Financial reports / Garrett Motion Inc | Tables in SEC filings

GTX Garrett Motion Inc

Annual report

Gross profit decreased by $24 million, mainly driven by the lower sales volumes, inflation on commodities, transportation and energy costs, as well as higher premium freight costs as discussed above. Higher R&D costs and $79 million of unfavorable foreign currency translational, transactional and hedging effects also reduced our gross profit. These decreases were partially offset by $84 million of higher productivity which includes the benefits from value engineering that are partially passed through to customers, $125 million of inflation recoveries from customer pass-through agreements net of pricing reductions, and $25 million of favorable product mix.


	Cost of Goods Sold		Gross Profit
	(Dollars in millions)
Cost of Goods Sold / Gross Profit for year ended December 31, 2020	$	2,495	$	539
Volume	278		135
Product mix	74		(8)
Price, net of inflation pass-through	—		(24)
Commodity & transportation inflation	71		(71)
Productivity, net	(108)		120
Research & development	17		(17)
Foreign exchange rate impacts	99		33
Cost of Goods Sold / Gross Profit for year ended December 31, 2021	$	2,926	$	707


	2022			2021			2020
	(Dollars in millions)
Cost of goods sold	$	2,920		$	2,926		$	2,495
% change compared with prior period	(0.2)		%	17.3		%	(2.3		%)
Gross profit percentage	19.0		%	19.5		%	17.8		%


	2022		2021		2020
	(Dollars in millions)
Non-operating income	$	(121)	$	(16)	$	(38)


	2022			2021			2020
	(Dollars in millions)
Tax expense	$	106		$	43		$	39
Effective tax rate	21.4		%	7.9		%	32.8		%


	Years Ended December 31,
	2022		2021		2020
	(Dollars in millions)
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Taxes on non-U.S. earnings different from U.S. tax	(3.4)	%	(7.6)	%	(6.5)	%
Reserves for tax contingencies	(0.4)	%	3.7	%	15.9	%
Non-deductible and permanent items	0.7	%	(14.4)	%	7.1	%
Withholding and other taxes on foreign earnings	3.9	%	5.7	%	(14.7)	%
Tax law changes	0.1	%	—	%	—	%
Changes in valuation allowance	(0.6)	%	(0.3)	%	10.5	%
All other items	0.1	%	(0.2)	%	(0.5)	%
	21.4	%	7.9	%	32.8	%

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