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ASSETS AND LIABILITIES HELD FOR SALE | 9 Months Ended
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Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
ASSETS AND LIABILITIES HELD FOR SALE | ASSETS AND LIABILITIES HELD FOR SALE In 2021, the Company announced its strategy to aggressively grow its electrification portfolio over time through organic investments and technology-focused acquisitions. Additionally, the Company announced a plan to dispose of certain internal combustion assets in support of that strategy. As of September 30, 2021, the Company identified a business (disposal group) in its e-Propulsion & Drivetrain segment located in the Americas region that met the held for sale criteria. As such, assets of $105 million, including allocated goodwill of $18 million, and liabilities of $22 million were reclassified as held for sale on the Condensed Consolidated Balance Sheets as of September 30, 2021. The fair value of the assets and liabilities, less costs to sell, was determined to approximate the carrying value; therefore, the Company did not record any adjustment to the carrying value of the disposal group. The business did not meet the criteria to be classified as a discontinued operation. The assets and liabilities classified as held for sale as of September 30, 2021 consist of:
| September 30, |  |
(in millions) | 2021 |  |
Assets held for sale: |  |  |
Receivables, net | $ | 28 |  |  |
Inventories, net | 12 |  |  |
Prepayments and other current assets | 1 |  |  |
Property, plant and equipment, net | 46 |  |  |
Goodwill | 18 |  |  |
Total assets held for sale | $ | 105 |  |  |
Liabilities held for sale: |  |  |
Accounts payable | $ | 15 |  |  |
Other current liabilities | 7 |  |  |
Total liabilities held for sale | $ | 22 |  |  |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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