GTX - Honeywell details non-cash charge after reviewing Garrett receivables

Honeywell (HON) has reduced the carrying value of its receivables from Garrett Motion (GTX) by $350M following the latter's bankruptcy filing.The adjustment constitutes a non-cash charge to its Q3 earnings, but does not impact Honeywell's reported segment profit or cash flows from operations. The company's receivables prior to adjustments from Garrett were about $1.4B as of September 30.Garrett is still in the early stages of its bankruptcy process, and the related impacts on Honeywell's financial statements "remain subject to the various relief ultimately granted" to Garrett by the bankruptcy court.HON -1.7% premarketSEC Form 8-KPreviously: Garrett Motion authorized to tap KPS as lead bidder (Oct. 25 2020)

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Honeywell details non-cash charge after reviewing Garrett receivables