$GTX
Garrett Motion Inc

2022 Q1 Form 10-Q Financial Statement

#000173570722000042 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $901.0M $997.0M
YoY Change -9.63% 33.83%
Cost Of Revenue $726.0M $801.0M
YoY Change -9.36% 32.84%
Gross Profit $175.0M $196.0M
YoY Change -10.71% 42.03%
Gross Profit Margin 19.42% 19.66%
Selling, General & Admin $53.00M $55.00M
YoY Change -3.64% -3.51%
% of Gross Profit 30.29% 28.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.00M $23.00M
YoY Change -4.35% 21.05%
% of Gross Profit 12.57% 11.73%
Operating Expenses $53.00M $55.00M
YoY Change -3.64% -3.51%
Operating Profit $122.0M $141.0M
YoY Change -13.48% 74.07%
Interest Expense $23.00M $21.00M
YoY Change 9.52% 31.25%
% of Operating Profit 18.85% 14.89%
Other Income/Expense, Net $28.00M -$26.00M
YoY Change -207.69% -750.0%
Pretax Income $125.0M -$81.00M
YoY Change -254.32% -252.83%
Income Tax $37.00M $24.00M
% Of Pretax Income 29.6%
Net Earnings $88.00M -$105.0M
YoY Change -183.81% -301.92%
Net Earnings / Revenue 9.77% -10.53%
Basic Earnings Per Share $0.15 -$1.38
Diluted Earnings Per Share $0.15 -$1.38
COMMON SHARES
Basic Shares Outstanding 64.54M shares 75.90M shares
Diluted Shares Outstanding 64.73M shares 75.90M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $315.0M $382.0M
YoY Change -17.54% 50.39%
Cash & Equivalents $315.0M $382.0M
Short-Term Investments
Other Short-Term Assets $73.00M $288.0M
YoY Change -74.65% 260.0%
Inventory $301.0M $258.0M
Prepaid Expenses
Receivables $710.0M $732.0M
Other Receivables $76.00M $75.00M
Total Short-Term Assets $1.480B $1.735B
YoY Change -14.7% 46.04%
LONG-TERM ASSETS
Property, Plant & Equipment $469.0M $520.0M
YoY Change -9.81% 13.79%
Goodwill $193.0M
YoY Change
Intangibles
YoY Change
Long-Term Investments $33.00M $30.00M
YoY Change 10.0% -11.76%
Other Assets $235.0M $131.0M
YoY Change 79.39% 24.76%
Total Long-Term Assets $1.208B $1.100B
YoY Change 9.82% 3.19%
TOTAL ASSETS
Total Short-Term Assets $1.480B $1.735B
Total Long-Term Assets $1.208B $1.100B
Total Assets $2.688B $2.835B
YoY Change -5.19% 25.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.071B $1.099B
YoY Change -2.55% 17.54%
Accrued Expenses $302.0M $277.0M
YoY Change 9.03% -8.58%
Deferred Revenue $9.000M $1.000M
YoY Change 800.0% -75.0%
Short-Term Debt $0.00 $470.0M
YoY Change -100.0% 612.12%
Long-Term Debt Due $7.000M $376.0M
YoY Change -98.14% 9300.0%
Total Short-Term Liabilities $1.380B $1.852B
YoY Change -25.49% 34.59%
LONG-TERM LIABILITIES
Long-Term Debt $1.166B $1.049B
YoY Change 11.15% -24.48%
Other Long-Term Liabilities $271.0M $125.0M
YoY Change 116.8% -52.29%
Total Long-Term Liabilities $1.437B $125.0M
YoY Change 1049.6% -92.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.380B $1.852B
Total Long-Term Liabilities $1.437B $125.0M
Total Liabilities $3.045B $5.135B
YoY Change -40.7% 19.42%
SHAREHOLDERS EQUITY
Retained Earnings -$1.703B
YoY Change
Common Stock $0.00 $30.00M
YoY Change -100.0% 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$357.0M -$2.300B
YoY Change
Total Liabilities & Shareholders Equity $2.688B $2.835B
YoY Change -5.19% 25.78%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $88.00M -$105.0M
YoY Change -183.81% -301.92%
Depreciation, Depletion And Amortization $22.00M $23.00M
YoY Change -4.35% 21.05%
Cash From Operating Activities $73.00M $32.00M
YoY Change 128.13% -43.86%
INVESTING ACTIVITIES
Capital Expenditures $29.00M $18.00M
YoY Change 61.11% -53.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.000M
YoY Change -100.0%
Cash From Investing Activities -$29.00M -$17.00M
YoY Change 70.59% -56.41%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$196.0M -$101.0M
YoY Change 94.06% -262.9%
NET CHANGE
Cash From Operating Activities $73.00M $32.00M
Cash From Investing Activities -$29.00M -$17.00M
Cash From Financing Activities -$196.0M -$101.0M
Net Change In Cash -$144.0M -$116.0M
YoY Change 24.14% -273.13%
FREE CASH FLOW
Cash From Operating Activities $73.00M $32.00M
Capital Expenditures $29.00M $18.00M
Free Cash Flow $44.00M $14.00M
YoY Change 214.29% -22.22%

Facts In Submission

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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-17000000 USD
CY2022Q1 us-gaap Repayments Of Long Term Lines Of Credit
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2000000 USD
CY2021Q1 us-gaap Repayments Of Long Term Lines Of Credit
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0 USD
CY2022Q1 gtx Repayments Of Debtor In Possession Financing Fees
RepaymentsOfDebtorInPossessionFinancingFees
0 USD
CY2021Q1 gtx Repayments Of Debtor In Possession Financing Fees
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100000000 USD
CY2022Q1 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
186000000 USD
CY2021Q1 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
0 USD
CY2022Q1 us-gaap Payments For Repurchase Of Equity
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2000000 USD
CY2021Q1 us-gaap Payments For Repurchase Of Equity
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CY2022Q1 us-gaap Payments Of Financing Costs
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6000000 USD
CY2021Q1 us-gaap Payments Of Financing Costs
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1000000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-196000000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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-101000000 USD
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8000000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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464000000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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693000000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
320000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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577000000 USD
CY2022Q1 us-gaap Income Taxes Paid Net
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14000000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
15000000 USD
CY2022Q1 us-gaap Interest Paid Net
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21000000 USD
CY2021Q1 us-gaap Interest Paid Net
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16000000 USD
CY2022Q1 gtx Reorganization Items Paid Net
ReorganizationItemsPaidNet
2000000 USD
CY2021Q1 gtx Reorganization Items Paid Net
ReorganizationItemsPaidNet
145000000 USD
CY2020Q4 us-gaap Stockholders Equity
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-2308000000 USD
CY2021Q1 us-gaap Net Income Loss
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-105000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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111000000 USD
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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2000000 USD
CY2021Q1 us-gaap Stockholders Equity
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-2300000000 USD
CY2021Q4 us-gaap Stockholders Equity
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-468000000 USD
CY2022Q1 us-gaap Net Income Loss
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88000000 USD
CY2022Q1 us-gaap Stock Repurchased During Period Value
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2000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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23000000 USD
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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2000000 USD
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-357000000 USD
CY2022Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1. Background and Basis of Presentation</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Background</span></div><div style="margin-top:10pt;text-align:justify;text-indent:21.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="margin-top:10pt;text-align:justify;text-indent:21.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited Consolidated Interim Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements. The unaudited Consolidated Interim Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and accompanying notes for the year ended December 31, 2021 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 14, 2022 (our “2021 Form 10-K”). The results of operations and cash flows for the three months ended March 31, 2022 should not necessarily be taken as indicative of the entire year. All amounts presented are in millions, except per share amounts. </span></div><div style="margin-top:10pt;text-align:justify;text-indent:21.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We report our quarterly financial information using a calendar convention: the first, second and third quarters are consistently reported as ending on March 31, June 30 and September 30. It has been our practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires our businesses to close their books on a Saturday to minimize the potentially disruptive effects of quarterly closing on our business processes. The effects of this practice are generally not significant to reported results for any quarter and only exist within a reporting year. For differences in actual closing dates that are material to year-over-year comparisons of quarterly or year-to-date results, such differences have been adjusted for the three months ended March 31, 2022. Our actual closing dates for the three months ended March 31, 2022 and 2021 were April 2, 2022 and April 3, 2021, respectively.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:21.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases these estimates on assumptions that it believes to be reasonable under the circumstances, including considerations for the impact of the outbreak of the COVID-19 pandemic on the Company's business due to various global macroeconomic, operational and supply-chain risks as a result of COVID-19. Actual results could differ from the original estimates, requiring adjustments to these balances in future periods.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Voluntary Filing Under Chapter 11</span></div><div style="margin-top:10pt;text-align:justify;text-indent:21.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 20, 2020 (the “Petition Date”), the Company and certain of its subsidiaries (collectively, the “Debtors”) each filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Debtors’ chapter 11 cases (the “Chapter 11 Cases”) were jointly administered under the caption “In re: Garrett Motion Inc., 20-12212.” </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 20, 2021, the Debtors filed the Revised Amended Plan of Reorganization (the “Plan”). On April 26, 2021, the Bankruptcy Court entered an order among other things, confirming the Plan. On April 30, 2021 (the “Effective Date”), the conditions to the effectiveness of the Plan were satisfied or waived and the Company emerged from bankruptcy (“Emergence”).</span></div><div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Emergence from Chapter 11</span></div><div style="margin-top:10pt;text-align:justify;text-indent:21.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon Emergence or shortly thereafter, amounts recorded as liabilities subject to compromise were either settled, or such amounts have been reinstated to current or non-current liabilities in the Consolidated Interim Balance Sheet, based upon management’s judgment as to the timing for settlement of such claims.</span></div><div style="margin-top:10pt;text-align:justify;text-indent:21.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reorganization items, net represent amounts incurred after the Petition Date as a direct result of the Chapter 11 Cases and are comprised of the following for the three months ended March 31, 2022 and March 31, 2021, respectively:</span></div><div style="margin-top:10pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.848%"><tr><td style="width:1.0%"/><td style="width:70.068%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.012%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.406%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.014%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:115%">Three Months Ended<br/>March 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.75pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:114%">2022</span></td><td colspan="3" style="border-top:0.75pt solid #000000;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-bottom:0.75pt solid #000000;border-top:0.75pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:114%">2021</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-top:0.75pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:114%">(Dollars in millions)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Advisor fees</span></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">84 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cff0fc;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Bid termination and expense reimbursement</span></td><td colspan="2" style="background-color:#CFF0FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#CFF0FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td colspan="2" style="background-color:#CFF0FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">79 </span></td><td style="background-color:#CFF0FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Debtor in Possession ("DIP") financing fees</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#CFF0FC;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Other</span></td><td colspan="2" style="background-color:#CFF0FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">— </span></td><td style="background-color:#CFF0FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#CFF0FC;padding:0 1pt"/><td colspan="2" style="background-color:#CFF0FC;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">10 </span></td><td style="background-color:#CFF0FC;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">Total reorganization items, net</span></td><td style="border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">1 </span></td><td style="border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td style="border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">$</span></td><td style="border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:114%">174 </span></td><td style="border-bottom:3pt double #000000;border-top:0.75pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div>
CY2022Q1 us-gaap Debtor Reorganization Items Legal And Advisory Professional Fees
DebtorReorganizationItemsLegalAndAdvisoryProfessionalFees
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CY2021Q1 us-gaap Debtor Reorganization Items Legal And Advisory Professional Fees
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84000000 USD
CY2022Q1 gtx Debtor Reorganization Items Bid Termination And Expense Reimbursement
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CY2021Q1 gtx Debtor Reorganization Items Bid Termination And Expense Reimbursement
DebtorReorganizationItemsBidTerminationAndExpenseReimbursement
79000000 USD
CY2022Q1 us-gaap Debtor Reorganization Items Debtor In Possession Facility Financing Costs
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CY2021Q1 us-gaap Debtor Reorganization Items Debtor In Possession Facility Financing Costs
DebtorReorganizationItemsDebtorInPossessionFacilityFinancingCosts
1000000 USD
CY2022Q1 us-gaap Debtor Reorganization Items Other Expense Income
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CY2021Q1 us-gaap Debtor Reorganization Items Other Expense Income
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10000000 USD
CY2022Q1 us-gaap Reorganization Items
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CY2021Q1 us-gaap Reorganization Items
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174000000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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901000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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997000000 USD
CY2021Q4 us-gaap Contract With Customer Asset Net
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63000000 USD
CY2020Q4 us-gaap Contract With Customer Asset Net
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61000000 USD
CY2022Q1 us-gaap Contract With Customer Asset Net
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60000000 USD
CY2021Q1 us-gaap Contract With Customer Asset Net
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65000000 USD
CY2022Q1 us-gaap Contract With Customer Asset Reclassified To Receivable
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CY2021Q1 us-gaap Contract With Customer Asset Reclassified To Receivable
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4000000 USD
CY2021Q4 us-gaap Contract With Customer Liability
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2000000 USD
CY2022Q1 us-gaap Contract With Customer Liability
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9000000 USD
CY2021Q1 us-gaap Contract With Customer Liability
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1000000 USD
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4000000 USD
CY2021Q1 us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
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-1000000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
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37000000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
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24000000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
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-0.296
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2022Q1 us-gaap Accounts Receivable Gross Current
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606000000 USD
CY2021Q4 us-gaap Accounts Receivable Gross Current
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553000000 USD
CY2022Q1 us-gaap Notes And Loans Receivable Gross Current
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110000000 USD
CY2021Q4 us-gaap Notes And Loans Receivable Gross Current
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121000000 USD
CY2022Q1 us-gaap Other Receivables Gross Current
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76000000 USD
CY2021Q4 us-gaap Other Receivables Gross Current
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78000000 USD
CY2022Q1 gtx Accounts Notes And Other Receivables Gross
AccountsNotesAndOtherReceivablesGross
792000000 USD
CY2021Q4 gtx Accounts Notes And Other Receivables Gross
AccountsNotesAndOtherReceivablesGross
752000000 USD
CY2022Q1 gtx Factoring And Notes Receivables Discount Fees Receivables
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1000000 USD
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
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6000000 USD
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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5000000 USD
CY2022Q1 gtx Accounts Notes And Other Receivables Net
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786000000 USD
CY2021Q4 gtx Accounts Notes And Other Receivables Net
AccountsNotesAndOtherReceivablesNet
747000000 USD
CY2022Q1 us-gaap Unbilled Receivables Current
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60000000 USD
CY2021Q4 us-gaap Unbilled Receivables Current
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63000000 USD
CY2022Q1 us-gaap Accounts Receivable Sale
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143000000 USD
CY2021Q1 us-gaap Accounts Receivable Sale
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