0001735707-22-000027 | 10-K | XBRL Viewer

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net sales (Note 4)	$ 3,633	$ 3,034	$ 3,248
Cost of goods sold	2,926	2,495	2,555
Gross profit	707	539	693
Selling, general and administrative expenses	216	260	231
Other expense, net (Note 5)	1	46	40
Interest expense	93	79	68
Non-operating (income) expense (Note 6)	(16)	(38)	8
Reorganization items, net	(125)	73	0
Income before taxes	538	119	346
Tax expense (Note 7)	43	39	33
Net income	495	80	313
Less: preferred stock dividend (Note 21)	(97)	0	0
Net income available for distribution	$ 398	$ 80	$ 313
Earnings per share
Earnings per share, basic (in USD per share)	$ 1.69	$ 1.06	$ 4.20
Earnings per share, diluted (in USD per share)	$ 1.56	$ 1.05	$ 4.12
Weighted average common shares outstanding
Weighted average common shares outstanding, basic (in shares)	69,706,183	75,543,461	74,602,868
Weighted average common shares outstanding, diluted (in shares)	317,503,300	76,100,509	75,934,373

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 495	$ 80	$ 313
Foreign exchange translation adjustment	38	(234)	67
Defined benefit pension plan adjustment, net of tax (Note 26)	36	(18)	(14)
Changes in fair value of effective cash flow hedges, net of tax (Note 19)	10	(7)	4
Changes in fair value of net investment hedges, net of tax (Note 19)	41	0	0
Total other comprehensive income (loss) , net of tax	125	(259)	57
Comprehensive income (loss)	$ 620	$ (179)	$ 370

- Definition

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

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- Definition

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

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 423	$ 592
Restricted cash (Note 3)	41	101
Accounts, notes and other receivables, net (Note 8)	747	841
Inventories, net (Note 10)	244	235
Other current assets (Note 11)	56	110
Total current assets	1,511	1,879
Investments and long-term receivables	28	30
Property, plant and equipment, net (Note 13)	485	505
Goodwill (Note 14)	193	193
Deferred income taxes (Note 7)	289	275
Other assets (Note 12)	200	135
Total assets	2,706	3,017
Current liabilities:
Accounts payable	1,006	1,019
Borrowings under revolving credit facility (Note 16)	0	370
Current maturities of long-term debt (Note 16)	7	0
Debtor-in-possession Term Loan (Note 16)	0	200
Mandatorily redeemable Series B Preferred Stock (Note 17)	200	0
Accrued liabilities (Note 15)	295	242
Total current liabilities	1,508	1,831
Long-term debt (Note 16)	1,181	1,082
Mandatorily redeemable Series B Preferred Stock (Note 17)	195	0
Deferred income taxes (Note 7)	21	2
Other liabilities (Note 20)	269	120
Total liabilities not subject to compromise	3,174	3,035
Liabilities subject to compromise (Note 2)	0	2,290
Total liabilities	3,174	5,325
COMMITMENTS AND CONTINGENCIES (Note 25)
EQUITY (DEFICIT)
Common Stock, par value $0.001; 1,000,000,000 and 400,000,000 shares authorized, 64,570,950 and 76,229,578 issued and 64,570,950 and 75,813,634 outstanding as of December 31, 2021 and December 31, 2020, respectively	0	0
Additional paid-in capital	1,326	28
Retained deficit	(1,790)	(2,207)
Accumulated other comprehensive income (Note 22)	(4)	(129)
Total deficit	(468)	(2,308)
Total liabilities and deficit	2,706	3,017
Series A Preferred Stock
EQUITY (DEFICIT)
Series A Preferred Stock, par value $0.001; 245,921,617 shares issued and outstanding as of December 31, 2021 (Note 21)	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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)	64,570,950	76,229,578
Common stock, shares, outstanding (in shares)	64,570,950	75,813,634
Series A Preferred Stock
Preferred stock, par value (in USD per share)	$ 0.001
Preferred stock, shares issued (in shares)	245,921,617
Preferred stock, shares outstanding (in shares)	245,921,617

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 495	$ 80	$ 313
Adjustments to reconcile net income to net cash provided by operating activities:
Reorganization items, net	(435)	60	0
Deferred income taxes	(36)	(34)	(41)
Depreciation	92	86	73
Amortization of deferred issuance costs	7	7	9
Accretion of debt discount, net of interest payments	19	0	0
Foreign exchange loss (gain)	7	(58)	19
Stock compensation expense	7	10	18
Pension (income) expense	(2)	15	18
Other	(10)	44	19
Changes in assets and liabilities:
Accounts, notes and other receivables	18	(162)	32
Inventories	(31)	(14)	(60)
Other assets	(32)	(45)	(22)
Accounts payable	(75)	41	87
Accrued liabilities	(46)	(13)	(60)
Obligations payable to Honeywell	(375)	6	(143)
Other liabilities	87	2	(20)
Net cash (used for) provided by operating activities	(310)	25	242
Cash flows from investing activities:
Expenditures for property, plant and equipment	(72)	(80)	(102)
Other	1	0	16
Net cash used for investing activities	(71)	(80)	(86)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of deferred financing costs	1,221	0	0
Proceeds from revolving credit facilities	0	1,449	745
Payments of long-term debt	(1,517)	(2)	(163)
Payments of revolving credit facilities	(370)	(1,100)	(745)
(Repayments) proceeds from debtor-in-possession financing	(200)	200	0
Payments for Cash-Out election	(69)	0	0
Repurchases of Common Stock	(4)	0	0
Revolving facility financing costs	(7)	0	0
Debtor-in-possession financing fees	0	(13)	0
Other	0	(4)	0
Net cash provided by (used for) financing activities	139	530	(163)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	13	31	(2)
Net (decrease) increase in cash, cash equivalents and restricted cash	(229)	506	(9)
Cash, cash equivalents and restricted cash at beginning of period	693	187	196
Cash, cash equivalents and restricted cash at end of period	464	693	187
Supplemental cash flow disclosures:
Income taxes paid (net of refunds)	61	44	93
Interest expense paid	61	63	54
Reorganization items paid	350	14	0
Supplemental schedule of non-cash investing and financing activities:
Issuance of Series B Preferred Stock	577	0	0
Expenditures for property, plant and equipment in accounts payable	32	47	51
Series A Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of Series A Preferred Stock	1,301	0	0
Repurchases of Series A Preferred Stock	(15)	0	0
Series B Preferred Stock
Cash flows from financing activities:
Redemption of Series B Preferred stock	$ (201)	$ 0	$ 0

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) shares in Millions, $ in Millions	Total	Series A Preferred Stock	Cumulative-Effect Adjustment	Series A Preferred Stock	Series A Preferred Stock Series A Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Series A Preferred Stock	Retained Earnings	Retained Earnings Series A Preferred Stock	Retained Earnings Cumulative-Effect Adjustment	Other Comprehensive Income/(Loss)
Beginning balance (in shares) at Dec. 31, 2018				0		74
Beginning balance at Dec. 31, 2018	$ (2,517)			$ 0		$ 0	$ 5		$ (2,595)			$ 73
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	313								313
Other comprehensive income, net of tax	57											57
Stock based compensation (in shares)						1
Stock-based compensation	18						18
Tax withholding related to vesting of restricted stock units and other	(4)						(4)
Ending balance (in shares) at Dec. 31, 2019				0		75
Ending balance at Dec. 31, 2019	(2,133)		$ (5)	$ 0		$ 0	19		(2,282)		$ (5)	130
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	80								80
Other comprehensive income, net of tax	(259)											(259)
Stock based compensation (in shares)						1
Stock-based compensation	10						10
Tax withholding related to vesting of restricted stock units and other	(1)						(1)
Ending balance (in shares) at Dec. 31, 2020				0		76
Ending balance at Dec. 31, 2020	(2,308)			$ 0		$ 0	28		(2,207)			(129)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	495								495
Other comprehensive income, net of tax	125											125
Stock-based compensation	7						7
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
Repurchases of Common Stock (in shares)					(2)	(1)
Repurchases of Common Stock	(4)	$ (15)						$ (10)	(4)	$ (5)
Ending balance (in shares) at Dec. 31, 2021				246		64
Ending balance at Dec. 31, 2021	$ (468)			$ 0		$ 0	$ 1,326		$ (1,790)			$ (4)

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (Parenthetical)	12 Months Ended
	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounting Standards Update Extensible List	us-gaap:AccountingStandardsUpdate201613Member

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Background and Basis of Presentation	12 Months Ended
Background and Basis of Presentation	Dec. 31, 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. Basis of Presentation The accompanying Consolidated 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 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 under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”), we sold or otherwise disposed of or liquidated assets or settled liabilities, with the approval of the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) or as otherwise permitted in the ordinary course of business, for amounts other than those reflected in our Consolidated Financial Statements. As a result of our improved liquidity (see Note 2, Plan of Reorganization; Note 16, Long-term Debt and Credit Agreements; Note 17, Mandatorily Redeemable Series B Preferred Stock; and Note 21, 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 Financial Statements. ASC 852 required the financial statements for periods subsequent to September 20, 2020 (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 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. At December 31, 2021 there were no such balances. 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 novel coronavirus (“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

12 Months Ended

Dec. 31, 2021

Reorganizations [Abstract]

Plan of Reorganization

Note 2. Plan of Reorganization

Emergence from Chapter 11

As previously reported, on the Petition Date, the Company and certain of its subsidiaries (collectively, 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 Equity Backstop Commitment Agreement (as both defined in the Plan) 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, the Senior Secured Super-Priority Debtor-in-Possession Credit Agreement (the “DIP Credit Agreement”);

•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 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 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 of the 5.125% senior notes due 2026 seeking declaratory judgment on two claims for relief that the Debtors did not owe, and the holders of the Senior Notes 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 17. Mandatorily Redeemable Series B Preferred Stock for further discussion of the Series B Preferred Stock. See Note 21, Equity for further discussion of the Common Stock and the Series A Preferred Stock. See Note 16, 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 year ended December 31, 2021 and 2020:


	Year Ended December 31,
	2021		2020
	(Dollars in millions)
Gain on settlement of Honeywell claims(1)	$	(502)	$	—
Advisor fees	174		55
Bid termination and expense reimbursement	79		—
Director's and officers insurance	39		0
Expenses related to Senior Notes(2)	28		—
Write off of pre-petition debt issuance cost	25		6
Employee stock cash out	13		—
DIP Financing fees	1		13
Other	18		(1)
Total reorganization items, net	$	(125)	$	73

(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.

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. On January 11, 2022, the revolving facility was amended, refer to the "Revolving Facility and Letters of Credit", section of Note 16, Long-term Debt and Credit Agreements for further details.

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. This agreement was amended on January 11, 2022, as further discussed in Note 16, Long-term Debt and Credit Agreements.

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)		December 31, 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	—		—		—		1,188		1,188
Total long-term debt	$	2,081	$	57	$	(2,138)	$	1,188	$	1,188

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

(2)Term Loan Facilities amount, net of deferred financing costs as of December 31, 2021 of $1,188 million reflects exit financing amounts as of the Effective Date of $1,221 million adjusted to the December 31, 2021 foreign exchange rate.

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 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 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 December 31, 2021:


	December 31, 2020		Change in estimated allowed claims		Cash payment		Issuance of Series B Preferred Stock		Reinstatements		Reorganization		OCI		December 31, 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	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)	$	—

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	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies Principles of Consolidation and Combination The Consolidated Financial Statements include the accounts of Garrett Motion Inc. and all of its subsidiaries in which a controlling financial interest is maintained. We consolidate entities that we control due to ownership of a majority voting interest, and we consolidate variable interest entities when we have variable interests and are the primary beneficiary. Our consolidation policy requires equity investments that we exercise significant influence over but in which we do not have a controlling financial interest to be accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are accounted for under the cost method. All intercompany transactions and balances are eliminated in consolidation. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments having an original maturity of three months or less. Restricted Cash Restricted cash primarily consists of bank deposits used to pledge as collateral in order to be able to issue bank notes as payment to certain suppliers in the Asia Pacific region (refer to Note 9, Factoring and Notes Receivable). The Company released $39 million during January and February 2022. Trade Receivables and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount as a result of transactions with customers. Garrett maintains allowances for doubtful accounts for estimated losses as a result of a customer’s inability to make required payments. As of January 1, 2020, Garrett adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance requires an entity to recognize as an allowance its estimate of lifetime expected credit losses rather than incurred losses. The guidance is also applicable to contract assets such as unbilled receivables. Consistent with the new guidance, Garrett estimates losses from doubtful accounts expected over the contractual life of the receivables based on days past due as measured from the contractual due date and collection history. Garrett also takes into consideration changes in economic conditions that may not be reflected in historical trends (for example, customers in bankruptcy, liquidation or reorganization). Receivables are written-off against the allowance for doubtful accounts when they are determined uncollectible. Such determination includes analysis and consideration of the particular conditions of the account, including time intervals since last collection, customer performance against agreed upon payment plans, solvency of customer and any bankruptcy proceedings. Transfer of Financial Instruments Sales and transfers of financial instruments are accounted for under ASC 860, Transfers and Servicing (“ASC 860”). The Company may discount and sell accounts receivables during the normal course of business. These receivables which are transferred to a third party without recourse to the Company and that meet the criteria of sales accounting as per ASC 860, are excluded from the amounts reported in the Consolidated Balance Sheets. The cash proceeds received from such sales are included in operating cash flows. The expenses associated with the factoring of receivables are recorded within Other expense, net in the Consolidated Statements of Operations. The Company may also receive bank notes in settlement of accounts receivables, primarily in the Asia Pacific region. Such bank notes are classified as notes receivables under Accounts, notes and other receivables – net in the Consolidated Balance Sheets. The collections of such bank notes are included in operating cash flows and any expenses related to discounting these are included within Other expense, net in the Consolidated Statements of Operations. The Company can hold the bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash. Inventories Inventories are stated at the lower of cost, determined on a first-in, first-out basis, including direct material costs and direct and indirect manufacturing costs, or net realizable value. Obsolete inventory is identified based on analysis of inventory for known obsolescence issues. The original equipment inventory on hand in excess of forecasted usage and lack of consumption in the previous 12 months is fully reserved, unless the value of such material is recoverable from either the vendor or the customer. Property, Plant and Equipment Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. For financial reporting, the straight-line method of depreciation is used over the estimated useful lives of 10 to 50 years for buildings and improvements, 2 to 16 years for machinery and equipment, 3 to 10 years for tooling equipment and 5 to 7 years for software. Leases For the periods beginning January 1, 2019, right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of a lease (the “commencement date”) based on the present value of lease payments over the lease term. We determine if an arrangement is a lease at inception. Operating leases are included in Other assets, Accrued liabilities, and Other liabilities in our Consolidated Balance Sheets. No finance leases have been recognized. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease where it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are expensed in the period in which they occur. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For machinery and equipment, we account for the lease and non-lease components as a single lease component. We account for short-term leases by recognizing lease payments in net income on a straight-line basis over the lease term and will not recognize any ROU assets and lease liabilities on the Consolidated Balance Sheet. For the periods prior to January 1, 2019, we accounted for leases in accordance with ASC 840, Leases. Goodwill Goodwill is subject to impairment testing annually, and whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. This testing compares carrying value to fair value of our single reporting unit. The Company recognizes an impairment charge for the amount by which the carrying value of the reporting unit exceeds the reporting unit´s fair value. However, any impairment should not exceed the amount of goodwill allocated to the reporting unit. Because we have a single reporting unit with a negative carrying value, no impairment was recognized. Warranties and Guarantees Expected warranty costs for products sold are recognized based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, length of the warranty and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. For additional information, see Note 25, Commitments and Contingencies of the Notes to the Consolidated Financial Statements. Sales Recognition Product sales are recognized when we transfer control of the promised goods to our customer, which is based on shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring the promised goods, which includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will not occur. Amounts billed but ultimately expected to be refunded to the customer are recorded as part of the customer pricing reserve within Accrued liabilities on the Consolidated Balance Sheet. In the sale of products in the OEM channel, the transaction price for these goods is generally equal to the agreed price of each unit and represents the standalone selling price for the unit. In the sale of products in the aftermarket channel, the terms of a contract or the historical business practice can give rise to variable consideration due to, but not limited to, discounts and bonuses. We estimate variable consideration at the most likely amount we will receive from customers and reduce revenues recognized accordingly. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. We adjust our estimate of revenue at the earlier of when the value of consideration we expect to receive changes or when the consideration becomes fixed. Research and Development Garrett conducts research and development (“R&D”) activities, which consist primarily of the development of new products and product applications. R&D costs are charged to expense as incurred. Such costs are included in Cost of goods sold and were $136 million, $111 million and $129 million, for the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, the Company incurs engineering-related expenses which are also included in Cost of goods sold and were $22 million, $13 million and $5 million for the years ended December 31, 2021, 2020 and 2019, respectively. Environmental Matters The Company records liabilities for environmental assessments and remediation activities in the period in which it is probable that a liability has been incurred and the amount of that liability can be reasonably estimated. Estimated costs are recorded at undiscounted amounts, based on experience and assessments and are regularly evaluated. To the extent that the required remediation procedures change, or additional contamination is identified, the Company’s estimated environmental liabilities may also change. The liabilities are recorded in Accrued liabilities and Other liabilities in the Consolidated Balance Sheet. Asbestos-Related Contingencies and Insurance Recoveries Honeywell is subject to certain asbestos-related and environmental-related liabilities, primarily related to its legacy Bendix business. In conjunction with the Spin-Off, certain operations that were part of the Bendix business, along with the ownership of the Bendix trademark, as well as certain operations that were part of other legacy elements of the Business, were transferred to us. Prior to the Chapter 11 Cases, the accounting for the majority of our asbestos-related liability payments and accounts payable reflect the terms of the indemnification and reimbursement agreement with Honeywell entered into on September 12, 2018 (the “Honeywell Indemnity Agreement”), under which Garrett ASASCO Inc. ("Garrett ASASCO") is required to make payments to Honeywell in amounts equal to 90% of Honeywell’s asbestos-related liability payments and accounts payable, primarily related to the Bendix business in the United States, as well as certain environmental-related liability payments and accounts payable and non-United States asbestos-related liability payments and accounts payable, in each case related to legacy elements of the Business, including the legal costs of defending and resolving such liabilities, less 90% of Honeywell’s net insurance receipts and, as may be applicable, certain other recoveries associated with such liabilities. During the Chapter 11 Cases, the Obligation payable to Honeywell related to these agreements was deemed a pre-petition, unsecured liability subject to compromise and as such all amounts were reclassified to Liabilities Subject to Compromise. The Honeywell Indemnity Agreement provided that the agreement will terminate upon the earlier of (x) December 31, 2048 or (y) December 31st of the third consecutive year during which certain amounts owed to Honeywell during each such year were less than $25 million as converted into Euros in accordance with the terms of the agreement. 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. The Plan as confirmed by the Bankruptcy Court included 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. For more information see Note 17, Mandatorily Redeemable Series B Preferred Stock and Note 25, Commitments and Contingencies of the Notes to the Consolidated Financial Statements. Stock-Based Compensation Plans The principal awards issued under our stock-based compensation plans, which are described in Note 23, Stock-Based Compensation, are performance stock units and restricted stock units. The cost for such awards is measured at the grant date based on the fair value of the award. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods (generally the vesting period of the equity award) and is included in Selling, general and administrative expenses in the Consolidated Statements of Operations. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates. Pension Benefits We sponsor defined benefit pension plans covering certain employees, primarily in Switzerland, the U.S. and Ireland. For such plans, we are required to disaggregate the service cost component of net benefit costs and report those costs in the same line item or items in the Consolidated Statements of Operations as other compensation costs arising from services rendered by the pertinent employees during the period. The other nonservice components of net benefit costs are required to be presented separately from the service cost component. We record the service cost component of Pension ongoing (income) expense in Cost of goods sold or Selling, general and administrative expenses. The remaining components of net benefit costs within Pension ongoing (income) expense, primarily interest costs and assumed return on plan assets, are recorded in Non-operating expense (income). We recognize net actuarial gains or losses in excess of 10% of the greater of the fair value of plan assets or the plans’ projected benefit obligation (the corridor) annually in the fourth quarter each year (“MTM Adjustment”). The MTM Adjustment is recorded in Non-operating (income) expense. Foreign Currency Translation Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. Dollars are translated into U.S. Dollars using year-end exchange rates. Sales, costs and expenses are translated at the average exchange rates in effect during the year. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss). Derivative Financial Instruments We minimize our risks from foreign currency exchange rate fluctuations through our normal operating and financing activities and, when deemed appropriate through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. Derivative financial instruments that qualify for hedge accounting must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. All derivatives are recorded on the balance sheet as assets or liabilities and measured at fair value. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives are recorded in Accumulated other comprehensive income (loss) and subsequently recognized in earnings when the hedged items impact earnings. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item. For derivatives designated as net investment hedges, provided the hedging relationship is highly effective, the changes in fair value of the derivatives and the periodic settlements are recorded in Accumulated other comprehensive income (loss). Income Taxes We account for income taxes pursuant to the asset and liability method which requires us to recognize current tax liabilities or receivables for the amount of taxes we estimate are payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. Earnings per share As of December 31, 2021, basic earnings per share are calculated using the two-class method, pursuant to the issuance of our Series A preferred stock on the Effective Date. The calculation of basic earnings per share requires an allocation of earnings to all securities that participate in dividends with common shares, such as our Series A preferred stock, to the extent that each security may share in the entity’s earnings. Basic earnings per share are calculated by dividing undistributed earnings allocated to common stock by the weighted average number of common shares. See Note 24, Earnings Per Share for further details. Diluted earnings per share for the year ended December 31, 2021 is calculated using the more dilutive of the two-class or if-converted methods. The two-class method uses net income available to common shareholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income and assumes conversion of all potential shares including the participating securities. Diluted earnings per share for the years ended December 31, 2020 and 2019 are computed based upon the weighted average number of common shares outstanding and all dilutive potential common shares outstanding and all potentially issuable PSUs at the end of the period (if any) based on the number of shares issuable if it were the end of the vesting period using the treasury stock method and the average market price of our Common Stock for the year. Basic and diluted weighted average of common shares outstanding for the years ended December 31, 2021, 2020 and 2019 were 69,706,183, 75,543,461 and 74,602,868 and 317,503,300, 76,100,509 and 75,934,373, respectively. See Note 24, Earnings Per Share for further details. Use of Estimates The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts in the Consolidated Financial Statements and related disclosures in the accompanying notes. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of changes are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. In connection with the filing of the Chapter 11 Cases on the Petition Date, the Consolidated Financial Statements included herein have been prepared in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic No. 852, Reorganizations. See Note 2, Plan of Reorganization, of the Consolidated Financial Statements for further details. Liabilities Subject to Compromise Liabilities subject to compromise include pre-petition liabilities that are unsecured, under-secured or where it cannot be determined that the liabilities are fully secured. Liabilities that may be affected by a plan of reorganization must be reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts as a result of the plan of reorganization or negotiations with creditors. If there is uncertainty about whether a secured claim is undersecured, or will be impaired under the plan of reorganization, the entire amount of the claim is included with prepetition claims in liabilities subject to compromise. Reorganization Items, Net Effective on September 20, 2020, we began to apply the provisions of ASC 852, Reorganizations, which is applicable to companies under bankruptcy protection, and requires amendments to the presentation of key financial statement line items. ASC 852 requires that the financial statements for periods subsequent to the filing of the Chapter 11 Cases distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Revenues, expenses, realized gains and losses, and provisions for losses that can be directly associated with the reorganization and restructuring of the business must be reported separately as reorganization items, net in the consolidated statements of operations beginning September 20, 2020. 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 $9 million from emergence through the period ended December 31, 2021 and were included in Cost of goods sold, Selling, general and administrative expenses, and Reorganization Items, net in our Consolidated Statements of Operations. Related to the agreements with Honeywell, our Consolidated Balance Sheet includes liabilities of $15 million as of December 31, 2021. Liability balances are primarily related to lease contracts of $12 million as of December 31, 2021. Certain of our related parties participated in our Plan as follows, as more fully discussed in Note 2, Plan of Reorganization and Note 21, Equity: •The Company paid $75 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 Commitment Agreement; and •Centerbridge and Oaktree were parties to our Registration Rights Agreement (see definition in Note 21, 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 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 considered a participating security with the Company’s Common Stock as 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. See Note 2, Plan of Reorganization and Note 21, Equity, of the Consolidated 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 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 for this first amendment became effective on October 1, 2021. On December 16, 2021, the Company filed a second amended and restated Certificate of Designations amending and restating the terms of the Series B Preferred Stock. The second amended A&R Certificate of Designations became effective on December 17, 2021. The amendment was accounted for as a debt modification that did not result in an extinguishment or have a material impact on our Consolidated Financial Statements. On February 18, 2022, the Company will redeem 217,183,244 shares of Series B Preferred Stock for an aggregate price of $197 million. See Note 2, Plan of Reorganization and Note 17, Mandatorily Redeemable Series B Preferred Stock, of the Consolidated Financial Statements for further details. 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 Statements of Operations. Additionally, we reclassed a portion of our recorded obligations for product warranties and product performance guarantees from Accrued Liabilities to Other Liabilities. The reclassifications had no impact on net income, equity, or cash flows as previously reported. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying 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 the London Interbank Offered Rate (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 Financial Statements. Our Credit Agreement provides a mechanism for determining an alternative rate of interest to be used in place of LIBOR (“Benchmark Replacement”), mitigating the Reference Rate Reform transition impact. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this update increase the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. The update is effective for annual periods beginning after December 15, 2021. We plan to adopt this pronouncement for our fiscal year beginning January 1, 2022, and we do not expect it to have a material effect on our Consolidated Financial Statements. There are no other recently issued, but not yet adopted, accounting pronouncements which are expected to have a material impact on the Company’s Consolidated Financial Statements and related disclosures.

Revenue Recognition and Contracts with Customers

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition and Contracts with Customers

Note 4. Revenue Recognition and Contracts with Customers

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

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

Disaggregated Revenue

For Net sales by region (determined based on country of shipment) and channel, refer to Note 27, Concentrations.

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

Contract Balances

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

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

The following table summarizes our contract assets and liabilities balances:


	2021		2020
	(Dollars in millions)
Contract assets—January 1	$	61	$	6
Contract assets—December 31	63		61
Change in contract assets—Increase/(Decrease)	$	2	$	55
Contract liabilities—January 1	$	(2)	$	(3)
Contract liabilities—December 31	(5)		(2)
Change in contract liabilities—(Increase)/Decrease	$	(3)	$	1

Performance Obligations

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

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

performance obligations are expected to be satisfied within one year, with substantially all performance obligations being satisfied within a month.

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

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

- Definition

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

+ References

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

Other Expense, Net

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Other Expense, Net

Note 5. Other Expense, Net


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Indemnification related — post Spin-Off	$	—	$	41	$	28
Indemnification related — litigation	—		3		11
Environmental remediation, non-active sites	—		1		—
Factoring and notes receivables discount fees	1		1		1
	$	1	$	46	$	40

Non-Operating (Income) Expense

12 Months Ended

Dec. 31, 2021

Nonoperating Income (Expense) [Abstract]

Non-Operating (Income) Expense

Note 6. Non-Operating (Income) Expense


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Equity income of affiliated companies	$	(7)	$	(5)	$	(6)
Interest income	(11)		(3)		(7)
Pension (income) expense — non service	(13)		5		8
Foreign exchange	14		(35)		13
Others, net	1		—		—
	$	(16)	$	(38)	$	8

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 7. Income Taxes

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


	Year Ended December 31,
	2021		2020		2019
Income before taxes	(Dollars in millions)
Domestic entities	$	242	$	(87)	$	(54)
Entities outside the U.S.	296		206		400
	$	538	$	119	$	346

Tax expense (benefit)

Tax expense (benefit) consists of:


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Current:
Federal	$	(1)	$	3	$	9
State	—		1		1
Foreign	80		69		64
	$	79	$	73	$	74
Deferred:
Federal	$	(9)	$	—	$	2
State	(2)		—		—
Foreign	(25)		(34)		(43)
	$	(36)	$	(34)	$	(41)
	$	43	$	39	$	33

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


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Taxes on non-U.S. earnings different from U.S. tax	(7.6)	%	(6.5)	%	(2.3)	%
Reserves for tax contingencies	3.7	%	15.9	%	2.5	%
Non-deductible and permanent items	(14.4)	%	7.1	%	1.7	%
Withholding and other taxes on foreign earnings	5.7	%	(14.7)	%	4.4	%
Tax law changes	—	%	—	%	(17.3)	%
Changes in valuation allowance	(0.3)	%	10.5	%	0.5	%
All other items	(0.2)	%	(0.5)	%	(1.0)	%
	7.9	%	32.8	%	9.5	%

The effective tax rate decreased by 24.9 percentage points in 2021 compared to 2020. The decrease was primarily attributable to the nontaxable gain on the settlement of the Honeywell claims during the year, increased tax benefits from an internal restructuring and fewer losses in jurisdictions that we do not expect to benefit from such losses; partially offset by increases in withholding taxes on unrepatriated earnings. The internal restructuring occurred predominantly in the fourth quarter of 2021 which involved transfers of certain rights to intellectual property and various intercompany financing arrangements resulting in an approximately 11 percent point decrease to the effective tax rate during the current year. The overall increase in earnings from 2020 was also a contributing factor to a lower effective tax rate as the impact of certain recurring non-deductible permanent expenses and reserves for tax contingencies were diluted by higher earnings.

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

Deferred tax assets (liabilities)

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


	December 31,
	2021		2020
	(Dollars in millions)
Deferred tax assets:
Intangibles and fixed assets	$	219	$	202
Pension	7		18
Accruals and reserves	39		32
Net operating losses and other tax attribute carryforwards	37		35
Outside basis differences	11		11
Other	30		29
Total deferred tax assets	343		327
Valuation allowance	(32)		(34)
Net deferred tax assets	$	311	$	293
Deferred tax liabilities:
Outside basis differences	$	(19)	$	(30)
Other	(24)		(15)
Total deferred tax liabilities	(43)		(45)
Net deferred tax asset	$	268	$	248

As of December 31, 2021, the Company had net operating loss carryforwards of $109 million in the below jurisdictions.


Jurisdiction	Expiration Period	Net Operating Loss Carryforwards
		(Dollars in millions)
Brazil	Indefinite	$	49
Luxembourg	2038	26
United Kingdom	Indefinite	26
Other	Various	8
		$	109

We maintain a valuation allowance of $32 million against a portion of the non-U.S. total deferred tax assets. In the event we determine that we will not be able to realize our net deferred tax assets in the future, we will reduce such amounts through an increase to tax expense in the period such determination is made. Conversely, if we determine that we will be able to realize net deferred tax assets in excess of the carrying amounts, we will decrease the recorded valuation allowance through a reduction to tax expense in the period that such determination is made. Our balance sheets present a deferred tax asset of $289 million and a deferred tax liability of $21 million after taking into account jurisdictional netting.

The Company does not intend to permanently reinvest the undistributed earnings of its foreign subsidiaries and has recorded a deferred tax liability mainly consisting of withholding taxes of approximately $19 million as of December 31, 2021.

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


	December 31,
	2021		2020		2019
	(Dollars in millions)
Change in unrecognized tax benefits:
Balance at beginning of year	$	60	$	54	$	48
Gross increases related to current period tax positions	13		8		8
Gross increases related to prior periods tax positions	31		6		—
Gross decreases related to prior periods tax positions	(21)		—		—
Decrease related to resolutions of audits with tax authorities	—		(7)		—
Expiration of the statute of limitations for the assessment of taxes	(1)		(2)		(2)

Foreign currency translation	(2)		1		—
Balance at end of year	$	80	$	60	$	54

As of December 31, 2021, 2020, and 2019 there were $80 million, $60 million, and $54 million, respectively, of unrecognized tax benefits that, if recognized, would be recorded as a component of Tax expense.

Estimated interest and penalties related to uncertain tax benefits are classified as a component of tax expense in the Consolidated Statements of Operations and totaled $3 million of income, $5 million of expense and $3 million of expense for the years ended December 31, 2021, 2020, and 2019, respectively. Accrued interest and penalties were $26 million, $29 million, and $26 million, as of December 31, 2021, 2020, and 2019, respectively.

We are currently under audit in a few jurisdictions for tax years ranging from 2006 through 2020. Based on the outcome of these examinations, or as a result of the expiration of statutes of limitations for specific jurisdictions, it is possible that certain unrecognized tax benefits for tax positions taken on previously filed tax returns will materially change from those recorded as liabilities in our financial statements.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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-Name Accounting Standards Codification
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-Subparagraph (SAB Topic 11.C)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Accounts, Notes and Other Receivables—Net

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Accounts, Notes and Other Receivables—Net

Note 8. Accounts, Notes and Other Receivables—Net


	December 31,
	2021		2020
	(Dollars in millions)
Trade receivables	$	553	$	625
Notes receivables	121		152
Other receivables	78		77
	$	752	$	854
Less—Allowance for expected credit losses	(5)		(13)
	$	747	$	841

Trade receivables include $63 million and $61 million of unbilled balances as of December 31, 2021 and 2020, respectively.

Factoring and Notes Receivable	12 Months Ended
Factoring and Notes Receivable	Dec. 31, 2021
Receivables [Abstract]
Factoring and Notes Receivable	Note 9. Factoring and Notes Receivable The Company entered into arrangements with financial institutions to sell eligible trade receivables. For the years ended December 31, 2021 and December 31, 2020, the Company sold $566 million and $473 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 each of the years ended December 31, 2021, December 31, 2020 and December 31, 2019. 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. For the years ended December 31, 2021 and December 31, 2020, the Company sold less than $1 million and $160 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 each of the years ended December 31, 2021, December 31, 2020 and December 31, 2019. As of December 31, 2021 and December 31, 2020, the Company has pledged collateral of $5 million and $18 million, respectively, 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 Balance Sheet.

Inventories—Net

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories—Net

Note 10. Inventories—Net


	December 31,
	2021		2020
	(Dollars in millions)
Raw materials	$	162	$	160
Work in process	19		19
Finished products	92		97
	$	273	$	276
Less—Reserves	(29)		(41)
	$	244	$	235

Other Current Assets

12 Months Ended

Dec. 31, 2021

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

Other Current Assets

Note 11. Other Current Assets


	December 31,
	2021		2020
	(Dollars in millions)
Prepaid expenses	$	13	$	62
Taxes receivable	15		22
Advanced discounts to customers, current	11		10
Customer reimbursable engineering	5		13
Foreign exchange forward contracts	12		3
	$	56	$	110

Other Assets

12 Months Ended

Dec. 31, 2021

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

Other Assets

Note 12. Other Assets


	December 31,
	2021		2020
	(Dollars in millions)
Advanced discounts to customers, non-current	$	61	$	70
Operating right-of-use assets (Note 18)	51		36
Income tax receivable	27		20
Pension and other employee related	15		—
Designated cross-currency swap	30		—
Other	16		9
	$	200	$	135

Property, Plant and Equipment—Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment—Net

Note 13. Property, Plant and Equipment—Net


	December 31,
	2021		2020
	(Dollars in millions)
Land and improvements	$	16	$	17
Buildings and improvements	149		153
Machinery and equipment	711		711
Tooling	393		390
Software	72		68
Construction in progress	87		86
Others	26		26
	1,454		1,451
Less—Accumulated depreciation and amortization	(969)		(946)
	$	485	$	505

Depreciation and amortization expense was $92 million, $86 million and $73 million in 2021, 2020 and 2019, respectively.

Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Note 14. Goodwill

The change in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 is as follows:


	December 31, 2020		Currency Translation Adjustment	December 31, 2021
Goodwill	$	193	—	$	193

Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Note 15. Accrued Liabilities


	December 31, 2021		December 31, 2020
	(Dollars in millions)
Customer pricing reserve	$	72	$	82
Compensation, benefits and other employee related	76		62
Repositioning	10		7
Product warranties and performance guarantees - Short-term	21		8
Income and other taxes	25		37
Advanced discounts from suppliers, current	14		5
Customer advances and deferred income (1)	23		8
Accrued interest	8		—
Short-term lease liability (Note 18)	9		5
Other (primarily operating expenses)(2)	37		28
	$	295	$	242

(1)Customer advances and deferred income include $5 million and $2 million of contract liabilities as of December 31, 2021 and December 31, 2020, respectively. See Note 4, Revenue Recognition and Contracts with Customers.

(2)Includes $3 million of environmental liabilities as of December 31, 2021 and December 31, 2020.

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


	Severance Costs		Exit Costs		Total
Balance at December 31, 2019	3		1		4
Charges	10		—		10
Usage—cash	(7)		—		(7)
Adjustments	1		(1)		—
Balance at December 31, 2020	$	7	$	—	$	7
Charges	16		—		16
Usage—cash	(13)		—		(13)
Balance at December 31, 2021	$	10	$	—	$	10

Long-term Debt and Credit Agreements

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term Debt and Credit Agreements

Note 16. 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 January 11, 2022, the revolving facility was amended, refer to the "Revolving Facility and Letters of Credit", section of this footnote, below, for further details.

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 21, 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 December 31, 2021 are as follows:


	Due	Interest Rate		December 31, 2021
Dollar Facility	4/30/2028	3.75	%	$	713
Euro Facility	4/30/2028	3.50	%	510
Total principal outstanding				1,223
Less: unamortized deferred financing costs				(35)
Less: current portion of long-term debt				(7)
Total long-term debt				$	1,181

Revolving Facility and Letters of Credit

The Revolving Facility (as amended by the First Amendment, described and defined below) allows maximum borrowings of $424 million and matures on April 30, 2026. On December 31, 2021, the Company had no borrowings outstanding under the Revolving Facility, $3 million of outstanding letters of credit, and available borrowing capacity of $297 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 obtained a $35 million bilateral letter of credit facility, which also matures on April 30, 2026. As of December 31, 2021, the Company had $8 million utilized and $27 million of remaining available capacity.

Minimum scheduled principal repayments of the Credit Facilities as of December 31, 2021 are as follows:


	December 31,
	(Dollars in millions)
2022	$	7
2023	7
2024	7
2025	7
2026	7
Thereafter	1,188
Total debt payments	$	1,223

First Amendment to the Credit Agreement

On January 11, 2022, the Company entered into an Amendment No. 1 (the “First Amendment”) to the Credit Agreement. The First Amendment increases the amount of revolving loan commitments available to the Swiss Borrower under the Credit Agreement by $124 million (the “Incremental Revolving Commitment”) to an aggregate amount of $424 million. The Incremental Revolving Commitment has the same terms and is subject to the same conditions applicable to revolving loans generally under the Credit Agreement, except for fees paid in connection with the arrangement of the increased amount. The First Amendment also removes LIBOR as an available rate at which revolving loans could accrue and add for such revolving loans new benchmark rate options based on the term or daily overnight secured overnight financing rate ("SOFR") published by the Federal Reserve Bank of New York and based on the average bid reference rate administered by ASX Benchmarks Pty Limited. The outstanding term loan under the Credit Agreement continues to accrue interest in LIBOR, but will switch to an alternative benchmark rate when certain events occur, which alternative benchmark we anticipate will be term SOFR.

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 London Inter-bank Offered 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 Euro Interbank Offered Rate (“EURIBOR”) (which shall not be less than zero) plus an applicable margin equal to 3.50%. As of December 31, 2021, 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. The Credit Agreement provides the Benchmark Replacement, given the reference rate reform discontinuing LIBOR. 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. See discussion of the amendment to the Revolving Facility in First Amendment to the Credit Agreement, above.

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. See discussion of the amendment to the Revolving Facility in First Amendment to the Credit Agreement, above.

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, 0.50% 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. On January 25, 2022, the Board approved a further amendment to the terms of the Certificate of Designations of the Series A Preferred Stock to permit the such dividends or distributions to include individually negotiated transactions, to remove the December 31, 2022 sunset date from such dividends and distributions, and to expressly permit the purchase, redemption or other acquisition or cash by the Company of shares of Dividend Junior Stock (as defined in the Certificate of Designations of the Series A Preferred Stock) without requiring ratable participation by holders of Series A Preferred Stock. These amendments were approved by written consent of the holders of a majority of our Series A Preferred Stock on February 8, 2022, and are expected to become effective on or about March 3, 2022.

In addition, the Revolving Facility also contains a financial covenant requiring the maintenance of a consolidated total leverage ratio of not greater than 4.7 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 December 31, 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) 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, 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) the 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 Credit Agreement

On the Effective Date, the DIP 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	12 Months Ended
Mandatorily Redeemable Series B Preferred Stock	Dec. 31, 2021
Equity [Abstract]
Mandatorily Redeemable Series B Preferred Stock	Note 17. 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) the Honeywell Indemnity Agreement; (c) the 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 (as amended and restated from time to time, 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. On September 30, 2021, the Company filed an amended and restated Certificate of Designations amending and restating the terms of the Series B Preferred Stock, and on December 16, 2021, the Company filed a second amended and restated Certificate of Designations amending and restating the terms of the Series B Preferred Stock. These amendments, among other things, (i) require the Company to effect a redemption of outstanding shares of Series B Preferred Stock, on or prior to December 30, 2022, such that the Present Value (as defined in the Series B 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 “First Planned Partial Early Redemption”), which First Planned Partial Early Redemption was completed by the Company on December 28, 2021, (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 December 30, 2022 at the earliest (subject to the prior occurrence of a triggering event), (iii) require the Company, on or before March 31, 2022, to effect a second partial redemption of outstanding shares of Series B Preferred Stock (the “Second Planned Partial Early Redemption”), such that following the First Planned Partial Early Redemption and the Second Planned Partial Early Redemption, the Present Value (as defined in the Series B Certificate of Designations) of all of the remaining outstanding shares of Series B Preferred Stock shall be $207 million (rounded down to the nearest dollar), subject to applicable law, including that the Company has funds legally available to do so, and subject to the Company having increased the size of its revolving credit facility from $300 million to $500 million or the Company’s Board of Directors having determined that the Company otherwise has sufficient liquidity to effect the Second Planned Partial Early Redemption. On December 28, 2021, Garrett completed the First Planned Partial Early Redemption, partially redeeming the Series B Preferred Stock with a cash payment of $211 million ($201 million principal and $10 million as interest). As of December 31, 2021 and effective with the completion of the First Planned Partial Early Redemption, the scheduled redemptions were $200 million for March 29, 2022, $16 million for April 30, 2024, $100 million for April 30, 2025, $100 million for April 30, 2026, and $54 million for April 30, 2027, totaling $470 million. This amount is recorded on our Consolidated Balance Sheet as of December 31, 2021 at the net present value of the redemptions, discounted at 7.67%, of $395 million. Of the amount recorded on our Consolidated Balance Sheet as of December 31, 2021, $195 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. 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 Series B Certificate of Designations) has a continuing right, voting separately as a class, to elect or appoint the Series B Director (as defined in the Series B 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 (the "DGCL") 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. On February 11, 2022, the Company delivered to the holder of shares of Series B Preferred Stock a notice of partial redemption to effect the Second Planned Partial Early Redemption on February 18, 2022. As a result, on February 18, 2022, the Company will redeem 217,183,244 shares of Series B Preferred Stock for an aggregate price of $197 million. Following the completion of the Second Planned Partial Early Redemption and the Company’s previously completed First Planned Partial Early Redemption, the Present Value of all of the remaining outstanding shares of Series B Preferred Stock shall be $207 million (rounded down to the nearest dollar).

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Note 18. 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:


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Operating lease cost	$	15	$	15	$	14

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


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	12	$	13	$	12
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	26	$	7	$	12

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


	Year Ended December 31,
	2021		2020
	(Dollars in millions)
Other assets	$	51	$	36
Accrued liabilities	9		5
Other liabilities	42		15
Liabilities subject to compromise	—		19


	Year Ended December 31,
	2021		2020
	(Dollars in millions)
Weighted-average lease term (in years)	8.88		5.14
Weighted-average discount rate	5.65	%	6.16	%

Maturities of operating lease liabilities were as follows:


	Year Ended December 31, 2021
	(Dollars in millions)
2022	$	11
2023	10
2024	8
2025	7
2026	6
Thereafter	22
Total lease payments	64
Less imputed interest	(13)
	$	51

Financial Instruments and Fair Value Measures

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments and Fair Value Measures

Note 19. Financial Instruments and Fair Value Measures

Credit and Market Risk

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

Foreign Currency Risk Management

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

We hedge currency exposures with natural offsets to the fullest extent possible and, once these opportunities have been exhausted, through foreign currency exchange forward contracts (foreign currency exchange contracts). The Company restarted its cash flow hedging program after the emergence from Chapter 11 and has since then entered into forward currency exchange contracts to mitigate exposure to foreign currency exchange rate volatility and the associated impact on earnings related to forecasted foreign currency commitments. These forward currency exchange contracts are assessed as effective and are designated as cash flow hedges. Gains and losses on derivatives qualifying as cash flow hedges are recorded in Accumulated other comprehensive income (loss) until the underlying transactions are recognized in earnings.

The Company also entered into float to float cross-currency swaps exchange contracts to hedge net investments in foreign subsidiaries. These cross-currency swaps exchange contracts are assessed as effective and are designated as net investment hedges. Gains and losses on derivatives qualifying as net investment hedges are recorded in Cumulative Translation Adjustment income (loss) until the net investment is liquidated or sold.

At December 31, 2021 and December 31, 2020, we had contracts with aggregate gross notional amounts of $2,788 million and $19 million, respectively, to hedge foreign currencies, principally the U.S. Dollar, Swiss Franc, British Pound, Euro, Chinese Yuan, Japanese Yen, Mexican Peso, New Romanian Leu, Czech Koruna, Australian Dollar and Korean Won.

Fair Value of Financial Instruments

The FASB’s accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2021 and December 31, 2020:


					Fair Value
	Notional Amounts				Assets					Liabilities
	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020			December 31, 2021		December 31, 2020
	(Dollars in millions)
Designated instruments:
Designated forward currency exchange contracts	$	382	$	—	$	9	$	—	(a)	$	1	$	—	(c)

Designated cross-currency swap	715		—		30		—		(b)	—
Total designated instruments	1,097		—		39		—			1		—
Undesignated instruments:

Undesignated interest rate swap	940		—		7		—		(a)	—		—
Undesignated forward currency exchange contracts	751		19		2		—		(a)	4		—		(c)
Total undesignated instruments	1,691		19		9		—			4		—
Total designated and undesignated instruments	$	2,788	$	19	$	48	$	—		$	5	$	—

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

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

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

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 December 31, 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 16, 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 December 31, 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 $30 million at December 31, 2021. Our Consolidated Statements of Comprehensive Income (loss) includes Changes in fair value of net investment hedges, net of tax of $41 million during the year ended December 31, 2021 related to these net investment hedges. No ineffectiveness has been recorded on the net investment hedges.

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

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

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

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


	December 31, 2021
	Carrying Value		Fair Value
	(Dollars in millions)
Term Loan Facilities	$	1,188	$	1,227

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

Other Liabilities

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Other Liabilities

Note 20. Other Liabilities


	December 31,
	2021		2020
	(Dollars in millions)
Income taxes	$	106	$	45
Designated and undesignated derivatives	—		22
Pension and other employee related	61		14
Long-term lease liability (Note 18)	42		15
Advanced discounts from suppliers	16		11
Product warranties and performance guarantees – Long-term	11		6
Environmental Remediation – Long-term	15		2
Other	18		5
	$	269	$	120

Equity	12 Months Ended
Equity	Dec. 31, 2021
Equity [Abstract]
Equity	Note 21. 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 247,768,962 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 that certain 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. On January 25, 2022, the Board approved a further amendment to the terms of the Certificate of Designations of the Series A Preferred Stock to permit the such dividends or distributions to include individually negotiated transactions, to remove the December 31, 2022 sunset date from such dividends and distributions, and to expressly permit the purchase, redemption or other acquisition or cash by the Company of shares of Dividend Junior Stock (as defined in the Certificate of Designations of the Series A Preferred Stock) without requiring ratable participation by holders of Series A Preferred Stock. These amendments were approved by written consent of the holders of a majority of our Series A Preferred Stock on February 8, 2022, and are expected to become effective on or about March 3, 2022. The Board determined that the amount of preference dividends which will accumulate for the preference dividend for the year ended December 31, 2021 is $0.394337 per share. As there were 245,921,617 shares of Series A Preferred Stock as of December 31, 2021, the aggregate accumulated dividend as of December 31, 2021 is $97 million and is presented as a reduction to Net income available to common shareholders in our Consolidated 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 Securities and Exchange Commission (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 5 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. Share Repurchase Program On November 16, 2021, the Board of Directors authorized a $100 million share repurchase program valid until November 15, 2022, providing for the pro rata purchase of shares of Series A Preferred Stock and Common Stock. Through December 31, 2021, the Company has repurchased 1,846,138 shares of Series A Preferred Stock for $15 million, and has repurchased 509,443 shares of Common Stock for $4 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

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

Accumulated Other Comprehensive Income (Loss)

Note 22. Accumulated Other Comprehensive Income (Loss)

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


	Pre-Tax		Tax		After-Tax
	(Dollars in millions)
Year Ended December 31, 2019
Foreign exchange translation adjustment	$	67	$	—	$	67
Pension adjustments	(18)		4		(14)
Changes in fair value of effective cash flow hedges	2		2		4
	$	51	$	6	$	57
Year Ended December 31, 2020
Foreign exchange translation adjustment	$	(234)	$	—	$	(234)
Pension adjustments	(17)		(1)		(18)
Changes in fair value of effective cash flow hedges	(8)		1		(7)
	$	(259)	$	—	$	(259)
Year Ended December 31, 2021
Foreign exchange translation adjustment	$	38	$	—	$	38
Pension adjustments	43		(7)		36
Changes in fair value of effective cash flow hedges	11		(1)		10
Changes in fair value of net investment hedges	51		(10)		41
	$	143	$	(18)	$	125

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, 2019	$	153	$	4	$	—	$	(27)	$	130
Other comprehensive income before reclassifications	(234)		(3)		—		(29)		(266)
Amounts reclassified from accumulated other comprehensive income	—		(4)		—		11		7
Net current period other comprehensive income	(234)		(7)		—		(18)		(259)
Balance at December 31, 2020	$	(81)	$	(3)	$	—	$	(45)	$	(129)
Other comprehensive loss before reclassifications	38		11		41		35		125
Amounts reclassified from accumulated other comprehensive income	—		(1)		—		1		—
Net current period other comprehensive loss	38		10		41		36		125
Balance at December 31, 2021	$	(43)	$	7	$	41	$	(9)	$	(4)

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)


Year Ended December 31, 2021 Affected Line in the Consolidated Statement of Operations
	Net Sales		Cost of Goods Sold		Selling, General and Administrative Expenses		Non-Operating (Income) Expense		Total

	(Dollars in millions)
Amortization of Pension and Other Postretirement Items:
Actuarial losses recognized	$	—	$	—	$	—	$	1	$	1
Losses (gains) on cash flow hedges	—		(1)		—		—		(1)
Tax expense (benefit)	—		—		—		—		—
Total reclassifications for the period, net of tax	—		(1)		—		1		$	—


Year Ended December 31, 2020 Affected Line in the Consolidated Statement of Operations
	Net Sales		Cost of Goods Sold		Selling, General and Administrative Expenses		Non-Operating (Income) Expense		Total

	(Dollars in millions)
Amortization of Pension and Other Postretirement Items:
Actuarial losses recognized	$	—	$	—	$	—	$	13	$	13
Losses (gains) on cash flow hedges	—		(4)		—		—		(4)
Tax expense (benefit)									(2)
Total reclassifications for the period, net of tax	$	—	$	(4)	$	—	$	13	$	7

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 23. 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 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 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 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 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 December 31, 2021, an aggregate of 3,300,474 shares of our Common Stock were awarded and 27,980,002 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 3 years or 5 years and when vested, each unit entitles the holder to one share of our Common Stock.

As of December 31, 2021, an aggregate of 1,827,599 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 each of the periods presented:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2019	2,794,640	$	12.62
Granted	878,904	6.70
Vested	(1,185,121)	7.83
Forfeited	(949,454)	8.11
Non-vested at December 31, 2020	1,538,969	$	13.11
Granted	1,827,599	8.31
Vested	(326,058)	13.10
Forfeited	(16,551)	11.71
Vested and cancelled	(1,205,650)	13.10
Non-vested at December 31, 2021	1,818,309	$	8.31

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


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Compensation expense	$	4	$	9	$	15
Reorganization items, net (Note 2)	8		—		—
Future income tax benefit recognized	1		3		—

As of December 31, 2021, there was $13 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 3.70 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 December 31, 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 over the performance period. This model requires an input of assumptions including the simulation term, the risk-free interest rate, a volatility estimate for the Company’s shares, and a dividend yield estimate. The simulation term was the period of time between performance period start date and the performance end date. The risk-free interest rate assumption was based on observed interest rates from the Treasury Constant Maturity yield curve consistent with the simulation term. The Company’s volatility estimate was based on the historical volatilities of peers over a historical period consistent with the simulation term. The Company does not expect to pay a dividend during the applicable term. The fair value of the PSUs granted in 2021 was estimated using the following assumptions:


Monte Carlo Assumptions						December 31, 2021
Volatility						64.01%
Dividend yield						0.00%
Risk-free interest rate						0.24%

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


	Number of Performance Stock Units	Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2019	331,321	$	16.17
Granted	1,021,069	8.36
Vested	—	—
Forfeited	(1,038,279)	8.48
Non-vested at December 31, 2020	314,111	$	16.17
Granted	1,472,875	8.67
Vested	—	—
Forfeited	(85,346)	14.00
Vested and cancelled	(228,765)	—
Non-vested at December 31, 2021	1,472,875	$	8.67

The fair value of the TSR-based PSUs is based on the output of the Monte Carlo simulation model noted above and the PSUs not containing a market condition are 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 December 31, 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 Statement of Operations from PSUs:


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Compensation expense	$	2	$	—	$	2
Reorganization items, net (Note 2)	1		—		—

As of December 31, 2021, there was $11 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 1.96 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 December 31, 2021, there was no unrecognized compensation cost related to the Continuity Awards.

The following table summarizes information about Continuity Award activity for each of the periods presented:


	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 December 31, 2021	—	$	—

The following table summarizes the impact to the Consolidated Statement of Operations from Continuity Awards:


	Year Ended December 31,
	2021		2020
	(Dollars in millions)
Compensation expense	$	5	$	7
Future income tax benefit recognized	1		1

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 24. Earnings Per Share

Earnings per share is calculated using the two-class method pursuant to the issuance of our Series A preferred stock on the Effective Date. Our Series A preferred stock is considered a participating security because holders of the Series A Preferred Stock will also be entitled to such dividends paid to holders of Common Stock to the same extent on an as-converted basis. The two-class method requires an allocation of earnings to all securities that participate in dividends with common shares, such as our Series A preferred stock, to the extent that each security may share in the entity’s earnings. Basic earnings per share are then calculated by dividing undistributed earnings allocated to common stock by the weighted average number of common shares outstanding for the period. The Series A preferred stock is not included in the computation of basic earnings per share in periods in which we have a net loss, as the Series A preferred stock is not contractually obligated to share in our net losses.

Diluted earnings per share for the year ended December 31, 2021 is calculated using the more dilutive of the two-class or if-converted methods. The two-class method uses net income available to common shareholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income and

assumes conversion of all potential shares including the participating securities. Diluted earnings per share for the years ended December 31, 2020 and 2019 are computed based upon the weighted average number of common shares outstanding and all dilutive potential common shares outstanding and all potentially issuable PSUs at the end of the period (if any) based on the number of shares issuable if it were the end of the vesting period using the treasury stock method and the average market price of our Common Stock for the year.

The details of the earnings per share calculations for the years ended December 31, 2021, 2020 and 2019 are as follows:


	Year Ended December 31
	2021			2020		2019
	(Dollars in millions except per share amounts)

Basic earnings per share:
Net Income	$	495		$	80	$	313
Less: preferred stock dividend	(97)			—		—
Net income available for distribution	398			80		313
Less: earnings allocated to participating securities	(280)			—		—
Net income available to common shareholders	$	118		$	80	$	313
Weighted average common shares outstanding - Basic	69,706,183			75,543,461		74,602,868
EPS – Basic	$	1.69		$	1.06	$	4.20

Diluted earnings per share:
Method used:	If-converted
Weighted average common shares outstanding - Basic	69,706,183			75,543,461		74,602,868
Dilutive effect of unvested RSUs and other contingently issuable shares	28,155			557,048		1,331,505
Dilutive effect of participating securities	247,768,962			—		—
Weighted average common shares outstanding – Diluted	317,503,300		317,503,300	76,100,509		75,934,373
EPS – Diluted	$	1.56		$	1.05	$	4.12

The diluted earnings per share calculations exclude the effect of stock options when the options’ assumed proceeds exceed the average market price of the common shares during the period. For the years ended December 31, 2021, December 31, 2020, and December 31, 2019, the weighted average number of stock options excluded from the computations was 131,623, 428,690 and 483,408 respectively. As of December 31, 2021, there were no options outstanding.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 25. 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

Honeywell was a defendant in asbestos-related personal injury actions mainly related to its legacy Bendix friction materials (“Bendix”) business. The Bendix business manufactured automotive brake linings that contained chrysotile asbestos in an encapsulated form. Claimants consist largely of individuals who allege exposure to asbestos from brakes

from either performing or being in the vicinity of individuals who performed brake replacements. Certain operations that were part of the Bendix business were transferred to Garrett.

In connection with the Spin-Off, Garrett ASASCO, a wholly owned indirect subsidiary of the Company, entered into the Honeywell Indemnity Agreement with Honeywell on September 12, 2018. As of the Spin-Off date of October 1, 2018, Garrett ASASCO was obligated to make payments to Honeywell in amounts equal to 90% of Honeywell’s asbestos-related liability payments and accounts payable, primarily related to the Bendix business in the United States, as well as certain environmental-related liability payments and accounts payable and non-United States asbestos-related liability payments and accounts payable, in each case related to legacy elements of the Business, including the legal costs of defending and resolving such liabilities, less 90% of Honeywell’s net insurance receipts and, as may be applicable, certain other recoveries associated with such liabilities. Pursuant to the terms of this Honeywell Indemnity Agreement, Garrett ASASCO was responsible for paying to Honeywell such amounts, up to a cap of an amount equal to the Euro-to-U.S. dollar exchange rate determined by Honeywell as of a date within two business days prior to the date of the Distribution (1.16977 USD = 1 EUR) equivalent of $175 million in respect of such liabilities arising in any given calendar year.

The Honeywell Agreements governed the respective rights, responsibilities and obligations of Honeywell and us after the Spin-Off with respect to all tax matters (including tax liabilities, tax attributes, tax returns and tax contests). The Tax Matters Agreement generally provided that, following the Spin-Off date of October 1, 2018, we were responsible and would indemnify Honeywell for all taxes, including income taxes, sales taxes, value-added and payroll taxes, relating to Garrett for all periods, including periods prior to the completion date of the Spin-Off.

The Plan as confirmed by the Bankruptcy Court included 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. For more information see Note 17, Mandatorily Redeemable Series B Preferred Stock.

The following table summarizes our Obligation payable to Honeywell related to these agreements as of December 31, 2020. For the year ended December 31, 2020 all amounts were reclassified to Liabilities subject to compromise on the Consolidated Balance Sheets:


	2020
	Asbestos and environmental		Tax Matters		Total
	(Dollars in millions)
Beginning of year	$	1,090	$	261	$	1,351

Legal fees expensed	41		—		41
Payments to Honeywell	(35)		—		(35)
Currency translation adjustment	100		25		125
End of year	$	1,196	$	286	$	1,482
Current	2		40		42
Non-current	1,194		246		1,440
Total	$	1,196	$	286	$	1,482

As these liabilities were satisfied under the Plan, our Consolidated Balance Sheet as of December 31, 2021 reflects no liabilities related to these matters.

Securities Litigation

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

plaintiff sought to voluntarily dismiss his claim against Garrett Motion Inc. in light of the Company’s bankruptcy; this request was granted.

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

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

All 3 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 Company agreed with the Gabelli Entities and their lead counsel to permit a class claim to be recognized in the bankruptcy court and to have securities claims against the Company to be litigated in the district court alongside the Consolidated D&O Action. The Gabelli Entities have agreed that any recoveries against Garrett Motion Inc. on account of securities claims litigated through the class claim are limited to available insurance policy proceeds. On July 2, 2021, the bankruptcy court entered an order approving the joint request from the Company and the Gabelli Entities to handle the securities claims against Garrett Motion Inc. in this manner.

The Gabelli Entities were authorized, and on July 22, 2021 filed a second amended complaint to add claims against Garrett Motion Inc. On August 11, 2021, Garrett Motion Inc., Olivier Rabiller, Alessandro Gili, Peter Bracke, Sean Deason, Russell James, Carlos Cardoso, Maura Clark, Courtney Enghauser, Susan Main, Carsten Reinhardt, and Scott Tozier filed a motion to dismiss with respect to claims asserted against them. On the same day, Su Ping Lu, who is represented separately, filed a motion to dismiss with respect to the claims asserted against her. Lead plaintiffs’ opposition to the motions to dismiss was filed on October 26, 2021, and the defendant's reply briefs were filed on or before December 8, 2021. The motions to dismiss remain pending before the District Court.

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 December 31, 2021 was $28 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 $28 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. On August 21, 2021, we requested such formal recognition from the Judge, which request resulted in a suspension of the claims of the Brazilian Tax Authorities as set out in their initial September 2020 letter, until such a time as the Judge makes a formal determination on

our request. 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 Matters

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

Warranties and Guarantees

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


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Beginning of year	$	14	$	29	$	32
Accruals for warranties/guarantees issued during the year	21		18		31
Settlement of warranty/guarantee claims	(19)		(17)		(34)
Amounts reclassified from/(to) Liabilities subject to compromise	16		(16)		—
	$	32	$	14	$	29

Defined Benefit Pension Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Defined Benefit Pension Plans

Note 26. Defined Benefit Pension Plans

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

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


	Pension Benefits
	U.S. Plans		U.S. Plans		Non-U.S. Plans		Non-U.S. Plans
	2021		2020		2021		2020
	(Dollars in millions)
Change in benefit obligation:
Benefit obligation at beginning of the year	$	220	$	206	$	259	$	226
Service cost	1		1		10		9
Interest cost	4		6		1		2
Plan amendments	—		—		—		(10)
Actuarial (gains) losses(1)	(6)		17		(25)		18
Benefits paid	(11)		(10)		(3)		(3)
Settlements and curtailments(2)	—		—		—		(10)
Foreign currency translation	—		—		(15)		22
Transfers	—		—		(1)		2
Other	—		—		3		3
Benefit obligation at end of the year	208		220		229		259
Change in plan assets:
Fair value of plan assets at beginning of the year	219		204		172		150
Actual return on plan assets	14		25		16		8
Employer contributions	—		—		7		7
Benefits paid	(11)		(10)		(3)		(3)
Settlements and curtailments(2)	—		—		—		(10)
Foreign currency translation	—		—		(10)		15
Transfers	—		—		(1)		2
Other	1		—		1		3
Fair value of plan assets at end of year	223		219		182		172
Funded status of plans	$	15	$	(1)	$	(47)	$	(87)
Amounts recognized in Consolidated Balance Sheet consist of:

Other assets - non-current(3)	15		—		—		—
Accrued pension liabilities- non-current(4)	—		—		(47)		—
Liabilities subject to compromise(5)	—		(1)		—		(87)
Net amount recognized	$	15	$	(1)	$	(47)	$	(87)

________________________________

(1)The actuarial gain on the U.S. plan during 2021 was $6 million, driven by higher discount rates. For the non-US plans, the 2021 actuarial gain amounted to $25 million. The increase in discount rates led to an assumption gain of $11 million in Ireland and $5 million in Switzerland. Changes in demographic assumptions in Switzerland led to an additional gain of $11 million. Lower actual salary increases led to a further gain of $5 million in Ireland. This overall financial gain was offset by a loss of $8 million in Switzerland, attributable to an increase in projected benefits.

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

(3)Included in Other assets in the Consolidated Balance Sheet.

(4)Included in Other liabilities in the Consolidated Balance Sheet.

(5)Included in Liabilities subject to compromise in the Consolidated Balance Sheet for the year ended December 31, 2020.

Amounts recognized in Accumulated other comprehensive (income) loss associated with our significant pension and other postretirement benefit plans at December 31, 2021 and December 31, 2020 are as follows:


	Pension Benefits
	U.S. Plans		U.S. Plans		Non-U.S. Plans		Non-U.S. Plans
	2021		2020		2021		2020
	(Dollars in millions)
Prior service (credit)	$	(1)	$	(1)	$	(8)	$	(9)
Net actuarial (gain) loss	(1)		9		(11)		24
Net amount recognized	$	(2)	$	8	$	(19)	$	15

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


	Pension Benefits
	U.S. Plans						Non-U.S. Plans
Net Periodic Benefit Cost	2021		2020		2019		2021		2020		2019
	(Dollars in millions)
Service cost	$	1	$	1	$	1	$	10	$	9	$	6
Interest cost	4		6		7		1		2		2
Expected return on plan assets	(10)		(11)		(10)		(6)		(6)		(4)
Amortization of prior service (credit) cost	—		—		—		(1)		—		—
Recognition of actuarial losses	—		—		—		—		13		13
Settlements and curtailments(1)	—		—		—		—		1		—
Net periodic (income) benefit cost	$	(5)	$	(4)	$	(2)	$	4	$	19	$	17

________________________________

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


Other Changes in Plan Assets and Benefits Obligations Recognized in	U.S. Plans						Non-U.S. Plans
Other Comprehensive (Income) Loss	2021		2020		2019		2021		2020		2019
	(Dollars in millions)
Actuarial (gains) losses	$	(10)	$	3	$	2	$	(34)	$	15	$	27
Prior service (credit)	—		—		—				(10)		1
Prior service credit recognized during year	—		—		—		1		—		—
Actuarial losses recognized during year	—		—		—		—		(14)		(13)
Foreign currency translation	—		—		—		—		2		1
Total recognized in other comprehensive (income) loss	$	(10)	$	3	$	2	$	(33)	$	(7)	$	16
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss	$	(15)	$	(1)	$	—	$	(29)	$	12	$	33

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


	Pension Benefits
	U.S. Plans						Non-U.S. Plans
	2021		2020		2019		2021		2020		2019
	(Dollars in millions)
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate	2.95	%	2.65	%	3.30	%	0.86	%	0.46	%	0.79	%
Expected annual rate of compensation increase	3.20	%	3.57	%	3.74	%	2.07	%	1.82	%	1.77	%
Interest credited to accounts (1)	—		—		—	%	1.50	%	1.50	%	1.50	%
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate—benefit obligation	2.65	%	3.30	%	4.44	%	0.46	%	0.79	%	1.65	%
Discount rate—service cost	3.37	%	4.47	%	4.47	%	0.23	%	1.20	%	1.20	%
Discount rate—interest cost	2.86	%	4.06	%	4.06	%	0.63	%	1.74	%	1.74	%
Expected rate of return on plan assets	4.88	%	5.49	%	5.80	%	3.60	%	3.79	%	3.34	%
Expected annual rate of compensation increase	3.57	%	3.74	%	3.74	%	1.80	%	1.77	%	1.77	%

________________________________

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

The discount rate for our significant pension plans reflects the current rate at which the associated liabilities could be settled at the measurement date of December 31, 2021. To determine the discount rates, we use a modeling process that involves matching the expected cash outflows of our benefit plans to a yield curve constructed from a portfolio of high quality, fixed-income debt instruments. We use the single weighted-average yield of this hypothetical portfolio as a discount rate benchmark.

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

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

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


	December 31,
	U.S. Plans				Non-U.S. Plans
	2021		2020		2021		2020
	(Dollars in millions)
Projected benefit obligation	$	—	$	—	$	229	$	259
Accumulated benefit obligation	—		—		217		239
Fair value of plan assets	—		—		182		172

Our U.S. pension asset investment strategy focuses on maintaining a diversified portfolio using various asset classes in order to achieve market exposure and diversification on a risk adjusted basis. Our target allocations are as follows: 76% fixed income securities, 15% global equity securities, 5% real estate investments, 2% multi-asset credit income securities, and 2% hedge funds bonds. Global equity securities include mutual funds that invest in companies located both inside and outside the United States. The real estate fund invests in real estate investment trusts – companies that purchase office buildings, hotels and other real estate property. The multi-asset credit funds invest in diversified geographies, asset classes and credit instruments to capture global credit risk premiums. The hedge funds are pooled investments structured to reduce volatility of returns and long-term return enhancements. Our assets are reviewed on a daily basis to ensure that we are within the targeted asset allocation ranges and, if necessary, asset balances are adjusted back within target allocations.

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

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


	U.S. Plans
	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(Dollars in millions)
Cash	$	4	$	4	$	—	$	—
Equity funds	34		—		34		—
Government bond funds	39		—		39		—
Corporate bond funds	135		—		135		—
Real estate funds	11		—		11		—
Total assets at fair value	$	223	$	4	$	219	$	—

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


	Non-U.S. Plans
	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(Dollars in millions)
Cash and cash equivalents	$	3	$	3	$	—
Equity funds	100				100
Government bond funds	34				34
Corporate bond funds	11				11
Real estate funds	22				22
Other	13				13
Total assets at fair value	$	183	$	3	$	180	$	—


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

Equity funds, corporate bond funds, government bond funds, real estate funds and short-term investments are valued either by bids provided by brokers or dealers or quoted prices of securities with similar characteristics. Other includes diversified mutual funds. These investments are valued at estimated fair value based on quarterly financial information received from the investment advisor and/or general partner.

Our general funding policy for qualified defined benefit pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. We are not required to make any contributions to our U.S. pension plan in 2021. In 2021, contributions of $7 million were made to our non-U.S. pension plans to satisfy regulatory funding requirements. In 2022, we expect to make contributions of cash and/or marketable securities of approximately $7 million to our non-U.S. pension plans to satisfy regulatory funding standards. Contributions for both our U.S. and non-U.S. pension plans do not reflect benefits paid directly from Company assets.

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


	U.S. Plans		Non-U.S. Plans
	(Dollars in millions)
2022	$	11	$	4
2023	11		4
2024	11		4
2025	11		4
2026	11		5
2027-2031	57		31

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (d)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-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
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-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Concentrations

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Concentrations

Note 27. Concentrations

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


	Year Ended December 31, 2021
	OEM		Aftermarket		Other		Total
	(Dollars in millions)
United States	$	383	$	176	$	6	$	565
Europe	1,602		155		27		1,784
Asia	1,153		50		28		1,231
Other International	28		25		—		53
	$	3,166	$	406	$	61	$	3,633


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


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

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


	Net sales Year Ended December 31,
	2021		%	2020		%	2019		%
	(Dollars in millions)
Customer A	$	347	10	$	301	10	$	374	12
Customer B	480		13	346		11	240		7
Others	2,806		77	2,387		79	2,634		81
	$	3,633	100	$	3,034	100	$	3,248	100

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


	Long-lived Assets (1) December 31
	2021		2020		2019
	(Dollars in millions)
United States	$	19	$	21	$	24
Europe	291		315		285
Asia	162		151		141
Other International	14		18		21
	$	486	$	505	$	471

_________________________

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

Supplier concentration—The Company’s largest supplier accounted for 6%, 8% and 12% of direct materials purchases for the years ended December 31, 2021, 2020 and 2019 respectively.

Unaudited Quarterly Financial Information

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Information

Note 28. Unaudited Quarterly Financial Information

The following tables show selected unaudited quarterly results of operations for 2021 and 2020. The quarterly data have been prepared on the same basis as the audited annual financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair statement of our results of operations for these periods. Basic and diluted earnings per share for the quarterly periods ended June 30, 2021 and September 30, 2021 have been corrected versus information previously filed in our quarterly reports Form 10-Q to correct for the calculation using the two-class method.


	2021
	March 31		June 30		September 30		December 31		Year Ended December 31
	(Dollars in millions)
Net Sales	$	997	$	935	$	839	$	862	$	3,633
Gross Profit	196		193		163		155		707
Net (Loss) Income	(105)		409		63		128		495
Net (Loss) Income available for distribution	(105)		385		27		91		398
Earnings (loss) per share - basic	(1.38)		1.63		0.09		0.29		1.69
Earnings (loss) per share - diluted	(1.38)		1.29		0.09		0.29		1.56


	2020
	March 31		June 30		September 30		December 31		Year Ended December 31
	(Dollars in millions)
Net Sales	$	745	$	477	$	804	$	1,008	$	3,034
Gross Profit	138		80		147		174		539
Net Income (Loss)	52		(9)		11		26		80
Earnings (loss) per share - basic	0.69		(0.12)		0.15		0.34		1.06
Earnings (loss) per share - diluted	0.68		(0.12)		0.14		0.34		1.05

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II-Valuation and Qualifying Accounts


For and as of the year ending:	Balance at Beginning of Period		Additions Charged to Costs and Expenses		Deductions		Foreign Exchange Translation Adjustment		Other Activity		Balance at End of Period
	(Dollars in millions)
December 31, 2021
Allowance for expected credit losses	$	13	$	3	$	(11)	$	—	$	—	$	5
Inventory reserves	41		5		(15)		(2)		—		29
Tax valuation allowance	34		5		(4)		(3)		—		32
December 31, 2020
Allowance for expected credit losses(1)	$	4	$	6	$	(3)	$	1	$	5	$	13
Inventory reserves	25		25		(11)		2		—		41
Tax valuation allowance	27		13		—		(6)		—		34
December 31, 2019
Allowance for expected credit losses	$	3	$	4	$	(3)	$	—	$	—	$	4
Inventory reserves	23		7		(5)		—		—		25
Tax valuation allowance	21		7		—		(1)		—		27

(1) Other activity relates to the adoption impact of ASU 2016-03, Financial Instruments - Credit Losses.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated 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 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 under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”), we sold or otherwise disposed of or liquidated assets or settled liabilities, with the approval of the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) or as otherwise permitted in the ordinary course of business, for amounts other than those reflected in our Consolidated Financial Statements. As a result of our improved liquidity (see Note 2, Plan of Reorganization; Note 16, Long-term Debt and Credit Agreements; Note 17, Mandatorily Redeemable Series B Preferred Stock; and Note 21, 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 Financial Statements. ASC 852 required the financial statements for periods subsequent to September 20, 2020 (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 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. At December 31, 2021 there were no such balances. 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 novel coronavirus (“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.
Principles of Consolidation and Combination	Principles of Consolidation and Combination The Consolidated Financial Statements include the accounts of Garrett Motion Inc. and all of its subsidiaries in which a controlling financial interest is maintained. We consolidate entities that we control due to ownership of a majority voting interest, and we consolidate variable interest entities when we have variable interests and are the primary beneficiary. Our consolidation policy requires equity investments that we exercise significant influence over but in which we do not have a controlling financial interest to be accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are accounted for under the cost method. All intercompany transactions and balances are eliminated in consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments having an original maturity of three months or less.
Restricted Cash	Restricted Cash Restricted cash primarily consists of bank deposits used to pledge as collateral in order to be able to issue bank notes as payment to certain suppliers in the Asia Pacific region (refer to Note 9, Factoring and Notes Receivable). The Company released $39 million during January and February 2022.
Trade Receivables and Allowance for Doubtful Accounts	Trade Receivables and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount as a result of transactions with customers. Garrett maintains allowances for doubtful accounts for estimated losses as a result of a customer’s inability to make required payments. As of January 1, 2020, Garrett adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance requires an entity to recognize as an allowance its estimate of lifetime expected credit losses rather than incurred losses. The guidance is also applicable to contract assets such as unbilled receivables. Consistent with the new guidance, Garrett estimates losses from doubtful accounts expected over the contractual life of the receivables based on days past due as measured from the contractual due date and collection history. Garrett also takes into consideration changes in economic conditions that may not be reflected in historical trends (for example, customers in bankruptcy, liquidation or reorganization). Receivables are written-off against the allowance for doubtful accounts when they are determined uncollectible. Such determination includes analysis and consideration of the particular conditions of the account, including time intervals since last collection, customer performance against agreed upon payment plans, solvency of customer and any bankruptcy proceedings.
Transfer of Financial Instruments	Transfer of Financial Instruments Sales and transfers of financial instruments are accounted for under ASC 860, Transfers and Servicing (“ASC 860”). The Company may discount and sell accounts receivables during the normal course of business. These receivables which are transferred to a third party without recourse to the Company and that meet the criteria of sales accounting as per ASC 860, are excluded from the amounts reported in the Consolidated Balance Sheets. The cash proceeds received from such sales are included in operating cash flows. The expenses associated with the factoring of receivables are recorded within Other expense, net in the Consolidated Statements of Operations. The Company may also receive bank notes in settlement of accounts receivables, primarily in the Asia Pacific region. Such bank notes are classified as notes receivables under Accounts, notes and other receivables – net in the Consolidated Balance Sheets. The collections of such bank notes are included in operating cash flows and any expenses related to discounting these are included within Other expense, net in the Consolidated Statements of Operations. The Company can hold the bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash.
Inventories	InventoriesInventories are stated at the lower of cost, determined on a first-in, first-out basis, including direct material costs and direct and indirect manufacturing costs, or net realizable value. Obsolete inventory is identified based on analysis of inventory for known obsolescence issues. The original equipment inventory on hand in excess of forecasted usage and lack of consumption in the previous 12 months is fully reserved, unless the value of such material is recoverable from either the vendor or the customer.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. For financial reporting, the straight-line method of depreciation is used over the estimated useful lives of 10 to 50 years for buildings and improvements, 2 to 16 years for machinery and equipment, 3 to 10 years for tooling equipment and 5 to 7 years for software.
Leases	Leases For the periods beginning January 1, 2019, right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of a lease (the “commencement date”) based on the present value of lease payments over the lease term. We determine if an arrangement is a lease at inception. Operating leases are included in Other assets, Accrued liabilities, and Other liabilities in our Consolidated Balance Sheets. No finance leases have been recognized. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease where it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are expensed in the period in which they occur. We have lease agreements with lease and non-lease components, which are generally accounted for separately. For machinery and equipment, we account for the lease and non-lease components as a single lease component. We account for short-term leases by recognizing lease payments in net income on a straight-line basis over the lease term and will not recognize any ROU assets and lease liabilities on the Consolidated Balance Sheet. For the periods prior to January 1, 2019, we accounted for leases in accordance with ASC 840, Leases.
Goodwill	Goodwill Goodwill is subject to impairment testing annually, and whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. This testing compares carrying value to fair value of our single reporting unit. The Company recognizes an impairment charge for the amount by which the carrying value of the reporting unit exceeds the reporting unit´s fair value. However, any impairment should not exceed the amount of goodwill allocated to the reporting unit. Because we have a single reporting unit with a negative carrying value, no impairment was recognized.
Warranties and Guarantees	Warranties and Guarantees Expected warranty costs for products sold are recognized based on an estimate of the amount that eventually will be required to settle such obligations. These accruals are based on factors such as past experience, length of the warranty and various other considerations. Costs of product recalls, which may include the cost of the product being replaced as well as the customer’s cost of the recall, including labor to remove and replace the recalled part, are accrued as part of our warranty accrual at the time an obligation becomes probable and can be reasonably estimated. These estimates are adjusted from time to time based on facts and circumstances that impact the status of existing claims. For additional information, see Note 25, Commitments and Contingencies of the Notes to the Consolidated Financial Statements.
Sales Recognition	Sales Recognition Product sales are recognized when we transfer control of the promised goods to our customer, which is based on shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring the promised goods, which includes estimates of variable consideration to the extent it is probable that a significant reversal of revenue recognized will not occur. Amounts billed but ultimately expected to be refunded to the customer are recorded as part of the customer pricing reserve within Accrued liabilities on the Consolidated Balance Sheet. In the sale of products in the OEM channel, the transaction price for these goods is generally equal to the agreed price of each unit and represents the standalone selling price for the unit. In the sale of products in the aftermarket channel, the terms of a contract or the historical business practice can give rise to variable consideration due to, but not limited to, discounts and bonuses. We estimate variable consideration at the most likely amount we will receive from customers and reduce revenues recognized accordingly. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. We adjust our estimate of revenue at the earlier of when the value of consideration we expect to receive changes or when the consideration becomes fixed.
Research and Development	Research and Development Garrett conducts research and development (“R&D”) activities, which consist primarily of the development of new products and product applications. R&D costs are charged to expense as incurred. Such costs are included in Cost of goods sold and were $136 million, $111 million and $129 million, for the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, the Company incurs engineering-related expenses which are also included in Cost of goods sold and were $22 million, $13 million and $5 million for the years ended December 31, 2021, 2020 and 2019, respectively.
Environmental Matters	Environmental Matters The Company records liabilities for environmental assessments and remediation activities in the period in which it is probable that a liability has been incurred and the amount of that liability can be reasonably estimated. Estimated costs are recorded at undiscounted amounts, based on experience and assessments and are regularly evaluated. To the extent that the required remediation procedures change, or additional contamination is identified, the Company’s estimated environmental liabilities may also change. The liabilities are recorded in Accrued liabilities and Other liabilities in the Consolidated Balance Sheet.
Asbestos-Related Contingencies and Insurance Recoveries	Asbestos-Related Contingencies and Insurance Recoveries Honeywell is subject to certain asbestos-related and environmental-related liabilities, primarily related to its legacy Bendix business. In conjunction with the Spin-Off, certain operations that were part of the Bendix business, along with the ownership of the Bendix trademark, as well as certain operations that were part of other legacy elements of the Business, were transferred to us. Prior to the Chapter 11 Cases, the accounting for the majority of our asbestos-related liability payments and accounts payable reflect the terms of the indemnification and reimbursement agreement with Honeywell entered into on September 12, 2018 (the “Honeywell Indemnity Agreement”), under which Garrett ASASCO Inc. ("Garrett ASASCO") is required to make payments to Honeywell in amounts equal to 90% of Honeywell’s asbestos-related liability payments and accounts payable, primarily related to the Bendix business in the United States, as well as certain environmental-related liability payments and accounts payable and non-United States asbestos-related liability payments and accounts payable, in each case related to legacy elements of the Business, including the legal costs of defending and resolving such liabilities, less 90% of Honeywell’s net insurance receipts and, as may be applicable, certain other recoveries associated with such liabilities. During the Chapter 11 Cases, the Obligation payable to Honeywell related to these agreements was deemed a pre-petition, unsecured liability subject to compromise and as such all amounts were reclassified to Liabilities Subject to Compromise. The Honeywell Indemnity Agreement provided that the agreement will terminate upon the earlier of (x) December 31, 2048 or (y) December 31st of the third consecutive year during which certain amounts owed to Honeywell during each such year were less than $25 million as converted into Euros in accordance with the terms of the agreement. 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. The Plan as confirmed by the Bankruptcy Court included 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. For more information see Note 17, Mandatorily Redeemable Series B Preferred Stock and Note 25, Commitments and Contingencies of the Notes to the Consolidated Financial Statements.
Stock-Based Compensation Plans	Stock-Based Compensation Plans The principal awards issued under our stock-based compensation plans, which are described in Note 23, Stock-Based Compensation, are performance stock units and restricted stock units. The cost for such awards is measured at the grant date based on the fair value of the award. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods (generally the vesting period of the equity award) and is included in Selling, general and administrative expenses in the Consolidated Statements of Operations. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates.
Pension Benefits	Pension Benefits We sponsor defined benefit pension plans covering certain employees, primarily in Switzerland, the U.S. and Ireland. For such plans, we are required to disaggregate the service cost component of net benefit costs and report those costs in the same line item or items in the Consolidated Statements of Operations as other compensation costs arising from services rendered by the pertinent employees during the period. The other nonservice components of net benefit costs are required to be presented separately from the service cost component. We record the service cost component of Pension ongoing (income) expense in Cost of goods sold or Selling, general and administrative expenses. The remaining components of net benefit costs within Pension ongoing (income) expense, primarily interest costs and assumed return on plan assets, are recorded in Non-operating expense (income). We recognize net actuarial gains or losses in excess of 10% of the greater of the fair value of plan assets or the plans’ projected benefit obligation (the corridor) annually in the fourth quarter each year (“MTM Adjustment”). The MTM Adjustment is recorded in Non-operating (income) expense.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. Dollars are translated into U.S. Dollars using year-end exchange rates. Sales, costs and expenses are translated at the average exchange rates in effect during the year. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss).
Derivative Financial Instruments	Derivative Financial Instruments We minimize our risks from foreign currency exchange rate fluctuations through our normal operating and financing activities and, when deemed appropriate through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. Derivative financial instruments that qualify for hedge accounting must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. All derivatives are recorded on the balance sheet as assets or liabilities and measured at fair value. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives are recorded in Accumulated other comprehensive income (loss) and subsequently recognized in earnings when the hedged items impact earnings. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item. For derivatives designated as net investment hedges, provided the hedging relationship is highly effective, the changes in fair value of the derivatives and the periodic settlements are recorded in Accumulated other comprehensive income (loss).
Income Taxes	Income TaxesWe account for income taxes pursuant to the asset and liability method which requires us to recognize current tax liabilities or receivables for the amount of taxes we estimate are payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible.
Earnings per share	Earnings per share As of December 31, 2021, basic earnings per share are calculated using the two-class method, pursuant to the issuance of our Series A preferred stock on the Effective Date. The calculation of basic earnings per share requires an allocation of earnings to all securities that participate in dividends with common shares, such as our Series A preferred stock, to the extent that each security may share in the entity’s earnings. Basic earnings per share are calculated by dividing undistributed earnings allocated to common stock by the weighted average number of common shares. See Note 24, Earnings Per Share for further details. Diluted earnings per share for the year ended December 31, 2021 is calculated using the more dilutive of the two-class or if-converted methods. The two-class method uses net income available to common shareholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income and assumes conversion of all potential shares including the participating securities. Diluted earnings per share for the years ended December 31, 2020 and 2019 are computed based upon the weighted average number of common shares outstanding and all dilutive potential common shares outstanding and all potentially issuable PSUs at the end of the period (if any) based on the number of shares issuable if it were the end of the vesting period using the treasury stock method and the average market price of our Common Stock for the year. Basic and diluted weighted average of common shares outstanding for the years ended December 31, 2021, 2020 and 2019 were 69,706,183, 75,543,461 and 74,602,868 and 317,503,300, 76,100,509 and 75,934,373, respectively. See Note 24, Earnings Per Share for further details.
Use of Estimates	Use of Estimates The preparation of the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts in the Consolidated Financial Statements and related disclosures in the accompanying notes. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of changes are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. In connection with the filing of the Chapter 11 Cases on the Petition Date, the Consolidated Financial Statements included herein have been prepared in accordance with Financial Accounting Standards Board (“FASB”) ASC Topic No. 852, Reorganizations. See Note 2, Plan of Reorganization, of the Consolidated Financial Statements for further details.
Liabilities Subject to Compromise	Liabilities Subject to Compromise Liabilities subject to compromise include pre-petition liabilities that are unsecured, under-secured or where it cannot be determined that the liabilities are fully secured. Liabilities that may be affected by a plan of reorganization must be reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts as a result of the plan of reorganization or negotiations with creditors. If there is uncertainty about whether a secured claim is undersecured, or will be impaired under the plan of reorganization, the entire amount of the claim is included with prepetition claims in liabilities subject to compromise.
Reorganization Items, Net	Reorganization Items, Net Effective on September 20, 2020, we began to apply the provisions of ASC 852, Reorganizations, which is applicable to companies under bankruptcy protection, and requires amendments to the presentation of key financial statement line items. ASC 852 requires that the financial statements for periods subsequent to the filing of the Chapter 11 Cases distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Revenues, expenses, realized gains and losses, and provisions for losses that can be directly associated with the reorganization and restructuring of the business must be reported separately as reorganization items, net in the consolidated statements of operations beginning September 20, 2020.
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 $9 million from emergence through the period ended December 31, 2021 and were included in Cost of goods sold, Selling, general and administrative expenses, and Reorganization Items, net in our Consolidated Statements of Operations. Related to the agreements with Honeywell, our Consolidated Balance Sheet includes liabilities of $15 million as of December 31, 2021. Liability balances are primarily related to lease contracts of $12 million as of December 31, 2021. Certain of our related parties participated in our Plan as follows, as more fully discussed in Note 2, Plan of Reorganization and Note 21, Equity: •The Company paid $75 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 Commitment Agreement; and •Centerbridge and Oaktree were parties to our Registration Rights Agreement (see definition in Note 21, 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 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 considered a participating security with the Company’s Common Stock as 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. See Note 2, Plan of Reorganization and Note 21, Equity, of the Consolidated 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 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 for this first amendment became effective on October 1, 2021. On December 16, 2021, the Company filed a second amended and restated Certificate of Designations amending and restating the terms of the Series B Preferred Stock. The second amended A&R Certificate of Designations became effective on December 17, 2021. The amendment was accounted for as a debt modification that did not result in an extinguishment or have a material impact on our Consolidated Financial Statements. On February 18, 2022, the Company will redeem 217,183,244 shares of Series B Preferred Stock for an aggregate price of $197 million. See Note 2, Plan of Reorganization and Note 17, Mandatorily Redeemable Series B Preferred Stock, of the Consolidated Financial Statements for further details.
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 Statements of Operations. Additionally, we reclassed a portion of our recorded obligations for product warranties and product performance guarantees from Accrued Liabilities to Other Liabilities. 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 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 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 the London Interbank Offered Rate (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 Financial Statements. Our Credit Agreement provides a mechanism for determining an alternative rate of interest to be used in place of LIBOR (“Benchmark Replacement”), mitigating the Reference Rate Reform transition impact. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in this update increase the transparency surrounding government assistance by requiring disclosure of 1) the types of assistance received, 2) an entity’s accounting for the assistance, and 3) the effect of the assistance on the entity’s financial statements. The update is effective for annual periods beginning after December 15, 2021. We plan to adopt this pronouncement for our fiscal year beginning January 1, 2022, and we do not expect it to have a material effect on our Consolidated Financial Statements. There are no other recently issued, but not yet adopted, accounting pronouncements which are expected to have a material impact on the Company’s Consolidated Financial Statements and related disclosures.

Plan of Reorganization (Tables)

12 Months Ended

Dec. 31, 2021

Reorganizations [Abstract]

Schedule of Reorganization Items, Net


	Year Ended December 31,
	2021		2020
	(Dollars in millions)
Gain on settlement of Honeywell claims(1)	$	(502)	$	—
Advisor fees	174		55
Bid termination and expense reimbursement	79		—
Director's and officers insurance	39		0
Expenses related to Senior Notes(2)	28		—
Write off of pre-petition debt issuance cost	25		6
Employee stock cash out	13		—
DIP Financing fees	1		13
Other	18		(1)
Total reorganization items, net	$	(125)	$	73

(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)		December 31, 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	—		—		—		1,188		1,188
Total long-term debt	$	2,081	$	57	$	(2,138)	$	1,188	$	1,188

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

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 December 31, 2021:


	December 31, 2020		Change in estimated allowed claims		Cash payment		Issuance of Series B Preferred Stock		Reinstatements		Reorganization		OCI		December 31, 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	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)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Summary of Contract Assets and Liabilities

The following table summarizes our contract assets and liabilities balances:


	2021		2020
	(Dollars in millions)
Contract assets—January 1	$	61	$	6
Contract assets—December 31	63		61
Change in contract assets—Increase/(Decrease)	$	2	$	55
Contract liabilities—January 1	$	(2)	$	(3)
Contract liabilities—December 31	(5)		(2)
Change in contract liabilities—(Increase)/Decrease	$	(3)	$	1

Other Expense, Net (Tables)

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

Schedule of Other Operating Cost and Expense


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Indemnification related — post Spin-Off	$	—	$	41	$	28
Indemnification related — litigation	—		3		11
Environmental remediation, non-active sites	—		1		—
Factoring and notes receivables discount fees	1		1		1
	$	1	$	46	$	40

Non-Operating (Income) Expense (Tables)

12 Months Ended

Dec. 31, 2021

Nonoperating Income (Expense) [Abstract]

Schedule of Non-Operating (Income) Expense


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Equity income of affiliated companies	$	(7)	$	(5)	$	(6)
Interest income	(11)		(3)		(7)
Pension (income) expense — non service	(13)		5		8
Foreign exchange	14		(35)		13
Others, net	1		—		—
	$	(16)	$	(38)	$	8

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

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


	Year Ended December 31,
	2021		2020		2019
Income before taxes	(Dollars in millions)
Domestic entities	$	242	$	(87)	$	(54)
Entities outside the U.S.	296		206		400
	$	538	$	119	$	346

Schedule of Income Tax Expense (Benefit)

Tax expense (benefit) consists of:


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Current:
Federal	$	(1)	$	3	$	9
State	—		1		1
Foreign	80		69		64
	$	79	$	73	$	74
Deferred:
Federal	$	(9)	$	—	$	2
State	(2)		—		—
Foreign	(25)		(34)		(43)
	$	(36)	$	(34)	$	(41)
	$	43	$	39	$	33

Schedule of Effective Income Tax Rate Reconciliation

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


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Taxes on non-U.S. earnings different from U.S. tax	(7.6)	%	(6.5)	%	(2.3)	%
Reserves for tax contingencies	3.7	%	15.9	%	2.5	%
Non-deductible and permanent items	(14.4)	%	7.1	%	1.7	%
Withholding and other taxes on foreign earnings	5.7	%	(14.7)	%	4.4	%
Tax law changes	—	%	—	%	(17.3)	%
Changes in valuation allowance	(0.3)	%	10.5	%	0.5	%
All other items	(0.2)	%	(0.5)	%	(1.0)	%
	7.9	%	32.8	%	9.5	%

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

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


	December 31,
	2021		2020
	(Dollars in millions)
Deferred tax assets:
Intangibles and fixed assets	$	219	$	202
Pension	7		18
Accruals and reserves	39		32
Net operating losses and other tax attribute carryforwards	37		35
Outside basis differences	11		11
Other	30		29
Total deferred tax assets	343		327
Valuation allowance	(32)		(34)
Net deferred tax assets	$	311	$	293
Deferred tax liabilities:
Outside basis differences	$	(19)	$	(30)
Other	(24)		(15)
Total deferred tax liabilities	(43)		(45)
Net deferred tax asset	$	268	$	248

Schedule of Net Operating Loss Carryforwards

As of December 31, 2021, the Company had net operating loss carryforwards of $109 million in the below jurisdictions.


Jurisdiction	Expiration Period	Net Operating Loss Carryforwards
		(Dollars in millions)
Brazil	Indefinite	$	49
Luxembourg	2038	26
United Kingdom	Indefinite	26
Other	Various	8
		$	109

Schedule of Unrecognized Tax Benefits Roll Forward

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


	December 31,
	2021		2020		2019
	(Dollars in millions)
Change in unrecognized tax benefits:
Balance at beginning of year	$	60	$	54	$	48
Gross increases related to current period tax positions	13		8		8
Gross increases related to prior periods tax positions	31		6		—
Gross decreases related to prior periods tax positions	(21)		—		—
Decrease related to resolutions of audits with tax authorities	—		(7)		—
Expiration of the statute of limitations for the assessment of taxes	(1)		(2)		(2)

Foreign currency translation	(2)		1		—
Balance at end of year	$	80	$	60	$	54

Accounts, Notes and Other Receivables—Net (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of Accounts, Notes and Other Receivables Net


	December 31,
	2021		2020
	(Dollars in millions)
Trade receivables	$	553	$	625
Notes receivables	121		152
Other receivables	78		77
	$	752	$	854
Less—Allowance for expected credit losses	(5)		(13)
	$	747	$	841

Inventories—Net (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Summary of Inventories


	December 31,
	2021		2020
	(Dollars in millions)
Raw materials	$	162	$	160
Work in process	19		19
Finished products	92		97
	$	273	$	276
Less—Reserves	(29)		(41)
	$	244	$	235

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

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

Schedule of Other Current Assets


	December 31,
	2021		2020
	(Dollars in millions)
Prepaid expenses	$	13	$	62
Taxes receivable	15		22
Advanced discounts to customers, current	11		10
Customer reimbursable engineering	5		13
Foreign exchange forward contracts	12		3
	$	56	$	110

Other Assets (Tables)

12 Months Ended

Dec. 31, 2021

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

Schedule of Other Assets


	December 31,
	2021		2020
	(Dollars in millions)
Advanced discounts to customers, non-current	$	61	$	70
Operating right-of-use assets (Note 18)	51		36
Income tax receivable	27		20
Pension and other employee related	15		—
Designated cross-currency swap	30		—
Other	16		9
	$	200	$	135

Property, Plant and Equipment—Net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment - Net


	December 31,
	2021		2020
	(Dollars in millions)
Land and improvements	$	16	$	17
Buildings and improvements	149		153
Machinery and equipment	711		711
Tooling	393		390
Software	72		68
Construction in progress	87		86
Others	26		26
	1,454		1,451
Less—Accumulated depreciation and amortization	(969)		(946)
	$	485	$	505

Goodwill (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Goodwill

The change in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 is as follows:


	December 31, 2020		Currency Translation Adjustment	December 31, 2021
Goodwill	$	193	—	$	193

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Accrued Liabilities, Current [Abstract]

Summary of Accrued Liabilities


	December 31, 2021		December 31, 2020
	(Dollars in millions)
Customer pricing reserve	$	72	$	82
Compensation, benefits and other employee related	76		62
Repositioning	10		7
Product warranties and performance guarantees - Short-term	21		8
Income and other taxes	25		37
Advanced discounts from suppliers, current	14		5
Customer advances and deferred income (1)	23		8
Accrued interest	8		—
Short-term lease liability (Note 18)	9		5
Other (primarily operating expenses)(2)	37		28
	$	295	$	242

(2)Includes $3 million of environmental liabilities as of December 31, 2021 and December 31, 2020.

Summary of Expenses Related to the Repositioning Accruals


	Severance Costs		Exit Costs		Total
Balance at December 31, 2019	3		1		4
Charges	10		—		10
Usage—cash	(7)		—		(7)
Adjustments	1		(1)		—
Balance at December 31, 2020	$	7	$	—	$	7
Charges	16		—		16
Usage—cash	(13)		—		(13)
Balance at December 31, 2021	$	10	$	—	$	10

Long-term Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 are as follows:


	Due	Interest Rate		December 31, 2021
Dollar Facility	4/30/2028	3.75	%	$	713
Euro Facility	4/30/2028	3.50	%	510
Total principal outstanding				1,223
Less: unamortized deferred financing costs				(35)
Less: current portion of long-term debt				(7)
Total long-term debt				$	1,181

Schedule of Principal Repayments Of Credit Facilities

Minimum scheduled principal repayments of the Credit Facilities as of December 31, 2021 are as follows:


	December 31,
	(Dollars in millions)
2022	$	7
2023	7
2024	7
2025	7
2026	7
Thereafter	1,188
Total debt payments	$	1,223

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
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-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: 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=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 55
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: 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=123599511&loc=d3e64711-112823

Reference 11: 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 12: 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=123467817&loc=d3e21475-112644

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense are as follows:


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Operating lease cost	$	15	$	15	$	14

Summary of Supplemental Cash Flow Information Related to Operating Leases

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


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	12	$	13	$	12
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	26	$	7	$	12

Summary of Supplemental Balance Sheet Information Related to Operating Leases

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


	Year Ended December 31,
	2021		2020
	(Dollars in millions)
Other assets	$	51	$	36
Accrued liabilities	9		5
Other liabilities	42		15
Liabilities subject to compromise	—		19


	Year Ended December 31,
	2021		2020
	(Dollars in millions)
Weighted-average lease term (in years)	8.88		5.14
Weighted-average discount rate	5.65	%	6.16	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows:


	Year Ended December 31, 2021
	(Dollars in millions)
2022	$	11
2023	10
2024	8
2025	7
2026	6
Thereafter	22
Total lease payments	64
Less imputed interest	(13)
	$	51

Financial Instruments and Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 and December 31, 2020:


					Fair Value
	Notional Amounts				Assets					Liabilities
	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020			December 31, 2021		December 31, 2020
	(Dollars in millions)
Designated instruments:
Designated forward currency exchange contracts	$	382	$	—	$	9	$	—	(a)	$	1	$	—	(c)

Designated cross-currency swap	715		—		30		—		(b)	—
Total designated instruments	1,097		—		39		—			1		—
Undesignated instruments:

Undesignated interest rate swap	940		—		7		—		(a)	—		—
Undesignated forward currency exchange contracts	751		19		2		—		(a)	4		—		(c)
Total undesignated instruments	1,691		19		9		—			4		—
Total designated and undesignated instruments	$	2,788	$	19	$	48	$	—		$	5	$	—

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

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

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

Summary of Financial Assets and Liabilities Not Carried at Fair Value

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


	December 31, 2021
	Carrying Value		Fair Value
	(Dollars in millions)
Term Loan Facilities	$	1,188	$	1,227

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities


	December 31,
	2021		2020
	(Dollars in millions)
Income taxes	$	106	$	45
Designated and undesignated derivatives	—		22
Pension and other employee related	61		14
Long-term lease liability (Note 18)	42		15
Advanced discounts from suppliers	16		11
Product warranties and performance guarantees – Long-term	11		6
Environmental Remediation – Long-term	15		2
Other	18		5
	$	269	$	120

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2021

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

Summary of Changes in Accumulated Other Comprehensive Income (Loss)

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


	Pre-Tax		Tax		After-Tax
	(Dollars in millions)
Year Ended December 31, 2019
Foreign exchange translation adjustment	$	67	$	—	$	67
Pension adjustments	(18)		4		(14)
Changes in fair value of effective cash flow hedges	2		2		4
	$	51	$	6	$	57
Year Ended December 31, 2020
Foreign exchange translation adjustment	$	(234)	$	—	$	(234)
Pension adjustments	(17)		(1)		(18)
Changes in fair value of effective cash flow hedges	(8)		1		(7)
	$	(259)	$	—	$	(259)
Year Ended December 31, 2021
Foreign exchange translation adjustment	$	38	$	—	$	38
Pension adjustments	43		(7)		36
Changes in fair value of effective cash flow hedges	11		(1)		10
Changes in fair value of net investment hedges	51		(10)		41
	$	143	$	(18)	$	125

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, 2019	$	153	$	4	$	—	$	(27)	$	130
Other comprehensive income before reclassifications	(234)		(3)		—		(29)		(266)
Amounts reclassified from accumulated other comprehensive income	—		(4)		—		11		7
Net current period other comprehensive income	(234)		(7)		—		(18)		(259)
Balance at December 31, 2020	$	(81)	$	(3)	$	—	$	(45)	$	(129)
Other comprehensive loss before reclassifications	38		11		41		35		125
Amounts reclassified from accumulated other comprehensive income	—		(1)		—		1		—
Net current period other comprehensive loss	38		10		41		36		125
Balance at December 31, 2021	$	(43)	$	7	$	41	$	(9)	$	(4)

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)


Year Ended December 31, 2021 Affected Line in the Consolidated Statement of Operations
	Net Sales		Cost of Goods Sold		Selling, General and Administrative Expenses		Non-Operating (Income) Expense		Total

	(Dollars in millions)
Amortization of Pension and Other Postretirement Items:
Actuarial losses recognized	$	—	$	—	$	—	$	1	$	1
Losses (gains) on cash flow hedges	—		(1)		—		—		(1)
Tax expense (benefit)	—		—		—		—		—
Total reclassifications for the period, net of tax	—		(1)		—		1		$	—


Year Ended December 31, 2020 Affected Line in the Consolidated Statement of Operations
	Net Sales		Cost of Goods Sold		Selling, General and Administrative Expenses		Non-Operating (Income) Expense		Total

	(Dollars in millions)
Amortization of Pension and Other Postretirement Items:
Actuarial losses recognized	$	—	$	—	$	—	$	13	$	13
Losses (gains) on cash flow hedges	—		(4)		—		—		(4)
Tax expense (benefit)									(2)
Total reclassifications for the period, net of tax	$	—	$	(4)	$	—	$	13	$	7

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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 each of the periods presented:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2019	2,794,640	$	12.62
Granted	878,904	6.70
Vested	(1,185,121)	7.83
Forfeited	(949,454)	8.11
Non-vested at December 31, 2020	1,538,969	$	13.11
Granted	1,827,599	8.31
Vested	(326,058)	13.10
Forfeited	(16,551)	11.71
Vested and cancelled	(1,205,650)	13.10
Non-vested at December 31, 2021	1,818,309	$	8.31

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

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


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Compensation expense	$	4	$	9	$	15
Reorganization items, net (Note 2)	8		—		—
Future income tax benefit recognized	1		3		—

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


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Compensation expense	$	2	$	—	$	2
Reorganization items, net (Note 2)	1		—		—

Schedule of Valuation Assumptions for PSUs Granted

The fair value of the PSUs granted in 2021 was estimated using the following assumptions:


Monte Carlo Assumptions						December 31, 2021
Volatility						64.01%
Dividend yield						0.00%
Risk-free interest rate						0.24%

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 each of the periods presented:


	Number of Performance Stock Units	Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2019	331,321	$	16.17
Granted	1,021,069	8.36
Vested	—	—
Forfeited	(1,038,279)	8.48
Non-vested at December 31, 2020	314,111	$	16.17
Granted	1,472,875	8.67
Vested	—	—
Forfeited	(85,346)	14.00
Vested and cancelled	(228,765)	—
Non-vested at December 31, 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 each of the periods presented:


	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 December 31, 2021	—	$	—

The following table summarizes the impact to the Consolidated Statement of Operations from Continuity Awards:


	Year Ended December 31,
	2021		2020
	(Dollars in millions)
Compensation expense	$	5	$	7
Future income tax benefit recognized	1		1

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The details of the earnings per share calculations for the years ended December 31, 2021, 2020 and 2019 are as follows:


	Year Ended December 31
	2021			2020		2019
	(Dollars in millions except per share amounts)

Basic earnings per share:
Net Income	$	495		$	80	$	313
Less: preferred stock dividend	(97)			—		—
Net income available for distribution	398			80		313
Less: earnings allocated to participating securities	(280)			—		—
Net income available to common shareholders	$	118		$	80	$	313
Weighted average common shares outstanding - Basic	69,706,183			75,543,461		74,602,868
EPS – Basic	$	1.69		$	1.06	$	4.20

Diluted earnings per share:
Method used:	If-converted
Weighted average common shares outstanding - Basic	69,706,183			75,543,461		74,602,868
Dilutive effect of unvested RSUs and other contingently issuable shares	28,155			557,048		1,331,505
Dilutive effect of participating securities	247,768,962			—		—
Weighted average common shares outstanding – Diluted	317,503,300		317,503,300	76,100,509		75,934,373
EPS – Diluted	$	1.56		$	1.05	$	4.12

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of Obligation Payable to Honeywell


	2020
	Asbestos and environmental		Tax Matters		Total
	(Dollars in millions)
Beginning of year	$	1,090	$	261	$	1,351

Legal fees expensed	41		—		41
Payments to Honeywell	(35)		—		(35)
Currency translation adjustment	100		25		125
End of year	$	1,196	$	286	$	1,482
Current	2		40		42
Non-current	1,194		246		1,440
Total	$	1,196	$	286	$	1,482

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

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


	Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Beginning of year	$	14	$	29	$	32
Accruals for warranties/guarantees issued during the year	21		18		31
Settlement of warranty/guarantee claims	(19)		(17)		(34)
Amounts reclassified from/(to) Liabilities subject to compromise	16		(16)		—
	$	32	$	14	$	29

Defined Benefit Pension Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

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

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


	Pension Benefits
	U.S. Plans		U.S. Plans		Non-U.S. Plans		Non-U.S. Plans
	2021		2020		2021		2020
	(Dollars in millions)
Change in benefit obligation:
Benefit obligation at beginning of the year	$	220	$	206	$	259	$	226
Service cost	1		1		10		9
Interest cost	4		6		1		2
Plan amendments	—		—		—		(10)
Actuarial (gains) losses(1)	(6)		17		(25)		18
Benefits paid	(11)		(10)		(3)		(3)
Settlements and curtailments(2)	—		—		—		(10)
Foreign currency translation	—		—		(15)		22
Transfers	—		—		(1)		2
Other	—		—		3		3
Benefit obligation at end of the year	208		220		229		259
Change in plan assets:
Fair value of plan assets at beginning of the year	219		204		172		150
Actual return on plan assets	14		25		16		8
Employer contributions	—		—		7		7
Benefits paid	(11)		(10)		(3)		(3)
Settlements and curtailments(2)	—		—		—		(10)
Foreign currency translation	—		—		(10)		15
Transfers	—		—		(1)		2
Other	1		—		1		3
Fair value of plan assets at end of year	223		219		182		172
Funded status of plans	$	15	$	(1)	$	(47)	$	(87)
Amounts recognized in Consolidated Balance Sheet consist of:

Other assets - non-current(3)	15		—		—		—
Accrued pension liabilities- non-current(4)	—		—		(47)		—
Liabilities subject to compromise(5)	—		(1)		—		(87)
Net amount recognized	$	15	$	(1)	$	(47)	$	(87)

________________________________

(3)Included in Other assets in the Consolidated Balance Sheet.

(4)Included in Other liabilities in the Consolidated Balance Sheet.

(5)Included in Liabilities subject to compromise in the Consolidated Balance Sheet for the year ended December 31, 2020.

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


	Pension Benefits
	U.S. Plans		U.S. Plans		Non-U.S. Plans		Non-U.S. Plans
	2021		2020		2021		2020
	(Dollars in millions)
Prior service (credit)	$	(1)	$	(1)	$	(8)	$	(9)
Net actuarial (gain) loss	(1)		9		(11)		24
Net amount recognized	$	(2)	$	8	$	(19)	$	15

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


	Pension Benefits
	U.S. Plans						Non-U.S. Plans
Net Periodic Benefit Cost	2021		2020		2019		2021		2020		2019
	(Dollars in millions)
Service cost	$	1	$	1	$	1	$	10	$	9	$	6
Interest cost	4		6		7		1		2		2
Expected return on plan assets	(10)		(11)		(10)		(6)		(6)		(4)
Amortization of prior service (credit) cost	—		—		—		(1)		—		—
Recognition of actuarial losses	—		—		—		—		13		13
Settlements and curtailments(1)	—		—		—		—		1		—
Net periodic (income) benefit cost	$	(5)	$	(4)	$	(2)	$	4	$	19	$	17

________________________________

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


Other Changes in Plan Assets and Benefits Obligations Recognized in	U.S. Plans						Non-U.S. Plans
Other Comprehensive (Income) Loss	2021		2020		2019		2021		2020		2019
	(Dollars in millions)
Actuarial (gains) losses	$	(10)	$	3	$	2	$	(34)	$	15	$	27
Prior service (credit)	—		—		—				(10)		1
Prior service credit recognized during year	—		—		—		1		—		—
Actuarial losses recognized during year	—		—		—		—		(14)		(13)
Foreign currency translation	—		—		—		—		2		1
Total recognized in other comprehensive (income) loss	$	(10)	$	3	$	2	$	(33)	$	(7)	$	16
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss	$	(15)	$	(1)	$	—	$	(29)	$	12	$	33

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


	Pension Benefits
	U.S. Plans						Non-U.S. Plans
	2021		2020		2019		2021		2020		2019
	(Dollars in millions)
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate	2.95	%	2.65	%	3.30	%	0.86	%	0.46	%	0.79	%
Expected annual rate of compensation increase	3.20	%	3.57	%	3.74	%	2.07	%	1.82	%	1.77	%
Interest credited to accounts (1)	—		—		—	%	1.50	%	1.50	%	1.50	%
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate—benefit obligation	2.65	%	3.30	%	4.44	%	0.46	%	0.79	%	1.65	%
Discount rate—service cost	3.37	%	4.47	%	4.47	%	0.23	%	1.20	%	1.20	%
Discount rate—interest cost	2.86	%	4.06	%	4.06	%	0.63	%	1.74	%	1.74	%
Expected rate of return on plan assets	4.88	%	5.49	%	5.80	%	3.60	%	3.79	%	3.34	%
Expected annual rate of compensation increase	3.57	%	3.74	%	3.74	%	1.80	%	1.77	%	1.77	%

________________________________

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

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

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


	December 31,
	U.S. Plans				Non-U.S. Plans
	2021		2020		2021		2020
	(Dollars in millions)
Projected benefit obligation	$	—	$	—	$	229	$	259
Accumulated benefit obligation	—		—		217		239
Fair value of plan assets	—		—		182		172

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

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


	U.S. Plans
	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(Dollars in millions)
Cash	$	4	$	4	$	—	$	—
Equity funds	34		—		34		—
Government bond funds	39		—		39		—
Corporate bond funds	135		—		135		—
Real estate funds	11		—		11		—
Total assets at fair value	$	223	$	4	$	219	$	—

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


	Non-U.S. Plans
	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(Dollars in millions)
Cash and cash equivalents	$	3	$	3	$	—
Equity funds	100				100
Government bond funds	34				34
Corporate bond funds	11				11
Real estate funds	22				22
Other	13				13
Total assets at fair value	$	183	$	3	$	180	$	—


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

Summary of Benefit Payments

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


	U.S. Plans		Non-U.S. Plans
	(Dollars in millions)
2022	$	11	$	4
2023	11		4
2024	11		4
2025	11		4
2026	11		5
2027-2031	57		31

Concentrations (Tables)

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Summary of Net Sales by Region

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


	Year Ended December 31, 2021
	OEM		Aftermarket		Other		Total
	(Dollars in millions)
United States	$	383	$	176	$	6	$	565
Europe	1,602		155		27		1,784
Asia	1,153		50		28		1,231
Other International	28		25		—		53
	$	3,166	$	406	$	61	$	3,633


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


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

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

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


	Net sales Year Ended December 31,
	2021		%	2020		%	2019		%
	(Dollars in millions)
Customer A	$	347	10	$	301	10	$	374	12
Customer B	480		13	346		11	240		7
Others	2,806		77	2,387		79	2,634		81
	$	3,633	100	$	3,034	100	$	3,248	100

Summary of Long-lived Assets by Region

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


	Long-lived Assets (1) December 31
	2021		2020		2019
	(Dollars in millions)
United States	$	19	$	21	$	24
Europe	291		315		285
Asia	162		151		141
Other International	14		18		21
	$	486	$	505	$	471

_________________________

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

Unaudited Quarterly Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Summary of Unaudited Quarterly Financial Information


	2021
	March 31		June 30		September 30		December 31		Year Ended December 31
	(Dollars in millions)
Net Sales	$	997	$	935	$	839	$	862	$	3,633
Gross Profit	196		193		163		155		707
Net (Loss) Income	(105)		409		63		128		495
Net (Loss) Income available for distribution	(105)		385		27		91		398
Earnings (loss) per share - basic	(1.38)		1.63		0.09		0.29		1.69
Earnings (loss) per share - diluted	(1.38)		1.29		0.09		0.29		1.56


	2020
	March 31		June 30		September 30		December 31		Year Ended December 31
	(Dollars in millions)
Net Sales	$	745	$	477	$	804	$	1,008	$	3,034
Gross Profit	138		80		147		174		539
Net Income (Loss)	52		(9)		11		26		80
Earnings (loss) per share - basic	0.69		(0.12)		0.15		0.34		1.06
Earnings (loss) per share - diluted	0.68		(0.12)		0.14		0.34		1.05

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, $ in Millions				12 Months Ended
	Apr. 26, 2021 USD ($) shares	Sep. 27, 2018 USD ($) claim	Sep. 27, 2018 EUR (€) claim	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 16, 2021 USD ($)	Apr. 26, 2021 EUR (€)
Plan Of Reorganization [Line Items]
Payments for cash out election	$ 69			$ 69	$ 0	$ 0
Post-petition interest				13
Deferred financing costs	38			1,221
Deferred financing costs on repaid historical debt expensed	25
Make-Whole Litigation
Plan Of Reorganization [Line Items]
Payment in connection with litigation				15
Revolving Credit Facility \| Letter of Credit
Plan Of Reorganization [Line Items]
Line of credit, maximum borrowing capacity	125
DIP Term Loan Facility
Plan Of Reorganization [Line Items]
Payment of interest and principal outstanding	101
Credit Agreement
Plan Of Reorganization [Line Items]
Deferred financing costs	$ 1,221
Credit Agreement \| Senior Secured Credit Facilities
Plan Of Reorganization [Line Items]
Repayment of accrued pre-petition hedge obligations		$ 20
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
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 \| Senior Secured Credit Facilities
Plan Of Reorganization [Line Items]
Repayments of outstanding principal balance and accrued interest		$ 374
Credit Agreement \| Revolving Credit Facility \| Secured Debt
Plan Of Reorganization [Line Items]
Line of credit, term	5 years
Line of credit, maximum borrowing capacity	$ 300						$ 500
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
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
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
Debtors
Plan Of Reorganization [Line Items]
Accrued pre-petition interest		10
Post-petition interest		13
Debtors \| Make-Whole Litigation
Plan Of Reorganization [Line Items]
Payment in connection with litigation		$ 15
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	€ 350
Debt instrument, annual fixed interest rate		5.125%
PSA and The Transaction, Amended Plan
Plan Of Reorganization [Line Items]
Litigation cash payment at emergence	$ 375			$ 375
PSA and The Transaction, Amended Plan \| Directors, Officers and Other Employees
Plan Of Reorganization [Line Items]
Maximum percentage of equity authorized to grant	10.00%							10.00%
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
Series B Preferred Stock \| PSA and The Transaction, Amended Plan
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 ($) $ in Millions		12 Months Ended
	Apr. 26, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Plan Of Reorganization [Line Items]
Gain on settlement of Honeywell claims		$ (502)	$ 0
Advisor fees		174	55
Bid termination and expense reimbursement		79	0
Director's and officers insurance		39	0
Expenses related to Senior Notes		28	0
Write off of pre-petition debt issuance cost		25	6
Employee stock cash out		13	0
DIP Financing fees		1	13
Other		18	(1)
Total reorganization items, net		(125)	73	$ 0
Currency translation adjustment		(14)	$ 35	$ (13)
Post-petition interest		13
Make-Whole Litigation
Plan Of Reorganization [Line Items]
Payment in connection with litigation		15
PSA and The Transaction, Amended Plan
Plan Of Reorganization [Line Items]
Gain on settlement of Honeywell claims		(502)
Loss contingency, owes		1,459
Litigation cash payment at emergence	$ 375	375
Series B Preferred Stock issued		577
Currency translation adjustment		$ 5

Plan of Reorganization - Schedule of Changes to Debt Outstanding (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 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	1,188
Long-term debt at end of the period	1,188
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	1,188
Long-term debt at end of the period	1,188
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	12 Months Ended
	Dec. 31, 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	0
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
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)			2 Months Ended	8 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Details)	Feb. 18, 2022 USD ($) shares	Sep. 12, 2018 USD ($)	Feb. 14, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) Segment shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares
Significant Accounting Policies [Line Items]
Number of reporting unit with negative carrying value \| Segment					1
Goodwill, impairment					$ 0
Net actuarial gain (losses) recognition, minimum percentage					10.00%
Weighted average common shares outstanding, basic (in shares) \| shares					69,706,183	75,543,461	74,602,868
Weighted average common shares outstanding, diluted (in shares) \| shares					317,503,300	76,100,509	75,934,373
Series B Preferred Stock
Significant Accounting Policies [Line Items]
Payments for redemptions of Series B Preferred stock					$ 201,000,000	$ 0	$ 0
Scenario Forecast \| Series B Preferred Stock
Significant Accounting Policies [Line Items]
Stock redeemed during period (in shares) \| shares	217,183,244
Payments for redemptions of Series B Preferred stock	$ 197,000,000
Subsequent Event
Significant Accounting Policies [Line Items]
Restricted cash released			$ 39,000,000
Honeywell International, Inc
Significant Accounting Policies [Line Items]
Related party, costs				$ 9,000,000
Related party, liabilities				15,000,000	15,000,000
Related party, lease contracts				$ 12,000,000	12,000,000
Centerbridge, Oaktree and Honeywell \| Professional fees and expenses
Significant Accounting Policies [Line Items]
Related party, professional fees and expenses reimbursed					75,000,000
Indemnification and Reimbursement Agreement
Significant Accounting Policies [Line Items]
Percentage of net insurance receipts		90.00%
Liability for asbestos and environmental claims maximum amount converted into euros		$ 25,000,000
Indemnification and Reimbursement Agreement \| Bendix asbestos-related liabilities
Significant Accounting Policies [Line Items]
Percentage of asbestos-related and environmental-related liabilities		90.00%
Cost of Goods Sold
Significant Accounting Policies [Line Items]
Research and development cost					136,000,000	111,000,000	129,000,000
Engineering-related expenses					$ 22,000,000	$ 13,000,000	$ 5,000,000
Minimum \| Buildings and improvements
Significant Accounting Policies [Line Items]
Estimated useful lives					10 years
Minimum \| Machinery and equipment
Significant Accounting Policies [Line Items]
Estimated useful lives					2 years
Minimum \| Tooling
Significant Accounting Policies [Line Items]
Estimated useful lives					3 years
Minimum \| Software
Significant Accounting Policies [Line Items]
Estimated useful lives					5 years
Maximum \| Buildings and improvements
Significant Accounting Policies [Line Items]
Estimated useful lives					50 years
Maximum \| Machinery and equipment
Significant Accounting Policies [Line Items]
Estimated useful lives					16 years
Maximum \| Tooling
Significant Accounting Policies [Line Items]
Estimated useful lives					10 years
Maximum \| Software
Significant Accounting Policies [Line Items]
Estimated useful lives					7 years

Revenue Recognition and Contracts with Customers - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021
Revenue Recognition And Contracts With Customers [Line Items]
Performance obligation satisfied, period	1 month
Cash advances and unbilled receivables settlement, period	3 months
Performance obligation, minimum expected term period to disclose value	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Recognition And Contracts With Customers [Line Items]
Performance obligation expected to be satisfied, period	1 year
Maximum
Revenue Recognition And Contracts With Customers [Line Items]
Performance obligation satisfied over time, percentage	1.00%

Revenue Recognition and Contracts with Customers - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change in Contract with Customer, Asset [Abstract]
Contract assets—January 1	$ 61	$ 6
Contract assets—December 31	63	61
Change in contract assets—Increase/(Decrease)	2	55
Change in Contract with Customer, Liability [Abstract]
Contract liabilities—January 1	(2)	(3)
Contract liabilities—December 31	(5)	(2)
Change in contract liabilities—(Increase)/Decrease	$ (3)	$ 1

Other Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
Other Expense, Net (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expenses [Abstract]
Indemnification related — post Spin-Off	$ 0	$ 41	$ 28
Indemnification related — litigation	0	3	11
Environmental remediation, non-active sites	0	1	0
Factoring and notes receivables discount fees	1	1	1
Other expense, net	$ 1	$ 46	$ 40

Non-Operating (Income) Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Nonoperating Income (Expense) [Abstract]
Equity income of affiliated companies	$ (7)	$ (5)	$ (6)
Interest income	(11)	(3)	(7)
Pension (income) expense — non service	(13)	5	8
Foreign exchange	14	(35)	13
Others, net	1	0	0
Non-operating (income) expense	$ (16)	$ (38)	$ 8

Income Taxes - Schedule of Income (loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income before taxes
Domestic entities	$ 242	$ (87)	$ (54)
Entities outside the U.S.	296	206	400
Income before taxes	$ 538	$ 119	$ 346

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Section 25
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Reference 5: 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=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
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-Subparagraph (SX 210.5-03(10))
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.7-04(8))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
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+ Details

Income Taxes - Schedule of Tax Expense (Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ (1)	$ 3	$ 9
State	0	1	1
Foreign	80	69	64
Total current income tax expense (benefit)	79	73	74
Deferred:
Federal	(9)	0	2
State	(2)	0	0
Foreign	(25)	(34)	(43)
Total deferred income tax expense (benefit)	(36)	(34)	(41)
Income tax expense (benefit)	$ 43	$ 39	$ 33

Income Taxes - Schedule of U.S Federal Statutory Income Tax Rate Reconciled to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Taxes on non-U.S. earnings different from U.S. tax	(7.60%)	(6.50%)	(2.30%)
Reserves for tax contingencies	3.70%	15.90%	2.50%
Non-deductible and permanent items	(14.40%)	7.10%	1.70%
Withholding and other taxes on foreign earnings	5.70%	(14.70%)	4.40%
Tax law changes	0	0	(0.173)
Changes in valuation allowance	(0.30%)	10.50%	0.50%
All other items	(0.20%)	(0.50%)	(1.00%)
Effective income tax rate	7.90%	32.80%	9.50%

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Effective income tax rate (decrease) increase	(24.90%)	23.30%
Effective income tax rate (decrease) increase due to internal restructuring	(11.00%)
Valuation allowance	$ 32	$ 34
Deferred income tax assets	289	275
Deferred income tax liability	21	2
Deferred income tax liabilities, withholding taxes	19
Unrecognized tax benefits	80	60	$ 54
Interest and penalties, expense (benefit)	3	(5)	(3)
Accrued interest and penalties	26	$ 29	$ 26
Non-US
Income Taxes [Line Items]
Valuation allowance	$ 32

Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Intangibles and fixed assets	$ 219	$ 202
Pension	7	18
Accruals and reserves	39	32
Net operating losses and other tax attribute carryforwards	37	35
Outside basis differences	11	11
Other	30	29
Total deferred tax assets	343	327
Valuation allowance	(32)	(34)
Net deferred tax assets	311	293
Deferred tax liabilities:
Outside basis differences	(19)	(30)
Other	(24)	(15)
Total deferred tax liabilities	(43)	(45)
Net deferred tax asset	$ 268	$ 248

Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2021 USD ($)
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	$ 109
Brazil
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	49
Luxembourg
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	26
United Kingdom
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	26
Other
Operating Loss Carryforwards [Line Items]
Net Operating Loss Carryforwards	$ 8

Income Taxes - Schedule of Changes in Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 60	$ 54	$ 48
Gross increases related to current period tax positions	13	8	8
Gross increases related to prior periods tax positions	31	6	0
Gross decreases related to prior periods tax positions	(21)	0	0
Decrease related to resolutions of audits with tax authorities	0	(7)	0
Expiration of the statute of limitations for the assessment of taxes	(1)	(2)	(2)
Foreign currency translation	(2)
Foreign currency translation		1	0
Balance at end of year	$ 80	$ 60	$ 54

Accounts, Notes and Other Receivables—Net - Schedule of Accounts, Notes and Other Receivables-Net (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Trade receivables	$ 553	$ 625
Notes receivables	121	152
Other receivables	78	77
Accounts, notes and other receivables, gross	752	854
Less—Allowance for expected credit losses	(5)	(13)
Accounts, notes and other receivables, net	$ 747	$ 841

Accounts, Notes and Other Receivables—Net - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Unbilled balances	$ 63	$ 61

Factoring and Notes Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Sale of trade receivables	$ 566	$ 473
Factoring and notes receivables discount fees, notes	1	1	$ 1
Proceeds from sale of bank notes	1	160
Factoring and notes receivables discount fees, receivables	1	1	$ 1
Guaranteed bank notes pledged as collateral	$ 5	$ 18

Inventories—Net (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 162	$ 160
Work in process	19	19
Finished products	92	97
Inventories, gross	273	276
Less—Reserves	(29)	(41)
Inventories, net	$ 244	$ 235

Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 13	$ 62
Taxes receivable	15	22
Advanced discounts to customers, current	11	10
Customer reimbursable engineering	5	13
Foreign exchange forward contracts	12	3
Other current assets	$ 56	$ 110

Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advanced discounts to customers, non-current	$ 61	$ 70
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating right-of-use assets (Note 18)	$ 51	$ 36
Income tax receivable	27	20
Pension and other employee related	15	0
Designated cross-currency swap	30	0
Other	16	9
Other assets	$ 200	$ 135

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Property, Plant and Equipment—Net - Schedule of Property, Plant and Equipment - Net (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 1,454	$ 1,451
Less—Accumulated depreciation and amortization	(969)	(946)
Property, plant and equipment, net	485	505
Land and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	16	17
Buildings and improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	149	153
Machinery and equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	711	711
Tooling
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	393	390
Software
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	72	68
Construction in progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	87	86
Others
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 26	$ 26

Property, Plant and Equipment—Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 92	$ 86	$ 73

Goodwill (Details) $ in Millions	12 Months Ended
Goodwill (Details) $ in Millions	Dec. 31, 2021 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 193
Currency Translation Adjustment	0
Balance at end of period	$ 193

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities, Current [Abstract]
Customer pricing reserve	$ 72	$ 82
Compensation, benefits and other employee related	76	62
Repositioning	10	7
Product warranties and performance guarantees - Short-term	21	8
Income and other taxes	25	37
Advanced discounts from suppliers, current	14	5
Customer advances and deferred income	23	8
Accrued interest	$ 8	$ 0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities	Accrued Liabilities
Short-term lease liability (Note 18)	$ 9	$ 5
Other (primarily operating expenses)	37	28
Accrued Liabilities	295	242
Contract liabilities	5	2
Accrued environmental liability	$ 3	$ 3

Accrued Liabilities - Summary of Expenses Related to the Repositioning Accruals (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 7	$ 4
Charges	16	10
Usage—cash	(13)	(7)
Adjustments		0
Balance at end of period	10	7
Severance Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	7	3
Charges	16	10
Usage—cash	(13)	(7)
Adjustments		1
Balance at end of period	10	7
Exit Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0	1
Charges	0	0
Usage—cash	0	0
Adjustments		(1)
Balance at end of period	$ 0	$ 0

Long-term Debt and Credit Agreements - Additional Information (Details) € in Millions			12 Months Ended
	Jan. 11, 2022 USD ($)	Apr. 26, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 16, 2021 USD ($)	Apr. 26, 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 applicable margin rate			3.50%
Minimum \| ABR Loans
Debt Instrument [Line Items]
Debt instrument applicable margin rate			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			0.50%
Percentage of excess cash flow proceeds thereafter year 1			25.00%
Percentage of excess cash flow proceeds thereafter year 2			0.00%
Debt instrument, face amount			$ 30,000,000
Aggregate commitment percentage			35.00%
Credit Agreement \| ABR Loans
Debt Instrument [Line Items]
Debt instrument applicable margin rate			2.25%
Credit Agreement \| LIBOR Loans
Debt Instrument [Line Items]
Debt instrument applicable margin rate			3.25%
Credit Agreement \| Minimum \| ABR Loans
Debt Instrument [Line Items]
Debt instrument applicable margin rate			1.50%
Credit Agreement \| Minimum \| LIBOR Loans
Debt Instrument [Line Items]
Debt instrument applicable margin rate			0.50%
Credit Agreement \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Debt instrument applicable margin rate			0.00%
Credit Agreement \| Maximum
Debt Instrument [Line Items]
Consolidated total leverage ratio			4.7
Term Loan Facility \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument, term			7 years
Term Loan Facility \| Credit Agreement, USD Tranche \| Secured Debt
Debt Instrument [Line Items]
Line of credit, term		7 years
Line of credit, maximum borrowing capacity		$ 715,000,000
Term Loan Facility \| Credit Agreement, EUR Tranche \| Secured Debt
Debt Instrument [Line Items]
Line of credit, term		7 years
Line of credit, maximum borrowing capacity \| €					€ 450
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument applicable margin rate			1.00%
Unused commitment fee percentage			0.25%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Unused commitment fee percentage			0.50%
Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 125,000,000
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit			$ 0
Line of credit, available borrowing capacity			$ 297,000,000
Debt instrument, term			5 years
Revolving Credit Facility \| Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Line of credit, term		5 years
Line of credit, maximum borrowing capacity		$ 300,000,000		$ 500,000,000
Revolving Credit Facility \| Credit Agreement, First Amendment \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 424,000,000
Line of credit facility, increase amount	$ 124,000,000
Undrawn Letters of Credit \| Credit Agreement
Debt Instrument [Line Items]
Line of credit			$ 3,000,000
Letter of Credit
Debt Instrument [Line Items]
Line of credit			8,000,000
Line of credit, available borrowing capacity			27,000,000
Line of credit facility, borrowing capacity			$ 35,000,000

Long-term Debt and Credit Agreements - Schedule of Principal Outstanding And Carrying Amount of Long term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt payments	$ 1,223
Less: unamortized deferred financing costs	(35)
Less: current portion of long-term debt	(7)	$ 0
Total long-term debt	$ 1,181	$ 1,082
Dollar Facility
Debt Instrument [Line Items]
Long term debt, interest rate	3.75%
Total debt payments	$ 713
Euro Facility
Debt Instrument [Line Items]
Long term debt, interest rate	3.50%
Total debt payments	$ 510

Long-term Debt and Credit Agreements - Schedule of Principal Repayments Of Credit Facilities (Details) $ in Millions	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 7
2023	7
2024	7
2025	7
2026	7
Thereafter	1,188
Total debt payments	$ 1,223

Mandatorily Redeemable Series B Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Feb. 18, 2022	Dec. 28, 2021	Apr. 26, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 16, 2021
Class Of Stock [Line Items]
Preferred stock authorized to grant (in shares)			1,200,000,000
Mandatorily redeemable Serie B Preferred Stock, non current				$ 195	$ 0
Revolving Credit Facility \| Credit Agreement \| Secured Debt
Class Of Stock [Line Items]
Line of credit, maximum borrowing capacity			$ 300				$ 500
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]
Payments for redemptions of Series B Preferred stock				$ 201	$ 0	$ 0
Series B Preferred Stock \| Scenario Forecast
Class Of Stock [Line Items]
Payments for redemptions of Series B Preferred stock	$ 197
Stock redeemed during period (in shares)	217,183,244
PSA and The Transaction, Amended Plan \| Series B Preferred Stock
Class Of Stock [Line Items]
Shares issued (in shares)			834,800,000
Preferred stock, redemption value per share (in USD per share)				$ 1.00
Discount rate				7.25%
Liquidation preference				$ 125
PSA and The Transaction, Amended Plan \| Series B Preferred Stock \| Minimum
Class Of Stock [Line Items]
Preferred stock, redemption value per share (in USD per share)				$ 1.00
PSA and The Transaction, Amended Plan 2021 \| Series B Preferred Stock
Class Of Stock [Line Items]
Net present value of remaining oustanding shares				$ 400
PSA And Transaction, Second Amended Plan 2021 \| Series B Preferred Stock
Class Of Stock [Line Items]
Discount rate				7.67%
Net present value of remaining oustanding shares							$ 207
Payments for redemptions of Series B Preferred stock		$ 211
Payments for redemptions of Series B Preferred stock, principal		201
Payments for redemptions of Series B Preferred stock, interest		$ 10
Preferred stock issued payable annually in 2022				$ 200
Preferred stock issued payable annually in 2024				16
Preferred stock issued payable annually in 2025				100
Preferred stock issued payable annually in 2026				100
Preferred stock issued payable annually in 2027				54
Preferred stock issued payable				470
Net present value of redemptions of shares				395
Mandatorily redeemable Serie B Preferred Stock, non current				$ 195

Leases - Additional Information (Details) - Maximum	12 Months Ended
Leases - Additional Information (Details) - Maximum	Dec. 31, 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 15	$ 15	$ 14

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 12	$ 13	$ 12
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 26	$ 7	$ 12

Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Other assets	$ 51	$ 36
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets (Note 12)	Other assets (Note 12)
Accrued liabilities	$ 9	$ 5
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities (Note 15)	Accrued liabilities (Note 15)
Other liabilities	$ 42	$ 15
Operating Lease Liability Noncurrent Statement Of Financial Position [Extensible List]	Other liabilities (Note 20)	Other liabilities (Note 20)
Liabilities subject to compromise	$ 0	$ 19
Weighted-average lease term (in years)	8 years 10 months 17 days	5 years 1 month 20 days
Weighted-average discount rate	5.65%	6.16%

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 11
2023	10
2024	8
2025	7
2026	6
Thereafter	22
Total lease payments	64
Less imputed interest	(13)
Operating lease, liabilities	$ 51

Financial Instruments and Fair Value Measures - Additional Information (Details) € in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 EUR (€)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount	$ 2,788,000,000	$ 19,000,000
Changes in fair value of net investment hedges, net of tax (Note 19)	41,000,000	$ 0	$ 0
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	30,000,000
Changes in fair value of net investment hedges, net of tax (Note 19)	41,000,000
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	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	$ 2,788		$ 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	2,788		19
Fair Value, Assets	48		0
Fair Value, Liabilities	5		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	1,097		0
Fair Value, Assets	39		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	382		0
Fair Value, Assets	9		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	30		0
Fair Value, Liabilities	0
Fair value measurements recurring \| Level 2 \| Undesignated as Hedging
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	1,691		19
Fair Value, Assets	9		0
Fair Value, Liabilities	4		0
Fair value measurements recurring \| Level 2 \| Undesignated as Hedging \| Forward currency exchange contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	751		19
Fair Value, Assets	2		0
Fair Value, Liabilities	4		0
Fair value measurements recurring \| Level 2 \| Undesignated as Hedging \| Interest rate swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	940		0
Fair Value, Assets	7		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	Dec. 31, 2021 USD ($)
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term Loan Facilities	$ 1,188
Level 2 \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term Loan Facilities	$ 1,227

Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Income taxes	$ 106	$ 45
Designated and undesignated derivatives	0	22
Pension and other employee related	$ 61	$ 14
Operating Lease Liability Noncurrent Statement Of Financial Position [Extensible List]	Other liabilities	Other liabilities
Long-term lease liability (Note 18)	$ 42	$ 15
Advanced discounts from suppliers	16	11
Product warranties and performance guarantees – Long-term	11	6
Environmental Remediation – Long-term	15	2
Other	18	5
Other liabilities	$ 269	$ 120

Equity (Details) $ / shares in Units, $ in Millions			2 Months Ended	12 Months Ended
Equity (Details) $ / shares in Units, $ in Millions	Apr. 30, 2021 shares	Apr. 26, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) registration_demand underwritten_offering director $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Nov. 16, 2021 USD ($)
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	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%
Stock repurchase program, authorized amount \| $							$ 100
Stock repurchased during period (in shares) \| shares			509,443
Payments for repurchase of Common Stock \| $			$ 4	$ 4	$ 0	$ 0
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				$ 0.394337
Preferred stock, shares outstanding (in shares) \| shares			245,921,617	245,921,617
Preferred stock, aggregate accumulated dividend \| $				$ 97
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
Stock repurchased during period (in shares) \| shares			1,846,138
Payments for repurchase of Series A Preferreds Stock \| $			$ 15	$ 15	$ 0	$ 0
Series A Preferred Stock \| Centerbridge, Oaktree and additional investors
Class Of Stock [Line Items]
Shares issued (in shares) \| shares				247,768,962
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	$ 5.25
Series B Preferred Stock \| Maximum
Class Of Stock [Line Items]
Preferred stock value outstanding \| $			$ 125	$ 125
Common Stock
Class Of Stock [Line Items]
Shares issued (in shares) \| shares		65,035,801
Cash paid to holders \| $		$ 69
Stock repurchased during period (in shares) \| shares				1,000,000

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign exchange translation adjustment, pre-tax	$ 38	$ (234)	$ 67
Pension adjustments, pre-tax	43	(17)	(18)
Changes in fair value of effective cash flow hedges, pre-tax	11	(8)	2
Changes in fair value of net investment hedges, pre-tax	51
Other Comprehensive Income (Loss),pre-tax	143	(259)	51
Foreign exchange translation adjustment, tax	0	0	0
Pension adjustments, tax	(7)	(1)	4
Changes in fair value of effective cash flow hedges, tax	(1)	1	2
Changes in fair value of net investment hedges, tax	(10)
Other Comprehensive Income (Loss), tax	(18)	0	6
Foreign exchange translation adjustment, net of tax	38	(234)	67
Defined benefit pension plan adjustment, net of tax	36	(18)	(14)
Changes in fair value of net investment hedges, net of tax	10	(7)	4
Changes in fair value of net investment hedges, net of tax (Note 19)	41	0	0
Total other comprehensive income (loss) , net of tax	$ 125	$ (259)	$ 57

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	$ (2,308)	$ (2,133)	$ (2,517)
Other comprehensive income before reclassifications	125	(266)
Amounts reclassified from accumulated other comprehensive income	0	7
Total other comprehensive income (loss) , net of tax	125	(259)	57
Ending balance	(468)	(2,308)	(2,133)
Foreign Exchange Translation Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(81)	153
Other comprehensive income before reclassifications	38	(234)
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive income (loss) , net of tax	38	(234)
Ending balance	(43)	(81)	153
Changes in Fair Value of Effective Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(3)	4
Other comprehensive income before reclassifications	11	(3)
Amounts reclassified from accumulated other comprehensive income	(1)	(4)
Total other comprehensive income (loss) , net of tax	10	(7)
Ending balance	7	(3)	4
Changes in Fair Value of Net Investment Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	0	0
Other comprehensive income before reclassifications	41	0
Amounts reclassified from accumulated other comprehensive income	0	0
Total other comprehensive income (loss) , net of tax	41	0
Ending balance	41	0	0
Pension Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(45)	(27)
Other comprehensive income before reclassifications	35	(29)
Amounts reclassified from accumulated other comprehensive income	1	11
Total other comprehensive income (loss) , net of tax	36	(18)
Ending balance	(9)	(45)	(27)
Other Comprehensive Income/(Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(129)	130	73
Total other comprehensive income (loss) , net of tax	125	(259)	57
Ending balance	$ (4)	$ (129)	$ 130

Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Net Sales	$ 862	$ 839	$ 935	$ 997	$ 1,008	$ 804	$ 477	$ 745	$ 3,633	$ 3,034	$ 3,248
Cost of Goods Sold									(2,926)	(2,495)	(2,555)
Selling, General and Administrative Expenses									216	260	231
Non-Operating (Income) Expense									(16)	(38)	8
Total reclassifications for the period, before tax									(538)	(119)	(346)
Tax expense (benefit)									43	39	33
Total reclassifications for the period, net of tax	$ (128)	$ (63)	$ (409)	$ 105	$ (26)	$ (11)	$ 9	$ (52)	(495)	(80)	$ (313)
Reclassification out of Accumulated Other Comprehensive Income
Defined Benefit Plan Disclosure [Line Items]
Net Sales									0	0
Cost of Goods Sold									(1)	(4)
Selling, General and Administrative Expenses									0	0
Non-Operating (Income) Expense									1	13
Tax expense (benefit)									0	(2)
Total reclassifications for the period, net of tax									0	7
Reclassification out of Accumulated Other Comprehensive Income \| Actuarial losses recognized
Defined Benefit Plan Disclosure [Line Items]
Net Sales									0	0
Cost of Goods Sold									0	0
Selling, General and Administrative Expenses									0	0
Non-Operating (Income) Expense									1	13
Total reclassifications for the period, before tax									1	13
Reclassification out of Accumulated Other Comprehensive Income \| Losses (gains) on cash flow hedges
Defined Benefit Plan Disclosure [Line Items]
Net Sales									0	0
Cost of Goods Sold									(1)	(4)
Selling, General and Administrative Expenses									0	0
Non-Operating (Income) Expense									0	0
Total reclassifications for the period, before tax									$ (1)	$ (4)

Stock-Based Compensation - Additional Information (Details) - USD ($)			1 Months Ended	12 Months Ended
	Apr. 26, 2021	Sep. 14, 2018	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	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				$ 7,000,000	$ 10,000,000	$ 18,000,000
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				$ 4,000,000	9,000,000	15,000,000
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				$ 2,000,000	0	$ 2,000,000
Risk-free interest rate				0.24%
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]
Granted (in shares)				0
Stock-based compensation expense			$ 11,000,000	$ 5,000,000	$ 7,000,000
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
Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost				$ 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		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		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
Weighted average grant date fair value of options granted				$ 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		400,000
2021 Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock awarded (in shares)				3,300,474
Common stock available for future issuance				27,980,002
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							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				$ 13,000,000
Weighted-average recognition period				3 years 8 months 12 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]
Granted (in shares)				1,827,599
Long Term Incentive Plan \| Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost				$ 11,000,000
Weighted-average recognition period				1 year 11 months 15 days
Long Term Incentive Plan \| Performance Stock Units \| Officers and certain key employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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 - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Awards
Non-vested, beginning balance (in shares)	1,538,969	2,794,640
Granted (in shares)	1,827,599	878,904
Vested (in shares)	(326,058)	(1,185,121)
Forfeited (in shares)	(16,551)	(949,454)
Vested and cancelled (in shares)	(1,205,650)
Non-vested, ending balance (in shares)	1,818,309	1,538,969
Weighted Average Grant Date Fair Value Per Share
Non-vested, beginning balance (in USD per share)	$ 13.11	$ 12.62
Granted (in USD per share)	8.31	6.70
Vested (in USD per share)	13.10	7.83
Forfeited (in USD per share)	11.71	8.11
Vested and cancelled (in USD per share)	13.10
Non-vested, ending balance (in USD per share)	$ 8.31	$ 13.11

Stock-Based Compensation - Summary of Impact to Consolidated and Combined Statement of Operations from RSUs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reorganization items, net	$ (125)	$ 73	$ 0
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	4	9	15
Reorganization items, net	8	0	0
Future income tax benefit recognized	$ 1	$ 3	$ 0

Stock-Based Compensation - Schedule of Valuation Assumptions for PSUs Granted (Details) - Performance Stock Units	12 Months Ended
	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	64.01%
Dividend yield	0.00%
Risk-free interest rate	0.24%

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 - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Awards
Non-vested, beginning balance (in shares)	314,111	331,321
Granted (in shares)	1,472,875	1,021,069
Vested (in shares)	0	0
Forfeited (in shares)	(85,346)	(1,038,279)
Vested and cancelled (in shares)	(228,765)
Non-vested, ending balance (in shares)	1,472,875	314,111
Weighted Average Grant Date Fair Value Per Share
Non-vested, beginning balance (in USD per share)	$ 16.17	$ 16.17
Granted (in USD per share)	8.67	8.36
Vested (in USD per share)	0	0
Forfeited (in USD per share)	14.00	8.48
Vested and cancelled (in USD per share)	0
Non-vested, ending balance (in USD per share)	$ 8.67	$ 16.17

Stock-Based Compensation - Summary of Impact to Consolidated and Combined Statement of Operations from PSUs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reorganization items, net	$ (125)	$ 73	$ 0
Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	2	0	2
Reorganization items, net	$ 1	$ 0	$ 0

Stock-Based Compensation - Summary of Continuity Award Activity (Details) - Continuity Awards	12 Months Ended
	Dec. 31, 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 Share
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	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 11	$ 5	$ 7
Future income tax benefit recognized		$ 1	$ 1

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic earnings per share:
Net income	$ 128	$ 63	$ 409	$ (105)	$ 26	$ 11	$ (9)	$ 52	$ 495	$ 80	$ 313
Less: preferred stock dividend									(97)	0	0
Net income available for distribution	$ 91	$ 27	$ 385	$ (105)					398	80	313
Less: earnings allocated to participating securities									(280)	0	0
Net income available to common shareholders									$ 118	$ 80	$ 313
Weighted average common shares outstanding, basic (in shares)									69,706,183	75,543,461	74,602,868
Earnings per share, basic (in USD per share)	$ 0.29	$ 0.09	$ 1.63	$ (1.38)	$ 0.34	$ 0.15	$ (0.12)	$ 0.69	$ 1.69	$ 1.06	$ 4.20
Diluted earnings per share:
Weighted average common shares outstanding, basic (in shares)									69,706,183	75,543,461	74,602,868
Dilutive effect of unvested RSUs and other contingently issuable shares (in shares)									28,155	557,048	1,331,505
Dilutive effect of participating securities (in shares)									247,768,962	0	0
Weighted average common shares outstanding, diluted (in shares)									317,503,300	76,100,509	75,934,373
Earnings per share, diluted (in USD per share)	$ 0.29	$ 0.09	$ 1.29	$ (1.38)	$ 0.34	$ 0.14	$ (0.12)	$ 0.68	$ 1.56	$ 1.05	$ 4.12

Earnings Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of diluted EPS (in shares)	131,623	428,690	483,408
Options outstanding (in shares)	0

Commitments and Contingencies - Additional Information (Details) $ in Millions		1 Months Ended
	Sep. 12, 2018 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Nov. 10, 2020 action
Honeywell Indemnity Agreement
Loss Contingencies [Line Items]
Percentage of net insurance receipts	90.00%
Loss contingency payable	$ 175
Honeywell Indemnity Agreement \| Bendix asbestos-related liabilities
Loss Contingencies [Line Items]
Percentage of asbestos-related and environmental-related liabilities	90.00%
Brazilian Tax Authorities
Loss Contingencies [Line Items]
Estimated amount of contingency including penalties and interest			$ 28
Right to offset federal tax		$ 28
Securities Litigation
Loss Contingencies [Line Items]
Number of securities litigation assigned to Judge John P. Cronan \| action				3

Commitments and Contingencies - Summary of Obligation Payable to Honeywell (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Accrual for Environmental Loss Contingencies [Roll Forward]
Accrued Environmental Loss Contingencies, Current	$ 3	$ 3
Non-current	2	$ 15
Exit Costs
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning of year	1,351
Legal fees expensed	41
Payments to Honeywell	(35)
Currency translation adjustment	125
End of year	1,482
Accrued Environmental Loss Contingencies, Current	42
Non-current	1,440
Accrual for environmental loss contingencies	1,482
Exit Costs \| Asbestos and environmental
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning of year	1,090
Legal fees expensed	41
Payments to Honeywell	(35)
Currency translation adjustment	100
End of year	1,196
Accrued Environmental Loss Contingencies, Current	2
Non-current	1,194
Accrual for environmental loss contingencies	1,196
Exit Costs \| Tax Matters
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning of year	261
Legal fees expensed	0
Payments to Honeywell	0
Currency translation adjustment	25
End of year	286
Accrued Environmental Loss Contingencies, Current	40
Non-current	246
Accrual for environmental loss contingencies	$ 286

Commitments and Contingencies - Summary Information Concerning our Recorded Obligations for Product Warranties and Product Performance Guarantees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning of year	$ 14	$ 29	$ 32
Accruals for warranties/guarantees issued during the year	21	18	31
Settlement of warranty/guarantee claims	(19)	(17)	(34)
Amounts reclassified from/(to) Liabilities subject to compromise	16	(16)	0
End of year	$ 32	$ 14	$ 29

Defined Benefit Pension Plans - Summary of Balance Sheet Impact, Including Benefit Obligations, Assets and Funded Status Associated with Significant Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Amounts recognized in Consolidated Balance Sheet consist of:
Other assets - non-current	$ 15	$ 0
Pension Benefits \| U.S. Plans
Change in benefit obligation:
Benefit obligation at beginning of the year	220	206
Service cost	1	1	$ 1
Interest cost	4	6	7
Plan amendments	0	0
Actuarial (gains) losses	(6)	17
Benefits paid	(11)	(10)
Settlements and curtailments	0	0
Foreign currency translation	0	0
Transfers	0	0
Other	0	0
Benefit obligation at end of the year	208	220	206
Change in plan assets:
Fair value of plan assets at beginning of the year	219	204
Actual return on plan assets	14	25
Employer contributions	0	0
Benefits paid	(11)	(10)
Settlements and curtailments	0	0
Foreign currency translation	0	0
Transfers	0	0
Other	1	0
Fair value of plan assets at end of year	223	219	204
Funded status of plans	15	(1)
Amounts recognized in Consolidated Balance Sheet consist of:
Other assets - non-current	15	0
Accrued pension liabilities - non-current	0	0
Liabilities subject to compromise	0	(1)
Net amount recognized	15	(1)
Pension Benefits \| Non-U.S. Plans
Change in benefit obligation:
Benefit obligation at beginning of the year	259	226
Service cost	10	9	6
Interest cost	1	2	2
Plan amendments	0	(10)
Actuarial (gains) losses	(25)	18
Benefits paid	(3)	(3)
Settlements and curtailments	0	(10)
Foreign currency translation	(15)	22
Transfers	(1)	2
Other	3	3
Benefit obligation at end of the year	229	259	226
Change in plan assets:
Fair value of plan assets at beginning of the year	172	150
Actual return on plan assets	16	8
Employer contributions	7	7
Benefits paid	(3)	(3)
Settlements and curtailments	0	(10)
Foreign currency translation	(10)	15
Transfers	(1)	2
Other	1	3
Fair value of plan assets at end of year	182	172	$ 150
Funded status of plans	(47)	(87)
Amounts recognized in Consolidated Balance Sheet consist of:
Other assets - non-current	0	0
Accrued pension liabilities - non-current	(47)	0
Liabilities subject to compromise	0	(87)
Net amount recognized	(47)	(87)
Total lump sum benefit payments		10
Unrecognized loss recognized as pension settlement expense		1
Pension Benefits \| Ireland
Amounts recognized in Consolidated Balance Sheet consist of:
Actuarial gain due to increase in discount rates	11
Actuarial gain due to lower salary increase	5
Pension Benefits \| Switzerland
Amounts recognized in Consolidated Balance Sheet consist of:
Actuarial gain due to increase in discount rates	5
Actuarial gain due to changes in demographics and related assumptions	11
Actuarial loss due to increase in projected benefits	$ 8
Total lump sum benefit payments		10
Unrecognized loss recognized as pension settlement expense		$ 1

Defined Benefit Pension Plans - Summary of Accumulated Other Comprehensive (Income) Loss Associated with Pension and Other Postretirement Benefit Plans (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Prior service (credit)	$ (8)	$ (9)
Net actuarial (gain) loss	(11)	24
Net amount recognized	(19)	15
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Prior service (credit)	(1)	(1)
Net actuarial (gain) loss	(1)	9
Net amount recognized	$ (2)	$ 8

Defined Benefit Pension Plans - Summary of Net Periodic Benefit (Income) Cost and Other Amounts Recognized in Other Comprehensive (Income) Loss (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 10	$ 9	$ 6
Interest cost	1	2	2
Expected return on plan assets	(6)	(6)	(4)
Amortization of prior service (credit) cost	(1)	0	0
Recognition of actuarial losses	0	13	13
Settlements and curtailments	0	1	0
Net periodic (income) benefit cost	4	19	17
Total lump sum benefit payments		10
Unrecognized loss recognized as pension settlement expense		1
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	1
Interest cost	4	6	7
Expected return on plan assets	(10)	(11)	(10)
Amortization of prior service (credit) cost	0	0	0
Recognition of actuarial losses	0	0	0
Settlements and curtailments	0	0	0
Net periodic (income) benefit cost	$ (5)	$ (4)	$ (2)

Defined Benefit Pension Plans - Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss
Total recognized in other comprehensive (income) loss	$ (43)	$ 17	$ 18
Pension Benefits \| Non-U.S. Plans
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss
Actuarial (gains) losses	(34)	15	27
Prior service (credit)		(10)	1
Prior service credit recognized during year	1	0	0
Actuarial losses recognized during year	0	(14)	(13)
Foreign currency translation	0	2	1
Total recognized in other comprehensive (income) loss	(33)	(7)	16
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss	(29)	12	33
Pension Benefits \| U.S. Plans
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss
Actuarial (gains) losses	(10)	3	2
Prior service (credit)	0	0	0
Prior service credit recognized during year	0	0	0
Actuarial losses recognized during year	0	0	0
Foreign currency translation	0	0	0
Total recognized in other comprehensive (income) loss	(10)	3	2
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss	$ (15)	$ (1)	$ 0

Defined Benefit Pension Plans - Summary of Major Actuarial Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit (Income) Cost (Details) - Pension Benefits	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Non-U.S. Plans
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate	0.86%	0.46%	0.79%
Expected annual rate of compensation increase	2.07%	1.82%	1.77%
Interest credited to accounts	1.50%	1.50%	1.50%
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Expected rate of return on plan assets	3.60%	3.79%	3.34%
Expected annual rate of compensation increase	1.80%	1.77%	1.77%
U.S. Plans
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate	2.95%	2.65%	3.30%
Expected annual rate of compensation increase	3.20%	3.57%	3.74%
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Expected rate of return on plan assets	4.88%	5.49%	5.80%
Expected annual rate of compensation increase	3.57%	3.74%	3.74%
Benefit obligation \| Non-U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	0.46%	0.79%	1.65%
Benefit obligation \| U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	2.65%	3.30%	4.44%
Service cost \| Non-U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	0.23%	1.20%	1.20%
Service cost \| U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	3.37%	4.47%	4.47%
Interest cost \| Non-U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	0.63%	1.74%	1.74%
Interest cost \| U.S. Plans
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate	2.86%	4.06%	4.06%

Defined Benefit Pension Plans - Summary of Amounts Relate to Significant Pension Plans with Accumulated Benefit Obligations Exceeding Fair Value of plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 229	$ 259
Accumulated benefit obligation	217	239
Fair value of plan assets	182	172
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	0	0
Accumulated benefit obligation	0	0
Fair value of plan assets	$ 0	$ 0

Defined Benefit Pension Plans - Additional Information (Details) - Pension Benefits $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Pension contribution	$ 7
Expected pension contribution in the next fiscal year	$ 7
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage	76.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage	15.00%
Real estate investments
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage	5.00%
Multi-asset credit income
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage	2.00%
Hedge funds bonds
Defined Benefit Plan Disclosure [Line Items]
Target allocations percentage	2.00%

Defined Benefit Pension Plans - Summary of Benefit Payments (Details) - Pension Benefits $ in Millions	Dec. 31, 2021 USD ($)
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
2022	$ 4
2023	4
2024	4
2025	4
2026	5
2027-2031	31
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
2022	11
2023	11
2024	11
2025	11
2026	11
2027-2031	$ 57

Concentrations - Summary of Net Sales by Region and Channel (Details) - Sales concentration - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Net sales	$ 3,633	$ 3,034	$ 3,248
OEM
Concentration Risk [Line Items]
Net sales	3,166	2,643	2,796
Aftermarket
Concentration Risk [Line Items]
Net sales	406	330	377
Other
Concentration Risk [Line Items]
Net sales	61	61	75
United States
Concentration Risk [Line Items]
Net sales	565	462	485
United States \| OEM
Concentration Risk [Line Items]
Net sales	383	309	307
United States \| Aftermarket
Concentration Risk [Line Items]
Net sales	176	148	171
United States \| Other
Concentration Risk [Line Items]
Net sales	6	5	7
Europe
Concentration Risk [Line Items]
Net sales	1,784	1,547	1,806
Europe \| OEM
Concentration Risk [Line Items]
Net sales	1,602	1,395	1,631
Europe \| Aftermarket
Concentration Risk [Line Items]
Net sales	155	122	136
Europe \| Other
Concentration Risk [Line Items]
Net sales	27	30	39
Asia
Concentration Risk [Line Items]
Net sales	1,231	995	923
Asia \| OEM
Concentration Risk [Line Items]
Net sales	1,153	928	843
Asia \| Aftermarket
Concentration Risk [Line Items]
Net sales	50	41	51
Asia \| Other
Concentration Risk [Line Items]
Net sales	28	26	29
Other International
Concentration Risk [Line Items]
Net sales	53	30	34
Other International \| OEM
Concentration Risk [Line Items]
Net sales	28	11	15
Other International \| Aftermarket
Concentration Risk [Line Items]
Net sales	25	19	19
Other International \| Other
Concentration Risk [Line Items]
Net sales	$ 0	$ 0	$ 0

Concentrations - Summary of Net Sales to Largest Customer and Corresponding Percentage of Total Net Sales (Details) - Sales concentration - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Net sales	$ 3,633	$ 3,034	$ 3,248
Customer concentration
Concentration Risk [Line Items]
Net sales	$ 3,633	$ 3,034	$ 3,248
Net sales, percentage	100.00%	100.00%	100.00%
Customer concentration \| Customer A
Concentration Risk [Line Items]
Net sales	$ 347	$ 301	$ 374
Net sales, percentage	10.00%	10.00%	12.00%
Customer concentration \| Customer B
Concentration Risk [Line Items]
Net sales	$ 480	$ 346	$ 240
Net sales, percentage	13.00%	11.00%	7.00%
Customer concentration \| Others
Concentration Risk [Line Items]
Net sales	$ 2,806	$ 2,387	$ 2,634
Net sales, percentage	77.00%	79.00%	81.00%

- Definition

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

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+ Details

Concentrations - Summary of Long Lived Assets by Region (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Property, plant and equipment	$ 485	$ 505
Long-lived assets concentration
Concentration Risk [Line Items]
Property, plant and equipment	486	505	$ 471
Long-lived assets concentration \| United States
Concentration Risk [Line Items]
Property, plant and equipment	19	21	24
Long-lived assets concentration \| Europe
Concentration Risk [Line Items]
Property, plant and equipment	291	315	285
Long-lived assets concentration \| Asia
Concentration Risk [Line Items]
Property, plant and equipment	162	151	141
Long-lived assets concentration \| Other International
Concentration Risk [Line Items]
Property, plant and equipment	$ 14	$ 18	$ 21

Concentrations - Additional Information (Details)	12 Months Ended
Concentrations - Additional Information (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplier concentration \| Cost of goods and service benchmark \| Direct material purchases
Concentration Risk [Line Items]
Concentration risk, percentage	6.00%	8.00%	12.00%

Unaudited Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Net Sales	$ 862	$ 839	$ 935	$ 997	$ 1,008	$ 804	$ 477	$ 745	$ 3,633	$ 3,034	$ 3,248
Gross Profit	155	163	193	196	174	147	80	138	707	539	693
Net (Loss) Income	128	63	409	(105)	$ 26	$ 11	$ (9)	$ 52	495	80	313
Net (Loss) Income available for distribution	$ 91	$ 27	$ 385	$ (105)					$ 398	$ 80	$ 313
Earnings (loss) per share - basic (in USD per share)	$ 0.29	$ 0.09	$ 1.63	$ (1.38)	$ 0.34	$ 0.15	$ (0.12)	$ 0.69	$ 1.69	$ 1.06	$ 4.20
Earnings (loss) per share - diluted (in USD per share)	$ 0.29	$ 0.09	$ 1.29	$ (1.38)	$ 0.34	$ 0.14	$ (0.12)	$ 0.68	$ 1.56	$ 1.05	$ 4.12

- Definition

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

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- Definition

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

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

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

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

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Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for expected credit losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 13	$ 4	$ 3
Additions Charged to Costs and Expenses	3	6	4
Deductions	(11)	(3)	(3)
Foreign Exchange Translation Adjustment	0	1	0
Other Activity	0	5	0
Balance at End of Period	5	13	4
Inventory reserves
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	41	25	23
Additions Charged to Costs and Expenses	5	25	7
Deductions	(15)	(11)	(5)
Foreign Exchange Translation Adjustment	(2)	2	0
Other Activity	0	0	0
Balance at End of Period	29	41	25
Tax valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	34	27	21
Additions Charged to Costs and Expenses	5	13	7
Deductions	(4)	0	0
Foreign Exchange Translation Adjustment	(3)	(6)	(1)
Other Activity	0	0	0
Balance at End of Period	$ 32	$ 34	$ 27

Defined Benefit Pension Plans - Summary of Fair Values of Both U.S. and Non-U.S. Pension Plans Assets by Asset Category (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Non-U.S. Plans \| Total assets at fair value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	$ 183	$ 172
Non-U.S. Plans \| Equity funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	100	76
Non-U.S. Plans \| Corporate bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	11	23
Non-U.S. Plans \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	22	20
Non-U.S. Plans \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	3	5
Non-U.S. Plans \| Government bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	34	35
Non-U.S. Plans \| Other
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	13	13
U.S. Plans \| Total assets at fair value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	223	219
U.S. Plans \| Cash
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	4
U.S. Plans \| Equity funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	34	79
U.S. Plans \| Government bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	39
U.S. Plans \| Corporate bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	135	117
U.S. Plans \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	11	21
U.S. Plans \| Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		2
Level 1 \| Non-U.S. Plans \| Total assets at fair value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	3	5
Level 1 \| Non-U.S. Plans \| Equity funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 1 \| Non-U.S. Plans \| Corporate bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 1 \| Non-U.S. Plans \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 1 \| Non-U.S. Plans \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	3	5
Level 1 \| Non-U.S. Plans \| Government bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 1 \| Non-U.S. Plans \| Other
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 1 \| U.S. Plans \| Total assets at fair value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	4	0
Level 1 \| U.S. Plans \| Cash
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	4
Level 1 \| U.S. Plans \| Equity funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0	0
Level 1 \| U.S. Plans \| Government bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0
Level 1 \| U.S. Plans \| Corporate bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0	0
Level 1 \| U.S. Plans \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0	0
Level 1 \| U.S. Plans \| Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 2 \| Non-U.S. Plans \| Total assets at fair value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	180	167
Level 2 \| Non-U.S. Plans \| Equity funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	100	76
Level 2 \| Non-U.S. Plans \| Corporate bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	11	23
Level 2 \| Non-U.S. Plans \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	22	20
Level 2 \| Non-U.S. Plans \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0	0
Level 2 \| Non-U.S. Plans \| Government bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	34	35
Level 2 \| Non-U.S. Plans \| Other
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	13	13
Level 2 \| U.S. Plans \| Total assets at fair value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	219	219
Level 2 \| U.S. Plans \| Cash
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0
Level 2 \| U.S. Plans \| Equity funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	34	79
Level 2 \| U.S. Plans \| Government bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	39
Level 2 \| U.S. Plans \| Corporate bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	135	117
Level 2 \| U.S. Plans \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	11	21
Level 2 \| U.S. Plans \| Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		2
Level 3 \| Non-U.S. Plans \| Total assets at fair value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0	0
Level 3 \| Non-U.S. Plans \| Equity funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 3 \| Non-U.S. Plans \| Corporate bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 3 \| Non-U.S. Plans \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 3 \| Non-U.S. Plans \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 3 \| Non-U.S. Plans \| Government bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 3 \| Non-U.S. Plans \| Other
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		0
Level 3 \| U.S. Plans \| Total assets at fair value
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0	0
Level 3 \| U.S. Plans \| Cash
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0
Level 3 \| U.S. Plans \| Equity funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0	0
Level 3 \| U.S. Plans \| Government bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0
Level 3 \| U.S. Plans \| Corporate bond funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0	0
Level 3 \| U.S. Plans \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	$ 0	0
Level 3 \| U.S. Plans \| Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value		$ 0