Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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, par value $0.01 per share | ||
Trading Symbol | DAN | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,001,518,198 | ||
Entity Common Stock, Shares Outstanding | 143,373,278 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Toledo, Ohio | ||
Auditor Firm ID | 238 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 10,156 | $ 8,945 | $ 7,106 |
Costs and expenses | |||
Cost of sales | 9,393 | 8,108 | 6,485 |
Selling, general and administrative expenses | 495 | 460 | 421 |
Amortization of intangibles | 14 | 14 | 13 |
Restructuring charges, net | (1) | 34 | |
Impairment of goodwill | (191) | (51) | |
Other income (expense), net | 22 | 32 | 22 |
Earnings before interest and income taxes | 86 | 395 | 124 |
Loss on extinguishment of debt | (29) | (8) | |
Interest income | 11 | 9 | 9 |
Interest expense | 128 | 131 | 138 |
Earnings (loss) before income taxes | (31) | 244 | (13) |
Income tax expense | 284 | 72 | 58 |
Equity in earnings of affiliates | 4 | 28 | 20 |
Net income (loss) | (311) | 200 | (51) |
Less: Noncontrolling interests net income | 15 | 14 | 10 |
Less: Redeemable noncontrolling interests net loss | (84) | (11) | (30) |
Net income (loss) attributable to the parent company | $ (242) | $ 197 | $ (31) |
Net income (loss) per share available to common stockholders | |||
Basic (in dollars per share) | $ (1.69) | $ 1.36 | $ (0.21) |
Diluted (in dollars per share) | $ (1.69) | $ 1.35 | $ (0.21) |
Weighted-average common shares outstanding | |||
Basic (in shares) | 143.6 | 144.8 | 144.5 |
Diluted (in shares) | 143.6 | 146.2 | 144.5 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) | $ (311) | $ 200 | $ (51) |
Other comprehensive income (loss), net of tax: | |||
Currency translation adjustments | (102) | (9) | (77) |
Hedging gains and losses | 17 | (5) | 39 |
Defined benefit plans | 53 | 53 | 9 |
Other comprehensive income (loss) | (32) | 39 | (29) |
Total comprehensive income (loss) | (343) | 239 | (80) |
Less: Comprehensive income attributable to noncontrolling interests | (10) | (2) | (27) |
Less: Comprehensive loss attributable to redeemable noncontrolling interests | 95 | 1 | 36 |
Comprehensive income (loss) attributable to the parent company | $ (258) | $ 238 | $ (71) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 425 | $ 268 |
Marketable securities | 17 | |
Accounts receivable | ||
Trade, less allowance for doubtful accounts of $11 in 2022 and $7 in 2021 | 1,374 | 1,321 |
Other | 202 | 220 |
Inventories | 1,609 | 1,564 |
Other current assets | 219 | 196 |
Total current assets | 3,829 | 3,586 |
Goodwill | 259 | 482 |
Intangibles | 201 | 233 |
Deferred tax assets | 397 | 580 |
Other noncurrent assets | 123 | 131 |
Investments in affiliates | 136 | 174 |
Operating lease assets | 311 | 247 |
Property, plant and equipment, net | 2,193 | 2,199 |
Total assets | 7,449 | 7,632 |
Current liabilities | ||
Short-term debt | 52 | 23 |
Current portion of long-term debt | 8 | 8 |
Accounts payable | 1,838 | 1,571 |
Accrued payroll and employee benefits | 214 | 184 |
Taxes on income | 54 | 41 |
Current portion of operating lease liabilities | 36 | 43 |
Other accrued liabilities | 277 | 304 |
Total current liabilities | 2,479 | 2,174 |
Long-term debt, less debt issuance costs of $22 in 2022 and $26 in 2021 | 2,348 | 2,386 |
Noncurrent operating lease liabilities | 277 | 209 |
Pension and postretirement obligations | 298 | 398 |
Other noncurrent liabilities | 249 | 292 |
Total liabilities | 5,651 | 5,459 |
Commitments and contingencies (Note 15) | ||
Redeemable noncontrolling interests | 195 | 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, 143,366,482 and 144,238,660 shares outstanding | 2 | 2 |
Additional paid-in capital | 2,229 | 2,427 |
Retained earnings | 321 | 662 |
Treasury stock, at cost (zero and 11,661,591 shares) | 0 | (184) |
Accumulated other comprehensive loss | (1,001) | (985) |
Total parent company stockholders' equity | 1,551 | 1,922 |
Noncontrolling interests | 52 | 53 |
Total equity | 1,603 | 1,975 |
Total liabilities, redeemable noncontrolling interests and equity | $ 7,449 | $ 7,632 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - USD ($) $ in Millions | Dec. 31, 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) | 143,366,482 | 144,238,660 |
Treasury stock, shares (in shares) | 0 | 11,661,591 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Net income (loss) | $ (311) | $ 200 | $ (51) |
Depreciation | 365 | 365 | 345 |
Amortization | 23 | 24 | 20 |
Amortization of deferred financing charges | 5 | 6 | 8 |
Redemption premium on debt | 21 | ||
Write-off of deferred financing costs | 8 | 8 | |
Earnings of affiliates, net of dividends received | 23 | (10) | 7 |
Stock compensation expense | 19 | 17 | 14 |
Deferred income taxes | 153 | (1) | (35) |
Pension expense, net | (1) | (1) | 3 |
Gain on sale leaseback | (66) | ||
Impairment of goodwill | 191 | 51 | |
Change in working capital | 199 | (455) | 47 |
Change in other noncurrent assets and liabilities | 9 | (3) | (20) |
Other, net | (26) | 53 | (11) |
Net cash provided by operating activities | 649 | 158 | 386 |
Investing activities | |||
Purchases of property, plant and equipment | (440) | (369) | (326) |
Proceeds from sale of property, plant and equipment | 3 | 85 | 11 |
Acquisition of businesses, net of cash acquired | (1) | (18) | (6) |
Investments in affiliates | (23) | (21) | |
Purchases of marketable securities | (15) | (32) | (44) |
Proceeds from sales of marketable securities | 30 | 5 | |
Proceeds from maturities of marketable securities | 30 | 35 | 36 |
Proceeds from sale of equity affiliate | 29 | 21 | |
Proceeds from sale of subsidiaries, net of cash disposed | (4) | ||
Other, net | 5 | 2 | |
Net cash used in investing activities | (426) | (293) | (327) |
Financing activities | |||
Net change in short-term debt | 33 | (3) | 9 |
Proceeds from long-term debt | 2 | 1,157 | 508 |
Repayment of long-term debt | (24) | (1,156) | (480) |
Redemption premium on debt | (21) | ||
Deferred financing payments | (18) | (13) | |
Dividends paid to common stockholders | (58) | (58) | (15) |
Repurchases of common stock | (25) | (23) | |
Distributions to noncontrolling interests | (9) | (15) | (11) |
Contributions from redeemable noncontrolling interests | 51 | 14 | 4 |
Sale of interest to noncontrolling shareholder | 9 | ||
Deconsolidation of non-wholly owned subsidiary | (6) | (14) | |
Payments to acquire noncontrolling interests | (4) | (7) | |
Other, net | (8) | 2 | (2) |
Net cash used in financing activities | (42) | (127) | (12) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 181 | (262) | 47 |
Cash, cash equivalents and restricted cash - beginning of period | 287 | 567 | 518 |
Effect of exchange rate changes on cash balances | (26) | (18) | 2 |
Cash, cash equivalents and restricted cash - end of period | 442 | 287 | 567 |
Not Designated as Hedging Instrument [Member] | |||
Investing activities | |||
Settlement of derivatives | $ (8) | (4) | (5) |
Currency Swap [Member] | |||
Investing activities | |||
Settlement of derivatives | $ (22) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) $ in Millions | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | $ (1) | $ (1) | $ (1) | |||||||||
Balance at Dec. 31, 2019 | $ 2 | $ 2,386 | $ 622 | $ (150) | $ (987) | $ 1,873 | $ 95 | $ 1,968 | ||||
Net income (loss) | (31) | (31) | 10 | (21) | ||||||||
Other comprehensive income (loss) | (40) | (40) | 17 | (23) | ||||||||
Common stock dividends and dividend equivalents | (15) | (15) | (15) | |||||||||
Distributions to noncontrolling interests | (11) | (11) | ||||||||||
Purchase of noncontrolling interests | 10 | 10 | (23) | (13) | ||||||||
Sale of noncontrolling interests | 2 | 2 | ||||||||||
Redeemable noncontrolling interests adjustment to redemption value | (38) | (38) | (38) | |||||||||
Deconsolidation of non-wholly owned subsidiary | (7) | 1 | (6) | (14) | (20) | |||||||
Stock compensation | 12 | 12 | 12 | |||||||||
Stock withheld for employees taxes | (6) | (6) | (6) | |||||||||
Balance at Dec. 31, 2020 | 2 | 2,408 | 530 | (156) | (1,026) | 1,758 | 76 | 1,834 | ||||
Net income (loss) | 197 | 197 | 14 | 211 | ||||||||
Other comprehensive income (loss) | 41 | 41 | (12) | 29 | ||||||||
Common stock dividends and dividend equivalents | (59) | (58) | (58) | |||||||||
Distributions to noncontrolling interests | (15) | (15) | ||||||||||
Purchase of noncontrolling interests | (2) | (2) | ||||||||||
Redeemable noncontrolling interests adjustment to redemption value | (6) | (6) | (6) | |||||||||
Deconsolidation of non-wholly owned subsidiary | (8) | (8) | ||||||||||
Stock compensation | 18 | 18 | 18 | |||||||||
Stock withheld for employees taxes | (5) | (5) | (5) | |||||||||
Common stock dividends and dividend equivalents ($0.40 per share) | 1 | |||||||||||
Common stock share repurchases | (23) | (23) | (23) | |||||||||
Sale of noncontrolling interests | (1) | (1) | ||||||||||
Other | 1 | 1 | ||||||||||
Balance at Dec. 31, 2021 | 2 | 2,427 | 662 | (184) | (985) | 1,922 | 53 | 1,975 | ||||
Net income (loss) | (242) | (242) | 15 | (227) | ||||||||
Other comprehensive income (loss) | (16) | (16) | (5) | (21) | ||||||||
Common stock dividends and dividend equivalents | (58) | (57) | (57) | |||||||||
Distributions to noncontrolling interests | (9) | (9) | ||||||||||
Purchase of noncontrolling interests | 0 | (2) | (2) | |||||||||
Redeemable noncontrolling interests adjustment to redemption value | (41) | (41) | (41) | |||||||||
Stock compensation | 17 | 17 | 17 | |||||||||
Stock withheld for employees taxes | (7) | (7) | (7) | |||||||||
Common stock dividends and dividend equivalents ($0.40 per share) | 1 | |||||||||||
Common stock share repurchases | (25) | (25) | (25) | |||||||||
Retirement of treasury shares | 0 | |||||||||||
Retirement of treasury shares | (216) | |||||||||||
Retirement of treasury shares | 216 | 0 | ||||||||||
Balance at Dec. 31, 2022 | $ 2 | $ 2,229 | $ 321 | $ 0 | $ (1,001) | $ 1,551 | $ 52 | $ 1,603 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock dividends, per share (in dollars per share) | $ 0.10 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.40 | $ 0.40 | $ 0.10 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 During the first 2022, not fourth 2022, not December 31, 2022 In the fourth 2022, Held for sale one Discontinued operations Estimates Fair value measurements three three 1 2 3 no The inputs we use in our valuation techniques include market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs. When available, we use quoted market prices to determine the fair value (market approach). In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, we consider the amount and timing of estimated future cash flows and assumed discount rates reflecting varying degrees of credit risk that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date (income approach). Fair values may not Cash and cash equivalents three Inventories first first Property, plant and equipment twenty thirty five ten three five three ten Leases twelve not Pre-production costs related to long-term supply arrangements December 31, 2022 December 31, 2022 Goodwill October 31 0, may not not 1. not 0, 1. 1, not 3 Intangible assets 3 Investments in affiliates not 21 Tangible asset impairments may not no Other long-lived assets and liabilities Financial instruments Derivative not not For derivative instruments designated as cash flow hedges, at the cash flow hedge’s inception and on an ongoing basis, the company formally assesses whether the cash flow hedging instruments have been highly effective in offsetting changes in the cash flows of the hedged transactions and whether those cash flow hedging instruments may Changes in the fair value of contracts treated as net investment hedges are recorded in the cumulative translation adjustment (CTA) component of OCI. Amounts recorded in CTA are deferred until such time as the investment in the associated subsidiary is substantially liquidated. Changes in the fair value of contracts not We may No December 31, 2022 14 Cash flows associated with designated derivatives are classified within the same category as the item being hedged on the consolidated statement of cash flows. Cash flows associated with undesignated derivatives are included in the investing category on the consolidated statement of cash flows. Warranty Environmental compliance and remediation not Pension and other postretirement defined benefits Postemployment benefits not Equity-based compensation Government assistance may one five 6 18 Revenue recognition 19 Foreign currency translation We continue to account for Argentina as a highly inflationary economy and remeasure the financial statements of our Argentine subsidiaries as if their functional currency was the U.S. dollar. Income taxes not not not no A valuation allowance is provided when, in our judgment based upon available information, it is more likely than not not not Research and development s were $201, $178 and $146 in 2022 , 2021 and 2020 . Beginning in 2020, Recently adopted accounting pronouncements On January 1, 2022, 2021 10, Disclosures by Business Entities about Government Assistance not 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 September 2022, 2022 04, Supplier Finance Programs January 1, 2023. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Pi Innovo Holdings Limited October 20, 2020, March 1, 2021, not no Ashwoods Innovations Limite February 28, 2019, February 5, 2020, March 2020, not no |
Note 3 - Goodwill and Other Int
Note 3 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Goodwill October 31 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 exceeded the carrying value by a substantial amount and, accordingly, no 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, 2020 $ — $ 177 $ 302 $ — $ 479 Acquisitions 22 (11 ) 11 Currency impact 2 (10 ) (8 ) Balance, December 31, 2021 — 201 281 — 482 Impairment (191 ) (191 ) Currency impact (10 ) (22 ) (32 ) Balance, December 31, 2022 $ — $ — $ 259 $ — $ 259 Non-amortizable intangible assets TM4® No two December 31, 2022 Amortizable intangible assets These assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not not no two December 31, 2022 Components of other intangible assets December 31, 2022 December 31, 2021 Weighted Average Gross Accumulated Net Gross Accumulated Net Useful Life Carrying Impairment and Carrying Carrying Impairment and Carrying (years) Amount Amortization Amount Amount Amortization Amount Amortizable intangible assets Core technology 8 $ 156 $ (116 ) $ 40 $ 161 $ (110 ) $ 51 Trademarks and trade names 13 29 (13 ) 16 31 (12 ) 19 Customer relationships 8 498 (425 ) 73 519 (431 ) 88 Non-amortizable intangible assets Trademarks and trade names 72 72 75 75 $ 755 $ (554 ) $ 201 $ 786 $ (553 ) $ 233 The net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments at December 31, 2022 Amortization expense related to amortizable intangible assets 2022 2021 2020 Charged to cost of sales $ 9 $ 10 $ 7 Charged to amortization of intangibles 14 14 13 Total amortization $ 23 $ 24 $ 20 The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five December 31, 2022 may 2023 2024 2025 2026 2027 Amortization expense $ 22 $ 21 $ 19 $ 17 $ 16 |
Note 4 - Restructuring of Opera
Note 4 - Restructuring of Operations | 12 Months Ended |
Dec. 31, 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, including certain operating costs of facilities that we are in the process of closing. Accrued restructuring costs and activity, including noncurrent portion Employee Termination Exit Benefits Costs Total Balance, December 31, 2019 $ 13 $ 1 $ 14 Charges to restructuring 30 6 36 Adjustments of accruals (2 ) (2 ) Cash payments (12 ) (7 ) (19 ) Currency impact 1 1 Balance, December 31, 2020 30 — 30 Charges to restructuring 2 5 7 Adjustments of accruals (7 ) (7 ) Cash payments (13 ) (5 ) (18 ) Currency impact (1 ) (1 ) Balance, December 31, 2021 11 — 11 Charges to restructuring 2 2 4 Adjustments of accruals (5 ) (5 ) Cash payments (6 ) (2 ) (8 ) Balance, December 31, 2022 $ 2 $ — $ 2 At December 31, 2022 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventory components at December 31 2022 2021 Raw materials $ 679 $ 651 Work in process and finished goods 1,023 1,000 Inventory reserves (93 ) (87 ) Total $ 1,609 $ 1,564 |
Note 6 - Supplemental Balance S
Note 6 - Supplemental Balance Sheet and Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | 6. Supplemental balance sheet information at December 31 2022 2021 Other current assets: Prepaid expenses $ 167 $ 147 Other 52 49 Total $ 219 $ 196 Other noncurrent assets: Customer incentive payments $ 28 $ 38 Prepaid expenses 3 2 Deferred financing costs 4 6 Pension assets, net of related obligations 9 15 Other 79 70 Total $ 123 $ 131 Property, plant and equipment, net: Land and improvements to land $ 187 $ 193 Buildings and building fixtures 605 590 Machinery and equipment 4,108 3,872 Finance lease right-of-use assets 57 64 Total cost 4,957 4,719 Less: accumulated depreciation (2,764 ) (2,520 ) Net $ 2,193 $ 2,199 Other accrued liabilities (current): Non-income taxes payable $ 54 $ 54 Accrued interest 29 25 Warranty reserves 35 51 Deferred income 8 Workplace injury costs 5 5 Restructuring costs 2 11 Payable under forward contracts 11 1 Environmental 3 5 Deferred government assistance 3 Other expense accruals 135 144 Total $ 277 $ 304 Other noncurrent liabilities: Income tax liability $ 58 $ 68 Interest rate swap market valuation 11 51 Deferred income tax liability 30 32 Workplace injury costs 14 15 Warranty reserves 73 56 Deferred government assistance 16 Other noncurrent liabilities 47 70 Total $ 249 $ 292 Cash, cash equivalents and restricted cash at December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2019 Cash and cash equivalents $ 425 $ 268 $ 559 $ 508 Restricted cash included in other current assets 7 9 5 6 Restricted cash included in other noncurrent assets 10 10 3 4 Total cash, cash equivalents and restricted cash $ 442 $ 287 $ 567 $ 518 Supplemental cash flow information 2022 2021 2020 Change in working capital: Change in accounts receivable $ (81 ) $ (189 ) $ (66 ) Change in inventories (99 ) (471 ) 69 Change in accounts payable 343 254 82 Change in accrued payroll and employee benefits 36 3 (22 ) Change in accrued income taxes 10 (44 ) (9 ) Change in other current assets and liabilities (10 ) (8 ) (7 ) Net $ 199 $ (455 ) $ 47 Cash paid during the period for: Interest $ 117 $ 109 $ 129 Income taxes 132 99 98 Noncash investing and financing activities: Purchases of property, plant and equipment held in accounts payable $ 74 $ 91 $ 50 Stock compensation plans 17 18 12 Noncash dividends declared 1 1 — |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Finance Leases and Operating Leases [Text Block] | 7. Our leases generally have remaining lease terms of one twenty forty not The following table provides a summary of the location and amounts related to finance leases recognized in the consolidated balance sheet. Short-term lease costs were insignificant as of December 31, 2022 2021. Classification 2022 2021 Finance lease right-of-use assets Property, plant and equipment, net $ 57 $ 64 Finance lease liabilities Current portion of long-term debt 8 8 Finance lease liabilities Long-term debt 43 47 Components of lease expense 2022 2021 2020 Operating lease cost $ 58 $ 53 $ 52 Finance lease cost: Amortization of right-of-use assets $ 9 $ 8 $ 5 Interest on lease liabilities 2 2 2 Total finance lease cost $ 11 $ 10 $ 7 Supplemental cash flow information related to leases 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 60 $ 53 $ 52 Operating cash flows from finance leases 2 2 2 Financing cash flows from finance leases 9 7 4 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 111 $ 105 $ 57 Finance leases 6 3 32 Supplemental balance sheet information related to leases 2022 2021 Weighted-average remaining lease term (years): Operating leases 10 10 Finance leases 12 13 Weighted-average discount rate: Operating leases 6.9 % 6.3 % Finance leases 4.5 % 4.5 % Maturities Operating Leases Finance Leases 2023 $ 54 $ 9 2024 51 8 2025 47 7 2026 42 6 2027 37 6 Thereafter 222 35 Total lease payments 453 71 Less: interest 140 19 Present value of lease liabilities $ 313 $ 52 Operating lease payments presented in the table above exclude minimum lease payments for real estate leases signed in 2022 not 2023. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Preferred Stock We are authorized to issue 50,000,000 shares of Dana preferred stock, par value $0.01 per share. There were no December 31, 2022 2021 Common Stock We are authorized to issue 450,000,000 shares of Dana common stock, par value $0.01 per share. At December 31, 2022 December 31, 2022, Our Board of Directors declared a cash dividend of ten four 2022 2022 Treasury stock December 17, 2022, Share repurchase program February 16, 2021 December 31, 2023. first 2022 December 31, 2022 Changes in each component of AOCI of the parent Parent Company Stockholders Accumulated Foreign Defined Other Currency Benefit Comprehensive Translation Hedging Plans Loss Balance, December 31, 2019 $ (714 ) $ (30 ) $ (243 ) $ (987 ) Other comprehensive income (loss): Currency translation adjustments (88 ) (88 ) Holding gains and losses (78 ) (78 ) Reclassification of amount to net income (a) 117 117 Net actuarial losses (11 ) (11 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 20 20 Other comprehensive income (loss) (88 ) 39 9 (40 ) Deconsolidation of non-wholly owned subsidiary 1 1 Balance, December 31, 2020 (802 ) 9 (233 ) (1,026 ) Other comprehensive income (loss): Currency translation adjustments (7 ) (7 ) Holding gains and losses 55 55 Reclassification of amount to net income (a) (59 ) (59 ) Net actuarial gains 52 52 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 18 18 Tax expense (1 ) (17 ) (18 ) Other comprehensive income (loss) (7 ) (5 ) 53 41 Balance, December 31, 2021 (809 ) 4 (180 ) (985 ) Other comprehensive income (loss): Currency translation adjustments (88 ) (88 ) Holding gains and losses 76 76 Reclassification of amount to net income (a) (56 ) (56 ) Net actuarial gains 62 62 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 11 11 Tax (expense) benefit 2 (3 ) (20 ) (21 ) Other comprehensive income (loss) (86 ) 17 53 (16 ) Balance, December 31, 2022 $ (895 ) $ 21 $ (127 ) $ (1,001 ) ___________________________________________________ Notes: (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 14 (b) See Note 12 |
Note 9 - Redeemable Noncontroll
Note 9 - Redeemable Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Redeemable Noncontrolling Interest Disclosure [Text Block] | 9. Hydro-Québec owns a 45% redeemable noncontrolling interest in Dana TM4 TM4 TM4 not TM4 TM4 TM4 Redeemable noncontrolling interests reflected as of the balance sheet date are the greater of the redeemable noncontrolling interest balances adjusted for comprehensive income (loss) items and distributions or the redemption values. 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 2022 2021 Balance, beginning of period $ 198 $ 180 Capital contribution from redeemable noncontrolling interest 51 14 Adjustment to redemption value 41 6 Other (1 ) Comprehensive income (loss) adjustments: Net loss attributable to redeemable noncontrolling interests (84 ) (11 ) Other comprehensive income (loss) attributable to redeemable noncontrolling interests (11 ) 10 Balance, end of period $ 195 $ 198 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Reconciliation of the numerators and denominators of the earnings per share calculations 2022 2021 2020 Net income (loss) available to common stockholders - Numerator basic and diluted $ (242 ) $ 197 $ (31 ) Denominator: Weighted-average common shares outstanding - Basic 143.6 144.8 144.5 Employee compensation-related shares, including stock options — 1.4 — Weighted-average common shares outstanding - Diluted 143.6 146.2 144.5 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 0.1 million, 0.6 million and 1.4 million CSEs from the calculations of diluted earnings per share for the years 2022 2021 2020 2022 2020 |
Note 11 - Stock Compensation
Note 11 - Stock Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. 2021 The 2021 April 2031. not December 31, 2022 Award activity Options RSUs PSUs Grant-Date Grant-Date Shares Exercise Price* Shares Fair Value* Shares Fair Value* December 31, 2021 0.2 $ 16.18 2.4 $ 17.25 0.5 $ 17.71 Granted 0.9 22.21 0.3 24.69 Exercised or vested (1.0 ) 17.98 Forfeited or expired (0.4 ) 14.77 December 31, 2022 0.2 16.19 2.3 18.95 0.4 25.52 * Weighted-average per share 2022 2021 2020 Total stock compensation expense $ 19 $ 17 $ 14 Total grant-date fair value of awards vested 19 15 16 Cash received from exercise of stock options 5 Cash paid to settle SARs and RSUs 4 2 2 Intrinsic value of stock options and SARs exercised 2 Intrinsic value of RSUs and PSUs vested 21 14 14 Compensation expense is generally measured based on the fair value at the date of grant and is recognized on a straight-line basis over the vesting period. For options and SARs, we use an option-pricing model to estimate fair value. For RSUs and PSUs, the fair value is based on the closing market price of our common stock at the date of grant. Awards that are settled in cash are subject to liability accounting. Accordingly, the fair value of such awards is remeasured at the end of each reporting period until settled or expired. We had accrued $4 and $6 for cash-settled awards at December 31, 2022 2021 2022 December 31, 2022 Stock options and stock appreciation rights three ten not 2013. December 31, 2022 Restricted stock units and performance shares units one first three three three Under the 2022 2021 2020 two not 2022 2021 3 PSUs 2022 2021 Expect term (in years) 3.0 3.0 Risk-free interest rate 1.78 % 0.18 % Dividend yield 1.67 % 2.27 % Expected volatility 63.9 % 62.8 % Cash incentive awards 2021 Under the 2022 2021 2020 2022 2021 2020 |
Note 12 - Pension and Postretir
Note 12 - Pension and Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 12. We sponsor various defined benefit, qualified and nonqualified, pension plans covering eligible employees. Other postretirement benefits (OPEB), including medical and life insurance, are provided for certain employees upon retirement. We also sponsor various defined contribution plans that cover the majority of our employees. Under the terms of the qualified defined contribution retirement plans, employee and employer contributions may None Components of net periodic benefit cost (credit) and other amounts recognized in OCI Pension Benefits 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Interest cost $ 16 $ 8 $ 13 $ 5 $ 21 $ 5 Expected return on plan assets (28 ) (2 ) (26 ) (2 ) (35 ) (3 ) Service cost 7 9 9 Amortization of net actuarial loss 8 5 9 9 11 9 Net periodic benefit cost (credit) (4 ) 18 (4 ) 21 (3 ) 20 Recognized in OCI: Amount due to net actuarial (gains) losses 20 (66 ) (4 ) (23 ) (4 ) 10 Reclassification adjustment for net actuarial losses in net periodic benefit cost (8 ) (5 ) (9 ) (9 ) (11 ) (9 ) Total recognized in OCI 12 (71 ) (13 ) (32 ) (15 ) 1 Net recognized in benefit cost (credit) and OCI $ 8 $ (53 ) $ (17 ) $ (11 ) $ (18 ) $ 21 OPEB 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Interest cost $ — $ 2 $ — $ 2 $ — $ 2 Service cost 1 1 Amortization of net actuarial gain (2 ) Net periodic benefit cost — — — 3 — 3 Recognized in OCI: Amount due to net actuarial (gains) losses (1 ) (15 ) (1 ) (24 ) 1 4 Reclassification adjustment for net actuarial gain in net periodic benefit cost 2 Total recognized in OCI (1 ) (13 ) (1 ) (24 ) 1 4 Net recognized in benefit cost (credit) and OCI $ (1 ) $ (13 ) $ (1 ) $ (21 ) $ 1 $ 7 Our U.S. defined benefit pension plans are frozen and no Funded status Pension Benefits OPEB 2022 2021 2022 2021 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Reconciliation of benefit obligation: Obligation at beginning of period $ 745 $ 384 $ 810 $ 438 $ 3 $ 69 $ 4 $ 93 Interest cost 16 8 13 5 2 2 Service cost 7 9 1 Actuarial (gain) loss (155 ) (73 ) (29 ) (25 ) (1 ) (15 ) (1 ) (24 ) Benefit payments (49 ) (14 ) (49 ) (15 ) (4 ) (4 ) Settlements (1 ) Translation adjustments (16 ) (27 ) (4 ) 1 Obligation at end of period $ 557 $ 296 $ 745 $ 384 $ 2 $ 48 $ 3 $ 69 Pension Benefits OPEB 2022 2021 2022 2021 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Reconciliation of fair value of plan assets: Fair value at beginning of period $ 733 $ 65 $ 781 $ 69 $ — $ 1 $ — $ — Actual return on plan assets (147 ) (5 ) 1 Employer contributions 16 17 4 5 Benefit payments (49 ) (14 ) (49 ) (15 ) (4 ) (4 ) Settlements (1 ) Translation adjustments (3 ) (5 ) Fair value at end of period $ 537 $ 59 $ 733 $ 65 $ — $ 1 $ — $ 1 Funded status at end of period $ (20 ) $ (237 ) $ (12 ) $ (319 ) $ (2 ) $ (47 ) $ (3 ) $ (68 ) Amounts recognized in the balance sheet Pension Benefits OPEB 2022 2021 2022 2021 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in the consolidated balance sheet: Noncurrent assets $ 7 $ 2 $ 14 $ 1 $ — $ — $ — $ — Current liabilities (13 ) (14 ) (4 ) (5 ) Noncurrent liabilities (27 ) (226 ) (26 ) (306 ) (2 ) (43 ) (3 ) (63 ) Net amount recognized $ (20 ) $ (237 ) $ (12 ) $ (319 ) $ (2 ) $ (47 ) $ (3 ) $ (68 ) Amounts recognized in AOCI Pension Benefits OPEB 2022 2021 2022 2021 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in AOCI: Net actuarial loss (gain) $ 141 $ 5 $ 129 $ 76 $ — $ (45 ) $ 1 $ (32 ) AOCI before tax 141 5 129 76 — (45 ) 1 (32 ) Deferred taxes 17 (2 ) 19 (22 ) 11 9 Net $ 158 $ 3 $ 148 $ 54 $ — $ (34 ) $ 1 $ (23 ) The net actuarial loss for U.S. pension plans for 2022 2022 The net actuarial gain for pension for 2021 2021 Aggregate funding levels December 31: 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Plans with fair value of plan assets in excess of obligations: Accumulated benefit obligation $ 425 $ 14 $ 568 $ 12 Projected benefit obligation 425 14 568 12 Fair value of plan assets 431 16 582 13 Plans with obligations in excess of fair value of plan assets: Accumulated benefit obligation $ 132 $ 259 $ 177 $ 344 Projected benefit obligation 132 282 177 372 Fair value of plan assets 106 43 151 52 Fair value of pension plan assets Fair Value Measurements at December 31, 2022 U.S. Non-U.S. Asset Category Total Level 1 Level 2 Level 3 NAV (a) Level 1 Level 2 Level 3 Equity securities: U.S. all cap (b) $ 20 $ 20 $ — $ — $ — $ — $ — $ — U.S. large cap 19 19 EAFE composite 11 11 Emerging markets 9 9 Fixed income securities: Corporate bonds 414 165 249 U.S. Treasury strips 8 8 Non-U.S. government securities 16 2 14 Emerging market debt 7 7 Alternative investments: Insurance contracts (c) 49 6 43 Real estate 14 14 Other 2 2 Cash and cash equivalents 27 27 Total $ 596 $ 20 $ 202 $ 6 $ 309 $ — $ 16 $ 43 Fair Value Measurements at December 31, 2021 U.S. Non-U.S. Asset Category Total Level 1 Level 2 Level 3 NAV (a) Level 1 Level 2 Level 3 Equity securities: U.S. all cap (b) $ 31 $ 31 $ — $ — $ — $ — $ — $ — U.S. large cap 30 30 EAFE composite 17 17 Emerging markets 10 10 Fixed income securities: Corporate bonds 556 200 356 U.S. Treasury strips 24 24 Non-U.S. government securities 15 2 13 Emerging market debt 10 10 Alternative investments: Insurance contracts (c) 57 6 51 Real estate 14 14 Other 1 1 Cash and cash equivalents 33 33 Total $ 798 $ 31 $ 259 $ 6 $ 437 $ — $ 14 $ 51 ________________________________ Notes: (a) Certain assets are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient and have not (b) This category comprises a combination of small-, mid- and large-cap equity stocks that are allocated at the investment manager's discretion. Investments include common and preferred securities as well as equity funds that invest in these instruments. (c) This category comprises contracts placed with insurance companies where the underlying assets are invested in fixed interest securities. 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Insurance Insurance Insurance Insurance Reconciliation of Level 3 Assets Contracts Contracts Contracts Contracts Fair value at beginning of period $ 6 $ 51 $ 6 $ 52 Actual gains (losses) relating to assets still held at the reporting date (5 ) 2 Currency impact (3 ) (3 ) Fair value at end of period $ 6 $ 43 $ 6 $ 51 Valuation Methods Equity securities not Fixed income securities not Insurance contracts Real estate third third Cash and cash equivalents The methods described above may may not Investment policy Our policy recognizes that properly managing the relationship between pension assets and pension liabilities serves to mitigate the impact of market volatility on our funding levels. The investment policy permits plan assets to be invested in a number of diverse categories, including a Growth Portfolio, an Immunizing Portfolio and a Liquidity Portfolio. These sub-portfolios are intended to balance the generation of incremental returns with the management of overall risk. The Growth Portfolio is invested in a diversified pool of assets in order to generate an incremental return with an acceptable level of risk. The Immunizing Portfolio is a hedging portfolio that may no The allocations among portfolios are adjusted as needed to meet changing objectives and constraints and to manage the risk of adverse changes in the unfunded positions of our plans. At December 31, 2022 December 31, 2022 Significant assumptions December 31 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Pension benefit obligations: Discount rate 5.47 % 4.74 % 2.83 % 1.97 % 2.43 % 1.40 % Net periodic benefit cost: Discount rate 2.29 % 2.20 % 1.72 % 1.79 % 2.79 % 2.10 % Rate of compensation increase N/A 3.11 % N/A 2.97 % N/A 3.36 % Expected return on plan assets 4.00 % 3.64 % 3.50 % 3.57 % 5.00 % 4.45 % The pension plan discount rate assumptions are evaluated annually in consultation with our outside actuarial advisers. Long-term interest rates on high quality corporate debt instruments are used to determine the discount rate. For our largest plans, discount rates are developed using a discounted bond portfolio analysis, with appropriate consideration given to defined benefit payment terms and duration of the liabilities. For pension and other postretirement benefit plans that utilize a full yield curve approach to estimate the interest and service components of net periodic benefit cost, we apply the specific spot rates along the yield curve used in the most recent remeasurement of the benefit obligation to the relevant projected cash flows. We believe this method improves the correlation between the projected cash flows and the corresponding interest rates and provides a more precise measurement of interest and service costs. Since the remeasurement of total benefit obligations is not The expected rate of return on plan assets was selected on the basis of our long-term view of return and risk assumptions for major asset classes. We define long-term as forecasts that span at least the next ten 2023 The significant weighted-average assumptions used in the measurement of OPEB obligations at December 31 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. OPEB benefit obligations: Discount rate 5.54 % 5.44 % 2.99 % 3.08 % 2.67 % 2.55 % Net periodic benefit cost: Discount rate 2.84 % 3.34 % 2.57 % 2.62 % 3.19 % 3.15 % Initial health care cost trend rate N/A 2.48 % N/A 2.27 % N/A 4.64 % Ultimate health care cost trend rate N/A 4.09 % N/A 4.20 % N/A 5.13 % Year ultimate reached N/A 2032 N/A 2032 N/A 2023 The discount rate selection process was similar to the process used for the pension plans. Assumed health care cost trend rates have a significant effect on the health care obligation. To determine the trend rates, consideration is given to the plan design, recent experience and health care economics. Estimated future benefit payments and contributions five five Pension Benefits OPEB Year U.S. Non-U.S. U.S. Non-U.S. 2023 $ 50 $ 16 $ — $ 4 2024 49 16 4 2025 48 16 4 2026 48 20 4 2027 47 19 4 2028 to 2032 215 114 1 17 Total $ 457 $ 201 $ 1 $ 37 Pension benefits are funded through deposits with trustees that satisfy, at a minimum, the applicable funding regulations. OPEB benefits are funded as they become due. There are no 2023 Multi-employer pension plans May 22, 2026. December 31, 2022 not Contribution rates could increase if the plan is required to adopt a funding improvement plan or a rehabilitation plan, if the performance of plan assets does not may The Pension Protection Act (PPA) defines a zone status for each plan. Plans in the green zone are at least 80% funded, plans in the yellow zone are at least 65% funded and plans in the red zone are generally less than 65% funded. The SPT plan has utilized extended amortization provisions to amortize its losses from 2008. not Employer PPA Identification Zone Status Funding Plan Contributions by Dana Pension Number/ Pending/ Surcharge Fund Plan Number 2022 2021 Implemented 2022 2021 2020 Imposed SPT 23-6648508 / 499 Green Green No $ 18 $ 16 $ 14 No |
Note 13 - Financing Agreements
Note 13 - Financing Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 13. Long-term debt at December 31 Interest Rate 2022 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% 348 370 Senior Notes due September 1, 2030 4.250% 400 400 Senior Notes due February 15, 2032 4.500% 350 350 Other indebtedness 80 100 Debt issuance costs (22 ) (26 ) 2,356 2,394 Less: Current portion of long-term debt 8 8 Long-term debt, less debt issuance costs $ 2,348 $ 2,386 * In conjunction with the issuance of the April 2025 8 April 2025 14 Interest on the senior notes is payable semi-annually. Other indebtedness includes a $25 note payable to the former shareholders of SME, borrowings from various financial institutions and finance lease obligations. Scheduled principal payments on long-term debt, excluding finance leases at December 31, 2022 2023 2024 2025 2026 2027 Maturities $ — $ 27 $ 400 $ — $ 400 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. In June 2020, June 2028 June 2028 December 15 June 15 December 15, 2020. June 2028 June 15, 2028. November 2027 November 2027 May 15 November 15 November 15, 2020. November 2027 November 15, 2027. 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 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 2020, 2021, March 25, 2021, March 25, 2026. 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 and guaranty 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 December 31, 2022, $25 of o $16 December 31, 2022 $1,109 af Bridge facility April 16, 2020, April 15, 2021. June 19, 2020, June 2028 Debt covenants December 31, 2022, first not 1.00. |
Note 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements and Derivatives | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 14. 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 December 31, 2022 December 31, 2021 Certificates of deposit Marketable securities 2 $ — $ 17 Currency forward contracts Cash flow hedges Accounts receivable - Other 2 26 7 Cash flow hedges Other accrued liabilities 2 4 1 Undesignated Accounts receivable - Other 2 2 2 Undesignated Other accrued liabilities 2 7 Currency swaps Cash flow hedges Other noncurrent assets 2 17 Cash flow hedges Other noncurrent liabilities 2 34 Undesignated Other noncurrent liabilities 2 11 17 Fair Value Level 1 2 Fair value of financial instruments not 2022 2021 Carrying Fair Carrying Fair Fair Value Level Value Value Value Value Long term debt 2 $ 2,304 $ 2,010 $ 2,338 $ 2,412 Foreign currency derivatives fifteen We have executed fixed-to-fixed cross-currency swaps in conjunction with the issuance of certain notes to eliminate the variability in the functional-currency-equivalent cash flows due to changes in exchange rates associated with the forecasted principal and interest payments. All of the underlying designated financial instruments, and any subsequent replacement debt, have been designated as the hedged items in each respective cash flow hedge relationship, as shown in the table below. Designated as cash flow hedges of the forecasted principal and interest payments of the underlying designated financial instruments, or subsequent replacement debt, all of the swaps economically convert the underlying designated financial instruments into the functional currency of each respective holder. The impact of the interest rate differential between the inflow and outflow rates on all fixed-to-fixed cross-currency swaps is recognized during each period as a component of interest expense. The following fixed-to-fixed cross-currency swaps were outstanding at December 31, 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 all of the underlying designated financial instruments and all of the associated swaps match and that all other required criteria have been met, we do not 13 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 13 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 $608 at December 31, 2022 December 31, 2021. December 31, 2022 December 31, 2021. The following currency derivatives were outstanding at December 31, 2022 Notional Amount (U.S. Dollar Equivalent) Functional Currency Traded Currency Designated Undesignated Total Maturity U.S. dollar Mexican peso, Thai baht $ 146 $ 16 $ 162 Dec-2023 Euro U.S. dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Indian rupee, Japanese yen, Mexican peso, Swedish krona, South African rand 95 128 223 Sep-2027 British pound U.S. dollar, euro 4 4 Sep-2023 South African rand U.S. dollar, euro, Thai baht 11 11 Feb-2023 Canadian dollar U.S. dollar 8 8 Jan-2023 Brazilian real U.S. dollar, euro 65 14 79 Dec-2023 Indian rupee U.S. dollar, euro, British pound 110 110 Sep-2023 Chinese renminbi U.S. dollar, Canadian dollar 11 11 Jan-2023 Total forward contracts 310 298 608 U.S. dollar euro 298 181 479 Nov-2027 Euro U.S. dollar 300 188 488 Jun-2026 Total currency swaps 598 369 967 Total currency derivatives $ 908 $ 667 $ 1,575 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 December 31, 2022 December 31, 2021 Gain (loss) expected to be reclassified into income in one year or less Forward Contracts $ 11 $ (1 ) $ 11 Cross-Currency Swaps 11 2 Total $ 22 $ 1 $ 11 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: 2022 2021 2020 Derivatives Designated as Cash Flow Hedges 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 $ 10,156 $ 8,945 $ 7,106 Cost of sales 9,393 8,108 6,485 Other income (expense), net 22 32 22 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income Net sales 1 Cost of sales (7 ) (9 ) 18 Other income (expense), net (6 ) (5 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income Other income (expense), net (43 ) (45 ) 99 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 2022 2021 2020 Derivatives Not Designated as Hedging Instruments (Gain) or loss recognized in income Foreign currency forward contracts Cost of sales $ — $ 1 $ — Other income (expense), net $ (13 ) $ — $ (6 ) Net investment hedges |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. Product liabilities $2 December 31, 2022 2021 third $13 December 31, 2022 2021. third may Environmental liabilities December 31, 2022 2021 Guarantee of lease obligations 2010, three June 2025, Other legal matters may not |
Note 16 - Warranty Obligations
Note 16 - Warranty Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 16. 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 — 2022 2021 2020 Balance, beginning of period $ 107 $ 98 $ 101 Amounts accrued for current period sales 44 38 35 Adjustments of prior estimates 6 11 1 Settlements of warranty claims (46 ) (28 ) (42 ) Divestitures (10 ) Currency impact (3 ) (2 ) 3 Balance, end of period $ 108 $ 107 $ 98 |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 17. Income tax expense — 2022 2021 2020 Current U.S. federal and state $ 19 $ (31 ) $ 14 Non-U.S. 112 104 79 Total current 131 73 93 Deferred U.S. federal and state 160 54 (23 ) Non-U.S. (7 ) (55 ) (12 ) Total deferred 153 (1 ) (35 ) Total expense $ 284 $ 72 $ 58 We record interest and penalties related to uncertain tax positions as a component of income tax expense or benefit. Net interest expense for the periods presented herein is not Income before income taxes — 2022 2021 2020 U.S. operations $ (343 ) $ (170 ) $ (128 ) Non-U.S. operations 312 414 115 Earnings (loss) before income taxes $ (31 ) $ 244 $ (13 ) Income tax audits no 2008. We are currently under audit by U.S. and foreign authorities for certain taxation years. When the issues related to these periods are settled, the total amounts of unrecognized tax benefits for all open tax years may GILTI Policy Elections not Foreign income repatriation may 2022, nil 2021 2020, not 2022, 2021 2020 December 31, 2022. The earnings of our certain non-U.S. subsidiaries may 2022. Effective tax rate reconciliation — 2022 2021 2020 $ % $ % $ % U.S. federal income tax rate (7 ) 21 51 21 (3 ) 21 Adjustments resulting from: State and local income taxes, net of federal benefit (6 ) 19 6 (46 ) Non-U.S. income / expense (2 ) 7 15 6 (5 ) 39 Credits and tax incentives (27 ) 87 1 (55 ) 423 U.S. foreign derived intangible income (1 ) (24 ) 185 U.S. tax and withholding tax on non-US earnings 42 (135 ) 14 6 20 (154 ) Intercompany sale of certain operating assets (1 ) 3 (1 ) 27 (207 ) Settlement and return adjustments (7 ) 23 5 2 3 (23 ) Enacted change in tax rates (4 ) 13 (5 ) (2 ) (2 ) 15 Mexican non-deductible cost of goods sold 17 (130 ) Goodwill impairment 47 (151 ) 8 (61 ) Miscellaneous items (6 ) 19 (7 ) (3 ) 6 (46 ) Valuation allowance adjustments 255 (822 ) 60 (462 ) Effective income tax rate 284 (916 ) 72 30 58 (446 ) During 2022, During 2021, two During 2020, Deferred tax assets and liabilities — 2022 2021 Net operating loss carryforwards $ 181 $ 187 Postretirement benefits, including pensions 49 71 Research and development costs 208 169 Expense accruals 49 77 Other tax credits recoverable 241 218 Capital loss carryforwards 51 56 Inventory reserves 32 25 Postemployment and other benefits 4 4 Intangibles 1 Leasing activities 69 55 Other 71 26 Total 955 889 Valuation allowances (512 ) (258 ) Deferred tax assets 443 631 Unremitted earnings (9 ) (10 ) Intangibles (1 ) Depreciation (66 ) (74 ) Deferred tax liabilities (76 ) (84 ) Net deferred tax assets $ 367 $ 547 Carryforwards — December 31, 2022 may Deferred Earliest Tax Valuation Carryforward Year of Asset Allowance Period Expiration Net operating losses U.S. state $ 55 $ (55 ) Various 2023 Brazil 11 (5 ) Unlimited France 6 Unlimited Australia 20 Unlimited Italy 19 (18 ) Unlimited Germany 4 (4 ) Unlimited Sweden 1 Unlimited South Africa 2 (2 ) Unlimited U.K. 15 (6 ) Unlimited Canada 43 (41 ) 20 2026 India 1 8 2028 China 4 (4 ) 5 2023 Total $ 181 $ (135 ) In addition to the NOL carryforwards listed in the table above, we have deferred tax assets related to capital loss carryforwards of $51 which are fully offset with valuation allowances at December 31, 2022 . We also have deferred tax assets of $241 related to other credit carryforwards which are largely offset with $236 of valuation allowances at December 31, 2022 . The capital losses can generally be carried forward indefinitely while the other credits are generally available for 10 to 20 years. Unrecognized tax benefits — Unrecognized tax benefits are the difference between a tax position taken, or expected to be taken, in a tax return and the benefit recognized for accounting purposes. Interest income or expense, as well as penalties relating to income tax audit adjustments and settlements, are recognized as components of income tax expense or benefit. Interest of $7 and $6 was accrued on the uncertain tax positions at December 31, 2022 2021 , with no 2021. Reconciliation of gross unrecognized tax benefits — 2022 2021 2020 Balance, beginning of period $ 126 $ 104 $ 119 Decrease related to expiration of statute of limitations (6 ) (5 ) (5 ) Decrease related to prior years tax positions (43 ) (2 ) (1 ) Increase related to prior years tax positions 7 16 3 Increase related to current year tax positions 18 13 9 Decrease related to settlements (21 ) Balance, end of period $ 102 $ 126 $ 104 We anticipate that the change in our gross unrecognized tax benefits will not twelve not may |
Note 18 - Other Income (Expense
Note 18 - Other Income (Expense), Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 18. 2022 2021 2020 Non-service cost components of pension and OPEB costs $ (7 ) $ (10 ) $ (10 ) Government assistance 8 Foreign exchange gain 4 2 8 Strategic transaction expenses (8 ) (13 ) (20 ) Gain (loss) on investment in Hyliion (20 ) 33 Loss on disposal group held for sale (7 ) Loss on de-designation of fixed-to-fixed cross currency swaps (9 ) Gain on sale leaseback 66 Other, net 25 23 11 Other income (expense), net $ 22 $ 32 $ 22 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. Strategic transaction expenses in 2022 2021 2020 We held convertible notes receivable from our investment in Hyliion Inc. On October 1, 2020, third 2021, In conjunction with our acquisition of ODS, 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 14 During December 2021, three eight not not |
Note 19 - Revenue From Contract
Note 19 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 19. 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 December 31, 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 16 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 $48 and $34 at December 31, 2022 December 31, 2021 During the second 2021, Disaggregation of revenue The following table disaggregates revenue for each of our operating segments by geographical market: 2022 2021 2020 Light Vehicle North America $ 2,976 $ 2,698 $ 2,228 Europe 403 424 346 South America 217 167 108 Asia Pacific 494 484 356 Total $ 4,090 $ 3,773 $ 3,038 Commercial Vehicle North America $ 987 $ 752 $ 693 Europe 274 259 192 South America 524 389 221 Asia Pacific 194 132 79 Total $ 1,979 $ 1,532 $ 1,185 Off-Highway North America $ 361 $ 290 $ 252 Europe 1,939 1,680 1,260 South America 17 14 11 Asia Pacific 629 609 443 Total $ 2,946 $ 2,593 $ 1,966 Power Technologies North America $ 599 $ 490 $ 429 Europe 443 473 411 South America 30 20 18 Asia Pacific 69 64 59 Total $ 1,141 $ 1,047 $ 917 Total North America $ 4,923 $ 4,230 $ 3,602 Europe 3,059 2,836 2,209 South America 788 590 358 Asia Pacific 1,386 1,289 937 Total $ 10,156 $ 8,945 $ 7,106 |
Note 20 - Segments, Geographica
Note 20 - Segments, Geographical Area and Major Customer Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 20. 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 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 During the second 2021, Segment information Inter- External Segment Segment Capital Net 2022 Sales Sales EBITDA Spend Depreciation Assets Light Vehicle $ 4,090 $ 166 $ 158 $ 201 $ 175 $ 1,331 Commercial Vehicle 1,979 110 43 67 32 708 Off-Highway 2,946 64 404 73 101 1,278 Power Technologies 1,141 28 94 64 32 389 Eliminations and other (368 ) 35 25 104 Total $ 10,156 $ — $ 699 $ 440 $ 365 $ 3,810 2021 Light Vehicle $ 3,773 $ 166 $ 274 $ 154 $ 175 $ 1,492 Commercial Vehicle 1,532 100 48 53 31 941 Off-Highway 2,593 67 353 75 102 1,342 Power Technologies 1,047 23 123 39 36 389 Eliminations and other (356 ) 48 21 161 Total $ 8,945 $ — $ 798 $ 369 $ 365 $ 4,325 2020 Light Vehicle $ 3,038 $ 104 $ 239 $ 131 $ 167 $ 1,432 Commercial Vehicle 1,185 70 40 39 32 796 Off-Highway 1,966 48 230 69 93 1,360 Power Technologies 917 19 94 38 32 360 Eliminations and other (241 ) 49 21 146 Total $ 7,106 $ — $ 603 $ 326 $ 345 $ 4,094 Net assets include accounts receivable, inventories, other current assets, goodwill, intangibles, investments in affiliates, other noncurrent assets, net property, plant and equipment, accounts payable and current accrued liabilities. Reconciliation of segment EBITDA to consolidated net income (loss) 2022 2021 2020 Segment EBITDA $ 699 $ 798 $ 603 Corporate expense and other items, net 1 (3 ) (10 ) Depreciation (365 ) (365 ) (345 ) Amortization (23 ) (24 ) (20 ) Non-service cost components of pension and OPEB costs (7 ) (10 ) (10 ) Restructuring charges, net 1 (34 ) Stock compensation expense (19 ) (17 ) (14 ) Strategic transaction expenses (8 ) (13 ) (20 ) Amounts attributable to previously divested/closed operations (2 ) (2 ) (1 ) Gain (loss) on investment in Hyliion (20 ) 33 Loss on disposal group held for sale (7 ) Loss on de-designation of fixed-to-fixed cross currency swaps (9 ) Gain on sale leaseback 66 Impairment of goodwill (191 ) (51 ) Other items 1 (7 ) Earnings before interest and income taxes 86 395 124 Loss on extinguishment of debt (29 ) (8 ) Interest income 11 9 9 Interest expense 128 131 138 Earnings (loss) before income taxes (31 ) 244 (13 ) Income tax expense 284 72 58 Equity in earnings of affiliates 4 28 20 Net income (loss) $ (311 ) $ 200 $ (51 ) Reconciliation of segment net assets to consolidated total assets 2022 2021 Segment net assets $ 3,810 $ 4,325 Accounts payable and other current liabilities 2,383 2,099 Other current and long-term assets 1,256 1,208 Consolidated total assets $ 7,449 $ 7,632 Geographic information 2022 No 5% 2022 Net Sales Long-Lived Assets 2022 2021 2020 2022 2021 2020 North America United States $ 4,668 $ 4,035 $ 3,404 $ 994 $ 981 $ 957 Other North America 255 195 198 151 114 106 Total 4,923 4,230 3,602 1,145 1,095 1,063 Europe Italy 1,535 1,356 993 211 225 252 Other Europe 1,524 1,480 1,216 400 401 442 Total 3,059 2,836 2,209 611 626 694 South America Brazil 606 451 264 88 80 87 Other South America 182 139 94 21 16 10 Total 788 590 358 109 96 97 Asia Pacific India 554 458 276 174 200 198 Other Asia Pacific 832 831 661 154 182 199 Total 1,386 1,289 937 328 382 397 Total $ 10,156 $ 8,945 $ 7,106 $ 2,193 $ 2,199 $ 2,251 Sales to major customers 10% three 2022 2021 2020 2022, 2021 2020. |
Note 21 - Equity Affiliates
Note 21 - Equity Affiliates | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 21. We have a number of investments in entities that engage in the manufacture and supply of vehicular parts (primarily axles, axle housing and driveshafts). Dividends received from equity affiliate s were $32, $18 2022 2021 2020 Equity method investments exceeding $5 December 31, 2022 Ownership Percentage Investment Dongfeng Dana Axle Co., Ltd. (DDAC) 50% $ 70 ROC-Spicer, Ltd. (ROC-Spicer) 50% 21 Axles India Limited (AIL) 48% 11 Tai Ya Investment (HK) Co., Limited (Tai Ya) 50% 5 All others as a group 5 Investments in equity affiliates 112 Investments in affiliates carried at cost 24 Investments in affiliates $ 136 Our equity method investment in ROC-Spicer and Tai Ya are included in the net assets of our Light Vehicle operating segment. Our equity method investments in DDAC and AIL are included in the net assets of our Commercial Vehicle operating segment. The carrying value of our equity method investments at December 31, 2022 as $5 more |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserve | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II Valuation and Qualifying Accounts and Reserves (In millions) Amounts deducted from assets in the balance sheets Balance at beginning of period Amounts charged (credited) to income Allowance utilized Adjustments arising from change in currency exchange rates and other items Balance at end of period Accounts Receivable - Allowance for Doubtful Accounts 2022 $ 7 $ 4 $ — $ — $ 11 2021 $ 7 $ — $ — $ — $ 7 2020 $ 9 $ — $ (1 ) $ (1 ) $ 7 Inventory Reserves 2022 $ 87 $ 23 $ (13 ) $ (4 ) $ 93 2021 $ 82 $ 16 $ (7 ) $ (4 ) $ 87 2020 $ 64 $ 30 $ (14 ) $ 2 $ 82 Deferred Tax Assets - Valuation Allowance 2022 $ 258 $ 255 $ — $ (1 ) $ 512 2021 $ 259 $ — $ — $ (1 ) $ 258 2020 $ 190 $ 60 $ — $ 9 $ 259 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of presentation not During the first 2022, not fourth 2022, not December 31, 2022 In the fourth 2022, |
Held For Sale [Policy Text Block] | Held for sale one |
Discontinued Operations, Policy [Policy Text Block] | Discontinued operations |
Use of Estimates, Policy [Policy Text Block] | Estimates |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurements three three 1 2 3 no The inputs we use in our valuation techniques include market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs. When available, we use quoted market prices to determine the fair value (market approach). In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, we consider the amount and timing of estimated future cash flows and assumed discount rates reflecting varying degrees of credit risk that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date (income approach). Fair values may not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents three |
Inventory, Policy [Policy Text Block] | Inventories first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment twenty thirty five ten three five three ten |
Lessee, Leases [Policy Text Block] | Leases twelve not |
Property, Plant and Equipment, Preproduction Design and Development Costs [Policy Text Block] | Pre-production costs related to long-term supply arrangements December 31, 2022 December 31, 2022 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill October 31 0, may not not 1. not 0, 1. 1, not 3 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible assets 3 |
Investments in Affiliates [Policy Text Block] | Investments in affiliates not 21 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Tangible asset impairments may not no |
Other Long-lived Assets and Liabilities [Policy Text Block] | Other long-lived assets and liabilities |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial instruments |
Derivatives, Policy [Policy Text Block] | Derivative not not For derivative instruments designated as cash flow hedges, at the cash flow hedge’s inception and on an ongoing basis, the company formally assesses whether the cash flow hedging instruments have been highly effective in offsetting changes in the cash flows of the hedged transactions and whether those cash flow hedging instruments may Changes in the fair value of contracts treated as net investment hedges are recorded in the cumulative translation adjustment (CTA) component of OCI. Amounts recorded in CTA are deferred until such time as the investment in the associated subsidiary is substantially liquidated. Changes in the fair value of contracts not We may No December 31, 2022 14 Cash flows associated with designated derivatives are classified within the same category as the item being hedged on the consolidated statement of cash flows. Cash flows associated with undesignated derivatives are included in the investing category on the consolidated statement of cash flows. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty |
Environmental Costs, Policy [Policy Text Block] | Environmental compliance and remediation not |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and other postretirement defined benefits |
Postemployment Benefit Plans, Policy [Policy Text Block] | Postemployment benefits not |
Share-Based Payment Arrangement [Policy Text Block] | Equity-based compensation |
Government Assistance [Policy Text Block] | Government assistance may one five 6 18 |
Revenue [Policy Text Block] | Revenue recognition 19 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation We continue to account for Argentina as a highly inflationary economy and remeasure the financial statements of our Argentine subsidiaries as if their functional currency was the U.S. dollar. |
Income Tax, Policy [Policy Text Block] | Income taxes not not not no A valuation allowance is provided when, in our judgment based upon available information, it is more likely than not not not |
Research and Development Expense, Policy [Policy Text Block] | Research and development s were $201, $178 and $146 in 2022 , 2021 and 2020 . Beginning in 2020, |
Description of New Accounting Pronouncements Not Yet Adopted [Policy Text Block] | Recently adopted accounting pronouncements On January 1, 2022, 2021 10, Disclosures by Business Entities about Government Assistance not 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 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) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Light Vehicle Commercial Vehicle Off-Highway Power Technologies Total Balance, December 31, 2020 $ — $ 177 $ 302 $ — $ 479 Acquisitions 22 (11 ) 11 Currency impact 2 (10 ) (8 ) Balance, December 31, 2021 — 201 281 — 482 Impairment (191 ) (191 ) Currency impact (10 ) (22 ) (32 ) Balance, December 31, 2022 $ — $ — $ 259 $ — $ 259 |
Schedule of Intangible Assets Other Than Goodwill [Table Text Block] | December 31, 2022 December 31, 2021 Weighted Average Gross Accumulated Net Gross Accumulated Net Useful Life Carrying Impairment and Carrying Carrying Impairment and Carrying (years) Amount Amortization Amount Amount Amortization Amount Amortizable intangible assets Core technology 8 $ 156 $ (116 ) $ 40 $ 161 $ (110 ) $ 51 Trademarks and trade names 13 29 (13 ) 16 31 (12 ) 19 Customer relationships 8 498 (425 ) 73 519 (431 ) 88 Non-amortizable intangible assets Trademarks and trade names 72 72 75 75 $ 755 $ (554 ) $ 201 $ 786 $ (553 ) $ 233 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | 2022 2021 2020 Charged to cost of sales $ 9 $ 10 $ 7 Charged to amortization of intangibles 14 14 13 Total amortization $ 23 $ 24 $ 20 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 2024 2025 2026 2027 Amortization expense $ 22 $ 21 $ 19 $ 17 $ 16 |
Note 4 - Restructuring of Ope_2
Note 4 - Restructuring of Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee Termination Exit Benefits Costs Total Balance, December 31, 2019 $ 13 $ 1 $ 14 Charges to restructuring 30 6 36 Adjustments of accruals (2 ) (2 ) Cash payments (12 ) (7 ) (19 ) Currency impact 1 1 Balance, December 31, 2020 30 — 30 Charges to restructuring 2 5 7 Adjustments of accruals (7 ) (7 ) Cash payments (13 ) (5 ) (18 ) Currency impact (1 ) (1 ) Balance, December 31, 2021 11 — 11 Charges to restructuring 2 2 4 Adjustments of accruals (5 ) (5 ) Cash payments (6 ) (2 ) (8 ) Balance, December 31, 2022 $ 2 $ — $ 2 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2022 2021 Raw materials $ 679 $ 651 Work in process and finished goods 1,023 1,000 Inventory reserves (93 ) (87 ) Total $ 1,609 $ 1,564 |
Note 6 - Supplemental Balance_2
Note 6 - Supplemental Balance Sheet and Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Supplemental Balance Sheet Disclosures [Text Block] | 2022 2021 Other current assets: Prepaid expenses $ 167 $ 147 Other 52 49 Total $ 219 $ 196 Other noncurrent assets: Customer incentive payments $ 28 $ 38 Prepaid expenses 3 2 Deferred financing costs 4 6 Pension assets, net of related obligations 9 15 Other 79 70 Total $ 123 $ 131 Property, plant and equipment, net: Land and improvements to land $ 187 $ 193 Buildings and building fixtures 605 590 Machinery and equipment 4,108 3,872 Finance lease right-of-use assets 57 64 Total cost 4,957 4,719 Less: accumulated depreciation (2,764 ) (2,520 ) Net $ 2,193 $ 2,199 Other accrued liabilities (current): Non-income taxes payable $ 54 $ 54 Accrued interest 29 25 Warranty reserves 35 51 Deferred income 8 Workplace injury costs 5 5 Restructuring costs 2 11 Payable under forward contracts 11 1 Environmental 3 5 Deferred government assistance 3 Other expense accruals 135 144 Total $ 277 $ 304 Other noncurrent liabilities: Income tax liability $ 58 $ 68 Interest rate swap market valuation 11 51 Deferred income tax liability 30 32 Workplace injury costs 14 15 Warranty reserves 73 56 Deferred government assistance 16 Other noncurrent liabilities 47 70 Total $ 249 $ 292 |
Schedule of Cash and Cash Equivalents [Table Text Block] | December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2019 Cash and cash equivalents $ 425 $ 268 $ 559 $ 508 Restricted cash included in other current assets 7 9 5 6 Restricted cash included in other noncurrent assets 10 10 3 4 Total cash, cash equivalents and restricted cash $ 442 $ 287 $ 567 $ 518 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | 2022 2021 2020 Change in working capital: Change in accounts receivable $ (81 ) $ (189 ) $ (66 ) Change in inventories (99 ) (471 ) 69 Change in accounts payable 343 254 82 Change in accrued payroll and employee benefits 36 3 (22 ) Change in accrued income taxes 10 (44 ) (9 ) Change in other current assets and liabilities (10 ) (8 ) (7 ) Net $ 199 $ (455 ) $ 47 Cash paid during the period for: Interest $ 117 $ 109 $ 129 Income taxes 132 99 98 Noncash investing and financing activities: Purchases of property, plant and equipment held in accounts payable $ 74 $ 91 $ 50 Stock compensation plans 17 18 12 Noncash dividends declared 1 1 — |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Operating Leases and Finance Leases, Statement of Financial Position Location [Table Text Block] | Classification 2022 2021 Finance lease right-of-use assets Property, plant and equipment, net $ 57 $ 64 Finance lease liabilities Current portion of long-term debt 8 8 Finance lease liabilities Long-term debt 43 47 |
Lease, Cost [Table Text Block] | 2022 2021 2020 Operating lease cost $ 58 $ 53 $ 52 Finance lease cost: Amortization of right-of-use assets $ 9 $ 8 $ 5 Interest on lease liabilities 2 2 2 Total finance lease cost $ 11 $ 10 $ 7 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 60 $ 53 $ 52 Operating cash flows from finance leases 2 2 2 Financing cash flows from finance leases 9 7 4 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 111 $ 105 $ 57 Finance leases 6 3 32 |
Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block] | 2022 2021 Weighted-average remaining lease term (years): Operating leases 10 10 Finance leases 12 13 Weighted-average discount rate: Operating leases 6.9 % 6.3 % Finance leases 4.5 % 4.5 % |
Finance Lease and Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Finance Leases 2023 $ 54 $ 9 2024 51 8 2025 47 7 2026 42 6 2027 37 6 Thereafter 222 35 Total lease payments 453 71 Less: interest 140 19 Present value of lease liabilities $ 313 $ 52 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Parent Company Stockholders Accumulated Foreign Defined Other Currency Benefit Comprehensive Translation Hedging Plans Loss Balance, December 31, 2019 $ (714 ) $ (30 ) $ (243 ) $ (987 ) Other comprehensive income (loss): Currency translation adjustments (88 ) (88 ) Holding gains and losses (78 ) (78 ) Reclassification of amount to net income (a) 117 117 Net actuarial losses (11 ) (11 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 20 20 Other comprehensive income (loss) (88 ) 39 9 (40 ) Deconsolidation of non-wholly owned subsidiary 1 1 Balance, December 31, 2020 (802 ) 9 (233 ) (1,026 ) Other comprehensive income (loss): Currency translation adjustments (7 ) (7 ) Holding gains and losses 55 55 Reclassification of amount to net income (a) (59 ) (59 ) Net actuarial gains 52 52 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 18 18 Tax expense (1 ) (17 ) (18 ) Other comprehensive income (loss) (7 ) (5 ) 53 41 Balance, December 31, 2021 (809 ) 4 (180 ) (985 ) Other comprehensive income (loss): Currency translation adjustments (88 ) (88 ) Holding gains and losses 76 76 Reclassification of amount to net income (a) (56 ) (56 ) Net actuarial gains 62 62 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 11 11 Tax (expense) benefit 2 (3 ) (20 ) (21 ) Other comprehensive income (loss) (86 ) 17 53 (16 ) Balance, December 31, 2022 $ (895 ) $ 21 $ (127 ) $ (1,001 ) |
Note 9 - Redeemable Noncontro_2
Note 9 - Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | 2022 2021 Balance, beginning of period $ 198 $ 180 Capital contribution from redeemable noncontrolling interest 51 14 Adjustment to redemption value 41 6 Other (1 ) Comprehensive income (loss) adjustments: Net loss attributable to redeemable noncontrolling interests (84 ) (11 ) Other comprehensive income (loss) attributable to redeemable noncontrolling interests (11 ) 10 Balance, end of period $ 195 $ 198 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2022 2021 2020 Net income (loss) available to common stockholders - Numerator basic and diluted $ (242 ) $ 197 $ (31 ) Denominator: Weighted-average common shares outstanding - Basic 143.6 144.8 144.5 Employee compensation-related shares, including stock options — 1.4 — Weighted-average common shares outstanding - Diluted 143.6 146.2 144.5 |
Note 11 - Stock Compensation (T
Note 11 - Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Options RSUs PSUs Grant-Date Grant-Date Shares Exercise Price* Shares Fair Value* Shares Fair Value* December 31, 2021 0.2 $ 16.18 2.4 $ 17.25 0.5 $ 17.71 Granted 0.9 22.21 0.3 24.69 Exercised or vested (1.0 ) 17.98 Forfeited or expired (0.4 ) 14.77 December 31, 2022 0.2 16.19 2.3 18.95 0.4 25.52 |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | 2022 2021 2020 Total stock compensation expense $ 19 $ 17 $ 14 Total grant-date fair value of awards vested 19 15 16 Cash received from exercise of stock options 5 Cash paid to settle SARs and RSUs 4 2 2 Intrinsic value of stock options and SARs exercised 2 Intrinsic value of RSUs and PSUs vested 21 14 14 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | PSUs 2022 2021 Expect term (in years) 3.0 3.0 Risk-free interest rate 1.78 % 0.18 % Dividend yield 1.67 % 2.27 % Expected volatility 63.9 % 62.8 % |
Note 12 - Pension and Postret_2
Note 12 - Pension and Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Pension Benefits 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Interest cost $ 16 $ 8 $ 13 $ 5 $ 21 $ 5 Expected return on plan assets (28 ) (2 ) (26 ) (2 ) (35 ) (3 ) Service cost 7 9 9 Amortization of net actuarial loss 8 5 9 9 11 9 Net periodic benefit cost (credit) (4 ) 18 (4 ) 21 (3 ) 20 Recognized in OCI: Amount due to net actuarial (gains) losses 20 (66 ) (4 ) (23 ) (4 ) 10 Reclassification adjustment for net actuarial losses in net periodic benefit cost (8 ) (5 ) (9 ) (9 ) (11 ) (9 ) Total recognized in OCI 12 (71 ) (13 ) (32 ) (15 ) 1 Net recognized in benefit cost (credit) and OCI $ 8 $ (53 ) $ (17 ) $ (11 ) $ (18 ) $ 21 OPEB 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Interest cost $ — $ 2 $ — $ 2 $ — $ 2 Service cost 1 1 Amortization of net actuarial gain (2 ) Net periodic benefit cost — — — 3 — 3 Recognized in OCI: Amount due to net actuarial (gains) losses (1 ) (15 ) (1 ) (24 ) 1 4 Reclassification adjustment for net actuarial gain in net periodic benefit cost 2 Total recognized in OCI (1 ) (13 ) (1 ) (24 ) 1 4 Net recognized in benefit cost (credit) and OCI $ (1 ) $ (13 ) $ (1 ) $ (21 ) $ 1 $ 7 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Pension Benefits OPEB 2022 2021 2022 2021 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Reconciliation of benefit obligation: Obligation at beginning of period $ 745 $ 384 $ 810 $ 438 $ 3 $ 69 $ 4 $ 93 Interest cost 16 8 13 5 2 2 Service cost 7 9 1 Actuarial (gain) loss (155 ) (73 ) (29 ) (25 ) (1 ) (15 ) (1 ) (24 ) Benefit payments (49 ) (14 ) (49 ) (15 ) (4 ) (4 ) Settlements (1 ) Translation adjustments (16 ) (27 ) (4 ) 1 Obligation at end of period $ 557 $ 296 $ 745 $ 384 $ 2 $ 48 $ 3 $ 69 Pension Benefits OPEB 2022 2021 2022 2021 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Reconciliation of fair value of plan assets: Fair value at beginning of period $ 733 $ 65 $ 781 $ 69 $ — $ 1 $ — $ — Actual return on plan assets (147 ) (5 ) 1 Employer contributions 16 17 4 5 Benefit payments (49 ) (14 ) (49 ) (15 ) (4 ) (4 ) Settlements (1 ) Translation adjustments (3 ) (5 ) Fair value at end of period $ 537 $ 59 $ 733 $ 65 $ — $ 1 $ — $ 1 Funded status at end of period $ (20 ) $ (237 ) $ (12 ) $ (319 ) $ (2 ) $ (47 ) $ (3 ) $ (68 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Pension Benefits OPEB 2022 2021 2022 2021 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in the consolidated balance sheet: Noncurrent assets $ 7 $ 2 $ 14 $ 1 $ — $ — $ — $ — Current liabilities (13 ) (14 ) (4 ) (5 ) Noncurrent liabilities (27 ) (226 ) (26 ) (306 ) (2 ) (43 ) (3 ) (63 ) Net amount recognized $ (20 ) $ (237 ) $ (12 ) $ (319 ) $ (2 ) $ (47 ) $ (3 ) $ (68 ) Pension Benefits OPEB 2022 2021 2022 2021 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Amounts recognized in AOCI: Net actuarial loss (gain) $ 141 $ 5 $ 129 $ 76 $ — $ (45 ) $ 1 $ (32 ) AOCI before tax 141 5 129 76 — (45 ) 1 (32 ) Deferred taxes 17 (2 ) 19 (22 ) 11 9 Net $ 158 $ 3 $ 148 $ 54 $ — $ (34 ) $ 1 $ (23 ) |
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Plans with fair value of plan assets in excess of obligations: Accumulated benefit obligation $ 425 $ 14 $ 568 $ 12 Projected benefit obligation 425 14 568 12 Fair value of plan assets 431 16 582 13 Plans with obligations in excess of fair value of plan assets: Accumulated benefit obligation $ 132 $ 259 $ 177 $ 344 Projected benefit obligation 132 282 177 372 Fair value of plan assets 106 43 151 52 |
Schedule of Allocation of Plan Assets [Table Text Block] | Fair Value Measurements at December 31, 2022 U.S. Non-U.S. Asset Category Total Level 1 Level 2 Level 3 NAV (a) Level 1 Level 2 Level 3 Equity securities: U.S. all cap (b) $ 20 $ 20 $ — $ — $ — $ — $ — $ — U.S. large cap 19 19 EAFE composite 11 11 Emerging markets 9 9 Fixed income securities: Corporate bonds 414 165 249 U.S. Treasury strips 8 8 Non-U.S. government securities 16 2 14 Emerging market debt 7 7 Alternative investments: Insurance contracts (c) 49 6 43 Real estate 14 14 Other 2 2 Cash and cash equivalents 27 27 Total $ 596 $ 20 $ 202 $ 6 $ 309 $ — $ 16 $ 43 Fair Value Measurements at December 31, 2021 U.S. Non-U.S. Asset Category Total Level 1 Level 2 Level 3 NAV (a) Level 1 Level 2 Level 3 Equity securities: U.S. all cap (b) $ 31 $ 31 $ — $ — $ — $ — $ — $ — U.S. large cap 30 30 EAFE composite 17 17 Emerging markets 10 10 Fixed income securities: Corporate bonds 556 200 356 U.S. Treasury strips 24 24 Non-U.S. government securities 15 2 13 Emerging market debt 10 10 Alternative investments: Insurance contracts (c) 57 6 51 Real estate 14 14 Other 1 1 Cash and cash equivalents 33 33 Total $ 798 $ 31 $ 259 $ 6 $ 437 $ — $ 14 $ 51 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | 2022 2021 U.S. Non-U.S. U.S. Non-U.S. Insurance Insurance Insurance Insurance Reconciliation of Level 3 Assets Contracts Contracts Contracts Contracts Fair value at beginning of period $ 6 $ 51 $ 6 $ 52 Actual gains (losses) relating to assets still held at the reporting date (5 ) 2 Currency impact (3 ) (3 ) Fair value at end of period $ 6 $ 43 $ 6 $ 51 |
Defined Benefit Plan, Assumptions [Table Text Block] | 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Pension benefit obligations: Discount rate 5.47 % 4.74 % 2.83 % 1.97 % 2.43 % 1.40 % Net periodic benefit cost: Discount rate 2.29 % 2.20 % 1.72 % 1.79 % 2.79 % 2.10 % Rate of compensation increase N/A 3.11 % N/A 2.97 % N/A 3.36 % Expected return on plan assets 4.00 % 3.64 % 3.50 % 3.57 % 5.00 % 4.45 % 2022 2021 2020 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. OPEB benefit obligations: Discount rate 5.54 % 5.44 % 2.99 % 3.08 % 2.67 % 2.55 % Net periodic benefit cost: Discount rate 2.84 % 3.34 % 2.57 % 2.62 % 3.19 % 3.15 % Initial health care cost trend rate N/A 2.48 % N/A 2.27 % N/A 4.64 % Ultimate health care cost trend rate N/A 4.09 % N/A 4.20 % N/A 5.13 % Year ultimate reached N/A 2032 N/A 2032 N/A 2023 |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Benefits OPEB Year U.S. Non-U.S. U.S. Non-U.S. 2023 $ 50 $ 16 $ — $ 4 2024 49 16 4 2025 48 16 4 2026 48 20 4 2027 47 19 4 2028 to 2032 215 114 1 17 Total $ 457 $ 201 $ 1 $ 37 |
Multiemployer Plan [Table Text Block] | Employer PPA Identification Zone Status Funding Plan Contributions by Dana Pension Number/ Pending/ Surcharge Fund Plan Number 2022 2021 Implemented 2022 2021 2020 Imposed SPT 23-6648508 / 499 Green Green No $ 18 $ 16 $ 14 No |
Note 13 - Financing Agreements
Note 13 - Financing Agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Interest Rate 2022 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% 348 370 Senior Notes due September 1, 2030 4.250% 400 400 Senior Notes due February 15, 2032 4.500% 350 350 Other indebtedness 80 100 Debt issuance costs (22 ) (26 ) 2,356 2,394 Less: Current portion of long-term debt 8 8 Long-term debt, less debt issuance costs $ 2,348 $ 2,386 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2023 2024 2025 2026 2027 Maturities $ — $ 27 $ 400 $ — $ 400 |
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 14 - Fair Value Measurem_2
Note 14 - Fair Value Measurements and Derivatives (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 December 31, 2021 Certificates of deposit Marketable securities 2 $ — $ 17 Currency forward contracts Cash flow hedges Accounts receivable - Other 2 26 7 Cash flow hedges Other accrued liabilities 2 4 1 Undesignated Accounts receivable - Other 2 2 2 Undesignated Other accrued liabilities 2 7 Currency swaps Cash flow hedges Other noncurrent assets 2 17 Cash flow hedges Other noncurrent liabilities 2 34 Undesignated Other noncurrent liabilities 2 11 17 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | 2022 2021 Carrying Fair Carrying Fair Fair Value Level Value Value Value Value Long term debt 2 $ 2,304 $ 2,010 $ 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, Thai baht $ 146 $ 16 $ 162 Dec-2023 Euro U.S. dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Indian rupee, Japanese yen, Mexican peso, Swedish krona, South African rand 95 128 223 Sep-2027 British pound U.S. dollar, euro 4 4 Sep-2023 South African rand U.S. dollar, euro, Thai baht 11 11 Feb-2023 Canadian dollar U.S. dollar 8 8 Jan-2023 Brazilian real U.S. dollar, euro 65 14 79 Dec-2023 Indian rupee U.S. dollar, euro, British pound 110 110 Sep-2023 Chinese renminbi U.S. dollar, Canadian dollar 11 11 Jan-2023 Total forward contracts 310 298 608 U.S. dollar euro 298 181 479 Nov-2027 Euro U.S. dollar 300 188 488 Jun-2026 Total currency swaps 598 369 967 Total currency derivatives $ 908 $ 667 $ 1,575 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Deferred Gain (Loss) in AOCI December 31, 2022 December 31, 2021 Gain (loss) expected to be reclassified into income in one year or less Forward Contracts $ 11 $ (1 ) $ 11 Cross-Currency Swaps 11 2 Total $ 22 $ 1 $ 11 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | 2022 2021 2020 Derivatives Designated as Cash Flow Hedges 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 $ 10,156 $ 8,945 $ 7,106 Cost of sales 9,393 8,108 6,485 Other income (expense), net 22 32 22 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income Net sales 1 Cost of sales (7 ) (9 ) 18 Other income (expense), net (6 ) (5 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income Other income (expense), net (43 ) (45 ) 99 |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | 2022 2021 2020 Derivatives Not Designated as Hedging Instruments (Gain) or loss recognized in income Foreign currency forward contracts Cost of sales $ — $ 1 $ — Other income (expense), net $ (13 ) $ — $ (6 ) |
Note 16 - Warranty Obligations
Note 16 - Warranty Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 2022 2021 2020 Balance, beginning of period $ 107 $ 98 $ 101 Amounts accrued for current period sales 44 38 35 Adjustments of prior estimates 6 11 1 Settlements of warranty claims (46 ) (28 ) (42 ) Divestitures (10 ) Currency impact (3 ) (2 ) 3 Balance, end of period $ 108 $ 107 $ 98 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2022 2021 2020 Current U.S. federal and state $ 19 $ (31 ) $ 14 Non-U.S. 112 104 79 Total current 131 73 93 Deferred U.S. federal and state 160 54 (23 ) Non-U.S. (7 ) (55 ) (12 ) Total deferred 153 (1 ) (35 ) Total expense $ 284 $ 72 $ 58 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2022 2021 2020 U.S. operations $ (343 ) $ (170 ) $ (128 ) Non-U.S. operations 312 414 115 Earnings (loss) before income taxes $ (31 ) $ 244 $ (13 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 2020 $ % $ % $ % U.S. federal income tax rate (7 ) 21 51 21 (3 ) 21 Adjustments resulting from: State and local income taxes, net of federal benefit (6 ) 19 6 (46 ) Non-U.S. income / expense (2 ) 7 15 6 (5 ) 39 Credits and tax incentives (27 ) 87 1 (55 ) 423 U.S. foreign derived intangible income (1 ) (24 ) 185 U.S. tax and withholding tax on non-US earnings 42 (135 ) 14 6 20 (154 ) Intercompany sale of certain operating assets (1 ) 3 (1 ) 27 (207 ) Settlement and return adjustments (7 ) 23 5 2 3 (23 ) Enacted change in tax rates (4 ) 13 (5 ) (2 ) (2 ) 15 Mexican non-deductible cost of goods sold 17 (130 ) Goodwill impairment 47 (151 ) 8 (61 ) Miscellaneous items (6 ) 19 (7 ) (3 ) 6 (46 ) Valuation allowance adjustments 255 (822 ) 60 (462 ) Effective income tax rate 284 (916 ) 72 30 58 (446 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 Net operating loss carryforwards $ 181 $ 187 Postretirement benefits, including pensions 49 71 Research and development costs 208 169 Expense accruals 49 77 Other tax credits recoverable 241 218 Capital loss carryforwards 51 56 Inventory reserves 32 25 Postemployment and other benefits 4 4 Intangibles 1 Leasing activities 69 55 Other 71 26 Total 955 889 Valuation allowances (512 ) (258 ) Deferred tax assets 443 631 Unremitted earnings (9 ) (10 ) Intangibles (1 ) Depreciation (66 ) (74 ) Deferred tax liabilities (76 ) (84 ) Net deferred tax assets $ 367 $ 547 |
Summary of Operating Loss Carryforwards [Table Text Block] | Deferred Earliest Tax Valuation Carryforward Year of Asset Allowance Period Expiration Net operating losses U.S. state $ 55 $ (55 ) Various 2023 Brazil 11 (5 ) Unlimited France 6 Unlimited Australia 20 Unlimited Italy 19 (18 ) Unlimited Germany 4 (4 ) Unlimited Sweden 1 Unlimited South Africa 2 (2 ) Unlimited U.K. 15 (6 ) Unlimited Canada 43 (41 ) 20 2026 India 1 8 2028 China 4 (4 ) 5 2023 Total $ 181 $ (135 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2022 2021 2020 Balance, beginning of period $ 126 $ 104 $ 119 Decrease related to expiration of statute of limitations (6 ) (5 ) (5 ) Decrease related to prior years tax positions (43 ) (2 ) (1 ) Increase related to prior years tax positions 7 16 3 Increase related to current year tax positions 18 13 9 Decrease related to settlements (21 ) Balance, end of period $ 102 $ 126 $ 104 |
Note 18 - Other Income (Expen_2
Note 18 - Other Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | 2022 2021 2020 Non-service cost components of pension and OPEB costs $ (7 ) $ (10 ) $ (10 ) Government assistance 8 Foreign exchange gain 4 2 8 Strategic transaction expenses (8 ) (13 ) (20 ) Gain (loss) on investment in Hyliion (20 ) 33 Loss on disposal group held for sale (7 ) Loss on de-designation of fixed-to-fixed cross currency swaps (9 ) Gain on sale leaseback 66 Other, net 25 23 11 Other income (expense), net $ 22 $ 32 $ 22 |
Note 19 - Revenue From Contra_2
Note 19 - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2022 2021 2020 Light Vehicle North America $ 2,976 $ 2,698 $ 2,228 Europe 403 424 346 South America 217 167 108 Asia Pacific 494 484 356 Total $ 4,090 $ 3,773 $ 3,038 Commercial Vehicle North America $ 987 $ 752 $ 693 Europe 274 259 192 South America 524 389 221 Asia Pacific 194 132 79 Total $ 1,979 $ 1,532 $ 1,185 Off-Highway North America $ 361 $ 290 $ 252 Europe 1,939 1,680 1,260 South America 17 14 11 Asia Pacific 629 609 443 Total $ 2,946 $ 2,593 $ 1,966 Power Technologies North America $ 599 $ 490 $ 429 Europe 443 473 411 South America 30 20 18 Asia Pacific 69 64 59 Total $ 1,141 $ 1,047 $ 917 Total North America $ 4,923 $ 4,230 $ 3,602 Europe 3,059 2,836 2,209 South America 788 590 358 Asia Pacific 1,386 1,289 937 Total $ 10,156 $ 8,945 $ 7,106 |
Note 20 - Segments, Geographi_2
Note 20 - Segments, Geographical Area and Major Customer Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Inter- External Segment Segment Capital Net 2022 Sales Sales EBITDA Spend Depreciation Assets Light Vehicle $ 4,090 $ 166 $ 158 $ 201 $ 175 $ 1,331 Commercial Vehicle 1,979 110 43 67 32 708 Off-Highway 2,946 64 404 73 101 1,278 Power Technologies 1,141 28 94 64 32 389 Eliminations and other (368 ) 35 25 104 Total $ 10,156 $ — $ 699 $ 440 $ 365 $ 3,810 2021 Light Vehicle $ 3,773 $ 166 $ 274 $ 154 $ 175 $ 1,492 Commercial Vehicle 1,532 100 48 53 31 941 Off-Highway 2,593 67 353 75 102 1,342 Power Technologies 1,047 23 123 39 36 389 Eliminations and other (356 ) 48 21 161 Total $ 8,945 $ — $ 798 $ 369 $ 365 $ 4,325 2020 Light Vehicle $ 3,038 $ 104 $ 239 $ 131 $ 167 $ 1,432 Commercial Vehicle 1,185 70 40 39 32 796 Off-Highway 1,966 48 230 69 93 1,360 Power Technologies 917 19 94 38 32 360 Eliminations and other (241 ) 49 21 146 Total $ 7,106 $ — $ 603 $ 326 $ 345 $ 4,094 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | 2022 2021 2020 Segment EBITDA $ 699 $ 798 $ 603 Corporate expense and other items, net 1 (3 ) (10 ) Depreciation (365 ) (365 ) (345 ) Amortization (23 ) (24 ) (20 ) Non-service cost components of pension and OPEB costs (7 ) (10 ) (10 ) Restructuring charges, net 1 (34 ) Stock compensation expense (19 ) (17 ) (14 ) Strategic transaction expenses (8 ) (13 ) (20 ) Amounts attributable to previously divested/closed operations (2 ) (2 ) (1 ) Gain (loss) on investment in Hyliion (20 ) 33 Loss on disposal group held for sale (7 ) Loss on de-designation of fixed-to-fixed cross currency swaps (9 ) Gain on sale leaseback 66 Impairment of goodwill (191 ) (51 ) Other items 1 (7 ) Earnings before interest and income taxes 86 395 124 Loss on extinguishment of debt (29 ) (8 ) Interest income 11 9 9 Interest expense 128 131 138 Earnings (loss) before income taxes (31 ) 244 (13 ) Income tax expense 284 72 58 Equity in earnings of affiliates 4 28 20 Net income (loss) $ (311 ) $ 200 $ (51 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | 2022 2021 Segment net assets $ 3,810 $ 4,325 Accounts payable and other current liabilities 2,383 2,099 Other current and long-term assets 1,256 1,208 Consolidated total assets $ 7,449 $ 7,632 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Net Sales Long-Lived Assets 2022 2021 2020 2022 2021 2020 North America United States $ 4,668 $ 4,035 $ 3,404 $ 994 $ 981 $ 957 Other North America 255 195 198 151 114 106 Total 4,923 4,230 3,602 1,145 1,095 1,063 Europe Italy 1,535 1,356 993 211 225 252 Other Europe 1,524 1,480 1,216 400 401 442 Total 3,059 2,836 2,209 611 626 694 South America Brazil 606 451 264 88 80 87 Other South America 182 139 94 21 16 10 Total 788 590 358 109 96 97 Asia Pacific India 554 458 276 174 200 198 Other Asia Pacific 832 831 661 154 182 199 Total 1,386 1,289 937 328 382 397 Total $ 10,156 $ 8,945 $ 7,106 $ 2,193 $ 2,199 $ 2,251 |
Note 21 - Equity Affiliates (Ta
Note 21 - Equity Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership Percentage Investment Dongfeng Dana Axle Co., Ltd. (DDAC) 50% $ 70 ROC-Spicer, Ltd. (ROC-Spicer) 50% 21 Axles India Limited (AIL) 48% 11 Tai Ya Investment (HK) Co., Limited (Tai Ya) 50% 5 All others as a group 5 Investments in equity affiliates 112 Investments in affiliates carried at cost 24 Investments in affiliates $ 136 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserve (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Valuation and Qualifying Accounts Disclosure [Table Text Block] | Balance at beginning of period Amounts charged (credited) to income Allowance utilized Adjustments arising from change in currency exchange rates and other items Balance at end of period Accounts Receivable - Allowance for Doubtful Accounts 2022 $ 7 $ 4 $ — $ — $ 11 2021 $ 7 $ — $ — $ — $ 7 2020 $ 9 $ — $ (1 ) $ (1 ) $ 7 Inventory Reserves 2022 $ 87 $ 23 $ (13 ) $ (4 ) $ 93 2021 $ 82 $ 16 $ (7 ) $ (4 ) $ 87 2020 $ 64 $ 30 $ (14 ) $ 2 $ 82 Deferred Tax Assets - Valuation Allowance 2022 $ 258 $ 255 $ — $ (1 ) $ 512 2021 $ 259 $ — $ — $ (1 ) $ 258 2020 $ 190 $ 60 $ — $ 9 $ 259 |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cost of Goods and Services Sold, Total | $ 9,393 | $ 8,108 | $ 6,485 | ||
Proceeds From and Maturity of Marketable Securities | 30 | 35 | 36 | ||
Preproduction Costs Related to Long-Term Supply Arrangements, Asset for Molds Dies and Tools Owned | $ 28 | 28 | |||
Receivables, Long-Term Contracts or Programs | 38 | $ 38 | |||
Income Tax Examination, Minimum Likelihood of Tax Benefits Being Realized Upon Ultimate Settlement | 50% | ||||
Research and Development Expense, Total | $ 201 | $ 178 | $ 146 | ||
Revision of Prior Period, Reclassification, Adjustment [Member] | |||||
Proceeds From and Maturity of Marketable Securities | 13 | ||||
Intercompany Inventory Transfers Not Appropriately Elimated [Member] | Revision of Prior Period, Error Correction, Adjustment [Member] | |||||
Cost of Goods and Services Sold, Total | $ 8 | ||||
Overstatement of Liabilities [Member] | Revision of Prior Period, Error Correction, Adjustment [Member] | |||||
Cost of Goods and Services Sold, Total | $ (9) | ||||
Minimum [Member] | |||||
Government Assistance, Transaction Duration (Year) | 1 year | ||||
Minimum [Member] | Building and Building Improvements [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||||
Minimum [Member] | Machinery and Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Minimum [Member] | Tooling and Office Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Minimum [Member] | Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Minimum [Member] | Owned Companies [Member] | |||||
Equity Method Investment, Ownership Percentage | 20% | 20% | |||
Maximum [Member] | |||||
Cost Method Investment, Ownership Percentage | 20% | 20% | |||
Government Assistance, Transaction Duration (Year) | 5 years | ||||
Maximum [Member] | Building and Building Improvements [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | ||||
Maximum [Member] | Machinery and Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||
Maximum [Member] | Tooling and Office Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||
Maximum [Member] | Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||
Maximum [Member] | Owned Companies [Member] | |||||
Equity Method Investment, Ownership Percentage | 50% | 50% |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||||||
Mar. 01, 2021 | Feb. 05, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 20, 2020 | Feb. 28, 2019 | |
Payments to Acquire Businesses, Gross | $ 1 | $ 18 | $ 6 | ||||
Pi Innovo Holdings Limited [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51% | 49% | |||||
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 | ||||||
Ashwoods Innovations Ltd. [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 62.40% | ||||||
Curtis Investment's Interest in Ashwoods Innovations Limited [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 35.40% | ||||||
Business Combination, Consideration Transferred, Total | $ 22 | ||||||
Payments to Acquire Businesses, Gross | $ 8 | ||||||
Ownership percentage | 97.80% | ||||||
Equity Method Investments, Effective Settlement of Pre-existing Loan Payable | $ 4 | ||||||
Curtis Investment's Interest in Ashwoods Innovations Limited [Member] | Investment in Ashwoods [Member] | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 10 | ||||||
Curtis Investment's Interest in Ashwoods Innovations Limited [Member] | Other Operating Income (Expense) [Member] | |||||||
Equity Method Investment, Gain (loss) to Other Income (Expense), Net | $ 3 |
Note 3 - Goodwill and Other I_3
Note 3 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill, Impairment Loss | $ 191,000 | $ 51,000 | ||
Impairment of Intangible Assets, Finite-Lived | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill), Total | 201,000 | 233,000 | ||
Trademarks and Trade Names [Member] | ||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 0 | $ 0 | ||
Commercial Vehicle Segment [Member] | ||||
Goodwill, Impairment Loss | $ 191,000 | 191,000 | ||
Intangible Assets, Net (Excluding Goodwill), Total | 66,000 | |||
Light Vehicle Segment [Member] | ||||
Intangible Assets, Net (Excluding Goodwill), Total | 16,000 | |||
Off-Highway Segment [Member] | ||||
Intangible Assets, Net (Excluding Goodwill), Total | 114,000 | |||
Power Technologies Segment [Member] | ||||
Intangible Assets, Net (Excluding Goodwill), Total | $ 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 Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 482 | $ 479 | ||
Acquisitions | 11 | |||
Currency impact | (32) | (8) | ||
Impairment | (191) | $ (51) | ||
Balance | 259 | 482 | 479 | |
Light Vehicle Segment [Member] | ||||
Balance | 0 | 0 | ||
Acquisitions | ||||
Currency impact | ||||
Balance | 0 | 0 | 0 | |
Commercial Vehicle Segment [Member] | ||||
Balance | 201 | 177 | ||
Acquisitions | 22 | |||
Currency impact | (10) | 2 | ||
Impairment | $ (191) | (191) | ||
Balance | 0 | 201 | 177 | |
Off-Highway Segment [Member] | ||||
Balance | 281 | 302 | ||
Acquisitions | (11) | |||
Currency impact | (22) | (10) | ||
Balance | 259 | 281 | 302 | |
Power Technologies Segment [Member] | ||||
Balance | 0 | 0 | ||
Acquisitions | ||||
Currency impact | ||||
Balance | $ 0 | $ 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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Amortizable intangible assets, accumulated impairment and amortization | $ (554) | $ (553) |
Intangible Assets, Gross (Excluding Goodwill), Total | 755 | 786 |
Intangible Assets, Net (Excluding Goodwill), Total | 201 | 233 |
Trademarks and Trade Names 1 [Member] | ||
Non-amortizable intangible assets, gross | 72 | 75 |
Non-amortizable intangible assets, net carrying amount | $ 72 | 75 |
Core Technology [Member] | ||
Weighted average useful life (Year) | 8 years | |
Amortizable intangible assets, gross carrying amount | $ 156 | 161 |
Amortizable intangible assets, accumulated impairment and amortization | (116) | (110) |
Amortizable intangible assets, net carrying amount | $ 40 | 51 |
Trademarks and Trade Names [Member] | ||
Weighted average useful life (Year) | 13 years | |
Amortizable intangible assets, gross carrying amount | $ 29 | 31 |
Amortizable intangible assets, accumulated impairment and amortization | (13) | (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 | $ 498 | 519 |
Amortizable intangible assets, accumulated impairment and amortization | (425) | (431) |
Amortizable intangible assets, net carrying amount | $ 73 | $ 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Charged to cost of sales | $ 9 | $ 10 | $ 7 |
Amortization of intangibles | 14 | 14 | 13 |
Total amortization | $ 23 | $ 24 | $ 20 |
Note 3 - Goodwill and Other I_7
Note 3 - Goodwill and Other Intangible Assets - Estimated Aggregate Pre-tax Amortization Expense (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Amortization expense, 2023 | $ 22 |
Amortization expense, 2024 | 21 |
Amortization expense, 2025 | 19 |
Amortization expense, 2026 | 17 |
Amortization expense, 2027 | $ 16 |
Note 4 - Restructuring of Ope_3
Note 4 - Restructuring of Operations (Details Textual) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 11 | $ 30 | $ 14 |
Charges to restructuring | 4 | 7 | 36 |
Adjustments of accruals | (5) | (7) | (2) |
Cash payments | (8) | (18) | (19) |
Currency impact | (1) | 1 | |
Balance | 2 | 11 | 30 |
Employee Termination Benefits [Member] | |||
Balance | 11 | 30 | 13 |
Charges to restructuring | 2 | 2 | 30 |
Adjustments of accruals | (5) | (7) | (2) |
Cash payments | (6) | (13) | (12) |
Currency impact | (1) | 1 | |
Balance | 2 | 11 | 30 |
Exit Costs [Member] | |||
Balance | 0 | 0 | 1 |
Charges to restructuring | 2 | 5 | 6 |
Adjustments of accruals | |||
Cash payments | (2) | (5) | (7) |
Balance | $ 0 | $ 0 | $ 0 |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventory Components (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 679 | $ 651 |
Work in process and finished goods | 1,023 | 1,000 |
Inventory reserves | (93) | (87) |
Total | $ 1,609 | $ 1,564 |
Note 6 - Supplemental Balance_3
Note 6 - Supplemental Balance Sheet and Cash Flow Information - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other current assets: | ||
Prepaid expenses | $ 167 | $ 147 |
Other | 52 | 49 |
Total | 219 | 196 |
Other noncurrent assets: | ||
Customer incentive payments | 28 | 38 |
Prepaid expenses | 3 | 2 |
Deferred financing costs | 4 | 6 |
Pension assets, net of related obligations | 9 | 15 |
Other | 79 | 70 |
Total | 123 | 131 |
Property, plant and equipment, net: | ||
Land and improvements to land | 187 | 193 |
Buildings and building fixtures | 605 | 590 |
Machinery and equipment | 4,108 | 3,872 |
Finance lease right-of-use assets | 57 | 64 |
Total cost | 4,957 | 4,719 |
Less: accumulated depreciation | (2,764) | (2,520) |
Net | 2,193 | 2,199 |
Other accrued liabilities (current): | ||
Non-income taxes payable | 54 | 54 |
Accrued interest | 29 | 25 |
Warranty reserves | 35 | 51 |
Deferred income | 8 | |
Workplace injury costs | 5 | 5 |
Restructuring costs | 2 | 11 |
Payable under forward contracts | 11 | 1 |
Environmental | 3 | 5 |
Deferred government assistance | 3 | |
Other expense accruals | 135 | 144 |
Total | 277 | 304 |
Other noncurrent liabilities: | ||
Income tax liability | 58 | 68 |
Interest rate swap market valuation | 11 | 51 |
Deferred income tax liability | 30 | 32 |
Workplace injury costs | 14 | 15 |
Warranty reserves | 73 | 56 |
Deferred government assistance | 16 | |
Other noncurrent liabilities | 47 | 70 |
Total | $ 249 | $ 292 |
Note 6 - Supplemental Balance_4
Note 6 - Supplemental Balance Sheet and Cash Flow Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 425 | $ 268 | $ 559 | $ 508 |
Restricted cash included in other current assets | 7 | 9 | 5 | 6 |
Restricted cash included in other noncurrent assets | 10 | 10 | 3 | 4 |
Total cash, cash equivalents and restricted cash | $ 442 | $ 287 | $ 567 | $ 518 |
Note 6 - Supplemental Balance_5
Note 6 - Supplemental Balance Sheet and Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in working capital: | |||
Change in accounts receivable | $ (81) | $ (189) | $ (66) |
Change in inventories | (99) | (471) | 69 |
Change in accounts payable | 343 | 254 | 82 |
Change in accrued payroll and employee benefits | 36 | 3 | (22) |
Change in accrued income taxes | 10 | (44) | (9) |
Change in other current assets and liabilities | (10) | (8) | (7) |
Net | 199 | (455) | 47 |
Interest paid | 117 | 109 | 129 |
Income taxes | 132 | 99 | 98 |
Purchases of property, plant and equipment held in accounts payable | 74 | 91 | 50 |
Noncash financing activity related to stock compensation plans | 17 | 18 | 12 |
Noncash financing activity related to dividends in stock compensation plans | $ 1 | $ 1 | $ 0 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | Dec. 31, 2022 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Lessee, Finance Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 20 years |
Lessee, Finance Lease, Remaining Lease Term (Year) | 20 years |
Lessee, Operating Lease, Renewal Term (Year) | 40 years |
Lessee, Finance Lease, Renewal Term (Year) | 40 years |
Note 7 - Leases - Summary of Lo
Note 7 - Leases - Summary of Location and Amounts Related to Finance Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment, Net, Total | ||
Finance lease right-of-use assets | $ 57 | $ 64 |
Current Portion of Long-term Debt [Member] | ||
Finance lease liabilities | 8 | 8 |
Long-term Debt, Excluding Current Portion [Member] | ||
Finance lease liabilities | $ 43 | $ 47 |
Note 7 - Leases - Components of
Note 7 - Leases - Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease cost | $ 58 | $ 53 | $ 52 |
Amortization of right-of-use assets | 9 | 8 | 5 |
Interest on lease liabilities | 2 | 2 | 2 |
Total finance lease cost | $ 11 | $ 10 | $ 7 |
Note 7 - Leases - Supplemental
Note 7 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 60 | $ 53 | $ 52 |
Operating cash flows from finance leases | 2 | 2 | 2 |
Financing cash flows from finance leases | 9 | 7 | 4 |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | 111 | 105 | 57 |
Finance leases | $ 6 | $ 3 | $ 32 |
Note 7 - Leases - Supplementa_2
Note 7 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Weighted-average remaining lease term (years): | ||
Operating leases (Year) | 10 years | 10 years |
Finance leases (Year) | 12 years | 13 years |
Weighted-average discount rate: | ||
Operating leases | 6.90% | 6.30% |
Finance leases | 4.50% | 4.50% |
Note 7 - Leases - Maturities (D
Note 7 - Leases - Maturities (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Operating Leases, 2023 | $ 54 |
Finance Leases, 2023 | 9 |
Operating Leases, 2024 | 51 |
Finance Leases, 2024 | 8 |
Operating Leases, 2025 | 47 |
Finance Leases, 2025 | 7 |
Operating Leases, 2026 | 42 |
Finance Leases, 2026 | 6 |
Operating Leases, 2027 | 37 |
Finance Leases, 2027 | 6 |
Operating Leases, Thereafter | 222 |
Finance Leases, Thereafter | 35 |
Operating Leases, Total lease payments | 453 |
Finance Leases, Total lease payments | 71 |
Operating Leases, Less: interest | 140 |
Finance Leases, Less: interest | 19 |
Operating Leases, Present value of lease liabilities | 313 |
Finance Leases, Present value of lease liabilities | $ 52 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 17, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Preferred Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | 0 | |||||
Common Stock, Shares Authorized (in shares) | 450,000,000 | 450,000,000 | 450,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.10 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.40 | $ 0.40 | $ 0.10 | |
Common Stock, Shares, Issued (in shares) | 143,366,482 | 143,366,482 | ||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 143,366,482 | 143,366,482 | 144,238,660 | |||||
Treasury Stock, Shares, Total (in shares) | 0 | 0 | 11,661,591 | |||||
Payments of Ordinary Dividends, Common Stock | $ 58 | $ 58 | $ 15 | |||||
Treasury Stock, Shares, Retired (in shares) | 13,477,933 | |||||||
Treasury Stock, Retired, Value | 0 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 25 | 25 | $ 23 | |||||
Treasury Stock, Shares, Acquired (in shares) | 1,483,742 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 102 | $ 102 | ||||||
Additional Paid-in Capital [Member] | ||||||||
Treasury Stock, Retired, Value | $ 216 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Changes in Each Component of Accumulated Other Comprehensive Income (AOCI) of the Parent (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Balance | $ 1,975 | $ 1,834 | $ 1,968 | |
Other comprehensive income (loss) | (32) | 39 | (29) | |
Deconsolidation of non-wholly owned subsidiary | (8) | (20) | ||
Balance | 1,603 | 1,975 | 1,834 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance | (809) | (802) | (714) | |
Currency translation adjustments | (88) | (7) | (88) | |
Other comprehensive income (loss) | (86) | (7) | (88) | |
Tax expense | 2 | |||
Balance | (895) | (809) | (802) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Balance | 4 | 9 | (30) | |
Holding gains and losses | 76 | 55 | (78) | |
Reclassification of amount to net income | [1] | (56) | (59) | 117 |
Other comprehensive income (loss) | 17 | (5) | 39 | |
Tax expense | (3) | (1) | ||
Balance | 21 | 4 | 9 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance | (180) | (233) | (243) | |
Net actuarial gains (losses) | 62 | 52 | (11) | |
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | [2] | 11 | 18 | 20 |
Other comprehensive income (loss) | 53 | 53 | 9 | |
Deconsolidation of non-wholly owned subsidiary | 1 | |||
Tax expense | (20) | (17) | ||
Balance | (127) | (180) | (233) | |
AOCI Attributable to Parent [Member] | ||||
Balance | (985) | (1,026) | (987) | |
Currency translation adjustments | (88) | (7) | (88) | |
Holding gains and losses | 76 | 55 | (78) | |
Reclassification of amount to net income | [1] | (56) | (59) | 117 |
Net actuarial gains (losses) | 62 | 52 | (11) | |
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | [2] | 11 | 18 | 20 |
Other comprehensive income (loss) | (16) | 41 | (40) | |
Deconsolidation of non-wholly owned subsidiary | 1 | |||
Tax expense | (21) | (18) | ||
Balance | $ (1,001) | $ (985) | $ (1,026) | |
[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 14 for additional details.[2]See Note 12 for additional details. |
Note 9 - Redeemable Noncontro_3
Note 9 - Redeemable Noncontrolling Interests (Details Textual) | Jun. 22, 2018 |
Dana TM4 [Member] | Hydro-Québec [Member] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45% |
Note 9 - Redeemable Noncontro_4
Note 9 - Redeemable Noncontrolling Interests - Reconciliation of Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, beginning of period | $ 198 | $ 180 |
Capital contribution from redeemable noncontrolling interest | 51 | 14 |
Adjustment to redemption value | 41 | 6 |
Other | (1) | |
Net loss attributable to redeemable noncontrolling interests | (84) | (11) |
Other comprehensive income (loss) attributable to redeemable noncontrolling interests | (11) | 10 |
Balance, end of period | $ 195 | $ 198 |
Note 10 - Earnings Per Share (D
Note 10 - Earnings Per Share (Details Textual) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.7 | 0.7 | |
Share-Based Payment Arrangement [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.1 | 0.6 | 1.4 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Reconciliation of the Numerators and Denominators of the Earnings Per Share Calculations (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income (loss) available to common stockholders - Numerator basic and diluted | $ (242) | $ 197 | $ (31) |
Basic (in shares) | 143.6 | 144.8 | 144.5 |
Employee compensation-related shares, including stock options (in shares) | 0 | 1.4 | 0 |
Weighted-average common shares outstanding - Diluted (in shares) | 143.6 | 146.2 | 144.5 |
Note 11 - Stock Compensation (D
Note 11 - Stock Compensation (Details Textual) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Compensation Share-Based Arrangements, Liability, Current and Noncurrent | $ 4,000 | $ 6,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 22,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | ||
Cash Incentive Award Expense | $ 37,000 | $ 8,000 | $ 23,000 |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 0.8 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Performance Share Units [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 0.1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Stock Option and Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term (Year) | 2 months 12 days | ||
Omnibus Incentive Plan 2021 [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 5.7 |
Note 11 - Stock Compensation -
Note 11 - Stock Compensation - Award Activity (Details) shares in Millions | 12 Months Ended | |
Dec. 31, 2022 $ / shares shares | ||
Share-Based Payment Arrangement, Option [Member] | ||
Balance, shares (in shares) | 0.2 | |
Balance, weighted-average exercise price (in dollars per share) | $ / shares | $ 16.18 | |
Options granted, shares (in shares) | ||
Options exercised or vested, shares (in shares) | ||
Options exercised or vested, weighted-average exercise price (in dollars per share) | $ / shares | [1] | |
Options forfeited or expired, shares (in shares) | ||
Balance, shares (in shares) | 0.2 | |
Balance, weighted-average exercise price (in dollars per share) | $ / shares | $ 16.19 | |
Restricted Stock Units (RSUs) [Member] | ||
Outstanding or Nonvested at beginning of period, other than options, shares (in shares) | 2.4 | |
Outstanding or nonvested at beginning of period, other than options, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.25 | |
Granted, other than options, shares (in shares) | 0.9 | |
Outstanding or nonvested, other than options, granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 22.21 | [1] |
Exercised or vested, other than options, shares (in shares) | (1) | |
Outstanding or nonvested, other than options, exercised or vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.98 | [1] |
Forfeited or expired, other than options, shares (in shares) | ||
Outstanding or nonvested at end of period, other than options, shares (in shares) | 2.3 | |
Outstanding or nonvested at end of period, other than options, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.95 | |
Performance Share Units [Member] | ||
Outstanding or Nonvested at beginning of period, other than options, shares (in shares) | 0.5 | |
Outstanding or nonvested at beginning of period, other than options, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.71 | |
Granted, other than options, shares (in shares) | 0.3 | |
Outstanding or nonvested, other than options, granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.69 | [1] |
Exercised or vested, other than options, shares (in shares) | ||
Outstanding or nonvested, other than options, exercised or vested, weighted average grant date fair value (in dollars per share) | $ / shares | [1] | |
Forfeited or expired, other than options, shares (in shares) | (0.4) | |
Outstanding or nonvested, other than options, forfeited or expired, weighted average grant date fair value (in dollars per share) | $ / shares | $ 14.77 | [1] |
Outstanding or nonvested at end of period, other than options, shares (in shares) | 0.4 | |
Outstanding or nonvested at end of period, other than options, weighted average grant date fair value (in dollars per share) | $ / shares | $ 25.52 | |
[1]Weighted-average per share |
Note 11 - Stock Compensation _2
Note 11 - Stock Compensation - Total Stock Compensation Expense and Other Annual Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock compensation expense | $ 19 | $ 17 | $ 14 |
Total grant-date fair value of awards vested | 19 | 15 | 16 |
Cash received from exercise of stock options | 5 | ||
Cash paid to settle SARs and RSUs | 4 | 2 | 2 |
Stock Option and Stock Appreciation Rights [Member] | |||
Intrinsic value of stock options and SARs exercised | 2 | ||
Restricted Stock Units (RSUs) and Performance Share Units (PSUs) [Member] | |||
Intrinsic value of RSUs and PSUs vested | $ 21 | $ 14 | $ 14 |
Note 11 - Stock Compensation _3
Note 11 - Stock Compensation - Estimate Valuation Assumptions (Details) - Performance Share Units [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Expect term (in years) (Year) | 3 years | 3 years |
Risk-free interest rate | 1.78% | 0.18% |
Dividend yield | 1.67% | 2.27% |
Expected volatility | 63.90% | 62.80% |
Note 12 - Pension and Postret_3
Note 12 - Pension and Postretirement Benefit Plans (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) Rate | |
Period of Forecast (Year) | 10 years |
Minimum [Member] | |
Multiemployer Plans, Green Zone, Percentage (Rate) | 80% |
Multiemployer Plans, Yellow Zone, Percentage (Rate) | 65% |
Multi-employer Plan, Employer Contribution, Percentage (Rate) | 5% |
Maximum [Member] | |
Multiemployer Plans, Red Zone, Percentage (Rate) | 65% |
UNITED STATES | Pension Plan [Member] | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets, Next Fiscal Year | 6% |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ | $ 0 |
Foreign Plan [Member] | Pension Plan [Member] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ | $ 16,000 |
Growth Portfolio [Member] | UNITED STATES | Pension Plan [Member] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage (Rate) | 18% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 17% |
Immunizing Portfolio [Member] | UNITED STATES | Pension Plan [Member] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage (Rate) | 80% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 80% |
Liquidity Portfolio [Member] | UNITED STATES | Pension Plan [Member] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage (Rate) | 2% |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 3% |
Note 12 - Pension and Postret_4
Note 12 - Pension and Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Credit) and Other Amounts Recognized in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
UNITED STATES | Pension Plan [Member] | |||
Interest cost | $ 16 | $ 13 | $ 21 |
Expected return on plan assets | (28) | (26) | (35) |
Amortization of net actuarial loss | 8 | 9 | 11 |
Net periodic benefit cost (credit) | (4) | (4) | (3) |
Amount due to net actuarial (gains) losses | 20 | (4) | (4) |
Reclassification adjustment for net actuarial losses in net periodic benefit cost | (8) | (9) | (11) |
Total recognized in OCI | 12 | (13) | (15) |
Net recognized in benefit cost (credit) and OCI | 8 | (17) | (18) |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |||
Amount due to net actuarial (gains) losses | (1) | (1) | 1 |
Total recognized in OCI | (1) | (1) | 1 |
Net recognized in benefit cost (credit) and OCI | (1) | (1) | 1 |
Foreign Plan [Member] | Pension Plan [Member] | |||
Interest cost | 8 | 5 | 5 |
Expected return on plan assets | (2) | (2) | (3) |
Service cost | 7 | 9 | 9 |
Amortization of net actuarial loss | 5 | 9 | 9 |
Net periodic benefit cost (credit) | 18 | 21 | 20 |
Amount due to net actuarial (gains) losses | (66) | (23) | 10 |
Reclassification adjustment for net actuarial losses in net periodic benefit cost | (5) | (9) | (9) |
Total recognized in OCI | (71) | (32) | 1 |
Net recognized in benefit cost (credit) and OCI | (53) | (11) | 21 |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Interest cost | 2 | 2 | 2 |
Service cost | 1 | 1 | |
Amortization of net actuarial loss | (2) | ||
Net periodic benefit cost (credit) | 0 | 3 | 3 |
Amount due to net actuarial (gains) losses | (15) | (24) | 4 |
Reclassification adjustment for net actuarial losses in net periodic benefit cost | 2 | ||
Total recognized in OCI | (13) | (24) | 4 |
Net recognized in benefit cost (credit) and OCI | $ (13) | $ (21) | $ 7 |
Note 12 - Pension and Postret_5
Note 12 - Pension and Postretirement Benefit Plans - Reconciliations of Changes in Benefit Obligations, Plan Assets and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan [Member] | |||
Fair value at beginning of period | $ 798 | ||
Fair value at end of period | 596 | $ 798 | |
UNITED STATES | Pension Plan [Member] | |||
Obligation at beginning of period | 745 | 810 | |
Interest cost | 16 | 13 | $ 21 |
Actuarial (gain) loss | (155) | (29) | |
Benefit payments | (49) | (49) | |
Obligation at end of period | 557 | 745 | 810 |
Fair value at beginning of period | 733 | 781 | |
Actual return on plan assets | (147) | 1 | |
Employer contributions | |||
Benefit payments | (49) | (49) | |
Fair value at end of period | 537 | 733 | 781 |
Funded status at end of period | (20) | (12) | |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |||
Obligation at beginning of period | 3 | 4 | |
Actuarial (gain) loss | (1) | (1) | |
Benefit payments | |||
Obligation at end of period | 2 | 3 | 4 |
Fair value at beginning of period | 0 | 0 | |
Fair value at end of period | 0 | 0 | 0 |
Funded status at end of period | (2) | (3) | |
Foreign Plan [Member] | Pension Plan [Member] | |||
Obligation at beginning of period | 384 | 438 | |
Interest cost | 8 | 5 | 5 |
Service cost | 7 | 9 | 9 |
Actuarial (gain) loss | (73) | (25) | |
Benefit payments | (14) | (15) | |
Settlements | (1) | ||
Translation adjustments | (16) | (27) | |
Obligation at end of period | 296 | 384 | 438 |
Fair value at beginning of period | 65 | 69 | |
Actual return on plan assets | (5) | ||
Employer contributions | 16 | 17 | |
Benefit payments | (14) | (15) | |
Settlements | (1) | ||
Translation adjustments | (3) | (5) | |
Fair value at end of period | 59 | 65 | 69 |
Funded status at end of period | (237) | (319) | |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Obligation at beginning of period | 69 | 93 | |
Interest cost | 2 | 2 | 2 |
Service cost | 1 | 1 | |
Actuarial (gain) loss | (15) | (24) | |
Benefit payments | (4) | (4) | |
Settlements | |||
Translation adjustments | (4) | 1 | |
Obligation at end of period | 48 | 69 | 93 |
Fair value at beginning of period | 1 | 0 | |
Employer contributions | 4 | 5 | |
Benefit payments | (4) | (4) | |
Fair value at end of period | 1 | 1 | $ 0 |
Funded status at end of period | $ (47) | $ (68) |
Note 12 - Pension and Postret_6
Note 12 - Pension and Postretirement Benefit Plans - Amounts Recognized in the Balance Sheet and Amounts Recognized in AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Amounts recognized in the consolidated balance sheet: | ||
Noncurrent assets | $ 9 | $ 15 |
Noncurrent liabilities | (298) | (398) |
UNITED STATES | Pension Plan [Member] | ||
Amounts recognized in the consolidated balance sheet: | ||
Noncurrent assets | 7 | 14 |
Noncurrent liabilities | (27) | (26) |
Net amount recognized | (20) | (12) |
Amounts recognized in AOCI: | ||
Net actuarial loss (gain) | 141 | 129 |
AOCI before tax | 141 | 129 |
Deferred taxes | 17 | 19 |
Net | 158 | 148 |
UNITED STATES | Other Postretirement Benefits Plan [Member] | ||
Amounts recognized in the consolidated balance sheet: | ||
Noncurrent assets | 0 | 0 |
Noncurrent liabilities | (2) | (3) |
Net amount recognized | (2) | (3) |
Amounts recognized in AOCI: | ||
Net actuarial loss (gain) | 0 | 1 |
AOCI before tax | 0 | 1 |
Net | 0 | 1 |
Foreign Plan [Member] | Pension Plan [Member] | ||
Amounts recognized in the consolidated balance sheet: | ||
Noncurrent assets | 2 | 1 |
Current liabilities | (13) | (14) |
Noncurrent liabilities | (226) | (306) |
Net amount recognized | (237) | (319) |
Amounts recognized in AOCI: | ||
Net actuarial loss (gain) | 5 | 76 |
AOCI before tax | 5 | 76 |
Deferred taxes | (2) | (22) |
Net | 3 | 54 |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | ||
Amounts recognized in the consolidated balance sheet: | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (4) | (5) |
Noncurrent liabilities | (43) | (63) |
Net amount recognized | (47) | (68) |
Amounts recognized in AOCI: | ||
Net actuarial loss (gain) | (45) | (32) |
AOCI before tax | (45) | (32) |
Deferred taxes | 11 | 9 |
Net | $ (34) | $ (23) |
Note 12 - Pension and Postret_7
Note 12 - Pension and Postretirement Benefit Plans - Aggregate Funding Levels of Defined Benefit Pension Plans (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
UNITED STATES | ||
Plans with fair value of plan assets in excess of obligations: | ||
Accumulated benefit obligation | $ 425 | $ 568 |
Projected benefit obligation | 425 | 568 |
Fair value of plan assets | 431 | 582 |
Plans with obligations in excess of fair value of plan assets: | ||
Accumulated benefit obligation | 132 | 177 |
Projected benefit obligation | 132 | 177 |
Fair value of plan assets | 106 | 151 |
Foreign Plan [Member] | ||
Plans with fair value of plan assets in excess of obligations: | ||
Accumulated benefit obligation | 14 | 12 |
Projected benefit obligation | 14 | 12 |
Fair value of plan assets | 16 | 13 |
Plans with obligations in excess of fair value of plan assets: | ||
Accumulated benefit obligation | 259 | 344 |
Projected benefit obligation | 282 | 372 |
Fair value of plan assets | $ 43 | $ 52 |
Note 12 - Pension and Postret_8
Note 12 - Pension and Postretirement Benefit Plans - Fair Value of Pension Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Fair value of plan assets | $ 596 | $ 798 | ||||
UNITED STATES | ||||||
Fair value of plan assets | 537 | 733 | $ 781 | |||
UNITED STATES | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair value of plan assets | 20 | 31 | ||||
UNITED STATES | Fair Value Measured at Net Asset Value Per Share [Member] | ||||||
Fair value of plan assets | [1] | 309 | 437 | |||
UNITED STATES | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair value of plan assets | 202 | 259 | ||||
UNITED STATES | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair value of plan assets | 6 | 6 | ||||
Foreign Plan [Member] | ||||||
Fair value of plan assets | 59 | 65 | 69 | |||
Foreign Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair value of plan assets | 0 | |||||
Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair value of plan assets | 16 | 14 | ||||
Foreign Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair value of plan assets | 43 | 51 | ||||
Defined Benefit Plan, Equity Securities, US [Member] | ||||||
Fair value of plan assets | [1],[2],[3] | 20 | 31 | |||
Defined Benefit Plan, Equity Securities, US [Member] | UNITED STATES | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair value of plan assets | [2] | 20 | 31 | |||
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | ||||||
Fair value of plan assets | 19 | 30 | ||||
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | UNITED STATES | Fair Value Measured at Net Asset Value Per Share [Member] | ||||||
Fair value of plan assets | [1] | 19 | 30 | |||
Defined Benefit Plan, Equity Securities, Non-US [Member] | ||||||
Fair value of plan assets | 11 | 17 | ||||
Defined Benefit Plan, Equity Securities, Non-US [Member] | UNITED STATES | Fair Value Measured at Net Asset Value Per Share [Member] | ||||||
Fair value of plan assets | [1] | 11 | 17 | |||
Defined Benefit Plan, Equity Securities, Emerging Markets [Member] | ||||||
Fair value of plan assets | 9 | 10 | ||||
Defined Benefit Plan, Equity Securities, Emerging Markets [Member] | UNITED STATES | Fair Value Measured at Net Asset Value Per Share [Member] | ||||||
Fair value of plan assets | [1] | 9 | 10 | |||
Corporate Debt Securities [Member] | ||||||
Fair value of plan assets | 414 | 556 | ||||
Corporate Debt Securities [Member] | UNITED STATES | Fair Value Measured at Net Asset Value Per Share [Member] | ||||||
Fair value of plan assets | [1] | 249 | 356 | |||
Corporate Debt Securities [Member] | UNITED STATES | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair value of plan assets | 165 | 200 | ||||
US Treasury Securities [Member] | ||||||
Fair value of plan assets | 8 | 24 | ||||
US Treasury Securities [Member] | UNITED STATES | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair value of plan assets | 8 | 24 | ||||
Debt Security, Government, Non-US [Member] | ||||||
Fair value of plan assets | 16 | 15 | ||||
Debt Security, Government, Non-US [Member] | UNITED STATES | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair value of plan assets | 2 | 2 | ||||
Debt Security, Government, Non-US [Member] | Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair value of plan assets | 14 | 13 | ||||
Defined Benefit Plan, Fixed Income Securities, Emerging Markets [Member] | ||||||
Fair value of plan assets | 7 | 10 | ||||
Defined Benefit Plan, Fixed Income Securities, Emerging Markets [Member] | UNITED STATES | Fair Value Measured at Net Asset Value Per Share [Member] | ||||||
Fair value of plan assets | [1] | 7 | 10 | |||
Insurance Contracts [Member] | ||||||
Fair value of plan assets | [3] | 49 | 57 | |||
Insurance Contracts [Member] | UNITED STATES | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair value of plan assets | 6 | [3] | 6 | [3] | 6 | |
Insurance Contracts [Member] | Foreign Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair value of plan assets | 43 | [3] | 51 | [3] | $ 52 | |
Defined Benefit Plan, Real Estate [Member] | ||||||
Fair value of plan assets | 14 | 14 | ||||
Defined Benefit Plan, Real Estate [Member] | UNITED STATES | Fair Value Measured at Net Asset Value Per Share [Member] | ||||||
Fair value of plan assets | [1] | 14 | 14 | |||
Other Securities [Member] | ||||||
Fair value of plan assets | 2 | 1 | ||||
Other Securities [Member] | Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair value of plan assets | 2 | 1 | ||||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||||||
Fair value of plan assets | 27 | 33 | ||||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | UNITED STATES | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair value of plan assets | $ 27 | $ 33 | ||||
[1]Certain assets are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.[2]This category comprises a combination of small-, mid- and large-cap equity stocks that are allocated at the investment manager's discretion. Investments include common and preferred securities as well as equity funds that invest in these instruments.[3]This category comprises contracts placed with insurance companies where the underlying assets are invested in fixed interest securities. |
Note 12 - Pension and Postret_9
Note 12 - Pension and Postretirement Benefit Plans - Reconciliation of Level 3 Pension Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Fair value at beginning of period | $ 798 | |||
Fair value at end of period | 596 | $ 798 | ||
UNITED STATES | ||||
Fair value at beginning of period | 733 | 781 | ||
Fair value at end of period | 537 | 733 | ||
Foreign Plan [Member] | ||||
Fair value at beginning of period | 65 | 69 | ||
Fair value at end of period | 59 | 65 | ||
Fair Value, Inputs, Level 3 [Member] | UNITED STATES | ||||
Fair value at beginning of period | 6 | |||
Fair value at end of period | 6 | 6 | ||
Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | ||||
Fair value at beginning of period | 51 | |||
Fair value at end of period | 43 | 51 | ||
Insurance Contracts [Member] | ||||
Fair value at beginning of period | [1] | 57 | ||
Fair value at end of period | [1] | 49 | 57 | |
Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | ||||
Fair value at beginning of period | 6 | [1] | 6 | |
Actual gains (losses) relating to assets still held at the reporting date | ||||
Fair value at end of period | [1] | 6 | 6 | |
Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | ||||
Fair value at beginning of period | 51 | [1] | 52 | |
Actual gains (losses) relating to assets still held at the reporting date | (5) | 2 | ||
Currency impact | (3) | (3) | ||
Fair value at end of period | [1] | $ 43 | $ 51 | |
[1]This category comprises contracts placed with insurance companies where the underlying assets are invested in fixed interest securities. |
Note 12 - Pension and Postre_10
Note 12 - Pension and Postretirement Benefit Plans - Significant Weighted Average Assumptions Used in Measurement of Pension and Postretirement Benefit Obligations (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
UNITED STATES | Pension Plan [Member] | |||
Benefit obligations: | |||
Discount rate | 5.47% | 2.83% | 2.43% |
Net periodic benefit cost: | |||
Discount rate | 2.29% | 1.72% | 2.79% |
Expected return on plan assets | 4% | 3.50% | 5% |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |||
Benefit obligations: | |||
Discount rate | 5.54% | 2.99% | 2.67% |
Net periodic benefit cost: | |||
Discount rate | 2.84% | 2.57% | 3.19% |
Foreign Plan [Member] | Pension Plan [Member] | |||
Benefit obligations: | |||
Discount rate | 4.74% | 1.97% | 1.40% |
Net periodic benefit cost: | |||
Discount rate | 2.20% | 1.79% | 2.10% |
Rate of compensation increase | 3.11% | 2.97% | 3.36% |
Expected return on plan assets | 3.64% | 3.57% | 4.45% |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Benefit obligations: | |||
Discount rate | 5.44% | 3.08% | 2.55% |
Net periodic benefit cost: | |||
Discount rate | 3.34% | 2.62% | 3.15% |
Initial health care cost trend rate | 2.48% | 2.27% | 4.64% |
Ultimate health care cost trend rate | 4.09% | 4.20% | 5.13% |
Year ultimate reached | 2032 | 2032 | 2023 |
Note 12 - Pension and Postre_11
Note 12 - Pension and Postretirement Benefit Plans - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
UNITED STATES | Pension Plan [Member] | |
2023 | $ 50 |
2024 | 49 |
2025 | 48 |
2026 | 48 |
2027 | 47 |
2028 to 2032 | 215 |
Total | 457 |
UNITED STATES | Other Postretirement Benefits Plan [Member] | |
2027 | |
2028 to 2032 | 1 |
Total | 1 |
Foreign Plan [Member] | Pension Plan [Member] | |
2023 | 16 |
2024 | 16 |
2025 | 16 |
2026 | 20 |
2027 | 19 |
2028 to 2032 | 114 |
Total | 201 |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | |
2023 | 4 |
2024 | 4 |
2025 | 4 |
2026 | 4 |
2027 | 4 |
2028 to 2032 | 17 |
Total | $ 37 |
Note 12 - Pension and Postre_12
Note 12 - Pension and Postretirement Benefit Plans - Multiemployer Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contributions by Dana | $ 18 | $ 16 | $ 14 |
Note 13 - Financing Agreement_2
Note 13 - Financing Agreements (Details Textual) € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||
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 | Jun. 30, 2020 USD ($) Rate | Jun. 19, 2020 USD ($) | May 31, 2021 USD ($) | Jun. 30, 2020 USD ($) Rate | Dec. 31, 2022 USD ($) Rate | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | May 28, 2021 EUR (€) | Apr. 16, 2020 USD ($) | ||
Gain (Loss) on Extinguishment of Debt, Total | $ (29) | $ (8) | |||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 21 | ||||||||||||||||
Write off of Deferred Debt Issuance Cost | 8 | 8 | |||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Debt Issuance Costs, Gross | $ 2 | ||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,150 | ||||||||||||||||
Long-Term Line of Credit, Total | 25 | ||||||||||||||||
Letters of Credit Outstanding, Amount | 16 | ||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,109 | ||||||||||||||||
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] | |||||||||||||||||
Long-Term Debt, Gross | $ 400 | 400 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.75% | |||||||||||||||
Note Payable to Former Shareholders of SME [Member] | |||||||||||||||||
Long-Term Debt, Gross | $ 25 | ||||||||||||||||
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] | |||||||||||||||||
Long-Term Debt, Gross | $ 400 | 400 | |||||||||||||||
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] | |||||||||||||||||
Long-Term Debt, Gross | $ 348 | 370 | |||||||||||||||
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] | |||||||||||||||||
Long-Term Debt, Gross | $ 350 | 350 | |||||||||||||||
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 June 15, 2028 [Member] | |||||||||||||||||
Long-Term Debt, Gross | $ 400 | 400 | |||||||||||||||
Debt Instrument, Redemption Price, Percentage | Rate | 100% | ||||||||||||||||
Debt Instrument, Face Amount | $ 400 | $ 400 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | 5.625% | ||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 395 | ||||||||||||||||
Debt Issuance Costs, Gross | $ 5 | $ 5 | |||||||||||||||
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% | ||||||||||||||||
Senior Notes due November 15, 2027 [Member] | |||||||||||||||||
Long-Term Debt, Gross | $ 400 | 400 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | 5.375% | ||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 99 | ||||||||||||||||
Debt Issuance Costs, Gross | 1 | $ 1 | |||||||||||||||
Long-term Debt, Gross, Additional Amount | $ 100 | $ 100 | |||||||||||||||
The Term A Facility [Member] | |||||||||||||||||
Repayments of Debt | 474 | ||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 3 | ||||||||||||||||
The Term B Facility [Member] | |||||||||||||||||
Repayments of Debt | 349 | ||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 5 | ||||||||||||||||
Bridge Facility [Member] | |||||||||||||||||
Write off of Deferred Debt Issuance Cost | $ 5 | ||||||||||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||||||||||
Debt Issuance Costs, Gross | $ 5 | ||||||||||||||||
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% | ||||||||||||||||
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%. See Note 14 for additional information. |
Note 13 - Financing Agreement_3
Note 13 - Financing Agreements - Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 24, 2021 | May 28, 2021 | May 13, 2021 | Jun. 30, 2020 | |
Debt issuance costs | $ (22) | $ (26) | |||||
Long-term debt | 2,356 | 2,394 | |||||
Less: Current portion of long-term debt | 8 | 8 | |||||
Long-term debt, less debt issuance costs | $ 2,348 | 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% | 5.375% | |||||
Long-term debt, gross | $ 400 | 400 | |||||
Senior Notes due June 15, 2028 [Member] | |||||||
Long-term debt, interest rate | 5.625% | 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 | $ 348 | 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 | $ 80 | $ 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%. See Note 14 for additional information. |
Note 13 - Financing Agreement_4
Note 13 - Financing Agreements - Scheduled Principal Payments on Long-term Debt, Excluding Finance Leases (Details) $ in Millions | Dec. 31, 2022 USD ($) |
2023 | $ 0 |
2024 | 27 |
2025 | 400 |
2026 | 0 |
2027 | $ 400 |
Note 13 - Financing Agreement_5
Note 13 - Financing Agreements - Debt Instrument Redemption (Details) | 12 Months Ended |
Dec. 31, 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, 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 13 - Financing Agreement_6
Note 13 - Financing Agreements - Revolving Facility Margins (Details) - Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 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 13 - Financing Agreement_7
Note 13 - Financing Agreements - Revolving Facility Commitment Fees (Details) - Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 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 14 - Fair Value Measurem_3
Note 14 - Fair Value Measurements and Derivatives (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 8 | 4 | 5 | |
Foreign Exchange Forward [Member] | ||||
Maximum Remaining Maturity of Foreign Currency Derivatives (Month) | 15 months | |||
Derivative, Notional Amount | $ 608 | 449 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative, Notional Amount | 298 | |||
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 | |||
Currency Swap [Member] | ||||
Derivative, Notional Amount | 967 | 1,096 | ||
Payments for (Proceeds from) Derivative Instrument, Investing Activities, Total | $ 22 | |||
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative, Notional Amount | $ 369 |
Note 14 - Fair Value Measurem_4
Note 14 - 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative assets | $ 2 | $ 2 |
Derivative liabilities | 7 | |
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative liabilities | 11 | 17 |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | ||
Derivative assets | 26 | 7 |
Derivative liabilities | 4 | 1 |
Cash Flow Hedging [Member] | Currency Swap [Member] | ||
Derivative assets | 17 | |
Derivative liabilities | 34 | |
Marketable Securities [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit | $ 0 | $ 17 |
Note 14 - Fair Value Measurem_5
Note 14 - Fair Value Measurements and Derivatives - Fair Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Long term debt | $ 2,304 | $ 2,338 |
Estimate of Fair Value Measurement [Member] | ||
Long term debt | $ 2,010 | $ 2,412 |
Note 14 - Fair Value Measurem_6
Note 14 - Fair Value Measurements and Derivatives - Outstanding Fixed-to-fixed Cross-currency Swaps (Details) € in Millions, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | |
Currency Swap [Member] | ||||
Notional amount | $ 967 | $ 1,096 | ||
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Notional amount | 369 | |||
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%. See Note 14 for additional information. |
Note 14 - Fair Value Measurem_7
Note 14 - Fair Value Measurements and Derivatives - Outstanding Currency Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | $ 162 | |
Euro Foreign Exchange Forward [Member] | ||
Notional amount | 223 | |
British Pound Foreign Exchange Forward [Member] | ||
Notional amount | 4 | |
South African Rand Foreign Exchange Forward [Member] | ||
Notional amount | 11 | |
Canadian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 8 | |
Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 79 | |
Indian Rupee Foreign Exchange Forward [Member] | ||
Notional amount | 110 | |
Chinese Renminbi Foreign Exchange Forward [Member] | ||
Notional amount | 11 | |
Foreign Exchange Forward [Member] | ||
Notional amount | 608 | $ 449 |
US Dollar Currency Swap [Member] | ||
Notional amount | 479 | |
Euro Currency Swap [Member] | ||
Notional amount | 488 | |
Currency Swap [Member] | ||
Notional amount | 967 | $ 1,096 |
Foreign Exchange Contract [Member] | ||
Notional amount | 1,575 | |
Designated as Hedging Instrument [Member] | US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 146 | |
Designated as Hedging Instrument [Member] | Euro Foreign Exchange Forward [Member] | ||
Notional amount | 95 | |
Designated as Hedging Instrument [Member] | British Pound Foreign Exchange Forward [Member] | ||
Notional amount | 4 | |
Designated as Hedging Instrument [Member] | Canadian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | ||
Designated as Hedging Instrument [Member] | Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 65 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Notional amount | 310 | |
Designated as Hedging Instrument [Member] | US Dollar Currency Swap [Member] | ||
Notional amount | 298 | |
Designated as Hedging Instrument [Member] | Euro Currency Swap [Member] | ||
Notional amount | 300 | |
Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Notional amount | 598 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Notional amount | 908 | |
Not Designated as Hedging Instrument [Member] | US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 16 | |
Not Designated as Hedging Instrument [Member] | Euro Foreign Exchange Forward [Member] | ||
Notional amount | 128 | |
Not Designated as Hedging Instrument [Member] | British Pound Foreign Exchange Forward [Member] | ||
Notional amount | ||
Not Designated as Hedging Instrument [Member] | South African Rand Foreign Exchange Forward [Member] | ||
Notional amount | 11 | |
Not Designated as Hedging Instrument [Member] | Canadian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 8 | |
Not Designated as Hedging Instrument [Member] | Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 14 | |
Not Designated as Hedging Instrument [Member] | Indian Rupee Foreign Exchange Forward [Member] | ||
Notional amount | 110 | |
Not Designated as Hedging Instrument [Member] | Chinese Renminbi Foreign Exchange Forward [Member] | ||
Notional amount | 11 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Notional amount | 298 | |
Not Designated as Hedging Instrument [Member] | US Dollar Currency Swap [Member] | ||
Notional amount | 181 | |
Not Designated as Hedging Instrument [Member] | Euro Currency Swap [Member] | ||
Notional amount | 188 | |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Notional amount | 369 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Notional amount | $ 667 |
Note 14 - Fair Value Measurem_8
Note 14 - Fair Value Measurements and Derivatives - Summary of Deferred Gains (Losses) Reported in AOCI (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred gain (loss) in AOCI | $ 22 | $ 1 |
Gain (loss) expected to be reclassified into income in one year or less | 11 | |
Foreign Exchange Forward [Member] | ||
Deferred gain (loss) in AOCI | 11 | (1) |
Gain (loss) expected to be reclassified into income in one year or less | 11 | |
Currency Swap [Member] | ||
Deferred gain (loss) in AOCI | $ 11 | $ 2 |
Note 14 - Fair Value Measurem_9
Note 14 - Fair Value Measurements and Derivatives - Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 10,156 | $ 8,945 | $ 7,106 |
Cost of sales | 9,393 | 8,108 | 6,485 |
Other income (expense), net | 22 | 32 | 22 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Sales [Member] | |||
Amount of (gain) loss reclassified from AOCI into income | 1 | ||
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | |||
Amount of (gain) loss reclassified from AOCI into income | (7) | (9) | 18 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Other Income (Expense) [Member] | |||
Amount of (gain) loss reclassified from AOCI into income | (6) | (5) | |
Currency Swap [Member] | Cash Flow Hedging [Member] | Other Income (Expense) [Member] | |||
Amount of (gain) loss reclassified from AOCI into income | $ (43) | $ (45) | $ 99 |
Note 14 - Fair Value Measure_10
Note 14 - Fair Value Measurements and Derivatives - Location and Amount of Gain or (Loss) Recognized in Income on Undesignated Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cost of Sales [Member] | |||
Gain (loss) recognized in income on foreign currency derivatives not designated as hedging instruments | $ 0 | $ 1 | $ 0 |
Other Income (Expense) [Member] | |||
Gain (loss) recognized in income on foreign currency derivatives not designated as hedging instruments | $ (13) | $ 0 | $ (6) |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2010 USD ($) |
Loss Contingency Accrual, Product Liability, Net, Total | $ 0 | $ 2,000 | |
Accrual for Environmental Loss Contingencies, Ending Balance | 8,000 | 10,000 | |
Damages from Product Defects [Member] | |||
Loss Contingency, Receivable, Ending Balance | $ 0 | $ 13,000 | |
Property Lease Guarantee [Member] | Structural Products [Member] | |||
Guarantee of Lease Obligations, Number of Leases Assigned | 3 | ||
Guarantee Obligations, Other Contracts | $ 6,000 |
Note 16 - Warranty Obligation_2
Note 16 - Warranty Obligations - Changes in Warranty Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 107 | $ 98 | $ 101 |
Amounts accrued for current period sales | 44 | 38 | 35 |
Adjustments of prior estimates | 6 | 11 | 1 |
Settlements of warranty claims | (46) | (28) | (42) |
Divestitures | (10) | ||
Currency impact | (3) | (2) | 3 |
Balance | $ 108 | $ 107 | $ 98 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Future Repatriation of Foreign Earnings, Amount | $ 1,000 | $ 0 | $ 6,000 |
Payments for Other Taxes | 6,000 | 8,000 | 9,000 |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 6,000 | ||
Intercompany Loan Obligations to Parent | 1,023,000 | ||
Intercompany Loan Obligations to Parent Considered Permanently Invested | 19,000 | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 255,000 | 60,000 | |
Goodwill, Impairment Loss | 191,000 | 51,000 | |
Other Tax Expense (Benefit) | (2,000) | (1,000) | |
Income Tax Expense (Benefit), Intercompany Sale of Assets | 12,000 | ||
Deferred Tax Assets, Capital Loss Carryforwards | 51,000 | 56,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Total | 241,000 | ||
Tax Credit Carryforward, Valuation Allowance | 236,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 7,000 | 6,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 78,000 | ||
Minimum [Member] | |||
Tax Loss Carryforward Period (Year) | 10 years | ||
Maximum [Member] | |||
Tax Loss Carryforward Period (Year) | 20 years | ||
Domestic Tax Authority [Member] | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total | 18,000 | ||
Income Tax Reconciliation Tax (Benefit) Credits | (37,000) | ||
Foreign Tax Authority [Member] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (46,000) | 60,000 | |
UNITED STATES | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total | $ 32,000 | ||
UNITED STATES | Income Projections [Member] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 240,000 | $ 46,000 | |
UNITED STATES | Income Projections [Member] | Domestic Tax Authority [Member] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 189,000 | ||
UNITED STATES | Income Projections [Member] | State and Local Jurisdiction [Member] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 51,000 | ||
AUSTRALIA | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (26,000) |
Note 17 - Income Taxes - Income
Note 17 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
U.S. federal and state | $ 19 | $ (31) | $ 14 |
Non-U.S. | 112 | 104 | 79 |
Total current | 131 | 73 | 93 |
Deferred | |||
U.S. federal and state | 160 | 54 | (23) |
Non-U.S. | (7) | (55) | (12) |
Total deferred | 153 | (1) | (35) |
Total expense | $ 284 | $ 72 | $ 58 |
Note 17 - Income Taxes - Inco_2
Note 17 - Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. operations | $ (343) | $ (170) | $ (128) |
Non-U.S. operations | 312 | 414 | 115 |
Earnings (loss) before income taxes | $ (31) | $ 244 | $ (13) |
Note 17 - Income Taxes - Effect
Note 17 - Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. federal income tax rate, amount | $ (7) | $ 51 | $ (3) |
U.S. federal income tax rate, percent | 21% | 21% | 21% |
State & local income taxes, net of federal benefit, amount | $ (6) | $ 6 | |
State & local income taxes, net of federal benefit, percent | 19% | (46.00%) | |
Non-US income / expense, amount | $ (2) | $ 15 | $ (5) |
Non-US income / expense, percent | 7% | 6% | 39% |
Credits & tax incentives, amount | $ (27) | $ 1 | $ (55) |
Credits & tax incentives, percent | 87% | 423% | |
US foreign derived intangible income, amount | $ (1) | $ (24) | |
US foreign derived intangible income, percent | 185% | ||
US tax & withholding tax on non-US earnings, amount | $ 42 | $ 14 | $ 20 |
US tax & withholding tax on non-US earnings, percent | (135.00%) | 6% | (154.00%) |
Intercompany sale of certain operating assets, amount | $ (1) | $ (1) | $ 27 |
Intercompany sale of certain operating assets, percent | 3% | (207.00%) | |
Settlement and return adjustments, amount | $ (7) | $ 5 | $ 3 |
Settlement and return adjustments, percent | 23% | 2% | (23.00%) |
Enacted change in tax rates, amount | $ (4) | $ (5) | $ (2) |
Enacted change in tax rates, percent | 13% | (2.00%) | 15% |
Mexican non-deductible cost of goods sold, amount | $ 17 | ||
Mexican non-deductible cost of goods sold, percentage | (130.00%) | ||
Goodwill impairment, amount | $ 47 | $ 8 | |
Goodwill impairment, percentage | (151.00%) | (61.00%) | |
Miscellaneous items, amount | $ (6) | $ (7) | $ 6 |
Miscellaneous items, percent | 19% | (3.00%) | (46.00%) |
Valuation allowance adjustments, amount | $ 255 | $ 60 | |
Valuation allowance adjustments, percent | (822.00%) | (462.00%) | |
Total expense | $ 284 | $ 72 | $ 58 |
Effective income tax rate, percent | (916.00%) | 30% | (446.00%) |
Note 17 - Income Taxes - Deferr
Note 17 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Net operating loss carryforwards | $ 181 | $ 187 |
Postretirement benefits, including pensions | 49 | 71 |
Research and development costs | 208 | 169 |
Expense accruals | 49 | 77 |
Other tax credits recoverable | 241 | 218 |
Deferred Tax Assets, Capital Loss Carryforwards | 51 | 56 |
Inventory reserves | 32 | 25 |
Postemployment and other benefits | 4 | 4 |
Intangibles | 1 | |
Leasing activities | 69 | 55 |
Other | 71 | 26 |
Total | 955 | 889 |
Valuation allowances | (512) | (258) |
Deferred tax assets | 443 | 631 |
Unremitted earnings | (9) | (10) |
Intangibles | (1) | |
Depreciation | (66) | (74) |
Deferred tax liabilities | (76) | (84) |
Net deferred tax assets | $ 367 | $ 547 |
Note 17 - Income Taxes - Net Op
Note 17 - Income Taxes - Net Operating Loss Carryforwards (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation allowance | $ (135) | |
Net operating loss carryforwards | 181 | $ 187 |
State and Local Jurisdiction [Member] | ||
Deferred tax assets, net operating loss carryforwards, state and local | 55 | |
Valuation allowance | (55) | |
Foreign Tax Authority [Member] | Secretariat of the Federal Revenue Bureau of Brazil [Member] | ||
Valuation allowance | (5) | |
Deferred tax assets, net operating loss carryforwards, foreign | 11 | |
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | ||
Deferred tax assets, net operating loss carryforwards, foreign | 6 | |
Foreign Tax Authority [Member] | Australian Taxation Office [Member] | ||
Deferred tax assets, net operating loss carryforwards, foreign | 20 | |
Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | ||
Valuation allowance | (18) | |
Deferred tax assets, net operating loss carryforwards, foreign | 19 | |
Foreign Tax Authority [Member] | Federal Ministry of Finance, Germany [Member] | ||
Valuation allowance | (4) | |
Deferred tax assets, net operating loss carryforwards, foreign | 4 | |
Foreign Tax Authority [Member] | Swedish Tax Agency [Member] | ||
Valuation allowance | ||
Deferred tax assets, net operating loss carryforwards, foreign | 1 | |
Foreign Tax Authority [Member] | Tax Authority, South Africa [Member] | ||
Valuation allowance | (2) | |
Deferred tax assets, net operating loss carryforwards, foreign | 2 | |
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | ||
Valuation allowance | (6) | |
Deferred tax assets, net operating loss carryforwards, foreign | 15 | |
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | ||
Valuation allowance | (41) | |
Deferred tax assets, net operating loss carryforwards, foreign | $ 43 | |
Net operating loss carryforward period (Year) | 20 years | |
Foreign Tax Authority [Member] | Ministry of Finance, India [Member] | ||
Deferred tax assets, net operating loss carryforwards, foreign | $ 1 | |
Net operating loss carryforward period (Year) | 8 years | |
Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] | ||
Valuation allowance | $ (4) | |
Deferred tax assets, net operating loss carryforwards, foreign | $ 4 | |
Net operating loss carryforward period (Year) | 5 years |
Note 17 - Income Taxes - Reconc
Note 17 - Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of period | $ 126 | $ 104 | $ 119 |
Decrease related to expiration of statute of limitations | (6) | (5) | (5) |
Decrease related to prior years tax positions | (43) | (2) | (1) |
Increase related to prior years tax positions | 7 | 16 | 3 |
Increase related to current year tax positions | 18 | 13 | 9 |
Decrease related to settlements | (21) | ||
Balance, end of period | $ 102 | $ 126 | $ 104 |
Note 18 - Other Income (Expen_3
Note 18 - Other Income (Expense), Net (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 01, 2020 shares | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (7) | ||||
Proceeds from Sale of Productive Assets, Total | 3 | 85 | 11 | ||
Sale and Leaseback Transaction, Gain (Loss), Net | 66 | ||||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 453 | ||||
Sale-leaseback Transaction for U.S. Manufacturing Facilities [Member] | |||||
Proceeds from Sale of Productive Assets, Total | 77 | ||||
Sale Leaseback Transaction, Net Book Value, Total | 11 | ||||
Sale and Leaseback Transaction, Gain (Loss), Net | $ 66 | ||||
Lessee, Operating Lease, Term of Contract (Year) | 20 years | ||||
Lessee, Operating Lease, Option To Extend, Number Of Renewal Options | 8 | ||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | ||||
Operating Lease, Expense | $ 6 | ||||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 119 | ||||
Joint Venture in China [Member] | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (7) | ||||
Hyliion Inc [Member] | |||||
Investment Owned, Balance, Shares (in shares) | shares | 2,988,229 |
Note 18 - Other Income (Expen_4
Note 18 - Other Income (Expense), Net - Other Income (Expense), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-service cost components of pension and OPEB costs | $ (7) | $ (10) | $ (10) |
Government assistance | 8 | ||
Foreign exchange gain | 4 | 2 | 8 |
Strategic transaction expenses | (8) | (13) | (20) |
Loss on disposal group held for sale | (7) | ||
Loss on de-designation of fixed-to-fixed cross currency swaps | (9) | ||
Gain on sale leaseback | 66 | ||
Other, net | 25 | 23 | 11 |
Other income (expense), net | 22 | 32 | 22 |
Hyliion Inc [Member] | |||
Gain (loss) on investment in Hyliion | $ (20) | $ 33 |
Note 19 - Revenue From Contra_3
Note 19 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Contract with Customer, Receivable, after Allowance for Credit Loss, Total | $ 7 | $ 8 |
Contract with Customer, Receivable, after Allowance for Credit Loss, Noncurrent, Total | 28 | 38 |
Contract with Customer, Liability, Current | $ 48 | $ 34 |
Maximum [Member] | ||
Customer Payment Terms (Day) | 180 days |
Note 19 - Revenue From Contra_4
Note 19 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 10,156 | $ 8,945 | $ 7,106 |
Light Vehicle Segment [Member] | |||
Net sales | 4,090 | 3,773 | 3,038 |
Commercial Vehicle Segment [Member] | |||
Net sales | 1,979 | 1,532 | 1,185 |
Off-Highway Segment [Member] | |||
Net sales | 2,946 | 2,593 | 1,966 |
Power Technologies Segment [Member] | |||
Net sales | 1,141 | 1,047 | 917 |
North America [Member] | |||
Net sales | 4,923 | 4,230 | 3,602 |
North America [Member] | Light Vehicle Segment [Member] | |||
Net sales | 2,976 | 2,698 | 2,228 |
North America [Member] | Commercial Vehicle Segment [Member] | |||
Net sales | 987 | 752 | 693 |
North America [Member] | Off-Highway Segment [Member] | |||
Net sales | 361 | 290 | 252 |
North America [Member] | Power Technologies Segment [Member] | |||
Net sales | 599 | 490 | 429 |
Europe [Member] | |||
Net sales | 3,059 | 2,836 | 2,209 |
Europe [Member] | Light Vehicle Segment [Member] | |||
Net sales | 403 | 424 | 346 |
Europe [Member] | Commercial Vehicle Segment [Member] | |||
Net sales | 274 | 259 | 192 |
Europe [Member] | Off-Highway Segment [Member] | |||
Net sales | 1,939 | 1,680 | 1,260 |
Europe [Member] | Power Technologies Segment [Member] | |||
Net sales | 443 | 473 | 411 |
South America [Member] | |||
Net sales | 788 | 590 | 358 |
South America [Member] | Light Vehicle Segment [Member] | |||
Net sales | 217 | 167 | 108 |
South America [Member] | Commercial Vehicle Segment [Member] | |||
Net sales | 524 | 389 | 221 |
South America [Member] | Off-Highway Segment [Member] | |||
Net sales | 17 | 14 | 11 |
South America [Member] | Power Technologies Segment [Member] | |||
Net sales | 30 | 20 | 18 |
Asia Pacific [Member] | |||
Net sales | 1,386 | 1,289 | 937 |
Asia Pacific [Member] | Light Vehicle Segment [Member] | |||
Net sales | 494 | 484 | 356 |
Asia Pacific [Member] | Commercial Vehicle Segment [Member] | |||
Net sales | 194 | 132 | 79 |
Asia Pacific [Member] | Off-Highway Segment [Member] | |||
Net sales | 629 | 609 | 443 |
Asia Pacific [Member] | Power Technologies Segment [Member] | |||
Net sales | $ 69 | $ 64 | $ 59 |
Note 20 - Segments, Geographi_3
Note 20 - Segments, Geographical Area and Major Customer Information (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Number of Operating Segments | 4 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 10,156 | $ 8,945 | $ 7,106 |
Ford [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,978 | 1,729 | 1,456 |
Stellantis N.V. [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,166 | 1,068 | 871 |
UNITED STATES | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,668 | 4,035 | 3,404 |
ITALY | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,535 | 1,356 | 993 |
BRAZIL | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 606 | 451 | 264 |
INDIA | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 554 | $ 458 | $ 276 |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES | |||
Concentration Risk, Percentage | 46% | ||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ITALY | |||
Concentration Risk, Percentage | 15% | ||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | BRAZIL | |||
Concentration Risk, Percentage | 6% | ||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | INDIA | |||
Concentration Risk, Percentage | 6% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Ford [Member] | |||
Concentration Risk, Percentage | 19% | 19% | 20% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Stellantis N.V. [Member] | |||
Concentration Risk, Percentage | 11% | 12% | 12% |
Note 20 - Segments, Geographi_4
Note 20 - Segments, Geographical Area and Major Customer Information - Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 10,156 | $ 8,945 | $ 7,106 |
Segment EBITDA | 699 | 798 | 603 |
Capital spend | 440 | 369 | 326 |
Depreciation | 365 | 365 | 345 |
Segment net assets | 3,810 | 4,325 | |
Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,156 | 8,945 | 7,106 |
Segment EBITDA | 699 | 798 | 603 |
Capital spend | 440 | 369 | 326 |
Depreciation | 365 | 365 | 345 |
Segment net assets | 3,810 | 4,325 | 4,094 |
Light Vehicle Segment [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,090 | 3,773 | 3,038 |
Light Vehicle Segment [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,090 | 3,773 | 3,038 |
Segment EBITDA | 158 | 274 | 239 |
Capital spend | 201 | 154 | 131 |
Depreciation | 175 | 175 | 167 |
Segment net assets | 1,331 | 1,492 | 1,432 |
Light Vehicle Segment [Member] | Segment Reconciling Items [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 166 | 166 | 104 |
Commercial Vehicle Segment [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,979 | 1,532 | 1,185 |
Commercial Vehicle Segment [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,979 | 1,532 | 1,185 |
Segment EBITDA | 43 | 48 | 40 |
Capital spend | 67 | 53 | 39 |
Depreciation | 32 | 31 | 32 |
Segment net assets | 708 | 941 | 796 |
Commercial Vehicle Segment [Member] | Segment Reconciling Items [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 110 | 100 | 70 |
Off-Highway Segment [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,946 | 2,593 | 1,966 |
Off-Highway Segment [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,946 | 2,593 | 1,966 |
Segment EBITDA | 404 | 353 | 230 |
Capital spend | 73 | 75 | 69 |
Depreciation | 101 | 102 | 93 |
Segment net assets | 1,278 | 1,342 | 1,360 |
Off-Highway Segment [Member] | Segment Reconciling Items [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 64 | 67 | 48 |
Power Technologies Segment [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,141 | 1,047 | 917 |
Power Technologies Segment [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,141 | 1,047 | 917 |
Segment EBITDA | 94 | 123 | 94 |
Capital spend | 64 | 39 | 38 |
Depreciation | 32 | 36 | 32 |
Segment net assets | 389 | 389 | 360 |
Power Technologies Segment [Member] | Segment Reconciling Items [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 28 | 23 | 19 |
Eliminations and Other [Member] | Operating Segments [Member] | |||
Capital spend | 35 | 48 | 49 |
Depreciation | 25 | 21 | 21 |
Segment net assets | 104 | 161 | 146 |
Eliminations and Other [Member] | Segment Reconciling Items [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (368) | $ (356) | $ (241) |
Note 20 - Segments, Geographi_5
Note 20 - Segments, Geographical Area and Major Customer Information - Reconciliation of Segment EBITDA to Consolidated Net Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment EBITDA | $ 699 | $ 798 | $ 603 |
Corporate expense and other items, net | 1 | (3) | (10) |
Depreciation | (365) | (365) | (345) |
Amortization | (23) | (24) | (20) |
Non-service cost components of pension and OPEB costs | (7) | (10) | (10) |
Restructuring charges, net | 1 | (34) | |
Stock compensation expense | (19) | (17) | (14) |
Strategic transaction expenses | (8) | (13) | (20) |
Amounts attributable to previously divested/closed operations | (2) | (2) | (1) |
Loss on disposal group held for sale | (7) | ||
Loss on de-designation of fixed-to-fixed cross currency swaps | (9) | ||
Gain on sale leaseback | 66 | ||
Impairment | (191) | (51) | |
Other items | 1 | (7) | |
Earnings before interest and income taxes | 86 | 395 | 124 |
Loss on extinguishment of debt | (29) | (8) | |
Interest income | 11 | 9 | 9 |
Interest expense | 128 | 131 | 138 |
Earnings (loss) before income taxes | (31) | 244 | (13) |
Income tax expense | 284 | 72 | 58 |
Equity in earnings of affiliates | 4 | 28 | 20 |
Net income (loss) | (311) | 200 | (51) |
Hyliion Inc [Member] | |||
Gain (loss) on investment in Hyliion | $ (20) | $ 33 |
Note 20 - Segments, Geographi_6
Note 20 - Segments, Geographical Area and Major Customer Information - Reconciliation of Segment Net Assets to Consolidated Total Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Segment net assets | $ 3,810 | $ 4,325 |
Accounts payable and other current liabilities | 2,383 | 2,099 |
Other current and long-term assets | 1,256 | 1,208 |
Total assets | $ 7,449 | $ 7,632 |
Note 20 - Segments, Geographi_7
Note 20 - Segments, Geographical Area and Major Customer Information - Geographic Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 10,156 | $ 8,945 | $ 7,106 |
Long-lived assets | 2,193 | 2,199 | 2,251 |
UNITED STATES | |||
Net sales | 4,668 | 4,035 | 3,404 |
Long-lived assets | 994 | 981 | 957 |
Other North America [Member] | |||
Net sales | 255 | 195 | 198 |
Long-lived assets | 151 | 114 | 106 |
North America [Member] | |||
Net sales | 4,923 | 4,230 | 3,602 |
Long-lived assets | 1,145 | 1,095 | 1,063 |
ITALY | |||
Net sales | 1,535 | 1,356 | 993 |
Long-lived assets | 211 | 225 | 252 |
Other Europe [Member] | |||
Net sales | 1,524 | 1,480 | 1,216 |
Long-lived assets | 400 | 401 | 442 |
Europe [Member] | |||
Net sales | 3,059 | 2,836 | 2,209 |
Long-lived assets | 611 | 626 | 694 |
BRAZIL | |||
Net sales | 606 | 451 | 264 |
Long-lived assets | 88 | 80 | 87 |
Other South America [Member] | |||
Net sales | 182 | 139 | 94 |
Long-lived assets | 21 | 16 | 10 |
South America [Member] | |||
Net sales | 788 | 590 | 358 |
Long-lived assets | 109 | 96 | 97 |
INDIA | |||
Net sales | 554 | 458 | 276 |
Long-lived assets | 174 | 200 | 198 |
Other Asia Pacific [Member] | |||
Net sales | 832 | 831 | 661 |
Long-lived assets | 154 | 182 | 199 |
Asia Pacific [Member] | |||
Net sales | 1,386 | 1,289 | 937 |
Long-lived assets | $ 328 | $ 382 | $ 397 |
Note 21 - Equity Affiliates (De
Note 21 - Equity Affiliates (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds from Equity Method Investment, Distribution | $ 32 | $ 18 | $ 27 |
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 5 |
Note 21 - Equity Affiliates - E
Note 21 - Equity Affiliates - Equity Method Investments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Investments in equity affiliates | $ 112 | |
Investments in affiliates carried at cost | 24 | |
Investments in affiliates | $ 136 | $ 174 |
Dongfeng Dana Axle Co., Ltd. (DDAC) [Member] | ||
Investments in equity affiliates, ownership percentage | 50% | |
Investments in equity affiliates | $ 70 | |
ROC-Spicer, Ltd. [Member] | ||
Investments in equity affiliates, ownership percentage | 50% | |
Investments in equity affiliates | $ 21 | |
Axles India Limited [Member] | ||
Investments in equity affiliates, ownership percentage | 48% | |
Investments in equity affiliates | $ 11 | |
Tai Ya Investment (HK) Co., Limited [Member] | ||
Investments in equity affiliates, ownership percentage | 50% | |
Investments in equity affiliates | $ 5 | |
All Others as a Group [Member] | ||
Investments in equity affiliates | $ 5 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts and Reserves - Amounts Deducted From Assets in the Balance Sheets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at beginning of period | $ 7 | $ 7 | $ 9 |
Amounts charged or credited to income | 4 | 0 | 0 |
Allowance utilized | 0 | 0 | (1) |
Adjustments arising from change in currency exchange rates and other items | 0 | 0 | (1) |
Balance at end of period | 11 | 7 | 7 |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||
Balance at beginning of period | 87 | 82 | 64 |
Amounts charged or credited to income | 23 | 16 | 30 |
Allowance utilized | (13) | (7) | (14) |
Adjustments arising from change in currency exchange rates and other items | (4) | (4) | 2 |
Balance at end of period | 93 | 87 | 82 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at beginning of period | 258 | 259 | 190 |
Amounts charged or credited to income | 255 | 0 | 60 |
Allowance utilized | 0 | 0 | 0 |
Adjustments arising from change in currency exchange rates and other items | (1) | (1) | 9 |
Balance at end of period | $ 512 | $ 258 | $ 259 |