0001735707-21-000015 | 10-Q | XBRL Viewer

Print Document View Excel Document

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2021	Oct. 21, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38636
Entity Registrant Name	Garrett Motion Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4873189
Entity Address, Address Line One	La Pièce 16
Entity Address, City or Town	Rolle
Entity Address, Country	CH
Entity Address, Postal Zip Code	1180
City Area Code	41 21
Local Phone Number	695 30 00
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		65,062,806
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001735707
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	GTX
Security Exchange Name	NASDAQ
Series A Cumulative Convertible Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series A Cumulative Convertible Preferred Stock, par value $0.001 per share
Trading Symbol	GTXAP
Security Exchange Name	NASDAQ

CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net sales (Note 4)	$ 839,000,000	$ 804,000,000	$ 2,771,000,000	$ 2,026,000,000
Cost of goods sold	676,000,000	657,000,000	2,219,000,000	1,661,000,000
Gross profit	163,000,000	147,000,000	552,000,000	365,000,000
Selling, general and administrative expenses	60,000,000	98,000,000	166,000,000	202,000,000
Other expense, net (Note 6)	0	14,000,000	1,000,000	45,000,000
Interest expense	25,000,000	20,000,000	70,000,000	56,000,000
Non-operating (income) expense	(4,000,000)	1,000,000	(4,000,000)	(7,000,000)
Reorganization items, net (Note 2)	(9,000,000)	4,000,000	(130,000,000)	4,000,000
Income before taxes	91,000,000	10,000,000	449,000,000	65,000,000
Tax expense (Note 7)	28,000,000	(1,000,000)	82,000,000	11,000,000
Net income	63,000,000	11,000,000	367,000,000	54,000,000
Less: preferred dividend (Note 18)	(36,000,000)	0	(60,000,000)	0
Net income available to common shareholders	$ 27,000,000	$ 11,000,000	$ 307,000,000	$ 54,000,000
Earnings per common share
Basic (in USD per share)	$ 0.42	$ 0.15	$ 4.34	$ 0.72
Diluted (in USD per share)	$ 0.20	$ 0.14	$ 1.75	$ 0.71
Weighted average common shares outstanding
Basic (in shares)	65,056,274	75,739,152	70,802,999	75,456,358
Diluted (in shares)	312,844,469	75,943,994	209,664,275	76,123,548

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 63	$ 11	$ 367	$ 54
Foreign exchange translation adjustment	(6)	(100)	37	(111)
Changes in fair value of effective cash flow hedges, net of tax (Note 17)	2	0	7	0
Changes in fair value of net investment hedges, net of tax	12	(6)	27	(8)
Total other comprehensive income (loss) , net of tax	8	(106)	71	(119)
Comprehensive income (loss)	$ 71	$ (95)	$ 438	$ (65)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

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

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: 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 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

- Definition

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

+ References

+ Details

CONSOLIDATED INTERIM BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 456	$ 592
Restricted cash	78	101
Accounts, notes and other receivables – net (Note 8)	741	841
Inventories – net (Note 10)	278	235
Other current assets	56	110
Total current assets	1,609	1,879
Investments and long-term receivables	31	30
Property, plant and equipment – net	472	505
Goodwill	193	193
Deferred income taxes	253	275
Other assets (Note 11)	159	135
Total assets	2,717	3,017
Current liabilities:
Accounts payable	921	1,019
Borrowings under revolving credit facility (Note 2)	0	370
Current maturities of long-term debt (Note 15)	5	0
Debtor-in-possession Term Loan (Note 2)	0	200
Accrued liabilities (Note 12)	325	248
Total current liabilities	1,499	1,837
Long-term debt (Note 15)	1,195	1,082
Deferred income taxes	23	2
Other liabilities (Note 13)	286	114
Total liabilities not subject to compromise	3,350	3,035
Liabilities subject to compromise (Note 2)	0	2,290
Total liabilities	3,350	5,325
COMMITMENTS AND CONTINGENCIES (Note 22)
EQUITY (DEFICIT)
Common Stock, par value $0.001; 1,000,000,000 and 400,000,000 shares authorized, 65,062,181 and 76,229,578 issued and 65,062,181 and 75,813,634 outstanding as of September 30, 2021 and December 31, 2020, respectively (Note 18)	0	0
Additional paid–in capital	1,334	28
Retained deficit	(1,909)	(2,207)
Accumulated other comprehensive loss (Note 19)	(58)	(129)
Total deficit	(633)	(2,308)
Total liabilities and deficit	2,717	3,017
Series B Preferred Stock
Current liabilities:
Mandatorily redeemable Series B Preferred Stock (Note 16)	248	0
Mandatorily redeemable Series B Preferred Stock – long-term (Note 16)	347	0
Series A Preferred Stock
EQUITY (DEFICIT)
Series A Preferred Stock, par value $0.001; 247,757,290 shares issued and outstanding as of September 30, 2021 (Note 18)	$ 0	$ 0

CONSOLIDATED INTERIM BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	400,000,000
Common stock, shares, issued (in shares)	65,062,181	76,229,578
Common stock, shares, outstanding (in shares)	65,062,181	75,813,634
Series A Preferred Stock
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	247,757,290	247,757,290
Preferred stock, shares outstanding (in shares)	247,757,290	247,757,290

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 367	$ 54
Adjustments to reconcile net income to net cash provided by operating activities:
Reorganization items, net	(423)	4
Deferred income taxes	10	(25)
Depreciation	70	60
Accretion and amortization of debt discount and deferred financing costs	23	5
Foreign exchange loss	7	(15)
Stock compensation expense	5	8
Pension expense	(1)	1
Other	(3)	9
Changes in assets and liabilities:
Accounts, notes and other receivables	48	(35)
Inventories	(59)	(26)
Other assets	40	(54)
Accounts payable	(161)	(126)
Accrued liabilities	(19)	(22)
Obligations payable to Honeywell	(375)	6
Other liabilities	25	20
Net cash used for operating activities	(446)	(136)
Cash flows from investing activities:
Expenditures for property, plant and equipment	(74)	(79)
Other	1	0
Net cash used for investing activities	(73)	(79)
Cash flows from financing activities:
Proceeds from issuance of Series A Preferred Stock	1,301	0
Proceeds from issuance of long-term debt, net of deferred financing costs	1,221	0
Proceeds from revolving credit facility	0	1,449
Payments of long-term debt	(1,513)	(2)
Payments of revolving credit facility	(370)	(1,100)
Payments of debtor-in-possession financing	(200)	0
Payments for Cash-Out election	(69)	0
Revolving facility financing costs	(8)	0
Debtor-in-possession financing fees	0	(4)
Other	0	(3)
Net cash provided by financing activities	362	340
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(2)	3
Net (decrease) increase in cash, cash equivalents and restricted cash	(159)	128
Cash, cash equivalents and restricted cash at beginning of the period	693	187
Cash, cash equivalents and restricted cash at end of the period	534	315
Supplemental cash flow disclosure:
Income taxes paid (net of refunds)	47	27
Interest expense paid	67	40
Reorganization items paid	337	0
Supplemental disclosure of non-cash investing and financing activities:
Issuance of Series B Preferred Stock	$ 577	$ 0

CONSOLIDATED INTERIM STATEMENTS OF EQUITY (DEFICIT) (UNAUDITED) - USD ($) shares in Millions, $ in Millions	Total	Cumulative-Effect Adjustment	Series A Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Deficit	Retained Deficit Cumulative-Effect Adjustment	Accumulated Other Comprehensive Income/(Loss)
Beginning balance (in shares) at Dec. 31, 2019			0	75
Beginning balance at Dec. 31, 2019	$ (2,133)		$ 0	$ 0	$ 19	$ (2,282)		$ 130
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	52					52
Other comprehensive income (loss), net of tax	39							39
Stock-based compensation	2				2
Tax withholding related to vesting of restricted stock units and other	$ (1)				(1)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Ending balance (in shares) at Mar. 31, 2020			0	75
Ending balance at Mar. 31, 2020	$ (2,046)	$ (5)	$ 0	$ 0	20	(2,235)	$ (5)	169
Beginning balance (in shares) at Dec. 31, 2019			0	75
Beginning balance at Dec. 31, 2019	(2,133)		$ 0	$ 0	19	(2,282)		130
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	54
Other comprehensive income (loss), net of tax	(119)
Ending balance (in shares) at Sep. 30, 2020			0	75
Ending balance at Sep. 30, 2020	(2,196)		$ 0	$ 0	26	(2,233)		11
Beginning balance (in shares) at Mar. 31, 2020			0	75
Beginning balance at Mar. 31, 2020	(2,046)	$ (5)	$ 0	$ 0	20	(2,235)	$ (5)	169
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(9)					(9)
Other comprehensive income (loss), net of tax	(52)							(52)
Stock-based compensation	4				4
Ending balance (in shares) at Jun. 30, 2020			0	75
Ending balance at Jun. 30, 2020	(2,103)		$ 0	$ 0	24	(2,244)		117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	11					11
Other comprehensive income (loss), net of tax	(106)							(106)
Stock-based compensation	2				2
Ending balance (in shares) at Sep. 30, 2020			0	75
Ending balance at Sep. 30, 2020	(2,196)		$ 0	$ 0	26	(2,233)		11
Beginning balance (in shares) at Dec. 31, 2020			0	76
Beginning balance at Dec. 31, 2020	(2,308)		$ 0	$ 0	28	(2,207)		(129)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(105)					(105)
Other comprehensive income (loss), net of tax	111							111
Stock-based compensation	2				2
Ending balance (in shares) at Mar. 31, 2021			0	76
Ending balance at Mar. 31, 2021	(2,300)		$ 0	$ 0	30	(2,312)		(18)
Beginning balance (in shares) at Dec. 31, 2020			0	76
Beginning balance at Dec. 31, 2020	(2,308)		$ 0	$ 0	28	(2,207)		(129)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	367
Other comprehensive income (loss), net of tax	71
Ending balance (in shares) at Sep. 30, 2021			248	65
Ending balance at Sep. 30, 2021	(633)		$ 0	$ 0	1,334	(1,909)		(58)
Beginning balance (in shares) at Mar. 31, 2021			0	76
Beginning balance at Mar. 31, 2021	(2,300)		$ 0	$ 0	30	(2,312)		(18)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	409					409
Other comprehensive income (loss), net of tax	(48)							(48)
Stock-based compensation	1				1
Cash-Out election (in shares)				(11)
Cash-Out election	(69)					(69)
Issuance of Series A Preferred Stock (in shares)			248
Issuance of Series A Preferred Stock	1,301				1,301
Ending balance (in shares) at Jun. 30, 2021			248	65
Ending balance at Jun. 30, 2021	(706)		$ 0	$ 0	1,332	(1,972)		(66)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	63					63
Other comprehensive income (loss), net of tax	8							8
Stock-based compensation	2				2
Ending balance (in shares) at Sep. 30, 2021			248	65
Ending balance at Sep. 30, 2021	$ (633)		$ 0	$ 0	$ 1,334	$ (1,909)		$ (58)

Background and Basis of Presentation	9 Months Ended
Background and Basis of Presentation	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Note 1. Background and Basis of Presentation Background Garrett Motion Inc. (the “Company” or “Garrett”) designs, manufactures and sells highly engineered turbocharger and electric-boosting technologies for light and commercial vehicle original equipment manufacturers (“OEMs”) and the global vehicle independent aftermarket, as well as automotive software solutions. These OEMs in turn ship to consumers globally. We are a global technology leader with significant expertise in delivering products across gasoline, diesel, natural gas and electric (hybrid and fuel cell) power trains. These products are key enablers for fuel economy and emission standards compliance. 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”) were jointly administered under the caption “In re: Garrett Motion Inc., 20-12212.” On April 20, 2021, the Debtors filed the Revised Amended Plan of Reorganization (the “Plan”). On April 26, 2021, the Bankruptcy Court entered an order (the “Confirmation Order”) among other things, confirming the Plan. On April 30, 2021 (the “Effective Date”), the conditions to the effectiveness of the Plan were satisfied or waived and the Company emerged from bankruptcy. See Note 2, Plan of Reorganization, for further details. Basis of Presentation The accompanying Consolidated Interim Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All amounts presented are in millions, except per share amounts. The accompanying Consolidated Interim Financial Statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. Our ability to continue as a going concern was 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 were subject to uncertainty. While the Company was operating as debtors-in-possession under the Bankruptcy Code, we have sold or otherwise disposed of or liquidated assets or settled 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 our Consolidated Interim Financial Statements. As a result of our improved liquidity (see Note 2, Plan of Reorganization; Note 15, Long-term Debt and Credit Agreements; Note 16, Mandatorily Redeemable Series B Preferred Stock; and Note 18, Equity), and removal of the risks and uncertainties surrounding the Chapter 11 Cases, substantial doubt no longer exists that we will be able to continue as a going concern. Upon emergence from the Chapter 11 bankruptcy proceedings, the Company did not meet the requirements under Accounting Standards Codification (“ASC”) 852, Reorganizations (“ASC 852”) for fresh start accounting. Fresh start accounting is applicable if both of the following criteria are met: i)The reorganization value of the assets of the emerging entity immediately before the date of confirmation of the Plan of Reorganization is less than the total of all post-petition liabilities and allowed claims; and ii)The holders of existing voting shares immediately before confirmation of the Plan of Reorganization receive less than 50% of the voting shares of the emerging entity. Based on the Company’s analysis, the Company was not required to apply fresh start accounting based on the provisions of ASC 852 since holders of the Company’s outstanding voting shares immediately before confirmation of the Plan received more than 50% of the Company’s outstanding voting shares upon emergence. Accordingly, a new reporting entity was not created for accounting purposes. While the Company was a Debtor-in-possession, it applied ASC 852 in preparing Consolidated Interim Financial Statements. ASC 852 required the financial statements for periods subsequent to the Petition Date to distinguish transactions and events that were 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 were reported separately as Reorganization items, net in the Consolidated Interim Statements of Operations. In addition, the balance sheet distinguished pre-petition liabilities subject to compromise from those pre-petition liabilities that were not subject to compromise and post-petition liabilities. Pre-petition liabilities that were not fully secured or those that had at least a possibility of not being repaid at the allowed claim amount were classified as liabilities subject to compromise on the Consolidated Balance Sheet at December 31, 2020. The Consolidated Interim Financial Statements are unaudited; however, in the opinion of management, they contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The Consolidated Interim Financial Statements should be read in conjunction with the audited annual Consolidated and Combined Financial Statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 16, 2021 (our “2020 Form 10-K”). The results of operations for the three and nine months ended September 30, 2021 and cash flows for the nine months ended September 30, 2021 should not necessarily be taken as indicative of the entire year. We report our quarterly financial information using a calendar convention: the first, second and third quarters are consistently reported as ending on March 31, June 30 and September 30. It has been our practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires our businesses to close their books on a Saturday to minimize the potentially disruptive effects of quarterly closing on our business processes. The effects of this practice are generally not significant to reported results for any quarter and only exist within a reporting year. For differences in actual closing dates that are material to year-over-year comparisons of quarterly or year-to-date results, such differences have been adjusted for the three months ended September 30, 2021. Our actual closing dates for the three months ended September 30, 2021 and 2020 were October 2, 2021 and September 26, 2020, respectively. 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 of 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.

Plan of Reorganization

9 Months Ended

Sep. 30, 2021

Reorganizations [Abstract]

Plan of Reorganization

Note 2. Plan of Reorganization

Emergence from Chapter 11

As previously reported, on the Petition Date, the Debtors each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. On April 20, 2021, the Debtors filed the Plan. On April 26, 2021, the Bankruptcy Court entered the Confirmation Order among other things, confirming the Plan. On the Effective Date, April 30, 2021, the conditions to the effectiveness of the Plan were satisfied or waived and the Company emerged from bankruptcy.

On the Effective Date, pursuant to the Plan:

•All shares of the Common Stock of the Company outstanding prior to the Effective Date (the “Old Common Stock”) were cancelled;

•The Company paid $69 million to holders of old Common Stock who had made the cash-out election under the Plan (the “Cash-Out Election”) in consideration of the cancellation of the Old Common Stock held by such holders;

•The Company issued 65,035,801 shares of its new Common Stock (the “Common Stock”), to holders of the Old Common Stock who had not made the Cash-Out Election under the Plan in consideration of the cancellation of the Old Common Stock held by such holders;

•The Company issued 247,768,962 shares of its new convertible series A preferred stock (the “Series A Preferred Stock”) to the parties to the Plan Support Agreement, the Backstop Commitment Agreement and participants in the rights offering by the Company for aggregate consideration of $1,301 million;

•The Company issued 834,800,000 shares of its new mandatorily redeemable series B preferred stock (the “Series B Preferred Stock”) to Honeywell International Inc. (“Honeywell”) in satisfaction and discharge of certain claims of Honeywell;

•The Company also paid $375 million to Honeywell in addition to the issuance of the Series B Preferred Stock in satisfaction and discharge of certain claims of Honeywell;

•The Company was authorized to grant up to 10% of the equity in the reorganized Company (on a fully-diluted basis) from time to time to the directors, officers and other employees of the reorganized Company, for awards under the Garrett Motion Inc. 2021 Long-Term Incentive Plan adopted by the board of directors (the “Board”) on May 25, 2021;

•The Company paid in full $101 million of interest and principal outstanding on, and terminated, that certain Senior Secured Super-Priority Debtor-in-Possession Credit Agreement (the “Debtor-in-possession Term Loan”);

•The obligations of the Debtors under the Credit Agreement, dated as of September 27, 2018, by and among the Company, as holdings, Garrett LX III S.à r.l., as Lux Borrower, Garrett Borrowing LLC, as U.S. Co-Borrower, Garrett Motion Sàrl (f/k/a Honeywell Technologies Sàrl), as Swiss Borrower, the Lenders and Issuing Banks party thereto and the Pre-petition Credit Agreement Agent (as defined in the Plan), as Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms (the “Pre-petition Credit Agreement”) were cancelled, the applicable agreements governing such obligations were terminated and holders of Allowed Pre-petition Credit Agreement Claims (as defined in the Plan) received payment in cash in an amount equal to such holder’s Allowed Pre-petition Credit Agreement Claim. With respect to the Pre-petition Credit Agreement:

◦The Company repaid its outstanding principal balance, accrued pre-petition and default interest of $307 million on its five-year term A loan facility (the “Old Term A Facility”);

◦The Company repaid its outstanding principal balance, accrued pre-petition and default interest of (i) $374 million with respect to the EUR tranche and (ii) $422 million with respect to the USD tranche, on its seven-year term B loan facility (the “Old Term B Facility”);

◦The Company repaid its outstanding principal balance and accrued interest of $374 million on its revolving credit facility (the “Old Revolving Facility”); and

◦The Company repaid its accrued pre-petition hedge obligations of $20 million;

•The obligations of the Debtors under that certain Indenture, dated as of September 27, 2018, among the Company, as Parent, Garrett LX I S.à r.l., as Issuer, Garrett Borrowing LLC, as Co-Issuer, the guarantors named therein, Deutsche Trustee Company Limited, as Trustee, Deutsche Bank AG, as Security Agent and Paying Agent, and Deutsche Bank Luxembourg S.A., as Registrar and Transfer Agent, as may be amended, supplemented or otherwise modified from time to time (the “Indenture”), were cancelled, the applicable agreements governing such obligations were terminated and holders of Allowed Pre-petition Credit Agreement

Claims (as defined in the Plan) received payment in cash in an amount equal to such holder’s Allowed Senior Subordinated Noteholder Claims (as defined in the Plan). With respect to the Indenture and the Allowed Senior Subordinated Noteholder Claims, the Company repaid its outstanding principal balance of €350 million, or $423 million, (the “Senior Notes”), accrued pre-petition interest of $10 million, post-petition interest of $13 million, and payment of $15 million in connection with the 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 did not owe, and the holders of the Senior Notes (the “Noteholders”) were not entitled to, any make-whole premium under the Indenture (the “Make-Whole” and such litigation, the “Make-Whole Litigation”);

•The Company and certain of its subsidiaries entered into secured debt facilities consisting of:

◦a seven-year secured first-lien U.S. Dollar term loan facility in the amount of $715 million (the “Dollar Facility”);

◦a seven-year secured first-lien Euro term loan facility in the amount of €450 million (the “Euro Facility,” and together with the Dollar Facility, the “Term Loan Facilities”); and

◦a five-year senior secured first-lien revolving credit facility in the amount of $300 million providing for multi-currency revolving loans, (the “Revolving Facility,” and together with the Term Loan Facilities, the “Credit Facilities”);

•The proceeds drawn under the Credit Facilities were reduced by deferred financing costs of $38 million, and deferred financing costs of $25 million on repaid historical debt were expensed; and

•The Company paid or will pay certain pre-petition claims, transaction fees, stock incentive payments and other expenses incurred in connection with the Plan.

See Note 16, Mandatorily Redeemable Series B Preferred Stock for further discussion of the Series B Preferred Stock. See Note 18, Equity for further discussion of the Common Stock and the Series A Preferred Stock. See Note 15, Long-term Debt and Credit Agreements for further discussion of the Credit Facilities.

Reorganization Items, Net

Reorganization items, net represent amounts incurred after the Petition Date as a direct result of the Chapter 11 Cases and are comprised of the following for the three and nine months ended September 30, 2021:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2021
	(Dollars in millions)
Gain on settlement of Honeywell claims(1)	$	—	$	(502)
Advisor fees	(8)		172
Director's and officers insurance	—		39
Write off pre-petition debt issuance cost	—		25
Employee stock cash out	—		13
Expenses related to Senior Notes(2)	—		28
DIP Financing fees	—		1
Bid termination and expense reimbursement	—		79
Other	(1)		15
Total reorganization items, net	$	(9)	$	(130)

(1)The gain on settlement of Honeywell claims of $502 million is comprised of the pre-emergence Honeywell claims of $1,459 million, less the $375 million payment to Honeywell, less the Series B Preferred Stock issued to Honeywell, which was recorded at $577 million, less a currency translation adjustment of $5 million.

(2)Includes $15 million in connection with Make-Whole Litigation and $13 million related to post-petition interest.

There was $4 million recorded to Reorganization items, net in the Consolidated Interim Statement of Operations for the three and nine months ended September 30, 2020.

Exit Financing and Entry into Credit Facilities

On the Effective Date, in accordance with the Plan, the Company and certain of its subsidiaries entered into secured debt facilities consisting of:

•a seven-year secured first-lien U.S. Dollar term loan facility in the amount of $715 million;

•a seven-year secured first-lien Euro term loan facility in the amount of €450 million; and

•a five-year senior secured first-lien Revolving Facility in the amount of $300 million providing for multi-currency revolving loans.

The Company may use up to $125 million under the Revolving Facility for the issuance of letters of credit to the Swiss Borrower (as defined below) or any of its subsidiaries. Letters of credit are available for issuance under the Credit Agreement on terms and conditions customary for financings of this kind, which issuances will reduce availability under the Revolving Facility.

The proceeds of the Term Loan Facilities were used on the Effective Date (i) for the payment of fees and expenses payable in connection with entry into the Credit Agreement, the effectiveness of the Plan, the refinancing of the Company’s existing indebtedness and the preferred equity investments that were made on the Effective Date, (ii) to fund distributions in accordance with the Plan, (iii) to pay off the Company’s existing indebtedness, including under its pre-petition Credit Agreement, notes indenture and Debtor-in-possession Term Loan and (iv) for general corporate purposes. The Revolving Facility was undrawn on the Effective Date. Proceeds of the Revolving Facility are available to be used for working capital and other general corporate purposes, including acquisitions permitted under the Credit Agreement. Any letters of credit will be used for general corporate purposes.

The table below presents changes to our debt outstanding as a result of the Plan:


	December 31, 2020		Movement (1)		Less debt repaid		Exit financing (2)		September 30, 2021
	(Dollars in millions)
Secured Term Loan Facilities and accrued interest	$	1,082	$	21	$	(1,103)	$	—	$	—
Borrowings under Old Revolving Facility	370		4		(374)		—		—
Senior Notes and accrued interest	429		32		(461)		—		—
Debtor-in-possession Term Loan	200		—		(200)		—		—
Term Loan Facilities	—		—		—		1,200		1,200
Total long-term debt	$	2,081	$	57	$	(2,138)	$	1,200	$	1,200

(1)Amounts primarily are related to accrued interest, unamortized deferred financing cost as of December 31, 2020 and the impact of foreign exchange.

(2)Exit financing amounts as of the Effective Date of $1,221 million were adjusted to September 30, 2021 foreign exchange rate and reflect the amortization of deferred financing costs.

Financial Statement Classification of Liabilities Subject to Compromise

As a result of the Chapter 11 Cases, the payment of pre-petition liabilities is generally subject to compromise pursuant to a Plan of Reorganization. Generally, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities are enjoined. Although payment of pre-petition claims generally was not permitted during the Chapter 11 Cases, 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. 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, the determination of the secured status of certain claims, the determination as to the value of any collateral securing claims, proof of claims or other events. Prior to emergence, pre-petition liabilities that were subject to compromise were required to be reported at the amounts expected to be allowed. Therefore, liabilities subject to compromise in the table below reflected management’s estimates of amounts expected to be allowed by the Bankruptcy Court, based upon the status of negotiations with creditors. Upon emergence or shortly thereafter, amounts recorded as liabilities subject to compromise were either settled, as reflected in the table below or such amounts have been reinstated to current or non-current liabilities in the Condensed Consolidated Balance Sheet, based upon management’s judgment as to the timing for settlement of such claims.

The following table presents the movements in the liabilities subject to compromise as reported in the Consolidated Balance Sheet from December 31, 2020 to September 30, 2021:


	December 31, 2020		Change in estimated allowed claims		Cash payment		Issuance of Series B Preferred Stock		Reinstatements		Reorganization		OCI		September 30, 2021
	(Dollars in millions)
Obligations payable to Honeywell	$	1,482	$	(23)	$	(375)	$	(577)	$	—	$	(502)	$	(5)	$	—
Senior Notes	429		32		(461)		—		—		—		—		—
Pension, compensation, benefit and other employee-related	92		(10)		—		—		(82)		—		—		—
Uncertain tax positions and deferred taxes	69		(8)				—		(61)		—		—		—
Accounts payable	82		(50)		—		—		(32)		—		—		—
Advanced discounts from suppliers	33		(6)		—		—		(27)		—		—		—
Lease liabilities (Note 14)	19		(2)		—		—		(17)		—		—		—
Product warranties and performance guarantees	16		—		—		—		(16)		—		—		—
Freight Accrual	27		(27)		—		—		—		—		—		—
Other	41		(14)		—		—		(27)		—		—		—
Total liabilities subject to compromise	$	2,290	$	(108)	$	(836)	$	(577)	$	(262)	$	(502)	$	(5)	$	—

As discussed above, the Confirmation Order has been entered, the Company emerged from Chapter 11 bankruptcy on the Effective Date of April 30, 2021. The amounts in the table above represent the best estimate of our pre-petition liabilities prior to emergence on the Effective Date.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies The accounting policies of the Company are set forth in Note 3 to the audited annual Consolidated and Combined Financial Statements for the year ended December 31, 2020 included in our 2020 Form 10-K. There were no new accounting pronouncements adopted during the nine months ended September 30, 2021. Related Party Transactions We lease certain facilities and receive property maintenance services from Honeywell, which as of emergence from Chapter 11 is the owner of our Series B Preferred Stock and appoints a director to the Board of Directors ("the Board"). Lease and service agreements were made at commercial terms prevalent in the market at the time they were executed. Our payments under the agreements with Honeywell were $2 million and $6 million for the three and nine months ended September 30, 2021, respectively, and were included in Cost of goods sold in our Consolidated Interim Statements of Operations. Related to the agreements with Honeywell, our Consolidated Interim Balance Sheets includes liabilities of $16 million as of September 30, 2021. Liability balances are primarily related to lease contracts of $13 million as of September 30, 2021. During the three and nine months ended September 30, 2021, certain of our related parties participated in our Plan as follows, as more fully discussed in Note 2, Plan of Reorganization and Note 18, Equity: •The company paid $74 million in connection with the following: ◦We reimbursed Centerbridge Partners, L.P. (together with its affiliated funds, “Centerbridge”) and Oaktree Capital Management, L.P. (together with its affiliated funds, “Oaktree”), who are significant shareholders, and Honeywell for professional fees and expenses related to their support of our emergence from Chapter 11 bankruptcy; •We reimbursed Centerbridge and Oaktree for their participation in the Equity Backstop; and •Centerbridge and Oaktree were parties to our Registration Rights Agreement (see definition in Note 18, Equity) for the registration of our Series A Preferred Stock and our Series A Investor Rights Agreement. Series A Preferred Stock Our Series A Preferred Stock is not a mandatorily redeemable financial instrument and is classified as permanent equity in our Consolidated Interim Balance Sheets. The Series A Preferred stock contains a conversion feature which is not required to be bifurcated, is not a derivative, and does not contain a beneficial conversion feature. It is not a participating security with the Company’s Common Stock. See Note 2, Plan of Reorganization and Note 18, Equity, of the Consolidated Interim Financial Statements for further details. Series B Preferred Stock Our Series B Preferred Stock is a mandatorily redeemable financial instrument and is classified as debt in our Consolidated Interim Balance Sheets. The Series B Preferred stock does not require physical settlement by the repurchase of a fixed number of the issuer’s equity shares in exchange for cash, and therefore not required to be subsequently remeasured. The Series B Preferred Stock redemption options are not required to be bifurcated and are not considered derivatives. On September 30, 2021, the Company filed an amended and restated Certificate of Designations (the “A&R Certificate of Designations”) amending and restating the terms of the Series B Preferred Stock. The A&R Certificate of Designations became effective on October 1, 2021. See Note 2, Plan of Reorganization and Note 16, Mandatorily Redeemable Series B Preferred Stock, of the Consolidated Interim Financial Statements for further details. The amendment was accounted for as a debt modification that did not result in an extinguishment or have a material impact on our Consolidated Interim Financial Statements. Reclassifications Certain reclassifications have been made to prior year amounts to conform to current year classifications, specifically certain items that had been previously recorded in selling, general and administrative expenses presented now within Cost of goods sold in our Consolidated Interim Statements of Operations. The reclassifications had no impact on net income, equity, or cash flows as previously reported. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting, which provides 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which clarified the scope and applicability of certain provisions. The Company has evaluated the impact of ASU 2020-04 and ASU 2021-01 on our debt agreements and hedging contracts and determined that they do not have a material impact on our Consolidated Interim Financial Statements. There are no other recently issued, but not yet adopted, accounting pronouncements that are expected to have a material impact on the Company’s Consolidated Interim Financial Statements and related disclosures.

Revenue Recognition and Contracts with Customers

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition and Contracts with Customers

Note 4. Revenue Recognition and Contracts with Customers

Disaggregated Revenue

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


	Three months ended September 30, 2021
	OEM		Aftermarket		Other		Total
	(Dollars in millions)
United States	$	92	$	49	$	2	$	143
Europe	348		40		5		393
Asia	271		12		6		289
Other International	8		6		—		14
	$	719	$	107	$	13	$	839

	Nine months ended September 30, 2021
	OEM		Aftermarket		Other		Total
	(Dollars in millions)
United States	$	290	$	129	$	4	$	423
Europe	1,263		117		21		1,401
Asia	853		36		20		909
Other International	20		18		—		38
	$	2,426	$	300	$	45	$	2,771

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

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

Contract Balances

The following table summarizes our contract assets and liabilities balances:


	2021		2020
	(Dollars in millions)		(Dollars in millions)
Contract assets—January 1	$	61	$	6
Contract assets—September 30	56		48
Change in contract assets—Increase/(Decrease)	$	(5)	$	42
Contract liabilities—January 1	$	(2)	$	(3)
Contract liabilities—September 30	(4)		(1)
Change in contract liabilities—(Increase)/Decrease	$	(2)	$	2

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Research, Development & Engineering

9 Months Ended

Sep. 30, 2021

Research and Development [Abstract]

Research, Development & Engineering

Note 5. Research, Development & Engineering

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Research and development costs	$	33	$	28	$	99	$	84
Engineering-related expenses	5		3		16		15
	$	38	$	31	$	115	$	99

Other Expense, Net

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

Other Expense, Net

Note 6. Other Expense, Net


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Indemnification related — post Spin-Off	$	—	$	14	$	—	$	41
Indemnification related — litigation	—		—		—		3
Factoring and notes receivables discount fees	—		—		1		1
	$	—	$	14	$	1	$	45

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 7. Income Taxes


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
	(Dollars in millions)
Tax expense	$	28		$	(1)		$	82		$	11
Effective tax rate	30.8		%	(10)		%	18.3		%	16.9		%

The increase in the effective tax rate for the three months ended September 30, 2021 compared to the prior-year period primarily related to decreased tax benefits on withholding taxes related to undistributed earnings, partially offset by fewer nondeductible expenses.

The increase in the effective tax rate for the nine months ended September 30, 2021 compared to the prior-year period primarily related to decreased tax benefits on withholding taxes related to undistributed earnings, partially offset by the tax benefits from the nontaxable gain on the settlement of the Honeywell claims in excess of nondeductible expenses.

The effective tax rate for the three months ended September 30, 2021 was higher than the U.S. federal statutory rate of 21% primarily because of withholding taxes, nondeductible expenses and tax reserves, partially offset by lower taxes on non-U.S. earnings.

The effective tax rate for the nine months ended September 30, 2021 was lower than the U.S. federal statutory rate of 21% primarily due to the nontaxable gain on the settlement of the Honeywell claims in excess of non-deductible expenses.

The effective tax rate can vary from quarter to quarter due to changes in the Company’s global mix of earnings, impacts of COVID-19, the resolution of income tax audits, changes in tax laws (including U.S. tax reform), deductions related to employee share-based payments, internal restructurings and pension mark-to-market adjustments.

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

- Definition

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

+ References + Details

Accounts, Notes and Other Receivables-Net

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Accounts, Notes and Other Receivables-Net

Note 8. Accounts, Notes and Other Receivables—Net


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Trade receivables	$	588	$	625
Notes receivable	90		152
Other receivables	71		77
	749		854
Less—Allowance for expected credit losses	(8)		(13)
	$	741	$	841

Trade Receivables include $56 million and $61 million of unbilled customer contract asset balances as of September 30, 2021 and December 31, 2020, respectively. These amounts are billed in accordance with the terms of customer contracts to which they relate. See Note 4, Revenue Recognition and Contracts with Customers.

Factoring and Notes Receivable	9 Months Ended
Factoring and Notes Receivable	Sep. 30, 2021
Receivables [Abstract]
Factoring and Notes Receivable	Note 9. Factoring and Notes Receivable The Company has entered into arrangements with financial institutions to sell eligible trade receivables. During the three and nine months ended September 30, 2021, the Company sold $104 million and $437 million of eligible receivables, respectively, without recourse, and accounted for these arrangements as true sales. Expense of $1 million was recognized within Other expense, net for the nine months ended September 30, 2021. During the three and nine months ended September 30, 2020, the Company sold $128 million and $296 million of eligible receivables, respectively, without recourse, and accounted for these arrangements as true sales. Expense of less than $1 million was recognized within Other expense, net for the nine months ended September 30, 2020. The Company also received guaranteed banknotes without recourse, in settlement of accounts receivables, primarily in the Asia Pacific region. The Company can hold the bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third-party financial institutions in exchange for cash. During the three and nine months ended September 30, 2021, the Company sold $0 and $0 of banknotes, respectively, without recourse, and accounted for these as true sales. During the three and nine months ended September 30, 2020, the Company sold $51 million and $124 million of banknotes, respectively, without recourse, and accounted for these as true sales. Expense of less than $1 million was recognized within Other expense, net for the nine months ended September 30, 2020. As of September 30, 2021 and December 31, 2020, the Company has pledged as collateral $36 million and $18 million of guaranteed banknotes which have not been sold in order to be able to issue banknotes as payment to certain suppliers. Such pledged amounts are included as Notes receivables in our Consolidated Interim Balance Sheet.

Inventories-Net

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories-Net

Note 10. Inventories—Net


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Raw materials	$	177	$	160
Work in process	20		19
Finished products	115		97
	312		276
Less—Reserves	(34)		(41)
	$	278	$	235

Other Assets

9 Months Ended

Sep. 30, 2021

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

Other Assets

Note 11. Other Assets


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Advanced discounts to customers, non-current	$	64	$	70
Operating right-of-use assets (Note 14)	50		36
Other	45		29
	$	159	$	135

Accrued Liabilities

9 Months Ended

Sep. 30, 2021

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Note 12. Accrued Liabilities


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Customer pricing reserve	$	85	$	82
Compensation, benefit and other employee related	74		62
Repositioning	14		7
Product warranties and performance guarantees	32		14
Taxes	30		37
Advanced discounts from suppliers, current	15		5
Customer advances and deferred income(1)	21		8
Accrued interest	8		—
Short-term lease liability (Note 14)	9		5
Other (primarily operating expenses)	37		28
	$	325	$	248

(1)Customer advances and deferred income include $4 million and $2 million of contract liabilities as of September 30, 2021 and December 31, 2020, respectively. See Note 4, Revenue Recognition and Contracts with Customers.

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


	Severance Costs		Exit Costs		Total
	(Dollars in millions)
Balance at December 31, 2020	$	7	$	—	$	7
Charges	14		—		14
Usage—cash	(7)		—		(7)
Balance at September 30, 2021	$	14	$	—	$	14


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

Other Liabilities

9 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Other Liabilities

Note 13. Other Liabilities


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Income taxes	$	99	$	45
Designated and undesignated derivatives	—		22
Pension and other employee related	97		14
Long-term lease liability (Note 14)	42		15
Advanced discounts from suppliers	19		11
Other	29		7
	$	286	$	114

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

Note 14. Leases

We have operating leases that primarily consist of real estate, machinery and equipment. Our leases have remaining lease terms of up to 16 years, some of which include options to extend the leases for up to two years, and some of which include options to terminate the leases within the year.

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Operating lease cost	$	4	$	5	$	12	$	11

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	3	$	4	$	9	$	9
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	18	$	1	$	23	$	6

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


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Other assets	$	50	$	36
Accrued liabilities	9		5
Other liabilities	42		15
Liabilities subject to compromise	—		19


	September 30, 2021		December 31, 2020
Weighted-average lease term (in years)	8.87		5.14
Weighted-average discount rate	5.75	%	6.16	%

Maturities of operating lease liabilities were as follows:


	(Dollars in millions)
2021	$	3
2022	11
2023	9
2024	8
2025	6
Thereafter	28
Total lease payments	65
Less imputed interest	(14)
	$	51

Long-term Debt and Credit Agreements

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Long-term Debt and Credit Agreements

Note 15. Long-term Debt and Credit Agreements

Exit Credit Facilities

On the Effective Date, in accordance with the Plan, the Company entered into a Credit Agreement, by and among the Company, Garrett LX I S.à r.l. (the “Lux Borrower”), Garrett Motion Holdings Inc. (the “U.S. Co-Borrower”) and Garrett Motion Sàrl (the “Swiss Borrower,” together with the Lux Borrower and the U.S. Co-Borrower, the “Borrowers”), the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Credit Agreement”), which provides for senior secured financing. The Credit Facilities consist of:

•Dollar Facility: a seven-year secured first-lien U.S. Dollar term loan facility for $715 million;

•Euro Facility: a seven-year secured first-lien Euro term loan facility for €450 million; and

•Revolving Facility: a five-year senior secured first-lien Revolving Facility for $300 million providing for multi-currency revolving loans.

On the Effective Date, Credit Facilities, net of deferred financing costs were $1,221 million, after proceeds from the Credit Facilities and issuance of Series A Preferred Stock (see Note 18, Equity) were used to pay off the Company’s pre-emergence indebtedness. For more information, see Note 2, Plan of Reorganization.

The principal outstanding and carrying amount of our long-term debt as of September 30, 2021 are as follows:


	Due	Interest Rate		September 30, 2021
Dollar Facility	4/30/2028	3.75	%	$	715
Euro Facility	4/30/2028	3.50	%	522
Total principal outstanding				1,237
Less: unamortized deferred financing costs				(37)
Less: current portion of long-term debt				(5)
Total long-term debt				$	1,195

Revolving Facility and Letters of Credit

The Revolving Facility allows maximum borrowings of $300 million and matures on April 30, 2026. The interest rate on the Revolving Facility is 2.75% per annum. On September 30, 2021, the Company had no borrowings outstanding under the Revolving Facility, $4 million of outstanding letters of credit, and available borrowing capacity of $296 million.

Under the Revolving Facility, the Company may use up to $125 million under the Revolving Facility for the issuance of letters of credit to the Swiss Borrower or any of its subsidiaries. Letters of credit are available for issuance under the Credit Agreement on terms and conditions customary for financings of this kind, which issuances will reduce availability under the Revolving Facility.

Separate from the Revolving Facility, the Company has obtained a $35 million bilateral letter of credit facility for a term of five years.

Minimum scheduled principal repayments of the Credit Facilities as of September 30, 2021 are as follows:


	September 30, 2021
	(Dollars in millions)
2021	$	2
2022	7
2023	7
2024	7
2025	7
Thereafter	1,207
Total debt payments	$	1,237

Guarantees

All obligations under the Credit Facilities are unconditionally guaranteed jointly and severally, by: (a) the Company; (b) each existing and future direct and indirect material wholly-owned subsidiary of the Company that is organized under the laws of any state of the United States and (c) substantially all of the existing and future direct and indirect material wholly-owned subsidiaries of the Company that are organized under the laws of certain other jurisdictions, including Australia, England and Wales, Ireland, Italy, Japan, Luxembourg (including Lux Borrower), Mexico, Romania, Slovakia, Switzerland (including Swiss Borrower), and any other jurisdiction at the Swiss Borrower’s option from time to time agreed with the administrative agent, subject in each case to certain exceptions and limitations and agreed guaranty and security principles. The guarantors organized under the laws of England and Wales, Luxembourg, Switzerland and the United States entered into a guarantee under the Credit Agreement concurrently with the effectiveness of the Credit

Agreement. The guarantors organized under the laws of Australia, Ireland, Italy, Japan, Mexico, Romania and Slovakia have subsequently acceded to such guarantee.

Security

The Credit Facilities are secured on a first-priority basis by: (i) a perfected security interest in the equity interests of each direct material subsidiary of each guarantor under the Credit Facilities and (ii) perfected security interests in, and mortgages on, substantially all tangible and intangible personal property and material real property of each of the guarantors under the Credit Facilities, subject, in each case, to certain exceptions and limitations, including the agreed guaranty and security principles. The guarantors organized under the laws of England and Wales, Luxembourg, Switzerland and the United States entered into security documents securing the obligations of each borrower concurrently with the effectiveness of the Credit Agreement. The guarantors organized under the laws of Australia, Ireland, Japan, Mexico, Romania and Slovakia have subsequently executed security documents.

Maturity

The Revolving Facility matures five years after the effective date of the Credit Agreement, with certain extension rights at the discretion of each lender. The Term Loan Facilities mature seven years after the Effective Date of the Credit Agreement, with certain extension rights in the discretion of each lender.

Interest Rate and Fees

The Dollar Facility is subject to an interest rate, at our option, of either (a) an alternate base rate (“ABR”) (which shall not be less than 1.50%) or (b) an adjusted LIBOR rate (“LIBOR”) (which shall not be less than 0.50%), in each case, plus an applicable margin equal to 3.25% in the case of LIBOR loans and 2.25% in the case of ABR loans. The Euro Facility is subject to an interest rate equal to an adjusted EURIBOR rate (“EURIBOR”) (which shall not be less than zero) plus an applicable margin equal to 3.50%. The Revolving Facility is subject to an interest rate comprised of an applicable benchmark rate (which shall not be less than 1.00% if such benchmark is the ABR rate and not less than 0.00% in the case of other applicable benchmark rates) that is selected based on the currency in which borrowings are outstanding thereunder, in each case, plus an applicable margin. The applicable margin for the Revolving Facility varies based on our leverage ratio. Accordingly, the interest rates for the Credit Facilities will fluctuate during the term of the Credit Agreement based on changes in the ABR, LIBOR, EURIBOR and other applicable benchmark rates or future changes in our leverage ratio. Interest payments with respect to the Term Loan Facilities are required either on a quarterly basis (for ABR loans) or at the end of each interest period (for LIBOR and EURIBOR loans) or, if the duration of the applicable interest period exceeds three months, then every three months.

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

Prepayments

The Borrowers are obligated to make quarterly principal payments throughout the term of the Dollar Facility according to the amortization provisions in the Credit Agreement, as such payments may be reduced from time to time in accordance with the terms of the Credit Agreement as a result of the application of loan prepayments made by us, if any, prior to the scheduled date of payment thereof.

We may voluntarily prepay borrowings under the Credit Agreement without premium or penalty, subject to a 1.00% prepayment premium in connection with any repricing transaction with respect to the Term Loan Facilities in the first six months after the Effective Date of the Credit Agreement and customary breakage” costs with respect to LIBOR and EURIBOR loans. We may also reduce the commitments under the Revolving Facility, in whole or in part, in each case, subject to certain minimum amounts and increments.

The Credit Agreement also contains certain mandatory prepayment provisions in the event that we incur certain types of indebtedness, receive net cash proceeds from certain non-ordinary course asset sales or other dispositions of property or, starting with the fiscal year ending on December 31, 2022, 50% of excess cash flow on an annual basis (with step-downs to 25% and 0% subject to compliance with certain leverage ratios), in each case subject to terms and conditions customary for financings of this kind.

Representations and Warranties

The Credit Agreement contains certain representations and warranties (subject to certain agreed qualifications) that are customary for financings of this kind.

Certain Covenants

The Credit Agreement contains certain affirmative and negative covenants customary for financings of this type that, among other things, limit our and our subsidiaries’ ability to incur additional indebtedness or liens, to dispose of assets, to make certain fundamental changes, to enter into restrictive agreements, to make certain investments, loans, advances, guarantees and acquisitions, to prepay certain indebtedness and to pay dividends or to make other distributions or redemptions/repurchases in respect of our and our subsidiaries’ equity interests. The Credit Agreement expressly permits payments-in-kind on our Series A Preferred Stock as well as mandatory cash redemptions in respect of our Series B Preferred Stock. During the fiscal years ending December 31, 2021 and December 31, 2022, the Credit Agreement restricts the Company’s ability to pay cash dividends on or to redeem or otherwise acquire for cash the Series A Preferred Stock unless a ratable payment (on an as-converted basis) is made to holders of our common equity and such payments would otherwise be permitted under the terms of the Credit Agreement. On July 21, 2021, the terms of the Certificate of Designations of the Series A Preferred Stock were amended to allow the payment of a ratable dividend on the Series A Preferred Stock and the Common Stock prior to December 31, 2022 so long as the full board of directors of the Company ratifies the Disinterested Directors’ Committee’s declaration of any such dividend or distribution.

In addition, the Revolving Facility also contains a financial covenant requiring the maintenance of a consolidated total leverage ratio of not greater than 4.70 to 1.00 as of the end of each fiscal quarter if, on the last day of any such fiscal quarter, the aggregate amount of loans and letters of credit (excluding backstopped or cash collateralized letters of credit and other letters of credit with an aggregate face amount not exceeding $30 million) outstanding under the Revolving Facility exceeds 35% of the aggregate commitments thereunder.

As of September 30, 2021, the Company is in compliance with all its financing covenants.

Events of Default

The Credit Agreement contains customary events of default, including with respect to a failure to make payments under the Credit Facilities, cross-default, certain bankruptcy and insolvency events and customary change of control events.

Prepetition Indebtedness

Pursuant to the Plan, on the Effective Date, the obligations of the Debtors under each of the following debt instruments were cancelled and the applicable agreements governing such obligations were terminated: (a) that certain Credit Agreement, dated as of September 27, 2018, by and among the Company, as holdings, Garrett LX III S.à r.l., as Lux Borrower, Garrett Borrowing LLC, as U.S. Co-Borrower, Garrett Motion Sàrl (f/k/a Honeywell Technologies Sàrl), as Swiss Borrower, the Lenders and Issuing Banks party thereto and the Pre-petition Credit Agreement Agent, as Administrative Agent, as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms; and (b) that certain Indenture, dated as of September 27, 2018, among Garrett Motion Inc., as Parent, Garrett LX I S.à r.l., as Issuer, Garrett Borrowing LLC, as Co-Issuer, the guarantors named therein, Deutsche Trustee Company Limited, as Trustee, Deutsche Bank AG, as Security Agent and Paying Agent, and Deutsche Bank Luxembourg S.A., as Registrar and Transfer Agent, pursuant to which the Senior Notes were issued, as may be amended, supplemented or otherwise modified from time to time. Holders of Allowed Pre-petition Credit Agreement Claims (as defined in the Plan) received payment in cash in an amount equal to such holder’s Allowed Pre-petition Credit Agreement Claim. Holders of Allowed Senior Subordinated Noteholder Claims (as defined in the Plan) received payment in cash in an amount equal to such Holder’s Allowed Senior Subordinated Noteholder Claim.

DIP Facility

On the Effective Date, that certain Senior Secured Super-Priority Debtor-in-Possession Credit Agreement, dated as of October 9, 2020, by and among the Company, as borrower, each lender party thereto from time to time, and the DIP Agent, as amended, supplemented or otherwise modified from time to time was paid in full and terminated.

Mandatorily Redeemable Series B Preferred Stock	9 Months Ended
Mandatorily Redeemable Series B Preferred Stock	Sep. 30, 2021
Equity [Abstract]
Mandatorily Redeemable Series B Preferred Stock	Note 16. Mandatorily Redeemable Series B Preferred Stock Series B Preferred Stock Pursuant to the Plan and the Plan Support Agreement, on the Effective Date the Company issued 834,800,000 shares of Series B Preferred Stock to Honeywell in satisfaction of its claims arising from (a) that certain Indemnification Guarantee Agreement, dated September 27, 2018, by and among Honeywell ASASCO 2 Inc., Garrett ASASCO Inc., and the other Guarantors party thereto, as may be amended, restated, supplemented or otherwise modified from time to time prior to the Effective Date (the “Honeywell Indemnification Guarantee Agreement”); (b) (i) that certain Indemnification and Reimbursement Agreement, dated September 12, 2018 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time), by and among Honeywell ASASCO Inc., Honeywell ASASCO 2 Inc. and Honeywell International Inc.; and (ii) that certain Contribution and Assignment Agreement, dated September 14, 2018 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time), by and between Honeywell ASASCO Inc. and Garrett ASASCO Inc., as each may be amended, restated, supplemented or otherwise modified from time to time prior to the Effective Date (collectively, the “Honeywell Indemnity Agreement”); (c) that certain Tax Matters Agreement, dated September 12, 2018, by and among Honeywell International Inc., GMI, Honeywell ASASCO Inc. and Honeywell ASASCO 2 Inc., as may be amended, supplemented or otherwise modified from time to time (the “Tax Matters Agreement” and, together with the Honeywell Indemnification Guarantee Agreement and the Honeywell Indemnity Agreement, the “Honeywell Agreements”). The Company is authorized to grant 1,200,000,000 shares of preferred stock in the reorganized company. The Series B Preferred Stock will not be entitled to any dividends or other distributions or payments other than the scheduled redemption payments and payments upon liquidation as provided in the Certificate of Designations of the Series B Preferred Stock (the “Series B Certificate of Designations”). On April 30 of each year, beginning on April 30, 2022 and ending on April 30, 2030, on which any shares of Series B Preferred Stock are outstanding (each, a “Scheduled Redemption Date”), the Company will redeem, pro rata from each holder, an aggregate number of shares of Series B Preferred Stock equal to a scheduled redemption amount with respect to such Scheduled Redemption Date as set forth in the Series B Certificate of Designations divided by $1.00 per share (the “Scheduled Redemption Amounts”), provided that the Company will not be obligated to redeem the shares of Series B Preferred Stock on a Scheduled Redemption Date if, as of such date, (i) the Consolidated EBITDA of the Company and its subsidiaries measured as of the end of the most recently completed fiscal year is less than $425 million or (ii) the Company does not have sufficient funds legally available to pay the redemption amount due on such Scheduled Redemption Date. Shares of Series B Preferred Stock whose redemption on a Scheduled Redemption Date is deferred, and which are not thereafter redeemed in accordance with the applicable Initial Deferral Payment Schedule (as defined in the Series B Certificate of Designations) will accrue interest from and after the time that the Company fails to make redemption payments in accordance with the applicable Initial Deferral Payment Schedule. Any shares of Series B Preferred Stock that have not been redeemed on a Scheduled Redemption Date outstanding as of April 30, 2030, will be redeemed on April 30, 2030. Except as required by law, the holders of Series B Preferred Stock have no voting rights, provided that a vote or the consent of the holders representing a majority of the Series B Preferred Stock will be required to effect or validate (i) any amendment, modification or alteration to the Certificate of Incorporation that would authorize or create, or increase the authorized amount of, any shares of any class or series or any securities convertible into shares of any class or series of capital stock that would rank senior to the Series B Preferred Stock, (ii) any amendment, modification or alteration to the Certificate of Incorporation that would authorize or create, or increase the authorized amount of, any shares of any class or series of capital stock that would rank pari passu to the Series B Preferred Stock on the occurrence of a liquidation, (iii) entry by the Company or any of its subsidiaries into any agreement containing or imposing, directly or indirectly, any restrictions (including, but not limited to, any covenant or agreement) on the Company’s ability to make required payments on or redeem the shares of Series B Preferred Stock, (iv) any amendment, modification, alteration or repeal of any provision of the Certificate of Incorporation or any other certificate of designations of the Company that would have an adverse effect, in any material respect, on the rights, preferences, privileges or voting power of the shares of Series B Preferred Stock or any holder thereof or any amendment, modification, alteration or repeal of the Series B Certificate of Designations, (v) any increase in the number of members of the Board at a time when the sum of (a) the aggregate value of deferred Scheduled Redemption Amounts relating to past Scheduled Redemption Dates (plus any unpaid interest accruing thereon) plus (b) the aggregate present value of future Scheduled Redemption Amounts, calculated using a discount rate of 7.25% (such sum, the “Aggregate Series B Liquidation Preference”) is greater than $125 million or (vi) any action or inaction that would reduce the stated amount of any share of Series B Preferred Stock to below $1.00 per share. The scheduled redemptions are $35 million for April 30, 2022 and $100 million for April 30th of each year from April 30, 2023 to April 30, 2030, totaling $835 million. This amount is recorded on our Consolidated Interim Balance Sheet as of September 30, 2021 at the net present value of the redemptions, discounted at 7.25%, of $595 million. Of the amount recorded on our Consolidated Interim Balance Sheet as of September 30, 2021, $347 million is classified as a long-term liability. Each holder of Series B Preferred Stock will have the right to require the Company to redeem all, but not less than all, of such holder’s shares of Series B Preferred Stock if the Consolidated EBITDA (as defined in the Series B Certificate of Designations) of the Company and its subsidiaries exceeds $600 million for two consecutive fiscal quarters. On September 30, 2021, the Company filed the A&R Certificate of Designations amending and restating the terms of the Series B Preferred Stock. The A&R Certificate of Designations became effective on October 1, 2021. The A&R Certificate of Designations amended and restated the original Series B Certificate of Designations to, among other things, (i) require the Company to effect a redemption of outstanding shares of Series B Preferred Stock, on or prior to March 31, 2022, such that the Present Value (as defined in the A&R Certificate of Designations) of all of the remaining outstanding shares of Series B Preferred Stock shall be $400 million, subject to applicable law and certain conditions, including that the Company has funds legally available to do so (the “Planned Partial Early Redemption”) and (ii) provide that the right of each holder of the Series B Preferred Stock to require the Company to redeem all of such holder’s shares of Series B Preferred Stock (the “Holder Put Right”) cannot be exercised until after December 31, 2022 at the earliest (subject to the prior occurrence of a triggering event), unless the Planned Partial Early Redemption does not occur on or prior to March 31, 2022, in which case the Holder Put Right can be exercised (subject to the prior occurrence of a triggering event) after March 31, 2022 on the terms set forth in the A&R Certificate of Designations. Upon liquidation, Series B Preferred Stock will rank (A) senior to the Common Stock and (B) junior to the Series A Preferred Stock, and will have a right to be paid the Aggregate Series B Liquidation Preference. The Company will be automatically obligated to redeem all shares of Series B Preferred Stock upon (i) a change of control, (ii) an assertion from the Company or the Board that any portion of the Series B Preferred Stock or any of the Company’s obligations under the Series B Certificate of Designations are invalid or unenforceable, (iii) if indebtedness outstanding under the Credit Agreement is accelerated (and such acceleration is not rescinded), or (iv) the Company or any of its material subsidiaries enters bankruptcy or similar proceedings affecting creditors’ or equity holders’ rights. The Majority in Interest (as defined in the A&R Certificate of Designations) has a continuing right, voting separately as a class, to elect or appoint the Series B Director (as defined in the A&R Certificate of Designations), and an exclusive right to remove the Series B Director at any time for any reason or no reason (with or without cause), subject to the rights of other holders to remove any Series B Director for cause to the extent provided by the Delaware General Corporation Law until the first date on which the Aggregate Series B Liquidation Preference is not greater than $125 million (the “Series B Threshold Date”). From and after the Series B Threshold Date, the Majority in Interest will have no right to elect or appoint any directors to the Board. If the Majority in Interest is no longer entitled to elect or appoint a Series B Director, then the then-serving Series B Director will automatically be deemed to have resigned from the Board. So long as any shares of Series B Preferred Stock are outstanding, the Company may not take certain actions without the written consent of the Majority in Interest, including, among other things, increasing the size of the Board so long as the Aggregate Series B Liquidation Preference is greater than $125 million.

Financial Instruments and Fair Value Measures

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments and Fair Value Measures

Note 17. Financial Instruments and Fair Value Measures

Our credit, market and foreign currency risk management policies are described in Note 18, Financial Instruments and Fair Value Measures, of the notes to the audited annual Consolidated and Combined Financial Statements for the year ended December 31, 2020 included in our 2020 Form 10-K. At September 30, 2021 and December 31, 2020, we had contracts with aggregate gross notional amounts of $2,277 million and $19 million, respectively, to hedge interest rates and foreign currencies, principally the U.S. Dollar, Swiss Franc, British Pound, Euro, Chinese Yuan, Japanese Yen, Mexican Peso, New Romanian Leu, Czech Koruna, Australian Dollar and Korean Won.

Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2021 and December 31, 2020:


					Fair Value
	Notional Amounts				Assets				Liabilities
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Designated instruments:
Designated forward currency exchange contracts	$	314	$	—	$	5	$	—	$	1	$	—
Designated cross-currency swap	715		—		16		—		—		—
Total designated instruments	1,029		—		21		—		1		—
Undesignated instruments:
Undesignated interest rate swap	963		—		—		—		—		—
Undesignated forward currency exchange contracts	285		19		1		—		3		—
Total undesignated instruments	1,248		19		1		—		3		—
Total designated and undesignated instruments	$	2,277	$	19	$	22	$	—	$	4	$	—

On June 11, 2021 the Company entered into interest rate swap contracts to partially mitigate market value risk associated with interest rate fluctuations on its variable rate term loan debt. As of September 30, 2021, the Company had outstanding interest rate swaps with an aggregate notional amount of €830 million, with respective maturities of April 2023, April 2024, April 2025, April 2026 and April 2027. The Company uses interest rate swaps specifically to mitigate variable interest risk exposure on its long-term debt portfolio and has not designated them as hedging instruments for accounting purposes.

Effective with our entry into the Credit Agreement (see Note 15, Long-term Debt and Credit Agreements), the Company entered into floating-floating cross-currency swap contracts to limit its exposure to investments in certain foreign subsidiaries exposed to foreign exchange fluctuations. The cross-currency swaps have been designated as net investment hedges of its Euro-denominated operations. As of September 30, 2021, an aggregate notional amount of €606 million was designated as net investment hedges of the Company’s investment in Euro-denominated operations. The cross-currency swaps’ fair values were net assets of $16 million at September 30, 2021. Our Consolidated Interim Statements of Comprehensive Income (loss) includes Changes in fair value of net investment hedges, net of tax of $12 million and $27 million during the three and nine months ended September 30, 2021, respectively, related to these net investment hedges. No ineffectiveness has been recorded on the net investment hedges.

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

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

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


	September 30, 2021
	Carrying Value		Fair Value
	(Dollars in millions)
Term Loan Facilities (Secured)	$	1,200	$	1,237

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.

Equity	9 Months Ended
Equity	Sep. 30, 2021
Equity [Abstract]
Equity	Note 18. Equity Issuance of Common Stock As discussed in Note 2, Plan of Reorganization, upon the effectiveness of and pursuant to the Plan, all Old Common Stock of the Company was cancelled and the Company issued 65,035,801 shares of Common Stock to holders of Old Common Stock that did not exercise the Cash-Out Election. Each holder of Existing Common Stock that did not exercise the Cash-Out Election received a number of shares of new Common Stock equal to the number of shares of Old Common Stock held by such holder in consideration for the cancellation of their shares of Old Common Stock. The Company paid $69 million to holders of Old Common Stock who had made the Cash-Out Election. Issuance of Series A Preferred Stock In connection with the Company’s emergence from bankruptcy and pursuant to the Plan, the Company issued 247,757,290 shares of the Company’s Series A Preferred Stock to affiliated funds of Centerbridge, affiliated funds of Oaktree and certain other investors and parties, including in connection with the consummation of two rights offerings and the related Replacement Equity Backstop Commitment Agreement. The Company is authorized to grant 1,200,000,000 shares of preferred stock in the reorganized company. Series A Preferred Stock Holders of the Series A Preferred Stock will be entitled to receive, when, as and if declared by a committee of disinterested directors of the Board (which initially consisted of Daniel Ninivaggi, Julia Steyn, Robert Shanks, and D’aun Norman) out of funds legally available for such dividend, cumulative cash dividends at an annual rate of 11% on the stated amount per share plus the amount of any accrued and unpaid dividends on such share, accumulating daily and payable quarterly on January 1, April 1, July 1 and October 1, respectively, in each year. Such a dividend will not be declared at any time when Consolidated EBITDA (as defined in the Series A Certificate of Designations) of the Company and its subsidiaries for the most recent four fiscal quarters for which financial statements of the Company are available is less than $425 million. Dividends on the Series A Preferred Stock will accumulate whether or not declared. Under the terms of our Series B Preferred Stock, a dividend on the Series A Preferred Stock may not be declared so long as the Company has not satisfied or cannot satisfy in full any deferred redemption payments or redemption payments owed on the next scheduled redemption date to holders of Series B Preferred Stock. Holders of the Series A Preferred Stock will also be entitled to such dividends paid to holders of Common Stock to the same extent as if such holders of Series A Preferred Stock had converted their shares of Series A Preferred Stock into Common Stock (without regard to any limitations on conversions) and had held such shares of Common Stock on the record date for such dividends and distributions. Such payments will be made concurrently with the dividend or distribution to the holders of the Common Stock. The Company is restricted from paying or declaring any dividend, or making any distribution, on any class of Common Stock or any future class of preferred stock established thereafter by the Board (other than any series of capital stock that ranks pari passu to the Series A Preferred Stock) (such stock, “Dividend Junior Stock”), other than a dividend payable solely in Dividend Junior Stock, unless (i) all cumulative accrued and unpaid preference dividends on all outstanding shares of Series A Preferred Stock have been paid in full and the full dividend thereon due has been paid or declared and set aside for payment and (ii) all prior redemption requirements with respect to Series A Preferred Stock have been complied with, provided, notwithstanding the foregoing, that the Company may pay a dividend or make a distribution on Dividend Junior Stock if (a) the holders of the Series A Preferred Stock also participate in such dividends or distributions, (b) such dividends or distributions are made on or prior to December 31, 2022, and (c) the full Board of the Company has ratified the Disinterested Directors’ Committee’s declaration of any such dividend or distribution. Under the terms of the Credit Agreement, during the fiscal years ending December 31, 2021, and December 31, 2022, the Company may not make payments or redemptions in cash solely with respect to the Series A Preferred Stock unless a ratable payment (on an as-converted basis) is made to holders of the Common Stock and such payments would otherwise be permitted under the terms of the Credit Agreement. On July 21, 2021, the terms of the Certificate of Designations of the Series A Preferred Stock were amended to allow the payment of a ratable dividend on the Series A Preferred Stock and the Common Stock prior to December 31, 2022 so long as the full Board of the Company ratifies the Disinterested Directors’ Committee’s declaration of any such dividend or distribution. The Board determined that the amount of preference dividends which will accumulate for the preference dividend period ended September 30, 2021 is $0.147022 per share. The Board had previously determined that the amount of preference dividends which will accumulate for the preference dividend period ended June 30, 2021 was $0.09625 per share. As there were 247,757,290 shares of Series A Preferred Stock as of September 30, 2021, the aggregate accumulated dividend as of September 30, 2021 is approximately $60 million and is presented as a reduction to Net income (loss) available to common shareholders in our Consolidated Interim Statements of Operations. Voting Holders of the Series A Preferred Stock will be entitled to vote together as a single class with the holders of Common Stock, with each such holder entitled to cast the number of votes equal to the number of votes such holder would have been entitled to cast if such holder were the holder of a number of shares of Common Stock equal to the whole number of shares of Common Stock that would be issuable upon conversion of such holder’s shares of Series A Preferred Stock in addition to a number of shares of Common Stock equal to the amount of cumulative unpaid preference dividends (whether or not authorized or declared) divided by the lesser of (i) the fair market value per share of such additional shares and (ii) the fair market value per share of the Common Stock. So long as any shares of Series A Preferred Stock are outstanding, a vote or the consent of the holders representing a majority of the Series A Preferred Stock will be required for (i) effecting or validating any amendment, modification or alteration to the Certificate of Incorporation that would authorize or create, or increase the authorized amount of, any shares of any class or series or any securities convertible into shares of any class or series of capital stock that would rank senior or pari passu to the Series A Preferred Stock with respect to dividend payments or upon the occurrence of a liquidation, (ii) any increase in the authorized number of shares of Series A Preferred Stock or of any series of capital stock that ranks pari passu with Series A Preferred Stock, (iii) effecting or validating any amendment, alteration or repeal of any provision of the Certificate of Incorporation or Bylaws that would have an adverse effect on the rights, preferences, privileges or voting power of Series A Preferred Stock or the holders thereof in any material respect, or (iv) any action or inaction that would reduce the stated amount of any share of Series A Preferred Stock to below $5.25 per share. Liquidation Upon liquidation, Series A Preferred Stock will rank senior to the Common Stock and the Series B Preferred Stock, and will have the right to be paid, out of the assets of the Company legally available for distribution to its stockholders, an amount equal to the Aggregate Liquidation Entitlement (as defined in the Series A Certificate of Designations) for all outstanding shares of Series A Preferred Stock. Other Rights All shares of Series A Preferred Stock will automatically convert to shares of Common Stock, at an initial conversion price of $5.25 per share of Common Stock (subject to adjustment as described in the Series A Certificate of Designations) (the “Conversion Price”) upon either (i) the election of holders representing a majority of the then-outstanding Series A Preferred Stock or (ii) the occurrence of a Trading Day (as defined in the Series A Certificate of Designations) at any time on or after the date which is two years after the Effective Date on which (A) the aggregate stated amount of all outstanding shares of Series B Preferred Stock is an amount less than or equal to $125 million, (B) the Common Stock is traded on a Principal Exchange, a Fallback Exchange or an Over-the-Counter Market (each as defined in the Series A Certificate of Designations) and, in each case, the Automatic Conversion Fair Market Value (as defined in the Series A Certificate of Designations) of the Common Stock exceeds 150% of the Conversion Price, and (C) the Consolidated EBITDA (as defined in the Series A Certificate of Designations) of the Company and its subsidiaries for the last twelve months ended as of the last day of each of the two most recent fiscal quarters is greater than or equal to $600 million. Shares of Series A Preferred Stock are also convertible into Common Stock at any time at the option of the holder, effective on January 1, April 1, July 1 and October 1 in each year, or on the third business day prior to the date of redemption of the outstanding shares of the Series A Preferred Stock as described in the following paragraph. The Company may, at its election, redeem all but not less than all of the outstanding shares of Series A Preferred Stock (i) at any time following the date which is six years after the Effective Date or (ii) in connection with the consummation of a Change of Control (as defined in the Series A Certificate of Designations), in either case for a cash purchase price equal to $5.25 per share plus cumulative unpaid preference dividends (whether or not authorized or declared) as of the redemption date. Registration Rights Agreement In connection with our emergence from bankruptcy, on April 30, 2021, we entered into a registration rights agreement (the “Registration Rights Agreement”) with the holders of our Common Stock and Series A Preferred Stock named therein to provide for resale registration rights for the holders’ Registrable Securities (as defined in the Registration Rights Agreement). Pursuant to the terms of the Registration Rights Agreement, we filed a registration statement on Form S-1 (Registration No. 333-256659) registering (i) 243,265,707 shares of our Series A Preferred Stock, (ii) 52,471,709 shares of our Common Stock and (iii) 243,265,707 shares of our Common Stock issuable upon conversion of our Series A Preferred Stock (the “Resale Registration Statement"), in each case initially issued to certain holders of the Common Stock and Series A Preferred Stock (the “Registration Rights Holders”) in connection with our emergence from bankruptcy on April 30, 2021. The Resale Registration Statement was declared effective by the SEC on June 11, 2021, which may result in the resale of a substantial number of shares of our Common Stock or Series A Preferred Stock by the relevant Registration Rights Holders. At any time following the Effective Date, any Registration Rights Holders who, directly or indirectly, together with their respective affiliates, have beneficial ownership of at least 7.5% of the then-issued and outstanding shares of Common Stock, after giving effect to the conversion of the Series A Preferred Stock (such Registration Rights Holders, the “Required Investors”), may request registration of all or any portion of the Registrable Securities beneficially owned by such Required Investors on Form S-1 or, if available, on Form S-3 (each, a “Demand Registration”). Unless there is a currently effective Shelf Registration Statement covering such Registrable Securities, the Company will effect such Demand Registration by filing with the SEC a registration statement within (i) 60 days in the case of a registration statement on Form S-1 and (ii) 30 days in the case of a registration statement on Form S-3. The aggregate number of Demand Registrations on Form S-1 that may be requested by the Required Investors shall not exceed four; the Required Investors may request an unlimited number of Demand Registrations on Form S-3. The relevant Required Investors may request to effectuate any offering of Registrable Securities by means of an underwritten offering, provided that the aggregate gross proceeds of such public offering are expected to be at least $50 million. The Company will not be required to effect more than one underwritten offering in any 90-day period. In the event the Company proposes to file a Shelf Registration Statement with respect to any offering of its equity securities, the Company will give written notice of such proposed filing to the Registration Rights Holders as soon as practicable (but in no event less than five business days prior to the proposed date of public filing of such shelf), and such notice shall offer the Registration Rights Holders the opportunity to register under such registration statement the resale of such number of Registrable Securities as each such Registration Rights Holder may request in writing (a “Piggyback Registration”). If the Company proposes to file a registration statement that is not a Shelf Registration Statement with respect to any offering of its equity securities, the Company will give written notice of such proposed filing to certain of the Registration Rights Holders (the “Piggyback Eligible Investors”), and such notice shall offer the Piggyback Eligible Investors the opportunity to make a Piggyback Registration. If the Company proposes to undertake an underwritten offering pursuant to a registration statement for which there was a Piggyback Registration, the Piggyback Eligible Investors may be entitled to participate in such underwritten offering, subject to customary cutback provisions in certain circumstances. If requested by the managing underwriter or underwriters in the event of any underwritten public offering of equity securities by the Company, each holder of Registrable Securities participating in such sale agrees, as a condition to such holder’s participation in the offering, to execute a lock-up agreement, which will provide for restrictions on transferring the Company’s capital stock as specified in the Registration Rights Agreement. Additionally, in connection with any underwritten public offering of Registrable Securities and upon the request of the managing underwriter or underwriters, the Company will agree not to effect any public sale or distribution of any Lock-Up Securities (as defined in the Registration Rights Agreement). The Registration Rights Agreement includes customary indemnification provisions. The Company will be responsible for its own expenses associated with the performance of its obligations under the Registration Rights Agreement and certain fees and expenses of legal counsel to the relevant Registration Rights Holders. Except as described in the preceding sentence, the Registration Rights Holders will bear their own expenses, including any underwriting discounts, selling commissions and transfer taxes applicable to any sale of Registrable Securities. The Registration Rights Agreement will automatically terminate upon the later of (i) the expiration of the Shelf Period (as defined in the Registration Rights Agreement) and (ii) at such time as no Registrable Securities remain outstanding. Series A Investor Rights Agreement Pursuant to the Plan, the Company entered into a Series A Investor Rights Agreement (the “Series A Investor Rights Agreement”) with Centerbridge Credit Partners Master, L.P. (“Centerbridge Credit”), Centerbridge Special Credit Partners III-Flex, L.P. (“Centerbridge Special Credit” and, together with Centerbridge Credit, the “Centerbridge Investors”), OCM Opps GTM Holdings, LLC (“OCM Opps”), Oaktree Value Opportunities Fund Holdings, L.P. (“Oaktree Value”), Oaktree Phoenix Investment Fund, L.P. (“Oaktree Phoenix”) and Oaktree Opportunities Fund Xb Holdings (Delaware), L.P. (“Oaktree Opportunities” and, together with OCM Opps, Oaktree Value and Oaktree Phoenix, the “Oaktree Investors”) and the other signatories thereto (the “Additional Investors” and, together with the Centerbridge Investors and the Oaktree Investors, the “Series A Investors”). Pursuant to the Series A Investor Rights Agreement, as of the Effective Date, the Centerbridge Investors and Oaktree Investors each have the right to designate three members for election to our Board and the Additional Investors have the right to designate one director for election to the Board. One director will be the chief executive officer of the Company. The Centerbridge Investors and Oaktree Investors each have a continuing right to designate three directors to the Board, subject to their respective (and permitted transferees’) beneficial ownership of at least 60% of their respective aggregate initial ownership interest as of the Effective Date as calculated for each party in accordance with the relevant terms of the Series A Investor Rights Agreement (the “Initial Investor Interest”), at least one of which will not be employed by Centerbridge Investors or Oaktree Investors, as applicable, or their respective affiliates. If the Centerbridge Investors or Oaktree Investors, as applicable, beneficially own less than 60% but at least 40% of their respective Initial Investor Interest, then they will each have the right to designate at least two directors to the Board. If the Centerbridge Investors or Oaktree Investors, as applicable, beneficially own less than 40% but at least 20% of their respective Initial Investor Interest, then they will each have the right to designate at least one director to the Board. If the Centerbridge Investors or Oaktree Investors, as applicable, cease to own at least 20% of their respective Initial Investor Interest, then they will have no right to designate any directors to the Board. Pursuant to the Series A Investor Rights Agreement, the Additional Investors have a continuing right to designate one director for election to the Board, subject to their (and permitted transferees’) beneficial ownership of at least 60% of their Initial Investor Interest. If the Additional Investors beneficially own less than 60% of their Initial Investor Interest, then they have no right to designate any directors to the Board. The designee of the Additional Investors shall be the person nominated, separately and not jointly, by those Additional Investors holding at least 65% of the shares of Series A Preferred Stock held by the Additional Investors at such time. After the Additional Investors no longer have a right to designate a director as described above, if the Company becomes aware that at least 20% of the Series A Preferred Stock issued as of the Effective Date is held by stockholders other than the Centerbridge Investors and Oaktree Investors, then the holders of a majority of the Series A Preferred Stock then outstanding (excluding Series A Preferred Stock held by the Centerbridge Investors and the Oaktree Investors) will collectively have the right to designate one director to the Board. If the number of individuals that any Series A Investor has the right to designate for election to the Board is decreased in accordance with the foregoing, then the corresponding number of directors designated by such investor will immediately offer to resign from the Board under the terms of the Series A Investor Rights Agreement. The Company is restricted under the Series A Investor Rights Agreement from increasing the size of the Board without the written consent of the Series A Investors holding a majority of the then-outstanding Series A Preferred Stock for so long as the outstanding Series A Preferred Stock represents, in the aggregate, a majority of the combined voting power of the then-outstanding shares of all classes and series of capital stock of the Company entitled generally to vote in the election of directors of the Company.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2021

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

Accumulated Other Comprehensive Income (Loss)

Note 19. Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated Other Comprehensive Income (Loss) by Component


	Foreign Exchange Translation Adjustment		Changes in Fair Value of Effective Cash Flow Hedges		Changes in Fair Value of Net Investment Hedges		Pension Adjustments		Total Accumulated Other Comprehensive Income (Loss)
	(Dollars in millions)
Balance at December 31, 2020	$	(81)	$	(3)	$	—	$	(45)	$	(129)
Other comprehensive income before reclassifications	37		5		27		—		69
Amounts reclassified from accumulated other comprehensive income	—		2		—		—		2
Net current-period other comprehensive income	37		7		27		—		71
Balance at September 30, 2021	$	(44)	$	4	$	27	$	(45)	$	(58)


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

Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 20. Stock-Based Compensation

2018 Stock Incentive Plan

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 part of our emergence from Chapter 11 (Note 2, Plan of Reorganization), the Plan provided for the acceleration of all outstanding awards under the Stock Incentive Plan. As of the Effective Date, all outstanding awards pursuant to the Stock Incentive Plan were cancelled.

The Plan provided for the following:

•Acceleration and vesting of all outstanding equity awards;

•Vested equity awards were deemed to be exercised on a net settled basis; and

•Common Stock provided upon the exercise of stock options were deemed outstanding as of the Effective Date.

In addition:

•Award holders are deemed to have exercised the Cash-Out Election, and therefore entitled to a cash payment of $6.25 per share;

•Awards that were “Out of the money” were deemed cancelled for no consideration; and

•Cash performance stock unit (“CPSU”) awards accelerated and vested based on target performance without proration and settled in cash in accordance with the Plan and are not classified as equity awards.

The cash settlement of an equity award (stock options, stock appreciation rights, performance awards, restricted stock units, restricted stock, other stock-based awards) is treated as the repurchase of an outstanding equity instrument. In accordance with ASC 718, all outstanding awards were cancelled, with no replacement grant, therefore modification accounting was not applied.

Restricted stock units

As of the Effective Date, 1,205,650 restricted stock units (“RSU”) awards were settled for consideration of $6.25 per share, for a total cash settlement of $8 million, of which $7 million was recorded to equity, and $1 million was recorded to Reorganization items, net in the Consolidated Statement of Operations. Measurement of the cash settlement value of RSU awards was performed on an individual grant basis. As of the Effective Date, all unamortized stock compensation expense of $7 million was charged to Reorganization items, net in the Consolidated Interim Statement of Operations.

Performance stock units

As of the Effective Date, 228,765 performance stock units (“PSU”) awards were settled for consideration of $6.25 per share, for a total cash settlement of $1 million, which was recorded to Reorganization items, net in the Consolidated Interim Statement of Operations.

Stock options

As of the Effective Date, all unvested stock options were considered “Out of the money” and cancelled for no consideration. All unamortized stock compensation expense of $1 million was charged to Reorganization items, net in the Consolidated Interim Statement of Operations.

Cash performance stock units

As of the Effective Date, 2,069,897 CPSU awards were settled for consideration of $1.00 per unit, for a total cash settlement of $2 million, which was charged to Reorganization items, net in the Consolidated Interim Statement of Operations.

2021 Long-Term Incentive Plan

On May 25, 2021, our Board adopted, the Garrett Motion Inc. 2021 Long-Term Incentive Plan (the “Long-Term Incentive Plan”). The Long-Term 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 and non-employee directors 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 Long-Term Incentive Plan is 31,280,476 shares.

As of September 30, 2021, an aggregate of 3,258,057 shares of our Common Stock were awarded and 28,022,419 shares of our Common Stock were available for future issuance under the Long-Term Incentive Plan.

Restricted Stock Units — RSU awards are issued to certain key employees and directors at fair market value at the date of grant. RSUs typically vest over three years or five years and when vested, each unit entitles the holder to one share of our Common Stock.

As of September 30, 2021, an aggregate of 1,785,182 RSU awards were granted to officers, certain key employees, and non-employee directors under the Long-Term Incentive Plan.

The following table summarizes information about RSU activity related to both the Stock Incentive Plan and the Long-Term Incentive Plan for the nine months ended September 30, 2021:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2020	1,538,969	$	13.11
Granted	1,785,182	8.34
Vested	(326,058)	13.10
Forfeited	(7,261)	15.61
Vested and cancelled	(1,205,650)	13.10
Non-vested at September 30, 2021	1,785,182	$	8.34

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Compensation expense	$	1	$	2	$	3	$	8
Reorganization items, net (Note 2)	—		—		8		—
Future income tax benefit recognized	—		—		1		2

As of September 30, 2021, there was $14 million of total unrecognized compensation cost related to unvested RSUs granted under our Long-Term Incentive Plan, which is expected to be recognized over a weighted-average period of 3.89 years. There was no unrecognized compensation expense outstanding related to the Stock Incentive Plan. Awards granted under the Stock Incentive Plan were cancelled pursuant to the Plan as part of our emergence from Chapter 11 noted above.

Performance Stock Units — As of September 30, 2021 an aggregate of 1,472,875 PSU awards were granted to officers and certain key employees under the Long-Term Incentive Plan, 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 PSUs granted in 2021,under the Long-Term Incentive Plan, the performance measures are related to absolute total shareholder return (“TSR”) with stock price hurdles, adjusted EBITDA and adjusted EBITDA margin, weighted 60%, 20% and 20% respectively over a two-year performance period from January 1, 2022 through December 31, 2023 for the TSR measure and a three-year performance period from January 1, 2021 through December 31, 2023 for the

adjusted EBITDA and adjusted EBITDA margin measures. Each grantee is granted a target level of PSUs and may earn between 0% and 100% of the target level depending on the Company’s performance against the financial measures.

The awards associated with the TSR performance measure are considered to have a market condition. A Monte-Carlo simulation model was used to determine the grant date fair value by simulating a range of possible future stock prices for the Company and each member of a selected peer group over the performance period.

The following table summarizes information about PSU activity related to both the Stock Incentive Plan and the Long-Term Incentive Plan for the nine months ended September 30, 2021:


	Number of Performance Stock Units	Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2020	314,111	$	16.17
Granted	1,472,875	8.67
Vested	—	—
Forfeited	(85,346)	14.00
Vested and cancelled	(228,765)	—
Non-vested at September 30, 2021	1,472,875	$	8.67

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 period ended September 30, 2021 was $8.67. 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 the 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.

The following table summarizes the impact to the Consolidated Interim Statement of Operations from PSUs:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Compensation expense	$	1	$	—	$	1	$	—
Reorganization items, net (Note 2)	—		—		1		—

As of September 30, 2021, there was $12 million of total unrecognized compensation cost related to unvested PSUs granted under our Long-Term Incentive Plan, which is expected to be recognized over a weighted average period of 2.22 years. There was no unrecognized compensation expense outstanding related to the Stock Incentive Plan. Awards granted under the Stock Incentive Plan were cancelled pursuant to the Plan as part of our emergence from Chapter 11 noted above.

Continuity Awards — In September 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 September 2020 and the remaining $2 million paid in 2021. The Continuity Awards were subject to repayment if, prior to June 30, 2021, the recipient had a qualifying termination of employment. Given the Continuity Awards had a one-year service requirement, the combined transaction was accounted for as a modification to liability-classified awards. The total incremental compensation cost resulting from the modification was $5 million. As of September 30, 2021, there was no unrecognized compensation cost related to the Continuity Awards.

The following table summarizes information about Continuity Award activity for the period ended September 30, 2021:


	Number of Awards	Weighted Average Grant Date Fair Value Per Award
Non-vested at December 31, 2020	43	$	257,536
Granted	—	—
Vested	(43)	(257,536)
Forfeited	—	—
Non-vested at September 30, 2021	—	$	—

The following table summarizes the impact to the Consolidated Interim Statement of Operations from Continuity Awards for the period ended September 30, 2021.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Compensation expense	$	—	$	1	$	5	$	3
Future income tax benefit recognized	—		—		1		—

Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 21. Earnings Per Share

The details of the earnings per share (“EPS”) calculations for the three and nine months ended September 30, 2021 and 2020 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions except per share)
Basic
Net income	$	63	$	11	$	367	$	54
Less: preferred stock dividend	(36)		—		(60)		—
Net income available to common shareholders	$	27	$	11	$	307	$	54
Weighted average common shares outstanding	65,056,274		75,739,152		70,802,999		75,456,358
EPS – Basic	$	0.42	$	0.15	$	4.34	$	0.72


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions except per share)
Diluted
Net income	$	63	$	11	$	367	$	54
Less: preferred stock dividend	(36)		—		(60)		—
Net income available to common shareholders	$	27	$	11	$	307	$	54
Weighted average common shares outstanding – Basic	65,056,274		75,739,152		70,802,999		75,456,358
Dilutive effect of unvested RSUs and other contingently issuable shares	25,069		204,842		8,289		667,190
Dilutive effect of Series A Preferred Stock	247,763,126		—		138,852,987		—
Weighted average common shares outstanding – Diluted	312,844,469		75,943,994		209,664,275		76,123,548
EPS – Diluted	$	0.20	$	0.14	$	1.75	$	0.71

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

The diluted EPS calculations exclude the effect of stock options when the options’ assumed proceeds exceed the average market price of the Common Stock during the period. For the nine months ended September 30, 2021, the weighted number of stock options excluded from the computation was 175,497. As described in Note 20, Stock-Based Compensation, as part of emergence from Chapter 11, these stock options were cancelled under the Plan as of the effective date.

The diluted EPS calculations assume the Series A Preferred Stock are converted into Common Stock under the if-converted method and are included in Weighted average common shares outstanding – Diluted if they are dilutive.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 22. Commitments and Contingencies Chapter 11 Cases On the Petition Date, the Debtors each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Chapter 11 Cases were jointly administered under the caption “In re: Garrett Motion Inc., 20-12212.” On April 20, 2021, the Debtors filed the Plan. On April 26, 2021, the Bankruptcy Court entered the Confirmation Order, among other things, confirming the Plan. On the Effective Date, the conditions to effectiveness of the Plan were satisfied or waived and the Company emerged from bankruptcy. Since the Effective Date, the reorganized Debtors have been administering and reconciling outstanding proofs of claim and proofs of interest filed against the Debtors. All of the Chapter 11 Cases other than the main lead Chapter 11 Case of the Company have been closed, the main Chapter 11 Case of the Company will remain open until all proofs of claim and proofs of interest are fully administered. See Note 2, Plan of Reorganization, for more information. Obligations Payable to Honeywell The Plan as confirmed by the Bankruptcy Court includes 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 Honeywell Agreements. Securities Litigation On September 25, 2020, a putative securities class action complaint was filed against Garrett Motion Inc. and certain current and former Garrett officers and directors in the United States District Court for the Southern District of New York. The case bears the caption: Steven Husson, Individually and On Behalf of All Others Similarly Situated, v. Garrett Motion Inc., Olivier Rabiller, Alessandro Gili, Peter Bracke, Sean Deason, and Su Ping Lu, Case No. 1:20-cv-07992-JPC (SDNY) (the “Husson Action”). The Husson Action asserted claims under Sections 10(b) and 20(a) of the Exchange Act, for securities fraud and control person liability. On September 28, 2020, the plaintiff sought to voluntarily dismiss his claim against Garrett Motion Inc. in light of the Company’s bankruptcy; this request was granted. On October 5, 2020, another putative securities class action complaint was filed against certain current and former Garrett officers and directors in the United States District Court for the Southern District of New York. This case bears the caption: The Gabelli Asset Fund, The Gabelli Dividend & Income Trust, The Gabelli Value 25 Fund Inc., The Gabelli Equity Trust Inc., SM Investors LP and SM Investors II LP, on behalf of themselves and all others similarly situated, v. Su Ping Lu, Olivier Rabiller, Alessandro Gili, Peter Bracke, Sean Deason, Craig Balis, Thierry Mabru, Russell James, Carlos M. Cardoso, Maura J. Clark, Courtney M. Enghauser, Susan L. Main, Carsten Reinhardt, and Scott A. Tozier, Case No. 1:20-cv-08296-JPC (SDNY) (the “Gabelli Action”). The Gabelli Action also asserted claims under Sections 10(b) and 20(a) of the Exchange Act. On November 5, 2020, another putative securities class action complaint was filed against certain current and former Garrett officers and directors in the United States District Court for the Southern District of New York. This case bears the caption: Joseph Froehlich, Individually and On Behalf of All Others Similarly Situated, v. Olivier Rabiller, Allesandro Gili, Peter Bracke, Sean Deason, and Su Ping Lu, Case No. 1:20-cv-09279-JPC (SDNY) (the “Froehlich Action”). The Froehlich Action also asserted claims under Sections 10(b) and 20(a) of the Exchange Act. 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; and (3) consolidate the Gabelli Action, the Husson Action, and the Froehlich Action (the “Consolidated D&O Action”). On January 21, 2021, the Court granted the motion to consolidate the actions and granted the Gabelli Entities’ motions for appointment as lead plaintiff and for selection of lead counsel. On February 25, 2021, plaintiffs filed a Consolidated Amended Complaint for Violation of the federal securities laws. The Company’s insurer, AIG, has accepted the defense, subject to the customary reservation of rights. The bankruptcy court set a bar date of March 1, 2021 for current and former shareholders to file claims against the Debtors arising from rescission of a purchase or sale of Old Common Stock, for damages arising from the purchase or sale of Common Stock of Garrett Motion Inc., or for reimbursement or contribution allowed under section 502 of the Bankruptcy Code on account of such claims arising (or deemed to have arisen) prior to the Petition Date for all securities claims arising prior to the Petition Date. 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 pursuant to the Plan would be entitled to receive (i) 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 (ii) solely to the extent that such payments are less than the amount of its allowed claim, payment in full of the remaining amount of its allowed claim, at the option of the reorganized Debtors, in cash or a number of shares of Common Stock at a value of $6.25 per share. The Company agreed with the Gabelli Entities and their lead counsel to permit a class claim to be recognized in the bankruptcy court and to have securities claims against the Company to be litigated in the district court alongside the Consolidated D&O Action. The Gabelli Entities have agreed that any recoveries against Garrett Motion Inc. on account of securities claims litigated through the class claim are limited to available insurance policy proceeds. On July 2, 2021, the bankruptcy court entered an order approving the joint request from the Company and the Gabelli Entities to handle the securities claims against Garrett Motion Inc. in this manner. The Gabelli Entities were authorized, and on July 22, 2021 filed a second amended complaint to add claims against Garrett Motion Inc. On August 11, 2021, Garrett Motion Inc., Olivier Rabiller, Alessandro Gili, Peter Bracke, Sean Deason, Russell James, Carlos Cardoso, Maura Clark, Courtney Enghauser, Susan Main, Carsten Reinhardt, and Scott Tozier filed a motion to dismiss with respect to claims asserted against them. On the same day, Su Ping Lu, who is represented separately, filed a motion to dismiss with respect to the claims asserted against her. Lead plaintiffs’ opposition to the motions to dismiss was filed on October 26, 2021, and reply briefs are due on or before December 8, 2021. Brazilian Tax Matters In September 2020, the Brazilian tax authorities issued an infraction notice against Garrett Motion Industria Automotiva Brasil Ltda, challenging the use of certain tax credits (“Befiex Credits”) between January 2017 and February 2020. The infraction notice results in a loss contingency that may or may not ultimately be incurred by the Company. The estimated total amount of the contingency as of September 30, 2021 was $30 million including penalties and interest. The Company appealed the infraction notice on October 23, 2020. In March 2021, in response to our request, the Brazilian Tax Authorities reconsidered their position for a portion of the $30 million mentioned above and allowed Garrett Motion Brazil the right to offset Federal Tax with the Befiex Credits. The letter does not qualify as a formal decision and requires formal recognition from the Judge and from the Federal Judgement Office in charge of the disputes. 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. Other Commitments and Contingencies We are subject to other lawsuits, investigations and disputes arising out of the conduct of our business, including matters relating to commercial transactions, government contracts, product liability, prior acquisitions and divestitures, employee benefit plans, intellectual property and environmental, health and safety matters. We recognize a liability for any contingency that is probable of occurring and reasonably estimable. We continually assess the likelihood of adverse judgments of outcomes in these matters, as well as potential ranges of possible losses (taking into consideration any insurance recoveries), based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts.

Pension Benefits

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Pension Benefits

Note 23. Pension Benefits

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

Our general funding policy for qualified defined benefit pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. We are not required to make any contributions to our U.S. pension plan in 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 in 2021, of which $6 million has been contributed through the first nine months of the year.

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	U.S. Plans				Non-U.S. Plan,				U.S. Plans				Non-U.S. Plan,
	2021		2020		2021		2020		2021		2020		2021		2020
	(Dollars in millions)
Service cost	$	—	$	—	$	3	$	2	$	1	$	1	$	8	$	7
Interest cost	1		1		—		—		3		4		1		1
Expected return on plan assets	(3)		(3)		(2)		(1)		(8)		(8)		(5)		(4)
Amortization of prior service (credit)	—		—		—		—		—		—		(1)		—
	$	(2)	$	(2)	$	1	$	1	$	(4)	$	(3)	$	3	$	4

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

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation The accompanying Consolidated Interim Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All amounts presented are in millions, except per share amounts. The accompanying Consolidated Interim Financial Statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. Our ability to continue as a going concern was 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 were subject to uncertainty. While the Company was operating as debtors-in-possession under the Bankruptcy Code, we have sold or otherwise disposed of or liquidated assets or settled 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 our Consolidated Interim Financial Statements. As a result of our improved liquidity (see Note 2, Plan of Reorganization; Note 15, Long-term Debt and Credit Agreements; Note 16, Mandatorily Redeemable Series B Preferred Stock; and Note 18, Equity), and removal of the risks and uncertainties surrounding the Chapter 11 Cases, substantial doubt no longer exists that we will be able to continue as a going concern. Upon emergence from the Chapter 11 bankruptcy proceedings, the Company did not meet the requirements under Accounting Standards Codification (“ASC”) 852, Reorganizations (“ASC 852”) for fresh start accounting. Fresh start accounting is applicable if both of the following criteria are met: i)The reorganization value of the assets of the emerging entity immediately before the date of confirmation of the Plan of Reorganization is less than the total of all post-petition liabilities and allowed claims; and ii)The holders of existing voting shares immediately before confirmation of the Plan of Reorganization receive less than 50% of the voting shares of the emerging entity. Based on the Company’s analysis, the Company was not required to apply fresh start accounting based on the provisions of ASC 852 since holders of the Company’s outstanding voting shares immediately before confirmation of the Plan received more than 50% of the Company’s outstanding voting shares upon emergence. Accordingly, a new reporting entity was not created for accounting purposes. While the Company was a Debtor-in-possession, it applied ASC 852 in preparing Consolidated Interim Financial Statements. ASC 852 required the financial statements for periods subsequent to the Petition Date to distinguish transactions and events that were 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 were reported separately as Reorganization items, net in the Consolidated Interim Statements of Operations. In addition, the balance sheet distinguished pre-petition liabilities subject to compromise from those pre-petition liabilities that were not subject to compromise and post-petition liabilities. Pre-petition liabilities that were not fully secured or those that had at least a possibility of not being repaid at the allowed claim amount were classified as liabilities subject to compromise on the Consolidated Balance Sheet at December 31, 2020. The Consolidated Interim Financial Statements are unaudited; however, in the opinion of management, they contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The Consolidated Interim Financial Statements should be read in conjunction with the audited annual Consolidated and Combined Financial Statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 16, 2021 (our “2020 Form 10-K”). The results of operations for the three and nine months ended September 30, 2021 and cash flows for the nine months ended September 30, 2021 should not necessarily be taken as indicative of the entire year. We report our quarterly financial information using a calendar convention: the first, second and third quarters are consistently reported as ending on March 31, June 30 and September 30. It has been our practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires our businesses to close their books on a Saturday to minimize the potentially disruptive effects of quarterly closing on our business processes. The effects of this practice are generally not significant to reported results for any quarter and only exist within a reporting year. For differences in actual closing dates that are material to year-over-year comparisons of quarterly or year-to-date results, such differences have been adjusted for the three months ended September 30, 2021. Our actual closing dates for the three months ended September 30, 2021 and 2020 were October 2, 2021 and September 26, 2020, respectively. 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 of 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.
Related Party Transactions	Related Party Transactions We lease certain facilities and receive property maintenance services from Honeywell, which as of emergence from Chapter 11 is the owner of our Series B Preferred Stock and appoints a director to the Board of Directors ("the Board"). Lease and service agreements were made at commercial terms prevalent in the market at the time they were executed. Our payments under the agreements with Honeywell were $2 million and $6 million for the three and nine months ended September 30, 2021, respectively, and were included in Cost of goods sold in our Consolidated Interim Statements of Operations. Related to the agreements with Honeywell, our Consolidated Interim Balance Sheets includes liabilities of $16 million as of September 30, 2021. Liability balances are primarily related to lease contracts of $13 million as of September 30, 2021. During the three and nine months ended September 30, 2021, certain of our related parties participated in our Plan as follows, as more fully discussed in Note 2, Plan of Reorganization and Note 18, Equity: •The company paid $74 million in connection with the following: ◦We reimbursed Centerbridge Partners, L.P. (together with its affiliated funds, “Centerbridge”) and Oaktree Capital Management, L.P. (together with its affiliated funds, “Oaktree”), who are significant shareholders, and Honeywell for professional fees and expenses related to their support of our emergence from Chapter 11 bankruptcy; •We reimbursed Centerbridge and Oaktree for their participation in the Equity Backstop; and •Centerbridge and Oaktree were parties to our Registration Rights Agreement (see definition in Note 18, Equity) for the registration of our Series A Preferred Stock and our Series A Investor Rights Agreement.
Preferred Stock	Series A Preferred Stock Our Series A Preferred Stock is not a mandatorily redeemable financial instrument and is classified as permanent equity in our Consolidated Interim Balance Sheets. The Series A Preferred stock contains a conversion feature which is not required to be bifurcated, is not a derivative, and does not contain a beneficial conversion feature. It is not a participating security with the Company’s Common Stock. See Note 2, Plan of Reorganization and Note 18, Equity, of the Consolidated Interim Financial Statements for further details. Series B Preferred Stock Our Series B Preferred Stock is a mandatorily redeemable financial instrument and is classified as debt in our Consolidated Interim Balance Sheets. The Series B Preferred stock does not require physical settlement by the repurchase of a fixed number of the issuer’s equity shares in exchange for cash, and therefore not required to be subsequently remeasured. The Series B Preferred Stock redemption options are not required to be bifurcated and are not considered derivatives. On September 30, 2021, the Company filed an amended and restated Certificate of Designations (the “A&R Certificate of Designations”) amending and restating the terms of the Series B Preferred Stock. The A&R Certificate of Designations became effective on October 1, 2021. See Note 2, Plan of Reorganization and Note 16, Mandatorily Redeemable Series B Preferred Stock, of the Consolidated Interim Financial Statements for further details. The amendment was accounted for as a debt modification that did not result in an extinguishment or have a material impact on our Consolidated Interim Financial Statements.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year amounts to conform to current year classifications, specifically certain items that had been previously recorded in selling, general and administrative expenses presented now within Cost of goods sold in our Consolidated Interim Statements of Operations. The reclassifications had no impact on net income, equity, or cash flows as previously reported.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting, which provides 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), which clarified the scope and applicability of certain provisions. The Company has evaluated the impact of ASU 2020-04 and ASU 2021-01 on our debt agreements and hedging contracts and determined that they do not have a material impact on our Consolidated Interim Financial Statements. There are no other recently issued, but not yet adopted, accounting pronouncements that are expected to have a material impact on the Company’s Consolidated Interim Financial Statements and related disclosures.

Plan of Reorganization (Tables)

9 Months Ended

Sep. 30, 2021

Reorganizations [Abstract]

Schedule of Reorganization Items, Net


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2021
	(Dollars in millions)
Gain on settlement of Honeywell claims(1)	$	—	$	(502)
Advisor fees	(8)		172
Director's and officers insurance	—		39
Write off pre-petition debt issuance cost	—		25
Employee stock cash out	—		13
Expenses related to Senior Notes(2)	—		28
DIP Financing fees	—		1
Bid termination and expense reimbursement	—		79
Other	(1)		15
Total reorganization items, net	$	(9)	$	(130)

(2)Includes $15 million in connection with Make-Whole Litigation and $13 million related to post-petition interest.

Schedule of Changes to Debt Outstanding

The table below presents changes to our debt outstanding as a result of the Plan:


	December 31, 2020		Movement (1)		Less debt repaid		Exit financing (2)		September 30, 2021
	(Dollars in millions)
Secured Term Loan Facilities and accrued interest	$	1,082	$	21	$	(1,103)	$	—	$	—
Borrowings under Old Revolving Facility	370		4		(374)		—		—
Senior Notes and accrued interest	429		32		(461)		—		—
Debtor-in-possession Term Loan	200		—		(200)		—		—
Term Loan Facilities	—		—		—		1,200		1,200
Total long-term debt	$	2,081	$	57	$	(2,138)	$	1,200	$	1,200

(1)Amounts primarily are related to accrued interest, unamortized deferred financing cost as of December 31, 2020 and the impact of foreign exchange.

(2)Exit financing amounts as of the Effective Date of $1,221 million were adjusted to September 30, 2021 foreign exchange rate and reflect the amortization of deferred financing costs.

Schedule of Liabilities Subject to Compromise

The following table presents the movements in the liabilities subject to compromise as reported in the Consolidated Balance Sheet from December 31, 2020 to September 30, 2021:


	December 31, 2020		Change in estimated allowed claims		Cash payment		Issuance of Series B Preferred Stock		Reinstatements		Reorganization		OCI		September 30, 2021
	(Dollars in millions)
Obligations payable to Honeywell	$	1,482	$	(23)	$	(375)	$	(577)	$	—	$	(502)	$	(5)	$	—
Senior Notes	429		32		(461)		—		—		—		—		—
Pension, compensation, benefit and other employee-related	92		(10)		—		—		(82)		—		—		—
Uncertain tax positions and deferred taxes	69		(8)				—		(61)		—		—		—
Accounts payable	82		(50)		—		—		(32)		—		—		—
Advanced discounts from suppliers	33		(6)		—		—		(27)		—		—		—
Lease liabilities (Note 14)	19		(2)		—		—		(17)		—		—		—
Product warranties and performance guarantees	16		—		—		—		(16)		—		—		—
Freight Accrual	27		(27)		—		—		—		—		—		—
Other	41		(14)		—		—		(27)		—		—		—
Total liabilities subject to compromise	$	2,290	$	(108)	$	(836)	$	(577)	$	(262)	$	(502)	$	(5)	$	—

Revenue Recognition and Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Summary of Net Sales by Region and Channel

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


	Three months ended September 30, 2021
	OEM		Aftermarket		Other		Total
	(Dollars in millions)
United States	$	92	$	49	$	2	$	143
Europe	348		40		5		393
Asia	271		12		6		289
Other International	8		6		—		14
	$	719	$	107	$	13	$	839

	Nine months ended September 30, 2021
	OEM		Aftermarket		Other		Total
	(Dollars in millions)
United States	$	290	$	129	$	4	$	423
Europe	1,263		117		21		1,401
Asia	853		36		20		909
Other International	20		18		—		38
	$	2,426	$	300	$	45	$	2,771

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

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

Summary of Contract Assets and Liabilities

The following table summarizes our contract assets and liabilities balances:


	2021		2020
	(Dollars in millions)		(Dollars in millions)
Contract assets—January 1	$	61	$	6
Contract assets—September 30	56		48
Change in contract assets—Increase/(Decrease)	$	(5)	$	42
Contract liabilities—January 1	$	(2)	$	(3)
Contract liabilities—September 30	(4)		(1)
Change in contract liabilities—(Increase)/Decrease	$	(2)	$	2

Research, Development & Engineering (Tables)

9 Months Ended

Sep. 30, 2021

Research and Development [Abstract]

Summary of Research, Development & Engineering Activities

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Research and development costs	$	33	$	28	$	99	$	84
Engineering-related expenses	5		3		16		15
	$	38	$	31	$	115	$	99

Other Expense, Net (Tables)

9 Months Ended

Sep. 30, 2021

Other Income and Expenses [Abstract]

Schedule of Other Operating Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Indemnification related — post Spin-Off	$	—	$	14	$	—	$	41
Indemnification related — litigation	—		—		—		3
Factoring and notes receivables discount fees	—		—		1		1
	$	—	$	14	$	1	$	45

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Tax Expense (Benefit) and Effective Tax Rate


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
	(Dollars in millions)
Tax expense	$	28		$	(1)		$	82		$	11
Effective tax rate	30.8		%	(10)		%	18.3		%	16.9		%

Accounts, Notes and Other Receivables-Net (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Schedule of Accounts, Notes and Other Receivables-Net


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Trade receivables	$	588	$	625
Notes receivable	90		152
Other receivables	71		77
	749		854
Less—Allowance for expected credit losses	(8)		(13)
	$	741	$	841

Inventories-Net (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Summary of Inventories


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Raw materials	$	177	$	160
Work in process	20		19
Finished products	115		97
	312		276
Less—Reserves	(34)		(41)
	$	278	$	235

Other Assets (Tables)

9 Months Ended

Sep. 30, 2021

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

Schedule of Other Assets


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Advanced discounts to customers, non-current	$	64	$	70
Operating right-of-use assets (Note 14)	50		36
Other	45		29
	$	159	$	135

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Accrued Liabilities, Current [Abstract]

Summary of Accrued Liabilities


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Customer pricing reserve	$	85	$	82
Compensation, benefit and other employee related	74		62
Repositioning	14		7
Product warranties and performance guarantees	32		14
Taxes	30		37
Advanced discounts from suppliers, current	15		5
Customer advances and deferred income(1)	21		8
Accrued interest	8		—
Short-term lease liability (Note 14)	9		5
Other (primarily operating expenses)	37		28
	$	325	$	248

Summary of Expenses Related to the Repositioning Accruals


	Severance Costs		Exit Costs		Total
	(Dollars in millions)
Balance at December 31, 2020	$	7	$	—	$	7
Charges	14		—		14
Usage—cash	(7)		—		(7)
Balance at September 30, 2021	$	14	$	—	$	14


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

Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Income taxes	$	99	$	45
Designated and undesignated derivatives	—		22
Pension and other employee related	97		14
Long-term lease liability (Note 14)	42		15
Advanced discounts from suppliers	19		11
Other	29		7
	$	286	$	114

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Operating lease cost	$	4	$	5	$	12	$	11

Summary of Supplemental Cash Flow Information Related to Operating Leases

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	3	$	4	$	9	$	9
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	18	$	1	$	23	$	6

Summary of Supplemental Balance Sheet Information Related to Operating Leases

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


	September 30, 2021		December 31, 2020
	(Dollars in millions)
Other assets	$	50	$	36
Accrued liabilities	9		5
Other liabilities	42		15
Liabilities subject to compromise	—		19


	September 30, 2021		December 31, 2020
Weighted-average lease term (in years)	8.87		5.14
Weighted-average discount rate	5.75	%	6.16	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows:


	(Dollars in millions)
2021	$	3
2022	11
2023	9
2024	8
2025	6
Thereafter	28
Total lease payments	65
Less imputed interest	(14)
	$	51

Long-term Debt and Credit Agreements (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Principal Outstanding And Carrying Amount of Long term Debt

The principal outstanding and carrying amount of our long-term debt as of September 30, 2021 are as follows:


	Due	Interest Rate		September 30, 2021
Dollar Facility	4/30/2028	3.75	%	$	715
Euro Facility	4/30/2028	3.50	%	522
Total principal outstanding				1,237
Less: unamortized deferred financing costs				(37)
Less: current portion of long-term debt				(5)
Total long-term debt				$	1,195

Schedule of Principal Repayments Of Credit Facilities

Minimum scheduled principal repayments of the Credit Facilities as of September 30, 2021 are as follows:


	September 30, 2021
	(Dollars in millions)
2021	$	2
2022	7
2023	7
2024	7
2025	7
Thereafter	1,207
Total debt payments	$	1,237

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Financial Instruments and Fair Value Measures (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2021 and December 31, 2020:


					Fair Value
	Notional Amounts				Assets				Liabilities
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Designated instruments:
Designated forward currency exchange contracts	$	314	$	—	$	5	$	—	$	1	$	—
Designated cross-currency swap	715		—		16		—		—		—
Total designated instruments	1,029		—		21		—		1		—
Undesignated instruments:
Undesignated interest rate swap	963		—		—		—		—		—
Undesignated forward currency exchange contracts	285		19		1		—		3		—
Total undesignated instruments	1,248		19		1		—		3		—
Total designated and undesignated instruments	$	2,277	$	19	$	22	$	—	$	4	$	—

Summary of Financial Assets and Liabilities Not Carried at Fair Value

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


	September 30, 2021
	Carrying Value		Fair Value
	(Dollars in millions)
Term Loan Facilities (Secured)	$	1,200	$	1,237

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2021

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

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

Changes in Accumulated Other Comprehensive Income (Loss) by Component


	Foreign Exchange Translation Adjustment		Changes in Fair Value of Effective Cash Flow Hedges		Changes in Fair Value of Net Investment Hedges		Pension Adjustments		Total Accumulated Other Comprehensive Income (Loss)
	(Dollars in millions)
Balance at December 31, 2020	$	(81)	$	(3)	$	—	$	(45)	$	(129)
Other comprehensive income before reclassifications	37		5		27		—		69
Amounts reclassified from accumulated other comprehensive income	—		2		—		—		2
Net current-period other comprehensive income	37		7		27		—		71
Balance at September 30, 2021	$	(44)	$	4	$	27	$	(45)	$	(58)


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

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Restricted Stock Activity Related to Stock Incentive Plan and Long-Term Incentive Plan

The following table summarizes information about RSU activity related to both the Stock Incentive Plan and the Long-Term Incentive Plan for the nine months ended September 30, 2021:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2020	1,538,969	$	13.11
Granted	1,785,182	8.34
Vested	(326,058)	13.10
Forfeited	(7,261)	15.61
Vested and cancelled	(1,205,650)	13.10
Non-vested at September 30, 2021	1,785,182	$	8.34

Summary of Impact to Consolidated and Combined Statement of Operations from RSUs and PSUs

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Compensation expense	$	1	$	2	$	3	$	8
Reorganization items, net (Note 2)	—		—		8		—
Future income tax benefit recognized	—		—		1		2

The following table summarizes the impact to the Consolidated Interim Statement of Operations from PSUs:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Compensation expense	$	1	$	—	$	1	$	—
Reorganization items, net (Note 2)	—		—		1		—

Summary of Performance Stock Unit Activity Related to Stock Incentive Plan and Long-Term Incentive Plan

The following table summarizes information about PSU activity related to both the Stock Incentive Plan and the Long-Term Incentive Plan for the nine months ended September 30, 2021:


	Number of Performance Stock Units	Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2020	314,111	$	16.17
Granted	1,472,875	8.67
Vested	—	—
Forfeited	(85,346)	14.00
Vested and cancelled	(228,765)	—
Non-vested at September 30, 2021	1,472,875	$	8.67

Summary of Continuity Award Activity and Impact on the Consolidated Statement of Operations from Continuity Awards

The following table summarizes information about Continuity Award activity for the period ended September 30, 2021:


	Number of Awards	Weighted Average Grant Date Fair Value Per Award
Non-vested at December 31, 2020	43	$	257,536
Granted	—	—
Vested	(43)	(257,536)
Forfeited	—	—
Non-vested at September 30, 2021	—	$	—

The following table summarizes the impact to the Consolidated Interim Statement of Operations from Continuity Awards for the period ended September 30, 2021.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
Compensation expense	$	—	$	1	$	5	$	3
Future income tax benefit recognized	—		—		1		—

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The details of the earnings per share (“EPS”) calculations for the three and nine months ended September 30, 2021 and 2020 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions except per share)
Basic
Net income	$	63	$	11	$	367	$	54
Less: preferred stock dividend	(36)		—		(60)		—
Net income available to common shareholders	$	27	$	11	$	307	$	54
Weighted average common shares outstanding	65,056,274		75,739,152		70,802,999		75,456,358
EPS – Basic	$	0.42	$	0.15	$	4.34	$	0.72


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Dollars in millions except per share)
Diluted
Net income	$	63	$	11	$	367	$	54
Less: preferred stock dividend	(36)		—		(60)		—
Net income available to common shareholders	$	27	$	11	$	307	$	54
Weighted average common shares outstanding – Basic	65,056,274		75,739,152		70,802,999		75,456,358
Dilutive effect of unvested RSUs and other contingently issuable shares	25,069		204,842		8,289		667,190
Dilutive effect of Series A Preferred Stock	247,763,126		—		138,852,987		—
Weighted average common shares outstanding – Diluted	312,844,469		75,943,994		209,664,275		76,123,548
EPS – Diluted	$	0.20	$	0.14	$	1.75	$	0.71

Pension Benefits (Tables)

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Summary of Net Periodic Benefit Cost

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	U.S. Plans				Non-U.S. Plan,				U.S. Plans				Non-U.S. Plan,
	2021		2020		2021		2020		2021		2020		2021		2020
	(Dollars in millions)
Service cost	$	—	$	—	$	3	$	2	$	1	$	1	$	8	$	7
Interest cost	1		1		—		—		3		4		1		1
Expected return on plan assets	(3)		(3)		(2)		(1)		(8)		(8)		(5)		(4)
Amortization of prior service (credit)	—		—		—		—		—		—		(1)		—
	$	(2)	$	(2)	$	1	$	1	$	(4)	$	(3)	$	3	$	4

Background and Basis of Presentation (Details)	Apr. 25, 2021
Minimum
Background And Basis Of Presentation [Line Items]
Bankruptcy, percentage of voting shares issued to existing share holders.	50.00%

Plan of Reorganization - Additional Information (Details) € in Millions					3 Months Ended		9 Months Ended
	Apr. 30, 2021 USD ($)	Apr. 26, 2021 USD ($) shares	Sep. 27, 2018 USD ($) claim	Sep. 27, 2018 EUR (€) claim	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Apr. 26, 2021 EUR (€)
Plan Of Reorganization [Line Items]
Cash paid for holders of old Common stock		$ 69,000,000
Post-petition interest					$ 13,000,000		$ 13,000,000
Deferred financing costs		38,000,000			1,221,000,000		1,221,000,000
Deferred financing costs on repaid historical debt expensed		25,000,000
Charge for reorganization items					(9,000,000)	$ 4,000,000	(130,000,000)	$ 4,000,000
Make-Whole Litigation
Plan Of Reorganization [Line Items]
Payment in connection with litigation					$ 15,000,000		15,000,000
Revolving Credit Facility \| Letter of Credit
Plan Of Reorganization [Line Items]
Line of credit, maximum borrowing capacity		125,000,000
Debtor-in-Possession Term Loan
Plan Of Reorganization [Line Items]
Payment of interest and principal outstanding		$ 101,000,000
Credit Agreement
Plan Of Reorganization [Line Items]
Deferred financing costs	$ 1,221,000,000
Credit Agreement \| Senior Secured Credit Facilities
Plan Of Reorganization [Line Items]
Repayment of accrued pre-petition hedge obligations			$ 20,000,000
Credit Agreement \| Term A Facility \| Senior Secured Credit Facilities
Plan Of Reorganization [Line Items]
Repayment of outstanding principal balance, accrued pre-petition and default interest			$ 307,000,000
Line of credit, term			5 years	5 years
Credit Agreement \| Term B Facility \| Senior Secured Credit Facilities
Plan Of Reorganization [Line Items]
Line of credit, term			7 years	7 years
Credit Agreement \| Revolving Credit Facility
Plan Of Reorganization [Line Items]
Long term debt, interest rate		2.75%							2.75%
Line of credit, maximum borrowing capacity		$ 300,000,000
Credit Agreement \| Revolving Credit Facility \| Senior Secured Credit Facilities
Plan Of Reorganization [Line Items]
Repayments of outstanding principal balance and accrued interest			$ 374,000,000
Credit Agreement \| Revolving Credit Facility \| Secured Debt
Plan Of Reorganization [Line Items]
Line of credit, term	5 years	5 years
Line of credit, maximum borrowing capacity	$ 300,000,000	$ 300,000,000
Credit Agreement, EUR Tranche \| Term B Facility \| Senior Secured Credit Facilities
Plan Of Reorganization [Line Items]
Repayment of outstanding principal balance, accrued pre-petition and default interest			374,000,000
Credit Agreement, EUR Tranche \| Term Loan Facility \| Secured Debt
Plan Of Reorganization [Line Items]
Line of credit, term		7 years
Line of credit, maximum borrowing capacity \| €									€ 450
Credit Agreement, USD Tranche \| Term B Facility \| Senior Secured Credit Facilities
Plan Of Reorganization [Line Items]
Repayment of outstanding principal balance, accrued pre-petition and default interest			422,000,000
Credit Agreement, USD Tranche \| Term Loan Facility \| Secured Debt
Plan Of Reorganization [Line Items]
Line of credit, term		7 years
Line of credit, maximum borrowing capacity		$ 715,000,000
Debtors
Plan Of Reorganization [Line Items]
Accrued pre-petition interest			10,000,000
Post-petition interest			13,000,000
Debtors \| Make-Whole Litigation
Plan Of Reorganization [Line Items]
Payment in connection with litigation			$ 15,000,000
Number of claims for relief that the Debtors did not owe \| claim			2	2
Debtors \| Senior Notes
Plan Of Reorganization [Line Items]
Repayment of outstanding principal balance			$ 423,000,000	€ 350
Long term debt, interest rate			5.125%
PSA and The Transaction, The Amended Plan \| Directors, Officers and Other Employees
Plan Of Reorganization [Line Items]
Maximum percentage of equity authorized to grant		10.00%							10.00%
PSA and The Transaction, The Amended Plan \| Honeywell International Inc
Plan Of Reorganization [Line Items]
Litigation cash payment		$ 375,000,000					$ 375,000,000
Series A Preferred Stock
Plan Of Reorganization [Line Items]
Issuance of Series A Preferred Stock (in shares) \| shares		247,768,962
Aggregate consideration in rights offering		$ 1,301,000,000
Series B Preferred Stock \| PSA and The Transaction, The Amended Plan \| Honeywell International Inc
Plan Of Reorganization [Line Items]
Issuance of Series A Preferred Stock (in shares) \| shares		834,800,000
Common Stock
Plan Of Reorganization [Line Items]
Issuance of Series A Preferred Stock (in shares) \| shares		65,035,801

Plan of Reorganization - Schedule of Reorganization Items, Net (Details) - USD ($)		3 Months Ended		9 Months Ended
	Apr. 26, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Plan Of Reorganization [Line Items]
Gain on settlement of Honeywell claims		$ 0		$ (502,000,000)
Advisor fees		(8,000,000)		172,000,000
Director's and officers insurance		0		39,000,000
Write off pre-petition debt issuance cost		0		25,000,000
Employee stock cash out		0		13,000,000
Expenses related to Senior Notes		0		28,000,000
DIP Financing fees		0		1,000,000
Bid termination and expense reimbursement		0		79,000,000
Other		(1,000,000)		15,000,000
Total reorganization items, net		(9,000,000)	$ 4,000,000	(130,000,000)	$ 4,000,000
Post-petition interest		13,000,000		13,000,000
Make-Whole Litigation
Plan Of Reorganization [Line Items]
Payment in connection with litigation		$ 15,000,000		15,000,000
PSA and The Transaction, The Amended Plan \| Honeywell International Inc
Plan Of Reorganization [Line Items]
Gain on settlement of Honeywell claims				(502,000,000)
Pre-emergence Honeywell claims				1,459,000,000
Litigation cash payment	$ 375,000,000			375,000,000
Series B Preferred Stock issued				577,000,000
Currency translation adjustment				$ 5,000,000

Plan of Reorganization - Schedule of Changes to Debt Outstanding (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Apr. 26, 2021
Long-term Debt, Period Increase (Decrease) [Roll Forward]
Long-term debt at beginning of the period	$ 2,081
Movement	57
Less debt repaid	(2,138)
Exit financing	1,200
Long-term debt at end of the period	1,200
Deferred financing costs	1,221	$ 38
Borrowings under Old Revolving Facility
Long-term Debt, Period Increase (Decrease) [Roll Forward]
Long-term debt at beginning of the period	370
Movement	4
Less debt repaid	(374)
Exit financing	0
Long-term debt at end of the period	0
Term Loan Facilities
Long-term Debt, Period Increase (Decrease) [Roll Forward]
Long-term debt at beginning of the period	0
Movement	0
Less debt repaid	0
Exit financing	1,200
Long-term debt at end of the period	1,200
Secured Term Loan Facilities and accrued interest
Long-term Debt, Period Increase (Decrease) [Roll Forward]
Long-term debt at beginning of the period	1,082
Movement	21
Less debt repaid	(1,103)
Exit financing	0
Long-term debt at end of the period	0
Senior Notes and accrued interest
Long-term Debt, Period Increase (Decrease) [Roll Forward]
Long-term debt at beginning of the period	429
Movement	32
Less debt repaid	(461)
Exit financing	0
Long-term debt at end of the period	0
Debtor-in-possession Term Loan
Long-term Debt, Period Increase (Decrease) [Roll Forward]
Long-term debt at beginning of the period	200
Movement	0
Less debt repaid	(200)
Exit financing	0
Long-term debt at end of the period	$ 0

Plan of Reorganization - Schedule of Liabilities Subject to Compromise (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward]
Liabilities subject to compromise at beginning of period	$ 2,290
Change in estimated allowed claims	(108)
Cash payment	(836)
Issuance of Series B Preferred Stock	(577)
Reinstatements	(262)
Reorganization	(502)
OCI	(5)
Liabilities subject to compromise at end of period	0
Pension, compensation, benefit and other employee-related
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward]
Liabilities subject to compromise at beginning of period	92
Change in estimated allowed claims	(10)
Cash payment	0
Issuance of Series B Preferred Stock	0
Reinstatements	(82)
Reorganization	0
OCI	0
Liabilities subject to compromise at end of period	0
Uncertain tax positions and deferred taxes
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward]
Liabilities subject to compromise at beginning of period	69
Change in estimated allowed claims	(8)
Cash payment
Issuance of Series B Preferred Stock	0
Reinstatements	(61)
Reorganization	0
OCI	0
Liabilities subject to compromise at end of period	0
Advanced discounts from suppliers
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward]
Liabilities subject to compromise at beginning of period	33
Change in estimated allowed claims	(6)
Cash payment	0
Issuance of Series B Preferred Stock	0
Reinstatements	(27)
Reorganization	0
OCI	0
Liabilities subject to compromise at end of period	0
Lease liabilities (Note 14)
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward]
Liabilities subject to compromise at beginning of period	19
Change in estimated allowed claims	(2)
Cash payment	0
Issuance of Series B Preferred Stock	0
Reinstatements	(17)
Reorganization	0
OCI	0
Liabilities subject to compromise at end of period	0
Product warranties and performance guarantees
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward]
Liabilities subject to compromise at beginning of period	16
Change in estimated allowed claims	0
Cash payment	0
Issuance of Series B Preferred Stock	0
Reinstatements	(16)
Reorganization	0
OCI	0
Liabilities subject to compromise at end of period	0
Freight Accrual
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward]
Liabilities subject to compromise at beginning of period	27
Change in estimated allowed claims	(27)
Cash payment	0
Issuance of Series B Preferred Stock	0
Reinstatements	0
Reorganization	0
OCI	0
Liabilities subject to compromise at end of period	0
Other
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward]
Liabilities subject to compromise at beginning of period	41
Change in estimated allowed claims	(14)
Cash payment	0
Issuance of Series B Preferred Stock	0
Reinstatements	(27)
Reorganization	0
OCI	0
Liabilities subject to compromise at end of period	0
Senior Notes
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward]
Liabilities subject to compromise at beginning of period	429
Change in estimated allowed claims	32
Cash payment	(461)
Issuance of Series B Preferred Stock	0
Reinstatements	0
Reorganization	0
OCI	0
Liabilities subject to compromise at end of period	0
Obligations payable to Honeywell
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward]
Liabilities subject to compromise at beginning of period	1,482
Change in estimated allowed claims	(23)
Cash payment	(375)
Issuance of Series B Preferred Stock	(577)
Reinstatements	0
Reorganization	(502)
OCI	(5)
Liabilities subject to compromise at end of period	0
Accounts payable
Liabilities Subject to Compromise, Period Increase (Decrease) [Roll Forward]
Liabilities subject to compromise at beginning of period	82
Change in estimated allowed claims	(50)
Cash payment	0
Issuance of Series B Preferred Stock	0
Reinstatements	(32)
Reorganization	0
OCI	0
Liabilities subject to compromise at end of period	$ 0

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)
Honeywell International Inc
Significant Accounting Policies [Line Items]
Related party costs	$ 2	$ 6
Related party liabilities	16	16
Related party, lease contracts	$ 13	13
Centerbridge, Oaktree and Honeywell \| Professional fees and expenses
Significant Accounting Policies [Line Items]
Related party, professional fees and expenses reimbursed		$ 74

Revenue Recognition and Contracts with Customers - Summary of Net Sales by Region and Channel (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Net sales	$ 839	$ 804	$ 2,771	$ 2,026
United States
Disaggregation Of Revenue [Line Items]
Net sales	143	123	423	321
Europe
Disaggregation Of Revenue [Line Items]
Net sales	393	412	1,401	1,033
Asia
Disaggregation Of Revenue [Line Items]
Net sales	289	261	909	652
Other International
Disaggregation Of Revenue [Line Items]
Net sales	14	8	38	20
OEM
Disaggregation Of Revenue [Line Items]
Net sales	719	701	2,426	1,744
OEM \| United States
Disaggregation Of Revenue [Line Items]
Net sales	92	83	290	208
OEM \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	348	370	1,263	924
OEM \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	271	245	853	606
OEM \| Other International
Disaggregation Of Revenue [Line Items]
Net sales	8	3	20	6
Aftermarket
Disaggregation Of Revenue [Line Items]
Net sales	107	87	300	239
Aftermarket \| United States
Disaggregation Of Revenue [Line Items]
Net sales	49	38	129	110
Aftermarket \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	40	34	117	86
Aftermarket \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	12	10	36	29
Aftermarket \| Other International
Disaggregation Of Revenue [Line Items]
Net sales	6	5	18	14
Other
Disaggregation Of Revenue [Line Items]
Net sales	13	16	45	43
Other \| United States
Disaggregation Of Revenue [Line Items]
Net sales	2	2	4	3
Other \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	5	8	21	23
Other \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	6	6	20	17
Other \| Other International
Disaggregation Of Revenue [Line Items]
Net sales	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ 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

Revenue Recognition and Contracts with Customers - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Change in Contract with Customer, Asset [Abstract]
Contract assets—January 1	$ 61	$ 6
Contract assets—September 30	56	48
Change in contract assets—Increase/(Decrease)	(5)	42
Change in Contract with Customer, Liability [Abstract]
Contract liabilities—January 1	(2)	(3)
Contract liabilities—September 30	(4)	(1)
Change in contract liabilities—(Increase)/Decrease	$ (2)	$ 2

Research, Development & Engineering - Summary of Research, Development & Engineering Activities (Details) - Cost of goods sold - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	$ 38	$ 31	$ 115	$ 99
Research and development costs
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	33	28	99	84
Engineering-related expenses
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	$ 5	$ 3	$ 16	$ 15

Other Expense, Net - Schedule of Other Operating Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Income and Expenses [Abstract]
Indemnification related — post Spin-Off	$ 0	$ 14	$ 0	$ 41
Indemnification related — litigation	0	0	0	3
Factoring and notes receivables discount fees	0	0	1	1
Total other expense, net	$ 0	$ 14	$ 1	$ 45

Income Taxes - Tax Expense and Effective Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Tax expense	$ 28	$ (1)	$ 82	$ 11
Effective tax rate	30.80%	(10.00%)	18.30%	16.90%

- Definition

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

+ References + Details

Income Taxes - Additional Information (Details)	3 Months Ended	9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2021	Sep. 30, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%

Accounts, Notes and Other Receivables-Net - Schedule of Accounts, Notes and Other Receivables-Net (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Trade receivables	$ 588	$ 625
Notes receivable	90	152
Other receivables	71	77
Total accounts, notes and other receivables, gross	749	854
Less—Allowance for expected credit losses	(8)	(13)
Total accounts, notes and other receivables, net	$ 741	$ 841

Accounts, Notes and Other Receivables-Net - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Unbilled balances	$ 56	$ 61

Factoring and Notes Receivable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Receivables [Abstract]
Sale of trade receivables	$ 104	$ 128	$ 437	$ 296
Factoring and notes receivables discount fees, notes			1	1
Proceeds from sale of bank notes	0	$ 51	0	124
Factoring and notes receivables discount fees, receivables				$ 1
Guaranteed bank notes pledged as collateral	$ 36		$ 36		$ 18

Inventories-Net - Summary of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 177	$ 160
Work in process	20	19
Finished products	115	97
Total inventory, gross	312	276
Less—Reserves	(34)	(41)
Total inventory, net	$ 278	$ 235

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advanced discounts to customers, non-current	$ 64	$ 70
Operating right-of-use assets (Note 14)	50	36
Other	45	29
Total other assets	$ 159	$ 135

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accrued Liabilities, Current [Abstract]
Customer pricing reserve	$ 85	$ 82
Compensation, benefit and other employee related	74	62
Repositioning	14	7
Product warranties and performance guarantees	32	14
Taxes	30	37
Advanced discounts from suppliers, current	15	5
Customer advances and deferred income	21	8
Accrued interest	8	0
Short-term lease liability (Note 14)	9	5
Other (primarily operating expenses)	37	28
Total accrued liabilities	325	248
Contract liabilities	$ 4	$ 2

Accrued Liabilities - Summary of Expenses Related to the Repositioning Accruals (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 7	$ 4
Charges	14	8
Usage—cash	(7)	(6)
Less: Amounts reclassified to Liabilities subject to compromise		(4)
Balance at end of period	14	2
Severance Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	7	3
Charges	14	8
Usage—cash	(7)	(6)
Less: Amounts reclassified to Liabilities subject to compromise		(4)
Balance at end of period	14	1
Exit Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0	1
Charges	0	0
Usage—cash	0	0
Less: Amounts reclassified to Liabilities subject to compromise		0
Balance at end of period	$ 0	$ 1

Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Income taxes	$ 99	$ 45
Designated and undesignated derivatives	0	22
Pension and other employee related	97	14
Long-term lease liability (Note 14)	42	15
Advanced discounts from suppliers	19	11
Other	29	7
Total other liabilities	$ 286	$ 114

Leases - Additional Information (Details) - Maximum	9 Months Ended
Leases - Additional Information (Details) - Maximum	Sep. 30, 2021
Lessee Lease Description [Line Items]
Operating lease, remaining lease terms	16 years
Operating lease, options to extend, years	2 years

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating Lease, Cost	$ 4	$ 5	$ 12	$ 11

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 3	$ 4	$ 9	$ 9
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 18	$ 1	$ 23	$ 6

Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Other assets	$ 50	$ 36
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets (Note 11)	Other assets (Note 11)
Accrued liabilities	$ 9	$ 5
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities (Note 12)	Accrued liabilities (Note 12)
Other liabilities	$ 42	$ 15
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities (Note 13)	Other liabilities (Note 13)
Liabilities subject to compromise	$ 0	$ 19
Weighted-average lease term (in years)	8 years 10 months 13 days	5 years 1 month 20 days
Weighted-average discount rate	5.75%	6.16%

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Millions	Sep. 30, 2021 USD ($)
Leases [Abstract]
2021	$ 3
2022	11
2023	9
2024	8
2025	6
Thereafter	28
Total lease payments	65
Less imputed interest	(14)
Operating lease, liabilities	$ 51

Long-term Debt and Credit Agreements - Additional Information (Details) € in Millions			9 Months Ended
	Apr. 30, 2021 USD ($)	Apr. 26, 2021 USD ($)	Sep. 30, 2021 USD ($)	Apr. 30, 2021 EUR (€)
Debt Instrument [Line Items]
Deferred financing costs		$ 38,000,000	$ 1,221,000,000
Debt instrument, interest payment period if applicable period exceeds three months			3 months
Eurodollar
Debt Instrument [Line Items]
Debt instrument, interest rate at option			3.50%
Minimum \| ABR
Debt Instrument [Line Items]
Debt instrument, interest rate at option			0.00%
Credit Agreement
Debt Instrument [Line Items]
Deferred financing costs	$ 1,221,000,000
Percentage of prepayment premium			1.00%
Percentage of excess cash flow proceeds starting December 31, 2022			50.00%
Percentage of excess cash flow proceeds thereafter year 1			25.00%
Percentage of excess cash flow proceeds thereafter year 2			0.00%
Line of credit facility, covenant terms			the Revolving Facility also contains a financial covenant requiring the maintenance of a consolidated total leverage ratio of not greater than 4.70 to 1.00 as of the end of each fiscal quarter if, on the last day of any such fiscal quarter
Debt instrument face amount			$ 30,000,000
Aggregate commitment percentage			35.00%
Credit Agreement \| ABR
Debt Instrument [Line Items]
Debt instrument, interest rate at option			2.25%
Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Debt instrument, interest rate at option			3.25%
Credit Agreement \| Maximum
Debt Instrument [Line Items]
Consolidated total leverage ratio			4.70
Credit Agreement \| Minimum \| ABR
Debt Instrument [Line Items]
Debt instrument, interest rate at option			1.50%
Credit Agreement \| Minimum \| LIBOR
Debt Instrument [Line Items]
Debt instrument, interest rate at option			0.50%
Credit Agreement \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, interest rate at option			0.00%
U.S. Dollar Term Loan Facility
Debt Instrument [Line Items]
Debt instrument maturity date			Apr. 30, 2028
Debt instrument interest rate stated percentage			3.75%
U.S. Dollar Term Loan Facility \| Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Line of credit, term	7 years
Line of credit, maximum borrowing capacity	$ 715,000,000
Euro Term Loan Facility
Debt Instrument [Line Items]
Debt instrument maturity date			Apr. 30, 2028
Debt instrument interest rate stated percentage			3.50%
Euro Term Loan Facility \| Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Line of credit, term	7 years
Line of credit, maximum borrowing capacity \| €				€ 450
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee percentage			0.50%
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate at option			1.00%
Unused commitment fee percentage			0.25%
Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		125,000,000
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 300,000,000
Debt instrument maturity date		Apr. 30, 2026
Debt instrument interest rate stated percentage		2.75%
Line of credit			$ 0
Line of credit, available borrowing capacity			$ 296,000,000
Debt instrument, term			5 years
Revolving Credit Facility \| Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Line of credit, term	5 years	5 years
Line of credit, maximum borrowing capacity	$ 300,000,000	$ 300,000,000
Undrawn Letters of Credit \| Credit Agreement
Debt Instrument [Line Items]
Line of credit			$ 4,000,000
Letter of Credit
Debt Instrument [Line Items]
Line of credit			$ 35,000,000
Letter of credit facility, term			5 years
Term Loan Facility \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term			7 years

Long-term Debt and Credit Agreements - Schedule of Principal Outstanding And Carrying Amount of Long term Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt payments	$ 1,237
Less: unamortized deferred financing costs	(37)
Less: current portion of long-term debt	(5)	$ 0
Total long-term debt	$ 1,195	$ 1,082
Dollar Facility
Debt Instrument [Line Items]
Long term debt, due date	Apr. 30, 2028
Long term debt, interest rate	3.75%
Total debt payments	$ 715
Euro Facility
Debt Instrument [Line Items]
Long term debt, due date	Apr. 30, 2028
Long term debt, interest rate	3.50%
Total debt payments	$ 522

Long-term Debt and Credit Agreements - Schedule of Principal Repayments Of Credit Facilities (Details) $ in Millions	Sep. 30, 2021 USD ($)
Debt Disclosure [Abstract]
2021	$ 2
2022	7
2023	7
2024	7
2025	7
Thereafter	1,207
Total debt payments	$ 1,237

Mandatorily Redeemable Series B Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended	12 Months Ended
	Apr. 26, 2021	Sep. 30, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Preferred stock authorized to grant (in shares)	1,200,000,000
Maximum
Class Of Stock [Line Items]
Consolidated EBITDA			$ 425
Minimum
Class Of Stock [Line Items]
Consolidated EBITDA		$ 600
Series B Preferred Stock
Class Of Stock [Line Items]
Mandatorily redeemable Serie B Preferred Stock, non current		$ 347	$ 0
PSA and The Transaction, The Amended Plan \| Honeywell International Inc \| Series B Preferred Stock
Class Of Stock [Line Items]
Issuance of Series A Preferred Stock (in shares)	834,800,000
Preferred stock, redemption value per share (in USD per share)		$ 1.00
Discount rate		7.25%
Liquidation preference		$ 125
Preferred stock issued payable in installments	$ 35
Preferred stock issued payable annually in 2023		100
Preferred stock issued payable annually in 2024		100
Preferred stock issued payable annually in 2025		100
Preferred stock issued payable annually in 2026		100
Preferred stock issued payable annually in 2027		100
Preferred stock issued payable annually in 2028		100
Preferred stock issued payable annually in 2029		100
Preferred stock issued payable annually in 2030		100
Preferred stock issued payable		835
Net present value of redemptions of shares		595
Mandatorily redeemable Serie B Preferred Stock, non current		$ 347
PSA and The Transaction, The Amended Plan \| Honeywell International Inc \| Series B Preferred Stock \| Maximum
Class Of Stock [Line Items]
Preferred stock, redemption value per share (in USD per share)		$ 1.00
PSA and The Transaction, The Amended Plan 2021 \| Honeywell International Inc \| Series B Preferred Stock
Class Of Stock [Line Items]
Net present value of remaining oustanding shares		$ 400

Financial Instruments and Fair Value Measures - Additional Information (Details) € in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount	$ 2,277,000,000		$ 2,277,000,000			$ 19,000,000
Changes in fair value of net investment hedges, net of tax	12,000,000	$ (6,000,000)	27,000,000	$ (8,000,000)
Interest rate swap
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount \| €					€ 830
Cross-currency interest rate swaps
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount \| €					€ 606
Fair value of derivative assets, net	16,000,000		16,000,000
Changes in fair value of net investment hedges, net of tax	$ 12,000,000		27,000,000
Ineffectiveness on net investment hedges			$ 0

Financial Instruments and Fair Value Measures - Summary of Financial Assets and Liabilities Accounted for at Fair Value on Recurring Basis (Details) € in Millions, $ in Millions	Sep. 30, 2021 USD ($)	Sep. 30, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	$ 2,277		$ 19
Cross-currency interest rate swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts \| €		€ 606
Interest rate swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts \| €		€ 830
Fair value measurements recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	2,277		19
Fair Value, Assets	22		0
Fair Value, Liabilities	4		0
Fair value measurements recurring \| Level 2 \| Designated as hedging
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	1,029		0
Fair Value, Assets	21		0
Fair Value, Liabilities	1		0
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	314		0
Fair Value, Assets	5		0
Fair Value, Liabilities	1		0
Fair value measurements recurring \| Level 2 \| Designated as hedging \| Cross-currency interest rate swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	715		0
Fair Value, Assets	16		0
Fair Value, Liabilities	0		0
Fair value measurements recurring \| Level 2 \| Not designated as hedging instrument
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	1,248		19
Fair Value, Assets	1		0
Fair Value, Liabilities	3		0
Fair value measurements recurring \| Level 2 \| Not designated as hedging instrument \| Forward currency exchange contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	285		19
Fair Value, Assets	1		0
Fair Value, Liabilities	3		0
Fair value measurements recurring \| Level 2 \| Not designated as hedging instrument \| Interest rate swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	963		0
Fair Value, Assets	0		0
Fair Value, Liabilities	$ 0		$ 0

Financial Instruments and Fair Value Measures - Summary of Financial Assets and Liabilities Not Carried at Fair Value (Details) $ in Millions	Sep. 30, 2021 USD ($)
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term Loan Facilities (Secured)	$ 1,200
Level 2 \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term Loan Facilities (Secured)	$ 1,237

Equity (Details) $ / shares in Units, $ in Millions			3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
Equity (Details) $ / shares in Units, $ in Millions	Apr. 30, 2021 shares	Apr. 26, 2021 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2021 $ / shares	Sep. 30, 2021 USD ($) registration_demand underwritten_offering director $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Class Of Stock [Line Items]
Cash paid to holders \| $			$ 1,301
Preferred stock authorized to grant (in shares) \| shares		1,200,000,000
Common stock, shares authorized (in shares) \| shares					1,000,000,000	400,000,000
Right to designate directors					1
Designation of additional investors, minimum percentage of interest					65.00%
Designation of additional investors, minimum percentage of interest other than Centerbrige and Oaktree					20.00%
Chief Executive Officer
Class Of Stock [Line Items]
Right to designate directors					1
Centerbridge Investors
Class Of Stock [Line Items]
Right to designate directors					3
Centerbridge Investors \| Beneficial ownership of at least 60%
Class Of Stock [Line Items]
Right to designate directors					3
Centerbridge Investors \| Beneficial ownership of at least 40% but less than 60%
Class Of Stock [Line Items]
Right to designate directors					2
Centerbridge Investors \| Beneficial ownership of at least 20% but less than 40%
Class Of Stock [Line Items]
Right to designate directors					1
Centerbridge Investors \| Beneficial ownership cease to own at least 20%
Class Of Stock [Line Items]
Right to designate directors					0
Oaktree Investors
Class Of Stock [Line Items]
Right to designate directors					3
Oaktree Investors \| Beneficial ownership of at least 60%
Class Of Stock [Line Items]
Right to designate directors					3
Oaktree Investors \| Beneficial ownership of at least 40% but less than 60%
Class Of Stock [Line Items]
Right to designate directors					2
Oaktree Investors \| Beneficial ownership of at least 20% but less than 40%
Class Of Stock [Line Items]
Right to designate directors					1
Oaktree Investors \| Beneficial ownership cease to own at least 20%
Class Of Stock [Line Items]
Right to designate directors					0
Additional Investors
Class Of Stock [Line Items]
Right to designate directors					1
Additional Investors \| Beneficial ownership of at least 60%
Class Of Stock [Line Items]
Right to designate directors					1
Additional Investors \| Beneficial ownership less than 60%
Class Of Stock [Line Items]
Right to designate directors					0
Maximum
Class Of Stock [Line Items]
Consolidated EBITDA \| $						$ 425
Maximum \| Centerbridge Investors \| Beneficial ownership of at least 40% but less than 60%
Class Of Stock [Line Items]
Initial investor interest, percentage					60.00%
Maximum \| Centerbridge Investors \| Beneficial ownership of at least 20% but less than 40%
Class Of Stock [Line Items]
Initial investor interest, percentage					40.00%
Maximum \| Centerbridge Investors \| Beneficial ownership cease to own at least 20%
Class Of Stock [Line Items]
Initial investor interest, percentage					20.00%
Maximum \| Oaktree Investors \| Beneficial ownership of at least 40% but less than 60%
Class Of Stock [Line Items]
Initial investor interest, percentage					60.00%
Maximum \| Oaktree Investors \| Beneficial ownership of at least 20% but less than 40%
Class Of Stock [Line Items]
Initial investor interest, percentage					40.00%
Maximum \| Oaktree Investors \| Beneficial ownership cease to own at least 20%
Class Of Stock [Line Items]
Initial investor interest, percentage					20.00%
Maximum \| Additional Investors \| Beneficial ownership less than 60%
Class Of Stock [Line Items]
Initial investor interest, percentage					60.00%
Minimum
Class Of Stock [Line Items]
Percentage of automatic conversion fair market value of common stock					150.00%
Consolidated EBITDA \| $					$ 600
Minimum \| Centerbridge Investors \| Beneficial ownership of at least 60%
Class Of Stock [Line Items]
Initial investor interest, percentage					60.00%
Minimum \| Centerbridge Investors \| Beneficial ownership of at least 40% but less than 60%
Class Of Stock [Line Items]
Initial investor interest, percentage					40.00%
Minimum \| Centerbridge Investors \| Beneficial ownership of at least 20% but less than 40%
Class Of Stock [Line Items]
Initial investor interest, percentage					20.00%
Minimum \| Oaktree Investors \| Beneficial ownership of at least 60%
Class Of Stock [Line Items]
Initial investor interest, percentage					60.00%
Minimum \| Oaktree Investors \| Beneficial ownership of at least 40% but less than 60%
Class Of Stock [Line Items]
Initial investor interest, percentage					40.00%
Minimum \| Oaktree Investors \| Beneficial ownership of at least 20% but less than 40%
Class Of Stock [Line Items]
Initial investor interest, percentage					20.00%
Minimum \| Additional Investors \| Beneficial ownership of at least 60%
Class Of Stock [Line Items]
Initial investor interest, percentage					60.00%
Series A Preferred Stock
Class Of Stock [Line Items]
Shares issued (in shares) \| shares		247,768,962
Rights offerings		two
Cumulative cash dividends at an annual rate					11.00%
Dividends \| $					$ 425
Preferred dividend per share (in USD per share) \| $ / shares				$ 0.09625	$ 0.147022
Preferred stock, shares outstanding (in shares) \| shares					247,757,290	247,757,290
Aggregate accumulated dividend \| $					$ 60
Preferred stock, par value (in USD per share) \| $ / shares					$ 0.001	$ 0.001
Initial conversion price (in USD per share) \| $ / shares					$ 5.25
Trading day, automatic conversion to shares of common stock, period					2 years
Period to redeem all outstanding shares					6 years
Conversion price (in USD per share) \| $ / shares					$ 5.25
Preferred stock, redemption terms					The Company may, at its election, redeem all but not less than all of the outstanding shares of Series A Preferred Stock (i) at any time following the date which is six years after the Effective Date or (ii) in connection with the consummation of a Change of Control (as defined in the Series A Certificate of Designations), in either case for a cash purchase price equal to $5.25 per share plus cumulative unpaid preference dividends (whether or not authorized or declared) as of the redemption date.
Series A Preferred Stock \| Centerbridge, Oaktree and additional investors
Class Of Stock [Line Items]
Shares issued (in shares) \| shares					247,757,290
Series A Preferred Stock \| Registration Rights Agreement
Class Of Stock [Line Items]
Preferred stock authorized to grant (in shares) \| shares	243,265,707
Common stock, shares authorized (in shares) \| shares	52,471,709
Common stock issuable upon conversion of preferred stock (in shares) \| shares	243,265,707
Beneficial ownership of common stock, minimum percentage	0.075
Maximum period to file registration statement, form S-1					60 days
Maximum period to file registration statement, form S-3					30 days
Maximum number of demand registrations per investors, form S-1 \| registration_demand					4
Gross proceeds from underwritten public offering \| $					$ 50
Maximum number of underwritten offering in any 90-day period \| underwritten_offering					1
Underwritten offering, minimum period between requests					90 days
Shelf registration statement, written notice, minimum business days prior to date of public filing					5 days
Series A Preferred Stock \| Maximum
Class Of Stock [Line Items]
Preferred stock, par value (in USD per share) \| $ / shares					$ 5.25
Series B Preferred Stock \| Maximum
Class Of Stock [Line Items]
Preferred stock value outstanding \| $					$ 125
Common Stock
Class Of Stock [Line Items]
Shares issued (in shares) \| shares		65,035,801
Cash paid to holders \| $		$ 69

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (706)	$ (2,300)	$ (2,308)	$ (2,103)	$ (2,046)	$ (2,133)	$ (2,308)	$ (2,133)
Other comprehensive income before reclassifications							69	(119)
Amounts reclassified from accumulated other comprehensive income							2	0
Total other comprehensive income (loss) , net of tax	8	(48)	111	(106)	(52)	39	71	(119)
Ending balance	(633)	(706)	(2,300)	(2,196)	(2,103)	(2,046)	(633)	(2,196)
Foreign Exchange Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(81)			153	(81)	153
Other comprehensive income before reclassifications							37	(111)
Amounts reclassified from accumulated other comprehensive income							0	0
Total other comprehensive income (loss) , net of tax							37	(111)
Ending balance	(44)			42			(44)	42
Changes in Fair Value of Effective Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(3)			4	(3)	4
Other comprehensive income before reclassifications							5	(8)
Amounts reclassified from accumulated other comprehensive income							2	0
Total other comprehensive income (loss) , net of tax							7	(8)
Ending balance	4			(4)			4	(4)
Changes in Fair Value of Net Investment Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			0				0
Other comprehensive income before reclassifications							27
Amounts reclassified from accumulated other comprehensive income							0
Total other comprehensive income (loss) , net of tax							27
Ending balance	27						27
Pension Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(45)			(27)	(45)	(27)
Other comprehensive income before reclassifications							0	0
Amounts reclassified from accumulated other comprehensive income							0	0
Total other comprehensive income (loss) , net of tax							0	0
Ending balance	(45)			(27)			(45)	(27)
Total Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(66)	(18)	(129)	117	169	130	(129)	130
Total other comprehensive income (loss) , net of tax	8	(48)	111	(106)	(52)	39
Ending balance	$ (58)	$ (66)	$ (18)	$ 11	$ 117	$ 169	$ (58)	$ 11

Stock-Based Compensation - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 26, 2021	Sep. 14, 2018	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	May 25, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cash payment price per share (in USD per share)		$ 6.25
Stock compensation expense						$ 5,000,000	$ 8,000,000
Stock Options \| Reorganization items, net
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unamortized stock compensation expense	$ 1,000,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards settled for consideration (in shares)	1,205,650
Share price (in USD per share)	$ 6.25
Awards settled for total cash settlement	$ 8,000,000
Award entitled at vesting date per unit (in shares)						1
Stock-based compensation expense				$ 1,000,000	$ 2,000,000	$ 3,000,000	8,000,000
Restricted Stock Units \| Equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards settled for total cash settlement	7,000,000
Restricted Stock Units \| Reorganization items, net
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards settled for total cash settlement	1,000,000
Unamortized stock compensation expense	$ 7,000,000
Restricted Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						5 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]
Awards settled for consideration (in shares)	228,765
Share price (in USD per share)	$ 6.25
Stock-based compensation expense				1,000,000	0	$ 1,000,000	0
Performance Stock Units \| Reorganization items, net
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards settled for total cash settlement	$ 1,000,000
Performance Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of target level to grant performance stock units						100.00%
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%
Cash Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards settled for consideration (in shares)	2,069,897
Share price (in USD per share)	$ 1.00
Cash Performance Stock Units \| Reorganization items, net
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards settled for total cash settlement	$ 2,000,000
Continuity Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate awards granted (in shares)						0
Stock-based compensation expense			$ 11,000,000	0	$ 1,000,000	$ 5,000,000	$ 3,000,000
Stock compensation expense			$ 9,000,000
Share-based compensation expected to be paid in 2021						$ 2,000,000
Share-based compensation award service period						1 year
Incremental compensation cost						$ 5,000,000
Total unrecognized compensation cost				0		0
Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost				0		$ 0
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 (in shares)		10,000,000
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 (in shares)		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				$ 0		$ 0
Weighted average grant date fair value of options granted (in USD per share)						$ 8.67
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 (in shares)		400,000
2021 Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock awarded (in shares)				3,258,057		3,258,057
Common stock available for future issuance (in shares)				28,022,419		28,022,419
2021 Long Term 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 (in shares)								31,280,476
Long Term Incentive Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost				$ 14,000,000		$ 14,000,000
Weighted-average recognition period						3 years 10 months 20 days
Long Term Incentive Plan \| Restricted Stock Units \| Officers, certain key employees, and non-employee directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate awards granted (in shares)						1,785,182
Long Term Incentive Plan \| Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost				$ 12,000,000		$ 12,000,000
Weighted-average recognition period						2 years 2 months 19 days
Long Term Incentive Plan \| Performance Stock Units \| Officers and certain key employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate awards granted (in shares)						1,472,875
2021 PSUs \| Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights percentage depends on performance measures are related to absolute total shareholder return with stock price hurdles						60.00%
Vesting rights percentage depends on performance measures are related to adjusted EBITDA						20.00%
Vesting rights percentage depends on performance measures are related to adjusted EBITDA margin						20.00%
2021 PSUs for TSR measure \| Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						2 years
2021 PSUs for Adjusted EBITDA and Adjusted EBITDA Margin Measures \| Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period						3 years

Stock-Based Compensation - Summary of Restricted Stock Activity Related to Stock Incentive Plan and Long-Term Incentive Plan (Details) - Restricted Stock Units - Stock Incentive Plan and Long-Term Incentive Plan	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Number of Restricted Stock Units
Non-vested, beginning balance (in shares) \| shares	1,538,969
Granted (in shares) \| shares	1,785,182
Vested (in shares) \| shares	(326,058)
Forfeited (in shares) \| shares	(7,261)
Vested and cancelled (in shares) \| shares	(1,205,650)
Non-vested, ending balance (in shares) \| shares	1,785,182
Weighted Average Grant Date Fair Value Per Share
Non-vested, beginning balance (in USD per share) \| $ / shares	$ 13.11
Granted (in USD per share) \| $ / shares	8.34
Vested (in USD per share) \| $ / shares	13.10
Forfeited (in USD per share) \| $ / shares	15.61
Vested and cancelled (in USD per share) \| $ / shares	13.10
Non-vested, ending balance (in USD per share) \| $ / shares	$ 8.34

Stock-Based Compensation - Summary of Impact to Consolidated and Combined Statement of Operations from RSUs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reorganization items, net (Note 2)	$ (9,000,000)	$ 4,000,000	$ (130,000,000)	$ 4,000,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	1,000,000	2,000,000	3,000,000	8,000,000
Reorganization items, net (Note 2)	0	0	8,000,000	0
Future income tax benefit recognized	$ 0	$ 0	$ 1,000,000	$ 2,000,000

Stock-Based Compensation - Summary of Performance Stock Units Related to Stock Incentive Plan and Long-Term Incentive Plan (Details) - Performance Stock Units - Stock Incentive Plan and Long-Term Incentive Plan	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Number of Restricted Stock Units
Non-vested, beginning balance (in shares) \| shares	314,111
Granted (in shares) \| shares	1,472,875
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(85,346)
Vested and cancelled (in shares) \| shares	(228,765)
Non-vested, ending balance (in shares) \| shares	1,472,875
Weighted Average Grant Date Fair Value Per Share
Non-vested, beginning balance (in USD per share) \| $ / shares	$ 16.17
Granted (in USD per share) \| $ / shares	8.67
Vested (in USD per share) \| $ / shares	0
Forfeited (in USD per share) \| $ / shares	14.00
Vested and cancelled (in USD per share) \| $ / shares	0
Non-vested, ending balance (in USD per share) \| $ / shares	$ 8.67

Stock-Based Compensation - Summary of Impact to Consolidated and Combined Statement of Operations from PSUs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reorganization items, net (Note 2)	$ (9,000,000)	$ 4,000,000	$ (130,000,000)	$ 4,000,000
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	1,000,000	0	1,000,000	0
Reorganization items, net (Note 2)	$ 0	$ 0	$ 1,000,000	$ 0

Stock-Based Compensation - Summary of Continuity Award Activity (Details) - Continuity Awards	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Number of Awards
Non-vested, beginning balance (in shares) \| shares	43
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(43)
Forfeited (in shares) \| shares	0
Non-vested, ending balance (in shares) \| shares	0
Weighted Average Grant Date Fair Value Per Award
Non-vested, beginning balance (in USD per share) \| $ / shares	$ 257,536
Granted (in USD per share) \| $ / shares	0
Vested (in USD per share) \| $ / shares	(257,536)
Forfeited (in USD per share) \| $ / shares	0
Non-vested, ending balance (in USD per share) \| $ / shares	$ 0

Stock-Based Compensation - Summary of Impact on the Consolidated Statement of Operations from Continuity Awards (Details) - Continuity Awards - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 11	$ 0	$ 1	$ 5	$ 3
Future income tax benefit recognized		$ 0	$ 0	$ 1	$ 0

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic
Net income	$ 63	$ 409	$ (105)	$ 11	$ (9)	$ 52	$ 367	$ 54
Less: preferred stock dividend	(36)			0			(60)	0
Net income available to common shareholders	$ 27			$ 11			$ 307	$ 54
Weighted average common shares outstanding - Basic (in shares)	65,056,274			75,739,152			70,802,999	75,456,358
EPS – Basic (in USD per share)	$ 0.42			$ 0.15			$ 4.34	$ 0.72
Diluted
Net income	$ 63	$ 409	$ (105)	$ 11	$ (9)	$ 52	$ 367	$ 54
Less: preferred stock dividend	(36)			0			(60)	0
Net income available to common shareholders	$ 27			$ 11			$ 307	$ 54
Weighted average common shares outstanding - Basic (in shares)	65,056,274			75,739,152			70,802,999	75,456,358
Dilutive effect of unvested RSUs and other contingently issuable shares (in shares)	25,069			204,842			8,289	667,190
Dilutive effect of Series A Preferred Stock (in shares)	247,763,126			0			138,852,987	0
Weighted average common shares outstanding - Diluted (in shares)	312,844,469			75,943,994			209,664,275	76,123,548
EPS – Diluted (in USD per share)	$ 0.20			$ 0.14			$ 1.75	$ 0.71

Earnings Per Share - Additional Information (Details)	9 Months Ended
Earnings Per Share - Additional Information (Details)	Sep. 30, 2021 shares
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of diluted EPS (in shares)	175,497

Commitments and Contingencies (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($) action $ / shares
Brazilian Tax Authorities
Loss Contingencies [Line Items]
Estimated amount of contingency including penalties and interest	$ 30
Right to offset federal tax	$ 30
Securities Litigation
Loss Contingencies [Line Items]
Number of securities litigation assigned to Judge John P. Cronan \| action	3
Debtors
Loss Contingencies [Line Items]
Common stock exchange rate for cancellation per share (in USD per share) \| $ / shares	$ 6.25

Pension Benefits - Additional Information (Details) - Pension Benefits - Non-U.S. Plan, $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected pension contribution in the next fiscal year	$ 7
Pension contribution	$ 6

Pension Benefits - Summary of Net Periodic Benefit Cost (Details) - Pension Benefits - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 1	$ 1
Interest cost	1	1	3	4
Expected return on plan assets	(3)	(3)	(8)	(8)
Amortization of prior service (credit)	0	0	0	0
Net periodic benefit costs	(2)	(2)	(4)	(3)
Non-U.S. Plan,
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	2	8	7
Interest cost	0	0	1	1
Expected return on plan assets	(2)	(1)	(5)	(4)
Amortization of prior service (credit)	0	0	(1)	0
Net periodic benefit costs	$ 1	$ 1	$ 3	$ 4