Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 18, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Entity File Number | 1-1063 | |
Entity Registrant Name | Dana Inc | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1531856 | |
Entity Address, Address Line One | 3939 Technology Drive, | |
Entity Address, City or Town | Maumee, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43537 | |
City Area Code | 419 | |
Local Phone Number | 887-3000 | |
Title of 12(b) Security | Common stock $0.01 par value | |
Trading Symbol | DAN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 143,923,921 | |
Amendment Flag | false | |
Entity Central Index Key | 0000026780 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Statement Of Opera
Consolidated Statement Of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net sales | $ 2,164 | $ 1,978 | $ 6,633 | $ 6,170 |
Costs and expenses | ||||
Cost of sales | 1,882 | 1,692 | 5,725 | 5,269 |
Selling, general and administrative expenses | 128 | 119 | 404 | 383 |
Amortization of intangibles | 2 | 2 | 8 | 6 |
Restructuring charges, net | 5 | 9 | 23 | 17 |
Impairment of indefinite-lived intangible asset | (20) | |||
Adjustment in fair value of disposal group held for sale | 3 | |||
Pension settlement charge | (2) | (260) | ||
Other expense, net | (8) | (9) | (31) | (19) |
Earnings before interest and income taxes | 137 | 147 | 182 | 459 |
Interest income | 3 | 3 | 8 | 8 |
Interest expense | 31 | 24 | 92 | 71 |
Earnings before income taxes | 109 | 126 | 98 | 396 |
Income tax expense (benefit) | 5 | 31 | (27) | 75 |
Equity in earnings of affiliates | 8 | 1 | 22 | 13 |
Net income | 112 | 96 | 147 | 334 |
Less: Noncontrolling interests net income | 3 | 1 | 9 | 6 |
Less: Redeemable noncontrolling interests net income (loss) | (2) | (3) | 1 | |
Net income attributable to the parent company | $ 111 | $ 95 | $ 141 | $ 327 |
Net income per share available to common stockholders | ||||
Basic | $ 0.77 | $ 0.66 | $ 0.98 | $ 2.25 |
Diluted | $ 0.77 | $ 0.65 | $ 0.97 | $ 2.23 |
Weighted-average common shares outstanding - Basic | 144 | 144.7 | 144 | 145.1 |
Weighted-average common shares outstanding - Diluted | 144.8 | 145.9 | 144.8 | 146.6 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 112 | $ 96 | $ 147 | $ 334 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Currency translation adjustments | (46) | (19) | (16) | (65) |
Hedging gains and losses | 8 | 3 | 15 | (11) |
Defined benefit plans | 5 | 21 | 365 | 34 |
Other comprehensive income (loss) | (33) | 5 | 364 | (42) |
Total comprehensive income | 79 | 101 | 511 | 292 |
Less: Comprehensive loss attributable to noncontrolling interests | 9 | 4 | ||
Less: Comprehensive income attributable to redeemable noncontrolling interests | (3) | (6) | ||
Comprehensive income attributable to the parent company | $ 85 | $ 101 | $ 509 | $ 292 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets [Abstract] | ||
Cash and cash equivalents | $ 402,000,000 | $ 510,000,000 |
Marketable securities | 20,000,000 | 21,000,000 |
Accounts receivable [Abstract] | ||
Trade, less allowance for doubtful accounts of $8 in 2019 and $9 in 2018 | 1,285,000,000 | 1,065,000,000 |
Other | 198,000,000 | 178,000,000 |
Inventories | 1,233,000,000 | 1,031,000,000 |
Other current assets | 135,000,000 | 102,000,000 |
Total current assets | 3,273,000,000 | 2,907,000,000 |
Goodwill | 530,000,000 | 264,000,000 |
Intangibles | 232,000,000 | 164,000,000 |
Deferred tax assets | 539,000,000 | 445,000,000 |
Other noncurrent assets | 112,000,000 | 80,000,000 |
Investments in affiliates | 172,000,000 | 208,000,000 |
Operating lease assets | 174,000,000 | |
Property, plant and equipment, net | 2,199,000,000 | 1,850,000,000 |
Total assets | 7,231,000,000 | 5,918,000,000 |
Current liabilities [Abstract] | ||
Short-term debt | 109,000,000 | 8,000,000 |
Current portion of long-term debt | 13,000,000 | 20,000,000 |
Accounts payable | 1,285,000,000 | 1,217,000,000 |
Accrued payroll and employee benefits | 208,000,000 | 186,000,000 |
Taxes on income | 55,000,000 | 47,000,000 |
Current portion of operating lease liabilities | 41,000,000 | |
Other accrued liabilities | 279,000,000 | 269,000,000 |
Total current liabilities | 1,990,000,000 | 1,747,000,000 |
Long-term debt, less debt issuance costs of $27 in 2019 and $18 in 2018 | 2,346,000,000 | 1,755,000,000 |
Noncurrent operating lease liabilities | 136,000,000 | |
Pension and postretirement obligations | 418,000,000 | 561,000,000 |
Other noncurrent liabilities | 289,000,000 | 313,000,000 |
Total liabilities | 5,179,000,000 | 4,376,000,000 |
Commitments and contingencies (Note 16) | ||
Redeemable noncontrolling interests | 174,000,000 | 100,000,000 |
Parent company stockholders' equity | ||
Preferred stock, 50,000,000 shares authorized, $0.01 par value, no shares outstanding | 0 | 0 |
Common stock, 450,000,000 shares authorized, $0.01 par value, 143,923,921 and 144,663,403 shares outstanding | 2,000,000 | 2,000,000 |
Additional paid-in capital | 2,381,000,000 | 2,368,000,000 |
Retained earnings | 552,000,000 | 456,000,000 |
Treasury stock, at cost (10,103,374 and 8,342,185 shares) | (150,000,000) | (119,000,000) |
Accumulated other comprehensive loss | (994,000,000) | (1,362,000,000) |
Total parent company stockholders' equity | 1,791,000,000 | 1,345,000,000 |
Noncontrolling interests | 87,000,000 | 97,000,000 |
Total equity | 1,878,000,000 | 1,442,000,000 |
Total liabilities and equity | $ 7,231,000,000 | $ 5,918,000,000 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) (Unaudited) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Trade, allowance for doubtful accounts | $ 8 | $ 9 |
Deferred debt issuance costs | $ 27 | $ 18 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, outstanding | 143,923,921 | 144,663,403 |
Treasury stock, shares | 10,103,374 | 8,342,185 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities [Abstract] | ||
Net income | $ 147 | $ 334 |
Depreciation | 235 | 187 |
Amortization | 12 | 8 |
Amortization of deferred financing charges | 5 | 3 |
Earnings of affiliates, net of dividends received | (3) | 5 |
Stock compensation expense | 15 | 13 |
Deferred income taxes | (120) | (47) |
Pension expense, net | 207 | 2 |
Impairment of indefinite-lived intangible asset | 20 | |
Adjustment in fair value of disposal group held for sale | (2) | |
Change in working capital | (197) | (269) |
Other, net | (13) | (17) |
Net cash provided by operating activities | 288 | 237 |
Investing activities [Abstract] | ||
Purchases of property, plant and equipment | (298) | (235) |
Acquisition of businesses, net of cash acquired | (666) | (151) |
Proceeds from previous acquisition | 9 | |
Purchases of marketable securities | (24) | (36) |
Proceeds from sales of marketable securities | 6 | 6 |
Proceeds from maturities of marketable securities | 19 | 30 |
Proceeds from sale of subsidiary, net of cash disposed | 1 | |
Proceeds from sale of subsidiary, net of cash disposed | (6) | |
Settlements of undesignated derivatives | (20) | |
Other, net | (13) | (2) |
Net cash used in investing activities | (995) | (385) |
Financing activities [Abstract] | ||
Net change in short-term debt | 92 | (13) |
Proceeds from long-term debt | 675 | |
Repayment of long-term debt | (121) | (8) |
Deferred financing payments | (16) | |
Dividends paid to common stockholders | (43) | (43) |
Distributions to noncontrolling interests | (14) | (7) |
Sale of interest to noncontrolling shareholder | 53 | |
Contributions from noncontrolling interests | 4 | 22 |
Payments to acquire redeemable noncontrolling interests | (43) | |
Repurchase of common stock | (25) | (25) |
Other, net | (5) | |
Net cash provided by (used in) financing activities | 605 | (122) |
Net decrease in cash, cash equivalents and restricted cash | (102) | (270) |
Cash, cash equivalents and restricted cash - beginning of period | 520 | 610 |
Effect of exchange rate changes on cash balances | (6) | (13) |
Cash, cash equivalents and restricted cash - end of period | 412 | 327 |
Non-cash investing activity [Abstract] | ||
Purchases of property, plant and equipment held in accounts payable | $ 79 | $ 93 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies [Text Block] | Organization and Summary of Significant Accounting Policies General Dana Incorporated (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; and motors, power inverters, and control systems for electric vehicles 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 are prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information. These statements are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the results for the interim periods. The results reported in these consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Form 10-K). Recently adopted accounting pronouncements On January 1, 2019, we adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) , using the modified retrospective approach and an application date of January 1, 2019. Prior period amounts have not been adjusted and continue to be reflected in accordance with our historical accounting. This transition method resulted in the recognition of a right-of-use asset and a lease liability for virtually all leases at the application date with a cumulative-effect adjustment to retained earnings. Short-term leases of less than 12 months have not been recorded on the balance sheet. We elected the package of practical expedients, which among other things, allowed us to carry forward the historical lease classification. We did not elect the practical expedient that allowed for hindsight to determine the lease term of existing leases. We separated the lease components from the non-lease components of each lease arrangement and, therefore, did not elect the practical expedient that would enable us to not separate them. We also adopted the following standard during the first nine months of 2019, which did not have a material impact on our financial statements or financial statement disclosures: Standard Effective Date 2017-11 Earnings Per Share, Distinguishing Liabilities from Equity, Derivatives and Hedging – (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception January 1, 2019 Recently issued accounting pronouncements In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This guidance allows for capitalization of implementation costs associated with certain cloud computing arrangements. This guidance becomes effective January 1, 2020 and early adoption is permitted. The guidance is to be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We do not expect the adoption of this guidance to impact our consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans . The guidance eliminated certain disclosures about defined benefit plans, added new disclosures, and clarified other requirements. This guidance becomes effective January 1, 2020 and early adoption is permitted. There were no changes to interim disclosure requirements. Adoption of this guidance will not have a material effect on our annual financial statement disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . The guidance removed or modified some disclosures while others were added. The removal and amendment of certain disclosures can be adopted immediately with retrospective application. The additional disclosure guidance becomes effective January 1, 2020. Adoption of this guidance will not have a material effect on our financial statement disclosures. In January 2017, the FASB issued ASU 2017-04, Goodwill – Simplifying the Test for Goodwill Impairment, guidance that simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 of the goodwill impairment test. The new guidance quantifies goodwill impairment as the amount by which the carrying amount of a reporting unit, including goodwill, exceeds its fair value, with the impairment loss limited to the total amount of goodwill allocated to that reporting unit. This guidance becomes effective January 1, 2020 and will be applied on a prospective basis. Early adoption is permitted for impairment tests performed after January 1, 2017. We do not expect the adoption of this guidance to impact our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Credit Losses – Measurement of Credit Losses on Financial Instruments, new guidance for the accounting for credit losses on certain financial instruments. This guidance introduces a new approach to estimating credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. This guidance becomes effective January 1, 2020 and is not expected to have a material impact on our consolidated financial statements. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions Nordresa — On August 26, 2019, we acquired a 100% ownership interest in Nordresa Motors, Inc. (Nordresa) for consideration of $12 , using cash on hand. Nordresa is a prominent integration and application engineering expert for the development and commercialization of electric powertrains for commercial vehicles. The investment further enhances Dana's electrification capabilities by combining its complete portfolio of motors, inverters, chargers, gearboxes, and thermal-management products with Nordresa's proprietary battery-management system, electric powertrain controls and integration expertise to deliver complete electric powertrain systems. The results of operations of the business are reported within our Commercial Vehicle operating segment. The pro forma effects of this acquisition would not materially impact our reported results for any period presented, and as a result no pro forma financial information is presented. Hydro-Québec Relationship — On July 29, 2019, we broadened our relationship with Hydro-Québec, with Hydro-Québec acquiring an indirect 45% redeemable noncontrolling interest in S.M.E. S.p.A. (SME) and increasing its existing indirect 22.5% noncontrolling interest in Prestolite E-Propulsion Systems (Beijing) Limited (PEPS) to 45% . We received $65 at closing, consisting of $53 of cash and a note receivable of $12 . The note is payable in five years and bears annual interest of 5% . Dana will continue to consolidate SME and PEPS as the governing documents continue to provide Dana with a controlling financial interest in these subsidiaries. See Note 9 for additional information. See below for a discussion of Dana's acquisitions of PEPS, SME and TM4. Prestolite E-Propulsion Systems (Beijing) Limited — On June 6, 2019, we acquired Prestolite Electric Beijing Limited's (PEBL) 50% ownership interest in PEPS. PEPS manufactures and distributes electric mobility solutions, including electric motors, inverters, and generators for commercial vehicles and heavy machinery. PEPS has a state-of-the-art facility in China, enabling us to expand motor and inverter manufacturing capabilities in the world's largest electric-mobility market. The acquisition of PEBL's interest in PEPS, along with our existing ownership interest in PEPS through our TM4 subsidiary, provides us with a 100% ownership interest and a controlling financial interest in PEPS. We recognized a $2 gain to other expense, net on the required remeasurement of our previously held equity method investment in PEPS to fair value. See Hydro-Québec relationship discussion above for details of subsequent changes in our ownership interest in PEPS. We paid $50 at closing using cash on hand. The purchase consideration and related provisional allocation to the acquisition date fair values of the assets acquired and liabilities assumed are presented in the following table: Cash consideration $ 50 Fair value of previously held equity method investment 45 Total purchase consideration $ 95 Cash and cash equivalents $ 2 Accounts receivable - Trade 17 Inventories 8 Goodwill 73 Property, plant and equipment 2 Accounts payable (4 ) Other accrued liabilities (3 ) Total purchase consideration allocation $ 95 The fair value of the assets acquired and liabilities assumed, as well as the fair value of our previously held equity method investment, are provisional and could be revised as a result of additional information obtained regarding indemnified matters and liabilities assumed and revisions of provisional estimates of fair values, including but not limited to, the completion of independent appraisals and valuations related to inventories, intangibles and property, plant and equipment. Goodwill recognized in this transaction is primarily attributable to synergies expected to arise after the acquisition and the assembled workforce and is not deductible for tax purposes. We used a combination of the discounted cash flow, an income approach, and the guideline public company method, a market approach, to value our previously held equity method investment in PEPS. The results of operations of the business are reported in our Commercial Vehicle operating segment from the date of acquisition. The pro forma effects of this acquisition would not materially impact our reported results for any period presented, and as a result no pro forma financial information is presented. PEPS had an insignificant impact on our consolidated results of operations during the third quarter and first nine months of 2019. Oerlikon Drive Systems — On February 28, 2019, we acquired a 100% ownership interest in the Oerlikon Drive Systems (ODS) segment of the Oerlikon Group. ODS is a global manufacturer of high-precision gears, planetary hub drives for wheeled and tracked vehicles, and products, controls, and software that support vehicle electrification across the mobility industry. The acquisition of ODS is expected to deliver significant long-term value by accelerating our commitment to vehicle electrification and strengthening the technology portfolio for each of our end markets while further expanding and balancing the manufacturing presence of our off-highway business in key geographical markets. The business employs approximately 5,600 people and operates 11 manufacturing and engineering facilities in China, India, Italy, the United Kingdom, and the United States, with one additional facility under construction in China. We paid $626 at closing which was funded primarily through debt proceeds. See Note 14 for additional information. The purchase consideration and related provisional allocation to the acquisition date fair values of the assets acquired and liabilities assumed are presented in the following table: Purchase consideration paid at closing $ 626 Less purchase consideration to be recovered for indemnified matters (4 ) Total purchase consideration $ 622 Cash and cash equivalents $ 76 Accounts receivable - Trade 150 Accounts receivable - Other 15 Inventories 190 Other current assets 15 Goodwill 123 Intangibles 58 Deferred tax assets 51 Other noncurrent assets 5 Investments in affiliates 7 Property, plant and equipment 329 Current portion of long-term debt (2 ) Accounts payable (151 ) Accrued payroll and employee benefits (35 ) Other accrued liabilities (48 ) Long-term debt (8 ) Pension and postretirement obligations (48 ) Other noncurrent liabilities (97 ) Noncontrolling interests (8 ) Total purchase consideration allocation $ 622 The purchase consideration and the fair values of the assets acquired and liabilities assumed are provisional and could be revised as a result of additional information obtained regarding indemnified matters and liabilities assumed and revisions of provisional estimates of fair values, including but not limited to, the completion of independent appraisals and valuations related to inventory, intangibles and property, plant and equipment. Goodwill recognized in this transaction is primarily attributable to synergies expected to arise after the acquisition and the assembled workforce and is not deductible for tax purposes. The provisional fair values assigned to intangibles includes $11 allocated to developed technology, $13 allocated to trademarks and trade names and $34 allocated to customer relationships. We used the relief from royalty method, an income approach, to value developed technology and trademarks and trade names. We used the multi-period excess earnings method, an income approach, to value customer relationships. We used a replacement cost method to value fixed assets. The developed technology, trademarks and trade names and customer relationship intangible assets are being amortized on a straight-line basis over seven , ten and twelve years , respectively. Property, plant and equipment is being depreciated on a straight-line basis over useful lives ranging from three to twenty-five years . The results of operations of the business are primarily reported in our Off-Highway and Commercial Vehicle operating segments. Transaction related expenses associated with completion of the acquisition totaling $13 were charged to other expense, net. During the third quarter and first nine months of 2019, the business contributed sales of $179 and $465 , respectively. The following unaudited pro forma information has been prepared as if the ODS acquisition and the related debt financing had occurred on January 1, 2018. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net sales $ 2,164 $ 2,179 $ 6,778 $ 6,825 Net income $ 115 $ 97 $ 182 $ 301 The unaudited pro forma results include adjustments primarily related to purchase accounting, interest expense related to the debt proceeds used in connection with the acquisition of ODS, and non-recurring strategic transaction expenses. The unaudited pro forma financial information is not indicative of the operational results that would have been obtained had the transactions actually occurred as of that date, nor is it necessarily indicative of Dana’s future operational results. SME — On January 11, 2019, we acquired a 100% ownership interest in SME. SME designs, engineers, and manufactures low-voltage AC induction and synchronous reluctance motors, inverters, and controls for a wide range of off-highway electric vehicle applications, including material handling, agriculture, construction, and automated-guided vehicles. The addition of SME's low-voltage motors and inverters, which are primarily designed to meet the evolution of electrification in off-highway equipment, significantly expands Dana's electrified product portfolio. See Hydro-Québec relationship discussion above for details of subsequent changes in our ownership interest in SME. We paid $88 at closing, consisting of $62 in cash on hand and a note payable of $26 which allows for net settlement of potential contingencies as defined in the purchase agreement. The note is payable in five years and bears annual interest of 5% . The purchase consideration and the related provisional allocation to the acquisition date fair values of the assets acquired and liabilities assumed are presented in the following table: Total purchase consideration $ 88 Accounts receivable - Trade 4 Accounts receivable - Other 1 Inventories 8 Goodwill 68 Intangibles 24 Other noncurrent assets 1 Property, plant and equipment 5 Short-term debt (8 ) Accounts payable (6 ) Accrued payroll and employee benefits (1 ) Other accrued liabilities (1 ) Other noncurrent liabilities (7 ) Total purchase consideration allocation $ 88 The fair value of the assets acquired and liabilities assumed are provisional and could be revised as a result of additional information obtained regarding liabilities assumed and revisions of provisional estimates of fair values including but not limited to, the completion of independent appraisals and valuations related to intangibles. Goodwill recognized in this transaction is primarily attributable to synergies expected to arise after the acquisition and the assembled workforce and is not deductible for tax purposes. The provisional fair values assigned to intangibles include $15 allocated to developed technology and $9 allocated to customer relationships. We used the relief from royalty method, an income approach, to value developed technology. We used the multi-period excess earnings method, an income approach, to value customer relationships. We used a replacement cost method to value fixed assets. The developed technology and customer relationship intangible assets are being amortized on a straight-line basis over twelve and ten years , respectively, and property, plant and equipment is being depreciated on a straight-line basis over useful lives ranging from one to twenty years . The results of operations of the business are reported in our Off-Highway operating segment from the date of acquisition. The pro forma effects of this acquisition would not materially impact our reported results for any period presented, and as a result no pro forma financial information is presented. During the third quarter and first nine months of 2019, the business contributed sales of $4 and $16 , respectively. TM4 — On June 22, 2018, we acquired a 55% ownership interest in TM4 Inc. (TM4) from Hydro-Québec. TM4 designs and manufactures motors, power inverters, and control systems for electric vehicles, offering a complementary portfolio to Dana's electric gearboxes and thermal-management technologies for batteries, motors, and inverters. The transaction establishes Dana as the only supplier with full e-Drive design, engineering, and manufacturing capabilities – offering electro-mechanical propulsion solutions to each of its end markets. The transaction further strengthens Dana's position in China, the world's fastest-growing market for electric vehicles. The terms of the agreement provide Hydro-Québec with the right to put all, and not less than all, of its shares in TM4 to Dana at fair value any time after June 22, 2021, see Note 9 for additional information. TM4 owns a 50% interest in PEPS, a joint venture in China with PEBL, which offers electric mobility solutions throughout China and Asia. See discussion of Dana's subsequent acquisition of PEBL's 50% interest in PEPS above. We paid $125 at closing, using cash on hand. The purchase consideration and the related allocation to the acquisition date fair values of the assets acquired and liabilities assumed are presented in the following table: Total purchase consideration $ 125 Cash and cash equivalents $ 3 Accounts receivable - Trade 3 Accounts receivable - Other 1 Inventories 4 Goodwill 148 Intangibles 24 Investments in affiliates 49 Property, plant and equipment 5 Accounts payable (2 ) Accrued payroll and employee benefits (1 ) Other accrued liabilities (7 ) Redeemable noncontrolling interest (102 ) Total purchase consideration allocation $ 125 Goodwill recognized in this transaction is primarily attributable to synergies expected to arise after the acquisition and the assembled workforce and is not deductible for tax purposes. The fair values assigned to intangibles include $14 allocated to developed technology and $10 allocated to trademarks and trade names. We used the relief from royalty method, an income approach, to value developed technology and the trademarks and trade names. We used a replacement cost method to value fixed assets. We used a combination of the discounted cash flow, an income approach, and the guideline public company method, a market approach, to value the equity method investment in PEPS. The developed technology intangible assets are being amortized on a straight-line basis over ten years , and property, plant and equipment is being depreciated on a straight-line basis over useful lives ranging from five to six years . The trademarks and trade names are considered indefinite-lived intangible assets. Dana is consolidating TM4 as the governing documents provide Dana with a controlling financial interest. The results of operations of the business are reported in our Commercial Vehicle operating segment from the date of acquisition. Transaction related expenses associated with completion of the acquisition totaling $5 were charged to other expense, net in 2018. The pro forma effects of this acquisition would not materially impact our reported results for any period presented, and as a result no pro forma financial information is presented. During 2018, the business contributed sales of $11 . BFP and BPT — On February 1, 2017, we acquired 80% ownership interests in Brevini Fluid Power S.p.A. (BFP) and Brevini Power Transmission S.p.A. (BPT) from Brevini Group S.p.A. (Brevini). The acquisition expands our Off-Highway operating segment product portfolio to include technologies for tracked vehicles, doubling our addressable market for off-highway driveline systems and establishing Dana as the only off-highway solutions provider that can manage the power to both move the equipment and perform its critical work functions. This acquisition also brings a platform of technologies that can be leveraged in our light and commercial-vehicle end markets, helping to accelerate our hybridization and electrification initiatives. We paid $181 at closing, using cash on hand, and refinanced a significant portion of the debt assumed in the transaction during the first half of 2017. In December 2017, a purchase price reduction of $9 was agreed under the sale and purchase agreement provisions for determination of the net indebtedness and net working capital levels of BFP and BPT as of the closing date. In connection with the acquisition of BFP and BPT, Dana agreed to purchase certain real estate being leased by BPT from a Brevini affiliate for €25 . Completion of the real estate purchase and receipt of the purchase price adjustment occurred in the second quarter of 2018 with a net cash payment of $20 . On August 8, 2018, we entered into an agreement to acquire Interfind S.p.A.'s, formerly Brevini Group S.p.A., remaining 20% ownership interests in BFP and BPT and to settle all claims between the parties. We paid $43 to acquire Interfind S.p.A.'s remaining ownership interests and received $10 in settlement of all pending and future claims. See Note 9 for additional information. |
Disposal Groups and Divestiture
Disposal Groups and Divestitures | 9 Months Ended |
Sep. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups and Divestitures [Text Block] | Disposal Groups and Divestitures Disposal group held for sale — In December 2017, we entered into an agreement to divest our Brazil suspension components business (the disposal group) for no consideration to an unaffiliated company. The results of operations of the Brazil suspension components business were reported within our Commercial Vehicle operating segment. To effectuate the sale, Dana was obligated to contribute $10 of additional cash to the business prior to closing. We classified the disposal group as held for sale at December 31, 2017, recognizing a $27 loss to adjust the carrying value of the net assets to fair value and to recognize the liability for the additional cash required to be contributed to the business prior to closing. During the first quarter of 2018, we made the required cash contribution to the disposal group. After being unable to complete the transaction with the counterparty to the December 2017 agreement, we entered into an agreement with another third party in June 2018. The transaction with the new counterparty closed in July 2018 and we received cash proceeds of $2 . We reversed $3 of the previously recognized $27 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets [Text Block] | Goodwill and Other Intangible Assets Goodwill — The change in the carrying amount of goodwill in 2019 is due to the acquisitions of Nordresa, PEPS, ODS and SME and currency fluctuation. See Note 2 for additional information on recent acquisitions. Changes in the carrying amount of goodwill by segment — Light Vehicle Commercial Vehicle Off-Highway Power Technologies Total Balance, December 31, 2018 $ 3 $ 150 $ 105 $ 6 $ 264 Acquisitions 85 191 276 Currency impact (10 ) (10 ) Balance, September 30, 2019 $ 3 $ 235 $ 286 $ 6 $ 530 Components of other intangible assets — September 30, 2019 December 31, 2018 Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Amortizable intangible assets Core technology 8 $ 131 $ (91 ) $ 40 $ 107 $ (89 ) $ 18 Trademarks and trade names 13 30 (6 ) 24 16 (4 ) 12 Customer relationships 9 493 (400 ) 93 460 (400 ) 60 Non-amortizable intangible assets Trademarks and trade names 75 75 74 74 Used in research and development activities — 20 (20 ) — $ 729 $ (497 ) $ 232 $ 677 $ (513 ) $ 164 During the third quarter of 2012, we entered a strategic alliance with Fallbrook Technologies Inc. (Fallbrook). The transaction with Fallbrook was accounted for as a business combination and the original purchase price allocation included $20 of intangible assets used in research and development activities, which had been classified as indefinite-lived. Since the third quarter of 2012, we had been working with several customers to commercialize the continuously variable planetary (CVP) technology primarily in combustion engine applications. During the second quarter of 2018 key customers notified us of their intention to redirect their development efforts to electrification and cease further development efforts of the CVP technology in combustion engine applications. We determined that it was more likely than not that the fair value of the related intangible assets was less than their carrying amount. We used the multi-period excess earnings method, an income approach, to fair value the assets used in research and development activities. Given the lack of adequate identifiable future revenue streams, it was determined that the $20 of intangible assets used in research and development activities was fully impaired during the second quarter of 2018. The net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments at September 30, 2019 were as follows: Light Vehicle — $25 , Commercial Vehicle — $53 , Off-Highway — $146 and Power Technologies — $8 . Amortization expense related to amortizable intangible assets — Three Months Ended Nine Months Ended 2019 2018 2019 2018 Charged to cost of sales $ 2 $ 1 $ 4 $ 2 Charged to amortization of intangibles 2 2 8 6 Total amortization $ 4 $ 3 $ 12 $ 8 The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five years based on September 30, 2019 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. Remainder of 2019 2020 2021 2022 2023 Amortization expense $ 4 $ 16 $ 16 $ 16 $ 16 |
Restructuring of Operations
Restructuring of Operations | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring of Operations [Text Block] | Restructuring of Operations Our restructuring activities have historically included rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations and reducing overhead costs. In recent years our focus has been primarily headcount reduction initiatives to reduce operating costs, including actions taken at acquired businesses to rationalize cost structures and achieve operating synergies. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs, including certain operating costs of facilities that we are in the process of closing. Restructuring charges of $5 in the third quarter of 2019 and $23 in the nine months ended September 30, 2019 were comprised of severance and benefit costs related to integration of recent acquisitions, headcount reductions across our operations and exit costs related to previously announced actions. Restructuring expense of $9 in the third quarter of 2018 and $17 in the nine months ended September 30, 2018 included severance costs associated with the Voluntary Retirement Program for certain North American employees, headcount reductions in our Commercial Vehicle operations and corporate service functions in Brazil, integration of acquisitions and exit costs related to previously announced actions. In accordance with the transition provisions of the new leasing standard, we reclassified $4 of previously accrued lease cease-use costs as an adjustment to the initial measurement of the related right-of-use operating lease asset. Accrued restructuring costs and activity — Employee Termination Benefits Exit Costs Total Balance, June 30, 2019 $ 23 $ — $ 23 Charges to restructuring 3 4 7 Adjustments of accruals (2 ) (2 ) Cash payments (9 ) (3 ) (12 ) Balance, September 30, 2019 $ 15 $ 1 $ 16 Balance, December 31, 2018 $ 25 $ 4 $ 29 Charges to restructuring 18 7 25 Adjustments of accruals (2 ) (2 ) Cash payments (26 ) (6 ) (32 ) Lease cease-use reclassification (4 ) (4 ) Balance, September 30, 2019 $ 15 $ 1 $ 16 At September 30, 2019 , the accrued employee termination benefits include costs to reduce approximately 200 employees to be completed over the next year. Cost to complete — The following table provides project-to-date and estimated future restructuring expenses for completion of our approved restructuring initiatives for our business segments at September 30, 2019 . Expense Recognized Future Cost to Complete Prior to 2019 2019 Total to Date Commercial Vehicle $ 35 $ 4 $ 39 $ 5 Off-Highway — 1 1 1 The future cost to complete includes estimated separation costs, primarily those associated with one-time benefit programs, and exit costs through 2021, equipment transfers and other costs which are required to be recognized as closures are finalized or as incurred during the closure. |
Supplemental Balance Sheet and
Supplemental Balance Sheet and Cash Flow Information | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Supplemental Balance Sheet and Cash Flow Information [Text Block] | Supplemental Balance Sheet and Cash Flow Information Inventory components at — September 30, December 31, Raw materials $ 495 $ 433 Work in process and finished goods 800 649 Inventory reserves (62 ) (51 ) Total $ 1,233 $ 1,031 Cash, cash equivalents and restricted cash at — September 30, December 31, September 30, December 31, Cash and cash equivalents $ 402 $ 510 $ 322 $ 603 Restricted cash included in other current assets 7 7 2 3 Restricted cash included in other noncurrent assets 3 3 3 4 Total cash, cash equivalents and restricted cash $ 412 $ 520 $ 327 $ 610 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases Our global lease portfolio represents leases of real estate, including manufacturing, assembly and office facilities, while the remainder represents leases of personal property, including manufacturing, material handling and IT equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Short-term lease costs were insignificant in the nine months ended September 30, 2019. We account for lease components separately from the non-lease components of each lease arrangement. Our leases generally have remaining lease terms of 1 year to 11 years , some of which include options to extend the leases for up to 7 years . Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The following table provides a summary of the location and amounts related to finance leases recognized in the consolidated balance sheet. Classification September 30, 2019 Finance lease right-of-use assets Property, plant and equipment, net $ 42 Finance lease liabilities Current portion of long-term debt 5 Finance lease liabilities Long-term debt 25 Components of lease expense — Three Months Ended Nine Months Ended Operating lease cost $ 13 $ 37 Finance lease cost: Amortization of right-of-use assets $ 1 $ 2 Interest on lease liabilities 1 1 Total finance lease cost $ 2 $ 3 Supplemental cash flow information related to leases — Three Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12 $ 37 Operating cash flows from finance leases 1 1 Financing cash flows from finance leases 1 3 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 3 $ 16 Finance leases 1 13 Supplemental balance sheet information related to leases — September 30, 2019 Weighted-average remaining lease term (years): Operating leases 6 Finance leases 9 Weighted-average discount rate: Operating leases 6.0 % Finance leases 4.0 % Maturities — Operating Leases Finance Leases Remainder of 2019 $ 13 $ 1 2020 47 6 2021 39 6 2022 29 5 2023 22 3 Thereafter 58 14 Total lease payments 208 35 Less: interest 31 5 Present value of lease liabilities $ 177 $ 30 As of September 30, 2019 we have operating lease payments that have not yet commenced of approximately $8 . This lease is expected to commence in December 2019. Disclosures related to periods prior to adoption of ASU 2016-02 — Cash obligations under future minimum rental commitments under operating leases as of December 31, 2018 are shown in the table below. Operating lease commitments are primarily related to facilities. 2019 2020 2021 2022 2023 Thereafter Total Lease commitments $ 57 $ 41 $ 35 $ 27 $ 21 $ 64 $ 245 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity [Text Block] | Stockholders’ Equity Common stock — Our Board of Directors declared a cash dividend of ten cents per share of common stock in each of the first three quarters of 2019. 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. Share repurchase program — On March 24, 2018 our Board of Directors approved an expansion of our existing common stock share repurchase program to $200 . The program expires on December 31, 2019. Under the program, we spent $25 to repurchase 1,432,275 shares of our common stock during the first quarter of 2019 through open market transactions. Approximately $150 remained available for future share repurchases as of September 30, 2019 . Changes in equity — Three Months Ended September 30, 2019 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Compre-hensive Loss Non-controlling Interests Total Equity Balance, June 30, 2019 $ 2 $ 2,376 $ 456 $ (150 ) $ (968 ) $ 98 $ 1,814 Net income 111 3 114 Other comprehensive loss (26 ) (12 ) (38 ) Common stock dividends (15 ) (15 ) Distributions to noncontrolling interests (2 ) (2 ) Stock compensation 5 5 Balance, September 30, 2019 $ 2 $ 2,381 $ 552 $ (150 ) $ (994 ) $ 87 $ 1,878 2018 Balance, June 30, 2018 $ 2 $ 2,356 $ 290 $ (118 ) $ (1,385 ) $ 106 $ 1,251 Net income 95 1 96 Other comprehensive income (loss) 6 (1 ) 5 Common stock dividends (14 ) (14 ) Distributions to noncontrolling interests (3 ) (3 ) Purchase of redeemable noncontrolling interests 2 2 Contribution from noncontrolling interest 22 22 Stock compensation 6 6 Stock withheld for employee taxes (1 ) (1 ) Balance, September 30, 2018 $ 2 $ 2,364 $ 371 $ (119 ) $ (1,379 ) $ 125 $ 1,364 Nine Months Ended September 30, 2019 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Compre-hensive Loss Non-controlling Interests Total Equity Balance, December 31, 2018 $ 2 $ 2,368 $ 456 $ (119 ) $ (1,362 ) $ 97 $ 1,442 Adoption of ASU 2016-02 leases, January 1, 2019 (1 ) (1 ) Net income 141 9 150 Other comprehensive income (loss) 368 (13 ) 355 Common stock dividends (44 ) (44 ) Distributions to noncontrolling interests (14 ) (14 ) Increase from business combination 8 8 Common stock share repurchases (25 ) (25 ) Stock compensation 13 13 Stock withheld for employee taxes (6 ) (6 ) Balance, September 30, 2019 $ 2 $ 2,381 $ 552 $ (150 ) $ (994 ) $ 87 $ 1,878 2018 Balance, December 31, 2017 $ 2 $ 2,354 $ 86 $ (87 ) $ (1,342 ) $ 101 $ 1,114 Adoption of ASU 2016-01 financial instruments adjustment, 2 (2 ) — Net income 327 6 333 Other comprehensive loss (35 ) (6 ) (41 ) Common stock dividends (44 ) (44 ) Distributions to noncontrolling interests (7 ) (7 ) Purchase of noncontrolling interests (9 ) 9 — Purchase of redeemable noncontrolling interests 2 2 Contribution from noncontrolling interest 22 22 Common stock share repurchases (25 ) (25 ) Stock compensation 17 17 Stock withheld for employee taxes (7 ) (7 ) Balance, September 30, 2018 $ 2 $ 2,364 $ 371 $ (119 ) $ (1,379 ) $ 125 $ 1,364 During the first quarter of 2018, a wholly-owned subsidiary of Dana purchased the ownership interest in Dana Spicer (Thailand) Limited (a non wholly-owned consolidated subsidiary of Dana) held by ROC Spicer, Ltd. (a non wholly-owned consolidated subsidiary of Dana). Dana maintained its controlling financial interest in Dana Spicer (Thailand) Limited and accordingly accounted for the purchase as an equity transaction. The excess of the fair value of the consideration paid over the carrying value of the investment attributable to the noncontrolling interest in ROC Spicer, Ltd. was recognized as additional noncontrolling interest with a corresponding reduction of the additional paid-in capital of Dana. During the third quarter of 2018, Yulon Motor Co., Ltd. (Yulon) purchased a direct ownership in two of our consolidated operating subsidiaries. Yulon's ownership interest in the two operating subsidiaries did not change as a result of the transactions, as it previously owned the same percentages indirectly through a series of consolidated holding companies. The cash received from Yulon was recognized as additional noncontrolling interest. Changes in each component of accumulated other comprehensive income (AOCI) of the parent — Parent Company Stockholders Foreign Currency Translation Hedging Investments Defined Benefit Plans Total Balance, June 30, 2019 $ (694 ) $ (47 ) $ — $ (227 ) $ (968 ) Other comprehensive income (loss): Currency translation adjustments (39 ) (39 ) Holding gains and losses 57 57 Reclassification of amount to net income (a) (49 ) (49 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 6 6 Tax expense (1 ) (1 ) Other comprehensive income (loss) (39 ) 8 — 5 (26 ) Balance, September 30, 2019 $ (733 ) $ (39 ) $ — $ (222 ) $ (994 ) Balance, June 30, 2018 $ (710 ) $ (78 ) $ — $ (597 ) $ (1,385 ) Other comprehensive income (loss): Currency translation adjustments (15 ) (15 ) Holding loss on net investment hedge (3 ) (3 ) Holding gains and losses 9 9 Reclassification of amount to net income (a) (7 ) (7 ) Actuarial gain on census update 18 18 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 9 9 Tax (expense) benefit 1 (6 ) (5 ) Other comprehensive income (loss) (18 ) 3 — 21 6 Balance, September 30, 2018 $ (728 ) $ (75 ) $ — $ (576 ) $ (1,379 ) Parent Company Stockholders Foreign Currency Translation Hedging Investments Defined Benefit Plans Total Balance, December 31, 2018 $ (721 ) $ (54 ) $ — $ (587 ) $ (1,362 ) Other comprehensive income (loss): Currency translation adjustments (12 ) (12 ) Holding gains and losses 77 77 Reclassification of amount to net income (a) (62 ) (62 ) Net actuarial gain 104 104 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 282 282 Tax expense (21 ) (21 ) Other comprehensive income (12 ) 15 — 365 368 Balance, September 30, 2019 $ (733 ) $ (39 ) $ — $ (222 ) $ (994 ) Balance, December 31, 2017 $ (670 ) $ (64 ) $ 2 $ (610 ) $ (1,342 ) Other comprehensive income (loss): Currency translation adjustments (55 ) (55 ) Holding loss on net investment hedge (3 ) (3 ) Holding gains and losses 29 29 Reclassification of amount to net income (a) (42 ) (42 ) Actuarial gain on census update 18 18 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 26 26 Tax (expense) benefit 2 (10 ) (8 ) Other comprehensive income (loss) (58 ) (11 ) — 34 (35 ) Adoption of ASU 2016-01 financial instruments adjustment, January 1, 2018 (2 ) (2 ) Balance, September 30, 2018 $ (728 ) $ (75 ) $ — $ (576 ) $ (1,379 ) (a) Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. See Note 15 for additional details. (b) See Note 12 for additional details. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interest Disclosure [Text Block] | Redeemable Noncontrolling Interests In connection with the acquisition of a controlling financial interest in TM4 from Hydro-Québec on June 22, 2018, we recognized $102 for Hydro-Québec's 45% redeemable noncontrolling interest in TM4. On July 29, 2019, we broadened our relationship with Hydro-Québec, with Hydro-Québec acquiring an indirect 45% redeemable noncontrolling interest in SME and an additional indirect 22.5% redeemable noncontrolling interest in PEPS which resulted in recognition of additional redeemable noncontrolling interest of $64 . The terms of the agreement provide Hydro-Québec with the right to put all, and not less than all, of its ownership interests in TM4, SME and PEPS to Dana at fair value any time after June 22, 2021. See Note 2 for additional information. On August 8, 2018, we entered into an agreement to acquire Brevini's remaining 20% ownership interests in BFP and BPT and to settle all claims between the parties. We paid $43 to acquire Brevini's remaining ownership interests and received $10 in settlement of all pending and future claims. AOCI attributable to Brevini's redeemable noncontrolling interests was reclassified to AOCI of the parent company. The difference between the carrying value of Brevini's redeemable noncontrolling interests and the cash paid was recorded to additional paid-in capital of the parent company. Redeemable noncontrolling interests reflected as of the balance sheet date are the greater of the redeemable noncontrolling interest balances adjusted for comprehensive income items and distributions or the redemption values. Redeemable noncontrolling interest adjustments of redemption value are recorded in retained earnings. Reconciliation of changes in redeemable noncontrolling interests — Three Months Ended Nine Months Ended 2019 2018 2019 2018 Balance, beginning of period $ 105 $ 149 $ 100 $ 47 Initial fair value of redeemable noncontrolling interests of acquired businesses 102 Purchase of redeemable noncontrolling interest (46 ) (46 ) Sale of redeemable noncontrolling interest 64 64 Cash contributions from redeemable noncontrolling interests 2 4 Comprehensive income (loss) adjustments: Net income (loss) attributable to redeemable noncontrolling interests (2 ) (3 ) 1 Other comprehensive income (loss) attributable to redeemable noncontrolling interests 5 9 (1 ) Balance, end of period $ 174 $ 103 $ 174 $ 103 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings per Share Reconciliation of the numerators and denominators of the earnings per share calculations — Three Months Ended Nine Months Ended 2019 2018 2019 2018 Net income available to common stockholders - Numerator basic and diluted $ 111 $ 95 $ 141 $ 327 Denominator: Weighted-average common shares outstanding - Basic 144.0 144.7 144.0 145.1 Employee compensation-related shares, including stock options 0.8 1.2 0.8 1.5 Weighted-average common shares outstanding - Diluted 144.8 145.9 144.8 146.6 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 0.6 million and 0.1 million CSEs from the calculation of diluted earnings per share for the third quarters of 2019 and 2018 and excluded 0.2 million and 0.1 million of CSEs for the respective year-to-date periods as the effect of including them would have been anti-dilutive. |
Stock Compensation
Stock Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation [Text Block] | Stock Compensation The Compensation Committee of our Board of Directors approved the grant of RSUs and performance share units (PSUs) shown in the table below during 2019. Granted (In millions) Grant Date Fair Value* RSUs 1.0 $ 17.12 PSUs 0.4 $ 16.17 * Weighted-average per share We calculated the fair value of the RSUs at grant date based on the closing market price of our common stock at the date of grant. The number of PSUs that ultimately vest is contingent on achieving specified return on invested capital targets and specified margin targets, with an even distribution between the two targets. 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 awards are not dividend protected. We paid $2 of cash to settle RSUs. We issued 0.7 million and 0.2 million shares of common stock based on the vesting of RSUs and PSUs during 2019. We recognized stock compensation expense of $5 and $4 during the third quarters of 2019 and 2018 and $15 and $13 during the respective year-to-date periods. At September 30, 2019 , the total unrecognized compensation cost related to the nonvested awards granted and expected to vest was $27 . This cost is expected to be recognized over a weighted-average period of 1.9 years. |
Pension and Postretirement Bene
Pension and Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Postretirement Benefit Plans [Text Block] | Pension and Postretirement Benefit Plans We have a number of defined contribution and 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. Components of net periodic benefit cost — Pension 2019 2018 OPEB - Non-U.S. Three Months Ended September 30, U.S. Non-U.S. U.S. Non-U.S. 2019 2018 Interest cost $ 7 $ 1 $ 11 $ 2 $ 1 $ — Expected return on plan assets (10 ) (18 ) (1 ) Service cost 2 2 Settlement charge 2 Amortization of net actuarial loss 3 2 7 2 Net periodic benefit cost $ — $ 7 $ — $ 5 $ 1 $ — Nine Months Ended September 30, Interest cost $ 33 $ 5 $ 32 $ 5 $ 2 $ 2 Expected return on plan assets (42 ) (2 ) (53 ) (2 ) Service cost 6 6 Settlement charge 258 2 Amortization of net actuarial loss 18 5 21 5 Net periodic benefit cost $ 267 $ 16 $ — $ 14 $ 2 $ 2 The service cost components of net periodic pension and OPEB costs are included in cost of sales and selling, general and administrative expenses as part of compensation cost and are eligible for capitalization in inventory and other assets. The non-service components are reported in other expense, net and are not eligible for capitalization. Pension expense for 2019 increased versus the same period in 2018 as a result of a lower assumed return on plan assets, higher interest expense, and a pension settlement charge. Plan termination — In October 2017, upon authorization by the Dana Board of Directors, we commenced the process of terminating one of our U.S. defined benefit pension plans. During the second quarter of 2019, payments were made from plan assets to those plan participants that elected to take the lump-sum payout option. In June 2019, we entered into (a) a definitive commitment agreement by and among Dana, Athene Annuity and Life Company (Athene) and State Street Global Advisors, as independent fiduciary to the plan, and (b) a definitive commitment agreement by and among Dana, Companion Life Insurance Company (Companion) and State Street Global Advisors, as independent fiduciary to the plan. Pursuant to the definitive commitment agreements, the plan purchased group annuity contracts that irrevocably transferred to the insurance companies the remaining future pension benefit obligations of the plan. Plan participant’s benefits are unchanged as a result of the termination. We contributed $62 to the plan prior to the purchase of the group annuity contracts. The purchase of group annuity contracts was then funded directly by the assets of the plan in June 2019. By irrevocably transferring the obligations to Athene and Companion, we reduced our unfunded pension obligation by approximately $165 and recognized a pre-tax pension settlement charge of $258 in the second quarter of 2019. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities [Text Block] | Marketable Securities September 30, 2019 December 31, 2018 Cost Unrealized Fair Cost Unrealized Fair U.S. government securities $ — $ — $ — $ 2 $ — $ 2 Corporate securities 4 4 Certificates of deposit 20 20 15 15 Total marketable securities $ 20 $ — $ 20 $ 21 $ — $ 21 U.S. government securities include bonds issued by government-sponsored agencies and Treasury notes. Corporate securities are primarily debt securities. Certificates of deposit maturing in one year or less total $20 at September 30, 2019 . |
Financing Agreements
Financing Agreements | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Financing Agreements [Text Block] | Financing Agreements Long-term debt at — Interest 9/30/2019 December 31, 2018 Senior Notes due September 15, 2023 6.000% $ 300 $ 300 Senior Notes due December 15, 2024 5.500% 425 425 Senior Notes due April 15, 2025 5.750% * 400 400 Senior Notes due June 1, 2026 6.500% * 375 375 Term Facility A 474 265 Term Facility B 349 Other indebtedness 63 28 Debt issuance costs (27 ) (18 ) 2,359 1,775 Less: Current portion of long-term debt 13 20 Long-term debt, less debt issuance costs $ 2,346 $ 1,755 * In conjunction with the issuance of the April 2025 Notes we entered into 8-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the April 2025 Notes to euro-denominated debt at a fixed rate of 3.850% . In conjunction with the issuance of the June 2026 Notes we entered into 10-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the June 2026 Notes to euro-denominated debt at a fixed rate of 5.140% . See Note 15 for additional information. Interest on the senior notes is payable semi-annually and interest on the Term Facilities is payable quarterly. Other indebtedness includes the note payable to SME, borrowings from various financial institutions, finance lease obligations and the unamortized fair value adjustment related to a terminated interest rate swap. See Note 2 for additional information on the note payable to SME and Note 15 for additional information on the terminated interest rate swap. Credit agreement — On February 28, 2019, we entered into an amended credit and guaranty agreement comprised of a $500 term facility (the Term A Facility), a $450 term facility (the Term B Facility and, together with the Term A Facility, the Term Facilities) and a $750 revolving credit facility (the Revolving Facility). The Term A Facility and the Revolving Facility were expansions of our existing facilities. On February 28, 2019, we drew the $225 available under the Term A Facility and the $450 available under the Term B Facility. The proceeds from the Term Facilities were used to acquire the Oerlikon Drive Systems segment of the Oerlikon Group and pay for related integration activities. We were required to make equal quarterly installments on the Term A Facility on the last day of each fiscal quarter of $8 beginning March 31, 2019 and 0.25% of the aggregate principal advances of the Term B Facility quarterly commencing on June 30, 2019. On August 30, 2019, we amended our credit and guaranty agreement, increasing the Revolving Facility to $1,000 and extending the maturities and reducing the interest rates of both the Revolving Facility and the Term A Facility. On August 30, we borrowed $100 on the Revolving Facility and paid down a similar amount of the Term B Facility. Outstanding borrowings on the Revolving Facility are included in short-term debt. We are now required to make quarterly installments on the Term A Facility on the last day of each fiscal quarter of $7 beginning on September 30, 2020 and are no longer required to make quarterly installments on the Term B Facility. We may prepay some or all of the amounts under the Term Facilities without penalty. We recorded deferred fees of $13 and $4 related to the amendments to the Term Facilities and the Revolving Facility, respectively. The deferred fees are being amortized over the life of the applicable facilities. Deferred financing costs on our Revolving Facility are included in other noncurrent assets. The Revolving Facility and the Term A Facility mature on August 17, 2024. The Term B Facility matures on February 28, 2026. The Term Facilities and the Revolving Facility are guaranteed by all of our wholly-owned domestic subsidiaries subject to certain exceptions (the guarantors) and are secured by a first-priority lien on substantially all of the assets of Dana and the guarantors, subject to certain exceptions. Advances under the Term A Facility and the Revolving Facility bear interest at a floating rate based on, at our option, the base rate or Eurodollar rate (each as described in the credit agreement) plus a margin as set forth below: Margin Total Net Leverage Ratio Base Rate Eurodollar Rate Less than or equal to 1.00:1.00 0.25 % 1.25 % Greater than 1.00:1.00 but less than or equal to 2.00:1.00 0.50 % 1.50 % Greater than 2.00:1.00 0.75 % 1.75 % The Term B Facility bears interest based on, at our option, the Base Rate plus 1.25% or the Eurodollar rate plus 2.25% . We have elected to pay interest on our advances under the Term Facilities at the Eurodollar Rate. The interest rate on the Term A Facility was 3.544% and the Term B Facility was 4.294% , inclusive of the applicable margins, as of September 30, 2019 . We have elected to pay interest on our advances under the Revolving Facility at the Eurodollar Rate. The interest rate on the Revolving Facility was 3.544% , inclusive of the applicable margins, as of September 30, 2019 . Commitment fees are applied based on the average daily unused portion of the available amounts under the Revolving Facility as set forth below: Total Net Leverage Ratio Commitment Fee Less than or equal to 1.00:1.00 0.250 % Greater than 1.00:1.00 but less than or equal to 2.00:1.00 0.375 % Greater than 2.00:1.00 0.500 % Up to $275 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 margin for Eurodollar rate advances based on a quarterly average availability under issued and undrawn letters of credit under the Revolving Facility and a per annum fronting fee of 0.125% , payable quarterly. As of September 30, 2019 , we had outstanding borrowings of $100 under the Revolving Facility and had utilized $21 for letters of credit. We had availability at September 30, 2019 under the Revolving Facility of $879 after deducting the outstanding borrowings and letters of credit. Debt covenants — At September 30, 2019 , we were in compliance with the covenants of our financing agreements. Under the Term Facilities, Revolving Facility and the senior notes, we are required to comply with certain incurrence-based covenants customary for facilities of these types and, in the case of the Term A Facility and Revolving Facility, a maintenance covenant tested on the last day of each fiscal quarter requiring us to maintain a first lien net leverage ratio not to exceed 2.00 to 1.00. |
Fair Value Measurements and Der
Fair Value Measurements and Derivatives | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Derivatives [Text Block] | 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 Category Balance Sheet Location Fair Value Level September 30, December 31, Available-for-sale securities Marketable securities 2 $ 20 $ 21 Currency forward contracts Cash flow hedges Accounts receivable - Other 2 8 6 Cash flow hedges Other accrued liabilities 2 6 5 Undesignated Accounts receivable - Other 2 1 2 Undesignated Other accrued liabilities 2 1 1 Interest rate collars Other accrued liabilities 2 5 Currency swaps Cash flow hedges Other noncurrent liabilities 2 42 118 Fair Value Level 1 assets and liabilities reflect quoted prices in active markets. Fair Value Level 2 assets and liabilities reflect the use of significant other observable inputs. Fair value of financial instruments — The financial instruments that are not carried in our balance sheet at fair value are as follows: September 30, 2019 December 31, 2018 Fair Value Level Carrying Value Fair Value Carrying Value Fair Value Senior notes 2 $ 1,500 $ 1,553 $ 1,500 $ 1,442 Term Facility 2 823 825 265 265 Other indebtedness* 2 63 58 28 23 Total $ 2,386 $ 2,436 $ 1,793 $ 1,730 * The carrying value includes the unamortized portion of a fair value adjustment related to a terminated interest rate swap at both dates. Interest rate derivatives — Our portfolio of derivative financial instruments periodically includes interest rate swaps and interest rate collars designed to mitigate our interest rate risk. As of September 30, 2019 , no fixed-to-floating interest rate swaps remain outstanding. However, a $5 fair value adjustment to the carrying amount of our December 2024 Notes, associated with a fixed-to-floating interest rate swap that had been executed but was subsequently terminated during 2015, remains deferred at September 30, 2019 . This amount is being amortized as a reduction of interest expense through the period ending December 2024, the scheduled maturity date of the December 2024 Notes. The amount amortized as a reduction of interest expense was not material during the three months and nine months ended September 30, 2019. We have outstanding interest rate collars with a notional value of $425 that will mature in December 2021. For interest rate collars, no payments or receipts are exchanged unless interest rates rise or fall in excess of a predetermined ceiling or floor rate. 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 fifteen months , as well as currency swaps associated with certain recorded external notes payable and intercompany loans receivable and payable. Periodically, our foreign currency derivatives also include net investment hedges of certain of our investments in foreign operations. We have executed fixed-to-fixed cross-currency swaps in conjunction with the issuance of certain notes to eliminate the variability in the functional-currency-equivalent cash flows due to changes in exchange rates associated with the forecasted principal and interest payments. All of the underlying designated financial instruments, and any subsequent replacement debt, have been designated as the hedged items in each respective cash flow hedge relationship, as shown in the table below. Designated as cash flow hedges of the forecasted principal and interest payments of the underlying designated financial instruments, or subsequent replacement debt, all of the swaps economically convert the underlying designated financial instruments into the functional currency of each respective holder. The impact of the interest rate differential between the inflow and outflow rates on all fixed-to-fixed cross-currency swaps is recognized during each period as a component of interest expense. The following fixed-to-fixed cross-currency swaps were outstanding at September 30, 2019 : Underlying Financial Instrument Derivative Financial Instrument Description Type Face Amount Rate Designated Notional Amount Traded Amount Inflow Rate Outflow Rate June 2026 Notes Payable $ 375 6.50 % $ 375 € 338 6.50 % 5.14 % April 2025 Notes Payable $ 400 5.75 % $ 400 € 371 5.75 % 3.85 % Luxembourg Intercompany Notes Receivable € 281 3.91 % € 281 $ 300 6.00 % 3.91 % All of the swaps are expected to be highly effective in offsetting the corresponding currency-based changes in cash outflows related to the underlying designated financial instruments. Based on our qualitative assessment that the critical terms of all of the underlying designated financial instruments and all of the associated swaps match and that all other required criteria have been met, we do not expect to incur any ineffectiveness. As effective cash flow hedges, changes in the fair value of the swaps will be recorded in OCI during each period. Additionally, to the extent the swaps remain effective, the appropriate portion of AOCI will be reclassified to earnings each period as an offset to the foreign exchange gain or loss resulting from the remeasurement of the underlying designated financial instruments. See Note 14 for additional information about the June 2026 Notes and the April 2025 Notes. To the extent the swaps are no longer effective, changes in their fair values will be recorded in earnings. The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $473 at September 30, 2019 and $1,007 at December 31, 2018 . The total notional amount of outstanding foreign currency swaps, including the fixed-to-fixed cross-currency swaps, was $1,081 at September 30, 2019 and $1,097 at December 31, 2018 . The following currency derivatives were outstanding at September 30, 2019 : Notional Amount (U.S. Dollar Equivalent) Functional Currency Traded Currency Designated Undesignated Total Maturity U.S. dollar Mexican peso, euro $ 145 $ 8 $ 153 Dec-20 Euro U.S. dollar, Canadian dollar, Hungarian forint, British pound, Swiss franc, Indian rupee, Russian ruble, Chinese renminbi, Mexican peso, Australian dollar, Japanese yen 112 21 133 Jan-24 British pound U.S. dollar, euro 1 2 3 Sep-20 Swedish krona euro 3 3 Dec-19 South African rand U.S. dollar, euro, Thai baht 7 4 11 Sep-20 Thai baht U.S. dollar 13 13 Jun-20 Canadian dollar U.S. dollar 17 17 Dec-20 Brazilian real U.S. dollar, euro 51 19 70 Sep-20 Indian rupee U.S. dollar, British pound, euro 61 61 Dec-20 Chinese renminbi U.S. dollar, Canadian dollar, euro 7 7 Nov-19 Taiwan dollar Chinese renminbi 2 2 Mar-20 Total forward contracts 349 124 473 U.S. dollar euro 306 306 Sep-23 Euro U.S. dollar 775 775 Jun-26 Total currency swaps 1,081 — 1,081 Total currency derivatives $ 1,430 $ 124 $ 1,554 Designated 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. 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 contracts not designated as cash flow hedges or as net investment hedges are recognized in other expense, net in the period in which the changes occur. Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments, including those that have been designated as cash flow hedges and those that have not been designated, are recognized in the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. Accordingly, amounts are potentially recorded in sales, cost of sales or, in certain circumstances, other expense, net. The following table provides a summary of deferred gains (losses) reported in AOCI as well as the amount expected to be reclassified to income in one year or less: Deferred Gain (Loss) in AOCI September 30, 2019 December 31, 2018 Gain (loss) expected to be reclassified into income in one year or less Forward Contracts $ — $ 2 $ — Collar (5 ) Cross-Currency Swaps (38 ) (60 ) Total $ (43 ) $ (58 ) $ — The following table provides a summary of the location and amount of gains or losses recognized in the consolidated statement of operations associated with cash flow hedging relationships: Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended September 30, 2019 Derivatives Designated as Cash Flow Hedges Net sales Cost of sales Other expense, net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 2,164 $ 1,882 $ 8 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income (2 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (47 ) Nine Months Ended September 30, 2019 Net sales Cost of sales Other expense, net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 6,633 $ 5,725 $ 31 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income (7 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (55 ) Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended September 30, 2018 Derivatives Designated as Cash Flow Hedges Net sales Cost of sales Other expense, net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 1,978 $ 1,692 $ 9 (Gain) or loss on cash flow hedging relationships Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (7 ) Nine Months Ended September 30, 2018 Net sales Cost of sales Other expense, net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 6,170 $ 5,269 $ 19 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income (2 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (40 ) The amounts reclassified from AOCI into income for the cross-currency swaps represent an offset to a foreign exchange loss on our foreign currency-denominated intercompany and external debt instruments. Certain of our hedges of forecasted transactions have not formally been designated as cash flow hedges. As undesignated forward contracts, the changes in the fair value of such contracts are included in earnings for the duration of the outstanding forward contract. Any realized gain or loss on the settlement of such contracts is recognized in the same period and in the same line item in the consolidated statement of operations as the underlying transaction. The following table provides a summary of the location and amount of gains or losses recognized in the consolidated statement of operations associated with undesignated hedging relationships. Amount of Gain (Loss) Recognized in Income Derivatives Not Designated as Hedging Instruments Three Months Ended Nine Months Ended Location of Gain or (Loss) Recognized in Income Foreign currency forward contracts $ (3 ) $ (15 ) Other expense, net During the first quarter of 2019 we settled the outstanding undesignated Swiss franc notional deal contingent forward related to the ODS acquisition for $21 , resulting in a realized loss of $13 included in other expense, net in the first quarter of 2019. Net investment hedges — We periodically designate derivative contracts or underlying non-derivative financial instruments as net investment hedges. With respect to contracts designated as net investment hedges, we apply the forward method, but for non-derivative financial instruments designated as net investment hedges, we apply the spot method. Under both methods, we report changes in fair value in the cumulative translation adjustment (CTA) component of OCI during the period in which the contracts remain outstanding to the extent such contracts and non-derivative financial instruments remain effective. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | Commitments and Contingencies Product liabilities — Accrued product liability costs were $14 at September 30, 2019 and $19 at December 31, 2018 . We had also recognized amounts recoverable from third parties of $14 at September 30, 2019 and $24 at December 31, 2018. Payments made to claimants precede recovery of amounts from third parties, and may result in recoverable amounts in excess of the total liability. We estimate these liabilities based on current information and assumptions about the value and likelihood of the claims against us. Environmental liabilities — Accrued environmental liabilities were $9 at September 30, 2019 and $10 at December 31, 2018 . We consider the most probable method of remediation, current laws and regulations and existing technology in estimating our environmental liabilities. 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 any liabilities that may result from these proceedings will not have a material adverse effect on our liquidity, financial condition or results of operations. |
Warranty Obligations
Warranty Obligations | 9 Months Ended |
Sep. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Warranty Obligations [Text Block] | 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 to our estimated costs at time of sale are made as claim experience and other new information becomes available. Obligations for service campaigns and other occurrences are recognized as adjustments to prior estimates when the obligation is probable and can be reasonably estimated. Changes in warranty liabilities — Three Months Ended Nine Months Ended 2019 2018 2019 2018 Balance, beginning of period $ 95 $ 75 $ 75 $ 76 Acquisitions 17 1 Amounts accrued for current period sales 9 9 26 27 Adjustments of prior estimates (1 ) 2 (1 ) Settlements of warranty claims (11 ) (9 ) (27 ) (28 ) Currency impact (2 ) (2 ) (1 ) Balance, end of period $ 91 $ 74 $ 91 $ 74 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Income Taxes We estimate the effective tax rate expected to be applicable for the full fiscal year and use that rate to provide for income taxes in interim reporting periods. We also recognize the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. We have generally not recognized tax benefits on losses generated in several entities 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. We record interest and penalties related to uncertain tax positions as a component of income tax expense. Net interest expense for the periods presented herein is not significant. We reported an income tax expense of $5 and $31 for the third quarters of 2019 and 2018 and income tax benefit of $27 and income tax expense of $75 for the respective year-to-date periods. Our effective tax rates were (28)% and 19% for the first nine months of 2019 and 2018. During the third quarter of 2019, we recognized a benefit of $22 for the release of a valuation allowance in a subsidiary in Brazil based on recent history of profitability and increased income projections. During the second quarter of 2019, a pre-tax pension settlement charge of $258 with an associated income tax benefit of $9 was recorded. Also during the second quarter of 2019, we recorded tax benefits of $48 related to tax actions that adjusted federal tax credits and $30 related to the development of a tax planning strategy which reduced valuation allowances on existing federal tax credits. During the first quarter of 2019, we recognized a benefit of $22 related to the reduction of valuation allowances in the U.S. based on increased income projections. Partially offsetting this benefit in the first quarter of 2019 was $6 of expense related to a U.S. state law change. Excluding these items, the effective tax rate would be 28% for the 2019 nine-month period. The 2018 tax expense reflected several discrete items in the second quarter, during which we recognized a benefit of $46 related to U.S. state law changes and the development and implementation of a tax planning strategy which adjusted federal tax credits, federal and state net operating losses and the associated valuation allowances. Partially offsetting this benefit was $7 of expense to settle outstanding tax matters in a foreign jurisdiction and foreign taxes related to cash repatriation actions. Excluding these items, the effective tax rate would be 29% for the 2018 nine-month period. Our effective income tax rates vary from the U.S. federal statutory rate of 21% due to establishment, release and adjustment of valuation allowances in several countries, nondeductible expenses and deemed income, 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. The effective income tax rate may vary significantly due to fluctuations in the amounts and sources, both foreign and domestic, of pretax income and changes in the amounts of non-deductible expenses. Dividends of earnings from non-U.S. operations are generally no longer subjected to U.S. income tax. We continue to analyze and adjust the estimated tax impact of the income and non-U.S. withholding tax liabilities based on the amounts and sources of these earnings. |
Other Expense, Net
Other Expense, Net | 9 Months Ended |
Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense, Net [Text Block] | Other Expense, Net Three Months Ended Nine Months Ended 2019 2018 2019 2018 Non-service cost components of pension and OPEB costs $ (4 ) $ (3 ) $ (19 ) $ (10 ) Government grants and incentives 3 3 11 8 Foreign exchange loss (1 ) (3 ) (11 ) (7 ) Strategic transaction expenses, net of transaction breakup fee income (8 ) (6 ) (32 ) (13 ) Non-income tax legal judgment 6 Other, net 2 14 3 Other expense, net $ (8 ) $ (9 ) $ (31 ) $ (19 ) Foreign exchange gains and losses on cross-currency intercompany loan balances that are not of a long-term investment nature are included above. Foreign exchange gains and losses on intercompany loans that are permanently invested are reported in OCI. Foreign exchange loss in 2019 included a loss on the undesignated Swiss franc notional deal contingent forward related to the ODS acquisition. See Note 15 for additional information. Strategic transaction expenses relate primarily to costs incurred in connection with acquisition and divestiture related activities, including costs to complete the transaction and post-closing integration costs. Strategic transaction expenses in 2019 were primarily attributable to the acquisition of ODS. Strategic transaction expenses in 2018 were primarily attributable to our bid to acquire the driveline business of GKN plc. and our acquisition of TM4 and were partially offset by a $40 transaction breakup fee associated with the GKN plc. transaction. See Note 2 for additional information. During the first quarter of 2019, we won a legal judgment regarding the methodology used to calculate PIS/COFINS tax in Brazil. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers [Text Block] | Revenue from Contracts with Customers We generate revenue from selling production parts to original equipment manufacturers (OEMs) and service parts to OEMs and aftermarket customers. While we provide production and service parts to certain OEMs under awarded multi-year programs, these multi-year programs do not contain any commitment to volume by the customer. As such, individual customer releases or purchase orders represent the contract with the customer. Our customer contracts do not provide us with an enforceable right to payment for performance completed to date throughout the contract term. As such, we recognize part sales revenue at the point in time when the parts are shipped, and risk of loss has transferred to the customer. We have elected to continue to include shipping and handling fees billed to customers in revenue, while including costs of shipping and handling in costs of sales. Taxes collected from customers are excluded from revenues and credited directly to obligations to the appropriate government agencies. Payment terms with our customers are established based on industry and regional practices and generally do not exceed 180 days. Certain of our customer contracts include rebate incentives. We estimate expected rebates and accrue the corresponding refund liability, as a reduction of revenue, at the time covered product is sold to the customer based on anticipated customer purchases during the rebate period and contractual rebate percentages. Refund liabilities are included in other accrued liabilities on our consolidated balance sheet. We provide standard fitness for use warranties on the products we sell, accruing for estimated costs related to product warranty obligations at time of sale. See Note 17 for additional information. Contract liabilities are primarily comprised of cash deposits made by customers with cash in advance payment terms. Generally, our contract liabilities turn over frequently given our relatively short production cycles. Contract liabilities were $18 and $12 at September 30, 2019 and December 31, 2018. Contract liabilities are included in other accrued liabilities on our consolidated balance sheet. Disaggregation of revenue — The following table disaggregates revenue for each of our operating segments by geographical market: Three Months Ended Light Vehicle Commercial Vehicle Off-Highway Power Technologies Total North America $ 699 $ 238 $ 89 $ 132 $ 1,158 Europe 80 49 381 104 614 South America 34 85 11 4 134 Asia Pacific 117 26 101 14 258 Total $ 930 $ 398 $ 582 $ 254 $ 2,164 Nine Months Ended North America $ 2,042 $ 745 $ 245 $ 412 $ 3,444 Europe 256 181 1,243 325 2,005 South America 105 245 31 15 396 Asia Pacific 360 95 289 44 788 Total $ 2,763 $ 1,266 $ 1,808 $ 796 $ 6,633 Three Months Ended North America $ 605 $ 232 $ 35 $ 141 $ 1,013 Europe 83 62 322 105 572 South America 46 79 9 6 140 Asia Pacific 145 33 59 16 253 Total $ 879 $ 406 $ 425 $ 268 $ 1,978 Nine Months North America $ 1,869 $ 677 $ 109 $ 442 $ 3,097 Europe 264 206 1,083 337 1,890 South America 139 240 23 16 418 Asia Pacific 430 94 187 54 765 Total $ 2,702 $ 1,217 $ 1,402 $ 849 $ 6,170 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segments [Text Block] | Segments We are a global provider of high-technology products to virtually every major vehicle and engine manufacturer in the world. We also serve the stationary industrial market. Our technologies include drive and motion products (axles, driveshafts, planetary hub drives, power-transmission products, tire-management products, transmissions, and motors, power inverters and controls systems for electric vehicles); sealing solutions (gaskets, seals, heat shields, and fuel-cell plates); thermal-management technologies (transmission and engine oil cooling, battery and electronics cooling, and exhaust-gas heat recovery); and fluid-power products (pumps, valves, motors, and controls). We serve our global light vehicle, medium/heavy vehicle and off-highway markets through four operating segments – Light Vehicle Driveline Technologies (Light Vehicle), Commercial Vehicle Driveline Technologies (Commercial Vehicle), Off-Highway Drive and Motion Technologies (Off-Highway) and Power Technologies, which is the center of excellence for sealing and thermal-management 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 — 2019 2018 Three Months Ended September 30, External Sales Inter-Segment Sales Segment EBITDA External Sales Inter-Segment Sales Segment EBITDA Light Vehicle $ 930 $ 30 $ 113 $ 879 $ 34 $ 102 Commercial Vehicle 398 27 33 406 29 39 Off-Highway 582 3 79 425 3 69 Power Technologies 254 7 28 268 5 33 Eliminations and other (67 ) (71 ) Total $ 2,164 $ — $ 253 $ 1,978 $ — $ 243 Nine Months Ended September 30, Light Vehicle $ 2,763 $ 99 $ 333 $ 2,702 $ 103 $ 297 Commercial Vehicle 1,266 80 115 1,217 83 114 Off-Highway 1,808 13 264 1,402 8 220 Power Technologies 796 17 90 849 16 117 Eliminations and other (209 ) (210 ) Total $ 6,633 $ — $ 802 $ 6,170 $ — $ 748 Reconciliation of segment EBITDA to consolidated net income — Three Months Ended Nine Months Ended 2019 2018 2019 2018 Segment EBITDA $ 253 $ 243 $ 802 $ 748 Corporate expense and other items, net (3 ) (3 ) (9 ) (14 ) Depreciation (82 ) (63 ) (235 ) (187 ) Amortization (4 ) (3 ) (12 ) (8 ) Non-service cost components of pension and OPEB costs (4 ) (3 ) (19 ) (10 ) Pension settlement charge (2 ) (260 ) Restructuring charges, net (5 ) (9 ) (23 ) (17 ) Stock compensation expense (5 ) (4 ) (15 ) (13 ) Strategic transaction expenses, net of transaction breakup fee income (8 ) (6 ) (32 ) (13 ) Acquisition related inventory adjustments (3 ) (12 ) Non-income tax legal judgment 6 Other items (5 ) (9 ) (10 ) Impairment of indefinite-lived intangible asset (20 ) Adjustment in fair value of disposal group held for sale 3 Earnings before interest and income taxes 137 147 182 459 Interest expense 31 24 92 71 Interest income 3 3 8 8 Earnings before income taxes 109 126 98 396 Income tax expense (benefit) 5 31 (27 ) 75 Equity in earnings of affiliates 8 1 22 13 Net income $ 112 $ 96 $ 147 $ 334 |
Equity Affiliates
Equity Affiliates | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Affiliates [Text Block] | Equity Affiliates We have a number of investments in entities that engage in the manufacture and supply of vehicular parts (primarily axles, driveshafts, wheel-end braking systems) and motors for electric vehicles and industrial applications. The decrease in equity method investments from the prior period is due to our acquisition of PEBL's interest in PEPS. The acquisition of PEBL's interest in PEPS, along with our existing ownership interest in PEPS through our TM4 subsidiary, provides us with a controlling financial interest in PEPS. See Note 2 for additional information. As part of the ODS acquisition, we acquired an ownership interest in Ashwoods Innovations Ltd. (Ashwoods). The minority shareholders in this entity have substantive participating rights that allow them to effectively participate in the decisions made in the ordinary course of business that are significant to its operations. Due to these factors, we do not have control over this entity and therefore account for this investment under the equity method of accounting. Our equity method investment in Ashwoods is included in the net assets of our Off-Highway operating segment. Equity method investments exceeding $5 at September 30, 2019 — Ownership Percentage Investment Dongfeng Dana Axle Co., Ltd. (DDAC) 50% $ 90 Bendix Spicer Foundation Brake, LLC 20% 51 Axles India Limited 48% 10 Ashwoods Innovations Ltd. 58% 7 Taiway Ltd. 28% 5 All others as a group 7 Investments in equity affiliates 170 Investments in affiliates carried at cost 2 Investments in affiliates $ 172 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation [Policy Text Block] | Basis of presentation — Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information. These statements are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the results for the interim periods. The results reported in these consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Form 10-K). |
Recently Adopted Accounting Pronouncements [Policy Text Block] | Recently adopted accounting pronouncements On January 1, 2019, we adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) , using the modified retrospective approach and an application date of January 1, 2019. Prior period amounts have not been adjusted and continue to be reflected in accordance with our historical accounting. This transition method resulted in the recognition of a right-of-use asset and a lease liability for virtually all leases at the application date with a cumulative-effect adjustment to retained earnings. Short-term leases of less than 12 months have not been recorded on the balance sheet. We elected the package of practical expedients, which among other things, allowed us to carry forward the historical lease classification. We did not elect the practical expedient that allowed for hindsight to determine the lease term of existing leases. We separated the lease components from the non-lease components of each lease arrangement and, therefore, did not elect the practical expedient that would enable us to not separate them. We also adopted the following standard during the first nine months of 2019, which did not have a material impact on our financial statements or financial statement disclosures: Standard Effective Date 2017-11 Earnings Per Share, Distinguishing Liabilities from Equity, Derivatives and Hedging – (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception January 1, 2019 |
Recently Issued Accounting Pronouncements [Policy Text Block] | Recently issued accounting pronouncements In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . This guidance allows for capitalization of implementation costs associated with certain cloud computing arrangements. This guidance becomes effective January 1, 2020 and early adoption is permitted. The guidance is to be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We do not expect the adoption of this guidance to impact our consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans . The guidance eliminated certain disclosures about defined benefit plans, added new disclosures, and clarified other requirements. This guidance becomes effective January 1, 2020 and early adoption is permitted. There were no changes to interim disclosure requirements. Adoption of this guidance will not have a material effect on our annual financial statement disclosures. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . The guidance removed or modified some disclosures while others were added. The removal and amendment of certain disclosures can be adopted immediately with retrospective application. The additional disclosure guidance becomes effective January 1, 2020. Adoption of this guidance will not have a material effect on our financial statement disclosures. In January 2017, the FASB issued ASU 2017-04, Goodwill – Simplifying the Test for Goodwill Impairment, guidance that simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 of the goodwill impairment test. The new guidance quantifies goodwill impairment as the amount by which the carrying amount of a reporting unit, including goodwill, exceeds its fair value, with the impairment loss limited to the total amount of goodwill allocated to that reporting unit. This guidance becomes effective January 1, 2020 and will be applied on a prospective basis. Early adoption is permitted for impairment tests performed after January 1, 2017. We do not expect the adoption of this guidance to impact our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Credit Losses – Measurement of Credit Losses on Financial Instruments, new guidance for the accounting for credit losses on certain financial instruments. This guidance introduces a new approach to estimating credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. This guidance becomes effective January 1, 2020 and is not expected to have a material impact on our consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The purchase consideration and the related provisional allocation to the acquisition date fair values of the assets acquired and liabilities assumed are presented in the following table: Total purchase consideration $ 88 Accounts receivable - Trade 4 Accounts receivable - Other 1 Inventories 8 Goodwill 68 Intangibles 24 Other noncurrent assets 1 Property, plant and equipment 5 Short-term debt (8 ) Accounts payable (6 ) Accrued payroll and employee benefits (1 ) Other accrued liabilities (1 ) Other noncurrent liabilities (7 ) Total purchase consideration allocation $ 88 The purchase consideration and the related allocation to the acquisition date fair values of the assets acquired and liabilities assumed are presented in the following table: Total purchase consideration $ 125 Cash and cash equivalents $ 3 Accounts receivable - Trade 3 Accounts receivable - Other 1 Inventories 4 Goodwill 148 Intangibles 24 Investments in affiliates 49 Property, plant and equipment 5 Accounts payable (2 ) Accrued payroll and employee benefits (1 ) Other accrued liabilities (7 ) Redeemable noncontrolling interest (102 ) Total purchase consideration allocation $ 125 Purchase consideration paid at closing $ 626 Less purchase consideration to be recovered for indemnified matters (4 ) Total purchase consideration $ 622 Cash and cash equivalents $ 76 Accounts receivable - Trade 150 Accounts receivable - Other 15 Inventories 190 Other current assets 15 Goodwill 123 Intangibles 58 Deferred tax assets 51 Other noncurrent assets 5 Investments in affiliates 7 Property, plant and equipment 329 Current portion of long-term debt (2 ) Accounts payable (151 ) Accrued payroll and employee benefits (35 ) Other accrued liabilities (48 ) Long-term debt (8 ) Pension and postretirement obligations (48 ) Other noncurrent liabilities (97 ) Noncontrolling interests (8 ) Total purchase consideration allocation $ 622 Cash consideration $ 50 Fair value of previously held equity method investment 45 Total purchase consideration $ 95 Cash and cash equivalents $ 2 Accounts receivable - Trade 17 Inventories 8 Goodwill 73 Property, plant and equipment 2 Accounts payable (4 ) Other accrued liabilities (3 ) Total purchase consideration allocation $ 95 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma information has been prepared as if the ODS acquisition and the related debt financing had occurred on January 1, 2018. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net sales $ 2,164 $ 2,179 $ 6,778 $ 6,825 Net income $ 115 $ 97 $ 182 $ 301 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill by Segment [Table Text Block] | Changes in the carrying amount of goodwill by segment — Light Vehicle Commercial Vehicle Off-Highway Power Technologies Total Balance, December 31, 2018 $ 3 $ 150 $ 105 $ 6 $ 264 Acquisitions 85 191 276 Currency impact (10 ) (10 ) Balance, September 30, 2019 $ 3 $ 235 $ 286 $ 6 $ 530 |
Components of Other (Finite-Lived) Intangible Assets [Table Text Block] | Components of other intangible assets — September 30, 2019 December 31, 2018 Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Amortizable intangible assets Core technology 8 $ 131 $ (91 ) $ 40 $ 107 $ (89 ) $ 18 Trademarks and trade names 13 30 (6 ) 24 16 (4 ) 12 Customer relationships 9 493 (400 ) 93 460 (400 ) 60 Non-amortizable intangible assets Trademarks and trade names 75 75 74 74 Used in research and development activities — 20 (20 ) — $ 729 $ (497 ) $ 232 $ 677 $ (513 ) $ 164 |
Components of Other (Indefinite-Lived) Intangible Assets [Table Text Block] | Components of other intangible assets — September 30, 2019 December 31, 2018 Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Amortizable intangible assets Core technology 8 $ 131 $ (91 ) $ 40 $ 107 $ (89 ) $ 18 Trademarks and trade names 13 30 (6 ) 24 16 (4 ) 12 Customer relationships 9 493 (400 ) 93 460 (400 ) 60 Non-amortizable intangible assets Trademarks and trade names 75 75 74 74 Used in research and development activities — 20 (20 ) — $ 729 $ (497 ) $ 232 $ 677 $ (513 ) $ 164 |
Amortization Expense Related to Amortizable Intangible Assets [Table Text Block] | Amortization expense related to amortizable intangible assets — Three Months Ended Nine Months Ended 2019 2018 2019 2018 Charged to cost of sales $ 2 $ 1 $ 4 $ 2 Charged to amortization of intangibles 2 2 8 6 Total amortization $ 4 $ 3 $ 12 $ 8 |
Estimated Aggregate Pre-tax Amortization Expense Related to Intangible Assets [Table Text Block] | The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five years based on September 30, 2019 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. Remainder of 2019 2020 2021 2022 2023 Amortization expense $ 4 $ 16 $ 16 $ 16 $ 16 |
Restructuring of Operations (Ta
Restructuring of Operations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Accrued Restructuring Costs and Activity [Table Text Block] | Accrued restructuring costs and activity — Employee Termination Benefits Exit Costs Total Balance, June 30, 2019 $ 23 $ — $ 23 Charges to restructuring 3 4 7 Adjustments of accruals (2 ) (2 ) Cash payments (9 ) (3 ) (12 ) Balance, September 30, 2019 $ 15 $ 1 $ 16 Balance, December 31, 2018 $ 25 $ 4 $ 29 Charges to restructuring 18 7 25 Adjustments of accruals (2 ) (2 ) Cash payments (26 ) (6 ) (32 ) Lease cease-use reclassification (4 ) (4 ) Balance, September 30, 2019 $ 15 $ 1 $ 16 |
Cost to Complete [Table Text Block] | Cost to complete — The following table provides project-to-date and estimated future restructuring expenses for completion of our approved restructuring initiatives for our business segments at September 30, 2019 . Expense Recognized Future Cost to Complete Prior to 2019 2019 Total to Date Commercial Vehicle $ 35 $ 4 $ 39 $ 5 Off-Highway — 1 1 1 |
Supplemental Balance Sheet an_2
Supplemental Balance Sheet and Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Supplemental Balance Sheet Information [Text Block] | Inventory components at — September 30, December 31, Raw materials $ 495 $ 433 Work in process and finished goods 800 649 Inventory reserves (62 ) (51 ) Total $ 1,233 $ 1,031 |
Supplemental Cash Flow Information [Table Text Block] | Cash, cash equivalents and restricted cash at — September 30, December 31, September 30, December 31, Cash and cash equivalents $ 402 $ 510 $ 322 $ 603 Restricted cash included in other current assets 7 7 2 3 Restricted cash included in other noncurrent assets 3 3 3 4 Total cash, cash equivalents and restricted cash $ 412 $ 520 $ 327 $ 610 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Summary of Location and Amounts Related to Finance Leases [Table Text Block] | The following table provides a summary of the location and amounts related to finance leases recognized in the consolidated balance sheet. Classification September 30, 2019 Finance lease right-of-use assets Property, plant and equipment, net $ 42 Finance lease liabilities Current portion of long-term debt 5 Finance lease liabilities Long-term debt 25 |
Components of Lease Expense [Table Text Block] | Components of lease expense — Three Months Ended Nine Months Ended Operating lease cost $ 13 $ 37 Finance lease cost: Amortization of right-of-use assets $ 1 $ 2 Interest on lease liabilities 1 1 Total finance lease cost $ 2 $ 3 |
Supplemental Cash Flow Information Related to Leases [Table Text Block] | Supplemental cash flow information related to leases — Three Months Ended Nine Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12 $ 37 Operating cash flows from finance leases 1 1 Financing cash flows from finance leases 1 3 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 3 $ 16 Finance leases 1 13 |
Supplemental Balance Sheet Information Related To Leases [Table Text Block] | Supplemental balance sheet information related to leases — September 30, 2019 Weighted-average remaining lease term (years): Operating leases 6 Finance leases 9 Weighted-average discount rate: Operating leases 6.0 % Finance leases 4.0 % |
Maturities of Operating Leases [Table Text Block] | Maturities — Operating Leases Finance Leases Remainder of 2019 $ 13 $ 1 2020 47 6 2021 39 6 2022 29 5 2023 22 3 Thereafter 58 14 Total lease payments 208 35 Less: interest 31 5 Present value of lease liabilities $ 177 $ 30 |
Maturities of Finance Leases [Table Text Block] | Maturities — Operating Leases Finance Leases Remainder of 2019 $ 13 $ 1 2020 47 6 2021 39 6 2022 29 5 2023 22 3 Thereafter 58 14 Total lease payments 208 35 Less: interest 31 5 Present value of lease liabilities $ 177 $ 30 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Cash obligations under future minimum rental commitments under operating leases as of December 31, 2018 are shown in the table below. Operating lease commitments are primarily related to facilities. 2019 2020 2021 2022 2023 Thereafter Total Lease commitments $ 57 $ 41 $ 35 $ 27 $ 21 $ 64 $ 245 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Changes in Equity [Table Text Block] | Changes in equity — Three Months Ended September 30, 2019 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Compre-hensive Loss Non-controlling Interests Total Equity Balance, June 30, 2019 $ 2 $ 2,376 $ 456 $ (150 ) $ (968 ) $ 98 $ 1,814 Net income 111 3 114 Other comprehensive loss (26 ) (12 ) (38 ) Common stock dividends (15 ) (15 ) Distributions to noncontrolling interests (2 ) (2 ) Stock compensation 5 5 Balance, September 30, 2019 $ 2 $ 2,381 $ 552 $ (150 ) $ (994 ) $ 87 $ 1,878 2018 Balance, June 30, 2018 $ 2 $ 2,356 $ 290 $ (118 ) $ (1,385 ) $ 106 $ 1,251 Net income 95 1 96 Other comprehensive income (loss) 6 (1 ) 5 Common stock dividends (14 ) (14 ) Distributions to noncontrolling interests (3 ) (3 ) Purchase of redeemable noncontrolling interests 2 2 Contribution from noncontrolling interest 22 22 Stock compensation 6 6 Stock withheld for employee taxes (1 ) (1 ) Balance, September 30, 2018 $ 2 $ 2,364 $ 371 $ (119 ) $ (1,379 ) $ 125 $ 1,364 Nine Months Ended September 30, 2019 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Compre-hensive Loss Non-controlling Interests Total Equity Balance, December 31, 2018 $ 2 $ 2,368 $ 456 $ (119 ) $ (1,362 ) $ 97 $ 1,442 Adoption of ASU 2016-02 leases, January 1, 2019 (1 ) (1 ) Net income 141 9 150 Other comprehensive income (loss) 368 (13 ) 355 Common stock dividends (44 ) (44 ) Distributions to noncontrolling interests (14 ) (14 ) Increase from business combination 8 8 Common stock share repurchases (25 ) (25 ) Stock compensation 13 13 Stock withheld for employee taxes (6 ) (6 ) Balance, September 30, 2019 $ 2 $ 2,381 $ 552 $ (150 ) $ (994 ) $ 87 $ 1,878 2018 Balance, December 31, 2017 $ 2 $ 2,354 $ 86 $ (87 ) $ (1,342 ) $ 101 $ 1,114 Adoption of ASU 2016-01 financial instruments adjustment, 2 (2 ) — Net income 327 6 333 Other comprehensive loss (35 ) (6 ) (41 ) Common stock dividends (44 ) (44 ) Distributions to noncontrolling interests (7 ) (7 ) Purchase of noncontrolling interests (9 ) 9 — Purchase of redeemable noncontrolling interests 2 2 Contribution from noncontrolling interest 22 22 Common stock share repurchases (25 ) (25 ) Stock compensation 17 17 Stock withheld for employee taxes (7 ) (7 ) Balance, September 30, 2018 $ 2 $ 2,364 $ 371 $ (119 ) $ (1,379 ) $ 125 $ 1,364 |
Changes in Each Component of Accumulated Other Comprehensive Income of the Parent [Table Text Block] | Changes in each component of accumulated other comprehensive income (AOCI) of the parent — Parent Company Stockholders Foreign Currency Translation Hedging Investments Defined Benefit Plans Total Balance, June 30, 2019 $ (694 ) $ (47 ) $ — $ (227 ) $ (968 ) Other comprehensive income (loss): Currency translation adjustments (39 ) (39 ) Holding gains and losses 57 57 Reclassification of amount to net income (a) (49 ) (49 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 6 6 Tax expense (1 ) (1 ) Other comprehensive income (loss) (39 ) 8 — 5 (26 ) Balance, September 30, 2019 $ (733 ) $ (39 ) $ — $ (222 ) $ (994 ) Balance, June 30, 2018 $ (710 ) $ (78 ) $ — $ (597 ) $ (1,385 ) Other comprehensive income (loss): Currency translation adjustments (15 ) (15 ) Holding loss on net investment hedge (3 ) (3 ) Holding gains and losses 9 9 Reclassification of amount to net income (a) (7 ) (7 ) Actuarial gain on census update 18 18 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 9 9 Tax (expense) benefit 1 (6 ) (5 ) Other comprehensive income (loss) (18 ) 3 — 21 6 Balance, September 30, 2018 $ (728 ) $ (75 ) $ — $ (576 ) $ (1,379 ) Parent Company Stockholders Foreign Currency Translation Hedging Investments Defined Benefit Plans Total Balance, December 31, 2018 $ (721 ) $ (54 ) $ — $ (587 ) $ (1,362 ) Other comprehensive income (loss): Currency translation adjustments (12 ) (12 ) Holding gains and losses 77 77 Reclassification of amount to net income (a) (62 ) (62 ) Net actuarial gain 104 104 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 282 282 Tax expense (21 ) (21 ) Other comprehensive income (12 ) 15 — 365 368 Balance, September 30, 2019 $ (733 ) $ (39 ) $ — $ (222 ) $ (994 ) Balance, December 31, 2017 $ (670 ) $ (64 ) $ 2 $ (610 ) $ (1,342 ) Other comprehensive income (loss): Currency translation adjustments (55 ) (55 ) Holding loss on net investment hedge (3 ) (3 ) Holding gains and losses 29 29 Reclassification of amount to net income (a) (42 ) (42 ) Actuarial gain on census update 18 18 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 26 26 Tax (expense) benefit 2 (10 ) (8 ) Other comprehensive income (loss) (58 ) (11 ) — 34 (35 ) Adoption of ASU 2016-01 financial instruments adjustment, January 1, 2018 (2 ) (2 ) Balance, September 30, 2018 $ (728 ) $ (75 ) $ — $ (576 ) $ (1,379 ) (a) Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. See Note 15 for additional details. (b) See Note 12 for additional details. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | Reconciliation of changes in redeemable noncontrolling interests — Three Months Ended Nine Months Ended 2019 2018 2019 2018 Balance, beginning of period $ 105 $ 149 $ 100 $ 47 Initial fair value of redeemable noncontrolling interests of acquired businesses 102 Purchase of redeemable noncontrolling interest (46 ) (46 ) Sale of redeemable noncontrolling interest 64 64 Cash contributions from redeemable noncontrolling interests 2 4 Comprehensive income (loss) adjustments: Net income (loss) attributable to redeemable noncontrolling interests (2 ) (3 ) 1 Other comprehensive income (loss) attributable to redeemable noncontrolling interests 5 9 (1 ) Balance, end of period $ 174 $ 103 $ 174 $ 103 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators of Earnings Per Share Calculations [Table Text Block] | Reconciliation of the numerators and denominators of the earnings per share calculations — Three Months Ended Nine Months Ended 2019 2018 2019 2018 Net income available to common stockholders - Numerator basic and diluted $ 111 $ 95 $ 141 $ 327 Denominator: Weighted-average common shares outstanding - Basic 144.0 144.7 144.0 145.1 Employee compensation-related shares, including stock options 0.8 1.2 0.8 1.5 Weighted-average common shares outstanding - Diluted 144.8 145.9 144.8 146.6 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Granted Awards Activity [Table Text Block] | The Compensation Committee of our Board of Directors approved the grant of RSUs and performance share units (PSUs) shown in the table below during 2019. Granted (In millions) Grant Date Fair Value* RSUs 1.0 $ 17.12 PSUs 0.4 $ 16.17 * Weighted-average per share |
Pension and Postretirement Be_2
Pension and Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) [Table Text Block] | Components of net periodic benefit cost — Pension 2019 2018 OPEB - Non-U.S. Three Months Ended September 30, U.S. Non-U.S. U.S. Non-U.S. 2019 2018 Interest cost $ 7 $ 1 $ 11 $ 2 $ 1 $ — Expected return on plan assets (10 ) (18 ) (1 ) Service cost 2 2 Settlement charge 2 Amortization of net actuarial loss 3 2 7 2 Net periodic benefit cost $ — $ 7 $ — $ 5 $ 1 $ — Nine Months Ended September 30, Interest cost $ 33 $ 5 $ 32 $ 5 $ 2 $ 2 Expected return on plan assets (42 ) (2 ) (53 ) (2 ) Service cost 6 6 Settlement charge 258 2 Amortization of net actuarial loss 18 5 21 5 Net periodic benefit cost $ 267 $ 16 $ — $ 14 $ 2 $ 2 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities [Table Text Block] | September 30, 2019 December 31, 2018 Cost Unrealized Fair Cost Unrealized Fair U.S. government securities $ — $ — $ — $ 2 $ — $ 2 Corporate securities 4 4 Certificates of deposit 20 20 15 15 Total marketable securities $ 20 $ — $ 20 $ 21 $ — $ 21 |
Financing Agreements (Tables)
Financing Agreements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | Long-term debt at — Interest 9/30/2019 December 31, 2018 Senior Notes due September 15, 2023 6.000% $ 300 $ 300 Senior Notes due December 15, 2024 5.500% 425 425 Senior Notes due April 15, 2025 5.750% * 400 400 Senior Notes due June 1, 2026 6.500% * 375 375 Term Facility A 474 265 Term Facility B 349 Other indebtedness 63 28 Debt issuance costs (27 ) (18 ) 2,359 1,775 Less: Current portion of long-term debt 13 20 Long-term debt, less debt issuance costs $ 2,346 $ 1,755 * In conjunction with the issuance of the April 2025 Notes we entered into 8-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the April 2025 Notes to euro-denominated debt at a fixed rate of 3.850% . In conjunction with the issuance of the June 2026 Notes we entered into 10-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the June 2026 Notes to euro-denominated debt at a fixed rate of 5.140% . See Note 15 for additional information. |
Schedule of Term A Facility and Revolving Facility Margin Arrangements [Table Text Block] | Advances under the Term A Facility and the Revolving Facility bear interest at a floating rate based on, at our option, the base rate or Eurodollar rate (each as described in the credit agreement) plus a margin as set forth below: Margin Total Net Leverage Ratio Base Rate Eurodollar Rate Less than or equal to 1.00:1.00 0.25 % 1.25 % Greater than 1.00:1.00 but less than or equal to 2.00:1.00 0.50 % 1.50 % Greater than 2.00:1.00 0.75 % 1.75 % |
Schedule of Revolving Facility Commitment Fee Arrangements [Table Text Block] | Commitment fees are applied based on the average daily unused portion of the available amounts under the Revolving Facility as set forth below: Total Net Leverage Ratio Commitment Fee Less than or equal to 1.00:1.00 0.250 % Greater than 1.00:1.00 but less than or equal to 2.00:1.00 0.375 % Greater than 2.00:1.00 0.500 % |
Fair Value Measurements and D_2
Fair Value Measurements and Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis [Table Text Block] | 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 Category Balance Sheet Location Fair Value Level September 30, December 31, Available-for-sale securities Marketable securities 2 $ 20 $ 21 Currency forward contracts Cash flow hedges Accounts receivable - Other 2 8 6 Cash flow hedges Other accrued liabilities 2 6 5 Undesignated Accounts receivable - Other 2 1 2 Undesignated Other accrued liabilities 2 1 1 Interest rate collars Other accrued liabilities 2 5 Currency swaps Cash flow hedges Other noncurrent liabilities 2 42 118 |
Carrying Amounts and Fair Values of Financial Instruments [Table Text Block] | Fair value of financial instruments — The financial instruments that are not carried in our balance sheet at fair value are as follows: September 30, 2019 December 31, 2018 Fair Value Level Carrying Value Fair Value Carrying Value Fair Value Senior notes 2 $ 1,500 $ 1,553 $ 1,500 $ 1,442 Term Facility 2 823 825 265 265 Other indebtedness* 2 63 58 28 23 Total $ 2,386 $ 2,436 $ 1,793 $ 1,730 * The carrying value includes the unamortized portion of a fair value adjustment related to a terminated interest rate swap at both dates. |
Summary of Fixed-to-Fixed Cross-Currency Swaps [Table Text Block] | The following fixed-to-fixed cross-currency swaps were outstanding at September 30, 2019 : Underlying Financial Instrument Derivative Financial Instrument Description Type Face Amount Rate Designated Notional Amount Traded Amount Inflow Rate Outflow Rate June 2026 Notes Payable $ 375 6.50 % $ 375 € 338 6.50 % 5.14 % April 2025 Notes Payable $ 400 5.75 % $ 400 € 371 5.75 % 3.85 % Luxembourg Intercompany Notes Receivable € 281 3.91 % € 281 $ 300 6.00 % 3.91 % |
Notional Amount of Currency Derivatives [Table Text Block] | The following currency derivatives were outstanding at September 30, 2019 : Notional Amount (U.S. Dollar Equivalent) Functional Currency Traded Currency Designated Undesignated Total Maturity U.S. dollar Mexican peso, euro $ 145 $ 8 $ 153 Dec-20 Euro U.S. dollar, Canadian dollar, Hungarian forint, British pound, Swiss franc, Indian rupee, Russian ruble, Chinese renminbi, Mexican peso, Australian dollar, Japanese yen 112 21 133 Jan-24 British pound U.S. dollar, euro 1 2 3 Sep-20 Swedish krona euro 3 3 Dec-19 South African rand U.S. dollar, euro, Thai baht 7 4 11 Sep-20 Thai baht U.S. dollar 13 13 Jun-20 Canadian dollar U.S. dollar 17 17 Dec-20 Brazilian real U.S. dollar, euro 51 19 70 Sep-20 Indian rupee U.S. dollar, British pound, euro 61 61 Dec-20 Chinese renminbi U.S. dollar, Canadian dollar, euro 7 7 Nov-19 Taiwan dollar Chinese renminbi 2 2 Mar-20 Total forward contracts 349 124 473 U.S. dollar euro 306 306 Sep-23 Euro U.S. dollar 775 775 Jun-26 Total currency swaps 1,081 — 1,081 Total currency derivatives $ 1,430 $ 124 $ 1,554 |
Derivatives in Cash Flow Hedging Relationships [Table Text Block] | The following table provides a summary of deferred gains (losses) reported in AOCI as well as the amount expected to be reclassified to income in one year or less: Deferred Gain (Loss) in AOCI September 30, 2019 December 31, 2018 Gain (loss) expected to be reclassified into income in one year or less Forward Contracts $ — $ 2 $ — Collar (5 ) Cross-Currency Swaps (38 ) (60 ) Total $ (43 ) $ (58 ) $ — |
Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships [Table Text Block] | The following table provides a summary of the location and amount of gains or losses recognized in the consolidated statement of operations associated with cash flow hedging relationships: Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended September 30, 2019 Derivatives Designated as Cash Flow Hedges Net sales Cost of sales Other expense, net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 2,164 $ 1,882 $ 8 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income (2 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (47 ) Nine Months Ended September 30, 2019 Net sales Cost of sales Other expense, net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 6,633 $ 5,725 $ 31 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income (7 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (55 ) Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships Three Months Ended September 30, 2018 Derivatives Designated as Cash Flow Hedges Net sales Cost of sales Other expense, net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 1,978 $ 1,692 $ 9 (Gain) or loss on cash flow hedging relationships Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (7 ) Nine Months Ended September 30, 2018 Net sales Cost of sales Other expense, net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 6,170 $ 5,269 $ 19 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income (2 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (40 ) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table provides a summary of the location and amount of gains or losses recognized in the consolidated statement of operations associated with undesignated hedging relationships. Amount of Gain (Loss) Recognized in Income Derivatives Not Designated as Hedging Instruments Three Months Ended Nine Months Ended Location of Gain or (Loss) Recognized in Income Foreign currency forward contracts $ (3 ) $ (15 ) Other expense, net |
Warranty Obligations (Tables)
Warranty Obligations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Changes in Warranty Liabilities [Table Text Block] | Changes in warranty liabilities — Three Months Ended Nine Months Ended 2019 2018 2019 2018 Balance, beginning of period $ 95 $ 75 $ 75 $ 76 Acquisitions 17 1 Amounts accrued for current period sales 9 9 26 27 Adjustments of prior estimates (1 ) 2 (1 ) Settlements of warranty claims (11 ) (9 ) (27 ) (28 ) Currency impact (2 ) (2 ) (1 ) Balance, end of period $ 91 $ 74 $ 91 $ 74 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income and Other Expenses, Net [Table Text Block] | Three Months Ended Nine Months Ended 2019 2018 2019 2018 Non-service cost components of pension and OPEB costs $ (4 ) $ (3 ) $ (19 ) $ (10 ) Government grants and incentives 3 3 11 8 Foreign exchange loss (1 ) (3 ) (11 ) (7 ) Strategic transaction expenses, net of transaction breakup fee income (8 ) (6 ) (32 ) (13 ) Non-income tax legal judgment 6 Other, net 2 14 3 Other expense, net $ (8 ) $ (9 ) $ (31 ) $ (19 ) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of revenue — The following table disaggregates revenue for each of our operating segments by geographical market: Three Months Ended Light Vehicle Commercial Vehicle Off-Highway Power Technologies Total North America $ 699 $ 238 $ 89 $ 132 $ 1,158 Europe 80 49 381 104 614 South America 34 85 11 4 134 Asia Pacific 117 26 101 14 258 Total $ 930 $ 398 $ 582 $ 254 $ 2,164 Nine Months Ended North America $ 2,042 $ 745 $ 245 $ 412 $ 3,444 Europe 256 181 1,243 325 2,005 South America 105 245 31 15 396 Asia Pacific 360 95 289 44 788 Total $ 2,763 $ 1,266 $ 1,808 $ 796 $ 6,633 Three Months Ended North America $ 605 $ 232 $ 35 $ 141 $ 1,013 Europe 83 62 322 105 572 South America 46 79 9 6 140 Asia Pacific 145 33 59 16 253 Total $ 879 $ 406 $ 425 $ 268 $ 1,978 Nine Months North America $ 1,869 $ 677 $ 109 $ 442 $ 3,097 Europe 264 206 1,083 337 1,890 South America 139 240 23 16 418 Asia Pacific 430 94 187 54 765 Total $ 2,702 $ 1,217 $ 1,402 $ 849 $ 6,170 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information [Table Text Block] | Segment information — 2019 2018 Three Months Ended September 30, External Sales Inter-Segment Sales Segment EBITDA External Sales Inter-Segment Sales Segment EBITDA Light Vehicle $ 930 $ 30 $ 113 $ 879 $ 34 $ 102 Commercial Vehicle 398 27 33 406 29 39 Off-Highway 582 3 79 425 3 69 Power Technologies 254 7 28 268 5 33 Eliminations and other (67 ) (71 ) Total $ 2,164 $ — $ 253 $ 1,978 $ — $ 243 Nine Months Ended September 30, Light Vehicle $ 2,763 $ 99 $ 333 $ 2,702 $ 103 $ 297 Commercial Vehicle 1,266 80 115 1,217 83 114 Off-Highway 1,808 13 264 1,402 8 220 Power Technologies 796 17 90 849 16 117 Eliminations and other (209 ) (210 ) Total $ 6,633 $ — $ 802 $ 6,170 $ — $ 748 |
Reconciliation of Segment EBITDA to Consolidated Net Income [Table Text Block] | Reconciliation of segment EBITDA to consolidated net income — Three Months Ended Nine Months Ended 2019 2018 2019 2018 Segment EBITDA $ 253 $ 243 $ 802 $ 748 Corporate expense and other items, net (3 ) (3 ) (9 ) (14 ) Depreciation (82 ) (63 ) (235 ) (187 ) Amortization (4 ) (3 ) (12 ) (8 ) Non-service cost components of pension and OPEB costs (4 ) (3 ) (19 ) (10 ) Pension settlement charge (2 ) (260 ) Restructuring charges, net (5 ) (9 ) (23 ) (17 ) Stock compensation expense (5 ) (4 ) (15 ) (13 ) Strategic transaction expenses, net of transaction breakup fee income (8 ) (6 ) (32 ) (13 ) Acquisition related inventory adjustments (3 ) (12 ) Non-income tax legal judgment 6 Other items (5 ) (9 ) (10 ) Impairment of indefinite-lived intangible asset (20 ) Adjustment in fair value of disposal group held for sale 3 Earnings before interest and income taxes 137 147 182 459 Interest expense 31 24 92 71 Interest income 3 3 8 8 Earnings before income taxes 109 126 98 396 Income tax expense (benefit) 5 31 (27 ) 75 Equity in earnings of affiliates 8 1 22 13 Net income $ 112 $ 96 $ 147 $ 334 |
Equity Affiliates (Tables)
Equity Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Table Text Block] | Equity method investments exceeding $5 at September 30, 2019 — Ownership Percentage Investment Dongfeng Dana Axle Co., Ltd. (DDAC) 50% $ 90 Bendix Spicer Foundation Brake, LLC 20% 51 Axles India Limited 48% 10 Ashwoods Innovations Ltd. 58% 7 Taiway Ltd. 28% 5 All others as a group 7 Investments in equity affiliates 170 Investments in affiliates carried at cost 2 Investments in affiliates $ 172 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) € in Millions, $ in Millions | Aug. 26, 2019USD ($) | Jul. 29, 2019USD ($) | Jun. 06, 2019USD ($) | Feb. 28, 2019USD ($)employeeFacility | Jan. 11, 2019USD ($) | Aug. 08, 2018USD ($) | Jun. 22, 2018USD ($) | Feb. 01, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Jul. 28, 2019 | Dec. 31, 2017EUR (€) |
Business Acquisition [Line Items] | |||||||||||||||||||
Consideration received from sale of interest to noncontrolling shareholder | $ 65 | ||||||||||||||||||
Proceeds from sale of interest to noncontrolling shareholder | 53 | $ 53 | |||||||||||||||||
Note receivable related to sale of interest to noncontrolling shareholder | $ 12 | ||||||||||||||||||
Note receivable term | 5 years | ||||||||||||||||||
Interest rate on note receivable | 5.00% | ||||||||||||||||||
Gain recognized on remeasurement of previously held equity method investment | $ 2 | ||||||||||||||||||
Purchase price, cash consideration | 666 | $ 151 | |||||||||||||||||
Strategic transaction expenses | $ 8 | $ 6 | 32 | 13 | |||||||||||||||
Net sales | 2,164 | $ 1,978 | 6,633 | 6,170 | |||||||||||||||
Payments to acquire redeemable noncontrolling interests | $ 43 | ||||||||||||||||||
Core Technology [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-lived intangible assets | 131 | $ 107 | 131 | $ 107 | |||||||||||||||
Trademarks and Trade Names [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-lived intangible assets | 30 | 16 | 30 | 16 | |||||||||||||||
Customer Relationships [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-lived intangible assets | $ 493 | 460 | $ 493 | 460 | |||||||||||||||
Prestolite E-Propulsion Systems Limited (PEPS) [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Ownership interest in joint venture | 50.00% | ||||||||||||||||||
Nordresa [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Percent of ownership interest acquired | 100.00% | ||||||||||||||||||
Total purchase consideration | $ 12 | ||||||||||||||||||
Prestolite E-Propulsion Systems Limited (PEPS) [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Percent of ownership interest acquired | 50.00% | 100.00% | 100.00% | ||||||||||||||||
Total purchase consideration | $ 95 | ||||||||||||||||||
Purchase price, cash consideration | $ 50 | ||||||||||||||||||
Prestolite E-Propulsion Systems Limited (PEPS) [Member] | Hydro-Quebec [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Ownership percentage by noncontrolling owners | 45.00% | 22.50% | |||||||||||||||||
ODS [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Percent of ownership interest acquired | 100.00% | ||||||||||||||||||
Total purchase consideration | $ 622 | ||||||||||||||||||
Purchase price, cash consideration | $ 626 | ||||||||||||||||||
Number of employees | employee | 5,600 | ||||||||||||||||||
Number of facilities | Facility | 11 | ||||||||||||||||||
Strategic transaction expenses | $ 13 | ||||||||||||||||||
Net sales | $ 179 | 465 | |||||||||||||||||
Purchase price adjustments | $ (4) | ||||||||||||||||||
ODS [Member] | Minimum [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Fixed asset, useful life | 3 years | ||||||||||||||||||
ODS [Member] | Maximum [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Fixed asset, useful life | 25 years | ||||||||||||||||||
ODS [Member] | Core Technology [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-lived intangible assets | $ 11 | ||||||||||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 7 years | ||||||||||||||||||
ODS [Member] | Trademarks and Trade Names [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-lived intangible assets | $ 13 | ||||||||||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | ||||||||||||||||||
ODS [Member] | Customer Relationships [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-lived intangible assets | $ 34 | ||||||||||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 12 years | ||||||||||||||||||
ODS [Member] | CHINA | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Number of facilities | Facility | 1 | ||||||||||||||||||
SME [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Percent of ownership interest acquired | 100.00% | ||||||||||||||||||
Total purchase consideration | $ 88 | ||||||||||||||||||
Purchase price, cash consideration | 62 | ||||||||||||||||||
Net sales | $ 4 | $ 16 | |||||||||||||||||
Notes Issued | $ 26 | ||||||||||||||||||
SME [Member] | Minimum [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Fixed asset, useful life | 1 year | ||||||||||||||||||
SME [Member] | Maximum [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Fixed asset, useful life | 20 years | ||||||||||||||||||
SME [Member] | Core Technology [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-lived intangible assets | $ 15 | ||||||||||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 12 years | ||||||||||||||||||
SME [Member] | Customer Relationships [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-lived intangible assets | $ 9 | ||||||||||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | ||||||||||||||||||
SME [Member] | Note Payable SME [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Notes term | 5 years | ||||||||||||||||||
Interest rate | 5.00% | ||||||||||||||||||
SME [Member] | Hydro-Quebec [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Ownership percentage by noncontrolling owners | 45.00% | ||||||||||||||||||
TM4 [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Percent of ownership interest acquired | 55.00% | ||||||||||||||||||
Total purchase consideration | $ 125 | ||||||||||||||||||
Purchase price, cash consideration | $ 125 | ||||||||||||||||||
Strategic transaction expenses | $ 5 | ||||||||||||||||||
Net sales | $ 11 | ||||||||||||||||||
TM4 [Member] | Minimum [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Fixed asset, useful life | 5 years | ||||||||||||||||||
TM4 [Member] | Maximum [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Fixed asset, useful life | 6 years | ||||||||||||||||||
TM4 [Member] | Core Technology [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Finite-lived intangible assets | $ 14 | ||||||||||||||||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | ||||||||||||||||||
TM4 [Member] | Trademarks and Trade Names [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Indefinite-lived intangible assets | $ 10 | ||||||||||||||||||
TM4 [Member] | Hydro-Quebec [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Ownership percentage by noncontrolling owners | 45.00% | ||||||||||||||||||
BFP and BPT [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Percent of ownership interest acquired | 80.00% | ||||||||||||||||||
Purchase price, cash consideration | $ 181 | ||||||||||||||||||
Purchase price adjustments | $ 9 | ||||||||||||||||||
Agreement to purchase certain real estate | € | € 25 | ||||||||||||||||||
Net cash payment | $ 20 | ||||||||||||||||||
Payments to acquire redeemable noncontrolling interests | $ 43 | ||||||||||||||||||
Received in settlement of all pending and future claims | $ 10 | ||||||||||||||||||
BFP and BPT [Member] | Brevini Group S.p.A. [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Ownership percentage by noncontrolling owners | 20.00% |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions | Jun. 06, 2019 | Feb. 28, 2019 | Jan. 11, 2019 | Jun. 22, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 666 | $ 151 | |||||
Business Combination, Goodwill | $ 530 | $ 264 | |||||
Prestolite E-Propulsion Systems Limited (PEPS) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 50 | ||||||
Business Combination, Consideration Transferred, Other | 45 | ||||||
Total purchase consideration | 95 | ||||||
Business Combination, Cash and cash equivalents | 2 | ||||||
Business Combination, Accounts receivable - Trade | 17 | ||||||
Business Combination, Inventories | 8 | ||||||
Business Combination, Goodwill | 73 | ||||||
Business Combination, Property, plant and equipment | 2 | ||||||
Business Combination, Accounts payable | (4) | ||||||
Business Combination, Other accrued liabilities | (3) | ||||||
Business Combination, Total purchase consideration allocation | $ 95 | ||||||
ODS [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 626 | ||||||
Business Combination, Purchase Price Adjustments | (4) | ||||||
Total purchase consideration | 622 | ||||||
Business Combination, Cash and cash equivalents | 76 | ||||||
Business Combination, Accounts receivable - Trade | 150 | ||||||
Business Combination, Accounts receivable - Other | 15 | ||||||
Business Combination, Inventories | 190 | ||||||
Business Combination, Other current assets | 15 | ||||||
Business Combination, Goodwill | 123 | ||||||
Business Combination, Intangibles | 58 | ||||||
Business Combination, Deferred tax assets | 51 | ||||||
Business Combination, Other noncurrent assets | 5 | ||||||
Business Combination, Investments in affiliates | 7 | ||||||
Business Combination, Property, plant and equipment | 329 | ||||||
Business Combination, Notes payable, including current portion of long-term debt | (2) | ||||||
Business Combination, Accounts payable | (151) | ||||||
Business Combination, Accrued payroll and employee benefits | (35) | ||||||
Business Combination, Other accrued liabilities | (48) | ||||||
Business Combination, Long-term debt | (8) | ||||||
Business Combination, Pension and postretirement obligations | (48) | ||||||
Business Combination, Other noncurrent liabilities | (97) | ||||||
Business Combination, Noncontrolling interests | (8) | ||||||
Business Combination, Total purchase consideration allocation | $ 622 | ||||||
SME [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 62 | ||||||
Total purchase consideration | 88 | ||||||
Business Combination, Accounts receivable - Trade | 4 | ||||||
Business Combination, Accounts receivable - Other | 1 | ||||||
Business Combination, Inventories | 8 | ||||||
Business Combination, Goodwill | 68 | ||||||
Business Combination, Intangibles | 24 | ||||||
Business Combination, Other noncurrent assets | 1 | ||||||
Business Combination, Property, plant and equipment | 5 | ||||||
Business Combination, Notes payable, including current portion of long-term debt | (8) | ||||||
Business Combination, Accounts payable | (6) | ||||||
Business Combination, Accrued payroll and employee benefits | (1) | ||||||
Business Combination, Other accrued liabilities | (1) | ||||||
Business Combination, Other noncurrent liabilities | (7) | ||||||
Business Combination, Total purchase consideration allocation | $ 88 | ||||||
TM4 [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $ 125 | ||||||
Total purchase consideration | 125 | ||||||
Business Combination, Cash and cash equivalents | 3 | ||||||
Business Combination, Accounts receivable - Trade | 3 | ||||||
Business Combination, Accounts receivable - Other | 1 | ||||||
Business Combination, Inventories | 4 | ||||||
Business Combination, Goodwill | 148 | ||||||
Business Combination, Intangibles | 24 | ||||||
Business Combination, Investments in affiliates | 49 | ||||||
Business Combination, Property, plant and equipment | 5 | ||||||
Business Combination, Accounts payable | (2) | ||||||
Business Combination, Accrued payroll and employee benefits | (1) | ||||||
Business Combination, Other accrued liabilities | (7) | ||||||
Business Combination, Redeemable noncontrolling interest | (102) | ||||||
Business Combination, Total purchase consideration allocation | $ 125 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - ODS [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Revenue | $ 2,164 | $ 2,179 | $ 6,778 | $ 6,825 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 115 | $ 97 | $ 182 | $ 301 |
Disposal Groups and Divestitu_2
Disposal Groups and Divestitures - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | |
Loss on disposal group held for sale | $ 3,000,000 | $ 3,000,000 | $ (27,000,000) | |||||
Proceeds from sale of subsidiary | $ 2,000,000 | $ 1,000,000 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Brazil Suspension Components Business [Member] | ||||||||
Consideration | $ 0 | 0 | ||||||
Contribution obligation | 10,000,000 | $ 10,000,000 | ||||||
Loss on disposal group held for sale | $ (27,000,000) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill by Segment (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 264 |
Acquisitions | 276 |
Currency impact | (10) |
Ending balance | 530 |
Light Vehicle Segment [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 3 |
Acquisitions | |
Currency impact | |
Ending balance | 3 |
Commercial Vehicle Segment [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 150 |
Acquisitions | 85 |
Currency impact | |
Ending balance | 235 |
Off-Highway Segment [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 105 |
Acquisitions | 191 |
Currency impact | (10) |
Ending balance | 286 |
Power Technologies Segment [Member] | |
Goodwill [Roll Forward] | |
Beginning balance | 6 |
Acquisitions | |
Currency impact | |
Ending balance | $ 6 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Accumulated Impairment and Amortization | $ (497,000,000) | $ (513,000,000) | ||
Intangible Assets, Gross (Excluding Goodwill) | 729,000,000 | 677,000,000 | ||
Intangible Assets, Net (Excluding Goodwill) | 232,000,000 | 164,000,000 | ||
Trademarks and Trade Names [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill), Net | 75,000,000 | 74,000,000 | ||
Used In Research And Development [Member] | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill), Net | 0 | 0 | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill), Gross | 20,000,000 | $ 20,000,000 | $ 20,000,000 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Impairment Loss | (20,000,000) | |||
Core Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset, useful life | 8 years | |||
Finite-Lived Intangible Assets, Gross | $ 131,000,000 | 107,000,000 | ||
Finite-Lived Intangible Assets, Accumulated Impairment and Amortization | (91,000,000) | (89,000,000) | ||
Finite-Lived Intangible Assets, Net Carrying Amount | $ 40,000,000 | 18,000,000 | ||
Trademarks and Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset, useful life | 13 years | |||
Finite-Lived Intangible Assets, Gross | $ 30,000,000 | 16,000,000 | ||
Finite-Lived Intangible Assets, Accumulated Impairment and Amortization | (6,000,000) | (4,000,000) | ||
Finite-Lived Intangible Assets, Net Carrying Amount | $ 24,000,000 | 12,000,000 | ||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset, useful life | 9 years | |||
Finite-Lived Intangible Assets, Gross | $ 493,000,000 | 460,000,000 | ||
Finite-Lived Intangible Assets, Accumulated Impairment and Amortization | (400,000,000) | (400,000,000) | ||
Finite-Lived Intangible Assets, Net Carrying Amount | $ 93,000,000 | $ 60,000,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2012 |
Net carrying amounts of intangible assets, other than goodwill | $ 232 | $ 164 | ||
Light Vehicle Segment [Member] | ||||
Net carrying amounts of intangible assets, other than goodwill | 25 | |||
Commercial Vehicle Segment [Member] | ||||
Net carrying amounts of intangible assets, other than goodwill | 53 | |||
Off-Highway Segment [Member] | ||||
Net carrying amounts of intangible assets, other than goodwill | 146 | |||
Power Technologies Segment [Member] | ||||
Net carrying amounts of intangible assets, other than goodwill | 8 | |||
Used In Research And Development [Member] | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill), Gross | $ 20 | $ 20 | $ 20 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Amortization Expense Related to Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Charged to cost of sales | $ 2 | $ 1 | $ 4 | $ 2 |
Charged to amortization of intangibles | 2 | 2 | 8 | 6 |
Amortization | $ 4 | $ 3 | $ 12 | $ 8 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Estimated Aggregate Pre-Tax Amortization Expense Related to Intangible Assets (Details) $ in Millions | Sep. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Amortization expense remainder of 2019 | $ 4 |
Amortization expense 2020 | 16 |
Amortization expense 2021 | 16 |
Amortization expense 2022 | 16 |
Amortization expense 2023 | $ 16 |
Restructuring of Operations - A
Restructuring of Operations - Additional Information (Details) $ in Millions | Sep. 30, 2019employee | Jan. 01, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) |
Restructuring and Related Activities [Abstract] | ||||||
Restructuring charges | $ 5 | $ 9 | $ 23 | $ 17 | ||
Reclassification of accrued lease cease-use costs after adopting new leasing standard | $ 4 | $ (4) | ||||
Estimated reduction of employees | employee | 200 |
Restructuring of Operations -_2
Restructuring of Operations - Accrued Restructuring Costs and Activity (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2019 |
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 29 | $ 23 | $ 29 |
Charges to restructuring | 7 | 25 | |
Adjustments of accruals | (2) | (2) | |
Cash payments | (12) | (32) | |
Lease cease-use reclassification | 4 | (4) | |
Ending balance | 16 | 16 | |
Employee Termination Benefits [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 25 | 23 | 25 |
Charges to restructuring | 3 | 18 | |
Adjustments of accruals | (2) | (2) | |
Cash payments | (9) | (26) | |
Ending balance | 15 | 15 | |
Exit Costs [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | $ 4 | 0 | 4 |
Charges to restructuring | 4 | 7 | |
Adjustments of accruals | |||
Cash payments | (3) | (6) | |
Lease cease-use reclassification | (4) | ||
Ending balance | $ 1 | $ 1 |
Restructuring of Operations - C
Restructuring of Operations - Cost to Complete (Details) - USD ($) $ in Millions | 9 Months Ended | 102 Months Ended | 111 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Commercial Vehicle Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs incurred | $ 4 | $ 35 | $ 39 |
Future Cost to Complete | 5 | 5 | |
Off-Highway Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs incurred | 1 | ||
Future Cost to Complete | $ 1 | $ 1 |
Supplemental Balance Sheet an_3
Supplemental Balance Sheet and Cash Flow Information - Inventory Components (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Text Block [Abstract] | ||
Raw materials | $ 495 | $ 433 |
Work in process and finished goods | 800 | 649 |
Inventory reserves | (62) | (51) |
Total | $ 1,233 | $ 1,031 |
Supplemental Balance Sheet an_4
Supplemental Balance Sheet and Cash Flow Information - Cash, Cash Equivalents And Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Text Block [Abstract] | ||||
Cash and cash equivalents | $ 402 | $ 510 | $ 322 | $ 603 |
Restricted cash included in other current assets | 7 | 7 | 2 | 3 |
Restricted cash included in other noncurrent assets | 3 | 3 | 3 | 4 |
Total cash, cash equivalents and restricted cash | $ 412 | $ 520 | $ 327 | $ 610 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | Sep. 30, 2019USD ($) |
Operating Leases, Lease payments of leases not yet commenced | $ 8 |
Minimum [Member] | |
Operating Leases, Term of leases | 1 year |
Finance Lease, Term of lease | 1 year |
Maximum [Member] | |
Operating Leases, Term of leases | 11 years |
Operating Leases, Options to extend the terms | 7 years |
Finance Lease, Term of lease | 11 years |
Finance Lease, Options to extend the terms | 7 years |
Leases - Summary of Location an
Leases - Summary of Location and Amounts Related to Finance Leases (Details) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Finance lease right-of-use assets, Property, plant and equipment, net | $ 42 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentMember |
Finance lease liabilities, Current portion of long-term debt | $ 5 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherCurrentLiabilitiesMember |
Finance lease liabilities, Long-term debt | $ 25 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtMember |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 13 | $ 37 |
Finance lease cost: | ||
Amortization of right-of-use assets | 1 | 2 |
Interest on lease liabilities | 1 | 1 |
Total finance lease cost | $ 2 | $ 3 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 12 | $ 37 |
Operating cash flows from finance leases | 1 | 1 |
Financing cash flows from finance leases | 1 | 3 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 3 | 16 |
Finance leases | $ 1 | $ 13 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) | Sep. 30, 2019 |
Weighted-average remaining lease term (years): | |
Operating leases | 6 years |
Finance leases | 9 years |
Weighted-average discount rate: | |
Operating leases | 6.00% |
Finance leases | 4.00% |
Leases - Maturities (Details)
Leases - Maturities (Details) $ in Millions | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Operating Leases, Remainder of 2019 | $ 13 |
Operating Leases, 2020 | 47 |
Operating Leases, 2021 | 39 |
Operating Leases, 2022 | 29 |
Operating Leases, 2023 | 22 |
Operating Leases, Thereafter | 58 |
Operating Leases, Total lease payments | 208 |
Operating Leases, Less: interest | 31 |
Operating Leases, Present value of lease liabilities | 177 |
Finance Leases, Remainder of 2019 | 1 |
Finance Leases, 2020 | 6 |
Finance Leases, 2021 | 6 |
Finance Leases, 2022 | 5 |
Finance Leases, 2023 | 3 |
Finance Leases, Thereafter | 14 |
Finance Leases, Total lease payments | 35 |
Finance Leases, Less: interest | 5 |
Finance Leases, Present value of lease liabilities | $ 30 |
Leases - Lease Commitments (Det
Leases - Lease Commitments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Operating lease commitments due 2019 | $ 57 |
Operating lease commitments due 2020 | 41 |
Operating lease commitments due 2021 | 35 |
Operating lease commitments due 2022 | 27 |
Operating lease commitments due 2023 | 21 |
Operating lease commitments due thereafter | 64 |
Operating lease commitments total | $ 245 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 24, 2018 | |
Equity [Abstract] | ||||||
Cash dividends declared per share | $ 0.10 | $ 0.10 | $ 0.10 | |||
Stock Repurchase Program, Authorized Amount | $ 200,000,000 | |||||
Cash spent under share repurchase program | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | |||
Shares repurchased during period | 1,432,275 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 150,000,000 | $ 150,000,000 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | $ 1,814 | $ 1,251 | $ 1,442 | $ 1,114 | ||
Net income | 112 | 96 | 147 | 334 | ||
Net income | 114 | 96 | 150 | 333 | ||
Other comprehensive income (loss) | (33) | 5 | 364 | (42) | ||
Other comprehensive income (loss) including portion attributable to nonredeemable noncontrolling interest | (38) | 5 | 355 | (41) | ||
Common stock dividends | (15) | (14) | (44) | (44) | ||
Distributions to noncontrolling interests | (2) | (3) | (14) | (7) | ||
Increase from business combination | 8 | |||||
Purchase of noncontrolling interests | 0 | |||||
Purchase of redeemable noncontrolling interests | 2 | 2 | ||||
Contribution from noncontrolling interest | 22 | 22 | ||||
Common stock share repurchases | (25) | (25) | ||||
Stock compensation | 5 | 6 | 13 | 17 | ||
Stock withheld for employee taxes | (1) | (6) | (7) | |||
Ending Balance | 1,878 | 1,364 | 1,878 | 1,364 | ||
Common Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 2 | 2 | 2 | 2 | ||
Ending Balance | 2 | 2 | 2 | 2 | ||
Additional Paid-in Capital [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 2,376 | 2,356 | 2,368 | 2,354 | ||
Purchase of noncontrolling interests | (9) | |||||
Purchase of redeemable noncontrolling interests | 2 | 2 | ||||
Stock compensation | 5 | 6 | 13 | 17 | ||
Ending Balance | 2,381 | 2,364 | 2,381 | 2,364 | ||
Retained Earnings [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 456 | 290 | 456 | 86 | ||
Net income | 111 | 95 | 141 | 327 | ||
Common stock dividends | (15) | (14) | (44) | (44) | ||
Ending Balance | 552 | 371 | 552 | 371 | ||
Treasury Stock [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | (150) | (118) | (119) | (87) | ||
Common stock share repurchases | (25) | (25) | ||||
Stock withheld for employee taxes | (1) | (6) | (7) | |||
Ending Balance | (150) | (119) | (150) | (119) | ||
AOCI Attributable to Parent [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | (968) | (1,385) | (1,362) | (1,342) | ||
Other comprehensive income (loss) | (26) | 6 | 368 | (35) | ||
Ending Balance | (994) | (1,379) | (994) | (1,379) | ||
Non-Controlling Interests [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 98 | 106 | 97 | 101 | ||
Net income | 3 | 1 | 9 | 6 | ||
Other comprehensive income (loss) | (12) | (1) | (13) | (6) | ||
Distributions to noncontrolling interests | (2) | (3) | (14) | (7) | ||
Increase from business combination | 8 | |||||
Purchase of noncontrolling Interests | 9 | |||||
Contribution from noncontrolling interest | 22 | 22 | ||||
Ending Balance | $ 87 | $ 125 | $ 87 | $ 125 | ||
Accounting Standards Update 2016-02 [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Impact on retained earnings | $ (1) | |||||
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Impact on retained earnings | $ (1) | |||||
Accounting Standards Update 2016-01 [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Impact on retained earnings | $ 0 | |||||
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Impact on retained earnings | 2 | |||||
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Impact on retained earnings | $ (2) |
Stockholders' Equity - Change_2
Stockholders' Equity - Changes in Each Component of AOCI of the Parent (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, | $ (1,362) | |||||
Other comprehensive income (loss): | ||||||
Balance, | $ (994) | (994) | ||||
Accounting Standards Update 2016-01 [Member] | ||||||
Other comprehensive income (loss): | ||||||
Adoption of ASU 2016-01 financial instruments adjustment, January 1, 2018 | $ 0 | |||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, | (694) | $ (710) | (721) | $ (670) | ||
Other comprehensive income (loss): | ||||||
Currency translation adjustments | (39) | (15) | (12) | (55) | ||
Holding loss on net investment hedge | (3) | (3) | ||||
Tax (expense) benefit | ||||||
Other comprehensive income (loss) | (39) | (18) | (12) | (58) | ||
Balance, | (733) | (728) | (733) | (728) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, | (47) | (78) | (54) | (64) | ||
Other comprehensive income (loss): | ||||||
Holding gains and losses | 57 | 9 | 77 | 29 | ||
Reclassification of amount to net income | [1] | (49) | (7) | (62) | (42) | |
Tax (expense) benefit | 1 | 2 | ||||
Other comprehensive income (loss) | 8 | 3 | 15 | (11) | ||
Balance, | (39) | (75) | (39) | (75) | ||
Accumulated Net Gain (Loss) from Investments Attributable to Parent [Member] | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, | 0 | 0 | 0 | 2 | ||
Other comprehensive income (loss): | ||||||
Holding gains and losses | ||||||
Reclassification of amount to net income | [1] | |||||
Tax (expense) benefit | ||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Balance, | 0 | 0 | 0 | 0 | ||
Accumulated Net Gain (Loss) from Investments Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | ||||||
Other comprehensive income (loss): | ||||||
Adoption of ASU 2016-01 financial instruments adjustment, January 1, 2018 | (2) | |||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, | (227) | (597) | (587) | (610) | ||
Other comprehensive income (loss): | ||||||
Net actuarial gain | 18 | 104 | 18 | |||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost | [2] | 6 | 9 | 282 | 26 | |
Tax (expense) benefit | (1) | (6) | (21) | (10) | ||
Other comprehensive income (loss) | 5 | 21 | 365 | 34 | ||
Balance, | (222) | (576) | (222) | (576) | ||
AOCI Attributable to Parent [Member] | ||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||
Balance, | (968) | (1,385) | (1,362) | (1,342) | ||
Other comprehensive income (loss): | ||||||
Currency translation adjustments | (39) | (15) | (12) | (55) | ||
Holding loss on net investment hedge | (3) | (3) | ||||
Holding gains and losses | 57 | 9 | 77 | 29 | ||
Reclassification of amount to net income | [1] | (49) | (7) | (62) | (42) | |
Net actuarial gain | 18 | 104 | 18 | |||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost | [2] | 6 | 9 | 282 | 26 | |
Tax (expense) benefit | (1) | (5) | (21) | (8) | ||
Other comprehensive income (loss) | (26) | 6 | 368 | (35) | ||
Balance, | $ (994) | $ (1,379) | $ (994) | $ (1,379) | ||
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | ||||||
Other comprehensive income (loss): | ||||||
Adoption of ASU 2016-01 financial instruments adjustment, January 1, 2018 | $ (2) | |||||
[1] | Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. See Note 15 for additional details. | |||||
[2] | See Note 12 for additional details. |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Millions | Jul. 29, 2019 | Aug. 08, 2018 | Jun. 22, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 28, 2019 | Feb. 01, 2017 |
Business Acquisition [Line Items] | |||||||||
Initial fair value of redeemable noncontrolling interests of acquired businesses | $ 102 | ||||||||
Recognition of additional redeemable noncontrolling interest | $ 64 | 64 | |||||||
Payments to acquire redeemable noncontrolling interests | $ 43 | ||||||||
TM4 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Initial fair value of redeemable noncontrolling interests of acquired businesses | $ 102 | ||||||||
SME And Prestolite E-Propulsion Systems Limited (PEPS) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Recognition of additional redeemable noncontrolling interest | $ 64 | ||||||||
BFP and BPT [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to acquire redeemable noncontrolling interests | $ 43 | ||||||||
Received in settlement of all pending and future claims | $ 10 | ||||||||
Hydro-Quebec [Member] | TM4 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 45.00% | ||||||||
Hydro-Quebec [Member] | SME [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 45.00% | ||||||||
Hydro-Quebec [Member] | Prestolite E-Propulsion Systems Limited (PEPS) [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 45.00% | 22.50% | |||||||
Ownership percentage increase by noncontrolling owners | 22.50% | ||||||||
Brevini Group S.p.A. [Member] | BFP and BPT [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 20.00% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests - Reconciliation of Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance, beginning of period | $ 105 | $ 149 | $ 100 | $ 47 |
Initial fair value of redeemable noncontrolling interests of acquired businesses | 102 | |||
Purchase of redeemable noncontrolling interest | (46) | (46) | ||
Sale of redeemable noncontrolling interest | 64 | 64 | ||
Cash contributions from redeemable noncontrolling interests | 2 | 4 | ||
Net income (loss) attributable to redeemable noncontrolling interests | (2) | (3) | 1 | |
Other comprehensive income (loss) attributable to redeemable noncontrolling interests | 5 | 9 | (1) | |
Balance, end of period | $ 174 | $ 103 | $ 174 | $ 103 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of the Numerators and Denominators of the Earnings Per Share Calculations (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income available to common stockholders - Numerator diluted | $ 111 | $ 95 | $ 141 | $ 327 |
Net income available to common stockholders - Numerator basic | $ 111 | $ 95 | $ 141 | $ 327 |
Weighted-average common shares outstanding - Basic | 144 | 144.7 | 144 | 145.1 |
Employee compensation-related shares, including stock options | 0.8 | 1.2 | 0.8 | 1.5 |
Weighted-average common shares outstanding - Diluted | 144.8 | 145.9 | 144.8 | 146.6 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
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 | 0.6 | 0.1 | 0.2 | 0.1 |
Stock Compensation - Granted Aw
Stock Compensation - Granted Awards Activity (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options - Granted | shares | 1 |
Other than options - Weighted Average Per Share Grant Date Fair Value | $ / shares | $ 17.12 |
Performance Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Other than options - Granted | shares | 0.4 |
Other than options - Weighted Average Per Share Grant Date Fair Value | $ / shares | $ 16.17 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Details) shares in Millions, $ in Millions | Sep. 30, 2019USD ($)perf_measure | Sep. 30, 2019USD ($)perf_measure | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)perf_measureshares | Sep. 30, 2018USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of performance measures | perf_measure | 2 | 2 | 2 | ||
Cash paid to settle RSUs | $ 2 | ||||
Stock compensation expense | $ 5 | $ 4 | 15 | $ 13 | |
Total unrecognized compensation cost related to nonvested awards granted and expected to vest | $ 27 | $ 27 | $ 27 | ||
Weighted-average period in which the total unrecognized compensation cost is expected to be recognized | 1 year 10 months 24 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued in period | shares | 0.7 | ||||
Performance Share Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued in period | shares | 0.2 |
Pension and Postretirement Be_3
Pension and Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement charge | $ 2 | $ 258 | $ 260 | ||
Pension Plan [Member] | UNITED STATES | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | 7 | $ 11 | 33 | $ 32 | |
Expected return on plan assets | (10) | (18) | (42) | (53) | |
Service cost | |||||
Settlement charge | 258 | ||||
Amortization of net actuarial loss | 3 | 7 | 18 | 21 | |
Net periodic benefit cost | 0 | 0 | 267 | 0 | |
Pension Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | 1 | 2 | 5 | 5 | |
Expected return on plan assets | (1) | (2) | (2) | ||
Service cost | 2 | 2 | 6 | 6 | |
Settlement charge | 2 | 2 | |||
Amortization of net actuarial loss | 2 | 2 | 5 | 5 | |
Net periodic benefit cost | 7 | 5 | 16 | 14 | |
Other Postretirement Benefits Plan [Member] | Foreign Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | 1 | 0 | 2 | 2 | |
Expected return on plan assets | |||||
Service cost | |||||
Settlement charge | |||||
Amortization of net actuarial loss | |||||
Net periodic benefit cost | $ 1 | $ 0 | $ 2 | $ 2 |
Pension and Postretirement Be_4
Pension and Postretirement Benefit Plans - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017plan | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Pension settlement charge | $ 2 | $ 258 | $ 260 | |||
Pension Plan [Member] | UNITED STATES | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Number Of Plans Terminated | plan | 1 | |||||
Pension settlement charge | $ 258 | |||||
Pension Plan [Member] | UNITED STATES | Terminated Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Contribution to the terminated plan | 62 | |||||
Unfunded pension obligation reduction | 165 | |||||
Pension settlement charge | $ 258 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | ||
Marketable Securities, Cost | $ 20 | $ 21 |
Unrealized Gain (Loss) | 0 | 0 |
Marketable Securities, Fair Value | 20 | 21 |
US Treasury and Government [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Cost | 0 | 2 |
Debt Securities, Unrealized Gain | 0 | 0 |
Debt Securities, Fair Value | 0 | 2 |
Corporate Debt Securities [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Cost | 4 | |
Debt Securities, Unrealized Gain | ||
Debt Securities, Fair Value | 4 | |
Certificates of Deposit [Member] | ||
Marketable Securities [Line Items] | ||
Debt Securities, Cost | 20 | 15 |
Debt Securities, Unrealized Gain | ||
Debt Securities, Fair Value | $ 20 | $ 15 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) $ in Millions | Sep. 30, 2019USD ($) |
Certificates of Deposit [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Marketable securities, maturing in one year or less | $ 20 |
Financing Agreements - Long-ter
Financing Agreements - Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Principal | $ 2,386 | $ 1,793 | |
Debt issuance costs | (27) | (18) | |
Long-term Debt and Lease Obligation, Including Current Maturities | 2,359 | 1,775 | |
Less: Current portion of long-term debt | 13 | 20 | |
Long-term debt, less debt issuance costs | $ 2,346 | $ 1,755 | |
Senior Notes Due September 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.00% | 6.00% | |
Principal | $ 300 | $ 300 | |
Senior Notes Due December 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.50% | 5.50% | |
Principal | $ 425 | $ 425 | |
Senior Notes Due April 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | [1] | 5.75% | 5.75% |
Principal | $ 400 | $ 400 | |
Senior Notes Due April 2025 [Member] | Cash Flow Hedging [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.75% | ||
Derivative, fixed interest rate | 3.85% | ||
Senior Notes Due June 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | [1] | 6.50% | 6.50% |
Principal | $ 375 | $ 375 | |
Senior Notes Due June 2026 [Member] | Cash Flow Hedging [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.50% | ||
Derivative, fixed interest rate | 5.14% | ||
Term A Facility [Member] | |||
Debt Instrument [Line Items] | |||
Principal | $ 474 | 265 | |
Term B Facility [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 349 | ||
Other indebtedness [Member] | |||
Debt Instrument [Line Items] | |||
Principal | $ 63 | $ 28 | |
[1] | In conjunction with the issuance of the April 2025 Notes we entered into 8-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the April 2025 Notes to euro-denominated debt at a fixed rate of 3.850% . In conjunction with the issuance of the June 2026 Notes we entered into 10-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the June 2026 Notes to euro-denominated debt at a fixed rate of 5.140% . See Note 15 for additional information. |
Financing Agreements - Addition
Financing Agreements - Additional Information (Details) - USD ($) | Sep. 30, 2020 | Aug. 30, 2019 | Feb. 28, 2019 | Sep. 30, 2019 |
Term A Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Current aggregate facility | $ 500,000,000 | |||
Net proceeds | 225,000,000 | |||
Periodic installments | 8,000,000 | |||
Interest rate at period end | 3.544% | |||
Term B Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Current aggregate facility | 450,000,000 | |||
Net proceeds | $ 450,000,000 | |||
Periodic payments as a percentage of the aggregate principal advances | 0.25% | |||
Interest rate at period end | 4.294% | |||
Term Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Financing costs | $ 13,000,000 | |||
Revolving Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Current aggregate facility | $ 1,000,000,000 | $ 750,000,000 | ||
Net proceeds | $ 100,000,000 | |||
Financing costs | $ 4,000,000 | |||
Interest rate at period end | 3.544% | |||
Fronting fee rate | 0.125% | |||
Amount outstanding | $ 100,000,000 | |||
Utilized for letters of credit | 21,000,000 | |||
Available borrowing capacity | 879,000,000 | |||
Revolving Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount that may be applied to letters of credit | $ 275,000,000 | |||
Base Rate [Member] | Term B Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Margin rate | 1.25% | |||
Eurodollar Rate [Member] | Term B Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Margin rate | 2.25% | |||
Forecast [Member] | Term A Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Periodic installments | $ 7,000,000 |
Financing Agreements - Schedule
Financing Agreements - Schedule of Term A Facility and Revolving Facility Margins (Details) - Term A Facility And Revolving Facility [Member] | 9 Months Ended |
Sep. 30, 2019 | |
Base Rate [Member] | Less than or equal to 1.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 0.25% |
Base Rate [Member] | Greater than 1.00:1.00 but less than or equal to 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 0.50% |
Base Rate [Member] | Greater than 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 0.75% |
Eurodollar Rate [Member] | Less than or equal to 1.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 1.25% |
Eurodollar Rate [Member] | Greater than 1.00:1.00 but less than or equal to 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 1.50% |
Eurodollar Rate [Member] | Greater than 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Margin rate | 1.75% |
Financing Agreements - Schedu_2
Financing Agreements - Schedule of Revolving Facility Commitment Fees (Details) - Revolving Facility [Member] | 9 Months Ended |
Sep. 30, 2019 | |
Less than or equal to 1.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Unused capacity, Commitment fee rate | 0.25% |
Greater than 1.00:1.00 but less than or equal to 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Unused capacity, Commitment fee rate | 0.375% |
Greater than 2.00:1.00 [Member] | |
Debt Instrument [Line Items] | |
Unused capacity, Commitment fee rate | 0.50% |
Fair Value Measurements and D_3
Fair Value Measurements and Derivatives - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Marketable securities | $ 20 | $ 21 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts asset value | 1 | 2 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts liability value | 1 | 1 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts asset value | 8 | 6 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts liability value | 6 | 5 |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Interest rate contracts | 5 | |
Currency Swap [Member] | Cash Flow Hedging [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Currency contracts liability value | $ 42 | $ 118 |
Fair Value Measurements and D_4
Fair Value Measurements and Derivatives - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Carrying Value | $ 2,386 | $ 1,793 | |
Fair Value | 2,436 | 1,730 | |
Other indebtedness [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Carrying Value | 63 | 28 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Senior Notes Total [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Carrying Value | 1,500 | 1,500 | |
Fair Value | 1,553 | 1,442 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Term Facility [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Carrying Value | 823 | 265 | |
Fair Value | 825 | 265 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other indebtedness [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Carrying Value | [1] | 63 | 28 |
Fair Value | $ 58 | $ 23 | |
[1] | * The carrying value includes the unamortized portion of a fair value adjustment related to a terminated interest rate swap at both dates. |
Fair Value Measurements and D_5
Fair Value Measurements and Derivatives - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Settlements of undesignated derivatives | $ 20 | ||||
Interest Rate Swap [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | $ 0 | $ 0 | 0 | ||
Fair value adjustment to the carrying amount of the December 2024 Notes | 5 | 5 | 5 | ||
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | $ 425 | 425 | 425 | ||
Forward Contracts [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Maximum remaining maturity of foreign currency derivatives | 15 months | ||||
Foreign Exchange Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | $ 473 | 473 | 473 | $ 1,007 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | 349 | 349 | 349 | ||
Currency Swap [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | 1,081 | 1,081 | 1,081 | $ 1,097 | |
Currency Swap [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | 1,081 | 1,081 | 1,081 | ||
Other Expense, Net [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Loss on undesignated foreign currency derivative | (3) | (15) | |||
Swedish krona [Member] | Foreign Exchange Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | 3 | 3 | 3 | ||
Swedish krona [Member] | Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | 3 | 3 | 3 | ||
Swedish krona [Member] | Other Expense, Net [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Loss on undesignated foreign currency derivative | $ (13) | ||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | 124 | 124 | 124 | ||
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Notional Amount | $ 0 | $ 0 | $ 0 | ||
Not Designated as Hedging Instrument [Member] | Swedish krona [Member] | Foreign Exchange Forward [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Settlements of undesignated derivatives | $ 21 |
Fair Value Measurements and D_6
Fair Value Measurements and Derivatives - Summary of Fixed-to-Fixed Cross-Currency Swaps (Details) € in Millions, $ in Millions | Sep. 30, 2019USD ($) | Sep. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Senior Notes Due June 2026 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate | [1] | 6.50% | 6.50% | 6.50% |
Senior Notes Due April 2025 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate | [1] | 5.75% | 5.75% | 5.75% |
Cash Flow Hedging [Member] | Senior Notes Due June 2026 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, amount of hedged item | $ 375 | |||
Interest rate | 6.50% | 6.50% | ||
Derivative, fixed interest rate | 5.14% | 5.14% | ||
Cash Flow Hedging [Member] | Senior Notes Due April 2025 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, amount of hedged item | $ 400 | |||
Interest rate | 5.75% | 5.75% | ||
Derivative, fixed interest rate | 3.85% | 3.85% | ||
Cash Flow Hedging [Member] | Intercompany Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, amount of hedged item | € | € 281 | |||
Interest rate | 3.91% | 3.91% | ||
Currency Swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | $ 1,081 | $ 1,097 | ||
Currency Swap [Member] | United States of America, Dollars [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | 306 | |||
Currency Swap [Member] | Euro Member Countries, Euro [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | 775 | |||
Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | 1,081 | |||
Currency Swap [Member] | Cash Flow Hedging [Member] | United States of America, Dollars [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | 306 | |||
Currency Swap [Member] | Cash Flow Hedging [Member] | Euro Member Countries, Euro [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | 775 | |||
Currency Swap [Member] | Cash Flow Hedging [Member] | Senior Notes Due June 2026 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | $ 375 | € 338 | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | Senior Notes Due June 2026 [Member] | United States of America, Dollars [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, fixed interest rate | 6.50% | 6.50% | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | Senior Notes Due June 2026 [Member] | Euro Member Countries, Euro [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, fixed interest rate | 5.14% | 5.14% | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | Senior Notes Due April 2025 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | $ 400 | € 371 | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | Senior Notes Due April 2025 [Member] | United States of America, Dollars [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, fixed interest rate | 5.75% | 5.75% | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | Senior Notes Due April 2025 [Member] | Euro Member Countries, Euro [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, fixed interest rate | 3.85% | 3.85% | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | Intercompany Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, Notional Amount | $ 300 | € 281 | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | Intercompany Notes [Member] | United States of America, Dollars [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, fixed interest rate | 6.00% | 6.00% | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | Intercompany Notes [Member] | Euro Member Countries, Euro [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative, fixed interest rate | 3.91% | 3.91% | ||
[1] | In conjunction with the issuance of the April 2025 Notes we entered into 8-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the April 2025 Notes to euro-denominated debt at a fixed rate of 3.850% . In conjunction with the issuance of the June 2026 Notes we entered into 10-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the June 2026 Notes to euro-denominated debt at a fixed rate of 5.140% . See Note 15 for additional information. |
Fair Value Measurements and D_7
Fair Value Measurements and Derivatives - Notional Amount of Currency Derivatives (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Foreign Exchange Forward [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 473 | $ 1,007 |
Foreign Exchange Forward [Member] | United States of America, Dollars [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | Mexican peso, euro | |
Derivative, Notional Amount | $ 153 | |
Foreign Exchange Forward [Member] | Euro Member Countries, Euro [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | U.S. dollar, Canadian dollar, Hungarian forint, British pound, Swiss franc, Indian rupee, Russian ruble, Chinese renminbi, Mexican peso, Australian dollar, Japanese yen | |
Derivative, Notional Amount | $ 133 | |
Foreign Exchange Forward [Member] | United Kingdom, Pounds [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | U.S. dollar, euro | |
Derivative, Notional Amount | $ 3 | |
Foreign Exchange Forward [Member] | Swedish krona [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | euro | |
Derivative, Notional Amount | $ 3 | |
Foreign Exchange Forward [Member] | South Africa Rand [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | U.S. dollar, euro, Thai baht | |
Derivative, Notional Amount | $ 11 | |
Foreign Exchange Forward [Member] | Thailand, Baht [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | U.S. dollar | |
Derivative, Notional Amount | $ 13 | |
Foreign Exchange Forward [Member] | Canada, Dollars [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | U.S. dollar | |
Derivative, Notional Amount | $ 17 | |
Foreign Exchange Forward [Member] | Brazil, Brazil Real [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | U.S. dollar, euro | |
Derivative, Notional Amount | $ 70 | |
Foreign Exchange Forward [Member] | Indian rupee [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | U.S. dollar, British pound, euro | |
Derivative, Notional Amount | $ 61 | |
Foreign Exchange Forward [Member] | China, Yuan Renminbi [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | U.S. dollar, Canadian dollar, euro | |
Derivative, Notional Amount | $ 7 | |
Foreign Exchange Forward [Member] | Taiwan, New Dollars [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | Chinese renminbi | |
Derivative, Notional Amount | $ 2 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 124 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | United States of America, Dollars [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 8 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Euro Member Countries, Euro [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 21 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | United Kingdom, Pounds [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 2 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | South Africa Rand [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 4 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Brazil, Brazil Real [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 19 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Indian rupee [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 61 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | China, Yuan Renminbi [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 7 | |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Taiwan, New Dollars [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 2 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 349 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | United States of America, Dollars [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 145 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Euro Member Countries, Euro [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 112 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | United Kingdom, Pounds [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 1 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Swedish krona [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 3 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | South Africa Rand [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 7 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Thailand, Baht [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 13 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Canada, Dollars [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 17 | |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Brazil, Brazil Real [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 51 | |
Currency Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 1,081 | $ 1,097 |
Currency Swap [Member] | United States of America, Dollars [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | euro | |
Derivative, Notional Amount | $ 306 | |
Currency Swap [Member] | Euro Member Countries, Euro [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Traded Currency | U.S. dollar | |
Derivative, Notional Amount | $ 775 | |
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 0 | |
Currency Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 1,081 | |
Currency Swap [Member] | Cash Flow Hedging [Member] | United States of America, Dollars [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 306 | |
Currency Swap [Member] | Cash Flow Hedging [Member] | Euro Member Countries, Euro [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 775 | |
Foreign Exchange Contract [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 1,554 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | 124 | |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Notional Amount | $ 1,430 |
Fair Value Measurements and D_8
Fair Value Measurements and Derivatives - Deferred Gain (Loss) in AOCI on Cash Flow Hedging Relationships (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 0 | |
Forward Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 0 | |
Currency Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | ||
Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
AOCI before Tax | (43) | $ (58) |
Cash Flow Hedging [Member] | Forward Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
AOCI before Tax | 0 | 2 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
AOCI before Tax | (5) | |
Cash Flow Hedging [Member] | Currency Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
AOCI before Tax | $ (38) | $ (60) |
Fair Value Measurements and D_9
Fair Value Measurements and Derivatives - Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net sales | $ 2,164 | $ 1,978 | $ 6,633 | $ 6,170 |
Cost of sales | 1,882 | 1,692 | 5,725 | 5,269 |
Other expense, net | 8 | 9 | 31 | 19 |
Cash Flow Hedging [Member] | Forward Contracts [Member] | Net Sales [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Reclassification from AOCI | ||||
Cash Flow Hedging [Member] | Forward Contracts [Member] | Cost of Sales [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Reclassification from AOCI | (2) | (7) | (2) | |
Cash Flow Hedging [Member] | Currency Swap [Member] | Other Expense, Net [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Reclassification from AOCI | $ (47) | $ (7) | $ (55) | $ (40) |
Fair Value Measurements and _10
Fair Value Measurements and Derivatives - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Other Expense, Net [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) recognized in income on foreign currency derivatives not designated as hedging instruments | $ (3) | $ (15) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | Sep. 30, 2019USD ($)Lease | Dec. 31, 2018USD ($) |
Loss Contingencies [Line Items] | ||
Accrued product liabilities | $ 14 | $ 19 |
Accrued environmental liabilities | 9 | 10 |
Damages from Product Defects [Member] | ||
Loss Contingencies [Line Items] | ||
Probable recovery receivable | $ 14 | $ 24 |
Property Lease Guarantee [Member] | Structural Products [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantee of lease obligations, number of leases assigned | Lease | 3 | |
Guaranteed annual lease payments through June 2025 related to divested business | $ 6 |
Warranty Obligations - Changes
Warranty Obligations - Changes in Warranty Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||||
Balance, beginning of period | $ 95 | $ 75 | $ 75 | $ 76 |
Acquisitions | 17 | 1 | ||
Amounts accrued for current period sales | 9 | 9 | 26 | 27 |
Adjustments of prior estimates | (1) | 2 | (1) | |
Settlements of warranty claims | (11) | (9) | (27) | (28) |
Currency impact | (2) | (2) | (1) | |
Balance, end of period | $ 91 | $ 74 | $ 91 | $ 74 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income tax expense (benefit) | $ 5 | $ 31 | $ (27) | $ 75 | |||
Effective income tax rate | (28.00%) | 19.00% | |||||
Release of valuation allowance | $ 30 | ||||||
Pension settlement charge | 2 | 258 | $ 260 | ||||
Pension settlement charge associated income tax benefit | 9 | ||||||
Other adjustments | $ (48) | $ 6 | $ (46) | ||||
Effective income tax rate, excluding effects of special items | 28.00% | 29.00% | |||||
Tax settlements | $ 7 | ||||||
US federal statutory income tax rate | 21.00% | ||||||
BRAZIL | |||||||
Release of valuation allowance | $ 22 | ||||||
UNITED STATES | |||||||
Release of valuation allowance | $ 22 |
Other Expense, Net - (Details)
Other Expense, Net - (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Non-service cost components of pension and OPEB costs | $ (4) | $ (3) | $ (19) | $ (10) |
Government grants and incentives | 3 | 3 | 11 | 8 |
Foreign exchange loss | (1) | (3) | (11) | (7) |
Strategic transaction expenses, net of transaction breakup fee income | (8) | (6) | (32) | (13) |
Non-income tax legal judgment | 6 | |||
Other, net | 2 | 14 | 3 | |
Other expense, net | $ (8) | $ (9) | $ (31) | $ (19) |
Other Expense, Net - Additional
Other Expense, Net - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Other Income and Expenses [Abstract] | |
Business Transaction Breakup Fee Income | $ 40 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Contract liabilities with customers | $ 18 | $ 12 |
Maximum [Member] | ||
Customer payment terms | 180 days |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 2,164 | $ 1,978 | $ 6,633 | $ 6,170 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,158 | 1,013 | 3,444 | 3,097 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 614 | 572 | 2,005 | 1,890 |
South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 134 | 140 | 396 | 418 |
Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 258 | 253 | 788 | 765 |
Light Vehicle Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 930 | 879 | 2,763 | 2,702 |
Light Vehicle Segment [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 699 | 605 | 2,042 | 1,869 |
Light Vehicle Segment [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 80 | 83 | 256 | 264 |
Light Vehicle Segment [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 34 | 46 | 105 | 139 |
Light Vehicle Segment [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 117 | 145 | 360 | 430 |
Commercial Vehicle Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 398 | 406 | 1,266 | 1,217 |
Commercial Vehicle Segment [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 238 | 232 | 745 | 677 |
Commercial Vehicle Segment [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 49 | 62 | 181 | 206 |
Commercial Vehicle Segment [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 85 | 79 | 245 | 240 |
Commercial Vehicle Segment [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 26 | 33 | 95 | 94 |
Off-Highway Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 582 | 425 | 1,808 | 1,402 |
Off-Highway Segment [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 89 | 35 | 245 | 109 |
Off-Highway Segment [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 381 | 322 | 1,243 | 1,083 |
Off-Highway Segment [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 11 | 9 | 31 | 23 |
Off-Highway Segment [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 101 | 59 | 289 | 187 |
Power Technologies Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 254 | 268 | 796 | 849 |
Power Technologies Segment [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 132 | 141 | 412 | 442 |
Power Technologies Segment [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 104 | 105 | 325 | 337 |
Power Technologies Segment [Member] | South America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 4 | 6 | 15 | 16 |
Power Technologies Segment [Member] | Asia Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 14 | $ 16 | $ 44 | $ 54 |
Segments - Additional Informati
Segments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019operating_segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 4 |
Segments - Segment Information
Segments - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,164 | $ 1,978 | $ 6,633 | $ 6,170 |
Segment EBITDA | 253 | 243 | 802 | 748 |
Light Vehicle Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 930 | 879 | 2,763 | 2,702 |
Segment EBITDA | 113 | 102 | 333 | 297 |
Commercial Vehicle Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 398 | 406 | 1,266 | 1,217 |
Segment EBITDA | 33 | 39 | 115 | 114 |
Off-Highway Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 582 | 425 | 1,808 | 1,402 |
Segment EBITDA | 79 | 69 | 264 | 220 |
Power Technologies Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 254 | 268 | 796 | 849 |
Segment EBITDA | 28 | 33 | 90 | 117 |
Eliminations and other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | ||||
Segment EBITDA | ||||
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Light Vehicle Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 30 | 34 | 99 | 103 |
Intersegment Eliminations [Member] | Commercial Vehicle Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 27 | 29 | 80 | 83 |
Intersegment Eliminations [Member] | Off-Highway Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3 | 3 | 13 | 8 |
Intersegment Eliminations [Member] | Power Technologies Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 7 | 5 | 17 | 16 |
Intersegment Eliminations [Member] | Eliminations and other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ (67) | $ (71) | $ (209) | $ (210) |
Segments - Reconciliation of Se
Segments - Reconciliation of Segment EBITDA to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | |
Segment Reporting [Abstract] | |||||||
Segment EBITDA | $ 253 | $ 243 | $ 802 | $ 748 | |||
Corporate expense and other items, net | (3) | (3) | (9) | (14) | |||
Depreciation | (82) | (63) | (235) | (187) | |||
Amortization | (4) | (3) | (12) | (8) | |||
Non-service cost components of pension and OPEB costs | (4) | (3) | (19) | (10) | |||
Pension settlement charge | (2) | $ (258) | (260) | ||||
Restructuring charges, net | (5) | (9) | (23) | (17) | |||
Stock compensation expense | (5) | (4) | (15) | (13) | |||
Strategic transaction expenses, net of transaction breakup fee income | (8) | (6) | (32) | (13) | |||
Acquisition related inventory adjustments | (3) | (12) | |||||
Non-income tax legal judgment | 6 | ||||||
Other items | (5) | (9) | (10) | ||||
Impairment of indefinite-lived intangible asset | (20) | ||||||
Adjustment in fair value of disposal group held for sale | $ 3 | 3 | $ (27) | ||||
Earnings before interest and income taxes | 137 | 147 | 182 | 459 | |||
Interest expense | 31 | 24 | 92 | 71 | |||
Interest income | 3 | 3 | 8 | 8 | |||
Earnings before income taxes | 109 | 126 | 98 | 396 | |||
Income tax expense (benefit) | 5 | 31 | (27) | 75 | |||
Equity in earnings of affiliates | 8 | 1 | 22 | 13 | |||
Net income | $ 112 | $ 96 | $ 147 | $ 334 |
Equity Affiliates - Additional
Equity Affiliates - Additional Information (Details) $ in Millions | Sep. 30, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Equity method investments exceeding minimum value | $ 170 |
Minimum [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investments exceeding minimum value | $ 5 |
Equity Affiliates - Principal C
Equity Affiliates - Principal Components of Investments in Equity Affiliates (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in equity affiliates | $ 170 | |
Investments in affiliates carried at cost | 2 | |
Investments in affiliates | $ 172 | $ 208 |
Dongfeng Dana Axle Co., Ltd. (DDAC) [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 50.00% | |
Investments in equity affiliates | $ 90 | |
Bendix Spicer Foundation Brake, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 20.00% | |
Investments in equity affiliates | $ 51 | |
Axles India Limited [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 48.00% | |
Investments in equity affiliates | $ 10 | |
Ashwoods Innovations Ltd. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 58.00% | |
Investments in equity affiliates | $ 7 | |
Taiway Ltd. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership Percentage | 28.00% | |
Investments in equity affiliates | $ 5 | |
All others as a group [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in equity affiliates | $ 7 |