Garrett Motion (GTX) 10-Q25 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 19, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38636
Entity Registrant Name	Garrett Motion Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4873189
Entity Address, Address Line One	La Pièce 16
Entity Address, Postal Zip Code	1180
Entity Address, City or Town	Rolle
Entity Address, Country	CH
City Area Code	41 21
Local Phone Number	695 30 00
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	GTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		218,606,857
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001735707
Current Fiscal Year End Date	--12-31
Other Address
Document Information [Line Items]
Entity Address, Address Line One	47548 Halyard Drive
Entity Address, Postal Zip Code	48170
Entity Address, City or Town	Plymouth
Entity Address, State or Province	MI
City Area Code	734
Local Phone Number	392 5500

CONSOLIDATED INTERIM STATEMENTS

CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales (Note 3)	$ 890	$ 1,011	$ 1,805	$ 1,981
Cost of goods sold	705	809	1,448	1,590
Gross profit	185	202	357	391
Selling, general and administrative expenses	61	63	125	119
Other expense, net	3	1	4	2
Interest expense	62	29	93	56
Gain on sale of equity investment	(27)	0	(27)	0
Non-operating (income) expense	(1)	8	(6)	5
Income before taxes	87	101	168	209
Tax expense (Note 5)	23	30	38	57
Net income	64	71	130	152
Less: preferred stock dividends	0	(40)	0	(80)
Less: preferred stock deemed dividends	0	(232)	0	(232)
Net income (loss) available for distribution	$ 64	$ (201)	$ 130	$ (160)
Earnings (loss) per common share
Earnings per common share, basic (in USD per share)	$ 0.29	$ (1.88)	$ 0.56	$ (1.86)
Earnings per common share, diluted (in USD per share)	$ 0.28	$ (1.88)	$ 0.56	$ (1.86)
Weighted average common shares outstanding
Weighted average common shares outstanding, basic (in shares)	224,321,948	107,408,432	230,493,039	86,269,694
Weighted average common shares outstanding, diluted (in shares)	225,898,814	107,408,432	232,455,083	86,269,694

CONSOLIDATED INTERIM STATEMEN_2

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 64	$ 71	$ 130	$ 152
Foreign exchange translation adjustment	0	(8)	18	(6)
Defined benefit pension plan adjustment, net of tax	2	0	3	0
Changes in fair value of effective cash flow hedges, net of tax (Note 16)	(2)	2	1	(1)
Changes in fair value of net investment hedges, net of tax (Note 16)	8	3	27	(2)
Total other comprehensive income (loss), net of tax	8	(3)	49	(9)
Comprehensive income	$ 72	$ 68	$ 179	$ 143

CONSOLIDATED INTERIM BALANCE SH

CONSOLIDATED INTERIM BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 98	$ 259
Restricted cash	1	1
Accounts, notes and other receivables – net (Note 6)	736	808
Inventories – net (Note 8)	272	263
Other current assets	85	75
Total current assets	1,192	1,406
Investments and long-term receivables	11	29
Property, plant and equipment – net	438	477
Goodwill	193	193
Deferred income taxes	199	216
Other assets (Note 9)	196	206
Total assets	2,229	2,527
Current liabilities:
Accounts payable	984	1,074
Current maturities of long-term debt (Note 14)	7	7
Accrued liabilities (Note 11)	283	293
Total current liabilities	1,274	1,374
Long-term debt (Note 14)	1,465	1,643
Deferred income taxes	24	27
Other liabilities (Note 12)	191	218
Total liabilities	2,954	3,262
COMMITMENTS AND CONTINGENCIES (Note 19)
EQUITY (DEFICIT)
Common Stock, par value $0.001; 1,000,000,000 and 1,000,000,000 shares authorized, 240,783,003 and 238,543,624 issued and 220,720,522 and 238,249,056 outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Additional paid–in capital	1,203	1,190
Retained deficit	(1,792)	(1,922)
Accumulated other comprehensive income (loss) (Note 17)	46	(3)
Treasury Stock, at cost; $20,062,481 and 0 shares as of June 30, 2024 and December 31, 2023, respectively (Note 15)	(182)	0
Total deficit	(725)	(735)
Total liabilities and deficit	$ 2,229	$ 2,527

CONSOLIDATED INTERIM BALANCE _2

CONSOLIDATED INTERIM BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares, issued (in shares)	240,783,003	238,543,624
Common stock, shares, outstanding (in shares)	220,720,522	238,249,056
Treasury stock, common (in shares)	20,062,481	0

CONSOLIDATED INTERIM STATEMEN_3

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 130	$ 152
Adjustments to reconcile net income to net cash provided by operating activities
Deferred income taxes	14	8
Depreciation	44	43
Amortization of deferred issuance costs	33	5
Loss on remeasurement of forward purchase contract	0	13
Gain on sale of equity investment	(27)	0
Foreign exchange loss (gain)	13	(11)
Stock compensation expense	13	8
Pension expense	1	1
Unrealized loss on derivatives	1	19
Other	3	9
Changes in assets and liabilities:
Accounts, notes and other receivables	50	(69)
Inventories	(24)	(47)
Other assets	17	(10)
Accounts payable	(33)	105
Accrued liabilities	(5)	32
Other liabilities	(20)	(2)
Net cash provided by operating activities	210	256
Cash flows from investing activities:
Expenditures for property, plant and equipment	(49)	(33)
Proceeds from cross-currency swap contracts	21	9
Proceeds from sale of equity investment	46	0
Net cash provided by (used for) investing activities	18	(24)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of debt financing costs	794	667
Payments of long-term debt	(989)	(4)
Repurchases of Series A Preferred Stock	0	(580)
Repurchases of Common Stock	(173)	(15)
Payments of Additional Amounts for conversion of Series A Preferred Stock	0	(25)
Payments for preference dividends	0	(42)
Payments for debt and revolving facility financing costs	(7)	(2)
Other	(9)	(1)
Net cash used for financing activities	(384)	(2)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(5)	1
Net (decrease) increase in cash, cash equivalents and restricted cash	(161)	231
Cash, cash equivalents and restricted cash at beginning of the period	260	248
Cash, cash equivalents and restricted cash at end of the period	99	479
Supplemental cash flow disclosure:
Income taxes paid (net of refunds)	27	27
Interest paid	$ 42	$ 24

CONSOLIDATED INTERIM STATEMEN_4

CONSOLIDATED INTERIM STATEMENTS OF EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Millions	Total	Common Stock	Series A Cumulative Convertible Preferred Stock	Series A Preferred Stock	Series A Preferred Stock Series A Cumulative Convertible Preferred Stock	Common Stock	Common Stock Common Stock	Treasury Stock	Additional Paid-in Capital	Additional Paid-in Capital Series A Cumulative Convertible Preferred Stock	Retained Deficit	Retained Deficit Common Stock	Retained Deficit Series A Cumulative Convertible Preferred Stock	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2022				246,000,000		64,000,000
Beginning balance (in shares) at Dec. 31, 2022								0
Beginning balance at Dec. 31, 2022	$ (116)			$ 0		$ 0		$ 0	$ 1,333		$ (1,485)			$ 36
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	81										81
Other comprehensive income/loss , net of tax	(6)													(6)
Dividends	(42)										(42)
Stock-based compensation	3								3
Ending balance (in shares) at Mar. 31, 2023				246,000,000		64,000,000
Ending balance (in shares) at Mar. 31, 2023								0
Ending balance at Mar. 31, 2023	(80)			$ 0		$ 0		$ 0	1,336		(1,446)			30
Beginning balance (in shares) at Dec. 31, 2022				246,000,000		64,000,000
Beginning balance (in shares) at Dec. 31, 2022								0
Beginning balance at Dec. 31, 2022	(116)			$ 0		$ 0		$ 0	1,333		(1,485)			36
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152
Other comprehensive income/loss , net of tax	(9)
Ending balance (in shares) at Jun. 30, 2023				0		264,000,000
Ending balance (in shares) at Jun. 30, 2023								0
Ending balance at Jun. 30, 2023	(623)			$ 0		$ 0		$ 0	1,184		(1,834)			27
Beginning balance (in shares) at Mar. 31, 2023				246,000,000		64,000,000
Beginning balance (in shares) at Mar. 31, 2023								0
Beginning balance at Mar. 31, 2023	(80)			$ 0		$ 0		$ 0	1,336		(1,446)			30
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	71										71
Stock repurchased during period, (in shares)					(70,000,000)		(2,000,000)
Share repurchases		$ (18)	$ (567)							$ (366)		$ (18)	$ (201)
Excise tax on share repurchases	(6)										(6)
Other comprehensive income/loss , net of tax	(3)													(3)
Issuance of common stock for preference dividends (in shares)						26,000,000
Issuance of Common Stock for preference dividends	0								209		(209)
Conversion of Series A Preferred Stock (in shares)				(176,000,000)		(176,000,000)
Conversion of Series A Preferred Stock	(25)										(25)
Stock-based compensation	5								5
Ending balance (in shares) at Jun. 30, 2023				0		264,000,000
Ending balance (in shares) at Jun. 30, 2023								0
Ending balance at Jun. 30, 2023	$ (623)			$ 0		$ 0		$ 0	1,184		(1,834)			27
Beginning balance (in shares) at Dec. 31, 2023				0		238,000,000
Beginning balance (in shares) at Dec. 31, 2023	0							0
Beginning balance at Dec. 31, 2023	$ (735)			$ 0		$ 0		$ 0	1,190		(1,922)			(3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	66										66
Stock repurchased during period, (in shares)						(12,000,000)		(12,000,000)
Share repurchases	(109)							$ (109)
Excise tax on share repurchases	(1)							$ (1)
Shares issued under stock plan, net of shares withheld for employee taxes (in shares)						1,000,000		1,000,000
Shares issued under stock plan, net of shares withheld for employee taxes	(5)							$ (5)
Other comprehensive income/loss , net of tax	41													41
Stock-based compensation	8								8
Ending balance (in shares) at Mar. 31, 2024				0		227,000,000
Ending balance (in shares) at Mar. 31, 2024								13,000,000
Ending balance at Mar. 31, 2024	$ (735)			$ 0		$ 0		$ (115)	1,198		(1,856)			38
Beginning balance (in shares) at Dec. 31, 2023				0		238,000,000
Beginning balance (in shares) at Dec. 31, 2023	0							0
Beginning balance at Dec. 31, 2023	$ (735)			$ 0		$ 0		$ 0	1,190		(1,922)			(3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	130
Share repurchases	(174)
Other comprehensive income/loss , net of tax	$ 49
Ending balance (in shares) at Jun. 30, 2024				0		221,000,000
Ending balance (in shares) at Jun. 30, 2024	20,062,481							20,000,000
Ending balance at Jun. 30, 2024	$ (725)			$ 0		$ 0		$ (182)	1,203		(1,792)			46
Beginning balance (in shares) at Mar. 31, 2024				0		227,000,000
Beginning balance (in shares) at Mar. 31, 2024								13,000,000
Beginning balance at Mar. 31, 2024	(735)			$ 0		$ 0		$ (115)	1,198		(1,856)			38
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	64										64
Stock repurchased during period, (in shares)						(7,000,000)		(7,000,000)
Share repurchases	(65)							$ (65)
Excise tax on share repurchases	(1)							(1)
Shares issued under stock plan, net of shares withheld for employee taxes (in shares)						1,000,000
Shares issued under stock plan, net of shares withheld for employee taxes	(1)							$ (1)
Other comprehensive income/loss , net of tax	8													8
Stock-based compensation	$ 5								5
Ending balance (in shares) at Jun. 30, 2024				0		221,000,000
Ending balance (in shares) at Jun. 30, 2024	20,062,481							20,000,000
Ending balance at Jun. 30, 2024	$ (725)			$ 0		$ 0		$ (182)	$ 1,203		$ (1,792)			$ 46

Background and Basis of Present

Background and Basis of Presentation	6 Months Ended
Background and Basis of Presentation	Jun. 30, 2024
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”) is a cutting-edge technology leader delivering differentiated solutions for emission reduction and energy efficiency. We design, manufacture, and sell highly engineered turbocharging, air and fluid compression, and high-speed electric motor technologies to original equipment manufacturers (“OEMs”) and distributors within the mobility and industrial space. We have significant expertise in delivering products at scale for internal combustion engines using gasoline, diesel, natural gas, and hydrogen, as well as for zero emission technologies using hydrogen fuel cell systems, both for mobility and industrial use. As our customers continue to progress on electrification, we are applying our technological pillars to develop highly engineered E-Powertrain and E-Cooling compressor products to support their ambition. These products are key enablers for fuel economy, energy efficiency, thermal management, and compliance with emissions standards and overall greenhouse gas and other emission reduction targets. Basis of Presentation 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, 2023 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 15, 2024 (our “2023 Form 10-K”). The results of operations for the three and six months ended June 30, 2024 and cash flows for the six months ended June 30, 2024 should not necessarily be taken as indicative of the entire year. All amounts presented are in millions, except per share amounts. 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, such differences have been adjusted for the three months ended June 30, 2024. Our actual closing dates for the three months ended June 30, 2024 and 2023 were June 29, 2024 and July 1, 2023, respectively. We evaluate segment reporting in accordance with ASC 280, Segment Reporting . We concluded that Garrett operates in a single operating segment and a single reportable segment based on the operating results available and evaluated regularly by the chief operating decision maker (“CODM”), 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. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies The accounting policies of the Company are set forth in Note 3 to the Consolidated Financial Statements for the year ended December 31, 2023 included in our 2023 Form 10-K. Accounting Standards Issued But Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB ” ) issued accounting standards update ( “ ASU") 2023-07, Segment Reporting (Topic 280) : Improvements to Reportable Segment Disclosures. The amendments in this update require companies with a single reportable segment to provide all existing segment disclosures, as well as requires incremental segment information to be disclosed. The guidance is effective for fiscal years beginning after December 15, 2023 on a retrospective basis, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the guidance to determine the impact on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update increase the transparency around income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the guidance to determine the impact on its disclosures. 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 Interim Financial Statements and related disclosures.

Revenue Recognition and Contrac

Revenue Recognition and Contracts with Customers	6 Months Ended
Revenue Recognition and Contracts with Customers	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition and Contracts with Customers	Note 3. Revenue Recognition and Contracts with Customers Disaggregated Revenue Net sales by region (determined based on country of shipment) and channel are as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 OEM Aftermarket Other Total OEM Aftermarket Other Total (Dollars in millions) United States $ 119 $ 53 $ 2 $ 174 $ 142 $ 47 $ 1 $ 190 Europe 378 49 7 434 437 48 9 494 Asia 245 14 4 263 292 13 4 309 Other 14 5 — 19 12 6 — 18 $ 756 $ 121 $ 13 $ 890 $ 883 $ 114 $ 14 $ 1,011 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 OEM Aftermarket Other Total OEM Aftermarket Other Total (Dollars in millions) United States $ 245 $ 104 $ 3 $ 352 $ 265 $ 96 $ 2 $ 363 Europe 796 92 15 903 883 91 17 991 Asia 481 26 8 515 559 25 7 591 Other 24 11 — 35 24 12 — 36 $ 1,546 $ 233 $ 26 $ 1,805 $ 1,731 $ 224 $ 26 $ 1,981 Contract Balances The following table summarizes our contract assets and liabilities balances: 2024 2023 (Dollars in millions) Contract assets—January 1 $ 38 $ 46 Contract assets—June 30 51 47 Change in contract assets—Increase/(Decrease) $ 13 $ 1 Contract liabilities—January 1 $ (11) $ (8) Contract liabilities—June 30 (14) (9) Change in contract liabilities—Decrease/(Increase) $ (3) $ (1)

Research, Development and Engin

Research, Development and Engineering	6 Months Ended
Research, Development and Engineering	Jun. 30, 2024
Research and Development [Abstract]
Research, Development and Engineering	Note 4. Research, Development and Engineering Garrett conducts research, development, and engineering (“RD&E”) activities, which consist primarily of the development of new products and product applications. RD&E costs are charged to expense as incurred unless the Company has a contractual guarantee for reimbursement from the customer. Customer reimbursements are netted against gross RD&E expenditures as they are considered a recovery of cost. Such costs are included in Cost of goods sold as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Research and development costs $ 46 $ 46 $ 89 $ 86 Engineering-related expenses, net of customer (reimbursements) (1) (5) (4) (4) (5) $ 41 $ 42 $ 85 $ 81 (1) Engineering-related expenses include customer reimbursements of $16 million and $13 million for the three months ended June 30, 2024 and 2023, respectively, and $24 million and $24 million for the six months ended June 30, 2024 and 2023, respectively. Certain engineering expenses related to long-term supply arrangements are capitalized when defined criteria, such as the existence of a contractual guarantee for reimbursement, are met. As of June 30, 2024 and December 31, 2023, $22 million and $12 million

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 5. Income Taxes Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Tax expense $ 23 $ 30 $ 38 $ 57 Effective tax rate 26.4 % 29.7 % 22.6 % 27.3 % The effective tax rates for the three months ended June 30, 2024 and 2023 were 26.4% and 29.7% , respectively. The effective tax rates for the six months ended June 30, 2024 and 2023 were 22.6% and 27.3% , respectively. The change in the effective tax rate for the three months ended June 30, 2024 compared to the prior period is primarily related to lower U.S. taxes on international operations and lower non-deductible transaction costs, partially offset by tax related to the sale of an equity interest in an unconsolidated joint venture. The change in the effective tax rate for the six months ended June 30, 2024 compared to the prior period is primarily related to reversal of tax reserves, lower U.S. taxes on international operations, and lower non-deductible transaction costs, partially offset by tax related to the sale of an equity interest in an unconsolidated joint venture. The effective tax rate for the three months ended June 30, 2024 was higher than the U.S. federal statutory rate of 21% primarily because of U.S. taxes on international operations, withholding taxes, and tax related to sale of an equity interest in an unconsolidated joint venture, partially offset by lower taxes on non-U.S. earnings, and global research and development benefits.

Accounts, Notes and Other Recei

Accounts, Notes and Other Receivables-Net	6 Months Ended
Accounts, Notes and Other Receivables-Net	Jun. 30, 2024
Receivables [Abstract]
Accounts, Notes and Other Receivables-Net	Note 6. Accounts, Notes and Other Receivables—Net June 30, December 31, (Dollars in millions) Trade receivables $ 568 $ 614 Notes receivable 91 101 Other receivables 84 99 743 814 Less—Allowance for expected credit losses (7) (6) $ 736 $ 808 Trade receivables include $51 million and $38 million of unbilled customer contract asset balances as of June 30, 2024 and December 31, 2023, respectively. These amounts are billed in accordance with the terms of customer contracts to which they relate. See Note 3 , Revenue Recognition and Contracts with Customers . Notes receivable is related to guaranteed bank notes without recourse that the Company receives in settlement of accounts receivables, primarily in the Asia Pacific region. See Note 7, Factoring and Notes Receivable . Other receivables includes VAT receivables of $62 million and $78 million as of June 30, 2024

Factoring and Notes Receivable

Factoring and Notes Receivable	6 Months Ended
Factoring and Notes Receivable	Jun. 30, 2024
Receivables [Abstract]
Factoring and Notes Receivable	Note 7. Factoring and Notes Receivable The Company enters into arrangements with financial institutions to sell eligible trade receivables. The receivables are sold without recourse and the Company accounts for these arrangements as true sales. The Company also receives guaranteed bank notes without recourse, in settlement of accounts receivables, primarily in the Asia Pacific region. The Company can hold the bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third-party financial institutions in exchange for cash. Bank notes sold to third-party financial institutions without recourse are likewise accounted for as true sales. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in millions) Eligible receivables sold without recourse $ 240 $ 218 $ 402 $ 400 Guaranteed bank notes sold without recourse 52 — 52 — The expenses related to the sale of trade receivables and guaranteed bank notes are recognized within Other expense, net in the Consolidated Interim Statements of Operations, and were $1 million and $2 million for the three and six months ended June 30, 2024, respectively, and were immaterial for the three and six months ended June 30, 2023 . June 30, December 31, (Dollars in millions) Receivables sold but not yet collected by the bank from the customer $ 63 $ 7 Guaranteed bank notes sold but not yet collected by the bank from the customer — — As of June 30, 2024 and December 31, 2023, the Company had no guaranteed bank notes pledged as collateral .

Inventories-Net

Inventories-Net	6 Months Ended
Inventories-Net	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories-Net	Note 8. Inventories—Net June 30, December 31, (Dollars in millions) Raw materials $ 194 $ 198 Work in process 20 21 Finished products 99 85 313 304 Less—Reserves (41) (41) $ 272 $ 263

Other Assets

Other Assets	6 Months Ended
Other Assets	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Note 9. Other Assets June 30, December 31, (Dollars in millions) Advanced discounts to customers, non-current $ 36 $ 41 Operating right-of-use assets 45 40 Income tax receivable 20 20 Pension and other employee related 11 11 Derivatives designated as net investment hedges 57 37 Designated and undesignated derivatives 19 46 Other 8 11 $ 196 $ 206

Supplier Financing

Supplier Financing	6 Months Ended
Supplier Financing	Jun. 30, 2024
Payables and Accruals [Abstract]
Supplier Financing	Note 10. Supplier Financing The Company has supplier financing arrangements with two third-party financial institutions under which certain suppliers may factor their receivables from Garrett. The Company also enters into arrangements with banking institutions to issue bankers acceptance drafts in settlement of accounts payables, primarily in the Asia Pacific region. The bankers acceptance drafts, or guaranteed bank notes, have a contractual maturity of six months or less, and may be held by suppliers until maturity, transferred to their suppliers, or discounted with financial institutions in exchange for cash. The supplier financing obligations and guaranteed bank notes outstanding are recorded within Accounts payable in our Consolidated Interim Balance Sheet. June 30, December 31, (Dollars in millions) Supplier financing obligations outstanding with financial institutions $ 63 $ 68 Guaranteed bank notes outstanding 177 193

Accrued Liabilities

Accrued Liabilities	6 Months Ended
Accrued Liabilities	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Accrued Liabilities	Note 11. Accrued Liabilities June 30, December 31, (Dollars in millions) Customer pricing reserve $ 83 $ 57 Compensation, benefit and other employee related 65 80 Repositioning 9 9 Product warranties and performance guarantees - short-term (Note 19) 16 18 Income and other taxes 32 42 Customer advances and deferred income (1) 20 15 Accrued interest 14 26 Short-term lease liability 9 9 Accrued freight 8 9 Designated and undesignated derivatives 10 12 Other (primarily operating expenses) (2) 17 16 283 293 (1) Customer advances and deferred inco me include $14 million and $9 million of contract liabilities as of June 30, 2024 and December 31, 2023, respectively. See Note 3, Revenue Recognition and Contracts with Customers . (2) Includes $4 million and $5 million of environmental liabilities as of June 30, 2024 and December 31, 2023, respectively. The Company accrues repositioning costs related to projects to optimize its product costs and right-size our organizational structure. Expenses related to the repositioning accruals are included in Cost of goods sold and Selling, general and administrative expenses in our Consolidated Interim Statements of Operations. Severance Costs Other Costs Total (Dollars in millions) Balance at December 31, 2023 $ 9 $ — $ 9 Charges 12 — 12 Usage—cash (12) — (12) Balance at June 30, 2024 $ 9 $ — $ 9 Severance Costs Other Costs Total (Dollars in millions) Balance at December 31, 2022 $ 9 $ — $ 9 Charges 7 2 9 Usage—cash (4) — (4) Non-cash asset write-offs — (2) (2) Balance at June 30, 2023 $ 12 $ — $ 12

Other Liabilities

Other Liabilities	6 Months Ended
Other Liabilities	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other Liabilities	Note 12. Other Liabilities June 30, December 31, (Dollars in millions) Income taxes $ 96 $ 99 Designated and undesignated derivatives — 20 Pension and other employee related 20 23 Long-term lease liability 37 33 Advanced discounts from suppliers 3 3 Product warranties and performance guarantees – long-term (Note 19) 9 9 Environmental remediation – long term 12 13 Long-term accounts payable 5 7 Other 9 11 191 218

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2024
Leases [Abstract]
Leases	Note 13. Leases We have operating leases that primarily consist of real estate, machinery, and equipment. Our leases have remaining lease terms of up to 15 years, some of which include options to extend the leases for up to two years, and some of which include options to terminate the leases within the year. The components of lease expense are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Operating lease cost $ 4 $ 4 $ 7 $ 8 Supplemental cash flow information related to operating leases is as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 3 $ 3 $ 6 $ 7 Right-of-use assets obtained in exchange for lease obligations: Operating leases 3 2 9 2 Supplemental balance sheet information related to operating leases is as follows: June 30, December 31, (Dollars in millions) Other assets $ 45 $ 40 Accrued liabilities 9 9 Other liabilities 37 33 June 30, December 31, 2023 Weighted-average remaining lease term (in years) 7.44 8.08 Weighted-average discount rate 5.98 % 5.69 % Maturities of operating lease liabilities as of June 30, 2024 were as follows: (Dollars in millions) 2024 $ 8 2025 10 2026 9 2027 8 2028 6 Thereafter 17 Total lease payments 58 Less imputed interest (12) $ 46

Long-term Debt and Credit Agree

Long-term Debt and Credit Agreements	6 Months Ended
Long-term Debt and Credit Agreements	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-term Debt and Credit Agreements	Note 14. Long-term Debt and Credit Agreements Long Term Debt Senior Notes On May 21, 2024, Garrett Motion Holdings Inc. and Garrett LX I S.à.r.l. (the "Issuers"), wholly owned subsidiaries of the Company, completed an offering of $800 million in aggregate principal amount of 7.75% Senior Unsecured Notes due 2032 (the "2032 Senior Notes"). The 2032 Senior Notes mature on May 31, 2032. The Company incurred $12 million of debt issuance costs, which have been capitalized and will be amortized on a straight-line basis. The 2032 Senior Notes are guaranteed by the Company and each of the Company's wholly owned subsidiaries that guarantee obligations under the existing Credit Agreement (as defined below), subject to certain exceptions. The proceeds from the sale of the 2032 Senior Notes, together with cash on hand, were used to repay approximately $800 million of term loan indebtedness, as described below, and to pay related fees and expenses. Term Loans On April 30, 2021, the Company entered into a credit agreement (as amended from time to time, the "Credit Agreement") with JPMorgan Chase Bank, N.A. as administrative agent. The Credit Agreement provided for the following long-term senior secured financing (collectively, the "Term Loan Facilities"): • 2021 Dollar Term Facility: a seven-year secured first-lien U.S. Dollar term loan facility for $715 million; • 2023 Dollar Term Facility : a five-year secured first-lien U.S. Dollar term loan facility for $500 million; and • Euro Term Facility : a seven-year secured first-lien Euro term loan facility for €450 million. In the three months ended June 30, 2024, we made early debt repayments totaling $985 million on our Euro Term Facility and our 2023 Dollar Term Facility. Both term loans were fully repaid as of June 30, 2024. The early repayments resulted in incremental amortization of debt issuance costs of $27 million, included within Interest expense in the Consolidated Interim Statement of Operations. On May 21, 2024, in addition to the above transactions, the Company entered into Amendment No. 4 (the "Fourth Amendment") and Amendment No. 5 (the "Fifth Amendment" and, together with the Fourth Amendment, the "Amendments") to the Credit Agreement (as amended by the Amendments, the "Amended Credit Agreement"). The Fourth Amendment (i) removed the credit spread adjustment with respect to certain US dollar denominated term loan borrowings that are Term Benchmark Loans (as defined in the Amended Credit Agreement) and (ii) reduced the Applicable Rate (as defined in the Amended Credit Agreement) on certain US dollar denominated term loans to 2.75% for Term Benchmark Loans and 1.75% for ABR Loans (as defined in the Amended Credit Agreement). The Fifth Amendment increased the amount of revolving loan commitments available to the Company under the Credit Agreement by $30 million ("Incremental Revolving Commitment") to an aggregate amount of $600 million, as discussed below. The Incremental Revolving Commitment has the same terms and is subject to the same conditions applicable to revolving loans generally under the Amended Credit Agreement. The principal outstanding and carrying amounts of our long-term debt as of June 30, 2024 and December 31, 2023 are as follows: Due Interest Rate June 30, December 31, 2021 Dollar Term Facility 4/30/2028 SOFR plus 275 bps $ 695 $ 699 2023 Dollar Term Facility 4/30/2028 SOFR plus 450 bps — 500 Euro Term Facility 4/30/2028 EURIBOR plus 350 bps — 497 2032 Senior Notes 5/31/2032 7.75% 800 — Other 2 — Total principal outstanding 1,497 1,696 Less: unamortized deferred financing costs (25) (46) Less: current portion of long-term debt (7) (7) Total long-term debt $ 1,465 $ 1,643 Revolving Facility and Letters of Credit The Amended Credit Agreement also provides for a senior secured first-lien revolving credit facility providing for multi-currency re volving loans (the “Revolving Facility”). The Revolving Facility matures on April 30, 2028 and has a maximum borrowing amount available of $600 million. Under the Revolving Facility, the Company may use up to $125 million for the issuance of letters of credit to its subsidiaries. Letters of credit are available for issuance under the Amended Credit Agreement on terms and conditions customary for financings of this kind, which issuances reduce availability under the Revolving Facility. As of June 30, 2024, the Company had no loans outstanding under the Revolving Facility, no outstanding letters of credit, and available borrowing capacity of $600 million. Separate from the Revolving Facility, the Company has a bilateral letter of credit facility in the amount of $15 million, which matures on April 30, 2026. As of June 30, 2024, the Company had $12 million utilized and $3 million of remaining available capacity under such facility. Minimum scheduled principal repayments of long-term debt as of June 30, 2024 are as follow: June 30, (Dollars in millions) 2024 $ 4 2025 7 2026 7 2027 7 2028 672 Thereafter 800 Total debt payments $ 1,497 Interest Rates and Fees The 2032 Senior Notes bear interest at a rate of 7.75% per annum. Interest on the 2032 Senior Notes is payable semi-annually in arrears on May 31 and November 30 of each year, commencing on November 30, 2024. The 2021 Dollar Term 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 SOFR rate (“SOFR”) (which shall not be less than 0.50%), in each case, plus an applicable margin equal to 2.75% in the case of SOFR loans and 1.75% in the case of ABR loans. The Revolving Facility is subject to an interest rate comprised of an applicable benchmark rate as provided under the Credit Agreement (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 that may vary based on our leverage ratio. In addition to paying interest on outstanding borrowings under the Revolving Facility, we are also required to pay a quarterly commitment fee based on the average daily unused portion of the Revolving Facility during such quarter, which is determined by our leverage ratio and ranges from 0.25% to 0.50% per annum. Certain Covenants 2032 Senior Notes The 2032 Senior Notes contain certain covenants that limit the ability of the Company and its restricted subsidiaries to incur certain additional debt, incur certain liens securing debt, pay certain dividends or make other restricted payments, make certain investments, make certain asset sales, and enter into certain transactions with affiliates. These covenants are subject to a number of exceptions, limitations, and qualifications as set forth in the 2032 Senior Notes indenture. Additionally, the indenture contains certain change of control provisions that, under certain conditions, would require the Company to make an offer to repurchase all of the outstanding 2032 Senior Notes at a price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest. The indenture also contains customary events of default. Term Loans The Amended Credit Agreement contains certain affirmative and negative covenants customary for financings of this type. The Revolving Facility also contains a financial covenant requiring the maintenance of a consolidated total leverage ratio of not greater than 4.7 times 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 in effect thereunder on such date. As of June 30, 2024, the Company was in compliance with all covenants under the 2032 Senior Notes indenture and Amended Credit Agreement.

Equity

Equity	6 Months Ended
Equity	Jun. 30, 2024
Equity [Abstract]
Equity	Note 15. Equity Preferred Stock 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 (collectively, the “Transaction”) designed to increase the attractiveness of the Company to investors, including by simplifying the Company’s capital structure by converting all outstanding Series A Preferred Stock into a single class of Common Stock, subject to certain conditions. On June 6, 2023, the Company completed all steps of the Transaction and had no remaining shares of Series A Preferred Stock outstanding as of that date. Please refer to Note 21, Equity , to the Consolidated Financial Statements for the year ended December 31, 2023 included in our 2023 Form 10-K. Treasury Stock Treasury stock represents shares of the Company's Common Stock that have been issued and subsequently repurchased by the Company or withheld to satisfy withholding tax obligations in connection with equity award vestings, and that have not been retired or cancelled. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of Equity (Deficit) on the Consolidated Interim Balance Sheet. The Company accounts for the reissuance of treasury stock using the average cost method. The Company did not reissue or retire any shares of treasury stock during the three and six months ended June 30, 2024. Share Repurchase Program On February 12, 2024, the Board of Directors authorized a $350 million share repurchase program valid until December 31, 2024. The Company may repurchase shares from time to time under the program through various methods, including in open market transactions, block trades, privately negotiated transactions, and otherwise. The timing, as well as the number and value of shares repurchased under the program, will depend on a variety of factors. The Company is not obligated to purchase any shares under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. During the six months ended June 30, 2024, the Company repurchased $174

Financial Instruments and Fair

Financial Instruments and Fair Value Measures	6 Months Ended
Financial Instruments and Fair Value Measures	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments and Fair Value Measures	Note 16. Financial Instruments and Fair Value Measures Our credit, market, and foreign currency risk management policies are described in Note 19, Financial Instruments and Fair Value Measures , to the Consolidated Financial Statements for the year ended December 31, 2023 included in our 2023 Form 10-K. As of June 30, 2024 and December 31, 2023, we had contracts with aggregate gross notional amounts of $1,165 million and $1,171 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 June 30, 2024 and December 31, 2023: Fair Value Notional Amounts Assets Liabilities June 30, December 31, 2023 June 30, December 31, 2023 June 30, December 31, 2023 Designated instruments: Designated forward currency exchange contracts $ 392 $ 456 $ 7 $ 11 (a) $ 8 $ 6 (c) Designated cross-currency swaps 1,515 1,015 57 37 (b) — 17 (d) Designated interest-rate swaps — 200 — — — — Total designated instruments 1,907 1,671 64 48 8 23 Undesignated instruments: Undesignated interest rate swaps 481 917 19 46 (b) — 3 (d) Undesignated forward currency exchange contracts 773 715 6 1 (a) 2 6 (c) Total undesignated instruments 1,254 1,632 25 47 2 9 Total designated and undesignated instruments $ 3,161 $ 3,303 $ 89 $ 95 $ 10 $ 32 (a) Recorded within Other current assets (b) Recorded within Other assets (c) Recorded within Accrued liabilities (d) Recorded within Other liabilities Cash Flow Hedges During 2023, the Company entered into float-to-fixed interest rate swap contracts with an aggregate notional amount of $200 million and maturities in July 2024 and October 2024. The Company also entered into a float-to-fixed cross-currency swap contract comprised of an amortizing swap with an aggregate notional amount of €280 million ($300 million) and notional exchanges in June 2026, June 2027, and June 2028. The interest rate swap and cross-currency swap contracts were early settled in 2024, resulting in net gains of $18 million recorded to Interest expense and a $4 million loss recorded to Non-operating expense in the Consolidated Interim Statement of Operations. The Company also has outstanding forward currency exchange contracts with maturities up to 18 months and an aggregate notional amount of $392 million and $456 million as of June 30, 2024 and December 31, 2023, respectively. These forward currency exchange contracts have been designated as cash flow hedges to mitigate foreign currency exposures primarily on our inventory purchases and manufacturing costs. The gains and losses on the forward currency exchange contracts are recorded in Accumulated Other Comprehensive Income ("AOCI") and reclassified to Cost of goods sold in the Consolidated Interim Statement of Operations when the underlying transactions are recognized in earnings. In order to mitigate foreign currency risk on its 2032 Senior Notes, the Company entered into fixed-to-fixed cross-currency swap contracts with an aggregate notional amount of €507 million ($550 million) and notional exchanges in May 2027, May 2028, May 2029, and May 2030. Changes in the fair value of the cross-currency swap contracts are recognized in AOCI and reclassified to Non-operating (income) expense in the Consolidated Interim Statement of Operations, based upon changes in the spot rate remeasurement of the underlying debt. The net interest settlements on the cross-currency swap contracts are recorded in Interest expense in the Consolidated Interim Statements of Operations. All of the Company's cash flow hedges are assessed as highly effective. For the three months ended June 30, 2024 and 2023, the Company recorded a loss of $2 million, net of tax, and a gain of $2 million, net of tax, respectively, in Other comprehensive income. For the six months ended June 30, 2024 and 2023, the Company recorded a gain of $1 million, net of tax, and a loss of $1 million, net of tax, respectively, in Other comprehensive income. Net Investment Hedges The Company has designated float-to-float cross-currency swaps with aggregate notional amounts of €858 million ($965 million) and €615 million ($715 million) as of June 30, 2024 and December 31, 2023, respectively, as net investment hedges of its Euro-denominated operations. In April 2024, the Company re-couponed the cross-currency swap contracts which have been designated as net investment hedges and received a cash settlement of $13 million. The fair values of the net investment hedges were net assets o f $57 million and $37 million as of June 30, 2024 and December 31, 2023 , respectively. Our Consolidated Interim Statements of Comprehensive Income include Changes in fair value of net investment hedges, net of tax, of a $8 million gain and a $3 million gain for the three months ended June 30, 2024 and 2023, respectively, and of a $27 million gain and a $2 million loss for the six months ended June 30, 2024 and 2023 , respectively. No ineffectiveness has been recorded on the net investment hedges. Non-Designated Derivatives As of June 30, 2024 and December 31, 2023, the Company has outstanding float-to-fixed interest rate swap contracts with an aggregate notional amount of €450 million ($481 million) and €830 million ($917 million), respectively, and maturities of July 2024, October 2024, April 2025, April 2026, April 2027, and April 2028. Changes in the fair value of the undesignated interest rate swap contracts are recorded in Interest expense in the Consolidated Interim Statements of Operations. The Company also has outstanding forward currency exchange contracts with maturities generally up to 3 months and an aggregate notional amount of $773 million and $715 million as of June 30, 2024 and December 31, 2023 , respectively . These derivatives are not designated as hedging instruments and are adjusted to fair value through Non-operating (income) expense in the Consolidated Interim Statements of Operations. Fair Value Measurement The foreign currency exchange, interest rate swap and cross-currency swap contracts are valued using market observable inputs. As such, these derivative instruments are classified within Level 2. The assumptions used in measuring the fair value of the cross-currency swap are considered Level 2 inputs, which are based upon market-observable interest rate curves, cross-currency basis curves, credit default swap curves, and foreign exchange rates. The carrying value of Cash, cash equivalents, and restricted cash, Account receivables and Notes and Other receivables contained in the Consolidated Interim Balance Sheet approximates fair value. The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value: June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value (Dollars in millions) Term Loan Facilities $ 682 $ 696 $ 1,650 $ 1,692 2032 Senior Notes 789 812 — —

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
Accumulated Other Comprehensive Income	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	Note 17. Accumulated Other Comprehensive Income The changes in AOCI by component are set forth below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Foreign Exchange Translation Adjustment Balance at beginning of period $ (39) $ (42) $ (57) $ (44) Other comprehensive income (loss) before 5 (8) 23 (6) Amounts reclassified from AOCI (5) — (5) — Balance at end of period (39) (50) (39) (50) Pension Adjustments Balance at beginning of period (19) (18) (20) (18) Other comprehensive income (loss) before reclassifications (1) 2 — 3 — Balance at end of period (17) (18) (17) (18) Changes in Fair Value of Effective Cash Flow Hedges Balance at beginning of period 1 10 (2) 13 Other comprehensive income (loss) before reclassifications (2) 6 9 18 14 Amounts reclassified from AOCI, net (8) (7) (17) (15) Balance at end of period (1) 12 (1) 12 Changes in Fair Value of Net Investment Hedges Balance at beginning of period 95 80 76 85 Other comprehensive income (loss) before reclassifications, net (3) 8 3 27 (2) Balance at end of period 103 83 103 83 Accumulated other comprehensive income, end of period $ 46 $ 27 $ 46 $ 27 (1) There were no income tax effects for the three and six months ended June 30, 2024 and 2023. (2) Net of tax expense (benefit) of $2 million and $2 million for the three months ended June 30, 2024 and 2023, respectively and $6 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. (3) Net of tax expense (benefit) of $2 million and $(3) million for the three months ended June 30, 2024 and 2023, respectively, and $6 million and $(6) million for the six months ended June 30, 2024 and 2023, respectively. Reclassifications from AOCI to income were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Foreign Exchange Translation Adjustment Reclassification adjustments recognized in income (1) $ (5) $ — $ (5) $ — Amounts reclassified from AOCI (5) — (5) — Changes in Fair Value of Effective Cash Flow Hedges Reclassification forward currency exchange contracts to Cost of goods sold $ (2) $ (6) $ (4) $ (15) Reclassification cross-currency swaps to Interest expense 1 — (1) — Reclassification cross-currency swaps to Non-operating (income) expense (6) 4 (13) 4 Tax effect on reclassification to income (1) (5) 1 (4) Amounts reclassified from AOCI, net (8) (7) (17) (15) Total reclassifications for the period $ (13) $ (7) $ (22) $ (15)

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 18. Earnings Per Share For the three and six months ended June 30, 2024, basic earnings per share ("EPS") is computed using the weighted-average number of common shares outstanding during the period. For the three and six months ended June 30, 2023, basic earnings per share was calculated using the two-class method because our Series A Preferred Stock was considered a participating security prior to its conversion into Common Stock and cancellation pursuant to the Transaction. The two-class method requires an allocation of earnings to all securities that participate in dividends with common shares, which included our Series A Preferred Stock, to the extent that each such 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. Diluted earnings per share for the three and six months ended June 30, 2024 is calculated based on the weighted-average number of common shares outstanding for the period plus the dilutive effect of common stock equivalents using the treasury stock method. Diluted earnings per share for the three and six months ended June 30, 2023 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. The details of the EPS calculations for the three and six months ended June 30, 2024 and 2023 are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions except per share) Basic earnings per share: Net income $ 64 $ 71 $ 130 $ 152 Less: preferred stock dividend — (40) — (80) Less: preferred stock deemed dividends — (232) — (232) Net income (loss) available to common shareholders $ 64 $ (201) $ 130 $ (160) Weighted average common shares outstanding - Basic 224,321,948 107,408,432 230,493,039 86,269,694 EPS – Basic $ 0.29 $ (1.88) $ 0.56 $ (1.86) Diluted earnings per share: Method used: Two-class Two-class Weighted average common shares outstanding - Basic 224,321,948 107,408,432 230,493,039 86,269,694 Dilutive effect of unvested RSUs and other contingently issuable shares 1,576,866 — 1,962,044 — Weighted average common shares outstanding – Diluted 225,898,814 107,408,432 232,455,083 86,269,694 EPS – Diluted $ 0.28 $ (1.88) $ 0.56 $ (1.86) For the periods where a net loss attributable to common shareholders is present, dilutive securities have been excluded from the calculation of diluted net loss per share attributable to common stockholders as including them would have been anti-dilutive. For the three and six months ended June 30, 2023, the weighted-average number of unvested RSUs and other contingently issuable shares excluded from the computations were 1,113,778 and 1,358,636 shares, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 19. Commitments and Contingencies Securities Litigation In 2020, various securities class action complaints were 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 asserting claims under Section 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, for alleged securities fraud and control person liability. In March 2022, the trial court dismissed with prejudice the claims against certain of the defendants, and in March 2023, the trial court dismissed with prejudice all remaining claims. In April 2023, the plaintiffs appealed the trial court’s decision to the United States Court of Appeals for the Second Circuit. In April 2024, the Second Circuit affirmed dismissal of the claims, and the deadline for further appeals has passed. Brazilian Tax Matter 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 June 30, 2024 was $36 million, including penalties and interest. The Company believes, based on management’s assessment and the advice of external legal counsel, that it has meritorious arguments in connection with the infraction notice and any liability for the infraction notice is currently not probable. Accordingly, no accrual is required at this time. Warranties and Guarantees In the normal course of business, we issue product warranties and product performance guarantees. We accrue for the estimated cost of product warranties and performance guarantees based on contract terms and historical experience at the time of sale to the customer. Adjustments to initial obligations for warranties and guarantees are made as changes to the obligations become reasonably estimable. Product warranties and product performance guarantees are included in Accrued liabilities and Other liabilities. The following table summarizes information concerning our recorded obligations for product warranties and product performance guarantees. Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Warranty and product performance guarantees at beginning of period $ 26 $ 28 $ 27 $ 28 Accruals for warranties/guarantees issued during the period 2 3 5 6 Settlement of warranty/guarantee claims (3) (4) (6) (7) Foreign currency translation — — (1) — Warranty and product performance guarantees at end of period $ 25 $ 27 $ 25 $ 27 Other Commitments and Contingencies We are subject to other lawsuits, investigations, and disputes arising out of the conduct of our business, including matters relating to commercial transactions, government contracts, product liability, prior acquisitions and divestitures, employee benefit plans, intellectual property, and environmental, health and safety matters. We recognize a liability for any contingency that is probable of occurring and reasonably estimable. We continually assess the likelihood of adverse judgments of outcomes in these matters, as well as potential ranges of possible losses (taking into consideration any insurance recoveries), based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts.

Pension Benefits

Pension Benefits	6 Months Ended
Pension Benefits	Jun. 30, 2024
Retirement Benefits [Abstract]
Pension Benefits	Note 20. Pension Benefits We sponsor several funded U.S. and non-U.S. defined benefit pension plans. Significant plans outside the U.S. are in Switzerland and Ireland. Other pension plans outside the U.S. are not material to the Company, either individually or in the aggregate. Our general funding policy for qualified defined benefit pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. We are not required to make any contributions to our U.S. pension plan in 2024. We expect to make contributions of cash and/or marketable securities of approximately $7 million to our non-U.S. pension plans to satisfy regulatory funding standards in 2024, of which $3 million has been contributed as of June 30, 2024. Net periodic benefit costs for our significant defined benefit plans include the following components: Three Months Ended June 30, Six Months Ended June 30, U.S. Plans Non-U.S. Plan U.S. Plans Non-U.S. Plan 2024 2023 2024 2023 2024 2023 2024 2023 (Dollars in millions) Service cost $ — $ — $ 2 $ 1 $ — $ — $ 3 $ 3 Interest cost 2 2 1 1 4 4 3 2 Expected return on plan assets (2) (2) (2) (2) (4) (4) (4) (4) Amortization of prior service (credit) — — — — — — (1) — Total $ — $ — $ 1 $ — $ — $ — $ 1 $ 1 For both our U.S. and non-U.S. defined benefit pension plans, we estimate the service and interest cost components of net periodic benefit (income) cost by utilizing a full yield curve approach in the estimation of these cost components by applying the specific spot rates along the yield curve used in the determination of the pension benefit obligation to their underlying projected cash flows. This approach provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
Acquisitions and Divestitures	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Acquisitions and Divestitures	Note 21. Acquisitions and Divestitures

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 64	$ 66	$ 71	$ 81	$ 130	$ 152

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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, 2023 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 15, 2024 (our “2023 Form 10-K”). The results of operations for the three and six months ended June 30, 2024 and cash flows for the six months ended June 30, 2024 should not necessarily be taken as indicative of the entire year. All amounts presented are in millions, except per share amounts. 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, such differences have been adjusted for the three months ended June 30, 2024. Our actual closing dates for the three months ended June 30, 2024 and 2023 were June 29, 2024 and July 1, 2023, respectively. We evaluate segment reporting in accordance with ASC 280, Segment Reporting . We concluded that Garrett operates in a single operating segment and a single reportable segment based on the operating results available and evaluated regularly by the chief operating decision maker (“CODM”), 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. 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.
Accounting Standards Issued But Not Yet Adopted	In November 2023, the Financial Accounting Standards Board (“FASB ” ) issued accounting standards update ( “ ASU") 2023-07, Segment Reporting (Topic 280) : Improvements to Reportable Segment Disclosures. The amendments in this update require companies with a single reportable segment to provide all existing segment disclosures, as well as requires incremental segment information to be disclosed. The guidance is effective for fiscal years beginning after December 15, 2023 on a retrospective basis, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the guidance to determine the impact on its disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update increase the transparency around income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the guidance to determine the impact on its disclosures. 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 Interim Financial Statements and related disclosures.

Revenue Recognition and Contr_2

Revenue Recognition and Contracts with Customers (Tables)	6 Months Ended
Revenue Recognition and Contracts with Customers (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Net Sales by Region and Channel	Net sales by region (determined based on country of shipment) and channel are as follows: Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 OEM Aftermarket Other Total OEM Aftermarket Other Total (Dollars in millions) United States $ 119 $ 53 $ 2 $ 174 $ 142 $ 47 $ 1 $ 190 Europe 378 49 7 434 437 48 9 494 Asia 245 14 4 263 292 13 4 309 Other 14 5 — 19 12 6 — 18 $ 756 $ 121 $ 13 $ 890 $ 883 $ 114 $ 14 $ 1,011 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 OEM Aftermarket Other Total OEM Aftermarket Other Total (Dollars in millions) United States $ 245 $ 104 $ 3 $ 352 $ 265 $ 96 $ 2 $ 363 Europe 796 92 15 903 883 91 17 991 Asia 481 26 8 515 559 25 7 591 Other 24 11 — 35 24 12 — 36 $ 1,546 $ 233 $ 26 $ 1,805 $ 1,731 $ 224 $ 26 $ 1,981
Summary of Contract Assets and Liabilities	The following table summarizes our contract assets and liabilities balances: 2024 2023 (Dollars in millions) Contract assets—January 1 $ 38 $ 46 Contract assets—June 30 51 47 Change in contract assets—Increase/(Decrease) $ 13 $ 1 Contract liabilities—January 1 $ (11) $ (8) Contract liabilities—June 30 (14) (9) Change in contract liabilities—Decrease/(Increase) $ (3) $ (1)

Research, Development and Eng_2

Research, Development and Engineering (Tables)	6 Months Ended
Research, Development and Engineering (Tables)	Jun. 30, 2024
Research and Development [Abstract]
Summary of Research, Development & Engineering Activities	Such costs are included in Cost of goods sold as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Research and development costs $ 46 $ 46 $ 89 $ 86 Engineering-related expenses, net of customer (reimbursements) (1) (5) (4) (4) (5) $ 41 $ 42 $ 85 $ 81 (1) Engineering-related expenses include customer reimbursements of $16 million and $13 million for the three months ended June 30, 2024 and 2023, respectively, and $24 million and $24 million for the six months ended June 30, 2024 and 2023, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Tax Expense (Benefit) and Effective Tax Rate	Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Tax expense $ 23 $ 30 $ 38 $ 57 Effective tax rate 26.4 % 29.7 % 22.6 % 27.3 %

Accounts, Notes and Other Rec_2

Accounts, Notes and Other Receivables-Net (Tables)	6 Months Ended
Accounts, Notes and Other Receivables-Net (Tables)	Jun. 30, 2024
Receivables [Abstract]
Schedule of Accounts, Notes and Other Receivables Net	June 30, December 31, (Dollars in millions) Trade receivables $ 568 $ 614 Notes receivable 91 101 Other receivables 84 99 743 814 Less—Allowance for expected credit losses (7) (6) $ 736 $ 808

Factoring and Notes Receivable

Factoring and Notes Receivable (Tables)	6 Months Ended
Factoring and Notes Receivable (Tables)	Jun. 30, 2024
Receivables [Abstract]
Disclosure of Detailed Information about Trade Receivables and Guaranteed Bank Notes	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in millions) Eligible receivables sold without recourse $ 240 $ 218 $ 402 $ 400 Guaranteed bank notes sold without recourse 52 — 52 — June 30, December 31, (Dollars in millions) Receivables sold but not yet collected by the bank from the customer $ 63 $ 7 Guaranteed bank notes sold but not yet collected by the bank from the customer — —

Inventories-Net (Tables)

Inventories-Net (Tables)	6 Months Ended
Inventories-Net (Tables)	Jun. 30, 2024
Inventory Disclosure [Abstract]
Summary of Inventories	June 30, December 31, (Dollars in millions) Raw materials $ 194 $ 198 Work in process 20 21 Finished products 99 85 313 304 Less—Reserves (41) (41) $ 272 $ 263

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
Other Assets (Tables)	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	June 30, December 31, (Dollars in millions) Advanced discounts to customers, non-current $ 36 $ 41 Operating right-of-use assets 45 40 Income tax receivable 20 20 Pension and other employee related 11 11 Derivatives designated as net investment hedges 57 37 Designated and undesignated derivatives 19 46 Other 8 11 $ 196 $ 206

Supplier Financing (Tables)

Supplier Financing (Tables)	6 Months Ended
Supplier Financing (Tables)	Jun. 30, 2024
Payables and Accruals [Abstract]
Supplier Finance Program	The supplier financing obligations and guaranteed bank notes outstanding are recorded within Accounts payable in our Consolidated Interim Balance Sheet. June 30, December 31, (Dollars in millions) Supplier financing obligations outstanding with financial institutions $ 63 $ 68 Guaranteed bank notes outstanding 177 193

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
Accrued Liabilities (Tables)	Jun. 30, 2024
Accrued Liabilities, Current [Abstract]
Summary of Accrued Liabilities	June 30, December 31, (Dollars in millions) Customer pricing reserve $ 83 $ 57 Compensation, benefit and other employee related 65 80 Repositioning 9 9 Product warranties and performance guarantees - short-term (Note 19) 16 18 Income and other taxes 32 42 Customer advances and deferred income (1) 20 15 Accrued interest 14 26 Short-term lease liability 9 9 Accrued freight 8 9 Designated and undesignated derivatives 10 12 Other (primarily operating expenses) (2) 17 16 283 293 (1) Customer advances and deferred inco me include $14 million and $9 million of contract liabilities as of June 30, 2024 and December 31, 2023, respectively. See Note 3, Revenue Recognition and Contracts with Customers . (2) Includes $4 million and $5 million of environmental liabilities as of June 30, 2024 and December 31, 2023, respectively.
Summary of Expenses Related to the Repositioning Accruals	Severance Costs Other Costs Total (Dollars in millions) Balance at December 31, 2023 $ 9 $ — $ 9 Charges 12 — 12 Usage—cash (12) — (12) Balance at June 30, 2024 $ 9 $ — $ 9 Severance Costs Other Costs Total (Dollars in millions) Balance at December 31, 2022 $ 9 $ — $ 9 Charges 7 2 9 Usage—cash (4) — (4) Non-cash asset write-offs — (2) (2) Balance at June 30, 2023 $ 12 $ — $ 12

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
Other Liabilities (Tables)	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities	June 30, December 31, (Dollars in millions) Income taxes $ 96 $ 99 Designated and undesignated derivatives — 20 Pension and other employee related 20 23 Long-term lease liability 37 33 Advanced discounts from suppliers 3 3 Product warranties and performance guarantees – long-term (Note 19) 9 9 Environmental remediation – long term 12 13 Long-term accounts payable 5 7 Other 9 11 191 218

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2024
Leases [Abstract]
Summary of Components of Lease Expense	The components of lease expense are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Operating lease cost $ 4 $ 4 $ 7 $ 8
Summary of Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to operating leases is as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 3 $ 3 $ 6 $ 7 Right-of-use assets obtained in exchange for lease obligations: Operating leases 3 2 9 2
Summary of Supplemental Balance Sheet Information Related to Operating Leases	Supplemental balance sheet information related to operating leases is as follows: June 30, December 31, (Dollars in millions) Other assets $ 45 $ 40 Accrued liabilities 9 9 Other liabilities 37 33 June 30, December 31, 2023 Weighted-average remaining lease term (in years) 7.44 8.08 Weighted-average discount rate 5.98 % 5.69 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of June 30, 2024 were as follows: (Dollars in millions) 2024 $ 8 2025 10 2026 9 2027 8 2028 6 Thereafter 17 Total lease payments 58 Less imputed interest (12) $ 46

Long-term Debt and Credit Agr_2

Long-term Debt and Credit Agreements (Tables)	6 Months Ended
Long-term Debt and Credit Agreements (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of principal outstanding and carrying amount of long term debt	The principal outstanding and carrying amounts of our long-term debt as of June 30, 2024 and December 31, 2023 are as follows: Due Interest Rate June 30, December 31, 2021 Dollar Term Facility 4/30/2028 SOFR plus 275 bps $ 695 $ 699 2023 Dollar Term Facility 4/30/2028 SOFR plus 450 bps — 500 Euro Term Facility 4/30/2028 EURIBOR plus 350 bps — 497 2032 Senior Notes 5/31/2032 7.75% 800 — Other 2 — Total principal outstanding 1,497 1,696 Less: unamortized deferred financing costs (25) (46) Less: current portion of long-term debt (7) (7) Total long-term debt $ 1,465 $ 1,643
Schedule of Principal Repayments Of Credit Facilities	Minimum scheduled principal repayments of long-term debt as of June 30, 2024 are as follow: June 30, (Dollars in millions) 2024 $ 4 2025 7 2026 7 2027 7 2028 672 Thereafter 800 Total debt payments $ 1,497

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measures (Tables)	6 Months Ended
Financial Instruments and Fair Value Measures (Tables)	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023: Fair Value Notional Amounts Assets Liabilities June 30, December 31, 2023 June 30, December 31, 2023 June 30, December 31, 2023 Designated instruments: Designated forward currency exchange contracts $ 392 $ 456 $ 7 $ 11 (a) $ 8 $ 6 (c) Designated cross-currency swaps 1,515 1,015 57 37 (b) — 17 (d) Designated interest-rate swaps — 200 — — — — Total designated instruments 1,907 1,671 64 48 8 23 Undesignated instruments: Undesignated interest rate swaps 481 917 19 46 (b) — 3 (d) Undesignated forward currency exchange contracts 773 715 6 1 (a) 2 6 (c) Total undesignated instruments 1,254 1,632 25 47 2 9 Total designated and undesignated instruments $ 3,161 $ 3,303 $ 89 $ 95 $ 10 $ 32 (a) Recorded within Other current assets (b) Recorded within Other assets (c) Recorded within Accrued liabilities (d) Recorded within Other liabilities
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: June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value (Dollars in millions) Term Loan Facilities $ 682 $ 696 $ 1,650 $ 1,692 2032 Senior Notes 789 812 — —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
Accumulated Other Comprehensive Income (Tables)	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component	The changes in AOCI by component are set forth below: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Foreign Exchange Translation Adjustment Balance at beginning of period $ (39) $ (42) $ (57) $ (44) Other comprehensive income (loss) before 5 (8) 23 (6) Amounts reclassified from AOCI (5) — (5) — Balance at end of period (39) (50) (39) (50) Pension Adjustments Balance at beginning of period (19) (18) (20) (18) Other comprehensive income (loss) before reclassifications (1) 2 — 3 — Balance at end of period (17) (18) (17) (18) Changes in Fair Value of Effective Cash Flow Hedges Balance at beginning of period 1 10 (2) 13 Other comprehensive income (loss) before reclassifications (2) 6 9 18 14 Amounts reclassified from AOCI, net (8) (7) (17) (15) Balance at end of period (1) 12 (1) 12 Changes in Fair Value of Net Investment Hedges Balance at beginning of period 95 80 76 85 Other comprehensive income (loss) before reclassifications, net (3) 8 3 27 (2) Balance at end of period 103 83 103 83 Accumulated other comprehensive income, end of period $ 46 $ 27 $ 46 $ 27 (1) There were no income tax effects for the three and six months ended June 30, 2024 and 2023. (2) Net of tax expense (benefit) of $2 million and $2 million for the three months ended June 30, 2024 and 2023, respectively and $6 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. (3) Net of tax expense (benefit) of $2 million and $(3) million for the three months ended June 30, 2024 and 2023, respectively, and $6 million and $(6) million for the six months ended June 30, 2024 and 2023, respectively.
Reclassification out of Accumulated Other Comprehensive Income	Reclassifications from AOCI to income were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Foreign Exchange Translation Adjustment Reclassification adjustments recognized in income (1) $ (5) $ — $ (5) $ — Amounts reclassified from AOCI (5) — (5) — Changes in Fair Value of Effective Cash Flow Hedges Reclassification forward currency exchange contracts to Cost of goods sold $ (2) $ (6) $ (4) $ (15) Reclassification cross-currency swaps to Interest expense 1 — (1) — Reclassification cross-currency swaps to Non-operating (income) expense (6) 4 (13) 4 Tax effect on reclassification to income (1) (5) 1 (4) Amounts reclassified from AOCI, net (8) (7) (17) (15) Total reclassifications for the period $ (13) $ (7) $ (22) $ (15)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The details of the EPS calculations for the three and six months ended June 30, 2024 and 2023 are as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions except per share) Basic earnings per share: Net income $ 64 $ 71 $ 130 $ 152 Less: preferred stock dividend — (40) — (80) Less: preferred stock deemed dividends — (232) — (232) Net income (loss) available to common shareholders $ 64 $ (201) $ 130 $ (160) Weighted average common shares outstanding - Basic 224,321,948 107,408,432 230,493,039 86,269,694 EPS – Basic $ 0.29 $ (1.88) $ 0.56 $ (1.86) Diluted earnings per share: Method used: Two-class Two-class Weighted average common shares outstanding - Basic 224,321,948 107,408,432 230,493,039 86,269,694 Dilutive effect of unvested RSUs and other contingently issuable shares 1,576,866 — 1,962,044 — Weighted average common shares outstanding – Diluted 225,898,814 107,408,432 232,455,083 86,269,694 EPS – Diluted $ 0.28 $ (1.88) $ 0.56 $ (1.86)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
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. Three Months Ended Six Months Ended 2024 2023 2024 2023 (Dollars in millions) Warranty and product performance guarantees at beginning of period $ 26 $ 28 $ 27 $ 28 Accruals for warranties/guarantees issued during the period 2 3 5 6 Settlement of warranty/guarantee claims (3) (4) (6) (7) Foreign currency translation — — (1) — Warranty and product performance guarantees at end of period $ 25 $ 27 $ 25 $ 27

Pension Benefits (Tables)

Pension Benefits (Tables)	6 Months Ended
Pension Benefits (Tables)	Jun. 30, 2024
Retirement Benefits [Abstract]
Summary of Net Periodic Benefit Cost	Net periodic benefit costs for our significant defined benefit plans include the following components: Three Months Ended June 30, Six Months Ended June 30, U.S. Plans Non-U.S. Plan U.S. Plans Non-U.S. Plan 2024 2023 2024 2023 2024 2023 2024 2023 (Dollars in millions) Service cost $ — $ — $ 2 $ 1 $ — $ — $ 3 $ 3 Interest cost 2 2 1 1 4 4 3 2 Expected return on plan assets (2) (2) (2) (2) (4) (4) (4) (4) Amortization of prior service (credit) — — — — — — (1) — Total $ — $ — $ 1 $ — $ — $ — $ 1 $ 1

Background and Basis of Prese_2

Background and Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1

Revenue Recognition and Contr_3

Revenue Recognition and Contracts with Customers - Summary of Net Sales by Region and Channel (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Net sales	$ 890	$ 1,011	$ 1,805	$ 1,981
United States
Disaggregation Of Revenue [Line Items]
Net sales	174	190	352	363
Europe
Disaggregation Of Revenue [Line Items]
Net sales	434	494	903	991
Asia
Disaggregation Of Revenue [Line Items]
Net sales	263	309	515	591
Other
Disaggregation Of Revenue [Line Items]
Net sales	19	18	35	36
OEM
Disaggregation Of Revenue [Line Items]
Net sales	756	883	1,546	1,731
OEM \| United States
Disaggregation Of Revenue [Line Items]
Net sales	119	142	245	265
OEM \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	378	437	796	883
OEM \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	245	292	481	559
OEM \| Other
Disaggregation Of Revenue [Line Items]
Net sales	14	12	24	24
Aftermarket
Disaggregation Of Revenue [Line Items]
Net sales	121	114	233	224
Aftermarket \| United States
Disaggregation Of Revenue [Line Items]
Net sales	53	47	104	96
Aftermarket \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	49	48	92	91
Aftermarket \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	14	13	26	25
Aftermarket \| Other
Disaggregation Of Revenue [Line Items]
Net sales	5	6	11	12
Other
Disaggregation Of Revenue [Line Items]
Net sales	13	14	26	26
Other \| United States
Disaggregation Of Revenue [Line Items]
Net sales	2	1	3	2
Other \| Europe
Disaggregation Of Revenue [Line Items]
Net sales	7	9	15	17
Other \| Asia
Disaggregation Of Revenue [Line Items]
Net sales	4	4	8	7
Other \| Other
Disaggregation Of Revenue [Line Items]
Net sales	$ 0	$ 0	$ 0	$ 0

Revenue Recognition and Contr_4

Revenue Recognition and Contracts with Customers - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Change in Contract with Customer, Asset [Abstract]
Contract assets—January 1	$ 38	$ 46
Change in contract assets—Increase/(Decrease)	13	1
Contract assets—June 30	51	47
Change in Contract with Customer, Liability [Abstract]
Contract liabilities—January 1	(11)	(8)
Change in contract liabilities—Decrease/(Increase)	(3)	(1)
Contract liabilities—June 30	$ (14)	$ (9)

Research, Development and Eng_3

Research, Development and Engineering (Details) - Cost of goods sold - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	$ 41	$ 42	$ 85	$ 81
Research and development costs
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	46	46	89	86
Engineering-related expenses, net of customer (reimbursements)
Research And Development Arrangement Contract To Perform For Others [Line Items]
Research, development & engineering expense, total	(5)	(4)	(4)	(5)
Customer reimbursement	$ 16	$ 13	$ 24	$ 24

Research, Development and Eng_4

Research, Development and Engineering - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Research and Development [Abstract]
Preproduction costs related to long-term supply arrangements, costs capitalized	$ 22	$ 12

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Tax expense	$ 23	$ 30	$ 38	$ 57
Effective tax rate	26.40%	29.70%	22.60%	27.30%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	26.40%	29.70%	22.60%	27.30%

Accounts, Notes and Other Rec_3

Accounts, Notes and Other Receivables-Net - Schedule of Accounts, Notes and Other Receivables-Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade receivables	$ 568	$ 614
Notes receivable	91	101
Other receivables	84	99
Accounts, notes and other receivables, gross	743	814
Less—Allowance for expected credit losses	(7)	(6)
Accounts, notes and other receivables, net	$ 736	$ 808

Accounts, Notes and Other Rec_4

Accounts, Notes and Other Receivables-Net - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Unbilled balances	$ 51	$ 38
Value added tax (VAT) receivable	$ 62	$ 78

Factoring and Notes Receivabl_2

Factoring and Notes Receivable - Disclosure of Detailed Information about Trade Receivables (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Eligible receivables sold without recourse	$ 240	$ 218	$ 402	$ 400
Guaranteed bank notes sold without recourse	$ 52	$ 0	$ 52	$ 0

Factoring and Notes Receivabl_3

Factoring and Notes Receivable - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Factoring and notes receivables discount fees	$ 1	$ 0	$ 2	$ 0

Factoring and Notes Receivabl_4

Factoring and Notes Receivable - Disclosure of Detailed Information about Guaranteed Bank Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Receivables sold but not yet collected by the bank from the customer	$ 63	$ 7
Guaranteed bank notes sold but not yet collected by the bank from the customer	$ 0	$ 0

Inventories-Net (Details)

Inventories-Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 194	$ 198
Work in process	20	21
Finished products	99	85
Inventories, gross	313	304
Less—Reserves	(41)	(41)
Inventories, net	$ 272	$ 263

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advanced discounts to customers, non-current	$ 36	$ 41
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total other assets	Total other assets
Operating right-of-use assets (Note 13)	$ 45	$ 40
Income tax receivable	20	20
Pension and other employee related	11	11
Derivatives designated as net investment hedges	57	37
Designated and undesignated derivatives	19	46
Other	8	11
Total other assets	$ 196	$ 206

Supplier Financing - Narrative

Supplier Financing - Narrative (Details)	6 Months Ended
Supplier Financing - Narrative (Details)	Jun. 30, 2024 institution
Supply Commitment [Line Items]
Number of third party financial institutions	2
Guaranteed bank notes outstanding
Supply Commitment [Line Items]
Supplier finance program, payment timing, period	6 months

Supplier Financing (Details)

Supplier Financing (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Supplier financing obligations outstanding with financial institutions
Supply Commitment [Line Items]
Supplier finance program, obligation	$ 63	$ 68
Guaranteed bank notes outstanding
Supply Commitment [Line Items]
Supplier finance program, obligation	$ 177	$ 193

Accrued Liabilities - Summary o

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Customer pricing reserve	$ 83	$ 57
Compensation, benefit and other employee related	65	80
Repositioning	9	9
Product warranties and performance guarantees - short-term (Note 19)	16	18
Income and other taxes	32	42
Customer advances and deferred income	20	15
Accrued interest	$ 14	$ 26
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities (Note 11)	Accrued liabilities (Note 11)
Short-term lease liability (Note 13)	$ 9	$ 9
Accrued freight	8	9
Designated and undesignated derivatives	10	12
Other (primarily operating expenses)	17	16
Accrued liabilities (Note 11)	283	293
Contract liabilities	14	9
Accrued environmental liability	$ 4	$ 5

Accrued Liabilities - Summary_2

Accrued Liabilities - Summary of Expenses Related to the Repositioning Accruals (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 9	$ 9
Charges	12	9
Usage—cash	(12)	(4)
Non-cash asset write-offs		(2)
Balance at end of period	9	12
Severance Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	9	9
Charges	12	7
Usage—cash	(12)	(4)
Non-cash asset write-offs		0
Balance at end of period	9	12
Other Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0	0
Charges	0	2
Usage—cash	0	0
Non-cash asset write-offs		(2)
Balance at end of period	$ 0	$ 0

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Income taxes	$ 96	$ 99
Designated and undesignated derivatives	0	20
Pension and other employee related	$ 20	$ 23
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total other liabilities	Total other liabilities
Long-term lease liability (Note 13)	$ 37	$ 33
Advanced discounts from suppliers	3	3
Product warranties and performance guarantees – long-term (Note 19)	9	9
Environmental remediation – long term	12	13
Long-term accounts payable	5	7
Other	9	11
Total other liabilities	$ 191	$ 218

Leases - Additional Information

Leases - Additional Information (Details) - Maximum	6 Months Ended
Leases - Additional Information (Details) - Maximum	Jun. 30, 2024
Lessee Lease Description [Line Items]
Operating lease, remaining lease terms	15 years
Operating lease, options to extend, years	2 years

Leases - Summary of Components

Leases - Summary of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 4	$ 4	$ 7	$ 8

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 3	$ 3	$ 6	$ 7
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 3	$ 2	$ 9	$ 2

Leases - Summary of Supplemen_2

Leases - Summary of Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets (Note 9)	Other assets (Note 9)
Other assets	$ 45	$ 40
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities (Note 11)	Accrued liabilities (Note 11)
Accrued liabilities	$ 9	$ 9
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities (Note 12)	Other liabilities (Note 12)
Other liabilities	$ 37	$ 33
Weighted-average remaining lease term (in years)	7 years 5 months 8 days	8 years 29 days
Weighted-average discount rate	5.98%	5.69%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Millions	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 8
2025	10
2026	9
2027	8
2028	6
Thereafter	17
Total lease payments	58
Less imputed interest	(12)
Operating lease, liabilities	$ 46

Long-term Debt and Credit Agr_3

Long-term Debt and Credit Agreements - Additional Information (Details) € in Millions				3 Months Ended		6 Months Ended
	May 21, 2024 EUR (€)	May 21, 2024 USD ($)	Apr. 30, 2021 EUR (€)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	May 21, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 14, 2022 USD ($)	Apr. 30, 2021 USD ($)
Debt Instrument [Line Items]
Debt issuance costs, gross					$ 25,000,000	$ 25,000,000		$ 46,000,000
ABR \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate at option						0%
2023 Dollar Term Facility
Debt Instrument [Line Items]
Long term debt, interest rate					4.50%	4.50%
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate at option						1%
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	$ 125,000,000
Letter of Credit
Debt Instrument [Line Items]
Line of credit					12,000,000	12,000,000
Line of credit, available borrowing capacity					$ 3,000,000	$ 3,000,000
Line of credit, current borrowing capacity									$ 15,000,000
Senior Notes due 2032 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument face amount \| €	€ 800
Long term debt, interest rate	7.75%				7.75%	7.75%	7.75%
Debt issuance costs, gross							$ 12,000,000
Repurchase price of aggregate principal amount (in percentage)	101%	101%
Credit Agreement
Debt Instrument [Line Items]
Debt instrument face amount					$ 30,000,000	$ 30,000,000
Aggregate commitment percentage						35%
Credit Agreement \| Maximum
Debt Instrument [Line Items]
Consolidated total leverage ratio						4.7
Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit					0	$ 0
Line of credit, available borrowing capacity					600,000,000	600,000,000
Credit Agreement \| Undrawn Letters of credit
Debt Instrument [Line Items]
Line of credit					0	$ 0
Credit Agreement \| Secured debt
Debt Instrument [Line Items]
Repayments of lines of credit \| €	€ 800
Deferred debt issuance costs, writeoff					$ 27,000,000
Credit Agreement \| Secured debt \| Euro Term Loan Facility And Dollar Term Facility
Debt Instrument [Line Items]
Repayments of lines of credit \| €				€ 985
Credit Agreement \| Secured debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity							$ 600,000,000
Line of credit facility, increase (decrease) to borrowing capacity		$ 30,000,000
Credit Agreement, USD tranche \| Secured debt \| Term Loan Facility
Debt Instrument [Line Items]
Line of credit, term			7 years
Line of credit, maximum borrowing capacity										$ 715,000,000
Credit Agreement, USD tranche \| Secured debt \| 2023 Dollar Term Facility
Debt Instrument [Line Items]
Line of credit, term			7 years
Line of credit, maximum borrowing capacity										$ 500,000,000
Credit Agreement, EUR tranche \| Secured debt \| Term Loan Facility
Debt Instrument [Line Items]
Line of credit, term			5 years
Line of credit, maximum borrowing capacity \| €			€ 450
U.S. Dollar Term Loan Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, interest rate at option						2.75%
U.S. Dollar Term Loan Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate at option						0.50%
U.S. Dollar Term Loan Facility \| ABR
Debt Instrument [Line Items]
Debt instrument, interest rate at option						1.75%
U.S. Dollar Term Loan Facility \| ABR \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate at option						1.50%

Long-term Debt and Credit Agr_4

Long-term Debt and Credit Agreements - Schedule of Principal Outstanding And Carrying Amount of Long term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	May 21, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt payments	$ 1,497		$ 1,696
Less: unamortized deferred financing costs	(25)		(46)
Less: current portion of long-term debt	(7)		(7)
Long-term debt (Note 14)	1,465		1,643
Other
Debt Instrument [Line Items]
Total debt payments	$ 2		0
Unsecured Debt \| Senior Notes due 2032
Debt Instrument [Line Items]
Long term debt, interest rate	7.75%	7.75%
Total debt payments	$ 800		0
Less: unamortized deferred financing costs		$ (12)
2021 Dollar Term Facility
Debt Instrument [Line Items]
Long term debt, interest rate	2.75%
Total debt payments	$ 695		699
2023 Dollar Term Facility
Debt Instrument [Line Items]
Long term debt, interest rate	4.50%
Total debt payments	$ 0		500
Euro Term Facility
Debt Instrument [Line Items]
Long term debt, interest rate	3.50%
Total debt payments	$ 0		$ 497

Long-term Debt and Credit Agr_5

Long-term Debt and Credit Agreements - Schedule of maturities of long-term debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024	$ 4
2025	7
2026	7
2027	7
2028	672
Thereafter	800
Total debt payments	$ 1,497	$ 1,696

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Equity - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Feb. 12, 2024
Equity [Abstract]
Stock repurchase program, authorized amount				$ 350
Stock repurchases	$ 65	$ 109	$ 174
Stock repurchase program, remaining authorized repurchase amount	$ 176		$ 176

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measures - Additional Information (Details) € in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		$ 1,165,000,000		$ 1,165,000,000			$ 1,171,000,000
Changes in fair value of effective cash flow hedges, net of tax (Note 16)		(2,000,000)	$ 2,000,000	1,000,000	$ (1,000,000)
Changes in fair value of net investment hedges, net of tax (Note 16)		8,000,000	$ 3,000,000	27,000,000	$ (2,000,000)
Level 2 \| Fair value measurements recurring
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		3,161,000,000		3,161,000,000			3,303,000,000
Designated as hedging \| Level 2 \| Fair value measurements recurring
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		1,907,000,000		1,907,000,000			1,671,000,000
Undesignated as hedging \| Level 2 \| Fair value measurements recurring
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		1,254,000,000		1,254,000,000			1,632,000,000
Interest rate swap \| Designated as hedging
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount \| €						€ 200
Interest rate swap \| Designated as hedging \| Level 2 \| Fair value measurements recurring
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		0		0			200,000,000
Interest rate swap \| Undesignated as hedging \| Level 2 \| Fair value measurements recurring
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		481,000,000		481,000,000		450	917,000,000	€ 830
Forward currency exchange contracts \| Designated as hedging \| Level 2 \| Fair value measurements recurring
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		392,000,000		$ 392,000,000			456,000,000
Maximum remaining maturity of foreign currency derivatives				18 months
Forward currency exchange contracts \| Undesignated as hedging \| Level 2 \| Fair value measurements recurring
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		$ 773,000,000		$ 773,000,000			715,000,000
Maximum remaining maturity of foreign currency derivatives		3 months
Cross-currency interest rate swaps
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Fair value of derivative assets, net		$ 57,000,000		57,000,000			37,000,000
Ineffectiveness on net investment hedges				0
Cross-currency interest rate swaps \| Net Investment Hedging
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		965,000,000		965,000,000		858	715,000,000	€ 615
Derivative, cash received on hedge	$ 13,000,000
Cross-currency interest rate swaps \| Senior Notes due 2032 \| Cash Flow Hedging \| Unsecured Debt
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		550,000,000		550,000,000		507
Cross-currency interest rate swaps \| 2023 Dollar Term Facility \| Credit Agreement, USD tranche \| Cash Flow Hedging \| Secured debt
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		300,000,000		300,000,000		€ 280
Cross-currency interest rate swaps \| 2023 Dollar Term Facility \| Credit Agreement, USD tranche \| Cash Flow Hedging \| Secured debt \| Interest Expense
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Gain (loss) on derivative instruments, net, pretax				18,000,000
Cross-currency interest rate swaps \| 2023 Dollar Term Facility \| Credit Agreement, USD tranche \| Cash Flow Hedging \| Secured debt \| Nonoperating Income (Expense)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Gain (loss) on derivative instruments, net, pretax				(4,000,000)
Cross-currency interest rate swaps \| Designated as hedging \| Level 2 \| Fair value measurements recurring
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative, aggregate gross notional amount		$ 1,515,000,000		$ 1,515,000,000			$ 1,015,000,000

Financial Instruments and Fai_4

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	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	$ 1,165		$ 1,171
Designated as hedging \| Interest rate swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts \| €		€ 200
Fair value measurements recurring \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	3,161		3,303
Fair value, assets	89		95
Fair value, liabilities	10		32
Fair value measurements recurring \| Level 2 \| Designated as hedging
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	1,907		1,671
Fair value, assets	64		48
Fair value, liabilities	8		23
Fair value measurements recurring \| Level 2 \| Designated as hedging \| Forward currency exchange contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	392		456
Fair value, assets	7		11
Fair value, liabilities	8		6
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	1,515		1,015
Fair value, assets	57		37
Fair value, liabilities	0		17
Fair value measurements recurring \| Level 2 \| Designated as hedging \| Interest rate swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional Amounts	0		200
Fair value, assets	0		0
Fair value, liabilities	0		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	1,254		1,632
Fair value, assets	25		47
Fair value, liabilities	2		9
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	773		715
Fair value, assets	6		1
Fair value, liabilities	2		6
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	481	€ 450	917	€ 830
Fair value, assets	19		46
Fair value, liabilities	$ 0		$ 3

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measures - Summary of Financial Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Carrying Value \| Unsecured Debt \| Senior Notes due 2032
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term Loan Facilities	$ 789	$ 0
Carrying Value \| Secured debt \| Credit Agreement, USD tranche \| Term Loan Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term Loan Facilities	682	1,650
Level 2 \| Fair Value \| Unsecured Debt \| Senior Notes due 2032
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term Loan Facilities	812	0
Level 2 \| Fair Value \| Secured debt \| Credit Agreement, USD tranche \| Term Loan Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Term Loan Facilities	$ 696	$ 1,692

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (735)	$ (80)	$ (735)	$ (116)
Ending balance	(725)	(623)	(725)	(623)
Foreign Exchange Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(39)	(42)	(57)	(44)
Other comprehensive income (loss) before reclassifications	5	(8)	23	(6)
Amounts reclassified from AOCI, net	(5)	0	(5)	0
Ending balance	(39)	(50)	(39)	(50)
Pension Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(19)	(18)	(20)	(18)
Other comprehensive income (loss) before reclassifications	2	0	3	0
Ending balance	(17)	(18)	(17)	(18)
Other comprehensive income (loss) before reclassifications, tax	0	0	0	0
Changes in Fair Value of Effective Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1	10	(2)	13
Other comprehensive income (loss) before reclassifications	6	9	18	14
Amounts reclassified from AOCI, net	(8)	(7)	(17)	(15)
Ending balance	(1)	12	(1)	12
Other comprehensive income (loss) before reclassifications, tax	2	2	6	2
Changes in Fair Value of Net Investment Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	95	80	76	85
Other comprehensive income (loss) before reclassifications	8	3	27	(2)
Ending balance	103	83	103	83
Other comprehensive income (loss) before reclassifications, tax	2	(3)	6	(6)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	38	30	(3)	36
Ending balance	$ 46	$ 27	$ 46	$ 27

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Reclassification adjustments recognized in income	$ 27		$ 0		$ 27	$ 0
Reclassification forward currency exchange contracts to Cost of goods sold	705		809		1,448	1,590
Reclassification cross-currency swaps to Interest expense	62		29		93	56
Tax expense	23		30		38	57
Amounts reclassified from AOCI, net	(64)	$ (66)	(71)	$ (81)	(130)	(152)
Reclassification out of Accumulated Other Comprehensive Income
Defined Benefit Plan Disclosure [Line Items]
Reclassification adjustments recognized in income					5
Amounts reclassified from AOCI, net	(13)		(7)		(22)	(15)
Reclassification out of Accumulated Other Comprehensive Income \| Changes in Fair Value of Effective Cash Flow Hedges
Defined Benefit Plan Disclosure [Line Items]
Reclassification forward currency exchange contracts to Cost of goods sold	(2)		(6)		(4)	(15)
Reclassification cross-currency swaps to Interest expense	1		0		(1)	0
Reclassification cross-currency swaps to Non-operating (income) expense	(6)		4		(13)	4
Tax expense	(1)		(5)		1	(4)
Amounts reclassified from AOCI, net	(8)		(7)		(17)	(15)
Reclassification out of Accumulated Other Comprehensive Income \| Foreign Exchange Translation Adjustment
Defined Benefit Plan Disclosure [Line Items]
Reclassification adjustments recognized in income	5		0		5	0
Amounts reclassified from AOCI, net	$ (5)		$ 0		$ (5)	$ 0

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic earnings per share:
Net income	$ 64	$ 66	$ 71	$ 81	$ 130	$ 152
Less: preferred stock dividend	0		(40)		0	(80)
Less: preferred stock deemed dividends	0		(232)		0	(232)
Net income (loss) available to common shareholders	$ 64		$ (201)		$ 130	$ (160)
Weighted average common shares outstanding - Basic (in shares)	224,321,948		107,408,432		230,493,039	86,269,694
EPS – Basic (in USD per share)	$ 0.29		$ (1.88)		$ 0.56	$ (1.86)
Diluted earnings per share:
Weighted average common shares outstanding - Basic (in shares)	224,321,948		107,408,432		230,493,039	86,269,694
Dilutive effect of unvested RSUs and other contingently issuable shares (in shares)	1,576,866		0		1,962,044	0
Weighted average common shares outstanding - Diluted (in shares)	225,898,814		107,408,432		232,455,083	86,269,694
EPS – Diluted (in USD per share)	$ 0.28		$ (1.88)		$ 0.56	$ (1.86)

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive shares excluded from computation of diluted EPS (in shares)	1,113,778	1,358,636

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Jun. 30, 2024 USD ($)
Brazilian Tax Authorities
Loss Contingencies [Line Items]
Estimated amount of contingency including penalties and interest	$ 36

Commitments and Contingencies_2

Commitments and Contingencies - Summary Information Concerning our Recorded Obligations for Product Warranties and Product Performance Guarantees (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of year	$ 26	$ 28	$ 27	$ 28
Accruals for warranties/guarantees issued during the period	2	3	5	6
Settlement of warranty/guarantee claims	(3)	(4)	(6)	(7)
Foreign currency translation	0	0	(1)	0
Balance at end of year	$ 25	$ 27	$ 25	$ 27

Pension Benefits - Additional I

Pension Benefits - Additional Information (Details) - Pension benefits - Foreign Plan $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Expected pension contribution in the next fiscal year	$ 7
Pension contribution	$ 3

Pension Benefits - Summary of N

Pension Benefits - Summary of Net Periodic Benefit Cost (Details) - Pension benefits - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	2	2	4	4
Expected return on plan assets	(2)	(2)	(4)	(4)
Amortization of prior service (credit)	0	0	0	0
Net periodic (income) benefit costs	0	0	0	0
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	1	3	3
Interest cost	1	1	3	2
Expected return on plan assets	(2)	(2)	(4)	(4)
Amortization of prior service (credit)	0	0	(1)	0
Net periodic (income) benefit costs	$ 1	$ 0	$ 1	$ 1

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) $ in Millions		3 Months Ended		6 Months Ended		24 Months Ended
Acquisitions and Divestitures (Details) $ in Millions	Apr. 03, 2024 USD ($) installment	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Apr. 03, 2027 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, amount sold	$ 58
Proceeds from sale of equity investment	$ 46			$ 46	$ 0
Number of installments \| installment	2
Deferred payments, sale of equity method investments, first payment term	12 months
Deferred payments, sale of equity method investments, second payment term	36 months
Gain (loss) on sale of equity investment		$ 27	$ 0	27	$ 0
Sales fee				1
Reclassification out of Accumulated Other Comprehensive Income
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of equity investment				$ 5
Scenario Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of equity investment						$ 7