0001564590-21-005918 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2020	Feb. 04, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	Garrett Motion Inc.
Entity Central Index Key	0001735707
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		75,813,634
Entity Public Float			$ 415
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 Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net sales (Note 4)	$ 1,008	$ 804	$ 477	$ 745	$ 830	$ 781	$ 802	$ 835	$ 3,034	$ 3,248	$ 3,375
Cost of goods sold									2,478	2,537	2,599
Gross profit	178	152	84	142	161	172	182	196	556	711	776
Selling, general and administrative expenses									277	249	249
Other expense, net (Note 5)									46	40	120
Interest expense (excludes contractual interest for the twelve months ended December 31, 2020 of $14 million) (Note 2)									79	68	19
Non-operating (income) expense (Note 6)									(38)	8	(8)
Reorganization items, net									73
Income before taxes									119	346	396
Tax expense (benefit) (Note 7)									39	33	(810)
Net income	$ 26	$ 11	$ (9)	$ 52	$ 136	$ 38	$ 66	$ 73	$ 80	$ 313	$ 1,206
Earnings (losses) per common share
Basic	$ 0.34	$ 0.15	$ (0.12)	$ 0.69	$ 1.82	$ 0.51	$ 0.88	$ 0.98	$ 1.06	$ 4.20	$ 16.28
Diluted	$ 0.34	$ 0.14	$ (0.12)	$ 0.68	$ 1.79	$ 0.50	$ 0.86	$ 0.97	$ 1.05	$ 4.12	$ 16.21
Weighted average common shares outstanding
Basic									75,543,461	74,602,868	74,059,240
Diluted									76,100,509	75,934,373	74,402,148

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Income Statement [Abstract]
Contractual interest	$ 14

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 80	$ 313	$ 1,206
Foreign exchange translation adjustment	(234)	67	(198)
Defined benefit pension plan adjustment, net of tax (Note 24)	(18)	(14)	(2)
Changes in fair value of effective cash flow hedges, net of tax (Note 18)	(7)	4	35
Total other comprehensive (loss) income, net of tax	(259)	57	(165)
Comprehensive (loss) income	$ (179)	$ 370	$ 1,041

- 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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 592	$ 187
Restricted cash (Note 3)	101
Accounts, notes and other receivables, net (Note 8)	841	707
Inventories, net (Note 10)	235	220
Other current assets (Note 11)	110	85
Total current assets	1,879	1,199
Investments and long-term receivables	30	36
Property, plant and equipment, net (Note 13)	505	471
Goodwill (Note 14)	193	193
Deferred income taxes (Note 7)	275	268
Other assets (Note 12)	135	108
Total assets	3,017	2,275
Current liabilities:
Accounts payable	1,019	1,009
Borrowings under revolving credit facility (Note 16)	370
Current maturities of long-term debt (Note 16)		4
Debtor-in-possession Term Loan (Note 16)	200
Obligations payable to Honeywell, current (Note 23)		69
Accrued liabilities (Note 15)	248	310
Total current liabilities	1,837	1,392
Long-term debt (Note 16)	1,082	1,409
Deferred income taxes (Note 7)	2	51
Obligations payable to Honeywell (Note 23)		1,282
Other liabilities (Note 19)	114	274
Total liabilities not subject to compromise	3,035	4,408
Liabilities subject to compromise (Note 2)	2,290
Total liabilities	5,325	4,408
COMMITMENTS AND CONTINGENCIES (Note 23)
EQUITY (DEFICIT)
Additional paid-in capital	28	19
Retained earnings	(2,207)	(2,282)
Accumulated other comprehensive loss (income) (Note 20)	(129)	130
Total equity (deficit)	(2,308)	(2,133)
Total liabilities and equity (deficit)	$ 3,017	$ 2,275

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	76,229,578	74,911,139
Common stock, shares, outstanding	75,813,634	74,826,329

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 80	$ 313	$ 1,206
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	(34)	(41)	(931)
Reorganization items, net	60
Depreciation	86	73	72
Amortization of deferred issuance costs	7	9	2
Foreign exchange (gain) loss	(58)	19	15
Stock compensation expense	10	18	21
Pension expense	15	18	10
Other	44	19	37
Changes in assets and liabilities:
Accounts, notes and other receivables	(162)	32	(30)
Receivables from related parties			57
Inventories	(14)	(60)	2
Other assets	(45)	(22)	(46)
Accounts payable	41	87	63
Payables to related parties			(50)
Accrued liabilities	(13)	(60)	49
Obligations payable to Honeywell	6	(143)	(76)
Asbestos-related liabilities			(1)
Other liabilities	2	(20)	(27)
Net cash provided by operating activities	25	242	373
Cash flows from investing activities:
Expenditures for property, plant and equipment	(80)	(102)	(95)
Increase in marketable securities			(21)
Decrease in marketable securities			312
Other		16	(4)
Net cash (used for) provided by investing activities	(80)	(86)	192
Cash flows from financing activities:
Net increase in Invested deficit			(1,493)
Proceeds from debtor-in-possession financing	200
Proceeds from revolving credit facilities	1,449	745	331
Payments of revolving credit facilities	(1,100)	(745)	(331)
Proceeds from issuance of long-term debt			1,631
Payments of long-term debt	(2)	(163)	(6)
Debtor-in-possession financing fees	(13)
Payments related to related party notes payable			(493)
Net change to cash pooling and short-term notes			(300)
Other	(4)		3
Net cash provided by (used for) financing activities	530	(163)	(658)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	31	(2)	(11)
Net increase/ (decrease) in cash, cash equivalents and restricted cash	506	(9)	(104)
Cash and cash equivalents at beginning of period	187	196	300
Cash, cash equivalents and restricted cash at end of period	693	187	196
Supplemental cash flow disclosures:
Income taxes paid (net of refunds)	44	93	76
Interest expense paid	63	54	12
Reorganization items paid	14
Supplemental schedule of non-cash investing and financing activities:
Expenditures for property, plant and equipment in accounts payable	$ 47	$ 51	$ 43

CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (DEFICIT) - USD ($) shares in Millions, $ in Millions	Total	Cumulative-Effect Adjustment	Before Spin-Off	After Spin-Off	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative-Effect Adjustment	Retained Earnings After Spin-Off	Invested Deficit	Invested Deficit Before Spin-Off	Other Comprehensive Income/(loss)
Beginning balance at Dec. 31, 2017	$ (2,195)									$ (2,433)		$ 238
Net income	1,206		$ 1,137	$ 69					$ 69		$ 1,137
Other comprehensive income, net of tax	(165)											(165)
Change in Invested deficit	(1,168)									(1,168)
Spin-Off related adjustments	(200)									(200)
Issuance of common stock and reclassification of invested deficit							$ (2,664)			$ 2,664
Issuance of common stock and reclassification of invested deficit, Shares					74
Stock-based compensation	5					$ 5
Ending balance at Dec. 31, 2018	(2,517)					5	(2,595)					73
Ending balance, Shares at Dec. 31, 2018					74
Net income	313						313
Other comprehensive income, net of tax	57											57
Stock-based compensation	18					18
Stock based compensation, Shares					1
Tax withholding related to vesting of restricted stock units and other	(4)					(4)
Ending balance at Dec. 31, 2019	(2,133)	$ (5)				19	(2,282)	$ (5)				130
Ending balance, Shares at Dec. 31, 2019					75
Net income	80						80
Other comprehensive income, net of tax	(259)											(259)
Stock-based compensation	10					10
Stock based compensation, Shares					1
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 Dec. 31, 2020	$ (2,308)					$ 28	$ (2,207)					$ (129)
Ending balance, Shares at Dec. 31, 2020					76

Background and Basis of Presentation

12 Months Ended

Dec. 31, 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.

On October 1, 2018, the Company became an independent publicly-traded company through a pro rata distribution by Honeywell International Inc. (“Former Parent” or “Honeywell”) of 100% of the then-outstanding shares of Garrett to Honeywell’s stockholders (the “Spin-Off”). Each Honeywell stockholder of record received one share of Garrett common stock for every 10 shares of Honeywell common stock held on the record date. Approximately 74 million shares of Garrett common stock were distributed on October 1, 2018 to Honeywell stockholders. In connection with the Spin-Off, Garrett´s common stock began trading “regular-way” under the ticker symbol “GTX” on the New York Stock Exchange on October 1, 2018.

COVID-19

In 2020, the COVID-19 virus was declared a pandemic and 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 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 “Prepetition 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 Prepetition 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 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 Prepetition Credit Agreement. The Prepetition 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 Prepetition Credit Agreement are automatically stayed as a result of the Chapter 11 Cases, and the creditors’ rights of enforcement in respect of the Prepetition 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 certain 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 and 21, 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 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. Trading of the Company’s common stock now occurs on the OTC Pink Market under the symbol “GTXMQ.” Any over-the-counter market quotations of the Company’s common stock reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.

Going Concern

The accompanying Consolidated and Combined 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 and Combined 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 and Combined Financial Statements. The accompanying Consolidated and Combined 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

Prior to the Spin-Off on October 1, 2018, our historical financial statements were prepared on a stand-alone combined basis and were derived from the consolidated financial statements and accounting records of Honeywell. Accordingly, for periods prior to October 1, 2018, our financial statements are presented on a combined basis and for the periods subsequent to October 1, 2018 are presented on a consolidated basis (collectively, the historical financial statements for all periods presented are referred to as “Consolidated and Combined Financial Statements”). The Consolidated and Combined 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 and Combined 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 “Honeywell 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 Honeywell 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 have accounted for the Honeywell liability consistent with the agreement up to the Petition Date and classified it as part of Liabilities Subject to Compromise.

Under the terms of the PSA and the Transaction, the Plan, if confirmed by the Bankruptcy Court, will include a global settlement with Honeywell providing for (a) the full and final satisfaction, settlement, release, and discharge of all liabilities under or related to the Honeywell Indemnity Agreement, that certain Indemnification Guarantee Agreement, dated as of September 27, 2018 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time), by and among Honeywell ASASCO 2 Inc. as payee, Garrett ASASCO as payor, and certain subsidiary guarantors as defined therein (the “Guarantee Agreement,” and together with the Honeywell Indemnity Agreement, the “Indemnity Agreements”) and the Tax Matters Agreement and (b) the dismissal with prejudice of the Honeywell Litigation in exchange for (x) a $375 million cash payment at emergence from the Chapter 11 Cases (“Emergence”) and (y) the new Series B Preferred Stock issued by the Company payable in installments of $35 million in 2022, and $100 million annually 2023-2030 (the “Series B Preferred Stock”). The Company will have the option to prepay the Series B Preferred Stock in full at any time at a call price equivalent to $584 million as of Emergence (representing the present value of the installments at a 7.25% discount rate). The Company will also have the option to make a partial payment of the Series B Preferred Stock, reducing the present value to $400 million, at any time within 18 months of Emergence. In every case the duration of future liabilities to Honeywell will be reduced from 30 years prior to the Chapter 11 filing to a maximum of nine years.

The Debtors’ entry into and performance under the PSA and the terms of the PSA, the Transaction and the Plan remain subject to approval by the Bankruptcy Court. There can be no assurances that the Debtors will obtain the approval of the Bankruptcy Court and complete the Transaction.

For additional information, see Note 23, Commitments and Contingencies, of the Notes to the Consolidated and Combined Financial Statements.

We evaluated segment reporting in accordance with Accounting Standards Codification (“ASC”) 280, Segment Reporting. We concluded that Garrett operates in a single operating segment and a single reportable segment based on the operating results available and evaluated regularly by the chief operating decision maker (“CODM”) to make decisions about resource allocation and performance assessment. The CODM makes operational performance assessments and resource allocation decisions on a consolidated basis, inclusive of all of the Business’s products.

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 and Combined 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 and Combined Financial Statements.

Reorganization and Chapter 11 Proceedings

12 Months Ended

Dec. 31, 2020

Reorganizations [Abstract]

Reorganization and Chapter 11 Proceedings

Note 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 AMP Intermediate B.V. (the “Stalking Horse Bidder”) and AMP U.S. Holdings, LLC, each affiliate of KPS Capital Partners, LP, (“KPS”).

As described in greater detail below, the Stalking Horse Bidder and certain of the Debtors entered into a share and asset purchase agreement (the “Stalking Horse Purchase Agreement”) on the Petition Date. The Stalking Horse Purchase Agreement constituted a “stalking horse” bid that was subject to higher and better offers by third parties in accordance with the bidding procedures approved by the Bankruptcy Court in an order entered by the Bankruptcy Court after hearings on October 21, 2020 and October 23, 2020 (the “Bidding Procedures Order”). The Bidding Procedures Order permitted third parties to submit competing proposals for the purchase and/or reorganization of the Debtors and approved stalking horse protections for the Stalking Horse Bidder.

Following entry into the Stalking Horse Purchase Agreement, the Chapter 11 Cases were commenced on the Petition Date. The Debtors filed certain motions and applications intended to limit the disruption of the Chapter 11 Cases on their 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 granted the first day relief the Debtors 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.

In accordance with the Bidding Procedures Order, the Debtors held an auction (the “Auction”) at which they solicited and received higher and better offers from KPS and from a consortium made up of Owl Creek Asset Management, L.P., Warlander Asset Management, L.P., Jefferies LLC, Bardin Hill Opportunistic Credit Master Fund LP, Marathon Asset Management L.P., and Cetus Capital VI, L.P., or affiliates thereof (collectively, the “OWJ Group”). In addition to the bids received at the Auction from KPS and the OWJ Group, the Debtors also received a transaction proposal in parallel to the Auction from Centerbridge Partners, L.P. (“Centerbridge”), Oaktree Capital Management, L.P. (“Oaktree”), Honeywell International Inc. and certain other investors and parties (collectively, the “CO Group”). The Auction was completed on January 8, 2021, at which point the Debtors filed with the Bankruptcy Court (i) an auction notice noting that a bid received from KPS was the successful bid at the Auction but that the Debtors were still considering the proposal from the CO Group, (ii) a Plan to implement the successful bid of KPS at the Auction and (iii) a related disclosure statement.

On January 11, 2021, the Debtors, having determined that the proposal from the CO Group was a higher and better proposal than the successful bid of KPS at the Auction, entered into a Plan Support Agreement with the CO Group (as amended, restated, supplemented or otherwise modified from time to time, the “PSA”) and announced their intention to pursue a restructuring transaction with the CO Group (the “Transaction”). As a result of the entry into the PSA, (i) the Debtors filed a supplemental auction notice with the Bankruptcy Court on January 11, 2021 describing the Debtors’ determination to proceed with the Transaction, (ii) the Debtors filed a revised Plan and related revised disclosure statement with the Bankruptcy Court on January 22, 2021 to implement the Transaction and (iii) the Stalking Horse Purchase Agreement became terminable, following which, on January 15, 2021, the Stalking Horse Bidder terminated the Stalking Horse Purchase Agreement and the Debtors subsequently paid a termination payment of $63 million and an expense reimbursement payment of $ 15.7 million to the Stalking Horse Bidder pursuant to the terms of the Stalking Horse Purchase Agreement and the Bidding Procedures Order.

In accordance with the terms of the PSA, on January 22, 2021, the Debtors’ entered into an Equity Backstop Commitment Agreement (the “EBCA”) with certain members of the CO Group (the “Equity Backstop Parties”), pursuant to which, among other things, the Company will conduct the rights offering contemplated by the PSA (the “Rights Offering”) and each Equity Backstop Party committed to (i) exercise its rights, as a stockholder of the Company, to purchase in the Rights Offering shares of the convertible Series A preferred stock of the Company to be offered in the Rights Offering (the “Series A Preferred Stock”) and (ii) purchase, on a pro rata basis (in accordance with percentages set forth in the EBCA), shares of Series A Preferred Stock which were offered but not subscribed for in the Rights Offering.

On February 15, 2021, the Debtors and the CO Group agreed with certain of the Consenting Lenders (as defined below) to amend and restate the PSA, among other things, so as to add certain of the Consenting Lenders as parties thereto supporting the Plan.

On January 24, 2021, representatives of the Equity Committee submitted a restructuring term sheet for a proposed plan of reorganization sponsored by Atlantic Park. The Equity Committee subsequently filed with the Bankruptcy Court on February 5, 2021, a proposed plan of reorganization and related disclosure statement with respect to such transaction (as reflected in the proposed plan of reorganization filed with the Bankruptcy Court, the “Atlantic Park Proposal”). The transactions contemplated under the Atlantic Park Proposal have been proposed as an alternative to the transactions contemplated under the Plan. In connection with the Atlantic Park Proposal, the Equity Committee filed a motion with the Bankruptcy Court seeking to modify the Debtors’ exclusive periods to file and solicit votes on a Chapter 11 plan. The Equity Committee’s motion is scheduled to be heard by the Bankruptcy Court on February 16, 2021. The Company has significant concerns with the feasibility of the Atlantic Park Proposal and has concluded that at this time the transactions contemplated under the Atlantic Park Proposal are not reasonably likely to lead to a higher and better alternative plan of reorganization as compared to the Plan.

Plan Support Agreement and Equity Backstop Commitment Agreement

On the Petition Date, certain of the Debtors also entered into the Stalking Horse Purchase Agreement with the Stalking Horse Bidder, pursuant to which the Stalking Horse Bidder agreed to purchase, subject to the terms and conditions contained therein, substantially all of the assets of the Debtors. The Stalking Horse Purchase Agreement constituted a “stalking horse” bid that was subject to higher and better offers by third parties in accordance with the bidding procedures approved by the Bidding Procedures Order. The Bidding Procedures Order permitted third parties to submit competing proposals for the purchase and/or reorganization of the Debtors and approved stalking horse protections for the Stalking Horse Bidder.In accordance with the Bidding Procedures Order, the Debtors held an auction (the “Auction”) at which they solicited and received higher and better offers from KPS and from a consortium made up of Owl Creek Asset Management, L.P., Warlander Asset Management, L.P., Jefferies LLC, Bardin Hill Opportunistic Credit Master Fund LP, Marathon Asset Management L.P., and Cetus Capital VI, L.P., or affiliates thereof (collectively, the “OWJ Group”). In addition to the bids received at the Auction from KPS and the OWJ Group, the Debtors also received a transaction proposal in parallel from Centerbridge Partners, L.P., Oaktree Capital Management, L.P., Honeywell International Inc. and certain other investors and parties (collectively, the “CO Group”). The Auction was completed on January 8, 2021, at which point the Debtors filed with the Bankruptcy Court (i) an auction notice noting that a bid received from KPS was the successful bid at the Auction but that the Debtors were still considering the proposal from the CO Group, (ii) a plan of reorganization (as may be amended, restated, supplemented or otherwise modified from time to time, the “Plan”) and (iii) a related disclosure statement (as may be amended, restated, supplemented or otherwise modified from time to time, the “Disclosure Statement”).

On January 11, 2021, the Debtors, having determined that the proposal from the CO Group was a higher and better proposal than the successful bid of KPS at the Auction, entered into the PSA and announced their intention to pursue the Transaction. As a result of the entry into the PSA, (i) the Debtors filed a supplemental auction notice with the Bankruptcy Court on January 11, 2021 describing the Debtors’ determination to proceed with the Transaction, (ii) the Debtors filed a revised Plan and a related revised Disclosure Statement with the Bankruptcy Court on January 22, 2021 to implement the Transaction and (iii) the Stalking Horse Purchase Agreement became terminable, following which, on January 15, 2021, the Stalking Horse Bidder terminated the Stalking Horse Purchase Agreement and the Debtors subsequently paid a termination payment of $63 million and an expense reimbursement payment of $15.7 million to the Stalking Horse Bidder pursuant to the terms of the Stalking Horse Purchase Agreement and the Bidding Procedures Order. The subsequent payment was recorded in Reorganization items, net in the first quarter of 2021, due to the termination notice by KPS.

Under the PSA, the material terms of the Transaction include:

•

Committed direct equity investment in the form of Series A Preferred Stock of the reorganized Company by certain members of the CO Group in the amount of $1,050.8 million in the aggregate in cash;

•

A rights offering of the reorganized Company’s Series A Preferred Stock for a maximum aggregate value of $200 million to existing holders of the Company’s common stock, backstopped by certain members of the CO Group on a fully committed basis;

•

Holders of shares of the Company’s existing common stock may retain their shares or, at each stockholder’s election (unless such stockholder is a party to the PSA), receive cash at $6.25 per share in exchange for cancellation of their shares;

•

Re-listing of the reorganized Company’s common stock on a national securities exchange;

•

Payment in full of all customer, supplier, trade, vendor, employee, pension, regulatory, environmental and other liabilities of the Debtors and their worldwide subsidiaries; and

•

A final global settlement for substantially all claims by Honeywell International Inc. and its affiliates (including spin-off-related claims, but excluding claims arising under ordinary course business dealings);

•

Committed debt financing for the reorganized Debtors upon Emergence, estimated to be approximately $1,100 million at Emergence.

The PSA contains customary representations, warranties and covenants. The PSA is subject to certain termination events, subject to certain exceptions, including (a) the breach by any party of any of the representations, warranties, covenants, obligations or commitments set forth therein, where such breach would materially and adversely interfere with the Transaction and remains uncured; (b) the issuance by any governmental authority of an order that would have an adverse effect on a material provision of the PSA or a material portion of the Transaction or the Plan or a material adverse effect on the Debtors’ business; (c) an examiner, trustee or receiver is appointed in the Chapter 11 Cases; (d) conversion of one or more of the Chapter 11 Cases to cases under Chapter 7 of the Bankruptcy Code or dismissal of any of the Chapter 11 Cases; (e) if any of the restructuring documents after completion (i) contain terms, conditions, representations, warranties or covenants that are materially inconsistent with the terms of the PSA, (ii) are materially and adversely amended or modified with respect to the terminating party or (iii) are withdrawn without the consent of the applicable party; (f) if any party proposes, supports, assists, solicits or files a pleading seeking approval of any alternative transaction without the prior written consent of certain parties; (g) if, on or after April 19, 2021, the Plan is not filed with the Bankruptcy Court, subject to certain extensions; (h) if the effective date of the Plan has not occurred by June 30, 2021, subject to certain extensions; (i) if the Bankruptcy Court grants relief that is inconsistent with the PSA in any material respect or that would materially frustrate the purposes of the PSA; or (j) by the Debtors, if their boards of directors reasonably determine in good faith after receiving the advice of outside counsel that the Debtors’ continued performance under the PSAs would be inconsistent with the exercise of such boards’ fiduciary duties under applicable law.

In accordance with the terms of the PSA, on January 22, 2021, the Debtors’ entered into the EBCA with the Equity Backstop Parties, pursuant to which, among other things, the Company will conduct the Rights Offering and each Equity Backstop Party committed to (i) exercise its rights, as a stockholder of the Company, to purchase in the Rights Offering shares of the Series A Preferred Stock and (ii) purchase, on a pro rata basis (in accordance with percentages set forth in the EBCA), shares of Series A Preferred Stock which were offered but not subscribed for in the Rights Offering. The EBCA provides for the reimbursement by the Debtors of professional fees and expenses and filing fees incurred by the Equity Backstop Parties in connection with the Chapter 11 Cases in an aggregate amount that, together with and inclusive of amounts to be reimbursed pursuant to the PSA, do not exceed $25 million prior to Emergence. The EBCA further provides for indemnification by the Debtors of losses, claims, damages, liabilities, costs and expenses incurred by the Equity Backstop Parties in connection with the Transaction.

The EBCA contains customary representations, warranties and covenants. The EBCA is subject to certain termination events, including, without limitation, (a) by mutual agreement of the parties, (b) by the Company following an uncured breach of a representation, warranty or covenant in the EBCA by an Equity Backstop Party, or (c) by the Equity Backstop Parties constituting each of Centerbridge, Oaktree and a number of the other Equity Backstop Parties holding at least a majority of the rights to purchase Series A Preferred Stock pursuant to the PSA (excluding any such rights held by Centerbridge and Oaktree) following an uncured breach by the Debtors of a representation, warranty or covenant in the EBCA. The EBCA will automatically terminate if the Plan Support Agreement terminates with respect to the rights and obligations of the Debtors prior to the occurrence of the effective date of the Plan in accordance with its terms.

On February 15, 2021, the Debtors and the CO Group agreed with certain of the Consenting Lenders to amend and restate the PSA so as to, among other things, add certain of the Consenting Lenders as parties thereto supporting the

Plan. The PSA provides for the reimbursement by the Debtors of professional fees and expenses of the CO Group and certain of the Consenting Lenders, subject to an interim cap on certain expenses of $25 million prior to Emergence and with the balance to be paid at Emergence. As of February 15, 2021, the CO Group estimated that the aggregate amount of professional fees and expenses expected to be payable by the Debtors under the PSA (inclusive of any amounts payable prior to Emergence) was approximately $82 million.

The Debtors’ entry into and performance and obligations under the PSA and the ECBA are subject to approval by the Bankruptcy Court and other customary closing conditions. On February 9, 2021, the Equity Committee filed an objection to the Debtors’ motion seeking authority to enter into and perform under the PSA and the ECBA. A hearing on the matter is scheduled to take place in the Bankruptcy Court on February 16, 2021. There can be no assurances that the Debtors will obtain the approval of the Bankruptcy Court and complete the Transaction.

Restructuring Support Agreement

On the Petition Date, the Debtors entered into a Restructuring Support Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “RSA”) with consenting lenders (the “Consenting Lenders”) holding, in the aggregate, approximately 61% of the aggregate outstanding principal amount of loans under the Prepetition Credit Agreement. Pursuant to the RSA, the Consenting Lenders and the Debtors agreed to the principal terms of a financial restructuring, which will be implemented through a plan of reorganization under the Bankruptcy Code and which could 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. On January 6, 2021, the Debtors and Consenting Lenders holding no less than a majority of the aggregate outstanding principal amount of loans under the Prepetition Credit Agreement then held by all Consenting Lenders entered into Amendment No. 1 to the Restructuring Support Agreement (the “Amendment”), which, among other things, extended certain milestones contained in the RSA.

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

The RSA provides certain milestones for the Chapter 11 Cases. 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 February 22, 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; (b) no later than April 7, 2021, a hearing shall have occurred for approval of the 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 (c) no later than April 30, 2021, (i) the Transaction shall have closed and (ii) the Plan Effective Date shall have occurred.

Plan of Reorganization

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

As described above, in connection with the Atlantic Park Proposal, the Equity Committee filed a motion with the Bankruptcy Court seeking to modify the Debtors’ exclusive periods to file and solicit votes on a Chapter 11 plan. The Equity Committee’s motion is scheduled to be heard by the Bankruptcy Court on February 16, 2021.

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. A confirmed 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.

As described above, the Debtors filed the Plan and Disclosure Statement on January 8, 2021, and filed a revised Plan and revised Disclosure Statement on January 22, 2021 to implement the Transaction. The Plan has not been confirmed by the Bankruptcy Court and may be supplemented or revised by the Debtors prior to the confirmation hearing to be held by the Bankruptcy Court. A hearing before the Bankruptcy Court to consider approval of the Disclosure Statement filed by the Debtors is scheduled for February 16, 2021. On February 9, 2021, the Equity Committee filed an objection to the approval of the Disclosure Statement, which will be considered at the February 16, 2021 hearing.

Chapter 11 Accounting

The Company has applied ASC 852 in preparing our Consolidated and Combined 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 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 Balance Sheet at December 31, 2020.

Under the Bankruptcy Code, the Debtors may 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 annual 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 Statements of Operations for the twelve months ended December 31, 2020.

Reorganization items, net are comprised of the following for the twelve months ended December 31, 2020:

	Twelve Months Ended December 31,
	2020
Advisor fees	$	55
DIP Financing fees		13
Write-off of pre-petition unamortized debt issuance costs		6
Other		(1	)
Total reorganization items, net	$	73

Debt during Chapter 11 Cases

See note 16, Long-term Debt and Credit Agreements for further discussion of the DIP facilities and the pre-petition long term debt.

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 Balance Sheet at December 31, 2020:

	December 31,
	2020
Obligations payable to Honeywell (Note 23)	$	1,482
Long-term debt (Note 16)		429
Accounts payable		82
Pension, compensation, benefit and other employee related		92
Uncertain tax positions and deferred taxes		69
Advanced discounts from suppliers		33
Lease liability (Note 17)		19
Freight Accrual		27
Product warranties and performance guarantees		16
Other		41
Total liabilities subject to compromise	$	2,290

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

On November 3, 2020, the Debtors filed with the Bankruptcy Court schedules and statements for Garrett Motion Holdings Inc., Garrett ASASCO Inc. and Garrett Motion Holdings II Inc. (collectively, the “Initial Reporting Debtors”), setting forth, among other things, the assets and liabilities of each of the Initial Reporting Debtors, subject to the assumptions filed in connection therewith. On December 18, 2020, the Debtors filed with the Bankruptcy Court schedules and statements for each of the remaining Debtors, setting forth, among other things, the assets and liabilities of each of the remaining Debtors, subject to the assumptions filed in connection therewith. These schedules and statements are subject to further amendment or modification. 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. On November 4, 2020, the Bankruptcy Court entered an order requiring that certain holders of pre-petition claims that are not governmental units file proofs of claim with respect to claims against the Initial Reporting Debtors by the deadline for general claims against the Sellers, which was December 18, 2020 at 4:00pm Eastern Time. On December 15, 2020, the Bankruptcy Court entered an order requiring that certain holders of pre-petition claims that are not governmental units file proofs of claim with respect to claims against the remaining Debtors by the deadline for general claims against the remaining Debtors, which is March 1, 2021 at 4:00pm Eastern Time. On December 17, 2020, the Bankruptcy Court entered an order requiring that holders of pre-petition claims arising from the purchase or sale of our common stock file proofs of claim with respect to such claims by March 1, 2021 at 4:00pm Eastern Time.

The Debtors' have received 1,326 proofs of claim as of February 8, 2021, for an amount of approximately $146 billion. Such amount includes duplicate claims across multiple debtor legal entities. As claims are filed against the Debtors, 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. In addition, 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 light of the substantial number of claims already filed, and expected to be filed, the claims resolution process may take considerable time to complete and may continue after the Debtors emerge from bankruptcy. As of February 10, 2021 the Company’s assessment of the validity of claims received has not been completed.

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 twelve months ended December 31, 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 Twelve Months Ended December 31,
	2020
Net sales		2,273
Cost of goods sold		1,863
Gross profit	$	410
Selling, general and administrative expenses		252
Other expense, net		45
Interest expense		80
Non-operating (income) expense		(152	)
Reorganization items, net		73
Income before taxes	$	112
Tax expense		3
Net income	$	109

	December 31, 2020
	(Dollars in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	516
Restricted cash		30
Accounts, notes and other receivables – net		430
Accounts and other receivables from non-debtor affiliates		240
Inventories – net		166
Other current assets		91
Total current assets		1,473
Investments and long-term receivables		6
Investment in subsidiaries		883
Property, plant and equipment – net		319
Goodwill		193
Deferred income taxes		236
Other assets		93
Total assets	$	3,203
LIABILITIES
Current liabilities:
Accounts payable	$	497
Borrowings under revolving credit facility		370
Current maturities of long-term debt		—
Debtor-in-possession Term Loan		200
Obligations payable to Honeywell, current		—
Accrued liabilities		106
Total current liabilities		1,173
Long-term debt		1,082
Deferred income taxes		—
Obligations payable to Honeywell		—
Other liabilities		22
Total liabilities not subject to compromise	$	2,277
Liabilities subject to compromise		—
External		2,290
With non-debtor affiliates		528
Total liabilities subject to compromise	$	2,818
Total liabilities	$	5,095
COMMITMENTS AND CONTINGENCIES (Note 23)
EQUITY (DEFICIT)
Total deficit attributable to the Debtors		(1,892	)
Total liabilities and deficit	$	3,203

	For the Twelve Months Ended December 31,
	2020
	(Dollars in millions)
Cash Flows from operating activities:
Net cash used for operating activities	$	15
Cash Flows from investing activities:
Expenditures for property, plant and equipment		(39	)
Other		5
Net cash used for investing activities	$	(34	)
Cash Flows from financing activities:
Proceeds from debtor-in-possession financing		200
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		(13	)
Other		—
Net cash provided by financing activities		534
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		30
Net increase in cash, cash equivalents and restricted cash		545
Cash and cash equivalents at beginning of period		1
Cash, cash equivalents and restricted cash at end of period	$	546

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3. Summary of Significant Accounting Policies

Principles of Consolidation and Combination— For the periods subsequent to the Spin-Off, the Consolidated and Combined Financial Statements include the accounts of Garrett Motion Inc. and all of its subsidiaries in which a controlling financial interest is maintained. We consolidate entities that we control due to ownership of a majority voting interest, and we consolidate variable interest entities (“VIEs”) when we have variable interests and are the primary beneficiary. Our consolidation policy requires equity investments that we exercise significant influence over but in which we do not have a controlling financial interest to be accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are accounted for under the cost method. All intercompany transactions and balances are eliminated in consolidation.

For the periods prior to the Spin-Off, the Consolidated and Combined Financial Statements were prepared on a stand-alone basis and include our business units and wholly owned direct and indirect subsidiaries and entities in which we had a controlling financial interest.

Cash and Cash Equivalents—Cash and cash equivalents include cash on hand and highly liquid investments having an original maturity of three months or less.

Restricted Cash—Restricted cash primarily consists of bank deposits used to pledge as collateral in order to be able to issue bank notes as payment to certain suppliers in the Asia Pacific region (refer to Note 9. Factoring and Notes Receivable) as well as provide access to a traditional supplier payable program involving certain of our suppliers and a third-party financial institution.

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.

Transfer of Financial Instruments—Sales and transfers of financial instruments are accounted for under ASC 860, Transfers and Servicing (“ASC 860”). The Company may discount and sell accounts receivables during the normal course of business. These receivables which are transferred to a third party without recourse to the Company and that meet the criteria of sales accounting as per ASC 860, are excluded from the amounts reported in the Consolidated Balance Sheets. The cash proceeds received from such sales are included in operating cash flows. The expenses associated with the factoring of receivables are recorded within Other expense, net in the Consolidated and Combined Statements of Operations.

The Company may also receive bank notes in settlement of accounts receivables, primarily in the Asia Pacific region. Such bank notes are classified as notes receivables under Accounts, notes and other receivables – net in the Consolidated Balance Sheets. The collections of such bank notes are included in operating cash flows and any expenses related to discounting these are included within Other expense, net in the Consolidated and Combined Statements of Operations. 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.

Inventories—Inventories are stated at the lower of cost, determined on a first-in, first-out basis, including direct material costs and direct and indirect manufacturing costs, or net realizable value. Obsolete inventory is identified based on analysis of inventory for known obsolescence issues. The original equipment inventory on hand in excess of forecasted usage and lack of consumption in the previous 12 months is fully reserved, unless the value of such material is recoverable from either the vendor or the customer.

Property, Plant and Equipment—Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. For financial reporting, the straight-line method of depreciation is used over the estimated useful lives of 10 to 50 years for buildings and improvements, 2 to 16 years for machinery and equipment, 3 to 10 years for tooling equipment and 5 to 7 years for software.

Leases—For the periods beginning January 1, 2019, right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of a lease (the “commencement date”) based on the present value of lease payments over the lease term. We determine if an arrangement is a lease at inception. Operating leases are included in Other assets, Accrued liabilities, and Other liabilities in our Consolidated Balance Sheets. No finance leases have been recognized. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease where it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are expensed in the period in which they occur. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For machinery and equipment, we account for the lease and non-lease components as a single lease component. We account for short-term leases by recognizing lease payments in net income on a straight-line basis over the lease term and will not recognize any ROU assets and lease liabilities on the Consolidated Balance Sheet. For the periods prior to January 1, 2019, we accounted for leases in accordance with ASC 840, Leases (“ASC 840”). Upon commencement of the Chapter 11 Cases, certain pre-petition leases have been reclassified into liabilities subject to compromise.

Goodwill—Goodwill is subject to impairment testing annually, and whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. This testing compares carrying value to fair value of our single reporting unit. The Company recognizes an impairment charge for the amount by which the carrying value of the reporting unit exceeds the reporting unit´s fair value. However, any impairment should not exceed the amount of goodwill allocated to the reporting unit. Because we have a single reporting unit with a negative carrying value, no impairment was recognized.

Warranties and Guarantees—Expected warranty costs for products sold are recognized based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, length of the warranty and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. For additional information, see Note 23, Commitments and Contingencies of Notes to Consolidated and Combined Financial Statements.

Sales Recognition—On January 1, 2018, we adopted the FASB´s updated guidance on revenue from contracts with customers, ASC 606 Revenue from Contracts with Customers (“ASC 606”), using the modified retrospective method applied to contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting.

Product sales are recognized when we transfer control of the promised goods to our customer, which is based on shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring the promised goods.

In the sale of products in the OEM channel, the transaction price for these goods is equal to the agreed price of each unit and represents the standalone selling price for the unit.

In the sale of products in the aftermarket channel, the terms of a contract or the historical business practice can give rise to variable consideration due to, but not limited to, discounts and bonuses. We estimate variable consideration at the most likely amount we will receive from customers and reduce revenues recognized accordingly. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us.

Prior to January 1, 2018, sales were recognized when there was evidence of a sales agreement, the delivery of goods had occurred, the sales price was fixed or determinable and the collectability of revenue was reasonably assured. Sales were generally recorded upon shipment of product to customers and transfer of title under standard commercial terms. Sales incentives and allowances were recognized as a reduction to revenue at the time of the related sale. In addition, payments made to customers were generally recognized as a reduction to revenue at the time these payments are made or committed to the customers.

Research and Development—Garrett conducts research and development (“R&D”) activities, which consist primarily of the development of new products and product applications. R&D costs are charged to expense as incurred. Such costs are included in Cost of goods sold of $111 million, $129 million and $128 million, for the years ended December 31, 2020, 2019 and 2018 respectively. Additionally, the Company incurs engineering-related expenses which are also included in Cost of goods sold of $13 million, $5 million and $10 million for the years ended December 31, 2020, 2019 and 2018.

Asbestos-Related Contingencies and Insurance Recoveries—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 “Honeywell 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 Honeywell 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 Debtors’ entry into and performance under the PSA and the terms of the PSA, the Transaction and the Plan remain subject to approval by the Bankruptcy Court. On February 9, 2021, the Equity Committee filed an objection to the Debtors’ motion seeking authority to enter into and perform under the PSA and the ECBA. A hearing on the matter is scheduled to take place in the Bankruptcy Court on February 16, 2021. There can be no assurances that the Debtors will obtain the approval of the Bankruptcy Court and complete the Transaction.

For additional information, see Note 23, Commitments and Contingencies of Notes to Consolidated and Combined Financial Statements.

Stock-Based Compensation Plans—The principal awards issued under our stock-based compensation plans, which are described in Note 21, Stock-Based Compensation, are restricted stock units. The cost for such awards is measured at the grant date based on the fair value of the award. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods (generally the vesting period of the equity award) and is included in Selling, general and administrative expenses in the Consolidated and Combined Statements of Operations. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates under our Former Parent´s plans.

For periods prior to the Spin-Off, certain employees within the Business participated in stock-based compensation plans sponsored by the Former Parent. The Former Parent’s stock-based compensation plans primarily include incentive compensation plans. Awards granted under the plans consist of stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”) and are based on the Former Parent’s common shares and, as such, are reflected in Invested deficit within the Consolidated and Combined Statements of Equity (Deficit).

Pension Benefits—Following the Spin-Off, we sponsor defined benefit pension plans covering certain employees, primarily in Switzerland, the U.S. and Ireland. For such plans, we are required to disaggregate the service cost component of net benefit costs and report those costs in the same line item or items in the Consolidated and Combined Statements of Operations as other compensation costs arising from services rendered by the pertinent employees during the period. The other nonservice components of net benefit costs are required to be presented separately from the service cost component. We record the service cost component of Pension ongoing (income) expense in Cost of goods sold or Selling, general and administrative expenses. The remaining components of net benefit costs within Pension ongoing (income) expense, primarily interest costs and assumed return on plan assets, are recorded in Non-operating expense (income). We recognize net actuarial gains or losses in excess of 10% of the greater of the fair value of plan assets or the plans’ projected benefit obligation (the corridor) annually in the fourth quarter each year (“MTM Adjustment”). The MTM Adjustment is recorded in Non-operating expense (income).

For periods prior to the Spin-Off, we sponsored a defined benefit pension plan covering certain employees in Ireland. Additionally, certain Garrett employees participated in defined benefit pension plans (the “Shared Plans”) sponsored by Honeywell which includes participants of other Honeywell subsidiaries and operations. We accounted for our participation in the Shared Plans as a multiemployer benefit plan. Accordingly, we did not record an asset or liability to recognize the funded status of the Shared Plans. The related pension expense was based on annual service cost of active Garrett participants and reported within Cost of goods sold in the Consolidated and Combined Statements

of Operations. The pension expense specifically identified for the active Garrett participants in the Shared Plans for the year ended December 31, 2018 was $5 million.

Foreign Currency Translation—Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. Dollars are translated into U.S. Dollars using year-end exchange rates. Sales, costs and expenses are translated at the average exchange rates in effect during the year. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss).

Derivative Financial Instruments—We minimize our risks from foreign currency exchange rate fluctuations through our normal operating and financing activities and, when deemed appropriate through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. Derivative financial instruments that qualify for hedge accounting must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract.

All derivatives are recorded on the balance sheet as assets or liabilities and measured at fair value. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives are recorded in Accumulated other comprehensive income (loss) and subsequently recognized in earnings when the hedged items impact earnings. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item.

On September 27, 2018, we early adopted the new accounting guidance contained in ASU 2017-12 on a modified retrospective approach. The new standard is intended to improve and simplify rules relating to hedge accounting, including the elimination of periodic hedge ineffectiveness, recognition of components excluded from hedge effectiveness assessment, the ability to elect to perform subsequent effectiveness assessments qualitatively, and other provisions designed to provide more transparency around the economics of a company’s hedging strategy.

Income Taxes—We account for income taxes pursuant to the asset and liability method which requires us to recognize current tax liabilities or receivables for the amount of taxes we estimate are payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible.

Prior to the Spin-Off, the tax provision was presented on a separate company basis as if we were a separate filer. The effects of tax adjustments and settlements from taxing authorities are presented in our Consolidated and Combined Financial Statements in the period to which they relate as if we were a separate filer. Our current obligations for taxes were settled with our Former Parent on an estimated basis and adjusted in later periods as appropriate. All income taxes due to or due from our Former Parent that have not been settled or recovered by the end of the period are reflected in Invested deficit within the Consolidated and Combined Financial Statements. We are subject to income tax in the United States (federal, state and local) as well as other jurisdictions in which we operate. The tax provision was calculated as if the Business was operating on a stand-alone basis and filed separate tax returns in the jurisdiction in which it operates. Therefore, cash tax payments and items of current and deferred taxes may not be reflective of the actual tax balances prior to or subsequent to the Spin-Off.

Earnings per share—Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. On October 1, 2018, the date of consummation of the Spin-Off, 74,070,852 shares of the Company’s Common Stock were distributed to Honeywell stockholders of record as of September 18, 2018 who held their shares through the Distribution Date. Basic and diluted EPS for all periods prior to the Spin-Off reflect the number of distributed shares, or 74,070,852 shares. For 2018, the distributed shares were treated as issued and outstanding from January 1, 2018 for purposes of calculating historical basic earnings per share. Basic and

diluted weighted average of common shares outstanding for the years ended December 31, 2020, 2019 and 2018 were 75,543,461, 74,602,868 and 74,059,240 and 76,100,509, 75,934,373 and 74,402,148, respectively.

Use of Estimates—The preparation of the Consolidated and Combined Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the Consolidated and Combined Financial Statements and related disclosures in the accompanying notes. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of changes are reflected in the Consolidated and Combined Financial Statements in the period they are determined to be necessary.

In connection with the filing of the Chapter 11 Cases on the Petition Date, the Consolidated and Combined 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, of the Consolidated and Combined Financial Statements for further details.

Liabilities Subject to Compromise—Liabilities subject to compromise include pre-petition liabilities that are unsecured, under-secured or where it cannot be determined that the liabilities are fully secured. Liabilities that may be affected by a plan of reorganization must be reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts as a result of the plan of reorganization or negotiations with creditors. If there is uncertainty about whether a secured claim is undersecured, or will be impaired under the plan of reorganization, the entire amount of the claim is included with prepetition claims in liabilities subject to compromise.

Reorganization Items, Net— Effective on September 20,2020, we began to apply the provisions of accounting Standards Codification (“ASC”) 852, Reorganizations, which is applicable to companies under bankruptcy protection, and requires amendments to the presentation of key financial statement line items. ASC 852 requires that the financial statements for periods subsequent to the filing of the Chapter 11 Cases distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Revenues, expenses, realized gains and losses, and provisions for losses that can be directly associated with the reorganization and restructuring of the business must be reported separately as reorganization items, net in the consolidated statements of operations beginning September 20, 2020.

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 Balance Sheets, Consolidated and Combined Statements of Operations and related Notes to the Consolidated and Combined 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.

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. Adoption of the new guidance did not have a material impact on the Company’s disclosures.

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of 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. We are currently evaluating the impact of the guidance related to certain existing debt agreements on our Consolidated and Combined Financial Statements.

There are no other recently issued, but not yet adopted, accounting pronouncements which are expected to have a material impact on the Company’s Consolidated and Combined Financial Statements and related disclosures.

Revenue Recognition and Contracts with Customers

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition and Contracts with Customers

Note 4. Revenue Recognition and Contracts with Customers

The Company generates revenue through the sale of products to customers in the OEM and aftermarket channels. OEM and aftermarket contracts generally include scheduling agreements that stipulate the pricing and delivery terms that identify the quantity and timing of the product to be transferred.

Revenue recognition under ASC 606 is generally consistent with the previous standard, with the exception of how we account for payments made to customers in conjunction with future business. Historically these payments were recognized as a reduction of revenue at the time the payments were made. Under ASC 606, these payments result in deferred reductions to revenue that are subsequently recognized when the products are delivered to the customer. The Company evaluates the amounts capitalized each period end for recoverability and expenses any amounts that are no longer expected to be recovered over the term of the business arrangement. These payments are recorded in Other current assets and Other assets in our Consolidated Balance Sheets.

Disaggregated Revenue

For Net sales by region (determined based on country of shipment) and channel, refer to Note 26, Concentrations.

We recognize virtually all of our revenues arising from performance obligations at a point in time. Less than 1% of our revenue is satisfied over time.

Contract Balances

The timing of revenue recognition, billings and cash collections results in unbilled receivables (contract assets) and billed accounts receivable, reported in Accounts, notes and other receivables – net, and customer advances and deposits (contract liabilities), reported in Accrued Liabilities, on the Consolidated Balance Sheets. Contract assets arise when the timing of cash collected from customers differs from the timing of revenue recognition. Contract assets are recognized when the revenue associated with the contract is recognized prior to billing and derecognized once invoiced in accordance with the terms of the contract. Contract liabilities are recorded in scenarios where we enter into arrangements where customers are contractually obligated to remit cash payments in advance of us satisfying performance obligations and recognizing revenue. Contract liabilities are generally derecognized when revenue is recognized.

These assets and liabilities are reported on the Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period.

The following table summarizes our contract assets and liabilities balances:

	2020
Contract assets—January 1	$	6
Contract assets—December 31		61
Change in contract assets—Increase/(Decrease)		55
Contract liabilities—January 1	$	(3	)
Contract liabilities—December 31		(2	)
Change in contract liabilities—(Increase)/Decrease	$	1

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. For product sales, typically each product sold to a customer represents a distinct performance obligation.

Virtually all of our performance obligations are satisfied as of a point in time. Performance obligations are supported by contracts with customers, providing a framework for the nature of the distinct goods, services or bundle of goods and services. The timing of satisfying the performance obligation is typically indicated by the terms of the contract. All performance obligations are expected to be satisfied within one year, with substantially all performance obligations being satisfied within a month.

The timing of satisfaction of our performance obligations does not significantly vary from the typical timing of payment, with cash advances (contract liabilities) and unbilled receivables (contract assets) being settled within 3 months. For some contracts, we may be entitled to receive an advance payment.

We have applied the practical expedient to not disclose the value of remaining performance obligations for contracts with an original expected term of one year or less.

- Definition

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Expense, Net

12 Months Ended

Dec. 31, 2020

Other Income And Expenses [Abstract]

Other Expense, Net

Note 5. Other Expense, Net

	Years Ended December 31,
	2020		2019		2018
Indemnification related — post Spin-Off	$	41	$	28	$	(16	)
Indemnification related — litigation	$	3	$	11	$	—
Asbestos related, net of probable insurance recoveries		—		—		131
Environmental remediation, non-active sites		1		—		5
Factoring and notes receivables discount fees		1		1		—
	$	46	$	40	$	120

Non-Operating (Income) Expense

12 Months Ended

Dec. 31, 2020

Non Operating Income Expense [Abstract]

Non-Operating (Income) Expense

Note 6. Non-Operating (Income) Expense

	Years Ended December 31,
	2020			2019			2018
Equity income of affiliated companies	$	(5	)	$	(6	)	$	(5	)
Interest income		(3	)		(7	)		(7	)
Pension (income) expense — non service		5			8			2
Foreign exchange		(35	)		13			6
Others, net		—			—			(4	)
	$	(38	)	$	8		$	(8	)

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 7. Income Taxes

The sources of income (loss) from continuing operations, before income taxes, classified between domestic entities and those entities domiciled outside of the U.S., are as follows:

	Years Ended December 31,
Income before taxes	2020			2019			2018
Domestic entities	$	(87	)	$	(54	)	$	(99	)
Entities outside the U.S.		206			400			495
	$	119		$	346		$	396

Tax expense (benefit)

Tax expense (benefit) consists of:

	Years Ended December 31,
	2020			2019			2018
Current:
Federal	$	3		$	9		$	7
State		1			1			1
Foreign		69			64			113
	$	73		$	74		$	121
Deferred:
Federal		—			2			(8	)
State		—			—			—
Foreign		(34	)		(43	)		(923	)
	$	(34	)	$	(41	)	$	(931	)
	$	39		$	33		$	(810	)

The U.S. federal statutory income tax rate is reconciled to our effective income tax rate as follows:

	Years Ended December 31,
	2020			2019			2018
U.S. federal statutory income tax rate		21.0	%		21.0	%		21.0	%
Taxes on non-U.S. earnings different from U.S. tax		(6.5	)%		(2.3	)%		(7.7	)%
Reserves for tax contingencies		15.9	%		2.5	%		4.1	%
Non-deductible and permanent items		7.1	%		1.7	%		6.0	%
Withholding and other taxes on foreign earnings		(14.7	)%		4.4	%		(231.6	)%
Tax law changes		—			(17.3	)%		—
Changes in valuation allowance		10.5	%		0.5	%		5.3	%
All other items		(0.5	)%		(1.0	)%		(1.6	)%
		32.8	%		9.5	%		-204.5	%

The effective tax rate increased by 23.3 percentage points in 2020 compared to 2019. The increase was primarily attributable to the absence of tax benefits related to the remeasurement of deferred tax assets and liabilities for tax law changes enacted during 2019, higher tax expense because of nondeductible costs incurred in connection with the Chapter 11 Cases, the resolution of tax audits and an increase in losses for jurisdictions where we do not expect to generate future tax benefits from such losses. The increase in the effective tax rate was also impacted by overall lower earnings compared to 2019 because of the adverse impacts of COVID-19, partially offset by tax benefits from lower withholding taxes on non-US earnings.

The effective tax rate increased by 214.0 percentage points in 2019 compared to 2018. The increase was primarily attributable to the absence of approximately $910 million of non-recurring tax benefits in 2018 because of a reduction in withholding taxes incurred as part of an internal restructuring of Garrett’s business in advance of the Spin-Off. The

increase was partially offset by approximately $60 million of tax benefits related to the remeasurement of deferred tax assets and liabilities for tax law changes enacted during the year, primarily in Switzerland.

Deferred tax assets (liabilities)

The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables are as follows:

	December 31,
	2020			2019
Deferred tax assets:
Intangibles and fixed assets	$	202		$	205
Pension		18			12
Accruals and reserves		32			30
Net operating losses and other tax attribute carryforwards		35			27
Outside basis differences		11			17
Other		29			23
Total Deferred tax assets		327			314
Valuation allowance		(34	)		(27	)
Net deferred tax assets	$	293		$	287
Deferred tax liabilities:
Outside basis differences	$	(30	)	$	(49	)
Other		(15	)		(21	)
Total deferred tax liabilities		(45	)		(70	)
Net deferred tax asset	$	248		$	217

As of December 31, 2020, the Company had gross net operating loss carryforwards of approximately $132 million with the majority in the below jurisdictions.

	Expiration	Net Operating
	Period	Loss
	Jurisdiction	Carryforwards
Brazil	Indefinite	$	53
Luxembourg	2037		36
Switzerland	2027		30
		$	119

We maintain a valuation allowance of $34 million against a portion of the non-U.S. total deferred tax assets. In the event we determine that we will not be able to realize our net deferred tax assets in the future, we will reduce such amounts through an increase to tax expense in the period such determination is made. Conversely, if we determine that we will be able to realize net deferred tax assets in excess of the carrying amounts, we will decrease the recorded valuation allowance through a reduction to tax expense in the period that such determination is made. Our balance sheets present a deferred tax asset of $275 million and a deferred tax liability of $27 million after taking into account jurisdictional netting. As of December 31, 2020, $25 million of the deferred tax liability balance were reclassified to Liabilities subject to compromise. For more information, refer to Note 2, Reorganization and Chapter 11 Proceedings.

The Company does not intend to permanently reinvest the undistributed earnings of its foreign subsidiaries and has recorded a deferred tax liability mainly consisting of withholding taxes of approximately $13 million as of December 31, 2020.

The following table summarizes the activity related to the Company’s uncertain tax positions (excluding interest and penalties and related tax attributes):

	2020			2019			2018
Change in unrecognized tax benefits:
Balance at beginning of year	$	54		$	48		$	100
Gross increases related to current period tax positions		8			8			19
Gross increases related to prior periods tax positions		6			—			9
Gross decreases related to prior periods tax positions		—			—			(8	)
Decrease related to resolutions of audits with tax authorities		(7	)		—			—
Expiration of the statute of limitations for the assessment of taxes		(2	)		(2	)		—
Potential Indemnifications to Honeywell for US and foreign taxes as contractually obligated in connection with Tax Matters Agreement		—			—			(71	)
Foreign currency translation		1			—			(1	)
Balance at end of year	$	60		$	54		$	48

As of December 31, 2020, 2019, and 2018 there were $60 million, $54 million, and $48 million, respectively, of unrecognized tax benefits that, if recognized, would be recorded as a component of Tax expense.

Estimated interest and penalties related to uncertain tax benefits are classified as a component of tax expense in the Consolidated and Combined Statements of Operations and totaled $5 million of expense, $3 million of expense and $2 million of income for the years ended December 31, 2020, 2019, and 2018, respectively. Accrued interest and penalties were $29 million, $26 million, and $23 million, as of December 31, 2020, 2019, and 2018, respectively.

We are currently under audit in a few jurisdictions for tax years ranging from 2006 through 2017. Based on the outcome of these examinations, or as a result of the expiration of statutes of limitations for specific jurisdictions, it is reasonably possible that certain unrecognized tax benefits for tax positions taken on previously filed tax returns will materially change from those recorded as liabilities in our financial statements.

- 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

Accounts, Notes and Other Receivables—Net

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Accounts, Notes and Other Receivables—Net

Note 8. Accounts, Notes and Other Receivables—Net

	December 31, 2020			December 31, 2019
Trade receivables	$	625		$	574
Notes receivables		152			68
Other receivables		77			69
	$	854		$	711
Less—Allowance for expected credit losses		(13	)		(4	)
	$	841		$	707

Trade receivables include $61 million and $4 million of unbilled balances as of December 31, 2020 and 2019, respectively.

Factoring and Notes Receivables

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Factoring and Notes Receivables

Note 9. Factoring and Notes Receivables

The Company entered into arrangements with financial institutions to sell eligible trade receivables. For the years ended December 31, 2020 and December 31, 2019, the Company sold $473 million and $27 million of eligible receivables, respectively, without recourse, and accounted for these arrangements as a true sale.

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. For the years ended December 31, 2020 and December 31, 2019, the Company sold $160 million and $105 million of bank notes, respectively, without recourse, and accounted for these as true sales. As of December 31, 2020, the Company has pledged as collateral $18 million of guaranteed bank notes which have not been sold in order to be able to issue bank notes as payment to certain suppliers. Such pledged amounts are included as Notes receivables in Accounts, notes and other receivables – Net (Note 8).

Inventories-Net

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories-Net

Note 10. Inventories—Net

	December 31, 2020			December 31, 2019
Raw materials	$	160		$	142
Work in process		19			18
Finished products		97			85
	$	276		$	245
Less—Reserves		(41	)		(25	)
	$	235		$	220

Other Current Assets

12 Months Ended

Dec. 31, 2020

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Current Assets

Note 11. Other Current assets

	December 31,
	2020		2019
Prepaid expenses	$	62	$	12
Taxes receivable		22		46
Advanced discounts to customers, current		10		10
Customer reimbursable engineering		13		12
Other		3		5
	$	110	$	85

Other Assets

12 Months Ended

Dec. 31, 2020

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Assets

Note 12. Other Assets

	December 31,
	2020		2019
Advanced discounts to customers, non-current	$	70	$	62
Operating right-of-use assets (Note 17)		36		35
Undesignated cross-currency swap at fair value		—		—
Other		29		11
	$	135	$	108

Property, Plant and Equipment - Net

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Property, Plant and Equipment - Net

Note 13. Property, Plant and Equipment—Net

	December 31,
	2020			2019
Machinery and equipment	$	711		$	639
Tooling		390			324
Buildings and improvements		153			141
Construction in progress		86			100
Software		68			57
Land and improvements		17			16
Others		26			24
		1,451			1,301
Less—Accumulated depreciation and amortization		(946	)		(830	)
	$	505		$	471

Depreciation and amortization expense was $86 million, $73 million and $72 million in 2020, 2019 and 2018, respectively.

Goodwill

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill

Note 14. Goodwill

The change in the carrying amount of goodwill for the years ended December 31, 2020 and 2019 is as follows:

December 31,

2019

Currency

Translation

Adjustment

December 31,

2020

Goodwill

193

—

193

Accrued Liabilities

12 Months Ended

Dec. 31, 2019

Accrued Liabilities Current [Abstract]

Accrued Liabilities

Note 15. Accrued Liabilities

Due to the Chapter 11 filing, Accrued Liabilities that existed as of December 31, 2020 and were deemed pre-petition, unsecured were reclassified as Liabilities subject to compromise, refer to Note 2, Reorganization and Chapter 11 Proceedings.

	December 31, 2020		December 31, 2019
Customer pricing reserve	$	82	$	90
Compensation, benefit and other employee related		62		64
Repositioning		7		4
Product warranties and performance guarantees		14		29
Taxes		37		33
Advanced discounts from suppliers, current		5		19
Customer advances and deferred income		8		12
Accrued interest		—		5
Short-term lease liability (Note 17)		5		8
Other (primarily operating expenses)		28		46
	$	248	$	310

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

	Severance Costs			Exit Costs			Total
Balance at December 31, 2018		13			2			15
Charges		2			—			2
Usage—cash		(8	)		(2	)		(10	)
Adjustments		(3	)		1			(2	)
Foreign currency translation		(1	)		—			(1	)
Balance at December 31, 2019	$	3		$	1		$	4
Charges		10			—			10
Usage—cash		(7	)		—			(7	)
Adjustments		1			(1	)		—
Foreign currency translation		—			—			—
Balance at December 31, 2020	$	7		$	—		$	7

Long-term Debt and Credit Agreements

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-term Debt and Credit Agreements

Note 16. Long-term Debt and Credit Agreements

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 (as amended, restated, supplemented or otherwise modified from time to time, 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, 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.

The principal amounts outstanding on Debtor-in-possession financing are as follows:

December 31,

2020

Debtor-in-possession financing

200

Pre-petition Long-Term Debt during the Chapter 11 Cases

We are party to the Prepetition Credit Agreement, 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”). The Prepetition Credit Agreement was amended on June 12, 2020 (the “2020 Amendment”).

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 Senior Notes bear interest at a fixed annual interest rate of 5.125% and mature on October 15, 2026.

The Senior Notes were issued pursuant to an Indenture, dated September 27, 2018 (the “Indenture”), which, among other things and subject to certain limitations and exceptions, limits our ability and the ability of our restricted subsidiaries to: (i) incur, assume or guarantee additional indebtedness or issue certain disqualified equity interests and preferred shares, (ii) pay dividends or distributions on, or redeem or repurchase, capital stock and make other restricted payments, (iii) make investments, (iv) consummate certain asset sales or transfers, (v) engage in certain transactions with affiliates, (vi) grant or assume certain liens on assets to secure debt unless the Senior Notes are secured equally and ratably (vii) restrict dividends and other payments by certain of their subsidiaries and (vii) consolidate, merge, sell or otherwise dispose of all or substantially all of our or our restricted subsidiaries’ assets.

All debt issuance costs, except for those associated to the Revolving Credit Facility, are deferred and recognized as a direct deduction to the related debt liability and are amortized to interest expense over the debt term. The company paid approximately $37 million of debt issuance costs in connection with the Term A Facility, Term B Facility, and Senior Notes.

As a result of the Chapter 11 Cases, and in order to adjust the carrying amount of the debt to the expected allowed claim amount in accordance with ASC 852, the Company expensed $6 million of deferred issuance costs related to the pre-petition Senior Notes which are not fully secured. These costs were recorded to Reorganization items, net, in the Consolidated and Combined Statement of Operations for the year ended December 31, 2020. Refer to Note 2, Reorganization and Chapter 11 Proceedings for further discussion.

Debt issuance costs associated with the Revolving Credit Facility were capitalized in Other assets and are amortized to interest expense over the debt term. Approximately, $6 million of debt issuance costs were paid in connection with the Revolving Credit Facility.

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

	December 31,			December 31,
	2020			2019
	(Dollars in millions)
Senior Secured Credit Facilities ⁽¹⁾:
Term Loans		1,082			1,026
Borrowings under revolving credit facility		370			—
Total consolidated Secured Debt	$	1,452		$	1,026
Long-term debt, net subject to compromise ⁽²⁾:
Senior Notes		429			387
Total debt, prior to reclassification to Liabilities subject to compromise	$	1,881		$	1,413
Less: current portion		—			(4	)
Less: Amounts reclassified to Liabilities subject to compromise		(429	)		—
Total long-term debt	$	1,452		$	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 Balance Sheet as of December 31, 2020. As of the Petition Date, the Company ceased accruing related interest expense and amortization of debt issuance costs.

The commencement of the Chapter 11 Cases constituted an event of default that accelerated the Company’s obligations and terminated undrawn commitments, as applicable, under the Prepetition Credit Agreement. The Prepetition 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 Prepetition Credit Agreement are automatically stayed as a result of the Chapter 11 Cases, and the creditors’ rights of enforcement in respect of the Prepetition Credit Agreement are subject to the applicable provisions of the Bankruptcy Code.

During the Chapter 11 Cases and pursuant to an order of the Bankruptcy Court, we make monthly payments of adequate protection at the contractual non-default rate of interest on loans and certain other obligations under our Senior Secured Credit Facilities.

Following commencement of the Chapter 11 Cases, the contractual non-default rate of interest that is applicable under Senior Secured Credit Facilities is either (a) in the case of dollar denominated borrowings, base rate determined by reference to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the “prime rate” in the United States, (2) the greater of the federal funds effective rate and the overnight bank funding rate, plus 0.5% and (3) the one month adjusted LIBOR rate, plus 1% per annum (“ABR”), (b) in the case of borrowings denominated in certain permitted foreign currencies other than dollars or euros, an adjusted LIBOR rate (“LIBOR”) (which shall not be less than zero), or (c) in the case of borrowings denominated in euros, an adjusted EURIBOR rate (“EURIBOR”) (which shall not be less than zero), in each case, plus an applicable margin. Pursuant to the 2020 Amendment, (i) the margin applicable to loans under the Term B Facility increased by 75 basis points through the maturity date and (ii) the margin applicable to loans under the Revolving Facility and Term A Facility increased by 25 basis points until the Company delivers consolidated financial statements as of and for its first fiscal quarter ending on or after the last day of the Relief Period (as defined in the 2020 Amendment). Pursuant to the 2020 Amendment, the margin applicable to loans under our Senior Secured Credit Facilities increased by 25 basis points on September 4, 2020 following a downgrade in our corporate credit rating by S&P Global ratings.

The applicable margin for the U.S. Dollar tranche of the Term B Facility is currently 2.50% per annum (for ABR loans) while that for the euro tranche of the Term B Facility is currently 3.75% per annum (for EURIBOR loans). The applicable margin for each of the Term A Facility and the Revolving Facility varies based on our leverage ratio which is increased by 25 basis points until the Company delivers consolidated financial statements as of and for its first fiscal quarter ending on or after the last day of the Relief Period. Accordingly, the interest rates for the Senior Secured Credit Facilities will fluctuate during the term of the Credit Agreement based on changes in the ABR, LIBOR, EURIBOR or future changes in our corporate rating or leverage ratio.

Contractual Maturities

In connection with our Chapter 11 cases, all pre-petition debt amounts have been stayed and separately stated as part of Liabilities subject to compromise. Their resolution will be based upon the requirements in the Plan of Reorganization. Given the uncertainties related to the resolution of the Chapter 11 cases, all pre-petition debt has been included at their contractual maturities.

	December 31, 2020
2021	$	4
2022		70
2023		247
2024		4
2025		777
Thereafter		431
	$	1,533
Less: current portion		—
	$	1,533

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Note 17. Leases

We have operating leases that primarily consist of real estate, 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:

	Years Ended December 31,
	2020		2019
Operating lease cost	$	15	$	14

Rent expense under ASC 840 was $14 million in 2018.

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

	Years Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	13	$	12
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	7	$	12

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

	Years Ended December 31,
	2020		2019
Other assets	$	36	$	35
Accrued liabilities		5		8
Other liabilities		15		28
Liabilities subject to compromise		19		—

	Years Ended December 31,
	2020		2019
Weighted-average lease term (in years)		5.14		6.30
Weighted-average discount rate	6.16		6.36

Maturities of operating lease liabilities were as follows:

	Year Ended December 31, 2020
2021	$	12
2022		10
2023		7
2024		5
2025		4
Thereafter		8
Total lease payments		46
Less imputed interest		(7	)
	$	39

Financial Instruments and Fair Value Measures

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Instruments and Fair Value Measures

Note 18. Financial Instruments and Fair Value Measures

Credit and Market Risk—We continually monitor the creditworthiness of our customers to which we grant credit terms in the normal course of business. The terms and conditions of our credit sales are designed to mitigate or eliminate concentrations of credit risk with any single customer.

Foreign Currency Risk Management—We are exposed to market risks from changes in currency exchange rates. These exposures may impact future earnings and/or operating cash flows. Our exposure to market risk for changes in foreign currency exchange rates arises from international financing activities between subsidiaries, foreign currency denominated monetary assets and liabilities and transactions arising from international trade.

We hedge currency exposures with natural offsets to the fullest extent possible and, once these opportunities have been exhausted, through foreign currency exchange forward contracts (foreign currency exchange contracts). We hedge monetary assets and liabilities denominated in non-functional currencies. Prior to conversion into U.S. dollars, these assets and liabilities are remeasured at spot exchange rates in effect on the balance sheet date. The effects of changes in spot rates are recognized in earnings and included in Non-operating (income) expense.

At December 31, 2020 and December 31, 2019, we had contracts with aggregate gross notional amounts of $19 million and $1,820 million, respectively, to limit interest rate risk and to exchange foreign currencies, principally the U.S. Dollar, Swiss Franc, British Pound, Euro, Chinese Yuan, Japanese Yen, Mexican Peso, New Romanian Leu, Czech Koruna, Australian Dollar and Korean Won.

As a result of the Chapter 11 Cases, the Company has been limited in its ability to enter into hedging transactions. The Company has obtained Bankruptcy Court authorization for continuing hedging activities in the ordinary course of business, however, counterparties have either been unwilling to enter into hedging transactions with the Company during the Chapter 11 Cases or have required the Company to fully cash collateralize its obligations under the relevant hedging instrument, which has effectively reduced the Company’s ability to hedge foreign currency exposures beyond those relating to trade payables and receivables.

Fair Value of Financial Instruments—The FASB’s accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2020 and December 31, 2019:

					Fair Value
	Notional Amounts				Assets					Liabilities
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019			December 31, 2020		December 31, 2019
Designated forward currency exchange contracts		—	$	392		—	$	5	^(a)		—	$	1	^(b)
Undesignated instruments:
Undesignated cross-currency swap		—		420		—		—	^(c)		—		1
Undesignated interest rate swap		—		561		—		—			—		1	^(d)
Undesignated forward currency exchange contracts		19		447		—		2	^(a)		—		3	^(b)
Total undesignated instruments		19		1,428		—		2			—		5
Total designated and undesignated instruments	$	19	$	1,820	$	—	$	7		$	—	$	6

(a)

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

(b)

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

(c)

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

(d)

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

On June 7, 2019, the Company entered into interest rate swap contracts to limit its exposure to interest rate risk by converting the interest payments on variable rate debt to fixed rate payments. These interest rate swaps have not been designated as hedging instruments for accounting purposes.

The Company initiated a cash flow hedging program in the first quarter of 2019 and has since then entered into forward currency exchange contracts to mitigate exposure to foreign currency exchange rate volatility and the associated impact on earnings related to forecasted foreign currency commitments. These forward currency exchange contracts are assessed as highly effective and are designated as cash flow hedges. Gains and losses on derivatives qualifying as cash flow hedges are recorded in Accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings.

On September 27, 2018, the Company entered into a floating-floating cross-currency swap contract to hedge the foreign currency exposure from foreign currency-denominated debt which will mature on September 27, 2025. The gain or loss on this derivative instrument is recognized in earnings and included in Non-operating (income). For the year ended December 31, 2020, losses recorded in Non-operating expense (income), under the cross-currency swap contract were $20 million. For the year ended December 31, 2019, gains recorded in Non-operating expense (income), under the cross-currency swap contract were $1 million.

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.

Following our voluntary filing for Chapter 11 protection, and as noted in the table above, the majority of our foreign exchange, interest rate swap, and cross-currency swap contracts were terminated at or prior to September 30, 2020. All outstanding amounts as of December 31, 2020 are classified as Other Liabilities and are fully secured and payable upon Emergence. 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:

	December 31, 2020
	Carrying Value		Fair Value
Liabilities not subject to compromise:
Terms Loans A and B	$	1,082	$	1,083
DIP Financing	$	200	$	200
Liabilities subject to compromise:
Senior Notes	$	429	$	429

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.

Other Liabilities

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Other Liabilities

Note 19. Other Liabilities

Due to the Chapter 11 filing, Other Liabilities that existed as of December 31, 2020 and were deemed pre-petition, unsecured were reclassified as Liabilities subject to compromise, refer to Note 2, Reorganization and Chapter 11 Proceedings.

	Years Ended December 31,
	2020		2019
Pension and other employee related	$	14	$	94
Advanced discounts from suppliers		11		46
Income taxes		45		79
Long-term lease liability (Note 17)		15		28
Undesignated cross-currency and interest rate swaps (Note 18)		22		2
Other		7		25
	$	114	$	274

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 20. Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) are provided in the tables below:

	Pre-Tax			Tax			After-Tax
Year Ended December 31, 2018
Foreign exchange translation adjustment	$	(198	)	$	—		$	(198	)
Pension adjustments		(2	)		—			(2	)
Changes in fair value of effective cash flow hedges		37			(2	)		35
	$	(163	)	$	(2	)	$	(165	)
Year Ended December 31, 2019
Foreign exchange translation adjustment	$	59		$	8		$	67
Pension adjustments		(18	)		4			(14	)
Changes in fair value of effective cash flow hedges		2			2			4
	$	43		$	14		$	57
Year Ended December 31, 2020
Foreign exchange translation adjustment	$	(212	)	$	(22	)	$	(234	)
Pension adjustments		(17	)		(1	)		(18	)
Changes in fair value of effective cash flow hedges		(8	)		1			(7	)
	$	(237	)	$	(22	)	$	(259	)

Changes in Accumulated Other Comprehensive Income (Loss) by Component

										Total
	Foreign			Changes in Fair						Accumulated
	Exchange			Value of						Other
	Translation			Effective Cash			Pension			Comprehensive
	Adjustment			Flow Hedges			Adjustments			Income (Loss)
Balance at December 31, 2018	$	86		$	0		$	(13	)	$	73
Other comprehensive income (loss) before reclassifications		67			27			(27	)		67
Amounts reclassified from accumulated other comprehensive income		—			(23	)		13			(10	)
Net current period other comprehensive income (loss)		67			4			(14	)		57
Balance at December 31, 2019	$	153		$	4		$	(27	)	$	130
Other comprehensive income (loss) before reclassifications		(234	)		(3	)		(29	)		(266	)
Amounts reclassified from accumulated other comprehensive income		—			(4	)		11			7
Net current period other comprehensive income (loss)		(234	)		(7	)		(18	)		(259	)
Balance at December 31, 2020	$	(81	)	$	(3	)	$	(45	)	$	(129	)

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Year ended December 31, 2020
Affected Line in the Consolidated and Combined Statement of Operations
						Selling,
			Cost of			General and
	Net		Goods			Administrative		Non-Operating (Income)
	Sales		Sold			Expenses		Expense		Total
Amortization of Pension and Other Postretirement Items:
Actuarial losses recognized	$	—	$	—		$	—	$	13	$	13
Losses (gains) on cash flow hedges		—		(4	)		—		—		(4	)
Tax expense (benefit)		—		—			—		—		(2	)
Total reclassifications for the period, net of tax										$	7

Year ended December 31, 2019
Affected Line in the Consolidated and Combined Statement of Operations
						Selling,
			Cost of			General and
	Net		Goods			Administrative		Non-Operating (Income)
	Sales		Sold			Expenses		Expense		Total
Amortization of Pension and Other Postretirement Items:
Actuarial losses recognized	$	—	$	—		$	—	$	13	$	13
Losses (gains) on cash flow hedges		—		(25	)		—		—		(25	)
Tax expense (benefit)											2
Total reclassifications for the period, net of tax										$	(10	)

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 21. Stock-Based Compensation

On September 14, 2018, our Board adopted, and Honeywell, as our sole stockholder, approved, the 2018 Stock Incentive Plan of Garrett Motion Inc. and its Affiliates (the “Stock Incentive Plan”) and the 2018 Stock Plan for Non-Employee Directors (the “Director Equity Plan”). The Stock Incentive Plan provides for the grant of stock options, stock appreciation rights, performance awards, restricted stock units, restricted stock, other stock-based awards, and cash-based awards to employees of Garrett or its affiliates, and independent contractors or consultants of Garrett. The maximum aggregate number of shares of our common stock that may be issued under the Stock Incentive Plan is 10,000,000 shares and, for the Director Equity Plan, 400,000 shares. Up to 5,000,000 shares may be granted as incentive stock options under the Stock Incentive Plan.

As of December 31, 2020, there were 5,641,452 and 344,860 shares of our common stock available for future issuance under the Stock Incentive Plan and Director Equity Plan, respectively.

Restricted Stock Units —Restricted stock unit (“RSU”) awards are issued to certain key employees and directors at fair market value at the date of grant. RSUs typically vest over a period of three or four years, and when vested, each unit entitles the holder to one share of our common stock.

The following table summarizes information about RSU activity related to our Stock Incentive Plan and Director Equity Plan for each of the periods presented:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2018		3,369,622		$	10.12
Granted		629,037			15.36
Vested		(967,518	)		5.26
Forfeited		(236,501	)		14.47
Non-vested at December 31, 2019		2,794,640		$	12.62
Granted		878,904			6.70
Vested		(1,185,121	)		7.83
Forfeited		(949,454	)		8.11
Non-vested at December 31, 2020		1,538,969			13.11

As of December 31, 2020, there was approximately $9 million of total unrecognized compensation cost related to unvested RSUs granted under our Stock Incentive Plan, which is expected to be recognized over a weighted-average period of 1.5 years.

The following table summarizes the impact to the Consolidated and Combined Statement of Operations from RSUs:

	Years Ended December 31,
	2020		2019		2018
Compensation expense	$	9	$	15	$	5
Future income tax benefit recognized		3		—		1

Stock Options — The exercise price, term and other conditions applicable to each option granted under our stock incentive plans are generally determined by the Compensation Committee of the Board. The exercise price of stock options is set on the grant date and may not be less than the fair market value per share of our stock on that date. The fair value is recognized as an expense over the employee’s requisite service period (generally the vesting period of the award). Options generally vest over a period four years and expire after ten years.

The following table summarizes the impact to the Consolidated and Combined Statement of Operations from stock options. There were no stock options granted prior to 2019.

	Years Ended December 31,
	2020		2019
Compensation expense	$	1	$	1
Future income tax benefit recognized		—		—

The fair value related to stock options granted was determined using Black-Scholes option pricing model and the weighted average assumptions are shown in the table below:

Key Black-Scholes Assumptions	Year Ended December 31, 2020
Risk-free interest rate	2.6%
Expected term (years)		6.25
Volatility	42.08%
Dividend yield	0.0%
Fair value per stock option		7.28

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. Volatility is determined based on the historical volatility of peer companies over a period corresponding to the expected term. Expected term is determined using a simplified approach, calculated as the midpoint between the vesting period and the contractual term of the award. The risk-free interest rate is determined based upon the yield of an outstanding U.S. Treasury note with a term equal to the expected term of the option granted.

The following table summarizes information about stock option activity related to the Stock Incentive Plan for each of the periods presented:

	Number of Stock Options			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2018		—		$	—		—		—
Granted		483,408			16.17
Exercised		—			—
Forfeited		(34,375	)		16.17
Expired		—			—
Outstanding as of December 31, 2019		449,033			16.17		9.26		—
Granted		—			—
Exercised		—			—
Forfeited		(37,482	)		16.17
Expired		(8,034	)		16.17
Outstanding as of December 31, 2020		403,517			16.17		8.26		—
Exercisable as of December 31, 2020		102,420			—		—		—

There were no stock options granted in 2020. No options were exercised during the year ended December 31, 2020. As of December 31, 2020, there was no intrinsic value for the outstanding and exercisable shares under options.

As of December 31, 2020, there was $2 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of approximately 2.2 years.

Performance Stock Units — The Company has issued PSUs under its 2019 and 2020 long term incentive plans which, upon vesting, entitles the holder to shares of our common stock. The actual number of shares an employee receives for each PSU depends on the Company’s performance against various measures. For the 2019 plan, the performance measures are related to organic revenue growth, adjusted EBITDA and leveraged cash flows, weighted 20%, 40%, and 40%, respectively, over a three-year performance period from January 1, 2019 through December 31, 2021. For the 2020 plan, the performance measures are related to relative organic revenue growth, adjusted free cash flow conversion, and relative total shareholder return (“TSR”), weighted 30%, 30%, and 40%, respectively, over a three-year performance period from January 1, 2020 through December 31, 2022. In addition, for certain key employees, the PSUs granted under the 2020 plan were subject to an absolute TSR modifier. Each grantee is granted a target level of PSUs and may earn between 0% and 200% (250% for employees whose PSUs were subject to an absolute TSR modifier) of the target level depending on the Company’s performance against the financial goals. The PSUs granted under the 2020 plan were forfeited as a condition to the receipt of the continuity awards, as explained below.

The following table summarizes information about PSU activity related to the Stock Incentive Plan for each of the periods presented:

	Number of Performance Stock Units			Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2018		—		$	—
Granted		379,090			16.17
Vested		—			—
Forfeited		(47,769	)		16.17
Non-vested at December 31, 2019		331,321		$	16.17
Granted		1,021,069			8.36
Vested		—			—
Forfeited		(1,038,279	)		8.48
Non-vested at December 31, 2020		314,111			16.17

The fair value of the PSUs is based on the fair market value of the Company’s stock at the grant date. The number of underlying shares to be issued will be based on actual performance achievement over the performance period. The per unit weighted average fair value at the date of grant for PSUs granted during the year ended December 31, 2020 was $8.36. The fair value of each PSU grant is amortized monthly into compensation expense on a graded vesting (accelerated) basis over a vesting period of 36 months. The accrual of compensation costs is based on our estimate of the final expected value of the award and is adjusted as required for the performance-based condition. The Company estimates forfeitures at time of issuance, which results in a reduction in compensation expense. As the payout of PSUs includes dividend equivalents, no separate dividend yield assumption is required in calculating the fair value of the PSUs. The Company currently does not pay dividends.

As of December 31, 2020, there was approximately $1 million of total unrecognized compensation cost related to non-vested PSUs granted under the Stock Incentive Plan which is expected to be recognized over a weighted-average period of 1 year.

The following table summarizes the impact to the Consolidated and Combined Statement of Operations from PSUs. There were no PSUs granted prior to 2019.

	Years Ended December 31,
	2020		2019
Compensation expense	$	—	$	2
Future income tax benefit recognized		—		—

Continuity Awards— In June 2020, in response to the unprecedented and ongoing market uncertainty resulting from the COVID-19 pandemic and in connection with the Board’s evaluation of strategic alternatives for the Company, the Compensation Committee approved one-time cash continuity awards (“Continuity Awards”) to ensure retention of key individuals in exchange for the forfeiture of RSUs and PSUs granted in February 2020. The Continuity Awards total $11 million, with $9 million paid in June 2020 and $2 million expected to be paid in 2021. The Continuity Awards are subject to repayment if prior to June 2021, the recipient has a qualifying termination of employment. Given the Continuity Awards have a 1-year service requirement, the combined transaction is accounted for as a modification to liability-classified awards. The total incremental compensation cost resulting from the modification is $5 million. As of December 31, 2020, there was $5 million of unrecognized compensation cost related to the Continuity Awards that is expected to be recognized over a weighted-average period of approximately 0.5 years.

The following table summarizes information about Continuity Award activity for the year ended December 31, 2020:

	Number of Awards		Weighted Average Grant Date Fair Value Per Award
Non-vested at December 31, 2019		—	$	—
Granted		43		257,536
Vested		—		—
Forfeited		—		—
Non-vested at December 31, 2020		43	$	257,536

The following table summarizes the impact to the Consolidated and Combined Statement of Operations from Continuity Awards for the year ended December 31, 2020.

	Year Ended December 31, 2020
Compensation expense	$	7
Future income tax benefit recognized		1

Stock Based Awards Granted by Honeywell—For periods prior to the Spin-Off, Honeywell maintained stock-based compensation plans for the benefit of its officers, directors and employees. Under the Former Parent´s stock-based compensation plans, Honeywell awarded RSUs, stock options and PSUs to certain employees. Stock-based compensation expense related to awards granted by Honeywell recognized in the Consolidated and Combined Statements of Operations amounted to $16 million for the year ended December 31, 2018 of which approximately $10 million are specifically identified for employees within the Business and $6 million is related to shared employees not specifically identifiable to the Business. These amounts represent stock-based compensation expenses attributable to the Business based on the awards and terms previously granted under the incentive compensation plans to employees within the Business and an allocation of Former Parent’s corporate and shared functional employee stock based compensation expenses. Accordingly, the amounts presented are not necessarily indicative of current and future awards and do not necessarily reflect the results that the Business would have experienced as an independent company for the periods presented.

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 22. Earnings Per Share

On October 1, 2018, the date of consummation of the Spin-Off, 74,070,852 shares of the Company’s common stock were distributed to Honeywell stockholders of record as of September 18, 2018 who held their shares through the Distribution Date. Basic and Diluted EPS for all historical periods prior to the Spin-Off reflect the number of distributed shares, or 74,070,852 shares. For 2018, these shares are treated as issued and outstanding from January 1, 2018 to the Spin-Off for purposes of calculating basic earnings per share.

The details of the earnings per share calculations for the years ended December 31, 2020, 2019 and 2018 are as follows:

	Years Ended December 31,
	2020		2019		2018
Basic
Net Income	$	80	$	313	$	1,206
Weighted average common shares outstanding		75,543,461		74,602,868		74,059,240
EPS – Basic	$	1.06	$	4.20	$	16.28

	Years Ended December 31,
	2020		2019		2018
Diluted
Net Income	$	80	$	313	$	1,206
Weighted average common shares outstanding – Basic		75,543,461		74,602,868		74,059,240
Dilutive effect of unvested RSUs		557,048		1,331,505		342,908
Weighted average common shares outstanding – Diluted		76,100,509		75,934,373		74,402,148
EPS – Diluted	$	1.05	$	4.12	$	16.21

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

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 years ended December 31, 2020 and December 31, 2019, the weighted number of stock options excluded from the computations was 428,690 and 483,408, respectively. These stock options were outstanding for the years ended December 31, 2020 and December 31, 2019, respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 23. 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 filed by the Debtors, if confirmed by the Bankruptcy Court, 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, the PSA, the ECBA, the Transaction 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 Honeywell 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 Honeywell 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 Honeywell Indemnity Agreement will not be deductible for U.S. federal income tax purposes. The Honeywell 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 Honeywell Indemnity Agreement. Honeywell and Garrett agreed to defer the payment under the Honeywell Indemnity Agreement due May 1, 2020 to December 31, 2020 (the “Q2 Payment”), however we do not expect Garrett ASASCO to make payments to Honeywell under the Honeywell Indemnity Agreement during the pendency of the Chapter 11 Cases. The Plan, if confirmed by the Bankruptcy Court, will include a global settlement with Honeywell providing for, among other things, the full and final satisfaction, settlement, release, and discharge of all liabilities under or related to the Indemnity Agreements.

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 Honeywell Indemnity Agreement. The Company is seeking declaratory relief; compensatory damages in an amount to be determined at trial; rescission of the Honeywell 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 Honeywell 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.”. 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. A pre-trial conference took place on October 22, 2020. The Court heard argument on Honeywell’s pending motion to dismiss on November 18, 2020; the Court has not yet issued a decision. On November 2, 2020, the Garrett entities that are Debtors and Debtors in Possession filed a Motion Pursuant to Sections 105(a) and 502(c) To Establish Procedures For Estimating The Maximum Amount Of Honeywell’s Claims And Related Relief (“Motion”). The Court heard argument on the Motion on November 18. The Court ordered an estimation proceeding to take place to estimate all of Honeywell’s claims against the Garrett entities that are Debtors and Debtors in Possession.

On December 18, 2020, Honeywell filed proofs of claim in the Chapter 11 Cases, asserting that the Company owes at least $1.9 billion in respect of such claims. The Bankruptcy Court was scheduled to estimate the amount of Honeywell’s claims in an estimation proceeding that was scheduled to commence on February 1, 2021. As noted below, the estimation proceeding has been stayed by order of the Bankruptcy Court.

On January 11, 2021, the Company announced that it had agreed to settle Honeywell’s claims as part of a revised Plan. The Plan is subject to various conditions, including approval by the Bankruptcy Court.

Under the Plan, Honeywell would receive a $375 million payment and Series B Preferred Stock payable in installments of $35 million in 2022, and $100 million annually 2023-2030. The Company would have the option to prepay the Series B Preferred Stock in full at any time at a call price equivalent to $584 million as of the Emergence date (representing the present value of the installments at a 7.25% discount rate). The Company will also have the option to make a partial payment of the Series B Preferred Stock, reducing the present value to $400 million, at any time within 18 months of Emergence.

On January 15, 2021, the Bankruptcy Court ordered that the Action and the estimation proceeding both be stayed pending the Bankruptcy Court’s consideration of the Plan. The confirmation hearing for the Plan is currently scheduled to take place in April 2021, however the hearing may be rescheduled for a later date.

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. Additionally, the Tax Matters Agreement provides that Garrett ASASCO is to make payments to a subsidiary of Honeywell for a portion of Honeywell’s net tax liability under Section 965(h)(6)(A) of the Internal Revenue Code for mandatory transition taxes that Honeywell determined is attributable to us (the “MTT Claim”). Following the Spin-Off, Honeywell asserted that Garrett ASASCO was obligated to pay $240 million to Honeywell for the MTT Claim under the Tax Matters Agreement. Accordingly, and in connection with the Tax Matters Agreement, we made payments to Honeywell, under protest, for the Euro-equivalent of $18 million and $19 million during 2019 and the fourth quarter of 2018, respectively, for the MTT Claim. On October 30, 2020, however, Honeywell filed an SEC Form 10-Q for the quarterly period ended September 30, 2020, reporting that its claim against us under the Tax Matters Agreement, including the MTT Claim, is now $273 million. 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 was initially deferred to December 31, 2020 in agreement with Honeywell, and subsequently not paid as a result of the automatic stay applicable to the Debtors under the Bankruptcy Code as a result of the Chapter 11 Cases. We do not expect Garrett ASASCO to make payments to Honeywell under the Tax Matters Agreement during the pendency of the Chapter 11 Cases. 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. The value and validity of Honeywell’s claims under the Tax Matters Agreement, including the MTT Claim, are currently being litigated in the Chapter 11 Cases. As described above, the Plan, if confirmed by the Bankruptcy Court, will include a global settlement with Honeywell providing for, among other things, the full and final satisfaction, settlement, release, and discharge of all liabilities under or related to the Tax Matters Agreement.

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.

The Obligation payable to Honeywell related to these agreements was deemed a pre-petition, unsecured liability subject to compromise. On the Petition Date, the Obligation was stayed from further payment and, in accordance with ASC 852-10, measured at the expected allowed claim amount. The Company measured the expected allowed claim as of December 31, 2020 utilizing a combination of data points including: (1) the historical actuarial claims data provided by Honeywell up to December 31, 2019 (2) the aforementioned Honeywell claims estimation trial proceedings, (3) Honeywell’s bankruptcy claim filed with the Bankruptcy Court, and (4) the expected settlement of the Honeywell liabilities as per the Plan of Reorganization. The following table summarizes our Obligation payable to Honeywell related to these agreements. As of December 31, 2020, all amounts have been reclassified to Liabilities subject to compromise on the Consolidated Balance Sheets:

	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		100			25		125
End of year	$	1,196		$	286	$	1,482
Current		2			40		42
Non-current		1,194			246		1,440
Total	$	1,196		$	286	$	1,482

	2019
	Asbestos and environmental			Tax Matters			Total
Beginning of year	$	1,244		$	282		$	1,526
Accrual for update to estimated liability		(18	)		3			(15	)
Legal fees expensed		44			—			44
Payments to Honeywell		(153	)		(18	)		(171	)
Currency translation adjustment		(27	)		(6	)		(33	)
End of year	$	1,090		$	261		$	1,351
Current		51			18			69
Non-current		1,039			243			1,282
Total	$	1,090		$	261		$	1,351

Asbestos Matters

The accounting for the majority of our asbestos-related liability payments and accounts payable reflect the terms of the Honeywell 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 Honeywell 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. As stated above, on January 11, 2021, the Company announced that it had agreed to settle Honeywell’s claims as part of a revised Plan. This settlement would extinguish our obligations to Honeywell under the Honeywell Indemnity Agreement. The Plan is subject to various conditions, including approval by the Bankruptcy Court.

The following table summarizes information concerning both Bendix and other asbestos-related balances. Other represents asbestos liabilities related to claimants outside the United States.

Asbestos-Related Liabilities

	Year ended December 31, 2020						Year ended December 31, 2019								Year ended December 31, 2018
	Bendix		Other		Total		Bendix		Other			Total			Bendix			Other			Total
Beginning of year	$	—	$	—	$	-	$	—	$	1		$	1		$	1,703		$	9		$	1,712
Accrual for update to estimated liabilities		—		—		—		—		—			—			141			—			141
Change in estimated cost of future claims		—		—		—		—		—			—			—			—			—
Update of expected resolution values for pending claims		—		—		—		—		—			—			—			—			—
Asbestos-related liability payments		—		—		—		—		—			—			(151	)		(4	)		(155	)
Spin-Off related adjustments		—		—		—		—		—			—			(1,693	)		(4	)		(1,697	)
Balance Sheet Reclassification		—		—		—		—		(1	)		(1	)		—			—			—
End of year	$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	1		$	1

Insurance Recoveries for Asbestos-Related Liabilities

	2020		2019		2018
	Bendix		Bendix		Bendix
Beginning of year	$	—	$	—	$	191
Probable insurance recoveries related to estimated liability		—		—		10
Insurance receipts for asbestos-related liabilities		—		—		(24	)
Insurance receivables settlements and write-offs		—		—		1
Other		—		—		—
Spin-Off related adjustments		—		—		(178	)
	$	—	$	—	$	—

There are no asbestos related liabilities recorded as of December 31, 2020 and 2019.

Securities Litigation

On September 25, 2020, a putative securities class action complaint was filed against Garrett Motion Inc. and certain current and former Garrett officers and directors, in the United States District Court for the Southern District of New York. The case bears the caption: Steven Husson, Individually and On Behalf of All Others Similarly Situated, v. Garrett Motion Inc., Olivier Rabiller, Alessandro Gili, Peter Bracke, Sean Deason, and Su Ping Lu, Case No. 1:20-cv-07992-JPC (SDNY) (the “Husson Action”). The Husson Action 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. in light of the Company’s bankruptcy; this request was granted.

On October 5, 2020, another putative securities class action complaint was filed against certain current and former Garrett officers and directors, in the United States District Court for the Southern District of New York. This case bears the caption: The Gabelli Asset Fund, The Gabelli Dividend & Income Trust, The Gabelli Value 25 Fund Inc., The Gabelli Equity Trust Inc., SM Investors LP and SM Investors II LP, on behalf of themselves and all others similarly situated, v. Su Ping Lu, Olivier Rabiller, Alessandro Gili, Peter Bracke, Sean Deason, Craig Balis, Thierry Mabru,

Russell James, Carlos M. Cardoso, Maura J. Clark, Courtney M. Enghauser, Susan L. Main, Carsten Reinhardt, and Scott A. Tozier, Case No. 1:20-cv-08296-JPC (SDNY) (the “Gabelli Action”). The Gabelli Action also asserts claims under Sections 10(b) and 20(a) of the Exchange Act.

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

All three actions are currently assigned to Judge John P. Cronan. Su Ping Lu filed a waiver of service in the Gabelli Action on November 10, 2020. On November 24, 2020, competing motions were filed seeking the appointment of lead plaintiff and lead counsel and the consolidation of the Husson, Gabelli, and Froehlich Actions.

On December 8, 2020, counsel for the plaintiffs in the Gabelli Action – the Entwistle & Cappucci law firm – filed an unopposed stipulation and proposed order that would (1) appoint the plaintiffs in the Gabelli Action – the “Gabelli Entities” – the lead plaintiffs; (2) would appoint Entwistle & Cappucci as lead counsel for the plaintiff class; (3) consolidate the Gabelli Action, the Husson Action, and the Froehlich Action; (4) set a date by which lead plaintiff would file a consolidated amended complaint by February 25, 2021; and (5) set a date by which defendants shall respond to a consolidated amended complaint of April 26, 2021. On January 21, 2021, the district court issued an order consolidating the three actions as In re Garrett Motion Inc. Securities Litigation, Case Number 20 Civ. 7992 (JPC), and appointing the Gabelli entities as the lead plaintiffs.

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

The Bankruptcy Court has set a bar date of March 1, 2021 for, among others, current and former shareholders to file securities-related claims against the Company. We are not yet able to assess the likelihood that any such claims will be allowed. To the extent allowed, each holder of such claims shall be entitled to receive, (x) its pro rata share of the aggregate cash payments received or recoverable from any insurance policies of the Company on account of any such allowed claims and (y) solely to the extent that such payments are less than the amount of its allowed claim, such treatment that is consistent with section 1129 of the Bankruptcy Code and otherwise acceptable to the Debtors and the parties to the PSA in accordance with the PSA.

Make-Whole Litigation

On November 13, 2020, certain of the Debtors (the “Plaintiffs”) filed a complaint in the Bankruptcy Court against the indenture trustee (the “Indenture Trustee”) of the 5.125% senior notes due 2026 (the “Senior Notes”) seeking declaratory judgment on two claims for relief that the Debtors do not owe, and the holders of the Senior Notes (the “Noteholders”) are not entitled to, any make-whole premium under the Indenture (the “Make-Whole” and such litigation, the “Make-Whole Litigation”). Certain Noteholders have contended in these Chapter 11 Cases that the Noteholders are entitled to payment of the Make-Whole under the terms of the Indenture, which provide for the payment of the Make-Whole if the Debtors exercise their right to redeem the Senior Notes prior to maturity, as a result of the Debtors’ commencement of their Chapter 11 Cases. The Plaintiffs believe that the Noteholders are not entitled to any Make-Whole because the Debtors have not exercised their right of redemption as contemplated by the Indenture and, in the alternative, the Make-Whole should be disallowed as unmatured interest pursuant to Section 502(b)(2) of the Bankruptcy Code. On January 8, 2021, the Indenture Trustee filed an answer to the Debtors’ complaint. Pursuant to the Plan, the Make Whole is an allowed claim in the amount of $15 million. As the Plan has not been approved by the Bankruptcy Court, the Make Whole was not recorded as of December 31, 2020. Pursuant to the PSA, the Debtors have agreed to suspend all litigation activities related to and to stay the Make-Whole Litigation through Emergence and to dismiss with prejudice such proceedings upon Emergence.

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 December 31, 2020 was $29 million including penalties and interest. The Company appealed the infraction notice on October 23, 2020. The Company believes, based on management’s assessment and the advice of external legal counsel, that it has meritorious arguments in connection with the infraction notice and any liability for the infraction notice is currently not probable. Accordingly, no accrual is required at this time.

Warranties and Guarantees

In the normal course of business, we issue product warranties and product performance guarantees. We accrue for the estimated cost of product warranties and performance guarantees based on contract terms and historical experience at the time of sale to the customer. Adjustments to initial obligations for warranties and guarantees are made as changes to the obligations become reasonably estimable. Product warranties and product performance guarantees are included in Accrued liabilities. As noted in Note 2, Reorganization, the Debtors have been granted certain First Day Orders that allow the Company to continue to operate as a debtor-in-possession and continue to perform on these warranty and guarantee obligations in the ordinary course of business. The following table summarizes information concerning our recorded obligations for product warranties and product performance guarantees.

	Years Ended December 31,
	2020			2019			2018
Beginning of year	$	29		$	32		$	28
Accruals for warranties/guarantees issued during the year		19			31			33
Settlement of warranty/guarantee claims		(17	)		(34	)		(29	)
Less: Amounts reclassified to Liabilities subject to compromise		(16	)		—			—
	$	15		$	29		$	32

Defined Benefit Pension Plans

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Defined Benefit Pension Plans

Note 24. Defined Benefit Pension Plans

We sponsor several funded U.S. and non-U.S. defined benefit pension plans. Pension benefits for many of our U.S. employees are provided through a non-contributory, qualified defined benefit plan. All non-union hourly and salaried employees that joined the Business or Garrett for the first time after December 31, 2012, are not eligible to participate in our U.S. defined benefit pension plans. We also sponsor defined benefit pension plans which cover non-U.S. employees who are not U.S. citizens, in Switzerland and Ireland. Other pension plans outside of the U.S. are not material to the Company either individually or in the aggregate.

For periods prior to the Spin-Off, we only accounted for our pension plan in Ireland as a defined benefit pension plan. Our other pension plans were accounted for as multiemployer plans.

On October 1, 2018, in connection with the Spin-Off, we performed an interim remeasurement of our defined benefit pension plan in Ireland to update the discount rate as of the date immediately prior to the Spin-Off.

The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with our significant pension plans.

	Pension Benefits
	U.S. Plans			U.S. Plans			Non-U.S. Plans			Non-U.S. Plans
	2020			2019			2020			2019
Change in benefit obligation:
Benefit obligation at beginning of the year	$	206		$	178		$	226		$	172
Service cost		1			1			9			6
Interest cost		6			7			2			2
Plan amendments		—			—			(10	)		1
Actuarial (gains) losses⁽¹⁾		17			29			18			37
Benefits paid		(10	)		(9	)		(3	)		(6	)
Settlements and curtailments⁽²⁾		—			—			(10	)		—
Foreign currency translation		—			—			22			—
Transfers		—			—			2			10
Other		—			—			3			4
Benefit obligation at end of the year		220			206			259			226
Change in plan assets:
Fair value of plan assets at beginning of the year		204			177			150			123
Actual return on plan assets		25			36			8			14
Employer contributions		—			—			7			6
Benefits paid		(10	)		(9	)		(3	)		(6	)
Settlements and curtailments⁽²⁾		—			—			(10	)		—
Foreign currency translation		—			—			15			—
Transfers		—			—			2			10
Other		—			—			3			3
Fair value of plan assets at end of year		219			204			172			150
Funded status of plans	$	(1	)	$	(2	)	$	(87	)	$	(76	)
Amounts recognized in Consolidated Balance Sheet consist of:
Accrued pension liabilities - noncurrent⁽³⁾		—			(2	)		—			(76	)
Liabilities subject to compromise⁽⁴⁾		(1	)		—			(87	)		—
Net amount recognized	$	(1	)	$	(2	)	$	(87	)	$	(76	)

(1)

The actuarial loss on the U.S. plans during 2020 was $17 million, driven by lower discount rates. For the non-US plans, the 2020 actuarial loss amounted to $18 million. The decrease of discount rates led to an assumption loss of $19 million in Ireland and $4 million in Switzerland. The increased salary assumption in Ireland caused an additional loss of about $1 million. This financial loss was partially offset by the $6 million experience gain on the projected benefit obligation in Switzerland, mainly attributable to the larger than expected asset outflow related to employees leaving Garrett and taking along their pension fund account balances.

(2)

In Switzerland the total lump sum benefit payments of $10 million were greater than the service cost and interest cost for year ended December 31, 2020, therefore settlement accounting was applied. Following the settlement accounting, part of the previously unrecognized loss, approximately $1 million was recognized as pension settlement expense.

(3)	Included in Other liabilities in the Consolidated Balance Sheet

(4)	Included in Liabilities subject to compromise in the Consolidated Balance Sheet

Amounts recognized in Accumulated other comprehensive (income) loss associated with our significant pension and other postretirement benefit plans at December 31, 2020 and December 31, 2019 are as follows:

	Pension Benefits
	U.S. Plans			U.S. Plans			Non-U.S. Plans			Non-U.S. Plans
	2020			2019			2020			2019
Prior service (credit)	$	(1	)	$	(2	)	$	(9	)	$	1
Net actuarial loss		9			6			24			21
Net amount recognized	$	8		$	4		$	15		$	22

The components of net periodic benefit (income) cost and other amounts recognized in Other comprehensive (income) loss for our significant pension and other postretirement benefit plans include the following components:

	Pension Benefits
	U.S. Plans						Non-U.S. Plans
Net Periodic Benefit Cost	2020			2019			2020			2019			2018⁽¹⁾
Service cost	$	1		$	1		$	9		$	6		$	4
Interest cost		6			7			2			2			2
Expected return on plan assets		(11	)		(10	)		(6	)		(4	)		(3	)
Recognition of actuarial losses		—			—			13			13			3
Settlements and curtailments⁽²⁾		—			—			1			—			—
Net periodic benefit (income) cost	$	(4	)	$	(2	)	$	19		$	17		$	6

(1)	For the periods prior to the Spin-Off, only the pension plan in Ireland is reflected as a non-U.S. defined benefit pension plan as all other pension plans were accounted for as multiemployer plans. Following the Spin-Off, the defined benefit pension plan in Switzerland is also reflected.

(2)

Other Changes in Plan Assets and Benefits Obligations Recognized in	U.S. Plans					Non-U.S. Plans
Other Comprehensive (Income) Loss	2020			2019		2020			2019			2018⁽¹⁾
Actuarial (gains) losses	$	3		$	2	$	15		$	27		$	(4	)
Prior service (credit)		—			—		(10	)		1			1
Actuarial losses recognized during year		—			—		(14	)		(13	)		(3	)
Foreign currency translation		—			—		2			1			—
Total recognized in other comprehensive (income) loss	$	3		$	2	$	(7	)	$	16		$	(6	)
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss	$	(1	)	$	—	$	12		$	33		$	—

(1)	For the periods prior to the Spin-Off, only the pension plan in Ireland is reflected as a non-U.S. defined benefit pension plan as all other pension plans were accounted for as multiemployer plans. Following the Spin-Off, the defined benefit pension plan in Switzerland is also reflected.

Major actuarial assumptions used in determining the benefit obligations and net periodic benefit (income) cost for our significant benefit plans are presented in the following table as weighted averages.

	Pension Benefits
	U.S. Plans						Non-U.S. Plans
	2020			2019			2020			2019			2018⁽¹⁾
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate		2.65	%		3.30	%		0.46	%		0.79	%		1.50	%
Expected annual rate of compensation increase		3.57	%		3.74	%		1.82	%		1.77	%		1.77	%
Interest credited to accounts ⁽²⁾		—			—			1.50	%		1.50	%		1.50	%
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate—benefit obligation		3.30	%		4.44	%		0.79	%		1.65	%		1.50	%
Discount rate—service cost		4.47	%		4.47	%		1.20	%		1.20	%		1.50	%
Discount rate—interest cost		4.06	%		4.06	%		1.74	%		1.74	%		1.50	%
Expected rate of return on plan assets		5.49	%		5.80	%		3.79	%		3.34	%		3.77	%
Expected annual rate of compensation increase		3.74	%		3.74	%		1.77	%		1.77	%		1.77	%

(1)	For the periods prior to the Spin-Off, only the pension plan in Ireland is reflected as a non-U.S. defined benefit pension plan as all other pension plans were accounted for as multiemployer plans. Following the Spin-Off, the defined benefit pension plan in Switzerland is also reflected.

(2)	Only applicable to the defined benefit pension plan in Switzerland.

The discount rate for our significant pension plans reflects the current rate at which the associated liabilities could be settled at the measurement date of December 31. To determine the discount rates, we use a modeling process that involves matching the expected cash outflows of our benefit plans to a yield curve constructed from a portfolio of high quality, fixed-income debt instruments. We use the single weighted-average yield of this hypothetical portfolio as a discount rate benchmark.

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.

For non-U.S. benefit plans, actuarial assumptions reflect economic and market factors relevant to each country.

The following amounts relate to our significant pension plans with accumulated benefit obligations exceeding the fair value of plan assets.

	December 31,
	U.S. Plans				Non-U.S. Plans
	2020		2019		2020		2019
Projected benefit obligation	$	—	$	—	$	259	$	226
Accumulated benefit obligation		—		—		239		212
Fair value of plan assets		—		—		172		150

Our asset investment strategy for our U.S. pension plan focuses on maintaining a diversified portfolio using various asset classes in order to achieve market exposure and diversification on an interim basis as we develop our long-term investment objectives on a risk adjusted basis. Once finalized, we will implement our long-term strategy. Our interim target allocations are as follows: 35% equity securities, 50% fixed income securities and cash, 10% real estate investments, and 5% high yield bonds. Equity securities include mutual funds that invest in companies located both

inside and outside the United States. Fixed income securities include exposure to medium and high quality investment grade corporate bonds, pooled consumer loans and U.S. government bonds with an average maturity of 5 - 25 years. The real estate fund invests in real estate investment trusts – companies that purchase office buildings, hotels and other real estate property. The high yield bond fund invests in a diversified portfolio of intermediate term below investment-grade debt securities. Our assets are reviewed on a daily basis to ensure that we are within the targeted asset allocation ranges and, if necessary, asset balances are adjusted back within target allocations.

Our non-U.S. pension assets are typically managed by decentralized fiduciary committees. Our non-U.S. investment policies are different for each country as local regulations, funding requirements, and financial and tax considerations are part of the funding and investment allocation process in each country.

The fair values of both our U.S. and non-U.S. pension plans assets by asset category are as follows:

	U.S. Plans
	December 31, 2020
	Total		Level 1		Level 2		Level 3
Equity funds	$	79	$	—	$	79	$	—
Short-term investments		2		—		2		—
Corporate bond funds		117		—		117		—
Real estate funds		21		—		21		—
Total assets at fair value	$	219	$	—	$	219	$	—

	U.S. Plans
	December 31, 2019
	Total		Level 1		Level 2		Level 3
Equity funds	$	74	$	—	$	74	$	—
Short-term investments		2		—		2		—
Corporate bond funds		106		—		106		—
Real estate funds		22		—		22		—
Total assets at fair value	$	204	$	—	$	204	$	—

	Non-U.S. Plans
	December 31, 2020
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	5	$	5	$	—	$	—
Equity funds		76		—		76		—
Government bond funds		35		—		35		—
Corporate bond funds		23		—		23		—
Real estate funds		20		—		20		—
Other		13		—		13		—
Total assets at fair value	$	172	$	5	$	167	$	—

	Non-U.S. Plans
	December 31, 2019
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2	$	2	$	—	$	—
Equity funds		68		—		68		—
Government bond funds		30		—		30		—
Corporate bond funds		21		—		21		—
Real estate funds		18		—		18		—
Other		11		—		11		—
Total assets at fair value	$	150	$	2	$	148	$	—

Equity funds, corporate bond funds, government bond funds, real estate funds and short-term investments are valued either by bids provided by brokers or dealers or quoted prices of securities with similar characteristics. Other

includes diversified mutual funds. These investments are valued at estimated fair value based on quarterly financial information received from the investment advisor and/or general partner.

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. In 2020, contributions of $7 million were made to our non-U.S. pension plans to satisfy regulatory funding requirements. In 2021, 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. Contributions for both our U.S. and non-U.S. pension plans do not reflect benefits paid directly from Company assets.

Benefit payments, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid as follows:

	U.S. Plans		Non-U.S. Plans
2021	$	10	$	3
2022		11		4
2023		11		4
2024		11		4
2025		11		4
2026-2030		57		24

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

China Variable Interest Entity

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

China Variable Interest Entity

Note 25. China Variable Interest Entity

On September 20, 2018 in preparation of the Spin-Off, the Company 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.

Concentrations

12 Months Ended

Dec. 31, 2020

Risks And Uncertainties [Abstract]

Concentrations

Note 26. Concentrations

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

	Year ended December 31, 2020
	OEM		Aftermarket		Other		Total
United States	$	309	$	148	$	5	$	462
Europe		1,395		122		30		1,547
Asia		928		41		26		995
Other International		11		19		—		30
	$	2,643	$	330	$	61	$	3,034

	Year ended December 31, 2019
	OEM		Aftermarket		Other		Total
United States	$	307	$	171	$	7	$	485
Europe		1,631		136		39		1,806
Asia		843		51		29		923
Other International		15		19		—		34
	$	2,796	$	377	$	75	$	3,248

	Year ended December 31, 2018
	OEM		Aftermarket		Other		Total
United States	$	338	$	175	$	5	$	518
Europe		1,686		151		54		1,891
Asia		847		50		26		923
Other International		22		21		—		43
	$	2,893	$	397	$	85	$	3,375

Customer concentration—Net sales to Garrett’s largest customer and the corresponding percentage of total net sales are as follows:

	Net sales
	Years ended December 31,
	2020		%		2019		%		2018		%
Customer A	$	301		10	$	374		12	$	455		13
Others		2,733		90		2,874		88		2,920		87
	$	3,034		100	$	3,248		100	$	3,375		100

Long-lived assets concentration—Long-lived assets by region are as follows:

	Long-lived Assets⁽¹⁾
	December 31,
	2020		2019		2018
United States	$	21	$	24	$	26
Europe		315		285		273
Asia		151		141		123
Other International		18		21		16
	$	505	$	471	$	438

(1)	Long-lived assets are comprised of property, plant and equipment–net.

Supplier concentration—The Company’s largest supplier accounted for 8%, 12% and 14% of direct materials purchases for the years ended December 31, 2020, 2019 and 2018 respectively.

Related Party Transactions with Honeywell

12 Months Ended

Dec. 31, 2020

Note 27. Related Party Transactions with Honeywell

Subsequent to Spin-Off

Following the Spin-Off, Honeywell is no longer considered a related party.

We have Obligations payable to Honeywell related to the Indemnification and Reimbursement Agreement and Tax Matters Agreement. See Note 23 Commitments and Contingencies for further details.

Prior to Spin-Off

The Consolidated and Combined Financial Statements for periods prior to the Spin-Off have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of Honeywell.

Prior to the Spin-Off, Honeywell provided certain services, such as legal, accounting, information technology, human resources and other infrastructure support, on behalf of the Business. The cost of these services has been allocated to the Business on the basis of the proportion of revenues. We consider the allocations to be a reasonable reflection of the benefits received by the Business. During the year ended December 31, 2018, Garrett was allocated $87 million of general corporate expenses incurred by Honeywell, and such amounts are included within Selling, general and administrative expenses in the Consolidated and Combined Statements of Operations. As certain expenses reflected in the Consolidated and Combined Financial Statements include allocations of corporate expenses from Honeywell, these statements could differ from those that would have been prepared had Garrett operated on a stand-alone basis.

The Company received interest income for related party notes receivables of $1 million for the year ended December 31, 2018. Additionally, the Company incurred interest expense for related party notes payable of $1 million for the year ended December 31, 2018.

Unaudited Quarterly Financial Information

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Information

Note 28. Unaudited Quarterly Financial Information

The following tables show selected unaudited quarterly results of operations for 2020 and 2019. The quarterly data have been prepared on the same basis as the audited annual financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair statement of our results of operations for these periods.

	2020
	March 31		June 30			September 30		December 31		Year Ended December 31,
Net Sales	$	745	$	477		$	804	$	1,008	$	3,034
Gross Profit		142		84			152		178		556
Net Income (Loss)		52		(9	)		11		26		80
Earnings (loss) per share - basic		0.69		(0.12	)		0.15		0.34		1.06
Earnings (loss) per share - diluted		0.68		(0.12	)		0.14		0.34		1.05

	2019
	March 31		June 30		September 30		December 31		Year Ended December 31,
Net Sales	$	835	$	802	$	781	$	830	$	3,248
Gross Profit		196		182		172		161		711
Net Income (Loss)		73		66		38		136		313
Earnings (loss) per share - basic		0.98		0.88		0.51		1.82		4.20
Earnings (loss) per share - diluted		0.97		0.86		0.50		1.79		4.12

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Chapter 11 Accounting	Chapter 11 Accounting The Company has applied ASC 852 in preparing our Consolidated and Combined 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 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 Balance Sheet at December 31, 2020. Under the Bankruptcy Code, the Debtors may 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 annual 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.
Principles of Consolidation and Combination	Principles of Consolidation and Combination— For the periods subsequent to the Spin-Off, the Consolidated and Combined Financial Statements include the accounts of Garrett Motion Inc. and all of its subsidiaries in which a controlling financial interest is maintained. We consolidate entities that we control due to ownership of a majority voting interest, and we consolidate variable interest entities (“VIEs”) when we have variable interests and are the primary beneficiary. Our consolidation policy requires equity investments that we exercise significant influence over but in which we do not have a controlling financial interest to be accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are accounted for under the cost method. All intercompany transactions and balances are eliminated in consolidation. For the periods prior to the Spin-Off, the Consolidated and Combined Financial Statements were prepared on a stand-alone basis and include our business units and wholly owned direct and indirect subsidiaries and entities in which we had a controlling financial interest.
Cash and Cash Equivalents	Cash and Cash Equivalents—Cash and cash equivalents include cash on hand and highly liquid investments having an original maturity of three months or less.
Restricted Cash	Restricted Cash—Restricted cash primarily consists of bank deposits used to pledge as collateral in order to be able to issue bank notes as payment to certain suppliers in the Asia Pacific region (refer to Note 9. Factoring and Notes Receivable) as well as provide access to a traditional supplier payable program involving certain of our suppliers and a third-party financial institution.
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.
Transfer of Financial Instruments	Transfer of Financial Instruments—Sales and transfers of financial instruments are accounted for under ASC 860, Transfers and Servicing (“ASC 860”). The Company may discount and sell accounts receivables during the normal course of business. These receivables which are transferred to a third party without recourse to the Company and that meet the criteria of sales accounting as per ASC 860, are excluded from the amounts reported in the Consolidated Balance Sheets. The cash proceeds received from such sales are included in operating cash flows. The expenses associated with the factoring of receivables are recorded within Other expense, net in the Consolidated and Combined Statements of Operations. The Company may also receive bank notes in settlement of accounts receivables, primarily in the Asia Pacific region. Such bank notes are classified as notes receivables under Accounts, notes and other receivables – net in the Consolidated Balance Sheets. The collections of such bank notes are included in operating cash flows and any expenses related to discounting these are included within Other expense, net in the Consolidated and Combined Statements of Operations. 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.
Inventories	Inventories—Inventories are stated at the lower of cost, determined on a first-in, first-out basis, including direct material costs and direct and indirect manufacturing costs, or net realizable value. Obsolete inventory is identified based on analysis of inventory for known obsolescence issues. The original equipment inventory on hand in excess of forecasted usage and lack of consumption in the previous 12 months is fully reserved, unless the value of such material is recoverable from either the vendor or the customer.
Property, Plant and Equipment	Property, Plant and Equipment—Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. For financial reporting, the straight-line method of depreciation is used over the estimated useful lives of 10 to 50 years for buildings and improvements, 2 to 16 years for machinery and equipment, 3 to 10 years for tooling equipment and 5 to 7 years for software.
Leases	Leases—For the periods beginning January 1, 2019, right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of a lease (the “commencement date”) based on the present value of lease payments over the lease term. We determine if an arrangement is a lease at inception. Operating leases are included in Other assets, Accrued liabilities, and Other liabilities in our Consolidated Balance Sheets. No finance leases have been recognized. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease where it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are expensed in the period in which they occur. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For machinery and equipment, we account for the lease and non-lease components as a single lease component. We account for short-term leases by recognizing lease payments in net income on a straight-line basis over the lease term and will not recognize any ROU assets and lease liabilities on the Consolidated Balance Sheet. For the periods prior to January 1, 2019, we accounted for leases in accordance with ASC 840, Leases (“ASC 840”). Upon commencement of the Chapter 11 Cases, certain pre-petition leases have been reclassified into liabilities subject to compromise.
Goodwill	Goodwill—Goodwill is subject to impairment testing annually, and whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. This testing compares carrying value to fair value of our single reporting unit. The Company recognizes an impairment charge for the amount by which the carrying value of the reporting unit exceeds the reporting unit´s fair value. However, any impairment should not exceed the amount of goodwill allocated to the reporting unit. Because we have a single reporting unit with a negative carrying value, no impairment was recognized.
Warranties and Guarantees	Warranties and Guarantees—Expected warranty costs for products sold are recognized based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, length of the warranty and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. For additional information, see Note 23, Commitments and Contingencies of Notes to Consolidated and Combined Financial Statements.
Sales Recognition	Sales Recognition—On January 1, 2018, we adopted the FASB´s updated guidance on revenue from contracts with customers, ASC 606 Revenue from Contracts with Customers (“ASC 606”), using the modified retrospective method applied to contracts that were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting. Product sales are recognized when we transfer control of the promised goods to our customer, which is based on shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring the promised goods. In the sale of products in the OEM channel, the transaction price for these goods is equal to the agreed price of each unit and represents the standalone selling price for the unit. In the sale of products in the aftermarket channel, the terms of a contract or the historical business practice can give rise to variable consideration due to, but not limited to, discounts and bonuses. We estimate variable consideration at the most likely amount we will receive from customers and reduce revenues recognized accordingly. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Prior to January 1, 2018, sales were recognized when there was evidence of a sales agreement, the delivery of goods had occurred, the sales price was fixed or determinable and the collectability of revenue was reasonably assured. Sales were generally recorded upon shipment of product to customers and transfer of title under standard commercial terms. Sales incentives and allowances were recognized as a reduction to revenue at the time of the related sale. In addition, payments made to customers were generally recognized as a reduction to revenue at the time these payments are made or committed to the customers.
Research and Development	Research and Development—Garrett conducts research and development (“R&D”) activities, which consist primarily of the development of new products and product applications. R&D costs are charged to expense as incurred. Such costs are included in Cost of goods sold of $111 million, $129 million and $128 million, for the years ended December 31, 2020, 2019 and 2018 respectively. Additionally, the Company incurs engineering-related expenses which are also included in Cost of goods sold of $13 million, $5 million and $10 million for the years ended December 31, 2020, 2019 and 2018.
Asbestos-Related Contingencies and Insurance Recoveries	Asbestos-Related Contingencies and Insurance Recoveries—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 “Honeywell 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 Honeywell 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. Under the terms of the PSA and the Transaction, the Plan, if confirmed by the Bankruptcy Court, will include a global settlement with Honeywell providing for (a) the full and final satisfaction, settlement, release, and discharge of all liabilities under or related to the Indemnity Agreements and the Tax Matters Agreement and (b) the dismissal with prejudice of the Honeywell Litigation in exchange for (x) a $375 million cash payment at Emergence and (y) the Series B Preferred Stock. The Company will have the option to prepay the Series B Preferred Stock in full at any time at a call price equivalent to $584 million as of Emergence (representing the present value of the installments at a 7.25% discount rate). The Company will also have the option to make a partial payment of the Series B Preferred Stock, reducing the present value to $400 million, at any time within 18 months of Emergence. In every case the duration of future liabilities to Honeywell will be reduced from 30 years prior to the Chapter 11 filing to a maximum of nine years. The Debtors’ entry into and performance under the PSA and the terms of the PSA, the Transaction and the Plan remain subject to approval by the Bankruptcy Court. On February 9, 2021, the Equity Committee filed an objection to the Debtors’ motion seeking authority to enter into and perform under the PSA and the ECBA. A hearing on the matter is scheduled to take place in the Bankruptcy Court on February 16, 2021. There can be no assurances that the Debtors will obtain the approval of the Bankruptcy Court and complete the Transaction. For additional information, see Note 23, Commitments and Contingencies of Notes to Consolidated and Combined Financial Statements.
Stock-Based Compensation Plans	Stock-Based Compensation Plans—The principal awards issued under our stock-based compensation plans, which are described in Note 21, Stock-Based Compensation, are restricted stock units. The cost for such awards is measured at the grant date based on the fair value of the award. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods (generally the vesting period of the equity award) and is included in Selling, general and administrative expenses in the Consolidated and Combined Statements of Operations. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates under our Former Parent´s plans. For periods prior to the Spin-Off, certain employees within the Business participated in stock-based compensation plans sponsored by the Former Parent. The Former Parent’s stock-based compensation plans primarily include incentive compensation plans. Awards granted under the plans consist of stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”) and are based on the Former Parent’s common shares and, as such, are reflected in Invested deficit within the Consolidated and Combined Statements of Equity (Deficit).
Pension Benefits	Pension Benefits—Following the Spin-Off, we sponsor defined benefit pension plans covering certain employees, primarily in Switzerland, the U.S. and Ireland. For such plans, we are required to disaggregate the service cost component of net benefit costs and report those costs in the same line item or items in the Consolidated and Combined Statements of Operations as other compensation costs arising from services rendered by the pertinent employees during the period. The other nonservice components of net benefit costs are required to be presented separately from the service cost component. We record the service cost component of Pension ongoing (income) expense in Cost of goods sold or Selling, general and administrative expenses. The remaining components of net benefit costs within Pension ongoing (income) expense, primarily interest costs and assumed return on plan assets, are recorded in Non-operating expense (income). We recognize net actuarial gains or losses in excess of 10% of the greater of the fair value of plan assets or the plans’ projected benefit obligation (the corridor) annually in the fourth quarter each year (“MTM Adjustment”). The MTM Adjustment is recorded in Non-operating expense (income). For periods prior to the Spin-Off, we sponsored a defined benefit pension plan covering certain employees in Ireland. Additionally, certain Garrett employees participated in defined benefit pension plans (the “Shared Plans”) sponsored by Honeywell which includes participants of other Honeywell subsidiaries and operations. We accounted for our participation in the Shared Plans as a multiemployer benefit plan. Accordingly, we did not record an asset or liability to recognize the funded status of the Shared Plans. The related pension expense was based on annual service cost of active Garrett participants and reported within Cost of goods sold in the Consolidated and Combined Statements of Operations. The pension expense specifically identified for the active Garrett participants in the Shared Plans for the year ended December 31, 2018 was $5 million.
Foreign Currency Translation	Foreign Currency Translation—Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. Dollars are translated into U.S. Dollars using year-end exchange rates. Sales, costs and expenses are translated at the average exchange rates in effect during the year. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss).
Derivative Financial Instruments	Derivative Financial Instruments—We minimize our risks from foreign currency exchange rate fluctuations through our normal operating and financing activities and, when deemed appropriate through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. Derivative financial instruments that qualify for hedge accounting must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. All derivatives are recorded on the balance sheet as assets or liabilities and measured at fair value. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives are recorded in Accumulated other comprehensive income (loss) and subsequently recognized in earnings when the hedged items impact earnings. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item. On September 27, 2018, we early adopted the new accounting guidance contained in ASU 2017-12 on a modified retrospective approach. The new standard is intended to improve and simplify rules relating to hedge accounting, including the elimination of periodic hedge ineffectiveness, recognition of components excluded from hedge effectiveness assessment, the ability to elect to perform subsequent effectiveness assessments qualitatively, and other provisions designed to provide more transparency around the economics of a company’s hedging strategy.
Income Taxes	Income Taxes—We account for income taxes pursuant to the asset and liability method which requires us to recognize current tax liabilities or receivables for the amount of taxes we estimate are payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. Prior to the Spin-Off, the tax provision was presented on a separate company basis as if we were a separate filer. The effects of tax adjustments and settlements from taxing authorities are presented in our Consolidated and Combined Financial Statements in the period to which they relate as if we were a separate filer. Our current obligations for taxes were settled with our Former Parent on an estimated basis and adjusted in later periods as appropriate. All income taxes due to or due from our Former Parent that have not been settled or recovered by the end of the period are reflected in Invested deficit within the Consolidated and Combined Financial Statements. We are subject to income tax in the United States (federal, state and local) as well as other jurisdictions in which we operate. The tax provision was calculated as if the Business was operating on a stand-alone basis and filed separate tax returns in the jurisdiction in which it operates. Therefore, cash tax payments and items of current and deferred taxes may not be reflective of the actual tax balances prior to or subsequent to the Spin-Off.
Earnings per share	Earnings per share—Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. On October 1, 2018, the date of consummation of the Spin-Off, 74,070,852 shares of the Company’s Common Stock were distributed to Honeywell stockholders of record as of September 18, 2018 who held their shares through the Distribution Date. Basic and diluted EPS for all periods prior to the Spin-Off reflect the number of distributed shares, or 74,070,852 shares. For 2018, the distributed shares were treated as issued and outstanding from January 1, 2018 for purposes of calculating historical basic earnings per share. Basic and diluted weighted average of common shares outstanding for the years ended December 31, 2020, 2019 and 2018 were 75,543,461, 74,602,868 and 74,059,240 and 76,100,509, 75,934,373 and 74,402,148, respectively.
Use of Estimates	Use of Estimates—The preparation of the Consolidated and Combined Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the Consolidated and Combined Financial Statements and related disclosures in the accompanying notes. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of changes are reflected in the Consolidated and Combined Financial Statements in the period they are determined to be necessary. In connection with the filing of the Chapter 11 Cases on the Petition Date, the Consolidated and Combined 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, of the Consolidated and Combined Financial Statements for further details.
Liabilities Subject to Compromise	Liabilities Subject to Compromise—Liabilities subject to compromise include pre-petition liabilities that are unsecured, under-secured or where it cannot be determined that the liabilities are fully secured. Liabilities that may be affected by a plan of reorganization must be reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts as a result of the plan of reorganization or negotiations with creditors. If there is uncertainty about whether a secured claim is undersecured, or will be impaired under the plan of reorganization, the entire amount of the claim is included with prepetition claims in liabilities subject to compromise.
Reorganization Items, Net	Reorganization Items, Net— Effective on September 20,2020, we began to apply the provisions of accounting Standards Codification (“ASC”) 852, Reorganizations, which is applicable to companies under bankruptcy protection, and requires amendments to the presentation of key financial statement line items. ASC 852 requires that the financial statements for periods subsequent to the filing of the Chapter 11 Cases distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Revenues, expenses, realized gains and losses, and provisions for losses that can be directly associated with the reorganization and restructuring of the business must be reported separately as reorganization items, net in the consolidated statements of operations beginning September 20, 2020.
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 Balance Sheets, Consolidated and Combined Statements of Operations and related Notes to the Consolidated and Combined 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. 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. Adoption of the new guidance did not have a material impact on the Company’s disclosures.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of 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. We are currently evaluating the impact of the guidance related to certain existing debt agreements on our Consolidated and Combined Financial Statements. There are no other recently issued, but not yet adopted, accounting pronouncements which are expected to have a material impact on the Company’s Consolidated and Combined Financial Statements and related disclosures.

Reorganization and Chapter 11 Proceedings (Tables)

12 Months Ended

Dec. 31, 2020

Reorganizations [Abstract]

Schedule of Reorganization Items Net

Reorganization items, net are comprised of the following for the twelve months ended December 31, 2020:

	Twelve Months Ended December 31,
	2020
Advisor fees	$	55
DIP Financing fees		13
Write-off of pre-petition unamortized debt issuance costs		6
Other		(1	)
Total reorganization items, net	$	73

Schedule of Liabilities Subject to Compromise

The following table presents liabilities subject to compromise as reported in the Consolidated Balance Sheet at December 31, 2020:

	December 31,
	2020
Obligations payable to Honeywell (Note 23)	$	1,482
Long-term debt (Note 16)		429
Accounts payable		82
Pension, compensation, benefit and other employee related		92
Uncertain tax positions and deferred taxes		69
Advanced discounts from suppliers		33
Lease liability (Note 17)		19
Freight Accrual		27
Product warranties and performance guarantees		16
Other		41
Total liabilities subject to compromise	$	2,290

Schedule of Condensed Combined Financial Statements of Debtors

	For the Twelve Months Ended December 31,
	2020
Net sales		2,273
Cost of goods sold		1,863
Gross profit	$	410
Selling, general and administrative expenses		252
Other expense, net		45
Interest expense		80
Non-operating (income) expense		(152	)
Reorganization items, net		73
Income before taxes	$	112
Tax expense		3
Net income	$	109

	December 31, 2020
	(Dollars in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	516
Restricted cash		30
Accounts, notes and other receivables – net		430
Accounts and other receivables from non-debtor affiliates		240
Inventories – net		166
Other current assets		91
Total current assets		1,473
Investments and long-term receivables		6
Investment in subsidiaries		883
Property, plant and equipment – net		319
Goodwill		193
Deferred income taxes		236
Other assets		93
Total assets	$	3,203
LIABILITIES
Current liabilities:
Accounts payable	$	497
Borrowings under revolving credit facility		370
Current maturities of long-term debt		—
Debtor-in-possession Term Loan		200
Obligations payable to Honeywell, current		—
Accrued liabilities		106
Total current liabilities		1,173
Long-term debt		1,082
Deferred income taxes		—
Obligations payable to Honeywell		—
Other liabilities		22
Total liabilities not subject to compromise	$	2,277
Liabilities subject to compromise		—
External		2,290
With non-debtor affiliates		528
Total liabilities subject to compromise	$	2,818
Total liabilities	$	5,095
COMMITMENTS AND CONTINGENCIES (Note 23)
EQUITY (DEFICIT)
Total deficit attributable to the Debtors		(1,892	)
Total liabilities and deficit	$	3,203

	For the Twelve Months Ended December 31,
	2020
	(Dollars in millions)
Cash Flows from operating activities:
Net cash used for operating activities	$	15
Cash Flows from investing activities:
Expenditures for property, plant and equipment		(39	)
Other		5
Net cash used for investing activities	$	(34	)
Cash Flows from financing activities:
Proceeds from debtor-in-possession financing		200
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		(13	)
Other		—
Net cash provided by financing activities		534
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		30
Net increase in cash, cash equivalents and restricted cash		545
Cash and cash equivalents at beginning of period		1
Cash, cash equivalents and restricted cash at end of period	$	546

Revenue Recognition and Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Summary of Contract Assets and Liabilities

The following table summarizes our contract assets and liabilities balances:

	2020
Contract assets—January 1	$	6
Contract assets—December 31		61
Change in contract assets—Increase/(Decrease)		55
Contract liabilities—January 1	$	(3	)
Contract liabilities—December 31		(2	)
Change in contract liabilities—(Increase)/Decrease	$	1

Other Expenses, Net (Tables)

12 Months Ended

Dec. 31, 2020

Other Income And Expenses [Abstract]

Schedule of Other Operating Cost and Expense

	Years Ended December 31,
	2020		2019		2018
Indemnification related — post Spin-Off	$	41	$	28	$	(16	)
Indemnification related — litigation	$	3	$	11	$	—
Asbestos related, net of probable insurance recoveries		—		—		131
Environmental remediation, non-active sites		1		—		5
Factoring and notes receivables discount fees		1		1		—
	$	46	$	40	$	120

Non-Operating (Income) Expense (Tables)

12 Months Ended

Dec. 31, 2020

Non Operating Income Expense [Abstract]

Schedule of Non-Operating (Income) Expense

	Years Ended December 31,
	2020			2019			2018
Equity income of affiliated companies	$	(5	)	$	(6	)	$	(5	)
Interest income		(3	)		(7	)		(7	)
Pension (income) expense — non service		5			8			2
Foreign exchange		(35	)		13			6
Others, net		—			—			(4	)
	$	(38	)	$	8		$	(8	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income (loss) Before Income Taxes

The sources of income (loss) from continuing operations, before income taxes, classified between domestic entities and those entities domiciled outside of the U.S., are as follows:

	Years Ended December 31,
Income before taxes	2020			2019			2018
Domestic entities	$	(87	)	$	(54	)	$	(99	)
Entities outside the U.S.		206			400			495
	$	119		$	346		$	396

Schedule of Income Tax Expense (Benefit)

Tax expense (benefit)

Tax expense (benefit) consists of:

	Years Ended December 31,
	2020			2019			2018
Current:
Federal	$	3		$	9		$	7
State		1			1			1
Foreign		69			64			113
	$	73		$	74		$	121
Deferred:
Federal		—			2			(8	)
State		—			—			—
Foreign		(34	)		(43	)		(923	)
	$	(34	)	$	(41	)	$	(931	)
	$	39		$	33		$	(810	)

Schedule of Effective Income Tax Rate Reconciliation

The U.S. federal statutory income tax rate is reconciled to our effective income tax rate as follows:

	Years Ended December 31,
	2020			2019			2018
U.S. federal statutory income tax rate		21.0	%		21.0	%		21.0	%
Taxes on non-U.S. earnings different from U.S. tax		(6.5	)%		(2.3	)%		(7.7	)%
Reserves for tax contingencies		15.9	%		2.5	%		4.1	%
Non-deductible and permanent items		7.1	%		1.7	%		6.0	%
Withholding and other taxes on foreign earnings		(14.7	)%		4.4	%		(231.6	)%
Tax law changes		—			(17.3	)%		—
Changes in valuation allowance		10.5	%		0.5	%		5.3	%
All other items		(0.5	)%		(1.0	)%		(1.6	)%
		32.8	%		9.5	%		-204.5	%

Schedule of Deferred Tax Assets (Liabilities) and Effects of Temporary Differences

Deferred tax assets (liabilities)

The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables are as follows:

	December 31,
	2020			2019
Deferred tax assets:
Intangibles and fixed assets	$	202		$	205
Pension		18			12
Accruals and reserves		32			30
Net operating losses and other tax attribute carryforwards		35			27
Outside basis differences		11			17
Other		29			23
Total Deferred tax assets		327			314
Valuation allowance		(34	)		(27	)
Net deferred tax assets	$	293		$	287
Deferred tax liabilities:
Outside basis differences	$	(30	)	$	(49	)
Other		(15	)		(21	)
Total deferred tax liabilities		(45	)		(70	)
Net deferred tax asset	$	248		$	217

Schedule of Net Operating Loss Carryforwards

As of December 31, 2020, the Company had gross net operating loss carryforwards of approximately $132 million with the majority in the below jurisdictions.

	Expiration	Net Operating
	Period	Loss
	Jurisdiction	Carryforwards
Brazil	Indefinite	$	53
Luxembourg	2037		36
Switzerland	2027		30
		$	119

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the Company’s uncertain tax positions (excluding interest and penalties and related tax attributes):

	2020			2019			2018
Change in unrecognized tax benefits:
Balance at beginning of year	$	54		$	48		$	100
Gross increases related to current period tax positions		8			8			19
Gross increases related to prior periods tax positions		6			—			9
Gross decreases related to prior periods tax positions		—			—			(8	)
Decrease related to resolutions of audits with tax authorities		(7	)		—			—
Expiration of the statute of limitations for the assessment of taxes		(2	)		(2	)		—
Potential Indemnifications to Honeywell for US and foreign taxes as contractually obligated in connection with Tax Matters Agreement		—			—			(71	)
Foreign currency translation		1			—			(1	)
Balance at end of year	$	60		$	54		$	48

Accounts, Notes and Other Receivables—Net (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Schedule of Accounts, Notes and Other Receivables Net

	December 31, 2020			December 31, 2019
Trade receivables	$	625		$	574
Notes receivables		152			68
Other receivables		77			69
	$	854		$	711
Less—Allowance for expected credit losses		(13	)		(4	)
	$	841		$	707

Inventories-Net (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Summary of Inventories

	December 31, 2020			December 31, 2019
Raw materials	$	160		$	142
Work in process		19			18
Finished products		97			85
	$	276		$	245
Less—Reserves		(41	)		(25	)
	$	235		$	220

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

	December 31,
	2020		2019
Prepaid expenses	$	62	$	12
Taxes receivable		22		46
Advanced discounts to customers, current		10		10
Customer reimbursable engineering		13		12
Other		3		5
	$	110	$	85

Other Assets (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Other Assets

	December 31,
	2020		2019
Advanced discounts to customers, non-current	$	70	$	62
Operating right-of-use assets (Note 17)		36		35
Undesignated cross-currency swap at fair value		—		—
Other		29		11
	$	135	$	108

Property, Plant and Equipment - Net (Tables)

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Schedule of Property, Plant and Equipment - Net

	December 31,
	2020			2019
Machinery and equipment	$	711		$	639
Tooling		390			324
Buildings and improvements		153			141
Construction in progress		86			100
Software		68			57
Land and improvements		17			16
Others		26			24
		1,451			1,301
Less—Accumulated depreciation and amortization		(946	)		(830	)
	$	505		$	471

Goodwill (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

The change in the carrying amount of goodwill for the years ended December 31, 2020 and 2019 is as follows:

December 31,

2019

Currency

Translation

Adjustment

December 31,

2020

Goodwill

193

—

193

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Accrued Liabilities Current [Abstract]

Summary of Accrued Liabilities

	December 31, 2020		December 31, 2019
Customer pricing reserve	$	82	$	90
Compensation, benefit and other employee related		62		64
Repositioning		7		4
Product warranties and performance guarantees		14		29
Taxes		37		33
Advanced discounts from suppliers, current		5		19
Customer advances and deferred income		8		12
Accrued interest		—		5
Short-term lease liability (Note 17)		5		8
Other (primarily operating expenses)		28		46
	$	248	$	310

Summary of Expenses Related to the Repositioning Accruals

	Severance Costs			Exit Costs			Total
Balance at December 31, 2018		13			2			15
Charges		2			—			2
Usage—cash		(8	)		(2	)		(10	)
Adjustments		(3	)		1			(2	)
Foreign currency translation		(1	)		—			(1	)
Balance at December 31, 2019	$	3		$	1		$	4
Charges		10			—			10
Usage—cash		(7	)		—			(7	)
Adjustments		1			(1	)		—
Foreign currency translation		—			—			—
Balance at December 31, 2020	$	7		$	—		$	7

Long-term Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Principal Amounts Outstanding on Debtor-In-Possession Financing

The principal amounts outstanding on Debtor-in-possession financing are as follows:

December 31,

2020

Debtor-in-possession financing

200

Summary of 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 December 31, 2020 and December 31, 2019 are as follows:

	December 31,			December 31,
	2020			2019
	(Dollars in millions)
Senior Secured Credit Facilities ⁽¹⁾:
Term Loans		1,082			1,026
Borrowings under revolving credit facility		370			—
Total consolidated Secured Debt	$	1,452		$	1,026
Long-term debt, net subject to compromise ⁽²⁾:
Senior Notes		429			387
Total debt, prior to reclassification to Liabilities subject to compromise	$	1,881		$	1,413
Less: current portion		—			(4	)
Less: Amounts reclassified to Liabilities subject to compromise		(429	)		—
Total long-term debt	$	1,452		$	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 Balance Sheet as of December 31, 2020. As of the Petition Date, the Company ceased accruing related interest expense and amortization of debt issuance costs.

Schedule of Contractual Maturities

Given the uncertainties related to the resolution of the Chapter 11 cases, all pre-petition debt has been included at their contractual maturities.

	December 31, 2020
2021	$	4
2022		70
2023		247
2024		4
2025		777
Thereafter		431
	$	1,533
Less: current portion		—
	$	1,533

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section 45
-Paragraph 2
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense are as follows:

	Years Ended December 31,
	2020		2019
Operating lease cost	$	15	$	14

Summary of Supplemental Cash Flow Information Related to Operating Leases

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

	Years Ended December 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	13	$	12
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	7	$	12

Summary of Supplemental Balance Sheet Information Related to Operating Leases

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

	Years Ended December 31,
	2020		2019
Other assets	$	36	$	35
Accrued liabilities		5		8
Other liabilities		15		28
Liabilities subject to compromise		19		—

	Years Ended December 31,
	2020		2019
Weighted-average lease term (in years)		5.14		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:

	Year Ended December 31, 2020
2021	$	12
2022		10
2023		7
2024		5
2025		4
Thereafter		8
Total lease payments		46
Less imputed interest		(7	)
	$	39

Financial Instruments and Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2020 and December 31, 2019:

					Fair Value
	Notional Amounts				Assets					Liabilities
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019			December 31, 2020		December 31, 2019
Designated forward currency exchange contracts		—	$	392		—	$	5	^(a)		—	$	1	^(b)
Undesignated instruments:
Undesignated cross-currency swap		—		420		—		—	^(c)		—		1
Undesignated interest rate swap		—		561		—		—			—		1	^(d)
Undesignated forward currency exchange contracts		19		447		—		2	^(a)		—		3	^(b)
Total undesignated instruments		19		1,428		—		2			—		5
Total designated and undesignated instruments	$	19	$	1,820	$	—	$	7		$	—	$	6

(a)

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

(b)

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

(c)

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

(d)

Recorded within Other liabilities in the Company´s Consolidated 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:

	December 31, 2020
	Carrying Value		Fair Value
Liabilities not subject to compromise:
Terms Loans A and B	$	1,082	$	1,083
DIP Financing	$	200	$	200
Liabilities subject to compromise:
Senior Notes	$	429	$	429

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

	Years Ended December 31,
	2020		2019
Pension and other employee related	$	14	$	94
Advanced discounts from suppliers		11		46
Income taxes		45		79
Long-term lease liability (Note 17)		15		28
Undesignated cross-currency and interest rate swaps (Note 18)		22		2
Other		7		25
	$	114	$	274

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2020

Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]

Summary of Changes in Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) are provided in the tables below:

	Pre-Tax			Tax			After-Tax
Year Ended December 31, 2018
Foreign exchange translation adjustment	$	(198	)	$	—		$	(198	)
Pension adjustments		(2	)		—			(2	)
Changes in fair value of effective cash flow hedges		37			(2	)		35
	$	(163	)	$	(2	)	$	(165	)
Year Ended December 31, 2019
Foreign exchange translation adjustment	$	59		$	8		$	67
Pension adjustments		(18	)		4			(14	)
Changes in fair value of effective cash flow hedges		2			2			4
	$	43		$	14		$	57
Year Ended December 31, 2020
Foreign exchange translation adjustment	$	(212	)	$	(22	)	$	(234	)
Pension adjustments		(17	)		(1	)		(18	)
Changes in fair value of effective cash flow hedges		(8	)		1			(7	)
	$	(237	)	$	(22	)	$	(259	)

Changes in Accumulated Other Comprehensive Income (Loss) by Component

										Total
	Foreign			Changes in Fair						Accumulated
	Exchange			Value of						Other
	Translation			Effective Cash			Pension			Comprehensive
	Adjustment			Flow Hedges			Adjustments			Income (Loss)
Balance at December 31, 2018	$	86		$	0		$	(13	)	$	73
Other comprehensive income (loss) before reclassifications		67			27			(27	)		67
Amounts reclassified from accumulated other comprehensive income		—			(23	)		13			(10	)
Net current period other comprehensive income (loss)		67			4			(14	)		57
Balance at December 31, 2019	$	153		$	4		$	(27	)	$	130
Other comprehensive income (loss) before reclassifications		(234	)		(3	)		(29	)		(266	)
Amounts reclassified from accumulated other comprehensive income		—			(4	)		11			7
Net current period other comprehensive income (loss)		(234	)		(7	)		(18	)		(259	)
Balance at December 31, 2020	$	(81	)	$	(3	)	$	(45	)	$	(129	)

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Year ended December 31, 2020
Affected Line in the Consolidated and Combined Statement of Operations
						Selling,
			Cost of			General and
	Net		Goods			Administrative		Non-Operating (Income)
	Sales		Sold			Expenses		Expense		Total
Amortization of Pension and Other Postretirement Items:
Actuarial losses recognized	$	—	$	—		$	—	$	13	$	13
Losses (gains) on cash flow hedges		—		(4	)		—		—		(4	)
Tax expense (benefit)		—		—			—		—		(2	)
Total reclassifications for the period, net of tax										$	7

Year ended December 31, 2019
Affected Line in the Consolidated and Combined Statement of Operations
						Selling,
			Cost of			General and
	Net		Goods			Administrative		Non-Operating (Income)
	Sales		Sold			Expenses		Expense		Total
Amortization of Pension and Other Postretirement Items:
Actuarial losses recognized	$	—	$	—		$	—	$	13	$	13
Losses (gains) on cash flow hedges		—		(25	)		—		—		(25	)
Tax expense (benefit)											2
Total reclassifications for the period, net of tax										$	(10	)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Restricted Stock Activity Related to Stock Incentive Plan

The following table summarizes information about RSU activity related to our Stock Incentive Plan and Director Equity Plan for each of the periods presented:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2018		3,369,622		$	10.12
Granted		629,037			15.36
Vested		(967,518	)		5.26
Forfeited		(236,501	)		14.47
Non-vested at December 31, 2019		2,794,640		$	12.62
Granted		878,904			6.70
Vested		(1,185,121	)		7.83
Forfeited		(949,454	)		8.11
Non-vested at December 31, 2020		1,538,969			13.11

Schedule of Fair Valuation Assumptions of Stock Options Using Black Scholes Pricing Model

The fair value related to stock options granted was determined using Black-Scholes option pricing model and the weighted average assumptions are shown in the table below:

Key Black-Scholes Assumptions	Year Ended December 31, 2020
Risk-free interest rate	2.6%
Expected term (years)		6.25
Volatility	42.08%
Dividend yield	0.0%
Fair value per stock option		7.28

Summary of Stock Option Activity Related to Stock Incentive Plan

The following table summarizes information about stock option activity related to the Stock Incentive Plan for each of the periods presented:

	Number of Stock Options			Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2018		—		$	—		—		—
Granted		483,408			16.17
Exercised		—			—
Forfeited		(34,375	)		16.17
Expired		—			—
Outstanding as of December 31, 2019		449,033			16.17		9.26		—
Granted		—			—
Exercised		—			—
Forfeited		(37,482	)		16.17
Expired		(8,034	)		16.17
Outstanding as of December 31, 2020		403,517			16.17		8.26		—
Exercisable as of December 31, 2020		102,420			—		—		—

Summary of Performance Stock Unit Activity Related to Stock Incentive Plan

The following table summarizes information about PSU activity related to the Stock Incentive Plan for each of the periods presented:

	Number of Performance Stock Units			Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2018		—		$	—
Granted		379,090			16.17
Vested		—			—
Forfeited		(47,769	)		16.17
Non-vested at December 31, 2019		331,321		$	16.17
Granted		1,021,069			8.36
Vested		—			—
Forfeited		(1,038,279	)		8.48
Non-vested at December 31, 2020		314,111			16.17

Summary of Continuity Award Activity

The following table summarizes information about Continuity Award activity for the year ended December 31, 2020:

	Number of Awards		Weighted Average Grant Date Fair Value Per Award
Non-vested at December 31, 2019		—	$	—
Granted		43		257,536
Vested		—		—
Forfeited		—		—
Non-vested at December 31, 2020		43	$	257,536

Restricted Stock Units

Summary of Information about Income Statement Impact

The following table summarizes the impact to the Consolidated and Combined Statement of Operations from RSUs:

	Years Ended December 31,
	2020		2019		2018
Compensation expense	$	9	$	15	$	5
Future income tax benefit recognized		3		—		1

Stock Options

Summary of Information about Income Statement Impact

The following table summarizes the impact to the Consolidated and Combined Statement of Operations from stock options. There were no stock options granted prior to 2019.

	Years Ended December 31,
	2020		2019
Compensation expense	$	1	$	1
Future income tax benefit recognized		—		—

Performance Stock Units

Summary of Information about Income Statement Impact

The following table summarizes the impact to the Consolidated and Combined Statement of Operations from PSUs. There were no PSUs granted prior to 2019.

	Years Ended December 31,
	2020		2019
Compensation expense	$	—	$	2
Future income tax benefit recognized		—		—

Continuity Awards

Summary of Continuity Award Activity

The following table summarizes the impact to the Consolidated and Combined Statement of Operations from Continuity Awards for the year ended December 31, 2020.

	Year Ended December 31, 2020
Compensation expense	$	7
Future income tax benefit recognized		1

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The details of the earnings per share calculations for the years ended December 31, 2020, 2019 and 2018 are as follows:

	Years Ended December 31,
	2020		2019		2018
Basic
Net Income	$	80	$	313	$	1,206
Weighted average common shares outstanding		75,543,461		74,602,868		74,059,240
EPS – Basic	$	1.06	$	4.20	$	16.28

	Years Ended December 31,
	2020		2019		2018
Diluted
Net Income	$	80	$	313	$	1,206
Weighted average common shares outstanding – Basic		75,543,461		74,602,868		74,059,240
Dilutive effect of unvested RSUs		557,048		1,331,505		342,908
Weighted average common shares outstanding – Diluted		76,100,509		75,934,373		74,402,148
EPS – Diluted	$	1.05	$	4.12	$	16.21

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Summary of Obligation Payable to Honeywell

	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		100			25		125
End of year	$	1,196		$	286	$	1,482
Current		2			40		42
Non-current		1,194			246		1,440
Total	$	1,196		$	286	$	1,482

	2019
	Asbestos and environmental			Tax Matters			Total
Beginning of year	$	1,244		$	282		$	1,526
Accrual for update to estimated liability		(18	)		3			(15	)
Legal fees expensed		44			—			44
Payments to Honeywell		(153	)		(18	)		(171	)
Currency translation adjustment		(27	)		(6	)		(33	)
End of year	$	1,090		$	261		$	1,351
Current		51			18			69
Non-current		1,039			243			1,282
Total	$	1,090		$	261		$	1,351

Summary of Asbestos Related Liabilities and Insurance Recoveries

The following table summarizes information concerning both Bendix and other asbestos-related balances. Other represents asbestos liabilities related to claimants outside the United States.

Asbestos-Related Liabilities

	Year ended December 31, 2020						Year ended December 31, 2019								Year ended December 31, 2018
	Bendix		Other		Total		Bendix		Other			Total			Bendix			Other			Total
Beginning of year	$	—	$	—	$	-	$	—	$	1		$	1		$	1,703		$	9		$	1,712
Accrual for update to estimated liabilities		—		—		—		—		—			—			141			—			141
Change in estimated cost of future claims		—		—		—		—		—			—			—			—			—
Update of expected resolution values for pending claims		—		—		—		—		—			—			—			—			—
Asbestos-related liability payments		—		—		—		—		—			—			(151	)		(4	)		(155	)
Spin-Off related adjustments		—		—		—		—		—			—			(1,693	)		(4	)		(1,697	)
Balance Sheet Reclassification		—		—		—		—		(1	)		(1	)		—			—			—
End of year	$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	1		$	1

Insurance Recoveries for Asbestos-Related Liabilities

	2020		2019		2018
	Bendix		Bendix		Bendix
Beginning of year	$	—	$	—	$	191
Probable insurance recoveries related to estimated liability		—		—		10
Insurance receipts for asbestos-related liabilities		—		—		(24	)
Insurance receivables settlements and write-offs		—		—		1
Other		—		—		—
Spin-Off related adjustments		—		—		(178	)
	$	—	$	—	$	—

Summary Information Concerning Our Recorded Obligations For Product Warranties and Product Performance Guarantees

As noted in Note 2, Reorganization, the Debtors have been granted certain First Day Orders that allow the Company to continue to operate as a debtor-in-possession and continue to perform on these warranty and guarantee obligations in the ordinary course of business. The following table summarizes information concerning our recorded obligations for product warranties and product performance guarantees.

	Years Ended December 31,
	2020			2019			2018
Beginning of year	$	29		$	32		$	28
Accruals for warranties/guarantees issued during the year		19			31			33
Settlement of warranty/guarantee claims		(17	)		(34	)		(29	)
Less: Amounts reclassified to Liabilities subject to compromise		(16	)		—			—
	$	15		$	29		$	32

Defined Benefit Pension Plans (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Summary of Balance Sheet Impact, Including Benefit Obligations, Assets and Funded Status Associated with Significant Pension Plans

The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with our significant pension plans.

	Pension Benefits
	U.S. Plans			U.S. Plans			Non-U.S. Plans			Non-U.S. Plans
	2020			2019			2020			2019
Change in benefit obligation:
Benefit obligation at beginning of the year	$	206		$	178		$	226		$	172
Service cost		1			1			9			6
Interest cost		6			7			2			2
Plan amendments		—			—			(10	)		1
Actuarial (gains) losses⁽¹⁾		17			29			18			37
Benefits paid		(10	)		(9	)		(3	)		(6	)
Settlements and curtailments⁽²⁾		—			—			(10	)		—
Foreign currency translation		—			—			22			—
Transfers		—			—			2			10
Other		—			—			3			4
Benefit obligation at end of the year		220			206			259			226
Change in plan assets:
Fair value of plan assets at beginning of the year		204			177			150			123
Actual return on plan assets		25			36			8			14
Employer contributions		—			—			7			6
Benefits paid		(10	)		(9	)		(3	)		(6	)
Settlements and curtailments⁽²⁾		—			—			(10	)		—
Foreign currency translation		—			—			15			—
Transfers		—			—			2			10
Other		—			—			3			3
Fair value of plan assets at end of year		219			204			172			150
Funded status of plans	$	(1	)	$	(2	)	$	(87	)	$	(76	)
Amounts recognized in Consolidated Balance Sheet consist of:
Accrued pension liabilities - noncurrent⁽³⁾		—			(2	)		—			(76	)
Liabilities subject to compromise⁽⁴⁾		(1	)		—			(87	)		—
Net amount recognized	$	(1	)	$	(2	)	$	(87	)	$	(76	)

(1)

(2)

(3)	Included in Other liabilities in the Consolidated Balance Sheet

(4)	Included in Liabilities subject to compromise in the Consolidated Balance Sheet

Summary of Accumulated Other Comprehensive (Income) Loss Associated with Pension and Other Postretirement Benefit Plans

	Pension Benefits
	U.S. Plans			U.S. Plans			Non-U.S. Plans			Non-U.S. Plans
	2020			2019			2020			2019
Prior service (credit)	$	(1	)	$	(2	)	$	(9	)	$	1
Net actuarial loss		9			6			24			21
Net amount recognized	$	8		$	4		$	15		$	22

Summary of Net Periodic Benefit (Income) Cost and Other Amounts Recognized in Other Comprehensive (Income) Loss

	Pension Benefits
	U.S. Plans						Non-U.S. Plans
Net Periodic Benefit Cost	2020			2019			2020			2019			2018⁽¹⁾
Service cost	$	1		$	1		$	9		$	6		$	4
Interest cost		6			7			2			2			2
Expected return on plan assets		(11	)		(10	)		(6	)		(4	)		(3	)
Recognition of actuarial losses		—			—			13			13			3
Settlements and curtailments⁽²⁾		—			—			1			—			—
Net periodic benefit (income) cost	$	(4	)	$	(2	)	$	19		$	17		$	6

(1)	For the periods prior to the Spin-Off, only the pension plan in Ireland is reflected as a non-U.S. defined benefit pension plan as all other pension plans were accounted for as multiemployer plans. Following the Spin-Off, the defined benefit pension plan in Switzerland is also reflected.

(2)

Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss

Other Changes in Plan Assets and Benefits Obligations Recognized in	U.S. Plans					Non-U.S. Plans
Other Comprehensive (Income) Loss	2020			2019		2020			2019			2018⁽¹⁾
Actuarial (gains) losses	$	3		$	2	$	15		$	27		$	(4	)
Prior service (credit)		—			—		(10	)		1			1
Actuarial losses recognized during year		—			—		(14	)		(13	)		(3	)
Foreign currency translation		—			—		2			1			—
Total recognized in other comprehensive (income) loss	$	3		$	2	$	(7	)	$	16		$	(6	)
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss	$	(1	)	$	—	$	12		$	33		$	—

(1)	For the periods prior to the Spin-Off, only the pension plan in Ireland is reflected as a non-U.S. defined benefit pension plan as all other pension plans were accounted for as multiemployer plans. Following the Spin-Off, the defined benefit pension plan in Switzerland is also reflected.

Summary of Major Actuarial Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit (Income) Cost

	Pension Benefits
	U.S. Plans						Non-U.S. Plans
	2020			2019			2020			2019			2018⁽¹⁾
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate		2.65	%		3.30	%		0.46	%		0.79	%		1.50	%
Expected annual rate of compensation increase		3.57	%		3.74	%		1.82	%		1.77	%		1.77	%
Interest credited to accounts ⁽²⁾		—			—			1.50	%		1.50	%		1.50	%
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate—benefit obligation		3.30	%		4.44	%		0.79	%		1.65	%		1.50	%
Discount rate—service cost		4.47	%		4.47	%		1.20	%		1.20	%		1.50	%
Discount rate—interest cost		4.06	%		4.06	%		1.74	%		1.74	%		1.50	%
Expected rate of return on plan assets		5.49	%		5.80	%		3.79	%		3.34	%		3.77	%
Expected annual rate of compensation increase		3.74	%		3.74	%		1.77	%		1.77	%		1.77	%

(1)	For the periods prior to the Spin-Off, only the pension plan in Ireland is reflected as a non-U.S. defined benefit pension plan as all other pension plans were accounted for as multiemployer plans. Following the Spin-Off, the defined benefit pension plan in Switzerland is also reflected.

(2)	Only applicable to the defined benefit pension plan in Switzerland.

Summary of Amounts Relate to Significant Pension Plans with Accumulated Benefit Obligations Exceeding Fair Value of Plan Assets

The following amounts relate to our significant pension plans with accumulated benefit obligations exceeding the fair value of plan assets.

	December 31,
	U.S. Plans				Non-U.S. Plans
	2020		2019		2020		2019
Projected benefit obligation	$	—	$	—	$	259	$	226
Accumulated benefit obligation		—		—		239		212
Fair value of plan assets		—		—		172		150

Summary of Fair Values of Both U.S. and Non-U.S. Pension Plans Assets by Asset Category

The fair values of both our U.S. and non-U.S. pension plans assets by asset category are as follows:

	U.S. Plans
	December 31, 2020
	Total		Level 1		Level 2		Level 3
Equity funds	$	79	$	—	$	79	$	—
Short-term investments		2		—		2		—
Corporate bond funds		117		—		117		—
Real estate funds		21		—		21		—
Total assets at fair value	$	219	$	—	$	219	$	—

	U.S. Plans
	December 31, 2019
	Total		Level 1		Level 2		Level 3
Equity funds	$	74	$	—	$	74	$	—
Short-term investments		2		—		2		—
Corporate bond funds		106		—		106		—
Real estate funds		22		—		22		—
Total assets at fair value	$	204	$	—	$	204	$	—

	Non-U.S. Plans
	December 31, 2020
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	5	$	5	$	—	$	—
Equity funds		76		—		76		—
Government bond funds		35		—		35		—
Corporate bond funds		23		—		23		—
Real estate funds		20		—		20		—
Other		13		—		13		—
Total assets at fair value	$	172	$	5	$	167	$	—

	Non-U.S. Plans
	December 31, 2019
	Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	2	$	2	$	—	$	—
Equity funds		68		—		68		—
Government bond funds		30		—		30		—
Corporate bond funds		21		—		21		—
Real estate funds		18		—		18		—
Other		11		—		11		—
Total assets at fair value	$	150	$	2	$	148	$	—

Summary of Benefit Payments

Benefit payments, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid as follows:

	U.S. Plans		Non-U.S. Plans
2021	$	10	$	3
2022		11		4
2023		11		4
2024		11		4
2025		11		4
2026-2030		57		24

Concentrations (Tables)

12 Months Ended

Dec. 31, 2020

Risks And Uncertainties [Abstract]

Summary of Net Sales by Region

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

	Year ended December 31, 2020
	OEM		Aftermarket		Other		Total
United States	$	309	$	148	$	5	$	462
Europe		1,395		122		30		1,547
Asia		928		41		26		995
Other International		11		19		—		30
	$	2,643	$	330	$	61	$	3,034

	Year ended December 31, 2019
	OEM		Aftermarket		Other		Total
United States	$	307	$	171	$	7	$	485
Europe		1,631		136		39		1,806
Asia		843		51		29		923
Other International		15		19		—		34
	$	2,796	$	377	$	75	$	3,248

	Year ended December 31, 2018
	OEM		Aftermarket		Other		Total
United States	$	338	$	175	$	5	$	518
Europe		1,686		151		54		1,891
Asia		847		50		26		923
Other International		22		21		—		43
	$	2,893	$	397	$	85	$	3,375

Summary of Net Sales to Largest Customer and Corresponding Percentage of Total Net Sales

Customer concentration—Net sales to Garrett’s largest customer and the corresponding percentage of total net sales are as follows:

	Net sales
	Years ended December 31,
	2020		%		2019		%		2018		%
Customer A	$	301		10	$	374		12	$	455		13
Others		2,733		90		2,874		88		2,920		87
	$	3,034		100	$	3,248		100	$	3,375		100

Summary of Long-lived Assets by Region

Long-lived assets concentration—Long-lived assets by region are as follows:

	Long-lived Assets⁽¹⁾
	December 31,
	2020		2019		2018
United States	$	21	$	24	$	26
Europe		315		285		273
Asia		151		141		123
Other International		18		21		16
	$	505	$	471	$	438

(1)	Long-lived assets are comprised of property, plant and equipment–net.

Unaudited Quarterly Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Financial Information

	2020
	March 31		June 30			September 30		December 31		Year Ended December 31,
Net Sales	$	745	$	477		$	804	$	1,008	$	3,034
Gross Profit		142		84			152		178		556
Net Income (Loss)		52		(9	)		11		26		80
Earnings (loss) per share - basic		0.69		(0.12	)		0.15		0.34		1.06
Earnings (loss) per share - diluted		0.68		(0.12	)		0.14		0.34		1.05

	2019
	March 31		June 30		September 30		December 31		Year Ended December 31,
Net Sales	$	835	$	802	$	781	$	830	$	3,248
Gross Profit		196		182		172		161		711
Net Income (Loss)		73		66		38		136		313
Earnings (loss) per share - basic		0.98		0.88		0.51		1.82		4.20
Earnings (loss) per share - diluted		0.97		0.86		0.50		1.79		4.12

Background and Basis of Presentation - Additional Information (Details) € in Millions, shares in Millions			12 Months Ended
	Oct. 01, 2018 shares	Sep. 12, 2018 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Jun. 12, 2020 USD ($)	Jun. 12, 2020 EUR (€)
Background And Basis Of Presentation [Line Items]
Debt instrument, face amount			$ 1,533,000,000
Indemnification and Reimbursement Agreement
Background And Basis Of Presentation [Line Items]
Agreement termination date		Dec. 31, 2048
Agreement termination description			The Honeywell 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.
2020 Amended Credit Agreement \| Revolving Credit Facility
Background And Basis Of Presentation [Line Items]
Debt instrument, face amount \| €						€ 430
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
Honeywell International Inc
Background And Basis Of Presentation [Line Items]
Conversion common stock shareowner received ratio	0.1
Description of conversion common stock shareowner received ratio			Each Honeywell stockholder of record received one share of Garrett common stock for every 10 shares of Honeywell common stock held on the record date.
Shares of Garrett common stock distributed \| shares	74
Liability for asbestos and environmental claims maximum amount converted into euros			$ 25,000,000
Honeywell International Inc \| Indemnification and Reimbursement Agreement
Background And Basis Of Presentation [Line Items]
Percentage of net insurance receipts		90.00%
Honeywell International Inc \| Indemnification and Reimbursement 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 \| Indemnification and Reimbursement Agreement
Background And Basis Of Presentation [Line Items]
Percentage of asbestos and environmental liabilities liable to pay		90.00%
Honeywell International Inc \| PSA and The Transaction, The Amended Plan
Background And Basis Of Presentation [Line Items]
Litigation cash payment at emergence			$ 375,000,000
Option for partial payment period at emergence			18 months
Reduction of duration of future liabilities prior to chapter 11 filing			30 years
Maximum duration of future liabilities under chapter 11 filing			9 years
Honeywell International Inc \| PSA and The Transaction, The Amended Plan \| Series B Preferred Stock
Background And Basis Of Presentation [Line Items]
Preferred stock issued payable annually in 2023			$ 100,000,000
Preferred stock issued payable annually in 2024			100,000,000
Preferred stock issued payable annually in 2025			100,000,000
Preferred stock issued payable annually in 2026			100,000,000
Preferred stock issued payable annually in 2027			100,000,000
Preferred stock issued payable annually in 2028			100,000,000
Preferred stock issued payable annually in 2029			100,000,000
Preferred stock issued payable annually in 2030			100,000,000
Option to prepay preferred stock at call price			$ 584,000,000
Discount rate			7.25%
Option for partial payment of preferred stock reducing present value			$ 400,000,000
Honeywell International Inc \| PSA and The Transaction, The Amended Plan \| Series B Preferred Stock \| Scenario Forecast
Background And Basis Of Presentation [Line Items]
Preferred stock issued payable in instalments				$ 35,000,000
Honeywell International Inc \| Garrett Motion Inc.
Background And Basis Of Presentation [Line Items]
Pro rata distribution of outstanding shares, percentage	100.00%

Reorganization and Chapter 11 Proceedings - Additional Information (Details) $ / shares in Thousands, $ in Millions				12 Months Ended
	Feb. 15, 2021 USD ($)	Jan. 22, 2021 USD ($)	Jan. 11, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($)	Feb. 08, 2021 USD ($) Claim	Sep. 20, 2020
Reorganization And Chapter11 Proceedings [Line Items]
Professional and filing fees by debtor				$ 55.0
RSA
Reorganization And Chapter11 Proceedings [Line Items]
Aggregate outstanding principal amount of loan percentage						61.00%
Subsequent Event
Reorganization And Chapter11 Proceedings [Line Items]
Debtor-in-possession financing, estimated amount for emergence			$ 1,100.0
Number of proofs of claim filed \| Claim					1,326
Unsecured claims amount					$ 146,000.0
Subsequent Event \| Maximum
Reorganization And Chapter11 Proceedings [Line Items]
Professional and filing fees by debtor		$ 25.0
Stalking Horse Bidder and AMP U.S. Holdings, LLC
Reorganization And Chapter11 Proceedings [Line Items]
Winning bid selected				$ 2,100.0
Stalking Horse Bidder \| Subsequent Event
Reorganization And Chapter11 Proceedings [Line Items]
Bankruptcy proceedings, date petition for bankruptcy Filed			Jan. 11, 2021
Termination payment			$ 63.0
Reimbursement payment expense			$ 15.7
CO Group \| Subsequent Event \| PSA
Reorganization And Chapter11 Proceedings [Line Items]
Common stock exchange rate for cancellation per share. \| $ / shares			$ 6,250
Professional and filing fees by debtor	$ 25.0
Estimated professional and filing fees by debtor	$ 82.0
CO Group \| Subsequent Event \| Series A Preferred Stock
Reorganization And Chapter11 Proceedings [Line Items]
Equity method investment aggregate amount in cash			$ 1,050.8
Equity method investment maximum aggregate value			$ 200.0

Reorganization and Chapter 11 Proceedings - Schedule of Reorganization Items Net (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Reorganizations [Abstract]
Advisor fees	$ 55
DIP Financing fees	13
Write-off of pre-petition unamortized debt issuance costs	6
Other	(1)
Total reorganization items, net	$ 73

Reorganization and Chapter 11 Proceedings - Schedule of Liabilities Subject to Compromise (Details) $ in Millions	Dec. 31, 2020 USD ($)
Reorganizations [Abstract]
Obligations payable to Honeywell	$ 1,482
Long-term debt	429
Accounts payable	82
Pension, compensation, benefit and other employee related	92
Uncertain tax positions and deferred taxes	69
Advanced discounts from suppliers	33
Lease liability	19
Freight Accrual	27
Product warranties and performance guarantees	16
Other	41
Total liabilities subject to compromise	$ 2,290

Reorganization and Chapter 11 Proceedings - Condensed Statements of Operations of Debtors (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 1,008	$ 804	$ 477	$ 745	$ 830	$ 781	$ 802	$ 835	$ 3,034	$ 3,248	$ 3,375
Cost of goods sold									2,478	2,537	2,599
Gross profit	178	152	84	142	161	172	182	196	556	711	776
Selling, general and administrative expenses									277	249	249
Other expense, net									46	40	120
Interest expense									79	68	19
Non-operating (income) expense									(38)	8	(8)
Reorganization items, net									73
Income before taxes									119	346	396
Tax expense (benefit) (Note 7)									39	33	(810)
Net income	$ 26	$ 11	$ (9)	$ 52	$ 136	$ 38	$ 66	$ 73	80	$ 313	$ 1,206
Debtors
Net sales									2,273
Cost of goods sold									1,863
Gross profit									410
Selling, general and administrative expenses									252
Other expense, net									45
Interest expense									80
Non-operating (income) expense									(152)
Reorganization items, net									73
Income before taxes									112
Tax expense (benefit) (Note 7)									3
Net income									$ 109

Reorganization and Chapter 11 Proceedings - Condensed Balance Sheets of Debtors (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 592	$ 187
Restricted cash	101
Accounts, notes and other receivables – net	841	707
Inventories – net	235	220
Other current assets	110	85
Total current assets	1,879	1,199
Investments and long-term receivables	30	36
Property, plant and equipment – net	505	471
Goodwill	193	193
Deferred income taxes	275	268
Other assets	135	108
Total assets	3,017	2,275
Current liabilities:
Accounts payable	1,019	1,009
Borrowings under revolving credit facility	370
Current maturities of long-term debt (Note 16)		4
Debtor-in-possession Term Loan	200
Obligations payable to Honeywell, current		69
Accrued liabilities (Note 15)	248	310
Total current liabilities	1,837	1,392
Long-term debt	1,082	1,409
Deferred income taxes	2	51
Obligations payable to Honeywell (Note 23)		1,282
Other liabilities	114	274
Total liabilities not subject to compromise	3,035	4,408
Liabilities subject to compromise
Total liabilities subject to compromise	2,290
Total liabilities	5,325	4,408
COMMITMENTS AND CONTINGENCIES (Note 23)
EQUITY (DEFICIT)
Total deficit attributable to the Debtors	(2,308)	(2,133)	$ (2,517)	$ (2,195)
Total liabilities and equity (deficit)	3,017	$ 2,275
Debtors
Current assets:
Cash and cash equivalents	516
Restricted cash	30
Accounts, notes and other receivables – net	430
Accounts and other receivables from non-debtor affiliates	240
Inventories – net	166
Other current assets	91
Total current assets	1,473
Investments and long-term receivables	6
Investment in subsidiaries	883
Property, plant and equipment – net	319
Goodwill	193
Deferred income taxes	236
Other assets	93
Total assets	3,203
Current liabilities:
Accounts payable	497
Borrowings under revolving credit facility	370
Debtor-in-possession Term Loan	200
Accrued liabilities (Note 15)	106
Total current liabilities	1,173
Long-term debt	1,082
Other liabilities	22
Total liabilities not subject to compromise	2,277
Liabilities subject to compromise
External	2,290
With non-debtor affiliates	528
Total liabilities subject to compromise	2,818
Total liabilities	5,095
COMMITMENTS AND CONTINGENCIES (Note 23)
EQUITY (DEFICIT)
Total deficit attributable to the Debtors	(1,892)
Total liabilities and equity (deficit)	$ 3,203

Reorganization and Chapter 11 Proceedings - Condensed Statements of Cash Flows of Debtors (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net cash used for operating activities	$ 25	$ 242	$ 373
Cash flows from investing activities:
Expenditures for property, plant and equipment	(80)	(102)	(95)
Other		16	(4)
Net cash (used for) provided by investing activities	(80)	(86)	192
Cash flows from financing activities:
Proceeds from revolving credit facilities	1,449	745	331
Payments of revolving credit facilities	(1,100)	(745)	(331)
Payments of long-term debt	(2)	(163)	(6)
Other	(4)		3
Net cash provided by (used for) financing activities	530	(163)	(658)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	31	(2)	(11)
Net increase/ (decrease) in cash, cash equivalents and restricted cash	506	(9)	(104)
Cash and cash equivalents at beginning of period	187	196	300
Cash, cash equivalents and restricted cash at end of period	693	187	$ 196
Debtors
Cash flows from operating activities:
Net cash used for operating activities	15
Cash flows from investing activities:
Expenditures for property, plant and equipment	(39)
Other	5
Net cash (used for) provided by investing activities	(34)
Cash flows from financing activities:
Proceeds from debtor-in-possession financing	200
Proceeds from revolving credit facilities	1,437
Payments of revolving credit facilities	(1,088)
Payments of long-term debt	(2)
Debtor-in-possession financing fees	(13)
Net cash provided by (used for) financing activities	534
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	30
Net increase/ (decrease) in cash, cash equivalents and restricted cash	545
Cash and cash equivalents at beginning of period	1
Cash, cash equivalents and restricted cash at end of period	$ 546	$ 1

Summary of Significant Accounting Policies - Additional Information (Details)				9 Months Ended	12 Months Ended
	Jan. 01, 2020 USD ($)	Oct. 01, 2018 shares	Sep. 12, 2018 USD ($)	Sep. 30, 2018 shares	Dec. 31, 2020 USD ($) Segment shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares
Significant Accounting Policies [Line Items]
Number of reporting unit with negative carrying value \| Segment					1
Goodwill, impairment					$ 0
Basic and diluted shares \| shares				74,070,852
Weighted average common shares outstanding – Basic \| shares					75,543,461	74,602,868	74,059,240
Weighted average common shares outstanding – Diluted \| shares					76,100,509	75,934,373	74,402,148
ASU 2018-13
Significant Accounting Policies [Line Items]
Accounting standards adoption date					Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption					false
Accounting standards update adopted					true
Change in accounting principle, accounting standards update, immaterial effect					true
ASU 2016-13
Significant Accounting Policies [Line Items]
Accounting standards adoption date					Jan. 01, 2020
Change in accounting principle, accounting standards update, early adoption					false
Accounting standards update adopted					true
ASU 2016-13 \| Cumulative-Effect Adjustment
Significant Accounting Policies [Line Items]
Increase in allowance for doubtful accounts	$ 5,000,000
Shared Plan
Significant Accounting Policies [Line Items]
Pension expense							$ 5,000,000
Indemnification and Reimbursement Agreement
Significant Accounting Policies [Line Items]
Agreement termination description					The Honeywell 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.
Reimbursement agreement termination date					Dec. 31, 2048
Honeywell International Inc
Significant Accounting Policies [Line Items]
Liability for asbestos and environmental claims maximum amount converted into euros					$ 25,000,000
Number of spin-off common Stock distributed \| shares		74,070,852
Honeywell International Inc \| PSA and The Transaction, The Amended Plan
Significant Accounting Policies [Line Items]
Litigation cash payment at emergence					$ 375,000,000
Option for partial payment period at emergence					18 months
Reduction of duration of future liabilities prior to chapter 11 filing					30 years
Maximum duration of future liabilities under chapter 11 filing					9 years
Honeywell International Inc \| PSA and The Transaction, The Amended Plan \| Series B Preferred Stock
Significant Accounting Policies [Line Items]
Option to prepay preferred stock at call price					$ 584,000,000
Discount rate					7.25%
Option for partial payment of preferred stock reducing present value					$ 400,000,000
Honeywell International Inc \| Indemnification and Reimbursement Agreement
Significant Accounting Policies [Line Items]
Percentage of net insurance receipts			90.00%
Bendix \| Honeywell International Inc \| Indemnification and Reimbursement Agreement
Significant Accounting Policies [Line Items]
Percentage of asbestos and environmental liabilities liable to pay			90.00%
Cost of Goods Sold
Significant Accounting Policies [Line Items]
Research and development cost					111,000,000	$ 129,000,000	128,000,000
Engineering-related expenses					$ 13,000,000	$ 5,000,000	$ 10,000,000
Maximum \| Honeywell International Inc \| Indemnification and Reimbursement Agreement
Significant Accounting Policies [Line Items]
Liability for asbestos and environmental claims maximum amount converted into euros			$ 25,000,000
Buildings and Improvements \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives					10 years
Buildings and Improvements \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives					50 years
Machinery and Equipment \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives					2 years
Machinery and Equipment \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives					16 years
Tooling Equipment \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives					3 years
Tooling Equipment \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives					10 years
Software \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives					5 years
Software \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives					7 years

Revenue Recognition and Contracts with Customers - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020
Revenue Recognition And Contracts With Customers [Line Items]
Revenue performance obligation, description of timing	The timing of satisfying the performance obligation is typically indicated by the terms of the contract. All performance obligations are expected to be satisfied within one year, with substantially all performance obligations being satisfied within a month
Contract with customer cash advances and unbilled receivables settlement period	3 months
Revenue performance obligation, description of payment terms	The timing of satisfaction of our performance obligations does not significantly vary from the typical timing of payment, with cash advances (contract liabilities) and unbilled receivables (contract assets) being settled within 3 months. For some contracts, we may be entitled to receive an advance payment.
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true false]	true
Maximum
Revenue Recognition And Contracts With Customers [Line Items]
Revenue performance obligation satisfied over time percentage	1.00%

Revenue Recognition and Contracts with Customers - Summary of Contract Assets and Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Contract With Customer Asset And Liability [Abstract]
Contract assets—January 1	$ 6
Contract assets—December 31	61
Change in contract assets—Increase/(Decrease)	55
Contract liabilities—January 1	(3)
Contract liabilities—December 31	(2)
Change in contract liabilities—(Increase)/Decrease	$ 1

Revenue Recognition and Contracts with Customers - Additional Information (Details 1)	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01
Revenue Recognition And Contracts With Customers [Line Items]
Performance obligation expected to be satisfied, period	1 year

Other Expense, Net - Schedule of Other Operating Cost and Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Income And Expenses [Abstract]
Indemnification related — post Spin-Off	$ 41	$ 28	$ (16)
Indemnification related — litigation	3	11
Asbestos related, net of probable insurance recoveries			131
Environmental remediation, non-active sites	1		5
Factoring and notes receivables discount fees	1	1
Other Expense, Net	$ 46	$ 40	$ 120

Non-Operating (Income) Expense - Schedule of Non-Operating Expense (Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non Operating Income Expense [Abstract]
Equity income of affiliated companies	$ (5)	$ (6)	$ (5)
Interest income	(3)	(7)	(7)
Pension (income) expense — non service	5	8	2
Foreign exchange	(35)	13	6
Others, net			(4)
Non-operating expense (income)	$ (38)	$ 8	$ (8)

Income Taxes - Schedule of Income (loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income before taxes
Domestic entities	$ (87)	$ (54)	$ (99)
Entities outside the U.S.	206	400	495
Income before taxes	$ 119	$ 346	$ 396

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Tax Expense (Benefits) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 3	$ 9	$ 7
State	1	1	1
Foreign	69	64	113
Total current income tax expense (benefit)	73	74	121
Deferred:
Federal		2	(8)
Foreign	(34)	(43)	(923)
Total deferred income tax expense (benefit)	(34)	(41)	(931)
Income tax expense (benefit)	$ 39	$ 33	$ (810)

Income Taxes - Schedule of U.S Federal Statutory Income Tax Rate Reconciled to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Taxes on non-U.S. earnings different from U.S. tax	(6.50%)	(2.30%)	(7.70%)
Reserves for tax contingencies	15.90%	2.50%	4.10%
Non-deductible and permanent items	7.10%	1.70%	6.00%
Withholding and other taxes on foreign earnings	(14.70%)	4.40%	(231.60%)
Tax law changes		(17.30%)
Changes in valuation allowance	10.50%	0.50%	5.30%
All other items	(0.50%)	(1.00%)	(1.60%)
Effective income tax rate	32.80%	9.50%	(204.50%)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Increase (decrease) to the effective tax rate, percentage	23.30%	(214.00%)
Deferred tax liability non-recurring tax benefits				$ 910
Deferred tax assets and liability changes enacted		$ 60
Net operating loss carryforwards	$ 132
Valuation allowance	34	27
Deferred income taxes	275	268
Deferred tax liability, before reclassification	27
Deferred tax liability reclassified to liabilities subject to compromise	25
Deferred tax liability, withholding taxes	13
Unrecognized tax benefits	60	54	$ 48
Interest and penalties, expense (benefit)	5	(3)	(2)
Accrued interest and penalties	$ 29	$ 26	$ 23
Earliest Tax Year
Income Taxes [Line Items]
Income tax examinations In progress, years	2006
Latest Tax Year
Income Taxes [Line Items]
Income tax examinations In progress, years	2017
Non-US
Income Taxes [Line Items]
Valuation allowance	$ 34

Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Intangibles and fixed assets	$ 202	$ 205
Pension	18	12
Accruals and reserves	32	30
Net operating losses and other tax attribute carryforwards	35	27
Outside basis differences	11	17
Other	29	23
Total Deferred tax assets	327	314
Valuation allowance	(34)	(27)
Net deferred tax assets	293	287
Deferred tax liabilities:
Outside basis differences	(30)	(49)
Other	(15)	(21)
Total deferred tax liabilities	(45)	(70)
Net deferred tax asset	$ 248	$ 217

Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	$ 119
Brazil
Operating Loss Carryforwards [Line Items]
Expiration Period Jurisdiction	Indefinite
Net Operating Loss Carryforwards	$ 53
Luxembourg
Operating Loss Carryforwards [Line Items]
Expiration Period Jurisdiction	2037
Net Operating Loss Carryforwards	$ 36
Switzerland
Operating Loss Carryforwards [Line Items]
Expiration Period Jurisdiction	2027
Net Operating Loss Carryforwards	$ 30

Income Taxes - Schedule of Changes in Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in unrecognized tax benefits:
Balance at beginning of year	$ 54	$ 48	$ 100
Gross increases related to current period tax positions	8	8	19
Gross increases related to prior periods tax positions	6		9
Gross decreases related to prior periods tax positions			(8)
Decrease related to resolutions of audits with tax authorities	(7)
Expiration of the statute of limitations for the assessment of taxes	(2)	(2)
Potential Indemnifications to Honeywell for US and foreign taxes as contractually obligated in connection with Tax Matters Agreement			(71)
Foreign currency translation	1		(1)
Balance at end of year	$ 60	$ 54	$ 48

Accounts, Notes and Other Receivables Net - Schedule of Accounts, Notes and Other Receivables Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade receivables	$ 625	$ 574
Notes receivables	152	68
Other receivables	77	69
Accounts, notes and other receivables, gross	854	711
Less—Allowance for expected credit losses	(13)	(4)
Accounts, notes and other receivables, net	$ 841	$ 707

Accounts, Notes and Other Receivables Net - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Unbilled balances	$ 61	$ 4

Factoring and Notes Receivables - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Sale of trade receivables	$ 473	$ 27
Proceeds from sale of bank notes	160	$ 105
Guaranteed bank notes pledged as collateral	$ 18

Inventories-Net - Summary of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory Combining Work In Process And Raw Materials Alternative Gross [Abstract]
Raw materials	$ 160	$ 142
Work in process	19	18
Finished products	97	85
Inventory, gross	276	245
Less—Reserves	(41)	(25)
Inventories	$ 235	$ 220

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid expenses	$ 62	$ 12
Taxes receivable	22	46
Advanced discounts to customers, current	10	10
Customer reimbursable engineering	13	12
Other	3	5
Other current assets	$ 110	$ 85

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other Assets [Line Items]
Advanced discounts to customers, non-current	$ 70	$ 62
Operating right-of-use assets (Note 17)	$ 36	$ 35
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Other	$ 29	$ 11
Total	$ 135	$ 108

Property, Plant and Equipment - Net - Schedule of Property, Plant and Equipment - Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 1,451	$ 1,301
Less—Accumulated depreciation and amortization	(946)	(830)
Total property, plant and equipment-net	505	471
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	711	639
Tooling
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	390	324
Buildings and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	153	141
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	86	100
Software
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	68	57
Land and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	17	16
Others
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 26	$ 24

Property, Plant and Equipment - Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Depreciation and amortization expense	$ 86	$ 73	$ 72

Goodwill - Schedule of Carrying Amount of Goodwill (Details) $ in Millions	Dec. 31, 2020 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 193
Ending balance	$ 193

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accrued Liabilities Current [Abstract]
Customer pricing reserve	$ 82	$ 90
Compensation, benefit and other employee related	62	64
Repositioning	7	4
Product warranties and performance guarantees	14	29
Taxes	37	33
Advanced discounts from suppliers, current	5	19
Customer advances and deferred income	8	12
Accrued interest		5
Short-term lease liability (Note 17)	5	8
Other (primarily operating expenses)	28	46
Accrued Liabilities	$ 248	$ 310

Accrued Liabilities - Summary of Expenses Related to the Repositioning Accruals (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost And Reserve [Line Items]
Balance at beginning of period	$ 4	$ 15
Charges	10	2
Usage—cash	(7)	(10)
Adjustments		(2)
Foreign currency translation		(1)
Balance at end of period	7	4
Severance Costs
Restructuring Cost And Reserve [Line Items]
Balance at beginning of period	3	13
Charges	10	2
Usage—cash	(7)	(8)
Adjustments	1	(3)
Foreign currency translation		(1)
Balance at end of period	7	3
Exit Costs
Restructuring Cost And Reserve [Line Items]
Balance at beginning of period	1	2
Usage—cash	0	(2)
Adjustments	$ (1)	1
Balance at end of period		$ 1

Long-term Debt and Credit Agreements - Additional Information (Details)							12 Months Ended
	Oct. 22, 2020 USD ($)	Oct. 09, 2020 USD ($)	Oct. 06, 2020	Sep. 04, 2020	Jun. 12, 2020 USD ($)	Sep. 27, 2018 USD ($)	Dec. 31, 2020 USD ($)	Jun. 12, 2020 EUR (€)	Dec. 31, 2019 USD ($)	Sep. 27, 2018 EUR (€)
Debt Instrument [Line Items]
Payment of debt issuance costs						$ 37,000,000
Write-off of pre-petition unamortized debt issuance costs							$ 6,000,000
Line of credit, interest rate terms							Following commencement of the Chapter 11 Cases, the contractual non-default rate of interest that is applicable under Senior Secured Credit Facilities is either (a) in the case of dollar denominated borrowings, base rate determined by reference to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the “prime rate” in the United States, (2) the greater of the federal funds effective rate and the overnight bank funding rate, plus 0.5% and (3) the one month adjusted LIBOR rate, plus 1% per annum (“ABR”), (b) in the case of borrowings denominated in certain permitted foreign currencies other than dollars or euros, an adjusted LIBOR rate (“LIBOR”) (which shall not be less than zero), or (c) in the case of borrowings denominated in euros, an adjusted EURIBOR rate (“EURIBOR”) (which shall not be less than zero), in each case, plus an applicable margin.
Senior Secured Credit Facilities \| Federal Funds Effective Rate and Overnight Bank Funding Rate
Debt Instrument [Line Items]
Debt instrument applicable margin rate			0.50%
Senior Secured Credit Facilities \| LIBOR Loans
Debt Instrument [Line Items]
Debt instrument applicable margin rate			1.00%
Term B Facility \| Senior Secured Credit Facilities \| ABR Loans
Debt Instrument [Line Items]
Debt instrument applicable margin rate			2.50%
Term B Facility \| Senior Secured Credit Facilities \| EURIBOR Loans
Debt Instrument [Line Items]
Debt instrument applicable margin rate					3.75%
Revolving Credit Facility
Debt Instrument [Line Items]
Payment of debt issuance costs						6,000,000
5.125% Senior Notes Due 2026
Debt Instrument [Line Items]
Senior notes						$ 410,000,000	$ 429,000,000		$ 387,000,000	€ 350,000,000
Debt instrument, annual fixed interest rate						5.125%				5.125%
Debt instrument maturity date						Oct. 15, 2026
Credit Agreement \| Term B Facility \| Senior Secured Credit Facilities
Debt Instrument [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
Debt Instrument [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
Debt Instrument [Line Items]
Line of credit, term					5 years
Line of credit, maximum borrowing capacity \| €								€ 430,000,000
2020 Amended Credit Agreement \| Senior Secured Credit Facilities
Debt Instrument [Line Items]
Debt instrument applicable margin rate				0.25%
2020 Amended Credit Agreement \| Term B Facility \| Senior Secured Credit Facilities
Debt Instrument [Line Items]
Debt instrument applicable margin rate					0.75%
2020 Amended Credit Agreement \| Term A Facility \| Senior Secured Credit Facilities
Debt Instrument [Line Items]
Debt instrument applicable margin rate					0.25%
DIP Agent and DIP Lenders \| DIP Term Loan Facility
Debt Instrument [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
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.
Principal amount of loans outstanding percentage			0.50%
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, 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 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
Debtor-in-possession financing,additional interest rate							2.00%
DIP Agent and DIP Lenders \| DIP Term Loan Facility \| Maximum
Debt Instrument [Line Items]
Principal amount to be funded		$ 200,000,000

Long-term Debt and Credit Agreements - Schedule of Principal Amounts Outstanding on Debtor-In-Possession Financing (Details) $ in Millions	Dec. 31, 2020 USD ($)
Debt Disclosure [Abstract]
Debtor-in-possession Term Loan	$ 200

Long-term Debt and Credit Agreements - Schedule of Principal Amounts Outstanding on Senior Secured Credit Facilities and Senior Notes (Details) € in Millions, $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 27, 2018 USD ($)	Sep. 27, 2018 EUR (€)
Liabilities subject to compromise
Total debt, prior to reclassification to Liabilities subject to compromise	$ 1,881	$ 1,413
Less: current portion		(4)
Less: Amounts reclassified to Liabilities subject to compromise	(429)
Total long-term debt	1,452	1,409
5.125% Senior Notes Due 2026
Liabilities subject to compromise
Senior notes	429	387	$ 410	€ 350
Credit Agreement \| Senior Secured Credit Facilities
Debt Instrument [Line Items]
Total consolidated Secured Debt	1,452	1,026
Credit Agreement \| Term A and B Facility \| Senior Secured Credit Facilities
Debt Instrument [Line Items]
Total consolidated Secured Debt	1,082	$ 1,026
Credit Agreement \| Revolving Credit Facility \| Senior Secured Credit Facilities
Debt Instrument [Line Items]
Total consolidated Secured Debt	$ 370

Long-term Debt and Credit Agreements - Schedule of Contractual Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 4
2022	70
2023	247
2024	4
2025	777
Thereafter	431
Principal amount	1,533
Less: current portion		$ (4)
Debt instrument, face amount	$ 1,533

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2018
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
Rent expense		$ 14
Maximum
Lessee Lease Description [Line Items]
Operating lease, remaining lease terms	10 years
Operating lease, options to extend, years	2 years

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 15	$ 14

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash outflows from operating leases	$ 13	$ 12
Right-of-use assets obtained in exchange for lease obligations, operating leases	$ 7	$ 12

Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Other assets	$ 36	$ 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 (in years)	5 years 1 month 20 days	6 years 3 months 18 days
Weighted-average discount rate	6.16%	6.36%

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 12
2022	10
2023	7
2024	5
2025	4
Thereafter	8
Total lease payments	46
Less imputed interest	(7)
Operating lease, liabilities	$ 39
Operating Lease, Liability, Statement of Financial Position [Extensible List]	gtx:AccruedAndOtherLiabilitiesMember

Financial Instruments and Fair Value Measures - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount	$ 19,000,000	$ 1,820,000,000
Interest Rate Swap Contract
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, inception date	Jun. 07, 2019
Cross-currency Swap Contract
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, inception date	Sep. 27, 2018
Floating cross-currency swap contract maturity date	Sep. 27, 2025
Cross-currency Swap Contract \| Non-operating Expense (Income)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Gains on derivative instrument	$ 20,000,000	$ 1,000,000

Financial Instruments and Fair Value Measures - Summary of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	$ 19,000,000	$ 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	19,000,000	1,820,000,000
Fair Value, Assets		7,000,000
Fair Value, Liabilities		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		392,000,000
Fair Value, Assets		5,000,000
Fair Value, Liabilities		1,000,000
Fair Value Measurements Recurring \| Level 2 \| Undesignated as Hedging
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	19,000,000	1,428,000,000
Fair Value, Assets		2,000,000
Fair Value, Liabilities		5,000,000
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	$ 19,000,000	447,000,000
Fair Value, Assets		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		420,000,000
Fair Value, Liabilities		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		561,000,000
Fair Value, Liabilities		$ 1,000,000

Financial Instruments and Fair Value Measures - Summary of Financial Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities not subject to compromise	$ 3,035	$ 4,408
Carrying Value \| Terms Loans A and B
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities not subject to compromise	1,082
Carrying Value \| Debtor In Possession Financing
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities not subject to compromise	200
Carrying Value \| 5.125% Senior Notes Due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities not subject to compromise	429
Fair Value \| Terms Loans A and B \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities not subject to compromise	1,083
Fair Value \| Debtor In Possession Financing \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities not subject to compromise	200
Fair Value \| 5.125% Senior Notes Due 2026 \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities not subject to compromise	$ 429

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Pension and other employee related	$ 14	$ 94
Advanced discounts from suppliers	11	46
Income taxes	45	79
Long-term lease liability (Note 17)	15	28
Undesignated cross-currency and interest rate swaps (Note 18)	22	2
Other	7	25
Other Liabilities	$ 114	$ 274

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Foreign exchange translation adjustment, pre-tax	$ (212)	$ 59	$ (198)
Pension adjustments, pre-tax	(17)	(18)	(2)
Changes in fair value of effective cash flow hedges, pre-tax	(8)	2	37
Other Comprehensive Income (Loss),pre-tax	(237)	43	(163)
Foreign exchange translation adjustment, tax	(22)	8
Pension adjustments, tax	(1)	4
Changes in fair value of effective cash flow hedges, tax	1	2	(2)
Other Comprehensive Income (Loss), tax	(22)	14	(2)
Foreign exchange translation adjustment, after-tax	(234)	67	(198)
Pension adjustments, after-tax	(18)	(14)	(2)
Changes in fair value of effective cash flow hedges, after-tax	(7)	4	35
Total other comprehensive (loss) income, net of tax	$ (259)	$ 57	$ (165)

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ (2,133)	$ (2,517)	$ (2,195)
Total other comprehensive (loss) income, net of tax	(259)	57	(165)
Ending balance	(2,308)	(2,133)	(2,517)
Foreign Exchange Translation Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	153	86
Other comprehensive income (loss) before reclassifications	(234)	67
Total other comprehensive (loss) income, net of tax	(234)	67
Ending balance	(81)	153	86
Change in Fair Value of Effective Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	4	0
Other comprehensive income (loss) before reclassifications	(3)	27
Amounts reclassified from accumulated other comprehensive income	(4)	(23)
Total other comprehensive (loss) income, net of tax	(7)	4
Ending balance	(3)	4	0
Pension Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(27)	(13)
Other comprehensive income (loss) before reclassifications	(29)	(27)
Amounts reclassified from accumulated other comprehensive income	11	13
Total other comprehensive (loss) income, net of tax	(18)	(14)
Ending balance	(45)	(27)	(13)
Total Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	130	73	238
Other comprehensive income (loss) before reclassifications	(266)	67
Amounts reclassified from accumulated other comprehensive income	7	(10)
Total other comprehensive (loss) income, net of tax	(259)	57	(165)
Ending balance	$ (129)	$ 130	$ 73

- 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

Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Net sales	$ 1,008	$ 804	$ 477	$ 745	$ 830	$ 781	$ 802	$ 835	$ 3,034	$ 3,248	$ 3,375
Cost of goods sold									2,478	2,537	2,599
Selling, general and administrative expenses									277	249	249
Non-operating (income) expense									38	(8)	8
Income before taxes									119	346	396
Tax (benefit) expense									39	33	(810)
Net income	$ 26	$ 11	$ (9)	$ 52	$ 136	$ 38	$ 66	$ 73	80	313	$ 1,206
Reclassification out of Accumulated Other Comprehensive Income
Defined Benefit Plan Disclosure [Line Items]
Tax (benefit) expense									(2)	2
Net income									7	(10)
Reclassification out of Accumulated Other Comprehensive Income \| Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
Defined Benefit Plan Disclosure [Line Items]
Non-operating (income) expense									13	13
Income before taxes									13	13
Reclassification out of Accumulated Other Comprehensive Income \| Change in Fair Value of Effective Cash Flow Hedges
Defined Benefit Plan Disclosure [Line Items]
Cost of goods sold									(4)	(25)
Income before taxes									$ (4)	$ (25)

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 14, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation expense		$ 10	$ 18	$ 21
Honeywell International Inc
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				16
Honeywell International Inc \| Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				10
Honeywell International Inc \| Shared Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 6
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted				0
Stock-based compensation expense		1	1
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost		$ 9
Weighted-average recognition period		1 year 6 months
Stock-based compensation expense		$ 9	15	$ 5
Restricted Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
Restricted Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted				0
Stock-based compensation expense			$ 2
Continuity Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average recognition period		6 months
Total unrecognized compensation cost		$ 5
Stock units granted		43
Stock-based compensation expense	$ 11	$ 7
Stock compensation expense	$ 9
Share-based compensation expected to be paid in 2021		2
Incremental compensation cost		$ 5
Share-based compensation award service period		1 year
Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for future issuance		5,641,452
Stock Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock that may be issued					10,000,000
Stock Incentive Plan \| Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average recognition period		2 years 2 months 12 days
Stock options granted		0	483,408
Options exercised		0
Aggregate intrinsic value of outstanding under options		$ 0
Aggregate intrinsic value of exercisable shares under options		0
Total unrecognized compensation cost		$ 2
Weighted average grant date fair value of options granted			$ 16.17
Stock Incentive Plan \| Stock Options \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock that may be issued					5,000,000
Stock Incentive Plan \| Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		36 months
Total unrecognized compensation cost		$ 1
Weighted-average recognition period		1 year
Weighted average grant date fair value of options granted		$ 8.36
Stock units granted		1,021,069	379,090
Director Equity Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for future issuance		344,860
Director Equity Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate number of shares of common stock that may be issued					400,000
2019 PSUs \| Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Vesting rights percentage depends on performance measures are related to organic revenue growth		20.00%
Vesting rights percentage depends on performance measures are related to adjusted EBITDA		40.00%
Vesting rights percentage depends on performance measures are related to leveraged cash flows		40.00%
2020 PSUs \| Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Vesting rights percentage depends on performance measures are related to organic revenue growth		30.00%
Vesting rights percentage depends on performance measures are related to adjusted free cash flow		30.00%
Vesting rights percentage depends on performance measures are related to total shareholder return		40.00%
Percentage of target level to grant performance stock units subject to shareholder return		250.00%
2020 PSUs \| Performance Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of target level to grant performance stock units		200.00%
2020 PSUs \| Performance Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of target level to grant performance stock units		0.00%

Stock-Based Compensation - Summary of Restricted Stock Activity Related to Stock Incentive Plan and Director Equity Plan (Details) - Restricted Stock Units - Stock Incentive Plan and Director Equity Plan - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of Restricted Stock Units
Non-vested, Beginning Balance	2,794,640	3,369,622
Granted	878,904	629,037
Vested	(1,185,121)	(967,518)
Forfeited	(949,454)	(236,501)
Non-vested Ending Balance	1,538,969	2,794,640
Weighted Average Grant Date Fair ValuePer Share
Non-vested, Beginning Balance	$ 12.62	$ 10.12
Granted	6.70	15.36
Vested	7.83	5.26
Forfeited	8.11	14.47
Non-vested, Ending Balance	$ 13.11	$ 12.62

Stock-Based Compensation - Summary of Impact to Consolidated and Combined Statement of Operations from RSUs (Details) - Restricted Stock Units - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 9	$ 15	$ 5
Future income tax benefit recognized	$ 3		$ 1

Stock-Based Compensation - Summary of Impact to Consolidated and Combined Statement of Operations from Stock Options (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 1	$ 1

Stock-Based Compensation - Schedule of Fair Value Assumption of Stock Options Using Black Scholes Pricing Model (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk-free interest rate	2.60%
Expected term (years)	6 years 3 months
Volatility	42.08%
Dividend yield	0.00%
Fair value per stock option	$ 7.28

Stock Based Compensation - Summary of Stock Option Activity under Stock Incentive Plan (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Stock Options
Granted			0
Stock Incentive Plan
Number of Stock Options
Number of Stock Options,Beginning Balance	449,033
Granted	0	483,408
Exercised	0
Forfeited	(37,482)	(34,375)
Expired	(8,034)
Number of Stock Options,Ending Balance	403,517	449,033
Number of Stock Options,Exercisable	102,420
Weighted Average Exercise Price
Weighted Average Exercise Price, Beginning Balance	$ 16.17
Granted		$ 16.17
Forfeited	16.17	16.17
Expired	16.17
Weighted Average Exercise Price, Ending Balance	$ 16.17	$ 16.17
Weighted average remaining contractual term	8 years 3 months 3 days	9 years 3 months 3 days
Aggregate intrinsic value	$ 0
Aggregate intrinsic value, Exercisable	$ 0

Stock-Based Compensation - Summary of Performance Stock Units Related to Stock Incentive Plan (Details) - Performance Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Performance Stock Unit
Granted			0
Stock Incentive Plan
Number of Performance Stock Unit
Non-vested, Beginning Balance	331,321
Granted	1,021,069	379,090
Forfeited	(1,038,279)	(47,769)
Non-vested Ending Balance	314,111	331,321
Weighted Average Grant Date Fair ValuePer Share
Non-vested, Beginning Balance	$ 16.17
Granted	8.36	$ 16.17
Forfeited	8.48	16.17
Non-vested, Ending Balance	$ 16.17	$ 16.17

Stock-Based Compensation - Summary of Impact to Consolidated and Combined Statement of Operations from PSUs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 2

Stock-Based Compensation - Summary of Continuity Award Activity (Details) - Continuity Awards	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Number of Performance Stock Unit
Granted \| shares	43
Non-vested Ending Balance \| shares	43
Weighted Average Grant Date Fair Value Per Award
Granted \| $ / shares	$ 257,536
Non-vested, Ending Balance \| $ / shares	$ 257,536

Stock-Based Compensation - Summary of Information about Income Statement Impact from Continuity Awards (Details) - Continuity Awards - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 11	$ 7
Future income tax benefit recognized		$ 1

Earnings Per Share - Additional Information (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Oct. 01, 2018
Shares of common stock distributed		76,229,578	74,911,139
Basic and diluted shares	74,070,852
Antidilutive shares excluded from computation of diluted EPS		428,690	483,408
Honeywell International Inc \| Exit Costs
Shares of common stock distributed				74,070,852

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic
Net income	$ 26	$ 11	$ (9)	$ 52	$ 136	$ 38	$ 66	$ 73	$ 80	$ 313	$ 1,206
Weighted average common shares outstanding – Basic									75,543,461	74,602,868	74,059,240
EPS – Basic	$ 0.34	$ 0.15	$ (0.12)	$ 0.69	$ 1.82	$ 0.51	$ 0.88	$ 0.98	$ 1.06	$ 4.20	$ 16.28
Diluted
Net income	$ 26	$ 11	$ (9)	$ 52	$ 136	$ 38	$ 66	$ 73	$ 80	$ 313	$ 1,206
Weighted average common shares outstanding – Basic									75,543,461	74,602,868	74,059,240
Dilutive effect of unvested RSUs									557,048	1,331,505	342,908
Weighted average common shares outstanding – Diluted									76,100,509	75,934,373	74,402,148
EPS – Diluted	$ 0.34	$ 0.14	$ (0.12)	$ 0.68	$ 1.79	$ 0.50	$ 0.86	$ 0.97	$ 1.05	$ 4.12	$ 16.21

- 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

Commitments and Contingencies - Additional Information (Details)				3 Months Ended		12 Months Ended
	Dec. 18, 2020 USD ($)	Oct. 01, 2018 USD ($) Installment	Sep. 12, 2018 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($) Claim	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2022 USD ($)	Jan. 22, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2017 USD ($)
Loss Contingencies [Line Items]
Loss contingency payable					$ 1,000,000			$ 1,000,000				$ 1,712,000,000
Payment made in connection with the Indemnification and Reimbursement Agreement								155,000,000
Asbestos related liabilities						$ 0	$ 0
Proofs of claim filed \| Claim						915
Make-whole premium claim amount						$ 0
Brazilian Tax Authorities
Loss Contingencies [Line Items]
Estimated amount of contingency including penalties and interest						$ 29,000,000
Subsequent Event
Loss Contingencies [Line Items]
Make-whole premium claim amount										$ 15,000,000
Honeywell Indemnity Agreement
Loss Contingencies [Line Items]
Loss contingency payable			$ 175,000,000
Minimum amount agreed to maintain for termination			25,000,000
Agreement termination description						The Honeywell 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.
Indemnification and Reimbursement Agreement
Loss Contingencies [Line Items]
Minimum amount agreed to maintain for termination			$ 25,000,000
Agreement termination description						The Honeywell 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 \| PSA and The Transaction, The Amended Plan
Loss Contingencies [Line Items]
Litigation cash payment at emergence						$ 375,000,000
Option for partial payment period at emergence						18 months
Honeywell International Inc \| PSA and The Transaction, The Amended Plan \| Series B Preferred Stock
Loss Contingencies [Line Items]
Preferred stock issued payable annually in 2023						$ 100,000,000
Preferred stock issued payable annually in 2024						100,000,000
Preferred stock issued payable annually in 2025						100,000,000
Preferred stock issued payable annually in 2026						100,000,000
Preferred stock issued payable annually in 2027						100,000,000
Preferred stock issued payable annually in 2028						100,000,000
Preferred stock issued payable annually in 2029						100,000,000
Preferred stock issued payable annually in 2030						100,000,000
Option to prepay preferred stock at call price						$ 584,000,000
Discount rate						7.25%
Option for partial payment of preferred stock reducing present value						$ 400,000,000
Honeywell International Inc \| PSA and The Transaction, The Amended Plan \| Series B Preferred Stock \| Scenario Forecast
Loss Contingencies [Line Items]
Preferred stock issued payable in instalments									$ 35,000,000
Honeywell International Inc \| Tax Matters Agreement
Loss Contingencies [Line Items]
Obligation payment connection with mandatory transition tax claim		$ 240,000,000									$ 273,000,000
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%
Payments related Tax Matters Agreement					$ 19,000,000		$ 18,000,000
Honeywell International Inc \| Minimum
Loss Contingencies [Line Items]
Loss contingency, owes	$ 1,900,000,000
Honeywell International Inc \| Honeywell Indemnity Agreement
Loss Contingencies [Line Items]
Percentage of net insurance receipts			90.00%
Payment made in connection with the Indemnification and Reimbursement Agreement				$ 35,000,000
Description of indemnification 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 Honeywell 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.
Honeywell International Inc \| Indemnification and Reimbursement Agreement
Loss Contingencies [Line Items]
Percentage of net insurance receipts			90.00%
Bendix
Loss Contingencies [Line Items]
Loss contingency payable												$ 1,703,000,000
Payment made in connection with the Indemnification and Reimbursement Agreement								$ 151,000,000
Bendix \| Honeywell International Inc \| Honeywell Indemnity Agreement
Loss Contingencies [Line Items]
Percentage of asbestos and environmental liabilities liable to pay			90.00%
Bendix \| Honeywell International Inc \| Indemnification and Reimbursement Agreement
Loss Contingencies [Line Items]
Percentage of asbestos and environmental liabilities liable to pay			90.00%

Commitments and Contingencies - Summary of Obligation Payable to Honeywell (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 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	1,526
Accrual for update to estimated liability		(15)
Legal fees expensed	41	44
Payments to Honeywell	(35)	(171)
Currency translation adjustment	125	(33)
End of year	1,482	1,351
Current	42	69
Non-current	1,440	1,282
Total	1,482	1,351
Exit Costs \| Honeywell International Inc \| Asbestos and Environmental
Loss Contingencies [Line Items]
Beginning of year	1,090	1,244
Accrual for update to estimated liability		(18)
Legal fees expensed	41	44
Payments to Honeywell	(35)	(153)
Currency translation adjustment	100	(27)
End of year	1,196	1,090
Current	2	51
Non-current	1,194	1,039
Total	1,196	1,090
Exit Costs \| Honeywell International Inc \| Tax Matters Agreement
Loss Contingencies [Line Items]
Beginning of year	261	282
Accrual for update to estimated liability		3
Payments to Honeywell		(18)
Currency translation adjustment	25	(6)
End of year	286	261
Current	40	18
Non-current	246	243
Total	$ 286	$ 261

Commitments and Contingencies - Summary of Asbestos Related Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Beginning of year	$ 1	$ 1,712
Accrual for update to estimated liabilities		141
Asbestos-related liability payments		(155)
Spin-Off related adjustments		(1,697)
Balance Sheet Reclassification	(1)
End of year		1
Bendix
Loss Contingencies [Line Items]
Beginning of year		1,703
Accrual for update to estimated liabilities		141
Asbestos-related liability payments		(151)
Spin-Off related adjustments		(1,693)
Other Asbestos Related Liabilities
Loss Contingencies [Line Items]
Beginning of year	1	9
Asbestos-related liability payments		(4)
Spin-Off related adjustments		(4)
Balance Sheet Reclassification	$ (1)
End of year		$ 1

Commitments and Contingencies - Summary of Insurance Recoveries for Asbestos Related Liabilities (Details) - Bendix $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Loss Contingencies [Line Items]
Beginning of year	$ 191
Probable insurance recoveries related to estimated liability	10
Insurance receipts for asbestos-related liabilities	(24)
Insurance receivables settlements and write-offs	1
Spin-Off related adjustments	$ (178)

Commitments and Contingencies - Summary Information Concerning Our Recorded Obligations For Product Warranties and Product Performance Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Beginning of year	$ 29	$ 32	$ 28
Accruals for warranties/guarantees issued during the year	19	31	33
Settlement of warranty/guarantee claims	(17)	(34)	(29)
Less: Amounts reclassified to Liabilities subject to compromise	(16)
End of year	$ 15	$ 29	$ 32

Defined Benefit Pension Plans - Summary of Balance Sheet Impact, Including Benefit Obligations, Assets and Funded Status Associated with Significant Pension Plans (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
U.S. Plans
Change in benefit obligation:
Benefit obligation at beginning of the year	$ 206	$ 178
Service cost	1	1
Interest cost	6	7
Actuarial (gains) losses	17	29
Benefits paid	(10)	(9)
Benefit obligation at end of the year	220	206	$ 178
Change in plan assets:
Fair value of plan assets at beginning of the year	204	177
Actual return on plan assets	25	36
Benefits paid	(10)	(9)
Fair value of plan assets at end of year	219	204	177
Funded status of plans	(1)	(2)
Amounts recognized in Consolidated Balance Sheet consist of:
Accrued pension liabilities - noncurrent		(2)
Liabilities subject to compromise	(1)
Net amount recognized	(1)	(2)
Non-U.S. Plans
Change in benefit obligation:
Benefit obligation at beginning of the year	226	172
Service cost	9	6	4
Interest cost	2	2	2
Plan amendments	(10)	1
Actuarial (gains) losses	18	37
Benefits paid	(3)	(6)
Settlements and curtailments	(10)
Foreign currency translation	22
Transfers	2	10
Other	3	4
Benefit obligation at end of the year	259	226	172
Change in plan assets:
Fair value of plan assets at beginning of the year	150	123
Actual return on plan assets	8	14
Employer contributions	7	6
Benefits paid	(3)	(6)
Settlements and curtailments	(10)
Foreign currency translation	15
Transfers	2	10
Other	3	3
Fair value of plan assets at end of year	172	150	$ 123
Funded status of plans	(87)	(76)
Amounts recognized in Consolidated Balance Sheet consist of:
Accrued pension liabilities - noncurrent		(76)
Liabilities subject to compromise	(87)
Net amount recognized	$ (87)	$ (76)

Defined Benefit Pension Plans - Summary of Balance Sheet Impact, Including Benefit Obligations, Assets and Funded Status Associated with Significant Pension Plans (Parenthetical) (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Actuarial (gains) losses	$ 17	$ 29
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Actuarial (gains) losses	18	$ 37
Total lump sum benefit payments	10
Unrecognized loss recognized as pension settlement expense	1
Ireland
Defined Benefit Plan Disclosure [Line Items]
Assumption loss due to decrease of discount rates	19
Additional loss due to increased salary assumptions	1
Switzerland
Defined Benefit Plan Disclosure [Line Items]
Assumption loss due to decrease of discount rates	4
Financial loss partially offset by experience gain	$ 6

Defined Benefit Pension Plans - Summary of Accumulated Other Comprehensive (Income) Loss Associated with Pension and Other Postretirement Benefit Plans (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Prior service (credit)	$ (1)	$ (2)
Net actuarial loss	9	6
Net amount recognized	8	4
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Prior service (credit)	(9)	1
Net actuarial loss	24	21
Net amount recognized	$ 15	$ 22

Defined Benefit Pension Plans - Summary of Net Periodic Benefit (Income) Cost and Other Amounts Recognized in Other Comprehensive (Income) Loss (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1
Interest cost	6	7
Expected return on plan assets	(11)	(10)
Net periodic benefit (income) cost	(4)	(2)
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	9	6	$ 4
Interest cost	2	2	2
Expected return on plan assets	(6)	(4)	(3)
Recognition of actuarial losses	13	13	3
Settlements and curtailments	1
Net periodic benefit (income) cost	$ 19	$ 17	$ 6

Defined Benefit Pension Plans - Summary of Net Periodic Benefit (Income) Cost and Other Amounts Recognized in Other Comprehensive (Income) Loss (Parenthetical) (Details) - Pension Benefits - Non-U.S. Plans $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Total lump sum benefit payments	$ 10
Unrecognized loss recognized as pension settlement expense	$ 1

Defined Benefit Pension Plans - Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss
Total recognized in other comprehensive (income) loss	$ 17	$ 18	$ 2
Pension Benefits \| U.S. Plans
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss
Actuarial (gains) losses	3	2
Total recognized in other comprehensive (income) loss	3	2
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss	(1)
Pension Benefits \| Non-U.S. Plans
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss
Actuarial (gains) losses	15	27	(4)
Prior service (credit)	(10)	1	1
Actuarial losses recognized during year	(14)	(13)	(3)
Foreign currency translation	2	1
Total recognized in other comprehensive (income) loss	(7)	16	$ (6)
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss	$ 12	$ 33

Defined Benefit Pension Plans - Summary of Major Actuarial Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit (Income) Cost (Details) - Pension Benefits	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
U.S. Plans
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate	2.65%	3.30%
Expected annual rate of compensation increase	3.57%	3.74%
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Expected rate of return on plan assets	5.49%	5.80%
Expected annual rate of compensation increase	3.74%	3.74%
Non-U.S. Plans
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate	0.46%	0.79%	1.50%
Expected annual rate of compensation increase	1.82%	1.77%	1.77%
Interest credited to accounts (2)	1.50%	1.50%	1.50%
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Expected rate of return on plan assets	3.79%	3.34%	3.77%
Expected annual rate of compensation increase	1.77%	1.77%	1.77%
Beneftit Obligation \| U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	3.30%	4.44%
Beneftit Obligation \| Non-U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	0.79%	1.65%	1.50%
Service Cost \| U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	4.47%	4.47%
Service Cost \| Non-U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	1.20%	1.20%	1.50%
Interest Cost \| U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	4.06%	4.06%
Interest Cost \| Non-U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	1.74%	1.74%	1.50%

Defined Benefit Pension Plans - Summary of Amounts Relate to Significant Pension Plans with Accumulated Benefit Obligations Exceeding Fair Value of plan Assets (Details) - Pension Benefits - Non-U.S. Plans - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 259	$ 226
Accumulated benefit obligation	239	212
Fair value of plan assets	$ 172	$ 150

Defined Benefit Pension Plans - Additional Information (Details) - Pension Benefits $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Pension contribution	$ 7
Expected pension contribution in the next fiscal year	$ 7
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage	35.00%
Defined Benefit Plan Fixed Income Securities And Cash
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage	50.00%
Real Estate Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage	10.00%
High Yield Bonds
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage	5.00%
Fixed Income Securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Plan Assets Maturity Period	5 years
Fixed Income Securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Plan Assets Maturity Period	25 years

Defined Benefit Pension Plans - Summary of Fair Values of Both U.S. and Non-U.S. Pension Plans Assets by Asset Category (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
U.S. Plans \| Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	$ 79	$ 74
U.S. Plans \| Short-Term Investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	2	2
U.S. Plans \| Corporate Bond Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	117	106
U.S. Plans \| Real Estate Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	21	22
U.S. Plans \| Assets at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	219	204
Non-U.S. Plans \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	5	2
Non-U.S. Plans \| Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	76	68
Non-U.S. Plans \| Government Bond Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	35	30
Non-U.S. Plans \| Corporate Bond Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	23	21
Non-U.S. Plans \| Real Estate Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	20	18
Non-U.S. Plans \| Other
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	13	11
Non-U.S. Plans \| Assets at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	172	150
Level 1 \| Non-U.S. Plans \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	5	2
Level 1 \| Non-U.S. Plans \| Assets at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	5	2
Level 2 \| U.S. Plans \| Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	79	74
Level 2 \| U.S. Plans \| Short-Term Investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	2	2
Level 2 \| U.S. Plans \| Corporate Bond Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	117	106
Level 2 \| U.S. Plans \| Real Estate Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	21	22
Level 2 \| U.S. Plans \| Assets at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	219	204
Level 2 \| Non-U.S. Plans \| Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	76	68
Level 2 \| Non-U.S. Plans \| Government Bond Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	35	30
Level 2 \| Non-U.S. Plans \| Corporate Bond Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	23	21
Level 2 \| Non-U.S. Plans \| Real Estate Funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	20	18
Level 2 \| Non-U.S. Plans \| Other
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	13	11
Level 2 \| Non-U.S. Plans \| Assets at Fair Value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	$ 167	$ 148

Defined Benefit Pension Plans - Summary of Benefit Payments (Details) - Pension Benefits $ in Millions	Dec. 31, 2020 USD ($)
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
2021	$ 10
2022	11
2023	11
2024	11
2025	11
2026-2030	57
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
2021	3
2022	4
2023	4
2024	4
2025	4
2026-2030	$ 24

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

Concentrations - Summary of Net Sales by Region and Channel (Details) - Sales Concentration - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Net sales	$ 3,034	$ 3,248	$ 3,375
OEM
Concentration Risk [Line Items]
Net sales	2,643	2,796	2,893
Aftermarket
Concentration Risk [Line Items]
Net sales	330	377	397
Other
Concentration Risk [Line Items]
Net sales	61	75	85
United States
Concentration Risk [Line Items]
Net sales	462	485	518
United States \| OEM
Concentration Risk [Line Items]
Net sales	309	307	338
United States \| Aftermarket
Concentration Risk [Line Items]
Net sales	148	171	175
United States \| Other
Concentration Risk [Line Items]
Net sales	5	7	5
Europe
Concentration Risk [Line Items]
Net sales	1,547	1,806	1,891
Europe \| OEM
Concentration Risk [Line Items]
Net sales	1,395	1,631	1,686
Europe \| Aftermarket
Concentration Risk [Line Items]
Net sales	122	136	151
Europe \| Other
Concentration Risk [Line Items]
Net sales	30	39	54
Asia
Concentration Risk [Line Items]
Net sales	995	923	923
Asia \| OEM
Concentration Risk [Line Items]
Net sales	928	843	847
Asia \| Aftermarket
Concentration Risk [Line Items]
Net sales	41	51	50
Asia \| Other
Concentration Risk [Line Items]
Net sales	26	29	26
Other International
Concentration Risk [Line Items]
Net sales	30	34	43
Other International \| OEM
Concentration Risk [Line Items]
Net sales	11	15	22
Other International \| Aftermarket
Concentration Risk [Line Items]
Net sales	$ 19	$ 19	$ 21

Concentrations - Summary of Net Sales to Largest Customer and Corresponding Percentage of Total Net Sales (Details) - Customer Concentration - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Net sales	$ 3,034	$ 3,248	$ 3,375
Net sales, percentage	100.00%	100.00%	100.00%
Customer A
Concentration Risk [Line Items]
Net sales	$ 301	$ 374	$ 455
Net sales, percentage	10.00%	12.00%	13.00%
Others
Concentration Risk [Line Items]
Net sales	$ 2,733	$ 2,874	$ 2,920
Net sales, percentage	90.00%	88.00%	87.00%

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

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

+ Details

Concentrations - Summary of Long Lived Assets by Region (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Long-lived assets	$ 505	$ 471
Long-lived Assets Concentration
Concentration Risk [Line Items]
Long-lived assets	505	471	$ 438
Long-lived Assets Concentration \| United States
Concentration Risk [Line Items]
Long-lived assets	21	24	26
Long-lived Assets Concentration \| Europe
Concentration Risk [Line Items]
Long-lived assets	315	285	273
Long-lived Assets Concentration \| Asia
Concentration Risk [Line Items]
Long-lived assets	151	141	123
Long-lived Assets Concentration \| Other International
Concentration Risk [Line Items]
Long-lived assets	$ 18	$ 21	$ 16

Concentrations - Additional Information (Details)	12 Months Ended
Concentrations - Additional Information (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplier Concentration \| Purchases
Concentration Risk [Line Items]
Concentration risk, percentage	8.00%	12.00%	14.00%

Related Party Transactions with Honeywell - Additional Information (Details) - Honeywell International Inc $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Notes Receivables
Related Party Transaction [Line Items]
Interest income received for related party	$ 1
Notes Payable
Related Party Transaction [Line Items]
Interest expense incurred for related party	1
Selling, General and Administrative Expenses
Related Party Transaction [Line Items]
General corporate expenses included within selling, general and administrative expenses	$ 87

Unaudited Quarterly Financial Information - Summary of Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net Sales	$ 1,008	$ 804	$ 477	$ 745	$ 830	$ 781	$ 802	$ 835	$ 3,034	$ 3,248	$ 3,375
Gross Profit	178	152	84	142	161	172	182	196	556	711	776
Net income	$ 26	$ 11	$ (9)	$ 52	$ 136	$ 38	$ 66	$ 73	$ 80	$ 313	$ 1,206
Earnings (loss) per share - basic	$ 0.34	$ 0.15	$ (0.12)	$ 0.69	$ 1.82	$ 0.51	$ 0.88	$ 0.98	$ 1.06	$ 4.20	$ 16.28
Earnings (loss) per share - diluted	$ 0.34	$ 0.14	$ (0.12)	$ 0.68	$ 1.79	$ 0.50	$ 0.86	$ 0.97	$ 1.05	$ 4.12	$ 16.21

- Definition

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

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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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.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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