0001564590-21-052445 | 10-Q | XBRL Viewer | Allison Transmission Holdings INC

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Oct. 15, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Entity File Number	001-35456
Document Transition Report	false
Entity Registrant Name	ALLISON TRANSMISSION HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0414014
Entity Address, Address Line One	One Allison Way
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46222
City Area Code	317
Local Phone Number	242-5000
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	ALSN
Security Exchange Name	NYSE
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		104,260,272
Entity Central Index Key	0001411207
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 261	$ 310
Accounts receivable – net of allowances for doubtful accounts of $2 and $1, respectively	257	228
Inventories	217	181
Other current assets	75	37
Total Current Assets	810	756
Property, plant and equipment, net	681	638
Intangible assets, net	928	963
Goodwill	2,064	2,064
Other non-current assets	54	56
TOTAL ASSETS	4,537	4,477
Current Liabilities
Accounts payable	172	157
Product warranty liability	35	36
Current portion of long-term debt	6	6
Deferred revenue	37	34
Other current liabilities	198	140
Total Current Liabilities	448	373
Product warranty liability	23	30
Deferred revenue	101	109
Long-term debt	2,504	2,507
Deferred income taxes	506	442
Other non-current liabilities	248	260
TOTAL LIABILITIES	3,830	3,721
Commitments and contingencies (see NOTE P)
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding	0	0
Paid in capital	1,829	1,818
Accumulated deficit	(1,038)	(974)
Accumulated other comprehensive loss, net of tax	(85)	(89)
TOTAL STOCKHOLDERS’ EQUITY	707	756
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	4,537	4,477
Voting Common Stock
STOCKHOLDERS’ EQUITY
Common stock	1	1
TOTAL STOCKHOLDERS’ EQUITY	1	1
Non-voting Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 0	$ 0

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Allowances for doubtful accounts receivable	$ 2	$ 1
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Voting Common Stock
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,880,000,000	1,880,000,000
Common stock, shares issued (in shares)	104,259,765	112,033,477
Common stock, shares outstanding (in shares)	104,259,765	112,033,477
Non-voting Common Stock
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net sales	$ 567	$ 532	$ 1,758	$ 1,546
Cost of sales	306	278	918	801
Gross profit	261	254	840	745
Selling, general and administrative	73	93	226	237
Engineering — research and development	42	33	121	107
Operating income	146	128	493	401
Interest expense, net	(28)	(34)	(87)	(100)
Other income, net	6	4	12	8
Income before income taxes	124	98	418	309
Income tax expense	(30)	(21)	(94)	(70)
Net income	$ 94	$ 77	$ 324	$ 239
Basic earnings per share attributable to common stockholders (USD per share)	$ 0.89	$ 0.68	$ 2.97	$ 2.10
Diluted earnings per share attributable to common stockholders (USD per share)	$ 0.89	$ 0.68	$ 2.97	$ 2.10
Comprehensive income, net of tax	$ 92	$ 80	$ 328	$ 209

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 324	$ 239
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	77	71
Deferred income taxes	61	46
Amortization of intangible assets	35	40
Stock-based compensation	11	11
Technology-related investments gain	(3)	0
Amortization of deferred financing costs	2	3
Other	0	3
Changes in assets and liabilities:
Accounts receivable	(32)	8
Inventories	(38)	22
Accounts payable	7	(30)
Other assets and liabilities	23	(11)
Net cash provided by operating activities	467	402
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions of long-lived assets	(112)	(84)
Loans to third parties	(11)	0
Proceeds from technology-related investments	4	0
Business acquisitions	0	4
Net cash used for investing activities	(119)	(80)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchases of common stock	(326)	(196)
Dividend payments	(62)	(58)
Payments on long-term debt	(5)	(5)
Payment of acquisition-related contingent liability	(3)	(3)
Taxes paid related to net share settlement of equity awards	(3)	(2)
Proceeds from exercise of stock options	3	1
Borrowings on revolving credit facility	0	800
Payments on revolving credit facility	0	(800)
Net cash used for financing activities	(396)	(263)
Effect of exchange rate changes on cash	(1)	0
Net (decrease) increase in cash and cash equivalents	(49)	59
Cash and cash equivalents at beginning of period	310	192
Cash and cash equivalents at end of period	261	251
Supplemental disclosures:
Interest paid	72	73
Income taxes paid	$ 48	$ 13

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Voting Common Stock	Paid-in Capital	Accumulated (Deficit) Income	Accumulated Other Comprehensive (Loss) Income, net of tax
Balance at Dec. 31, 2019	$ 781	$ 1	$ 1,802	$ (970)	$ (52)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	11		11
Pension and OPEB liability adjustment	(8)				(8)
Interest rate swaps	(22)				(22)
Issuance of common stock	(1)		(1)
Repurchase of common stock	(196)			(196)
Dividends on common stock	(58)			(58)
Net income	239			239
Balance at Sep. 30, 2020	746	1	1,812	(985)	(82)
Balance at Jun. 30, 2020	695	1	1,806	(1,027)	(85)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6		6
Pension and OPEB liability adjustment	(2)				(2)
Foreign currency translation adjustment	2				2
Interest rate swaps	3				3
Repurchase of common stock	(16)			(16)
Dividends on common stock	(19)			(19)
Net income	77			77
Balance at Sep. 30, 2020	746	1	1,812	(985)	(82)
Balance at Dec. 31, 2020	756	1	1,818	(974)	(89)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	11		11
Pension and OPEB liability adjustment	(5)				(5)
Foreign currency translation adjustment	(5)				(5)
Interest rate swaps	14				14
Repurchase of common stock	(326)			(326)
Dividends on common stock	(62)			(62)
Net income	324			324
Balance at Sep. 30, 2021	707	1	1,829	(1,038)	(85)
Balance at Jun. 30, 2021	732	1	1,826	(1,012)	(83)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	3		3
Pension and OPEB liability adjustment	(1)				(1)
Foreign currency translation adjustment	(3)				(3)
Interest rate swaps	2				2
Repurchase of common stock	(100)			(100)
Dividends on common stock	(20)			(20)
Net income	94			94
Balance at Sep. 30, 2021	$ 707	$ 1	$ 1,829	$ (1,038)	$ (85)

Overview

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Overview

NOTE A. OVERVIEW

Overview

Allison Transmission Holdings, Inc. and its subsidiaries (“Allison” or the “Company”) design and manufacture vehicle propulsion solutions, including commercial-duty on-highway, off-highway and defense fully automatic transmissions and electric hybrid and fully electric systems. The business was founded in 1915 and has been headquartered in Indianapolis, Indiana since inception. Allison was an operating unit of General Motors Corporation from 1929 until 2007, when Allison once again became a stand-alone company. In March 2012, Allison began trading on the New York Stock Exchange under the symbol, “ALSN”.

Although approximately 79% of revenues were generated in North America in 2020, the Company has a global presence by serving customers in Europe, Asia, South America and Africa. The Company serves customers through an independent network of approximately 1,400 independent distributor and dealer locations worldwide.

In March 2020, the World Health Organization categorized the novel coronavirus ("COVID-19") as a pandemic. In the third quarter of 2021, the COVID-19 pandemic continued to cause supply chain, labor and raw material constraints that created volatility in the Company’s business performance and impacted global markets and supply chains. As a result, the Company has experienced, and expects to continue to experience, raw material and component part price inflation, increased freight and logistics costs and increased overtime expense as a result of labor shortages. In addition, despite increased customer demand the Company’s net sales were negatively impacted as a result of its customers’ inability to secure components from the broader commercial vehicle supply base which resulted in reduced commercial vehicle build schedules.

To limit the spread of COVID-19, governments continue to take various actions including the administration or mandate of vaccinations, travel bans and restrictions, quarantines, curfews, stay-at-home orders, social distancing guidelines and business shutdowns and closures. The Company is also continuing to take a variety of measures to promote the safety and security of its employees and to maintain operations with as minimal impact as possible to its stakeholders, and as a result, the Company has been able to continue its manufacturing operations and deliver its products to customers.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The condensed consolidated financial statements have been prepared in accordance with accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the condensed consolidated financial statements do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. The information herein reflects all normal recurring material adjustments, which are, in the opinion of management, necessary for the fair statement of the results for the periods presented. The condensed consolidated financial statements herein consist of all wholly-owned domestic and foreign subsidiaries with all significant intercompany transactions eliminated.

These condensed consolidated financial statements present the financial position, results of comprehensive income, cash flows and statements of stockholders’ equity of the Company. Certain immaterial reclassifications have been made in the condensed consolidated financial statements of prior periods to conform to the current period presentation. These reclassifications had no impact on previously reported net income, total stockholders’ equity or cash flows. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission on February 18, 2021. The interim period financial results for the three- and nine-month periods presented are not necessarily indicative of results to be expected for any other interim period or for the entire year.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses. Estimates include, but are not limited to, sales allowances, government price adjustments, fair market values and future cash flows associated with goodwill, indefinite life intangibles, definite life intangibles, long-lived asset impairment tests, useful lives for depreciation and amortization, warranty liabilities, environmental liabilities, determination of discount rate and other assumptions for pension and other post-retirement benefit expense, determination of discount rate and period for leases, income taxes and deferred tax valuation allowances, derivative valuation, assumptions for business combinations and contingencies. The Company’s accounting policies involve the application of judgments and assumptions made by management that include inherent risks and uncertainties. Due to the continued uncertainty related to the ongoing COVID-19 pandemic, actual results could differ materially from the estimates and assumptions used in preparation of the financial statements including, but not limited to, future cash flows associated with goodwill, indefinite life intangibles, definite life intangibles, long-lived impairment tests, determination of discount rate and other assumptions for pension and other post-retirement benefit expense and income taxes. Changes in estimates are recorded in results of operations in the period that the events or circumstances giving rise to such changes occur.

Recently Adopted Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued authoritative accounting guidance regarding highly effective cash flow hedges affected by reference rate reform, which guidance was subsequently amended. The guidance allows the Company to continue to classify its interest rate hedges as highly effective subsequent to reference rate reform under certain circumstances. The Company adopted this guidance effective January 1, 2021 and will apply the guidance prospectively on all applicable transactions through December 31, 2022. Management expects to be able to elect the optional expedient within this guidance upon the Company’s transition from the London Interbank Offered Rate (“LIBOR”) to an alternative reference rate. The election of the optional expedient is expected to allow for the continuation of the existing contract with no impact on the Company’s condensed consolidated financial statements.

In December 2019, the FASB issued authoritative accounting guidance to simplify the accounting for income taxes. The guidance identifies specific exceptions to be removed from the calculation and reporting of income taxes. The Company adopted this guidance effective January 1, 2021. The adoption of this guidance did not have a material impact on the Company's condensed consolidated financial statements.

Revenue

9 Months Ended

Sep. 30, 2021

Revenue From Contract With Customer [Abstract]

Revenue

NOTE C. REVENUE

Revenue is recognized as each distinct performance obligation within a contract is satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. The Company enters into long-term agreements (“LTAs”) and distributor agreements with certain customers. The LTAs and distributor agreements do not include committed volumes until underlying purchase orders are issued; therefore, the Company determined that purchase orders are the contract with a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied, as there is no right of return.

Some of the Company's contracts include multiple performance obligations, most commonly the sale of both a transmission and extended transmission coverage ("ETC"). The Company allocates the contract’s transaction price to each performance obligation based on the standalone selling price of each distinct good or service in the contract.

The Company may also use volume-based discounts and rebates as marketing incentives in the sales of both transmissions and service parts, which are accounted for as variable consideration. The Company records the impact of the incentives as a reduction to revenue when it is determined that the adjustment is not likely to reverse, historically on a quarterly basis. The Company estimates the impact of all other incentives based on the related sales and market conditions in the end market vocation. The Company recorded no material adjustments based on variable consideration during each of the three and nine months ended September 30, 2021 and 2020.

Net sales are made on credit terms, generally 30 days, based on an assessment of the customer’s creditworthiness. For certain goods or services, the Company receives consideration prior to satisfying the related performance obligation. Such consideration is recorded as a contract liability in current and non-current Deferred revenue as of September 30, 2021 and December 31, 2020. See Note J, “Deferred Revenue” for more information, including the amount of revenue earned during each of the three and nine months ended September 30, 2021 and 2020 that had been previously deferred. The Company had no material contract assets as of September 30, 2021 and December 31, 2020.

The Company has one operating segment and reportable segment. The Company is in one line of business, which is the manufacture and distribution of vehicle propulsion solutions. The following presents disaggregated revenue by categories that best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors (dollars in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
North America On-Highway	$	275	$	281	$	896	$	797
North America Off-Highway		20		1		31		12
Defense		39		56		132		138
Outside North America On-Highway		93		71		275		203
Outside North America Off-Highway		14		4		48		50
Service Parts, Support Equipment and Other		126		119		376		346
Total Net Sales	$	567	$	532	$	1,758	$	1,546

NOTE J. DEFERRED REVENUE

As of September 30, 2021, current and non-current deferred revenue was $37 million and $101 million, respectively. As of September 30, 2020, current and non-current deferred revenue was $33 million and $107 million, respectively.

Deferred revenue activity consists of the following (dollars in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Beginning balance	$	142		$	145		$	143		$	139
Increases		6			5			22			29
Revenue earned		(10	)		(10	)		(27	)		(28	)
Ending balance	$	138		$	140		$	138		$	140

Deferred revenue recorded in current and non-current liabilities related to ETC as of September 30, 2021 was $29 million and $86 million, respectively. Deferred revenue recorded in current and non-current liabilities related to ETC as of September 30, 2020 was $28 million and $89 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Inventories

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories

NOTE D. INVENTORIES

Inventories consisted of the following components (dollars in millions):

	September 30, 2021		December 31, 2020
Purchased parts and raw materials	$	105	$	88
Work in progress		11		15
Service parts		44		43
Finished goods		57		35
Total inventories	$	217	$	181

Inventory components shipped to third parties, primarily cores, parts to re-manufacturers, and parts to contract manufacturers, which the Company has an obligation to buy back, are included in purchased parts and raw materials, with an offsetting liability in Other current liabilities. See NOTE L, “Other Current Liabilities” for more information.

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

NOTE E. GOODWILL AND OTHER INTANGIBLE ASSETS

As of each of September 30, 2021 and December 31, 2020, the carrying value of the Company’s Goodwill was $2,064.

The following presents a summary of other intangible assets (dollars in millions):

	September 30, 2021							December 31, 2020
	Intangible assets, gross		Accumulated amortization			Intangible assets, net		Intangible assets, gross		Accumulated amortization			Intangible assets, net
Other intangible assets:
Trade name	$	791	$	—		$	791	$	791	$	—		$	791
In-process research and development		25		—			25		25		—			25
Customer relationships — commercial		839		(740	)		99		839		(708	)		131
Proprietary technology		478		(477	)		1		478		(477	)		1
Customer relationships — defense		62		(50	)		12		62		(47	)		15
Total	$	2,195	$	(1,267	)	$	928	$	2,195	$	(1,232	)	$	963

As of September 30, 2021 and December 31, 2020, the carrying value of the Company’s Goodwill and Intangible assets, net was $2,992 million and $3,027 million, respectively.

Amortization expense related to other intangible assets for the next five fiscal years is expected to be (dollars in millions):

		2022				2023				2024				2025				2026
Amortization expense		$	45			$	43			$	8			$	4			$	1

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

NOTE F. FAIR VALUE OF FINANCIAL INSTRUMENTS

In accordance with the FASB’s authoritative accounting guidance on fair value measurements, fair value is the price (exit 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. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company primarily applies the market approach for recurring fair value measurements and utilizes the best available information that maximizes the use of observable inputs and minimizes the use of unobservable inputs. The Company is able to classify fair value balances based on the observability of those inputs. The accounting guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy defined by the relevant guidance are as follows:

Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed equities and publicly traded bonds.

Level 2 — Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes financial instruments that are valued using quoted prices in markets that are not active and those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.

Level 3 — Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. At each balance sheet date, the Company performs an analysis of all instruments subject to authoritative accounting guidance and includes, in Level 3, all of those whose fair value is based on significant unobservable inputs. As of September 30, 2021 and December 31, 2020, the Company did not have any Level 3 financial assets or liabilities.

The Company’s assets and liabilities that are measured at fair value include cash equivalents, derivative instruments, assets held in a rabbi trust and a deferred compensation obligation. The Company’s cash equivalents consist of short-term U.S. government backed securities. The Company’s derivative instruments consist of interest rate swaps. The Company’s assets held in the rabbi trust consist principally of publicly available mutual funds and target date retirement funds. The Company’s deferred compensation obligation is directly related to the fair value of assets held in the rabbi trust.

The Company’s valuation techniques used to calculate the fair value of cash and cash equivalents, assets held in the rabbi trust and the deferred compensation obligation represent a market approach in active markets for identical assets that qualify as Level 1 in the fair value hierarchy. The Company’s valuation techniques used to calculate the fair value of derivative instruments represent a market approach with observable inputs that qualify as Level 2 in the fair value hierarchy.

The Company uses valuations from the issuing financial institutions for the fair value measurement of interest rate swaps. The floating-to-fixed interest rate swaps are based on LIBOR, which is observable at commonly quoted intervals. The fair values are included in other current and non-current assets and liabilities in the Condensed Consolidated Balance Sheets.

The following table summarizes the fair value of the Company’s financial assets and (liabilities) as of September 30, 2021 and December 31, 2020 (dollars in millions):

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						TOTAL
	September 30, 2021			December 31, 2020			September 30, 2021			December 31, 2020			September 30, 2021			December 31, 2020
Cash equivalents	$	115		$	160		$	—		$	—		$	115		$	160
Rabbi trust assets		18			17			—			—			18			17
Deferred compensation obligation		(18	)		(17	)		—			—			(18	)		(17	)
Derivative liabilities		—			—			(41	)		(60	)		(41	)		(60	)
Total	$	115		$	160		$	(41	)	$	(60	)	$	74		$	100

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

NOTE G. DEBT

Long-term debt and maturities are as follows (dollars in millions):

	September 30, 2021		December 31, 2020
Long-term debt:
Senior Secured Credit Facility Term Loan, variable, due 2026	$	633	$	638
Senior Notes, fixed 4.75%, due 2027		400		400
Senior Notes, fixed 5.875%, due 2029		500		500
Senior Notes, fixed 3.75%, due 2031		1,000		1,000
Total long-term debt	$	2,533	$	2,538
Less: current maturities of long-term debt		6		6
deferred financing costs, net		23		25
Total long-term debt, net	$	2,504	$	2,507

As of September 30, 2021, the Company had $2,533 million of indebtedness associated with Allison Transmission, Inc.’s (“ATI”), the Company’s wholly-owned subsidiary, 4.75% Senior Notes due October 2027 (“4.75% Senior Notes”), ATI’s 5.875% Senior Notes due June 2029 (“5.875% Senior Notes”), ATI’s 3.75% Senior Notes due January 2031 (“3.75% Senior Notes” and, together with the 4.75% Senior Notes and 5.875% Senior Notes, the “Senior Notes”) and the Second Amended and Restated Credit Agreement dated as of March 29, 2019, as amended (the “Credit Agreement”), governing ATI’s term loan facility in the amount of $633 million due March 2026 (“Term Loan”) and ATI’s revolving credit facility with commitments in the amount of $650 million due September 2025 (“Revolving Credit Facility” and, together with the Term Loan, the “Senior Secured Credit Facility”).

The fair value of the Company’s long-term debt obligations as of September 30, 2021 was $2,567 million. The fair value is based on quoted Level 2 market prices of the Company’s debt as of September 30, 2021. It is not expected that the Company would be able to repurchase a significant amount of its debt at these levels. The difference between the fair value and carrying value of the long-term debt is driven primarily by trends in the financial markets.

Senior Secured Credit Facility

In November 2020, the Company and ATI entered into an amendment to the Credit Agreement to increase the commitments under the Revolving Credit Facility by $50 million to $650 million. The amendment also extended the Revolving Credit Facility termination date from September 2024 to September 2025.

The borrowings under the Senior Secured Credit Facility are collateralized by a lien on substantially all assets of the Company, ATI and each of the existing and future U.S. subsidiary guarantors, with certain exceptions set forth in the Credit Agreement, and ATI’s capital stock and all of the capital stock or other equity interests held by the Company, ATI and each of ATI’s existing and future U.S. subsidiary guarantors (subject to certain limitations for

equity interest of foreign subsidiaries and other exceptions set forth in the Credit Agreement). Interest on the Term Loan, as of September 30, 2021, is either (a) 1.75% over a LIBOR rate on deposits in U.S. dollars for one-, two-, three- or six-month periods (or twelve-month or shorter periods if, at the time of the borrowing, available from all relevant lenders) (the "LIBOR Rate"), or (b) 0.75% over the greater of the prime lending rate as quoted by the administrative agent, the LIBOR Rate for an interest period of one month plus 1.00% and the federal funds effective rate published by the Federal Reserve Bank of New York plus 0.50%, subject to a 1.00% floor (the "Base Rate"). As of September 30, 2021, the Company elected to pay the lowest all-in rate of LIBOR plus the applicable margin, or 1.83%, on the Term Loan. The Credit Agreement requires minimum quarterly principal payments on the Term Loan, as well as prepayments from certain net cash proceeds of non-ordinary course asset sales and casualty and condemnation events, the incurrence of certain debt and from a percentage of excess cash flow, if applicable. The minimum required quarterly principal payment on the Term Loan through its maturity date of March 2026 is $2 million. As of September 30, 2021, there had been no payments required for certain net cash proceeds of non-ordinary course asset sales and casualty and condemnation events. The remaining principal balance is due upon maturity.

The Senior Secured Credit Facility also provides a Revolving Credit Facility, net of an allowance for up to $75 million in outstanding letters of credit commitments. As of September 30, 2021, the Company had $645 million available under the Revolving Credit Facility, net of $5 million in letters of credit. Borrowings under the Revolving Credit Facility bear interest at a variable base rate plus an applicable margin based on the Company’s first lien net leverage ratio. When the Company’s first lien net leverage ratio is above 4.00x, interest on the Revolving Credit Facility is (a) 0.75% over the Base Rate or (b) 1.75% over the LIBOR Rate; when the Company’s first lien net leverage ratio is equal to or less than 4.00x and above 3.50x, interest on the Revolving Credit Facility is (i) 0.50% over the Base Rate or (ii) 1.50% over the LIBOR Rate; and when the Company’s first lien net leverage ratio is equal to or below 3.50x, interest on the Revolving Credit Facility is (y) 0.25% over the Base Rate or (z) 1.25% over the LIBOR Rate. As of September 30, 2021, the applicable margin for the Revolving Credit Facility was 1.25%. In addition, there is an annual commitment fee, based on the Company’s first lien net leverage ratio, on the average unused revolving credit borrowings available under the Revolving Credit Facility. As of September 30, 2021, the commitment fee is 0.25%. Borrowings under the Revolving Credit Facility are payable at the option of the Company throughout the term of the Senior Secured Credit Facility with the balance due in September 2025.

The Senior Secured Credit Facility requires the Company to maintain a specified maximum first lien net leverage ratio of 5.50x when revolving loan commitments remain outstanding on the Revolving Credit Facility at the end of a fiscal quarter. As of September 30, 2021, the Company had no amounts outstanding under the Revolving Credit Facility; however, the Company would have been in compliance with the maximum first lien net leverage ratio, achieving a 0.46x ratio. Additionally, within the terms of the Senior Secured Credit Facility, a first lien net leverage ratio at or below 4.00x results in the elimination of excess cash flow payments on the Senior Secured Credit Facility for the applicable year.

In addition, the Credit Agreement, among other things, includes customary restrictions (subject to certain exceptions) on the Company’s ability to incur certain indebtedness, grant certain liens, make certain investments, engage in acquisitions, consolidations and mergers, declare or pay certain dividends or repurchase shares of the Company’s common stock. As of September 30, 2021, the Company was in compliance with all covenants under the Credit Agreement.

4.75% Senior Notes

The 4.75% Senior Notes are unsecured and are guaranteed by each of ATI’s domestic subsidiaries that is a borrower under or guarantees the Senior Secured Credit Facility and are unconditionally guaranteed, jointly and severally, by any of ATI’s future domestic subsidiaries that are borrowers under or guarantee the Senior Secured Credit Facility. None of ATI’s domestic subsidiaries currently guarantee its obligations under the Senior Secured Credit Facility, and therefore none of ATI’s domestic subsidiaries currently guarantee the 4.75% Senior Notes. The indenture governing the 4.75% Senior Notes contains negative covenants restricting or limiting the Company’s ability to, among other things: incur or guarantee additional indebtedness, incur liens, pay dividends on, redeem or repurchase the Company’s capital stock, make certain investments, permit payment or dividend restrictions on certain of the Company’s subsidiaries, sell assets, engage in certain transactions with affiliates, and consolidate or merge or sell all or substantially all of the Company’s assets. As of September 30, 2021, the Company was in compliance with all covenants under the indenture governing the 4.75% Senior Notes.

5.875% Senior Notes

The 5.875% Senior Notes are unsecured and are guaranteed by each of ATI’s domestic subsidiaries that is a borrower under or guarantees the Senior Secured Credit Facility and are unconditionally guaranteed, jointly and severally, by any of ATI’s future domestic subsidiaries that are borrowers under or guarantee the Senior Secured Credit Facility. None of ATI’s domestic subsidiaries currently guarantee its obligations under the Senior Secured Credit Facility, and therefore none of ATI’s domestic subsidiaries currently guarantee the 5.875% Senior Notes. The indenture governing the 5.875% Senior Notes contains negative covenants restricting or limiting the Company’s ability to, among other things: incur or guarantee additional indebtedness, incur liens, pay dividends on, redeem or repurchase the Company’s capital stock, make certain investments, permit payment or dividend restrictions on certain of the Company’s subsidiaries, sell assets, engage in certain transactions with affiliates, and consolidate or merge or sell all or substantially all of the Company’s assets. As of September 30, 2021, the Company was in compliance with all covenants under the indenture governing the 5.875% Senior Notes.

3.75% Senior Notes

In November 2020, ATI completed an offering of $1,000 million of the 3.75% Senior Notes. The 3.75% Senior Notes were offered in a private placement exempt from registration under the Securities Act of 1933, as amended. The net proceeds from the offering, together with cash on hand, were used to redeem all of ATI’s outstanding 5.0% Senior Notes due 2024 plus accrued and unpaid interest and related transaction expenses. As a result of the offering, the Company recorded $10 million as deferred financing fees in the Consolidated Balance Sheet as of December 31, 2020.

The 3.75% Senior Notes are unsecured and are guaranteed by each of ATI’s domestic subsidiaries that is a borrower under or guarantees the Senior Secured Credit Facility and are unconditionally guaranteed, jointly and severally, by any of ATI’s future domestic subsidiaries that are borrowers under or guarantee the Senior Secured Credit Facility. None of ATI’s domestic subsidiaries currently guarantee its obligations under the Senior Secured Credit Facility, and therefore none of ATI’s domestic subsidiaries currently guarantee the 3.75% Senior Notes. The indenture governing the 3.75% Senior Notes contains negative covenants restricting or limiting the Company’s ability to, among other things: incur or guarantee additional indebtedness, incur liens, pay dividends on, redeem or repurchase the Company’s capital stock, make certain investments, permit payment or dividend restrictions on certain of the Company’s subsidiaries, sell assets, engage in certain transactions with affiliates, and consolidate or merge or sell all or substantially all of the Company’s assets. As of September 30, 2021, the Company was in compliance with all covenants under the indenture governing the 3.75% Senior Notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1E
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivatives

9 Months Ended

Sep. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives

NOTE H. DERIVATIVES

The Company is subject to interest rate risk related to the Senior Secured Credit Facility and enters into interest rate swaps that are based on LIBOR to manage a portion of this exposure. The interest rate swaps are designated as cash flow hedges that qualify for hedge accounting under the hypothetical derivative method. Fair value adjustments are recorded as a component of Accumulated other comprehensive loss, net of tax (“AOCL”) in the Condensed Consolidated Balance Sheets. Balances in AOCL are reclassified to earnings when transactions related to the underlying risk are settled. As of September 30, 2021, the Company held interest rate swaps effective from September 2019 to September 2025 with notional values totaling $250 million and a weighted average LIBOR fixed rate of 3.04%, interest rate swaps effective from September 2019 to September 2022 with notional values totaling $250 million and a weighted average LIBOR fixed rate of 3.01% and interest rate swaps effective from September 2022 to September 2025 with notional values totaling $250 million and a weighted average LIBOR fixed rate of 2.82%. See NOTE F, “Fair Value of Financial Instruments” for information regarding the fair value of the Company’s interest rate swaps.

The following tabular disclosures further describe the Company’s interest rate derivatives qualifying and designated for hedge accounting and their impact on the financial condition of the Company (dollars in millions):

		Fair Value
	Balance Sheet Location	September 30, 2021		December 31, 2020
Derivatives designated as hedging instruments:
Interest rate swaps	Other current liabilities	$	13	$	14
	Other non-current liabilities		28		46
Total derivatives designated as hedging instruments		$	41	$	60

The balance of derivative losses recorded in AOCL as of September 30, 2021 was $41 million. See NOTE O, “Accumulated Other Comprehensive Loss” for information regarding activity recorded as a component of AOCL during the three and nine months ended September 30, 2021 and 2020. As of September 30, 2021, the Company had $14 million of derivative losses recorded in AOCL expected to be reclassified to earnings within the next twelve months.

Product Warranty Liabilities

9 Months Ended

Sep. 30, 2021

Guarantees And Product Warranties [Abstract]

Product Warranty Liabilities

NOTE I. PRODUCT WARRANTY LIABILITIES

As of September 30, 2021, current and non-current product warranty liabilities were $35 million and $23 million, respectively. As of September 30, 2020, current and non-current product warranty liabilities were $34 million and $31 million, respectively.

Product warranty liability activities consist of the following (dollars in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Beginning balance	$	60		$	48		$	66		$	52
Payments		(6	)		(9	)		(22	)		(25	)
Increase in liability (warranty issued during period)		4			3			12			11
Net adjustments to liability		—			23			2			27
Ending balance	$	58		$	65		$	58		$	65

Deferred Revenue

9 Months Ended

Sep. 30, 2021

Revenue Recognition And Deferred Revenue [Abstract]

Revenue

NOTE C. REVENUE

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
North America On-Highway	$	275	$	281	$	896	$	797
North America Off-Highway		20		1		31		12
Defense		39		56		132		138
Outside North America On-Highway		93		71		275		203
Outside North America Off-Highway		14		4		48		50
Service Parts, Support Equipment and Other		126		119		376		346
Total Net Sales	$	567	$	532	$	1,758	$	1,546

NOTE J. DEFERRED REVENUE

Deferred revenue activity consists of the following (dollars in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Beginning balance	$	142		$	145		$	143		$	139
Increases		6			5			22			29
Revenue earned		(10	)		(10	)		(27	)		(28	)
Ending balance	$	138		$	140		$	138		$	140

- Definition

+ References

+ Details

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

NOTE K. LEASES

Contracts are assessed by the Company to determine if the contract conveys the right to control an identified asset in exchange for consideration during a period of time. The Company classifies all identified leases as either operating or finance leases. As of September 30, 2021, the Company was not a party to any finance leases. Contracts that contain leases are assessed to determine if the consideration in the contract is related to a lease component, non-lease component or other components not related to the lease. Lease components are recorded as right-of-use (“ROU”) assets and lease liabilities while any non-lease component is expensed as incurred. The consideration in the contract related to other components not related to the lease is allocated among the lease component and the non-lease component, as applicable, based on the stand-alone selling price of the lease and non-lease components.

Certain lease contracts may contain an option to extend or terminate the lease. The Company considers the economic impact of extension and termination options by contract. If the Company concludes it is reasonably certain an option will be exercised, that option is included in the lease term and impacts the amount recorded as an ROU asset and lease liability at inception of the contract.

The Company's lease liability is determined by discounting the future cash flows over the lease period. The Company determines its discount rates utilizing current secured financing rates based on the length of the lease period plus the Company's margin over LIBOR on the Term Loan. The Company believes this rate effectively represents a borrowing rate the Company could obtain on a debt instrument possessing similar terms as the lease. Any lease liability is classified between current and non-current liabilities based on the terms of the underlying leases. The weighted average discount rate on operating leases as of September 30, 2021 and December 31, 2020 was 4.36% and 4.37%, respectively.

As of September 30, 2021, the Company recorded current and non-current operating lease liabilities of $4 million and $14 million, respectively. As of December 31, 2020, the Company recorded current and non-current operating lease liabilities of $4 million and $17 million, respectively. The following table reconciles future undiscounted cash flows for operating leases as of September 30, 2021 to total operating lease liabilities:

	September 30, 2021
2021	$	1
2022		5
2023		3
2024		2
2025		2
Thereafter		8
Total lease payments	$	21
Less: Interest		3
Present value of lease liabilities	$	18

ROU assets are calculated as the related lease liability adjusted for lease incentives, prepayments and the effect of escalating lease payments on period expense. The below table depicts the ROU assets held by the Company based on the underlying asset:

	September 30, 2021
Buildings	$	16
Land		1
Vehicles		1
Total ROU assets	$	18

The weighted average remaining lease term as of September 30, 2021 and September 30, 2020 was 7.2 years and 7.6 years, respectively.

Operating lease expense was $1 million in each of the three months ended September 30, 2021 and 2020 and $4 million in each of the nine months ended September 30, 2021 and 2020, and was recorded within Selling, general and administrative expense and Engineering - research and development on the Company's Condensed Consolidated Statements of Comprehensive Income. There was no material short-term operating lease expense for each of the three and nine months ended September 30, 2021 and 2020.

The calculation of the Company's ROU assets and lease liabilities did not include cash consideration as of September 30, 2021 and December 31, 2020. During the nine months ended September 30, 2021 and 2020, the Company recorded $1 million and $2 million, respectively, of new ROU assets obtained in exchange for lease obligations.

Other Current Liabilities

9 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Other Current Liabilities

NOTE L. OTHER CURRENT LIABILITIES

Other current liabilities consist of the following (dollars in millions):

	September 30, 2021		December 31, 2020
Payroll and related costs	$	76	$	47
Sales allowances		32		20
Accrued interest payable		26		12
Vendor buyback obligation		17		16
Taxes payable		13		11
Derivative liabilities		13		14
Lease liability		4		4
Non-trade payables		2		2
Other accruals		15		14
Total	$	198	$	140

Employee Benefit Plans

9 Months Ended

Sep. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

NOTE M. EMPLOYEE BENEFIT PLANS

Components of net periodic benefit cost (credit) consist of the following (dollars in millions):

	Pension Plans						Post-retirement Benefits
	For the Three Months Ended September 30,						For the Three Months Ended September 30,
	2021			2020			2021			2020
Net periodic benefit cost (credit):
Service cost	$	2		$	2		$	—		$	1
Interest cost		1			2			—			1
Expected return on assets		(2	)		(2	)		—			—
Prior service credit		(1	)		—			(2	)		(4	)
Recognized actuarial loss		1			—			—			—
Net periodic benefit cost (credit)	$	1		$	2		$	(2	)	$	(2	)

	Pension Plans						Post-retirement Benefits
	For the Nine Months Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
Net periodic benefit cost (credit):
Service cost	$	7		$	7		$	1		$	1
Interest cost		4			5			1			2
Expected return on assets		(6	)		(6	)		—			—
Prior service credit		(1	)		—			(7	)		(10	)
Recognized actuarial loss		1			—			—			—
Net periodic benefit cost (credit)	$	5		$	6		$	(5	)	$	(7	)

The components of net periodic benefit cost (credit) other than the service cost component are included in Other income, net in the Condensed Consolidated Statements of Comprehensive Income.

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

NOTE N. INCOME TAXES

For the three and nine months ended September 30, 2021, the Company recorded total income tax expense of $30 million and $94 million, respectively. The effective tax rate for the three and nine months ended September 30, 2021 was 24% and 22%, respectively. For the three and nine months ended September 30, 2020, the Company recorded total income tax expense of $21 million and $70 million, respectively. The effective tax rate for the three and nine months ended September 30, 2020 was 21% and 23%, respectively.

The need to establish a valuation allowance against the deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold, in accordance with authoritative accounting guidance. Appropriate consideration is given to all positive and negative evidence related to that realization. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry-forward periods, experience with tax attributes expiring unused, and tax planning alternatives. The weight given to these considerations depends upon the degree to which they can be objectively verified.

The Company continues to provide for a valuation allowance on certain of its foreign deferred tax assets and an anticipated capital loss carryforward. The Company has determined, based on the evaluation of both objective and subjective evidence available, that this valuation allowance is necessary and that it is more likely than not that the deferred tax assets are not fully realizable.

In accordance with the FASB’s authoritative guidance on accounting for income taxes, the Company has recorded a liability for unrecognized tax benefits related to a 2010 Research and Development Credit as of September 30, 2021 and December 31, 2020. The accounting guidance prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company's returns will remain subject to examination by the various taxing authorities for the duration of the applicable statute of limitations (generally three years from the later of the date of filing or the due date of the return).

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

NOTE O. ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables reconcile changes in AOCL by component (net of tax, dollars in millions):

	Three months ended
	Pension and OPEB liability adjustments			Interest rate swaps			Foreign currency items			Total
AOCL as of June 30, 2020	$	2		$	(51	)	$	(36	)	$	(85	)
Other comprehensive (loss) income before reclassifications		—			(1	)		2			1
Amounts reclassified from AOCL		(3	)		3			—			—
Income tax benefit		1			1			—			2
Net current period other comprehensive (loss) income	$	(2	)	$	3		$	2		$	3
AOCL as of September 30, 2020	$	—		$	(48	)	$	(34	)	$	(82	)
AOCL as of June 30, 2021	$	(23	)	$	(34	)	$	(26	)	$	(83	)
Other comprehensive loss before reclassifications		—			—			(3	)		(3	)
Amounts reclassified from AOCL		(2	)		4			—			2
Income tax benefit (expense)		1			(2	)		—			(1	)
Net current period other comprehensive (loss) income	$	(1	)	$	2		$	(3	)	$	(2	)
AOCL as of September 30, 2021	$	(24	)	$	(32	)	$	(29	)	$	(85	)

	Nine months ended
	Pension and OPEB liability adjustments			Interest rate swaps			Foreign currency items			Total
AOCL as of December 31, 2019	$	8		$	(26	)	$	(34	)	$	(52	)
Other comprehensive loss before reclassifications		—			(37	)		—			(37	)
Amounts reclassified from AOCL		(11	)		7			—			(4	)
Income tax benefit		3			8			—			11
Net current period other comprehensive loss	$	(8	)	$	(22	)	$	—		$	(30	)
AOCL as of September 30, 2020	$	—		$	(48	)	$	(34	)	$	(82	)
AOCL as of December 31, 2020	$	(19	)	$	(46	)	$	(24	)	$	(89	)
Other comprehensive income (loss) before reclassifications		—			8			(5	)		3
Amounts reclassified from AOCL		(7	)		11			—			4
Income tax benefit (expense)		2			(5	)		—			(3	)
Net current period other comprehensive (loss) income	$	(5	)	$	14		$	(5	)	$	4
AOCL as of September 30, 2021	$	(24	)	$	(32	)	$	(29	)	$	(85	)

	Amounts reclassified from AOCL
AOCL Components	Three months ended September 30, 2021			Three months ended September 30, 2020			Affected line item in the Condensed Consolidated Statements of Comprehensive Income
Interest rate swaps	$	(4	)	$	(3	)	Interest expense, net
Prior service cost		3			3		Other income, net
Recognized actuarial loss		(1	)		—		Other income, net
Total reclassifications, before tax	$	(2	)	$	—		Income before income taxes
Income tax benefit		1			—		Income tax expense
Total reclassifications, net of tax	$	(1	)	$	—

	Amounts reclassified from AOCL
AOCL Components	Nine months ended September 30, 2021			Nine months ended September 30, 2020			Affected line item in the Condensed Consolidated Statements of Comprehensive Income
Interest rate swaps	$	(11	)	$	(7	)	Interest expense, net
Prior service cost		8			11		Other income, net
Recognized actuarial loss		(1	)		—		Other income, net
Total reclassifications, before tax	$	(4	)	$	4		Income before income taxes
Income tax benefit (expense)		1			(1	)	Income tax expense
Total reclassifications	$	(3	)	$	3

Prior service cost and actuarial loss are included in the computation of the Company’s net periodic benefit cost (credit). See NOTE M, “Employee Benefit Plans” for additional details.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE P. COMMITMENTS AND CONTINGENCIES

Environmental Matters

The Company has an agreement with the Environmental Protection Agency to perform remedial activities at the Company’s Indianapolis, Indiana manufacturing facilities related to historical soil and groundwater contamination. As of September 30, 2021, the Company had a liability recorded in the amount of $3 million.

Claims, Disputes, and Litigation

The Company is party to various legal actions and administrative proceedings and subject to various claims arising in the ordinary course of business. These proceedings primarily involve commercial claims, product liability claims, personal injury claims and workers’ compensation claims. The Company believes that the ultimate liability, if any, in excess of amounts already provided for in the condensed consolidated financial statements or covered by insurance on the disposition of these matters will not have a material adverse effect on the financial position, results of operations or cash flows of the Company.

Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

NOTE Q. EARNINGS PER SHARE

The Company presents both basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted EPS is calculated by dividing net income by the weighted average number of common shares and common equivalent shares outstanding during the reporting period that are calculated using the treasury stock method for stock-based awards. The treasury stock method assumes that the Company uses the proceeds from the exercise of awards to repurchase common stock at the average market price during the period. The assumed proceeds under the treasury stock method include the purchase price that the grantee will pay in the future and compensation cost for future service that the Company has not yet recognized. For each of the three and nine months ended September 30, 2021 and 2020, there were 1 million outstanding stock options excluded from the diluted EPS calculation because they were anti-dilutive.

The following table reconciles the numerators and denominators used to calculate basic EPS and diluted EPS (in millions, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income	$	94	$	77	$	324	$	239
Weighted average shares of common stock outstanding		106		113		109		114
Dilutive effect of stock-based awards		—		1		—		—
Diluted weighted average shares of common stock outstanding		106		114		109		114
Basic earnings per share attributable to common stockholders	$	0.89	$	0.68	$	2.97	$	2.10
Diluted earnings per share attributable to common stockholders	$	0.89	$	0.68	$	2.97	$	2.10

Common Stock

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Common Stock

NOTE R. COMMON STOCK

During the three and nine months ended September 30, 2021, the Company repurchased $100 million and $326 million, respectively, of its common stock under the current stock repurchase program authorized by the Board of Directors (“Repurchase Program”), leaving $501 million of authorized repurchases remaining under the Repurchase Program as of September 30, 2021. The Repurchase Program has no termination date, and the timing and amount of stock purchases are subject to market conditions and corporate needs. The Repurchase Program may be modified, suspended or discontinued at any time at the Company’s discretion.

Subsequent Event

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Event

NOTE S. SUBSEQUENT EVENT

During the third quarter, the Company entered into a strategic collaboration framework agreement (“Agreement”) for the development of electrified powertrain solutions for global commercial vehicles with Jing-Jin Electric Technologies Co. Ltd. (“JJE”), a Chinese electrified propulsion company in components, assemblies and systems for global automotive and commercial vehicle customers. Pursuant to the Agreement, the Company and JJE are working to define the product portfolio scope, manufacturing locations and supporting resources to be provided by each party. In addition, the Company provided a loan in the amount of $11 million to JJE’s United States-based subsidiary to support JJE North America’s commercial vehicle electric drive product development, testing and manufacturing acceleration efforts.

On October 20, 2021, the Company announced that it would invest approximately $42 million in JJE’s initial public offering at the The Science and Technology Innovation Board on the Shanghai Stock Exchange, representing 3.25% of JJE’s outstanding common stock.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the condensed consolidated financial statements do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. The information herein reflects all normal recurring material adjustments, which are, in the opinion of management, necessary for the fair statement of the results for the periods presented. The condensed consolidated financial statements herein consist of all wholly-owned domestic and foreign subsidiaries with all significant intercompany transactions eliminated. These condensed consolidated financial statements present the financial position, results of comprehensive income, cash flows and statements of stockholders’ equity of the Company. Certain immaterial reclassifications have been made in the condensed consolidated financial statements of prior periods to conform to the current period presentation. These reclassifications had no impact on previously reported net income, total stockholders’ equity or cash flows. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission on February 18, 2021. The interim period financial results for the three- and nine-month periods presented are not necessarily indicative of results to be expected for any other interim period or for the entire year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses. Estimates include, but are not limited to, sales allowances, government price adjustments, fair market values and future cash flows associated with goodwill, indefinite life intangibles, definite life intangibles, long-lived asset impairment tests, useful lives for depreciation and amortization, warranty liabilities, environmental liabilities, determination of discount rate and other assumptions for pension and other post-retirement benefit expense, determination of discount rate and period for leases, income taxes and deferred tax valuation allowances, derivative valuation, assumptions for business combinations and contingencies. The Company’s accounting policies involve the application of judgments and assumptions made by management that include inherent risks and uncertainties. Due to the continued uncertainty related to the ongoing COVID-19 pandemic, actual results could differ materially from the estimates and assumptions used in preparation of the financial statements including, but not limited to, future cash flows associated with goodwill, indefinite life intangibles, definite life intangibles, long-lived impairment tests, determination of discount rate and other assumptions for pension and other post-retirement benefit expense and income taxes. Changes in estimates are recorded in results of operations in the period that the events or circumstances giving rise to such changes occur.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued authoritative accounting guidance regarding highly effective cash flow hedges affected by reference rate reform, which guidance was subsequently amended. The guidance allows the Company to continue to classify its interest rate hedges as highly effective subsequent to reference rate reform under certain circumstances. The Company adopted this guidance effective January 1, 2021 and will apply the guidance prospectively on all applicable transactions through December 31, 2022. Management expects to be able to elect the optional expedient within this guidance upon the Company’s transition from the London Interbank Offered Rate (“LIBOR”) to an alternative reference rate. The election of the optional expedient is expected to allow for the continuation of the existing contract with no impact on the Company’s condensed consolidated financial statements. In December 2019, the FASB issued authoritative accounting guidance to simplify the accounting for income taxes. The guidance identifies specific exceptions to be removed from the calculation and reporting of income taxes. The Company adopted this guidance effective January 1, 2021. The adoption of this guidance did not have a material impact on the Company's condensed consolidated financial statements.

Revenue (Tables)

9 Months Ended

Sep. 30, 2021

Revenue From Contract With Customer [Abstract]

Disaggregated Revenue by Categories

The following presents disaggregated revenue by categories that best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors (dollars in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
North America On-Highway	$	275	$	281	$	896	$	797
North America Off-Highway		20		1		31		12
Defense		39		56		132		138
Outside North America On-Highway		93		71		275		203
Outside North America Off-Highway		14		4		48		50
Service Parts, Support Equipment and Other		126		119		376		346
Total Net Sales	$	567	$	532	$	1,758	$	1,546

Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

Inventories consisted of the following components (dollars in millions):

	September 30, 2021		December 31, 2020
Purchased parts and raw materials	$	105	$	88
Work in progress		11		15
Service parts		44		43
Finished goods		57		35
Total inventories	$	217	$	181

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Other Intangible Assets

The following presents a summary of other intangible assets (dollars in millions):

	September 30, 2021							December 31, 2020
	Intangible assets, gross		Accumulated amortization			Intangible assets, net		Intangible assets, gross		Accumulated amortization			Intangible assets, net
Other intangible assets:
Trade name	$	791	$	—		$	791	$	791	$	—		$	791
In-process research and development		25		—			25		25		—			25
Customer relationships — commercial		839		(740	)		99		839		(708	)		131
Proprietary technology		478		(477	)		1		478		(477	)		1
Customer relationships — defense		62		(50	)		12		62		(47	)		15
Total	$	2,195	$	(1,267	)	$	928	$	2,195	$	(1,232	)	$	963

Schedule of Amortization Expense Related to Other Intangible Assets for Next Five Fiscal Years

Amortization expense related to other intangible assets for the next five fiscal years is expected to be (dollars in millions):

		2022				2023				2024				2025				2026
Amortization expense		$	45			$	43			$	8			$	4			$	1

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Fair Value of Financial Assets and (Liabilities)

The following table summarizes the fair value of the Company’s financial assets and (liabilities) as of September 30, 2021 and December 31, 2020 (dollars in millions):

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						TOTAL
	September 30, 2021			December 31, 2020			September 30, 2021			December 31, 2020			September 30, 2021			December 31, 2020
Cash equivalents	$	115		$	160		$	—		$	—		$	115		$	160
Rabbi trust assets		18			17			—			—			18			17
Deferred compensation obligation		(18	)		(17	)		—			—			(18	)		(17	)
Derivative liabilities		—			—			(41	)		(60	)		(41	)		(60	)
Total	$	115		$	160		$	(41	)	$	(60	)	$	74		$	100

Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Summary of Long-Term Debt and Maturities

Long-term debt and maturities are as follows (dollars in millions):

	September 30, 2021		December 31, 2020
Long-term debt:
Senior Secured Credit Facility Term Loan, variable, due 2026	$	633	$	638
Senior Notes, fixed 4.75%, due 2027		400		400
Senior Notes, fixed 5.875%, due 2029		500		500
Senior Notes, fixed 3.75%, due 2031		1,000		1,000
Total long-term debt	$	2,533	$	2,538
Less: current maturities of long-term debt		6		6
deferred financing costs, net		23		25
Total long-term debt, net	$	2,504	$	2,507

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Derivatives (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and their Impact on Financial Condition

		Fair Value
	Balance Sheet Location	September 30, 2021		December 31, 2020
Derivatives designated as hedging instruments:
Interest rate swaps	Other current liabilities	$	13	$	14
	Other non-current liabilities		28		46
Total derivatives designated as hedging instruments		$	41	$	60

Product Warranty Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Guarantees And Product Warranties [Abstract]

Product Warranty Liability Activities

Product warranty liability activities consist of the following (dollars in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Beginning balance	$	60		$	48		$	66		$	52
Payments		(6	)		(9	)		(22	)		(25	)
Increase in liability (warranty issued during period)		4			3			12			11
Net adjustments to liability		—			23			2			27
Ending balance	$	58		$	65		$	58		$	65

Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2021

Revenue Recognition And Deferred Revenue [Abstract]

Summary of Deferred Revenue Activity

Deferred revenue activity consists of the following (dollars in millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Beginning balance	$	142		$	145		$	143		$	139
Increases		6			5			22			29
Revenue earned		(10	)		(10	)		(27	)		(28	)
Ending balance	$	138		$	140		$	138		$	140

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Schedule of Lease Maturity, Current Guidance

The following table reconciles future undiscounted cash flows for operating leases as of September 30, 2021 to total operating lease liabilities:

	September 30, 2021
2021	$	1
2022		5
2023		3
2024		2
2025		2
Thereafter		8
Total lease payments	$	21
Less: Interest		3
Present value of lease liabilities	$	18

Schedule of Right of Use Assets

The below table depicts the ROU assets held by the Company based on the underlying asset:

	September 30, 2021
Buildings	$	16
Land		1
Vehicles		1
Total ROU assets	$	18

Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Other Liabilities Disclosure [Abstract]

Summary of Other Current Liabilities

Other current liabilities consist of the following (dollars in millions):

	September 30, 2021		December 31, 2020
Payroll and related costs	$	76	$	47
Sales allowances		32		20
Accrued interest payable		26		12
Vendor buyback obligation		17		16
Taxes payable		13		11
Derivative liabilities		13		14
Lease liability		4		4
Non-trade payables		2		2
Other accruals		15		14
Total	$	198	$	140

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost (Credit)

Components of net periodic benefit cost (credit) consist of the following (dollars in millions):

	Pension Plans						Post-retirement Benefits
	For the Three Months Ended September 30,						For the Three Months Ended September 30,
	2021			2020			2021			2020
Net periodic benefit cost (credit):
Service cost	$	2		$	2		$	—		$	1
Interest cost		1			2			—			1
Expected return on assets		(2	)		(2	)		—			—
Prior service credit		(1	)		—			(2	)		(4	)
Recognized actuarial loss		1			—			—			—
Net periodic benefit cost (credit)	$	1		$	2		$	(2	)	$	(2	)

	Pension Plans						Post-retirement Benefits
	For the Nine Months Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
Net periodic benefit cost (credit):
Service cost	$	7		$	7		$	1		$	1
Interest cost		4			5			1			2
Expected return on assets		(6	)		(6	)		—			—
Prior service credit		(1	)		—			(7	)		(10	)
Recognized actuarial loss		1			—			—			—
Net periodic benefit cost (credit)	$	5		$	6		$	(5	)	$	(7	)

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss by Component

The following tables reconcile changes in AOCL by component (net of tax, dollars in millions):

	Three months ended
	Pension and OPEB liability adjustments			Interest rate swaps			Foreign currency items			Total
AOCL as of June 30, 2020	$	2		$	(51	)	$	(36	)	$	(85	)
Other comprehensive (loss) income before reclassifications		—			(1	)		2			1
Amounts reclassified from AOCL		(3	)		3			—			—
Income tax benefit		1			1			—			2
Net current period other comprehensive (loss) income	$	(2	)	$	3		$	2		$	3
AOCL as of September 30, 2020	$	—		$	(48	)	$	(34	)	$	(82	)
AOCL as of June 30, 2021	$	(23	)	$	(34	)	$	(26	)	$	(83	)
Other comprehensive loss before reclassifications		—			—			(3	)		(3	)
Amounts reclassified from AOCL		(2	)		4			—			2
Income tax benefit (expense)		1			(2	)		—			(1	)
Net current period other comprehensive (loss) income	$	(1	)	$	2		$	(3	)	$	(2	)
AOCL as of September 30, 2021	$	(24	)	$	(32	)	$	(29	)	$	(85	)

	Nine months ended
	Pension and OPEB liability adjustments			Interest rate swaps			Foreign currency items			Total
AOCL as of December 31, 2019	$	8		$	(26	)	$	(34	)	$	(52	)
Other comprehensive loss before reclassifications		—			(37	)		—			(37	)
Amounts reclassified from AOCL		(11	)		7			—			(4	)
Income tax benefit		3			8			—			11
Net current period other comprehensive loss	$	(8	)	$	(22	)	$	—		$	(30	)
AOCL as of September 30, 2020	$	—		$	(48	)	$	(34	)	$	(82	)
AOCL as of December 31, 2020	$	(19	)	$	(46	)	$	(24	)	$	(89	)
Other comprehensive income (loss) before reclassifications		—			8			(5	)		3
Amounts reclassified from AOCL		(7	)		11			—			4
Income tax benefit (expense)		2			(5	)		—			(3	)
Net current period other comprehensive (loss) income	$	(5	)	$	14		$	(5	)	$	4
AOCL as of September 30, 2021	$	(24	)	$	(32	)	$	(29	)	$	(85	)

Reclassification out of Accumulated Other Comprehensive Loss

	Amounts reclassified from AOCL
AOCL Components	Three months ended September 30, 2021			Three months ended September 30, 2020			Affected line item in the Condensed Consolidated Statements of Comprehensive Income
Interest rate swaps	$	(4	)	$	(3	)	Interest expense, net
Prior service cost		3			3		Other income, net
Recognized actuarial loss		(1	)		—		Other income, net
Total reclassifications, before tax	$	(2	)	$	—		Income before income taxes
Income tax benefit		1			—		Income tax expense
Total reclassifications, net of tax	$	(1	)	$	—

	Amounts reclassified from AOCL
AOCL Components	Nine months ended September 30, 2021			Nine months ended September 30, 2020			Affected line item in the Condensed Consolidated Statements of Comprehensive Income
Interest rate swaps	$	(11	)	$	(7	)	Interest expense, net
Prior service cost		8			11		Other income, net
Recognized actuarial loss		(1	)		—		Other income, net
Total reclassifications, before tax	$	(4	)	$	4		Income before income taxes
Income tax benefit (expense)		1			(1	)	Income tax expense
Total reclassifications	$	(3	)	$	3

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Reconciliation of Numerators and Denominators Used to Calculate Basic EPS and Diluted EPS

The following table reconciles the numerators and denominators used to calculate basic EPS and diluted EPS (in millions, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income	$	94	$	77	$	324	$	239
Weighted average shares of common stock outstanding		106		113		109		114
Dilutive effect of stock-based awards		—		1		—		—
Diluted weighted average shares of common stock outstanding		106		114		109		114
Basic earnings per share attributable to common stockholders	$	0.89	$	0.68	$	2.97	$	2.10
Diluted earnings per share attributable to common stockholders	$	0.89	$	0.68	$	2.97	$	2.10

Overview - Additional Information (Details)	9 Months Ended
Overview - Additional Information (Details)	Sep. 30, 2021 Customer
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Worldwide independent distributor and dealer locations	1,400
Sales Revenue, Net \| North America \| Geographic Concentration Risk
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Concentration of risk, percentage	79.00%

Summary of Significant Accounting Policies - Additional Information (Details)	Sep. 30, 2021
Accounting Standards Update 2017-12
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update 2019-12
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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- Definition

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123597120&loc=SL120254526-165497

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21914-107793

+ Details

Revenue - Additional Information (Details)	3 Months Ended		9 Months Ended
Revenue - Additional Information (Details)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) Segment	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Revenue From Contract With Customer [Abstract]
Material adjustments based on variable consideration \| $	$ 0	$ 0	$ 0	$ 0
Credit term period			30 days
Contract assets \| $	$ 0		$ 0		$ 0
Number of operating segment \| Segment			1
Number of reportable segment \| Segment			1

Revenue - Disaggregated Revenue by Categories (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 567	$ 532	$ 1,758	$ 1,546
North America On-Highway
Disaggregation of Revenue [Line Items]
Total Net Sales	275	281	896	797
North America Off-Highway
Disaggregation of Revenue [Line Items]
Total Net Sales	20	1	31	12
Defense
Disaggregation of Revenue [Line Items]
Total Net Sales	39	56	132	138
Outside North America On-Highway
Disaggregation of Revenue [Line Items]
Total Net Sales	93	71	275	203
Outside North America Off-Highway
Disaggregation of Revenue [Line Items]
Total Net Sales	14	4	48	50
Service Parts, Support Equipment and Other
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 126	$ 119	$ 376	$ 346

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Inventories - Schedule of Components of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Purchased parts and raw materials	$ 105	$ 88
Work in progress	11	15
Service parts	44	43
Finished goods	57	35
Total inventories	$ 217	$ 181

Goodwill And Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 2,064	$ 2,064
Net carrying value of Goodwill and intangible assets	$ 2,992	$ 3,027

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Line Items]
Intangible assets, gross, Total	$ 2,195	$ 2,195
Accumulated amortization	(1,267)	(1,232)
Intangible assets, net, Total	928	963
Customer relationships - commercial
Goodwill and Intangible Assets Disclosure [Line Items]
Intangible assets, gross	839	839
Accumulated amortization	(740)	(708)
Intangible assets, net	99	131
Proprietary technology
Goodwill and Intangible Assets Disclosure [Line Items]
Intangible assets, gross	478	478
Accumulated amortization	(477)	(477)
Intangible assets, net	1	1
Customer relationships - defense
Goodwill and Intangible Assets Disclosure [Line Items]
Intangible assets, gross	62	62
Accumulated amortization	(50)	(47)
Intangible assets, net	12	15
Trade name
Goodwill and Intangible Assets Disclosure [Line Items]
Indefinite lived intangible assets	791	791
In process research and development
Goodwill and Intangible Assets Disclosure [Line Items]
Indefinite lived intangible assets	$ 25	$ 25

Goodwill and Other Intangible Assets - Schedule of Amortization Expense Related to Other Intangible Assets for Next Five Fiscal Years (Details) $ in Millions	Sep. 30, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2022	$ 45
2023	43
2024	8
2025	4
2026	$ 1

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value measurement guidance and hierarchy levels, description	In accordance with the FASB’s authoritative accounting guidance on fair value measurements, fair value is the price (exit 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. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company primarily applies the market approach for recurring fair value measurements and utilizes the best available information that maximizes the use of observable inputs and minimizes the use of unobservable inputs. The Company is able to classify fair value balances based on the observability of those inputs. The accounting guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy defined by the relevant guidance are as follows: Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed equities and publicly traded bonds. Level 2 — Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes financial instruments that are valued using quoted prices in markets that are not active and those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3 — Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. At each balance sheet date, the Company performs an analysis of all instruments subject to authoritative accounting guidance and includes, in Level 3, all of those whose fair value is based on significant unobservable inputs. As of September 30, 2021 and December 31, 2020, the Company did not have any Level 3 financial assets or liabilities.
Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial assets	$ 0	$ 0
Financial liabilities	$ 0	$ 0

Fair Value of Financial Instruments - Summary of Fair Value of Financial Assets and (Liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 115	$ 160
Rabbi trust assets	18	17
Deferred compensation obligation	(18)	(17)
Total	74	100
Derivatives Designated as Hedging Instruments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liabilities	(41)	(60)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	115	160
Rabbi trust assets	18	17
Deferred compensation obligation	(18)	(17)
Total	115	160
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Derivatives Designated as Hedging Instruments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Rabbi trust assets	0	0
Deferred compensation obligation	0	0
Total	(41)	(60)
Significant Other Observable Inputs (Level 2) \| Derivatives Designated as Hedging Instruments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liabilities	$ (41)	$ (60)

Debt - Summary of Long-Term Debt and Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total long-term debt	$ 2,533	$ 2,538
Current portion of long-term debt	6	6
deferred financing costs, net	23	25
Long-term debt	2,504	2,507
Senior Notes, Fixed 4.75%, Due 2027
Debt Instrument [Line Items]
Total long-term debt	400	400
Senior Secured Credit Facility Term Loan, Variable, Due 2026
Debt Instrument [Line Items]
Total long-term debt	633	638
Senior Notes, Fixed 5.875%, Due 2029
Debt Instrument [Line Items]
Total long-term debt	500	500
Senior Notes, Fixed 3.75%, Due 2031
Debt Instrument [Line Items]
Total long-term debt	$ 1,000	1,000
deferred financing costs, net		$ 10

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Debt - Summary of Long-Term Debt and Maturities (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Senior Secured Credit Facility Term Loan, Variable, Due 2026
Debt Instrument [Line Items]
Debt instrument, due date	2026	2026
Senior Notes, Fixed 4.75%, Due 2027
Debt Instrument [Line Items]
Debt instrument, due date	2027	2027
Debt instrument, stated interest rate	4.75%	4.75%
Senior Notes, Fixed 3.75%, Due 2031
Debt Instrument [Line Items]
Debt instrument, due date	2031	2031
Debt instrument, stated interest rate	3.75%	3.75%
Senior Notes, Fixed 5.875%, Due 2029
Debt Instrument [Line Items]
Debt instrument, due date	2029	2029
Debt instrument, stated interest rate	5.875%	5.875%

Debt - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Nov. 30, 2020
Debt Instrument [Line Items]
Long-term debt	$ 2,533	$ 2,538
Fair value of long-term debt obligations	2,567
Senior Notes, Fixed 4.75%, Due 2027
Debt Instrument [Line Items]
Long-term debt	$ 400	$ 400
Debt instrument, stated interest rate	4.75%	4.75%
Debt instrument, maturity month and year	2027-10
Senior Notes, Fixed 5.875%, Due 2029
Debt Instrument [Line Items]
Long-term debt	$ 500	$ 500
Debt instrument, stated interest rate	5.875%	5.875%
Debt instrument, maturity month and year	2029-06
Senior Secured Credit Facility Term Loan, Variable, Due 2026
Debt Instrument [Line Items]
Long-term debt	$ 633	$ 638
Debt instrument, maturity month and year	2026-03
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, maturity month and year	2025-09
Credit facility, commitments amount	$ 650		$ 650

Debt - Senior Secured Credit Facility - Additional Information (Details) - USD ($)	1 Months Ended	9 Months Ended
	Nov. 30, 2020	Sep. 30, 2021
Revolving Credit Facility
Debt Instrument [Line Items]
Increase in commitment amount	$ 50,000,000
Credit facility, commitments amount	$ 650,000,000	$ 650,000,000
Applicable margin over base rate		1.25%
Debt instrument, maturity month and year		2025-09
Available revolving credit facility		$ 645,000,000
Commitment fee percentage		0.25%
Amount outstanding		$ 0
Achieved senior secured leverage ratio		0.46
Revolving Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Credit facility, commitments amount		$ 75,000,000
Available revolving credit facility		$ 5,000,000
Revolving Credit Facility \| LIBOR \| First Lien Net Leverage Ratio is Above 4.00x
Debt Instrument [Line Items]
Applicable margin over base rate		1.75%
Revolving Credit Facility \| LIBOR \| First Lien Net Leverage Ratio is Equal to or Less Than 4.00x and above 3.50x
Debt Instrument [Line Items]
Applicable margin over base rate		1.50%
Revolving Credit Facility \| LIBOR \| First Lien Net Leverage Ratio is Equal to or Below 3.50x
Debt Instrument [Line Items]
Applicable margin over base rate		1.25%
Revolving Credit Facility \| Base Rate \| First Lien Net Leverage Ratio is Above 4.00x
Debt Instrument [Line Items]
Applicable margin over base rate		0.75%
Revolving Credit Facility \| Base Rate \| First Lien Net Leverage Ratio is Equal to or Less Than 4.00x and above 3.50x
Debt Instrument [Line Items]
Applicable margin over base rate		0.50%
Revolving Credit Facility \| Base Rate \| First Lien Net Leverage Ratio is Equal to or Below 3.50x
Debt Instrument [Line Items]
Applicable margin over base rate		0.25%
Revolving Credit Facility \| Minimum \| First Lien Net Leverage Ratio is Above 4.00x
Debt Instrument [Line Items]
Net leverage ratio		4.00
Senior Secured Credit Facility
Debt Instrument [Line Items]
Debt instrument, due date		2024
Debt instrument extended, due date		2025
Required senior secured leverage ratio		5.50
Net leverage ratio		4.00
Senior Secured Credit Facility \| Minimum \| First Lien Net Leverage Ratio is Equal to or Less Than 4.00x and above 3.50x
Debt Instrument [Line Items]
Net leverage ratio		3.50
Senior Secured Credit Facility \| Maximum \| First Lien Net Leverage Ratio is Equal to or Less Than 4.00x and above 3.50x
Debt Instrument [Line Items]
Net leverage ratio		4.00
Senior Secured Credit Facility \| Maximum \| First Lien Net Leverage Ratio is Equal to or Below 3.50x
Debt Instrument [Line Items]
Net leverage ratio		3.50
New Term Loan
Debt Instrument [Line Items]
Debt instrument effective interest rate		1.83%
Debt instrument, maturity month and year		2026-03
Principal payments on term loans		$ 2,000,000
New Term Loan \| LIBOR
Debt Instrument [Line Items]
Applicable margin over base rate		0.75%
New Term Loan \| Base Rate
Debt Instrument [Line Items]
Applicable margin over base rate		0.50%
New Term Loan \| Minimum \| LIBOR
Debt Instrument [Line Items]
Applicable margin over base rate		1.75%
New Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Applicable margin over base rate		1.00%
Floor rate		1.00%

Debt - 4.75% Senior Notes - Additional Information (Details)	Sep. 30, 2021	Dec. 31, 2020
Senior Notes, Fixed 4.75%, Due 2027
Debt Instrument [Line Items]
Debt instrument, stated interest rate	4.75%	4.75%

Debt - 5.875% Senior Notes - Additional Information (Details)	Sep. 30, 2021	Dec. 31, 2020
Senior Notes, Fixed 5.875%, Due 2029
Debt Instrument [Line Items]
Debt instrument, stated interest rate	5.875%	5.875%

Debt - 3.75% Senior Notes - Additional Information (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Deferred financing fees	$ 23,000,000	$ 25,000,000
Senior Notes, Fixed 3.75%, Due 2031
Debt Instrument [Line Items]
Debt instrument, stated interest rate	3.75%	3.75%
Face amount	$ 1,000,000,000
Deferred financing fees		$ 10,000,000

Derivatives - Additional Information (Details)	9 Months Ended
Derivatives - Additional Information (Details)	Sep. 30, 2021 USD ($)
Derivative [Line Items]
Derivative, description of terms	The Company is subject to interest rate risk related to the Senior Secured Credit Facility and enters into interest rate swaps that are based on LIBOR to manage a portion of this exposure. The interest rate swaps are designated as cash flow hedges that qualify for hedge accounting under the hypothetical derivative method. Fair value adjustments are recorded as a component of Accumulated other comprehensive loss, net of tax (“AOCL”) in the Condensed Consolidated Balance Sheets. Balances in AOCL are reclassified to earnings when transactions related to the underlying risk are settled. As of September 30, 2021, the Company held interest rate swaps effective from September 2019 to September 2025 with notional values totaling $250 million and a weighted average LIBOR fixed rate of 3.04%, interest rate swaps effective from September 2019 to September 2022 with notional values totaling $250 million and a weighted average LIBOR fixed rate of 3.01% and interest rate swaps effective from September 2022 to September 2025 with notional values totaling $250 million and a weighted average LIBOR fixed rate of 2.82%. See NOTE F, “Fair Value of Financial Instruments” for information regarding the fair value of the Company’s interest rate swaps.
Derivative losses in AOCL expected to be reclassified within next twelve months	$ 14,000,000
Interest Rate Swaps A
Derivative [Line Items]
Notional amount	250,000,000
Interest Rate Swaps B
Derivative [Line Items]
Notional amount	250,000,000
Interest Rate Swap C
Derivative [Line Items]
Notional amount	250,000,000
Available-for-sale securities and interest rate swaps
Derivative [Line Items]
Accumulated other comprehensive loss, net of tax	$ (41,000,000)
LIBOR \| Interest Rate Swaps A
Derivative [Line Items]
Fixed interest rate	3.04%
LIBOR \| Interest Rate Swaps B
Derivative [Line Items]
Fixed interest rate	3.01%
LIBOR \| Interest Rate Swap C
Derivative [Line Items]
Fixed interest rate	2.82%

Derivatives - Derivative Instruments and their Impact on Financial Condition (Details) - Derivatives Designated as Hedging Instruments - Interest Rate Swaps - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Total derivatives designated as hedging instruments	$ 41	$ 60
Other current liabilities
Derivative [Line Items]
Interest rate swaps, liability	13	14
Other non-current liabilities
Derivative [Line Items]
Interest rate swaps, liability	$ 28	$ 46

Product Warranty Liabilities - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Guarantees [Abstract]
Product warranty liability, current	$ 35	$ 36	$ 34
Product warranty liability, non-current	$ 23	$ 30	$ 31

Product Warranty Liabilities - Product Warranty Liability Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Guarantees [Abstract]
Beginning balance	$ 60	$ 48	$ 66	$ 52
Payments	(6)	(9)	(22)	(25)
Increase in liability (warranty issued during period)	4	3	12	11
Net adjustments to liability	0	23	2	27
Ending balance	$ 58	$ 65	$ 58	$ 65

Deferred Revenue - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Deferred revenue current liabilities	$ 37	$ 34	$ 33
Deferred revenue non-current liabilities	101	$ 109	107
ETC contracts
Disaggregation of Revenue [Line Items]
Deferred revenue current liabilities	29		28
Deferred revenue non-current liabilities	$ 86		$ 89

Deferred Revenue - Summary of Deferred Revenue Activity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue Recognition And Deferred Revenue [Abstract]
Beginning balance	$ 142	$ 145	$ 143	$ 139
Increases	6	5	22	29
Revenue earned	(10)	(10)	(27)	(28)
Ending balance	$ 138	$ 140	$ 138	$ 140

Leases - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Leases - Additional Information (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Leases [Abstract]
Lessee lease description			Contracts are assessed by the Company to determine if the contract conveys the right to control an identified asset in exchange for consideration during a period of time. The Company classifies all identified leases as either operating or finance leases. As of September 30, 2021, the Company was not a party to any finance leases. Contracts that contain leases are assessed to determine if the consideration in the contract is related to a lease component, non-lease component or other components not related to the lease. Lease components are recorded as right-of-use (“ROU”) assets and lease liabilities while any non-lease component is expensed as incurred. The consideration in the contract related to other components not related to the lease is allocated among the lease component and the non-lease component, as applicable, based on the stand-alone selling price of the lease and non-lease components.
Discount rate	4.36%		4.36%		4.37%
Current lease liabilities	$ 4,000,000		$ 4,000,000		$ 4,000,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities		Other current liabilities
Non-current lease liabilities	$ 14,000,000		$ 14,000,000		$ 17,000,000
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other non-current liabilities		Other non-current liabilities
Remaining lease term	7 years 2 months 12 days	7 years 7 months 6 days	7 years 2 months 12 days	7 years 7 months 6 days
Operating expense	$ 1,000,000	$ 1,000,000	$ 4,000,000	$ 4,000,000
Material short term operating lease expense	$ 0	$ 0	0	0
New ROU assets			$ 1,000,000	$ 2,000,000

Leases - Schedule of Lease Maturity, Current Guidance (Details) $ in Millions	Sep. 30, 2021 USD ($)
Leases [Abstract]
2021	$ 1
2022	5
2023	3
2024	2
2025	2
Thereafter	8
Total lease payments	21
Less: Interest	3
Present value of lease liabilities	$ 18
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities

Leases - Schedule of Right of Use Assets (Details) $ in Millions	Sep. 30, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Total ROU assets	$ 18
Buildings
Lessee, Lease, Description [Line Items]
Total ROU assets	16
Land
Lessee, Lease, Description [Line Items]
Total ROU assets	1
Vehicles
Lessee, Lease, Description [Line Items]
Total ROU assets	$ 1

Other Current Liabilities - Summary of Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Payroll and related costs	$ 76	$ 47
Sales allowances	32	20
Accrued interest payable	26	12
Vendor buyback obligation	17	16
Taxes payable	13	11
Derivative liabilities	13	14
Lease liability	4	4
Non-trade payables	2	2
Other accruals	15	14
Total	$ 198	$ 140

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 2	$ 7	$ 7
Interest cost	1	2	4	5
Expected return on assets	(2)	(2)	(6)	(6)
Prior service credit	(1)	0	(1)	0
Recognized actuarial loss	1	0	1	0
Net periodic benefit cost (credit)	1	2	5	6
Post-retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	1	1	1
Interest cost	0	1	1	2
Expected return on assets	0	0	0	0
Prior service credit	(2)	(4)	(7)	(10)
Recognized actuarial loss	0	0	0	0
Net periodic benefit cost (credit)	$ (2)	$ (2)	$ (5)	$ (7)

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 30	$ 21	$ 94	$ 70
Effective tax rate	24.00%	21.00%	22.00%	23.00%
Valuation allowance, description			The need to establish a valuation allowance against the deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold, in accordance with authoritative accounting guidance. Appropriate consideration is given to all positive and negative evidence related to that realization. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry-forward periods, experience with tax attributes expiring unused, and tax planning alternatives. The weight given to these considerations depends upon the degree to which they can be objectively verified. The Company continues to provide for a valuation allowance on certain of its foreign deferred tax assets and an anticipated capital loss carryforward. The Company has determined, based on the evaluation of both objective and subjective evidence available, that this valuation allowance is necessary and that it is more likely than not that the deferred tax assets are not fully realizable.
Income tax examination, description			In accordance with the FASB’s authoritative guidance on accounting for income taxes, the Company has recorded a liability for unrecognized tax benefits related to a 2010 Research and Development Credit as of September 30, 2021 and December 31, 2020. The accounting guidance prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company's returns will remain subject to examination by the various taxing authorities for the duration of the applicable statute of limitations (generally three years from the later of the date of filing or the due date of the return).

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ 732	$ 695	$ 756	$ 781
Balance	707	746	707	746
Pension and OPEB liability adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(23)	2	(19)	8
Other comprehensive (loss) income before reclassifications	0	0	0	0
Amounts reclassified from AOCL	(2)	(3)	(7)	(11)
Income tax benefit (expense)	1	1	2	3
Net current period other comprehensive (loss) income	(1)	(2)	(5)	(8)
Balance	(24)	0	(24)	0
Interest rate swaps
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(34)	(51)	(46)	(26)
Other comprehensive (loss) income before reclassifications	0	(1)	8	(37)
Amounts reclassified from AOCL	4	3	11	7
Income tax benefit (expense)	(2)	1	(5)	8
Net current period other comprehensive (loss) income	2	3	14	(22)
Balance	(32)	(48)	(32)	(48)
Foreign currency items
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(26)	(36)	(24)	(34)
Other comprehensive (loss) income before reclassifications	(3)	2	(5)	0
Amounts reclassified from AOCL	0	0	0	0
Income tax benefit (expense)	0	0	0	0
Net current period other comprehensive (loss) income	(3)	2	(5)	0
Balance	(29)	(34)	(29)	(34)
Accumulated Other Comprehensive (Loss) Income, net of tax
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(83)	(85)	(89)	(52)
Other comprehensive (loss) income before reclassifications	(3)	1	3	(37)
Amounts reclassified from AOCL	2	0	4	(4)
Income tax benefit (expense)	(1)	2	(3)	11
Net current period other comprehensive (loss) income	(2)	3	4	(30)
Balance	$ (85)	$ (82)	$ (85)	$ (82)

Accumulated Other Comprehensive Loss - Amounts reclassified from AOCL (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Interest expense, net	$ (28)	$ (34)	$ (87)	$ (100)
Other income, net	6	4	12	8
Income before income taxes	124	98	418	309
Income tax expense	(30)	(21)	(94)	(70)
Net income	94	77	324	239
Reclassified from AOCL \| Interest rate swaps
Accumulated Other Comprehensive Income Loss [Line Items]
Interest expense, net	(4)	(3)	(11)	(7)
Reclassified from AOCL \| Prior service cost
Accumulated Other Comprehensive Income Loss [Line Items]
Other income, net	3	3	8	11
Reclassified from AOCL \| Recognized Actuarial Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Other income, net	(1)	0	(1)	0
Reclassified from AOCL \| Pension and OPEB liability adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Income before income taxes	(2)	0	(4)	4
Income tax expense	1	0	1	(1)
Net income	$ (1)	$ 0	$ (3)	$ 3

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Environmental liability	$ 3

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Shares excluded from diluted EPS calculation (in shares)	1,000,000	1,000,000	1,000,000	1,000,000

Earnings Per Share - Schedule of Reconciliation of Numerators and Denominators Used to Calculate Basic EPS and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 94	$ 77	$ 324	$ 239
Weighted average shares of common stock outstanding	106	113	109	114
Dilutive effect of stock-based awards	0	1	0	0
Diluted weighted average shares of common stock outstanding	106	114	109	114
Basic earnings per share attributable to common stockholders (USD per share)	$ 0.89	$ 0.68	$ 2.97	$ 2.10
Diluted earnings per share attributable to common stockholders (USD per share)	$ 0.89	$ 0.68	$ 2.97	$ 2.10

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Common Stock - Additional Information (Details) - Repurchase Program $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)
Common Stock Disclosure [Line Items]
Common stock, repurchased during the period	$ 100	$ 326
Stock repurchase program, remaining amount	$ 501	$ 501

Subsequent Event - Additional Information (Details) - Strategic Collaboration Framework Agreement - JJE - USD ($) $ in Millions		3 Months Ended
	Oct. 20, 2021	Sep. 30, 2021
Subsequent Event [Line Items]
Loans provided to support commercial vehicle electric drive product development, testing and manufacturing acceleration efforts		$ 11
Subsequent Event
Subsequent Event [Line Items]
Investment in common stock in initial public offering, value	$ 42
Investment percentage on outstanding common stock	3.25%