Garrett Motion Inc
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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) | 2024 | 2023 | 2022 |
| Cash flows from operating activities: | |||
| Net income | $282 | $261 | $390 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Deferred income taxes | 7 | 24 | 46 |
| Depreciation | 90 | 90 | 84 |
| Amortization of deferred debt issuance costs | 37 | 20 | 8 |
| Interest payments on Series B Preferred Stock, net of debt discount accretion | — | — | (19) |
| Loss on extinguishment of debt | — | — | 5 |
| Loss on remeasurement of forward purchase contract | — | 13 | — |
| Gain on sale of equity investment | (27) | — | — |
| Foreign exchange loss (gain) | 27 | (15) | (1) |
| Stock compensation expense | 23 | 14 | 11 |
| Pension expense | (6) | (1) | (28) |
| Unrealized (gain) loss on derivatives | (2) | 51 | (65) |
| Other | (6) | 7 | 1 |
| Changes in assets and liabilities: | |||
| Accounts, notes and other receivables | 89 | 1 | (102) |
| Inventories | (48) | 12 | (48) |
| Other assets | (25) | (2) | 34 |
| Accounts payable | (52) | 8 | 108 |
| Accrued liabilities | 26 | (8) | (17) |
| Other liabilities | (7) | (10) | (32) |
| Net cash provided by operating activities | 408 | 465 | 375 |
| Cash flows from investing activities: | |||
| Expenditures for property, plant and equipment | (91) | (83) | (91) |
| Proceeds from cross-currency swap contracts | 31 | 28 | — |
| Proceeds from sale of equity investment | 46 | — | — |
| Net cash used for investing activities | (14) | (55) | (91) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt, net of deferred financing costs | 794 | 667 | — |
| Payments of long-term debt | (992) | (207) | (7) |
| Payments for dividends | — | (42) | (83) |
| Repurchases of Series A Preferred Stock | — | (580) | (7) |
| Repurchases of Common Stock | (296) | (213) | — |
| Excise tax on Common Stock repurchase | (8) | — | — |
| Payments of Additional Amounts for conversion of Series A Preferred Stock | — | (25) | — |
| Redemption of Series B Preferred stock | — | — | (381) |
| Payments for debt and revolving facility financing costs | (8) | (2) | (4) |
| Other | (10) | (1) | — |
| Net cash used for financing activities | (520) | (403) | (482) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (8) | 5 | (18) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (134) | 12 | (216) |
| Cash, cash equivalents and restricted cash at beginning of period | 260 | 248 | 464 |
| Cash, cash equivalents and restricted cash at end of period | $126 | $260 | $248 |
| Supplemental cash flow disclosures: | |||
| Income taxes paid (net of refunds) | $64 | $60 | $42 |
| Interest paid | 88 | 89 | 65 |
| Reorganization items paid | — | — | 5 |
| Supplemental disclosure of non-cash financing activities: | |||
| Dividends declared, not paid | $13 | $— | $— |
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