Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 14, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000026780 | |
Entity Registrant Name | Dana Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-1063 | |
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 $0.01 par value | |
Trading Symbol | DAN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 143,353,465 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 2,535 | $ 2,204 | $ 7,601 | $ 6,672 |
Costs and expenses | ||||
Cost of sales | 2,332 | 1,998 | 7,018 | 5,963 |
Selling, general and administrative expenses | 114 | 103 | 374 | 348 |
Amortization of intangibles | 3 | 4 | 10 | 11 |
Restructuring charges, net | (1) | 1 | (1) | 2 |
Impairment of goodwill | (191) | (191) | ||
Other income (expense), net | 3 | (4) | 15 | (33) |
Earnings (loss) before interest and income taxes | (101) | 94 | 24 | 315 |
Loss on extinguishment of debt | (24) | |||
Interest income | 2 | 2 | 6 | 6 |
Interest expense | 32 | 31 | 95 | 99 |
Earnings (loss) before income taxes | (131) | 65 | (65) | 198 |
Income tax expense | 31 | 20 | 67 | 56 |
Equity in earnings (loss) of affiliates | (1) | 5 | (1) | 29 |
Net income (loss) | (163) | 50 | (133) | 171 |
Less: Noncontrolling interests net income | 4 | 4 | 11 | 9 |
Less: Redeemable noncontrolling interests net loss | (79) | (2) | (81) | (10) |
Net income (loss) attributable to the parent company | $ (88) | $ 48 | $ (63) | $ 172 |
Net income (loss) per share available to common stockholders | ||||
Basic (in dollars per share) | $ (0.61) | $ 0.33 | $ (0.44) | $ 1.19 |
Diluted (in dollars per share) | $ (0.61) | $ 0.33 | $ (0.44) | $ 1.17 |
Weighted-average common shares outstanding | ||||
Basic (in shares) | 143.4 | 144.8 | 143.6 | 145 |
Diluted (in shares) | 143.4 | 146.2 | 143.6 | 146.4 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income (loss) | $ (163) | $ 50 | $ (133) | $ 171 |
Other comprehensive income (loss), net of tax: | ||||
Currency translation adjustments | (82) | (25) | (134) | (11) |
Hedging gains and losses | 1 | (9) | (2) | (10) |
Defined benefit plans | 1 | 4 | 5 | 11 |
Other comprehensive income (loss) | (80) | (30) | (131) | (10) |
Total comprehensive income (loss) | (243) | 20 | (264) | 161 |
Less: Comprehensive (income) loss attributable to noncontrolling interests | (1) | (4) | (6) | 2 |
Less: Comprehensive loss attributable to redeemable noncontrolling interests | 89 | 4 | 97 | |
Comprehensive income (loss) attributable to the parent company | $ (155) | $ 20 | $ (173) | $ 163 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 371 | $ 268 |
Marketable securities | 13 | 17 |
Accounts receivable | ||
Trade, less allowance for doubtful accounts of $11 in 2022 and $7 in 2021 | 1,507 | 1,321 |
Other | 252 | 220 |
Inventories | 1,603 | 1,564 |
Other current assets | 208 | 196 |
Total current assets | 3,954 | 3,586 |
Goodwill | 246 | 482 |
Intangibles | 200 | 233 |
Deferred tax assets | 613 | 580 |
Other noncurrent assets | 181 | 131 |
Investments in affiliates | 128 | 174 |
Operating lease assets | 262 | 247 |
Property, plant and equipment, net | 2,078 | 2,199 |
Total assets | 7,662 | 7,632 |
Current liabilities | ||
Short-term debt | 230 | 23 |
Current portion of long-term debt | 7 | 8 |
Accounts payable | 1,839 | 1,571 |
Accrued payroll and employee benefits | 209 | 184 |
Taxes on income | 67 | 41 |
Current portion of operating lease liabilities | 37 | 43 |
Other accrued liabilities | 269 | 304 |
Total current liabilities | 2,658 | 2,174 |
Long-term debt, less debt issuance costs of $22 in 2022 and $26 in 2021 | 2,314 | 2,386 |
Noncurrent operating lease liabilities | 229 | 209 |
Pension and postretirement obligations | 350 | 398 |
Other noncurrent liabilities | 244 | 292 |
Total liabilities | 5,795 | 5,459 |
Commitments and contingencies (Note 14) | ||
Redeemable noncontrolling interests | 196 | 198 |
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, 143,353,224 and 144,238,660 shares outstanding | 2 | 2 |
Additional paid-in capital | 2,440 | 2,427 |
Retained earnings | 491 | 662 |
Treasury stock, at cost (13,469,842 and 11,661,591 shares) | (216) | (184) |
Accumulated other comprehensive loss | (1,095) | (985) |
Total parent company stockholders' equity | 1,622 | 1,922 |
Noncontrolling interests | 49 | 53 |
Total equity | 1,671 | 1,975 |
Total liabilities, redeemable noncontrolling interests and equity | $ 7,662 | $ 7,632 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 11 | $ 7 |
Debt issuance costs | $ 22 | $ 26 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 450,000,000 | 450,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares outstanding (in shares) | 143,353,224 | 144,238,660 |
Treasury stock, shares (in shares) | 13,469,842 | 11,661,591 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities | ||
Net income (loss) | $ (133) | $ 171 |
Depreciation | 270 | 272 |
Amortization | 17 | 18 |
Amortization of deferred financing charges | 4 | 5 |
Redemption premium on debt | 21 | |
Write-off of deferred financing costs | 3 | |
Earnings of affiliates, net of dividends received | 29 | (11) |
Stock compensation expense | 13 | 15 |
Deferred income taxes | (56) | 8 |
Impairment of goodwill | 191 | |
Change in working capital | (21) | (501) |
Other, net | (7) | 18 |
Net cash provided by operating activities | 307 | 19 |
Investing activities | ||
Purchases of property, plant and equipment | (300) | (228) |
Acquisition of businesses, net of cash acquired | (1) | (18) |
Investments in affiliates | (23) | |
Proceeds from sale of subsidiary, net of cash disposed | (4) | |
Purchases of marketable securities | (15) | (25) |
Proceeds from sales of marketable securities | 30 | |
Proceeds from maturities of marketable securities | 18 | 27 |
Other, net | 7 | 5 |
Net cash used in investing activities | (297) | (260) |
Financing activities | ||
Net change in short-term debt | 212 | 43 |
Proceeds from long-term debt | 2 | 802 |
Repayment of long-term debt | (19) | (805) |
Redemption premium on debt | (21) | |
Deferred financing payments | (13) | |
Dividends paid to common stockholders | (43) | (44) |
Repurchases of common stock | (25) | (23) |
Distributions to noncontrolling interests | (8) | (10) |
Contributions from redeemable noncontrolling interests | 30 | 6 |
Deconsolidation of non-wholly owned subsidiary | (6) | |
Payments to acquire noncontrolling interests | (4) | |
Other, net | (7) | |
Net cash provided by (used in) financing activities | 138 | (71) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 148 | (312) |
Cash, cash equivalents and restricted cash – beginning of period | 287 | 567 |
Effect of exchange rate changes on cash balances | (45) | (16) |
Cash, cash equivalents and restricted cash – end of period (Note 5) | 390 | 239 |
Non-cash investing activity | ||
Purchases of property, plant and equipment held in accounts payable | 65 | 75 |
Not Designated as Hedging Instrument [Member] | ||
Investing activities | ||
Settlement of derivatives | $ (6) | (2) |
Currency Swap [Member] | ||
Investing activities | ||
Settlement of derivatives | $ (22) |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. General Dana Incorporated (Dana) is headquartered in Maumee, Ohio and was incorporated in Delaware in 2007. 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 not may 8 10 December 31, 2021 2021 10 During the first 2022, not not March 31, 2022 Recently issued accounting pronouncements In October 2021, 2021 08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers January 1, 2023. not In November 2021, 2021 10, Disclosures by Business Entities about Government Assistance December 15, 2021, not In September 2022, 2022 04, Supplier Finance Programs January 1, 2023. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Pi Innovo Holding Limited March 1, 2021, not no |
Note 3 - Goodwill and Other Int
Note 3 - Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Goodwill October 31 not We evaluated macro-economic conditions during the third 2022, September 30, 2022. Based on the results of our interim impairment analyses, we concluded that the carrying value exceeded fair value of our Commercial Vehicle reporting unit and we recorded a goodwill impairment charge of $191, representing a full impairment of goodwill assigned to the Commercial Vehicle reporting unit. Our analysis for the Off-Highway reporting unit indicated that the fair value continues to exceed the carrying value by a substantial amount and, accordingly, no impairment charge was required. There was no impairment of indefinite-lived intangible assets in any of the periods presented. The remaining change in the carrying amount of goodwill in 2022 Changes in the carrying amount of goodwill by segment Light Vehicle Commercial Vehicle Off-Highway Power Technologies Total Balance, December 31, 2021 $ — $ 201 $ 281 $ — $ 482 Impairment (191 ) (191 ) Currency impact (10 ) (35 ) (45 ) Balance, September 30, 2022 $ — $ — $ 246 $ — $ 246 Components of other intangible assets September 30, 2022 December 31, 2021 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 $ 152 $ (111 ) $ 41 $ 161 $ (110 ) $ 51 Trademarks and trade names 13 28 (12 ) 16 31 (12 ) 19 Customer relationships 8 489 (415 ) 74 519 (431 ) 88 Non-amortizable intangible assets Trademarks and trade names 69 69 75 75 $ 738 $ (538 ) $ 200 $ 786 $ (553 ) $ 233 The net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments at September 30, 2022 Amortization expense related to amortizable intangible assets Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Charged to cost of sales $ 3 $ 2 $ 7 $ 7 Charged to amortization of intangibles 3 4 10 11 Total amortization $ 6 $ 6 $ 17 $ 18 The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five September 30, 2022 may Remainder of 2022 2023 2024 2025 2026 Amortization expense $ 5 $ 22 $ 20 $ 19 $ 17 |
Note 4 - Restructuring of Opera
Note 4 - Restructuring of Operations | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 4. 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. Accrued restructuring costs and activity Employee Termination Benefits Exit Costs Total Balance, June 30, 2022 $ 7 $ — $ 7 Charges to restructuring 1 1 Adjustments of accruals (2 ) (2 ) Cash payments (1 ) (1 ) Currency impact (1 ) (1 ) Balance, September 30, 2022 $ 4 $ — $ 4 Balance, December 31, 2021 $ 11 $ — $ 11 Charges to restructuring 2 1 3 Adjustments of accruals (4 ) (4 ) Cash payments (4 ) (1 ) (5 ) Currency impact (1 ) (1 ) Balance, September 30, 2022 $ 4 $ — $ 4 At September 30, 2022 |
Note 5 - Supplemental Balance S
Note 5 - Supplemental Balance Sheet and Cash Flow Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | 5. Inventory components at September 30, 2022 December 31, 2021 Raw materials $ 674 $ 651 Work in process and finished goods 1,030 1,000 Inventory reserves (101 ) (87 ) Total $ 1,603 $ 1,564 Cash, cash equivalents and restricted cash at — September 30, 2022 December 31, 2021 September 30, 2021 December 31, 2020 Cash and cash equivalents $ 371 $ 268 $ 220 $ 559 Restricted cash included in other current assets 9 9 8 5 Restricted cash included in other noncurrent assets 10 10 11 3 Total cash, cash equivalents and restricted cash $ 390 $ 287 $ 239 $ 567 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6. Common stock ten second third 2022. Share repurchase program February 16, 2021 December 31, 2023. first 2022 September 30, 2022 Changes in equity 2022 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2021 $ 2 $ 2,427 $ 662 $ (184 ) $ (985 ) $ 53 $ 1,975 Net income 17 4 21 Other comprehensive income 36 36 Common stock dividends and dividend equivalents (14 ) (14 ) Common stock share repurchases (25 ) (25 ) Distributions to noncontrolling interests (1 ) (1 ) Purchase of noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (1 ) (1 ) Stock compensation 4 4 Stock withheld for employees taxes (7 ) (7 ) Balance, March 31, 2022 2 2,431 664 (216 ) (949 ) 55 1,987 Net income 8 3 11 Other comprehensive loss (79 ) (2 ) (81 ) Common stock dividends and dividend equivalents (15 ) (15 ) Distributions to noncontrolling interests (1 ) (1 ) Purchase of noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (1 ) (1 ) Stock compensation 4 4 Balance, June 30, 2022 2 2,435 656 (216 ) (1,028 ) 54 1,903 Net income (loss) (88 ) 4 (84 ) Other comprehensive loss (67 ) (3 ) (70 ) Common stock dividends and dividend equivalents (14 ) (14 ) Distributions to noncontrolling interests (6 ) (6 ) Redeemable noncontrolling interests adjustment to redemption value (63 ) (63 ) Stock compensation 5 5 Balance, September 30, 2022 $ 2 $ 2,440 $ 491 $ (216 ) $ (1,095 ) $ 49 $ 1,671 2021 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2020 $ 2 $ 2,408 $ 530 $ (156 ) $ (1,026 ) $ 76 $ 1,834 Net income 71 1 72 Other comprehensive loss (18 ) (2 ) (20 ) Common stock dividends and dividend equivalents (14 ) (14 ) Redeemable noncontrolling interests adjustment to redemption value (4 ) (4 ) Stock compensation 7 7 Stock withheld for employees taxes (5 ) (5 ) Balance, March 31, 2021 2 2,415 583 (161 ) (1,044 ) 75 1,870 Net income 53 4 57 Other comprehensive income (loss) 37 (9 ) 28 Common stock dividends and dividend equivalents (15 ) (15 ) Distributions to noncontrolling interests (2 ) (2 ) Sale of noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (4 ) (4 ) Other 1 1 Stock compensation 5 5 Balance, June 30, 2021 2 2,420 617 (161 ) (1,007 ) 68 1,939 Net income 48 4 52 Other comprehensive income (loss) (28 ) (28 ) Common stock dividends and dividend equivalents (15 ) (15 ) Common stock share repurchases (23 ) (23 ) Distributions to noncontrolling interests (8 ) (8 ) Redeemable noncontrolling interests adjustment to redemption value (2 ) (2 ) Deconsolidation of non-wholly owned subsidiary (8 ) (8 ) Stock compensation 5 5 Balance, September 30, 2021 $ 2 $ 2,425 $ 648 $ (184 ) $ (1,035 ) $ 56 $ 1,912 Changes in each component of accumulated other comprehensive income (loss) (AOCI) of the parent Parent Company Stockholders 2022 Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2021 $ (809 ) $ 4 $ (180 ) $ (985 ) Currency translation adjustments 39 39 Holding gains and losses 19 19 Reclassification of amount to net income (a) (22 ) (22 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 2 2 Tax expense (1 ) (1 ) (2 ) Other comprehensive income (loss) 39 (4 ) 1 36 Balance, March 31, 2022 (770 ) — (179 ) (949 ) Currency translation adjustments (83 ) (83 ) Holding gains and losses 42 42 Reclassification of amount to net income (a) (39 ) (39 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 4 4 Tax expense (2 ) (1 ) (3 ) Other comprehensive income (loss) (83 ) 1 3 (79 ) Balance, June 30, 2022 (853 ) 1 (176 ) (1,028 ) Currency translation adjustments (69 ) (69 ) Holding gains and losses 44 44 Reclassification of amount to net income (a) (42 ) (42 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 2 2 Tax expense (1 ) (1 ) (2 ) Other comprehensive income (loss) (69 ) 1 1 (67 ) Balance, September 30, 2022 $ (922 ) $ 2 $ (175 ) $ (1,095 ) Parent Company Stockholders 2021 Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2020 $ (802 ) $ 9 $ (233 ) $ (1,026 ) Currency translation adjustments (4 ) (4 ) Holding gains and losses 32 32 Reclassification of amount to net income (a) (50 ) (50 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 4 4 Tax (expense) benefit 1 (1 ) — Other comprehensive income (loss) (4 ) (17 ) 3 (18 ) Balance, March 31, 2021 (806 ) (8 ) (230 ) (1,044 ) Currency translation adjustments 17 17 Holding gains and losses (4 ) (4 ) Reclassification of amount to net income (a) 23 23 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 5 5 Tax expense (3 ) (1 ) (4 ) Other comprehensive income 17 16 4 37 Balance, June 30, 2021 (789 ) 8 (226 ) (1,007 ) Currency translation adjustments (23 ) (23 ) Holding gains and losses 15 15 Reclassification of amount to net income (a) (24 ) (24 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 5 5 Tax expense (1 ) (1 ) Other comprehensive income (loss) (23 ) (9 ) 4 (28 ) Balance, September 30, 2021 $ (812 ) $ (1 ) $ (222 ) $ (1,035 ) (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 13 (b) See Note 10 |
Note 7 - Redeemable Noncontroll
Note 7 - Redeemable Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Redeemable Noncontrolling Interest Disclosure [Text Block] | 7. Hydro-Québec holds 45% redeemable noncontrolling interest in Dana TM4 TM4 TM4 TM4 TM4 TM4 may not TM4 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 value. Redeemable noncontrolling interest adjustments of redemption value are recorded in retained earnings. We estimate the fair value of the redemption value using an income based approach based on discounted cash flow projections. In determining fair value using discounted cash flow projections, we make significant assumptions and estimates about the extent and timing of future cash flows, including revenue growth rates, projected EBITDA, discount rates and terminal growth rates. Reconciliation of changes in redeemable noncontrolling interests Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Balance, beginning of period $ 199 $ 194 $ 198 $ 180 Capital contribution from redeemable noncontrolling interest 23 3 30 6 Adjustment to redemption value 63 2 65 10 Other (1 ) Comprehensive income (loss) adjustments: Net loss attributable to redeemable noncontrolling interests (79 ) (2 ) (81 ) (10 ) Other comprehensive income (loss) attributable to redeemable noncontrolling interests (10 ) (2 ) (16 ) 10 Balance, end of period $ 196 $ 195 $ 196 $ 195 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Reconciliation of the numerators and denominators of the earnings per share calculations Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net income (loss) available to common stockholders - Numerator basic and diluted $ (88 ) $ 48 $ (63 ) $ 172 Denominator: Weighted-average common shares outstanding - Basic 143.4 144.8 143.6 145.0 Employee compensation-related shares, including stock options — 1.4 — 1.4 Weighted-average common shares outstanding - Diluted 143.4 146.2 143.6 146.4 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 0.4 third 2022 2021 third 2022 |
Note 9 - Stock Compensation
Note 9 - Stock Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 9. The Compensation Committee of our Board of Directors approved the grant of RSUs and performance share units (PSUs) shown in the table below during 2022 Granted Grant Date (In millions) Fair Value* RSUs 0.9 $ 22.23 PSUs 0.3 $ 24.69 * 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 financial targets and specified total shareholder return targets relative to peer companies. For the portion of the award based on financial metrics, 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 three 3 During 2022, third 2022 2021 September 30, 2022 |
Note 10 - Pension and Postretir
Note 10 - Pension and Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. 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 (credit) Pension OPEB 2022 2021 2022 2021 Three Months Ended September 30, U.S. Non-U.S. U.S. Non-U.S. Non-U.S. Non-U.S. Interest cost $ 4 $ 2 $ 3 $ 1 $ — $ 1 Expected return on plan assets (7 ) (1 ) (7 ) (1 ) Service cost 2 3 Amortization of net actuarial loss 2 1 3 2 (1 ) Net periodic benefit cost (credit) $ (1 ) $ 4 $ (1 ) $ 5 $ (1 ) $ 1 Nine Months Ended September 30, Interest cost $ 12 $ 5 $ 10 $ 3 $ 1 $ 2 Expected return on plan assets (21 ) (2 ) (20 ) (2 ) Service cost 6 7 Amortization of net actuarial loss 6 4 7 7 (2 ) Net periodic benefit cost (credit) $ (3 ) $ 13 $ (3 ) $ 15 $ (1 ) $ 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 income (expense), net and are not |
Note 11 - Marketable Securities
Note 11 - Marketable Securities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 11. Marketable Securities September 30, 2022 December 31, 2021 Unrealized Fair Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value Certificates of deposit - Current marketable securities $ 13 $ — $ 13 $ 17 $ — $ 17 Certificates of deposit maturing in one September 30, 2022 |
Note 12 - Financing Agreements
Note 12 - Financing Agreements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 12. Long-term debt at Interest Rate September 30, 2022 December 31, 2021 Senior Notes due April 15, 2025 5.750% * $ 400 $ 400 Senior Notes due November 15, 2027 5.375% 400 400 Senior Notes due June 15, 2028 5.625% 400 400 Senior Euro Notes due July 15, 2029 3.000% 319 370 Senior Notes due September 1, 2030 4.250% 400 400 Senior Notes due February 15, 2032 4.500% 350 350 Other indebtedness 74 100 Debt issuance costs (22 ) (26 ) 2,321 2,394 Less: Current portion of long-term debt 7 8 Long-term debt, less debt issuance costs $ 2,314 $ 2,386 * In conjunction with the issuance of the April 2025 8 April 2025 April 25, 2022, April 2025 13 Interest on the senior notes is payable semi-annually. Other indebtedness includes the note payable to the former owners of SME S.p.A., borrowings from various financial institutions, and finance lease obligations. Senior notes activity May 13, 2021, December 2024 May 17, 2021, December 2024 May 2021 December 2024 2015. On May 13, 2021, September 2030 September 2030 March 1 September 1 September 1, 2021. September 2030 September 1, 2030. On May 28, 2021, €325 $396 May 28, 2021) July 2029 July 2029 July 2029 January 15 July 15 January 15, 2022. July 2029 July 15, 2029. €320 $391 May 28, 2021). €5 May 28, 2021) June 2026 June 10, 2021 June 2026 June 2026 On November 24, 2021, February 2032 February 2032 February 15 August 15 August 15, 2022. February 2032 February 15, 2032. Senior notes redemption provisions may 12 Redemption Price April November June July September February Year 2025 Notes 2027 Notes 2028 Notes 2029 Notes 2030 Notes 2032 Notes 2022 101.438 % 102.688 % 2023 100.000 % 101.344 % 102.813 % 2024 100.000 % 100.000 % 101.406 % 101.500 % 2025 100.000 % 100.000 % 100.750 % 2026 100.000 % 100.000 % 100.000 % 102.125 % 2027 100.000 % 100.000 % 101.417 % 102.250 % 2028 100.000 % 100.708 % 101.500 % 2029 100.000 % 100.750 % 2030 100.000 % 2031 100.000 % At any time prior to November 15, 2022, may 35% November 2027 not one November 2027 November 15, 2022, may November 2027 not At any time prior to June 15, 2023, may 35% June 2028 not one June 2028 June 15, 2023, may June 2028 not At any time prior to July 15, 2024, may 40% July 2029 not one July 2029 July 15, 2024, may July 2029 not At any time prior to May 1, 2024, may 40% September 2030 not one September 2030 May 1, 2026, may September 2030 not At any time prior to February 15, 2025, may 40% February 2032 not one February 2032 February 15, 2027, may February 2032 not Credit agreement March 25, 2021, March 25, 2026. November 30, 2021, The Revolving Facility is guaranteed by all of our wholly-owned domestic subsidiaries subject to certain exceptions (the guarantors) and are secured by a first Advances under 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 % 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 At September 30, 2022 September 30, 2022 Debt covenants September 30, 2022 first not 1.00. |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements and Derivatives | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. 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 Fair Value Category Balance Sheet Location Fair Value Level September 30, 2022 December 31, 2021 Certificates of deposit Marketable securities 2 $ 13 $ 17 Currency forward contracts Cash flow hedges Accounts receivable - Other 2 5 7 Cash flow hedges Other accrued liabilities 2 2 1 Undesignated Accounts receivable - Other 2 14 2 Undesignated Other accrued liabilities 2 4 Currency swaps Cash flow hedges Other noncurrent assets 2 60 Cash flow hedges Other noncurrent liabilities 2 34 Undesignated Other noncurrent liabilities 2 12 17 Fair Value Level 2 Fair value of financial instruments not September 30, 2022 December 31, 2021 Fair Value Level Carrying Value Fair Value Carrying Value Fair Value Long-term debt 2 $ 2,276 $ 1,835 $ 2,338 $ 2,412 Foreign currency derivatives 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 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 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, 2022 Underlying Financial Instrument Derivative Financial Instrument Description Type Face Amount Rate Notional Amount Traded Amount Inflow Rate Outflow Rate April 2025 Notes Payable $ 400 5.75 % $ 300 € 278 5.75 % 3.85 % Luxembourg Intercompany Notes Receivable € 278 3.70 % € 278 $ 300 5.38 % 3.70 % Undesignated 2026 Swap $ 188 € 169 6.50 % 5.14 % Undesignated Offset 2026 Swap € 169 $ 188 3.13 % 6.50 % The designated 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 the underlying designated financial instruments and the associated swaps match and that all other required criteria have been met, we do not 12 April 2025 no We had previously entered into fixed-to-fixed cross currency swaps as a hedge against our June 2026 June 2021, June 2026 12 June 2026 no June 15 December 15 June 2026. The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $505 at September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 The following currency derivatives were outstanding at September 30, 2022 Notional Amount (U.S. Dollar Equivalent) Functional Currency Traded Currency Designated Undesignated Total Maturity U.S. dollar Mexican peso $ 136 $ — $ 136 Sep-2023 Euro U.S. dollar, Australian dollar, Brazilian real, Canadian dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Indian rupee, Japanese yen, Mexican peso, Norwegian krone, New Zealand dollar, Swedish krona, South African rand 67 108 175 Jan-2024 British pound U.S. dollar, euro 1 1 Oct-2022 South African rand U.S. dollar, euro, Thai baht 10 10 Nov-2022 Brazilian real U.S. dollar, euro 60 12 72 Jul-2023 Indian rupee U.S. dollar, euro, British pound 102 102 Sep-2023 Chinese renminbi U.S. dollar, Canadian dollar 8 8 Oct-2022 Australian dollar U.S. dollar, euro 1 1 Oct-2022 Total forward contracts 263 242 505 U.S. dollar euro 272 166 438 Nov-2027 Euro U.S. dollar 300 188 488 Jun-2026 Total currency swaps 572 354 926 Total currency derivatives $ 835 $ 596 $ 1,431 Designated cash flow hedges not not 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 Deferred Gain (Loss) in AOCI September 30, 2022 December 31, 2021 Gain (loss) expected to be reclassified into income in one year or less Forward Contracts $ 3 $ (1 ) $ 3 Cross-Currency Swaps 1 2 Total $ 4 $ 1 $ 3 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: Three Months Ended Nine Months Ended September 30, September 30, Derivatives Designated as Cash Flow Hedges 2022 2021 2022 2021 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 Net sales $ 2,535 $ 2,204 $ 7,601 $ 6,672 Cost of sales 2,332 1,998 7,018 5,963 Other income (expense), net 3 (4 ) 15 (33 ) (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income Cost of sales (2 ) (3 ) (4 ) (8 ) Other income (expense), net (2 ) (1 ) (6 ) (3 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income Other income (expense), net (38 ) (21 ) (93 ) (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 Three Months Ended Nine Months Ended September 30, September 30, Derivatives Not Designated as Hedging Instruments 2022 2021 2022 2021 Gain or (loss) recognized in income Foreign currency forward contracts Cost of sales $ — $ 1 $ 1 $ 1 Other income (expense), net $ (1 ) $ 2 $ (10 ) $ (14 ) Net investment hedges |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Product liabilities September 30, 2022 December 31, 2021 third September 30, 2022 December 31, 2021 third may Environmental liabilities September 30, 2022 December 31, 2021 Guarantee of lease obligations 2010, three June 2025, Other legal matters may not |
Note 15 - Warranty Obligations
Note 15 - Warranty Obligations | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 15. 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 September 30, September 30, 2022 2021 2022 2021 Balance, beginning of period $ 100 $ 95 $ 107 $ 98 Amounts accrued for current period sales 11 9 31 28 Adjustments of prior estimates (2 ) (4 ) Settlements of warranty claims (13 ) (7 ) (33 ) (20 ) Divestitures (10 ) Currency impact (3 ) (6 ) (1 ) Balance, end of period $ 95 $ 95 $ 95 $ 95 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. 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 not not” no twelve 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 We reported income tax expense of $31 and $20 for the third 2022 2021 first nine 2022 2021. third 2022, third 2022, may |
Note 17 - Other Income (Expense
Note 17 - Other Income (Expense), Net | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 17. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Non-service cost components of pension and OPEB costs $ — $ (2 ) $ (3 ) $ (7 ) Foreign exchange gain 1 4 2 Strategic transaction expenses (1 ) (3 ) (6 ) (11 ) Loss on investment in Hyliion (6 ) (20 ) Loss on disposal group held for sale (7 ) Loss on de-designation of fixed-to-fixed cross currency swaps (9 ) Other, net 4 6 20 19 Other income (expense), net $ 3 $ (4 ) $ 15 $ (33 ) Foreign exchange gains and losses on cross-currency intercompany loan balances that are not 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, and other strategic initiatives. Strategic transaction expenses in 2022 2021 utable to our pursuit of the acquisition of a portion of the thermal-management business of Modine Manufacturing Company and certain other strategic initiatives. We held convertible notes receivable from our investment in Hyliion Inc. On October 1, 2020, third 2021, In conjunction with our acquisition of Oerlikon Drive Systems, we acquired a controlling financial interest in a joint venture in China. We were required to divest our interest in this joint venture as it violates competitive restrictions of another of our China joint venture shareholder agreements. During the first 2021, $7, April 2021. We had previously entered into fixed-to-fixed cross currency swaps as a hedge against our June 2026 June 2021, June 2026 13 |
Note 18 - Revenue From Contract
Note 18 - Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 18. 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 not not We continually seek new business opportunities and at times provide incentives to our customers for new program awards. We evaluate the underlying economics of each payment made to our customers to determine the proper accounting by understanding the nature of the payment, the rights and obligations in the contract, and other relevant facts and circumstances. Upfront payments to our customers are capitalized if we determine that the payments are incremental and incurred only if the new business is obtained and we expect to recover these amounts from the customer over the term of the new business program. We recognize a reduction to revenue as products that the upfront payments are related to are transferred to the customer, based on the total amount of products expected to be sold over the term of the program. We evaluate the amounts capitalized each period for recoverability and expense any amounts that are no September 30, 2022 December 31, 2021 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 15 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 $37 and $34 at September 30, 2022 December 31, 2021 Disaggregation of revenue The following table disaggregates revenue for each of our operating segments by geographical market: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Light Vehicle North America $ 756 $ 667 $ 2,245 $ 1,999 Europe 95 83 292 324 South America 64 47 158 122 Asia Pacific 132 121 365 354 Total $ 1,047 $ 918 $ 3,060 $ 2,799 Commercial Vehicle North America $ 248 $ 181 $ 729 $ 564 Europe 62 59 203 192 South America 143 116 391 286 Asia Pacific 52 40 152 90 Total $ 505 $ 396 $ 1,475 $ 1,132 Off-Highway North America $ 90 $ 80 $ 268 $ 218 Europe 435 391 1,452 1,248 South America 4 4 13 10 Asia Pacific 165 152 473 455 Total $ 694 $ 627 $ 2,206 $ 1,931 Power Technologies North America $ 156 $ 122 $ 447 $ 376 Europe 106 118 339 372 South America 8 7 22 16 Asia Pacific 19 16 52 46 Total $ 289 $ 263 $ 860 $ 810 Total North America $ 1,250 $ 1,050 $ 3,689 $ 3,157 Europe 698 651 2,286 2,136 South America 219 174 584 434 Asia Pacific 368 329 1,042 945 Total $ 2,535 $ 2,204 $ 7,601 $ 6,672 |
Note 19 - Segments
Note 19 - Segments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. We are a global provider of high-technology products to virtually every major vehicle manufacturer in the world. We also serve the stationary industrial market. Our technologies include drive systems (axles, driveshafts, transmissions, and wheel and track drives); motion systems (winches, slew drives, and hub drives); electrodynamic technologies (motors, inverters, software and control systems, battery-management systems, and fuel cell plates); sealing solutions (gaskets, seals, cam covers, and oil pan modules); thermal-management technologies (transmission and engine oil cooling, battery and electronics cooling, charge air cooling, and thermal-acoustical protective shielding); and digital solutions (active and passive system controls and descriptive and predictive analytics). We serve our global light vehicle, medium/heavy vehicle and off-highway markets through four operating segments – Light Vehicle Drive Systems (Light Vehicle), Commercial Vehicle Drive and Motion Systems (Commercial Vehicle), Off-Highway Drive and Motion Systems (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 Segment information 2022 2021 Three Months Ended September 30, External Sales Inter-Segment Sales Segment EBITDA External Sales Inter-Segment Sales Segment EBITDA Light Vehicle $ 1,047 $ 38 $ 60 $ 918 $ 39 $ 54 Commercial Vehicle 505 26 18 396 25 20 Off-Highway 694 12 91 627 16 100 Power Technologies 289 8 21 263 6 38 Eliminations and other (84 ) (86 ) Total $ 2,535 $ — $ 190 $ 2,204 $ — $ 212 Nine Months Ended September 30, Light Vehicle $ 3,060 $ 126 $ 124 $ 2,799 $ 126 $ 241 Commercial Vehicle 1,475 84 38 1,132 73 53 Off-Highway 2,206 49 291 1,931 52 276 Power Technologies 860 21 71 810 18 111 Eliminations and other (280 ) (269 ) Total $ 7,601 $ — $ 524 $ 6,672 $ — $ 681 Reconciliation of segment EBITDA to consolidated net income Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Segment EBITDA $ 190 $ 212 $ 524 $ 681 Corporate expense and other items, net 2 (2 ) (4 ) Depreciation (88 ) (92 ) (270 ) (272 ) Amortization (6 ) (6 ) (17 ) (18 ) Non-service cost components of pension and OPEB costs (2 ) (3 ) (7 ) Restructuring charges, net 1 (1 ) 1 (2 ) Stock compensation expense (5 ) (6 ) (13 ) (15 ) Strategic transaction expenses (1 ) (3 ) (6 ) (11 ) Loss on investment in Hyliion (6 ) (20 ) Impairment of goodwill (191 ) (191 ) Loss on disposal group held for sale (7 ) Loss on de-designation of fixed-to-fixed cross currency swaps (9 ) Other items (3 ) (1 ) (1 ) Earnings (loss) before interest and income taxes (101 ) 94 24 315 Loss on extinguishment of debt (24 ) Interest income 2 2 6 6 Interest expense 32 31 95 99 Earnings (loss) before income taxes (131 ) 65 (65 ) 198 Income tax expense 31 20 67 56 Equity in earnings (loss) of affiliates (1 ) 5 (1 ) 29 Net income (loss) $ (163 ) $ 50 $ (133 ) $ 171 |
Note 20 - Equity Affiliates
Note 20 - Equity Affiliates | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 20. We have a number of investments in entities that engage in the manufacture and supply of vehicular parts (primarily axles, axle housings and driveshafts). Equity method investments at September 30, 2022 Ownership Percentage Investment Dongfeng Dana Axle Co., Ltd. 50% $ 65 ROC-Spicer, Ltd. 50% 19 Axles India Limited 48% 10 Tai Ya Investment (HK) Co., Limited 50% 4 All others as a group 6 Investments in equity affiliates 104 Investments in affiliates carried at cost 24 Investments in affiliates $ 128 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation not may 8 10 December 31, 2021 2021 10 During the first 2022, not not March 31, 2022 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting pronouncements In October 2021, 2021 08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers January 1, 2023. not In November 2021, 2021 10, Disclosures by Business Entities about Government Assistance December 15, 2021, not In September 2022, 2022 04, Supplier Finance Programs January 1, 2023. |
Note 3 - Goodwill and Other I_2
Note 3 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Light Vehicle Commercial Vehicle Off-Highway Power Technologies Total Balance, December 31, 2021 $ — $ 201 $ 281 $ — $ 482 Impairment (191 ) (191 ) Currency impact (10 ) (35 ) (45 ) Balance, September 30, 2022 $ — $ — $ 246 $ — $ 246 |
Schedule of Intangible Assets Other Than Goodwill [Table Text Block] | September 30, 2022 December 31, 2021 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 $ 152 $ (111 ) $ 41 $ 161 $ (110 ) $ 51 Trademarks and trade names 13 28 (12 ) 16 31 (12 ) 19 Customer relationships 8 489 (415 ) 74 519 (431 ) 88 Non-amortizable intangible assets Trademarks and trade names 69 69 75 75 $ 738 $ (538 ) $ 200 $ 786 $ (553 ) $ 233 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Charged to cost of sales $ 3 $ 2 $ 7 $ 7 Charged to amortization of intangibles 3 4 10 11 Total amortization $ 6 $ 6 $ 17 $ 18 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of 2022 2023 2024 2025 2026 Amortization expense $ 5 $ 22 $ 20 $ 19 $ 17 |
Note 4 - Restructuring of Ope_2
Note 4 - Restructuring of Operations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee Termination Benefits Exit Costs Total Balance, June 30, 2022 $ 7 $ — $ 7 Charges to restructuring 1 1 Adjustments of accruals (2 ) (2 ) Cash payments (1 ) (1 ) Currency impact (1 ) (1 ) Balance, September 30, 2022 $ 4 $ — $ 4 Balance, December 31, 2021 $ 11 $ — $ 11 Charges to restructuring 2 1 3 Adjustments of accruals (4 ) (4 ) Cash payments (4 ) (1 ) (5 ) Currency impact (1 ) (1 ) Balance, September 30, 2022 $ 4 $ — $ 4 |
Note 5 - Supplemental Balance_2
Note 5 - Supplemental Balance Sheet and Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2022 December 31, 2021 Raw materials $ 674 $ 651 Work in process and finished goods 1,030 1,000 Inventory reserves (101 ) (87 ) Total $ 1,603 $ 1,564 |
Schedule of Cash and Cash Equivalents [Table Text Block] | September 30, 2022 December 31, 2021 September 30, 2021 December 31, 2020 Cash and cash equivalents $ 371 $ 268 $ 220 $ 559 Restricted cash included in other current assets 9 9 8 5 Restricted cash included in other noncurrent assets 10 10 11 3 Total cash, cash equivalents and restricted cash $ 390 $ 287 $ 239 $ 567 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | 2022 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2021 $ 2 $ 2,427 $ 662 $ (184 ) $ (985 ) $ 53 $ 1,975 Net income 17 4 21 Other comprehensive income 36 36 Common stock dividends and dividend equivalents (14 ) (14 ) Common stock share repurchases (25 ) (25 ) Distributions to noncontrolling interests (1 ) (1 ) Purchase of noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (1 ) (1 ) Stock compensation 4 4 Stock withheld for employees taxes (7 ) (7 ) Balance, March 31, 2022 2 2,431 664 (216 ) (949 ) 55 1,987 Net income 8 3 11 Other comprehensive loss (79 ) (2 ) (81 ) Common stock dividends and dividend equivalents (15 ) (15 ) Distributions to noncontrolling interests (1 ) (1 ) Purchase of noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (1 ) (1 ) Stock compensation 4 4 Balance, June 30, 2022 2 2,435 656 (216 ) (1,028 ) 54 1,903 Net income (loss) (88 ) 4 (84 ) Other comprehensive loss (67 ) (3 ) (70 ) Common stock dividends and dividend equivalents (14 ) (14 ) Distributions to noncontrolling interests (6 ) (6 ) Redeemable noncontrolling interests adjustment to redemption value (63 ) (63 ) Stock compensation 5 5 Balance, September 30, 2022 $ 2 $ 2,440 $ 491 $ (216 ) $ (1,095 ) $ 49 $ 1,671 2021 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2020 $ 2 $ 2,408 $ 530 $ (156 ) $ (1,026 ) $ 76 $ 1,834 Net income 71 1 72 Other comprehensive loss (18 ) (2 ) (20 ) Common stock dividends and dividend equivalents (14 ) (14 ) Redeemable noncontrolling interests adjustment to redemption value (4 ) (4 ) Stock compensation 7 7 Stock withheld for employees taxes (5 ) (5 ) Balance, March 31, 2021 2 2,415 583 (161 ) (1,044 ) 75 1,870 Net income 53 4 57 Other comprehensive income (loss) 37 (9 ) 28 Common stock dividends and dividend equivalents (15 ) (15 ) Distributions to noncontrolling interests (2 ) (2 ) Sale of noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (4 ) (4 ) Other 1 1 Stock compensation 5 5 Balance, June 30, 2021 2 2,420 617 (161 ) (1,007 ) 68 1,939 Net income 48 4 52 Other comprehensive income (loss) (28 ) (28 ) Common stock dividends and dividend equivalents (15 ) (15 ) Common stock share repurchases (23 ) (23 ) Distributions to noncontrolling interests (8 ) (8 ) Redeemable noncontrolling interests adjustment to redemption value (2 ) (2 ) Deconsolidation of non-wholly owned subsidiary (8 ) (8 ) Stock compensation 5 5 Balance, September 30, 2021 $ 2 $ 2,425 $ 648 $ (184 ) $ (1,035 ) $ 56 $ 1,912 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Parent Company Stockholders 2022 Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2021 $ (809 ) $ 4 $ (180 ) $ (985 ) Currency translation adjustments 39 39 Holding gains and losses 19 19 Reclassification of amount to net income (a) (22 ) (22 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 2 2 Tax expense (1 ) (1 ) (2 ) Other comprehensive income (loss) 39 (4 ) 1 36 Balance, March 31, 2022 (770 ) — (179 ) (949 ) Currency translation adjustments (83 ) (83 ) Holding gains and losses 42 42 Reclassification of amount to net income (a) (39 ) (39 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 4 4 Tax expense (2 ) (1 ) (3 ) Other comprehensive income (loss) (83 ) 1 3 (79 ) Balance, June 30, 2022 (853 ) 1 (176 ) (1,028 ) Currency translation adjustments (69 ) (69 ) Holding gains and losses 44 44 Reclassification of amount to net income (a) (42 ) (42 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 2 2 Tax expense (1 ) (1 ) (2 ) Other comprehensive income (loss) (69 ) 1 1 (67 ) Balance, September 30, 2022 $ (922 ) $ 2 $ (175 ) $ (1,095 ) Parent Company Stockholders 2021 Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2020 $ (802 ) $ 9 $ (233 ) $ (1,026 ) Currency translation adjustments (4 ) (4 ) Holding gains and losses 32 32 Reclassification of amount to net income (a) (50 ) (50 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 4 4 Tax (expense) benefit 1 (1 ) — Other comprehensive income (loss) (4 ) (17 ) 3 (18 ) Balance, March 31, 2021 (806 ) (8 ) (230 ) (1,044 ) Currency translation adjustments 17 17 Holding gains and losses (4 ) (4 ) Reclassification of amount to net income (a) 23 23 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 5 5 Tax expense (3 ) (1 ) (4 ) Other comprehensive income 17 16 4 37 Balance, June 30, 2021 (789 ) 8 (226 ) (1,007 ) Currency translation adjustments (23 ) (23 ) Holding gains and losses 15 15 Reclassification of amount to net income (a) (24 ) (24 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 5 5 Tax expense (1 ) (1 ) Other comprehensive income (loss) (23 ) (9 ) 4 (28 ) Balance, September 30, 2021 $ (812 ) $ (1 ) $ (222 ) $ (1,035 ) |
Note 7 - Redeemable Noncontro_2
Note 7 - Redeemable Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Balance, beginning of period $ 199 $ 194 $ 198 $ 180 Capital contribution from redeemable noncontrolling interest 23 3 30 6 Adjustment to redemption value 63 2 65 10 Other (1 ) Comprehensive income (loss) adjustments: Net loss attributable to redeemable noncontrolling interests (79 ) (2 ) (81 ) (10 ) Other comprehensive income (loss) attributable to redeemable noncontrolling interests (10 ) (2 ) (16 ) 10 Balance, end of period $ 196 $ 195 $ 196 $ 195 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net income (loss) available to common stockholders - Numerator basic and diluted $ (88 ) $ 48 $ (63 ) $ 172 Denominator: Weighted-average common shares outstanding - Basic 143.4 144.8 143.6 145.0 Employee compensation-related shares, including stock options — 1.4 — 1.4 Weighted-average common shares outstanding - Diluted 143.4 146.2 143.6 146.4 |
Note 9 - Stock Compensation (Ta
Note 9 - Stock Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Granted Grant Date (In millions) Fair Value* RSUs 0.9 $ 22.23 PSUs 0.3 $ 24.69 |
Note 10 - Pension and Postret_2
Note 10 - Pension and Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Pension OPEB 2022 2021 2022 2021 Three Months Ended September 30, U.S. Non-U.S. U.S. Non-U.S. Non-U.S. Non-U.S. Interest cost $ 4 $ 2 $ 3 $ 1 $ — $ 1 Expected return on plan assets (7 ) (1 ) (7 ) (1 ) Service cost 2 3 Amortization of net actuarial loss 2 1 3 2 (1 ) Net periodic benefit cost (credit) $ (1 ) $ 4 $ (1 ) $ 5 $ (1 ) $ 1 Nine Months Ended September 30, Interest cost $ 12 $ 5 $ 10 $ 3 $ 1 $ 2 Expected return on plan assets (21 ) (2 ) (20 ) (2 ) Service cost 6 7 Amortization of net actuarial loss 6 4 7 7 (2 ) Net periodic benefit cost (credit) $ (3 ) $ 13 $ (3 ) $ 15 $ (1 ) $ 2 |
Note 11 - Marketable Securiti_2
Note 11 - Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Marketable Securities [Table Text Block] | September 30, 2022 December 31, 2021 Unrealized Fair Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value Certificates of deposit - Current marketable securities $ 13 $ — $ 13 $ 17 $ — $ 17 |
Note 12 - Financing Agreements
Note 12 - Financing Agreements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Interest Rate September 30, 2022 December 31, 2021 Senior Notes due April 15, 2025 5.750% * $ 400 $ 400 Senior Notes due November 15, 2027 5.375% 400 400 Senior Notes due June 15, 2028 5.625% 400 400 Senior Euro Notes due July 15, 2029 3.000% 319 370 Senior Notes due September 1, 2030 4.250% 400 400 Senior Notes due February 15, 2032 4.500% 350 350 Other indebtedness 74 100 Debt issuance costs (22 ) (26 ) 2,321 2,394 Less: Current portion of long-term debt 7 8 Long-term debt, less debt issuance costs $ 2,314 $ 2,386 |
Debt Instrument Redemption [Table Text Block] | Redemption Price April November June July September February Year 2025 Notes 2027 Notes 2028 Notes 2029 Notes 2030 Notes 2032 Notes 2022 101.438 % 102.688 % 2023 100.000 % 101.344 % 102.813 % 2024 100.000 % 100.000 % 101.406 % 101.500 % 2025 100.000 % 100.000 % 100.750 % 2026 100.000 % 100.000 % 100.000 % 102.125 % 2027 100.000 % 100.000 % 101.417 % 102.250 % 2028 100.000 % 100.708 % 101.500 % 2029 100.000 % 100.750 % 2030 100.000 % 2031 100.000 % |
Schedule of Long-Term Debt Instruments [Table Text Block] | 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 Line of Credit Facilities [Table Text Block] | 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 % |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements and Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Category Balance Sheet Location Fair Value Level September 30, 2022 December 31, 2021 Certificates of deposit Marketable securities 2 $ 13 $ 17 Currency forward contracts Cash flow hedges Accounts receivable - Other 2 5 7 Cash flow hedges Other accrued liabilities 2 2 1 Undesignated Accounts receivable - Other 2 14 2 Undesignated Other accrued liabilities 2 4 Currency swaps Cash flow hedges Other noncurrent assets 2 60 Cash flow hedges Other noncurrent liabilities 2 34 Undesignated Other noncurrent liabilities 2 12 17 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | September 30, 2022 December 31, 2021 Fair Value Level Carrying Value Fair Value Carrying Value Fair Value Long-term debt 2 $ 2,276 $ 1,835 $ 2,338 $ 2,412 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Underlying Financial Instrument Derivative Financial Instrument Description Type Face Amount Rate Notional Amount Traded Amount Inflow Rate Outflow Rate April 2025 Notes Payable $ 400 5.75 % $ 300 € 278 5.75 % 3.85 % Luxembourg Intercompany Notes Receivable € 278 3.70 % € 278 $ 300 5.38 % 3.70 % Undesignated 2026 Swap $ 188 € 169 6.50 % 5.14 % Undesignated Offset 2026 Swap € 169 $ 188 3.13 % 6.50 % |
Schedule of Derivative Instruments [Table Text Block] | Notional Amount (U.S. Dollar Equivalent) Functional Currency Traded Currency Designated Undesignated Total Maturity U.S. dollar Mexican peso $ 136 $ — $ 136 Sep-2023 Euro U.S. dollar, Australian dollar, Brazilian real, Canadian dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Indian rupee, Japanese yen, Mexican peso, Norwegian krone, New Zealand dollar, Swedish krona, South African rand 67 108 175 Jan-2024 British pound U.S. dollar, euro 1 1 Oct-2022 South African rand U.S. dollar, euro, Thai baht 10 10 Nov-2022 Brazilian real U.S. dollar, euro 60 12 72 Jul-2023 Indian rupee U.S. dollar, euro, British pound 102 102 Sep-2023 Chinese renminbi U.S. dollar, Canadian dollar 8 8 Oct-2022 Australian dollar U.S. dollar, euro 1 1 Oct-2022 Total forward contracts 263 242 505 U.S. dollar euro 272 166 438 Nov-2027 Euro U.S. dollar 300 188 488 Jun-2026 Total currency swaps 572 354 926 Total currency derivatives $ 835 $ 596 $ 1,431 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Deferred Gain (Loss) in AOCI September 30, 2022 December 31, 2021 Gain (loss) expected to be reclassified into income in one year or less Forward Contracts $ 3 $ (1 ) $ 3 Cross-Currency Swaps 1 2 Total $ 4 $ 1 $ 3 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, Derivatives Designated as Cash Flow Hedges 2022 2021 2022 2021 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 Net sales $ 2,535 $ 2,204 $ 7,601 $ 6,672 Cost of sales 2,332 1,998 7,018 5,963 Other income (expense), net 3 (4 ) 15 (33 ) (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income Cost of sales (2 ) (3 ) (4 ) (8 ) Other income (expense), net (2 ) (1 ) (6 ) (3 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income Other income (expense), net (38 ) (21 ) (93 ) (40 ) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, Derivatives Not Designated as Hedging Instruments 2022 2021 2022 2021 Gain or (loss) recognized in income Foreign currency forward contracts Cost of sales $ — $ 1 $ 1 $ 1 Other income (expense), net $ (1 ) $ 2 $ (10 ) $ (14 ) |
Note 15 - Warranty Obligations
Note 15 - Warranty Obligations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Balance, beginning of period $ 100 $ 95 $ 107 $ 98 Amounts accrued for current period sales 11 9 31 28 Adjustments of prior estimates (2 ) (4 ) Settlements of warranty claims (13 ) (7 ) (33 ) (20 ) Divestitures (10 ) Currency impact (3 ) (6 ) (1 ) Balance, end of period $ 95 $ 95 $ 95 $ 95 |
Note 17 - Other Income (Expen_2
Note 17 - Other Income (Expense), Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Non-service cost components of pension and OPEB costs $ — $ (2 ) $ (3 ) $ (7 ) Foreign exchange gain 1 4 2 Strategic transaction expenses (1 ) (3 ) (6 ) (11 ) Loss on investment in Hyliion (6 ) (20 ) Loss on disposal group held for sale (7 ) Loss on de-designation of fixed-to-fixed cross currency swaps (9 ) Other, net 4 6 20 19 Other income (expense), net $ 3 $ (4 ) $ 15 $ (33 ) |
Note 18 - Revenue From Contra_2
Note 18 - Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Light Vehicle North America $ 756 $ 667 $ 2,245 $ 1,999 Europe 95 83 292 324 South America 64 47 158 122 Asia Pacific 132 121 365 354 Total $ 1,047 $ 918 $ 3,060 $ 2,799 Commercial Vehicle North America $ 248 $ 181 $ 729 $ 564 Europe 62 59 203 192 South America 143 116 391 286 Asia Pacific 52 40 152 90 Total $ 505 $ 396 $ 1,475 $ 1,132 Off-Highway North America $ 90 $ 80 $ 268 $ 218 Europe 435 391 1,452 1,248 South America 4 4 13 10 Asia Pacific 165 152 473 455 Total $ 694 $ 627 $ 2,206 $ 1,931 Power Technologies North America $ 156 $ 122 $ 447 $ 376 Europe 106 118 339 372 South America 8 7 22 16 Asia Pacific 19 16 52 46 Total $ 289 $ 263 $ 860 $ 810 Total North America $ 1,250 $ 1,050 $ 3,689 $ 3,157 Europe 698 651 2,286 2,136 South America 219 174 584 434 Asia Pacific 368 329 1,042 945 Total $ 2,535 $ 2,204 $ 7,601 $ 6,672 |
Note 19 - Segments (Tables)
Note 19 - Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2022 2021 Three Months Ended September 30, External Sales Inter-Segment Sales Segment EBITDA External Sales Inter-Segment Sales Segment EBITDA Light Vehicle $ 1,047 $ 38 $ 60 $ 918 $ 39 $ 54 Commercial Vehicle 505 26 18 396 25 20 Off-Highway 694 12 91 627 16 100 Power Technologies 289 8 21 263 6 38 Eliminations and other (84 ) (86 ) Total $ 2,535 $ — $ 190 $ 2,204 $ — $ 212 Nine Months Ended September 30, Light Vehicle $ 3,060 $ 126 $ 124 $ 2,799 $ 126 $ 241 Commercial Vehicle 1,475 84 38 1,132 73 53 Off-Highway 2,206 49 291 1,931 52 276 Power Technologies 860 21 71 810 18 111 Eliminations and other (280 ) (269 ) Total $ 7,601 $ — $ 524 $ 6,672 $ — $ 681 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Segment EBITDA $ 190 $ 212 $ 524 $ 681 Corporate expense and other items, net 2 (2 ) (4 ) Depreciation (88 ) (92 ) (270 ) (272 ) Amortization (6 ) (6 ) (17 ) (18 ) Non-service cost components of pension and OPEB costs (2 ) (3 ) (7 ) Restructuring charges, net 1 (1 ) 1 (2 ) Stock compensation expense (5 ) (6 ) (13 ) (15 ) Strategic transaction expenses (1 ) (3 ) (6 ) (11 ) Loss on investment in Hyliion (6 ) (20 ) Impairment of goodwill (191 ) (191 ) Loss on disposal group held for sale (7 ) Loss on de-designation of fixed-to-fixed cross currency swaps (9 ) Other items (3 ) (1 ) (1 ) Earnings (loss) before interest and income taxes (101 ) 94 24 315 Loss on extinguishment of debt (24 ) Interest income 2 2 6 6 Interest expense 32 31 95 99 Earnings (loss) before income taxes (131 ) 65 (65 ) 198 Income tax expense 31 20 67 56 Equity in earnings (loss) of affiliates (1 ) 5 (1 ) 29 Net income (loss) $ (163 ) $ 50 $ (133 ) $ 171 |
Note 20 - Equity Affiliates (Ta
Note 20 - Equity Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership Percentage Investment Dongfeng Dana Axle Co., Ltd. 50% $ 65 ROC-Spicer, Ltd. 50% 19 Axles India Limited 48% 10 Tai Ya Investment (HK) Co., Limited 50% 4 All others as a group 6 Investments in equity affiliates 104 Investments in affiliates carried at cost 24 Investments in affiliates $ 128 |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cost of Goods and Services Sold, Total | $ 2,332 | $ 1,998 | $ 7,018 | $ 5,963 | |
Intercompany Inventory Transfers Not Appropriately Elimated [Member] | Revision of Prior Period, Error Correction, Adjustment [Member] | |||||
Cost of Goods and Services Sold, Total | $ 8 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Millions | 9 Months Ended | ||
Mar. 01, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Payments to Acquire Businesses, Gross | $ 1 | $ 18 | |
Pi Innovo Holdings Limited [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 51% | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total | 100% | ||
Business Combination, Consideration Transferred, Total | $ 35 | ||
Payments to Acquire Businesses, Gross | 18 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 17 |
Note 3 - Goodwill and Other I_3
Note 3 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Goodwill, Impairment Loss | $ 191,000 | $ 191,000 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 0 | $ 0 | |
Intangible Assets, Net (Excluding Goodwill), Total | 200,000 | 200,000 | $ 233,000 |
Commercial Vehicle Segment [Member] | |||
Goodwill, Impairment Loss | 191,000 | 191,000 | |
Intangible Assets, Net (Excluding Goodwill), Total | 67,000 | 67,000 | |
Off-Highway Segment [Member] | |||
Goodwill, Impairment Loss | 0 | ||
Intangible Assets, Net (Excluding Goodwill), Total | 111,000 | 111,000 | |
Light Vehicle Segment [Member] | |||
Intangible Assets, Net (Excluding Goodwill), Total | 17,000 | 17,000 | |
Power Technologies Segment [Member] | |||
Intangible Assets, Net (Excluding Goodwill), Total | $ 5,000 | $ 5,000 |
Note 3 - Goodwill and Other I_4
Note 3 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Balance | $ 482,000 | |
Impairment | $ (191,000) | (191,000) |
Currency impact | (45,000) | |
Balance | 246,000 | 246,000 |
Light Vehicle Segment [Member] | ||
Balance | 0 | |
Balance | 0 | 0 |
Commercial Vehicle Segment [Member] | ||
Balance | 201,000 | |
Impairment | (191,000) | (191,000) |
Currency impact | (10,000) | |
Balance | 0 | 0 |
Off-Highway Segment [Member] | ||
Balance | 281,000 | |
Impairment | 0 | |
Currency impact | (35,000) | |
Balance | 246,000 | 246,000 |
Power Technologies Segment [Member] | ||
Balance | 0 | |
Balance | $ 0 | $ 0 |
Note 3 - Goodwill and Other I_5
Note 3 - Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Amortizable intangible assets, accumulated impairment and amortization | $ (538) | $ (553) |
Intangible Assets, Gross (Excluding Goodwill), Total | 738 | 786 |
Intangible Assets, Net (Excluding Goodwill), Total | 200 | 233 |
Trademarks and Trade Names 1 [Member] | ||
Non-amortizable intangible assets, gross | 69 | 75 |
Non-amortizable intangible assets, net carrying amount | $ 69 | 75 |
Core Technology [Member] | ||
Weighted average useful life (Year) | 8 years | |
Amortizable intangible assets, gross carrying amount | $ 152 | 161 |
Amortizable intangible assets, accumulated impairment and amortization | (111) | (110) |
Amortizable intangible assets, net carrying amount | $ 41 | 51 |
Trademarks and Trade Names [Member] | ||
Weighted average useful life (Year) | 13 years | |
Amortizable intangible assets, gross carrying amount | $ 28 | 31 |
Amortizable intangible assets, accumulated impairment and amortization | (12) | (12) |
Amortizable intangible assets, net carrying amount | $ 16 | 19 |
Customer Relationships [Member] | ||
Weighted average useful life (Year) | 8 years | |
Amortizable intangible assets, gross carrying amount | $ 489 | 519 |
Amortizable intangible assets, accumulated impairment and amortization | (415) | (431) |
Amortizable intangible assets, net carrying amount | $ 74 | $ 88 |
Note 3 - Goodwill and Other I_6
Note 3 - Goodwill and Other Intangible Assets - Amortization Expense Related to Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Charged to cost of sales | $ 3 | $ 2 | $ 7 | $ 7 |
Amortization of intangibles | 3 | 4 | 10 | 11 |
Total amortization | $ 6 | $ 6 | $ 17 | $ 18 |
Note 3 - Goodwill and Other I_7
Note 3 - Goodwill and Other Intangible Assets - Estimated Aggregate Pre-tax Amortization Expense (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Amortization expense, remainder of 2022 | $ 5 |
Amortization expense, 2023 | 22 |
Amortization expense, 2024 | 20 |
Amortization expense, 2025 | 19 |
Amortization expense, 2026 | $ 17 |
Note 4 - Restructuring of Ope_3
Note 4 - Restructuring of Operations (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Cost, Expected Number of Positions Eliminated | 100 |
Note 4 - Restructuring of Ope_4
Note 4 - Restructuring of Operations - Accrued Restructuring Costs and Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Balance | $ 7 | $ 11 |
Charges to restructuring | 1 | 3 |
Adjustments of accruals | (2) | (4) |
Cash payments | (1) | (5) |
Currency impact | (1) | (1) |
Balance | 4 | 4 |
Employee Termination Benefits [Member] | ||
Balance | 7 | 11 |
Charges to restructuring | 2 | |
Adjustments of accruals | (2) | (4) |
Cash payments | (4) | |
Currency impact | (1) | (1) |
Balance | 4 | 4 |
Exit Costs [Member] | ||
Balance | 0 | 0 |
Charges to restructuring | 1 | 1 |
Cash payments | (1) | (1) |
Balance | $ 0 | $ 0 |
Note 5 - Supplemental Balance_3
Note 5 - Supplemental Balance Sheet and Cash Flow Information - Inventory Components (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 674 | $ 651 |
Work in process and finished goods | 1,030 | 1,000 |
Inventory reserves | (101) | (87) |
Total | $ 1,603 | $ 1,564 |
Note 5 - Supplemental Balance_4
Note 5 - Supplemental Balance Sheet and Cash Flow Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 371 | $ 268 | $ 220 | $ 559 |
Restricted cash included in other current assets | 9 | 9 | 8 | 5 |
Restricted cash included in other noncurrent assets | 10 | 10 | 11 | 3 |
Total cash, cash equivalents and restricted cash | $ 390 | $ 287 | $ 239 | $ 567 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | |
Treasury Stock, Value, Acquired, Cost Method | $ 25 | $ 23 | ||
Treasury Stock, Shares, Acquired (in shares) | 1,483,742 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 102 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Changes In Equity (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Balance | $ 1,903 | $ 1,987 | $ 1,975 | $ 1,939 | $ 1,870 | $ 1,834 |
Net income (loss) | (84) | 11 | 21 | 52 | 57 | 72 |
Other comprehensive income (loss) | (70) | (81) | 36 | (28) | 28 | (20) |
Common stock dividends and dividend equivalents | (14) | (15) | (14) | (15) | (15) | (14) |
Common stock share repurchases | (25) | (23) | ||||
Distributions to noncontrolling interests | (6) | (1) | (1) | (8) | (2) | |
Purchase of noncontrolling interests | (1) | (1) | ||||
Redeemable noncontrolling interests adjustment to redemption value | (63) | (1) | (1) | (2) | (4) | (4) |
Stock compensation | 5 | 4 | 4 | 5 | 5 | 7 |
Stock withheld for employees taxes | (7) | (5) | ||||
Sale of noncontrolling interests | (1) | |||||
Other | 1 | |||||
Deconsolidation of non-wholly owned subsidiary | (8) | |||||
Balance | 1,671 | 1,903 | 1,987 | 1,912 | 1,939 | 1,870 |
Common Stock [Member] | ||||||
Balance | 2 | 2 | 2 | 2 | 2 | 2 |
Balance | 2 | 2 | 2 | 2 | 2 | 2 |
Additional Paid-in Capital [Member] | ||||||
Balance | 2,435 | 2,431 | 2,427 | 2,420 | 2,415 | 2,408 |
Stock compensation | 5 | 4 | 4 | 5 | 5 | 7 |
Balance | 2,440 | 2,435 | 2,431 | 2,425 | 2,420 | 2,415 |
Retained Earnings [Member] | ||||||
Balance | 656 | 664 | 662 | 617 | 583 | 530 |
Net income (loss) | (88) | 8 | 17 | 48 | 53 | 71 |
Common stock dividends and dividend equivalents | (14) | (15) | (14) | (15) | (15) | (14) |
Redeemable noncontrolling interests adjustment to redemption value | (63) | (1) | (1) | (2) | (4) | (4) |
Balance | 491 | 656 | 664 | 648 | 617 | 583 |
Treasury Stock [Member] | ||||||
Balance | (216) | (216) | (184) | (161) | (161) | (156) |
Common stock share repurchases | (25) | (23) | ||||
Stock withheld for employees taxes | (7) | (5) | ||||
Balance | (216) | (216) | (216) | (184) | (161) | (161) |
AOCI Attributable to Parent [Member] | ||||||
Balance | (1,028) | (949) | (985) | (1,007) | (1,044) | (1,026) |
Other comprehensive income (loss) | (67) | (79) | 36 | (28) | 37 | (18) |
Balance | (1,095) | (1,028) | (949) | (1,035) | (1,007) | (1,044) |
Noncontrolling Interest [Member] | ||||||
Balance | 54 | 55 | 53 | 68 | 75 | 76 |
Net income (loss) | 4 | 3 | 4 | 4 | 4 | 1 |
Other comprehensive income (loss) | (3) | (2) | (9) | (2) | ||
Distributions to noncontrolling interests | (6) | (1) | (1) | (8) | (2) | |
Purchase of noncontrolling interests | (1) | (1) | ||||
Sale of noncontrolling interests | (1) | |||||
Other | 1 | |||||
Deconsolidation of non-wholly owned subsidiary | (8) | |||||
Balance | $ 49 | $ 54 | $ 55 | $ 56 | $ 68 | $ 75 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Changes in Each Component of Accumulated Other Comprehensive Income (AOCI) of the Parent (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Balance | $ 1,903 | $ 1,987 | $ 1,975 | $ 1,939 | $ 1,870 | $ 1,834 | $ 1,975 | $ 1,834 | |
Other comprehensive income (loss) | (80) | (30) | (131) | (10) | |||||
Balance | 1,671 | 1,903 | 1,987 | 1,912 | 1,939 | 1,870 | 1,671 | 1,912 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||||||
Balance | (853) | (770) | (809) | (789) | (806) | (802) | (809) | (802) | |
Currency translation adjustments | (69) | (83) | 39 | (23) | 17 | (4) | |||
Other comprehensive income (loss) | (69) | (83) | 39 | (23) | 17 | (4) | |||
Balance | (922) | (853) | (770) | (812) | (789) | (806) | (922) | (812) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||||||
Balance | 1 | 4 | 8 | (8) | 9 | 4 | 9 | ||
Holding gains and losses | 44 | 42 | 19 | 15 | (4) | 32 | |||
Reclassification of amount to net income (a) | [1] | (42) | (39) | (22) | (24) | 23 | (50) | ||
Tax (expense) benefit | (1) | (2) | (1) | (3) | 1 | ||||
Other comprehensive income (loss) | 1 | 1 | (4) | (9) | 16 | (17) | |||
Balance | 2 | 1 | (1) | 8 | (8) | 2 | (1) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||
Balance | (176) | (179) | (180) | (226) | (230) | (233) | (180) | (233) | |
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | [2] | 2 | 4 | 2 | 5 | 5 | 4 | ||
Tax (expense) benefit | (1) | (1) | (1) | (1) | (1) | (1) | |||
Other comprehensive income (loss) | 1 | 3 | 1 | 4 | 4 | 3 | |||
Balance | (175) | (176) | (179) | (222) | (226) | (230) | (175) | (222) | |
AOCI Attributable to Parent [Member] | |||||||||
Balance | (1,028) | (949) | (985) | (1,007) | (1,044) | (1,026) | (985) | (1,026) | |
Currency translation adjustments | (69) | (83) | 39 | (23) | 17 | (4) | |||
Holding gains and losses | 44 | 42 | 19 | 15 | (4) | 32 | |||
Reclassification of amount to net income (a) | [1] | (42) | (39) | (22) | (24) | 23 | (50) | ||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | [2] | 2 | 4 | 2 | 5 | 5 | 4 | ||
Tax (expense) benefit | (2) | (3) | (2) | (1) | (4) | ||||
Other comprehensive income (loss) | (67) | (79) | 36 | (28) | 37 | (18) | |||
Balance | $ (1,095) | $ (1,028) | $ (949) | $ (1,035) | $ (1,007) | $ (1,044) | $ (1,095) | $ (1,035) | |
[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 13 for additional details.[2]See Note 10 for additional details. |
Note 7 - Redeemable Noncontro_3
Note 7 - Redeemable Noncontrolling Interests (Details Textual) | Jun. 22, 2018 |
Dana TM4 [Member] | Hydro-Québec [Member] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45% |
Note 7 - Redeemable Noncontro_4
Note 7 - Redeemable Noncontrolling Interests - Reconciliation of Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance, beginning of period | $ 199 | $ 194 | $ 198 | $ 180 |
Capital contribution from redeemable noncontrolling interest | 23 | 3 | 30 | 6 |
Adjustment to redemption value | 63 | 2 | 65 | 10 |
Other | (1) | |||
Net loss attributable to redeemable noncontrolling interests | (79) | (2) | (81) | (10) |
Other comprehensive income (loss) attributable to redeemable noncontrolling interests | (10) | (2) | (16) | 10 |
Balance, end of period | $ 196 | $ 195 | $ 196 | $ 195 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.5 | 0.7 | ||
Share-Based Payment Arrangement [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.4 | 0.6 | 0.2 | 0.8 |
Note 8 - Earnings Per Share - R
Note 8 - 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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income (loss) available to common stockholders - Numerator basic and diluted | $ (88) | $ 48 | $ (63) | $ 172 |
Weighted-average common shares outstanding - Basic (in shares) | 143.4 | 144.8 | 143.6 | 145 |
Employee compensation-related shares, including stock options (in shares) | 0 | 1.4 | 0 | 1.4 |
Weighted-average common shares outstanding - Diluted (in shares) | 143.4 | 146.2 | 143.6 | 146.4 |
Note 9 - Stock Compensation (De
Note 9 - Stock Compensation (Details Textual) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Expense | $ 5 | $ 6 | $ 13 | $ 15 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 26 | $ 26 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | |||
Performance Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.78% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.67% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 63.90% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 0.1 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 4 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 0.8 |
Note 9 - Stock Compensation - G
Note 9 - Stock Compensation - Granted Awards Activity (Details) shares in Millions | 9 Months Ended | |
Sep. 30, 2022 $ / shares shares | ||
Restricted Stock Units (RSUs) [Member] | ||
Granted (in shares) | shares | 0.9 | |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 22.23 | [1] |
Performance Share Units [Member] | ||
Granted (in shares) | shares | 0.3 | |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 24.69 | [1] |
[1]Weighted-average per share |
Note 10 - Pension and Postret_3
Note 10 - Pension and Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Plan [Member] | UNITED STATES | ||||
Interest cost | $ 4 | $ 3 | $ 12 | $ 10 |
Expected return on plan assets | (7) | (7) | (21) | (20) |
Amortization of net actuarial loss | 2 | 3 | 6 | 7 |
Net periodic benefit cost (credit) | (1) | (1) | (3) | (3) |
Pension Plan [Member] | Foreign Plan [Member] | ||||
Interest cost | 2 | 1 | 5 | 3 |
Expected return on plan assets | (1) | (1) | (2) | (2) |
Service cost | 2 | 3 | 6 | 7 |
Amortization of net actuarial loss | 1 | 2 | 4 | 7 |
Net periodic benefit cost (credit) | 4 | 5 | 13 | 15 |
Other Postretirement Benefits Plan [Member] | Foreign Plan [Member] | ||||
Interest cost | 0 | 1 | 1 | 2 |
Amortization of net actuarial loss | (1) | (2) | ||
Net periodic benefit cost (credit) | $ (1) | $ 1 | $ (1) | $ 2 |
Note 11 - Marketable Securiti_3
Note 11 - Marketable Securities (Details Textual) $ in Millions | Sep. 30, 2022 USD ($) |
Certificates of Deposit [Member] | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $ 13 |
Note 11 - Marketable Securiti_4
Note 11 - Marketable Securities - Schedule of Marketable Securities (Details) - Certificates of Deposit [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Cost | $ 13 | $ 17 |
Certificates of deposit - Current marketable securities | 0 | 0 |
Debt Securities, Fair Value | $ 13 | $ 17 |
Note 12 - Financing Agreement_2
Note 12 - Financing Agreements (Details Textual) € in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | |||||||||||
Apr. 25, 2022 USD ($) | Nov. 24, 2021 USD ($) Rate | Jun. 10, 2021 USD ($) | May 28, 2021 USD ($) | May 28, 2021 EUR (€) | May 17, 2021 USD ($) | May 13, 2021 USD ($) | Mar. 25, 2021 USD ($) Rate | May 31, 2021 USD ($) | Sep. 30, 2022 USD ($) Rate | Sep. 30, 2021 USD ($) | May 28, 2021 EUR (€) | ||
Gain (Loss) on Extinguishment of Debt, Total | $ (24) | ||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 21 | ||||||||||||
Write off of Deferred Debt Issuance Cost | $ 3 | ||||||||||||
Revolving Credit Facility [Member] | |||||||||||||
Debt Issuance Costs, Gross | $ 2 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,150 | ||||||||||||
Long-Term Line of Credit, Total | $ 195 | ||||||||||||
Letters of Credit Outstanding, Amount | 21 | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 934 | ||||||||||||
Debt Instrument, Covenant, Maximum First Lien Net Leverage Ratio | 2 | ||||||||||||
Letter of Credit [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 275 | ||||||||||||
Line of Credit Facility, Commitment Fee Percentage (Rate) | Rate | 0.125% | ||||||||||||
Senior Notes due April 15, 2025 [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.75% | |||||||||||
Senior Notes due December 15, 2024 [Member] | |||||||||||||
Repayments of Debt | $ 171 | $ 254 | |||||||||||
Debt Instrument, Redemption Price, Percentage | 101.833% | 102% | |||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (8) | ||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 8 | ||||||||||||
Write off of Deferred Debt Issuance Cost | 3 | ||||||||||||
Gain (Loss) from Amortization of Fair Value Adjustment to Debt from Fair Value Hedge | $ 3 | ||||||||||||
Senior Notes DueSeptember 1, 2030 [Member] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 100% | ||||||||||||
Debt Instrument, Face Amount | $ 400 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | |||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 395 | ||||||||||||
Debt Issuance Costs, Gross | $ 5 | ||||||||||||
Senior Notes DueSeptember 1, 2030 [Member] | Redeem up to 40% of Aggregate Principle Amount [Member] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 104.25% | ||||||||||||
Senior Notes DueSeptember 1, 2030 [Member] | Redeem up to 40% of Aggregate Principle Amount [Member] | Minimum [Member] | |||||||||||||
Debt Instrument, Percentage of Principal Amount Outstanding (Rate) | Rate | 50% | ||||||||||||
Senior Notes Due July 15, 2029 [Member] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 100% | ||||||||||||
Debt Instrument, Face Amount | $ 396 | € 325 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | 3% | 3% | ||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 391 | € 320 | |||||||||||
Debt Issuance Costs, Gross | $ 6 | € 5 | |||||||||||
Senior Notes Due July 15, 2029 [Member] | Redeem up to 40% of Aggregate Principle Amount [Member] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 103% | ||||||||||||
Senior Notes Due July 15, 2029 [Member] | Redeem up to 40% of Aggregate Principle Amount [Member] | Minimum [Member] | |||||||||||||
Debt Instrument, Percentage of Principal Amount Outstanding (Rate) | Rate | 50% | ||||||||||||
Senior Notes due June 1, 2026 [Member] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 103.25% | ||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (16) | ||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 12 | ||||||||||||
Write off of Deferred Debt Issuance Cost | $ 4 | ||||||||||||
Senior Notes due February 15, 2032 [Member] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 100% | ||||||||||||
Debt Instrument, Face Amount | $ 350 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 345 | ||||||||||||
Debt Issuance Costs, Gross | $ 5 | ||||||||||||
Senior Notes due February 15, 2032 [Member] | Redeem up to 40% of Aggregate Principle Amount [Member] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 104.50% | ||||||||||||
Senior Notes due February 15, 2032 [Member] | Redeem up to 40% of Aggregate Principle Amount [Member] | Minimum [Member] | |||||||||||||
Debt Instrument, Percentage of Principal Amount Outstanding (Rate) | Rate | 50% | ||||||||||||
Senior Notes due November 15, 2027 [Member] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 100% | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||||||||||||
Senior Notes due November 15, 2027 [Member] | Redeem up to 35% of Aggregate Principle Amount [Member] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 105.375% | ||||||||||||
Senior Notes due November 15, 2027 [Member] | Redeem up to 35% of Aggregate Principle Amount [Member] | Minimum [Member] | |||||||||||||
Debt Instrument, Percentage of Principal Amount Outstanding (Rate) | Rate | 50% | ||||||||||||
Senior Notes due June 15, 2028 [Member] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 100% | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | ||||||||||||
Senior Notes due June 15, 2028 [Member] | Redeem up to 35% of Aggregate Principle Amount [Member] | |||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 105.625% | ||||||||||||
Senior Notes due June 15, 2028 [Member] | Redeem up to 35% of Aggregate Principle Amount [Member] | Minimum [Member] | |||||||||||||
Debt Instrument, Percentage of Principal Amount Outstanding (Rate) | Rate | 50% | ||||||||||||
Currency Swap [Member] | Senior Notes due April 15, 2025 [Member] | Cash Flow Hedging [Member] | |||||||||||||
Derivative, Term of Contract (Year) | 8 years | ||||||||||||
Derivative, Fixed Interest Rate | 3.85% | ||||||||||||
Derivative, Notional Amount, Settled | $ 100 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||||||||
[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%. On April 25, 2022, we settled existing fixed-to-fixed cross-currency swaps on $100 of the April 2025 Notes. See Note 13 for additional information. |
Note 12 - Financing Agreement_3
Note 12 - Financing Agreements - Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | Nov. 24, 2021 | May 28, 2021 | May 13, 2021 | |
Debt issuance costs | $ (22) | $ (26) | ||||
Long-term debt | 2,321 | 2,394 | ||||
Less: Current portion of long-term debt | 7 | 8 | ||||
Long-term debt, less debt issuance costs | $ 2,314 | 2,386 | ||||
Senior Notes due April 15, 2025 [Member] | ||||||
Long-term debt, interest rate | [1] | 5.75% | ||||
Long-term debt, gross | $ 400 | 400 | ||||
Senior Notes due November 15, 2027 [Member] | ||||||
Long-term debt, interest rate | 5.375% | |||||
Long-term debt, gross | $ 400 | 400 | ||||
Senior Notes due June 15, 2028 [Member] | ||||||
Long-term debt, interest rate | 5.625% | |||||
Long-term debt, gross | $ 400 | 400 | ||||
Senior Notes Due July 15, 2029 [Member] | ||||||
Long-term debt, interest rate | 3% | 3% | ||||
Long-term debt, gross | $ 319 | 370 | ||||
Senior Notes DueSeptember 1, 2030 [Member] | ||||||
Long-term debt, interest rate | 4.25% | 4.25% | ||||
Long-term debt, gross | $ 400 | 400 | ||||
Senior Notes due February 15, 2032 [Member] | ||||||
Long-term debt, interest rate | 4.50% | 4.50% | ||||
Long-term debt, gross | $ 350 | 350 | ||||
Other Indebtedness [Member] | ||||||
Long-term debt, gross | $ 74 | $ 100 | ||||
[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%. On April 25, 2022, we settled existing fixed-to-fixed cross-currency swaps on $100 of the April 2025 Notes. See Note 13 for additional information. |
Note 12 - Financing Agreement_4
Note 12 - Financing Agreements - Debt Instrument Redemption (Details) | 9 Months Ended |
Sep. 30, 2022 Rate | |
Senior Notes due April 15, 2025 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.438% |
Senior Notes due April 15, 2025 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due April 15, 2025 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due November 15, 2027 [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due November 15, 2027 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument, Redemption Price, Percentage | 102.688% |
Senior Notes due November 15, 2027 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.344% |
Senior Notes due November 15, 2027 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due November 15, 2027 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due November 15, 2027 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due June 15, 2028 [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due June 15, 2028 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument, Redemption Price, Percentage | 102.813% |
Senior Notes due June 15, 2028 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.406% |
Senior Notes due June 15, 2028 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due June 15, 2028 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due June 15, 2028 [Member] | Debt Instrument, Redemption, Period Six [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes Due July 15, 2029 [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes Due July 15, 2029 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.50% |
Senior Notes Due July 15, 2029 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.75% |
Senior Notes Due July 15, 2029 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes Due July 15, 2029 [Member] | Debt Instrument, Redemption, Period Six [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes Due July 15, 2029 [Member] | Debt Instrument, Redemption, Period Seven [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes DueSeptember 1, 2030 [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes DueSeptember 1, 2030 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument, Redemption Price, Percentage | 102.125% |
Senior Notes DueSeptember 1, 2030 [Member] | Debt Instrument, Redemption, Period Six [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.417% |
Senior Notes DueSeptember 1, 2030 [Member] | Debt Instrument, Redemption, Period Seven [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.708% |
Senior Notes DueSeptember 1, 2030 [Member] | Debt Instrument, Redemption, Period Eight [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due February 15, 2032 [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due February 15, 2032 [Member] | Debt Instrument, Redemption, Period Six [Member] | |
Debt Instrument, Redemption Price, Percentage | 102.25% |
Senior Notes due February 15, 2032 [Member] | Debt Instrument, Redemption, Period Seven [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.50% |
Senior Notes due February 15, 2032 [Member] | Debt Instrument, Redemption, Period Eight [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.75% |
Senior Notes due February 15, 2032 [Member] | Debt Instrument, Redemption, Period Nine [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Senior Notes due February 15, 2032 [Member] | Debt Instrument, Redemption, Period Ten [Member] | |
Debt Instrument, Redemption Price, Percentage | 100% |
Note 12 - Financing Agreement_5
Note 12 - Financing Agreements - Revolving Facility Margins (Details) - Revolving Credit Facility [Member] | 9 Months Ended |
Sep. 30, 2022 | |
Base Rate [Member] | Total Net Leverage Ratio is Less than or Equal to 1.00:1.00 [Member] | |
Margin | 0.25% |
Base Rate [Member] | Total Net Leverage Ratio is Greater than 1.00:1.00 but Less than or Equal to 2.00:1.00 [Member] | |
Margin | 0.50% |
Base Rate [Member] | Total Net Leverage Ratio is Greater than 2.00:1.00 [Member] | |
Margin | 0.75% |
Eurodollar [Member] | Total Net Leverage Ratio is Less than or Equal to 1.00:1.00 [Member] | |
Margin | 1.25% |
Eurodollar [Member] | Total Net Leverage Ratio is Greater than 1.00:1.00 but Less than or Equal to 2.00:1.00 [Member] | |
Margin | 1.50% |
Eurodollar [Member] | Total Net Leverage Ratio is Greater than 2.00:1.00 [Member] | |
Margin | 1.75% |
Note 12 - Financing Agreement_6
Note 12 - Financing Agreements - Revolving Facility Commitment Fees (Details) - Revolving Credit Facility [Member] | 9 Months Ended |
Sep. 30, 2022 | |
Total Net Leverage Ratio is Less than or Equal to 1.00:1.00 [Member] | |
Commitment fee | 0.25% |
Total Net Leverage Ratio is Greater than 1.00:1.00 but Less than or Equal to 2.00:1.00 [Member] | |
Commitment fee | 0.375% |
Total Net Leverage Ratio is Greater than 2.00:1.00 [Member] | |
Commitment fee | 0.50% |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements and Derivatives (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net, Total | $ (9) | |||
Not Designated as Hedging Instrument [Member] | ||||
Payments for (Proceeds from) Derivative Instrument, Investing Activities, Total | $ 6 | 2 | ||
Fixed-to-fixed Cross Currency Swaps [Member] | ||||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net, Total | $ (9) | |||
Derivative, Notional Amount, Settled | 187 | |||
Derivative, Notional Amount | 375 | |||
Payments for (Proceeds from) Derivative Instrument, Investing Activities, Total | (22) | |||
Derivative Assets (Liabilities), at Fair Value, Net, Total | (188) | |||
Fixed-to-fixed Cross Currency Swaps [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative, Notional Amount | $ 188 | |||
Foreign Exchange Forward [Member] | ||||
Derivative, Notional Amount | 505 | $ 449 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative, Notional Amount | 242 | |||
Currency Swap [Member] | ||||
Derivative, Notional Amount | 926 | $ 1,096 | ||
Payments for (Proceeds from) Derivative Instrument, Investing Activities, Total | $ 22 | |||
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative, Notional Amount | $ 354 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements and Derivatives - Fair Value Measurements on a Recurring Basis (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative assets | $ 14 | $ 2 |
Derivative liabilities | 4 | |
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative liabilities | 12 | 17 |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | ||
Derivative assets | 5 | 7 |
Derivative liabilities | 2 | 1 |
Cash Flow Hedging [Member] | Currency Swap [Member] | ||
Derivative assets | 60 | |
Derivative liabilities | 34 | |
Marketable Securities [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit | $ 13 | $ 17 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements and Derivatives - Fair Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Long-term debt | $ 2,276 | $ 2,338 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 1,835 | $ 2,412 |
Note 13 - Fair Value Measurem_6
Note 13 - Fair Value Measurements and Derivatives - Outstanding Fixed-to-fixed Cross-currency Swaps (Details) € in Millions, $ in Millions | Sep. 30, 2022 USD ($) | Sep. 30, 2022 EUR (€) | Dec. 31, 2021 USD ($) | |
Currency Swap [Member] | ||||
Notional amount | $ 926 | $ 1,096 | ||
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Notional amount | 354 | |||
Currency Swap [Member] | Undesignated 2026 Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Notional amount | $ 188 | € 169 | ||
Inflow rate | 6.50% | 6.50% | ||
Outflow rate | 5.14% | 5.14% | ||
Currency Swap [Member] | Undesignated Offset 2026 Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Notional amount | $ 188 | € 169 | ||
Inflow rate | 3.13% | 3.13% | ||
Outflow rate | 6.50% | 6.50% | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | Luxembourg Intercompany Notes [Member] | ||||
Face amount | € | € 278 | |||
Notional amount | $ 300 | € 278 | ||
Inflow rate | 5.38% | 5.38% | ||
Outflow rate | 3.70% | 3.70% | ||
Rate | 3.70% | 3.70% | ||
Senior Notes due April 15, 2025 [Member] | ||||
Rate | [1] | 5.75% | 5.75% | |
Senior Notes due April 15, 2025 [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Face amount | $ 400 | |||
Rate | 5.75% | 5.75% | ||
Notional amount | $ 300 | € 278 | ||
Inflow rate | 5.75% | 5.75% | ||
Outflow rate | 3.85% | 3.85% | ||
[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%. On April 25, 2022, we settled existing fixed-to-fixed cross-currency swaps on $100 of the April 2025 Notes. See Note 13 for additional information. |
Note 13 - Fair Value Measurem_7
Note 13 - Fair Value Measurements and Derivatives - Outstanding Currency Derivatives (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | $ 136 | |
Euro Foreign Exchange Forward [Member] | ||
Notional amount | 175 | |
British Pound Foreign Exchange Forward [Member] | ||
Notional amount | 1 | |
South African Rand Foreign Exchange Forward [Member] | ||
Notional amount | 10 | |
Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 72 | |
Indian Rupee Foreign Exchange Forward [Member] | ||
Notional amount | 102 | |
Chinese Renminbi Foreign Exchange Forward [Member] | ||
Notional amount | 8 | |
Australian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 1 | |
Foreign Exchange Forward [Member] | ||
Notional amount | 505 | $ 449 |
US Dollar Currency Swap [Member] | ||
Notional amount | 438 | |
Euro Currency Swap [Member] | ||
Notional amount | 488 | |
Currency Swap [Member] | ||
Notional amount | 926 | $ 1,096 |
Foreign Exchange Contract [Member] | ||
Notional amount | 1,431 | |
Designated as Hedging Instrument [Member] | US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 136 | |
Designated as Hedging Instrument [Member] | Euro Foreign Exchange Forward [Member] | ||
Notional amount | 67 | |
Designated as Hedging Instrument [Member] | Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 60 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Notional amount | 263 | |
Designated as Hedging Instrument [Member] | US Dollar Currency Swap [Member] | ||
Notional amount | 272 | |
Designated as Hedging Instrument [Member] | Euro Currency Swap [Member] | ||
Notional amount | 300 | |
Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Notional amount | 572 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Notional amount | 835 | |
Not Designated as Hedging Instrument [Member] | US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 0 | |
Not Designated as Hedging Instrument [Member] | Euro Foreign Exchange Forward [Member] | ||
Notional amount | 108 | |
Not Designated as Hedging Instrument [Member] | British Pound Foreign Exchange Forward [Member] | ||
Notional amount | 1 | |
Not Designated as Hedging Instrument [Member] | South African Rand Foreign Exchange Forward [Member] | ||
Notional amount | 10 | |
Not Designated as Hedging Instrument [Member] | Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 12 | |
Not Designated as Hedging Instrument [Member] | Indian Rupee Foreign Exchange Forward [Member] | ||
Notional amount | 102 | |
Not Designated as Hedging Instrument [Member] | Chinese Renminbi Foreign Exchange Forward [Member] | ||
Notional amount | 8 | |
Not Designated as Hedging Instrument [Member] | Australian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 1 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Notional amount | 242 | |
Not Designated as Hedging Instrument [Member] | US Dollar Currency Swap [Member] | ||
Notional amount | 166 | |
Not Designated as Hedging Instrument [Member] | Euro Currency Swap [Member] | ||
Notional amount | 188 | |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Notional amount | 354 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Notional amount | $ 596 |
Note 13 - Fair Value Measurem_8
Note 13 - Fair Value Measurements and Derivatives - Summary of Deferred Gains (Losses) Reported in AOCI (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Deferred gain (loss) in AOCI | $ 4 | $ 1 |
Gain (loss) expected to be reclassified into income in one year or less | 3 | |
Foreign Exchange Forward [Member] | ||
Deferred gain (loss) in AOCI | 3 | (1) |
Gain (loss) expected to be reclassified into income in one year or less | 3 | |
Currency Swap [Member] | ||
Deferred gain (loss) in AOCI | $ 1 | $ 2 |
Note 13 - Fair Value Measurem_9
Note 13 - 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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 2,535 | $ 2,204 | $ 7,601 | $ 6,672 |
Cost of sales | 2,332 | 1,998 | 7,018 | 5,963 |
Other income (expense), net | 3 | (4) | 15 | (33) |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | ||||
Amount of (gain) loss reclassified from AOCI into income | (2) | (3) | (4) | (8) |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Other Income (Expense) [Member] | ||||
Amount of (gain) loss reclassified from AOCI into income | (2) | (1) | (6) | (3) |
Currency Swap [Member] | Cash Flow Hedging [Member] | Other Income (Expense) [Member] | ||||
Amount of (gain) loss reclassified from AOCI into income | $ (38) | $ (21) | $ (93) | $ (40) |
Note 13 - Fair Value Measure_10
Note 13 - Fair Value Measurements and Derivatives - Location and Amount of Gain or (Loss) Recognized in Income on Undesignated Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cost of Sales [Member] | ||||
Gain (loss) recognized in income on foreign currency derivatives not designated as hedging instruments | $ 0 | $ 1 | $ 1 | $ 1 |
Other Income (Expense) [Member] | ||||
Gain (loss) recognized in income on foreign currency derivatives not designated as hedging instruments | $ (1) | $ 2 | $ (10) | $ (14) |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) $ in Millions | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2010 USD ($) |
Loss Contingency Accrual, Product Liability, Net, Total | $ 1 | $ 2 | |
Accrual for Environmental Loss Contingencies, Ending Balance | 8 | 10 | |
Damages from Product Defects [Member] | |||
Loss Contingency, Receivable, Ending Balance | $ 17 | $ 13 | |
Property Lease Guarantee [Member] | Structural Products [Member] | |||
Guarantee of Lease Obligations, Number of Leases Assigned | 3 | ||
Guarantee Obligations, Other Contracts | $ 6 |
Note 15 - Warranty Obligation_2
Note 15 - Warranty Obligations - Changes in Warranty Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 100 | $ 95 | $ 107 | $ 98 |
Amounts accrued for current period sales | 11 | 9 | 31 | 28 |
Adjustments of prior estimates | (2) | (4) | ||
Settlements of warranty claims | (13) | (7) | (33) | (20) |
Divestitures | (10) | |||
Currency impact | (3) | (6) | (1) | |
Balance | $ 95 | $ 95 | $ 95 | $ 95 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2023 | |
Income Tax Expense (Benefit), Total | $ 31 | $ 20 | $ 67 | $ 56 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (103.00%) | 28% | |||
Goodwill, Impairment Loss | 191 | $ 191 | |||
Other Tax Expense (Benefit) | (2) | ||||
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount | 32 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | ||||
Domestic Tax Authority [Member] | |||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 31 | ||||
UNITED STATES | Forecast [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 200 |
Note 17 - Other Income (Expen_3
Note 17 - Other Income (Expense), Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | Oct. 01, 2020 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (7) | ||
Joint Venture in China [Member] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (7) | ||
Hyliion Inc [Member] | |||
Investment Owned, Balance, Shares (in shares) | 2,988,229 |
Note 17 - Other Income (Expen_4
Note 17 - Other Income (Expense), Net - Other Income (Expense), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Non-service cost components of pension and OPEB costs | $ 0 | $ (2) | $ (3) | $ (7) |
Foreign exchange gain | 1 | 4 | 2 | |
Strategic transaction expenses | (1) | (3) | (6) | (11) |
Loss on disposal group held for sale | (7) | |||
Loss on de-designation of fixed-to-fixed cross currency swaps | (9) | |||
Other, net | 4 | 6 | 20 | 19 |
Other income (expense), net | $ 3 | (4) | $ 15 | (33) |
Hyliion Inc [Member] | ||||
Loss on investment in Hyliion | $ (6) | $ (20) |
Note 18 - Revenue From Contra_3
Note 18 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Contract with Customer, Receivable, after Allowance for Credit Loss, Total | $ 9 | $ 8 |
Contract with Customer, Receivable, after Allowance for Credit Loss, Noncurrent, Total | 30 | 38 |
Contract with Customer, Liability, Current | $ 37 | $ 34 |
Maximum [Member] | ||
Customer Payment Terms (Day) | 180 days |
Note 18 - Revenue From Contra_4
Note 18 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 2,535 | $ 2,204 | $ 7,601 | $ 6,672 |
Light Vehicle Segment [Member] | ||||
Net sales | 1,047 | 918 | 3,060 | 2,799 |
Commercial Vehicle Segment [Member] | ||||
Net sales | 505 | 396 | 1,475 | 1,132 |
Off-Highway Segment [Member] | ||||
Net sales | 694 | 627 | 2,206 | 1,931 |
Power Technologies Segment [Member] | ||||
Net sales | 289 | 263 | 860 | 810 |
North America [Member] | ||||
Net sales | 1,250 | 1,050 | 3,689 | 3,157 |
North America [Member] | Light Vehicle Segment [Member] | ||||
Net sales | 756 | 667 | 2,245 | 1,999 |
North America [Member] | Commercial Vehicle Segment [Member] | ||||
Net sales | 248 | 181 | 729 | 564 |
North America [Member] | Off-Highway Segment [Member] | ||||
Net sales | 90 | 80 | 268 | 218 |
North America [Member] | Power Technologies Segment [Member] | ||||
Net sales | 156 | 122 | 447 | 376 |
Europe [Member] | ||||
Net sales | 698 | 651 | 2,286 | 2,136 |
Europe [Member] | Light Vehicle Segment [Member] | ||||
Net sales | 95 | 83 | 292 | 324 |
Europe [Member] | Commercial Vehicle Segment [Member] | ||||
Net sales | 62 | 59 | 203 | 192 |
Europe [Member] | Off-Highway Segment [Member] | ||||
Net sales | 435 | 391 | 1,452 | 1,248 |
Europe [Member] | Power Technologies Segment [Member] | ||||
Net sales | 106 | 118 | 339 | 372 |
South America [Member] | ||||
Net sales | 219 | 174 | 584 | 434 |
South America [Member] | Light Vehicle Segment [Member] | ||||
Net sales | 64 | 47 | 158 | 122 |
South America [Member] | Commercial Vehicle Segment [Member] | ||||
Net sales | 143 | 116 | 391 | 286 |
South America [Member] | Off-Highway Segment [Member] | ||||
Net sales | 4 | 4 | 13 | 10 |
South America [Member] | Power Technologies Segment [Member] | ||||
Net sales | 8 | 7 | 22 | 16 |
Asia Pacific [Member] | ||||
Net sales | 368 | 329 | 1,042 | 945 |
Asia Pacific [Member] | Light Vehicle Segment [Member] | ||||
Net sales | 132 | 121 | 365 | 354 |
Asia Pacific [Member] | Commercial Vehicle Segment [Member] | ||||
Net sales | 52 | 40 | 152 | 90 |
Asia Pacific [Member] | Off-Highway Segment [Member] | ||||
Net sales | 165 | 152 | 473 | 455 |
Asia Pacific [Member] | Power Technologies Segment [Member] | ||||
Net sales | $ 19 | $ 16 | $ 52 | $ 46 |
Note 19 - Segments (Details Tex
Note 19 - Segments (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Number of Operating Segments | 4 |
Note 19 - Segments - Segment In
Note 19 - Segments - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 2,535 | $ 2,204 | $ 7,601 | $ 6,672 |
Segment EBITDA | 190 | 212 | 524 | 681 |
Operating Segments [Member] | ||||
Net sales | 2,535 | 2,204 | 7,601 | 6,672 |
Segment EBITDA | 190 | 212 | 524 | 681 |
Segment Reconciling Items [Member] | ||||
Net sales | 0 | 0 | 0 | |
Light Vehicle Segment [Member] | ||||
Net sales | 1,047 | 918 | 3,060 | 2,799 |
Light Vehicle Segment [Member] | Operating Segments [Member] | ||||
Net sales | 1,047 | 918 | 3,060 | 2,799 |
Segment EBITDA | 60 | 54 | 124 | 241 |
Light Vehicle Segment [Member] | Segment Reconciling Items [Member] | ||||
Net sales | 38 | 39 | 126 | 126 |
Commercial Vehicle Segment [Member] | ||||
Net sales | 505 | 396 | 1,475 | 1,132 |
Commercial Vehicle Segment [Member] | Operating Segments [Member] | ||||
Net sales | 505 | 396 | 1,475 | 1,132 |
Segment EBITDA | 18 | 20 | 38 | 53 |
Commercial Vehicle Segment [Member] | Segment Reconciling Items [Member] | ||||
Net sales | 26 | 25 | 84 | 73 |
Off-Highway Segment [Member] | ||||
Net sales | 694 | 627 | 2,206 | 1,931 |
Off-Highway Segment [Member] | Operating Segments [Member] | ||||
Net sales | 694 | 627 | 2,206 | 1,931 |
Segment EBITDA | 91 | 100 | 291 | 276 |
Off-Highway Segment [Member] | Segment Reconciling Items [Member] | ||||
Net sales | 12 | 16 | 49 | 52 |
Power Technologies Segment [Member] | ||||
Net sales | 289 | 263 | 860 | 810 |
Power Technologies Segment [Member] | Operating Segments [Member] | ||||
Net sales | 289 | 263 | 860 | 810 |
Segment EBITDA | 21 | 38 | 71 | 111 |
Power Technologies Segment [Member] | Segment Reconciling Items [Member] | ||||
Net sales | 8 | 6 | 21 | 18 |
Eliminations and Other [Member] | Segment Reconciling Items [Member] | ||||
Net sales | $ (84) | $ (86) | $ (280) | $ (269) |
Note 19 - Segments - Reconcilia
Note 19 - Segments - Reconciliation of Segment EBITDA to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment EBITDA | $ 190 | $ 212 | $ 524 | $ 681 |
Corporate expense and other items, net | 2 | (2) | (4) | |
Depreciation | (88) | (92) | (270) | (272) |
Amortization | (6) | (6) | (17) | (18) |
Non-service cost components of pension and OPEB costs | 0 | (2) | (3) | (7) |
Restructuring charges, net | 1 | (1) | 1 | (2) |
Stock compensation expense | (5) | (6) | (13) | (15) |
Strategic transaction expenses | (1) | (3) | (6) | (11) |
Impairment of goodwill | (191) | (191) | ||
Loss on disposal group held for sale | (7) | |||
Loss on de-designation of fixed-to-fixed cross currency swaps | (9) | |||
Other items | (3) | (1) | (1) | |
Earnings (loss) before interest and income taxes | (101) | 94 | 24 | 315 |
Loss on extinguishment of debt | (24) | |||
Interest income | 2 | 2 | 6 | 6 |
Interest expense | 32 | 31 | 95 | 99 |
Earnings (loss) before income taxes | (131) | 65 | (65) | 198 |
Income tax expense | 31 | 20 | 67 | 56 |
Equity in earnings (loss) of affiliates | (1) | 5 | (1) | 29 |
Net income (loss) | $ (163) | 50 | $ (133) | 171 |
Hyliion Inc [Member] | ||||
Loss on investment in Hyliion | $ (6) | $ (20) |
Note 20 - Equity Affiliates - E
Note 20 - Equity Affiliates - Equity Method Investments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Investments in equity affiliates | $ 104 | |
Investments in affiliates carried at cost | 24 | |
Investments in affiliates | $ 128 | $ 174 |
Dongfeng Dana Axle Co., Ltd. (DDAC) [Member] | ||
Investments in equity affiliates, ownership percentage | 50% | |
Investments in equity affiliates | $ 65 | |
ROC-Spicer, Ltd. [Member] | ||
Investments in equity affiliates, ownership percentage | 50% | |
Investments in equity affiliates | $ 19 | |
Axles India Limited [Member] | ||
Investments in equity affiliates, ownership percentage | 48% | |
Investments in equity affiliates | $ 10 | |
Tai Ya Investment (HK) Co., Limited [Member] | ||
Investments in equity affiliates, ownership percentage | 50% | |
Investments in equity affiliates | $ 4 | |
All Others as a Group [Member] | ||
Investments in equity affiliates | $ 6 |