Garrett Motion Inc
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
GTX$20.68-0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in millions) | 2023 | 2022 | 2021 |
| Cash flows from operating activities: | |||
| Net income | $261 | $390 | $495 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Reorganization items, net | — | — | (435) |
| Deferred income taxes | 24 | 46 | (36) |
| Depreciation | 90 | 84 | 92 |
| Amortization of deferred debt issuance costs | 20 | 8 | 7 |
| Interest payments on Series B Preferred Stock, net of debt discount accretion | — | (19) | 19 |
| Loss on extinguishment of debt | — | 5 | — |
| Loss on remeasurement of forward purchase contract | 13 | — | — |
| Foreign exchange (gain) loss | (15) | (1) | 7 |
| Stock compensation expense | 14 | 11 | 7 |
| Pension expense | (1) | (28) | (2) |
| Unrealized loss (gain) on derivatives | 51 | (65) | 1 |
| Other | 7 | 1 | (11) |
| Changes in assets and liabilities: | |||
| Accounts, notes and other receivables | 1 | (102) | 18 |
| Inventories | 12 | (48) | (31) |
| Other assets | (2) | 34 | (32) |
| Accounts payable | 8 | 108 | (75) |
| Accrued liabilities | (8) | (17) | (46) |
| Obligations payable to Honeywell | — | — | (375) |
| Other liabilities | (10) | (32) | 87 |
| Net cash provided by (used for) operating activities | 465 | 375 | (310) |
| Cash flows from investing activities: | |||
| Expenditures for property, plant and equipment | (83) | (91) | (72) |
| Proceeds from cross-currency swap contracts | 28 | — | 1 |
| Net cash used for investing activities | (55) | (91) | (71) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of Series A Preferred Stock | — | — | 1,301 |
| Proceeds from issuance of long-term debt, net of deferred financing costs | 667 | — | 1,221 |
| Payments of long-term debt | (207) | (7) | (1,517) |
| Payments of revolving credit facilities | — | — | (370) |
| Payments for dividends | (42) | (83) | — |
| Repurchases of Series A Preferred Stock | (580) | (7) | (15) |
| Repurchases of Common Stock | (213) | — | (4) |
| Repayments of debtor-in-possession financing | — | — | (200) |
| Payments of Additional Amounts for conversion of Series A Preferred Stock | (25) | — | — |
| Redemption of Series B Preferred stock | — | (381) | (201) |
| Payments for Cash-Out election | — | — | (69) |
| Payments for debt and revolving facility financing costs | (2) | (4) | (7) |
| Other | (1) | — | — |
| Net cash (used for) provided by financing activities | (403) | (482) | 139 |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 5 | (18) | 13 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 12 | (216) | (229) |
| Cash, cash equivalents and restricted cash at beginning of period | 248 | 464 | 693 |
| Cash, cash equivalents and restricted cash at end of period | $260 | $248 | $464 |
| Supplemental cash flow disclosures: | |||
| Income taxes paid (net of refunds) | $60 | $42 | $61 |
| Interest paid | 89 | 65 | 61 |
| Reorganization items paid | — | 5 | 350 |
| Supplemental schedule of non-cash investing and financing activities: | |||
| Issuance of Series B Preferred Stock | — | — | 577 |
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