ASSETS AND LIABILITIES HELD FOR SALE

12 Months Ended

Sep. 30, 2019

Assets And Liabilities Held-For-Sale [Abstract]

ASSETS AND LIABILITIES HELD FOR SALE

ASSETS AND LIABILITIES HELD FOR SALE

As of September 30, 2019, there were $1 million of assets held for sale, all within the Aftermarket, Industrial and Trailer reporting segment. The company expects to sell the assets within one year. In fiscal year 2018, management approved plans to sell $2 million of property in various locations, of which $1 million was within the Aftermarket, Industrial and Trailer reporting

segment and $1 million was within corporate locations. The assets met the criteria for presentation as held for sale as of September 30, 2019 and 2018.

Meritor Huayang Vehicle Braking Company Ltd.

During the first quarter of fiscal year 2017, management approved a plan to sell Meritor Huayang Vehicle Braking Company Ltd. within the Commercial Truck reporting segment. The company expected to sell the business within one year from management's approval of the plan. The business and its associated assets and liabilities met the criteria for presentation as held for sale as of September 30, 2017.

Assets and liabilities held for sale are measured at the lower of the carrying value or fair value less costs to sell. Upon meeting the held for sale criteria, the company determined the carrying value of the business exceeded the fair value less costs to sell. As a result, an impairment charge of $3 million was recorded within other operating expense, net in the company’s Consolidated Statement of Operations during fiscal year 2017.

On February 7, 2018, Meritor completed the sale of its equity interest in Meritor Huayang Vehicle Braking Company Ltd. All assets and liabilities of the business were transferred at closing.