Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 16, 2021 | |
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 | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 $0.01 par value | |
Trading Symbol | DAN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 145,143,361 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 2,263 | $ 1,926 |
Costs and expenses | ||
Cost of sales | 2,012 | 1,720 |
Selling, general and administrative expenses | 119 | 106 |
Amortization of intangibles | 4 | 3 |
Restructuring charges, net | 1 | 3 |
Impairment of goodwill | (51) | |
Other income (expense), net | (19) | 4 |
Earnings before interest and income taxes | 108 | 47 |
Interest income | 2 | 2 |
Interest expense | 34 | 29 |
Earnings before income taxes | 76 | 20 |
Income tax expense (benefit) | 22 | (16) |
Equity in earnings of affiliates | 14 | 2 |
Net income | 68 | 38 |
Less: Noncontrolling interests net income | 1 | 2 |
Less: Redeemable noncontrolling interests net loss | (4) | (22) |
Net income attributable to the parent company | $ 71 | $ 58 |
Net income per share available to common stockholders | ||
Basic (in dollars per share) | $ 0.49 | $ 0.40 |
Diluted (in dollars per share) | $ 0.48 | $ 0.40 |
Weighted-average common shares outstanding | ||
Basic (in shares) | 144.9 | 144.2 |
Diluted (in shares) | 146.4 | 144.8 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 68 | $ 38 |
Other comprehensive income (loss), net of tax: | ||
Currency translation adjustments | (5) | (154) |
Hedging gains and losses | (17) | 29 |
Defined benefit plans | 3 | 3 |
Other comprehensive income (loss) | (19) | (122) |
Total comprehensive income (loss) | 49 | (84) |
Less: Comprehensive loss attributable to noncontrolling interests | 1 | 17 |
Less: Comprehensive loss attributable to redeemable noncontrolling interests | 3 | 14 |
Comprehensive income (loss) attributable to the parent company | $ 53 | $ (53) |
Consolidated Balance Sheet (Cur
Consolidated Balance Sheet (Current Period Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 483 | $ 559 |
Marketable securities | 26 | 21 |
Accounts receivable | ||
Trade, less allowance for doubtful accounts of $6 in 2021 and $7 in 2020 | 1,428 | 1,201 |
Other | 237 | 231 |
Inventories | 1,260 | 1,149 |
Other current assets | 139 | 127 |
Total current assets | 3,573 | 3,288 |
Goodwill | 488 | 479 |
Intangibles | 250 | 236 |
Deferred tax assets | 613 | 611 |
Other noncurrent assets | 153 | 169 |
Investments in affiliates | 149 | 152 |
Operating lease assets | 192 | 190 |
Property, plant and equipment, net | 2,184 | 2,251 |
Total assets | 7,602 | 7,376 |
Current liabilities | ||
Short-term debt | 26 | 26 |
Current portion of long-term debt | 8 | 8 |
Accounts payable | 1,536 | 1,331 |
Accrued payroll and employee benefits | 203 | 190 |
Taxes on income | 44 | 35 |
Current portion of operating lease liabilities | 42 | 43 |
Other accrued liabilities | 311 | 308 |
Total current liabilities | 2,170 | 1,941 |
Long-term debt, less debt issuance costs of $26 in 2021 and $27 in 2020 | 2,420 | 2,420 |
Noncurrent operating lease liabilities | 157 | 154 |
Pension and postretirement obligations | 463 | 479 |
Other noncurrent liabilities | 340 | 368 |
Total liabilities | 5,550 | 5,362 |
Redeemable noncontrolling interests | 182 | 180 |
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, 145,142,687 and 144,515,658 shares outstanding | 2 | 2 |
Additional paid-in capital | 2,415 | 2,408 |
Retained earnings | 583 | 530 |
Treasury stock, at cost (10,657,998 and 10,442,582 shares) | (161) | (156) |
Accumulated other comprehensive loss | (1,044) | (1,026) |
Total parent company stockholders' equity | 1,795 | 1,758 |
Noncontrolling interests | 75 | 76 |
Total equity | 1,870 | 1,834 |
Total liabilities and equity | $ 7,602 | $ 7,376 |
Consolidated Balance Sheet (C_2
Consolidated Balance Sheet (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ 6 | $ 7 |
Debt issuance costs | $ 26 | $ 27 |
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) | 145,142,687 | 144,515,658 |
Treasury stock, shares (in shares) | 10,657,998 | 10,442,582 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities | ||
Net income | $ 68 | $ 38 |
Depreciation | 88 | 85 |
Amortization | 7 | 4 |
Amortization of deferred financing charges | 2 | 2 |
Earnings of affiliates, net of dividends received | (14) | (2) |
Stock compensation expense | 5 | 4 |
Deferred income taxes | (6) | (35) |
Pension expense, net | 1 | |
Impairment of goodwill | 51 | |
Change in working capital | (133) | (183) |
Other, net | 10 | (16) |
Net cash provided by (used in) operating activities | 27 | (51) |
Investing activities | ||
Purchases of property, plant and equipment | (53) | (63) |
Acquisition of businesses, net of cash acquired | (17) | (8) |
Purchases of marketable securities | (11) | (12) |
Proceeds from sales and maturities of marketable securities | 6 | 6 |
Settlements of undesignated derivatives | (3) | |
Other, net | 2 | (5) |
Net cash used in investing activities | (73) | (85) |
Financing activities | ||
Net change in short-term debt | (1) | 298 |
Proceeds from long-term debt | 2 | 4 |
Repayment of long-term debt | (1) | (1) |
Deferred financing payments | (2) | |
Dividends paid to common stockholders | (14) | (15) |
Distributions to noncontrolling interests | (1) | |
Contributions from noncontrolling interests | 1 | 2 |
Other, net | (1) | (4) |
Net cash provided by (used in) financing activities | (16) | 283 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (62) | 147 |
Cash, cash equivalents and restricted cash – beginning of period | 567 | 518 |
Effect of exchange rate changes on cash balances | (12) | (29) |
Cash, cash equivalents and restricted cash – end of period (Note 5) | 493 | 636 |
Non-cash investing activity | ||
Purchases of property, plant and equipment held in accounts payable | $ 56 | $ 73 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 2020 10 During the second 2020, March 31, 2020, We concluded that the error was not March 31, 2020 10 March 31, 2020 not 250, first 2020 10 March 31, 2020, Period Ended March 31, 2020 As Previously Reported Adjustment As Revised (unaudited) Consolidated Statement of Operations Net income $ 38 $ — $ 38 Less: Noncontrolling interests net income 2 2 Less: Redeemable noncontrolling interests net loss (2 ) (20 ) (22 ) Net income attributable to the parent company $ 38 $ 20 $ 58 Net income per share available to common stockholders Basic $ 0.26 $ 0.14 $ 0.40 Diluted $ 0.26 $ 0.14 $ 0.40 Consolidated Statement of Comprehensive Income Total comprehensive loss $ (84 ) $ — $ (84 ) Less: Comprehensive loss attributable to noncontrolling interests 17 17 Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests (6 ) 20 14 Comprehensive income (loss) attributable to the parent company $ (73 ) $ 20 $ (53 ) Period Ended March 31, 2020 As Previously Reported Adjustment As Revised (unaudited) Consolidated Balance Sheet Redeemable noncontrolling interests $ 175 $ (20 ) $ 155 Retained earnings $ 644 $ 20 $ 664 Recently adopted accounting pronouncements On January 1, 2021, 2019 12, Income Taxes – Simplifying the Accounting for Income Taxes not Recently issued accounting pronouncements In March 2020, 2020 04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting January 2021, 2021 01, Reference Rate Reform December 31, 2022. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Pi Innovo Holding Limited March 1, 2021, not no Ashwoods Innovations Limited February 5, 2020, March 2020, not no Hydro-Québec Relationship April 14, 2020, |
Note 3 - Goodwill and Other Int
Note 3 - Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 3. Goodwill October 31 No October 31, 2020 not first 2021 As a result of the effect of the global COVID- 19 first 2020. March 31, 2020. first 2020. 3 8 2020 10 The change in the carrying amount of goodwill in 2021 2020 2 Changes in the carrying amount of goodwill by segment Light Vehicle Commercial Vehicle Off-Highway Power Technologies Total Balance, December 31, 2020 $ — $ 177 $ 302 $ — $ 479 Acquisitions 24 (11 ) 13 Currency impact 3 (7 ) (4 ) Balance, March 31, 2021 $ — $ 204 $ 284 $ — $ 488 Components of other intangible assets March 31, 2021 December 31, 2020 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 $ 162 $ (103 ) $ 59 $ 146 $ (103 ) $ 43 Trademarks and trade names 13 31 (10 ) 21 31 (9 ) 22 Customer relationships 8 523 (428 ) 95 525 (431 ) 94 Non-amortizable intangible assets Trademarks and trade names 75 75 77 77 $ 791 $ (541 ) $ 250 $ 779 $ (543 ) $ 236 The net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments at March 31, 2021 Amortization expense related to amortizable intangible assets Three Months Ended March 31, 2021 2020 Charged to cost of sales $ 3 $ 1 Charged to amortization of intangibles 4 3 Total amortization $ 7 $ 4 The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five March 31, 2021 may Remainder of 2021 2022 2023 2024 2025 Amortization expense $ 16 $ 22 $ 22 $ 21 $ 21 |
Note 4 - Restructuring of Opera
Note 4 - Restructuring of Operations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 4. Our restructuring activities have historically included rationalizing our operating footprint by consolidating facilities, positioning operations in lower cost locations and reducing overhead costs. In recent years our focus has been primarily headcount reduction initiatives to reduce operating costs, including actions taken at acquired businesses to rationalize cost structures and achieve operating synergies. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs, including certain operating costs of facilities that we are in the process of closing. Net restructuring charges of $1 and $3 in the first 2021 2020 Accrued restructuring costs and activity Employee Termination Benefits Exit Costs Total Balance, December 31, 2020 $ 30 $ — $ 30 Charges to restructuring 1 1 Cash payments (4 ) (1 ) (5 ) Currency impact (1 ) (1 ) Balance, March 31, 2021 $ 25 $ — $ 25 At March 31, 2021 Cost to complete March 31, 2021 Expense Recognized Prior to 2021 2021 Total to Date Future Cost to Complete Commercial Vehicle $ 41 $ — $ 41 $ 2 The future cost to complete includes estimated separation costs, primarily those associated with one 2021, |
Note 5 - Supplemental Balance S
Note 5 - Supplemental Balance Sheet and Cash Flow Information | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | 5. Inventory components at March 31, 2021 December 31, 2020 Raw materials $ 532 $ 473 Work in process and finished goods 805 752 Inventory reserves (77 ) (76 ) Total $ 1,260 $ 1,149 Cash, cash equivalents and restricted cash at — March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 Cash and cash equivalents $ 483 $ 559 $ 628 $ 508 Restricted cash included in other current assets 7 5 5 6 Restricted cash included in other noncurrent assets 3 3 3 4 Total cash, cash equivalents and restricted cash $ 493 $ 567 $ 636 $ 518 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 6. Common stock ten first 2021. Share repurchase program February 16, 2021 December 31, 2023. March 31, 2021 Changes in equity Three Months Ended March 31, 2021 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2020 $ 2 $ 2,408 $ 530 $ (156 ) $ (1,026 ) $ 76 $ 1,834 Net income 71 1 72 Other comprehensive income (18 ) (2 ) (20 ) Common stock dividends (14 ) (14 ) Redeemable noncontrolling interests adjustment to redemption value (4 ) (4 ) Stock compensation 7 7 Stock withheld for employee taxes (5 ) (5 ) Balance, March 31, 2021 $ 2 $ 2,415 $ 583 $ (161 ) $ (1,044 ) $ 75 $ 1,870 2020 Balance, December 31, 2019 $ 2 $ 2,386 $ 622 $ (150 ) $ (987 ) $ 95 $ 1,968 Adoption of ASU 2016-13 credit losses, January 1, 2020 (1 ) (1 ) Net income 58 2 60 Other comprehensive loss (111 ) (19 ) (130 ) Common stock dividends (15 ) (15 ) Distributions to noncontrolling interests (1 ) (1 ) Stock compensation 5 5 Stock withheld for employee taxes (6 ) (6 ) Balance, March 31, 2020 $ 2 $ 2,391 $ 664 $ (156 ) $ (1,098 ) $ 77 $ 1,880 Changes in each component of accumulated other comprehensive income (loss) (AOCI) of the parent Parent Company Stockholders Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2020 $ (802 ) $ 9 $ (233 ) $ (1,026 ) Other comprehensive income (loss): Currency translation adjustments (4 ) (4 ) Holding gains and losses 32 32 Reclassification of amount to net income (a) (50 ) (50 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 4 4 Tax (expense) benefit 1 (1 ) — Other comprehensive income (loss) (4 ) (17 ) 3 (18 ) Balance, March 31, 2021 $ (806 ) $ (8 ) $ (230 ) $ (1,044 ) Balance, December 31, 2019 $ (714 ) $ (30 ) $ (243 ) $ (987 ) Other comprehensive income (loss): Currency translation adjustments (143 ) (143 ) Holding gains and losses 39 39 Reclassification of amount to net income (a) (11 ) (11 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 5 5 Tax (expense) benefit 1 (2 ) (1 ) Other comprehensive income (loss) (143 ) 29 3 (111 ) Balance, March 31, 2020 $ (857 ) $ (1 ) $ (240 ) $ (1,098 ) (a) Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. See Note 13 (b) See Note 10 |
Note 7 - Redeemable Noncontroll
Note 7 - Redeemable Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Redeemable Noncontrolling Interest Disclosure [Text Block] | 7. Hydro-Québec holds direct 45% redeemable noncontrolling interest in Dana TM4 TM4 TM4 TM4 TM4 may not TM4 June 22, 2021. 2 Redeemable noncontrolling interests reflected as of the balance sheet date are the greater of the redeemable noncontrolling interest balances adjusted for comprehensive income items and distributions or the redemption values. Redeemable noncontrolling interest adjustments of redemption value are recorded in retained earnings. 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, terminal growth rates and exit multiples. See Note 1 Reconciliation of changes in redeemable noncontrolling interests Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 180 $ 167 Capital contribution from redeemable noncontrolling interest 1 2 Adjustment to redemption value 4 Comprehensive income (loss) adjustments: Net loss attributable to redeemable noncontrolling interests (4 ) (22 ) Other comprehensive income attributable to redeemable noncontrolling interests 1 8 Balance, end of period $ 182 $ 155 |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Reconciliation of the numerators and denominators of the earnings per share calculations Three Months Ended March 31, 2021 2020 Net income available to common stockholders - Numerator basic and diluted $ 71 $ 58 Denominator: Weighted-average common shares outstanding - Basic 144.9 144.2 Employee compensation-related shares, including stock options 1.5 0.6 Weighted-average common shares outstanding - Diluted 146.4 144.8 The share count for diluted earnings per share is computed on the basis of the weighted-average number of common shares outstanding plus the effects of dilutive common stock equivalents (CSEs) outstanding during the period. We excluded 0.9 million and 0.6 million CSEs from the calculation of diluted earnings per share for the first 2021 2020 |
Note 9 - Stock Compensation
Note 9 - Stock Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9. The Compensation Committee of our Board of Directors approved the grant of RSUs and performance share units (PSUs) shown in the table below during 2021 Granted Grant Date (In millions) Fair Value* RSUs 0.8 $ 23.43 PSUs 0.2 $ 26.81 * 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 We received $4 of cash from the exercise of stock options related to 0.2 million shares. We paid $2 of cash to settle RSUs. We issued 0.5 million and 0.1 million shares of common stock based on the vesting of RSUs and PSUs during 2021 first 2021 2020 March 31, 2021 |
Note 10 - Pension and Postretir
Note 10 - Pension and Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. We have a number of defined contribution and defined benefit, qualified and nonqualified, pension plans covering eligible employees. Other postretirement benefits (OPEB), including medical and life insurance, are provided for certain employees upon retirement. Components of net periodic benefit cost (credit) Pension OPEB 2021 2020 2021 2020 Three Months Ended March 31, U.S. Non-U.S. U.S. Non-U.S. Non-U.S. Non-U.S. Interest cost $ 3 $ 1 $ 5 $ 1 $ 1 $ 1 Expected return on plan assets (7 ) (9 ) (1 ) Service cost 2 2 Amortization of net actuarial loss 2 2 3 2 Net periodic benefit cost (credit) $ (2 ) $ 5 $ (1 ) $ 4 $ 1 $ 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 11 - Marketable Securities
Note 11 - Marketable Securities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 11. Marketable Securities March 31, 2021 December 31, 2020 Unrealized Fair Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value Certificates of deposit - Current marketable securities $ 26 $ — $ 26 $ 21 $ — $ 21 Corporate securities - Noncurrent marketable securities $ 16 $ 16 $ 32 $ 16 $ 33 $ 49 Certificates of deposit maturing in one March 31, 2021. We held $16 of convertible notes receivable from our investment in Hyliion Inc. On October 1, 2020, |
Note 12 - Financing Agreements
Note 12 - Financing Agreements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt and Capital Leases Disclosures [Text Block] | 12. Long-term debt at Interest Rate March 31, 2021 December 31, 2020 Senior Notes due December 15, 2024 5.500% $ 425 $ 425 Senior Notes due April 15, 2025 5.750% * 400 400 Senior Notes due June 1, 2026 6.500% * 375 375 Senior Notes due November 15, 2027 5.375% 400 400 Senior Notes due June 15, 2028 5.625% 400 400 Term B Facility 349 349 Other indebtedness 105 106 Debt issuance costs (26 ) (27 ) 2,428 2,428 Less: Current portion of long-term debt 8 8 Long-term debt, less debt issuance costs $ 2,420 $ 2,420 * In conjunction with the issuance of the April 2025 8 April 2025 June 2026 10 June 2026 13 Interest on the senior notes is payable semi-annually and interest on the Term Facility B is payable quarterly. Other indebtedness includes the note payable to the former owners of S.M.E. S.p.A., borrowings from various financial institutions, finance lease obligations and the unamortized fair value adjustment related to a terminated interest rate swap. See Note 13 Senior notes activity June 2020, June 2028 June 2028 December 15 June 15 December 15, 2020. June 2028 June 15, 2028. November 2027 November 2027 May 15 November 15 November 15, 2020. November 2027 November 15, 2027. We may 12 Redemption Price December April June November June Year 2024 Notes 2025 Notes 2026 Notes 2027 Notes 2028 Notes 2020 101.833 % 104.313 % 2021 100.917 % 102.875 % 103.250 % 2022 100.000 % 101.438 % 102.167 % 102.688 % 2023 100.000 % 100.000 % 101.083 % 101.344 % 102.813 % 2024 100.000 % 100.000 % 100.000 % 101.406 % 2025 100.000 % 100.000 % 100.000 % 2026 100.000 % 100.000 % 2027 100.000 % Prior to June 1, 2021, may June 2026 not At any time prior to November 15, 2022, may 35% November 2027 not one November 2027 November 15, 2022, may November 2027 not At any time prior to June 15, 2023, may 35% June 2028 not one June 2028 June 15, 2023, may June 2028 not Credit agreement On December 31, 2020, March 25, 2021, March 25, 2026. February 28, 2026. We may The Term Facility B and the Revolving Facility are guaranteed by all of our wholly-owned domestic subsidiaries subject to certain exceptions (the guarantors) and are secured by a first Advances under the Revolving Facility bear interest at a floating rate based on, at our option, the base rate or Eurodollar rate (each as described in the credit agreement) plus a margin as set forth below: Margin Total Net Leverage Ratio Base Rate Eurodollar Rate Less than or equal to 1.00:1.00 0.25 % 1.25 % Greater than 1.00:1.00 but less than or equal to 2.00:1.00 0.50 % 1.50 % Greater than 2.00:1.00 0.75 % 1.75 % The Term B Facility bears interest based on, at our option, the Base Rate plus 1.25% or the Eurodollar rate plus 2.25%. We have elected to pay interest on our advances under Term Facility B at the Eurodollar Rate. The interest rate on the Term B Facility was 2.359%, inclusive of the applicable margins, as of March 31, 2021 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 March 31, 2021 March 31, 2021 Bridge facility April 16, 2020, April 15, 2021. June 19, 2020, June 2028 Debt covenants March 31, 2021 first not 2.00 1.00. |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements and Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. In measuring the fair value of our assets and liabilities, we use market data or assumptions that we believe market participants would use in pricing an asset or liability including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs. Fair value measurements on a recurring basis Fair Value Category Balance Sheet Location Fair Value Level March 31, 2021 December 31, 2020 Certificates of deposit Marketable securities 2 $ 26 $ 21 Available-for-sale securities Other noncurrent assets 1 32 49 Currency forward contracts Cash flow hedges Accounts receivable - Other 2 11 15 Cash flow hedges Other accrued liabilities 2 2 1 Undesignated Accounts receivable - Other 2 2 2 Undesignated Other accrued liabilities 2 2 1 Interest rate collars Other accrued liabilities 2 6 7 Currency swaps Cash flow hedges Other noncurrent liabilities 2 95 128 Fair Value Level 1 2 Fair value of financial instruments not March 31, 2021 December 31, 2020 Fair Value Level Carrying Value Fair Value Carrying Value Fair Value Long term debt 2 $ 2,369 $ 2,450 $ 2,376 $ 2,475 Interest rate derivatives March 31, 2021 no December 2024 2015, March 31, 2021 December 2024, December 2024 not three March 31, 2021 December 2021. no Foreign currency derivatives fifteen We have executed fixed-to-fixed cross-currency swaps in conjunction with the issuance of certain notes to eliminate the variability in the functional-currency-equivalent cash flows due to changes in exchange rates associated with the forecasted principal and interest payments. All of the underlying designated financial instruments, and any subsequent replacement debt, have been designated as the hedged items in each respective cash flow hedge relationship, as shown in the table below. Designated as cash flow hedges of the forecasted principal and interest payments of the underlying designated financial instruments, or subsequent replacement debt, all of the swaps economically convert the underlying designated financial instruments into the functional currency of each respective holder. The impact of the interest rate differential between the inflow and outflow rates on all fixed-to-fixed cross-currency swaps is recognized during each period as a component of interest expense. The following fixed-to-fixed cross-currency swaps were outstanding at March 31, 2021 Underlying Financial Instrument Derivative Financial Instrument Description Type Face Amount Rate Designated Notional Amount Traded Amount Inflow Rate Outflow Rate April 2025 Notes Payable $ 400 5.75 % $ 400 € 371 5.75 % 3.85 % June 2026 Notes Payable $ 375 6.50 % $ 375 € 338 6.50 % 5.14 % Luxembourg Intercompany Notes Receivable € 278 3.70 % € 278 $ 300 5.38 % 3.70 % All of the swaps are expected to be highly effective in offsetting the corresponding currency-based changes in cash outflows related to the underlying designated financial instruments. Based on our qualitative assessment that the critical terms of all of the underlying designated financial instruments and all of the associated swaps match and that all other required criteria have been met, we do not 12 April 2025 June 2026 no The total notional amount of outstanding foreign currency forward contracts, involving the exchange of various currencies, was $422 at March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 The following currency derivatives were outstanding at March 31, 2021 Notional Amount (U.S. Dollar Equivalent) Functional Currency Traded Currency Designated Undesignated Total Maturity U.S. dollar Mexican peso, Canadian dollar $ 75 $ 35 $ 110 Dec-2021 Euro U.S. dollar, Hungarian forint, British pound, Swiss franc, Indian rupee, Mexican peso, Australian dollar, Chinese renminbi, Brazilian real 55 29 84 Jan-2024 British pound U.S. dollar, euro 2 1 3 Apr-2021 South African rand U.S. dollar, euro, Thai baht 12 12 Apr-2021 Thai baht U.S. dollar, euro 8 20 28 Dec-2021 Canadian dollar U.S. dollar 6 6 Oct-2021 Brazilian real U.S. dollar, euro 43 8 51 Mar-2022 Indian rupee U.S. dollar, euro, British pound 118 118 Apr-2022 Chinese renminbi Canadian dollar, euro 6 6 Apr-2021 Australian dollar U.S. dollar, euro 4 4 Apr-2021 Total forward contracts 189 233 422 U.S. dollar euro 326 326 Nov-2027 Euro U.S. dollar 775 775 Jun-2026 Total currency swaps 1,101 — 1,101 Total currency derivatives $ 1,290 $ 233 $ 1,523 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 March 31, 2021 December 31, 2020 Gain (loss) expected to be reclassified into income in one year or less Forward Contracts $ 5 $ 9 $ 5 Collar (5 ) (6 ) (5 ) Cross-Currency Swaps (12 ) 3 Total $ (12 ) $ 6 $ — 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 March 31, 2021 Derivatives Designated as Cash Flow Hedges Net sales Cost of sales Other income (expense), net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 2,263 $ 2,012 $ (19 ) (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income (1 ) (1 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (48 ) Three Months Ended March 31, 2020 Derivatives Designated as Cash Flow Hedges Net sales Cost of sales Other income (expense), net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 1,926 $ 1,720 $ 4 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income 7 Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (18 ) 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 Amount of Gain (Loss) Recognized in Income Derivatives Not Designated as Hedging Instruments Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Location of Gain or (Loss) Recognized in Income Foreign currency forward contracts $ — $ 5 Cost of sales Foreign currency forward contracts $ (2 ) $ (9 ) Other income (expense), net Net investment hedges |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Product liabilities March 31, 2021 December 31, 2020 third March 31, 2021 December 31, 2020 third may Environmental liabilities March 31, 2021 December 31, 2020 Guarantee of lease obligations 2010, three June 2025, Other legal matters may not |
Note 15 - Warranty Obligations
Note 15 - Warranty Obligations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 15. We record a liability for estimated warranty obligations at the dates our products are sold. We record the liability based on our estimate of costs to settle future claims. Adjustments to our estimated costs at time of sale are made as claim experience and other new information becomes available. Obligations for service campaigns and other occurrences are recognized as adjustments to prior estimates when the obligation is probable and can be reasonably estimated. Changes in warranty liabilities Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 98 $ 101 Amounts accrued for current period sales 10 8 Adjustments of prior estimates (1 ) 1 Settlements of warranty claims (7 ) (11 ) Currency impact (1 ) (2 ) Balance, end of period $ 99 $ 97 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. We estimate the effective tax rate expected to be applicable for the full fiscal year and use that rate to provide for income taxes in interim reporting periods. We also recognize the tax impact of certain unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, in the interim period in which they occur. We have generally not not not” no 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 an income tax expense of $22 and an income tax benefit of $16 for the first three March 31, 2021 2020 first three 2021 2020 first 2020, first 2020, 2020 three may Dividends of earnings from non-U.S. operations are generally no |
Note 17 - Other Income (Expense
Note 17 - Other Income (Expense), Net | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 17. Three Months Ended March 31, 2021 2020 Non-service cost components of pension and OPEB costs $ (2 ) $ (2 ) Government grants and incentives 3 4 Foreign exchange gain 1 5 Strategic transaction expenses (3 ) (6 ) Loss on investment in Hyliion (17 ) Loss on disposal group held for sale (7 ) Other, net 6 3 Other income (expense), net $ (19 ) $ 4 Foreign exchange gains and losses on cross-currency intercompany loan balances that are not Strategic transaction expenses relate primarily to costs incurred in connection with acquisition and divestiture related activities, including costs to complete the transaction and post-closing integration costs. Strategic transaction expenses in 2021 2020 We held convertible notes receivable from our investment in Hyliion Inc. On October 1, 2020, In conjunction with our acquisition of ODS, we acquired a controlling financial interest in a joint venture in China. We are required to divest of our interest in this joint venture as it violates competitive restrictions of another of our China joint venture shareholder agreements. During the first 2021, March 31, 2021. not not April 2021. |
Note 18 - Revenue From Contract
Note 18 - Revenue From Contracts With Customers | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 18. We generate revenue from selling production parts to original equipment manufacturers (OEMs) and service parts to OEMs and aftermarket customers. While we provide production and service parts to certain OEMs under awarded multi-year programs, these multi-year programs do not not not We continually seek new business opportunities and at times provide incentives to our customers for new program awards. We evaluate the underlying economics of each payment made to our customers to determine the proper accounting by understanding the nature of the payment, the rights and obligations in the contract, and other relevant facts and circumstances. Upfront payments to our customers are capitalized if we determine that the payments are incremental and incurred only if the new business is obtained and we expect to recover these amounts from the customer over the term of the new business program. We recognize a reduction to revenue as products that the upfront payments are related to are transferred to the customer, based on the total amount of products expected to be sold over the term of the program. We evaluate the amounts capitalized each period for recoverability and expense any amounts that are no March 31, 2021 December 31, 2020. Certain of our customer contracts include rebate incentives. We estimate expected rebates and accrue the corresponding refund liability, as a reduction of revenue, at the time covered product is sold to the customer based on anticipated customer purchases during the rebate period and contractual rebate percentages. Refund liabilities are included in other accrued liabilities on our consolidated balance sheet. We provide standard fitness for use warranties on the products we sell, accruing for estimated costs related to product warranty obligations at time of sale. See Note 15 Contract liabilities are primarily comprised of cash deposits made by customers with cash in advance payment terms. Generally, our contract liabilities turn over frequently given our relatively short production cycles. Contract liabilities were $29 and $27 at March 31, 2021 December 31, 2020 Disaggregation of revenue The following table disaggregates revenue for each of our operating segments by geographical market: Three Months Ended March 31, 2021 Light Vehicle Commercial Vehicle Off-Highway Power Technologies Total North America $ 706 $ 185 $ 66 $ 138 $ 1,095 Europe 123 63 417 129 732 South America 36 70 9 5 120 Asia Pacific 126 34 140 16 316 Total $ 991 $ 352 $ 632 $ 288 $ 2,263 Three Months Ended March 31, 2020 North America $ 586 $ 199 $ 74 $ 123 $ 982 Europe 102 49 349 114 614 South America 30 63 7 5 105 Asia Pacific 90 22 102 11 225 Total $ 808 $ 333 $ 532 $ 253 $ 1,926 |
Note 19 - Segments
Note 19 - Segments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. We are a global provider of high-technology products to virtually every major vehicle manufacturer in the world. We also serve the stationary industrial market. Our technologies include drive systems (axles, driveshafts, transmissions, and wheel and track drives); motion systems (winches, slew drives, and hub drives); electrodynamic technologies (motors, inverters, software and control systems, battery-management systems, and fuel cell plates); sealing solutions (gaskets, seals, cam covers, and oil pan modules); thermal-management technologies (transmission and engine oil cooling, battery and electronics cooling, charge air cooling, and thermal-acoustical protective shielding); and digital solutions (active and passive system controls and descriptive and predictive analytics). We serve our global light vehicle, medium/heavy vehicle and off-highway markets through four 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 2021 2020 Three Months Ended March 31, External Sales Inter-Segment Sales Segment EBITDA External Sales Inter-Segment Sales Segment EBITDA Light Vehicle $ 991 $ 40 $ 100 $ 808 $ 30 $ 83 Commercial Vehicle 352 25 14 333 20 21 Off-Highway 632 13 80 532 9 72 Power Technologies 288 6 41 253 6 30 Eliminations and other (84 ) (65 ) Total $ 2,263 $ — $ 235 $ 1,926 $ — $ 206 Reconciliation of segment EBITDA to consolidated net income Three Months Ended March 31, 2021 2020 Segment EBITDA $ 235 $ 206 Corporate expense and other items, net (1 ) (1 ) Depreciation (88 ) (85 ) Amortization (7 ) (4 ) Non-service cost components of pension and OPEB costs (2 ) (2 ) Restructuring charges, net (1 ) (3 ) Stock compensation expense (5 ) (4 ) Strategic transaction expenses (3 ) (6 ) Loss on investment in Hyliion (17 ) Impairment of goodwill (51 ) Loss on disposal group held for sale (7 ) Other items 4 (3 ) Earnings before interest and income taxes 108 47 Interest income 2 2 Interest expense 34 29 Earnings before income taxes 76 20 Income tax expense (benefit) 22 (16 ) Equity in earnings of affiliates 14 2 Net income $ 68 $ 38 |
Note 20 - Equity Affiliates
Note 20 - Equity Affiliates | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 20. We have a number of investments in entities that engage in the manufacture and supply of vehicular parts (primarily axles, axle housings and driveshafts) and electronic control units. Equity method investments exceeding $5 at March 31, 2021 Ownership Percentage Investment Dongfeng Dana Axle Co., Ltd. (DDAC) 50% $ 111 ROC-Spicer, Ltd. 50% 22 Axles India Limited 48% 9 All others as a group 5 Investments in equity affiliates 147 Investments in affiliates carried at cost 2 Investments in affiliates $ 149 On March 1, 2021, 2 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation not may 8 10 December 31, 2020 2020 10 During the second 2020, March 31, 2020, We concluded that the error was not March 31, 2020 10 March 31, 2020 not 250, first 2020 10 March 31, 2020, Period Ended March 31, 2020 As Previously Reported Adjustment As Revised (unaudited) Consolidated Statement of Operations Net income $ 38 $ — $ 38 Less: Noncontrolling interests net income 2 2 Less: Redeemable noncontrolling interests net loss (2 ) (20 ) (22 ) Net income attributable to the parent company $ 38 $ 20 $ 58 Net income per share available to common stockholders Basic $ 0.26 $ 0.14 $ 0.40 Diluted $ 0.26 $ 0.14 $ 0.40 Consolidated Statement of Comprehensive Income Total comprehensive loss $ (84 ) $ — $ (84 ) Less: Comprehensive loss attributable to noncontrolling interests 17 17 Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests (6 ) 20 14 Comprehensive income (loss) attributable to the parent company $ (73 ) $ 20 $ (53 ) Period Ended March 31, 2020 As Previously Reported Adjustment As Revised (unaudited) Consolidated Balance Sheet Redeemable noncontrolling interests $ 175 $ (20 ) $ 155 Retained earnings $ 644 $ 20 $ 664 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements On January 1, 2021, 2019 12, Income Taxes – Simplifying the Accounting for Income Taxes not |
Description of New Accounting Pronouncements Not Yet Adopted [Policy Text Block] | Recently issued accounting pronouncements In March 2020, 2020 04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting January 2021, 2021 01, Reference Rate Reform December 31, 2022. |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Period Ended March 31, 2020 As Previously Reported Adjustment As Revised (unaudited) Consolidated Statement of Operations Net income $ 38 $ — $ 38 Less: Noncontrolling interests net income 2 2 Less: Redeemable noncontrolling interests net loss (2 ) (20 ) (22 ) Net income attributable to the parent company $ 38 $ 20 $ 58 Net income per share available to common stockholders Basic $ 0.26 $ 0.14 $ 0.40 Diluted $ 0.26 $ 0.14 $ 0.40 Consolidated Statement of Comprehensive Income Total comprehensive loss $ (84 ) $ — $ (84 ) Less: Comprehensive loss attributable to noncontrolling interests 17 17 Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests (6 ) 20 14 Comprehensive income (loss) attributable to the parent company $ (73 ) $ 20 $ (53 ) Period Ended March 31, 2020 As Previously Reported Adjustment As Revised (unaudited) Consolidated Balance Sheet Redeemable noncontrolling interests $ 175 $ (20 ) $ 155 Retained earnings $ 644 $ 20 $ 664 |
Note 3 - Goodwill and Other I_2
Note 3 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Light Vehicle Commercial Vehicle Off-Highway Power Technologies Total Balance, December 31, 2020 $ — $ 177 $ 302 $ — $ 479 Acquisitions 24 (11 ) 13 Currency impact 3 (7 ) (4 ) Balance, March 31, 2021 $ — $ 204 $ 284 $ — $ 488 |
Schedule of Intangible Assets Other Than Goodwill [Table Text Block] | March 31, 2021 December 31, 2020 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 $ 162 $ (103 ) $ 59 $ 146 $ (103 ) $ 43 Trademarks and trade names 13 31 (10 ) 21 31 (9 ) 22 Customer relationships 8 523 (428 ) 95 525 (431 ) 94 Non-amortizable intangible assets Trademarks and trade names 75 75 77 77 $ 791 $ (541 ) $ 250 $ 779 $ (543 ) $ 236 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended March 31, 2021 2020 Charged to cost of sales $ 3 $ 1 Charged to amortization of intangibles 4 3 Total amortization $ 7 $ 4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of 2021 2022 2023 2024 2025 Amortization expense $ 16 $ 22 $ 22 $ 21 $ 21 |
Note 4 - Restructuring of Ope_2
Note 4 - Restructuring of Operations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Employee Termination Benefits Exit Costs Total Balance, December 31, 2020 $ 30 $ — $ 30 Charges to restructuring 1 1 Cash payments (4 ) (1 ) (5 ) Currency impact (1 ) (1 ) Balance, March 31, 2021 $ 25 $ — $ 25 |
Restructuring and Related Costs [Table Text Block] | Expense Recognized Prior to 2021 2021 Total to Date Future Cost to Complete Commercial Vehicle $ 41 $ — $ 41 $ 2 |
Note 5 - Supplemental Balance_2
Note 5 - Supplemental Balance Sheet and Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2021 December 31, 2020 Raw materials $ 532 $ 473 Work in process and finished goods 805 752 Inventory reserves (77 ) (76 ) Total $ 1,260 $ 1,149 |
Schedule of Cash and Cash Equivalents [Table Text Block] | March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 Cash and cash equivalents $ 483 $ 559 $ 628 $ 508 Restricted cash included in other current assets 7 5 5 6 Restricted cash included in other noncurrent assets 3 3 3 4 Total cash, cash equivalents and restricted cash $ 493 $ 567 $ 636 $ 518 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Three Months Ended March 31, 2021 Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Loss Non-controlling Interests Total Equity Balance, December 31, 2020 $ 2 $ 2,408 $ 530 $ (156 ) $ (1,026 ) $ 76 $ 1,834 Net income 71 1 72 Other comprehensive income (18 ) (2 ) (20 ) Common stock dividends (14 ) (14 ) Redeemable noncontrolling interests adjustment to redemption value (4 ) (4 ) Stock compensation 7 7 Stock withheld for employee taxes (5 ) (5 ) Balance, March 31, 2021 $ 2 $ 2,415 $ 583 $ (161 ) $ (1,044 ) $ 75 $ 1,870 2020 Balance, December 31, 2019 $ 2 $ 2,386 $ 622 $ (150 ) $ (987 ) $ 95 $ 1,968 Adoption of ASU 2016-13 credit losses, January 1, 2020 (1 ) (1 ) Net income 58 2 60 Other comprehensive loss (111 ) (19 ) (130 ) Common stock dividends (15 ) (15 ) Distributions to noncontrolling interests (1 ) (1 ) Stock compensation 5 5 Stock withheld for employee taxes (6 ) (6 ) Balance, March 31, 2020 $ 2 $ 2,391 $ 664 $ (156 ) $ (1,098 ) $ 77 $ 1,880 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Parent Company Stockholders Foreign Currency Translation Hedging Defined Benefit Plans Accumulated Other Comprehensive Loss Balance, December 31, 2020 $ (802 ) $ 9 $ (233 ) $ (1,026 ) Other comprehensive income (loss): Currency translation adjustments (4 ) (4 ) Holding gains and losses 32 32 Reclassification of amount to net income (a) (50 ) (50 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 4 4 Tax (expense) benefit 1 (1 ) — Other comprehensive income (loss) (4 ) (17 ) 3 (18 ) Balance, March 31, 2021 $ (806 ) $ (8 ) $ (230 ) $ (1,044 ) Balance, December 31, 2019 $ (714 ) $ (30 ) $ (243 ) $ (987 ) Other comprehensive income (loss): Currency translation adjustments (143 ) (143 ) Holding gains and losses 39 39 Reclassification of amount to net income (a) (11 ) (11 ) Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) 5 5 Tax (expense) benefit 1 (2 ) (1 ) Other comprehensive income (loss) (143 ) 29 3 (111 ) Balance, March 31, 2020 $ (857 ) $ (1 ) $ (240 ) $ (1,098 ) |
Note 7 - Redeemable Noncontro_2
Note 7 - Redeemable Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 180 $ 167 Capital contribution from redeemable noncontrolling interest 1 2 Adjustment to redemption value 4 Comprehensive income (loss) adjustments: Net loss attributable to redeemable noncontrolling interests (4 ) (22 ) Other comprehensive income attributable to redeemable noncontrolling interests 1 8 Balance, end of period $ 182 $ 155 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Net income available to common stockholders - Numerator basic and diluted $ 71 $ 58 Denominator: Weighted-average common shares outstanding - Basic 144.9 144.2 Employee compensation-related shares, including stock options 1.5 0.6 Weighted-average common shares outstanding - Diluted 146.4 144.8 |
Note 9 - Stock Compensation (Ta
Note 9 - Stock Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Granted Grant Date (In millions) Fair Value* RSUs 0.8 $ 23.43 PSUs 0.2 $ 26.81 |
Note 10 - Pension and Postret_2
Note 10 - Pension and Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Pension OPEB 2021 2020 2021 2020 Three Months Ended March 31, U.S. Non-U.S. U.S. Non-U.S. Non-U.S. Non-U.S. Interest cost $ 3 $ 1 $ 5 $ 1 $ 1 $ 1 Expected return on plan assets (7 ) (9 ) (1 ) Service cost 2 2 Amortization of net actuarial loss 2 2 3 2 Net periodic benefit cost (credit) $ (2 ) $ 5 $ (1 ) $ 4 $ 1 $ 1 |
Note 11 - Marketable Securiti_2
Note 11 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Marketable Securities [Table Text Block] | March 31, 2021 December 31, 2020 Unrealized Fair Unrealized Fair Cost Gains (Losses) Value Cost Gains (Losses) Value Certificates of deposit - Current marketable securities $ 26 $ — $ 26 $ 21 $ — $ 21 Corporate securities - Noncurrent marketable securities $ 16 $ 16 $ 32 $ 16 $ 33 $ 49 |
Note 12 - Financing Agreements
Note 12 - Financing Agreements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Interest Rate March 31, 2021 December 31, 2020 Senior Notes due December 15, 2024 5.500% $ 425 $ 425 Senior Notes due April 15, 2025 5.750% * 400 400 Senior Notes due June 1, 2026 6.500% * 375 375 Senior Notes due November 15, 2027 5.375% 400 400 Senior Notes due June 15, 2028 5.625% 400 400 Term B Facility 349 349 Other indebtedness 105 106 Debt issuance costs (26 ) (27 ) 2,428 2,428 Less: Current portion of long-term debt 8 8 Long-term debt, less debt issuance costs $ 2,420 $ 2,420 |
Debt Instrument Redemption [Table Text Block] | Redemption Price December April June November June Year 2024 Notes 2025 Notes 2026 Notes 2027 Notes 2028 Notes 2020 101.833 % 104.313 % 2021 100.917 % 102.875 % 103.250 % 2022 100.000 % 101.438 % 102.167 % 102.688 % 2023 100.000 % 100.000 % 101.083 % 101.344 % 102.813 % 2024 100.000 % 100.000 % 100.000 % 101.406 % 2025 100.000 % 100.000 % 100.000 % 2026 100.000 % 100.000 % 2027 100.000 % |
Schedule of Long-term Debt Instruments [Table Text Block] | Margin Total Net Leverage Ratio Base Rate Eurodollar Rate Less than or equal to 1.00:1.00 0.25 % 1.25 % Greater than 1.00:1.00 but less than or equal to 2.00:1.00 0.50 % 1.50 % Greater than 2.00:1.00 0.75 % 1.75 % |
Schedule of Line of Credit Facilities [Table Text Block] | Total Net Leverage Ratio Commitment Fee Less than or equal to 1.00:1.00 0.250 % Greater than 1.00:1.00 but less than or equal to 2.00:1.00 0.375 % Greater than 2.00:1.00 0.500 % |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements and Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 December 31, 2020 Certificates of deposit Marketable securities 2 $ 26 $ 21 Available-for-sale securities Other noncurrent assets 1 32 49 Currency forward contracts Cash flow hedges Accounts receivable - Other 2 11 15 Cash flow hedges Other accrued liabilities 2 2 1 Undesignated Accounts receivable - Other 2 2 2 Undesignated Other accrued liabilities 2 2 1 Interest rate collars Other accrued liabilities 2 6 7 Currency swaps Cash flow hedges Other noncurrent liabilities 2 95 128 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | March 31, 2021 December 31, 2020 Fair Value Level Carrying Value Fair Value Carrying Value Fair Value Long term debt 2 $ 2,369 $ 2,450 $ 2,376 $ 2,475 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Underlying Financial Instrument Derivative Financial Instrument Description Type Face Amount Rate Designated Notional Amount Traded Amount Inflow Rate Outflow Rate April 2025 Notes Payable $ 400 5.75 % $ 400 € 371 5.75 % 3.85 % June 2026 Notes Payable $ 375 6.50 % $ 375 € 338 6.50 % 5.14 % Luxembourg Intercompany Notes Receivable € 278 3.70 % € 278 $ 300 5.38 % 3.70 % |
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, Canadian dollar $ 75 $ 35 $ 110 Dec-2021 Euro U.S. dollar, Hungarian forint, British pound, Swiss franc, Indian rupee, Mexican peso, Australian dollar, Chinese renminbi, Brazilian real 55 29 84 Jan-2024 British pound U.S. dollar, euro 2 1 3 Apr-2021 South African rand U.S. dollar, euro, Thai baht 12 12 Apr-2021 Thai baht U.S. dollar, euro 8 20 28 Dec-2021 Canadian dollar U.S. dollar 6 6 Oct-2021 Brazilian real U.S. dollar, euro 43 8 51 Mar-2022 Indian rupee U.S. dollar, euro, British pound 118 118 Apr-2022 Chinese renminbi Canadian dollar, euro 6 6 Apr-2021 Australian dollar U.S. dollar, euro 4 4 Apr-2021 Total forward contracts 189 233 422 U.S. dollar euro 326 326 Nov-2027 Euro U.S. dollar 775 775 Jun-2026 Total currency swaps 1,101 — 1,101 Total currency derivatives $ 1,290 $ 233 $ 1,523 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Deferred Gain (Loss) in AOCI March 31, 2021 December 31, 2020 Gain (loss) expected to be reclassified into income in one year or less Forward Contracts $ 5 $ 9 $ 5 Collar (5 ) (6 ) (5 ) Cross-Currency Swaps (12 ) 3 Total $ (12 ) $ 6 $ — |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Three Months Ended March 31, 2021 Derivatives Designated as Cash Flow Hedges Net sales Cost of sales Other income (expense), net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 2,263 $ 2,012 $ (19 ) (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income (1 ) (1 ) Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (48 ) Three Months Ended March 31, 2020 Derivatives Designated as Cash Flow Hedges Net sales Cost of sales Other income (expense), net Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded $ 1,926 $ 1,720 $ 4 (Gain) or loss on cash flow hedging relationships Foreign currency forwards Amount of (gain) loss reclassified from AOCI into income 7 Cross-currency swaps Amount of (gain) loss reclassified from AOCI into income (18 ) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Amount of Gain (Loss) Recognized in Income Derivatives Not Designated as Hedging Instruments Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Location of Gain or (Loss) Recognized in Income Foreign currency forward contracts $ — $ 5 Cost of sales Foreign currency forward contracts $ (2 ) $ (9 ) Other income (expense), net |
Note 15 - Warranty Obligations
Note 15 - Warranty Obligations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 98 $ 101 Amounts accrued for current period sales 10 8 Adjustments of prior estimates (1 ) 1 Settlements of warranty claims (7 ) (11 ) Currency impact (1 ) (2 ) Balance, end of period $ 99 $ 97 |
Note 17 - Other Income (Expen_2
Note 17 - Other Income (Expense), Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Three Months Ended March 31, 2021 2020 Non-service cost components of pension and OPEB costs $ (2 ) $ (2 ) Government grants and incentives 3 4 Foreign exchange gain 1 5 Strategic transaction expenses (3 ) (6 ) Loss on investment in Hyliion (17 ) Loss on disposal group held for sale (7 ) Other, net 6 3 Other income (expense), net $ (19 ) $ 4 |
Note 18 - Revenue From Contra_2
Note 18 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2021 Light Vehicle Commercial Vehicle Off-Highway Power Technologies Total North America $ 706 $ 185 $ 66 $ 138 $ 1,095 Europe 123 63 417 129 732 South America 36 70 9 5 120 Asia Pacific 126 34 140 16 316 Total $ 991 $ 352 $ 632 $ 288 $ 2,263 Three Months Ended March 31, 2020 North America $ 586 $ 199 $ 74 $ 123 $ 982 Europe 102 49 349 114 614 South America 30 63 7 5 105 Asia Pacific 90 22 102 11 225 Total $ 808 $ 333 $ 532 $ 253 $ 1,926 |
Note 19 - Segments (Tables)
Note 19 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2021 2020 Three Months Ended March 31, External Sales Inter-Segment Sales Segment EBITDA External Sales Inter-Segment Sales Segment EBITDA Light Vehicle $ 991 $ 40 $ 100 $ 808 $ 30 $ 83 Commercial Vehicle 352 25 14 333 20 21 Off-Highway 632 13 80 532 9 72 Power Technologies 288 6 41 253 6 30 Eliminations and other (84 ) (65 ) Total $ 2,263 $ — $ 235 $ 1,926 $ — $ 206 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2021 2020 Segment EBITDA $ 235 $ 206 Corporate expense and other items, net (1 ) (1 ) Depreciation (88 ) (85 ) Amortization (7 ) (4 ) Non-service cost components of pension and OPEB costs (2 ) (2 ) Restructuring charges, net (1 ) (3 ) Stock compensation expense (5 ) (4 ) Strategic transaction expenses (3 ) (6 ) Loss on investment in Hyliion (17 ) Impairment of goodwill (51 ) Loss on disposal group held for sale (7 ) Other items 4 (3 ) Earnings before interest and income taxes 108 47 Interest income 2 2 Interest expense 34 29 Earnings before income taxes 76 20 Income tax expense (benefit) 22 (16 ) Equity in earnings of affiliates 14 2 Net income $ 68 $ 38 |
Note 20 - Equity Affiliates (Ta
Note 20 - Equity Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Ownership Percentage Investment Dongfeng Dana Axle Co., Ltd. (DDAC) 50% $ 111 ROC-Spicer, Ltd. 50% 22 Axles India Limited 48% 9 All others as a group 5 Investments in equity affiliates 147 Investments in affiliates carried at cost 2 Investments in affiliates $ 149 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill, Impairment Loss | $ 51 | |
Commercial Vehicle Segment [Member] | ||
Goodwill, Impairment Loss | 48 | |
Goodwill, Impairment Loss Attributable to Redeemable Non-controlling Interest | $ 20 |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Effect of Error Correction on Financial Statements (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Net income | $ 68 | $ 38 | |
Less: Noncontrolling interests net income | 1 | 2 | |
Less: Redeemable noncontrolling interests net loss | (4) | (22) | |
Net income attributable to the parent company | $ 71 | $ 58 | |
Basic (in dollars per share) | $ 0.49 | $ 0.40 | |
Diluted (in dollars per share) | $ 0.48 | $ 0.40 | |
Total comprehensive loss | $ 49 | $ (84) | |
Less: Comprehensive loss attributable to noncontrolling interests | 1 | 17 | |
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests | 3 | 14 | |
Comprehensive income (loss) attributable to the parent company | 53 | (53) | |
Redeemable noncontrolling interests | 182 | 155 | $ 180 |
Retained earnings | $ 583 | 664 | $ 530 |
Previously Reported [Member] | |||
Net income | 38 | ||
Less: Noncontrolling interests net income | 2 | ||
Less: Redeemable noncontrolling interests net loss | (2) | ||
Net income attributable to the parent company | $ 38 | ||
Basic (in dollars per share) | $ 0.26 | ||
Diluted (in dollars per share) | $ 0.26 | ||
Total comprehensive loss | $ (84) | ||
Less: Comprehensive loss attributable to noncontrolling interests | 17 | ||
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests | (6) | ||
Comprehensive income (loss) attributable to the parent company | (73) | ||
Redeemable noncontrolling interests | 175 | ||
Retained earnings | 644 | ||
Revision of Prior Period, Adjustment [Member] | |||
Net income | 0 | ||
Less: Noncontrolling interests net income | |||
Less: Redeemable noncontrolling interests net loss | (20) | ||
Net income attributable to the parent company | $ 20 | ||
Basic (in dollars per share) | $ 0.14 | ||
Diluted (in dollars per share) | $ 0.14 | ||
Total comprehensive loss | $ 0 | ||
Less: Comprehensive loss attributable to noncontrolling interests | |||
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests | 20 | ||
Comprehensive income (loss) attributable to the parent company | 20 | ||
Redeemable noncontrolling interests | (20) | ||
Retained earnings | $ 20 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Millions | Mar. 01, 2021 | Apr. 14, 2020 | Feb. 05, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Payments to Acquire Businesses, Gross | $ 17 | $ 8 | |||
Hydro-Québec [Member] | |||||
Proceeds from Sale of Interest to Minority Shareholders | $ 9 | ||||
Proceeds on Loan from Counterparty Related to Sale of Interest to Minority Shareholders | $ 2 | ||||
Ashwoods [Member] | Hydro-Québec [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | 45.00% | |||
Investment in Ashwoods [Member] | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 10 | ||||
Pi Innovo Holdings Limited [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total | 100.00% | ||||
Business Combination, Consideration Transferred, Total | $ 35 | ||||
Payments to Acquire Businesses, Gross | 18 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | $ 17 | ||||
Curtis Investment's Interest in Ashwoods Innovations Limited [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 35.40% | ||||
Business Combination, Consideration Transferred, Total | $ 22 | ||||
Payments to Acquire Businesses, Gross | $ 8 | ||||
Ownership percentage | 97.80% | ||||
Equity Method Investments, Effective Settlement of Pre-existing Loan Payable | $ 4 | ||||
Curtis Investment's Interest in Ashwoods Innovations Limited [Member] | Other Operating Income (Expense) [Member] | |||||
Equity Method Investment, Gain (loss) to Other Income (Expense), Net | $ 3 |
Note 3 - Goodwill and Other I_3
Note 3 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill, Impairment Loss | $ 51 | ||
Intangible Assets, Net (Excluding Goodwill), Total | 250 | $ 236 | |
Light Vehicle Segment [Member] | |||
Intangible Assets, Net (Excluding Goodwill), Total | 21 | ||
Commercial Vehicle Segment [Member] | |||
Goodwill, Impairment Loss | $ 48 | ||
Intangible Assets, Net (Excluding Goodwill), Total | 79 | ||
Off-Highway Segment [Member] | |||
Intangible Assets, Net (Excluding Goodwill), Total | 144 | ||
Power Technologies Segment [Member] | |||
Intangible Assets, Net (Excluding Goodwill), Total | $ 6 |
Note 3 - Goodwill and Other I_4
Note 3 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill by Segment (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Balance | $ 479 |
Acquisitions | 13 |
Currency impact | (4) |
Balance | 488 |
Light Vehicle Segment [Member] | |
Balance | 0 |
Balance | 0 |
Commercial Vehicle Segment [Member] | |
Balance | 177 |
Acquisitions | 24 |
Currency impact | 3 |
Balance | 204 |
Off-Highway Segment [Member] | |
Balance | 302 |
Acquisitions | (11) |
Currency impact | (7) |
Balance | 284 |
Power Technologies Segment [Member] | |
Balance | 0 |
Balance | $ 0 |
Note 3 - Goodwill and Other I_5
Note 3 - Goodwill and Other Intangible Assets - Components of Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Amortizable intangible assets, accumulated impairment and amortization | $ (541) | $ (543) |
Intangible Assets, Gross (Excluding Goodwill), Total | 791 | 779 |
Intangible Assets, Net (Excluding Goodwill), Total | 250 | 236 |
Trademarks and Trade Names 1 [Member] | ||
Non-amortizable intangible assets, gross | 75 | 77 |
Trademarks and trade names | $ 75 | 77 |
Core Technology [Member] | ||
Weighted average useful life (Year) | 8 years | |
Amortizable intangible assets, gross carrying amount | $ 162 | 146 |
Amortizable intangible assets, accumulated impairment and amortization | (103) | (103) |
Amortizable intangible assets, net carrying amount | $ 59 | 43 |
Trademarks and Trade Names [Member] | ||
Weighted average useful life (Year) | 13 years | |
Amortizable intangible assets, gross carrying amount | $ 31 | 31 |
Amortizable intangible assets, accumulated impairment and amortization | (10) | (9) |
Amortizable intangible assets, net carrying amount | $ 21 | 22 |
Customer Relationships [Member] | ||
Weighted average useful life (Year) | 8 years | |
Amortizable intangible assets, gross carrying amount | $ 523 | 525 |
Amortizable intangible assets, accumulated impairment and amortization | (428) | (431) |
Amortizable intangible assets, net carrying amount | $ 95 | $ 94 |
Note 3 - Goodwill and Other I_6
Note 3 - Goodwill and Other Intangible Assets - Amortization Expense Related to Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Charged to cost of sales | $ 3 | $ 1 |
Charged to amortization of intangibles | 4 | 3 |
Total amortization | $ 7 | $ 4 |
Note 3 - Goodwill and Other I_7
Note 3 - Goodwill and Other Intangible Assets - Estimated Aggregate Pre-tax Amortization Expense (Details) $ in Millions | Mar. 31, 2021USD ($) |
Amortization expense, remainder of 2021 | $ 16 |
Amortization expense, 2022 | 22 |
Amortization expense,2023 | 22 |
Amortization expense, 2024 | 21 |
Amortization expense, 2025 | $ 21 |
Note 4 - Restructuring of Ope_3
Note 4 - Restructuring of Operations (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
Restructuring Charges, Total | $ 1 | $ 3 |
Restructuring and Related Cost, Expected Number of Positions Eliminated | 500 |
Note 4 - Restructuring of Ope_4
Note 4 - Restructuring of Operations - Accrued Restructuring Costs and Activity (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Balance | $ 30 |
Charges to restructuring | 1 |
Cash payments | (5) |
Currency impact | (1) |
Balance | 25 |
Employee Termination Benefits [Member] | |
Balance | 30 |
Cash payments | (4) |
Currency impact | (1) |
Balance | 25 |
Exit Costs [Member] | |
Balance | 0 |
Charges to restructuring | 1 |
Cash payments | (1) |
Balance | $ 0 |
Note 4 - Restructuring of Ope_5
Note 4 - Restructuring of Operations - Cost to Complete (Details) - Commercial Vehicle Segment [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Expense recognized, total to date | $ 41 | $ 41 |
Expense recognized | 0 | |
Future cost to complete | $ 2 |
Note 5 - Supplemental Balance_3
Note 5 - Supplemental Balance Sheet and Cash Flow Information - Inventory Components (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Raw materials | $ 532 | $ 473 |
Work in process and finished goods | 805 | 752 |
Inventory reserves | (77) | (76) |
Total | $ 1,260 | $ 1,149 |
Note 5 - Supplemental Balance_4
Note 5 - Supplemental Balance Sheet and Cash Flow Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 483 | $ 559 | $ 628 | $ 508 |
Restricted cash included in other current assets | 7 | 5 | 5 | 6 |
Restricted cash included in other noncurrent assets | 3 | 3 | 3 | 4 |
Total cash, cash equivalents and restricted cash | $ 493 | $ 567 | $ 636 | $ 518 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)$ / shares | |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.10 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ | $ 150 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Changes in Equity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance | $ 1,834 | $ 1,968 |
Net income | 72 | 60 |
Other comprehensive income | (20) | (130) |
Common stock dividends | (14) | (15) |
Redeemable noncontrolling interests adjustment to redemption value | (4) | |
Stock compensation | 7 | 5 |
Stock withheld for employee taxes | (5) | (6) |
Distributions to noncontrolling interests | (1) | |
Balance | 1,870 | 1,880 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | (1) | |
Common Stock [Member] | ||
Balance | 2 | 2 |
Balance | 2 | 2 |
Additional Paid-in Capital [Member] | ||
Balance | 2,408 | 2,386 |
Stock compensation | 7 | 5 |
Balance | 2,415 | 2,391 |
Retained Earnings [Member] | ||
Balance | 530 | 622 |
Net income | 71 | 58 |
Common stock dividends | (14) | (15) |
Redeemable noncontrolling interests adjustment to redemption value | (4) | |
Balance | 583 | 664 |
Treasury Stock [Member] | ||
Balance | (156) | (150) |
Stock withheld for employee taxes | (5) | (6) |
Balance | (161) | (156) |
AOCI Attributable to Parent [Member] | ||
Balance | (1,026) | (987) |
Other comprehensive income | (18) | (111) |
Balance | (1,044) | (1,098) |
Noncontrolling Interest [Member] | ||
Balance | 76 | 95 |
Net income | 1 | 2 |
Other comprehensive income | (2) | (19) |
Distributions to noncontrolling interests | (1) | |
Balance | $ 75 | $ 77 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Changes in Each Component of Accumulated Other Comprehensive Income (AOCI) of the Parent (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Balance | $ 1,834 | $ 1,968 | |
Other comprehensive income (loss) | (19) | (122) | |
Balance | 1,870 | 1,880 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (802) | (714) | |
Currency translation adjustments | (4) | (143) | |
Other comprehensive income (loss) | (4) | (143) | |
Balance | (806) | (857) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | 9 | (30) | |
Holding gains and losses | 32 | 39 | |
Reclassification of amount to net income | [1] | (50) | (11) |
Tax (expense) benefit | 1 | 1 | |
Other comprehensive income (loss) | (17) | 29 | |
Balance | (8) | (1) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (233) | (243) | |
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | [2] | 4 | 5 |
Tax (expense) benefit | (1) | (2) | |
Other comprehensive income (loss) | 3 | 3 | |
Balance | (230) | (240) | |
AOCI Attributable to Parent [Member] | |||
Balance | (1,026) | (987) | |
Currency translation adjustments | (4) | (143) | |
Holding gains and losses | 32 | 39 | |
Reclassification of amount to net income | [1] | (50) | (11) |
Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b) | [2] | 4 | 5 |
Tax (expense) benefit | 0 | (1) | |
Other comprehensive income (loss) | (18) | (111) | |
Balance | $ (1,044) | $ (1,098) | |
[1] | Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. See Note 13 for additional details. | ||
[2] | See Note 10 for additional details. |
Note 7 - Redeemable Noncontro_3
Note 7 - Redeemable Noncontrolling Interests (Details Textual) - Hydro-Québec [Member] | Mar. 31, 2021 | Apr. 14, 2020 |
Dana TM4 Inc [Member | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | |
Dana (Beijing) Electric Motor Co, Ltd [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | |
Dana TM4 USA, LLC [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | |
Dana TM4 Italia S.r.l. [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | |
Ashwoods [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | 45.00% |
Dana TM4 Private Limited [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% |
Note 7 - Redeemable Noncontro_4
Note 7 - Redeemable Noncontrolling Interests - Reconciliation of Changes in Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance, beginning of period | $ 180 | $ 167 |
Capital contribution from redeemable noncontrolling interest | 1 | 2 |
Adjustment to redemption value | 4 | |
Net loss attributable to redeemable noncontrolling interests | (4) | (22) |
Other comprehensive income attributable to redeemable noncontrolling interests | 1 | 8 |
Balance, end of period | $ 182 | $ 155 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.9 | 0.6 |
Note 8 - Earnings Per Share - R
Note 8 - Earnings Per Share - Reconciliation of the Numerators and Denominators of the Earnings per Share Calculations (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income available to common stockholders - Numerator basic and diluted | $ 71 | $ 58 |
Weighted-average common shares outstanding - Basic (in shares) | 144.9 | 144.2 |
Employee compensation-related shares, including stock options (in shares) | 1.5 | 0.6 |
Weighted-average common shares outstanding - Diluted (in shares) | 146.4 | 144.8 |
Note 9 - Stock Compensation (De
Note 9 - Stock Compensation (Details Textual) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Proceeds from Stock Options Exercised | $ 4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0.2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 2 | |
Share-based Payment Arrangement, Expense | 5 | $ 4 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 36 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | |
Performance Share Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.18% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.27% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 62.80% | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 0.1 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 0.5 |
Note 9 - Stock Compensation - G
Note 9 - Stock Compensation - Granted Awards Activity (Details) shares in Millions | 3 Months Ended | |
Mar. 31, 2021$ / sharesshares | ||
Restricted Stock Units (RSUs) [Member] | ||
Granted (in shares) | shares | 0.8 | |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 23.43 | [1] |
Performance Share Units [Member] | ||
Granted (in shares) | shares | 0.2 | |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 26.81 | [1] |
[1] | Weighted-average per share |
Note 10 - Pension and Postret_3
Note 10 - Pension and Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
UNITED STATES | Pension Plan [Member] | ||
Interest cost | $ 3 | $ 5 |
Expected return on plan assets | (7) | (9) |
Amortization of net actuarial (gain) loss | 2 | 3 |
Net periodic benefit cost (credit) | (2) | (1) |
Foreign Plan [Member] | Pension Plan [Member] | ||
Interest cost | 1 | 1 |
Expected return on plan assets | (1) | |
Service cost | 2 | 2 |
Amortization of net actuarial (gain) loss | 2 | 2 |
Net periodic benefit cost (credit) | 5 | 4 |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | ||
Interest cost | 1 | 1 |
Net periodic benefit cost (credit) | $ 1 | $ 1 |
Note 11 - Marketable Securiti_3
Note 11 - Marketable Securities (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Oct. 01, 2020 | Sep. 30, 2020 |
Hyliion Inc [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Total | $ 16 | ||
Investment Owned, Balance, Shares (in shares) | 2,988,229 | ||
Certificates of Deposit [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $ 26 |
Note 11 - Marketable Securiti_4
Note 11 - Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Certificates of Deposit [Member] | ||
Debt Securities, Cost | $ 26 | $ 21 |
Debt Securities, Unrealized Gain | 0 | 0 |
Debt Securities, Fair Value | 26 | 21 |
Common Stock [Member] | ||
Equity Securities, Cost | 16 | 16 |
Equity Securities, Unrealized Gain | 16 | 33 |
Available-for-sale securities | $ 32 | $ 49 |
Note 12 - Financing Agreement_2
Note 12 - Financing Agreements (Details Textual) $ in Thousands | Mar. 25, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 19, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Apr. 16, 2020USD ($) | |
Revolving Credit Facility [Member] | |||||||
Debt Issuance Costs, Gross | $ 2,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,150,000 | ||||||
Long-term Line of Credit, Total | $ 0 | ||||||
Letters of Credit Outstanding, Amount | 21,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,129,000 | ||||||
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 | 0.125% | ||||||
Senior Notes due April 15, 2025 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.75% | |||||
Senior Notes due June 1, 2026 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 6.50% | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
Senior Notes due June 15, 2028 [Member] | |||||||
Debt Instrument, Face Amount | $ 400,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | |||||
Proceeds from Debt, Net of Issuance Costs | $ 395,000 | ||||||
Debt Issuance Costs, Gross | $ 5,000 | ||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
Senior Notes due June 15, 2028 [Member] | Redeem up to 35% of Aggregate Principle Amount [Member] | |||||||
Debt Instrument, Redemption Price, Percentage | 105.625% | ||||||
Senior Notes due June 15, 2028 [Member] | Redeem up to 35% of Aggregate Principle Amount [Member] | Minimum [Member] | |||||||
Debt Instrument, Percentage of Principal Amount Outstanding | 50.00% | ||||||
Senior Notes due November 15, 2027 [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | |||||
Proceeds from Debt, Net of Issuance Costs | $ 99,000 | ||||||
Debt Issuance Costs, Gross | 1,000 | ||||||
Long-term Debt, Gross, Additional Amount | $ 100,000 | ||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
Senior Notes due November 15, 2027 [Member] | Redeem up to 35% of Aggregate Principle Amount [Member] | |||||||
Debt Instrument, Percentage of Principal Amount Outstanding | 50.00% | ||||||
Senior Notes due November 15, 2027 [Member] | Redeem up to 35% of Aggregate Principle Amount [Member] | Minimum [Member] | |||||||
Debt Instrument, Redemption Price, Percentage | 105.375% | ||||||
The Term A Facility [Member] | |||||||
Write off of Deferred Debt Issuance Cost | $ 3,000 | ||||||
The Term B Facility [Member] | |||||||
Line of Credit Facility, Interest Rate at Period End | 2.359% | ||||||
Debt Instrument, Covenant, Maximum First Lien Net Leverage Ratio | 2 | ||||||
The Term B Facility [Member] | Base Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
The Term B Facility [Member] | Eurodollar [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Bridge Facility [Member] | |||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||
Debt Issuance Costs, Gross | $ 5,000 | ||||||
Write off of Deferred Debt Issuance Cost | $ 5,000 | ||||||
Currency Swap [Member] | Senior Notes due April 15, 2025 [Member] | Cash Flow Hedging [Member] | |||||||
Derivative, Term of Contract (Year) | 8 years | ||||||
Derivative, Fixed Interest Rate | 3.85% | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||||
Currency Swap [Member] | Senior Notes due June 1, 2026 [Member] | Cash Flow Hedging [Member] | |||||||
Derivative, Term of Contract (Year) | 10 years | ||||||
Derivative, Fixed Interest Rate | 5.14% | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||||||
[1] | In conjunction with the issuance of the April 2025 Notes we entered into 8-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the April 2025 Notes to euro-denominated debt at a fixed rate of 3.850%. In conjunction with the issuance of the June 2026 Notes we entered into 10-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the June 2026 Notes to euro-denominated debt at a fixed rate of 5.140%. See Note 13 for additional information. |
Note 12 - Financing Agreement_3
Note 12 - Financing Agreements - Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Debt issuance costs | $ (26) | $ (27) | ||
Long-term debt | 2,428 | 2,428 | ||
Less: Current portion of long-term debt | 8 | 8 | ||
Long-term debt, less debt issuance costs | $ 2,420 | 2,420 | ||
Senior Notes due December 15, 2024 [Member] | ||||
Long-term debt, interest rate | 5.50% | |||
Long-term debt, gross | $ 425 | 425 | ||
Senior Notes due April 15, 2025 [Member] | ||||
Long-term debt, interest rate | [1] | 5.75% | ||
Long-term debt, gross | $ 400 | 400 | ||
Senior Notes due June 1, 2026 [Member] | ||||
Long-term debt, interest rate | [1] | 6.50% | ||
Long-term debt, gross | $ 375 | 375 | ||
Senior Notes due November 15, 2027 [Member] | ||||
Long-term debt, interest rate | 5.375% | 5.375% | ||
Long-term debt, gross | $ 400 | 400 | ||
Senior Notes due June 15, 2028 [Member] | ||||
Long-term debt, interest rate | 5.625% | 5.625% | ||
Long-term debt, gross | $ 400 | 400 | ||
The Term B Facility [Member] | ||||
Long-term debt, gross | 349 | 349 | ||
Other Indebtedness [Member] | ||||
Long-term debt, gross | $ 105 | $ 106 | ||
[1] | In conjunction with the issuance of the April 2025 Notes we entered into 8-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the April 2025 Notes to euro-denominated debt at a fixed rate of 3.850%. In conjunction with the issuance of the June 2026 Notes we entered into 10-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the June 2026 Notes to euro-denominated debt at a fixed rate of 5.140%. See Note 13 for additional information. |
Note 12 - Financing Agreement_4
Note 12 - Financing Agreements - Debt Instrument Redemption (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Senior Notes due December 15, 2024 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.833% |
Senior Notes due December 15, 2024 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.917% |
Senior Notes due December 15, 2024 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due December 15, 2024 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due April 15, 2025 [Member] | Debt Instrument, Redemption, Period One [Member] | |
Debt Instrument, Redemption Price, Percentage | 104.313% |
Senior Notes due April 15, 2025 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument, Redemption Price, Percentage | 102.875% |
Senior Notes due April 15, 2025 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.438% |
Senior Notes due April 15, 2025 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due April 15, 2025 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due June 1, 2026 [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due June 1, 2026 [Member] | Debt Instrument, Redemption, Period Two [Member] | |
Debt Instrument, Redemption Price, Percentage | 103.25% |
Senior Notes due June 1, 2026 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument, Redemption Price, Percentage | 102.167% |
Senior Notes due June 1, 2026 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.083% |
Senior Notes due June 1, 2026 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due June 1, 2026 [Member] | Debt Instrument, Redemption, Period Six [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due November 15, 2027 [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due November 15, 2027 [Member] | Debt Instrument, Redemption, Period Three [Member] | |
Debt Instrument, Redemption Price, Percentage | 102.688% |
Senior Notes due November 15, 2027 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.344% |
Senior Notes due November 15, 2027 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due November 15, 2027 [Member] | Debt Instrument, Redemption, Period Six [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due November 15, 2027 [Member] | Debt Instrument, Redemption, Period Seven [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due June 15, 2028 [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due June 15, 2028 [Member] | Debt Instrument, Redemption, Period Four [Member] | |
Debt Instrument, Redemption Price, Percentage | 102.813% |
Senior Notes due June 15, 2028 [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument, Redemption Price, Percentage | 101.406% |
Senior Notes due June 15, 2028 [Member] | Debt Instrument, Redemption, Period Six [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due June 15, 2028 [Member] | Debt Instrument, Redemption, Period Seven [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Senior Notes due June 15, 2028 [Member] | Debt Instrument, Redemption, Period Eight [Member] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
Note 12 - Financing Agreement_5
Note 12 - Financing Agreements - Revolving Facility Margins (Details) - Revolving Credit Facility [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Base Rate [Member] | Total Net Leverage Ratio is Less than or Equal to 1.00:1.00 [Member] | |
Margin | 0.25% |
Base Rate [Member] | Total Net Leverage Ratio is Greater than 1.00:1.00 but Less than or Equal to 2.00:1.00 [Member] | |
Margin | 0.50% |
Base Rate [Member] | Total Net Leverage Ratio is Greater than 2.00:1.00 [Member] | |
Margin | 0.75% |
Eurodollar [Member] | Total Net Leverage Ratio is Less than or Equal to 1.00:1.00 [Member] | |
Margin | 1.25% |
Eurodollar [Member] | Total Net Leverage Ratio is Greater than 1.00:1.00 but Less than or Equal to 2.00:1.00 [Member] | |
Margin | 1.50% |
Eurodollar [Member] | Total Net Leverage Ratio is Greater than 2.00:1.00 [Member] | |
Margin | 1.75% |
Note 12 - Financing Agreement_6
Note 12 - Financing Agreements - Revolving Facility Commitment Fees (Details) - Revolving Credit Facility [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Total Net Leverage Ratio is Less than or Equal to 1.00:1.00 [Member] | |
Commitment fee | 0.25% |
Total Net Leverage Ratio is Greater than 1.00:1.00 but Less than or Equal to 2.00:1.00 [Member] | |
Commitment fee | 0.375% |
Total Net Leverage Ratio is Greater than 2.00:1.00 [Member] | |
Commitment fee | 0.50% |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements and Derivatives (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Interest Rate Swap [Member] | ||
Derivative, Notional Amount | $ 0 | |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 3,000 | |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative, Notional Amount | 425,000 | |
Foreign Exchange Forward [Member] | ||
Derivative, Notional Amount | $ 422,000 | $ 386,000 |
Maximum Remaining Maturity of Foreign Currency Derivatives (Month) | 15 months | |
Currency Swap [Member] | ||
Derivative, Notional Amount | $ 1,101,000 | $ 1,118,000 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements and Derivatives - Fair Value Measurements on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative assets | $ 2 | $ 2 |
Derivative liabilities | 2 | 1 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Contract [Member] | ||
Derivative liabilities | 6 | 7 |
Fair Value, Inputs, Level 2 [Member] | Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | ||
Derivative assets | 11 | 15 |
Derivative liabilities | 2 | 1 |
Fair Value, Inputs, Level 2 [Member] | Cash Flow Hedging [Member] | Currency Swap [Member] | ||
Derivative liabilities | 95 | 128 |
Fair Value, Inputs, Level 2 [Member] | Marketable Securities [Member] | Certificates of Deposit [Member] | ||
Certificates of deposit | 26 | 21 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | $ 32 | $ 49 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements and Derivatives - Fair Value of Financial Instruments (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Reported Value Measurement [Member] | ||
Long term debt | $ 2,369 | $ 2,376 |
Estimate of Fair Value Measurement [Member] | ||
Long term debt | $ 2,450 | $ 2,475 |
Note 13 - Fair Value Measurem_6
Note 13 - Fair Value Measurements and Derivatives - Outstanding Fixed-to-fixed Cross-currency Swaps (Details) € in Millions, $ in Millions | Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | |
Currency Swap [Member] | ||||
Notional amount | $ 1,101 | $ 1,118 | ||
Currency Swap [Member] | Cash Flow Hedging [Member] | Luxembourg Intercompany Notes [Member] | ||||
Face amount | € | € 278 | |||
Notional amount | $ 300 | € 278 | ||
Inflow rate | 5.38% | 5.38% | ||
Outflow rate | 3.70% | 3.70% | ||
Rate | 3.70% | 3.70% | ||
Senior Notes due April 15, 2025 [Member] | ||||
Rate | [1] | 5.75% | 5.75% | |
Senior Notes due April 15, 2025 [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Face amount | $ 400 | |||
Rate | 5.75% | 5.75% | ||
Notional amount | $ 400 | € 371 | ||
Inflow rate | 5.75% | 5.75% | ||
Outflow rate | 3.85% | 3.85% | ||
Senior Notes due June 1, 2026 [Member] | ||||
Rate | [1] | 6.50% | 6.50% | |
Senior Notes due June 1, 2026 [Member] | Currency Swap [Member] | Cash Flow Hedging [Member] | ||||
Face amount | $ 375 | |||
Rate | 6.50% | 6.50% | ||
Notional amount | $ 375 | € 338 | ||
Inflow rate | 6.50% | 6.50% | ||
Outflow rate | 5.14% | 5.14% | ||
[1] | In conjunction with the issuance of the April 2025 Notes we entered into 8-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the April 2025 Notes to euro-denominated debt at a fixed rate of 3.850%. In conjunction with the issuance of the June 2026 Notes we entered into 10-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the June 2026 Notes to euro-denominated debt at a fixed rate of 5.140%. See Note 13 for additional information. |
Note 13 - Fair Value Measurem_7
Note 13 - Fair Value Measurements and Derivatives - Outstanding Currency Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | $ 110 | |
Euro Foreign Exchange Forward [Member] | ||
Notional amount | 84 | |
British Pound Foreign Exchange Forward [Member] | ||
Notional amount | 3 | |
South African Rand Foreign Exchange Forward [Member] | ||
Notional amount | 12 | |
Thai Baht Foreign Exchange Forward [Member] | ||
Notional amount | 28 | |
Canadian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 6 | |
Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 51 | |
Indian Rupee Foreign Exchange Forward [Member] | ||
Notional amount | 118 | |
Chinese Renminbi Foreign Exchange Forward [Member] | ||
Notional amount | 6 | |
Australian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 4 | |
Foreign Exchange Forward [Member] | ||
Notional amount | 422 | $ 386 |
US Dollar Currency Swap [Member] | ||
Notional amount | 326 | |
Euro Currency Swap [Member] | ||
Notional amount | 775 | |
Currency Swap [Member] | ||
Notional amount | 1,101 | $ 1,118 |
Foreign Exchange Contract [Member] | ||
Notional amount | 1,523 | |
Designated as Hedging Instrument [Member] | US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 75 | |
Designated as Hedging Instrument [Member] | Euro Foreign Exchange Forward [Member] | ||
Notional amount | 55 | |
Designated as Hedging Instrument [Member] | British Pound Foreign Exchange Forward [Member] | ||
Notional amount | 2 | |
Designated as Hedging Instrument [Member] | Thai Baht Foreign Exchange Forward [Member] | ||
Notional amount | 8 | |
Designated as Hedging Instrument [Member] | Canadian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 6 | |
Designated as Hedging Instrument [Member] | Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 43 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Notional amount | 189 | |
Designated as Hedging Instrument [Member] | US Dollar Currency Swap [Member] | ||
Notional amount | 326 | |
Designated as Hedging Instrument [Member] | Euro Currency Swap [Member] | ||
Notional amount | 775 | |
Designated as Hedging Instrument [Member] | Currency Swap [Member] | ||
Notional amount | 1,101 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Notional amount | 1,290 | |
Not Designated as Hedging Instrument [Member] | US Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 35 | |
Not Designated as Hedging Instrument [Member] | Euro Foreign Exchange Forward [Member] | ||
Notional amount | 29 | |
Not Designated as Hedging Instrument [Member] | British Pound Foreign Exchange Forward [Member] | ||
Notional amount | 1 | |
Not Designated as Hedging Instrument [Member] | South African Rand Foreign Exchange Forward [Member] | ||
Notional amount | 12 | |
Not Designated as Hedging Instrument [Member] | Thai Baht Foreign Exchange Forward [Member] | ||
Notional amount | 20 | |
Not Designated as Hedging Instrument [Member] | Brazilian Real Foreign Exchange Forward [Member] | ||
Notional amount | 8 | |
Not Designated as Hedging Instrument [Member] | Indian Rupee Foreign Exchange Forward [Member] | ||
Notional amount | 118 | |
Not Designated as Hedging Instrument [Member] | Chinese Renminbi Foreign Exchange Forward [Member] | ||
Notional amount | 6 | |
Not Designated as Hedging Instrument [Member] | Australian Dollar Foreign Exchange Forward [Member] | ||
Notional amount | 4 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Notional amount | 233 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Notional amount | $ 233 |
Note 13 - Fair Value Measurem_8
Note 13 - Fair Value Measurements and Derivatives - Summary of Deferred Gains (Losses) Reported in AOCI (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Deferred gain (loss) in AOCI | $ (12) | $ 6 |
Gain (loss) expected to be reclassified into income in one year or less | 0 | |
Foreign Exchange Forward [Member] | ||
Deferred gain (loss) in AOCI | 5 | 9 |
Gain (loss) expected to be reclassified into income in one year or less | 5 | |
Interest Rate Contract [Member] | ||
Deferred gain (loss) in AOCI | (5) | (6) |
Gain (loss) expected to be reclassified into income in one year or less | (5) | |
Currency Swap [Member] | ||
Deferred gain (loss) in AOCI | $ (12) | $ 3 |
Note 13 - Fair Value Measurem_9
Note 13 - Fair Value Measurements and Derivatives - Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow Hedging Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow hedges are recorded | $ 2,263 | $ 1,926 |
Cost of sales | 2,012 | 1,720 |
Other income (expense), net | (19) | 4 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | ||
Amount of (gain) loss reclassified from AOCI into income | (1) | 7 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Other Income (Expense) [Member] | ||
Amount of (gain) loss reclassified from AOCI into income | (1) | |
Currency Swap [Member] | Cash Flow Hedging [Member] | Other Income (Expense) [Member] | ||
Amount of (gain) loss reclassified from AOCI into income | $ (48) | $ (18) |
Note 13 - Fair Value Measure_10
Note 13 - Fair Value Measurements and Derivatives - Location and Amount of Gain or (Loss) Recognized in Income on Undesignated Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cost of Sales [Member] | ||
Gain (loss) recognized in income on foreign currency derivatives not designated as hedging instruments | $ 0 | $ 5 |
Other Income (Expense) [Member] | ||
Gain (loss) recognized in income on foreign currency derivatives not designated as hedging instruments | $ (2) | $ (9) |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2010USD ($) |
Loss Contingency Accrual, Product Liability, Net, Total | $ 1 | $ 1 | |
Accrual for Environmental Loss Contingencies, Ending Balance | 9 | 10 | |
Damages from Product Defects [Member] | |||
Loss Contingency, Receivable, Ending Balance | $ 11 | $ 11 | |
Property Lease Guarantee [Member] | Structural Products [Member] | |||
Guarantee of Lease Obligations, Number of Leases Assigned | 3 | ||
Guarantee Obligations, Other Contracts | $ 6 |
Note 15 - Warranty Obligation_2
Note 15 - Warranty Obligations - Changes in Warranty Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance | $ 98 | $ 101 |
Amounts accrued for current period sales | 10 | 8 |
Adjustments of prior estimates | (1) | 1 |
Settlements of warranty claims | (7) | (11) |
Currency impact | (1) | (2) |
Balance | $ 99 | $ 97 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ 22 | $ (16) |
Effective Income Tax Rate Reconciliation, Percent, Total | 29.00% | (80.00%) |
Goodwill, Impairment Loss | $ 51 | |
Other Tax Expense (Benefit) | (1) | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount, Total | $ 37 | |
Effective Income Tax Rate Reconciliation, Excluding Effects of Special Items, Percent | 23.00% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Domestic Tax Authority [Member] | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 2 | |
Foreign Tax Authority [Member] | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 4 |
Note 17 - Other Income (Expen_3
Note 17 - Other Income (Expense), Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Oct. 01, 2020 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (7) | |
Joint Venture in China [Member] | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (7) | |
Disposal Group, Including Discontinued Operation, Assets, Total | $ 2 | |
Hyliion Inc [Member] | ||
Investment Owned, Balance, Shares (in shares) | 2,988,229 |
Note 17 - Other Income (Expen_4
Note 17 - Other Income (Expense), Net - Other Income (Expense), Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Non-service cost components of pension and OPEB costs | $ (2) | $ (2) |
Government grants and incentives | 3 | 4 |
Foreign exchange gain | 1 | 5 |
Strategic transaction expenses | (3) | (6) |
Loss on disposal group held for sale | (7) | |
Other, net | 6 | 3 |
Other income (expense), net | (19) | $ 4 |
Hyliion Inc [Member] | ||
Loss on investment in Hyliion | $ (17) |
Note 18 - Revenue From Contra_3
Note 18 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Contract with Customer, Receivable, after Allowance for Credit Loss, Total | $ 9 | $ 8 |
Contract with Customer, Receivable, after Allowance for Credit Loss, Noncurrent, Total | 45 | 45 |
Contract with Customer, Liability, Current | $ 29 | $ 27 |
Maximum [Member] | ||
Customer Payment Terms (Day) | 180 days |
Note 18 - Revenue From Contra_4
Note 18 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 2,263 | $ 1,926 |
Light Vehicle Segment [Member] | ||
Net sales | 991 | 808 |
Commercial Vehicle Segment [Member] | ||
Net sales | 352 | 333 |
Off-Highway Segment [Member] | ||
Net sales | 632 | 532 |
Power Technologies Segment [Member] | ||
Net sales | 288 | 253 |
North America [Member] | ||
Net sales | 1,095 | 982 |
North America [Member] | Light Vehicle Segment [Member] | ||
Net sales | 706 | 586 |
North America [Member] | Commercial Vehicle Segment [Member] | ||
Net sales | 185 | 199 |
North America [Member] | Off-Highway Segment [Member] | ||
Net sales | 66 | 74 |
North America [Member] | Power Technologies Segment [Member] | ||
Net sales | 138 | 123 |
Europe [Member] | ||
Net sales | 732 | 614 |
Europe [Member] | Light Vehicle Segment [Member] | ||
Net sales | 123 | 102 |
Europe [Member] | Commercial Vehicle Segment [Member] | ||
Net sales | 63 | 49 |
Europe [Member] | Off-Highway Segment [Member] | ||
Net sales | 417 | 349 |
Europe [Member] | Power Technologies Segment [Member] | ||
Net sales | 129 | 114 |
South America [Member] | ||
Net sales | 120 | 105 |
South America [Member] | Light Vehicle Segment [Member] | ||
Net sales | 36 | 30 |
South America [Member] | Commercial Vehicle Segment [Member] | ||
Net sales | 70 | 63 |
South America [Member] | Off-Highway Segment [Member] | ||
Net sales | 9 | 7 |
South America [Member] | Power Technologies Segment [Member] | ||
Net sales | 5 | 5 |
Asia Pacific [Member] | ||
Net sales | 316 | 225 |
Asia Pacific [Member] | Light Vehicle Segment [Member] | ||
Net sales | 126 | 90 |
Asia Pacific [Member] | Commercial Vehicle Segment [Member] | ||
Net sales | 34 | 22 |
Asia Pacific [Member] | Off-Highway Segment [Member] | ||
Net sales | 140 | 102 |
Asia Pacific [Member] | Power Technologies Segment [Member] | ||
Net sales | $ 16 | $ 11 |
Note 19 - Segments (Details Tex
Note 19 - Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of Operating Segments | 4 |
Note 19 - Segments - Segment In
Note 19 - Segments - Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net sales | $ 2,263 | $ 1,926 |
Segment EBITDA | 235 | 206 |
Operating Segments [Member] | ||
Net sales | 2,263 | 1,926 |
Segment EBITDA | 235 | 206 |
Light Vehicle Segment [Member] | ||
Net sales | 991 | 808 |
Light Vehicle Segment [Member] | Operating Segments [Member] | ||
Net sales | 991 | 808 |
Segment EBITDA | 100 | 83 |
Light Vehicle Segment [Member] | Segment Reconciling Items [Member] | ||
Net sales | 40 | 30 |
Commercial Vehicle Segment [Member] | ||
Net sales | 352 | 333 |
Commercial Vehicle Segment [Member] | Operating Segments [Member] | ||
Net sales | 352 | 333 |
Segment EBITDA | 14 | 21 |
Commercial Vehicle Segment [Member] | Segment Reconciling Items [Member] | ||
Net sales | 25 | 20 |
Off-Highway Segment [Member] | ||
Net sales | 632 | 532 |
Off-Highway Segment [Member] | Operating Segments [Member] | ||
Net sales | 632 | 532 |
Segment EBITDA | 80 | 72 |
Off-Highway Segment [Member] | Segment Reconciling Items [Member] | ||
Net sales | 13 | 9 |
Power Technologies Segment [Member] | ||
Net sales | 288 | 253 |
Power Technologies Segment [Member] | Operating Segments [Member] | ||
Net sales | 288 | 253 |
Segment EBITDA | 41 | 30 |
Power Technologies Segment [Member] | Segment Reconciling Items [Member] | ||
Net sales | 6 | 6 |
Eliminations and Other [Member] | Segment Reconciling Items [Member] | ||
Net sales | $ (84) | $ (65) |
Note 19 - Segments - Reconcilia
Note 19 - Segments - Reconciliation of Segment EBITDA to Consolidated Net Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment EBITDA | $ 235 | $ 206 |
Corporate expense and other items, net | (1) | (1) |
Depreciation | (88) | (85) |
Amortization | (7) | (4) |
Non-service cost components of pension and OPEB costs | (2) | (2) |
Restructuring charges, net | (1) | (3) |
Stock compensation expense | (5) | (4) |
Strategic transaction expenses | (3) | (6) |
Impairment of goodwill | (51) | |
Loss on disposal group held for sale | (7) | |
Other items | 4 | (3) |
Earnings before interest and income taxes | 108 | 47 |
Interest income | 2 | 2 |
Interest expense | 34 | 29 |
Earnings before income taxes | 76 | 20 |
Income tax expense (benefit) | 22 | (16) |
Equity in earnings of affiliates | 14 | 2 |
Net income | 68 | $ 38 |
Hyliion Inc [Member] | ||
Equity Securities, Unrealized Gain | $ (17) |
Note 20 - Equity Affiliates (De
Note 20 - Equity Affiliates (Details Textual) - Pi Innovo Holdings Limited [Member] | Mar. 01, 2021 |
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% |
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total | 100.00% |
Note 20 - Equity Affiliates - E
Note 20 - Equity Affiliates - Equity Method Investments (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Investments in equity affiliates | $ 147 | |
Investments in affiliates carried at cost | 2 | |
Investments in affiliates | $ 149 | $ 152 |
Dongfeng Dana Axle Co., Ltd. (DDAC) [Member] | ||
Investments in equity affiliates, ownership percentage | 50.00% | |
Investments in equity affiliates | $ 111 | |
ROC-Spicer, Ltd. [Member] | ||
Investments in equity affiliates, ownership percentage | 50.00% | |
Investments in equity affiliates | $ 22 | |
Axles India Limited [Member] | ||
Investments in equity affiliates, ownership percentage | 48.00% | |
Investments in equity affiliates | $ 9 | |
All Others as a Group [Member] | ||
Investments in equity affiliates | $ 5 |