Company Quick10K Filing
Dana
Price14.93 EPS2
Shares145 P/E9
MCap2,162 P/FCF8
Net Debt2,024 EBIT318
TEV4,186 TEV/EBIT13
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
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10-K 2019-12-31 Filed 2020-02-14
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8-K 2020-07-30 Exhibits
8-K 2020-07-27 Other Events
8-K 2020-07-27 Exhibits
8-K 2020-06-18
8-K 2020-06-18
8-K 2020-06-18
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8-K 2020-04-30
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8-K 2019-12-12
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8-K 2019-11-05
8-K 2019-10-30
8-K 2019-09-11
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8-K 2019-07-31
8-K 2019-06-20
8-K 2019-05-02
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8-K 2019-03-11
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8-K 2018-11-01
8-K 2018-10-29
8-K 2018-07-29
8-K 2018-07-29
8-K 2018-07-25
8-K 2018-06-22
8-K 2018-04-30
8-K 2018-04-30
8-K 2018-04-26
8-K 2018-04-26
8-K 2018-03-26
8-K 2018-03-19
8-K 2018-03-09
8-K 2018-03-09
8-K 2018-03-02
8-K 2018-02-16
8-K 2018-02-13
8-K 2018-01-17

DAN 10Q Quarterly Report

Item 1. Financial Statements
EX-31.1 ex_186854.htm
EX-31.2 ex_186855.htm
EX-32 ex_186856.htm

Dana Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
2.52.01.40.90.3-0.22012201420172020
Rev, G Profit, Net Income
0.70.40.1-0.2-0.5-0.82012201420172020
Ops, Inv, Fin

dan20200331_10q.htm
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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. 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: June 30, 2020

OR

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From to

Commission File Number: 1-1063

 

Dana Incorporated

(Exact name of registrant as specified in its charter)

  

Delaware

 

26-1531856

(State of incorporation)

 

(IRS Employer Identification Number)

 

3939 Technology Drive, Maumee, OH

 

43537

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (419887-3000

 

Common stock $0.01 par value

 

DAN

 

New York Stock Exchange

(Title of each class)

 

(Trading Symbol)

 

(Name of exchange on which registered)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes  ☑    No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☑    No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes     No  ☑

 

There were 144,483,329 shares of the registrant’s common stock outstanding at July 17, 2020.

 

 

 
 

DANA INCORPORATED – FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020

 

TABLE OF CONTENTS

 

 

 

10-Q Pages

PART I – FINANCIAL INFORMATION

 

 

 

 

Item 1

Financial Statements

3

 

Consolidated Statement of Operations (Unaudited)

3

 

Consolidated Statement of Comprehensive Income (Unaudited)

4

 

Consolidated Balance Sheet (Unaudited)

5

 

Consolidated Statement of Cash Flows (Unaudited)

6

 

Notes to Consolidated Financial Statements (Unaudited)

7

 

 

 

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

 

 

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

44

 

 

 

Item 4

Controls and Procedures

44

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1

Legal Proceedings

45

 

 

 

Item 1A

Risk Factors

45

 

 

 

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

46

 

 

 

Item 6

Exhibits

46

 

 

 

Signatures

 

47

 

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

Dana Incorporated

Consolidated Statement of Operations (Unaudited)

(In millions, except per share amounts)

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2020

  

2019

  

2020

  

2019

 

Net sales

 $1,078  $2,306  $3,004  $4,469 

Costs and expenses

                

Cost of sales

  1,088   1,980   2,808   3,843 

Selling, general and administrative expenses

  82   140   188   276 

Amortization of intangibles

  3   4   6   6 

Restructuring charges, net

  16   9   19   18 

Impairment of goodwill

        (51)   

Pension settlement charge

     (258)     (258)
Other income (expense), net  (1)  (10)  3   (23)

Earnings (loss) before interest and income taxes

  (112)  (95)  (65)  45 
Write-off deferred financing costs  (5)     (5)   

Interest income

  2   3   4   5 

Interest expense

  32   34   61   61 

Loss before income taxes

  (147)  (126)  (127)  (11)

Income tax expense (benefit)

  34   (52)  18   (32)

Equity in earnings of affiliates

  8   8   10   14 

Net income (loss)

  (173)  (66)  (135)  35 
Less: Noncontrolling interests net income     2   2   6 
Less: Redeemable noncontrolling interests net income (loss)  1      (21)  (1)

Net income (loss) attributable to the parent company

 $(174) $(68) $(116) $30 
                 

Net income (loss) per share available to common stockholders

                

Basic

 $(1.20) $(0.47) $(0.80) $0.21 

Diluted

 $(1.20) $(0.47) $(0.80) $0.21 
                 

Weighted-average common shares outstanding

                

Basic

  144.5   144.0   144.4   143.9 

Diluted

  144.5   144.0   144.4   144.8 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

Dana Incorporated

Consolidated Statement of Comprehensive Income (Unaudited)

(In millions)

 

  

Three Months Ended

  

Six Months Ended

 
  

June 30,

  

June 30,

 
  

2020

  

2019

  

2020

  

2019

 

Net income (loss)

 $(173) $(66) $(135) $35 

Other comprehensive income (loss), net of tax:

                

Currency translation adjustments

  7   3   (147)  30 

Hedging gains and losses

  10   2   39   7 

Defined benefit plans

  4   355   7   360 

Other comprehensive income (loss)

  21   360   (101)  397 

Total comprehensive income (loss)

  (152)  294   (236)  432 

Less: Comprehensive (income) loss attributable to noncontrolling interests

  (9)  (3)  8   (5)

Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests

  3   1   17   (3)

Comprehensive income (loss) attributable to the parent company

 $(158) $292  $(211) $424 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

Dana Incorporated

Consolidated Balance Sheet (Unaudited)

(In millions, except share and per share amounts)

 

  

June 30,

  

December 31,

 
  

2020

  

2019

 

Assets

        

Current assets

        
Cash and cash equivalents $694  $508 
Marketable securities  19   19 

Accounts receivable

        
Trade, less allowance for doubtful accounts of $7 in 2020 and $9 in 2019  890   1,103 
Other  175   202 
Inventories  1,116   1,193 
Other current assets  148   137 

Total current assets

  3,042   3,162 
Goodwill  451   493 
Intangibles  228   240 
Deferred tax assets  573   580 
Other noncurrent assets  124   120 
Investments in affiliates  164   182 
Operating lease assets  177   178 
Property, plant and equipment, net  2,149   2,265 

Total assets

 $6,908  $7,220 
         

Liabilities and equity

        

Current liabilities

        
Short-term debt $7  $14 
Current portion of long-term debt  36   20 
Accounts payable  796   1,255 
Accrued payroll and employee benefits  172   206 
Taxes on income  45   46 
Current portion of operating lease liabilities  42   42 
Other accrued liabilities  281   262 

Total current liabilities

  1,379   1,845 
Long-term debt, less debt issuance costs of $32 in 2020 and $28 in 2019  2,827   2,336 
Noncurrent operating lease liabilities  139   140 
Pension and postretirement obligations  445   459 
Other noncurrent liabilities  239   305 

Total liabilities

  5,029   5,085 

Commitments and contingencies (Note 13)

        
Redeemable noncontrolling interests  159   167 

Parent company stockholders' equity

        
Preferred stock, 50,000,000 shares authorized, $0.01 par value, no shares outstanding      
Common stock, 450,000,000 shares authorized, $0.01 par value, 144,482,275 and 143,942,539 shares outstanding  2   2 
Additional paid-in capital  2,390   2,386 
Retained earnings  490   622 
Treasury stock, at cost (10,433,465 and 10,111,191 shares)  (156)  (150)
Accumulated other comprehensive loss  (1,082)  (987)

Total parent company stockholders' equity

  1,644   1,873 
Noncontrolling interests  76   95 

Total equity

  1,720   1,968 

Total liabilities and equity

 $6,908  $7,220 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

Dana Incorporated

Consolidated Statement of Cash Flows (Unaudited)

(In millions)

 

   

Six Months Ended

 
   

June 30,

 
   

2020

   

2019

 

Operating activities

               

Net income (loss)

  $ (135 )   $ 35  
Depreciation     169       153  
Amortization     9       8  
Amortization of deferred financing charges     4       3  
Write-off of deferred financing costs     5        
Earnings of affiliates, net of dividends received     11       3  
Stock compensation expense     3       10  
Deferred income taxes     (8 )     (105 )
Pension expense, net     2       207  
Impairment of goodwill     51          
Change in working capital     (228 )     (247 )
Other, net     (9 )     (10 )

Net cash provided by (used in) operating activities

    (126 )     57  

Investing activities

               
Purchases of property, plant and equipment     (121 )     (190 )
Acquisition of businesses, net of cash acquired     (6 )     (654 )
Purchases of marketable securities     (15 )     (12 )
Proceeds from sales and maturities of marketable securities     13       18  
Settlements of undesignated derivatives     (5 )     (19 )
Other, net     (7 )     (6 )

Net cash used in investing activities

    (141 )     (863 )

Financing activities

               
Net change in short-term debt     (8 )     (3 )
Proceeds from long-term debt     510       675  
Repayment of long-term debt     (3 )     (19 )
Deferred financing payments     (11 )     (12 )
Dividends paid to common stockholders     (15 )     (29 )
Distributions to noncontrolling interests     (3 )     (12 )
Contributions from noncontrolling interests     9       2  
Payments to acquire noncontrolling interests     (1 )      
Repurchases of common stock           (25 )
Other, net     (2 )      

Net cash provided by financing activities

    476       577  

Net increase (decrease) in cash, cash equivalents and restricted cash

    209       (229 )
Cash, cash equivalents and restricted cash – beginning of period     518       520  
Effect of exchange rate changes on cash balances     (25 )     7  

Cash, cash equivalents and restricted cash – end of period (Note 5)

  $ 702     $ 298  
                 

Non-cash investing activity

               
Purchases of property, plant and equipment held in accounts payable   $ 57     $ 88  

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

Dana Incorporated

Index to Notes to Consolidated Financial Statements

 

 

1.

Organization and Summary of Significant Accounting Policies

 

 

2.

Acquisitions

 

 

3.

Goodwill and Other Intangible Assets

 

 

4.

Restructuring of Operations

 

 

5.

Supplemental Balance Sheet and Cash Flow Information

 

 

6.

Stockholders' Equity

 

 

7.

Redeemable Noncontrolling Interests

 

 

8.

Earnings per Share

 

 

9.

Stock Compensation

 

 

10.

Pension and Postretirement Benefit Plans

 

 

11.

Financing Agreements

 

 

12.

Fair Value Measurements and Derivatives

 

 

13.

Commitments and Contingencies

 

 

14.

Warranty Obligations

 

 

15.

Income Taxes

 

 

16.

Other Income (Expense), Net

 

 

17.

Revenue from Contracts with Customers

 

 

18.

Segments

 

 

19.

Equity Affiliates

 

 

Notes to Consolidated Financial Statements (Unaudited)

(In millions, except share and per share amounts)

 

 

Note 1. Organization and Summary of Significant Accounting Policies

 

General

 

Dana Incorporated (Dana) is headquartered in Maumee, Ohio and was incorporated in Delaware in 2007. As a global provider of high technology driveline (axles, driveshafts and transmissions); sealing and thermal-management products; and motors, power inverters, and control systems for electric vehicles our customer base includes virtually every major vehicle manufacturer in the global light vehicle, medium/heavy vehicle and off-highway markets.

 

The terms "Dana," "we," "our" and "us," when used in this report, are references to Dana. These references include the subsidiaries of Dana unless otherwise indicated or the context requires otherwise.

 

Summary of significant accounting policies

 

Basis of presentation — Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information. These statements are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the results for the interim periods. The results reported in these consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2019 (the 2019 Form 10-K).

 

During the second quarter of 2020, we identified an error in the loss attributable to redeemable noncontrolling interests due to incorrectly excluding the share of the goodwill impairment charge related to the redeemable noncontrolling interests. Of the $48 million impairment charge recorded for the Commercial Vehicle reporting unit during the three months ended March 31, 2020, $20 million should have been attributable to the redeemable noncontrolling interests.

 

We concluded that the error was not material to the financial statements for the quarter ended March 31, 2020 and therefore, amendment of the previously filed Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 is not required. In accordance with ASC Topic 250, "Accounting Changes and Error Corrections," we have corrected the error in the prior period by revising the year-to-date consolidated financial statements appearing herein. The first quarter of 2020 not presented herein will be revised, as applicable, in future filings. The following historical consolidated financial information includes both the consolidated financial information “as previously reported” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, as well as the consolidated financial information “as revised” to reflect the correction of the error.

 

  

Three Months 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 

 

8


 

Recently adopted accounting pronouncements

 

On January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, using the modified retrospective approach and an application date of January 1, 2020. This guidance introduces a new approach to estimating credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The adoption resulted in a noncash cumulative effect adjustment to retained earnings on our opening consolidated balance sheet as of January 1, 2020. 

 

We also adopted the following standard during the first six months of 2020, which did not have a material impact on our financial statements or financial statement disclosures:

 

Standard

 

Effective Date

2018-15

 

Intangibles – Goodwill and Other – Internal-Use Software, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

 

January 1, 2020

2018-14 Compensation – Retirement Benefits – Defined Benefit Plans – General, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans  January 1, 2020
2018-13 Fair Value Measurement, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement  January 1, 2020

 

Recently issued accounting pronouncements

 

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance is intended to provide temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The amendments in this ASU are elective and are effective upon issuance for all entities through December 31, 2022. We are currently assessing the impact of this guidance on our consolidated financial statements.

 

In December 2019, the FASB issued ASU 2019-12, Income Taxes – Simplifying the Accounting for Income Taxes. This guidance is intended to simplify various aspects of income tax accounting including the elimination of certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This guidance becomes effective January 1, 2021 and early adoption is permitted. Adoption of this guidance requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. We are currently assessing the impact of this guidance on our consolidated financial statements.

 

 

 

Note 2. Acquisitions

 

Ashwoods Innovations Limited — On February 5, 2020, we acquired Curtis Instruments, Inc.'s (Curtis) 35.4% ownership interest in Ashwoods Innovations Limited (Ashwoods). Ashwoods designs and manufactures permanent magnet electric motors for the automotive, material handling and off-highway vehicle markets. The acquisition of Curtis' interest in Ashwoods, along with our existing ownership interest in Ashwoods, provided us with a 97.8% ownership interest and a controlling financial interest in Ashwoods. We recognized a $3 gain to other income (expense), net on the required remeasurement of our previously held equity method investment in Ashwoods to fair value. The total purchase consideration of $22 is comprised of $8 of cash paid to Curtis at closing, the $10 fair value of our previously held equity method investment in Ashwoods and $4 related to the effective settlement of a pre-existing loan payable due from Ashwoods. During March 2020, we acquired the remaining noncontrolling interests in Ashwoods held by employee shareholders.

 

9

 

Nordresa On August 26, 2019, we acquired a 100% ownership interest in Nordresa Motors, Inc. (Nordresa) for consideration of $12, using cash on hand. Nordresa is a prominent integration and application engineering expert for the development and commercialization of electric powertrains for commercial vehicles. The investment further enhances Dana's electrification capabilities by combining its complete portfolio of motors, inverters, chargers, gearboxes, and thermal-management products with Nordresa's proprietary battery-management system, electric powertrain controls and integration expertise to deliver complete electric powertrain systems. The results of operations of the business are reported within our Commercial Vehicle operating segment. The pro forma effects of this acquisition would not materially impact our reported results for any period presented, and as a result no pro forma financial information is presented.

 

Hydro-Québec Relationship On July 29, 2019, we broadened our relationship with Hydro-Québec, with Hydro-Québec acquiring an indirect 45% redeemable noncontrolling interest in S.M.E. S.p.A. (SME) and increasing its existing indirect 22.5% noncontrolling interest in Prestolite E-Propulsion Systems (Beijing) Limited (PEPS) to 45%. We received $65 at closing, consisting of $53 of cash and a note receivable of $12. The note is payable in five years and bears annual interest of 5%. Dana will continue to consolidate SME and PEPS as the governing documents continue to provide Dana with a controlling financial interest in these subsidiaries. See Note 7 for additional information. See below for a discussion of Dana's acquisitions of PEPS and SME. On April 14, 2020, Hydro-Québec acquired an indirect 45% redeemable noncontrolling interest in Ashwoods. We received $9 in cash at closing, inclusive of $2 in proceeds on a loan from Hydro-Québec. Dana will continue to consolidate Ashwoods as the governing documents continue to provide Dana with a controlling financial interest in this subsidiary.

 

Prestolite E-Propulsion Systems (Beijing) Limited — On June 6, 2019, we acquired Prestolite Electric Beijing Limited's (PEBL) 50% ownership interest in PEPS. PEPS manufactures and distributes electric mobility solutions, including electric motors, inverters, and generators for commercial vehicles and heavy machinery. PEPS has a state-of-the-art facility in China, enabling us to expand motor and inverter manufacturing capabilities in the world's largest electric-mobility market. The acquisition of PEBL's interest in PEPS, along with our existing ownership interest in PEPS through our TM4 subsidiary, provides us with a 100% ownership interest and a controlling financial interest in PEPS. We recognized a $2 gain to other income (expense), net on the required remeasurement of our previously held equity method investment in PEPS to fair value. See Hydro-Québec relationship discussion above for details of subsequent changes in our ownership interest in PEPS.

 

We paid $50 at closing using cash on hand. The purchase consideration and related allocation to the acquisition date fair values of the assets acquired and liabilities assumed are presented in the following table:

 

Purchase consideration paid at closing

 $50 

Fair value of previously held equity method investment

  45 

Total purchase consideration

 $95 
     

Cash and cash equivalents

 $2 

Accounts receivable - Trade

  17 

Inventories

  9 

Goodwill

  63 
Intangibles  10 

Property, plant and equipment

  2 

Accounts payable

  (4)

Other accrued liabilities

  (3)
Other noncurrent liabilities  (1)

Total purchase consideration allocation

 $95 

 

Goodwill recognized in this transaction is primarily attributable to synergies expected to arise after the acquisition and the assembled workforce and is not deductible for tax purposes. We used a combination of the discounted cash flow, an income approach, and the guideline public company method, a market approach, to value our previously held equity method investment in PEPS. The fair value assigned to intangibles includes $10 allocated to customer relationships. We used the multi-period excess earnings method, an income approach, to value customer relationships. The customer relationships intangible asset is being amortized on a straight-line basis over seven years.

 

The results of operations of the business are reported in our Commercial Vehicle operating segment from the date of acquisition. The pro forma effects of this acquisition would not materially impact our reported results for any period presented, and as a result no pro forma financial information is presented. PEPS had an insignificant impact on our consolidated results of operations during 2019.

 

Oerlikon Drive Systems — On February 28, 2019, we acquired a 100% ownership interest in the Oerlikon Drive Systems (ODS) segment of the Oerlikon Group. ODS is a global manufacturer of high-precision gears, planetary hub drives for wheeled and tracked vehicles, and products, controls, and software that support vehicle electrification across the mobility industry. The acquisition of ODS is expected to deliver significant long-term value by accelerating our commitment to vehicle electrification and strengthening the technology portfolio for each of our end markets while further expanding and balancing the manufacturing presence of our off-highway business in key geographical markets.

 

10

 

We paid $626 at closing which was funded primarily through debt proceeds. See Note 11 for additional information. The purchase consideration and related allocation to the acquisition date fair values of the assets acquired and liabilities assumed are presented in the following table:

 

Purchase consideration paid at closing

 $626 

Less purchase consideration to be recovered for indemnified matters

  (11)

Total purchase consideration

 $615 
     

Cash and cash equivalents

 $76 

Accounts receivable - Trade

  150 

Accounts receivable - Other

  15 

Inventories

  190 

Other current assets

  16 

Goodwill

  94 

Intangibles

  58 

Deferred tax assets

  24 

Other noncurrent assets

  2 

Investments in affiliates

  7 
Operating lease assets  4 

Property, plant and equipment

  333 

Current portion of long-term debt

  (2)

Accounts payable

  (151)

Accrued payroll and employee benefits

  (37)