$GTX
Garrett Motion Inc

2023 Q3 Form 10-Q Financial Statement

#000173570723000060 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $960.0M $1.011B
YoY Change 1.59% 17.69%
Cost Of Revenue $784.0M $809.0M
YoY Change 2.22% 17.25%
Gross Profit $176.0M $202.0M
YoY Change -1.12% 19.53%
Gross Profit Margin 18.33% 19.98%
Selling, General & Admin $59.00M $63.00M
YoY Change 3.51% 16.67%
% of Gross Profit 33.52% 31.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.00M $22.00M
YoY Change 9.52% 4.76%
% of Gross Profit 13.07% 10.89%
Operating Expenses $59.00M $64.00M
YoY Change 3.51% 18.52%
Operating Profit $117.0M $138.0M
YoY Change -3.31% 20.0%
Interest Expense $50.00M -$30.00M
YoY Change 177.78% -250.0%
% of Operating Profit 42.74% -21.74%
Other Income/Expense, Net $4.000M -$7.000M
YoY Change -86.21% -143.75%
Pretax Income $70.00M $101.0M
YoY Change -46.56% -3.81%
Income Tax $13.00M $30.00M
% Of Pretax Income 18.57% 29.7%
Net Earnings $57.00M -$201.0M
YoY Change -45.71% -336.47%
Net Earnings / Revenue 5.94% -19.88%
Basic Earnings Per Share $0.23 -$1.88
Diluted Earnings Per Share $0.23 -$1.87
COMMON SHARES
Basic Shares Outstanding 258.8M shares 64.96M shares
Diluted Shares Outstanding 252.4M shares 107.4M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.0M $478.0M
YoY Change 1.89% 227.4%
Cash & Equivalents $162.0M $478.0M
Short-Term Investments
Other Short-Term Assets $73.00M $88.00M
YoY Change -43.85% 8.64%
Inventory $294.0M $312.0M
Prepaid Expenses
Receivables $660.0M $671.0M
Other Receivables $200.0M $193.0M
Total Short-Term Assets $1.390B $1.742B
YoY Change 1.39% 38.58%
LONG-TERM ASSETS
Property, Plant & Equipment $437.0M $495.0M
YoY Change 4.3% 11.74%
Goodwill $193.0M $193.0M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $32.00M $29.00M
YoY Change 0.0% -6.45%
Other Assets $255.0M $411.0M
YoY Change -24.56% 51.1%
Total Long-Term Assets $1.142B $1.150B
YoY Change -7.31% -4.56%
TOTAL ASSETS
Total Short-Term Assets $1.390B $1.742B
Total Long-Term Assets $1.142B $1.150B
Total Assets $2.532B $2.892B
YoY Change -2.73% 17.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.066B $1.136B
YoY Change 6.49% 16.04%
Accrued Expenses $312.0M $242.0M
YoY Change -5.74% -15.68%
Deferred Revenue $12.00M $9.000M
YoY Change 33.33% 50.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.000M $60.00M
YoY Change 0.0% 757.14%
Total Short-Term Liabilities $1.385B $1.518B
YoY Change 3.44% 19.25%
LONG-TERM LIABILITIES
Long-Term Debt $1.622B $1.772B
YoY Change 46.39% 55.58%
Other Long-Term Liabilities $196.0M $204.0M
YoY Change -18.67% -21.54%
Total Long-Term Liabilities $1.818B $1.976B
YoY Change 34.77% 41.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.385B $1.518B
Total Long-Term Liabilities $1.818B $1.976B
Total Liabilities $3.224B $3.515B
YoY Change 19.19% 30.52%
SHAREHOLDERS EQUITY
Retained Earnings -$1.939B -$1.834B
YoY Change 24.69% 13.35%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$692.0M -$623.0M
YoY Change
Total Liabilities & Shareholders Equity $2.532B $2.892B
YoY Change -2.73% 17.47%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $57.00M -$201.0M
YoY Change -45.71% -336.47%
Depreciation, Depletion And Amortization $23.00M $22.00M
YoY Change 9.52% 4.76%
Cash From Operating Activities $74.00M $164.0M
YoY Change 21.31% 57.69%
INVESTING ACTIVITIES
Capital Expenditures $24.00M $25.00M
YoY Change -192.31% -208.7%
Acquisitions
YoY Change
Other Investing Activities $0.00 $9.000M
YoY Change
Cash From Investing Activities -$24.00M -$16.00M
YoY Change -7.69% -30.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -364.0M 42.00M
YoY Change 746.51% -121.32%
NET CHANGE
Cash From Operating Activities 74.00M 164.0M
Cash From Investing Activities -24.00M -16.00M
Cash From Financing Activities -364.0M 42.00M
Net Change In Cash -314.0M 190.0M
YoY Change 3825.0% -263.79%
FREE CASH FLOW
Cash From Operating Activities $74.00M $164.0M
Capital Expenditures $24.00M $25.00M
Free Cash Flow $50.00M $139.0M
YoY Change -42.53% 9.45%

Facts In Submission

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<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, 2022</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 14, 2023 (our “2022 Form 10-K”). The results of operations for the three and six months ended June 30, 2023 and cash flows for the six months ended June 30, 2023 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. For differences in actual closing dates that are material to year-over-year comparisons of quarterly or year-to-date results have been adjusted for the three months ended June 30, 2023. Our actual closing dates for the three months ended June 30, 2023 and 2022 were</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> July 1, 2023 and July 2, 2022</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, 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%">We evaluate segment reporting in accordance with ASC 280, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Segment Reporting</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. We concluded that Garrett operates in a single operating segment and a single reportable segment based on the operating results available and evaluated regularly by the chief operating decision maker (“CODM”), which is our Chief Executive Officer, to make decisions about resource allocation and performance assessment. The CODM makes operational performance assessments and resource allocation decisions on a consolidated basis, inclusive of all of the Company’s products across channels and geographies.</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. 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%">Capital Structure Transformation</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 April 12, 2023, the Company entered into separate definitive agreements with each of Centerbridge Partners, L.P. and funds managed by Oaktree Capital Management, L.P. to effect a series of integrated transactions (the “Transaction”) designed to increase the attractiveness of the Company to investors, including simplifying the Company’s capital stock by converting all outstanding Series A Preferred Stock into a single class of Common Stock, subject to certain conditions.</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%">Under the Transaction, the Company repurchased 69,707,719 shares of Series A Preferred Stock and converted the remaining 175,337,712 shares of Series A Preferred Stock into an equivalent number of Common Stock. Total consideration paid to holders of Series A Preferred Stock under the Transaction amounted to cash payments of $605 million and the issuance of an additional 25,577,517 shares of Common Stock in settlement of accumulated and </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-weight:400;line-height:120%">unpaid preference dividends on the Series A Preferred Stock through June 30, 2023. The Transaction was financed through a new Term Loan B for an aggregate principal amount of $700 million under the framework of the Company's existing credit agreement.</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 Company recorded the following amounts in the Consolidated Interim Financial Statements related to the repurchase and conversion of its Series A Preferred Stock:</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:100.000%"><tr><td style="width:1.0%"></td><td style="width:82.081%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.406%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.113%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="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:100%">Movements for the Six Months Ended </span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="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:100%">June 30, 2023</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Interim Balance Sheet:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">(Dollars in millions)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;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:115%">Cash and cash equivalents</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;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:115%">$</span></td><td style="background-color:#ffffff;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:115%">(605)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 19pt;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:115%">Preferred stock, Common stock and Additional Paid-in capital</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;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:100%">(157)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;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:115%">Retained earnings</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;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:115%">(441)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" 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%">  Six Months Ended June 30, 2023</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Interim Statement of Operations:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">(Dollars in millions)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;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:115%">Non-operating expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;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:100%">$</span></td><td style="background-color:#ffffff;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:100%">13 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></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 Company also incurred $7 million of Transaction-related costs for the six months ended </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">June 30, 2023, primarily for legal and advisory services that are included in Selling, general and administrative expenses in the Consolidated Interim Statement of Operations. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See Note 14, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Long-term Debt and Credit Agreement</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for discussion on the new Term Loan B and Note 15, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Series A Preferred Stock</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for further discussion of the Transaction.</span></div>
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CY2023Q2 gtx Incremental Common Shares Attributable To Unvested Restricted Stock Units And Other Contingently Issuable Shares
IncrementalCommonSharesAttributableToUnvestedRestrictedStockUnitsAndOtherContingentlyIssuableShares
0 shares
CY2022Q2 gtx Incremental Common Shares Attributable To Unvested Restricted Stock Units And Other Contingently Issuable Shares
IncrementalCommonSharesAttributableToUnvestedRestrictedStockUnitsAndOtherContingentlyIssuableShares
263005 shares
gtx Incremental Common Shares Attributable To Unvested Restricted Stock Units And Other Contingently Issuable Shares
IncrementalCommonSharesAttributableToUnvestedRestrictedStockUnitsAndOtherContingentlyIssuableShares
0 shares
gtx Incremental Common Shares Attributable To Unvested Restricted Stock Units And Other Contingently Issuable Shares
IncrementalCommonSharesAttributableToUnvestedRestrictedStockUnitsAndOtherContingentlyIssuableShares
217616 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107408432 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65102162 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86269694 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64907289 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.88
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.86
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1113778 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1358636 shares
CY2023Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
0 usd
CY2022Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
2000000 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
2000000 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
4000000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
28000000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
32000000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
28000000 usd
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
32000000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3000000 usd
CY2022Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4000000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6000000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
7000000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4000000 usd
CY2022Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
5000000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
7000000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
8000000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
0 usd
CY2022Q2 us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-1000000 usd
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
0 usd
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-1000000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
27000000 usd
CY2022Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
30000000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
27000000 usd
CY2022Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
30000000 usd

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