Assets Held for Sale

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Assets Held for SaleIn 2019, the Company started exploring strategic options for non-core product lines in the Brake System segment. In the fourth quarter of 2019, management committed and approved a plan to sell VNBS (VNBJ and VNBZ). The Company expects to sell these entities 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 December 31, 2019 and were required to be adjusted to the lower of fair value less cost to sell or carrying value. This resulted in no impairment charge for the year end December 31, 2019. The assets and liabilities associated with the transaction are separately classified as held for sale in the consolidated balance sheet as of December 31, 2019 and depreciation of long-lived assets ceased on October 30, 2019. The planned divestiture did not meet the criteria for presentation as a discontinued operation.

Assets and liabilities held for sale are summarized as follows:



(Dollars in millions)	As of December 31
Assets held for sale	2019
Cash and cash equivalents	35
Receivables, net	58
Inventories, net	17
Property, plant and equipment, net	126
Intangible assets, net	66
Other current assets	15
Total assets held for sale	$	317
Liabilities held for sale
Accounts payable	50
Accrued expenses	20
Related party short-term debt	12
Pension liability	8
Other current liabilities	28
Total liabilities held for sale	$	118