Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 06, 2015 | Jun. 30, 2014 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | DAN | ||
Entity Registrant Name | DANA HOLDING CORP | ||
Entity Central Index Key | 26780 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 164,785,497 | ||
Entity Public Float | $3,789,221,901 |
Consolidated_Statement_Of_Oper
Consolidated Statement Of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $6,617 | $6,769 | $7,224 |
Costs and expenses | |||
Cost of sales | 5,672 | 5,849 | 6,250 |
Selling, general and administrative expenses | 411 | 410 | 424 |
Amortization of intangibles | 42 | 74 | 74 |
Restructuring charges, net | 21 | 24 | 47 |
Loss on disposal group held for sale | -80 | ||
Pension settlement charges | -42 | ||
Loss on extinguishment of debt | -19 | ||
Other income, net | 48 | 55 | 19 |
Income from continuing operations before interest expense and income taxes | 378 | 467 | 448 |
Interest expense | 118 | 99 | 84 |
Income from continuing operations before income taxes | 260 | 368 | 364 |
Income tax expense (benefit) | -70 | 119 | 51 |
Equity in earnings of affiliates | 13 | 12 | 2 |
Income from continuing operations | 343 | 261 | 315 |
Loss from discontinued operations | -15 | -1 | 0 |
Net income | 328 | 260 | 315 |
Less: Noncontrolling interests net income | 9 | 16 | 15 |
Net income attributable to the parent company | 319 | 244 | 300 |
Preferred stock dividend requirements | 7 | 25 | 31 |
Preferred stock redemption premium | 232 | ||
Net income (loss) available to common stockholders | $312 | ($13) | $269 |
Basic: | |||
Income (loss) from continuing operations | $2.07 | ($0.08) | $1.82 |
Loss from discontinued operations | ($0.10) | ($0.01) | $0 |
Net income (loss) | $1.97 | ($0.09) | $1.82 |
Diluted: | |||
Income (loss) from continuing operations | $1.93 | ($0.08) | $1.40 |
Loss from discontinued operations | ($0.09) | ($0.01) | $0 |
Net income (loss) | $1.84 | ($0.09) | $1.40 |
Weighted-average common shares outstanding | |||
Basic | 158 | 146.4 | 148 |
Diluted | 173.5 | 146.4 | 214.7 |
Dividends declared per common share | $0.20 | $0.20 | $0.20 |
Consolidated_Statement_Of_Comp
Consolidated Statement Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $328 | $260 | $315 |
Less: Noncontrolling interests net income | 9 | 16 | 15 |
Net income attributable to the parent company | 319 | 244 | 300 |
Other comprehensive income (loss) attributable to the parent company, net of tax: | |||
Currency translation adjustments | -185 | -40 | -6 |
Hedging gains and losses | -9 | -4 | 13 |
Investment and other gains and losses | 2 | -9 | 2 |
Defined benefit plans | -78 | 122 | -152 |
Other comprehensive income (loss) attributable to the parent company | -270 | 69 | -143 |
Other comprehensive income (loss) attributable to noncontrolling interests, net of tax: | |||
Currency translation adjustments | -4 | -5 | 1 |
Hedging gains and losses | 1 | ||
Defined benefit plans | -1 | ||
Other comprehensive income (loss) attributable to noncontrolling interests | -4 | -4 | 0 |
Total comprehensive income attributable to the parent company | 49 | 313 | 157 |
Total comprehensive income attributable to noncontrolling interests | 5 | 12 | 15 |
Total comprehensive income | $54 | $325 | $172 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets [Abstract] | ||
Cash and cash equivalents | $1,121 | $1,256 |
Marketable securities | 169 | 110 |
Accounts receivable [Abstract] | ||
Trade, less allowance for doubtful accounts of $6 in 2014 and $7 in 2013 | 755 | 793 |
Other | 117 | 223 |
Inventories | 654 | 670 |
Other current assets | 111 | 113 |
Current assets of disposal group held for sale | 27 | |
Total current assets | 2,954 | 3,165 |
Goodwill | 90 | 106 |
Intangibles | 169 | 227 |
Other noncurrent assets | 337 | 196 |
Investments in affiliates | 204 | 210 |
Property, plant and equipment, net | 1,176 | 1,225 |
Total assets | 4,930 | 5,129 |
Current liabilities | ||
Notes payable, including current portion of long-term debt | 65 | 57 |
Accounts payable | 791 | 804 |
Accrued payroll and employee benefits | 158 | 161 |
Accrued restructuring costs | 9 | 14 |
Taxes on income | 32 | 35 |
Other accrued liabilities | 185 | 197 |
Current liabilities of disposal group held for sale | 21 | |
Total current liabilities | 1,261 | 1,268 |
Long-term debt | 1,613 | 1,567 |
Pension and postretirement obligations | 580 | 530 |
Other noncurrent liabilities | 279 | 351 |
Noncurrent liabilities of disposal group held for sale | 17 | |
Total liabilities | 3,750 | 3,716 |
Commitments and contingencies (Note 15) | ||
Parent company stockholders' equity | ||
Common stock, $0.01 par value, 450,000,000 shares authorized, 166,070,057 and 145,338,342 outstanding | 2 | 2 |
Additional paid-in capital | 2,640 | 2,840 |
Accumulated deficit | -532 | -812 |
Treasury stock, at cost (1,588,990 and 18,742,288 shares) | -33 | -366 |
Accumulated other comprehensive loss | -997 | -727 |
Total parent company stockholders' equity | 1,080 | 1,309 |
Noncontrolling equity | 100 | 104 |
Total equity | 1,180 | 1,413 |
Total liabilities and equity | 4,930 | 5,129 |
Series A Preferred Stock [Member] | ||
Parent company stockholders' equity | ||
Preferred stock | 0 | 0 |
Series B Preferred Stock [Member] | ||
Parent company stockholders' equity | ||
Preferred stock | $0 | $372 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Trade, allowance for doubtful accounts | $6 | $7 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding | 0 | |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares outstanding | 166,070,057 | 145,338,342 |
Treasury stock, shares | 1,588,990 | 18,742,288 |
Series A Preferred Stock [Member] | ||
Preferred Stock, par value | $0.01 | $0.01 |
Preferred stock, shares outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred Stock, par value | $0.01 | $0.01 |
Preferred stock, shares outstanding | 0 | 3,803,774 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities [Abstract] | |||
Net income | $328 | $260 | $315 |
Depreciation | 164 | 175 | 190 |
Amortization of intangibles | 49 | 87 | 87 |
Amortization of deferred financing charges | 5 | 5 | 5 |
Call premium on senior notes | 15 | ||
Write off of deferred financing costs | 4 | 4 | |
Unremitted earnings of affiliates | 4 | -2 | 1 |
Stock compensation expense | 16 | 16 | 19 |
Deferred income taxes | -199 | -10 | -80 |
Pension expense (contributions), net | 30 | -60 | -220 |
Loss on disposal group held for sale | 78 | ||
Interest payment received on payment-in-kind note receivable | 40 | 26 | |
Change in working capital | -39 | 104 | 21 |
Change in other noncurrent assets and liabilities | -16 | -3 | -3 |
Other, net | 31 | -25 | 4 |
Net cash provided by operating activities | 510 | 577 | 339 |
Investing activities [Abstract] | |||
Purchases of property, plant and equipment | -234 | -209 | -164 |
Acquisition of business | -8 | -12 | |
Principal payment received on payment-in-kind note receivable | 35 | 33 | |
Purchases of marketable securities | -84 | -84 | -18 |
Proceeds from sales of marketable securities | 7 | 28 | 15 |
Proceeds from maturities of marketable securities | 21 | 8 | 6 |
Proceeds from sale of businesses | 9 | 1 | 8 |
Other | 9 | 4 | |
Net cash used in investing activities | -246 | -222 | -161 |
Financing activities [Abstract] | |||
Net change in short-term debt | -8 | -14 | 4 |
Proceeds from letters of credit | 12 | ||
Repayments of letters of credit | -8 | ||
Proceeds from long-term debt | 448 | 817 | 51 |
Repayment of long-term debt | -372 | -57 | -32 |
Call premium on senior notes | -15 | ||
Deferred financing payments | -7 | -17 | |
Preferred stock redemption | -474 | ||
Dividends paid to preferred stockholders | -8 | -28 | -31 |
Dividends paid to common stockholders | -32 | -30 | -30 |
Distributions to noncontrolling interests | -9 | -11 | -11 |
Repurchases of common stock | -260 | -337 | -15 |
Payments to acquire noncontrolling interests | -7 | ||
Other | 5 | 8 | 9 |
Net cash used in financing activities | -254 | -150 | -55 |
Net increase in cash and cash equivalents | 10 | 205 | 123 |
Cash and cash equivalents - beginning of period | 1,256 | 1,059 | 931 |
Effect of exchange rate changes on cash balances | -118 | -8 | 5 |
Less: cash of disposal group held for sale | -27 | ||
Cash and cash equivalents - end of period | $1,121 | $1,256 | $1,059 |
Consolidated_Statement_Of_Stoc
Consolidated Statement Of Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive (Loss) [Member] | Parent [Member] | Non- controlling Interests [Member] |
In Millions, unless otherwise specified | |||||||||
Beginning Balance at Dec. 31, 2011 | $1,838 | $753 | $1 | $2,643 | ($1,008) | ($9) | ($650) | $1,730 | $108 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 315 | 300 | 300 | 15 | |||||
Other comprehensive income (loss) | -143 | -143 | -143 | ||||||
Preferred stock dividends | -31 | -31 | -31 | ||||||
Common stock dividends ($0.20 per share) | -30 | -30 | -30 | ||||||
Distributions to noncontrolling interests | -11 | -11 | |||||||
Common stock share repurchases | -15 | -15 | -15 | ||||||
Stock compensation | 26 | 1 | 25 | 26 | |||||
Stock withheld for employees taxes | -1 | -1 | -1 | ||||||
Ending Balance at Dec. 31, 2012 | 1,948 | 753 | 2 | 2,668 | -769 | -25 | -793 | 1,836 | 112 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 260 | 244 | 244 | 16 | |||||
Other comprehensive income (loss) | 65 | 69 | 69 | -4 | |||||
Preferred stock dividends | -25 | -25 | -25 | ||||||
Common stock dividends ($0.20 per share) | -30 | -30 | -30 | ||||||
Distributions to noncontrolling interests | -11 | -11 | |||||||
Preferred stock redemption | -474 | -242 | -232 | -474 | |||||
Share conversion | 1 | -139 | 140 | 1 | |||||
Common stock share repurchases | -337 | -337 | -337 | ||||||
Purchase of noncontrolling interests | -6 | 6 | -3 | 3 | -9 | ||||
Repurchase of equity awards | -2 | -2 | -2 | ||||||
Stock compensation | 28 | 28 | 28 | ||||||
Stock withheld for employees taxes | -4 | -4 | -4 | ||||||
Ending Balance at Dec. 31, 2013 | 1,413 | 372 | 2 | 2,840 | -812 | -366 | -727 | 1,309 | 104 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 328 | 319 | 319 | 9 | |||||
Other comprehensive income (loss) | -274 | -270 | -270 | -4 | |||||
Preferred stock dividends | -7 | -7 | -7 | ||||||
Common stock dividends ($0.20 per share) | -32 | -32 | -32 | ||||||
Distributions to noncontrolling interests | -9 | -9 | |||||||
Share conversion | 3 | -372 | 74 | 301 | 3 | ||||
Common stock share repurchases | -260 | -260 | -260 | ||||||
Retire treasury shares | 0 | -294 | 294 | 0 | |||||
Stock compensation | 20 | 20 | 20 | ||||||
Stock withheld for employees taxes | -2 | -2 | -2 | ||||||
Ending Balance at Dec. 31, 2014 | $1,180 | $0 | $2 | $2,640 | ($532) | ($33) | ($997) | $1,080 | $100 |
Consolidated_Statement_Of_Stoc1
Consolidated Statement Of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Preferred stock dividends, per share | $3 | $4 | $4 |
Common stock dividends, per share | $0.20 | $0.20 | $0.20 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies |
General | |
Dana Holding Corporation (Dana) is headquartered in Maumee, Ohio and was incorporated in Delaware in 2007. As a global provider of high technology driveline (axles, driveshafts and transmissions), sealing and thermal-management products our customer base includes virtually every major vehicle manufacturer in the global light vehicle, medium/heavy vehicle and off-highway markets. | |
The terms "Dana," "we," "our" and "us," when used in this report are references to Dana. These references include the subsidiaries of Dana unless otherwise indicated or the context requires otherwise. | |
Summary of significant accounting policies | |
Basis of presentation — Our consolidated financial statements include the accounts of all subsidiaries where we hold a controlling financial interest. The ownership interests in subsidiaries held by third parties are presented in the consolidated balance sheet within equity, but separate from the parent’s equity, as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in 20 to 50%-owned affiliates, which are not required to be consolidated, are accounted for under the equity method. Equity in earnings of these investments is presented separately in the consolidated statement of operations, net of tax. Investments in less-than-20%-owned companies are included in the financial statements at the cost of our investment. Dividends, royalties and fees from these cost basis affiliates are recorded in income when received. | |
In the third quarter of 2014, we identified an error that had resulted in a $10 overstatement of the values assigned to our defined benefit pension obligation and goodwill when we applied fresh start accounting in 2008. These overstatements affected pension expense, other comprehensive income and impairment of goodwill in subsequent periods. Based on our assessments of qualitative and quantitative factors, the error and the related impacts were not considered material to the financial statements for the quarter ended September 30, 2014 or the prior periods to which they relate. The error was corrected in September 2014 by decreasing pension and postretirement obligations by $17, decreasing accumulated other comprehensive loss by $3 to eliminate the related impacts on unrecognized pension expense and currency translation adjustments, decreasing goodwill by $3, decreasing cost of sales by $5 to reverse the cumulative impact on pension expense and crediting other income, net for $6 to effectively reverse a portion of the goodwill impairment recognized in 2008. | |
In the fourth quarter of 2012, we recorded a $7 charge to cumulative translation adjustments to correct an overstatement of cash and cash equivalents that arose primarily in the third quarter of 2011. Partially offsetting this adjustment was a $3 credit to income in the fourth quarter of 2012 to correct an overstatement of a deferred compensation accrual that was also primarily related to 2011. These adjustments were not considered material to pre-tax income, net income or other comprehensive income for the current or prior periods to which they relate. | |
Certain prior year amounts have been reclassified to conform to the 2014 presentation. | |
Held for sale — We classify long-lived assets or disposal groups as held for sale in the period: management commits to a plan to sell; the long-lived asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such long-lived assets or disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; the sale is probable within one year; the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets and disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. See Note 2 for additional information regarding our disposal group held for sale. | |
Discontinued operations — We classify a business component that has been disposed of or classified as held for sale as discontinued operations if the cash flows of the component have been or will be eliminated from our ongoing operations and we will no longer have any significant continuing involvement in or with the component. The results of operations of our discontinued operations, including any gains or losses on disposition, are aggregated and presented on one line in the income statement. See Note 3 for additional information regarding our discontinued operations. | |
Estimates — Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP), which requires the use of estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. We believe our assumptions and estimates are reasonable and appropriate. However, due to the inherent uncertainties in making estimates, actual results could differ from those estimates. | |
Fair value measurements — A three-tier fair value hierarchy is used to prioritize the inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: Level 1 inputs (highest priority) include unadjusted quoted prices in active markets for identical instruments. Level 2 inputs include quoted prices for similar instruments that are observable either directly or indirectly. Level 3 inputs (lowest priority) include unobservable inputs in which there is little or no market data, which require management to develop its own assumptions. Classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | |
The inputs we use in our valuation techniques include market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs. When available, we use quoted market prices to determine the fair value (market approach). In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, we consider the amount and timing of estimated future cash flows and assumed discount rates reflecting varying degrees of credit risk that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date (income approach). Fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future. | |
Cash and cash equivalents — Cash and cash equivalents includes cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have maturities of three months or less when purchased. | |
Marketable securities — Our investments in marketable securities reported in the accompanying balance sheet are classified as available for sale and carried at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive income (loss) (AOCI) until realized. Realized gains and losses are recorded using the specific identification method. | |
Inventories — Inventories are valued at the lower of cost or market. Cost is determined using the average or first-in, first-out (FIFO) cost method. | |
Property, plant and equipment — As a result of our adoption of fresh start accounting on February 1, 2008, property, plant and equipment was stated at fair value with useful lives ranging from two to thirty years. Useful lives of newly acquired assets are generally twenty to thirty years for buildings and building improvements, five to ten years for machinery and equipment, three to five years for tooling and office equipment and three to ten years for furniture and fixtures. Depreciation is recognized over the estimated useful lives using primarily the straight-line method for financial reporting purposes and accelerated depreciation methods for federal income tax purposes. If assets are impaired, their value is reduced via an increase in accumulated depreciation. | |
Pre-production costs related to long-term supply arrangements — The costs of tooling used to make products sold under long-term supply arrangements are capitalized as part of property, plant and equipment and amortized over their useful lives if we own the tooling or if we fund the purchase but our customer owns the tooling and grants us the irrevocable right to use the tooling over the contract period. If we have a contractual right to bill our customers, costs incurred in connection with the design and development of tooling are carried as a component of other accounts receivable until invoiced. Design and development costs related to customer products are deferred if we have an agreement to collect such costs from the customer; otherwise, they are expensed when incurred. At December 31, 2014, the machinery and equipment component of property, plant and equipment includes $2 of our tooling related to long-term supply arrangements, while trade and other accounts receivable includes $29 of costs related to tooling that we have a contractual right to collect from our customers. | |
Goodwill — We test goodwill for impairment annually as of October 31 and more frequently if events occur or circumstances change that would warrant an interim review. Goodwill impairment testing is performed at the reporting unit level, which is our operating segment. We estimate the fair value of the reporting unit in the first step using various valuation methodologies, including projected future cash flows and multiples of current earnings. If the estimated fair value of the reporting unit exceeds its carrying value, the goodwill is considered not impaired. If the carrying value of the reporting unit exceeds its estimated fair value, then the second step of the test would be required to determine the implied fair value of the goodwill and any resulting impairment. Our goodwill is assigned to our Off-Highway segment. The estimated fair value of our Off-Highway reporting unit was significantly greater than its carrying value at October 31, 2014. No impairment of goodwill occurred during the three years ended December 31, 2014. | |
Intangible assets — Intangible assets include the value of core technology, trademarks and trade names, customer relationships and intangible assets used in research and development activities. Core technology and customer relationships have definite lives while intangible assets used in research and development activities and substantially all of our trademarks and trade names have indefinite lives. Definite-lived intangible assets are amortized over their useful life using the straight-line method of amortization and are periodically reviewed for impairment indicators. Amortization of core technology is charged to cost of sales. Amortization of trademarks and trade names and customer relationships is charged to amortization of intangibles. Intangible assets used in research and development activities have an indefinite life until completion of the associated research and development efforts. Upon completion of development, the assets are amortized over their useful life; if the project is abandoned, the assets are written off immediately. Indefinite-lived intangible assets are reviewed for impairment annually and more frequently if impairment indicators exist. See Note 4 for more information about intangible assets. | |
Tangible asset impairments — We review the carrying value of amortizable long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the undiscounted future net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell and are no longer depreciated. | |
Other long-lived assets and liabilities — We discount our workers’ compensation and asbestos liabilities and the related amounts recoverable from insurers by applying blended risk-free rates that are appropriate for the duration of the projected cash flows. The use of risk-free rates is considered appropriate given that other risks affecting the volume and timing of payments have been considered in developing the probability-weighted projected cash flows. The blended risk-free rates are revised annually to consider incremental cash flow projections. | |
Financial instruments — The carrying values of cash and cash equivalents, trade receivables and short-term borrowings approximate fair value. Notes receivable are carried at fair value, which considers the contractual call or selling price, if applicable. Borrowings under our credit facilities are carried at historical cost and adjusted for principal payments and foreign currency fluctuations. | |
Derivatives — Foreign currency forward contracts and currency swaps are carried at fair value. We enter into these contracts to manage our exposure to the impact of currency fluctuations on certain foreign currency-denominated assets and liabilities and on a portion of our forecasted purchase and sale transactions. | |
Changes in the fair value of contracts treated as cash flow hedges are deferred and included as a component of other comprehensive income (loss) (OCI) to the extent the contracts remain effective and the associated forecasted transactions remain probable. Effectiveness is measured by using regression analysis to determine the degree of correlation between the change in the fair value of the derivative instrument and the change in the associated foreign currency exchange rates. Deferred gains and losses are reclassified to earnings in the same periods in which the underlying transactions affect earnings. Changes in the fair value of contracts not treated as cash flow hedges are recognized in earnings as those changes occur. Changes in the fair value of contracts associated with product-related transactions are recorded in cost of sales while those associated with non-product transactions are recorded in other income, net and are generally offset by currency-driven gains or losses on the underlying transactions. We may also use interest rate swaps to manage exposure to fluctuations in interest rates and to adjust the mix of our fixed and floating rate debt. We do not use derivatives for trading or speculative purposes and we do not hedge all of our exposures. | |
Environmental compliance and remediation — Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations that do not contribute to our current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. We consider the most probable method of remediation, current laws and regulations and existing technology in determining our environmental liabilities. | |
Pension and other postretirement defined benefits — Net pension and postretirement benefits expenses and the related liabilities are determined on an actuarial basis. These plan expenses and obligations are dependent on management’s assumptions developed in consultation with our actuaries. We review these actuarial assumptions at least annually and make modifications when appropriate. With the input of independent actuaries and other relevant sources, we believe that the assumptions used are reasonable; however, changes in these assumptions, or experience different from that assumed, could impact our financial position, results of operations or cash flows. | |
Postemployment benefits — Costs to provide postemployment benefits to employees are accounted for on an accrual basis. Obligations that do not accumulate or vest are recorded when payment is probable and the amount can be reasonably estimated. For those obligations that accumulate or vest and the amount can be reasonably estimated, expense and the related liability are recorded as service is rendered. | |
Equity-based compensation — We measure compensation cost arising from the grant of share-based awards to employees at fair value. We recognize such costs in income over the period during which the requisite service is provided, usually the vesting period. The grant date fair value is estimated using valuation techniques that require the input of management estimates and assumptions. We believe that the assumptions used are reasonable; however, due to inherent uncertainties in making estimates, if other assumptions had been used, it could have impacted our financial position and results of operations. | |
Revenue recognition — Sales are recognized when products are shipped and risk of loss has transferred to the customer. We accrue for warranty costs, sales returns and other allowances based on experience and other relevant factors when sales are recognized. Adjustments are made as new information becomes available. Shipping and handling fees billed to customers are included in sales, while costs of shipping and handling are included in cost of sales. Taxes collected from customers are excluded from revenues and credited directly to obligations to the appropriate governmental agencies. | |
Foreign currency translation — The financial statements of subsidiaries and equity affiliates outside the U.S. located in non-highly inflationary economies are measured using the currency of the primary economic environment in which they operate as the functional currency, which typically is the local currency. Transaction gains and losses resulting from translating assets and liabilities of these entities into the functional currency are included in other income, net or in equity in earnings of affiliates. When translating into U.S. dollars, income and expense items are translated at average monthly rates of exchange, while assets and liabilities are translated at the rates of exchange at the balance sheet date. Translation adjustments resulting from translating the functional currency into U.S. dollars are deferred and included as a component of AOCI in stockholders’ equity. For operations whose functional currency is the U.S. dollar, nonmonetary assets are translated into U.S. dollars at historical exchange rates and monetary assets are translated at current exchange rates. | |
Venezuela’s economy is considered highly inflationary under GAAP. As such, we remeasure the financial statements of our subsidiaries in Venezuela as if their functional currency was the U.S. dollar. | |
Prior to 2014, the Venezuelan government through its Commission for the Administration of Foreign Exchange (CADIVI) maintained a fixed official exchange rate. The official exchange rate was fixed at 4.3 bolivars per U.S. dollar until February 2013 when the Venezuelan government devalued the bolivar to 6.3 bolivars per U.S. dollar. We recorded a $6 charge in the first quarter of 2013 associated with the devaluation of the official exchange rate. After the devaluation, CADIVI allowed certain obligations existing at the date of the devaluation to be settled at the former 4.3 rate. During the last nine months of 2013, we recognized $5 of gains on claims settled at the former 4.3 rate. In March 2013, the Venezuelan government announced the creation of the Complementary System of Foreign Currency Administration (SICAD), a supplementary currency auction system regulated by the Central Bank of Venezuela for purchases of U.S. dollars by certain eligible importers. During 2013, our subsidiaries in Venezuela were not eligible to utilize SICAD and therefore we continued to use the official exchange rate to remeasure the financial statements of our subsidiaries in Venezuela. | |
In the first quarter of 2014, the Venezuelan government transferred the administration of the official exchange rate to the National Center of Foreign Commerce (CENCOEX) and indicated that the official exchange rate of 6.3 would be increasingly reserved only for the settlement of U.S. dollar-denominated obligations related to purchases of “essential goods and services.” In addition, the Venezuelan government expanded the entities and transactions that would be eligible to use SICAD. Transactions eligible for SICAD currently include foreign investments and payments of royalties. Also during the first quarter of 2014, the Venezuelan government announced the creation of SICAD 2, a market-based exchange mechanism regulated by the Central Bank of Venezuela. SICAD 2 may be used by all companies incorporated or domiciled in Venezuela who want to obtain U.S. dollars for any purpose. | |
With the expansion of SICAD and the formation of SICAD 2 there is uncertainty surrounding transactions that CENCOEX will allow to be transacted at the official exchange rate. In consultation with legal counsel we have determined that the SICAD rate, which we believe would apply to dividend remittances, is the appropriate rate to remeasure the bolivar- denominated net monetary assets of our subsidiaries in Venezuela. Effective March 31, 2014, we ceased using the official exchange rate of 6.3 and began using the SICAD rate, which was 10.7 bolivars per U.S. dollar (as published by the Central Bank of Venezuela) at March 31, 2014, to remeasure the financial statements of our subsidiaries in Venezuela. | |
Income taxes — In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax assets or liabilities for all years subject to examination based upon management’s evaluation of the facts and circumstances and information available at the reporting dates. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater-than-50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, the related interest cost has also been recognized as a component of the income tax provision. | |
Research and development — Research and development costs include expenditures for research activities relating to product development and improvement. Salaries, fringes and occupancy costs, including building, utility and overhead costs, comprise the vast majority of these expenses and are expensed as incurred. Research and development expenses were $72, $64 and $57 in 2014, 2013 and 2012. | |
Recently adopted accounting pronouncements | |
In July 2013, the Financial Accounting Standards Board (FASB) issued guidance to clarify financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. Generally, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. An exception exists to the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. If the exception applies, the unrecognized tax benefit must be presented in the financial statements as a liability and not combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and must be made presuming disallowance of the tax position at the reporting date. This guidance became effective January 1, 2014 and is consistent with our past practice, so adoption did not impact our financial condition or results of operations. | |
In March 2013, the FASB issued guidance to clarify existing requirements for the release – the recognition of an amount in the income statement – of the cumulative translation adjustment. The guidance applies to the release of cumulative translation adjustment when an entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. It also applies to the release of the cumulative translation adjustment when there is a loss of a controlling financial interest in a foreign entity or a step acquisition involving an equity method investment that is a foreign entity. The accounting for the financial interest within a foreign entity is the same regardless of the form of the transaction. This guidance, which became effective January 1, 2014, did not impact our financial condition or results of operations in 2014 but could affect our accounting for future transactions. | |
Recently issued accounting pronouncements | |
In June 2014, the FASB issued guidance to provide clarity on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of a share-based payment award. Generally, an award with a performance target also requires an employee to render service until the performance target is achieved. In some cases, however, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. The amendment requires that a performance target that affects vesting and extends beyond the end of the service period be treated as a performance condition and not as a factor in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The guidance becomes effective January 1, 2016. | |
In May 2014, the FASB issued guidance that requires companies to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in amounts that reflect the consideration a company expects to be entitled to in exchange for those goods or services. The new guidance will also require new disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This guidance will be effective January 1, 2017 and early adoption is not permitted. The guidance allows for either a full retrospective or a modified retrospective transition method. We are currently evaluating the impact this guidance will have on our consolidated results of operations, financial position and cash flows. | |
In April 2014, the FASB issued guidance that revises the definition of a discontinued operation. The revised definition limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on operations and financial results. The guidance also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance will apply to covered transactions that occur after 2014 and was optional for the initial reporting of disposals completed or approved in 2014. |
Acquisitions_Divestitures_and_
Acquisitions, Divestitures and Disposal Group Held for Sale | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Acquisitions and Divestitures | Acquisitions, Divestitures and Disposal Group Held for Sale | |||
Fallbrook — On September 10, 2012, we entered into a strategic alliance with Fallbrook Technologies Inc. (Fallbrook). Among the agreements executed is an exclusive license agreement allowing Dana to engineer, produce and sell transmission components and other advanced powertrain solutions with Fallbrook’s continuously variable planetary (CVP) technology for passenger and certain off-highway vehicles in the end markets Dana serves. The exclusive license agreement, along with an engineering services agreement and key engineers hired from Fallbrook, provide Dana with intellectual property, processes, techniques, technical data, training, designs and drawings related to the development, application, use, manufacture and production of the CVP technology. The transaction with Fallbrook is being accounted for as a business combination. | ||||
Dana paid Fallbrook $20 under the exclusive license agreement for the markets licensed to Dana; $12 was paid in 2012 and $8 was paid in 2013. The aggregate fair value of the assets acquired of $20 has been allocated to intangible assets used in research and development activities which are initially classified as indefinite-lived with $12 and $8 assigned to our Off-Highway and Light Vehicle operating segments, respectively. We used the multi-period excess earnings method, an income approach, to value the intangible assets used in research and development activities. | ||||
Divestiture of Axle, Differential and Brake Systems business — We completed the divestiture of our axle, differential and brake systems business serving the leisure, all-terrain and utility vehicle markets in August 2012. The total proceeds received of $8 approximated the net assets of the business following an asset impairment charge of $2 recorded in the first quarter of 2012. Sales of the divested business approximated $32 in 2012 through the date of the disposition. | ||||
Divestiture of Structural Products business — In March 2010, we sold substantially all of the assets of our Structural Products business to Metalsa S.A. de C.V. (Metalsa). We had received cash proceeds of $134 through the end of 2011, excluding amounts related to working capital adjustments and tooling. An additional $10 remained as a receivable and was supported by funds held in escrow. Those funds were to be released to Dana by June 2012; however, the buyer presented claims to the escrow agent seeking indemnification from Dana. The escrow agent was precluded from releasing the funds held in escrow until Dana and the buyer resolved the issues underlying the claims. The parties reached a final agreement on the remaining issues in May 2014, resulting in the receipt of $9 from the escrow agent and a charge of $1 to other expense within discontinued operations. | ||||
Disposal group held for sale — In December 2014, we entered into an agreement to divest our Light Vehicle operations in Venezuela (the disposal group) for no consideration to an unaffiliated company. We completed the divestiture in January 2015. Upon classification of the disposal group as held for sale, we recognized an $80 loss to adjust the carrying value of the net assets of our operations in Venezuela to fair value less cost to sell. The assets and liabilities of our operations in Venezuela are presented as held for sale on our balance sheet as of December 31, 2014. The carrying amounts of the major classes of assets and liabilities of our operations in Venezuela are as follows: | ||||
December 31, | ||||
2014 | ||||
Cash and cash equivalents | $ | 27 | ||
Current assets classified as held for sale | $ | 27 | ||
Accounts payable | $ | 16 | ||
Accrued payroll and employee benefits | 4 | |||
Other accrued liabilities | 1 | |||
Current liabilities classified as held for sale | $ | 21 | ||
Pension obligations | $ | 11 | ||
Other noncurrent liabilities | 6 | |||
Noncurrent liabilities classified as held for sale | $ | 17 | ||
Accumulated other comprehensive loss classified as held for sale | $ | (11 | ) |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | Discontinued Operations | |||||||||||
The sale of substantially all of the assets of our Structural Products business in 2010 excluded the facility in Longview, Texas and its employees and manufacturing assets related to a significant customer contract. The customer contract was satisfied and operations concluded in August 2012. As a result of the cessation of all operations, activities related to the former Structural Products business have been presented as discontinued operations in the accompanying financial statements. | ||||||||||||
The Longview facility was sold in March 2013 and a previously closed plant in Canada was sold in January 2014. The proceeds in both transactions approximated the carrying values of the facilities. | ||||||||||||
The results of the discontinued operations were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Sales | $ | — | $ | — | $ | 34 | ||||||
Cost of sales | 31 | |||||||||||
Restructuring charges, net | 1 | 3 | ||||||||||
Other expense | (19 | ) | (1 | ) | ||||||||
Pre-tax loss | (19 | ) | (1 | ) | (1 | ) | ||||||
Income tax benefit | (4 | ) | (1 | ) | ||||||||
Loss from discontinued operations | $ | (15 | ) | $ | (1 | ) | $ | — | ||||
In 2012, Ford Motor Company (Ford) filed a complaint alleging quality issues relating to products supplied by the former Structural Products business at Dana Canada Corporation. The Dana Canada facility was closed in 2008 and Dana Holding Corporation divested substantially all of the Structural Products business in 2010. In December 2014, while admitting no liability related to the complaint, we reached a settlement agreement with Ford. The cost of the settlement with Ford and the associated legal fees incurred in connection with this matter were charged to other expense within discontinued operations in the fourth quarter of 2014. | ||||||||||||
The loss reported for 2014 also includes the charge that resulted from final settlement of the claims presented by Metalsa in connection with its acquisition of substantially all of the assets of our Structural Products business, along with the related legal fees. See Note 2 for additional information. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
Goodwill — Our goodwill is assigned to our Off-Highway segment. Based on our October 31, 2014 impairment assessment, the fair value of this segment is significantly higher than its carrying value, including goodwill. We do not believe that our goodwill is at risk of being impaired. As discussed in Note 1 above, we adjusted goodwill in September 2014 in connection with correcting an overstatement of our pension and postretirement obligations. The $3 adjustment is net of the cumulative effect of currency fluctuations and impairment of the amount that would have been assigned at fresh start to our former Driveshaft segment in 2008. The remaining change in the carrying amount of goodwill in 2014 is due to currency fluctuations. | ||||||||||||||||||||||||||
Non-amortizable intangible assets — Our non-amortizable intangible assets include trademarks, trade names and intangible assets used in research and development activities. Trademarks and trade names consist of the Dana® and Spicer® trademarks and trade names utilized in our Commercial Vehicle and Off-Highway segments. We value trademarks and trade names using a relief from royalty method which is based on revenue streams. No impairment was recorded during the three years ended December 31, 2014 in connection with the required annual assessment. Intangible assets used in research and development activities relate to our strategic alliance with Fallbrook. See Note 2 for a discussion of our strategic alliance with Fallbrook and our valuation of the related intangible assets used in research and development activities. We value intangible assets used in research and development activities using the multi-period excess earnings method, an income approach. No impairment was recorded during the year ended December 31, 2014 in connection with the required annual assessment. | ||||||||||||||||||||||||||
Amortizable intangible assets — Our amortizable intangible assets include core technology, customer relationships and a portion of our trademarks and trade names. Core technology includes the proprietary know-how and expertise that is inherent in our products and manufacturing processes. Customer relationships include the established relationships with our customers and the related ability of these customers to continue to generate future recurring revenue and income. | ||||||||||||||||||||||||||
These assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We group the assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the undiscounted future cash flows. We use our internal forecasts, which we update quarterly, to develop our cash flow projections. These forecasts are based on our knowledge of our customers’ production forecasts, our assessment of market growth rates, net new business, material and labor cost estimates, cost recovery agreements with customers and our estimate of savings expected from our restructuring activities. The most likely factors that would significantly impact our forecasts are changes in customer production levels and loss of significant portions of our business. Our valuation is applied over the life of the primary assets within the asset groups. If the undiscounted cash flows do not indicate that the carrying amount of the asset group is recoverable, an impairment charge is recorded if the carrying amount of the asset group exceeds its fair value based on discounted cash flow analyses or appraisals. | ||||||||||||||||||||||||||
Components of other intangible assets — | ||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Average | Carrying | Impairment and | Carrying | Carrying | Impairment and | Carrying | ||||||||||||||||||||
Useful Life | Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
(years) | ||||||||||||||||||||||||||
Amortizable intangible assets | ||||||||||||||||||||||||||
Core technology | 7 | $ | 90 | $ | (85 | ) | $ | 5 | $ | 94 | $ | (83 | ) | $ | 11 | |||||||||||
Trademarks and trade names | 16 | 3 | (1 | ) | 2 | 4 | (1 | ) | 3 | |||||||||||||||||
Customer relationships | 8 | 493 | (416 | ) | 77 | 527 | (399 | ) | 128 | |||||||||||||||||
Non-amortizable intangible assets | ||||||||||||||||||||||||||
Trademarks and trade names | 65 | 65 | 65 | 65 | ||||||||||||||||||||||
Used in research and development activities | 20 | 20 | 20 | 20 | ||||||||||||||||||||||
$ | 671 | $ | (502 | ) | $ | 169 | $ | 710 | $ | (483 | ) | $ | 227 | |||||||||||||
The net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments at December 31, 2014 were as follows: Light Vehicle Driveline (Light Vehicle) – $12, Commercial Vehicle – $94, Off-Highway – $50 and Power Technologies – $13. | ||||||||||||||||||||||||||
Amortization expense related to amortizable intangible assets — | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Charged to cost of sales | $ | 7 | $ | 13 | $ | 13 | ||||||||||||||||||||
Charged to amortization of intangibles | 42 | 74 | 74 | |||||||||||||||||||||||
Total amortization | $ | 49 | $ | 87 | $ | 87 | ||||||||||||||||||||
The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five years based on December 31, 2014 exchange rates. Actual amounts may differ from these estimates due to such factors as currency translation, customer turnover, impairments, additional intangible asset acquisitions and other events. | ||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||
Amortization expense | $ | 19 | $ | 17 | $ | 15 | $ | 12 | $ | 10 | ||||||||||||||||
Restructuring_of_Operations
Restructuring of Operations | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring of Operations | Restructuring of Operations | |||||||||||||||
Our restructuring activities primarily include rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations and reducing overhead costs. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs, including costs associated with lease continuation obligations and certain operating costs of facilities that we are in the process of closing. | ||||||||||||||||
During 2014, we implemented various cost reduction programs, including the closure of our Commercial Vehicle foundry in Argentina and other headcount reduction programs in our Light Vehicle and Commercial Vehicle businesses in South America and Europe. Total restructuring expense in 2014 associated with these actions and with other previously announced initiatives was $21 and included $15 of severance and related benefits costs and $6 of exit costs. | ||||||||||||||||
During 2013, we implemented certain headcount reduction programs, primarily in our Light Vehicle and Commercial Vehicle businesses in Argentina and Australia and in our Off-Highway business in Europe. New customer programs and other developments in our North American Light Vehicle business and a decision by our European Off-Highway business to in-source the manufacturing of certain parts resulted in the reversal of previously accrued severance obligations. Excluding $1 of exit costs associated with discontinued operations, restructuring expense in 2013 was $24, net of the aforementioned reversals, and was attributable to the cost of newly implemented and previously announced initiatives. Restructuring expense includes $14 of severance and related benefits costs and $10 of exit costs. | ||||||||||||||||
During 2012, we implemented certain cost reduction programs, including headcount reduction initiatives at several of our manufacturing operations in all regions, the most significant of which impacted the Light Vehicle and Commercial Vehicle businesses in South America and Europe. Included in these actions was the planned closure of our Light Vehicle manufacturing facility in Austria, which was completed during 2013. Additionally, we exited our Commercial Vehicle facility in Kalamazoo, Michigan in June 2012 and recognized the fair value of the associated lease continuation obligation. Excluding $3 of exit costs associated with discontinued operations, restructuring expense in 2012 to recognize the costs of these actions and those of previously announced initiatives was $47 and included $27 of severance and related benefit costs and $20 of exit costs. | ||||||||||||||||
Accrued restructuring costs activity, including noncurrent portion — | ||||||||||||||||
Employee | Exit | Total | ||||||||||||||
Termination | Costs | |||||||||||||||
Benefits | ||||||||||||||||
Balance at December 31, 2011 | $ | 30 | $ | 3 | $ | 33 | ||||||||||
Charges to restructuring | 31 | 20 | 51 | |||||||||||||
Adjustments of accruals | (4 | ) | (4 | ) | ||||||||||||
Discontinued operations charges | 3 | 3 | ||||||||||||||
Non-cash write-off | (2 | ) | (2 | ) | ||||||||||||
Cash payments | (30 | ) | (11 | ) | (41 | ) | ||||||||||
Balance at December 31, 2012 | 27 | 13 | 40 | |||||||||||||
Charges to restructuring | 23 | 11 | 34 | |||||||||||||
Adjustments of accruals | (9 | ) | (1 | ) | (10 | ) | ||||||||||
Discontinued operations charges | 1 | 1 | ||||||||||||||
Cash payments | (27 | ) | (13 | ) | (40 | ) | ||||||||||
Balance at December 31, 2013 | 14 | 11 | 25 | |||||||||||||
Charges to restructuring | 17 | 6 | 23 | |||||||||||||
Adjustments of accruals | (2 | ) | (2 | ) | ||||||||||||
Cash payments | (18 | ) | (8 | ) | (26 | ) | ||||||||||
Currency impact | 1 | 1 | ||||||||||||||
Balance at December 31, 2014 | $ | 12 | $ | 9 | $ | 21 | ||||||||||
At December 31, 2014, the accrued employee termination benefits relate to the reduction of approximately 200 employees to be completed over the next two years. The exit costs relate primarily to lease continuation obligations. | ||||||||||||||||
Cost to complete — The following table provides project-to-date and estimated future expenses for completion of our pending restructuring initiatives for our business segments. | ||||||||||||||||
Expense Recognized | Future | |||||||||||||||
Cost to | ||||||||||||||||
Prior to | 2014 | Total | Complete | |||||||||||||
2014 | to Date | |||||||||||||||
Light Vehicle | $ | 8 | $ | 2 | $ | 10 | $ | 2 | ||||||||
Commercial Vehicle | 28 | 19 | 47 | 11 | ||||||||||||
Off-Highway | 8 | (1 | ) | 7 | ||||||||||||
Power Technologies | 2 | 1 | 3 | |||||||||||||
Discontinued operations | 2 | 2 | ||||||||||||||
Total | $ | 48 | $ | 21 | $ | 69 | $ | 13 | ||||||||
The future cost to complete includes estimated separation costs, primarily those associated with one-time benefit programs, and exit costs, including lease continuation costs, equipment transfers and other costs which are required to be recognized as closures are finalized or as incurred during the closure. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventory components at December 31 — | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 304 | $ | 337 | ||||
Work in process and finished goods | 398 | 381 | ||||||
Inventory reserves | (48 | ) | (48 | ) | ||||
Total | $ | 654 | $ | 670 | ||||
Supplemental_Balance_Sheet_and
Supplemental Balance Sheet and Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Supplemental Balance Sheet and Cash Flow Information | Supplemental Balance Sheet and Cash Flow Information | |||||||||||
Supplemental balance sheet information at December 31 — | ||||||||||||
2014 | 2013 | |||||||||||
Other current assets: | ||||||||||||
Prepaid expenses | $ | 45 | $ | 43 | ||||||||
Deferred tax assets | 50 | 59 | ||||||||||
Other | 16 | 11 | ||||||||||
Total | $ | 111 | $ | 113 | ||||||||
Other noncurrent assets: | ||||||||||||
Amounts recoverable from insurers | $ | 44 | $ | 47 | ||||||||
Deferred tax assets | 217 | 73 | ||||||||||
Deferred financing costs | 30 | 34 | ||||||||||
Pension assets, net of related obligations | 3 | 8 | ||||||||||
Prepaid expenses | 11 | 10 | ||||||||||
Other | 32 | 24 | ||||||||||
Total | $ | 337 | $ | 196 | ||||||||
Property, plant and equipment, net: | ||||||||||||
Land and improvements to land | $ | 207 | $ | 233 | ||||||||
Buildings and building fixtures | 420 | 449 | ||||||||||
Machinery and equipment | 1,700 | 1,640 | ||||||||||
Total cost | 2,327 | 2,322 | ||||||||||
Less: accumulated depreciation | (1,151 | ) | (1,097 | ) | ||||||||
Net | $ | 1,176 | $ | 1,225 | ||||||||
2014 | 2013 | |||||||||||
Other accrued liabilities (current): | ||||||||||||
Non-income taxes payable | $ | 30 | $ | 31 | ||||||||
Warranty reserves | 24 | 31 | ||||||||||
Work place injury costs | 8 | 8 | ||||||||||
Asbestos claims obligations | 13 | 13 | ||||||||||
Dividends payable | 4 | |||||||||||
Deferred income | 9 | 10 | ||||||||||
Accrued interest | 25 | 40 | ||||||||||
Environmental | 3 | 5 | ||||||||||
Payable under forward contracts | 20 | 2 | ||||||||||
Other expense accruals | 53 | 53 | ||||||||||
Total | $ | 185 | $ | 197 | ||||||||
Other noncurrent liabilities: | ||||||||||||
Deferred income tax liability | $ | 33 | $ | 100 | ||||||||
Asbestos claims obligations | 68 | 75 | ||||||||||
Income tax liability | 75 | 64 | ||||||||||
Warranty reserves | 23 | 23 | ||||||||||
Work place injury costs | 31 | 32 | ||||||||||
Restructuring costs | 12 | 11 | ||||||||||
Other noncurrent liabilities | 37 | 46 | ||||||||||
Total | $ | 279 | $ | 351 | ||||||||
Supplemental cash flow information — | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Change in working capital: | ||||||||||||
Change in accounts receivable | $ | (32 | ) | $ | 12 | $ | 146 | |||||
Change in inventories | (56 | ) | 50 | 38 | ||||||||
Change in accounts payable | 66 | 60 | (173 | ) | ||||||||
Change in accrued payroll and employee benefits | 13 | 7 | 8 | |||||||||
Change in accrued income taxes | (2 | ) | (11 | ) | 23 | |||||||
Change in other current assets and liabilities | (28 | ) | (14 | ) | (21 | ) | ||||||
Net | $ | (39 | ) | $ | 104 | $ | 21 | |||||
Cash paid during the period for: | ||||||||||||
Interest | $ | 122 | $ | 72 | $ | 71 | ||||||
Income taxes | $ | 116 | $ | 136 | $ | 98 | ||||||
Non-cash financing activities: | ||||||||||||
Stock compensation plans | $ | 13 | $ | 13 | $ | 15 | ||||||
Conversion of preferred stock into common stock | $ | 372 | $ | 139 | $ | — | ||||||
Conversion of preferred dividends into common stock | $ | 3 | $ | 1 | $ | — | ||||||
Dividends on preferred stock accrued not paid | $ | — | $ | 4 | $ | 8 | ||||||
Per share preferred dividends not paid | $ | — | $ | 1 | $ | 1 | ||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Stockholders' Equity | Stockholders' Equity | |||||||||||||||||||
Preferred Stock | ||||||||||||||||||||
Issuance and dividends — We issued 2.5 million shares of our Series A Preferred and 5.4 million shares of our Series B Preferred on January 31, 2008. The Series A Preferred was sold to Centerbridge Partners, L.P. and certain of its affiliates (Centerbridge). The Series B Preferred was sold to certain other investors. Our 4.0% Series A Convertible Preferred Stock ceased accruing daily dividends as a result of redemption in August 2013. Our 4.0% Series B Convertible Preferred Stock ceased accruing daily dividends as a result of the conversion of all of the remaining outstanding shares on September 30, 2014. | ||||||||||||||||||||
In October 2014, we filed a certificate of elimination to amend the Restated Certificate of Incorporation to return the preferred shares that were designated to a series to the status of authorized but unissued shares of preferred stock, without designation as to series. There were no preferred shares outstanding at December 31, 2014. Preferred dividends of $4 were accrued at December 31, 2013. | ||||||||||||||||||||
Series A Preferred stock redemption — In August 2013, we paid $474 to redeem our Series A preferred shares, including $3 of redemption costs. The amount paid exceeded the $242 carrying value of our Series A preferred stock. The $232 redemption premium was charged directly to accumulated deficit on our balance sheet. The redemption premium is treated like a dividend on preferred stock and deducted from net income attributable to the parent company in arriving at net income (loss) available to common stockholders. | ||||||||||||||||||||
Series B Preferred stock conversions — During 2014 and 2013, holders of 2,296,802 and 1,417,425 Series B preferred shares elected to convert those preferred shares into common stock and received 19,517,593 and 11,985,254 common shares. The common stock issued included shares to satisfy the accrued dividends owed to the converting Series B preferred stockholders. Based on the market price of Dana common stock on the date of conversion, the fair value of the conversions totaled $409 and $249. As of July 2, 2014, the per share closing price of our common stock exceeded $22.24 for 20 consecutive trading days. As a result, we exercised our right to cause the conversion of all of the remaining outstanding Series B preferred shares at the conversion price of $11.93 upon fulfillment of the required 90-day notice period ending September 30, 2014. We caused the conversion of 1,506,972 Series B shares with holders receiving 12,631,780 common shares valued at $250 based on the market price of Dana common stock on the date of conversion. Dividends accrued on the Series B preferred shares as of September 30, 2014 were paid in cash in October 2014. | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
We are authorized to issue 450,000,000 shares of Dana common stock, par value $0.01 per share. At December 31, 2014, there were 167,659,047 shares of our common stock issued and 166,070,057 shares outstanding, net of 1,588,990 in treasury shares. Treasury shares include those shares withheld at cost to satisfy tax obligations from stock awards issued under our share-based compensation plan in addition to share repurchases noted below. | ||||||||||||||||||||
Our Board of Directors declared a cash dividend of five cents per share of common stock in each quarter of 2014. Aggregate 2014 declared and paid dividends total $32. Dividends accrue on restricted stock units (RSUs) granted under our stock compensation program and will be paid in cash or additional units when the underlying units vest. | ||||||||||||||||||||
Treasury stock — During 2014 we reissued 14,879,935 shares of treasury stock in conjunction with the conversion of 1,772,693 Series B preferred shares into common stock. The reissuance of the treasury shares resulted in a $127 charge to additional paid-in capital as the carrying value of the treasury shares reissued exceeded the carrying value of the Series B preferred shares converted. We use the weighted-average pool price of our treasury shares at the date of reissuance to determine the carrying value of treasury shares reissued. In December 2014, we retired 14,600,000 shares of treasury stock. The $294 excess of the cost of the treasury stock over the common stock par value, based on the weighted-average pool price of our treasury shares at the date of retirement, was charged to additional paid-in capital. | ||||||||||||||||||||
Share repurchase program — Our Board of Directors approved an expansion of our existing common stock repurchase program from $1,000 to $1,400 on July 30, 2014. The share repurchase program expires on December 31, 2015. The stock repurchases are subject to prevailing market conditions and other considerations. Under the program, we spent $260 to repurchase 12,215,451 shares of our common stock during 2014 through open market transactions. Approximately $311 remained available under the program for future share repurchases at December 31, 2014. | ||||||||||||||||||||
Changes in each component of AOCI of the parent — | ||||||||||||||||||||
Parent Company Stockholders | ||||||||||||||||||||
Foreign | Hedging | Investments | Defined | Accumulated | ||||||||||||||||
Currency | Benefit | Other | ||||||||||||||||||
Translation | Plans | Comprehensive | ||||||||||||||||||
Income | ||||||||||||||||||||
(Loss) | ||||||||||||||||||||
Balance, December 31, 2011 | $ | (192 | ) | $ | (10 | ) | $ | 10 | $ | (458 | ) | $ | (650 | ) | ||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Currency translation adjustments | (6 | ) | (6 | ) | ||||||||||||||||
Holding gains | 9 | 1 | 10 | |||||||||||||||||
Reclassification of amount to net income (a) | 7 | 7 | ||||||||||||||||||
Plan amendments | (6 | ) | (6 | ) | ||||||||||||||||
Net actuarial losses | (174 | ) | (174 | ) | ||||||||||||||||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | 14 | 14 | ||||||||||||||||||
Tax (expense) benefit | (3 | ) | 1 | 14 | 12 | |||||||||||||||
Other comprehensive loss | (6 | ) | 13 | 2 | (152 | ) | (143 | ) | ||||||||||||
Balance, December 31, 2012 | (198 | ) | 3 | 12 | (610 | ) | (793 | ) | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Currency translation adjustments | (40 | ) | (40 | ) | ||||||||||||||||
Holding gains (losses) | 4 | (1 | ) | 3 | ||||||||||||||||
Reclassification of amount to net income (a) | (8 | ) | (8 | ) | (16 | ) | ||||||||||||||
Venezuelan bolivar devaluation | 2 | 2 | ||||||||||||||||||
Net actuarial gains | 101 | 101 | ||||||||||||||||||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | 24 | 24 | ||||||||||||||||||
Tax expense | (5 | ) | (5 | ) | ||||||||||||||||
Other comprehensive income (loss) | (40 | ) | (4 | ) | (9 | ) | 122 | 69 | ||||||||||||
Adjustment for purchase of noncontrolling interests | (4 | ) | 1 | (3 | ) | |||||||||||||||
Balance, December 31, 2013 | (242 | ) | — | 3 | (488 | ) | (727 | ) | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Currency translation adjustments | (185 | ) | (185 | ) | ||||||||||||||||
Holding gains (losses) | (12 | ) | 3 | (9 | ) | |||||||||||||||
Reclassification of amount to net income (a) | 2 | (1 | ) | 1 | ||||||||||||||||
Venezuelan bolivar devaluation | 4 | 4 | ||||||||||||||||||
Net actuarial losses | (156 | ) | (156 | ) | ||||||||||||||||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | 60 | 60 | ||||||||||||||||||
Other | 3 | 3 | ||||||||||||||||||
Tax benefit | 1 | 11 | 12 | |||||||||||||||||
Other comprehensive income (loss) | (185 | ) | (9 | ) | 2 | (78 | ) | (270 | ) | |||||||||||
Balance, December 31, 2014 | $ | (427 | ) | $ | (9 | ) | $ | 5 | $ | (566 | ) | $ | (997 | ) | ||||||
___________________________________________________ | ||||||||||||||||||||
Notes: | ||||||||||||||||||||
(a) Foreign currency contract and investment reclassifications are included in other income, net. | ||||||||||||||||||||
(b) See Note 11 for additional details. | ||||||||||||||||||||
During the first quarter of 2013, Dana purchased the noncontrolling interests in three of its subsidiaries for $7. Dana maintained its controlling financial interest in each of the subsidiaries and accounted for the purchases as equity transactions. The difference between the fair value of the consideration paid and the carrying value of the noncontrolling interests was recognized as additional paid-in capital of the parent company. At the time of the purchases the subsidiaries had accumulated other comprehensive income. Accumulated other comprehensive income of the parent company has been adjusted to reflect the ownership interest change with a corresponding offset to additional paid-in capital of the parent company. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings per Share | Earnings per Share | |||||||||||
Reconciliation of the numerators and denominators of the earnings per share calculations — | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income from continuing operations | $ | 343 | $ | 261 | $ | 315 | ||||||
Less: Noncontrolling interests | 9 | 16 | 15 | |||||||||
Less: Preferred stock dividend requirements | 7 | 25 | 31 | |||||||||
Less: Preferred stock redemption premium | 232 | |||||||||||
Income (loss) from continuing operations available to common stockholders - Numerator basic | 327 | (12 | ) | 269 | ||||||||
Preferred stock dividend requirements | 7 | 31 | ||||||||||
Numerator diluted | $ | 334 | $ | (12 | ) | $ | 300 | |||||
Net income (loss) available to common stockholders - Numerator basic | $ | 312 | $ | (13 | ) | $ | 269 | |||||
Preferred stock dividend requirements | 7 | 31 | ||||||||||
Numerator diluted | $ | 319 | $ | (13 | ) | $ | 300 | |||||
Weighted-average number of shares outstanding - Denominator basic | 158 | 146.4 | 148 | |||||||||
Employee compensation-related shares, including stock options | 1.2 | 2 | ||||||||||
Conversion of preferred stock | 14.3 | 64.7 | ||||||||||
Denominator diluted | 173.5 | 146.4 | 214.7 | |||||||||
The share count for diluted earnings per share is computed on the basis of the weighted-average number of common shares outstanding plus the effects of dilutive common stock equivalents (CSEs) outstanding during the period. We excluded 0.3 million and 1.1 million CSEs from the calculations of diluted earnings per share for the years 2013 and 2012 as the effect of including them would have been anti-dilutive. In addition, we excluded CSEs that satisfied the definition of potentially dilutive shares of 1.5 million for 2013 since there was no net income available to common stockholders for this period. | ||||||||||||
We excluded 12.2 million shares related to the assumed conversion of our Series A preferred stock for 2013 and 39.9 million shares related to the assumed conversion of our Series B preferred stock for 2013, along with the adjustment for the related dividend requirements, as the conversions would have been anti-dilutive for the period. |
Stock_Compensation
Stock Compensation | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||
Stock Compensation | Stock Compensation | ||||||||||||||||||||||||||||
2012 Omnibus Incentive Plan | |||||||||||||||||||||||||||||
Our 2012 Omnibus Incentive Plan (the Plan), as approved by our stockholders, authorizes the grant of stock options, stock appreciation rights (SARs), RSUs and performance share units (PSUs) through April 2022. Cash-settled awards do not count against the maximum aggregate number. At December 31, 2014, there were 5.0 million shares available for future grants. | |||||||||||||||||||||||||||||
Award activity — (shares in millions) | |||||||||||||||||||||||||||||
Options | SARs | RSUs | PSUs | ||||||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | Weighted- | ||||||||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||||||||
Grant-Date | Grant-Date | ||||||||||||||||||||||||||||
Outstanding at | Shares | Exercise Price | Shares | Exercise Price | Shares | Fair | Shares | Fair | |||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
December 31, 2013 | 2.6 | $ | 13.85 | 0.5 | $ | 15.46 | 1.3 | $ | 16.29 | — | $ | — | |||||||||||||||||
Granted | 0.7 | 21.2 | 0.3 | 24.36 | |||||||||||||||||||||||||
Exercised or vested | (0.6 | ) | 11.48 | (0.1 | ) | 16.49 | (0.4 | ) | 16.99 | ||||||||||||||||||||
Forfeited or expired | (0.1 | ) | 15.89 | (0.1 | ) | 14.91 | |||||||||||||||||||||||
December 31, 2014 | 1.9 | $ | 14.46 | 0.4 | $ | 15.18 | 1.5 | $ | 18.18 | 0.3 | $ | 24.36 | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Weighted-average per share grant-date fair value | |||||||||||||||||||||||||||||
Stock options | N/A | $ | 7.46 | $ | 7.88 | ||||||||||||||||||||||||
SARs | N/A | 7.45 | 7.84 | ||||||||||||||||||||||||||
Intrinsic value of awards exercised or vested | |||||||||||||||||||||||||||||
Stock options / SARs | $ | 7 | $ | 14 | $ | 18 | |||||||||||||||||||||||
RSUs / PSUs | 8 | 5 | 11 | ||||||||||||||||||||||||||
Compensation expense is generally measured based on the fair value at the date of grant and is recognized on a straight-line basis over the vesting period. For options and SARs, we use an option-pricing model to estimate fair value. For RSUs and PSUs, the fair value is based on the closing market price of our common stock at the date of grant. Awards that are settled in cash are subject to liability accounting. Accordingly, the fair value of such awards is remeasured at the end of each reporting period until settled or expired. We had accrued $6 and $5 for cash-settled awards at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||
We recognized total stock compensation expense of $16, $16 and $19 during 2014, 2013 and 2012. The total fair value of awards vested during 2014, 2013 and 2012 was $13, $10 and $18. We received $7, $15 and $10 of cash from the exercise of stock options and we paid $2, $4 and $2 of cash to settle SARs, RSUs and PSUs during 2014, 2013 and 2012. We issued 0.3 million in RSUs in 2014 based on vesting. At December 31, 2014, the total unrecognized compensation cost related to the nonvested awards granted and expected to vest was $20. This cost is expected to be recognized over a weighted-average period of 1.8 years. | |||||||||||||||||||||||||||||
Stock options and stock appreciation rights — The exercise price of each option or SAR equals the closing market price of our common stock on the date of grant. Options and SARs generally vest over three years and their maximum term is ten years. Shares issued upon the exercise of options are recorded as common stock and additional paid-in capital at the option price. SARs are settled in cash for the difference between the market price on the date of exercise and the exercise price. | |||||||||||||||||||||||||||||
We estimated fair values for options and SARs at the date of grant using the following key assumptions as part of the Black-Scholes option pricing model. The expected term was estimated using the simplified method because the limited period of time our common stock had been publicly traded provided insufficient historical exercise data. The risk-free rate was based on U.S. Treasury security yields at the time of grant. The dividend yield was calculated by dividing the expected annual dividend by the average stock price of our common stock over the prior year. The expected volatility was estimated using a combination of the historical volatility of similar entities and the implied volatility of our exchange-traded options. | |||||||||||||||||||||||||||||
Options | SARs | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Expected term (in years) | 6 | 6 | 6 | 6 | |||||||||||||||||||||||||
Risk-free interest rate | 1.07 | % | 1.24 | % | 1.07 | % | 1.24 | % | |||||||||||||||||||||
Dividend yield | 1.41 | % | 1.33 | % | 1.41 | % | 1.33 | % | |||||||||||||||||||||
Expected volatility | 55.8 | % | 59.9 | % | 55.8 | % | 59.9 | % | |||||||||||||||||||||
Restricted stock units and performance shares units — Each RSU or PSU granted represents the right to receive one share of Dana common stock or, at the election of Dana (for units awarded to board members) or for employees located outside the U.S. (for employee awarded units), cash equal to the market value per share. All RSUs contain dividend equivalent rights. RSUs granted to non-employee directors vest on the first anniversary date of the grant and those granted to employees generally cliff vest fully after three years. PSUs granted to employees are awarded if specified performance goals are achieved during the respective performance period. | |||||||||||||||||||||||||||||
The number of PSUs that ultimately vest is contingent on achieving specified return on invested capital targets and specified total shareholder return targets relative to peer companies. For the portion of the award based on the return on invested capital performance metric, we estimated the fair value of the PSUs at grant date based on the closing market price of our common stock at the date of grant adjusted for the value of assumed dividends over the period because the award is not dividend protected. For the portion of the award based on shareholder returns, we estimated the fair value of the PSUs at grant date using various assumptions as part of a Monte Carlo simulation. The expected term represents the period from the grant date to the end of the three-year performance period. The risk-free interest rate of 0.64% was based on U.S. Treasury constant maturity rates at the grant date. The dividend yield of 1.02% was calculated by dividing the expected annual dividend by the average stock price over the prior year. The expected volatility of 43.6% was based on historical volatility over the prior three years using daily stock price observations. | |||||||||||||||||||||||||||||
Outstanding awards expected to vest and exercisable or convertible at December 31, 2014 — (shares in millions) | |||||||||||||||||||||||||||||
Equity Awards Outstanding | Equity Awards Outstanding | ||||||||||||||||||||||||||||
Expected to Vest | That are Exercisable or Convertible | ||||||||||||||||||||||||||||
Weighted-Average | Weighted-Average | ||||||||||||||||||||||||||||
Shares | Aggregate | Exercise | Remaining | Shares | Aggregate | Exercise | Remaining | ||||||||||||||||||||||
Intrinsic | Price | Contractual | Intrinsic | Price | Contractual | ||||||||||||||||||||||||
Value | Life in Years | Value | Life in Years | ||||||||||||||||||||||||||
Options / SARs | 2.3 | $ | 16 | $ | 14.56 | 6.9 | 1.4 | $ | 12 | $ | 13.64 | 6.3 | |||||||||||||||||
RSUs / PSUs | 1.8 | 39 | — | 1.3 | 0.1 | 1 | — | 0.2 | |||||||||||||||||||||
Annual cash incentive awards — Our 2012 Omnibus Incentive Plan provides for cash incentive awards. We make awards annually to certain eligible employees designated by Dana, including certain executive officers. Awards under the plan are based on achieving certain financial target performance goals. The performance goals of the plan are established annually by the Board of Directors. | |||||||||||||||||||||||||||||
Under the 2014, 2013 and 2012 programs, participants were eligible to receive annual cash awards based on achieving earnings and cash flow performance goals, with our 2013 program also including a component based on reduction of inventory days. Our long-term incentive programs include a performance-based cash award that consists of three individual annual awards with the related annual performance objectives established at the beginning of each year. Amounts earned under the three individual annual awards of the 2014, 2013 and 2012 long-term incentive programs cliff vest at the end of the respective three year periods covered by the long-term incentive programs. Our 2014, 2013 and 2012 long-term incentive programs included a cash-settled component which provided for payment if we achieved a certain return on invested capital. We accrued $44, $47 and $40 of expense in 2014, 2013 and 2012 for the expected cash payments under these programs. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||||||
Pension and Postretirement Benefit Plans | Pension and Postretirement Benefit Plans | |||||||||||||||||||||||||||
We sponsor various defined benefit, qualified and nonqualified, pension plans covering eligible employees. Other postretirement benefits (OPEB), including medical and life insurance, are provided for certain employees upon retirement. | ||||||||||||||||||||||||||||
We also sponsor various defined contribution plans that cover the majority of our employees. Under the terms of the qualified defined contribution retirement plans, employee and employer contributions may be directed into a number of diverse investments. None of these qualified defined contribution plans allow direct investment in our stock. | ||||||||||||||||||||||||||||
Components of net periodic benefit costs and other amounts recognized in OCI — | ||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||
Interest cost | $ | 80 | $ | 11 | $ | 74 | $ | 11 | $ | 85 | $ | 12 | ||||||||||||||||
Expected return on plan assets | (111 | ) | (1 | ) | (117 | ) | (1 | ) | (111 | ) | (1 | ) | ||||||||||||||||
Service cost | 6 | 6 | 5 | |||||||||||||||||||||||||
Amortization of net actuarial loss | 16 | 3 | 20 | 4 | 14 | |||||||||||||||||||||||
Settlement loss | 36 | 6 | ||||||||||||||||||||||||||
Other | (5 | ) | (1 | ) | ||||||||||||||||||||||||
Net periodic benefit cost (credit) | 16 | 24 | (23 | ) | 20 | (12 | ) | 16 | ||||||||||||||||||||
Recognized in OCI: | ||||||||||||||||||||||||||||
Amount due to net actuarial (gains) losses | 93 | 53 | (88 | ) | (1 | ) | 131 | 51 | ||||||||||||||||||||
Prior service cost from plan amendments | 6 | |||||||||||||||||||||||||||
Reclassification adjustment for net actuarial losses in net periodic benefit cost | (52 | ) | (9 | ) | (20 | ) | (4 | ) | (14 | ) | ||||||||||||||||||
Venezuelan bolivar devaluation | (4 | ) | (2 | ) | ||||||||||||||||||||||||
Other | (2 | ) | (1 | ) | ||||||||||||||||||||||||
Total recognized in OCI | 39 | 39 | (108 | ) | (7 | ) | 117 | 57 | ||||||||||||||||||||
Net recognized in benefit cost and OCI | $ | 55 | $ | 63 | $ | (131 | ) | $ | 13 | $ | 105 | $ | 73 | |||||||||||||||
OPEB - Non-U.S. | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Interest cost | $ | 5 | $ | 5 | $ | 5 | ||||||||||||||||||||||
Service cost | 1 | 1 | 1 | |||||||||||||||||||||||||
Amortization of net actuarial gain | (1 | ) | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 5 | $ | 6 | $ | 6 | ||||||||||||||||||||||
Recognized in OCI: | ||||||||||||||||||||||||||||
Amount due to net actuarial (gains) losses | 10 | (12 | ) | (8 | ) | |||||||||||||||||||||||
Reclassification adjustment for amortization of net actuarial gain | 1 | |||||||||||||||||||||||||||
Total recognized in OCI | 11 | (12 | ) | (8 | ) | |||||||||||||||||||||||
Net recognized in benefit cost and OCI | $ | 16 | $ | (6 | ) | $ | (2 | ) | ||||||||||||||||||||
Our U.S. defined benefit pension plans are frozen and no additional service cost is being accrued. The estimated net actuarial loss for the defined benefit pension plans that will be amortized from AOCI into benefit cost in 2015 is $20 for our U.S. plans and $7 for our non-U.S. plans. We use the corridor approach for purposes of systematically amortizing deferred gains or losses as a component of net periodic benefit cost into the income statement in future reporting periods. The amortization period used is generally the average remaining service period of active participants in the plan unless almost all of the plan’s participants are inactive, in which case we use the average remaining life expectancy of the inactive participants. No portion of the estimated net actuarial gain related to OPEB plans will be amortized from AOCI into benefit cost in 2015. | ||||||||||||||||||||||||||||
During the third quarter of 2012, we recorded a $6 charge to OCI for the prior service cost of a plan amendment resulting from a change in the Venezuelan labor code. This prior service cost was being amortized as a component of net periodic pension cost over the average future service period of active participants. The divestiture of our operations in Venezuela will result in the elimination of the related unrecognized pension expense of $11, which includes the unamortized prior service cost. | ||||||||||||||||||||||||||||
Funded status — The following tables provide reconciliations of the changes in benefit obligations, plan assets and funded status. | ||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||
2014 | 2013 | OPEB - Non-U.S. | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2014 | 2013 | |||||||||||||||||||||||
Reconciliation of benefit obligation: | ||||||||||||||||||||||||||||
Obligation at beginning of period | $ | 1,805 | $ | 313 | $ | 2,061 | $ | 309 | $ | 112 | $ | 132 | ||||||||||||||||
Interest cost | 80 | 11 | 74 | 11 | 5 | 5 | ||||||||||||||||||||||
Service cost | 6 | 6 | 1 | 1 | ||||||||||||||||||||||||
Actuarial (gain) loss | 212 | 54 | (200 | ) | (1 | ) | 10 | (12 | ) | |||||||||||||||||||
Benefit payments | (124 | ) | (16 | ) | (130 | ) | (15 | ) | (6 | ) | (6 | ) | ||||||||||||||||
New plans | 16 | |||||||||||||||||||||||||||
Settlements | (133 | ) | (7 | ) | (2 | ) | ||||||||||||||||||||||
Other | (17 | ) | (11 | ) | ||||||||||||||||||||||||
Translation adjustments | (41 | ) | 5 | (12 | ) | (8 | ) | |||||||||||||||||||||
Obligation at end of period | $ | 1,823 | $ | 325 | $ | 1,805 | $ | 313 | $ | 110 | $ | 112 | ||||||||||||||||
The amounts included on the Other line of the preceding table represent the error correction discussed in Note 1 to these consolidated financial statements and the reclassification of the amount related to our operations in Venezuela to noncurrent liabilities of disposal group held for sale as discussed in Note 2. | ||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||
2014 | 2013 | OPEB - Non-U.S. | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2014 | 2013 | |||||||||||||||||||||||
Reconciliation of fair value of plan assets: | ||||||||||||||||||||||||||||
Fair value at beginning of period | $ | 1,649 | $ | 42 | $ | 1,734 | $ | 42 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 230 | 2 | 5 | 1 | ||||||||||||||||||||||||
Employer contributions | 16 | 40 | 17 | 6 | 6 | |||||||||||||||||||||||
Benefit payments | (124 | ) | (16 | ) | (130 | ) | (15 | ) | (6 | ) | (6 | ) | ||||||||||||||||
Settlements | (133 | ) | (7 | ) | (2 | ) | ||||||||||||||||||||||
New plans | 18 | |||||||||||||||||||||||||||
Asset reversion | (6 | ) | ||||||||||||||||||||||||||
Translation adjustments | (5 | ) | (1 | ) | ||||||||||||||||||||||||
Fair value at end of period | $ | 1,622 | $ | 44 | $ | 1,649 | $ | 42 | $ | — | $ | — | ||||||||||||||||
Funded status at end of period | $ | (201 | ) | $ | (281 | ) | $ | (156 | ) | $ | (271 | ) | $ | (110 | ) | $ | (112 | ) | ||||||||||
Amounts recognized in the balance sheet — | ||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||
2014 | 2013 | OPEB - Non-U.S. | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2014 | 2013 | |||||||||||||||||||||||
Amounts recognized in the consolidated balance sheet: | ||||||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 3 | $ | 1 | $ | 7 | $ | — | $ | — | ||||||||||||||||
Current liabilities | (10 | ) | (11 | ) | (5 | ) | (6 | ) | ||||||||||||||||||||
Noncurrent liabilities | (201 | ) | (274 | ) | (157 | ) | (267 | ) | (105 | ) | (106 | ) | ||||||||||||||||
Net amount recognized | $ | (201 | ) | $ | (281 | ) | $ | (156 | ) | $ | (271 | ) | $ | (110 | ) | $ | (112 | ) | ||||||||||
Amounts recognized in AOCI — | ||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||
2014 | 2013 | OPEB - Non-U.S. | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2014 | 2013 | |||||||||||||||||||||||
Amounts recognized in AOCI: | ||||||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 491 | $ | 103 | $ | 452 | $ | 58 | $ | (9 | ) | $ | (20 | ) | ||||||||||||||
Prior service cost | 3 | 10 | ||||||||||||||||||||||||||
Gross amount recognized | 491 | 106 | 452 | 68 | (9 | ) | (20 | ) | ||||||||||||||||||||
Deferred tax benefits | (25 | ) | (16 | ) | 3 | 5 | ||||||||||||||||||||||
Noncontrolling and equity interests | (1 | ) | ||||||||||||||||||||||||||
Net amount recognized | $ | 491 | $ | 81 | $ | 452 | $ | 51 | $ | (6 | ) | $ | (15 | ) | ||||||||||||||
We initiated a program in September 2014 under which certain former U.S. employees with vested pension benefits were offered lump sum payments to settle their pension obligations. The same participants were also offered the option to begin receiving monthly benefits soon after the program ended – earlier than previously allowed under the related plans. This voluntary program ended in early November with 71% of the participants in the program accepting accelerated payments. The lump sum payments were made in December. Together with routine settlements occurring in the U.S. throughout 2014, these actions resulted in the distribution of plan assets of $133 to effect settlement of the related obligations. We charged earnings for $36 to write off a pro rata portion of the cumulative actuarial loss related to the settled obligations. Because of differences in valuation methods, the reduction in pension obligations exceeded the assets distributed by $38, which was credited to other comprehensive income as a component of the actuarial loss for 2014. | ||||||||||||||||||||||||||||
During the fourth quarter of 2014, a defined benefit pension plan in Canada distributed the remainder of its assets in accordance with the related agreement. We incurred a charge of $6 to write off the remaining unrecognized pension expense related to this plan. | ||||||||||||||||||||||||||||
The other elements of the 2014 actuarial loss resulted from changes in assumptions and investment returns. Reducing our discount rate at the end of 2014 caused an increase in the U.S. pension benefit obligation and an actuarial loss of $165. During the fourth quarter of 2014, the Society of Actuaries (SOA) issued new mortality tables (RP-2014) and mortality improvement scales (MP-2014). After studying our recent experience and evaluating the new tables, we adopted the RP-2014 Blue Collar table for hourly participants and the No Collar table for salaried participants in our U.S. plans. With respect to the improvement scales, the SOA had projected improvement from the beginning of 2008 after analyzing historical data through 2007. We compared actual experience for years after 2007 to the improvement projected in MP-2014 and, in concert with our actuarial advisers, considered other relevant data before concluding that a 0.75% long-term improvement rate (LTIR) for periods beginning with 2014 was appropriate and that the LTIR would be attained by 2020, sooner than the period assumed in MP-2014. Adopting the new mortality assumptions in 2014 caused an increase in our pension obligations and an actuarial loss of $83. The actual return on U.S. plan assets provided a partial offset to these losses as it exceeded the assumed return by $119. | ||||||||||||||||||||||||||||
Aggregate funding levels — The following table presents information regarding the aggregate funding levels of our defined benefit pension plans at December 31: | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||
Plans with fair value of plan assets in excess of obligations: | ||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | — | $ | 14 | $ | 15 | $ | 14 | ||||||||||||||||||||
Projected benefit obligation | 14 | 15 | 15 | |||||||||||||||||||||||||
Fair value of plan assets | 16 | 16 | 22 | |||||||||||||||||||||||||
Plans with obligations in excess of fair value of plan assets: | ||||||||||||||||||||||||||||
Accumulated benefit obligation | 1,823 | 283 | 1,790 | 266 | ||||||||||||||||||||||||
Projected benefit obligation | 1,823 | 311 | 1,790 | 298 | ||||||||||||||||||||||||
Fair value of plan assets | 1,622 | 28 | 1,633 | 20 | ||||||||||||||||||||||||
At December 31, 2014, benefit obligations of $268 for certain non-U.S. pension plans and $110 for OPEB benefits are in plans that are not required to be funded. | ||||||||||||||||||||||||||||
Fair value of pension plan assets — | ||||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||
Quoted | Significant | Significant | Quoted | Significant | Significant | |||||||||||||||||||||||
Prices in | Other | Unobserv-able | Prices in | Other | Unobserv-able | |||||||||||||||||||||||
Active | Observable | Inputs | Active | Observable | Inputs | |||||||||||||||||||||||
Markets | Inputs | Markets | Inputs | |||||||||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
U.S. all cap (a) | $ | 76 | $ | 76 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
U.S. large cap | 76 | 76 | ||||||||||||||||||||||||||
U.S. small cap | 22 | 22 | ||||||||||||||||||||||||||
EAFE composite | 139 | 139 | ||||||||||||||||||||||||||
Emerging markets | 78 | 75 | 3 | |||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||
U.S. core bonds (b) | 132 | 132 | ||||||||||||||||||||||||||
Corporate bonds | 500 | 500 | ||||||||||||||||||||||||||
U.S. Treasury strips | 263 | 263 | ||||||||||||||||||||||||||
Non-U.S. government securities | 25 | 25 | ||||||||||||||||||||||||||
Emerging market debt | 69 | 69 | ||||||||||||||||||||||||||
Alternative investments: | ||||||||||||||||||||||||||||
Hedge fund of funds (c) | 87 | 87 | ||||||||||||||||||||||||||
Insurance contracts (d) | 10 | 10 | ||||||||||||||||||||||||||
Real estate | 50 | 50 | ||||||||||||||||||||||||||
Other (e) | (3 | ) | (3 | ) | ||||||||||||||||||||||||
Cash and cash equivalents | 142 | 136 | 6 | |||||||||||||||||||||||||
Total | $ | 1,666 | $ | 388 | $ | 1,097 | $ | 137 | $ | 3 | $ | 31 | $ | 10 | ||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||
Quoted | Significant | Significant | Significant | Significant | ||||||||||||||||||||||||
Prices in | Other | Unobservable | Other | Unobservable | ||||||||||||||||||||||||
Active | Observable | Inputs | Observable | Inputs | ||||||||||||||||||||||||
Markets | Inputs | Inputs | ||||||||||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2) | (Level 3) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
U.S. all cap (a) | $ | 90 | $ | 90 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
U.S. large cap | 72 | 72 | ||||||||||||||||||||||||||
EAFE composite | 155 | 155 | ||||||||||||||||||||||||||
Emerging markets | 76 | 76 | ||||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||
U.S. core bonds (b) | 203 | 203 | ||||||||||||||||||||||||||
Corporate bonds | 494 | 494 | ||||||||||||||||||||||||||
U.S. Treasury strips | 207 | 207 | ||||||||||||||||||||||||||
Non-U.S. government securities | 11 | 11 | ||||||||||||||||||||||||||
Emerging market debt | 81 | 81 | ||||||||||||||||||||||||||
Alternative investments: | ||||||||||||||||||||||||||||
Hedge fund of funds (c) | 83 | 83 | ||||||||||||||||||||||||||
Insurance contracts (d) | 11 | 11 | ||||||||||||||||||||||||||
Real estate | 48 | 48 | ||||||||||||||||||||||||||
Other (e) | (28 | ) | (34 | ) | 6 | |||||||||||||||||||||||
Cash and cash equivalents | 188 | 174 | 14 | |||||||||||||||||||||||||
Total | $ | 1,691 | $ | 393 | $ | 1,125 | $ | 131 | $ | 31 | $ | 11 | ||||||||||||||||
________________________________ | ||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||
(a) | This category comprises a combination of small-, mid- and large-cap equity stocks that are allocated at the investment manager's discretion. Investments include common and preferred securities as well as equity funds that invest in these instruments. | |||||||||||||||||||||||||||
(b) | This category represents a combination of investment grade corporate bonds, sovereign bonds, Yankee bonds, asset backed securities and U.S. government bonds. Investments include fixed income funds that invest in these instruments. | |||||||||||||||||||||||||||
(c) | This category includes fund managers that invest in a well-diversified group of hedge funds where strategies include, but are not limited to, event driven, relative value, long/short market neutral, multistrategy and global macro. Investments may be made directly or through pooled funds. | |||||||||||||||||||||||||||
(d) | This category comprises contracts placed with insurance companies where the underlying assets are invested in fixed interest securities. | |||||||||||||||||||||||||||
(e) | Other assets in the U.S. represent interest rate derivatives which had a market value of $(3) at December 31, 2014 and $(34) at December 31, 2013. | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||
Reconciliation of Level 3 Assets | Hedge | Real | Insurance | Hedge | Real | Insurance | ||||||||||||||||||||||
fund of | Estate | contract | fund of | Estate | contract | |||||||||||||||||||||||
funds | and | funds | and | |||||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||||||
Fair value at beginning of period | $ | 83 | $ | 48 | $ | 11 | $ | 78 | $ | 46 | $ | 9 | ||||||||||||||||
Unrealized gains (losses) relating to: | ||||||||||||||||||||||||||||
Assets sold during the period | ||||||||||||||||||||||||||||
Assets still held at the reporting date | 4 | 5 | 8 | 4 | 2 | |||||||||||||||||||||||
Purchases, sales and settlements | (3 | ) | (1 | ) | (3 | ) | (2 | ) | ||||||||||||||||||||
Fair value at end of period | $ | 87 | $ | 50 | $ | 10 | $ | 83 | $ | 48 | $ | 11 | ||||||||||||||||
Valuation Methods | ||||||||||||||||||||||||||||
Equity securities — The fair value of equity securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not published, the value is based on the value of the underlying holdings, which are primarily direct quoted market prices on regulated financial exchanges. | ||||||||||||||||||||||||||||
Fixed income securities — The fair value of fixed income securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not published, the value is based on the value of the underlying holdings, which are primarily direct quoted market prices on regulated financial exchanges. | ||||||||||||||||||||||||||||
Hedge funds — The fair value of hedge funds is accounted for by a custodian. The custodian obtains valuations from underlying managers based on market quotes for the most liquid assets and alternative methods for assets that do not have sufficient trading activity to derive prices. We review with the custodian the methods used by the underlying managers to value the assets. We believe this is an appropriate methodology to obtain the fair value of these assets. | ||||||||||||||||||||||||||||
Insurance contracts — The fair value of insurance contracts is determined by reference to the contract provided by the insurance company. The fair values of the insurance contracts are based on the underlying investments included in the contract. | ||||||||||||||||||||||||||||
Real estate — The fair value of investments in real estate is provided by fund managers. The fund managers value the real estate investments via independent third party appraisals on a periodic basis. Assumptions used to revalue the properties are updated every quarter. We believe this is an appropriate methodology to obtain the fair value of these assets. For the component of the real estate portfolio under development, the investments are carried at cost until they are completed and valued by a third party appraiser. | ||||||||||||||||||||||||||||
Cash and cash equivalents — The fair value of cash and cash equivalents is set equal to its cost. | ||||||||||||||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | ||||||||||||||||||||||||||||
Investment policy — Target asset allocations of U.S. pension plans are established through an investment policy, which is updated periodically and reviewed by an Investment Committee, comprised of certain company officers and directors. The investment policy allows for a flexible asset allocation mix which is intended to provide appropriate diversification to lessen market volatility while assuming a reasonable level of economic risk. | ||||||||||||||||||||||||||||
Our policy recognizes that properly managing the relationship between pension assets and pension liabilities serves to mitigate the impact of market volatility on our funding levels. The investment policy permits plan assets to be invested in a number of diverse categories, including a Growth Portfolio, an Immunizing Portfolio and a Liquidity Portfolio. These sub-portfolios are intended to balance the generation of incremental returns with the management of overall risk. | ||||||||||||||||||||||||||||
The Growth Portfolio is invested in a diversified pool of assets in order to generate an incremental return with an acceptable level of risk. The Immunizing Portfolio is a hedging portfolio that may be comprised of fixed income securities and overlay positions. This portfolio is designed to offset changes in the value of the pension liability due to changes in interest rates. The Liquidity Portfolio is a cash portfolio designed to meet short-term liquidity needs and reduce the plans’ overall risk. As a result of our diversification strategies, there are no significant concentrations of risk within the portfolio of investments. | ||||||||||||||||||||||||||||
The allocations among portfolios may be adjusted to meet changing objectives and constraints. We expect that as the funded status of the plans changes, we will increase or decrease the size of the Growth Portfolio in order to manage the risk of losses in the plan. As of December 31, 2014, the Growth Portfolio (U.S. and non-U.S. equities, core and high-yield fixed income, hedge fund of funds, real estate, emerging market debt and cash) comprises 46% of total assets, the Immunizing Portfolio (long duration U.S. Treasury strips, corporate bonds and cash) comprises 53% and the Liquidity Portfolio (cash and short-term securities) comprises 1%. During 2014, the mid-points of the target ranges were 45.5% for the Growth Portfolio, 53.5% for the Immunizing Portfolio and 5% for the Liquidity Portfolio. | ||||||||||||||||||||||||||||
Significant assumptions — The significant weighted-average assumptions used in the measurement of pension benefit obligations at December 31 of each year and the net periodic benefit cost for each year are as follows: | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||
Pension benefit obligations: | ||||||||||||||||||||||||||||
Discount rate | 3.81 | % | 3.75 | % | 4.63 | % | 4.15 | % | 3.77 | % | 3.93 | % | ||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||||||||||
Discount rate | 4.63 | % | 4.15 | % | 3.77 | % | 3.93 | % | 4.57 | % | 4.98 | % | ||||||||||||||||
Rate of compensation increase | N/A | 3.77 | % | N/A | 3.73 | % | N/A | 3.14 | % | |||||||||||||||||||
Expected return on plan assets | 7 | % | 3.41 | % | 7 | % | 3.35 | % | 7 | % | 3.74 | % | ||||||||||||||||
The pension plan discount rate assumptions are evaluated annually in consultation with our outside actuarial advisers. Long-term interest rates on high quality corporate debt instruments are used to determine the discount rate. For our largest plans, discount rates are developed using a discounted bond portfolio analysis, with appropriate consideration given to defined benefit payment terms and duration of the liabilities. | ||||||||||||||||||||||||||||
The expected rate of return on plan assets was selected on the basis of our long-term view of return and risk assumptions for major asset classes. We define long-term as forecasts that span at least the next ten years. Our long-term outlook is influenced by a combination of return expectations by individual asset class, actual historical experience and our diversified investment strategy. We consult with and consider the opinions of financial professionals in developing appropriate capital market assumptions. Return projections are also validated using a simulation model that incorporates yield curves, credit spreads and risk premiums to project long-term prospective returns. The appropriateness of the expected rate of return is assessed on an annual basis and revised if necessary. We have a high percentage of total assets in fixed income securities since the benefit accruals are frozen for all of our U.S. pension plans. Based on this assessment, we have selected a 7.00% expected return on asset assumption for 2015 for our U.S. plans, the same rate we used for 2014. | ||||||||||||||||||||||||||||
The significant weighted-average assumptions used in the measurement of OPEB obligations at December 31 of each year and the net periodic benefit cost for each year are as follows: | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | Non-U.S. | ||||||||||||||||||||||||||
OPEB benefit obligations: | ||||||||||||||||||||||||||||
Discount rate | 3.84 | % | 4.65 | % | 3.9 | % | ||||||||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||||||||||
Discount rate | 4.65 | % | 3.9 | % | 4.18 | % | ||||||||||||||||||||||
Initial health care costs trend rate | 5.91 | % | 6.11 | % | 6.4 | % | ||||||||||||||||||||||
Ultimate health care costs trend rate | 5.02 | % | 5.03 | % | 5.02 | % | ||||||||||||||||||||||
Year ultimate reached | 2018 | 2018 | 2018 | |||||||||||||||||||||||||
The discount rate selection process was similar to the process used for the pension plans. Assumed health care cost trend rates have a significant effect on the health care obligation. To determine the trend rates, consideration is given to the plan design, recent experience and health care economics. | ||||||||||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects for 2014: | ||||||||||||||||||||||||||||
1% Point | 1% Point | |||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 1 | $ | (1 | ) | |||||||||||||||||||||||
Effect on OPEB obligations | 14 | (12 | ) | |||||||||||||||||||||||||
Estimated future benefit payments and contributions — Expected benefit payments by our pension and OPEB plans for each of the next five years and for the period 2020 through 2024 are as follows: | ||||||||||||||||||||||||||||
Pension Benefits | OPEB | |||||||||||||||||||||||||||
Year | U.S. | Non-U.S. | Non-U.S. | |||||||||||||||||||||||||
2015 | $ | 132 | $ | 14 | $ | 5 | ||||||||||||||||||||||
2016 | 127 | 15 | 6 | |||||||||||||||||||||||||
2017 | 123 | 16 | 6 | |||||||||||||||||||||||||
2018 | 120 | 16 | 6 | |||||||||||||||||||||||||
2019 | 116 | 16 | 6 | |||||||||||||||||||||||||
2020 to 2024 | 555 | 113 | 30 | |||||||||||||||||||||||||
Total | $ | 1,173 | $ | 190 | $ | 59 | ||||||||||||||||||||||
Pension benefits are funded through deposits with trustees that satisfy, at a minimum, the applicable funding regulations. OPEB benefits are funded as they become due. Projected contributions to be made during 2015 to the defined benefit pension plans are $13 for our non-U.S. plans. Based on the current funded status of our U.S. plans, there are no minimum contributions required for 2015. | ||||||||||||||||||||||||||||
Multiemployer pension plans — We participate in the Steelworkers Pension Trust (SPT) multiemployer pension plan which provides pension benefits to substantially all of our U.S. union-represented employees. We also have a small participation in the IAM National Pension Fund. Benefit levels are set by trustees who manage the plans. Contributions are made in accordance with our collective bargaining agreements and rates are generally based on hours worked. The collective bargaining agreement expires May 31, 2017. The trustees of the SPT have provided us with the latest data available for the plan year ended December 31, 2014. As of that date, the plan is not fully funded. We could be held liable to the plan for our obligations as well as those of other employers as a result of our participation in the plan. Contribution rates could increase if the plan is required to adopt a funding improvement plan or a rehabilitation plan, if the performance of plan assets does not meet expectations or as a result of future collectively bargained wage and benefit agreements. If we choose to stop participating in the plan, we may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | ||||||||||||||||||||||||||||
The Pension Protection Act (PPA) defines a zone status for each plan. Plans in the green zone are at least 80% funded, plans in the yellow zone are at least 65% funded and plans in the red zone are generally less than 65% funded. The SPT plan has utilized extended amortization provisions to amortize its losses from 2008. The plan recertified its zone status after using the extended amortization provisions as allowed by law. The SPT plan has not implemented a funding improvement or rehabilitation plan, nor are such plans pending. Our contributions to the SPT have not exceeded 5% of the total contributions to the plan. Contributions in 2014 increased by approximately 5% after decreasing in 2013 as a result of plant closings and decreased employment levels. | ||||||||||||||||||||||||||||
Employer | PPA | Funding Plan Pending/ | Contributions by Dana | Surcharge | ||||||||||||||||||||||||
Identification | Zone Status | Implemented | Imposed | |||||||||||||||||||||||||
Number/ | ||||||||||||||||||||||||||||
Pension | Plan Number | 2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||
SPT | 23-6648508 / 499 | Green | Green | No | $ | 9 | $ | 9 | $ | 10 | No | |||||||||||||||||
Marketable_Securities
Marketable Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Marketable Securities | Marketable Securities | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Cost | Unrealized | Fair | Cost | Unrealized | Fair | |||||||||||||||||||
Gains (Losses) | Value | Gains (Losses) | Value | |||||||||||||||||||||
U.S. government securities | $ | 38 | $ | — | $ | 38 | $ | 27 | $ | — | $ | 27 | ||||||||||||
Corporate securities | 36 | 36 | 30 | (1 | ) | 29 | ||||||||||||||||||
Certificates of deposit | 23 | 23 | 21 | 21 | ||||||||||||||||||||
Other | 67 | 5 | 72 | 31 | 2 | 33 | ||||||||||||||||||
Total marketable securities | $ | 164 | $ | 5 | $ | 169 | $ | 109 | $ | 1 | $ | 110 | ||||||||||||
U.S. government securities include bonds issued by government-sponsored agencies and Treasury notes. Corporate securities include primarily debt securities. Other consists of investments in mutual and index funds. U.S. government securities, corporate debt and certificates of deposit maturing in one year or less, after one year through five years and after five years through ten years total $32, $64 and $1 at December 31, 2014. |
Financing_Agreements
Financing Agreements | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||
Financing Agreements | Financing Agreements | |||||||||||||||||||||||||||
Long-term debt at December 31 — | ||||||||||||||||||||||||||||
Interest | 2014 | 2013 | ||||||||||||||||||||||||||
Rate | ||||||||||||||||||||||||||||
Senior Notes due February 15, 2019 | 6.50% | $ | 55 | $ | 400 | |||||||||||||||||||||||
Senior Notes due February 15, 2021 | 6.75% | 350 | 350 | |||||||||||||||||||||||||
Senior Notes due September 15, 2021 | 5.38% | 450 | 450 | |||||||||||||||||||||||||
Senior Notes due September 15, 2023 | 6.00% | 300 | 300 | |||||||||||||||||||||||||
Senior Notes due December 15, 2024 | 5.50% | 425 | ||||||||||||||||||||||||||
Other indebtedness | 79 | 99 | ||||||||||||||||||||||||||
Total | 1,659 | 1,599 | ||||||||||||||||||||||||||
Less: current maturities | 46 | 32 | ||||||||||||||||||||||||||
Total long-term debt | $ | 1,613 | $ | 1,567 | ||||||||||||||||||||||||
Other indebtedness includes borrowings from various financial institutions and capital lease obligations. | ||||||||||||||||||||||||||||
Scheduled principal payments on long-term debt as of December 31, 2014 — | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Debt maturities | $ | 46 | $ | 42 | $ | 21 | $ | 5 | $ | 17 | $ | 1,528 | $ | 1,659 | ||||||||||||||
Senior notes — In December 2014, we completed the sale of $425 in senior unsecured notes. Interest on the December 2024 Notes is payable on June 15 and December 15 of each year beginning on June 15, 2015. Net proceeds of the offering totaled $418. Financing costs of $7 were recorded as deferred costs and are being amortized to interest expense over the life of the notes. The proceeds from the offering are being used to redeem our February 2019 Notes. See senior notes redemption discussion below. | ||||||||||||||||||||||||||||
We may redeem some or all of the December 2024 Notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on December 15 of the years set forth below: | ||||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
December | ||||||||||||||||||||||||||||
Year | 2024 Notes | |||||||||||||||||||||||||||
2019 | 102.75 | % | ||||||||||||||||||||||||||
2020 | 101.833 | % | ||||||||||||||||||||||||||
2021 | 100.917 | % | ||||||||||||||||||||||||||
2022 | 100 | % | ||||||||||||||||||||||||||
2023 | 100 | % | ||||||||||||||||||||||||||
Prior to December 15, 2019, we may redeem some or all of the December 2024 Notes at a price equal to the principal amount thereof, plus accrued and unpaid interest, plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. | ||||||||||||||||||||||||||||
At any time prior to December 15, 2017, we may redeem up to 35% of the original aggregate principal amount of the December 2024 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 105.500% of the principal amount of such notes, plus accrued and unpaid interest thereon, provided that at least 50% of the original aggregate principal amount of the December 2024 Notes remains outstanding after giving effect to any such redemption. | ||||||||||||||||||||||||||||
In July 2013, we completed the sale of $750 in senior unsecured notes. Interest on the September 2021 Notes and September 2023 Notes is payable on March 15 and September 15 of each year beginning on March 15, 2014. Net proceeds of the offering totaled $734. Financing costs of $16 were recorded as deferred costs and are being amortized to interest expense over the life of the notes. A portion of the net proceeds from the offering were used to repurchase all of our outstanding Series A preferred stock and to fund an accelerated common share repurchase transaction. The remaining net proceeds will be used to fund our previously authorized share repurchase program and for other general corporate purposes. | ||||||||||||||||||||||||||||
We may redeem some or all of the September 2021 Notes and the September 2023 Notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on September 15 of the years set forth below: | ||||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | September | September | ||||||||||||||||||||||||||
2021 Notes | 2023 Notes | |||||||||||||||||||||||||||
2016 | 104.031 | % | ||||||||||||||||||||||||||
2017 | 102.688 | % | ||||||||||||||||||||||||||
2018 | 101.344 | % | 103 | % | ||||||||||||||||||||||||
2019 | 100 | % | 102 | % | ||||||||||||||||||||||||
2020 | 100 | % | 101 | % | ||||||||||||||||||||||||
2021 | 100 | % | ||||||||||||||||||||||||||
2022 | 100 | % | ||||||||||||||||||||||||||
Prior to September 15, 2016 for the September 2021 Notes and prior to September 15, 2018 for the September 2023 Notes, we may redeem some or all of such notes at a price equal to the principal amount thereof, plus accrued and unpaid interest, plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. | ||||||||||||||||||||||||||||
At any time prior to September 15, 2016, we may redeem up to 35% of the original aggregate principal amount of each of the September 2021 Notes and September 2023 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 105.375% (for the September 2021 Notes) and 106.000% (for the September 2023 Notes) of the principal amount of such notes, plus accrued and unpaid interest thereon, provided that at least 50% of the original aggregate principal amount of the September 2021 Notes (for redemptions of September 2021 Notes) and the September 2023 Notes (for redemptions of September 2023 Notes) remains outstanding after giving effect to any such redemption. | ||||||||||||||||||||||||||||
Interest on our February 2019 Notes and the February 2021 Notes is payable on February 15 and August 15 of each year beginning on August 15, 2011. We may redeem some or all of the February 2019 Notes and the February 2021 Notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on February 15 of the years set forth below: | ||||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | February | February | ||||||||||||||||||||||||||
2019 Notes | 2021 Notes | |||||||||||||||||||||||||||
2015 | 103.25 | % | ||||||||||||||||||||||||||
2016 | 101.625 | % | 103.375 | % | ||||||||||||||||||||||||
2017 | 100 | % | 102.25 | % | ||||||||||||||||||||||||
2018 | 100 | % | 101.125 | % | ||||||||||||||||||||||||
2019 | 100 | % | ||||||||||||||||||||||||||
2020 | 100 | % | ||||||||||||||||||||||||||
Prior to February 15, 2015 for the February 2019 Notes and prior to February 15, 2016 for the February 2021 Notes, during any 12-month period, we may at our option redeem up to 10% of the aggregate principal amount of the notes at a redemption price equal to 103% of the principal amount, plus accrued and unpaid interest. Prior to these dates, we may redeem some or all of the notes at a price equal to the aggregate principal amount thereof, plus accrued and unpaid interest, plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt. | ||||||||||||||||||||||||||||
At any time prior to February 15, 2014 for the February 2019 Notes and February 15, 2015 for the February 2021 Notes, we may redeem up to 35% of the original aggregate principal amount of the notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 106.5% (for the February 2019 Notes) and 106.75% (for the February 2021 Notes) of the principal amount of such notes, plus accrued and unpaid interest thereon, provided that at least 65% of the original aggregate principal amount of the February 2019 Notes (for redemptions of February 2019 Notes) and February 2021 Notes (for redemptions of February 2021 Notes) remain outstanding after giving effect to any such redemption. | ||||||||||||||||||||||||||||
Senior notes redemption — During December 2014 we redeemed $345 of our February 2019 Notes pursuant to a tender offer at a weighted average price equal to 104.116% plus accrued and unpaid interest. The $19 loss on extinguishment of debt was charged to other income, net and includes the redemption premium and transaction costs associated with the tender offer and the write off of $4 of previously deferred financing costs associated with the February 2019 Notes. | ||||||||||||||||||||||||||||
On December 9, 2014 we elected to redeem $40 of our February 2019 Notes effective January 8, 2015 at a price equal to 103.000% plus accrued and unpaid interest. The notes redeemed on January 8, 2015 have been included in current portion of long-term debt as of December 31, 2014. On February 13, 2015 we elected to redeem the remaining $15 of our February 2019 Notes effective March 16, 2015 at a price equal to 103.250% plus accrued and unpaid interest. | ||||||||||||||||||||||||||||
Revolving facility — On June 20, 2013, we received commitments from existing lenders for a $500 amended and restated revolving credit facility (the Amended Revolving Facility) which expires on June 20, 2018. In connection with the Amended Revolving Facility, we paid $3 in deferred financing costs to be amortized to interest expense over the life of the facility. We wrote off $2 of previously deferred financing costs associated with our prior revolving credit facility to other income, net. | ||||||||||||||||||||||||||||
The Amended Revolving Facility is guaranteed by all of our domestic subsidiaries except for Dana Credit Corporation and Dana Companies, LLC and their respective subsidiaries (the guarantors) and grants a first priority lien on Dana’s and the guarantors’ accounts receivable and inventories and, under certain circumstances, to the extent Dana and the guarantors grant a first-priority lien on certain other assets and property, a second priority lien on such other assets and property. | ||||||||||||||||||||||||||||
Advances under the Amended Revolving Facility bear interest at a floating rate based on, at our option, the base rate or LIBOR (each as described in the revolving credit agreement) plus a margin based on the undrawn amounts available under the agreement as set forth below: | ||||||||||||||||||||||||||||
Margin | ||||||||||||||||||||||||||||
Remaining Borrowing Availability | Base Rate | LIBOR Rate | ||||||||||||||||||||||||||
Greater than $350 | 0.5 | % | 1.5 | % | ||||||||||||||||||||||||
Greater than $150 but less than or equal to $350 | 0.75 | % | 1.75 | % | ||||||||||||||||||||||||
$150 or less | 1 | % | 2 | % | ||||||||||||||||||||||||
Commitment fees are applied based on the average daily unused portion of the available amounts under the Amended Revolving Facility. If the average daily unused portion of the revolving facility is less than 50%, the applicable fee will be 0.25% per annum. If the average daily unused portion of the revolving facility is equal to or greater than 50%, the applicable fee will be 0.375% per annum. Up to $300 of the revolving facility may be applied to letters of credit, which reduces availability. We pay a fee for issued and undrawn letters of credit in an amount per annum equal to the applicable LIBOR margin based on a quarterly average availability under the revolving facility and a per annum fronting fee of 0.125%, payable quarterly. | ||||||||||||||||||||||||||||
There were no borrowings under the revolving facility at December 31, 2014 but we had utilized $44 for letters of credit. Based on our borrowing base collateral of $347, we had potential availability at December 31, 2014 under the revolving facility of $303 after deducting the outstanding letters of credit. | ||||||||||||||||||||||||||||
European receivables loan facility — Effective December 31, 2013, we terminated our European accounts receivable backed credit facility (the European Facility). The European Facility was scheduled to terminate on March 8, 2016 and permitted borrowings up to €75 ($103 at the December 31, 2013 exchange rate). No borrowings were outstanding under the European Facility as of the termination date. We wrote off $2 of previously deferred financing costs associated with the European Facility to other income, net. | ||||||||||||||||||||||||||||
Debt covenants — At December 31, 2014, we were in compliance with the covenants of our financing agreements. Under the Amended Revolving Facility and the senior notes, we are required to comply with certain incurrence-based covenants customary for facilities of these types. |
Fair_Value_Measurements_and_De
Fair Value Measurements and Derivatives | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements and Derivatives | Fair Value Measurements and Derivatives | ||||||||||||||||
In measuring the fair value of our assets and liabilities, we use market data or assumptions that we believe market participants would use in pricing an asset or liability including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs. | |||||||||||||||||
Fair value measurements on a recurring basis — Assets and liabilities that are carried in our balance sheet at fair value are as follows: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted | Significant | Significant | |||||||||||||||
Prices in | Inputs | Inputs | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Markets | |||||||||||||||||
31-Dec-14 | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Marketable securities - current asset | $ | 169 | $ | 72 | $ | 97 | $ | — | |||||||||
Currency forward contracts - current asset | 2 | 2 | |||||||||||||||
Currency forward contracts - current liability | 11 | 11 | |||||||||||||||
Currency swaps - current asset | — | — | |||||||||||||||
Currency swaps - current liability | 9 | 9 | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Notes receivable - current asset | $ | 75 | $ | — | $ | 75 | $ | — | |||||||||
Marketable securities - current asset | 110 | 33 | 77 | ||||||||||||||
Currency forward contracts - current asset | 3 | 3 | |||||||||||||||
Currency forward contracts - current liability | 2 | 2 | |||||||||||||||
Currency swaps - noncurrent asset | 2 | 2 | |||||||||||||||
Currency swaps - noncurrent liability | 2 | 2 | |||||||||||||||
Changes in Level 3 recurring fair value measurements — | |||||||||||||||||
Notes receivable, including current portion | 2014 | 2013 | 2012 | ||||||||||||||
Beginning of period | $ | — | $ | 129 | $ | 116 | |||||||||||
Accretion of value (interest income) | 11 | 14 | |||||||||||||||
Payment received and other | (61 | ) | (1 | ) | |||||||||||||
Unrealized loss (OCI) | (4 | ) | |||||||||||||||
Transfer out (to Level 2) | (75 | ) | |||||||||||||||
End of period | $ | — | $ | — | $ | 129 | |||||||||||
During January 2014, we sold our interest in a payment-in-kind callable note to a third party for $75. Accordingly, we reclassified the note to current assets and, with observable market value readily available, we reduced the unrealized gain and transferred the note from Level 3 to Level 2 at December 31, 2013. | |||||||||||||||||
Fair value of financial instruments — The financial instruments that are not carried in our balance sheet at fair value are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Senior notes | $ | 1,580 | $ | 1,643 | $ | 1,500 | $ | 1,567 | |||||||||
Other indebtedness | 79 | 77 | 99 | 98 | |||||||||||||
Total | $ | 1,659 | $ | 1,720 | $ | 1,599 | $ | 1,665 | |||||||||
The fair value of our senior notes is estimated based upon a market approach (Level 2) while the fair value of our other indebtedness is based upon an income approach (Level 2). See Note 13 for additional information about financing arrangements. | |||||||||||||||||
Fair value measurements on a nonrecurring basis — In addition to items that are measured at fair value on a recurring basis, we also have long-lived assets that may be measured at fair value on a nonrecurring basis. These assets include intangible assets and property, plant and equipment which may be written down to fair value as a result of impairment. | |||||||||||||||||
Foreign currency derivatives — Our foreign currency derivatives include forward contracts associated with forecasted transactions, primarily involving the purchases and sales of inventory through the next eighteen months, as well as currency swaps associated with certain recorded intercompany loans receivable and payable. | |||||||||||||||||
The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $296 and $252 as of December 31, 2014 and December 31, 2013. The total notional amount of outstanding foreign currency swaps was $10 as of December 31, 2014, compared to $297 as of December 31, 2013. The following foreign currency derivatives were outstanding at December 31, 2014 and 2013: | |||||||||||||||||
Notional Amount (U.S. Dollar Equivalent) | |||||||||||||||||
Functional Currency | Traded Currency | Designated as | Undesignated | Total | Maturity | ||||||||||||
Cash Flow | |||||||||||||||||
Hedges | |||||||||||||||||
December 31, 2014: | |||||||||||||||||
U.S. dollar | Mexican peso, Euro | $ | 107 | $ | 3 | $ | 110 | 16-Mar | |||||||||
Euro | U.S. dollar, | 69 | 19 | 88 | 16-Jun | ||||||||||||
Canadian dollar, | |||||||||||||||||
Hungarian forint, | |||||||||||||||||
British pound, | |||||||||||||||||
Swiss franc, | |||||||||||||||||
Indian rupee, | |||||||||||||||||
Russian ruble | |||||||||||||||||
British pound | U.S. dollar, Euro | 20 | 2 | 22 | 16-Mar | ||||||||||||
Swedish krona | Euro | 17 | 17 | 16-Mar | |||||||||||||
South African rand | U.S. dollar, Euro | 14 | 14 | 15-Jun | |||||||||||||
Thai baht | U.S. dollar, | 21 | 21 | 15-Nov | |||||||||||||
Australian dollar | |||||||||||||||||
Brazilian real | U.S. dollar, Euro | 12 | 12 | 15-Nov | |||||||||||||
Indian rupee | U.S. dollar, British | 12 | 12 | 15-Nov | |||||||||||||
pound, Euro | |||||||||||||||||
Total forward contracts | 213 | 83 | 296 | ||||||||||||||
Indian rupee | U.S. dollar | — | 10 | 10 | 15-Jun | ||||||||||||
Canadian dollar | Euro | — | |||||||||||||||
Total currency swaps | — | 10 | 10 | ||||||||||||||
Total foreign currency derivatives | $ | 213 | $ | 93 | $ | 306 | |||||||||||
December 31, 2013: | |||||||||||||||||
U.S. dollar | Mexican peso | $ | 97 | $ | — | $ | 97 | 14-Dec | |||||||||
Euro | U.S. dollar, | 54 | 19 | 73 | 14-Dec | ||||||||||||
Canadian dollar, | |||||||||||||||||
Hungarian forint, | |||||||||||||||||
British pound, | |||||||||||||||||
Swiss franc, | |||||||||||||||||
Indian rupee | |||||||||||||||||
British pound | U.S. dollar, Euro | 19 | 1 | 20 | 14-Dec | ||||||||||||
Swedish krona | Euro | 14 | 1 | 15 | 14-Dec | ||||||||||||
South African rand | U.S. dollar | 8 | 8 | 14-Mar | |||||||||||||
Thai baht | U.S. dollar, | 28 | 28 | 14-Oct | |||||||||||||
Australian dollar | |||||||||||||||||
Indian rupee | U.S. dollar, British | 11 | 11 | 14-Jun | |||||||||||||
pound, Euro | |||||||||||||||||
Total forward contracts | 184 | 68 | 252 | ||||||||||||||
U.S. dollar | Canadian dollar, Euro | 147 | 147 | 15-Feb | |||||||||||||
Canadian dollar | Euro | 150 | 150 | 14-Mar | |||||||||||||
Total currency swaps | — | 297 | 297 | ||||||||||||||
Total foreign currency derivatives | $ | 184 | $ | 365 | $ | 549 | |||||||||||
During the second quarter of 2014, concurrent with the cancellation of our Canadian dollar-denominated intercompany loan and one of our Euro-denominated intercompany loans, we terminated $225 of associated currency swaps. During the fourth quarter of 2014, concurrent with the refinancing of certain intercompany loans, we terminated the remainder of our U.S. dollar-Euro currency swaps. The liabilities associated with a portion of the terminated swaps had not been settled at December 31, 2014 and are presented in the Fair value measurements on a recurring basis table above. No portion of the fair value of these terminated swaps had been deferred in accumulated other comprehensive income (AOCI). During the fourth quarter of 2014, to mitigate the risk associated with another intercompany loan, we also executed a currency swap involving the exchange of U.S. dollars and Indian rupees. | |||||||||||||||||
Cash flow hedges — With respect to contracts designated as cash flow hedges, changes in fair value during the period in which the contracts remain outstanding are reported in OCI to the extent such contracts remain effective and the associated forecasted transactions remain probable. Effectiveness is measured by using regression analysis to determine the degree of correlation between the change in the fair value of the derivative instrument and the change in the associated foreign currency exchange rates. Changes in fair value of those contracts that are not designated as cash flow hedges are reported in income in the period in which the changes occur. Forward contracts associated with product-related transactions are marked to market in cost of sales while other contracts are marked to market through other income, net. | |||||||||||||||||
Amounts to be reclassified to earnings — Deferred gains or losses, which are reported in AOCI, are reclassified to earnings in the same periods in which the underlying transactions affect earnings. Amounts expected to be reclassified to earnings assume no change in the current hedge relationships or to December 31, 2014 market rates. Deferred losses of $10 at December 31, 2014 are expected to be reclassified to earnings during the next twelve months. Amounts deferred were not significant at December 31, 2013. See Note 8 for additional details. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies | |||||||||||||||||||||||||||
Asbestos personal injury liabilities — As part of our reorganization in 2008, assets and liabilities associated with personal injury asbestos claims were retained in Dana Corporation which was then merged into Dana Companies, LLC (DCLLC), a consolidated wholly-owned limited liability company. The assets of DCLLC include insurance rights relating to coverage against these liabilities, marketable securities and other assets which are considered sufficient to satisfy its liabilities. DCLLC had approximately 25,000 active pending asbestos personal injury liability claims at both December 31, 2014 and December 31, 2013. DCLLC had accrued $81 for indemnity and defense costs for settled, pending and future claims at December 31, 2014, compared to $88 at December 31, 2013. A fifteen-year time horizon was used to estimate the value of this liability. | ||||||||||||||||||||||||||||
At December 31, 2014, DCLLC had recorded $52 as an asset for probable recovery from insurers for the pending and projected asbestos personal injury liability claims, compared to $55 recorded at December 31, 2013. The recorded asset represents our assessment of the capacity of our current insurance agreements to provide for the payment of anticipated defense and indemnity costs for pending claims and projected future demands. The recognition of these recoveries is based on our assessment of our right to recover under the respective contracts and on the financial strength of the insurers. DCLLC has coverage agreements in place with insurers confirming substantially all of the related coverage and payments are being received on a timely basis. The financial strength of these insurers is reviewed at least annually with the assistance of a third party. The recorded asset does not represent the limits of our insurance coverage, but rather the amount DCLLC would expect to recover if the accrued indemnity and defense costs were paid in full. | ||||||||||||||||||||||||||||
DCLLC continues to process asbestos personal injury claims in the normal course of business, is separately managed and has an independent board member. The independent board member is required to approve certain transactions including dividends or other transfers of $1 or more of value to Dana. Dana Holding Corporation has no obligation to increase its investment in or otherwise support DCLLC. | ||||||||||||||||||||||||||||
In 2013, other income includes proceeds of $4 from the sale of our interest in claims pending in the liquidation proceedings of an insurer and other asbestos-related recoveries of $7. | ||||||||||||||||||||||||||||
Other product liabilities — We had accrued $1 for non-asbestos product liability costs at December 31, 2014 and 2013, with no recovery expected from third parties at either date. We estimate these liabilities based on assumptions about the value of the claims and about the likelihood of recoveries against us derived from our historical experience and current information. | ||||||||||||||||||||||||||||
Environmental liabilities — Accrued environmental liabilities were $7 at December 31, 2014 and $9 at December 31, 2013. We consider the most probable method of remediation, current laws and regulations and existing technology in determining the fair value of our environmental liabilities. Other accounts receivable included a related recoverable from an insurer of $1 at both dates. | ||||||||||||||||||||||||||||
Guarantee of lease obligations — In connection with the divestiture of our Structural Products business in 2010, leases covering three U.S. facilities were assigned to a U.S. affiliate of Metalsa. Under the terms of the sale agreement, we will guarantee the affiliate’s performance under the leases, which run through June 2025, including approximately $6 of annual payments. In the event of a required payment by Dana as guarantor, we are entitled to pursue full recovery from Metalsa of the amounts paid under the guarantee and to take possession of the leased property. | ||||||||||||||||||||||||||||
Other legal matters — We are subject to various pending or threatened legal proceedings arising out of the normal course of business or operations. In view of the inherent difficulty of predicting the outcome of such matters, we cannot state what the eventual outcome of these matters will be. However, based on current knowledge and after consultation with legal counsel, we believe that the liabilities that may result from these proceedings will not have a material adverse effect on our liquidity, financial condition or results of operations. | ||||||||||||||||||||||||||||
In November 2013, we received an arbitration notice from Sypris Solutions, Inc. (Sypris), our largest supplier, concerning the existing long-term supply agreement that expired on December 31, 2014. Sypris also alleges that the companies entered into a new binding long-term supply agreement in July 2013. Dana has filed suit against Sypris requesting declaratory judgment relating to the Sypris claim that it entered into a new supply agreement with Dana in July 2013. These actions were pending as of the end of 2014. We dispute the Sypris claims and believe they are without merit. | ||||||||||||||||||||||||||||
Lease commitments — Cash obligations under future minimum rental commitments under operating leases and net rental expense are shown in the table below. Operating lease commitments are primarily related to facilities. | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Lease commitments | $ | 35 | $ | 30 | $ | 23 | $ | 14 | $ | 11 | $ | 43 | $ | 156 | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Rent expense | $51 | $58 | $63 |
Warranty_Obligations
Warranty Obligations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Product Warranties Disclosures [Abstract] | ||||||||||||
Warranty Obligations | Warranty Obligations | |||||||||||
We record a liability for estimated warranty obligations at the dates our products are sold. We record the liability based on our estimate of costs to settle future claims. Adjustments are made as new information becomes available. Certain prior period amounts in the following table previously included in amounts accrued for current period sales have been reclassified to adjustments of prior period estimates. | ||||||||||||
Changes in warranty liabilities — | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of period | $ | 54 | $ | 66 | $ | 72 | ||||||
Amounts accrued for current period sales | 19 | 17 | 20 | |||||||||
Adjustments of prior estimates | 18 | 6 | 4 | |||||||||
Settlements of warranty claims | (41 | ) | (34 | ) | (31 | ) | ||||||
Currency impact | (3 | ) | (1 | ) | 1 | |||||||
Balance, end of period | $ | 47 | $ | 54 | $ | 66 | ||||||
In 2007, we were notified of an alleged quality issue at a foreign subsidiary of Dana that produced engine coolers for a unit of Sogefi SpA (Sogefi) that were used in modules supplied to Volkswagen. In December 2014, we reached settlement agreements with Sogefi and their insurance carriers resulting in a charge to warranty expense that was not material. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
Income tax expense (benefit) attributable to continuing operations — | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
U.S. federal and state | $ | (5 | ) | $ | 23 | $ | 18 | |||||
Non-U.S. | 134 | 106 | 113 | |||||||||
Total current | 129 | 129 | 131 | |||||||||
Deferred | ||||||||||||
U.S. federal and state | (177 | ) | (1 | ) | ||||||||
Non-U.S. | (22 | ) | (9 | ) | (80 | ) | ||||||
Total deferred | (199 | ) | (10 | ) | (80 | ) | ||||||
Total expense (benefit) | $ | (70 | ) | $ | 119 | $ | 51 | |||||
We record interest and penalties related to uncertain tax positions as a component of income tax expense or benefit. Net interest expense for the periods presented herein is not significant. | ||||||||||||
Income from continuing operations before income taxes — | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. operations | $ | 175 | $ | 151 | $ | 77 | ||||||
Non-U.S. operations | 85 | 217 | 287 | |||||||||
Income before income taxes | $ | 260 | $ | 368 | $ | 364 | ||||||
Income tax audits — We conduct business globally and, as a result, file income tax returns in multiple jurisdictions that are subject to examination by taxing authorities throughout the world. With few exceptions, we are no longer subject to U.S. federal, state and local or foreign income tax examinations for years before 2009. The U.S. federal income tax audits for 2011 and 2012 are expected to conclude in the first quarter of 2015, resulting in no incremental cash taxes. | ||||||||||||
We are currently under audit by U.S. and foreign authorities for certain taxation years. When the issues related to these periods are settled, the total amounts of unrecognized tax benefits for all open tax years may be modified. We accrued tax reserves of $2 in 2014, $6 in 2013 and $4 in 2012 for an uncertain tax position in Italy. Audit outcomes and the timing of the audit settlements are subject to uncertainty and we cannot make an estimate of the impact on our financial position at this time. | ||||||||||||
Effective tax rate reconciliation for continuing operations — | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Adjustments resulting from: | ||||||||||||
State and local income taxes, net of federal benefit | 1 | |||||||||||
Non-U.S. income | (6 | ) | (4 | ) | (4 | ) | ||||||
Non-U.S. tax incentives | (4 | ) | (4 | ) | (5 | ) | ||||||
Non-U.S. withholding taxes on undistributed earnings of non-U.S. operations | 4 | 5 | 4 | |||||||||
Settlement and return adjustments | 3 | 1 | 2 | |||||||||
Miscellaneous items | 1 | (1 | ) | |||||||||
Valuation allowance adjustments | (60 | ) | (2 | ) | (17 | ) | ||||||
Effective income tax rate for operations | (27 | )% | 32 | % | 14 | % | ||||||
The income tax rate varies from the U.S. federal statutory rate of 35% due to establishment, release and adjustment of valuation allowances in several countries, nondeductible expenses, local tax incentives in several countries outside the U.S., different statutory tax rates outside the U.S. and withholding taxes related to repatriations of international earnings to the U.S. | ||||||||||||
In 2014, income tax expense in the U.S. was reduced by $179 for release of valuation allowances for income forecasted to be realized in 2015 in connection with certain tax planning actions expected to be completed in 2015. No tax benefit has been recognized on a charge of $80 in 2014 relating to the divestiture of our Venezuela operations due to the existence of a valuation allowance, resulting in an increase in the effective tax rate. Valuation allowance releases of $34 in Canada and $20 in the U.K. favorably impacted the 2012 effective rate. | ||||||||||||
In 2013, income tax expense was reduced by $7 for the impact of new tax legislation and tax rate changes outside the U.S. Additionally, non-U.S. income in each of the three years contributed to an effective tax rate of less than 35% due to lower statutory tax rates in the countries where we operate outside the U.S. | ||||||||||||
Foreign income repatriation — We provide for U.S. federal income and non-U.S. withholding taxes on the earnings of our non-U.S. operations that are not considered to be permanently reinvested. Accordingly, we continue to analyze and adjust the estimated tax impact of the income and non-U.S. withholding liabilities based on the amount and source of these earnings. We recognized net expense of $3, $8 and $7 for 2014, 2013 and 2012 related to future income taxes and non-U.S. withholding taxes on repatriations from operations that are not permanently reinvested. We also accrued withholding taxes of $7, $13 and $10 during 2014, 2013 and 2012 related to the actual transfer of funds to the U.S. and between foreign subsidiaries. | ||||||||||||
The earnings of our non-U.S. subsidiaries will likely be repatriated to the U.S. in the form of repayments of intercompany borrowings and distributions from earnings. Certain of our international operations had intercompany loan obligations to the U.S. totaling $574 at the end of 2014. Included in this amount are intercompany loans and related interest accruals with an equivalent value of $36 which are denominated in a foreign currency and considered to be permanently invested. | ||||||||||||
Valuation allowance adjustments — We have generally not recognized tax benefits on losses generated in several entities, including in the U.S., where the recent history of operating losses does not allow us to satisfy the “more likely than not” criterion for the recognition of deferred tax assets. Consequently, there is no income tax expense or benefit recognized on the pre-tax income or losses in these jurisdictions as valuation allowances are adjusted to offset the associated tax expense or benefit. | ||||||||||||
At December 31, 2014, we continue to carry a valuation allowance against certain deferred tax assets in the U.S. because, on a more likely than not basis, we have concluded that a significant portion of the U.S. deferred tax assets are not expected to be realized. When evaluating the continued need for this valuation allowance we consider all components of comprehensive income, and we weight the positive and negative evidence, putting greater reliance on objectively verifiable historical evidence than projections of future profitability that are dependent on actions that have not taken place as of the assessment date. We also consider the pro forma effects on historical profitability of actions that have occurred through the year of assessment and objectively verifiable effects of material forecasted events that have a sustained effect on future profitability, as well as the effect on historical profits of nonrecurring events. These effects included items such as the lost future interest income resulting from the prepayment on and subsequent sale of the payment-in-kind callable note receivable and the additional interest expense resulting from the $750 senior unsecured notes payable issued in July 2013. We also consider the pro forma historical and prospective effects of tax planning strategies expected to be implemented. Our 2014 assessment considered the effects of certain tax planning actions which will be completed in 2015. A sustained return to profitability, after giving pro forma effect to implemented actions, planned actions and nonrecurring events, along with positive expectations for future profitability are necessary for a determination that a valuation allowance should be released. | ||||||||||||
In 2015, we expect to generate taxable income associated with certain tax planning actions. The gain and related income associated with these actions are estimated to generate tax of $179. Although the actual gain and operating income may differ from the current estimate, we concluded that they were objectively verifiable and reasonably estimated. While our U.S. operations have experienced improved profitability in recent years, our analysis of the income of the U.S. operations, as adjusted for pro forma effects of developments through 2014 and planned future actions, demonstrates historical losses as of December 31, 2014 with an uncertain forecast of near break-even results. Therefore, we have not achieved a level of sustained profitability that would, in our judgment, support a release of valuation allowance at December 31, 2014 beyond the $179 relating to the income previously noted. While there may be opportunity for our U.S. operations to generate profits in the future, our near-term level of profitability is uncertain. The potential long-term profitability cannot be given as much weight in our analysis given the objectively verifiable lack of sustained pro forma historical profitability and uncertainty associated with the future U.S. operations. To the extent that our operations in the U.S., after giving effect to the planned aforementioned tax actions, are profitable in 2015 and our projections of profitability beyond 2015 are sufficiently positive based upon objective and verifiable assumptions, it is reasonably possible that we could release up to $500 of the remaining valuation allowance against our U.S. deferred tax assets in the next twelve months. | ||||||||||||
During 2012, improvements in our operating results in Canada and the U.K., provided sufficient positive evidence to reduce the valuation allowances in those jurisdictions, resulting in tax benefits of $34 and $20. | ||||||||||||
Deferred tax assets and liabilities — Temporary differences and carryforwards give rise to the following deferred tax assets and liabilities. | ||||||||||||
2014 | 2013 | |||||||||||
Net operating loss carryforwards | $ | 654 | $ | 788 | ||||||||
Postretirement benefits, including pensions | 148 | 123 | ||||||||||
Research and development costs | 110 | 104 | ||||||||||
Expense accruals | 57 | 62 | ||||||||||
Other tax credits recoverable | 60 | 56 | ||||||||||
Capital loss carryforwards | 55 | 65 | ||||||||||
Inventory reserves | 18 | 17 | ||||||||||
Postemployment and other benefits | 4 | 4 | ||||||||||
Other | 25 | 28 | ||||||||||
Total | 1,131 | 1,247 | ||||||||||
Valuation allowance | (728 | ) | (982 | ) | ||||||||
Deferred tax assets | 403 | 265 | ||||||||||
Unremitted earnings | (31 | ) | (86 | ) | ||||||||
Intangibles | (41 | ) | (52 | ) | ||||||||
Depreciation | (39 | ) | (39 | ) | ||||||||
Other | (58 | ) | (59 | ) | ||||||||
Deferred tax liabilities | (169 | ) | (236 | ) | ||||||||
Net deferred tax assets | $ | 234 | $ | 29 | ||||||||
Carryforwards — Our deferred tax assets include benefits expected from the utilization of net operating loss (NOL), capital loss and credit carryforwards in the future. The following table identifies the net operating loss deferred tax asset components and the related allowances that existed at December 31, 2014. Due to time limitations on the ability to realize the benefit of the carryforwards, additional portions of these deferred tax assets may become unrealizable in the future. | ||||||||||||
Deferred | Valuation | Carryforward | Earliest | |||||||||
Tax | Allowance | Period | Year of | |||||||||
Asset | Expiration | |||||||||||
Net operating losses | ||||||||||||
U.S. federal | $ | 432 | $ | (261 | ) | 20 | 2028 | |||||
U.S. state | 122 | (114 | ) | Various | 2015 | |||||||
Brazil | 26 | (14 | ) | Unlimited | ||||||||
France | 13 | Unlimited | ||||||||||
Australia | 33 | (33 | ) | Unlimited | ||||||||
U.K. | 8 | (4 | ) | Unlimited | ||||||||
Argentina | 17 | (17 | ) | 5 | 2015 | |||||||
Other | 3 | (3 | ) | Unlimited | ||||||||
Total | $ | 654 | $ | (446 | ) | |||||||
In addition to the NOL carryforwards listed in the table above, we have deferred tax assets related to capital loss carryforwards of $55 which are fully offset with valuation allowances at December 31, 2014. We also have deferred tax assets of $60 related to other credit carryforwards which are offset with $57 of valuation allowances at December 31, 2014. The capital losses can be carried forward indefinitely while the other credits are generally available for 10 to 20 years with portions currently expiring. We also have a deferred tax asset of $31 related to NOLs for excess tax benefits generated upon the settlement of stock awards that increased a current year net operating loss. We cannot record the benefit of these losses in the financial statements until the losses are utilized to reduce our income taxes payable at which time we will recognize the tax benefit in equity. | ||||||||||||
The use of a portion of our $1,235 U.S. federal NOL as of December 31, 2014 is subject to limitation due to the change in ownership of our stock upon emergence from bankruptcy. Generally, the application of the relevant Internal Revenue Code (IRC) provisions will release the limitation on $84 of pre-change NOLs each year, allowing pre-change losses to offset post-change taxable income. Through further evaluation and audit adjustment, and after considering U.S. taxable income in 2014, we estimate that $677 of our U.S. federal NOLs remains subject to limitation as of December 31, 2014. The remainder of our U.S. federal NOLs represents a combination of post-change NOLs and pre-change NOLs on which the limitation has been released. However, there can be no assurance that trading in our shares will not effect another change in ownership under the IRC which would further limit our ability to utilize our available NOLs. | ||||||||||||
Unrecognized tax benefits — Unrecognized tax benefits are the difference between a tax position taken, or expected to be taken, in a tax return and the benefit recognized for accounting purposes. Interest income or expense, as well as penalties relating to income tax audit adjustments and settlements, are recognized as components of income tax expense or benefit. Interest of $6 and $5 was accrued on the uncertain tax positions as of December 31, 2014 and 2013. | ||||||||||||
Reconciliation of gross unrecognized tax benefits — | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of period | $ | 101 | $ | 108 | $ | 46 | ||||||
Decrease related to expiration of statute of limitations | (3 | ) | (7 | ) | (9 | ) | ||||||
Increase (decrease) related to prior years tax positions | (6 | ) | 63 | |||||||||
Increases related to current year tax positions | 25 | 6 | 8 | |||||||||
Decrease related to settlements | (14 | ) | ||||||||||
Balance, end of period | $ | 109 | $ | 101 | $ | 108 | ||||||
We anticipate that our gross unrecognized tax benefits will decrease by $13 in the next twelve months upon the expected completion of examinations in various jurisdictions. The settlement of these matters will not impact the effective tax rate. Gross unrecognized tax benefits of $61 would impact the effective tax rate if recognized. If other open matters are settled with the IRS or other taxing jurisdictions, the total amounts of unrecognized tax benefits for open tax years may be modified. |
Other_Income_Net
Other Income, Net | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Other Income, Net | Other Income, Net | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest income | $ | 15 | $ | 25 | $ | 24 | ||||||
Government grants and incentives | 4 | 3 | 8 | |||||||||
Foreign exchange gain (loss) | 11 | (5 | ) | (15 | ) | |||||||
Strategic transaction expenses | (3 | ) | (4 | ) | (10 | ) | ||||||
Write-off of deferred financing costs | (4 | ) | ||||||||||
Gain on sale of marketable securities | 9 | |||||||||||
Recognition of unrealized gain on payment-in-kind note receivable | 2 | 5 | ||||||||||
Insurance and other recoveries | 2 | 13 | 2 | |||||||||
Impairment of long-lived assets | (2 | ) | ||||||||||
Other | 17 | 13 | 12 | |||||||||
Other income, net | $ | 48 | $ | 55 | $ | 19 | ||||||
Interest income decreased from 2013 as a result of selling our payment-in-kind note receivable during the first quarter of 2014. The receipt of a payment on our payment-in-kind note receivable during the second quarter of 2013 resulted in the recognition of a portion of the related unrealized gain that arose following the valuation of the note receivable below its callable value at emergence from bankruptcy. The subsequent sale of the payment-in-kind note receivable during the first quarter of 2014 resulted in the recognition of the remaining unrealized gain. See Note 14 for additional information. | ||||||||||||
During 2013 we recorded $3 of interest income as a result of a favorable legal ruling related to recovery of gross receipts tax paid in Brazil in earlier periods. | ||||||||||||
Foreign exchange gains and losses on cross-currency intercompany loan balances that are not considered permanently invested are reported above. Foreign exchange gains and losses on intercompany loans that are permanently invested are reported in OCI. As discussed in Note 1 above, effective March 31, 2014, we ceased using the official exchange rate of 6.3 and began using the SICAD rate, which was 10.7 bolivars per U.S. dollar (as published by the Central Bank of Venezuela) at March 31, 2014, to remeasure the financial statements of our Venezuelan subsidiaries. The change to the SICAD rate resulted in a charge of $17 during the first quarter of 2014. After remaining relatively unchanged during the second quarter the SICAD rate declined to 12.0 bolivars per U.S. dollar at September 30, 2014, resulting in a remeasurement charge of $3 during the third quarter. During 2014 we realized gains of $8 as CENCOEX approved a portion of our pending claims to settle U.S. dollar obligations at the official exchange rate of 6.3. Also during 2014 we realized net gains of $14 on sales and purchases of U.S. dollars through SICAD 2 at average rates of 49.9 bolivars per U.S. dollar. The foreign exchange gains and losses associated with our Venezuelan subsidiaries are included in the segment EBITDA of our Light Vehicle operating segment. Foreign exchange loss for 2013 includes a first quarter charge of $6 resulting from the February 2013 devaluation of Venezuela's official exchange rate from 4.3 to 6.3 bolivars per U.S. dollar. The charge was largely recovered over the balance of 2013 as the Venezuelan government allowed certain transactions to be settled at the former exchange rate. | ||||||||||||
Strategic transaction expenses relate primarily to costs incurred in connection with acquisition and divestiture related activities. | ||||||||||||
As discussed in Note 13 above, during 2013 we wrote off previously deferred financing costs associated with our prior revolving credit facility and our terminated European Facility. | ||||||||||||
During 2014 we received a payment from the liquidation proceedings of insurers. During 2013, we sold claims pending in the liquidation proceedings of an insurer to a third party, received payments from the liquidation proceedings of insurers and recorded an insurance recovery related to business interruptions resulting from flooding in Thailand. | ||||||||||||
As part of correcting overstatements of our pension and postretirement obligations and goodwill in September 2014, we credited other income, net for $6 to effectively reverse a portion of the write-off of goodwill assigned to our former Driveshaft segment in 2008. See Note 1 for additional information. |
Segments_Geographical_Area_and
Segments, Geographical Area and Major Customer Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segments, Geographical Area and Major Customer Information | Segments, Geographical Area and Major Customer Information | ||||||||||||||||||||||||
We are a global provider of high technology driveline, sealing and thermal-management products for virtually every major vehicle manufacturer in the on-highway and off-highway markets. Our driveline products – axles, driveshafts and transmissions – are delivered through our Light Vehicle, Commercial Vehicle and Off-Highway operating segments. Our fourth global operating segment – Power Technologies – is the center of excellence for the sealing and thermal technologies that span all customers in our on-highway and off-highway markets. These operating segments have global responsibility and accountability for business commercial activities and financial performance. | |||||||||||||||||||||||||
Dana evaluates the performance of its operating segments based on external sales and segment EBITDA. Segment EBITDA is a primary driver of cash flows from operations and a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. Our segments are charged for corporate and other shared administrative costs. Segment EBITDA may not be comparable to similarly titled measures reported by other companies. | |||||||||||||||||||||||||
Segment information — | |||||||||||||||||||||||||
2014 | External | Inter- | Segment | Capital | Depreciation | Net | |||||||||||||||||||
Sales | Segment | EBITDA | Spend | Assets | |||||||||||||||||||||
Sales | |||||||||||||||||||||||||
Light Vehicle | $ | 2,496 | $ | 139 | $ | 250 | $ | 129 | $ | 63 | $ | 1,002 | |||||||||||||
Commercial Vehicle | 1,838 | 92 | 172 | 38 | 34 | 869 | |||||||||||||||||||
Off-Highway | 1,231 | 37 | 169 | 23 | 21 | 344 | |||||||||||||||||||
Power Technologies | 1,052 | 19 | 154 | 30 | 32 | 442 | |||||||||||||||||||
Eliminations and other | (287 | ) | 14 | 14 | 403 | ||||||||||||||||||||
Total | $ | 6,617 | $ | — | $ | 745 | $ | 234 | $ | 164 | $ | 3,060 | |||||||||||||
2013 | |||||||||||||||||||||||||
Light Vehicle | $ | 2,549 | $ | 124 | $ | 242 | $ | 82 | $ | 67 | $ | 970 | |||||||||||||
Commercial Vehicle | 1,860 | 119 | 194 | 40 | 44 | 938 | |||||||||||||||||||
Off-Highway | 1,330 | 44 | 163 | 33 | 18 | 379 | |||||||||||||||||||
Power Technologies | 1,030 | 21 | 150 | 33 | 35 | 454 | |||||||||||||||||||
Eliminations and other | (308 | ) | 21 | 11 | 338 | ||||||||||||||||||||
Total | $ | 6,769 | $ | — | $ | 749 | $ | 209 | $ | 175 | $ | 3,079 | |||||||||||||
2012 | |||||||||||||||||||||||||
Light Vehicle | $ | 2,743 | $ | 186 | $ | 263 | $ | 47 | $ | 82 | $ | 1,068 | |||||||||||||
Commercial Vehicle | 1,960 | 134 | 199 | 30 | 38 | 860 | |||||||||||||||||||
Off-Highway | 1,509 | 54 | 189 | 22 | 18 | 409 | |||||||||||||||||||
Power Technologies | 1,012 | 21 | 137 | 24 | 41 | 471 | |||||||||||||||||||
Eliminations and other | (395 | ) | 41 | 11 | 435 | ||||||||||||||||||||
Total | $ | 7,224 | $ | — | $ | 788 | $ | 164 | $ | 190 | $ | 3,243 | |||||||||||||
Net assets include certain cash balances, accounts receivable, inventories, other current assets, certain intangibles, investments in affiliates, other noncurrent assets, net property, plant and equipment, notes payable and short term debt, accounts payable and current accrued liabilities. | |||||||||||||||||||||||||
Reconciliation of segment EBITDA to consolidated net income — | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Segment EBITDA | $ | 745 | $ | 749 | $ | 788 | |||||||||||||||||||
Corporate expense and other items, net | 1 | (2 | ) | (11 | ) | ||||||||||||||||||||
Expenses previously allocated to Structures | (1 | ) | |||||||||||||||||||||||
Depreciation | (164 | ) | (175 | ) | (188 | ) | |||||||||||||||||||
Amortization of intangibles | (49 | ) | (87 | ) | (87 | ) | |||||||||||||||||||
Restructuring | (21 | ) | (24 | ) | (47 | ) | |||||||||||||||||||
Stock compensation expense | (16 | ) | (16 | ) | (17 | ) | |||||||||||||||||||
Strategic transaction expenses and other items | 6 | (4 | ) | (7 | ) | ||||||||||||||||||||
Loss on disposal group held for sale | (80 | ) | |||||||||||||||||||||||
Pension settlement charges | (42 | ) | |||||||||||||||||||||||
Loss on extinguishment of debt | (19 | ) | |||||||||||||||||||||||
Write-off of deferred financing costs | (4 | ) | |||||||||||||||||||||||
Recognition of unrealized gain on payment-in-kind note receivable | 2 | 5 | |||||||||||||||||||||||
Impairment and loss on sale of assets | (6 | ) | |||||||||||||||||||||||
Interest expense | (118 | ) | (99 | ) | (84 | ) | |||||||||||||||||||
Interest income | 15 | 25 | 24 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 260 | 368 | 364 | ||||||||||||||||||||||
Income tax expense (benefit) | (70 | ) | 119 | 51 | |||||||||||||||||||||
Equity in earnings of affiliates | 13 | 12 | 2 | ||||||||||||||||||||||
Income from continuing operations | 343 | 261 | 315 | ||||||||||||||||||||||
Loss from discontinued operations | (15 | ) | (1 | ) | — | ||||||||||||||||||||
Net income | $ | 328 | $ | 260 | $ | 315 | |||||||||||||||||||
Reconciliation of segment net assets to consolidated total assets — | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Segment net assets | $ | 3,060 | $ | 3,079 | |||||||||||||||||||||
Accounts payable and other current liabilities | 1,261 | 1,268 | |||||||||||||||||||||||
Other current and long-term assets | 609 | 782 | |||||||||||||||||||||||
Consolidated total assets | $ | 4,930 | $ | 5,129 | |||||||||||||||||||||
Geographic information — Of our 2014 consolidated net sales, the U.S., Italy, Brazil and Germany account for 42%, 11%, 8% and 6%, respectively. No other country accounts for more than 5% of our consolidated net sales. Sales are attributed to the location of the product entity recording the sale. Long-lived assets represent property, plant and equipment. | |||||||||||||||||||||||||
Net Sales | Long-Lived Assets | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
North America | |||||||||||||||||||||||||
United States | $ | 2,760 | $ | 2,559 | $ | 2,975 | $ | 368 | $ | 311 | $ | 300 | |||||||||||||
Other North America | 366 | 399 | 396 | 111 | 131 | 138 | |||||||||||||||||||
Total | 3,126 | 2,958 | 3,371 | 479 | 442 | 438 | |||||||||||||||||||
Europe | |||||||||||||||||||||||||
Italy | 703 | 734 | 731 | 61 | 71 | 64 | |||||||||||||||||||
Germany | 429 | 410 | 408 | 106 | 124 | 118 | |||||||||||||||||||
Other Europe | 846 | 850 | 882 | 151 | 161 | 158 | |||||||||||||||||||
Total | 1,978 | 1,994 | 2,021 | 318 | 356 | 340 | |||||||||||||||||||
South America | |||||||||||||||||||||||||
Brazil | 505 | 639 | 574 | 119 | 129 | 136 | |||||||||||||||||||
Other South America | 266 | 344 | 351 | 22 | 56 | 73 | |||||||||||||||||||
Total | 771 | 983 | 925 | 141 | 185 | 209 | |||||||||||||||||||
Asia Pacific | 742 | 834 | 907 | 238 | 242 | 252 | |||||||||||||||||||
Total | $ | 6,617 | $ | 6,769 | $ | 7,224 | $ | 1,176 | $ | 1,225 | $ | 1,239 | |||||||||||||
Sales to major customers — Ford is the only individual customer to whom sales have exceeded 10% of our consolidated sales in the past three years. Sales to Ford for the three most recent years were $1,217 (18% ) in 2014, $1,226 (18%) in 2013 and $1,254 (17% ) in 2012. |
Equity_Affiliates
Equity Affiliates | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||
Equity Affiliates | Equity Affiliates | |||||||||||||||||||||||
We have a number of investments in entities that engage in the manufacture of vehicular parts – primarily axles, driveshafts and wheel-end braking systems – supplied to OEMs. | ||||||||||||||||||||||||
Dividends received from equity affiliates were $16, $10 and $3 in 2014, 2013 and 2012. | ||||||||||||||||||||||||
Equity method investments exceeding $5 at December 31, 2014 — | ||||||||||||||||||||||||
Ownership | Investment | |||||||||||||||||||||||
Percentage | ||||||||||||||||||||||||
Dongfeng Dana Axle Co., Ltd. | 50% | $ | 143 | |||||||||||||||||||||
Bendix Spicer Foundation Brake, LLC | 20% | 45 | ||||||||||||||||||||||
Axles India Limited | 48% | 6 | ||||||||||||||||||||||
All others as a group | 8 | |||||||||||||||||||||||
Investments in equity affiliates | 202 | |||||||||||||||||||||||
Investment in affiliates carried at cost | 2 | |||||||||||||||||||||||
Investment in affiliates | $ | 204 | ||||||||||||||||||||||
Our equity method investments in Dongfeng Dana Axle Co., Ltd. (DDAC), Bendix Spicer Foundation Brake, LLC and Axles India Limited are included in the net assets of our Commercial Vehicle operating segment. | ||||||||||||||||||||||||
The carrying value of our equity method investments at December 31, 2014 was $74 more than our share of the affiliates’ book value, including $48 attributable to goodwill. The difference between the investment carrying value and the amount of underlying equity in assets, excluding the $48 attributable to goodwill, is being amortized on a straight-line basis over the underlying assets’ estimated useful lives of five to forty-five years. | ||||||||||||||||||||||||
Summarized financial information for DDAC and other equity affiliates on a combined basis — | ||||||||||||||||||||||||
DDAC | Other Equity Affiliates Combined | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Sales | $ | 762 | $ | 835 | $ | 683 | $ | 564 | $ | 497 | $ | 522 | ||||||||||||
Gross profit | $ | 82 | $ | 82 | $ | 68 | $ | 100 | $ | 79 | $ | 75 | ||||||||||||
Pre-tax income | $ | 23 | $ | 19 | $ | 8 | $ | 33 | $ | 25 | $ | 21 | ||||||||||||
Net income | $ | 17 | $ | 20 | $ | 7 | $ | 32 | $ | 24 | $ | 16 | ||||||||||||
Dana's equity earnings in affiliate | $ | 5 | $ | 7 | $ | (1 | ) | $ | 8 | $ | 5 | $ | 3 | |||||||||||
DDAC | Other Equity | |||||||||||||||||||||||
Affiliates Combined | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Current assets | $ | 552 | $ | 663 | $ | 192 | $ | 164 | ||||||||||||||||
Noncurrent assets | 177 | 167 | 73 | 69 | ||||||||||||||||||||
Total assets | $ | 729 | $ | 830 | $ | 265 | $ | 233 | ||||||||||||||||
Current liabilities | $ | 506 | $ | 613 | $ | 123 | $ | 104 | ||||||||||||||||
Noncurrent liabilities | 61 | 42 | 13 | 11 | ||||||||||||||||||||
Total liabilities | $ | 567 | $ | 655 | $ | 136 | $ | 115 | ||||||||||||||||
Quarterly_Results
Quarterly Results | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Results Unaudited | Dana Holding Corporation | ||||||||||||||||
Quarterly Results (Unaudited) | |||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 1,688 | $ | 1,710 | $ | 1,637 | $ | 1,582 | |||||||||
Gross margin | $ | 234 | $ | 248 | $ | 240 | $ | 223 | |||||||||
Net income | $ | 37 | $ | 90 | $ | 93 | $ | 108 | |||||||||
Net income attributable to the parent company | $ | 34 | $ | 86 | $ | 90 | $ | 109 | |||||||||
Net income per share available to parent company common stockholders | |||||||||||||||||
Basic | $ | 0.21 | $ | 0.54 | $ | 0.56 | $ | 0.65 | |||||||||
Diluted | $ | 0.19 | $ | 0.49 | $ | 0.52 | $ | 0.64 | |||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 1,676 | $ | 1,800 | $ | 1,669 | $ | 1,624 | |||||||||
Gross margin | $ | 214 | $ | 259 | $ | 235 | $ | 212 | |||||||||
Net income | $ | 50 | $ | 96 | $ | 71 | $ | 43 | |||||||||
Net income attributable to the parent company | $ | 42 | $ | 92 | $ | 68 | $ | 42 | |||||||||
Preferred stock redemption premium | $ | 232 | |||||||||||||||
Net income (loss) per share available to parent company common stockholders | |||||||||||||||||
Basic | $ | 0.23 | $ | 0.58 | $ | (1.16 | ) | $ | 0.26 | ||||||||
Diluted | $ | 0.19 | $ | 0.44 | $ | (1.16 | ) | $ | 0.23 | ||||||||
___________________________________________________________ | |||||||||||||||||
Note: Gross margin is net sales less cost of sales. | |||||||||||||||||
Net income for the fourth quarter of 2014 includes an $80 loss on the disposal group held for sale, $42 of pension settlement charges, a $19 loss on extinguishment of debt and deferred tax asset valuation allowance release of $179. The amount paid in the third quarter of 2013 to redeem our Series A preferred stock exceeded the carrying value. This redemption premium is treated like a dividend on preferred stock and deducted from net income attributable to the parent company in arriving at net income (loss) available to common stockholders. |
Schedule_II_Valuation_and_Qual
Schedule II Valuation and Qualifying Accounts and Reserves | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts and Reserves | Dana Holding Corporation | |||||||||||||||||||
Schedule II | ||||||||||||||||||||
Valuation and Qualifying Accounts and Reserves | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at | Amounts | Allowance | Adjustments | Balance at | ||||||||||||||||
beginning | charged | utilized | arising | end of | ||||||||||||||||
of period | (credited) | from change | period | |||||||||||||||||
to income | in currency | |||||||||||||||||||
exchange rates | ||||||||||||||||||||
and other items | ||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||
Amounts deducted from assets: | ||||||||||||||||||||
Allowance for doubtful receivables | $ | 7 | $ | 1 | $ | (1 | ) | $ | (1 | ) | $ | 6 | ||||||||
Inventory reserves | 48 | 20 | (15 | ) | (5 | ) | 48 | |||||||||||||
Valuation allowance for deferred tax assets | 982 | (246 | ) | (7 | ) | (1 | ) | 728 | ||||||||||||
Total allowances deducted from assets | $ | 1,037 | $ | (225 | ) | $ | (23 | ) | $ | (7 | ) | $ | 782 | |||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
Amounts deducted from assets: | ||||||||||||||||||||
Allowance for doubtful receivables | $ | 8 | $ | — | $ | (1 | ) | $ | — | $ | 7 | |||||||||
Inventory reserves | 51 | 16 | (19 | ) | — | 48 | ||||||||||||||
Valuation allowance for deferred tax assets | 1,184 | (143 | ) | (8 | ) | (51 | ) | 982 | ||||||||||||
Total allowances deducted from assets | $ | 1,243 | $ | (127 | ) | $ | (28 | ) | $ | (51 | ) | $ | 1,037 | |||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
Amounts deducted from assets: | ||||||||||||||||||||
Allowance for doubtful receivables | $ | 8 | $ | 1 | $ | (1 | ) | $ | — | $ | 8 | |||||||||
Inventory reserves | 55 | 6 | (12 | ) | 2 | 51 | ||||||||||||||
Valuation allowance for deferred tax assets | 1,334 | (114 | ) | (79 | ) | 43 | 1,184 | |||||||||||||
Total allowances deducted from assets | $ | 1,397 | $ | (107 | ) | $ | (92 | ) | $ | 45 | $ | 1,243 | ||||||||
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation — Our consolidated financial statements include the accounts of all subsidiaries where we hold a controlling financial interest. The ownership interests in subsidiaries held by third parties are presented in the consolidated balance sheet within equity, but separate from the parent’s equity, as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in 20 to 50%-owned affiliates, which are not required to be consolidated, are accounted for under the equity method. Equity in earnings of these investments is presented separately in the consolidated statement of operations, net of tax. Investments in less-than-20%-owned companies are included in the financial statements at the cost of our investment. Dividends, royalties and fees from these cost basis affiliates are recorded in income when received. |
In the third quarter of 2014, we identified an error that had resulted in a $10 overstatement of the values assigned to our defined benefit pension obligation and goodwill when we applied fresh start accounting in 2008. These overstatements affected pension expense, other comprehensive income and impairment of goodwill in subsequent periods. Based on our assessments of qualitative and quantitative factors, the error and the related impacts were not considered material to the financial statements for the quarter ended September 30, 2014 or the prior periods to which they relate. The error was corrected in September 2014 by decreasing pension and postretirement obligations by $17, decreasing accumulated other comprehensive loss by $3 to eliminate the related impacts on unrecognized pension expense and currency translation adjustments, decreasing goodwill by $3, decreasing cost of sales by $5 to reverse the cumulative impact on pension expense and crediting other income, net for $6 to effectively reverse a portion of the goodwill impairment recognized in 2008. | |
In the fourth quarter of 2012, we recorded a $7 charge to cumulative translation adjustments to correct an overstatement of cash and cash equivalents that arose primarily in the third quarter of 2011. Partially offsetting this adjustment was a $3 credit to income in the fourth quarter of 2012 to correct an overstatement of a deferred compensation accrual that was also primarily related to 2011. These adjustments were not considered material to pre-tax income, net income or other comprehensive income for the current or prior periods to which they relate. | |
Certain prior year amounts have been reclassified to conform to the 2014 presentation. | |
Held for sale | Held for sale — We classify long-lived assets or disposal groups as held for sale in the period: management commits to a plan to sell; the long-lived asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such long-lived assets or disposal groups; an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; the sale is probable within one year; the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets and disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. See Note 2 for additional information regarding our disposal group held for sale. |
Discontinued operations | Discontinued operations — We classify a business component that has been disposed of or classified as held for sale as discontinued operations if the cash flows of the component have been or will be eliminated from our ongoing operations and we will no longer have any significant continuing involvement in or with the component. The results of operations of our discontinued operations, including any gains or losses on disposition, are aggregated and presented on one line in the income statement. See Note 3 for additional information regarding our discontinued operations. |
Estimates | Estimates — Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP), which requires the use of estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. We believe our assumptions and estimates are reasonable and appropriate. However, due to the inherent uncertainties in making estimates, actual results could differ from those estimates. |
Fair value measurements | Fair value measurements — A three-tier fair value hierarchy is used to prioritize the inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows: Level 1 inputs (highest priority) include unadjusted quoted prices in active markets for identical instruments. Level 2 inputs include quoted prices for similar instruments that are observable either directly or indirectly. Level 3 inputs (lowest priority) include unobservable inputs in which there is little or no market data, which require management to develop its own assumptions. Classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. |
The inputs we use in our valuation techniques include market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs. When available, we use quoted market prices to determine the fair value (market approach). In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, we consider the amount and timing of estimated future cash flows and assumed discount rates reflecting varying degrees of credit risk that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date (income approach). Fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future. | |
Cash and cash equivalents | Cash and cash equivalents — Cash and cash equivalents includes cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have maturities of three months or less when purchased. |
Marketable securities | Marketable securities — Our investments in marketable securities reported in the accompanying balance sheet are classified as available for sale and carried at fair value. Unrealized gains and losses are recorded in accumulated other comprehensive income (loss) (AOCI) until realized. Realized gains and losses are recorded using the specific identification method. |
Inventories | Inventories — Inventories are valued at the lower of cost or market. Cost is determined using the average or first-in, first-out (FIFO) cost method. |
Property, plant and equipment | Property, plant and equipment — As a result of our adoption of fresh start accounting on February 1, 2008, property, plant and equipment was stated at fair value with useful lives ranging from two to thirty years. Useful lives of newly acquired assets are generally twenty to thirty years for buildings and building improvements, five to ten years for machinery and equipment, three to five years for tooling and office equipment and three to ten years for furniture and fixtures. Depreciation is recognized over the estimated useful lives using primarily the straight-line method for financial reporting purposes and accelerated depreciation methods for federal income tax purposes. If assets are impaired, their value is reduced via an increase in accumulated depreciation. |
Pre-production costs related to long-term supply arrangements | Pre-production costs related to long-term supply arrangements — The costs of tooling used to make products sold under long-term supply arrangements are capitalized as part of property, plant and equipment and amortized over their useful lives if we own the tooling or if we fund the purchase but our customer owns the tooling and grants us the irrevocable right to use the tooling over the contract period. If we have a contractual right to bill our customers, costs incurred in connection with the design and development of tooling are carried as a component of other accounts receivable until invoiced. Design and development costs related to customer products are deferred if we have an agreement to collect such costs from the customer; otherwise, they are expensed when incurred. At December 31, 2014, the machinery and equipment component of property, plant and equipment includes $2 of our tooling related to long-term supply arrangements, while trade and other accounts receivable includes $29 of costs related to tooling that we have a contractual right to collect from our customers. |
Goodwill | Goodwill — We test goodwill for impairment annually as of October 31 and more frequently if events occur or circumstances change that would warrant an interim review. Goodwill impairment testing is performed at the reporting unit level, which is our operating segment. We estimate the fair value of the reporting unit in the first step using various valuation methodologies, including projected future cash flows and multiples of current earnings. If the estimated fair value of the reporting unit exceeds its carrying value, the goodwill is considered not impaired. If the carrying value of the reporting unit exceeds its estimated fair value, then the second step of the test would be required to determine the implied fair value of the goodwill and any resulting impairment. Our goodwill is assigned to our Off-Highway segment. The estimated fair value of our Off-Highway reporting unit was significantly greater than its carrying value at October 31, 2014. No impairment of goodwill occurred during the three years ended December 31, 2014. |
Intangible assets | Intangible assets — Intangible assets include the value of core technology, trademarks and trade names, customer relationships and intangible assets used in research and development activities. Core technology and customer relationships have definite lives while intangible assets used in research and development activities and substantially all of our trademarks and trade names have indefinite lives. Definite-lived intangible assets are amortized over their useful life using the straight-line method of amortization and are periodically reviewed for impairment indicators. Amortization of core technology is charged to cost of sales. Amortization of trademarks and trade names and customer relationships is charged to amortization of intangibles. Intangible assets used in research and development activities have an indefinite life until completion of the associated research and development efforts. Upon completion of development, the assets are amortized over their useful life; if the project is abandoned, the assets are written off immediately. Indefinite-lived intangible assets are reviewed for impairment annually and more frequently if impairment indicators exist. See Note 4 for more information about intangible assets. |
Tangible asset impairments | Tangible asset impairments — We review the carrying value of amortizable long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the undiscounted future net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Assets to be disposed of are reported at the lower of their carrying amount or fair value less costs to sell and are no longer depreciated. |
Other long-lived assets and liabilities | Other long-lived assets and liabilities — We discount our workers’ compensation and asbestos liabilities and the related amounts recoverable from insurers by applying blended risk-free rates that are appropriate for the duration of the projected cash flows. The use of risk-free rates is considered appropriate given that other risks affecting the volume and timing of payments have been considered in developing the probability-weighted projected cash flows. The blended risk-free rates are revised annually to consider incremental cash flow projections. |
Financial instruments | Financial instruments — The carrying values of cash and cash equivalents, trade receivables and short-term borrowings approximate fair value. Notes receivable are carried at fair value, which considers the contractual call or selling price, if applicable. Borrowings under our credit facilities are carried at historical cost and adjusted for principal payments and foreign currency fluctuations. |
Derivatives | Derivatives — Foreign currency forward contracts and currency swaps are carried at fair value. We enter into these contracts to manage our exposure to the impact of currency fluctuations on certain foreign currency-denominated assets and liabilities and on a portion of our forecasted purchase and sale transactions. |
Changes in the fair value of contracts treated as cash flow hedges are deferred and included as a component of other comprehensive income (loss) (OCI) to the extent the contracts remain effective and the associated forecasted transactions remain probable. Effectiveness is measured by using regression analysis to determine the degree of correlation between the change in the fair value of the derivative instrument and the change in the associated foreign currency exchange rates. Deferred gains and losses are reclassified to earnings in the same periods in which the underlying transactions affect earnings. Changes in the fair value of contracts not treated as cash flow hedges are recognized in earnings as those changes occur. Changes in the fair value of contracts associated with product-related transactions are recorded in cost of sales while those associated with non-product transactions are recorded in other income, net and are generally offset by currency-driven gains or losses on the underlying transactions. We may also use interest rate swaps to manage exposure to fluctuations in interest rates and to adjust the mix of our fixed and floating rate debt. We do not use derivatives for trading or speculative purposes and we do not hedge all of our exposures. | |
Environmental compliance and remediation | Environmental compliance and remediation — Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to existing conditions caused by past operations that do not contribute to our current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. We consider the most probable method of remediation, current laws and regulations and existing technology in determining our environmental liabilities. |
Pension and other postretirement defined benefits | Pension and other postretirement defined benefits — Net pension and postretirement benefits expenses and the related liabilities are determined on an actuarial basis. These plan expenses and obligations are dependent on management’s assumptions developed in consultation with our actuaries. We review these actuarial assumptions at least annually and make modifications when appropriate. With the input of independent actuaries and other relevant sources, we believe that the assumptions used are reasonable; however, changes in these assumptions, or experience different from that assumed, could impact our financial position, results of operations or cash flows. |
Postemployment benefits | Postemployment benefits — Costs to provide postemployment benefits to employees are accounted for on an accrual basis. Obligations that do not accumulate or vest are recorded when payment is probable and the amount can be reasonably estimated. For those obligations that accumulate or vest and the amount can be reasonably estimated, expense and the related liability are recorded as service is rendered. |
Equity-based compensation | Equity-based compensation — We measure compensation cost arising from the grant of share-based awards to employees at fair value. We recognize such costs in income over the period during which the requisite service is provided, usually the vesting period. The grant date fair value is estimated using valuation techniques that require the input of management estimates and assumptions. We believe that the assumptions used are reasonable; however, due to inherent uncertainties in making estimates, if other assumptions had been used, it could have impacted our financial position and results of operations. |
Revenue recognition | Revenue recognition — Sales are recognized when products are shipped and risk of loss has transferred to the customer. We accrue for warranty costs, sales returns and other allowances based on experience and other relevant factors when sales are recognized. Adjustments are made as new information becomes available. Shipping and handling fees billed to customers are included in sales, while costs of shipping and handling are included in cost of sales. Taxes collected from customers are excluded from revenues and credited directly to obligations to the appropriate governmental agencies. |
Foreign currency translation | Foreign currency translation — The financial statements of subsidiaries and equity affiliates outside the U.S. located in non-highly inflationary economies are measured using the currency of the primary economic environment in which they operate as the functional currency, which typically is the local currency. Transaction gains and losses resulting from translating assets and liabilities of these entities into the functional currency are included in other income, net or in equity in earnings of affiliates. When translating into U.S. dollars, income and expense items are translated at average monthly rates of exchange, while assets and liabilities are translated at the rates of exchange at the balance sheet date. Translation adjustments resulting from translating the functional currency into U.S. dollars are deferred and included as a component of AOCI in stockholders’ equity. For operations whose functional currency is the U.S. dollar, nonmonetary assets are translated into U.S. dollars at historical exchange rates and monetary assets are translated at current exchange rates. |
Venezuela’s economy is considered highly inflationary under GAAP. As such, we remeasure the financial statements of our subsidiaries in Venezuela as if their functional currency was the U.S. dollar. | |
Prior to 2014, the Venezuelan government through its Commission for the Administration of Foreign Exchange (CADIVI) maintained a fixed official exchange rate. The official exchange rate was fixed at 4.3 bolivars per U.S. dollar until February 2013 when the Venezuelan government devalued the bolivar to 6.3 bolivars per U.S. dollar. We recorded a $6 charge in the first quarter of 2013 associated with the devaluation of the official exchange rate. After the devaluation, CADIVI allowed certain obligations existing at the date of the devaluation to be settled at the former 4.3 rate. During the last nine months of 2013, we recognized $5 of gains on claims settled at the former 4.3 rate. In March 2013, the Venezuelan government announced the creation of the Complementary System of Foreign Currency Administration (SICAD), a supplementary currency auction system regulated by the Central Bank of Venezuela for purchases of U.S. dollars by certain eligible importers. During 2013, our subsidiaries in Venezuela were not eligible to utilize SICAD and therefore we continued to use the official exchange rate to remeasure the financial statements of our subsidiaries in Venezuela. | |
In the first quarter of 2014, the Venezuelan government transferred the administration of the official exchange rate to the National Center of Foreign Commerce (CENCOEX) and indicated that the official exchange rate of 6.3 would be increasingly reserved only for the settlement of U.S. dollar-denominated obligations related to purchases of “essential goods and services.” In addition, the Venezuelan government expanded the entities and transactions that would be eligible to use SICAD. Transactions eligible for SICAD currently include foreign investments and payments of royalties. Also during the first quarter of 2014, the Venezuelan government announced the creation of SICAD 2, a market-based exchange mechanism regulated by the Central Bank of Venezuela. SICAD 2 may be used by all companies incorporated or domiciled in Venezuela who want to obtain U.S. dollars for any purpose. | |
With the expansion of SICAD and the formation of SICAD 2 there is uncertainty surrounding transactions that CENCOEX will allow to be transacted at the official exchange rate. In consultation with legal counsel we have determined that the SICAD rate, which we believe would apply to dividend remittances, is the appropriate rate to remeasure the bolivar- denominated net monetary assets of our subsidiaries in Venezuela. Effective March 31, 2014, we ceased using the official exchange rate of 6.3 and began using the SICAD rate, which was 10.7 bolivars per U.S. dollar (as published by the Central Bank of Venezuela) at March 31, 2014, to remeasure the financial statements of our subsidiaries in Venezuela. | |
Income taxes | Income taxes — In the ordinary course of business there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax assets or liabilities for all years subject to examination based upon management’s evaluation of the facts and circumstances and information available at the reporting dates. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater-than-50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, the related interest cost has also been recognized as a component of the income tax provision. |
Research and development | Research and development — Research and development costs include expenditures for research activities relating to product development and improvement. Salaries, fringes and occupancy costs, including building, utility and overhead costs, comprise the vast majority of these expenses and are expensed as incurred. Research and development expenses were $72, $64 and $57 in 2014, 2013 and 2012. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements |
In July 2013, the Financial Accounting Standards Board (FASB) issued guidance to clarify financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. Generally, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction of a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward. An exception exists to the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. If the exception applies, the unrecognized tax benefit must be presented in the financial statements as a liability and not combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and must be made presuming disallowance of the tax position at the reporting date. This guidance became effective January 1, 2014 and is consistent with our past practice, so adoption did not impact our financial condition or results of operations. | |
In March 2013, the FASB issued guidance to clarify existing requirements for the release – the recognition of an amount in the income statement – of the cumulative translation adjustment. The guidance applies to the release of cumulative translation adjustment when an entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity. It also applies to the release of the cumulative translation adjustment when there is a loss of a controlling financial interest in a foreign entity or a step acquisition involving an equity method investment that is a foreign entity. The accounting for the financial interest within a foreign entity is the same regardless of the form of the transaction. This guidance, which became effective January 1, 2014, did not impact our financial condition or results of operations in 2014 but could affect our accounting for future transactions. | |
Recently issued accounting pronouncements | Recently issued accounting pronouncements |
In June 2014, the FASB issued guidance to provide clarity on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of a share-based payment award. Generally, an award with a performance target also requires an employee to render service until the performance target is achieved. In some cases, however, the terms of an award may provide that the performance target could be achieved after an employee completes the requisite service period. The amendment requires that a performance target that affects vesting and extends beyond the end of the service period be treated as a performance condition and not as a factor in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The guidance becomes effective January 1, 2016. | |
In May 2014, the FASB issued guidance that requires companies to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in amounts that reflect the consideration a company expects to be entitled to in exchange for those goods or services. The new guidance will also require new disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This guidance will be effective January 1, 2017 and early adoption is not permitted. The guidance allows for either a full retrospective or a modified retrospective transition method. We are currently evaluating the impact this guidance will have on our consolidated results of operations, financial position and cash flows. | |
In April 2014, the FASB issued guidance that revises the definition of a discontinued operation. The revised definition limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on operations and financial results. The guidance also requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance will apply to covered transactions that occur after 2014 and was optional for the initial reporting of disposals completed or approved in 2014. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Results of Discontinued Operation | The results of the discontinued operations were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Sales | $ | — | $ | — | $ | 34 | ||||||
Cost of sales | 31 | |||||||||||
Restructuring charges, net | 1 | 3 | ||||||||||
Other expense | (19 | ) | (1 | ) | ||||||||
Pre-tax loss | (19 | ) | (1 | ) | (1 | ) | ||||||
Income tax benefit | (4 | ) | (1 | ) | ||||||||
Loss from discontinued operations | $ | (15 | ) | $ | (1 | ) | $ | — | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Components of Other Intangible Assets | Components of other intangible assets — | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Average | Carrying | Impairment and | Carrying | Carrying | Impairment and | Carrying | ||||||||||||||||||||
Useful Life | Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||||
(years) | ||||||||||||||||||||||||||
Amortizable intangible assets | ||||||||||||||||||||||||||
Core technology | 7 | $ | 90 | $ | (85 | ) | $ | 5 | $ | 94 | $ | (83 | ) | $ | 11 | |||||||||||
Trademarks and trade names | 16 | 3 | (1 | ) | 2 | 4 | (1 | ) | 3 | |||||||||||||||||
Customer relationships | 8 | 493 | (416 | ) | 77 | 527 | (399 | ) | 128 | |||||||||||||||||
Non-amortizable intangible assets | ||||||||||||||||||||||||||
Trademarks and trade names | 65 | 65 | 65 | 65 | ||||||||||||||||||||||
Used in research and development activities | 20 | 20 | 20 | 20 | ||||||||||||||||||||||
$ | 671 | $ | (502 | ) | $ | 169 | $ | 710 | $ | (483 | ) | $ | 227 | |||||||||||||
Amortization Expense Related to Amortizable Intangible Assets | Amortization expense related to amortizable intangible assets — | |||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
Charged to cost of sales | $ | 7 | $ | 13 | $ | 13 | ||||||||||||||||||||
Charged to amortization of intangibles | 42 | 74 | 74 | |||||||||||||||||||||||
Total amortization | $ | 49 | $ | 87 | $ | 87 | ||||||||||||||||||||
Estimated Aggregate Pre-tax Amortization Expense Related to Intangible Assets | The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five years based on December 31, 2014 exchange rates. Actual amounts may differ from these estimates due to such factors as currency translation, customer turnover, impairments, additional intangible asset acquisitions and other events. | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||
Amortization expense | $ | 19 | $ | 17 | $ | 15 | $ | 12 | $ | 10 | ||||||||||||||||
Restructuring_of_Operations_Ta
Restructuring of Operations (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring Charges and Related Payments and Adjustments | Accrued restructuring costs activity, including noncurrent portion — | |||||||||||||||
Employee | Exit | Total | ||||||||||||||
Termination | Costs | |||||||||||||||
Benefits | ||||||||||||||||
Balance at December 31, 2011 | $ | 30 | $ | 3 | $ | 33 | ||||||||||
Charges to restructuring | 31 | 20 | 51 | |||||||||||||
Adjustments of accruals | (4 | ) | (4 | ) | ||||||||||||
Discontinued operations charges | 3 | 3 | ||||||||||||||
Non-cash write-off | (2 | ) | (2 | ) | ||||||||||||
Cash payments | (30 | ) | (11 | ) | (41 | ) | ||||||||||
Balance at December 31, 2012 | 27 | 13 | 40 | |||||||||||||
Charges to restructuring | 23 | 11 | 34 | |||||||||||||
Adjustments of accruals | (9 | ) | (1 | ) | (10 | ) | ||||||||||
Discontinued operations charges | 1 | 1 | ||||||||||||||
Cash payments | (27 | ) | (13 | ) | (40 | ) | ||||||||||
Balance at December 31, 2013 | 14 | 11 | 25 | |||||||||||||
Charges to restructuring | 17 | 6 | 23 | |||||||||||||
Adjustments of accruals | (2 | ) | (2 | ) | ||||||||||||
Cash payments | (18 | ) | (8 | ) | (26 | ) | ||||||||||
Currency impact | 1 | 1 | ||||||||||||||
Balance at December 31, 2014 | $ | 12 | $ | 9 | $ | 21 | ||||||||||
Project-to-Date and Estimated Future Restructuring Costs | Cost to complete — The following table provides project-to-date and estimated future expenses for completion of our pending restructuring initiatives for our business segments. | |||||||||||||||
Expense Recognized | Future | |||||||||||||||
Cost to | ||||||||||||||||
Prior to | 2014 | Total | Complete | |||||||||||||
2014 | to Date | |||||||||||||||
Light Vehicle | $ | 8 | $ | 2 | $ | 10 | $ | 2 | ||||||||
Commercial Vehicle | 28 | 19 | 47 | 11 | ||||||||||||
Off-Highway | 8 | (1 | ) | 7 | ||||||||||||
Power Technologies | 2 | 1 | 3 | |||||||||||||
Discontinued operations | 2 | 2 | ||||||||||||||
Total | $ | 48 | $ | 21 | $ | 69 | $ | 13 | ||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory Components | Inventory components at December 31 — | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 304 | $ | 337 | ||||
Work in process and finished goods | 398 | 381 | ||||||
Inventory reserves | (48 | ) | (48 | ) | ||||
Total | $ | 654 | $ | 670 | ||||
Supplemental_Balance_Sheet_and1
Supplemental Balance Sheet and Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Text Block [Abstract] | ||||||||||||
Supplemental Balance Sheet Information | Supplemental balance sheet information at December 31 — | |||||||||||
2014 | 2013 | |||||||||||
Other current assets: | ||||||||||||
Prepaid expenses | $ | 45 | $ | 43 | ||||||||
Deferred tax assets | 50 | 59 | ||||||||||
Other | 16 | 11 | ||||||||||
Total | $ | 111 | $ | 113 | ||||||||
Other noncurrent assets: | ||||||||||||
Amounts recoverable from insurers | $ | 44 | $ | 47 | ||||||||
Deferred tax assets | 217 | 73 | ||||||||||
Deferred financing costs | 30 | 34 | ||||||||||
Pension assets, net of related obligations | 3 | 8 | ||||||||||
Prepaid expenses | 11 | 10 | ||||||||||
Other | 32 | 24 | ||||||||||
Total | $ | 337 | $ | 196 | ||||||||
Property, plant and equipment, net: | ||||||||||||
Land and improvements to land | $ | 207 | $ | 233 | ||||||||
Buildings and building fixtures | 420 | 449 | ||||||||||
Machinery and equipment | 1,700 | 1,640 | ||||||||||
Total cost | 2,327 | 2,322 | ||||||||||
Less: accumulated depreciation | (1,151 | ) | (1,097 | ) | ||||||||
Net | $ | 1,176 | $ | 1,225 | ||||||||
2014 | 2013 | |||||||||||
Other accrued liabilities (current): | ||||||||||||
Non-income taxes payable | $ | 30 | $ | 31 | ||||||||
Warranty reserves | 24 | 31 | ||||||||||
Work place injury costs | 8 | 8 | ||||||||||
Asbestos claims obligations | 13 | 13 | ||||||||||
Dividends payable | 4 | |||||||||||
Deferred income | 9 | 10 | ||||||||||
Accrued interest | 25 | 40 | ||||||||||
Environmental | 3 | 5 | ||||||||||
Payable under forward contracts | 20 | 2 | ||||||||||
Other expense accruals | 53 | 53 | ||||||||||
Total | $ | 185 | $ | 197 | ||||||||
Other noncurrent liabilities: | ||||||||||||
Deferred income tax liability | $ | 33 | $ | 100 | ||||||||
Asbestos claims obligations | 68 | 75 | ||||||||||
Income tax liability | 75 | 64 | ||||||||||
Warranty reserves | 23 | 23 | ||||||||||
Work place injury costs | 31 | 32 | ||||||||||
Restructuring costs | 12 | 11 | ||||||||||
Other noncurrent liabilities | 37 | 46 | ||||||||||
Total | $ | 279 | $ | 351 | ||||||||
Supplemental Cash Flow Information | Supplemental cash flow information — | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Change in working capital: | ||||||||||||
Change in accounts receivable | $ | (32 | ) | $ | 12 | $ | 146 | |||||
Change in inventories | (56 | ) | 50 | 38 | ||||||||
Change in accounts payable | 66 | 60 | (173 | ) | ||||||||
Change in accrued payroll and employee benefits | 13 | 7 | 8 | |||||||||
Change in accrued income taxes | (2 | ) | (11 | ) | 23 | |||||||
Change in other current assets and liabilities | (28 | ) | (14 | ) | (21 | ) | ||||||
Net | $ | (39 | ) | $ | 104 | $ | 21 | |||||
Cash paid during the period for: | ||||||||||||
Interest | $ | 122 | $ | 72 | $ | 71 | ||||||
Income taxes | $ | 116 | $ | 136 | $ | 98 | ||||||
Non-cash financing activities: | ||||||||||||
Stock compensation plans | $ | 13 | $ | 13 | $ | 15 | ||||||
Conversion of preferred stock into common stock | $ | 372 | $ | 139 | $ | — | ||||||
Conversion of preferred dividends into common stock | $ | 3 | $ | 1 | $ | — | ||||||
Dividends on preferred stock accrued not paid | $ | — | $ | 4 | $ | 8 | ||||||
Per share preferred dividends not paid | $ | — | $ | 1 | $ | 1 | ||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||
Changes in each Component of AOCI | Changes in each component of AOCI of the parent — | |||||||||||||||||||
Parent Company Stockholders | ||||||||||||||||||||
Foreign | Hedging | Investments | Defined | Accumulated | ||||||||||||||||
Currency | Benefit | Other | ||||||||||||||||||
Translation | Plans | Comprehensive | ||||||||||||||||||
Income | ||||||||||||||||||||
(Loss) | ||||||||||||||||||||
Balance, December 31, 2011 | $ | (192 | ) | $ | (10 | ) | $ | 10 | $ | (458 | ) | $ | (650 | ) | ||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Currency translation adjustments | (6 | ) | (6 | ) | ||||||||||||||||
Holding gains | 9 | 1 | 10 | |||||||||||||||||
Reclassification of amount to net income (a) | 7 | 7 | ||||||||||||||||||
Plan amendments | (6 | ) | (6 | ) | ||||||||||||||||
Net actuarial losses | (174 | ) | (174 | ) | ||||||||||||||||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | 14 | 14 | ||||||||||||||||||
Tax (expense) benefit | (3 | ) | 1 | 14 | 12 | |||||||||||||||
Other comprehensive loss | (6 | ) | 13 | 2 | (152 | ) | (143 | ) | ||||||||||||
Balance, December 31, 2012 | (198 | ) | 3 | 12 | (610 | ) | (793 | ) | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Currency translation adjustments | (40 | ) | (40 | ) | ||||||||||||||||
Holding gains (losses) | 4 | (1 | ) | 3 | ||||||||||||||||
Reclassification of amount to net income (a) | (8 | ) | (8 | ) | (16 | ) | ||||||||||||||
Venezuelan bolivar devaluation | 2 | 2 | ||||||||||||||||||
Net actuarial gains | 101 | 101 | ||||||||||||||||||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | 24 | 24 | ||||||||||||||||||
Tax expense | (5 | ) | (5 | ) | ||||||||||||||||
Other comprehensive income (loss) | (40 | ) | (4 | ) | (9 | ) | 122 | 69 | ||||||||||||
Adjustment for purchase of noncontrolling interests | (4 | ) | 1 | (3 | ) | |||||||||||||||
Balance, December 31, 2013 | (242 | ) | — | 3 | (488 | ) | (727 | ) | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Currency translation adjustments | (185 | ) | (185 | ) | ||||||||||||||||
Holding gains (losses) | (12 | ) | 3 | (9 | ) | |||||||||||||||
Reclassification of amount to net income (a) | 2 | (1 | ) | 1 | ||||||||||||||||
Venezuelan bolivar devaluation | 4 | 4 | ||||||||||||||||||
Net actuarial losses | (156 | ) | (156 | ) | ||||||||||||||||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | 60 | 60 | ||||||||||||||||||
Other | 3 | 3 | ||||||||||||||||||
Tax benefit | 1 | 11 | 12 | |||||||||||||||||
Other comprehensive income (loss) | (185 | ) | (9 | ) | 2 | (78 | ) | (270 | ) | |||||||||||
Balance, December 31, 2014 | $ | (427 | ) | $ | (9 | ) | $ | 5 | $ | (566 | ) | $ | (997 | ) | ||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Reconciliation of Numerators and Denominators of Earnings Per Share Calculations | Reconciliation of the numerators and denominators of the earnings per share calculations — | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Income from continuing operations | $ | 343 | $ | 261 | $ | 315 | ||||||
Less: Noncontrolling interests | 9 | 16 | 15 | |||||||||
Less: Preferred stock dividend requirements | 7 | 25 | 31 | |||||||||
Less: Preferred stock redemption premium | 232 | |||||||||||
Income (loss) from continuing operations available to common stockholders - Numerator basic | 327 | (12 | ) | 269 | ||||||||
Preferred stock dividend requirements | 7 | 31 | ||||||||||
Numerator diluted | $ | 334 | $ | (12 | ) | $ | 300 | |||||
Net income (loss) available to common stockholders - Numerator basic | $ | 312 | $ | (13 | ) | $ | 269 | |||||
Preferred stock dividend requirements | 7 | 31 | ||||||||||
Numerator diluted | $ | 319 | $ | (13 | ) | $ | 300 | |||||
Weighted-average number of shares outstanding - Denominator basic | 158 | 146.4 | 148 | |||||||||
Employee compensation-related shares, including stock options | 1.2 | 2 | ||||||||||
Conversion of preferred stock | 14.3 | 64.7 | ||||||||||
Denominator diluted | 173.5 | 146.4 | 214.7 | |||||||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||
Award Activity | Award activity — (shares in millions) | ||||||||||||||||||||||||||||
Options | SARs | RSUs | PSUs | ||||||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | Weighted- | ||||||||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||||||||
Grant-Date | Grant-Date | ||||||||||||||||||||||||||||
Outstanding at | Shares | Exercise Price | Shares | Exercise Price | Shares | Fair | Shares | Fair | |||||||||||||||||||||
Value | Value | ||||||||||||||||||||||||||||
December 31, 2013 | 2.6 | $ | 13.85 | 0.5 | $ | 15.46 | 1.3 | $ | 16.29 | — | $ | — | |||||||||||||||||
Granted | 0.7 | 21.2 | 0.3 | 24.36 | |||||||||||||||||||||||||
Exercised or vested | (0.6 | ) | 11.48 | (0.1 | ) | 16.49 | (0.4 | ) | 16.99 | ||||||||||||||||||||
Forfeited or expired | (0.1 | ) | 15.89 | (0.1 | ) | 14.91 | |||||||||||||||||||||||
December 31, 2014 | 1.9 | $ | 14.46 | 0.4 | $ | 15.18 | 1.5 | $ | 18.18 | 0.3 | $ | 24.36 | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Weighted-average per share grant-date fair value | |||||||||||||||||||||||||||||
Stock options | N/A | $ | 7.46 | $ | 7.88 | ||||||||||||||||||||||||
SARs | N/A | 7.45 | 7.84 | ||||||||||||||||||||||||||
Intrinsic value of awards exercised or vested | |||||||||||||||||||||||||||||
Stock options / SARs | $ | 7 | $ | 14 | $ | 18 | |||||||||||||||||||||||
RSUs / PSUs | 8 | 5 | 11 | ||||||||||||||||||||||||||
Key Assumptions as Part of Black-Scholes Option Pricing Model | We estimated fair values for options and SARs at the date of grant using the following key assumptions as part of the Black-Scholes option pricing model. The expected term was estimated using the simplified method because the limited period of time our common stock had been publicly traded provided insufficient historical exercise data. The risk-free rate was based on U.S. Treasury security yields at the time of grant. The dividend yield was calculated by dividing the expected annual dividend by the average stock price of our common stock over the prior year. The expected volatility was estimated using a combination of the historical volatility of similar entities and the implied volatility of our exchange-traded options. | ||||||||||||||||||||||||||||
Options | SARs | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Expected term (in years) | 6 | 6 | 6 | 6 | |||||||||||||||||||||||||
Risk-free interest rate | 1.07 | % | 1.24 | % | 1.07 | % | 1.24 | % | |||||||||||||||||||||
Dividend yield | 1.41 | % | 1.33 | % | 1.41 | % | 1.33 | % | |||||||||||||||||||||
Expected volatility | 55.8 | % | 59.9 | % | 55.8 | % | 59.9 | % | |||||||||||||||||||||
Outstanding Awards Expected to Vest and Exercisable | Outstanding awards expected to vest and exercisable or convertible at December 31, 2014 — (shares in millions) | ||||||||||||||||||||||||||||
Equity Awards Outstanding | Equity Awards Outstanding | ||||||||||||||||||||||||||||
Expected to Vest | That are Exercisable or Convertible | ||||||||||||||||||||||||||||
Weighted-Average | Weighted-Average | ||||||||||||||||||||||||||||
Shares | Aggregate | Exercise | Remaining | Shares | Aggregate | Exercise | Remaining | ||||||||||||||||||||||
Intrinsic | Price | Contractual | Intrinsic | Price | Contractual | ||||||||||||||||||||||||
Value | Life in Years | Value | Life in Years | ||||||||||||||||||||||||||
Options / SARs | 2.3 | $ | 16 | $ | 14.56 | 6.9 | 1.4 | $ | 12 | $ | 13.64 | 6.3 | |||||||||||||||||
RSUs / PSUs | 1.8 | 39 | — | 1.3 | 0.1 | 1 | — | 0.2 | |||||||||||||||||||||
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Components of Net Periodic Benefit Costs and Other Amounts Recognized in OCI | Components of net periodic benefit costs and other amounts recognized in OCI — | |||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||
Interest cost | $ | 80 | $ | 11 | $ | 74 | $ | 11 | $ | 85 | $ | 12 | ||||||||||||||||
Expected return on plan assets | (111 | ) | (1 | ) | (117 | ) | (1 | ) | (111 | ) | (1 | ) | ||||||||||||||||
Service cost | 6 | 6 | 5 | |||||||||||||||||||||||||
Amortization of net actuarial loss | 16 | 3 | 20 | 4 | 14 | |||||||||||||||||||||||
Settlement loss | 36 | 6 | ||||||||||||||||||||||||||
Other | (5 | ) | (1 | ) | ||||||||||||||||||||||||
Net periodic benefit cost (credit) | 16 | 24 | (23 | ) | 20 | (12 | ) | 16 | ||||||||||||||||||||
Recognized in OCI: | ||||||||||||||||||||||||||||
Amount due to net actuarial (gains) losses | 93 | 53 | (88 | ) | (1 | ) | 131 | 51 | ||||||||||||||||||||
Prior service cost from plan amendments | 6 | |||||||||||||||||||||||||||
Reclassification adjustment for net actuarial losses in net periodic benefit cost | (52 | ) | (9 | ) | (20 | ) | (4 | ) | (14 | ) | ||||||||||||||||||
Venezuelan bolivar devaluation | (4 | ) | (2 | ) | ||||||||||||||||||||||||
Other | (2 | ) | (1 | ) | ||||||||||||||||||||||||
Total recognized in OCI | 39 | 39 | (108 | ) | (7 | ) | 117 | 57 | ||||||||||||||||||||
Net recognized in benefit cost and OCI | $ | 55 | $ | 63 | $ | (131 | ) | $ | 13 | $ | 105 | $ | 73 | |||||||||||||||
OPEB - Non-U.S. | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Interest cost | $ | 5 | $ | 5 | $ | 5 | ||||||||||||||||||||||
Service cost | 1 | 1 | 1 | |||||||||||||||||||||||||
Amortization of net actuarial gain | (1 | ) | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 5 | $ | 6 | $ | 6 | ||||||||||||||||||||||
Recognized in OCI: | ||||||||||||||||||||||||||||
Amount due to net actuarial (gains) losses | 10 | (12 | ) | (8 | ) | |||||||||||||||||||||||
Reclassification adjustment for amortization of net actuarial gain | 1 | |||||||||||||||||||||||||||
Total recognized in OCI | 11 | (12 | ) | (8 | ) | |||||||||||||||||||||||
Net recognized in benefit cost and OCI | $ | 16 | $ | (6 | ) | $ | (2 | ) | ||||||||||||||||||||
Reconciliation of Changes in Benefit Obligations, Plan Assets and Funded Status | Funded status — The following tables provide reconciliations of the changes in benefit obligations, plan assets and funded status. | |||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||
2014 | 2013 | OPEB - Non-U.S. | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2014 | 2013 | |||||||||||||||||||||||
Reconciliation of benefit obligation: | ||||||||||||||||||||||||||||
Obligation at beginning of period | $ | 1,805 | $ | 313 | $ | 2,061 | $ | 309 | $ | 112 | $ | 132 | ||||||||||||||||
Interest cost | 80 | 11 | 74 | 11 | 5 | 5 | ||||||||||||||||||||||
Service cost | 6 | 6 | 1 | 1 | ||||||||||||||||||||||||
Actuarial (gain) loss | 212 | 54 | (200 | ) | (1 | ) | 10 | (12 | ) | |||||||||||||||||||
Benefit payments | (124 | ) | (16 | ) | (130 | ) | (15 | ) | (6 | ) | (6 | ) | ||||||||||||||||
New plans | 16 | |||||||||||||||||||||||||||
Settlements | (133 | ) | (7 | ) | (2 | ) | ||||||||||||||||||||||
Other | (17 | ) | (11 | ) | ||||||||||||||||||||||||
Translation adjustments | (41 | ) | 5 | (12 | ) | (8 | ) | |||||||||||||||||||||
Obligation at end of period | $ | 1,823 | $ | 325 | $ | 1,805 | $ | 313 | $ | 110 | $ | 112 | ||||||||||||||||
The amounts included on the Other line of the preceding table represent the error correction discussed in Note 1 to these consolidated financial statements and the reclassification of the amount related to our operations in Venezuela to noncurrent liabilities of disposal group held for sale as discussed in Note 2. | ||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||
2014 | 2013 | OPEB - Non-U.S. | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2014 | 2013 | |||||||||||||||||||||||
Reconciliation of fair value of plan assets: | ||||||||||||||||||||||||||||
Fair value at beginning of period | $ | 1,649 | $ | 42 | $ | 1,734 | $ | 42 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 230 | 2 | 5 | 1 | ||||||||||||||||||||||||
Employer contributions | 16 | 40 | 17 | 6 | 6 | |||||||||||||||||||||||
Benefit payments | (124 | ) | (16 | ) | (130 | ) | (15 | ) | (6 | ) | (6 | ) | ||||||||||||||||
Settlements | (133 | ) | (7 | ) | (2 | ) | ||||||||||||||||||||||
New plans | 18 | |||||||||||||||||||||||||||
Asset reversion | (6 | ) | ||||||||||||||||||||||||||
Translation adjustments | (5 | ) | (1 | ) | ||||||||||||||||||||||||
Fair value at end of period | $ | 1,622 | $ | 44 | $ | 1,649 | $ | 42 | $ | — | $ | — | ||||||||||||||||
Funded status at end of period | $ | (201 | ) | $ | (281 | ) | $ | (156 | ) | $ | (271 | ) | $ | (110 | ) | $ | (112 | ) | ||||||||||
Amounts Recognized in Balance Sheet | Amounts recognized in the balance sheet — | |||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||
2014 | 2013 | OPEB - Non-U.S. | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2014 | 2013 | |||||||||||||||||||||||
Amounts recognized in the consolidated balance sheet: | ||||||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 3 | $ | 1 | $ | 7 | $ | — | $ | — | ||||||||||||||||
Current liabilities | (10 | ) | (11 | ) | (5 | ) | (6 | ) | ||||||||||||||||||||
Noncurrent liabilities | (201 | ) | (274 | ) | (157 | ) | (267 | ) | (105 | ) | (106 | ) | ||||||||||||||||
Net amount recognized | $ | (201 | ) | $ | (281 | ) | $ | (156 | ) | $ | (271 | ) | $ | (110 | ) | $ | (112 | ) | ||||||||||
Amounts recognized in AOCI — | ||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||
2014 | 2013 | OPEB - Non-U.S. | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | 2014 | 2013 | |||||||||||||||||||||||
Amounts recognized in AOCI: | ||||||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 491 | $ | 103 | $ | 452 | $ | 58 | $ | (9 | ) | $ | (20 | ) | ||||||||||||||
Prior service cost | 3 | 10 | ||||||||||||||||||||||||||
Gross amount recognized | 491 | 106 | 452 | 68 | (9 | ) | (20 | ) | ||||||||||||||||||||
Deferred tax benefits | (25 | ) | (16 | ) | 3 | 5 | ||||||||||||||||||||||
Noncontrolling and equity interests | (1 | ) | ||||||||||||||||||||||||||
Net amount recognized | $ | 491 | $ | 81 | $ | 452 | $ | 51 | $ | (6 | ) | $ | (15 | ) | ||||||||||||||
Aggregate Funding Levels of Defined Benefit Pension Plans | Aggregate funding levels — The following table presents information regarding the aggregate funding levels of our defined benefit pension plans at December 31: | |||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||
Plans with fair value of plan assets in excess of obligations: | ||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | — | $ | 14 | $ | 15 | $ | 14 | ||||||||||||||||||||
Projected benefit obligation | 14 | 15 | 15 | |||||||||||||||||||||||||
Fair value of plan assets | 16 | 16 | 22 | |||||||||||||||||||||||||
Plans with obligations in excess of fair value of plan assets: | ||||||||||||||||||||||||||||
Accumulated benefit obligation | 1,823 | 283 | 1,790 | 266 | ||||||||||||||||||||||||
Projected benefit obligation | 1,823 | 311 | 1,790 | 298 | ||||||||||||||||||||||||
Fair value of plan assets | 1,622 | 28 | 1,633 | 20 | ||||||||||||||||||||||||
Fair Value of Pension Plan Assets | Fair value of pension plan assets — | |||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||
Quoted | Significant | Significant | Quoted | Significant | Significant | |||||||||||||||||||||||
Prices in | Other | Unobserv-able | Prices in | Other | Unobserv-able | |||||||||||||||||||||||
Active | Observable | Inputs | Active | Observable | Inputs | |||||||||||||||||||||||
Markets | Inputs | Markets | Inputs | |||||||||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
U.S. all cap (a) | $ | 76 | $ | 76 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
U.S. large cap | 76 | 76 | ||||||||||||||||||||||||||
U.S. small cap | 22 | 22 | ||||||||||||||||||||||||||
EAFE composite | 139 | 139 | ||||||||||||||||||||||||||
Emerging markets | 78 | 75 | 3 | |||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||
U.S. core bonds (b) | 132 | 132 | ||||||||||||||||||||||||||
Corporate bonds | 500 | 500 | ||||||||||||||||||||||||||
U.S. Treasury strips | 263 | 263 | ||||||||||||||||||||||||||
Non-U.S. government securities | 25 | 25 | ||||||||||||||||||||||||||
Emerging market debt | 69 | 69 | ||||||||||||||||||||||||||
Alternative investments: | ||||||||||||||||||||||||||||
Hedge fund of funds (c) | 87 | 87 | ||||||||||||||||||||||||||
Insurance contracts (d) | 10 | 10 | ||||||||||||||||||||||||||
Real estate | 50 | 50 | ||||||||||||||||||||||||||
Other (e) | (3 | ) | (3 | ) | ||||||||||||||||||||||||
Cash and cash equivalents | 142 | 136 | 6 | |||||||||||||||||||||||||
Total | $ | 1,666 | $ | 388 | $ | 1,097 | $ | 137 | $ | 3 | $ | 31 | $ | 10 | ||||||||||||||
Fair Value Measurements at December 31, 2013 | ||||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||||
Quoted | Significant | Significant | Significant | Significant | ||||||||||||||||||||||||
Prices in | Other | Unobservable | Other | Unobservable | ||||||||||||||||||||||||
Active | Observable | Inputs | Observable | Inputs | ||||||||||||||||||||||||
Markets | Inputs | Inputs | ||||||||||||||||||||||||||
Asset Category | Total | (Level 1) | (Level 2) | (Level 3) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||
U.S. all cap (a) | $ | 90 | $ | 90 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
U.S. large cap | 72 | 72 | ||||||||||||||||||||||||||
EAFE composite | 155 | 155 | ||||||||||||||||||||||||||
Emerging markets | 76 | 76 | ||||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||
U.S. core bonds (b) | 203 | 203 | ||||||||||||||||||||||||||
Corporate bonds | 494 | 494 | ||||||||||||||||||||||||||
U.S. Treasury strips | 207 | 207 | ||||||||||||||||||||||||||
Non-U.S. government securities | 11 | 11 | ||||||||||||||||||||||||||
Emerging market debt | 81 | 81 | ||||||||||||||||||||||||||
Alternative investments: | ||||||||||||||||||||||||||||
Hedge fund of funds (c) | 83 | 83 | ||||||||||||||||||||||||||
Insurance contracts (d) | 11 | 11 | ||||||||||||||||||||||||||
Real estate | 48 | 48 | ||||||||||||||||||||||||||
Other (e) | (28 | ) | (34 | ) | 6 | |||||||||||||||||||||||
Cash and cash equivalents | 188 | 174 | 14 | |||||||||||||||||||||||||
Total | $ | 1,691 | $ | 393 | $ | 1,125 | $ | 131 | $ | 31 | $ | 11 | ||||||||||||||||
________________________________ | ||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||
(a) | This category comprises a combination of small-, mid- and large-cap equity stocks that are allocated at the investment manager's discretion. Investments include common and preferred securities as well as equity funds that invest in these instruments. | |||||||||||||||||||||||||||
(b) | This category represents a combination of investment grade corporate bonds, sovereign bonds, Yankee bonds, asset backed securities and U.S. government bonds. Investments include fixed income funds that invest in these instruments. | |||||||||||||||||||||||||||
(c) | This category includes fund managers that invest in a well-diversified group of hedge funds where strategies include, but are not limited to, event driven, relative value, long/short market neutral, multistrategy and global macro. Investments may be made directly or through pooled funds. | |||||||||||||||||||||||||||
(d) | This category comprises contracts placed with insurance companies where the underlying assets are invested in fixed interest securities. | |||||||||||||||||||||||||||
(e) | Other assets in the U.S. represent interest rate derivatives which had a market value of $(3) at December 31, 2014 and $(34) at December 31, 2013. | |||||||||||||||||||||||||||
Reconciliation of Level 3 Assets | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||||
Reconciliation of Level 3 Assets | Hedge | Real | Insurance | Hedge | Real | Insurance | ||||||||||||||||||||||
fund of | Estate | contract | fund of | Estate | contract | |||||||||||||||||||||||
funds | and | funds | and | |||||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||||||
Fair value at beginning of period | $ | 83 | $ | 48 | $ | 11 | $ | 78 | $ | 46 | $ | 9 | ||||||||||||||||
Unrealized gains (losses) relating to: | ||||||||||||||||||||||||||||
Assets sold during the period | ||||||||||||||||||||||||||||
Assets still held at the reporting date | 4 | 5 | 8 | 4 | 2 | |||||||||||||||||||||||
Purchases, sales and settlements | (3 | ) | (1 | ) | (3 | ) | (2 | ) | ||||||||||||||||||||
Fair value at end of period | $ | 87 | $ | 50 | $ | 10 | $ | 83 | $ | 48 | $ | 11 | ||||||||||||||||
One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects for 2014: | |||||||||||||||||||||||||||
1% Point | 1% Point | |||||||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 1 | $ | (1 | ) | |||||||||||||||||||||||
Effect on OPEB obligations | 14 | (12 | ) | |||||||||||||||||||||||||
Expected Future Benefit Payments | Estimated future benefit payments and contributions — Expected benefit payments by our pension and OPEB plans for each of the next five years and for the period 2020 through 2024 are as follows: | |||||||||||||||||||||||||||
Pension Benefits | OPEB | |||||||||||||||||||||||||||
Year | U.S. | Non-U.S. | Non-U.S. | |||||||||||||||||||||||||
2015 | $ | 132 | $ | 14 | $ | 5 | ||||||||||||||||||||||
2016 | 127 | 15 | 6 | |||||||||||||||||||||||||
2017 | 123 | 16 | 6 | |||||||||||||||||||||||||
2018 | 120 | 16 | 6 | |||||||||||||||||||||||||
2019 | 116 | 16 | 6 | |||||||||||||||||||||||||
2020 to 2024 | 555 | 113 | 30 | |||||||||||||||||||||||||
Total | $ | 1,173 | $ | 190 | $ | 59 | ||||||||||||||||||||||
Multiemployer Pension Plans | ||||||||||||||||||||||||||||
Employer | PPA | Funding Plan Pending/ | Contributions by Dana | Surcharge | ||||||||||||||||||||||||
Identification | Zone Status | Implemented | Imposed | |||||||||||||||||||||||||
Number/ | ||||||||||||||||||||||||||||
Pension | Plan Number | 2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Fund | ||||||||||||||||||||||||||||
SPT | 23-6648508 / 499 | Green | Green | No | $ | 9 | $ | 9 | $ | 10 | No | |||||||||||||||||
Pension Plan [Member] | ||||||||||||||||||||||||||||
Significant Weighted Average Assumptions Used | Significant assumptions — The significant weighted-average assumptions used in the measurement of pension benefit obligations at December 31 of each year and the net periodic benefit cost for each year are as follows: | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
U.S. | Non-U.S. | U.S. | Non-U.S. | U.S. | Non-U.S. | |||||||||||||||||||||||
Pension benefit obligations: | ||||||||||||||||||||||||||||
Discount rate | 3.81 | % | 3.75 | % | 4.63 | % | 4.15 | % | 3.77 | % | 3.93 | % | ||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||||||||||
Discount rate | 4.63 | % | 4.15 | % | 3.77 | % | 3.93 | % | 4.57 | % | 4.98 | % | ||||||||||||||||
Rate of compensation increase | N/A | 3.77 | % | N/A | 3.73 | % | N/A | 3.14 | % | |||||||||||||||||||
Expected return on plan assets | 7 | % | 3.41 | % | 7 | % | 3.35 | % | 7 | % | 3.74 | % | ||||||||||||||||
Other Postretirement Benefit Plan [Member] | ||||||||||||||||||||||||||||
Significant Weighted Average Assumptions Used | The significant weighted-average assumptions used in the measurement of OPEB obligations at December 31 of each year and the net periodic benefit cost for each year are as follows: | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Non-U.S. | Non-U.S. | Non-U.S. | ||||||||||||||||||||||||||
OPEB benefit obligations: | ||||||||||||||||||||||||||||
Discount rate | 3.84 | % | 4.65 | % | 3.9 | % | ||||||||||||||||||||||
Net periodic benefit cost: | ||||||||||||||||||||||||||||
Discount rate | 4.65 | % | 3.9 | % | 4.18 | % | ||||||||||||||||||||||
Initial health care costs trend rate | 5.91 | % | 6.11 | % | 6.4 | % | ||||||||||||||||||||||
Ultimate health care costs trend rate | 5.02 | % | 5.03 | % | 5.02 | % | ||||||||||||||||||||||
Year ultimate reached | 2018 | 2018 | 2018 | |||||||||||||||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Summary of Marketable Securities | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Cost | Unrealized | Fair | Cost | Unrealized | Fair | |||||||||||||||||||
Gains (Losses) | Value | Gains (Losses) | Value | |||||||||||||||||||||
U.S. government securities | $ | 38 | $ | — | $ | 38 | $ | 27 | $ | — | $ | 27 | ||||||||||||
Corporate securities | 36 | 36 | 30 | (1 | ) | 29 | ||||||||||||||||||
Certificates of deposit | 23 | 23 | 21 | 21 | ||||||||||||||||||||
Other | 67 | 5 | 72 | 31 | 2 | 33 | ||||||||||||||||||
Total marketable securities | $ | 164 | $ | 5 | $ | 169 | $ | 109 | $ | 1 | $ | 110 | ||||||||||||
Financing_Agreements_Tables
Financing Agreements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Long-Term Debt | Long-term debt at December 31 — | |||||||||||||||||||||||||||
Interest | 2014 | 2013 | ||||||||||||||||||||||||||
Rate | ||||||||||||||||||||||||||||
Senior Notes due February 15, 2019 | 6.50% | $ | 55 | $ | 400 | |||||||||||||||||||||||
Senior Notes due February 15, 2021 | 6.75% | 350 | 350 | |||||||||||||||||||||||||
Senior Notes due September 15, 2021 | 5.38% | 450 | 450 | |||||||||||||||||||||||||
Senior Notes due September 15, 2023 | 6.00% | 300 | 300 | |||||||||||||||||||||||||
Senior Notes due December 15, 2024 | 5.50% | 425 | ||||||||||||||||||||||||||
Other indebtedness | 79 | 99 | ||||||||||||||||||||||||||
Total | 1,659 | 1,599 | ||||||||||||||||||||||||||
Less: current maturities | 46 | 32 | ||||||||||||||||||||||||||
Total long-term debt | $ | 1,613 | $ | 1,567 | ||||||||||||||||||||||||
Scheduled Principal Payments on Long-Term Debt | Scheduled principal payments on long-term debt as of December 31, 2014 — | |||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Debt maturities | $ | 46 | $ | 42 | $ | 21 | $ | 5 | $ | 17 | $ | 1,528 | $ | 1,659 | ||||||||||||||
Margin Based on Remaining Borrowing Availability | Advances under the Amended Revolving Facility bear interest at a floating rate based on, at our option, the base rate or LIBOR (each as described in the revolving credit agreement) plus a margin based on the undrawn amounts available under the agreement as set forth below: | |||||||||||||||||||||||||||
Margin | ||||||||||||||||||||||||||||
Remaining Borrowing Availability | Base Rate | LIBOR Rate | ||||||||||||||||||||||||||
Greater than $350 | 0.5 | % | 1.5 | % | ||||||||||||||||||||||||
Greater than $150 but less than or equal to $350 | 0.75 | % | 1.75 | % | ||||||||||||||||||||||||
$150 or less | 1 | % | 2 | % | ||||||||||||||||||||||||
Senior Notes Sold In 2014 [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Redemption Prices | We may redeem some or all of the December 2024 Notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on December 15 of the years set forth below: | |||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
December | ||||||||||||||||||||||||||||
Year | 2024 Notes | |||||||||||||||||||||||||||
2019 | 102.75 | % | ||||||||||||||||||||||||||
2020 | 101.833 | % | ||||||||||||||||||||||||||
2021 | 100.917 | % | ||||||||||||||||||||||||||
2022 | 100 | % | ||||||||||||||||||||||||||
2023 | 100 | % | ||||||||||||||||||||||||||
Senior Notes Sold In 2013 [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Redemption Prices | We may redeem some or all of the September 2021 Notes and the September 2023 Notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on September 15 of the years set forth below: | |||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | September | September | ||||||||||||||||||||||||||
2021 Notes | 2023 Notes | |||||||||||||||||||||||||||
2016 | 104.031 | % | ||||||||||||||||||||||||||
2017 | 102.688 | % | ||||||||||||||||||||||||||
2018 | 101.344 | % | 103 | % | ||||||||||||||||||||||||
2019 | 100 | % | 102 | % | ||||||||||||||||||||||||
2020 | 100 | % | 101 | % | ||||||||||||||||||||||||
2021 | 100 | % | ||||||||||||||||||||||||||
2022 | 100 | % | ||||||||||||||||||||||||||
Senior Notes Sold In 2011 [Member] | ||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
Redemption Prices | We may redeem some or all of the February 2019 Notes and the February 2021 Notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on February 15 of the years set forth below: | |||||||||||||||||||||||||||
Redemption Price | ||||||||||||||||||||||||||||
Year | February | February | ||||||||||||||||||||||||||
2019 Notes | 2021 Notes | |||||||||||||||||||||||||||
2015 | 103.25 | % | ||||||||||||||||||||||||||
2016 | 101.625 | % | 103.375 | % | ||||||||||||||||||||||||
2017 | 100 | % | 102.25 | % | ||||||||||||||||||||||||
2018 | 100 | % | 101.125 | % | ||||||||||||||||||||||||
2019 | 100 | % | ||||||||||||||||||||||||||
2020 | 100 | % |
Fair_Value_Measurements_and_De1
Fair Value Measurements and Derivatives (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | Fair value measurements on a recurring basis — Assets and liabilities that are carried in our balance sheet at fair value are as follows: | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted | Significant | Significant | |||||||||||||||
Prices in | Inputs | Inputs | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Markets | |||||||||||||||||
31-Dec-14 | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Marketable securities - current asset | $ | 169 | $ | 72 | $ | 97 | $ | — | |||||||||
Currency forward contracts - current asset | 2 | 2 | |||||||||||||||
Currency forward contracts - current liability | 11 | 11 | |||||||||||||||
Currency swaps - current asset | — | — | |||||||||||||||
Currency swaps - current liability | 9 | 9 | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Notes receivable - current asset | $ | 75 | $ | — | $ | 75 | $ | — | |||||||||
Marketable securities - current asset | 110 | 33 | 77 | ||||||||||||||
Currency forward contracts - current asset | 3 | 3 | |||||||||||||||
Currency forward contracts - current liability | 2 | 2 | |||||||||||||||
Currency swaps - noncurrent asset | 2 | 2 | |||||||||||||||
Currency swaps - noncurrent liability | 2 | 2 | |||||||||||||||
Changes in Level 3 Recurring Fair Value Measurements | Changes in Level 3 recurring fair value measurements — | ||||||||||||||||
Notes receivable, including current portion | 2014 | 2013 | 2012 | ||||||||||||||
Beginning of period | $ | — | $ | 129 | $ | 116 | |||||||||||
Accretion of value (interest income) | 11 | 14 | |||||||||||||||
Payment received and other | (61 | ) | (1 | ) | |||||||||||||
Unrealized loss (OCI) | (4 | ) | |||||||||||||||
Transfer out (to Level 2) | (75 | ) | |||||||||||||||
End of period | $ | — | $ | — | $ | 129 | |||||||||||
Schedule of Carrying Amounts and Fair Values of Financial Instruments | Fair value of financial instruments — The financial instruments that are not carried in our balance sheet at fair value are as follows: | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Value | Value | Value | Value | ||||||||||||||
Senior notes | $ | 1,580 | $ | 1,643 | $ | 1,500 | $ | 1,567 | |||||||||
Other indebtedness | 79 | 77 | 99 | 98 | |||||||||||||
Total | $ | 1,659 | $ | 1,720 | $ | 1,599 | $ | 1,665 | |||||||||
Notional Amount of Foreign Currency Derivatives | The following foreign currency derivatives were outstanding at December 31, 2014 and 2013: | ||||||||||||||||
Notional Amount (U.S. Dollar Equivalent) | |||||||||||||||||
Functional Currency | Traded Currency | Designated as | Undesignated | Total | Maturity | ||||||||||||
Cash Flow | |||||||||||||||||
Hedges | |||||||||||||||||
December 31, 2014: | |||||||||||||||||
U.S. dollar | Mexican peso, Euro | $ | 107 | $ | 3 | $ | 110 | 16-Mar | |||||||||
Euro | U.S. dollar, | 69 | 19 | 88 | 16-Jun | ||||||||||||
Canadian dollar, | |||||||||||||||||
Hungarian forint, | |||||||||||||||||
British pound, | |||||||||||||||||
Swiss franc, | |||||||||||||||||
Indian rupee, | |||||||||||||||||
Russian ruble | |||||||||||||||||
British pound | U.S. dollar, Euro | 20 | 2 | 22 | 16-Mar | ||||||||||||
Swedish krona | Euro | 17 | 17 | 16-Mar | |||||||||||||
South African rand | U.S. dollar, Euro | 14 | 14 | 15-Jun | |||||||||||||
Thai baht | U.S. dollar, | 21 | 21 | 15-Nov | |||||||||||||
Australian dollar | |||||||||||||||||
Brazilian real | U.S. dollar, Euro | 12 | 12 | 15-Nov | |||||||||||||
Indian rupee | U.S. dollar, British | 12 | 12 | 15-Nov | |||||||||||||
pound, Euro | |||||||||||||||||
Total forward contracts | 213 | 83 | 296 | ||||||||||||||
Indian rupee | U.S. dollar | — | 10 | 10 | 15-Jun | ||||||||||||
Canadian dollar | Euro | — | |||||||||||||||
Total currency swaps | — | 10 | 10 | ||||||||||||||
Total foreign currency derivatives | $ | 213 | $ | 93 | $ | 306 | |||||||||||
December 31, 2013: | |||||||||||||||||
U.S. dollar | Mexican peso | $ | 97 | $ | — | $ | 97 | 14-Dec | |||||||||
Euro | U.S. dollar, | 54 | 19 | 73 | 14-Dec | ||||||||||||
Canadian dollar, | |||||||||||||||||
Hungarian forint, | |||||||||||||||||
British pound, | |||||||||||||||||
Swiss franc, | |||||||||||||||||
Indian rupee | |||||||||||||||||
British pound | U.S. dollar, Euro | 19 | 1 | 20 | 14-Dec | ||||||||||||
Swedish krona | Euro | 14 | 1 | 15 | 14-Dec | ||||||||||||
South African rand | U.S. dollar | 8 | 8 | 14-Mar | |||||||||||||
Thai baht | U.S. dollar, | 28 | 28 | 14-Oct | |||||||||||||
Australian dollar | |||||||||||||||||
Indian rupee | U.S. dollar, British | 11 | 11 | 14-Jun | |||||||||||||
pound, Euro | |||||||||||||||||
Total forward contracts | 184 | 68 | 252 | ||||||||||||||
U.S. dollar | Canadian dollar, Euro | 147 | 147 | 15-Feb | |||||||||||||
Canadian dollar | Euro | 150 | 150 | 14-Mar | |||||||||||||
Total currency swaps | — | 297 | 297 | ||||||||||||||
Total foreign currency derivatives | $ | 184 | $ | 365 | $ | 549 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||
Future Minimum Payment Under Operating Lease | Lease commitments — Cash obligations under future minimum rental commitments under operating leases and net rental expense are shown in the table below. Operating lease commitments are primarily related to facilities. | |||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
Lease commitments | $ | 35 | $ | 30 | $ | 23 | $ | 14 | $ | 11 | $ | 43 | $ | 156 | ||||||||||||||
Rent Expense | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Rent expense | $51 | $58 | $63 |
Warranty_Obligations_Tables
Warranty Obligations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Product Warranties Disclosures [Abstract] | ||||||||||||
Changes in Warranty Liabilities | Changes in warranty liabilities — | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of period | $ | 54 | $ | 66 | $ | 72 | ||||||
Amounts accrued for current period sales | 19 | 17 | 20 | |||||||||
Adjustments of prior estimates | 18 | 6 | 4 | |||||||||
Settlements of warranty claims | (41 | ) | (34 | ) | (31 | ) | ||||||
Currency impact | (3 | ) | (1 | ) | 1 | |||||||
Balance, end of period | $ | 47 | $ | 54 | $ | 66 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Tax Expense (Benefit) Attributable to Continuing Operations | Income tax expense (benefit) attributable to continuing operations — | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | ||||||||||||
U.S. federal and state | $ | (5 | ) | $ | 23 | $ | 18 | |||||
Non-U.S. | 134 | 106 | 113 | |||||||||
Total current | 129 | 129 | 131 | |||||||||
Deferred | ||||||||||||
U.S. federal and state | (177 | ) | (1 | ) | ||||||||
Non-U.S. | (22 | ) | (9 | ) | (80 | ) | ||||||
Total deferred | (199 | ) | (10 | ) | (80 | ) | ||||||
Total expense (benefit) | $ | (70 | ) | $ | 119 | $ | 51 | |||||
Income from Continuing Operations Before Income Taxes | Income from continuing operations before income taxes — | |||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. operations | $ | 175 | $ | 151 | $ | 77 | ||||||
Non-U.S. operations | 85 | 217 | 287 | |||||||||
Income before income taxes | $ | 260 | $ | 368 | $ | 364 | ||||||
Effective Tax Rate Reconciliation | Effective tax rate reconciliation for continuing operations — | |||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
Adjustments resulting from: | ||||||||||||
State and local income taxes, net of federal benefit | 1 | |||||||||||
Non-U.S. income | (6 | ) | (4 | ) | (4 | ) | ||||||
Non-U.S. tax incentives | (4 | ) | (4 | ) | (5 | ) | ||||||
Non-U.S. withholding taxes on undistributed earnings of non-U.S. operations | 4 | 5 | 4 | |||||||||
Settlement and return adjustments | 3 | 1 | 2 | |||||||||
Miscellaneous items | 1 | (1 | ) | |||||||||
Valuation allowance adjustments | (60 | ) | (2 | ) | (17 | ) | ||||||
Effective income tax rate for operations | (27 | )% | 32 | % | 14 | % | ||||||
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities — Temporary differences and carryforwards give rise to the following deferred tax assets and liabilities. | |||||||||||
2014 | 2013 | |||||||||||
Net operating loss carryforwards | $ | 654 | $ | 788 | ||||||||
Postretirement benefits, including pensions | 148 | 123 | ||||||||||
Research and development costs | 110 | 104 | ||||||||||
Expense accruals | 57 | 62 | ||||||||||
Other tax credits recoverable | 60 | 56 | ||||||||||
Capital loss carryforwards | 55 | 65 | ||||||||||
Inventory reserves | 18 | 17 | ||||||||||
Postemployment and other benefits | 4 | 4 | ||||||||||
Other | 25 | 28 | ||||||||||
Total | 1,131 | 1,247 | ||||||||||
Valuation allowance | (728 | ) | (982 | ) | ||||||||
Deferred tax assets | 403 | 265 | ||||||||||
Unremitted earnings | (31 | ) | (86 | ) | ||||||||
Intangibles | (41 | ) | (52 | ) | ||||||||
Depreciation | (39 | ) | (39 | ) | ||||||||
Other | (58 | ) | (59 | ) | ||||||||
Deferred tax liabilities | (169 | ) | (236 | ) | ||||||||
Net deferred tax assets | $ | 234 | $ | 29 | ||||||||
Net Operating Loss Deferred Tax Asset Components and Related Allowances | The following table identifies the net operating loss deferred tax asset components and the related allowances that existed at December 31, 2014. Due to time limitations on the ability to realize the benefit of the carryforwards, additional portions of these deferred tax assets may become unrealizable in the future. | |||||||||||
Deferred | Valuation | Carryforward | Earliest | |||||||||
Tax | Allowance | Period | Year of | |||||||||
Asset | Expiration | |||||||||||
Net operating losses | ||||||||||||
U.S. federal | $ | 432 | $ | (261 | ) | 20 | 2028 | |||||
U.S. state | 122 | (114 | ) | Various | 2015 | |||||||
Brazil | 26 | (14 | ) | Unlimited | ||||||||
France | 13 | Unlimited | ||||||||||
Australia | 33 | (33 | ) | Unlimited | ||||||||
U.K. | 8 | (4 | ) | Unlimited | ||||||||
Argentina | 17 | (17 | ) | 5 | 2015 | |||||||
Other | 3 | (3 | ) | Unlimited | ||||||||
Total | $ | 654 | $ | (446 | ) | |||||||
Reconciliation of Gross Unrecognized Tax Benefits | Reconciliation of gross unrecognized tax benefits — | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Balance, beginning of period | $ | 101 | $ | 108 | $ | 46 | ||||||
Decrease related to expiration of statute of limitations | (3 | ) | (7 | ) | (9 | ) | ||||||
Increase (decrease) related to prior years tax positions | (6 | ) | 63 | |||||||||
Increases related to current year tax positions | 25 | 6 | 8 | |||||||||
Decrease related to settlements | (14 | ) | ||||||||||
Balance, end of period | $ | 109 | $ | 101 | $ | 108 | ||||||
Other_Income_Net_Tables
Other Income, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Schedule of Other Income and Other Expenses | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest income | $ | 15 | $ | 25 | $ | 24 | ||||||
Government grants and incentives | 4 | 3 | 8 | |||||||||
Foreign exchange gain (loss) | 11 | (5 | ) | (15 | ) | |||||||
Strategic transaction expenses | (3 | ) | (4 | ) | (10 | ) | ||||||
Write-off of deferred financing costs | (4 | ) | ||||||||||
Gain on sale of marketable securities | 9 | |||||||||||
Recognition of unrealized gain on payment-in-kind note receivable | 2 | 5 | ||||||||||
Insurance and other recoveries | 2 | 13 | 2 | |||||||||
Impairment of long-lived assets | (2 | ) | ||||||||||
Other | 17 | 13 | 12 | |||||||||
Other income, net | $ | 48 | $ | 55 | $ | 19 | ||||||
Segments_Geographical_Area_and1
Segments, Geographical Area and Major Customer Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Information | Segment information — | ||||||||||||||||||||||||
2014 | External | Inter- | Segment | Capital | Depreciation | Net | |||||||||||||||||||
Sales | Segment | EBITDA | Spend | Assets | |||||||||||||||||||||
Sales | |||||||||||||||||||||||||
Light Vehicle | $ | 2,496 | $ | 139 | $ | 250 | $ | 129 | $ | 63 | $ | 1,002 | |||||||||||||
Commercial Vehicle | 1,838 | 92 | 172 | 38 | 34 | 869 | |||||||||||||||||||
Off-Highway | 1,231 | 37 | 169 | 23 | 21 | 344 | |||||||||||||||||||
Power Technologies | 1,052 | 19 | 154 | 30 | 32 | 442 | |||||||||||||||||||
Eliminations and other | (287 | ) | 14 | 14 | 403 | ||||||||||||||||||||
Total | $ | 6,617 | $ | — | $ | 745 | $ | 234 | $ | 164 | $ | 3,060 | |||||||||||||
2013 | |||||||||||||||||||||||||
Light Vehicle | $ | 2,549 | $ | 124 | $ | 242 | $ | 82 | $ | 67 | $ | 970 | |||||||||||||
Commercial Vehicle | 1,860 | 119 | 194 | 40 | 44 | 938 | |||||||||||||||||||
Off-Highway | 1,330 | 44 | 163 | 33 | 18 | 379 | |||||||||||||||||||
Power Technologies | 1,030 | 21 | 150 | 33 | 35 | 454 | |||||||||||||||||||
Eliminations and other | (308 | ) | 21 | 11 | 338 | ||||||||||||||||||||
Total | $ | 6,769 | $ | — | $ | 749 | $ | 209 | $ | 175 | $ | 3,079 | |||||||||||||
2012 | |||||||||||||||||||||||||
Light Vehicle | $ | 2,743 | $ | 186 | $ | 263 | $ | 47 | $ | 82 | $ | 1,068 | |||||||||||||
Commercial Vehicle | 1,960 | 134 | 199 | 30 | 38 | 860 | |||||||||||||||||||
Off-Highway | 1,509 | 54 | 189 | 22 | 18 | 409 | |||||||||||||||||||
Power Technologies | 1,012 | 21 | 137 | 24 | 41 | 471 | |||||||||||||||||||
Eliminations and other | (395 | ) | 41 | 11 | 435 | ||||||||||||||||||||
Total | $ | 7,224 | $ | — | $ | 788 | $ | 164 | $ | 190 | $ | 3,243 | |||||||||||||
Reconciliation of Segment EBITDA to Consolidated Net Income Income | Reconciliation of segment EBITDA to consolidated net income — | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Segment EBITDA | $ | 745 | $ | 749 | $ | 788 | |||||||||||||||||||
Corporate expense and other items, net | 1 | (2 | ) | (11 | ) | ||||||||||||||||||||
Expenses previously allocated to Structures | (1 | ) | |||||||||||||||||||||||
Depreciation | (164 | ) | (175 | ) | (188 | ) | |||||||||||||||||||
Amortization of intangibles | (49 | ) | (87 | ) | (87 | ) | |||||||||||||||||||
Restructuring | (21 | ) | (24 | ) | (47 | ) | |||||||||||||||||||
Stock compensation expense | (16 | ) | (16 | ) | (17 | ) | |||||||||||||||||||
Strategic transaction expenses and other items | 6 | (4 | ) | (7 | ) | ||||||||||||||||||||
Loss on disposal group held for sale | (80 | ) | |||||||||||||||||||||||
Pension settlement charges | (42 | ) | |||||||||||||||||||||||
Loss on extinguishment of debt | (19 | ) | |||||||||||||||||||||||
Write-off of deferred financing costs | (4 | ) | |||||||||||||||||||||||
Recognition of unrealized gain on payment-in-kind note receivable | 2 | 5 | |||||||||||||||||||||||
Impairment and loss on sale of assets | (6 | ) | |||||||||||||||||||||||
Interest expense | (118 | ) | (99 | ) | (84 | ) | |||||||||||||||||||
Interest income | 15 | 25 | 24 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 260 | 368 | 364 | ||||||||||||||||||||||
Income tax expense (benefit) | (70 | ) | 119 | 51 | |||||||||||||||||||||
Equity in earnings of affiliates | 13 | 12 | 2 | ||||||||||||||||||||||
Income from continuing operations | 343 | 261 | 315 | ||||||||||||||||||||||
Loss from discontinued operations | (15 | ) | (1 | ) | — | ||||||||||||||||||||
Net income | $ | 328 | $ | 260 | $ | 315 | |||||||||||||||||||
Reconciliation of Segment Net Assets to Consolidated Total Assets | Reconciliation of segment net assets to consolidated total assets — | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Segment net assets | $ | 3,060 | $ | 3,079 | |||||||||||||||||||||
Accounts payable and other current liabilities | 1,261 | 1,268 | |||||||||||||||||||||||
Other current and long-term assets | 609 | 782 | |||||||||||||||||||||||
Consolidated total assets | $ | 4,930 | $ | 5,129 | |||||||||||||||||||||
Geographic Information | Geographic information — Of our 2014 consolidated net sales, the U.S., Italy, Brazil and Germany account for 42%, 11%, 8% and 6%, respectively. No other country accounts for more than 5% of our consolidated net sales. Sales are attributed to the location of the product entity recording the sale. Long-lived assets represent property, plant and equipment. | ||||||||||||||||||||||||
Net Sales | Long-Lived Assets | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
North America | |||||||||||||||||||||||||
United States | $ | 2,760 | $ | 2,559 | $ | 2,975 | $ | 368 | $ | 311 | $ | 300 | |||||||||||||
Other North America | 366 | 399 | 396 | 111 | 131 | 138 | |||||||||||||||||||
Total | 3,126 | 2,958 | 3,371 | 479 | 442 | 438 | |||||||||||||||||||
Europe | |||||||||||||||||||||||||
Italy | 703 | 734 | 731 | 61 | 71 | 64 | |||||||||||||||||||
Germany | 429 | 410 | 408 | 106 | 124 | 118 | |||||||||||||||||||
Other Europe | 846 | 850 | 882 | 151 | 161 | 158 | |||||||||||||||||||
Total | 1,978 | 1,994 | 2,021 | 318 | 356 | 340 | |||||||||||||||||||
South America | |||||||||||||||||||||||||
Brazil | 505 | 639 | 574 | 119 | 129 | 136 | |||||||||||||||||||
Other South America | 266 | 344 | 351 | 22 | 56 | 73 | |||||||||||||||||||
Total | 771 | 983 | 925 | 141 | 185 | 209 | |||||||||||||||||||
Asia Pacific | 742 | 834 | 907 | 238 | 242 | 252 | |||||||||||||||||||
Total | $ | 6,617 | $ | 6,769 | $ | 7,224 | $ | 1,176 | $ | 1,225 | $ | 1,239 | |||||||||||||
Equity_Affiliates_Tables
Equity Affiliates (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
All Affiliate Investments [Member] | ||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||
Equity Method Investments | Equity method investments exceeding $5 at December 31, 2014 — | |||||||||||||||||||||||
Ownership | Investment | |||||||||||||||||||||||
Percentage | ||||||||||||||||||||||||
Dongfeng Dana Axle Co., Ltd. | 50% | $ | 143 | |||||||||||||||||||||
Bendix Spicer Foundation Brake, LLC | 20% | 45 | ||||||||||||||||||||||
Axles India Limited | 48% | 6 | ||||||||||||||||||||||
All others as a group | 8 | |||||||||||||||||||||||
Investments in equity affiliates | 202 | |||||||||||||||||||||||
Investment in affiliates carried at cost | 2 | |||||||||||||||||||||||
Investment in affiliates | $ | 204 | ||||||||||||||||||||||
All Equity Affiliates Combined [Member] | ||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||
Equity Method Investments | Summarized financial information for DDAC and other equity affiliates on a combined basis — | |||||||||||||||||||||||
DDAC | Other Equity Affiliates Combined | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Sales | $ | 762 | $ | 835 | $ | 683 | $ | 564 | $ | 497 | $ | 522 | ||||||||||||
Gross profit | $ | 82 | $ | 82 | $ | 68 | $ | 100 | $ | 79 | $ | 75 | ||||||||||||
Pre-tax income | $ | 23 | $ | 19 | $ | 8 | $ | 33 | $ | 25 | $ | 21 | ||||||||||||
Net income | $ | 17 | $ | 20 | $ | 7 | $ | 32 | $ | 24 | $ | 16 | ||||||||||||
Dana's equity earnings in affiliate | $ | 5 | $ | 7 | $ | (1 | ) | $ | 8 | $ | 5 | $ | 3 | |||||||||||
DDAC | Other Equity | |||||||||||||||||||||||
Affiliates Combined | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Current assets | $ | 552 | $ | 663 | $ | 192 | $ | 164 | ||||||||||||||||
Noncurrent assets | 177 | 167 | 73 | 69 | ||||||||||||||||||||
Total assets | $ | 729 | $ | 830 | $ | 265 | $ | 233 | ||||||||||||||||
Current liabilities | $ | 506 | $ | 613 | $ | 123 | $ | 104 | ||||||||||||||||
Noncurrent liabilities | 61 | 42 | 13 | 11 | ||||||||||||||||||||
Total liabilities | $ | 567 | $ | 655 | $ | 136 | $ | 115 | ||||||||||||||||
Quarterly_Results_Tables
Quarterly Results (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Results | Dana Holding Corporation | ||||||||||||||||
Quarterly Results (Unaudited) | |||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 1,688 | $ | 1,710 | $ | 1,637 | $ | 1,582 | |||||||||
Gross margin | $ | 234 | $ | 248 | $ | 240 | $ | 223 | |||||||||
Net income | $ | 37 | $ | 90 | $ | 93 | $ | 108 | |||||||||
Net income attributable to the parent company | $ | 34 | $ | 86 | $ | 90 | $ | 109 | |||||||||
Net income per share available to parent company common stockholders | |||||||||||||||||
Basic | $ | 0.21 | $ | 0.54 | $ | 0.56 | $ | 0.65 | |||||||||
Diluted | $ | 0.19 | $ | 0.49 | $ | 0.52 | $ | 0.64 | |||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Net sales | $ | 1,676 | $ | 1,800 | $ | 1,669 | $ | 1,624 | |||||||||
Gross margin | $ | 214 | $ | 259 | $ | 235 | $ | 212 | |||||||||
Net income | $ | 50 | $ | 96 | $ | 71 | $ | 43 | |||||||||
Net income attributable to the parent company | $ | 42 | $ | 92 | $ | 68 | $ | 42 | |||||||||
Preferred stock redemption premium | $ | 232 | |||||||||||||||
Net income (loss) per share available to parent company common stockholders | |||||||||||||||||
Basic | $ | 0.23 | $ | 0.58 | $ | (1.16 | ) | $ | 0.26 | ||||||||
Diluted | $ | 0.19 | $ | 0.44 | $ | (1.16 | ) | $ | 0.23 | ||||||||
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Jan. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2008 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Official Exchange [Member] | Official Exchange [Member] | SICAD [Member] | SICAD [Member] | Pension and Postretirement Obligations Error [Member] | Pension and Postretirement Obligations Error [Member] | Accumulated Other Comprehensive Loss Error [Member] | Goodwill Error [Member] | Cost of Sales Error [Member] | Other Income, Net Error [Member] | Cumulative Translation Adjustment Error [Member] | Deferred Compensation Accrual Error [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |
VEF | VEF | VEF | VEF | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Buildings and Building Improvements [Member] | Machinery and Equipment [Member] | Tooling and Office Equipment [Member] | Furniture and Fixtures [Member] | Buildings and Building Improvements [Member] | Machinery and Equipment [Member] | Tooling and Office Equipment [Member] | Furniture and Fixtures [Member] | ||||||||||
Equity method investment, percentage of ownership | 20.00% | 50.00% | |||||||||||||||||||||||||||
Cost method investment, percentage of ownership | 20.00% | ||||||||||||||||||||||||||||
Quantifying Misstatement In Financial Statements, Initial Amount | $10,000,000 | ||||||||||||||||||||||||||||
Quantifying Misstatement in Current Year Financial Statements, Amount | 17,000,000 | -3,000,000 | -3,000,000 | -5,000,000 | -6,000,000 | 7,000,000 | 3,000,000 | ||||||||||||||||||||||
Estimated useful lives | 2 years | 20 years | 5 years | 3 years | 3 years | 30 years | 30 years | 10 years | 5 years | 10 years | |||||||||||||||||||
Carrying amount of equipment related to long-term supply arrangements | 2,000,000 | ||||||||||||||||||||||||||||
Receivable related to long-term supply arrangements | 29,000,000 | ||||||||||||||||||||||||||||
Goodwill impairment | 0 | 0 | 0 | ||||||||||||||||||||||||||
Foreign Currency Exchange Rate, Remeasurement | 6.3 | 4.3 | 12 | 10.7 | |||||||||||||||||||||||||
Amount Charged To Expense Due to Inflationary Accounting | 3,000,000 | 17,000,000 | 6,000,000 | ||||||||||||||||||||||||||
Amount Recognized in Income Due to Inflationary Accounting | 6,000,000 | 5,000,000 | |||||||||||||||||||||||||||
Measurement of tax benefit, minimum likelihood of the largest amount being realized upon ultimate resolution | 50.00% | ||||||||||||||||||||||||||||
Research and development expenses | $72,000,000 | $64,000,000 | $57,000,000 |
AcquisitionsDivestitures_and_D
Acquisitions,Divestitures and Disposal Group Held for Sale - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 10 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Sep. 30, 2013 |
Business Acquisition [Line Items] | ||||||||
Cash proceeds from divestiture of business | $9 | $1 | $8 | |||||
Impairment of long-lived assets | 2 | |||||||
Sales | 0 | 0 | 34 | |||||
Proceeds in escrow | 10 | |||||||
Loss on disposal group held for sale | 80 | 80 | ||||||
Axle Differential and Brake Systems [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash proceeds from divestiture of business | 8 | |||||||
Impairment of long-lived assets | 2 | |||||||
Sales | 32 | |||||||
Structural Products [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash proceeds from divestiture of business | 9 | 134 | ||||||
Charge to discontinued operations | 1 | |||||||
Operations In Venezuela [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Loss on disposal group held for sale | 80 | |||||||
Fallbrook [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, amount paid | 8 | 12 | 20 | |||||
Business acquisition, price allocated to indefinite-lived intangible assets | 20 | |||||||
Fallbrook [Member] | Off-Highway Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, price allocated to indefinite-lived intangible assets | 12 | |||||||
Fallbrook [Member] | Light Vehicle Segment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, price allocated to indefinite-lived intangible assets | $8 |
Acquisitions_Divestitures_and_1
Acquisitions, Divestitures and Disposal Group Held for Sale - Disposal Group Held for Sale (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Cash and cash equivalents | ($27) | ||
Disposal Group, Current assets classified as held for sale | 27 | ||
Disposal Group, Current liabilities classified as held for sale | 21 | ||
Disposal Group, Noncurrent liabilities classified as held for sale | 17 | ||
Operations In Venezuela [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Cash and cash equivalents | 27 | ||
Disposal Group, Accounts payable | 16 | ||
Disposal Group, Accrued payroll and employee benefits | 4 | ||
Disposal Group, Other accrued liabilities | 1 | ||
Disposal Group, Pension obligations | 11 | ||
Disposal Group, Other noncurrent liabilities | 6 | ||
Disposal Group, Accumulated other comprehensive loss classified as held for sale | ($11) |
Results_of_Discontinued_Operat
Results of Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Sales | $0 | $0 | $34 |
Cost of sales | 31 | ||
Restructuring charges, net | 1 | 3 | |
Other expense | -19 | -1 | |
Pre-tax loss | -19 | -1 | -1 |
Income tax benefit | -4 | -1 | |
Loss from discontinued operations | ($15) | ($1) | $0 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 |
Impairment of indefinite-lived intangible assets | $0 | $0 | $0 | |
Net carrying amounts of intangible assets, other than goodwill | 169 | 227 | ||
Light Vehicle Segment [Member] | ||||
Net carrying amounts of intangible assets, other than goodwill | 12 | |||
Commercial Vehicle Segment [Member] | ||||
Net carrying amounts of intangible assets, other than goodwill | 94 | |||
Off-Highway Segment [Member] | ||||
Net carrying amounts of intangible assets, other than goodwill | 50 | |||
Power Technologies Segment [Member] | ||||
Net carrying amounts of intangible assets, other than goodwill | 13 | |||
Trademarks and Trade Names [Member] | Non Amortizable Intangible Assets [Member] | ||||
Impairment of indefinite-lived intangible assets | 0 | |||
Used In Research and Development [Member] | Non Amortizable Intangible Assets [Member] | ||||
Impairment of indefinite-lived intangible assets | 0 | |||
Goodwill Error [Member] | ||||
Quantifying Misstatement in Current Year Financial Statements, Amount | ($3) |
Components_of_Other_Intangible
Components of Other Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Gross Carrying Amount | $671 | $710 |
Accumulated Impairment and Amortization | -502 | -483 |
Net Carrying Amount | 169 | 227 |
Amortizable Intangible Assets [Member] | Core Technology [Member] | ||
Weighted Average Useful Life (years) | 7 years | |
Gross Carrying Amount | 90 | 94 |
Accumulated Impairment and Amortization | -85 | -83 |
Net Carrying Amount | 5 | 11 |
Amortizable Intangible Assets [Member] | Trademarks and Trade Names [Member] | ||
Weighted Average Useful Life (years) | 16 years | |
Gross Carrying Amount | 3 | 4 |
Accumulated Impairment and Amortization | -1 | -1 |
Net Carrying Amount | 2 | 3 |
Amortizable Intangible Assets [Member] | Customer Relationships [Member] | ||
Weighted Average Useful Life (years) | 8 years | |
Gross Carrying Amount | 493 | 527 |
Accumulated Impairment and Amortization | -416 | -399 |
Net Carrying Amount | 77 | 128 |
Non Amortizable Intangible Assets [Member] | Trademarks and Trade Names [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 65 | 65 |
Non Amortizable Intangible Assets [Member] | Used In Research and Development [Member] | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $20 | $20 |
Amortization_Expense_Related_t
Amortization Expense Related to Amortizable Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Charged to cost of sales | $7 | $13 | $13 |
Charged to amortization of intangibles | 42 | 74 | 74 |
Total amortization | $49 | $87 | $87 |
Estimated_Aggregate_Pretax_Amo
Estimated Aggregate Pre-tax Amortization Expense Related to Intangible Assets (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization expense 2015 | $19 |
Amortization expense 2016 | 17 |
Amortization expense 2017 | 15 |
Amortization expense 2018 | 12 |
Amortization expense 2019 | $10 |
Restructuring_of_Operations_Ad
Restructuring of Operations - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
employee | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $21 | $24 | $47 | |
Discontinued operations charges | 1 | 3 | ||
Estimated reduction of employees over the next two years | 200 | |||
Completion date period | 2 years | |||
Employee Termination Benefits [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 15 | 14 | 27 | |
Discontinued operations charges | ||||
Exit Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 6 | 10 | 20 | |
Discontinued operations charges | $1 | $3 |
Restructuring_of_Operations_Ac
Restructuring of Operations - Accrued Restructuring Costs Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $25 | $40 | $33 |
Charges to restructuring | 23 | 34 | 51 |
Adjustments of accruals | -2 | -10 | -4 |
Discontinued operations charges | 1 | 3 | |
Non-cash write-off | -2 | ||
Cash payments | -26 | -40 | -41 |
Currency impact | 1 | ||
Ending Balance | 21 | 25 | 40 |
Employee Termination Benefits [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 14 | 27 | 30 |
Charges to restructuring | 17 | 23 | 31 |
Adjustments of accruals | -2 | -9 | -4 |
Discontinued operations charges | |||
Non-cash write-off | |||
Cash payments | -18 | -27 | -30 |
Currency impact | 1 | ||
Ending Balance | 12 | 14 | 27 |
Exit Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 11 | 13 | 3 |
Charges to restructuring | 6 | 11 | 20 |
Adjustments of accruals | -1 | ||
Discontinued operations charges | 1 | 3 | |
Non-cash write-off | -2 | ||
Cash payments | -8 | -13 | -11 |
Currency impact | |||
Ending Balance | $9 | $11 | $13 |
Restructuring_of_Operations_Co
Restructuring of Operations - Cost to Complete (Detail) (USD $) | 12 Months Ended | 42 Months Ended | 54 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | $21 | $48 | $69 | ||
Restructuring reserve adjustment | -2 | -10 | -4 | ||
Future cost to complete | 13 | 13 | |||
Light Vehicle Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 2 | 8 | 10 | ||
Future cost to complete | 2 | 2 | |||
Commercial Vehicle Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 19 | 28 | 47 | ||
Future cost to complete | 11 | 11 | |||
Off-Highway Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 8 | 7 | |||
Restructuring reserve adjustment | -1 | ||||
Future cost to complete | |||||
Power Technologies Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 1 | 2 | 3 | ||
Future cost to complete | |||||
Discontinued operations [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs incurred | 2 | 2 | |||
Future cost to complete |
Inventory_Components_Detail
Inventory Components (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $304 | $337 |
Work in process and finished goods | 398 | 381 |
Inventory reserves | -48 | -48 |
Total | $654 | $670 |
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other current assets: | ||
Prepaid expenses | $45 | $43 |
Deferred tax assets | 50 | 59 |
Other | 16 | 11 |
Total | 111 | 113 |
Other noncurrent assets: | ||
Amounts recoverable from insurers | 44 | 47 |
Deferred tax assets | 217 | 73 |
Deferred financing costs | 30 | 34 |
Pension assets, net of related obligations | 3 | 8 |
Prepaid expenses | 11 | 10 |
Other | 32 | 24 |
Total | 337 | 196 |
Property, plant and equipment, net: | ||
Land and improvements to land | 207 | 233 |
Buildings and building fixtures | 420 | 449 |
Machinery and equipment | 1,700 | 1,640 |
Total cost | 2,327 | 2,322 |
Less: accumulated depreciation | -1,151 | -1,097 |
Net | 1,176 | 1,225 |
Other accrued liabilities (current): | ||
Non-income taxes payable | 30 | 31 |
Warranty reserves | 24 | 31 |
Work place injury costs | 8 | 8 |
Asbestos claims obligations | 13 | 13 |
Dividends payable | 4 | |
Deferred income | 9 | 10 |
Accrued interest | 25 | 40 |
Environmental | 3 | 5 |
Payable under forward contracts | 20 | 2 |
Other expense accruals | 53 | 53 |
Total | 185 | 197 |
Other noncurrent liabilities: | ||
Deferred income tax liability | 33 | 100 |
Asbestos claims obligations | 68 | 75 |
Income tax liability | 75 | 64 |
Warranty reserves | 23 | 23 |
Work place injury costs | 31 | 32 |
Restructuring costs | 12 | 11 |
Other noncurrent liabilities | 37 | 46 |
Total | $279 | $351 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Interest | $122 | $72 | $71 |
Income taxes | 116 | 136 | 98 |
Stock compensation plans | 13 | 13 | 15 |
Conversion of preferred stock into common stock | 372 | 139 | 0 |
Conversion of preferred dividends into common stock | 3 | 1 | 0 |
Dividends on preferred stock accrued not paid | 0 | 4 | 8 |
Per share preferred dividends not paid | $0 | $1 | $1 |
Supplemental Cash Flow Information [Abstract] | |||
Change in accounts receivable | -32 | 12 | 146 |
Change in inventories | -56 | 50 | 38 |
Change in accounts payable | 66 | 60 | -173 |
Change in accrued payroll and employee benefits | 13 | 7 | 8 |
Change in accrued income taxes | -2 | -11 | 23 |
Change in other current assets and liabilities | -28 | -14 | -21 |
Net | ($39) | $104 | $21 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 7 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||
Jul. 02, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Jul. 31, 2013 | Sep. 30, 2014 | Sep. 29, 2014 | Sep. 30, 2014 | Jul. 30, 2014 | Jun. 28, 2013 | Aug. 02, 2013 | Jan. 31, 2008 | |
Subsidiary | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Preferred dividends description | Our 4.0% Series A Convertible Preferred Stock ceased accruing daily dividends as a result of redemption in August 2013. Our 4.0% Series B Convertible Preferred Stock ceased accruing daily dividends as a result of the conversion of all of the remaining outstanding shares on September 30, 2014. | ||||||||||||||||||
Preferred shares outstanding | 0 | 0 | |||||||||||||||||
Preferred dividends accrued | $4,000,000 | ||||||||||||||||||
Payment for preferred stock redemption | 474,000,000 | ||||||||||||||||||
Preferred stock redemption premium | 232,000,000 | 232,000,000 | |||||||||||||||||
Terms of conversion - closing price of common stock | $22.24 | ||||||||||||||||||
Terms of conversion - consecutive trading days | 20 days | ||||||||||||||||||
Common stock conversion price of preferred shares | $11.93 | ||||||||||||||||||
Conversion Notice Period | 90 days | ||||||||||||||||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 | ||||||||||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | ||||||||||||||||
Common stock, shares issued | 167,659,047 | 167,659,047 | |||||||||||||||||
Common stock, shares outstanding | 166,070,057 | 166,070,057 | 145,338,342 | ||||||||||||||||
Treasury stock, shares | 1,588,990 | 1,588,990 | 18,742,288 | ||||||||||||||||
Quarterly dividend declared | $0.05 | $0.05 | $0.05 | $0.05 | $0.20 | $0.20 | $0.20 | ||||||||||||
Dividends declared and paid | 32,000,000 | ||||||||||||||||||
Treasury stock reissued | 14,879,935 | ||||||||||||||||||
Treasury stock reissued, charge to additional paid-in capital | 127,000,000 | ||||||||||||||||||
Treasury shares retired | 14,600,000 | ||||||||||||||||||
Treasury stock retired, charge to additional paid-in capital | 0 | ||||||||||||||||||
Share repurchase program amount | 1,400,000,000 | 1,000,000,000 | |||||||||||||||||
Cash spent to repurchase common stock | 260,000,000 | 337,000,000 | 15,000,000 | ||||||||||||||||
Shares repurchased | 12,215,451 | ||||||||||||||||||
Available for future share repurchases | 311,000,000 | 311,000,000 | |||||||||||||||||
Number of subsidiaries in which noncontrolling interests were purchased | 3 | ||||||||||||||||||
Payments to Noncontrolling Interests | 7,000,000 | 7,000,000 | |||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Preferred shares issued | 2,500,000 | ||||||||||||||||||
Series A and Series B preferred stock dividend rate percentage | 4.00% | ||||||||||||||||||
Preferred shares outstanding | 0 | 0 | 0 | ||||||||||||||||
Payment for preferred stock redemption | 474,000,000 | ||||||||||||||||||
Payment of preferred stock redemption costs | 3,000,000 | ||||||||||||||||||
Preferred stock carrying value | 242,000,000 | ||||||||||||||||||
Preferred stock redemption premium | 232,000,000 | ||||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Preferred dividends accrued | 4,000,000 | ||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Preferred shares issued | 5,400,000 | ||||||||||||||||||
Series A and Series B preferred stock dividend rate percentage | 4.00% | ||||||||||||||||||
Preferred shares outstanding | 0 | 0 | 3,803,774 | ||||||||||||||||
Shares of preferred stock converted | 1,772,693 | 1,417,425 | 1,506,972 | 2,296,802 | |||||||||||||||
Common shares issued upon conversion | 11,985,254 | 12,631,780 | 19,517,593 | ||||||||||||||||
Total fair value of the conversions | 249,000,000 | 250,000,000 | 409,000,000 | ||||||||||||||||
Additional Paid-in Capital [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Treasury stock retired, charge to additional paid-in capital | ($294,000,000) |
Changes_in_Each_Component_of_A
Changes in Each Component of Accumulated Other Comprehensive Income (Loss) of Parent (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | ($727) | |||||
Other comprehensive income (loss): | ||||||
Other comprehensive income (loss) attributable to the parent company | -270 | 69 | -143 | |||
Ending Balance | -997 | -727 | ||||
Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | -727 | -793 | -650 | |||
Other comprehensive income (loss): | ||||||
Currency translation adjustments | -185 | -40 | -6 | |||
Holding gains (losses) | -9 | 3 | 10 | |||
Reclassification of amount to net income | 1 | [1] | -16 | [1] | 7 | [1] |
Plan amendments | -6 | |||||
Venezuelan bolivar devaluation | 4 | 2 | ||||
Net actuarial gains (losses) | -156 | 101 | -174 | |||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost | 60 | [2] | 24 | [2] | 14 | [2] |
Other | 3 | |||||
Tax (expense) benefit | 12 | -5 | 12 | |||
Other comprehensive income (loss) attributable to the parent company | -270 | 69 | -143 | |||
Adjustments to accumulated other comprehensive income | -3 | |||||
Ending Balance | -997 | -727 | -793 | |||
Parent [Member] | Foreign Currency Translation [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | -242 | -198 | -192 | |||
Other comprehensive income (loss): | ||||||
Currency translation adjustments | -185 | -40 | -6 | |||
Tax (expense) benefit | ||||||
Other comprehensive income (loss) attributable to the parent company | -185 | -40 | -6 | |||
Adjustments to accumulated other comprehensive income | -4 | |||||
Ending Balance | -427 | -242 | -198 | |||
Parent [Member] | Hedging [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | 0 | 3 | -10 | |||
Other comprehensive income (loss): | ||||||
Holding gains (losses) | -12 | 4 | 9 | |||
Reclassification of amount to net income | 2 | [1] | -8 | [1] | 7 | [1] |
Tax (expense) benefit | 1 | -3 | ||||
Other comprehensive income (loss) attributable to the parent company | -9 | -4 | 13 | |||
Adjustments to accumulated other comprehensive income | 1 | |||||
Ending Balance | -9 | 0 | 3 | |||
Parent [Member] | Investments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | 3 | 12 | 10 | |||
Other comprehensive income (loss): | ||||||
Holding gains (losses) | 3 | -1 | 1 | |||
Reclassification of amount to net income | -1 | [1] | -8 | [1] | ||
Tax (expense) benefit | 1 | |||||
Other comprehensive income (loss) attributable to the parent company | 2 | -9 | 2 | |||
Ending Balance | 5 | 3 | 12 | |||
Parent [Member] | Defined Benefit Plans [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Beginning Balance | -488 | -610 | -458 | |||
Other comprehensive income (loss): | ||||||
Plan amendments | -6 | |||||
Venezuelan bolivar devaluation | 4 | 2 | ||||
Net actuarial gains (losses) | -156 | 101 | -174 | |||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost | 60 | [2] | 24 | [2] | 14 | [2] |
Other | 3 | |||||
Tax (expense) benefit | 11 | -5 | 14 | |||
Other comprehensive income (loss) attributable to the parent company | -78 | 122 | -152 | |||
Ending Balance | ($566) | ($488) | ($610) | |||
[1] | Foreign currency contract and investment reclassifications are included in other income, net. | |||||
[2] | See Note 11 for additional details. |
Reconciliation_of_Numerators_a
Reconciliation of Numerators and Denominators of Earnings per Share Calculations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | ||||
Income from continuing operations | $343 | $261 | $315 | |
Less: Noncontrolling interests net income | 9 | 16 | 15 | |
Less: Preferred stock dividend requirements | 7 | 25 | 31 | |
Less: Preferred stock redemption premium | 232 | 232 | ||
Income from continuing operations available to common stockholders - Numerator basic | 327 | -12 | 269 | |
Numerator diluted | 334 | -12 | 300 | |
Net income (loss) available to common stockholders | 312 | -13 | 269 | |
Numerator diluted | $319 | ($13) | $300 | |
Weighted-average number of shares outstanding - Denominator basic | 158 | 146.4 | 148 | |
Employee compensation-related shares, including stock options | 1.2 | 2 | ||
Conversion of preferred stock | 14.3 | 64.7 | ||
Denominator diluted | 173.5 | 146.4 | 214.7 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Common Stock Equivalents [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the calculations of earnings per share as the effect of including them would have been anti-dilutive | 0.3 | 1.1 |
Antidilutive Securities Due to Effect on Period Loss [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the calculations of earnings per share as the effect of including them would have been anti-dilutive | 1.5 | |
Series A Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the calculations of earnings per share as the effect of including them would have been anti-dilutive | 12.2 | |
Series B Preferred Stock [Member] | Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the calculations of earnings per share as the effect of including them would have been anti-dilutive | 39.9 |
Stock_Compensation_Additional_
Stock Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 |
award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Accrual for cash-settled awards | $6 | $6 | $5 | ||
Stock compensation expense | 16 | 16 | 19 | ||
Total fair value of awards vested | 13 | 10 | 18 | ||
Cash received from the exercise of stock options | 7 | 15 | 10 | ||
Cash paid to settle SARs, RSUs and PSUs | 2 | 4 | 2 | ||
Total unrecognized compensation cost related to nonvested awards granted and expected to vest | 20 | 20 | |||
Weighted-average period in which the total unrecognized compensation cost is expected to be recognized | 1 year 9 months 18 days | ||||
Number of individual annual awards | 3 | 3 | |||
Cash award vesting period | 3 years | ||||
Expenses for annual cash incentive awards | $44 | $47 | $40 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued | 0.3 | ||||
Stock vesting period (years) | 3 years | ||||
Stock Option And Stock Appreciation Rights [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock vesting period (years) | 3 years | ||||
Stock maximum term | 10 years | ||||
Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected term (in years) | 3 years | ||||
Risk free interest rate | 0.64% | ||||
Dividend yield | 1.02% | ||||
Expected volatility rate | 43.60% | ||||
Historical volatility period | 3 years | ||||
Omnibus Incentive Plan 2012 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock available for future grant | 5 | 5 |
Award_Activity_Detail
Award Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options [Member] | |||
Shares | |||
Outstanding at beginning of period | 2.6 | ||
Granted | |||
Exercised or vested | -0.6 | ||
Forfeited or expired | -0.1 | ||
Outstanding at end of period | 1.9 | ||
Weighted- Average Exercise Price | |||
Outstanding at beginning of period | $13.85 | ||
Granted | |||
Exercised or vested | $11.48 | ||
Forfeited or expired | $15.89 | ||
Outstanding at end of period | $14.46 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Shares | |||
Outstanding at beginning of period | 0.5 | ||
Granted | |||
Exercised or vested | -0.1 | ||
Forfeited or expired | |||
Outstanding at end of period | 0.4 | 0.5 | |
Weighted- Average Exercise Price | |||
Outstanding at beginning of period | $15.46 | ||
Granted | |||
Exercised or vested | $16.49 | ||
Forfeited or expired | |||
Outstanding at end of period | $15.18 | $15.46 | |
Weighted-Average Grant-Date Fair Value | |||
Granted | $7.45 | $7.84 | |
Restricted Stock Units (RSUs) [Member] | |||
Shares | |||
Outstanding at beginning of period | 1.3 | ||
Granted | 0.7 | ||
Exercised or vested | -0.4 | ||
Forfeited or expired | -0.1 | ||
Outstanding at end of period | 1.5 | ||
Weighted-Average Grant-Date Fair Value | |||
Outstanding at beginning of period | $16.29 | ||
Granted | $21.20 | ||
Exercised or vested | $16.99 | ||
Forfeited or expired | $14.91 | ||
Outstanding at end of period | $18.18 | ||
Performance Share Units [Member] | |||
Shares | |||
Outstanding at beginning of period | 0 | ||
Granted | 0.3 | ||
Outstanding at end of period | 0.3 | ||
Weighted-Average Grant-Date Fair Value | |||
Outstanding at beginning of period | $0 | ||
Granted | $24.36 | ||
Outstanding at end of period | $24.36 |
Weighted_Average_Per_Share_Gra
Weighted Average Per Share Grant-Date Fair Value (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average per share grant-date fair value of stock options | $7.46 | $7.88 |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average per share grant-date fair value of SARs | $7.45 | $7.84 |
Intrinsic_Value_of_Awards_Exer
Intrinsic Value of Awards Exercised or Vested (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Option And Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of awards exercised | $7 | $14 | $18 |
Restricted Stock Units (RSUs) and Performance Share Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of awards vested | $8 | $5 | $11 |
Key_Assumptions_as_Part_of_Bla
Key Assumptions as Part of Black-Scholes Option Pricing Model (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 6 years | 6 years |
Risk free interest rate | 1.07% | 1.24% |
Dividend yield | 1.41% | 1.33% |
Expected volatility | 55.80% | 59.90% |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 6 years | 6 years |
Risk free interest rate | 1.07% | 1.24% |
Dividend yield | 1.41% | 1.33% |
Expected volatility | 55.80% | 59.90% |
Outstanding_Awards_Expected_to
Outstanding Awards Expected to Vest (Detail) (USD $) | 0 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
Stock Option And Stock Appreciation Rights [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity awards, vested and expected to vest, outstanding, number | 2.3 | 2.3 |
Equity awards, vested and expected to vest, outstanding, aggregate intrinsic value | $16 | $16 |
Equity awards, vested and expected to vest, outstanding, weighted-average exercise price | $14.56 | $14.56 |
Equity awards, vested and expected to vest, outstanding, weighted average remaining contractual term | 6 years 10 months 24 days | |
Equity awards, vested and expected to vest, exercisable, number | 1.4 | 1.4 |
Equity awards, vested and expected to vest, exercisable, aggregate intrinsic value | 12 | 12 |
Equity awards, vested and expected to vest, exercisable, weighted-average exercise price | $13.64 | $13.64 |
Equity awards, vested and expected to vest, exercisable, weighted-average remaining contractual term | 6 years 3 months 25 days | |
Restricted Stock Units (RSUs) and Performance Share Units (PSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Equity awards, vested and expected to vest, outstanding, number | 1.8 | 1.8 |
Equity awards, vested and expected to vest, outstanding, aggregate intrinsic value | 39 | 39 |
Equity awards, vested and expected to vest, outstanding, weighted average remaining contractual term | 1 year 3 months 18 days | |
Equity awards, vested and expected to vest, exercisable, number | 0.1 | 0.1 |
Equity awards, vested and expected to vest, exercisable, aggregate intrinsic value | $1 | $1 |
Equity awards, vested and expected to vest, exercisable, weighted-average remaining contractual term | 1 month 25 days |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Costs (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $42 | $42 | ||
United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 80 | 74 | 85 | |
Expected return on plan assets | -111 | -117 | -111 | |
Service cost | ||||
Amortization of net actuarial (gain) loss | 16 | 20 | 14 | |
Settlement loss | 36 | |||
Other | -5 | |||
Net periodic benefit cost (credit) | 16 | -23 | -12 | |
Recognized in OCI: | ||||
Amount due to net actuarial (gains) losses | 93 | -88 | 131 | |
Prior service cost from plan amendments | ||||
Reclassification adjustment for net actuarial gains (losses) in net periodic benefit cost | -52 | -20 | -14 | |
Other | -2 | |||
Total recognized in OCI | 39 | -108 | 117 | |
Net recognized in benefit cost and OCI | 55 | -131 | 105 | |
Foreign Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 11 | 11 | 12 | |
Expected return on plan assets | -1 | -1 | -1 | |
Service cost | 6 | 6 | 5 | |
Amortization of net actuarial (gain) loss | 3 | 4 | ||
Settlement loss | 6 | |||
Other | -1 | |||
Net periodic benefit cost (credit) | 24 | 20 | 16 | |
Recognized in OCI: | ||||
Amount due to net actuarial (gains) losses | 53 | -1 | 51 | |
Prior service cost from plan amendments | 6 | |||
Reclassification adjustment for net actuarial gains (losses) in net periodic benefit cost | -9 | -4 | ||
Venezuelan bolivar devaluation | -4 | -2 | ||
Other | -1 | |||
Total recognized in OCI | 39 | -7 | 57 | |
Net recognized in benefit cost and OCI | 63 | 13 | 73 | |
Foreign Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 5 | 5 | 5 | |
Service cost | 1 | 1 | 1 | |
Amortization of net actuarial (gain) loss | -1 | |||
Net periodic benefit cost (credit) | 5 | 6 | 6 | |
Recognized in OCI: | ||||
Amount due to net actuarial (gains) losses | 10 | -12 | -8 | |
Reclassification adjustment for net actuarial gains (losses) in net periodic benefit cost | 1 | |||
Total recognized in OCI | 11 | -12 | -8 | |
Net recognized in benefit cost and OCI | $16 | ($6) | ($2) |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Charge for write off of actuarial losses | $42 | $42 | |||
Defined benefit plan investment policy description | Investment policy b Target asset allocations of U.S. pension plans are established through an investment policy, which is updated periodically and reviewed by an Investment Committee, comprised of certain company officers and directors. The investment policy allows for a flexible asset allocation mix which is intended to provide appropriate diversification to lessen market volatility while assuming a reasonable level of economic risk. | ||||
Period of Forecast | 10 years | ||||
Percentage change in contributions to multiemployer pension plan | 5.00% | 5.00% | |||
Minimum [Member] | Green Zone [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension Protection Act Zone Funded Percentages | 80.00% | 80.00% | |||
Minimum [Member] | Yellow Zone [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension Protection Act Zone Funded Percentages | 65.00% | 65.00% | |||
Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Percentage of contribution range | 5.00% | ||||
Maximum [Member] | Red Zone [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension Protection Act Zone Funded Percentages | 65.00% | 65.00% | |||
United States Pension Plan of US Entity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated net actuarial (gain) loss for defined benefit plans to be amortized next year | 20 | ||||
Prior service cost, plan amendment | |||||
Unrecognized pension expense | 491 | 491 | 452 | ||
Acceptance Rate Of Program | 71.00% | ||||
Distribution of plan assets | 133 | ||||
Charge for write off of actuarial losses | 36 | ||||
Amount reduction in pension obligations exceeded assets distributed | 38 | ||||
Actuarial loss from change in discount rate | 165 | ||||
Long Term Improvement Rate | 0.75% | ||||
Mortality actuarial assumption loss | 83 | ||||
Plan asset gains | 119 | ||||
Expected rate of return | 7.00% | ||||
Projected contributions to be made to the defined benefit pension plans | 0 | ||||
United States Pension Plan of US Entity [Member] | Growth Portfolio [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Asset allocation | 46.00% | 46.00% | |||
Asset target allocation | 45.50% | ||||
United States Pension Plan of US Entity [Member] | Immunizing Portfolio [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Asset allocation | 53.00% | 53.00% | |||
Asset target allocation | 53.50% | ||||
United States Pension Plan of US Entity [Member] | Liquidity Portfolio [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Asset allocation | 1.00% | 1.00% | |||
Asset target allocation | 5.00% | ||||
Foreign Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated net actuarial (gain) loss for defined benefit plans to be amortized next year | 7 | ||||
Prior service cost, plan amendment | 16 | ||||
Unrecognized pension expense | 106 | 106 | 68 | ||
Distribution of plan assets | 7 | 2 | |||
Charge for write off of actuarial losses | 6 | ||||
Benefit obligations that are not required to be funded | 268 | 268 | |||
Projected contributions to be made to the defined benefit pension plans | 13 | ||||
Foreign Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated net actuarial (gain) loss for defined benefit plans to be amortized next year | 0 | ||||
Prior service cost, plan amendment | |||||
Unrecognized pension expense | -9 | -9 | -20 | ||
Distribution of plan assets | |||||
Benefit obligations that are not required to be funded | 110 | 110 | |||
VENEZUELA | Foreign Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Prior service cost, plan amendment | 6 | ||||
Unrecognized pension expense | 11 | 11 | |||
CANADA | Foreign Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Charge for write off of actuarial losses | $6 |
Reconciliations_of_Changes_in_
Reconciliations of Changes in Benefit Obligations, Plan Assets and Funded Status (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of fair value of plan assets [Roll Forward]: | |||
Fair value at end of period | $1,666 | $1,691 | |
United States Pension Plan of US Entity [Member] | |||
Reconciliation of benefit obligation [Roll Forward]: | |||
Obligation at beginning of period | 1,805 | 2,061 | |
Interest cost | 80 | 74 | 85 |
Service cost | |||
Actuarial (gain) loss | 212 | -200 | |
Benefit payments | -124 | -130 | |
New plans | |||
Settlements | -133 | ||
Other | -17 | ||
Translation adjustments | |||
Obligation at end of period | 1,823 | 1,805 | 2,061 |
Reconciliation of fair value of plan assets [Roll Forward]: | |||
Fair value at beginning of period | 1,649 | 1,734 | |
Actual return on plan assets | 230 | 5 | |
Employer contributions | 40 | ||
Benefit payments | -124 | -130 | |
Settlements | -133 | ||
Translation adjustments | |||
Fair value at end of period | 1,622 | 1,649 | 1,734 |
Funded status at end of period | -201 | -156 | |
Foreign Pension Plan [Member] | |||
Reconciliation of benefit obligation [Roll Forward]: | |||
Obligation at beginning of period | 313 | 309 | |
Interest cost | 11 | 11 | 12 |
Service cost | 6 | 6 | 5 |
Actuarial (gain) loss | 54 | -1 | |
Benefit payments | -16 | -15 | |
New plans | 16 | ||
Settlements | -7 | -2 | |
Other | -11 | ||
Translation adjustments | -41 | 5 | |
Obligation at end of period | 325 | 313 | 309 |
Reconciliation of fair value of plan assets [Roll Forward]: | |||
Fair value at beginning of period | 42 | 42 | |
Actual return on plan assets | 2 | 1 | |
Employer contributions | 16 | 17 | |
Benefit payments | -16 | -15 | |
Settlements | -7 | -2 | |
New plans | 18 | ||
Asset reversion | -6 | ||
Translation adjustments | -5 | -1 | |
Fair value at end of period | 44 | 42 | 42 |
Funded status at end of period | -281 | -271 | |
Foreign Postretirement Benefit Plan [Member] | |||
Reconciliation of benefit obligation [Roll Forward]: | |||
Obligation at beginning of period | 112 | 132 | |
Interest cost | 5 | 5 | 5 |
Service cost | 1 | 1 | 1 |
Actuarial (gain) loss | 10 | -12 | |
Benefit payments | -6 | -6 | |
New plans | |||
Settlements | |||
Other | |||
Translation adjustments | -12 | -8 | |
Obligation at end of period | 110 | 112 | 132 |
Reconciliation of fair value of plan assets [Roll Forward]: | |||
Fair value at beginning of period | 0 | 0 | |
Actual return on plan assets | |||
Employer contributions | 6 | 6 | |
Benefit payments | -6 | -6 | |
Settlements | |||
Translation adjustments | |||
Fair value at end of period | 0 | 0 | 0 |
Funded status at end of period | ($110) | ($112) |
Amounts_Recognized_in_Balance_
Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Amounts recognized in the balance sheet: | ||
Noncurrent assets | $3 | $8 |
Noncurrent liabilities | -580 | -530 |
United States Pension Plan of US Entity [Member] | ||
Amounts recognized in the balance sheet: | ||
Noncurrent assets | 1 | |
Current liabilities | ||
Noncurrent liabilities | -201 | -157 |
Net amount recognized | -201 | -156 |
Amounts recognized in AOCI: | ||
Net actuarial loss (gain) | 491 | 452 |
Prior service cost | ||
Gross amount recognized | 491 | 452 |
Deferred tax benefits | ||
Noncontrolling and equity interests | ||
Net amount recognized | 491 | 452 |
Foreign Pension Plan [Member] | ||
Amounts recognized in the balance sheet: | ||
Noncurrent assets | 3 | 7 |
Current liabilities | -10 | -11 |
Noncurrent liabilities | -274 | -267 |
Net amount recognized | -281 | -271 |
Amounts recognized in AOCI: | ||
Net actuarial loss (gain) | 103 | 58 |
Prior service cost | 3 | 10 |
Gross amount recognized | 106 | 68 |
Deferred tax benefits | -25 | -16 |
Noncontrolling and equity interests | -1 | |
Net amount recognized | 81 | 51 |
Foreign Postretirement Benefit Plan [Member] | ||
Amounts recognized in the balance sheet: | ||
Current liabilities | -5 | -6 |
Noncurrent liabilities | -105 | -106 |
Net amount recognized | -110 | -112 |
Amounts recognized in AOCI: | ||
Net actuarial loss (gain) | -9 | -20 |
Prior service cost | ||
Gross amount recognized | -9 | -20 |
Deferred tax benefits | 3 | 5 |
Noncontrolling and equity interests | ||
Net amount recognized | ($6) | ($15) |
Aggregate_Funding_Levels_of_De
Aggregate Funding Levels of Defined Benefit Pension Plans (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
United States Pension Plan of US Entity [Member] | ||
Plans with fair value of plan assets in excess of obligations: | ||
Accumulated benefit obligation | $0 | $15 |
Projected benefit obligation | 15 | |
Fair value of plan assets | 16 | |
Plans with obligations in excess of fair value of plan assets: | ||
Accumulated benefit obligation | 1,823 | 1,790 |
Projected benefit obligation | 1,823 | 1,790 |
Fair value of plan assets | 1,622 | 1,633 |
Foreign Pension Plan [Member] | ||
Plans with fair value of plan assets in excess of obligations: | ||
Accumulated benefit obligation | 14 | 14 |
Projected benefit obligation | 14 | 15 |
Fair value of plan assets | 16 | 22 |
Plans with obligations in excess of fair value of plan assets: | ||
Accumulated benefit obligation | 283 | 266 |
Projected benefit obligation | 311 | 298 |
Fair value of plan assets | $28 | $20 |
Fair_Value_of_Pension_Plan_Ass
Fair Value of Pension Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $1,666 | $1,691 | |||
Equity Securities [Member] | US All Cap [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 76 | [1] | 90 | [1] | |
Equity Securities [Member] | US Large Cap [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 76 | 72 | |||
Equity Securities [Member] | US Small Cap [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 22 | ||||
Equity Securities [Member] | EAFE Composite [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 139 | 155 | |||
Equity Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 78 | 76 | |||
Fixed Income Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 69 | 81 | |||
Fixed Income Securities [Member] | US Corporate Bonds and US Government Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 132 | [2] | 203 | [2] | |
Fixed Income Securities [Member] | Corporate Bond Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 500 | 494 | |||
Fixed Income Securities [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 263 | 207 | |||
Fixed Income Securities [Member] | Foreign Government Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 25 | 11 | |||
Alternative Investment [Member] | Hedge Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 87 | [3] | 83 | [3] | |
Alternative Investment [Member] | Insurance Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 10 | [4] | 11 | [4] | |
Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 50 | 48 | |||
Other securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | -3 | [5] | -28 | [5] | |
Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 142 | 188 | |||
United States Pension Plan of US Entity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,622 | 1,649 | 1,734 | ||
Foreign Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 44 | 42 | 42 | ||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 388 | 393 | |||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | US All Cap [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 76 | [1] | 90 | [1] | |
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | US Large Cap [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 76 | 72 | |||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | US Small Cap [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 22 | ||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | EAFE Composite [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 139 | 155 | |||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 75 | 76 | |||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | US Corporate Bonds and US Government Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [2] | ||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Foreign Government Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Alternative Investment [Member] | Hedge Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [3] | ||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Alternative Investment [Member] | Insurance Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [4] | ||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Other securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [5] | ||||
Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | ||||
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | Equity Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3 | ||||
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,097 | 1,125 | |||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | US Large Cap [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | EAFE Composite [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 69 | 81 | |||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | US Corporate Bonds and US Government Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 132 | [2] | 203 | [2] | |
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 500 | 494 | |||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 263 | 207 | |||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Foreign Government Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Alternative Investment [Member] | Hedge Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [3] | ||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Alternative Investment [Member] | Insurance Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [4] | ||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Other securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | -3 | [5] | -34 | [5] | |
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Other securities [Member] | Interest Rate Contract [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | -3 | [3] | -34 | [3] | |
Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 136 | 174 | |||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 31 | 31 | |||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Equity Securities [Member] | US Large Cap [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Equity Securities [Member] | EAFE Composite [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Equity Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Fixed Income Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Fixed Income Securities [Member] | US Corporate Bonds and US Government Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [2] | ||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Fixed Income Securities [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Fixed Income Securities [Member] | Foreign Government Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 25 | 11 | |||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Alternative Investment [Member] | Hedge Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [3] | ||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Alternative Investment [Member] | Insurance Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [4] | ||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Other securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [5] | 6 | [5] | ||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 6 | 14 | |||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 137 | 131 | |||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | US Large Cap [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | EAFE Composite [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Equity Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | US Corporate Bonds and US Government Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [2] | ||||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Fixed Income Securities [Member] | Foreign Government Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Alternative Investment [Member] | Hedge Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 87 | [3] | 83 | [3] | |
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Alternative Investment [Member] | Insurance Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [4] | ||||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 50 | 48 | |||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Other securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [5] | ||||
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 10 | 11 | |||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Equity Securities [Member] | US Large Cap [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Equity Securities [Member] | EAFE Composite [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Equity Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Fixed Income Securities [Member] | Emerging Markets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Fixed Income Securities [Member] | US Corporate Bonds and US Government Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [2] | ||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Fixed Income Securities [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Fixed Income Securities [Member] | Foreign Government Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Alternative Investment [Member] | Hedge Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [3] | ||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Alternative Investment [Member] | Insurance Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 10 | [4] | 11 | [4] | |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Other securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [5] | ||||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | |||||
[1] | This category comprises a combination of small-, mid- and large-cap equity stocks that are allocated at the investment manager's discretion. Investments include common and preferred securities as well as equity funds that invest in these instruments. | ||||
[2] | This category represents a combination of investment grade corporate bonds, sovereign bonds, Yankee bonds, asset backed securities and U.S. government bonds. Investments include fixed income funds that invest in these instruments. | ||||
[3] | This category includes fund managers that invest in a well-diversified group of hedge funds where strategies include, but are not limited to, event driven, relative value, long/short market neutral, multistrategy and global macro. Investments may be made directly or through pooled funds. | ||||
[4] | This category comprises contracts placed with insurance companies where the underlying assets are invested in fixed interest securities. | ||||
[5] | Other assets in the U.S. represent interest rate derivatives which had a market value of $(3) at December 31, 2014 and $(34) at December 31, 2013. |
Reconciliation_of_Level_3_Pens
Reconciliation of Level 3 Pension Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at end of period | $1,666 | $1,691 | |
United States Pension Plan of US Entity [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at beginning of period | 1,734 | ||
Fair value at end of period | 1,622 | 1,649 | 1,734 |
Foreign Pension Plan [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at beginning of period | 42 | ||
Fair value at end of period | 44 | 42 | 42 |
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at end of period | 137 | 131 | |
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Hedge Funds [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at beginning of period | 83 | 78 | |
Unrealized gains (losses) relating to: Assets sold during the period | |||
Unrealized gains (losses) relating to: Assets still held at the reporting date | 4 | 8 | |
Purchases, sales and settlements | -3 | ||
Fair value at end of period | 87 | 83 | |
Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity [Member] | Real Estate and Other Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at beginning of period | 48 | 46 | |
Unrealized gains (losses) relating to: Assets sold during the period | |||
Unrealized gains (losses) relating to: Assets still held at the reporting date | 5 | 4 | |
Purchases, sales and settlements | -3 | -2 | |
Fair value at end of period | 50 | 48 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at end of period | 10 | 11 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Insurance Contracts [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value at beginning of period | 11 | 9 | |
Unrealized gains (losses) relating to: Assets sold during the period | |||
Unrealized gains (losses) relating to: Assets still held at the reporting date | 2 | ||
Purchases, sales and settlements | -1 | ||
Fair value at end of period | $10 | $11 |
Significant_Weighted_Average_A
Significant Weighted Average Assumptions Used in Measurement of Pension Obligations (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
United States Pension Plan of US Entity [Member] | |||
Pension benefit obligations: | |||
Discount rate | 3.81% | 4.63% | 3.77% |
Net periodic benefit cost: | |||
Discount rate | 4.63% | 3.77% | 4.57% |
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
Foreign Pension Plan [Member] | |||
Pension benefit obligations: | |||
Discount rate | 3.75% | 4.15% | 3.93% |
Net periodic benefit cost: | |||
Discount rate | 4.15% | 3.93% | 4.98% |
Rate of compensation increase | 3.77% | 3.73% | 3.14% |
Expected return on plan assets | 3.41% | 3.35% | 3.74% |
Significant_Weighted_Average_A1
Significant Weighted Average Assumptions Used in Measurement of OPEB Obligations (Detail) (Foreign Postretirement Benefit Plan [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Foreign Postretirement Benefit Plan [Member] | |||
OPEB benefit obligations: | |||
Discount rate | 3.84% | 4.65% | 3.90% |
Net periodic benefit cost: | |||
Discount rate | 4.65% | 3.90% | 4.18% |
Initial health care costs trend rate | 5.91% | 6.11% | 6.40% |
Ultimate health care costs trend rate | 5.02% | 5.03% | 5.02% |
Year ultimate reached | 2018 | 2018 | 2018 |
Effect_of_OnePercentagePoint_C
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Detail) (Foreign Postretirement Benefit Plan [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Foreign Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total of service and interest cost components one percentage point increase | $1 |
Effect on OPEB obligations one percentage point increase | 14 |
Effect on total of service and interest cost components one percentage point decrease | -1 |
Effect on OPEB obligations one percentage point decrease | ($12) |
Estimated_Future_Benefit_Payme
Estimated Future Benefit Payments (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
United States Pension Plan of US Entity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $132 |
2016 | 127 |
2017 | 123 |
2018 | 120 |
2019 | 116 |
2020 to 2024 | 555 |
Total | 1,173 |
Foreign Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 14 |
2016 | 15 |
2017 | 16 |
2018 | 16 |
2019 | 16 |
2020 to 2024 | 113 |
Total | 190 |
Foreign Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 5 |
2016 | 6 |
2017 | 6 |
2018 | 6 |
2019 | 6 |
2020 to 2024 | 30 |
Total | $59 |
Multi_Employer_Pension_Plans_D
Multi Employer Pension Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Multiemployer Plans [Line Items] | |||
PPA Zone Status | Green | Green | |
Funding Plan Pending / Implemented | No | ||
Contributions by Dana | $9 | $9 | $10 |
Surcharge Imposed | No | ||
Steelworkers Pension Trust [Member] | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 236648508 | ||
Multiemployer Plan Number | 499 |
Marketable_Securities_Schedule
Marketable Securities - Schedule of Marketable Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $164 | $109 |
Unrealized Gains (Losses) | 5 | 1 |
Fair Value | 169 | 110 |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 38 | 27 |
Unrealized Gains (Losses) | 0 | 0 |
Fair Value | 38 | 27 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 36 | 30 |
Unrealized Gains (Losses) | -1 | |
Fair Value | 36 | 29 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 23 | 21 |
Unrealized Gains (Losses) | ||
Fair Value | 23 | 21 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 67 | 31 |
Unrealized Gains (Losses) | 5 | 2 |
Fair Value | $72 | $33 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (United States Government Agencies Corporate Debt Securities And Certificates Of Deposit [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
United States Government Agencies Corporate Debt Securities And Certificates Of Deposit [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Marketable securities, maturing in one year or less | $32 |
Marketable securities, maturing after one year through five years | 64 |
Marketable securities, maturing after five years through ten years | $1 |
Long_Term_Debt_Detail
Long Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total | $1,659 | $1,599 |
Less: current maturities | 46 | 32 |
Total long-term debt | 1,613 | 1,567 |
Senior Notes Due February 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.50% | |
Total | 55 | 400 |
Senior Notes Due February 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.75% | |
Total | 350 | 350 |
Senior Notes Due September 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.38% | |
Total | 450 | 450 |
Senior Notes Due September 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.00% | |
Total | 300 | 300 |
Senior Notes Due December 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.50% | |
Total | 425 | |
Other Indebtedness | ||
Debt Instrument [Line Items] | ||
Total | $79 | $99 |
Scheduled_Principal_Payments_o
Scheduled Principal Payments on Long Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $46 | |
2016 | 42 | |
2017 | 21 | |
2018 | 5 | |
2019 | 17 | |
Thereafter | 1,528 | |
Total | $1,659 | $1,599 |
Financing_Agreements_Additiona
Financing Agreements - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jul. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 15, 2015 | Jan. 08, 2015 | |
USD ($) | USD ($) | USD ($) | USD ($) | Senior Notes Due December 2024 [Member] | Senior Notes Due December 2024 [Member] | Senior Notes Due December 2024 [Member] | Senior Notes Due December 2024 [Member] | Senior Notes Due December 2024 [Member] | Senior Notes Sold In 2013 [Member] | Senior Notes Due September 2021 [Member] | Senior Notes Due September 2021 [Member] | Senior Notes Due September 2021 [Member] | Senior Notes Due September 2021 [Member] | Senior Notes Due September 2023 [Member] | Senior Notes Due September 2023 [Member] | Senior Notes Due September 2023 [Member] | Senior Notes Due September 2023 [Member] | Senior Notes Due February 2019 [Member] | Senior Notes Due February 2019 [Member] | Senior Notes Due February 2019 [Member] | Senior Notes Due February 2019 [Member] | Senior Notes Due February 2019 [Member] | Senior Notes Due February 2019 [Member] | Senior Notes Due February 2021 [Member] | Senior Notes Due February 2021 [Member] | Senior Notes Due February 2021 [Member] | Senior Notes Due February 2021 [Member] | Senior Notes Due February 2021 [Member] | Revolving Facility [Member] | Revolving Facility [Member] | Revolving Facility [Member] | Revolving Facility [Member] | European Receivables Loan Facility [Member] | European Receivables Loan Facility [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
USD ($) | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | USD ($) | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | USD ($) | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period One [Member] | Debt Instrument, Redemption, Period Two [Member] | Debt Instrument, Redemption, Period Two [Member] | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | EUR (€) | Senior Notes Due February 2019 [Member] | Senior Notes Due February 2019 [Member] | |||||
Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | USD ($) | USD ($) | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||
Senior notes issued | $425,000,000 | $750,000,000 | |||||||||||||||||||||||||||||||||||
Net proceeds of the offerings | 418,000,000 | 734,000,000 | |||||||||||||||||||||||||||||||||||
Debt issuance cost | 7,000,000 | 16,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||
Percent of notes redeemable | 35.00% | 35.00% | 35.00% | 35.00% | 10.00% | 35.00% | 10.00% | ||||||||||||||||||||||||||||||
Debt redemption price | 105.50% | 102.75% | 105.38% | 104.03% | 106.00% | 103.00% | 106.50% | 103.00% | 106.75% | 103.00% | |||||||||||||||||||||||||||
Percent of notes outstanding minimum | 50.00% | 50.00% | 50.00% | 65.00% | 65.00% | ||||||||||||||||||||||||||||||||
Extinguishment of Debt, Amount | 345,000,000 | 15,000,000 | 40,000,000 | ||||||||||||||||||||||||||||||||||
Weighted Average Debt Redemption Price | 104.12% | 103.25% | 103.00% | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | -19,000,000 | -19,000,000 | 19,000,000 | ||||||||||||||||||||||||||||||||||
Write off of deferred financing costs | 4,000,000 | 4,000,000 | 4,000,000 | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||
Current aggregate facility | 500,000,000 | 103,000,000 | 75,000,000 | ||||||||||||||||||||||||||||||||||
Line of credit facility, unused capacity, benchmark | 50.00% | ||||||||||||||||||||||||||||||||||||
Commitment fee rate | 0.25% | 0.38% | |||||||||||||||||||||||||||||||||||
Line of credit facility, maximum letters of credit | 300,000,000 | ||||||||||||||||||||||||||||||||||||
Fronting fee rate | 0.13% | ||||||||||||||||||||||||||||||||||||
Line of credit facility, amount outstanding | 0 | 0 | |||||||||||||||||||||||||||||||||||
Utilized letters of credit | 44,000,000 | ||||||||||||||||||||||||||||||||||||
Borrowing base collateral | 347,000,000 | ||||||||||||||||||||||||||||||||||||
Available borrowing capacity | $303,000,000 |
Financing_Agreements_Redemptio
Financing Agreements Redemption Price Expressed as Percentage of Principal Amount Senior Notes Sold in 2014 (Details) (Senior Notes Due December 2024 [Member]) | 0 Months Ended |
Dec. 31, 2014 | |
Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.75% |
Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.83% |
Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.92% |
Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Debt Instrument Redemption Period Six [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Financing_Agreements_Redemptio1
Financing Agreements Redemption Price Expressed as Percentage of Principal Amount Senior Notes Sold in 2013 (Detail) | 0 Months Ended |
Dec. 31, 2014 | |
Senior Notes Due September 2021 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 104.03% |
Senior Notes Due September 2021 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.69% |
Senior Notes Due September 2021 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.34% |
Senior Notes Due September 2021 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes Due September 2021 [Member] | Debt Instrument Redemption Period Six [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes Due September 2023 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 103.00% |
Senior Notes Due September 2023 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.00% |
Senior Notes Due September 2023 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.00% |
Senior Notes Due September 2023 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes Due September 2023 [Member] | Debt Instrument Redemption Period Six [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Redemption_Price_Expressed_as_
Redemption Price Expressed as Percentage of Principal Amount Senior Notes Sold in 2011 (Detail) | 0 Months Ended |
Dec. 31, 2014 | |
Senior Notes Due February 2019 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 103.25% |
Senior Notes Due February 2019 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.63% |
Senior Notes Due February 2019 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes Due February 2019 [Member] | Debt Instrument Redemption Period Six [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes Due February 2021 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 103.38% |
Senior Notes Due February 2021 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.25% |
Senior Notes Due February 2021 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.13% |
Senior Notes Due February 2021 [Member] | Debt Instrument Redemption Period Six [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes Due February 2021 [Member] | Debt Instrument Redemption Period Seven [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Margin_Based_on_Remaining_Borr
Margin Based on Remaining Borrowing Availability (Detail) (Revolving Credit Facility [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Base Rate [Member] | Greater than $350 | |
Debt Instrument [Line Items] | |
Margin Rate | 0.50% |
Base Rate [Member] | Greater than $150 but less than or equal to $350 | |
Debt Instrument [Line Items] | |
Margin Rate | 0.75% |
Base Rate [Member] | $150 or less | |
Debt Instrument [Line Items] | |
Margin Rate | 1.00% |
London Interbank Offered Rate (LIBOR) [Member] | Greater than $350 | |
Debt Instrument [Line Items] | |
Margin Rate | 1.50% |
London Interbank Offered Rate (LIBOR) [Member] | Greater than $150 but less than or equal to $350 | |
Debt Instrument [Line Items] | |
Margin Rate | 1.75% |
London Interbank Offered Rate (LIBOR) [Member] | $150 or less | |
Debt Instrument [Line Items] | |
Margin Rate | 2.00% |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $169 | $110 |
Currency forward contracts - liabilities | 20 | 2 |
Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable | 75 | |
Marketable securities | 169 | 110 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - assets | 2 | 3 |
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - liabilities | 11 | 2 |
Fair Value, Measurements, Recurring [Member] | Currency Swap [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - assets | 0 | |
Fair Value, Measurements, Recurring [Member] | Currency Swap [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - liabilities | 9 | |
Fair Value, Measurements, Recurring [Member] | Currency Swap [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - assets | 2 | |
Fair Value, Measurements, Recurring [Member] | Currency Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - liabilities | 2 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable | 0 | |
Marketable securities | 72 | 33 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable | 75 | |
Marketable securities | 97 | 77 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - assets | 2 | 3 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - liabilities | 11 | 2 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Swap [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - assets | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Swap [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - liabilities | 9 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Swap [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - assets | 2 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Currency Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Currency forward contracts - liabilities | 2 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable | 0 | |
Marketable securities | $0 |
Changes_in_Level_3_Recurring_F
Changes in Level 3 Recurring Fair Value Measurements (Detail) (Notes Receivable [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Notes Receivable [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning of period | $0 | $129 | $116 |
Accretion of value (interest income) | 11 | 14 | |
Payment received and other | -61 | -1 | |
Unrealized loss (OCI) | -4 | ||
Transfers out (to Level 2) | -75 | ||
End of period | $0 | $0 | $129 |
Fair_Value_Measurements_and_De2
Fair Value Measurements and Derivatives - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $306 | $549 | |
Deferred gains (losses) which are reported in AOCI that are expected to be reclassified to earnings during the next twelve months | -10 | ||
Foreign Exchange Forward [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 296 | 252 | |
Currency Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 10 | 297 | |
Other Current Assets [Member] | Fair Value, Measurements, Recurring [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notes receivable | 75 | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 93 | 365 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 83 | 68 | |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $10 | $225 | $297 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instrument (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $1,659 | $1,599 |
Fair Value | 1,720 | 1,665 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Market Approach Valuation Technique [Member] | Senior Notes Total [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,580 | 1,500 |
Fair Value | 1,643 | 1,567 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Income Approach Valuation Technique [Member] | Other Indebtedness [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 79 | 99 |
Fair Value | $77 | $98 |
Notional_Amount_of_Currency_Fo
Notional Amount of Currency Forward Contracts Designated and Undesignated as Cash Flow Hedges (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | $306 | $549 | |
Not Designated as Hedging Instrument [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 93 | 365 | |
Foreign Exchange Forward [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 296 | 252 | |
Foreign Exchange Forward [Member] | United States of America, Dollars [Member] | |||
Fair Value Measurements [Line Items] | |||
Traded Currency | Mexican peso, Euro | Mexican peso | |
Derivative, Notional Amount | 110 | 97 | |
Foreign Exchange Forward [Member] | Euro Member Countries, Euro [Member] | |||
Fair Value Measurements [Line Items] | |||
Traded Currency | U.S. dollar, Canadian dollar, Hungarian forint, British pound, Swiss franc, Indian rupee, Russian ruble | U.S. dollar, Canadian dollar, Hungarian forint, British pound, Swiss franc, Indian rupee | |
Derivative, Notional Amount | 88 | 73 | |
Foreign Exchange Forward [Member] | United Kingdom, Pounds [Member] | |||
Fair Value Measurements [Line Items] | |||
Traded Currency | U.S. dollar, Euro | U.S. dollar, Euro | |
Derivative, Notional Amount | 22 | 20 | |
Foreign Exchange Forward [Member] | Sweden, Kronor [Member] | |||
Fair Value Measurements [Line Items] | |||
Traded Currency | Euro | Euro | |
Derivative, Notional Amount | 17 | 15 | |
Foreign Exchange Forward [Member] | South Africa, Rand [Member] | |||
Fair Value Measurements [Line Items] | |||
Traded Currency | U.S. dollar, Euro | U.S. dollar | |
Derivative, Notional Amount | 14 | 8 | |
Foreign Exchange Forward [Member] | Thailand, Baht [Member] | |||
Fair Value Measurements [Line Items] | |||
Traded Currency | U.S. dollar, Australian dollar | U.S. dollar, Australian dollar | |
Derivative, Notional Amount | 21 | 28 | |
Foreign Exchange Forward [Member] | Brazil, Brazil Real | |||
Fair Value Measurements [Line Items] | |||
Traded Currency | U.S. dollar, Euro | ||
Derivative, Notional Amount | 12 | ||
Foreign Exchange Forward [Member] | India, Rupees [Member] | |||
Fair Value Measurements [Line Items] | |||
Traded Currency | U.S. dollar, British pound, Euro | U.S. dollar, British pound, Euro | |
Derivative, Notional Amount | 12 | 11 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 83 | 68 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | United States of America, Dollars [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 3 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Euro Member Countries, Euro [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 19 | 19 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | United Kingdom, Pounds [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 2 | 1 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Sweden, Kronor [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 1 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | South Africa, Rand [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 14 | 8 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Thailand, Baht [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 21 | 28 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Brazil, Brazil Real | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 12 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | India, Rupees [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 12 | 11 | |
Currency Swap [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 10 | 297 | |
Currency Swap [Member] | United States of America, Dollars [Member] | |||
Fair Value Measurements [Line Items] | |||
Traded Currency | Canadian dollar, Euro | ||
Derivative, Notional Amount | 147 | ||
Currency Swap [Member] | India, Rupees [Member] | |||
Fair Value Measurements [Line Items] | |||
Traded Currency | U.S. dollar | ||
Derivative, Notional Amount | 10 | ||
Currency Swap [Member] | Canada, Dollars [Member] | |||
Fair Value Measurements [Line Items] | |||
Traded Currency | Euro | Euro | |
Derivative, Notional Amount | 0 | 150 | |
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 10 | 297 | 225 |
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | United States of America, Dollars [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 147 | ||
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | India, Rupees [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 10 | ||
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | Canada, Dollars [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 150 | ||
Cash Flow Hedging [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 213 | 184 | |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 213 | 184 | |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | United States of America, Dollars [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 107 | 97 | |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | Euro Member Countries, Euro [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 69 | 54 | |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | United Kingdom, Pounds [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 20 | 19 | |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | Sweden, Kronor [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 17 | 14 | |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | South Africa, Rand [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | |||
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | India, Rupees [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | |||
Cash Flow Hedging [Member] | Currency Swap [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | 0 | 0 | |
Cash Flow Hedging [Member] | Currency Swap [Member] | India, Rupees [Member] | |||
Fair Value Measurements [Line Items] | |||
Derivative, Notional Amount | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
LegalMatter | LegalMatter | |
Loss Contingencies [Line Items] | ||
Proceeds from sale of other assets | $4 | |
Other product liabilities, non-asbestos | 1 | 1 |
Accrued environmental liabilities | 7 | 9 |
Structural Products [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantee of lease obligations, number of leases assigned | 3 | |
Guaranteed annual lease payments through June 2025 related to divested business | 6 | |
Environmental Issue [Member] | ||
Loss Contingencies [Line Items] | ||
Probable recovery receivable | 1 | 1 |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Approval amount for dividends and other distributions | 1 | |
Asbestos Issue [Member] | ||
Loss Contingencies [Line Items] | ||
Asbestos claims pending | 25,000 | 25,000 |
Asbestos claims accrued | 81 | 88 |
Time horizon used to estimate asbestos liability | 15 years | |
Probable recovery receivable | 52 | 55 |
Other asbestos-related recoveries | $7 |
Future_Minimum_Payments_Under_
Future Minimum Payments Under Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $35 |
2016 | 30 |
2017 | 23 |
2018 | 14 |
2019 | 11 |
Thereafter | 43 |
Total | $156 |
Rent_Expense_Detail
Rent Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Text Block [Abstract] | |||
Rent expense | $51 | $58 | $63 |
Changes_in_Warranty_Liabilitie
Changes in Warranty Liabilities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Balance, beginning of period | $54 | $66 | $72 |
Amounts accrued for current period sales | 19 | 17 | 20 |
Adjustments of prior estimates | 18 | 6 | 4 |
Settlements of warranty claims | -41 | -34 | -31 |
Currency impact | -3 | -1 | 1 |
Balance, end of period | $47 | $54 | $66 |
Income_Tax_Expense_Benefit_Att
Income Tax Expense (Benefit) Attributable to Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
U.S. federal and state | ($5) | $23 | $18 |
Non-U.S. | 134 | 106 | 113 |
Total current | 129 | 129 | 131 |
Deferred | |||
U.S. federal and state | -177 | -1 | |
Non-U.S. | -22 | -9 | -80 |
Total deferred | -199 | -10 | -80 |
Total expense (benefit) | ($70) | $119 | $51 |
Income_From_Continuing_Operati
Income From Continuing Operations Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. operations | $175 | $151 | $77 |
Non-U.S. operations | 85 | 217 | 287 |
Income from continuing operations before income taxes | $260 | $368 | $364 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | |
U.S. federal statutory rate | 35.00% | 35.00% | 35.00% | |||
Release of valuation allowances | $179,000,000 | |||||
Loss on disposal group held for sale | 80,000,000 | 80,000,000 | ||||
Recognized tax expense (benefit) related to future income taxes and non-us withholding taxes | 3,000,000 | 8,000,000 | 7,000,000 | |||
Withholding tax related to the actual transfer of funds to the U.S. and between foreign subsidiaries | 7,000,000 | 13,000,000 | 10,000,000 | |||
Intercompany loan obligations | 574,000,000 | 574,000,000 | 574,000,000 | |||
Intercompany loan obligations to parent considered permanently invested | 36,000,000 | 36,000,000 | 36,000,000 | |||
Deferred tax asset valuation allowance reasonably likely to reverse in the next twelve months | 500,000,000 | 500,000,000 | 500,000,000 | |||
Capital loss carryforwards | 55,000,000 | 55,000,000 | 55,000,000 | 65,000,000 | ||
Capital loss carryforward valuation allowance | 55,000,000 | 55,000,000 | 55,000,000 | |||
Other tax credit carryforwards | 60,000,000 | 60,000,000 | 60,000,000 | |||
Other tax credit carryforward, valuation allowance | 57,000,000 | 57,000,000 | 57,000,000 | |||
Net operating loss related to settlement of stock awards | 31,000,000 | 31,000,000 | 31,000,000 | |||
Interest accrued on uncertain tax positions | 6,000,000 | 6,000,000 | 6,000,000 | 5,000,000 | ||
Expected decrease in unrecognized tax benefits in next twelve months | 13,000,000 | |||||
Unrecognized tax benefit that would impact effective tax rate | 61,000,000 | 61,000,000 | 61,000,000 | |||
Minimum [Member] | ||||||
Other credit carryforward periods | 10 years | |||||
Maximum [Member] | ||||||
Other credit carryforward periods | 20 years | |||||
Internal Revenue Service (IRS) [Member] | ||||||
Operating loss carryforwards | 1,235,000,000 | 1,235,000,000 | 1,235,000,000 | |||
Operating loss carryforwards subjected to limitation, annual limit | 84,000,000 | 84,000,000 | 84,000,000 | |||
U.S operating loss carryforwards subject to limitation | 677,000,000 | 677,000,000 | 677,000,000 | |||
ITALY | ||||||
Accrued tax reserve on uncertain tax positions | 2,000,000 | 6,000,000 | 4,000,000 | |||
UNITED STATES | ||||||
Release of valuation allowances | 179,000,000 | |||||
CANADA | ||||||
Release of valuation allowances | 34,000,000 | |||||
Income tax expense reduction | 34,000,000 | |||||
UNITED KINGDOM | ||||||
Release of valuation allowances | 20,000,000 | |||||
Income tax expense reduction | 20,000,000 | |||||
Foreign Tax Authority | ||||||
Income tax expense reduction | 7,000,000 | |||||
Senior Notes Sold In 2013 [Member] | ||||||
Senior notes issued | $750,000,000 |
Effective_Tax_Rate_Reconciliat
Effective Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 1.00% | ||
Non-U.S. income | -6.00% | -4.00% | -4.00% |
Non-U.S. tax incentives | -4.00% | -4.00% | -5.00% |
Non-U.S. withholding taxes on undistributed earnings of non-U.S. operations | 4.00% | 5.00% | 4.00% |
Settlement and return adjustments | 3.00% | 1.00% | 2.00% |
Miscellaneous items | 1.00% | -1.00% | |
Valuation allowance adjustments | -60.00% | -2.00% | -17.00% |
Effective income tax rate for operations | -27.00% | 32.00% | 14.00% |
Deferred_Tax_Assets_and_Liabil
Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $654 | $788 |
Postretirement benefits, including pensions | 148 | 123 |
Research and development costs | 110 | 104 |
Expense accruals | 57 | 62 |
Other tax credits recoverable | 60 | 56 |
Capital loss carryforwards | 55 | 65 |
Inventory reserves | 18 | 17 |
Postemployment and other benefits | 4 | 4 |
Other | 25 | 28 |
Total | 1,131 | 1,247 |
Valuation allowance | -728 | -982 |
Deferred tax assets | 403 | 265 |
Unremitted earnings | -31 | -86 |
Intangibles | -41 | -52 |
Depreciation | -39 | -39 |
Other | -58 | -59 |
Deferred tax liabilities | -169 | -236 |
Net deferred tax assets | $234 | $29 |
Summary_of_Operating_Loss_Carr
Summary of Operating Loss Carryforwards (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Asset | $654 | $654 | $788 |
Valuation Allowance | -446 | -446 | |
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 432 | 432 | |
Valuation Allowance | -261 | -261 | |
Operating Loss Carryforward Period In Years | 20 years | ||
Earliest Year of Expiration | 31-Dec-28 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 122 | 122 | |
Valuation Allowance | -114 | -114 | |
Carryforward Period | Various | ||
Earliest Year of Expiration | 31-Dec-15 | ||
BRAZIL | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 26 | 26 | |
Valuation Allowance | -14 | -14 | |
Carryforward Period | Unlimited | ||
FRANCE | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 13 | 13 | |
Valuation Allowance | |||
Carryforward Period | Unlimited | ||
AUSTRALIA | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 33 | 33 | |
Valuation Allowance | -33 | -33 | |
Carryforward Period | Unlimited | ||
UNITED KINGDOM | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 8 | 8 | |
Valuation Allowance | -4 | -4 | |
Carryforward Period | Unlimited | ||
ARGENTINA | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 17 | 17 | |
Valuation Allowance | -17 | -17 | |
Operating Loss Carryforward Period In Years | 5 years | ||
Earliest Year of Expiration | 31-Dec-15 | ||
Other Countries [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 3 | 3 | |
Valuation Allowance | ($3) | ($3) | |
Carryforward Period | Unlimited |
Reconciliation_of_Gross_Unreco
Reconciliation of Gross Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of period | $101 | $108 | $46 |
Decrease related to expiration of statute of limitations | -3 | -7 | -9 |
Increase (decrease) related to prior years tax positions | -6 | -63 | |
Increases related to current year tax positions | 25 | 6 | 8 |
Decrease related to settlements | -14 | ||
Balance, end of period | $109 | $101 | $108 |
Summary_of_Other_Income_Expens
Summary of Other Income (Expense), Net (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income and Expenses [Abstract] | |||
Interest income | $15 | $25 | $24 |
Government grants and incentives | 4 | 3 | 8 |
Foreign exchange gain (loss) | 11 | -5 | -15 |
Strategic transaction expenses | -3 | -4 | -10 |
Write-off of deferred financing costs | -4 | -4 | |
Gain on sale of marketable securities | 9 | ||
Recognition of unrealized gain on payment-in-kind note receivable | 2 | 5 | |
Insurance and other recoveries | 2 | 13 | 2 |
Impairment of long-lived assets | -2 | ||
Other | 17 | 13 | 12 |
Other income, net | $48 | $55 | $19 |
Other_Income_Net_Other_Income_
Other Income, Net Other Income, Net - Additional Information (Details) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Feb. 28, 2013 | Jan. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 |
USD ($) | USD ($) | USD ($) | USD ($) | Official Exchange [Member] | Official Exchange [Member] | Official Exchange [Member] | SICAD [Member] | SICAD [Member] | SICAD2 [Member] | SICAD2 [Member] | Other Income, Net Error [Member] | |
USD ($) | VEF | VEF | VEF | VEF | USD ($) | VEF | USD ($) | |||||
Interest Income, Gross Receipts Tax | $3 | |||||||||||
Foreign Currency Exchange Rate, Remeasurement | 6.3 | 4.3 | 12 | 10.7 | ||||||||
Amount Charged To Expense Due to Inflationary Accounting | 3 | 17 | 6 | |||||||||
Foreign Currency Transaction Gain (Loss), Realized | 8 | 14 | ||||||||||
Average Transacted Exchange Rate | 49.9 | |||||||||||
Quantifying Misstatement in Current Year Financial Statements, Amount | $6 |
Segment_Information_Detail
Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $1,582 | $1,637 | $1,710 | $1,688 | $1,624 | $1,669 | $1,800 | $1,676 | $6,617 | $6,769 | $7,224 |
Segment EBITDA | 745 | 749 | 788 | ||||||||
Capital Spend | 234 | 209 | 164 | ||||||||
Depreciation | 164 | 175 | 190 | ||||||||
Net assets | 3,060 | 3,079 | 3,060 | 3,079 | 3,243 | ||||||
Light Vehicle Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,496 | 2,549 | 2,743 | ||||||||
Segment EBITDA | 250 | 242 | 263 | ||||||||
Capital Spend | 129 | 82 | 47 | ||||||||
Depreciation | 63 | 67 | 82 | ||||||||
Net assets | 1,002 | 970 | 1,002 | 970 | 1,068 | ||||||
Commercial Vehicle Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,838 | 1,860 | 1,960 | ||||||||
Segment EBITDA | 172 | 194 | 199 | ||||||||
Capital Spend | 38 | 40 | 30 | ||||||||
Depreciation | 34 | 44 | 38 | ||||||||
Net assets | 869 | 938 | 869 | 938 | 860 | ||||||
Off-Highway Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,231 | 1,330 | 1,509 | ||||||||
Segment EBITDA | 169 | 163 | 189 | ||||||||
Capital Spend | 23 | 33 | 22 | ||||||||
Depreciation | 21 | 18 | 18 | ||||||||
Net assets | 344 | 379 | 344 | 379 | 409 | ||||||
Power Technologies Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,052 | 1,030 | 1,012 | ||||||||
Segment EBITDA | 154 | 150 | 137 | ||||||||
Capital Spend | 30 | 33 | 24 | ||||||||
Depreciation | 32 | 35 | 41 | ||||||||
Net assets | 442 | 454 | 442 | 454 | 471 | ||||||
Eliminations and other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | |||||||||||
Segment EBITDA | |||||||||||
Capital Spend | 14 | 21 | 41 | ||||||||
Depreciation | 14 | 11 | 11 | ||||||||
Net assets | 403 | 338 | 403 | 338 | 435 | ||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Intersegment Eliminations [Member] | Light Vehicle Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 139 | 124 | 186 | ||||||||
Intersegment Eliminations [Member] | Commercial Vehicle Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 92 | 119 | 134 | ||||||||
Intersegment Eliminations [Member] | Off-Highway Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 37 | 44 | 54 | ||||||||
Intersegment Eliminations [Member] | Power Technologies Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 19 | 21 | 21 | ||||||||
Intersegment Eliminations [Member] | Eliminations and other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | ($287) | ($308) | ($395) |
Reconciliation_of_Segment_EBIT
Reconciliation of Segment EBITDA to Consolidated Net Income (Loss) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting [Abstract] | |||||||||||
Segment EBITDA | $745 | $749 | $788 | ||||||||
Corporate expense and other items, net | 1 | -2 | -11 | ||||||||
Expenses previously allocated to Structures | -1 | ||||||||||
Depreciation | -164 | -175 | -188 | ||||||||
Amortization of intangibles | -49 | -87 | -87 | ||||||||
Restructuring | -21 | -24 | -47 | ||||||||
Stock compensation expense | -16 | -16 | -17 | ||||||||
Strategic transaction expenses and other items | 6 | -4 | -7 | ||||||||
Loss on disposal group held for sale | -80 | -80 | |||||||||
Pension settlement charges | -42 | -42 | |||||||||
Loss on extinguishment of debt | -19 | -19 | |||||||||
Write-off of deferred financing costs | -4 | -4 | |||||||||
Recognition of unrealized gain on payment-in-kind note receivable | 2 | 5 | |||||||||
Impairment and loss on sale of assets | -6 | ||||||||||
Interest expense | -118 | -99 | -84 | ||||||||
Interest income | 15 | 25 | 24 | ||||||||
Income from continuing operations before income taxes | 260 | 368 | 364 | ||||||||
Income tax expense (benefit) | -70 | 119 | 51 | ||||||||
Equity in earnings of affiliates | 13 | 12 | 2 | ||||||||
Income from continuing operations | 343 | 261 | 315 | ||||||||
Loss from discontinued operations | -15 | -1 | 0 | ||||||||
Net income | $108 | $93 | $90 | $37 | $43 | $71 | $96 | $50 | $328 | $260 | $315 |
Reconciliation_of_Segment_Net_
Reconciliation of Segment Net Assets to Consolidated Total Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Segment Reporting [Abstract] | |||
Segment net assets | $3,060 | $3,079 | $3,243 |
Accounts payable and other current liabilities | 1,261 | 1,268 | |
Other current and long-term assets | 609 | 782 | |
Total assets | $4,930 | $5,129 |
Segments_Geographical_Area_and2
Segments, Geographical Area and Major Customer Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Net Sales | $6,617 | $6,769 | $7,224 |
Ford [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 1,217 | 1,226 | 1,254 |
Sales [Member] | Ford [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 18.00% | 18.00% | 17.00% |
Sales [Member] | Customer Concentration Risk [Member] | Minimum [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 10.00% | 10.00% | 10.00% |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,760 | 2,559 | 2,975 |
UNITED STATES | Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 42.00% | ||
ITALY | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 703 | 734 | 731 |
ITALY | Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 11.00% | ||
BRAZIL | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 505 | 639 | 574 |
BRAZIL | Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 8.00% | ||
GERMANY | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $429 | $410 | $408 |
GERMANY | Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 6.00% | ||
Other Countries | Sales [Member] | Minimum [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales percentage revenue | 5.00% |
Geographic_Information_of_Cons
Geographic Information of Consolidated Net Sales and Long-lived Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | $6,617 | $6,769 | $7,224 |
Long-Lived Assets | 1,176 | 1,225 | 1,239 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 2,760 | 2,559 | 2,975 |
Long-Lived Assets | 368 | 311 | 300 |
Other North America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 366 | 399 | 396 |
Long-Lived Assets | 111 | 131 | 138 |
North America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 3,126 | 2,958 | 3,371 |
Long-Lived Assets | 479 | 442 | 438 |
ITALY | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 703 | 734 | 731 |
Long-Lived Assets | 61 | 71 | 64 |
GERMANY | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 429 | 410 | 408 |
Long-Lived Assets | 106 | 124 | 118 |
Other Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 846 | 850 | 882 |
Long-Lived Assets | 151 | 161 | 158 |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 1,978 | 1,994 | 2,021 |
Long-Lived Assets | 318 | 356 | 340 |
BRAZIL | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 505 | 639 | 574 |
Long-Lived Assets | 119 | 129 | 136 |
Other South America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 266 | 344 | 351 |
Long-Lived Assets | 22 | 56 | 73 |
South America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 771 | 983 | 925 |
Long-Lived Assets | 141 | 185 | 209 |
Asia Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 742 | 834 | 907 |
Long-Lived Assets | $238 | $242 | $252 |
Equity_Affiliates_Additional_I
Equity Affiliates - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Dividends received from equity affiliates | $16 | $10 | $3 |
Equity method investments exceeding minimum value | 202 | ||
Equity method investment carrying amount over the book value | 74 | ||
Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments exceeding minimum value | 5 | ||
Goodwill [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment carrying amount over the book value | $48 | ||
Other Than Goodwill [Member] | Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Estimated useful life | 5 years | ||
Other Than Goodwill [Member] | Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Estimated useful life | 45 years |
Principal_Components_of_Invest
Principal Components of Investments in Equity Affiliates (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments | $202 | |
Investment in affiliates carried at cost | 2 | |
Investment in affiliates | 204 | 210 |
Dongfeng Dana Axle Co., Ltd. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 50.00% | |
Investments | 143 | |
Bendix Spicer Foundation Brake, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 20.00% | |
Investments | 45 | |
Axles India Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 48.00% | |
Investments | 6 | |
All others as a group [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments | $8 |
Summarized_Financial_Informati
Summarized Financial Information for DDAC and Other Equity Affiliates (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Dana's equity earnings in affiliate | $13 | $12 | $2 |
Dongfeng Dana Axle Co., Ltd. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales | 762 | 835 | 683 |
Gross profit | 82 | 82 | 68 |
Pre-tax income | 23 | 19 | 8 |
Net income | 17 | 20 | 7 |
Dana's equity earnings in affiliate | 5 | 7 | -1 |
Current assets | 552 | 663 | |
Noncurrent assets | 177 | 167 | |
Total assets | 729 | 830 | |
Current liabilities | 506 | 613 | |
Noncurrent liabilities | 61 | 42 | |
Total liabilities | 567 | 655 | |
Other Equity Affiliates Combined [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Sales | 564 | 497 | 522 |
Gross profit | 100 | 79 | 75 |
Pre-tax income | 33 | 25 | 21 |
Net income | 32 | 24 | 16 |
Dana's equity earnings in affiliate | 8 | 5 | 3 |
Current assets | 192 | 164 | |
Noncurrent assets | 73 | 69 | |
Total assets | 265 | 233 | |
Current liabilities | 123 | 104 | |
Noncurrent liabilities | 13 | 11 | |
Total liabilities | $136 | $115 |
Quarterly_Results_Detail
Quarterly Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $1,582 | $1,637 | $1,710 | $1,688 | $1,624 | $1,669 | $1,800 | $1,676 | $6,617 | $6,769 | $7,224 |
Gross margin | 223 | 240 | 248 | 234 | 212 | 235 | 259 | 214 | |||
Net income | 108 | 93 | 90 | 37 | 43 | 71 | 96 | 50 | 328 | 260 | 315 |
Net income attributable to parent company | 109 | 90 | 86 | 34 | 42 | 68 | 92 | 42 | 319 | 244 | 300 |
Preferred stock redemption premium | $232 | $232 | |||||||||
Net income (loss) per share available to parent company stockholders | |||||||||||
Basic | $0.65 | $0.56 | $0.54 | $0.21 | $0.26 | ($1.16) | $0.58 | $0.23 | $1.97 | ($0.09) | $1.82 |
Diluted | $0.64 | $0.52 | $0.49 | $0.19 | $0.23 | ($1.16) | $0.44 | $0.19 | $1.84 | ($0.09) | $1.40 |
Quarterly_Results_Additional_I
Quarterly Results - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ||||
Loss on disposal group held for sale | $80 | $80 | ||
Pension settlement charges | 42 | 42 | ||
Loss on extinguishment of debt | 19 | 19 | ||
Deferred tax asset valuation allowance release | $179 |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts and Reserves (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $1,037 | $1,243 | $1,397 |
Amounts charged or credited to income | -225 | -127 | -107 |
Allowance utilized | -23 | -28 | -92 |
Adjustments arising from change in currency exchange rates and other items | -7 | -51 | 45 |
Balance at end of period | 782 | 1,037 | 1,243 |
Allowance for doubtful receivables [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 7 | 8 | 8 |
Amounts charged or credited to income | 1 | 0 | 1 |
Allowance utilized | -1 | -1 | -1 |
Adjustments arising from change in currency exchange rates and other items | -1 | 0 | 0 |
Balance at end of period | 6 | 7 | 8 |
Inventory reserves [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 48 | 51 | 55 |
Amounts charged or credited to income | 20 | 16 | 6 |
Allowance utilized | -15 | -19 | -12 |
Adjustments arising from change in currency exchange rates and other items | -5 | 0 | 2 |
Balance at end of period | 48 | 48 | 51 |
Valuation allowance for deferred tax assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 982 | 1,184 | 1,334 |
Amounts charged or credited to income | -246 | -143 | -114 |
Allowance utilized | -7 | -8 | -79 |
Adjustments arising from change in currency exchange rates and other items | -1 | -51 | 43 |
Balance at end of period | $728 | $982 | $1,184 |