise will be resolved in connection with the Chapter 11 Cases. The Company’s ability to continue as a going concern is contingent upon the Company’s ability to successfully implement a plan of reorganization in the Chapter 11 Cases, among other factors. As a result of the Chapter 11 Cases, the realization of assets and the satisfaction of liabilities are subject to uncertainty. While operating as debtors-in-possession under the Bankruptcy Code, the Company may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business, for amounts other than those reflected in the accompanying Consolidated Interim Financial Statements. Further, any plan of reorganization in the Chapter 11 Cases could materially change the amounts and classifications of assets and liabilities reported in the Consolidated Interim Financial Statements. The accompanying Consolidated Interim Financial Statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities or any other adjustments that might be necessary should the Company be unable to continue as a going concern or as a consequence of the Chapter 11 Cases. As a result of our financial condition, uncertainty related to the impacts of COVID-19, and the risks and uncertainties surrounding the Chapter 11 Cases, substantial doubt exists that we will be able to continue as a going concern.

Basis of Presentation

The Consolidated Interim Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All amounts presented are in millions, except per share amounts.

Asbestos-related expenses, net of probable insurance recoveries, are presented within Other expense, net in the Consolidated Interim Statement of Operations. Honeywell is subject to certain asbestos-related and environmental-related liabilities, primarily related to its legacy Bendix business. In conjunction with the Spin-Off, certain operations that were part of the Bendix business, along with the ownership of the Bendix trademark, as well as certain operations that were part of other legacy elements of the Business, were transferred to us. The accounting for the majority of our asbestos-related liability payments and accounts payable reflect the terms of the indemnification and reimbursement agreement with Honeywell entered into on September 12, 2018 (the “Subordinated Asbestos Indemnity Agreement”), under which Garrett ASASCO is required to make payments to Honeywell in amounts equal to 90% of Honeywell’s asbestos-related liability payments and accounts payable, primarily related to the Bendix business in the United States, as well as certain environmental-related liability payments and accounts payable and non-United States asbestos-related liability payments and accounts payable, in each case related to legacy elements of the Business, including the legal costs of defending and resolving such liabilities, less 90% of Honeywell’s net insurance receipts and, as may be applicable, certain other recoveries associated with such liabilities. The Subordinated Asbestos Indemnity Agreement provides that the agreement will terminate upon the earlier of (x) December 31, 2048 or (y) December 31st of the third consecutive year during which certain amounts owed to Honeywell during each such year were less than $25 million as converted into Euros in accordance with the terms of the agreement. We are currently engaged in litigation against Honeywell in connection with the Subordinated Asbestos Indemnity Agreement. For additional information, see Note 18, Commitments and Contingencies.

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, including considerations for the impact from the outbreak of the COVID-19 pandemic on the Company's business due to various global macroeconomic, operational and supply chain risks as a result of COVID-19. Actual results could differ from the original estimates, requiring adjustments to these balances in future periods. Furthermore, while operating as “debtors-in-possession” under Chapter 11, the Debtors may sell or otherwise dispose of or liquidate assets or settle liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business and subject to

restrictions of the debtor in possession (“DIP”) financing, for amounts other than those reflected in the accompanying unaudited Consolidated Interim Financial Statements. Any such actions occurring during the Chapter 11 Cases, including through a plan of reorganization confirmed by the Bankruptcy Court could materially impact the amounts and classifications of assets and liabilities reported in the unaudited Consolidated Interim Financial Statements.

The Consolidated Interim Financial Statements are unaudited; however, in the opinion of management, they contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The Consolidated Interim Financial Statements should be read in conjunction with the audited annual Consolidated and Combined Financial Statements for the year ended December 31, 2019 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 27, 2020 (our “2019 Form 10-K”). The results of operations for the three and nine months ended September 30, 2020 and cash flows for the nine months ended September 30, 2020 should not necessarily be taken as indicative of the entire year.

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 in order to minimize the potentially disruptive effects of quarterly closing on our business processes. The effects of this practice are generally not significant to reported results for any quarter and only exist within a reporting year. For differences in actual closing dates that are material to year-over-year comparisons of quarterly or year-to-date results, such differences have been adjusted for the three months ended September 30, 2020. Our actual closing dates for the three months ended September 30, 2020 and 2019 were September 26, 2020 and September 28, 2019, respectively.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3. Summary of Significant Accounting Policies

The accounting policies of the Company are set forth in Note 2 to the audited annual Consolidated and Combined Financial Statements for the year ended December 31, 2019 included in our 2019 Form 10-K. We include herein certain updates to those policies.

Trade Receivables and Allowance for Doubtful Accounts—Trade accounts receivable are recorded at the invoiced amount as a result of transactions with customers. Garrett maintains allowances for doubtful accounts for estimated losses as a result of a customer’s inability to make required payments. As of January 1, 2020, Garrett adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance requires an entity to recognize as an allowance its estimate of lifetime expected credit losses rather than incurred losses. The guidance is also applicable to contract assets such as unbilled receivables. Consistent with the new guidance, Garrett estimates losses from doubtful accounts expected over the contractual life of the receivables based on days past due as measured from the contractual due date and collection history. Garrett also takes into consideration changes in economic conditions that may not be reflected in historical trends (for example, customers in bankruptcy, liquidation or reorganization). Receivables are written-off against the allowance for doubtful accounts when they are determined uncollectible. Such determination includes analysis and consideration of the particular conditions of the account, including time intervals since last collection, customer performance against agreed upon payment plans, solvency of customer and any bankruptcy proceedings.

Recently Adopted Accounting Pronouncements

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which amends certain disclosure requirements related to fair value measures. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Effective January 1, 2020, the Company adopted the new guidance. The adoption did not have an impact on our Consolidated Interim Balance Sheets, Consolidated Interim Statements of Operations and related Notes to the Consolidated Interim Financial Statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires measurement and recognition of expected credit losses for financial assets held. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Early adoption is permitted. Adoption of the new standard resulted in an increase in the allowance for doubtful accounts of $5 million which was recognized as a cumulative-effect adjustment to opening retained earnings as of January 1, 2020.

Recently Issued Accounting Pronouncements

In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits Defined Benefit Plans – General (Subtopic 715-20), which amends certain disclosure requirements related to the defined benefit pension and other postretirement plans. The guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the impact on its disclosures.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact on our hedging relationships, other transactions, and disclosures.

Other Expense, Net - Schedule of Other Operating Cost and Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Income And Expenses [Abstract]
Indemnification related — post Spin-Off	$ 14	$ 18	$ 41	$ 54
Indemnification related — litigation			3
Factoring and notes receivables discount fees			1
Other Expense, Net	$ 14	$ 18	$ 45	$ 54

Pension Benefits (Tables)

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Summary of Net Periodic Benefit Cost

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

Three Months Ended September 30,

Nine Months Ended September 30,

	U.S. Plans						Non-U.S. Plan,						U.S. Plans						Non-U.S. Plan,
	2020			2019			2020			2019			2020			2019			2020			2019
Service cost	$	—		$	—		$	2		$	1		$	1		$	—		$	7		$	3
Interest cost		1			—			—			—			4			1			1			1
Expected return on plan assets		(3	)		(1	)		(1	)		(1	)		(8	)		(2	)		(4	)		(2	)
Amortization of prior service (credit)		—			—			—			—			—			—			—			—
	$	(2	)	$	(1	)	$	1		$	—		$	(3	)	$	(1	)	$	4		$	2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Chapter 11 Accounting	Chapter 11 Accounting The Company has applied ASC 852 in preparing our Consolidated Interim Financial Statements. ASC 852 requires the financial statements for periods subsequent to the Petition Date to distinguish transactions and events that are directly associated with the Company's reorganization from the ongoing operations of the business. Accordingly, revenues, expenses, realized gains and losses, and provisions for losses directly resulting from the reorganization and restructuring shall be reported separately as Reorganization items, net in the Consolidated Interim Statements of Operations. In addition, the balance sheet distinguishes pre-petition liabilities subject to compromise from those pre-petition liabilities that are not subject to compromise and post-petition liabilities. Pre-petition liabilities that are not fully secured or those that have at least a possibility of not being repaid at the allowed claim amount have been classified as liabilities subject to compromise on the Consolidated Interim Balance Sheet at September 30, 2020. Under the Bankruptcy Code, the Debtors may affirm, assume and assign or reject executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a prepetition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the Debtors of performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach subject, in the case of the rejection of unexpired leases of real property, to certain caps on damages. Counterparties to such rejected contracts or leases may assert unsecured claims in the Bankruptcy Court against the applicable Debtor’s estate for such damages. Generally, the assumption or assumption and assignment of an executory contract or unexpired lease requires the Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance thereunder. Accordingly, any description of an executory contract or unexpired lease with a Debtor in this quarterly report, including where applicable a quantification of the Company’s obligations under any such executory contract or unexpired lease with a Debtor is qualified by any overriding rejection rights the Company has under the Bankruptcy Code.
Trade Receivables and Allowance for Doubtful Accounts	Trade Receivables and Allowance for Doubtful Accounts—Trade accounts receivable are recorded at the invoiced amount as a result of transactions with customers. Garrett maintains allowances for doubtful accounts for estimated losses as a result of a customer’s inability to make required payments. As of January 1, 2020, Garrett adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance requires an entity to recognize as an allowance its estimate of lifetime expected credit losses rather than incurred losses. The guidance is also applicable to contract assets such as unbilled receivables. Consistent with the new guidance, Garrett estimates losses from doubtful accounts expected over the contractual life of the receivables based on days past due as measured from the contractual due date and collection history. Garrett also takes into consideration changes in economic conditions that may not be reflected in historical trends (for example, customers in bankruptcy, liquidation or reorganization). Receivables are written-off against the allowance for doubtful accounts when they are determined uncollectible. Such determination includes analysis and consideration of the particular conditions of the account, including time intervals since last collection, customer performance against agreed upon payment plans, solvency of customer and any bankruptcy proceedings.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, which amends certain disclosure requirements related to fair value measures. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Effective January 1, 2020, the Company adopted the new guidance. The adoption did not have an impact on our Consolidated Interim Balance Sheets, Consolidated Interim Statements of Operations and related Notes to the Consolidated Interim Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires measurement and recognition of expected credit losses for financial assets held. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. Early adoption is permitted. Adoption of the new standard resulted in an increase in the allowance for doubtful accounts of $5 million which was recognized as a cumulative-effect adjustment to opening retained earnings as of January 1, 2020.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits Defined Benefit Plans – General (Subtopic 715-20), which amends certain disclosure requirements related to the defined benefit pension and other postretirement plans. The guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. Early adoption is permitted. The Company is currently evaluating the impact on its disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact on our hedging relationships, other transactions, and disclosures.

Revenue Recognition and Contracts with Customers - Summary of Contract Assets and Liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Contract With Customer Asset And Liability [Abstract]
Contract assets—January 1	$ 6
Contract assets—September 30	48
Change in contract assets—Increase/(Decrease)	42
Contract liabilities—January 1	(3)
Contract liabilities—September 30	(1)
Change in contract liabilities—(Increase)/Decrease	$ 2

Pension Benefits

9 Months Ended

Sep. 30, 2020

Compensation And Retirement Disclosure [Abstract]

Pension Benefits

Note 19. Pension Benefits

We sponsor several funded U.S. and non-U.S. defined benefit pension plans. Significant plans outside of the U.S. are in Switzerland and Ireland. Other pension plans outside of 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 2020. 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 2020, of which $6 million has been contributed through the first nine months of the year.

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

Three Months Ended September 30,

Nine Months Ended September 30,

	U.S. Plans						Non-U.S. Plan,						U.S. Plans						Non-U.S. Plan,
	2020			2019			2020			2019			2020			2019			2020			2019
Service cost	$	—		$	—		$	2		$	1		$	1		$	—		$	7		$	3
Interest cost		1			—			—			—			4			1			1			1
Expected return on plan assets		(3	)		(1	)		(1	)		(1	)		(8	)		(2	)		(4	)		(2	)
Amortization of prior service (credit)		—			—			—			—			—			—			—			—
	$	(2	)	$	(1	)	$	1		$	—		$	(3	)	$	(1	)	$	4		$	2

For both our U.S. and non-U.S. defined benefit pension plans, we estimate the service and interest cost components of net period 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.

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+ Details

CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares, issued	76,202,169	74,911,139
Common stock, shares, outstanding	75,788,279	74,826,329

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense are as follows:

Three Months Ended

September 30,

Nine Months Ended

September 30,

2020

2019

2020

2019

Operating lease cost

Summary of Supplemental Cash Flow Information Related to Operating Leases

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	4	$	3	$	9	$	9
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	1	$	2	$	6	$	10

Summary of Supplemental Balance Sheet Information Related to Operating Leases

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

	September 30,		December 31,
	2020		2019
Other assets	$	39	$	35
Accrued liabilities		5		8
Other liabilities		15		28
Liabilities subject to compromise		19		—

	September 30,	December 31,
	2020	2019
Weighted-average lease term	5.23	6.30
Weighted-average discount rate	6.16	6.36

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows:

	September 30, 2020
2020	$	4
2021		11
2022		9
2023		6
2024		5
Thereafter		11
Total lease payments		46
Less imputed interest		(7	)
	$	39

Research, Development & Engineering (Tables)

9 Months Ended

Sep. 30, 2020

Research And Development [Abstract]

Summary of Research, Development & Engineering Activities

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Research and development costs	$	27	$	31	$	79	$	92
Engineering-related expenses		2		4		9		8
	$	29	$	35	$	88	$	100

Commitments and Contingencies - Summary of Asbestos Disease Distribution of Unresolved Claims (Details) - Bendix - Claim	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Disease Distribution of Unresolved Claims
Mesothelioma and Other Cancer Claims	3,404	3,399
Nonmalignant Claims	3,017	3,081
Total Claims	6,421	6,480	6,209

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

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

Changes in Accumulated Other Comprehensive Income (Loss) by Component

	Foreign Exchange Translation Adjustment		Changes in Fair Value of Effective Cash Flow Hedges		Pension Adjustments			Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2018	$	86	$	—	$	(13	)	$	73
Other comprehensive income before reclassifications		127		9		—			136
Amounts reclassified from accumulated other comprehensive income		—		1		1			2
Net current period other comprehensive income		127		10		1			138
Balance at September 30, 2019	$	213	$	10	$	(12	)	$	211

	Foreign Exchange Translation Adjustment			Changes in Fair Value of Effective Cash Flow Hedges			Pension Adjustments			Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2019	$	153		$	4		$	(27	)	$	130
Other comprehensive (loss) before reclassifications		(111	)		(8	)		—			(119	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			—			—			—
Net current period other comprehensive (loss)		(111	)		(8	)					(119	)
Balance at September 30, 2020	$	42		$	(4	)	$	(27	)	$	11

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ (2,103)	$ (2,046)	$ (2,133)	$ (2,341)	$ (2,376)	$ (2,517)	$ (2,133)	$ (2,517)
Total other comprehensive (loss) income, net of tax	(106)	(52)	39	110	(35)	63	(119)	138
Ending balance	(2,196)	(2,103)	(2,046)	(2,188)	(2,341)	(2,376)	(2,196)	(2,188)
Foreign Exchange Translation Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance			153			86	153	86
Other comprehensive income (loss) before reclassifications							(111)	127
Total other comprehensive (loss) income, net of tax							(111)	127
Ending balance	42			213			42	213
Changes in Fair Value of Effective Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance			4				4
Other comprehensive income (loss) before reclassifications							(8)	9
Amounts reclassified from accumulated other comprehensive income (loss)								1
Total other comprehensive (loss) income, net of tax							(8)	10
Ending balance	(4)			10			(4)	10
Pension Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance			(27)			(13)	(27)	(13)
Amounts reclassified from accumulated other comprehensive income (loss)								1
Total other comprehensive (loss) income, net of tax								1
Ending balance	(27)			(12)			(27)	(12)
Total Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	117	169	130	101	136	73	130	73
Other comprehensive income (loss) before reclassifications							(119)	136
Amounts reclassified from accumulated other comprehensive income (loss)								2
Total other comprehensive (loss) income, net of tax	(106)	(52)	39	110	(35)	63	(119)	138
Ending balance	$ 11	$ 117	$ 169	$ 211	$ 101	$ 136	$ 11	$ 211

- Definition

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

+ References

+ Details

- Definition

+ References + Details

Factoring and Notes Receivable - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Sale of trade receivables	$ 128	$ 27
Proceeds from sale of bank notes	$ 51	$ 105

Inventories-Net (Tables)

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Summary of Inventories

	September 30, 2020			December 31, 2019
Raw materials	$	159		$	142
Work in process		20			18
Finished products		100			85
	$	279		$	245
Less—Reserves		(42	)		(25	)
	$	237		$	220

Reorganization and Chapter 11 Proceedings - Schedule of Liabilities Subject to Compromise (Details) $ in Millions	Sep. 30, 2020 USD ($)
Reorganizations [Abstract]
Obligations payable to Honeywell	$ 1,404
Long-term debt	407
Accounts payable	368
Pension, compensation, benefit and other employee related	94
Uncertain tax positions and deferred taxes	62
Advanced discounts from suppliers	34
Lease liability	19
Freight Accrual	21
Product warranties and performance guarantees	16
Other	45
Total liabilities subject to compromise	$ 2,470

Income Taxes - Additional Information (Details)	3 Months Ended	9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%

Reorganization and Chapter 11 Proceedings

9 Months Ended

Sep. 30, 2020

Reorganizations [Abstract]

Reorganization and Chapter 11 Proceedings

2. Reorganization and Chapter 11 Proceedings

Key Events and Voluntary Petition for Reorganization

Due to the Company´s highly leveraged capital structure resulting from the Spin-Off, the Company began a strategic review process assisted by external financial advisers before the COVID-19 pandemic. The pandemic accelerated the review process to include the careful monitoring of liquidity and the consideration of potential court-supervised restructuring processes.

The strategic review process lasted months and considered a wide variety of options, including strategic mergers and stand-alone recapitalizations, both out-of-court and with the assistance of chapter 11. The result of the Company’s strategic review process was the decision to commence a pre-filing marketing process for a cash sale of the business in chapter 11, with the proceeds of the sale and any litigation recoveries related to the spin-off to be distributed to stakeholders. After the bidding process, the Company selected a winning bid of $2.1 billion from affiliates of KPS Capital Partners, LP, (collectively, the “Stalking Horse Bidder”).

As described in greater detail below, the Stalking Horse Bidder and certain of the Debtors (the “Sellers”) entered into a share and asset purchase agreement (the “Stalking Horse Purchase Agreement”) on the Petition Date. The Stalking Horse Purchase Agreement contemplates a combined stock and asset plan sale of the Company, subject to overbid and public auction (the “Auction”) in the Chapter 11 Cases. As discussed in greater detail below, on October 19, 2020, the Company received a proposal from the Stalking Horse Bidder to revise its bid following the Bankruptcy Court’s entry on October 24, 2020 of an order approving bidding procedures and stalking horse protections to, among other things, increase consideration by $500 million (for total consideration of $2.6 billion) and offer the Company’s existing stockholders the opportunity to co-invest in the reorganized business (the “Stalking Horse Bidder Revised Proposal”). The Stalking Horse Purchase Agreement and the Stalking Horse Bidder Revised Proposal remain subject to Bankruptcy Court approval and to higher and better bids, and the Company remains free to solicit competing acquisition proposals, as well as stand-alone plan of reorganization proposals from stakeholders, prior to the Auction. One such stand-alone plan proposal that the Company has received and is evaluating is the proposal contemplated by a coordination agreement entered into by Honeywell International Inc., Centerbridge Partners, L.P. and Oaktree Capital Management L.P. (collectively, the “Bidding Group”) on October 16, 2020, as amended and restated on October 20, 2020 (the “Alternative Proposal”). The Company continues to evaluate the Alternative Proposal and expects to engage with the Bidding Group on the terms of the Alternative Proposal.

Following entry into the Stalking Horse Purchase Agreement, the Chapter 11 Cases were filed on the Petition Date. The Debtors filed certain motions and applications intended to limit the disruption of the Chapter 11 Cases on its operations. Since the commencement of the Chapter 11 Cases, the Debtors have continued to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

The Bankruptcy Court has granted the first day relief we requested that was designed primarily to mitigate the impact of Chapter 11 Cases on our operations, customers and employees. As a result, we are able to conduct normal business activities and pay all associated obligations for the period following the Petition Date and we are also authorized to pay prepetition employee wages and benefits and certain vendors and suppliers in the ordinary course for goods and services provided prior to the Petition Date. During the pendency of the Chapter 11 Cases, all transactions outside of the ordinary course of business require the prior approval of Bankruptcy Court.

Stalking Horse Purchase Agreement and Stalking Horse Bidder Revised Proposal

On the Petition Date, the “Sellers” entered into the “Stalking Horse Purchase Agreement” with the Stalking Horse Bidder, pursuant to which the Stalking Horse Bidder has agreed to purchase, subject to the terms and conditions contained therein, all of the equity interests in each of Garrett LX I S.à r.l., and Garrett Transportation I Inc. (subject to an election by the Stalking Horse Bidder to purchase substantially all of the assets of Garrett Transportation I Inc., instead of its equity), along with certain other assets and liabilities of the Debtors pursuant to a plan of reorganization under the Bankruptcy Code (the “Acquired Assets”).

The acquisition of the Acquired Assets pursuant to the Stalking Horse Purchase Agreement is subject to approval of the Bankruptcy Court and an auction to solicit higher or otherwise better bids. If the Debtors receive additional bids, the Debtors expect to conduct an auction for the Acquired Assets no later than December 18, 2020. The Stalking Horse Purchase Agreement serves as the minimum or floor bid on which the Debtors, their creditors, suppliers, vendors, and other bidders may rely. Other interested bidders are permitted to participate in the auction if they submit qualifying offers that are higher or otherwise better than the transaction pursuant to the Stalking Horse Purchase Agreement.

Under the terms of the Stalking Horse Purchase Agreement, the Stalking Horse Bidder agreed, absent any higher or otherwise better bid, to purchase the Acquired Assets from the Sellers for $2.1 billion, subject to certain adjustments in accordance with the terms and conditions of the Stalking Horse Purchase Agreement, plus the assumption of specified liabilities. The Stalking Horse Purchase Agreement also provides that, if, among other reasons, the Company terminates the Stalking Horse Purchase Agreement in favor of an alternative transaction, the Company will pay to the Stalking Horse Bidder a break-up fee equal to $63 million and reimburse certain reasonable, documented, out-of-pocket costs and expenses, including those incurred by the Stalking Horse Bidder in connection with the negotiation, drafting, and execution of the Stalking Horse Purchase Agreement.

The Stalking Horse Purchase Agreement contains customary representations, warranties and covenants. The Stalking Horse Purchase Agreement may be terminated, subject to certain exceptions: (i) by the mutual written consent of the parties; (ii) by any party, by giving written notice to the other party if (a) any court of competent jurisdiction or other competent governmental authority issues a final, non-appealable order prohibiting the transactions or (b) if the closing has not occurred prior to March 31, 2021; (iii) by any party, for certain material breaches by the other parties of representations and warranties or covenants that remain uncured; (iv) by any party, if (a) the Sellers enter into a definitive agreement with respect to an alternative transaction (including because the Stalking Horse Bidder is not the prevailing party at the conclusion of the auction) or (b) the Bankruptcy Court approves an alternative transaction; (v) by the Stalking Horse Bidder if (a) certain milestones related to the approval of the transactions by the Bankruptcy Court are not met, (b) the Bankruptcy Cases are dismissed or converted to cases under Chapter 7 of the Bankruptcy Code (and neither such dismissal or conversion contemplates the transaction) or (c) Sellers withdraw or seek to withdraw any motion seeking Bankruptcy Court material relief contemplated in the Stalking Horse Purchase Agreement; or (vi) by the Stalking Horse Bidder if the Restructuring Support Agreement (the “RSA”) is terminated. If a termination occurs pursuant to (iii) (regarding a breach by Sellers), (iv) or (v)(a) (but only with regards to a certain milestone) or (v)(c), such termination will be subject to the Stalking Horse Bidder’s right to receive the termination payment and expense reimbursement payment. If a termination occurs pursuant to (iii) (regarding breach by the Stalking Horse Bidder), such termination will be subject to the Company’s right to receive a reverse termination payment equal to $105 million. Among other conditions, the transaction contemplated by the Stalking Horse Purchase Agreement is subject to approval by the Bankruptcy Court. Accordingly, no assurance can be given that the transaction described therein will be consummated.

On October 19, 2020, the Company received the Stalking Horse Bidder Revised Proposal. Under the terms and conditions of the Stalking Horse Bidder Revised Proposal:

•

The Stalking Horse Bidder would increase the base purchase price for the Acquired Assets by $500 million, from $2.1 billion to $2.6 billion (in each case subject to adjustment as provided in the Stalking Horse Purchase Agreement). The Stalking Horse Bidder would also purchase an entity (Garrett ASASCO Inc.) that directly holds (and after the closing will retain) the Company’s claims against Honeywell International Inc. in connection with the disputed Subordinated Asbestos Indemnity Agreement (as defined below) and Tax Matters Agreement (as defined below).

•

Upon completion of the sale, the Stalking Horse Bidder would list the new parent company on a recognized U.S. stock exchange.

•

The Stalking Horse Bidder would make available to the Company’s existing stockholders an equity co-investment opportunity on the same economic terms as the Stalking Horse Bidder, allowing the Company’s stockholders to continue to hold shares in the publicly-listed reorganized business. The Stalking Horse Bidder would offer co-investment in an aggregate amount of up to $350 million, $100 million of which would be available to all of the Company’s existing stockholders on a pro rata basis. The Stalking Horse Bidder has indicated that it expects the Company’s existing stockholders would own approximately 24% of outstanding common equity of the new parent company assuming maximum co-investment (subject to adjustment).

•

The anticipated dates for the Company’s competitive auction process would be extended to provide additional time to assess higher or better offers. The anticipated auction date would be no later than December 18, 2020 rather than November 24, 2020, with other dates adjusted accordingly.

•

The costs and expenses for which the Company is obligated to reimburse the Stalking Horse Bidder in certain circumstances in which the Stalking Horse Purchase Agreement is terminated would be capped at $21 million.

The Stalking Horse Bidder Revised Proposal was conditioned on Bankruptcy Court approval of our proposed bidding procedures and the stalking horse protections, which were approved by the Bankruptcy Court in an order entered on October 24, 2020. The Stalking Horse Purchase Agreement and the Stalking Horse Bidder Revised Proposal remain subject to Bankruptcy Court approval and higher or better offers in the Chapter 11 Cases. The Company expects to work with the Stalking Horse Bidder to amend the Stalking Horse Purchase Agreement and other transaction documentation to reflect the terms of the Stalking Horse Bidder Revised Proposal.

Restructuring Support Agreement

On the Petition Date, the Debtors entered into a Restructuring Support Agreement with consenting lenders (the “Consenting Lenders”) holding, in the aggregate, approximately 61% of the aggregate outstanding principal amount of loans under that certain Credit Agreement, dated as of September 27, 2018, (as amended, restated, supplemented or otherwise modified from time to time, the “Prepetition Credit Agreement”) by and among the Company, as Holdings, Garrett LX III S.à r.l., as Lux Borrower, Garrett Borrowing LLC, as U.S. Co-Borrower, Garrett Motion Sàrl, as Swiss Borrower, the Lenders and Issuing Banks party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Pursuant to the RSA, the Consenting Lenders and the Debtors have agreed to the principal terms of a financial restructuring, which will be implemented through a plan of reorganization under the Bankruptcy Code (the “Plan”) and will include the sale of all or substantially all of the assets of certain Debtors and of the stock of certain Debtors and other subsidiaries, as further described below.

The RSA provides that the Consenting Lenders will support the Debtors’ restructuring efforts, including the proposed acquisition and the Plan, as set forth in, and subject to the terms and conditions of, the RSA. In addition, the Consenting Lenders have agreed to the Debtors’ entry into the DIP Term Loan Facility (as defined below) discussed below.

The RSA provides certain milestones for the Restructuring Transactions. Failure of the Debtors to satisfy these milestones without a waiver or consensual amendment would provide the Requisite Consenting Lenders a termination right under the RSA. These milestones, as modified from time to time, include (a) no later than 5 days after the Petition Date, the Bankruptcy Court shall have entered the DIP Order (as defined below)on an interim basis, which DIP Order shall be in the form and substance acceptable to the Requisite Consenting Lenders; (b) no later than 35 days after the Petition Date, the Bankruptcy Court shall have entered (i) an order approving the bidding procedures with respect to the Acquisition and (ii) the DIP Order on a final basis; (c) no later than November 20, 2020, the Company Parties shall have filed an Acceptable Plan, Disclosure Statement, and a motion to approve the Disclosure Statement, each of which shall be in form and substance reasonably acceptable to the Requisite Consenting Lenders; (d) no later than January 8, 2021, (i) the hearing to approve the Disclosure Statement shall have occurred and (ii) the Bankruptcy Court shall have entered an order approving the Disclosure Statement on a final basis, which shall be in form and substance reasonably acceptable to the Requisite Consenting Lenders; (e) no later than 150 days after the Petition Date, a hearing shall have occurred for approval of (x) (i) the Acquisition and (ii) confirmation of the Plan or (y) another Acceptable Plan, and within 2 Business Days thereafter, the Bankruptcy Court shall have entered the Confirmation Order on a final basis, which shall be in form and substance reasonably acceptable to the Requisite Consenting Lenders; and (f) no later than 210 days after the Petition Date, (i) the Acquisition shall have closed and (ii) the Plan Effective Date shall have occurred. Among other conditions, the transaction contemplated by the RSA is subject to approval by the Bankruptcy Court. Accordingly, no assurance can be given that the transaction described therein will be consummated.

Plan of Reorganization

Under the Bankruptcy Code, we currently have the exclusive right to file a plan of reorganization under Chapter 11 through and including 120 days after the Petition Date, and to solicit acceptances of such plan through and including 180 days after the Petition Date. These deadlines may be extended with the approval of the Bankruptcy Court.

Under the absolute priority scheme established by the Bankruptcy Code, unless our creditors agree otherwise, all of our pre-petition liabilities and post-petition liabilities must be satisfied in full before the holders of our existing common stock can receive any distribution or retain any property under a plan of reorganization. The ultimate recovery to creditors and/or shareholders, if any, will not be determined until confirmation and implementation of a plan or plans of reorganization. We can give no assurance that any recovery or distribution of any amount will be made to any of our creditors or shareholders. Our plan of reorganization could result in any of the holders of our liabilities and/or securities, including our common stock, receiving no distribution on account of their interests and cancellation of their holdings. Moreover, a plan of reorganization can be confirmed, under the Bankruptcy Code, even if the holders of our common stock vote against the plan of reorganization and even if the plan of reorganization provides that the holders of our common stock receive no distribution on account of their equity interests.

Chapter 11 Accounting

The Company has applied ASC 852 in preparing our Consolidated Interim Financial Statements. ASC 852 requires the financial statements for periods subsequent to the Petition Date to distinguish transactions and events that are directly associated with the Company's reorganization from the ongoing operations of the business. Accordingly, revenues, expenses, realized gains and losses, and provisions for losses directly resulting from the reorganization and restructuring shall be reported separately as Reorganization items, net in the Consolidated Interim Statements of Operations. In addition, the balance sheet distinguishes pre-petition liabilities subject to compromise from those pre-petition liabilities that are not subject to compromise and post-petition liabilities. Pre-petition liabilities that are not fully secured or those that have at least a possibility of not being repaid at the allowed claim amount have been classified as liabilities subject to compromise on the Consolidated Interim Balance Sheet at September 30, 2020.

Under the Bankruptcy Code, the Debtors may affirm, assume and assign or reject executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a prepetition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the Debtors of performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach subject, in the case of the rejection of unexpired leases of real property, to certain caps on damages. Counterparties to such rejected contracts or leases may assert unsecured claims in the Bankruptcy Court against the applicable Debtor’s estate for such damages. Generally, the assumption or assumption and assignment of an executory contract or unexpired lease requires the Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance thereunder. Accordingly, any description of an executory contract or unexpired lease with a Debtor in this quarterly report, including where applicable a quantification of the Company’s obligations under any such executory contract or unexpired lease with a Debtor is qualified by any overriding rejection rights the Company has under the Bankruptcy Code.

Reorganization Items, Net

The Debtors have incurred and will continue to incur significant costs associated with the reorganization, including the write-off of original issue discount and deferred long-term debt fees on debt, a component of liabilities subject to compromise, costs of debtor-in-possession financing and legal and professional fees. The amount of these charges, which since the Petition Date are being expensed as incurred, are expected to significantly affect the Company’s results of operations. In accordance with applicable guidance, costs associated with the bankruptcy proceedings have been recorded as Reorganization items, net within the Company's Consolidated Interim Statements of Operations for the three and nine months ended September 30, 2020.

Reorganization items, net are comprised of the following for the three and nine months ended September 30, 2020:

	Three and Nine Months Ended September 30,
	2020
Write-off of pre-petition unamortized debt issuance costs	$	6
Other		(2	)
Total reorganization items, net	$	4

Long-Term Debt during the Chapter 11 Cases

We are party to a Credit Agreement , dated as of September 27, 2018 (as amended, the “Credit Agreement”) by and among the Company and certain subsidiaries, the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent, consisting of: a seven-year term B loan facility, consisting of a tranche denominated in Euro of €375 million and a tranche denominated in U.S. Dollars of $425 million (the “Term B Facility”); a five-year term A loan facility in an aggregate principal amount of €330 million (the “Term A Facility” and, together with the Term B Facility, the “Term Loan Facilities”); and a five-year revolving credit facility in an aggregate principal amount of €430 million (the “Revolving Facility” and, together with the Term Loan Facilities, the “Senior Secured Credit Facilities”). On September 27, 2018, we completed the offering of €350 million (approximately $410 million based on exchange rates as of September 27, 2018) in aggregate principal amount of 5.125% senior notes due 2026 (the “Senior Notes”). The principal amounts outstanding on our Senior Secured Credit Facilities and the Senior Notes as of September 30, 2020 and December 31, 2019 are as follows:

	September 30,			December 31,
	2020			2019
	(Dollars in millions)
Senior Secured Credit Facilities ⁽¹⁾:
Term Loans		1,045			1,026
Borrowings under revolving credit facility		370			—
Total consolidated Secured Debt	$	1,415		$	1,026
Long-term debt, net subject to compromise ⁽²⁾:
Senior Notes		407			387
Total debt, prior to reclassification to Liabilities subject to compromise	$	1,822		$	1,413
Less: current portion		—			(4	)
Less: Amounts reclassified to Liabilities subject to compromise		(407	)		—
Total long-term debt	$	1,415		$	1,409

(1)

The Term A Facility, Term B Facility and Revolving Facility are fully secured. These continue to be accounted for under ASC 470.

(2)

The Senior Notes are not fully secured and have been reclassified to Liabilities subject to compromise in the Company's Consolidated Interim Balance Sheet as of September 30, 2020. As of the Petition Date, the Company ceased accruing related interest expense and amortization of debt issuance costs.

Financial Statement Classification of Liabilities Subject to Compromise

As a result of the Chapter 11 Cases, the payment of pre-petition liabilities is generally subject to compromise pursuant to a plan of reorganization. Generally, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities are stayed. Although payment of pre-petition claims generally is not permitted, the Bankruptcy Court granted the Debtors authority to pay certain pre-petition claims in designated categories and subject to certain terms and conditions. This relief generally was designed to preserve the value of the Debtors’ business and assets. Among other things, the Bankruptcy Court authorized, but did not require, the Debtors to pay certain pre-petition claims relating to employee wages and benefits, taxes, critical vendors and foreign vendors. Pre-petition liabilities that are subject to compromise are required to be reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for different amounts. The amounts classified as liabilities subject to compromise may be subject to future adjustments depending on Bankruptcy Court actions, further developments with respect to disputed claims, determination of secured status of certain claims, the determination as to the value of any collateral securing claims, proof of claims or other events.

The following table presents liabilities subject to compromise as reported in the Consolidated Interim Balance Sheet at September 30, 2020:

	September 30,
	2020
Obligations payable to Honeywell (Note 18)	$	1,404
Long-term debt ⁽¹⁾		407
Accounts payable		368
Pension, compensation, benefit and other employee related		94
Uncertain tax positions and deferred taxes		62
Advanced discounts from suppliers		34
Lease liability (Note 14)		19
Freight Accrual		21
Product warranties and performance guarantees		16
Other		45
Total liabilities subject to compromise	$	2,470

(1)

Please see above Long-Term Debt during the Chapter 11 Cases sub-section for details of the pre-petition debt reported as liabilities subject to compromise.

Determination of the value at which liabilities will ultimately be settled cannot be made until the Bankruptcy Court approves the plan of reorganization. We will continue to evaluate the amount and classification of our pre-petition liabilities. Any additional liabilities that are subject to compromise will be recognized accordingly, and the aggregate amount of liabilities subject to compromise may change.

Potential Claims

The Debtors intend to file with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of each of the Sellers, subject to the assumptions to be filed in connection therewith. These schedules and statements may be subject to further amendment or modification after filing. As part of the Chapter 11 Cases, parties believing that they have claims or causes of action against the Debtors may file proofs of claim evidencing such claims. We anticipate that certain holders of pre-petition claims that are not governmental units will be required to file proofs of claim with respect to claims against the Sellers by the deadline for general claims, which is currently expected to be December 11, 2020 (the “General Bar Date”).

The Debtors' have received 12 proofs of claim as of October 26, 2020, primarily representing general unsecured claims, in an amount of approximately $1 million. As claims are filed, the claims will be reconciled to amounts recorded in the Company's accounting records. Differences in amounts recorded and claims filed by creditors will be investigated and resolved, including through the filing of objections with the Bankruptcy Court, where appropriate. The Company may ask the Bankruptcy Court to disallow claims that the Company believes are duplicative, have been later amended or superseded, are without merit, are overstated or should be disallowed for other reasons. In addition, as a result of this process, the Company may identify additional liabilities that will need to be recorded or reclassified to Liabilities subject to compromise. In the light of the substantial number of claims filed, and expected to be filed, the claims resolution process may take considerable time to complete and likely will continue after the Debtors emerge from bankruptcy. As of October 30, the Company’s assessment of the validity of claims received has not been completed.

DIP Credit Agreement

On October 6, 2020, the Bankruptcy Court entered an order granting interim approval of the Debtors’ entry into a Senior Secured Super-Priority Debtor-in-Possession Credit Agreement (the “DIP Credit Agreement”), with the lenders party thereto (the “DIP Lenders”) and Citibank N.A. as administrative agent (the “DIP Agent”). On October 9, 2020 (the “Closing Date”), the Company, the DIP Agent and the DIP Lenders entered into the DIP Credit Agreement. The DIP Credit Agreement provides for a senior secured, super-priority term loan (the “DIP Term Loan Facility”) with a maximum principal amount of $200 million, $100 million of which was funded on the Closing Date and $100 million of which was subsequently funded on October 22, 2020 (the “Delayed Draw Borrowing Date”), following entry of the Bankruptcy Court’s final order approving the DIP Term Loan Facility on October 21, 2020. The proceeds of the DIP Term Loan Facility are to be used by the Debtors to (a) pay certain costs, premiums, fees and expenses related to the Chapter 11 Cases, (b) make payments pursuant to any interim or final order entered by the Bankruptcy Court pursuant to any “first day” motions permitting the payment by the Debtors of any prepetition amounts then due and owing; (c) make certain adequate protection payments in accordance with the DIP Credit Agreement and (d) fund working capital needs of the Debtors and their subsidiaries to the extent permitted by the DIP Credit Agreement.

The maturity date of the DIP Term Loan Facility is the earlier to occur of (a) March 31, 2021 (the “Scheduled Maturity Date”); provided, however, that upon the Company’s written request such Scheduled Maturity Date can be extended by three separate one-month extensions subject to (i) the payment of an extension fee to the Lenders equal to 0.50% of the principal amount of the Loans outstanding at the time of such extension, (ii) no default or Event of Default (as defined in the DIP Credit Agreement) existing at the time of such extension and (iii) accuracy of the representations and warranties in all material respects at the time of such extension and after giving effect thereto; and (b) the effective date of a plan of reorganization; and certain other events under the DIP Credit Agreement.

The outstanding principal amount under the DIP Term Loan Facility will bear interest at a rate equal to (x) prior to March 31, 2021, LIBOR (subject to a 1.00% LIBOR floor) plus 4.50% per annum and (y) following March 31, 2021, if the Scheduled Maturity Date has been extended at such time, LIBOR (subject to a 1.00% LIBOR floor) plus 5.50% per annum, in each case, compounded monthly and payable every 30 days in arrears. On the Closing Date, the Company paid 1.00% in commitment fees on the total commitment plus 2.00% in fees in the form of original issue discount on the initial $100 million borrowing. On the Delayed Draw Borrowing Date, date the Company paid 2.00% in fees in the form of original issue discount on the $100 million delayed draw loan. Upon an event of default, all outstanding amounts under the DIP Credit Agreement will bear interest at a rate equal to the applicable interest rate plus an additional 2.00% per annum and be payable on demand.

Pursuant to the terms of the DIP Credit Agreement, certain subsidiaries of the Company that guarantee the obligations arising under the prepetition Credit Agreement and that are Debtors in the Chapter 11 Case have guaranteed the Company’s obligations under the DIP Credit Agreement. Subject to certain exceptions, the DIP Term Loan Facility is secured by a security interest in substantially all of the assets of the Company and the guarantors. The DIP Financing is subject to certain covenants, including, without limitation, related to the incurrence of additional debt, liens, the making of restricted payments, and the Company’s failure to comply with certain bankruptcy-related covenants, in each case as set forth in the DIP Credit Agreement. The DIP Credit Agreement contains representations, warranties and events of default that are customary for debtor-in-possession facilities of this type. The DIP Financing is subject to certain prepayment events, including, without limitation, upon the sale of certain assets, in each case as set forth in the DIP Credit Agreement.

On October 12, 2020, the Company, the DIP Agent and the DIP Lenders entered into the First Amendment to the DIP Credit Agreement (the “First Amendment”). The First Amendment eliminates the obligation for the Company to pay certain fees to the DIP Lenders in connection with certain prepayment events under the DIP Credit Agreement.

Automatic Stay

Subject to certain specific exceptions under the Bankruptcy Code, the commencement of the Chapter 11 Cases automatically stayed most judicial or administrative actions against the Debtors and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. Absent an order from the Bankruptcy Court, substantially all of the Debtors’ pre-petition liabilities are subject to settlement in accordance with the Bankruptcy Code.

Condensed Combined Debtor Only Financial Information

The financial statements below represent the condensed combined financial statements of the Debtors as of and for the three and nine months ended September 30, 2020. Any entities which are non-debtor entities, are not included in these condensed combined financial statements. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the non-debtor entities have not been eliminated in the Debtors’ financial statements.

	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
	2020			2019
	(Dollars in millions)
Net sales		601			1,533
Cost of goods sold		486			1,264
Gross profit	$	115		$	269
Selling, general and administrative expenses		90			185
Other expense, net		12			45
Interest expense		20			59
Non-operating (income) expense		1			(118	)
Reorganization items, net		4			4
Income before taxes	$	(12	)	$	94
Tax expense		(17	)		(14	)
Net income	$	5		$	108

	September 30, 2020
	(Dollars in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	222
Restricted cash		2
Accounts, notes and other receivables – net		388
Accounts and other receivables from non-debtor affiliates		42
Inventories – net		172
Other current assets		89
Total current assets		915
Investments and long-term receivables		10
Investment in subsidiaries		883
Property, plant and equipment – net		301
Goodwill		197
Deferred income taxes		232
Other assets		99
Total assets	$	2,637
LIABILITIES
Current liabilities:
Accounts payable	$	36
Borrowings under revolving credit facility		370
Current maturities of long-term debt		—
Obligations payable to Honeywell, current		—
Accrued liabilities		75
Total current liabilities		481
Long-term debt		1,045
Deferred income taxes		—
Obligations payable to Honeywell		—
Other liabilities		22
Total liabilities not subject to compromise	$	1,548
Liabilities subject to compromise		—
External		2,470
With non-debtor affiliates		355
Total liabilities subject to compromise	$	2,825
Total liabilities	$	4,373
COMMITMENTS AND CONTINGENCIES (Note 18)
EQUITY (DEFICIT)
Total deficit attributable to the Debtors		(1,736	)
Total liabilities and deficit	$	2,637

	For the Nine Months Ended September 30,
	2020
	(Dollars in millions)
Cash Flows from operating activities:
Net cash used for operating activities	$	(78	)
Cash Flows from investing activities:
Expenditures for property, plant and equipment		(45	)
Other		—
Net cash used for investing activities	$	(45	)
Cash Flows from financing activities:
Proceeds from debtor-in-possession financing		—
Proceeds from revolving credit facility		1,437
Payments of revolving credit facility		(1,088	)
Payments of long-term debt		(2	)
Debtor-in-possession financing fees		(4	)
Other		(3	)
Net cash provided by financing activities		340
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		6
Net increase in cash, cash equivalents and restricted cash		223
Cash and cash equivalents at beginning of period		1
Cash, cash equivalents and restricted cash at end of period	$	224

Other Assets (Tables)

9 Months Ended

Sep. 30, 2020

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Other Assets

	September 30,		December 31,
	2020		2019
Advanced discounts to customers, non-current	$	67	$	62
Operating right-of-use assets (Note 14)		39		35
Deferred DIP financing fees		4		—
Other		8		11
	$	118	$	108

Accrued Liabilities - Summary of Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accrued Liabilities Current [Abstract]
Contract liabilities	$ 1	$ 3

Accounts, Notes and Other Receivables Net - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Receivables [Abstract]
Unbilled balances	$ 48	$ 4
Unbilled contracts assets	$ 48	$ 6

Reorganization and Chapter 11 Proceedings (Tables)

9 Months Ended

Sep. 30, 2020

Reorganizations [Abstract]

Schedule of Reorganization Items Net

Reorganization items, net are comprised of the following for the three and nine months ended September 30, 2020:

	Three and Nine Months Ended September 30,
	2020
Write-off of pre-petition unamortized debt issuance costs	$	6
Other		(2	)
Total reorganization items, net	$	4

Schedule of Principal Amounts Outstanding on Senior Secured Credit Facilities and Senior Notes

The principal amounts outstanding on our Senior Secured Credit Facilities and the Senior Notes as of September 30, 2020 and December 31, 2019 are as follows:

	September 30,			December 31,
	2020			2019
	(Dollars in millions)
Senior Secured Credit Facilities ⁽¹⁾:
Term Loans		1,045			1,026
Borrowings under revolving credit facility		370			—
Total consolidated Secured Debt	$	1,415		$	1,026
Long-term debt, net subject to compromise ⁽²⁾:
Senior Notes		407			387
Total debt, prior to reclassification to Liabilities subject to compromise	$	1,822		$	1,413
Less: current portion		—			(4	)
Less: Amounts reclassified to Liabilities subject to compromise		(407	)		—
Total long-term debt	$	1,415		$	1,409

(1)

The Term A Facility, Term B Facility and Revolving Facility are fully secured. These continue to be accounted for under ASC 470.

(2)

Schedule of Liabilities Subject to Compromise

The following table presents liabilities subject to compromise as reported in the Consolidated Interim Balance Sheet at September 30, 2020:

	September 30,
	2020
Obligations payable to Honeywell (Note 18)	$	1,404
Long-term debt ⁽¹⁾		407
Accounts payable		368
Pension, compensation, benefit and other employee related		94
Uncertain tax positions and deferred taxes		62
Advanced discounts from suppliers		34
Lease liability (Note 14)		19
Freight Accrual		21
Product warranties and performance guarantees		16
Other		45
Total liabilities subject to compromise	$	2,470

(1)

Please see above Long-Term Debt during the Chapter 11 Cases sub-section for details of the pre-petition debt reported as liabilities subject to compromise.

Schedule of Condensed Combined Financial Statements of Debtors

	For the Three Months Ended September 30,			For the Nine Months Ended September 30,
	2020			2019
	(Dollars in millions)
Net sales		601			1,533
Cost of goods sold		486			1,264
Gross profit	$	115		$	269
Selling, general and administrative expenses		90			185
Other expense, net		12			45
Interest expense		20			59
Non-operating (income) expense		1			(118	)
Reorganization items, net		4			4
Income before taxes	$	(12	)	$	94
Tax expense		(17	)		(14	)
Net income	$	5		$	108

	September 30, 2020
	(Dollars in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	222
Restricted cash		2
Accounts, notes and other receivables – net		388
Accounts and other receivables from non-debtor affiliates		42
Inventories – net		172
Other current assets		89
Total current assets		915
Investments and long-term receivables		10
Investment in subsidiaries		883
Property, plant and equipment – net		301
Goodwill		197
Deferred income taxes		232
Other assets		99
Total assets	$	2,637
LIABILITIES
Current liabilities:
Accounts payable	$	36
Borrowings under revolving credit facility		370
Current maturities of long-term debt		—
Obligations payable to Honeywell, current		—
Accrued liabilities		75
Total current liabilities		481
Long-term debt		1,045
Deferred income taxes		—
Obligations payable to Honeywell		—
Other liabilities		22
Total liabilities not subject to compromise	$	1,548
Liabilities subject to compromise		—
External		2,470
With non-debtor affiliates		355
Total liabilities subject to compromise	$	2,825
Total liabilities	$	4,373
COMMITMENTS AND CONTINGENCIES (Note 18)
EQUITY (DEFICIT)
Total deficit attributable to the Debtors		(1,736	)
Total liabilities and deficit	$	2,637

	For the Nine Months Ended September 30,
	2020
	(Dollars in millions)
Cash Flows from operating activities:
Net cash used for operating activities	$	(78	)
Cash Flows from investing activities:
Expenditures for property, plant and equipment		(45	)
Other		—
Net cash used for investing activities	$	(45	)
Cash Flows from financing activities:
Proceeds from debtor-in-possession financing		—
Proceeds from revolving credit facility		1,437
Payments of revolving credit facility		(1,088	)
Payments of long-term debt		(2	)
Debtor-in-possession financing fees		(4	)
Other		(3	)
Net cash provided by financing activities		340
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		6
Net increase in cash, cash equivalents and restricted cash		223
Cash and cash equivalents at beginning of period		1
Cash, cash equivalents and restricted cash at end of period	$	224

- 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

Revenue Recognition and Contracts with Customers

9 Months Ended

Sep. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition and Contracts with Customers

Note 4. 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 September 30, 2020
	OEM		Aftermarket		Other		Total
United States	$	83	$	38	$	2	$	123
Europe		370		34		8		412
Asia		245		10		6		261
Other International		3		5		—		8
	$	701	$	87	$	16	$	804

	Nine months ended September 30, 2020
	OEM		Aftermarket		Other		Total
United States	$	208	$	110	$	3	$	321
Europe		924		86		23		1,033
Asia		606		29		17		652
Other International		6		14		—		20
	$	1,744	$	239	$	43	$	2,026

	Three months ended September 30, 2019
	OEM		Aftermarket		Other		Total
United States	$	72	$	45	$	2	$	119
Europe		388		34		9		431
Asia		202		13		7		222
Other International		4		5		—		9
	$	666	$	97	$	18	$	781

	Nine months ended September 30, 2019
	OEM		Aftermarket		Other		Total
United States	$	232	$	139	$	5	$	376
Europe		1,233		102		29		1,364
Asia		591		39		21		651
Other International		12		15		—		27
	$	2,068	$	295	$	55	$	2,418

Contract Balances

The following table summarizes our contract assets and liabilities balances:

	2020
Contract assets—January 1	$	6
Contract assets—September 30		48
Change in contract assets—Increase/(Decrease)		42
Contract liabilities—January 1	$	(3	)
Contract liabilities—September 30		(1	)
Change in contract liabilities—(Increase)/Decrease		2

- 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.

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+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The details of the earnings per share (“EPS”) calculations for the three and nine months ended September 30, 2020 and 2019 are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Basic
Net Income	$	11	$	38	$	54	$	177
Weighted average common shares outstanding		75,739,152		74,753,593		75,456,358		74,528,740
EPS – Basic	$	0.15	$	0.51	$	0.72	$	2.37

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Diluted
Net Income	$	11	$	38	$	54	$	177
Weighted average common shares outstanding – Basic		75,739,152		74,753,593		75,456,358		74,528,740
Dilutive effect of unvested RSUs and other contingently issuable shares		204,842		950,864		667,190		1,171,912
Weighted average common shares outstanding – Diluted		75,943,994		75,704,457		76,123,548		75,700,652
EPS – Diluted	$	0.14	$	0.50	$	0.71	$	2.34

Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Other assets	$ 39	$ 35
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Accrued liabilities	$ 5	$ 8
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Other liabilities	$ 15	$ 28
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Liabilities subject to compromise	$ 19
Weighted-average lease term	5 years 2 months 23 days	6 years 3 months 18 days
Weighted-average discount rate	6.16%	6.36%

Pension Benefits - Summary of Net Periodic Benefit Cost (Details) - Pension Benefits - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
United States
Defined Benefit Plan Disclosure [Line Items]
Service cost			$ 1
Interest cost	$ 1		4	$ 1
Expected return on plan assets	(3)	$ (1)	(8)	(2)
Net periodic benefit costs	(2)	(1)	(3)	(1)
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	1	7	3
Interest cost			1	1
Expected return on plan assets	(1)	$ (1)	(4)	(2)
Net periodic benefit costs	$ 1		$ 4	$ 2

Leases - Additional Information (Details)	9 Months Ended
Leases - Additional Information (Details)	Sep. 30, 2020
Lessee Lease Description [Line Items]
Operating lease, option to extend	true
Operating lease, option to extend, description	some of which include options to extend the leases for up to two years
Operating lease, option to terminate	true
Operating lease, option to terminate, description	some of which include options to terminate the leases within the year
Maximum
Lessee Lease Description [Line Items]
Operating lease, remaining lease terms	10 years
Operating lease, options to extend, years	2 years