Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 14, 2023 | |
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 | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-1063 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1531856 | |
Entity Address, Address Line One | 3939 Technology Drive | |
Entity Address, City or Town | Maumee | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43537 | |
City Area Code | 419 | |
Local Phone Number | 887-3000 | |
Title of 12(b) Security | Common stock $0.01 par value | |
Trading Symbol | DAN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 144,336,808 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 2,748 | $ 2,586 | $ 5,392 | $ 5,066 |
Costs and expenses | ||||
Cost of sales | 2,477 | 2,403 | 4,892 | 4,686 |
Selling, general and administrative expenses | 144 | 130 | 284 | 260 |
Amortization of intangibles | 4 | 3 | 7 | 7 |
Restructuring charges, net | 3 | 1 | 4 | |
Other income (expense), net | 4 | 10 | 9 | 12 |
Earnings before interest and income taxes | 124 | 59 | 214 | 125 |
Loss on extinguishment of debt | (1) | (1) | ||
Interest income | 5 | 2 | 9 | 4 |
Interest expense | 39 | 32 | 73 | 63 |
Earnings before income taxes | 89 | 29 | 149 | 66 |
Income tax expense | 55 | 18 | 85 | 36 |
Equity in earnings (loss) of affiliates | 2 | (1) | 3 | 0 |
Net income | 36 | 10 | 67 | 30 |
Less: Noncontrolling interests net income | 5 | 3 | 9 | 7 |
Less: Redeemable noncontrolling interests net income (loss) | 1 | (1) | (2) | |
Net income attributable to the parent company | $ 30 | $ 8 | $ 58 | $ 25 |
Net income per share available to common stockholders | ||||
Basic (in dollars per share) | $ 0.21 | $ 0.06 | $ 0.40 | $ 0.17 |
Diluted (in dollars per share) | $ 0.21 | $ 0.06 | $ 0.40 | $ 0.17 |
Weighted-average common shares outstanding | ||||
Basic (in shares) | 144.3 | 143.4 | 144.1 | 143.8 |
Diluted (in shares) | 144.4 | 143.7 | 144.3 | 144.6 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income | $ 36 | $ 10 | $ 67 | $ 30 |
Other comprehensive income (loss), net of tax: | ||||
Currency translation adjustments | (7) | (91) | 18 | (52) |
Hedging gains and losses | 3 | 1 | 18 | (3) |
Defined benefit plans | 3 | 1 | 4 | |
Other comprehensive income (loss) | (4) | (87) | 37 | (51) |
Total comprehensive income (loss) | 32 | (77) | 104 | (21) |
Less: Comprehensive income attributable to noncontrolling interests | (5) | (1) | (9) | (5) |
Less: Comprehensive loss attributable to redeemable noncontrolling interests | 7 | 8 | ||
Comprehensive income (loss) attributable to the parent company | $ 27 | $ (71) | $ 95 | $ (18) |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 484 | $ 425 |
Accounts receivable | ||
Trade, less allowance for doubtful accounts of $12 in 2023 and $11 in 2022 | 1,581 | 1,374 |
Other | 288 | 202 |
Inventories | 1,731 | 1,609 |
Other current assets | 247 | 219 |
Total current assets | 4,331 | 3,829 |
Goodwill | 262 | 259 |
Intangibles | 192 | 201 |
Deferred tax assets | 425 | 397 |
Other noncurrent assets | 106 | 123 |
Investments in affiliates | 135 | 136 |
Operating lease assets | 326 | 311 |
Property, plant and equipment, net | 2,269 | 2,193 |
Total assets | 8,046 | 7,449 |
Current liabilities | ||
Short-term debt | 35 | 52 |
Current portion of long-term debt | 32 | 8 |
Accounts payable | 1,966 | 1,838 |
Accrued payroll and employee benefits | 256 | 214 |
Taxes on income | 95 | 54 |
Current portion of operating lease liabilities | 35 | 36 |
Other accrued liabilities | 301 | 277 |
Total current liabilities | 2,720 | 2,479 |
Long-term debt, less debt issuance costs of $26 in 2023 and $22 in 2022 | 2,587 | 2,348 |
Noncurrent operating lease liabilities | 287 | 277 |
Pension and postretirement obligations | 306 | 298 |
Other noncurrent liabilities | 252 | 249 |
Total liabilities | 6,152 | 5,651 |
Commitments and contingencies (Note 12) | ||
Redeemable noncontrolling interests | 213 | 195 |
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, 144,334,974 and 143,366,482 shares outstanding | 2 | 2 |
Additional paid-in capital | 2,244 | 2,229 |
Retained earnings | 349 | 321 |
Treasury stock, at cost (449,505 and zero shares) | (8) | |
Accumulated other comprehensive loss | (964) | (1,001) |
Total parent company stockholders' equity | 1,623 | 1,551 |
Noncontrolling interests | 58 | 52 |
Total equity | 1,681 | 1,603 |
Total liabilities, redeemable noncontrolling interests and equity | $ 8,046 | $ 7,449 |
Consolidated Balance Sheet (U_2
Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 12 | $ 11 |
Debt issuance costs | $ 26 | $ 22 |
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) | 144,334,974 | 143,366,482 |
Treasury stock, shares (in shares) | 449,505 | 0 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net income | $ 67 | $ 30 |
Depreciation | 186 | 182 |
Amortization | 11 | 11 |
Amortization of deferred financing charges | 3 | 3 |
Write-off of deferred financing costs | 1 | |
Earnings of affiliates, net of dividends received | (3) | 29 |
Stock compensation expense | 14 | 8 |
Deferred income taxes | (30) | (42) |
Pension expense, net | 2 | |
Change in working capital | (172) | (84) |
Other, net | 7 | (1) |
Net cash provided by operating activities | 86 | 136 |
Investing activities | ||
Purchases of property, plant and equipment | (242) | (206) |
Proceeds from sale of property, plant and equipment | 2 | |
Acquisition of business, net of cash acquired | (1) | |
Purchases of marketable securities | (13) | |
Proceeds from sales of marketable securities | 10 | |
Settlements of undesignated derivatives | (4) | (7) |
Other, net | (1) | 2 |
Net cash used in investing activities | (245) | (215) |
Financing activities | ||
Net change in short-term debt | (17) | 214 |
Proceeds from long-term debt | 458 | 2 |
Repayment of long-term debt | (204) | (5) |
Deferred financing payments | (9) | |
Dividends paid to common stockholders | (29) | (29) |
Repurchases of common stock | (25) | |
Distributions to noncontrolling interests | (3) | (2) |
Contributions from redeemable noncontrolling interests | 17 | 7 |
Payments to acquire noncontrolling interests | (4) | |
Other, net | (4) | (6) |
Net cash provided by financing activities | 209 | 152 |
Net increase in cash, cash equivalents and restricted cash | 50 | 73 |
Cash, cash equivalents and restricted cash – beginning of period | 442 | 287 |
Effect of exchange rate changes on cash balances | 11 | (20) |
Cash, cash equivalents and restricted cash – end of period (Note 4) | 503 | 340 |
Non-cash investing activity | ||
Purchases of property, plant and equipment held in accounts payable | $ 75 | $ 69 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. General Dana Incorporated (Dana) is headquartered in Maumee, Ohio and was incorporated in Delaware in 2007. The terms "Dana," "we," "our" and "us," when used in this report, are references to Dana. These references include the subsidiaries of Dana unless otherwise indicated or the context requires otherwise. Summary of significant accounting policies Basis of presentation not may 8 10 December 31, 2022 2022 10 On January 1, 2023 Accounting Standards Update (ASU) 2022 04, not third not not June 30, 2023 December 31, 2022, We also adopted the following standard during the first six 2023, not Standard Effective Date ASU 2021 08 Accounting for Contract Assets and Contract Liabilities from Contracts with Customers January 1, 2023 |
Note 2 - Goodwill and Other Int
Note 2 - Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 2. Changes in the carrying amount of goodwill by segment Off-Highway Balance, December 31, 2022 $ 259 Currency impact 3 Balance, June 30, 2023 $ 262 Components of other intangible assets June 30, 2023 December 31, 2022 Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Amortizable intangible assets Core technology 8 $ 158 $ (121 ) $ 37 $ 156 $ (116 ) $ 40 Trademarks and trade names 13 29 (15 ) 14 29 (13 ) 16 Customer relationships 8 501 (433 ) 68 498 (425 ) 73 Non-amortizable intangible assets Trademarks and trade names 73 73 72 72 $ 761 $ (569 ) $ 192 $ 755 $ (554 ) $ 201 The net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments at June 30, 2023 Amortization expense related to amortizable intangible assets Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Charged to cost of sales $ 2 $ 2 $ 4 $ 4 Charged to amortization of intangibles 4 3 7 7 Total amortization $ 6 $ 5 $ 11 $ 11 |
Note 3 - Restructuring of Opera
Note 3 - Restructuring of Operations | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 3. Our restructuring activities have historically included rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations and reducing overhead costs. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs. Accrued restructuring costs and activity Employee Termination Benefits Exit Costs Total Balance, March 31, 2023 $ 2 $ — $ 2 Charges to restructuring 2 1 3 Cash payments (2 ) (1 ) (3 ) Balance, June 30, 2023 $ 2 $ — $ 2 Balance, December 31, 2022 $ 2 $ — $ 2 Charges to restructuring 2 2 4 Cash payments (2 ) (2 ) (4 ) Balance, June 30, 2023 $ 2 $ — $ 2 At June 30, 2023 |
Note 4 - Supplemental Balance S
Note 4 - Supplemental Balance Sheet and Cash Flow Information | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | 4. Inventory components at June 30, 2023 December 31, 2022 Raw materials $ 710 $ 679 Work in process and finished goods 1,021 930 Total $ 1,731 $ 1,609 Cash, cash equivalents and restricted cash at — June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents $ 484 $ 425 $ 321 $ 268 Restricted cash included in other current assets 8 7 8 9 Restricted cash included in other noncurrent assets 11 10 11 10 Total cash, cash equivalents and restricted cash $ 503 $ 442 $ 340 $ 287 |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 5. Common stock ten first second 2023. Share repurchase program February 16, 2021 December 31, 2023. first 2022 June 30, 2023 Changes in equity 2023 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2022 $ 2 $ 2,229 $ 321 $ — $ (1,001 ) $ 52 $ 1,603 Net income 28 4 32 Other comprehensive income 40 40 Common stock dividends and dividend equivalents (15 ) (15 ) Distributions to noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (1 ) (1 ) Stock compensation 8 8 Stock withheld for employees taxes (8 ) (8 ) Balance, March 31, 2023 2 2,237 333 (8 ) (961 ) 55 1,658 Net income 30 5 35 Other comprehensive loss (3 ) (3 ) Common stock dividends and dividend equivalents (14 ) (14 ) Distributions to noncontrolling interests (2 ) (2 ) Purchase of noncontrolling interests — Stock compensation 7 7 Balance, June 30, 2023 2 2,244 349 (8 ) (964 ) 58 1,681 2022 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2021 $ 2 $ 2,427 $ 662 $ (184 ) $ (985 ) $ 53 $ 1,975 Net income 17 4 21 Other comprehensive income 36 36 Common stock dividends and dividend equivalents (14 ) (14 ) Common stock repurchases (25 ) (25 ) Distributions to noncontrolling interests (1 ) (1 ) Purchases of noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (1 ) (1 ) Stock compensation 4 4 Stock withheld for employees taxes (7 ) (7 ) Balance, March 31, 2022 2 2,431 664 (216 ) (949 ) 55 1,987 Net income 8 3 11 Other comprehensive loss (79 ) (2 ) (81 ) Common stock dividends and dividend equivalents (15 ) (15 ) Distributions to noncontrolling interests (1 ) (1 ) Purchases of noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (1 ) (1 ) Stock compensation 4 4 Balance, June 30, 2022 2 2,435 656 (216 ) (1,028 ) 54 1,903 Changes in each component of accumulated other comprehensive income (loss) (AOCI) of the parent Parent Company Stockholders 2023 Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2022 $ (895 ) $ 21 $ (127 ) $ (1,001 ) Currency translation adjustments 24 24 Holding gains and losses 16 16 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 1 1 Tax expense (1 ) (1 ) Other comprehensive income 24 15 1 40 Balance, March 31, 2023 (871 ) 36 (126 ) (961 ) Currency translation adjustments (6 ) (6 ) Holding gains and losses 10 10 Reclassification of amount to net income (a) (7 ) (7 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 1 1 Tax expense (1 ) (1 ) Other comprehensive income (loss) (6 ) 3 — (3 ) Balance, June 30, 2023 (877 ) 39 (126 ) (964 ) Parent Company Stockholders 2022 Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2021 $ (809 ) $ 4 $ (180 ) $ (985 ) Currency translation adjustments 39 39 Holding gains and losses 19 19 Reclassification of amount to net income (a) (22 ) (22 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 2 2 Tax expense (1 ) (1 ) (2 ) Other comprehensive income (loss) 39 (4 ) 1 36 Balance, March 31, 2022 (770 ) — (179 ) (949 ) Currency translation adjustments (83 ) (83 ) Holding gains and losses 42 42 Reclassification of amount to net income (a) (39 ) (39 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 4 4 Tax expense (2 ) (1 ) (3 ) Other comprehensive income (83 ) 1 3 (79 ) Balance, June 30, 2022 (853 ) 1 (176 ) (1,028 ) (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 11 (b) See Note 9 |
Note 6 - Redeemable Noncontroll
Note 6 - Redeemable Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Redeemable Noncontrolling Interest Disclosure [Text Block] | 6. 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 value. Redeemable noncontrolling interest adjustments of redemption value are recorded in retained earnings. We estimate the fair value of the redemption value using an income based approach based on discounted cash flow projections. In determining fair value using discounted cash flow projections, we make significant assumptions and estimates about the extent and timing of future cash flows, including revenue growth rates, projected EBITDA, discount rates and terminal growth rates. Reconciliation of changes in redeemable noncontrolling interests Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Balance, beginning of period $ 206 $ 200 $ 195 $ 198 Capital contribution from redeemable noncontrolling interest 7 5 17 7 Adjustment to redemption value 1 1 2 Comprehensive income (loss) adjustments: Net income (loss) attributable to redeemable noncontrolling interests 1 (1 ) (2 ) Other comprehensive loss attributable to redeemable noncontrolling interests (1 ) (6 ) (6 ) Balance, end of period $ 213 $ 199 $ 213 $ 199 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Reconciliation of the numerators and denominators of the earnings per share calculations Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net income available to common stockholders - Numerator basic and diluted $ 30 $ 8 $ 58 $ 25 Denominator: Weighted-average common shares outstanding - Basic 144.3 143.4 144.1 143.8 Employee compensation-related shares, including stock options 0.1 0.3 0.2 0.8 Weighted-average common shares outstanding - Diluted 144.4 143.7 144.3 144.6 The share count for diluted earnings per share is computed on the basis of the weighted-average number of common shares outstanding plus the effects of dilutive common stock equivalents (CSEs) outstanding during the period. We excluded 2 .0 second 2023 2022 |
Note 8 - Stock Compensation
Note 8 - Stock Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. The Compensation Committee of our Board of Directors approved the grant of RSUs and performance share units (PSUs) shown in the table below during 2023 Granted Grant Date (In millions) Fair Value* RSUs 1.2 $ 18.44 PSUs 0.6 $ 19.56 * Weighted-average per share We calculated the fair value of the RSUs at grant date based on the closing market price of our common stock at the date of grant. The number of PSUs that ultimately vest is contingent on achieving specified financial targets and specified total shareholder return targets relative to peer companies. For the portion of the award based on financial metrics, we estimated the fair value of the PSUs at grant date based on the closing market price of our common stock at the date of grant adjusted for the value of assumed dividends over the period because the awards are not three 3 During 2023, second 2023 2022 June 30, 2023 |
Note 9 - Pension and Postretire
Note 9 - Pension and Postretirement Benefit Plans | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 9. We have a number of defined contribution and defined benefit, qualified and nonqualified, pension plans covering eligible employees. Other postretirement benefits (OPEB), including medical and life insurance, are provided for certain employees upon retirement. Components of net periodic benefit cost (credit) Pension OPEB 2023 2022 2023 2022 Three Months Ended June 30, U.S. Non-U.S. U.S. Non-U.S. Non-U.S. Non-U.S. Interest cost $ 7 $ 3 $ 4 $ 1 $ — $ 1 Expected return on plan assets (7 ) (1 ) (7 ) Service cost 2 2 Amortization of net actuarial loss 2 2 2 (1 ) Net periodic benefit cost (credit) $ 2 $ 4 $ (1 ) $ 5 $ (1 ) $ 1 Six Months Ended June 30, Interest cost $ 14 $ 6 $ 8 $ 3 $ 1 $ 1 Expected return on plan assets (15 ) (2 ) (14 ) (1 ) Service cost 3 4 Amortization of net actuarial loss 4 4 3 (2 ) (1 ) Net periodic benefit cost (credit) $ 3 $ 7 $ (2 ) $ 9 $ (1 ) $ - The service cost components of net periodic pension and OPEB costs are included in cost of sales and selling, general and administrative expenses as part of compensation cost and are eligible for capitalization in inventory and other assets. The non-service components are reported in other income (expense), net and are not |
Note 10 - Financing Agreements
Note 10 - Financing Agreements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Long-term debt at Interest Rate June 30, 2023 December 31, 2022 Senior Notes due April 15, 2025 5.750% * $ 200 $ 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% 355 348 Senior Notes due September 1, 2030 4.250% 400 400 Senior Euro Notes due July 15, 2031 8.500% 464 Senior Notes due February 15, 2032 4.500% 350 350 Other indebtedness 76 80 Debt issuance costs (26 ) (22 ) 2,619 2,356 Less: Current portion of long-term debt 32 8 Long-term debt, less debt issuance costs $ 2,587 $ 2,348 * In conjunction with the issuance of the April 2025 8 April 2025 11 Interest on the senior notes is payable semi-annually. Other indebtedness includes a $25 note payable to the former shareholders of SME S.p.A., borrowings from various financial institutions and finance lease obligations. Senior notes activity May 24, 2023, €425 May 24, 2023) July 2031 July 2031 July 2031 not 1933, July 2031 144A July 2031 January 15 July 15 January 15, 2024. July 2031 July 15, 2031. €419 May 24, 2023). €6 May 24, 2023) April 2025 June 9, 2023 April 2025 April 2025 Senior notes redemption provisions may 12 Redemption Price April November June July September July February Year 2025 Notes 2027 Notes 2028 Notes 2029 Notes 2030 Notes 2031 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 % 104.250 % 2027 100.000 % 100.000 % 101.417 % 102.125 % 102.250 % 2028 100.000 % 100.708 % 100.000 % 101.500 % 2029 100.000 % 100.000 % 100.750 % 2030 100.000 % 100.000 % 2031 100.000 % 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 July 15, 2026, may 40% July 2031 not one July 2031 July 15, 2026, may July 2031 not At any time prior to February 15, 2025, may 40% February 2032 not one February 2032 February 15, 2027, may February 2032 not Credit agreement March 14, 2023, March 14, 2028. 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 the Term Secured Overnight Financing Rate ("SOFR") (each as described in the credit agreement) plus a margin as set forth below: Margin Total Net Leverage Ratio Base Rate SOFR 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 June 30, 2023 June 30, 2023 Debt covenants June 30, 2023 first not 1.00. |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements and Derivatives | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. 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 June 30, 2023 December 31, 2022 Currency forward contracts Cash flow hedges Accounts receivable - Other 2 $ 47 $ 26 Cash flow hedges Other accrued liabilities 2 7 4 Undesignated Accounts receivable - Other 2 3 2 Undesignated Other accrued liabilities 2 8 7 Currency swaps Cash flow hedges Other noncurrent assets 2 8 17 Undesignated Other noncurrent liabilities 2 9 11 Fair Value Level 2 Fair value of financial instruments not June 30, 2023 December 31, 2022 Fair Value Level Carrying Value Fair Value Carrying Value Fair Value Long-term debt 2 $ 2,571 $ 2,348 $ 2,304 $ 2,010 Foreign currency derivatives We have executed fixed-to-fixed cross-currency swaps in conjunction with the issuance of certain notes to eliminate the variability in the functional-currency-equivalent cash flows due to changes in exchange rates associated with the forecasted principal and interest payments. All of the underlying designated financial instruments have been designated as the hedged items in each respective cash flow hedge relationship, as shown in the table below. Designated as cash flow hedges of the forecasted principal and interest payments of the underlying designated financial instruments, all of the swaps economically convert the underlying designated financial instruments into the functional currency of each respective holder. The impact of the interest rate differential between the inflow and outflow rates on fixed-to-fixed cross-currency swaps is recognized during each period as a component of interest expense for hedges of external debt and as a component of other income (expense), net for hedges of intercompany debt. The following fixed-to-fixed cross-currency swaps were outstanding at June 30, 2023 Underlying Financial Instrument Derivative Financial Instrument Description Type Face Amount Rate Notional Amount Traded Amount Inflow Rate Outflow Rate April 2025 Notes Payable $ 200 5.75 % $ 200 € 185 5.75 % 3.85 % Luxembourg Intercompany Notes Receivable € 93 3.85 % $ 100 € 93 5.75 % 3.85 % Luxembourg Intercompany Notes Receivable € 278 3.70 % € 278 $ 300 5.38 % 3.70 % Undesignated 2026 Swap $ 188 € 169 6.50 % 5.14 % Undesignated Offset 2026 Swap € 169 $ 188 3.13 % 6.50 % The designated swaps are expected to be highly effective in offsetting the corresponding currency-based changes in cash outflows related to the underlying designated financial instruments. Based on our qualitative assessment that the critical terms of the underlying designated financial instruments and the associated swaps match and that all other required criteria have been met, we do not 10 April 2025 no The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $662 at June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 The following currency derivatives were outstanding at June 30, 2023 Notional Amount (U.S. Dollar Equivalent) Functional Currency Traded Currency Designated Undesignated Total Maturity U.S. dollar Mexican peso, Thai baht $ 170 $ 32 $ 202 Jun-2024 Euro U.S. dollar, Australian dollar, Canadian dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Indian rupee, Japanese yen, Mexican peso, Norwegian krone, New Zealand dollar, Swedish krona, South African rand 191 59 250 Sep-2027 British pound U.S. dollar, euro 1 6 7 Sep-2023 South African rand U.S. dollar, euro, Thai baht 13 13 Aug-2023 Canadian dollar U.S. dollar 12 12 Jul-2023 Brazilian real U.S. dollar, euro 54 15 69 Mar-2024 Indian rupee U.S. dollar, euro, British pound 95 95 Jun-2024 Chinese renminbi U.S. dollar, euro, Canadian dollar 10 10 Jul-2023 Australian dollar U.S. dollar, euro 1 1 Jul-2023 Mexican peso U.S. dollar 3 3 Jul-2023 Total forward contracts 416 246 662 U.S. dollar euro 303 184 487 Nov-2027 Euro U.S. dollar 300 188 488 Jun-2026 Total currency swaps 603 372 975 Total currency derivatives $ 1,019 $ 618 $ 1,637 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 June 30, 2023 December 31, 2022 Gain (loss) expected to be reclassified into income in one year or less Forward Contracts $ 28 $ 11 $ 28 Cross-Currency Swaps 13 11 Total $ 41 $ 22 $ 28 The following table provides a summary of the location and amount of gains or losses recognized in the consolidated statement of operations associated with cash flow hedging relationships: Three Months Ended Six Months Ended June 30, June 30, Derivatives Designated as Cash Flow Hedges 2023 2022 2023 2022 Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded Net sales $ 2,748 $ 2,586 $ 5,392 $ 5,066 Cost of sales 2,477 2,403 4,892 4,686 Other income (expense), net 4 10 9 12 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income Cost of sales (8 ) (1 ) (13 ) (2 ) Other income (expense), net (3 ) (2 ) (5 ) (4 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income Other income (expense), net 5 (36 ) 12 (55 ) The amounts reclassified from AOCI into income for the cross-currency swaps represent an offset to a foreign exchange loss on our foreign currency-denominated intercompany and external debt instruments. Certain of our hedges of forecasted transactions have not Three Months Ended Six Months Ended June 30, June 30, Derivatives Not Designated as Hedging Instruments 2023 2022 2023 2022 Gain or (loss) recognized in income Foreign currency forward contracts Cost of sales $ 1 $ 1 $ — $ 1 Other income (expense), net $ (10 ) $ (3 ) $ (7 ) $ (9 ) Net investment hedges |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Product liabilities June 30, 2023 December 31, 2022 third June 30, 2023 December 31, 2022 third may Environmental liabilities June 30, 2023 December 31, 2022 Guarantee of lease obligations 2010, three June 2025, Other legal matters may not |
Note 13 - Warranty Obligations
Note 13 - Warranty Obligations | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 13. We record a liability for estimated warranty obligations at the dates our products are sold. We record the liability based on our estimate of costs to settle future claims. Adjustments to our estimated costs at time of sale are made as claim experience and other new information becomes available. Obligations for service campaigns and other occurrences are recognized as adjustments to prior estimates when the obligation is probable and can be reasonably estimated. Changes in warranty liabilities Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Balance, beginning of period $ 108 $ 100 $ 108 $ 107 Amounts accrued for current period sales 13 10 23 20 Adjustments of prior estimates 8 (4 ) Settlements of warranty claims (15 ) (7 ) (32 ) (20 ) Currency impact (3 ) (1 ) (3 ) Balance, end of period $ 106 $ 100 $ 106 $ 100 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. We estimate the effective tax rate expected to be applicable for the full fiscal year and use that rate to provide for income taxes in interim reporting periods. We also recognize the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. We have generally not not not” no We record interest and penalties related to uncertain tax positions as a component of income tax expense. Net interest expense for the periods presented herein is not We reported income tax expense of $55 and $18 for the second 2023 2022 first six 2023 2022. second 2023, 2023 six may |
Note 15 - Other Income (Expense
Note 15 - Other Income (Expense), Net | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 15. Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Non-service cost components of pension and OPEB costs $ (3 ) $ (3 ) $ (6 ) $ (3 ) Government assistance 7 8 Foreign exchange gain (loss) (3 ) 1 1 4 Strategic transaction expenses (1 ) (1 ) (2 ) (5 ) Other, net 4 13 8 16 Other income (expense), net $ 4 $ 10 $ 9 $ 12 Foreign exchange gains and losses on cross-currency intercompany loan balances that are not Strategic transaction expenses relate primarily to costs incurred in connection with acquisition and divestiture related activities, including costs to complete the transaction and post-closing integration costs, and other strategic initiatives. Strategic transaction expenses in 2023 2022 |
Note 16 - Revenue From Contract
Note 16 - Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 16. 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 June 30, 2023 December 31, 2022 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 13 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 $48 at June 30, 2023 December 31, 2022 Disaggregation of revenue The following table disaggregates revenue for each of our operating segments by geographical market: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Light Vehicle North America $ 728 $ 777 $ 1,368 $ 1,489 Europe 142 92 274 197 South America 59 49 112 94 Asia Pacific 137 110 274 233 Total $ 1,066 $ 1,028 $ 2,028 $ 2,013 Commercial Vehicle North America $ 290 $ 252 $ 577 $ 481 Europe 83 71 164 141 South America 98 132 201 248 Asia Pacific 55 52 106 100 Total $ 526 $ 507 $ 1,048 $ 970 Off-Highway North America $ 89 $ 95 $ 186 $ 178 Europe 593 513 1,166 1,017 South America 6 5 10 9 Asia Pacific 154 155 322 308 Total $ 842 $ 768 $ 1,684 $ 1,512 Power Technologies North America $ 159 $ 150 $ 318 $ 291 Europe 129 111 263 233 South America 8 7 16 14 Asia Pacific 18 15 35 33 Total $ 314 $ 283 $ 632 $ 571 Total North America $ 1,266 $ 1,274 $ 2,449 $ 2,439 Europe 947 787 1,867 1,588 South America 171 193 339 365 Asia Pacific 364 332 737 674 Total $ 2,748 $ 2,586 $ 5,392 $ 5,066 |
Note 17 - Segments
Note 17 - Segments | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. We are a global provider of high-technology products to virtually every major vehicle manufacturer in the world. We also serve the stationary industrial market. Our technologies include drive systems (axles, driveshafts, transmissions, and wheel and track drives); motion systems (winches, slew drives, and hub drives); electrodynamic technologies (motors, inverters, software and control systems, battery-management systems, and fuel cell plates); sealing solutions (gaskets, seals, cam covers, and oil pan modules); thermal-management technologies (transmission and engine oil cooling, battery and electronics cooling, charge air cooling, and thermal-acoustical protective shielding); and digital solutions (active and passive system controls and descriptive and predictive analytics). We serve our global light vehicle, medium/heavy vehicle and off-highway markets through four operating segments – Light Vehicle Drive Systems (Light Vehicle), Commercial Vehicle Drive and Motion Systems (Commercial Vehicle), Off-Highway Drive and Motion Systems (Off-Highway) and Power Technologies, which is the center of excellence for sealing and thermal-management technologies that span all customers in our on-highway and off-highway markets. These operating segments have global responsibility and accountability for business commercial activities and financial performance. Dana evaluates the performance of its operating segments based on external sales and segment EBITDA. Segment EBITDA is a primary driver of cash flows from operations and a measure of our ability to maintain and continue to invest in our operations and provide shareholder returns. Our segments are charged for corporate and other shared administrative costs. Segment EBITDA may not Segment information 2023 2022 Three Months Ended June 30, External Sales Inter-Segment Sales Segment EBITDA External Sales Inter-Segment Sales Segment EBITDA Light Vehicle $ 1,066 $ 46 $ 66 $ 1,028 $ 40 $ 33 Commercial Vehicle 526 31 28 507 28 10 Off-Highway 842 16 131 768 17 100 Power Technologies 314 6 19 283 6 21 Eliminations and other (99 ) (91 ) Total $ 2,748 $ — $ 244 $ 2,586 $ — $ 164 Six Months Ended June 30, Light Vehicle $ 2,028 $ 98 $ 115 $ 2,013 $ 88 $ 64 Commercial Vehicle 1,048 63 45 970 58 20 Off-Highway 1,684 33 249 1,512 37 200 Power Technologies 632 14 42 571 13 50 Eliminations and other (208 ) (196 ) Total $ 5,392 $ — $ 451 $ 5,066 $ — $ 334 Reconciliation of segment EBITDA to consolidated net income Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Segment EBITDA $ 244 $ 164 $ 451 $ 334 Corporate expense and other items, net (1 ) (2 ) (4 ) (2 ) Depreciation (94 ) (91 ) (186 ) (182 ) Amortization (6 ) (5 ) (11 ) (11 ) Non-service cost components of pension and OPEB costs (3 ) (3 ) (6 ) (3 ) Restructuring charges, net (3 ) (1 ) (4 ) Stock compensation expense (8 ) (4 ) (14 ) (8 ) Strategic transaction expenses (1 ) (1 ) (2 ) (5 ) Distressed supplier costs (4 ) (12 ) Other items 2 2 2 Earnings before interest and income taxes 124 59 214 125 Loss on extinguishment of debt (1 ) (1 ) Interest income 5 2 9 4 Interest expense 39 32 73 63 Earnings before income taxes 89 29 149 66 Income tax expense 55 18 85 36 Equity in earnings (loss) of affiliates 2 (1 ) 3 — Net income $ 36 $ 10 $ 67 $ 30 |
Note 18 - Equity Affiliates
Note 18 - Equity Affiliates | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 18. We have a number of investments in entities that engage in the manufacture and supply of vehicular parts (primarily axles, axle housings and driveshafts). Equity method investments at June 30, 2023 Ownership Percentage Investment Dongfeng Dana Axle Co., Ltd. 50% $ 66 ROC-Spicer, Ltd. 50% 22 Axles India Limited 48% 13 Tai Ya Investment (HK) Co., Limited 50% 4 All others as a group 6 Investments in equity affiliates 111 Investments in affiliates carried at cost 24 Investments in affiliates $ 135 |
Other Information - Rule 10b5-1
Other Information - Rule 10b5-1 Disclosure | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Issuer Rule 10b5-1, Material Terms [Text Block] | Item 5. Other Information During the three June 30, 2023 10b5 1 10b5 1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation not may 8 10 December 31, 2022 2022 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | On January 1, 2023 Accounting Standards Update (ASU) 2022 04, not third not not June 30, 2023 December 31, 2022, We also adopted the following standard during the first six 2023, not Standard Effective Date ASU 2021 08 Accounting for Contract Assets and Contract Liabilities from Contracts with Customers January 1, 2023 |
Note 2 - Goodwill and Other I_2
Note 2 - Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Off-Highway Balance, December 31, 2022 $ 259 Currency impact 3 Balance, June 30, 2023 $ 262 |
Schedule of Intangible Assets Other Than Goodwill [Table Text Block] | June 30, 2023 December 31, 2022 Weighted Average Useful Life (years) Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Gross Carrying Amount Accumulated Impairment and Amortization Net Carrying Amount Amortizable intangible assets Core technology 8 $ 158 $ (121 ) $ 37 $ 156 $ (116 ) $ 40 Trademarks and trade names 13 29 (15 ) 14 29 (13 ) 16 Customer relationships 8 501 (433 ) 68 498 (425 ) 73 Non-amortizable intangible assets Trademarks and trade names 73 73 72 72 $ 761 $ (569 ) $ 192 $ 755 $ (554 ) $ 201 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Charged to cost of sales $ 2 $ 2 $ 4 $ 4 Charged to amortization of intangibles 4 3 7 7 Total amortization $ 6 $ 5 $ 11 $ 11 |
Note 3 - Restructuring of Ope_2
Note 3 - Restructuring of Operations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee Termination Benefits Exit Costs Total Balance, March 31, 2023 $ 2 $ — $ 2 Charges to restructuring 2 1 3 Cash payments (2 ) (1 ) (3 ) Balance, June 30, 2023 $ 2 $ — $ 2 Balance, December 31, 2022 $ 2 $ — $ 2 Charges to restructuring 2 2 4 Cash payments (2 ) (2 ) (4 ) Balance, June 30, 2023 $ 2 $ — $ 2 |
Note 4 - Supplemental Balance_2
Note 4 - Supplemental Balance Sheet and Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2023 December 31, 2022 Raw materials $ 710 $ 679 Work in process and finished goods 1,021 930 Total $ 1,731 $ 1,609 |
Schedule of Cash and Cash Equivalents [Table Text Block] | June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 Cash and cash equivalents $ 484 $ 425 $ 321 $ 268 Restricted cash included in other current assets 8 7 8 9 Restricted cash included in other noncurrent assets 11 10 11 10 Total cash, cash equivalents and restricted cash $ 503 $ 442 $ 340 $ 287 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | 2023 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2022 $ 2 $ 2,229 $ 321 $ — $ (1,001 ) $ 52 $ 1,603 Net income 28 4 32 Other comprehensive income 40 40 Common stock dividends and dividend equivalents (15 ) (15 ) Distributions to noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (1 ) (1 ) Stock compensation 8 8 Stock withheld for employees taxes (8 ) (8 ) Balance, March 31, 2023 2 2,237 333 (8 ) (961 ) 55 1,658 Net income 30 5 35 Other comprehensive loss (3 ) (3 ) Common stock dividends and dividend equivalents (14 ) (14 ) Distributions to noncontrolling interests (2 ) (2 ) Purchase of noncontrolling interests — Stock compensation 7 7 Balance, June 30, 2023 2 2,244 349 (8 ) (964 ) 58 1,681 2022 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2021 $ 2 $ 2,427 $ 662 $ (184 ) $ (985 ) $ 53 $ 1,975 Net income 17 4 21 Other comprehensive income 36 36 Common stock dividends and dividend equivalents (14 ) (14 ) Common stock repurchases (25 ) (25 ) Distributions to noncontrolling interests (1 ) (1 ) Purchases of noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (1 ) (1 ) Stock compensation 4 4 Stock withheld for employees taxes (7 ) (7 ) Balance, March 31, 2022 2 2,431 664 (216 ) (949 ) 55 1,987 Net income 8 3 11 Other comprehensive loss (79 ) (2 ) (81 ) Common stock dividends and dividend equivalents (15 ) (15 ) Distributions to noncontrolling interests (1 ) (1 ) Purchases of noncontrolling interests (1 ) (1 ) Redeemable noncontrolling interests adjustment to redemption value (1 ) (1 ) Stock compensation 4 4 Balance, June 30, 2022 2 2,435 656 (216 ) (1,028 ) 54 1,903 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Parent Company Stockholders 2023 Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2022 $ (895 ) $ 21 $ (127 ) $ (1,001 ) Currency translation adjustments 24 24 Holding gains and losses 16 16 Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 1 1 Tax expense (1 ) (1 ) Other comprehensive income 24 15 1 40 Balance, March 31, 2023 (871 ) 36 (126 ) (961 ) Currency translation adjustments (6 ) (6 ) Holding gains and losses 10 10 Reclassification of amount to net income (a) (7 ) (7 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 1 1 Tax expense (1 ) (1 ) Other comprehensive income (loss) (6 ) 3 — (3 ) Balance, June 30, 2023 (877 ) 39 (126 ) (964 ) Parent Company Stockholders 2022 Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2021 $ (809 ) $ 4 $ (180 ) $ (985 ) Currency translation adjustments 39 39 Holding gains and losses 19 19 Reclassification of amount to net income (a) (22 ) (22 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 2 2 Tax expense (1 ) (1 ) (2 ) Other comprehensive income (loss) 39 (4 ) 1 36 Balance, March 31, 2022 (770 ) — (179 ) (949 ) Currency translation adjustments (83 ) (83 ) Holding gains and losses 42 42 Reclassification of amount to net income (a) (39 ) (39 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 4 4 Tax expense (2 ) (1 ) (3 ) Other comprehensive income (83 ) 1 3 (79 ) Balance, June 30, 2022 (853 ) 1 (176 ) (1,028 ) |
Note 6 - Redeemable Noncontro_2
Note 6 - Redeemable Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Balance, beginning of period $ 206 $ 200 $ 195 $ 198 Capital contribution from redeemable noncontrolling interest 7 5 17 7 Adjustment to redemption value 1 1 2 Comprehensive income (loss) adjustments: Net income (loss) attributable to redeemable noncontrolling interests 1 (1 ) (2 ) Other comprehensive loss attributable to redeemable noncontrolling interests (1 ) (6 ) (6 ) Balance, end of period $ 213 $ 199 $ 213 $ 199 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Net income available to common stockholders - Numerator basic and diluted $ 30 $ 8 $ 58 $ 25 Denominator: Weighted-average common shares outstanding - Basic 144.3 143.4 144.1 143.8 Employee compensation-related shares, including stock options 0.1 0.3 0.2 0.8 Weighted-average common shares outstanding - Diluted 144.4 143.7 144.3 144.6 |
Note 8 - Stock Compensation (Ta
Note 8 - Stock Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Granted Grant Date (In millions) Fair Value* RSUs 1.2 $ 18.44 PSUs 0.6 $ 19.56 |
Note 9 - Pension and Postreti_2
Note 9 - Pension and Postretirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Pension OPEB 2023 2022 2023 2022 Three Months Ended June 30, U.S. Non-U.S. U.S. Non-U.S. Non-U.S. Non-U.S. Interest cost $ 7 $ 3 $ 4 $ 1 $ — $ 1 Expected return on plan assets (7 ) (1 ) (7 ) Service cost 2 2 Amortization of net actuarial loss 2 2 2 (1 ) Net periodic benefit cost (credit) $ 2 $ 4 $ (1 ) $ 5 $ (1 ) $ 1 Six Months Ended June 30, Interest cost $ 14 $ 6 $ 8 $ 3 $ 1 $ 1 Expected return on plan assets (15 ) (2 ) (14 ) (1 ) Service cost 3 4 Amortization of net actuarial loss 4 4 3 (2 ) (1 ) Net periodic benefit cost (credit) $ 3 $ 7 $ (2 ) $ 9 $ (1 ) $ - |
Note 10 - Financing Agreements
Note 10 - Financing Agreements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Interest Rate June 30, 2023 December 31, 2022 Senior Notes due April 15, 2025 5.750% * $ 200 $ 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% 355 348 Senior Notes due September 1, 2030 4.250% 400 400 Senior Euro Notes due July 15, 2031 8.500% 464 Senior Notes due February 15, 2032 4.500% 350 350 Other indebtedness 76 80 Debt issuance costs (26 ) (22 ) 2,619 2,356 Less: Current portion of long-term debt 32 8 Long-term debt, less debt issuance costs $ 2,587 $ 2,348 |
Debt Instrument Redemption [Table Text Block] | Redemption Price April November June July September July February Year 2025 Notes 2027 Notes 2028 Notes 2029 Notes 2030 Notes 2031 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 % 104.250 % 2027 100.000 % 100.000 % 101.417 % 102.125 % 102.250 % 2028 100.000 % 100.708 % 100.000 % 101.500 % 2029 100.000 % 100.000 % 100.750 % 2030 100.000 % 100.000 % 2031 100.000 % |
Schedule of Long-Term Debt Instruments [Table Text Block] | Margin Total Net Leverage Ratio Base Rate SOFR 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 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements and Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 December 31, 2022 Currency forward contracts Cash flow hedges Accounts receivable - Other 2 $ 47 $ 26 Cash flow hedges Other accrued liabilities 2 7 4 Undesignated Accounts receivable - Other 2 3 2 Undesignated Other accrued liabilities 2 8 7 Currency swaps Cash flow hedges Other noncurrent assets 2 8 17 Undesignated Other noncurrent liabilities 2 9 11 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | June 30, 2023 December 31, 2022 Fair Value Level Carrying Value Fair Value Carrying Value Fair Value Long-term debt 2 $ 2,571 $ 2,348 $ 2,304 $ 2,010 |
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 $ 200 5.75 % $ 200 € 185 5.75 % 3.85 % Luxembourg Intercompany Notes Receivable € 93 3.85 % $ 100 € 93 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 $ 170 $ 32 $ 202 Jun-2024 Euro U.S. dollar, Australian dollar, Canadian dollar, Swiss franc, Chinese renminbi, British pound, Hungarian forint, Indian rupee, Japanese yen, Mexican peso, Norwegian krone, New Zealand dollar, Swedish krona, South African rand 191 59 250 Sep-2027 British pound U.S. dollar, euro 1 6 7 Sep-2023 South African rand U.S. dollar, euro, Thai baht 13 13 Aug-2023 Canadian dollar U.S. dollar 12 12 Jul-2023 Brazilian real U.S. dollar, euro 54 15 69 Mar-2024 Indian rupee U.S. dollar, euro, British pound 95 95 Jun-2024 Chinese renminbi U.S. dollar, euro, Canadian dollar 10 10 Jul-2023 Australian dollar U.S. dollar, euro 1 1 Jul-2023 Mexican peso U.S. dollar 3 3 Jul-2023 Total forward contracts 416 246 662 U.S. dollar euro 303 184 487 Nov-2027 Euro U.S. dollar 300 188 488 Jun-2026 Total currency swaps 603 372 975 Total currency derivatives $ 1,019 $ 618 $ 1,637 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Deferred Gain (Loss) in AOCI June 30, 2023 December 31, 2022 Gain (loss) expected to be reclassified into income in one year or less Forward Contracts $ 28 $ 11 $ 28 Cross-Currency Swaps 13 11 Total $ 41 $ 22 $ 28 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, Derivatives Designated as Cash Flow Hedges 2023 2022 2023 2022 Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded Net sales $ 2,748 $ 2,586 $ 5,392 $ 5,066 Cost of sales 2,477 2,403 4,892 4,686 Other income (expense), net 4 10 9 12 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income Cost of sales (8 ) (1 ) (13 ) (2 ) Other income (expense), net (3 ) (2 ) (5 ) (4 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income Other income (expense), net 5 (36 ) 12 (55 ) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, Derivatives Not Designated as Hedging Instruments 2023 2022 2023 2022 Gain or (loss) recognized in income Foreign currency forward contracts Cost of sales $ 1 $ 1 $ — $ 1 Other income (expense), net $ (10 ) $ (3 ) $ (7 ) $ (9 ) |
Note 13 - Warranty Obligations
Note 13 - Warranty Obligations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Balance, beginning of period $ 108 $ 100 $ 108 $ 107 Amounts accrued for current period sales 13 10 23 20 Adjustments of prior estimates 8 (4 ) Settlements of warranty claims (15 ) (7 ) (32 ) (20 ) Currency impact (3 ) (1 ) (3 ) Balance, end of period $ 106 $ 100 $ 106 $ 100 |
Note 15 - Other Income (Expen_2
Note 15 - Other Income (Expense), Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Non-service cost components of pension and OPEB costs $ (3 ) $ (3 ) $ (6 ) $ (3 ) Government assistance 7 8 Foreign exchange gain (loss) (3 ) 1 1 4 Strategic transaction expenses (1 ) (1 ) (2 ) (5 ) Other, net 4 13 8 16 Other income (expense), net $ 4 $ 10 $ 9 $ 12 |
Note 16 - Revenue From Contra_2
Note 16 - Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Light Vehicle North America $ 728 $ 777 $ 1,368 $ 1,489 Europe 142 92 274 197 South America 59 49 112 94 Asia Pacific 137 110 274 233 Total $ 1,066 $ 1,028 $ 2,028 $ 2,013 Commercial Vehicle North America $ 290 $ 252 $ 577 $ 481 Europe 83 71 164 141 South America 98 132 201 248 Asia Pacific 55 52 106 100 Total $ 526 $ 507 $ 1,048 $ 970 Off-Highway North America $ 89 $ 95 $ 186 $ 178 Europe 593 513 1,166 1,017 South America 6 5 10 9 Asia Pacific 154 155 322 308 Total $ 842 $ 768 $ 1,684 $ 1,512 Power Technologies North America $ 159 $ 150 $ 318 $ 291 Europe 129 111 263 233 South America 8 7 16 14 Asia Pacific 18 15 35 33 Total $ 314 $ 283 $ 632 $ 571 Total North America $ 1,266 $ 1,274 $ 2,449 $ 2,439 Europe 947 787 1,867 1,588 South America 171 193 339 365 Asia Pacific 364 332 737 674 Total $ 2,748 $ 2,586 $ 5,392 $ 5,066 |
Note 17 - Segments (Tables)
Note 17 - Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2023 2022 Three Months Ended June 30, External Sales Inter-Segment Sales Segment EBITDA External Sales Inter-Segment Sales Segment EBITDA Light Vehicle $ 1,066 $ 46 $ 66 $ 1,028 $ 40 $ 33 Commercial Vehicle 526 31 28 507 28 10 Off-Highway 842 16 131 768 17 100 Power Technologies 314 6 19 283 6 21 Eliminations and other (99 ) (91 ) Total $ 2,748 $ — $ 244 $ 2,586 $ — $ 164 Six Months Ended June 30, Light Vehicle $ 2,028 $ 98 $ 115 $ 2,013 $ 88 $ 64 Commercial Vehicle 1,048 63 45 970 58 20 Off-Highway 1,684 33 249 1,512 37 200 Power Technologies 632 14 42 571 13 50 Eliminations and other (208 ) (196 ) Total $ 5,392 $ — $ 451 $ 5,066 $ — $ 334 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Segment EBITDA $ 244 $ 164 $ 451 $ 334 Corporate expense and other items, net (1 ) (2 ) (4 ) (2 ) Depreciation (94 ) (91 ) (186 ) (182 ) Amortization (6 ) (5 ) (11 ) (11 ) Non-service cost components of pension and OPEB costs (3 ) (3 ) (6 ) (3 ) Restructuring charges, net (3 ) (1 ) (4 ) Stock compensation expense (8 ) (4 ) (14 ) (8 ) Strategic transaction expenses (1 ) (1 ) (2 ) (5 ) Distressed supplier costs (4 ) (12 ) Other items 2 2 2 Earnings before interest and income taxes 124 59 214 125 Loss on extinguishment of debt (1 ) (1 ) Interest income 5 2 9 4 Interest expense 39 32 73 63 Earnings before income taxes 89 29 149 66 Income tax expense 55 18 85 36 Equity in earnings (loss) of affiliates 2 (1 ) 3 — Net income $ 36 $ 10 $ 67 $ 30 |
Note 18 - Equity Affiliates (Ta
Note 18 - Equity Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership Percentage Investment Dongfeng Dana Axle Co., Ltd. 50% $ 66 ROC-Spicer, Ltd. 50% 22 Axles India Limited 48% 13 Tai Ya Investment (HK) Co., Limited 50% 4 All others as a group 6 Investments in equity affiliates 111 Investments in affiliates carried at cost 24 Investments in affiliates $ 135 |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Payable [Member] | ||
Supplier Finance Program, Obligation, Current | $ 65 | $ 81 |
Note 2 - Goodwill and Other I_3
Note 2 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Intangible Assets, Net (Excluding Goodwill) | $ 192 | $ 201 |
Light Vehicle Segment [Member] | ||
Intangible Assets, Net (Excluding Goodwill) | 15 | |
Commercial Vehicle Segment [Member] | ||
Intangible Assets, Net (Excluding Goodwill) | 63 | |
Off-Highway Segment [Member] | ||
Intangible Assets, Net (Excluding Goodwill) | 110 | |
Power Technologies Segment [Member] | ||
Intangible Assets, Net (Excluding Goodwill) | $ 4 |
Note 2 - Goodwill and Other I_4
Note 2 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill by Segment (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Balance | $ 259 |
Balance | 262 |
Off-Highway Segment [Member] | |
Balance | 259 |
Currency impact | 3 |
Balance | $ 262 |
Note 2 - Goodwill and Other I_5
Note 2 - Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Amortizable intangible assets, accumulated impairment and amortization | $ (569) | $ (554) |
Intangible Assets, Gross (Excluding Goodwill), Total | 761 | 755 |
Intangible Assets, Net (Excluding Goodwill) | 192 | 201 |
Trademarks and Trade Names 1 [Member] | ||
Non-amortizable intangible assets, gross | 73 | 72 |
Non-amortizable intangible assets, net carrying amount | $ 73 | 72 |
Core Technology [Member] | ||
Weighted average useful life (Year) | 8 years | |
Amortizable intangible assets, gross carrying amount | $ 158 | 156 |
Amortizable intangible assets, accumulated impairment and amortization | (121) | (116) |
Amortizable intangible assets, net carrying amount | $ 37 | 40 |
Trademarks and Trade Names [Member] | ||
Weighted average useful life (Year) | 13 years | |
Amortizable intangible assets, gross carrying amount | $ 29 | 29 |
Amortizable intangible assets, accumulated impairment and amortization | (15) | (13) |
Amortizable intangible assets, net carrying amount | $ 14 | 16 |
Customer Relationships [Member] | ||
Weighted average useful life (Year) | 8 years | |
Amortizable intangible assets, gross carrying amount | $ 501 | 498 |
Amortizable intangible assets, accumulated impairment and amortization | (433) | (425) |
Amortizable intangible assets, net carrying amount | $ 68 | $ 73 |
Note 2 - Goodwill and Other I_6
Note 2 - Goodwill and Other Intangible Assets - Amortization Expense Related to Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Charged to cost of sales | $ 2 | $ 2 | $ 4 | $ 4 |
Charged to amortization of intangibles | 4 | 3 | 7 | 7 |
Total amortization | $ 6 | $ 5 | $ 11 | $ 11 |
Note 3 - Restructuring of Ope_3
Note 3 - Restructuring of Operations (Details Textual) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Cost, Expected Number of Positions Eliminated | 100 |
Note 3 - Restructuring of Ope_4
Note 3 - Restructuring of Operations - Accrued Restructuring Costs and Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Balance | $ 2 | $ 2 |
Charges to restructuring | 3 | 4 |
Cash payments | (3) | (4) |
Balance | 2 | 2 |
Employee Termination Benefits [Member] | ||
Balance | 2 | 2 |
Charges to restructuring | 2 | 2 |
Cash payments | (2) | (2) |
Balance | 2 | 2 |
Exit Costs [Member] | ||
Balance | 0 | 0 |
Charges to restructuring | 1 | 2 |
Cash payments | (1) | (2) |
Balance | $ 0 | $ 0 |
Note 4 - Supplemental Balance_3
Note 4 - Supplemental Balance Sheet and Cash Flow Information - Inventory Components (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Raw materials | $ 710 | $ 679 |
Work in process and finished goods | 1,021 | 930 |
Total | $ 1,731 | $ 1,609 |
Note 4 - Supplemental Balance_4
Note 4 - Supplemental Balance Sheet and Cash Flow Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | $ 484 | $ 425 | $ 321 | $ 268 |
Restricted cash included in other current assets | 8 | 7 | 8 | 9 |
Restricted cash included in other noncurrent assets | 11 | 10 | 11 | 10 |
Total cash, cash equivalents and restricted cash | $ 503 | $ 442 | $ 340 | $ 287 |
Note 5 - Stockholders' Equity_2
Note 5 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.10 | $ 0.10 | |
Treasury Stock, Value, Acquired, Cost Method | $ 25 | ||
Treasury Stock, Shares, Acquired (in shares) | 1,483,742 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 102 |
Note 5 - Stockholders' Equity -
Note 5 - Stockholders' Equity - Changes In Equity (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | |
Balance | $ 1,658 | $ 1,603 | $ 1,987 | $ 1,975 |
Net income (loss) | 35 | 32 | 11 | 21 |
Other comprehensive income (loss) | (3) | 40 | (81) | 36 |
Common stock dividends and dividend equivalents | (14) | (15) | (15) | (14) |
Distributions to noncontrolling interests | (2) | (1) | (1) | (1) |
Redeemable noncontrolling interests adjustment to redemption value | (1) | (1) | (1) | |
Stock compensation | 7 | 8 | 4 | 4 |
Stock withheld for employees taxes | (8) | (7) | ||
Purchase of noncontrolling interests | 0 | (1) | (1) | |
Common stock repurchases | (25) | |||
Balance | 1,681 | 1,658 | 1,903 | 1,987 |
Common Stock [Member] | ||||
Balance | 2 | 2 | 2 | 2 |
Balance | 2 | 2 | 2 | 2 |
Additional Paid-in Capital [Member] | ||||
Balance | 2,237 | 2,229 | 2,431 | 2,427 |
Stock compensation | 7 | 8 | 4 | 4 |
Balance | 2,244 | 2,237 | 2,435 | 2,431 |
Retained Earnings [Member] | ||||
Balance | 333 | 321 | 664 | 662 |
Net income (loss) | 30 | 28 | 8 | 17 |
Common stock dividends and dividend equivalents | (14) | (15) | (15) | (14) |
Redeemable noncontrolling interests adjustment to redemption value | (1) | (1) | (1) | |
Balance | 349 | 333 | 656 | 664 |
Treasury Stock, Common [Member] | ||||
Balance | (8) | 0 | (216) | (184) |
Stock withheld for employees taxes | (8) | (7) | ||
Common stock repurchases | (25) | |||
Balance | (8) | (8) | (216) | (216) |
AOCI Attributable to Parent [Member] | ||||
Balance | (961) | (1,001) | (949) | (985) |
Other comprehensive income (loss) | (3) | 40 | (79) | 36 |
Balance | (964) | (961) | (1,028) | (949) |
Noncontrolling Interest [Member] | ||||
Balance | 55 | 52 | 55 | 53 |
Net income (loss) | 5 | 4 | 3 | 4 |
Other comprehensive income (loss) | (2) | |||
Distributions to noncontrolling interests | (2) | (1) | (1) | (1) |
Purchase of noncontrolling interests | (1) | (1) | ||
Balance | $ 58 | $ 55 | $ 54 | $ 55 |
Note 5 - Stockholders' Equity_3
Note 5 - Stockholders' Equity - Changes in Each Component of Accumulated Other Comprehensive Income (AOCI) of the Parent (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Balance | $ 1,658 | $ 1,603 | $ 1,987 | $ 1,975 | $ 1,603 | $ 1,975 | |
Other comprehensive income (loss) | (4) | (87) | 37 | (51) | |||
Balance | 1,681 | 1,658 | 1,903 | 1,987 | 1,681 | 1,903 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||||
Balance | (871) | (895) | (770) | (809) | (895) | (809) | |
Currency translation adjustments | (6) | 24 | (83) | 39 | |||
Other comprehensive income (loss) | (6) | 24 | (83) | 39 | |||
Balance | (877) | (871) | (853) | (770) | (877) | (853) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||||
Balance | 36 | 21 | 4 | 21 | 4 | ||
Holding gains and losses | 10 | 16 | 42 | 19 | |||
Tax expense | (1) | (2) | (1) | ||||
Other comprehensive income (loss) | 3 | 15 | 1 | (4) | |||
Reclassification of amount to net income (a) | [1] | (7) | (39) | (22) | |||
Balance | 39 | 36 | 1 | 39 | 1 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||
Balance | (126) | (127) | (179) | (180) | (127) | (180) | |
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | [2] | 1 | 1 | 4 | 2 | ||
Tax expense | (1) | (1) | (1) | ||||
Other comprehensive income (loss) | 0 | 1 | 3 | 1 | |||
Balance | (126) | (126) | (176) | (179) | (126) | (176) | |
AOCI Attributable to Parent [Member] | |||||||
Balance | (961) | (1,001) | (949) | (985) | (1,001) | (985) | |
Currency translation adjustments | (6) | 24 | (83) | 39 | |||
Holding gains and losses | 10 | 16 | 42 | 19 | |||
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | [2] | 1 | 1 | 4 | 2 | ||
Tax expense | (1) | (1) | (3) | (2) | |||
Other comprehensive income (loss) | (3) | 40 | (79) | 36 | |||
Reclassification of amount to net income (a) | [1] | (7) | (39) | (22) | |||
Balance | $ (964) | $ (961) | $ (1,028) | $ (949) | $ (964) | $ (1,028) | |
[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 11 for additional details.[2]See Note 9 for additional details. |
Note 6 - Redeemable Noncontro_3
Note 6 - Redeemable Noncontrolling Interests (Details Textual) | Jun. 22, 2018 |
Dana TM4 [Member] | Hydro-Québec [Member] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45% |
Note 6 - Redeemable Noncontro_4
Note 6 - Redeemable Noncontrolling Interests - Reconciliation of Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance, beginning of period | $ 206 | $ 200 | $ 195 | $ 198 |
Capital contribution from redeemable noncontrolling interest | 7 | 5 | 17 | 7 |
Adjustment to redemption value | 1 | 1 | 2 | |
Net income (loss) attributable to redeemable noncontrolling interests | 1 | (1) | (2) | |
Other comprehensive loss attributable to redeemable noncontrolling interests | (1) | (6) | (6) | |
Balance, end of period | $ 213 | $ 199 | $ 213 | $ 199 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2 | 0.6 | 0.3 | 0.4 |
Note 7 - Earnings Per Share - R
Note 7 - Earnings Per Share - Reconciliation of the Numerators and Denominators of the Earnings Per Share Calculations (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income available to common stockholders - Numerator basic and diluted | $ 30 | $ 8 | $ 58 | $ 25 |
Basic (in shares) | 144.3 | 143.4 | 144.1 | 143.8 |
Employee compensation-related shares, including stock options (in shares) | 0.1 | 0.3 | 0.2 | 0.8 |
Weighted-average common shares outstanding - Diluted (in shares) | 144.4 | 143.7 | 144.3 | 144.6 |
Note 8 - Stock Compensation (De
Note 8 - Stock Compensation (Details Textual) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Expense | $ 8 | $ 4 | $ 14 | $ 8 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 39 | $ 39 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||
Performance Share Units [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, Fair Value Assumptions, Risk Free Interest Rate | 4.28% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.50% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 67% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Share-Based Liabilities Paid | $ 5 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 1.2 |
Note 8 - Stock Compensation - G
Note 8 - Stock Compensation - Granted Awards Activity (Details) shares in Millions | 6 Months Ended | |
Jun. 30, 2023 $ / shares shares | ||
Restricted Stock Units (RSUs) [Member] | ||
Granted (in shares) | shares | 1.2 | |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 18.44 | [1] |
Performance Share Units [Member] | ||
Granted (in shares) | shares | 0.6 | |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 19.56 | [1] |
[1]Weighted-average per share |
Note 9 - Pension and Postreti_3
Note 9 - Pension and Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Credit) and Other Amounts Recognized in OCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
UNITED STATES | Pension Plan [Member] | ||||
Interest cost | $ 7 | $ 4 | $ 14 | $ 8 |
Expected return on plan assets | (7) | (7) | (15) | (14) |
Amortization of net actuarial loss | 2 | 2 | 4 | 4 |
Net periodic benefit cost (credit) | 2 | (1) | 3 | (2) |
Foreign Plan [Member] | Pension Plan [Member] | ||||
Interest cost | 3 | 1 | 6 | 3 |
Expected return on plan assets | (1) | (2) | (1) | |
Service cost | 2 | 2 | 3 | 4 |
Amortization of net actuarial loss | 2 | 3 | ||
Net periodic benefit cost (credit) | 4 | 5 | 7 | 9 |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | ||||
Interest cost | 0 | 1 | 1 | 1 |
Amortization of net actuarial loss | (1) | (2) | (1) | |
Net periodic benefit cost (credit) | $ (1) | $ 1 | $ (1) | $ 0 |
Note 10 - Financing Agreement_2
Note 10 - Financing Agreements (Details Textual) $ in Thousands, € in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 09, 2023 USD ($) | May 24, 2023 USD ($) | May 24, 2023 EUR (€) | Mar. 14, 2023 USD ($) Rate | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) Rate | May 24, 2023 EUR (€) | Dec. 31, 2022 USD ($) | ||
Gain (Loss) on Extinguishment of Debt | $ (1,000) | $ (1,000) | |||||||
Revolving Credit Facility [Member] | |||||||||
Debt Issuance Costs, Gross | $ 2,000 | ||||||||
Letters of Credit Outstanding, Amount | 16,000 | 16,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,134,000 | $ 1,134,000 | |||||||
Debt Instrument, Covenant, Maximum First Lien Net Leverage Ratio | 2 | ||||||||
Letter of Credit [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 275,000 | ||||||||
Line of Credit Facility, Commitment Fee Percentage (Rate) | Rate | 0.125% | ||||||||
Long-Term Line of Credit | 0 | $ 0 | |||||||
Senior Notes due April 15, 2025 [Member] | |||||||||
Long-Term Debt, Gross | $ 200,000 | $ 200,000 | $ 400,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.75% | 5.75% | ||||||
Repayments of Debt | $ 200,000 | ||||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||
Gain (Loss) on Extinguishment of Debt | $ 1,000 | ||||||||
Note Payable to Former Shareholders of SME [Member] | |||||||||
Long-Term Debt, Gross | $ 25,000 | $ 25,000 | |||||||
Senior Notes Due July 15, 2031 [Member] | |||||||||
Long-Term Debt, Gross | $ 464,000 | $ 464,000 | |||||||
Debt Instrument, Face Amount | $ 458,000 | € 425 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | 8.50% | 8.50% | |||||
Proceeds from Debt, Net of Issuance Costs | $ 451,000 | € 419 | |||||||
Debt Issuance Costs, Gross | $ 7,000 | € 6 | |||||||
Debt Instrument, Redemption Price, Percentage | Rate | 100% | ||||||||
Senior Notes Due July 15, 2031 [Member] | Redeem up to 40% of Aggregate Principle Amount [Member] | |||||||||
Debt Instrument, Redemption Price, Percentage | 108.50% | ||||||||
Senior Notes Due July 15, 2031 [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 | $ 355,000 | $ 355,000 | 348,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3% | 3% | |||||||
Debt Instrument, Redemption Price, Percentage | 100% | ||||||||
Senior Notes Due July 15, 2029 [Member] | Redeem up to 40% of Aggregate Principle Amount [Member] | |||||||||
Debt Instrument, Redemption Price, Percentage | 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 DueSeptember 1, 2030 [Member] | |||||||||
Long-Term Debt, Gross | $ 400,000 | $ 400,000 | 400,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | |||||||
Debt Instrument, Redemption Price, Percentage | Rate | 100% | ||||||||
Senior Notes DueSeptember 1, 2030 [Member] | Redeem up to 40% of Aggregate Principle Amount [Member] | |||||||||
Debt Instrument, Redemption Price, Percentage | 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 February 15, 2032 [Member] | |||||||||
Long-Term Debt, Gross | $ 350,000 | $ 350,000 | $ 350,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||||||
Debt Instrument, Redemption Price, Percentage | Rate | 100% | ||||||||
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% | ||||||||
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% | 3.85% | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 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 11 for additional information. |
Note 10 - Financing Agreement_3
Note 10 - Financing Agreements - Long-term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2023 | May 24, 2023 | Dec. 31, 2022 | |
Debt issuance costs | $ (26) | $ (22) | ||
Long-term debt | 2,619 | 2,356 | ||
Less: Current portion of long-term debt | 32 | 8 | ||
Long-term debt, less debt issuance costs | $ 2,587 | 2,348 | ||
Senior Notes due April 15, 2025 [Member] | ||||
Long-term debt, interest rate | [1] | 5.75% | ||
Long-term debt, gross | $ 200 | 400 | ||
Senior Notes due November 15, 2027 [Member] | ||||
Long-term debt, interest rate | 5.375% | |||
Long-term debt, gross | $ 400 | 400 | ||
Senior Notes due June 15, 2028 [Member] | ||||
Long-term debt, interest rate | 5.625% | |||
Long-term debt, gross | $ 400 | 400 | ||
Senior Notes Due July 15, 2029 [Member] | ||||
Long-term debt, interest rate | 3% | |||
Long-term debt, gross | $ 355 | 348 | ||
Senior Notes DueSeptember 1, 2030 [Member] | ||||
Long-term debt, interest rate | 4.25% | |||
Long-term debt, gross | $ 400 | 400 | ||
Senior Notes Due July 15, 2031 [Member] | ||||
Long-term debt, interest rate | 8.50% | 8.50% | ||
Long-term debt, gross | $ 464 | |||
Senior Notes due February 15, 2032 [Member] | ||||
Long-term debt, interest rate | 4.50% | |||
Long-term debt, gross | $ 350 | 350 | ||
Other Indebtedness [Member] | ||||
Long-term debt, gross | $ 76 | $ 80 | ||
[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 11 for additional information. |
Note 10 - Financing Agreement_4
Note 10 - Financing Agreements - Debt Instrument Redemption (Details) | 6 Months Ended | |
Jun. 09, 2023 | Jun. 30, 2023 Rate | |
Senior Notes due April 15, 2025 [Member] | ||
Debt Instrument, Redemption Price, Percentage | 100% | |
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, 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 July 15, 2031 [Member] | ||
Debt Instrument, Redemption Price, Percentage | 100% | |
Senior Notes Due July 15, 2031 [Member] | Debt Instrument, Redemption, Period Five [Member] | ||
Debt Instrument, Redemption Price, Percentage | 104.25% | |
Senior Notes Due July 15, 2031 [Member] | Debt Instrument, Redemption, Period Six [Member] | ||
Debt Instrument, Redemption Price, Percentage | 102.125% | |
Senior Notes Due July 15, 2031 [Member] | Debt Instrument, Redemption, Period Seven [Member] | ||
Debt Instrument, Redemption Price, Percentage | 100% | |
Senior Notes Due July 15, 2031 [Member] | Debt Instrument, Redemption, Period Eight [Member] | ||
Debt Instrument, Redemption Price, Percentage | 100% | |
Senior Notes Due July 15, 2031 [Member] | Debt Instrument, Redemption, Period Nine [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 10 - Financing Agreement_5
Note 10 - Financing Agreements - Revolving Facility Margins (Details) - Revolving Credit Facility [Member] | 6 Months Ended |
Jun. 30, 2023 | |
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% |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Total Net Leverage Ratio is Less than or Equal to 1.00:1.00 [Member] | |
Margin | 1.25% |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap 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 | 1.50% |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Total Net Leverage Ratio is Greater than 2.00:1.00 [Member] | |
Margin | 1.75% |
Note 10 - Financing Agreement_6
Note 10 - Financing Agreements - Revolving Facility Commitment Fees (Details) - Revolving Credit Facility [Member] | 6 Months Ended |
Jun. 30, 2023 | |
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 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements and Derivatives (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Foreign Exchange Forward [Member] | ||
Derivative, Notional Amount | $ 662 | $ 608 |
Currency Swap [Member] | ||
Derivative, Notional Amount | $ 975 | $ 967 |
Note 11 - Fair Value Measurem_4
Note 11 - 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 | Jun. 30, 2023 | Dec. 31, 2022 |
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative assets | $ 3 | $ 2 |
Derivative liabilities | 8 | 7 |
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative liabilities | 9 | 11 |
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | ||
Derivative assets | 47 | 26 |
Derivative liabilities | 7 | 4 |
Cash Flow Hedging [Member] | Currency Swap [Member] | ||
Derivative assets | $ 8 | $ 17 |
Note 11 - Fair Value Measurem_5
Note 11 - Fair Value Measurements and Derivatives - Fair Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Reported Value Measurement [Member] | ||
Long-term debt | $ 2,571 | $ 2,304 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt | $ 2,348 | $ 2,010 |
Note 11 - Fair Value Measurem_6
Note 11 - Fair Value Measurements and Derivatives - Outstanding Fixed-to-fixed Cross-currency Swaps (Details) € in Millions, $ in Millions | Jun. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Dec. 31, 2022 USD ($) | |
Currency Swap [Member] | ||||
Notional amount | $ 975 | $ 967 | ||
Currency Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Notional amount | 372 | |||
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 | € | € 93 | |||
Notional amount | $ 100 | € 93 | ||
Inflow rate | 5.75% | 5.75% | ||
Outflow rate | 3.85% | 3.85% | ||
Rate | 3.85% | 3.85% | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | Luxembourg Intercompany Notes, Two [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 | $ 200 | |||
Rate | 5.75% | 5.75% | ||
Notional amount | $ 200 | € 185 | ||
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 11 for additional information. |
Note 11 - Fair Value Measurem_7
Note 11 - Fair Value Measurements and Derivatives - Outstanding Currency Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | $ 202 | |
Euro Foreign Exchange Forward [Member] | ||
Notional amount | 250 | |
British Pound Foreign Exchange Forward [Member] | ||
Notional amount | 7 | |
South African Rand Foreign Exchange Forward [Member] | ||
Notional amount | 13 | |
Canadian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 12 | |
Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 69 | |
Indian Rupee Foreign Exchange Forward [Member] | ||
Notional amount | 95 | |
Chinese Renminbi Foreign Exchange Forward [Member] | ||
Notional amount | 10 | |
Australian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 1 | |
Mexican Peso Foreign Exchange Forward [Member] | ||
Notional amount | 3 | |
Foreign Exchange Forward [Member] | ||
Notional amount | 662 | $ 608 |
US Dollar Currency Swap [Member] | ||
Notional amount | 487 | |
Euro Currency Swap [Member] | ||
Notional amount | 488 | |
Currency Swap [Member] | ||
Notional amount | 975 | $ 967 |
Foreign Exchange Contract [Member] | ||
Notional amount | 1,637 | |
Designated as Hedging Instrument [Member] | US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 170 | |
Designated as Hedging Instrument [Member] | Euro Foreign Exchange Forward [Member] | ||
Notional amount | 191 | |
Designated as Hedging Instrument [Member] | British Pound Foreign Exchange Forward [Member] | ||
Notional amount | 1 | |
Designated as Hedging Instrument [Member] | Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 54 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Notional amount | 416 | |
Designated as Hedging Instrument [Member] | US Dollar Currency Swap [Member] | ||
Notional amount | 303 | |
Designated as Hedging Instrument [Member] | Euro Currency Swap [Member] | ||
Notional amount | 300 | |
Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Notional amount | 603 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Notional amount | 1,019 | |
Not Designated as Hedging Instrument [Member] | US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 32 | |
Not Designated as Hedging Instrument [Member] | Euro Foreign Exchange Forward [Member] | ||
Notional amount | 59 | |
Not Designated as Hedging Instrument [Member] | British Pound Foreign Exchange Forward [Member] | ||
Notional amount | 6 | |
Not Designated as Hedging Instrument [Member] | South African Rand Foreign Exchange Forward [Member] | ||
Notional amount | 13 | |
Not Designated as Hedging Instrument [Member] | Canadian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 12 | |
Not Designated as Hedging Instrument [Member] | Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 15 | |
Not Designated as Hedging Instrument [Member] | Indian Rupee Foreign Exchange Forward [Member] | ||
Notional amount | 95 | |
Not Designated as Hedging Instrument [Member] | Chinese Renminbi Foreign Exchange Forward [Member] | ||
Notional amount | 10 | |
Not Designated as Hedging Instrument [Member] | Australian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 1 | |
Not Designated as Hedging Instrument [Member] | Mexican Peso Foreign Exchange Forward [Member] | ||
Notional amount | 3 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Notional amount | 246 | |
Not Designated as Hedging Instrument [Member] | US Dollar Currency Swap [Member] | ||
Notional amount | 184 | |
Not Designated as Hedging Instrument [Member] | Euro Currency Swap [Member] | ||
Notional amount | 188 | |
Not Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Notional amount | 372 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Notional amount | $ 618 |
Note 11 - Fair Value Measurem_8
Note 11 - Fair Value Measurements and Derivatives - Summary of Deferred Gains (Losses) Reported in AOCI (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred gain (loss) in AOCI | $ 41 | $ 22 |
Gain (loss) expected to be reclassified into income in one year or less | 28 | |
Foreign Exchange Forward [Member] | ||
Deferred gain (loss) in AOCI | 28 | 11 |
Gain (loss) expected to be reclassified into income in one year or less | 28 | |
Currency Swap [Member] | ||
Deferred gain (loss) in AOCI | $ 13 | $ 11 |
Note 11 - Fair Value Measurem_9
Note 11 - Fair Value Measurements and Derivatives - Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 2,748 | $ 2,586 | $ 5,392 | $ 5,066 |
Cost of sales | 2,477 | 2,403 | 4,892 | 4,686 |
Other income (expense), net | 4 | 10 | 9 | 12 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | ||||
Amount of (gain) loss reclassified from AOCI into income | (8) | (1) | (13) | (2) |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Other Income (Expense) [Member] | ||||
Amount of (gain) loss reclassified from AOCI into income | (3) | (2) | (5) | (4) |
Currency Swap [Member] | Cash Flow Hedging [Member] | Other Income (Expense) [Member] | ||||
Amount of (gain) loss reclassified from AOCI into income | $ 5 | $ (36) | $ 12 | $ (55) |
Note 11 - Fair Value Measure_10
Note 11 - Fair Value Measurements and Derivatives - Location and Amount of Gain or (Loss) Recognized in Income on Undesignated Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cost of Sales [Member] | ||||
Gain (loss) recognized in income on foreign currency derivatives not designated as hedging instruments | $ 1 | $ 1 | $ 0 | $ 1 |
Other Income (Expense) [Member] | ||||
Gain (loss) recognized in income on foreign currency derivatives not designated as hedging instruments | $ (10) | $ (3) | $ (7) | $ (9) |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) $ in Millions | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2010 USD ($) |
Accrual for Environmental Loss Contingencies | $ 6 | $ 8 | |
Property Lease Guarantee [Member] | Structural Products [Member] | |||
Guarantee of Lease Obligations, Number of Leases Assigned | 3 | ||
Guarantee Obligations, Other Contracts | $ 6 |
Note 13 - Warranty Obligation_2
Note 13 - Warranty Obligations - Changes in Warranty Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance | $ 108 | $ 100 | $ 108 | $ 107 |
Amounts accrued for current period sales | 13 | 10 | 23 | 20 |
Adjustments of prior estimates | 8 | (4) | ||
Settlements of warranty claims | (15) | (7) | (32) | (20) |
Currency impact | (3) | (1) | (3) | |
Balance | $ 106 | $ 100 | $ 106 | $ 100 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Expense (Benefit) | $ 55 | $ 18 | $ 85 | $ 36 |
Effective Income Tax Rate Reconciliation, Percent | 57% | 55% | ||
Effective Income Tax Rate Reconciliation, Percent, Excluding Items | 44% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |||
Foreign Tax Authority [Member] | ||||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | $ 19 |
Note 15 - Other Income (Expen_3
Note 15 - Other Income (Expense), Net - Other Income (Expense), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Non-service cost components of pension and OPEB costs | $ (3) | $ (3) | $ (6) | $ (3) |
Government assistance | 7 | 8 | ||
Foreign exchange gain (loss) | (3) | 1 | 1 | 4 |
Strategic transaction expenses | (1) | (1) | (2) | (5) |
Other, net | 4 | 13 | 8 | 16 |
Other income (expense), net | $ 4 | $ 10 | $ 9 | $ 12 |
Note 16 - Revenue From Contra_3
Note 16 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Contract with Customer, Receivable, after Allowance for Credit Loss | $ 6 | $ 7 |
Contract with Customer, Receivable, after Allowance for Credit Loss, Noncurrent | 36 | 28 |
Contract with Customer, Liability, Current | $ 48 | $ 48 |
Maximum [Member] | ||
Customer Payment Terms (Day) | 180 days |
Note 16 - Revenue From Contra_4
Note 16 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 2,748 | $ 2,586 | $ 5,392 | $ 5,066 |
Light Vehicle Segment [Member] | ||||
Net sales | 1,066 | 1,028 | 2,028 | 2,013 |
Commercial Vehicle Segment [Member] | ||||
Net sales | 526 | 507 | 1,048 | 970 |
Off-Highway Segment [Member] | ||||
Net sales | 842 | 768 | 1,684 | 1,512 |
Power Technologies Segment [Member] | ||||
Net sales | 314 | 283 | 632 | 571 |
North America [Member] | ||||
Net sales | 1,266 | 1,274 | 2,449 | 2,439 |
North America [Member] | Light Vehicle Segment [Member] | ||||
Net sales | 728 | 777 | 1,368 | 1,489 |
North America [Member] | Commercial Vehicle Segment [Member] | ||||
Net sales | 290 | 252 | 577 | 481 |
North America [Member] | Off-Highway Segment [Member] | ||||
Net sales | 89 | 95 | 186 | 178 |
North America [Member] | Power Technologies Segment [Member] | ||||
Net sales | 159 | 150 | 318 | 291 |
Europe [Member] | ||||
Net sales | 947 | 787 | 1,867 | 1,588 |
Europe [Member] | Light Vehicle Segment [Member] | ||||
Net sales | 142 | 92 | 274 | 197 |
Europe [Member] | Commercial Vehicle Segment [Member] | ||||
Net sales | 83 | 71 | 164 | 141 |
Europe [Member] | Off-Highway Segment [Member] | ||||
Net sales | 593 | 513 | 1,166 | 1,017 |
Europe [Member] | Power Technologies Segment [Member] | ||||
Net sales | 129 | 111 | 263 | 233 |
South America [Member] | ||||
Net sales | 171 | 193 | 339 | 365 |
South America [Member] | Light Vehicle Segment [Member] | ||||
Net sales | 59 | 49 | 112 | 94 |
South America [Member] | Commercial Vehicle Segment [Member] | ||||
Net sales | 98 | 132 | 201 | 248 |
South America [Member] | Off-Highway Segment [Member] | ||||
Net sales | 6 | 5 | 10 | 9 |
South America [Member] | Power Technologies Segment [Member] | ||||
Net sales | 8 | 7 | 16 | 14 |
Asia Pacific [Member] | ||||
Net sales | 364 | 332 | 737 | 674 |
Asia Pacific [Member] | Light Vehicle Segment [Member] | ||||
Net sales | 137 | 110 | 274 | 233 |
Asia Pacific [Member] | Commercial Vehicle Segment [Member] | ||||
Net sales | 55 | 52 | 106 | 100 |
Asia Pacific [Member] | Off-Highway Segment [Member] | ||||
Net sales | 154 | 155 | 322 | 308 |
Asia Pacific [Member] | Power Technologies Segment [Member] | ||||
Net sales | $ 18 | $ 15 | $ 35 | $ 33 |
Note 17 - Segments (Details Tex
Note 17 - Segments (Details Textual) | 6 Months Ended |
Jun. 30, 2023 | |
Number of Operating Segments | 4 |
Note 17 - Segments - Segment In
Note 17 - Segments - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 2,748 | $ 2,586 | $ 5,392 | $ 5,066 |
Segment EBITDA | 244 | 164 | 451 | 334 |
Operating Segments [Member] | ||||
Net sales | 2,748 | 2,586 | 5,392 | 5,066 |
Segment EBITDA | 244 | 164 | 451 | 334 |
Segment Reconciling Items [Member] | ||||
Net sales | 0 | 0 | 0 | 0 |
Light Vehicle Segment [Member] | ||||
Net sales | 1,066 | 1,028 | 2,028 | 2,013 |
Light Vehicle Segment [Member] | Operating Segments [Member] | ||||
Net sales | 1,066 | 1,028 | 2,028 | 2,013 |
Segment EBITDA | 66 | 33 | 115 | 64 |
Light Vehicle Segment [Member] | Segment Reconciling Items [Member] | ||||
Net sales | 46 | 40 | 98 | 88 |
Commercial Vehicle Segment [Member] | ||||
Net sales | 526 | 507 | 1,048 | 970 |
Commercial Vehicle Segment [Member] | Operating Segments [Member] | ||||
Net sales | 526 | 507 | 1,048 | 970 |
Segment EBITDA | 28 | 10 | 45 | 20 |
Commercial Vehicle Segment [Member] | Segment Reconciling Items [Member] | ||||
Net sales | 31 | 28 | 63 | 58 |
Off-Highway Segment [Member] | ||||
Net sales | 842 | 768 | 1,684 | 1,512 |
Off-Highway Segment [Member] | Operating Segments [Member] | ||||
Net sales | 842 | 768 | 1,684 | 1,512 |
Segment EBITDA | 131 | 100 | 249 | 200 |
Off-Highway Segment [Member] | Segment Reconciling Items [Member] | ||||
Net sales | 16 | 17 | 33 | 37 |
Power Technologies Segment [Member] | ||||
Net sales | 314 | 283 | 632 | 571 |
Power Technologies Segment [Member] | Operating Segments [Member] | ||||
Net sales | 314 | 283 | 632 | 571 |
Segment EBITDA | 19 | 21 | 42 | 50 |
Power Technologies Segment [Member] | Segment Reconciling Items [Member] | ||||
Net sales | 6 | 6 | 14 | 13 |
Eliminations and Other [Member] | Segment Reconciling Items [Member] | ||||
Net sales | $ (99) | $ (91) | $ (208) | $ (196) |
Note 17 - Segments - Reconcilia
Note 17 - Segments - Reconciliation of Segment EBITDA to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment EBITDA | $ 244 | $ 164 | $ 451 | $ 334 |
Corporate expense and other items, net | (1) | (2) | (4) | (2) |
Depreciation | (94) | (91) | (186) | (182) |
Amortization | (6) | (5) | (11) | (11) |
Non-service cost components of pension and OPEB costs | (3) | (3) | (6) | (3) |
Restructuring charges, net | (3) | (1) | (4) | |
Stock compensation expense | (8) | (4) | (14) | (8) |
Strategic transaction expenses | (1) | (1) | (2) | (5) |
Distressed supplier costs | (4) | (12) | ||
Other items | 2 | 2 | 2 | |
Earnings before interest and income taxes | 124 | 59 | 214 | 125 |
Loss on extinguishment of debt | (1) | (1) | ||
Interest income | 5 | 2 | 9 | 4 |
Interest expense | 39 | 32 | 73 | 63 |
Earnings before income taxes | 89 | 29 | 149 | 66 |
Income tax expense | 55 | 18 | 85 | 36 |
Equity in earnings (loss) of affiliates | 2 | (1) | 3 | 0 |
Net income | $ 36 | $ 10 | $ 67 | $ 30 |
Note 18 - Equity Affiliates - E
Note 18 - Equity Affiliates - Equity Method Investments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Investments in equity affiliates | $ 111 | |
Investments in affiliates carried at cost | 24 | |
Investments in affiliates | $ 135 | $ 136 |
Dongfeng Dana Axle Co., Ltd. (DDAC) [Member] | ||
Investments in equity affiliates, ownership percentage | 50% | |
Investments in equity affiliates | $ 66 | |
ROC-Spicer, Ltd. [Member] | ||
Investments in equity affiliates, ownership percentage | 50% | |
Investments in equity affiliates | $ 22 | |
Axles India Limited [Member] | ||
Investments in equity affiliates, ownership percentage | 48% | |
Investments in equity affiliates | $ 13 | |
Tai Ya Investment (HK) Co., Limited [Member] | ||
Investments in equity affiliates, ownership percentage | 50% | |
Investments in equity affiliates | $ 4 | |
All Others as a Group [Member] | ||
Investments in equity affiliates | $ 6 |
Other Information - Rule 10b5_2
Other Information - Rule 10b5-1 Disclosure (Details Textual) Pure in Thousands | 3 Months Ended |
Jun. 30, 2023 | |
Issuer Rule 10b5-1, Number of Trading Agreements Adopted or Terminated by Directors or Executive Officers | 0 |