Business Context and Reporting Period
This Form 8-K is filed by Garrett Motion Inc. on November 6, 2018. The filing addresses the company's status following its spin-off from Honeywell International Inc. on October 1, 2018. The report provides unaudited pro forma financial information reflecting the company's results as if the spin-off had occurred on January 1, 2017.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it references Exhibit 99.1, which contains unaudited pro forma combined statements of operations for the nine months ended September 30, 2018, and the year ended December 31, 2017, as well as a pro forma balance sheet as of September 30, 2018.
Material Changes
- Corporate Structure: The company completed a spin-off from Honeywell International Inc. on October 1, 2018.
- Financial Reporting Basis: Historical financial statements for the third quarter of 2018 (filed in Form 10-Q) are carve-out statements because the company was still part of Honeywell during that period. The pro forma data in this filing adjusts for the spin-off as if it occurred at the beginning of 2017.
Guidance, Outlook, and Risks
The filing does not contain specific management guidance, outlook, or risk factors. It includes a legal disclaimer stating that the pro forma financial information in Item 2.02 and Exhibit 99.1 is supplemental, does not restate historical financial statements, and is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Review Exhibit 99.1 for the specific unaudited pro forma financial figures for the nine months ended September 30, 2018, and the year ended December 31, 2017.
- Compare the pro forma data against the historical carve-out financial statements in the Form 10-Q filed on November 6, 2018.
- Verify the assumptions used to calculate the pro forma adjustments regarding the spin-off from Honeywell.