Company Quick10K Filing
Quick10K
Dana
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$17.38 144 $2,500
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-31 Exhibits
8-K 2019-06-20 Exhibits
8-K 2019-05-02 Exhibits
8-K 2019-05-01 Shareholder Vote
8-K 2019-03-11 Regulation FD, Exhibits
8-K 2019-02-28 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-02-15 Exhibits
8-K 2019-01-15 Regulation FD, Exhibits
8-K 2018-11-01 Officers
8-K 2018-10-29 Exhibits
8-K 2018-07-29 Enter Agreement, Other Events, Exhibits
8-K 2018-07-29 Regulation FD, Other Events, Exhibits
8-K 2018-07-25 Exhibits
8-K 2018-06-22 Regulation FD, Exhibits
8-K 2018-04-26 Amend Bylaw, Exhibits
8-K 2018-03-26 Enter Agreement, Other Events, Exhibits
8-K 2018-03-19 Earnings, Other Events, Exhibits
8-K 2018-03-09 Enter Agreement, Other Events, Exhibits
8-K 2018-03-02 Regulation FD, Exhibits
8-K 2018-02-16 Officers, Exhibits
8-K 2018-02-13 Exhibits
8-K 2018-01-17 Regulation FD, Exhibits
CFG Citizens Financial Group 16,520
TRU Transunion 12,360
VAR Varian Medical Systems 12,250
VIRT Virtu Financial 4,710
PACB Pacific Biosciences of California 1,120
CLVS Clovis Oncology 1,030
AKBA Akebia Therapeutics 697
BCBP BCB Bancorp 212
ENG ENGlobal 22
COBZ Cobiz Financial 0
DAN 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Note 1. Organization and Summary of Significant Accounting Policies
Note 2. Acquisitions
Note 3. Disposal Groups and Divestitures
Note 4. Goodwill and Other Intangible Assets
Note 5. Restructuring of Operations
Note 6. Supplemental Balance Sheet and Cash Flow Information
Note 7. Leases
Note 8. Stockholders' Equity
Note 9. Redeemable Noncontrolling Interests
Note 10. Earnings per Share
Note 11. Stock Compensation
Note 12. Pension and Postretirement Benefit Plans
Note 13. Marketable Securities
Note 14. Financing Agreements
Note 15. Fair Value Measurements and Derivatives
Note 16. Commitments and Contingencies
Note 17. Warranty Obligations
Note 18. Income Taxes
Note 19. Other Expense, Net
Note 20. Revenue From Contracts with Customers
Note 21. Segments
Note 22. Equity Affiliates
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Millions)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 dan-20190630xex311.htm
EX-31.2 dan-20190630xex312.htm
EX-32 dan-20190630xex32.htm

Dana Earnings 2019-06-30

DAN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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, 2019
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
Non-accelerated filer
Smaller reporting company
Accelerated filer
 
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 143,919,574 shares of the registrant’s common stock outstanding at July 19, 2019.
 





DANA INCORPORATED – FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019
 
TABLE OF CONTENTS
                                      
 
 
10-Q Pages
PART I – FINANCIAL INFORMATION
 
 
 
 
Item 1
Financial Statements
 
 
Consolidated Statement of Operations (Unaudited)
 
Consolidated Statement of Comprehensive Income (Unaudited)
 
Consolidated Balance Sheet (Unaudited)
 
Consolidated Statement of Cash Flows (Unaudited)
 
Notes to Consolidated Financial Statements (Unaudited)
 
 
 
Item 2
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
Item 3
Quantitative and Qualitative Disclosures About Market Risk
 
 
 
Item 4
Controls and Procedures
 
 
 
PART II – OTHER INFORMATION
 
 
 
 
Item 1
Legal Proceedings
 
 
 
Item 1A
Risk Factors
 
 
 
Item 2
Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
Item 6
Exhibits
 
 
 
Signatures
 
 

2



PART I – FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
Dana Incorporated
Consolidated Statement of Operations (Unaudited)
(In millions, except per share amounts)

 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
2,306

 
$
2,054

 
$
4,469

 
$
4,192

Costs and expenses
 
 
 

 
 

 
 

Cost of sales
1,980

 
1,746

 
3,843

 
3,577

Selling, general and administrative expenses
140

 
134

 
276

 
264

Amortization of intangibles
4

 
2

 
6

 
4

Restructuring charges, net
9

 
7

 
18

 
8

Impairment of indefinite-lived intangible asset


 
(20
)
 


 
(20
)
Adjustment in fair value of disposal group held for sale


 
3

 


 
3

Pension settlement charge
(258
)
 


 
(258
)
 


Other expense, net
(10
)
 
(10
)
 
(23
)
 
(10
)
Earnings (loss) before interest and income taxes
(95
)

138


45


312

Interest income
3

 
2

 
5

 
5

Interest expense
34

 
23

 
61

 
47

Earnings (loss) before income taxes
(126
)

117


(11
)

270

Income tax expense (benefit)
(52
)
 
(4
)
 
(32
)
 
44

Equity in earnings of affiliates
8

 
6

 
14

 
12

Net income (loss)
(66
)
 
127

 
35

 
238

Less: Noncontrolling interests net income
2

 
3

 
6

 
5

Less: Redeemable noncontrolling interests net income (loss)


 


 
(1
)
 
1

Net income (loss) attributable to the parent company
$
(68
)
 
$
124

 
$
30

 
$
232

 
 
 
 
 
 
 
 
Net income (loss) per share available to common stockholders
 

 
 

 
 

 
 

Basic
$
(0.47
)
 
$
0.85

 
$
0.21

 
$
1.60

Diluted
$
(0.47
)
 
$
0.85

 
$
0.21

 
$
1.58

 
 
 
 
 
 
 
 
Weighted-average common shares outstanding
 
 
 
 
 
 
 
Basic
144.0

 
145.1

 
143.9

 
145.3

Diluted
144.0

 
146.5

 
144.8

 
147.0


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

3



Dana Incorporated
Consolidated Statement of Comprehensive Income (Unaudited)
(In millions)
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
(66
)
 
$
127

 
$
35

 
$
238

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Currency translation adjustments
3

 
(56
)
 
30

 
(46
)
Hedging gains and losses
2

 
(6
)
 
7

 
(14
)
Defined benefit plans
355

 
6

 
360

 
13

Other comprehensive income (loss)
360

 
(56
)
 
397

 
(47
)
Total comprehensive income
294

 
71

 
432

 
191

Less: Comprehensive (income) loss attributable to noncontrolling interests
(3
)
 
2

 
(5
)
 


Less: Comprehensive (income) loss attributable to redeemable noncontrolling interest
1

 
2

 
(3
)
 


Comprehensive income attributable to the parent company
$
292

 
$
75

 
$
424

 
$
191


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

4



Dana Incorporated
Consolidated Balance Sheet (Unaudited)
(In millions, except share and per share amounts)
 
June 30, 
 2019
 
December 31, 
 2018
Assets
 

 
 

Current assets
 

 
 

Cash and cash equivalents
$
289

 
$
510

Marketable securities
15

 
21

Accounts receivable
 

 
 

Trade, less allowance for doubtful accounts of $7 in 2019 and $9 in 2018
1,423

 
1,065

Other
214

 
178

Inventories
1,286

 
1,031

Other current assets
143

 
102

Total current assets
3,370

 
2,907

Goodwill
533

 
264

Intangibles
240

 
164

Deferred tax assets
534

 
445

Other noncurrent assets
88

 
80

Investments in affiliates
170

 
208

Operating lease assets
179

 


Property, plant and equipment, net
2,232

 
1,850

Total assets
$
7,346

 
$
5,918

 
 
 
 
Liabilities and equity
 

 
 

Current liabilities
 

 
 

Short-term debt
$
14

 
$
8

Current portion of long-term debt
42

 
20

Accounts payable
1,405

 
1,217

Accrued payroll and employee benefits
216

 
186

Taxes on income
64

 
47

Current portion of operating lease liabilities
41

 


Other accrued liabilities
282

 
269

Total current liabilities
2,064

 
1,747

Long-term debt, less debt issuance costs of $28 in 2019 and $18 in 2018
2,418

 
1,755

Noncurrent operating lease liabilities
142

 


Pension and postretirement obligations
438

 
561

Other noncurrent liabilities
365

 
313

Total liabilities
5,427

 
4,376

Commitments and contingencies (Note 16)


 


Redeemable noncontrolling interests
105

 
100

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, 143,913,832 and 144,663,403 shares outstanding
2

 
2

Additional paid-in capital
2,376

 
2,368

Retained earnings
456

 
456

Treasury stock, at cost (10,099,912 and 8,342,185 shares)
(150
)
 
(119
)
Accumulated other comprehensive loss
(968
)
 
(1,362
)
Total parent company stockholders' equity
1,716

 
1,345

Noncontrolling interests
98

 
97

Total equity
1,814

 
1,442

Total liabilities and equity
$
7,346

 
$
5,918

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

5



Dana Incorporated
Consolidated Statement of Cash Flows (Unaudited)
(In millions)
 
Six Months Ended 
 June 30,
 
2019
 
2018
Operating activities
 

 
 

Net income
$
35

 
$
238

Depreciation
153

 
124

Amortization
8

 
5

Amortization of deferred financing charges
3

 
2

Earnings of affiliates, net of dividends received
3

 
5

Stock compensation expense
10

 
9

Deferred income taxes
(105
)
 
(45
)
Pension expense, net
207

 
1

Impairment of indefinite-lived intangible asset


 
20

Adjustment in fair value of disposal group held for sale


 
(2
)
Change in working capital
(247
)
 
(232
)
Other, net
(10
)
 
(12
)
Net cash provided by operating activities
57

 
113

Investing activities
 

 
 

Purchases of property, plant and equipment
(190
)
 
(145
)
Acquisition of businesses, net of cash acquired
(654
)
 
(151
)
Proceeds from previous acquisition


 
9

Purchases of marketable securities
(12
)
 
(29
)
Proceeds from sales of marketable securities
6

 
6

Proceeds from maturities of marketable securities
12

 
23

Settlements of undesignated derivatives
(19
)
 


Other, net
(6
)
 


Net cash used in investing activities
(863
)
 
(287
)
Financing activities
 

 
 

Net change in short-term debt
(3
)
 
(5
)
Proceeds from long-term debt
675

 


Repayment of long-term debt
(19
)
 
(2
)
Deferred financing payments
(12
)
 


Dividends paid to common stockholders
(29
)
 
(29
)
Distributions to noncontrolling interests
(12
)
 
(4
)
Contributions from noncontrolling interests
2

 


Repurchases of common stock
(25
)
 
(25
)
Other, net


 
(5
)
Net cash provided by (used in) financing activities
577

 
(70
)
Net decrease in cash, cash equivalents and restricted cash
(229
)
 
(244
)
Cash, cash equivalents and restricted cash – beginning of period
520

 
610

Effect of exchange rate changes on cash balances
7

 
(13
)
Less: Cash contributed to disposal group


 
(10
)
Cash, cash equivalents and restricted cash – end of period (Note 6)
$
298

 
$
343

 
 
 
 
Non-cash investing activity
 
 
 
Purchases of property, plant and equipment held in accounts payable
$
88

 
$
75


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

6



Dana Incorporated
Index to Notes to Consolidated Financial Statements
 
1.
Organization and Summary of Significant Accounting Policies
 
 
2.
Acquisitions
 
 
3.
Disposal Groups and Divestitures
 
 
4.
Goodwill and Other Intangible Assets
 
 
5.
Restructuring of Operations
 
 
6.
Supplemental Balance Sheet and Cash Flow Information
 
 
7.
Leases
 
 
8.
Stockholders' Equity
 
 
9.
Redeemable Noncontrolling Interests
 
 
10.
Earnings per Share
 
 
11.
Stock Compensation
 
 
12.
Pension and Postretirement Benefit Plans
 
 
13.
Marketable Securities
 
 
14.
Financing Agreements
 
 
15.
Fair Value Measurements and Derivatives
 
 
16.
Commitments and Contingencies
 
 
17.
Warranty Obligations
 
 
18.
Income Taxes
 
 
19.
Other Expense, Net
 
 
20.
Revenue from Contracts with Customers
 
 
21.
Segments
 
 
22.
Equity Affiliates
 


 

7



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, 2018 (the 2018 Form 10-K).

Recently adopted accounting pronouncements

On January 1, 2019, we adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), using the modified retrospective approach and an application date of January 1, 2019. Prior period amounts have not been adjusted and continue to be reflected in accordance with our historical accounting. This transition method resulted in the recognition of a right-of-use asset and a lease liability for virtually all leases at the application date with a cumulative-effect adjustment to retained earnings. Short-term leases of less than 12 months have not been recorded on the balance sheet.

We elected the package of practical expedients, which among other things, allowed us to carry forward the historical lease classification. We did not elect the practical expedient that allowed for hindsight to determine the lease term of existing leases. We separated the lease components from the non-lease components of each lease arrangement and, therefore, did not elect the practical expedient that would enable us to not separate them.

We also adopted the following standard during the first half of 2019, which did not have a material impact on our financial statements or financial statement disclosures:
Standard
 
Effective Date
2017-11
 
Earnings Per Share, Distinguishing Liabilities from Equity, Derivatives and Hedging – (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception
 
January 1, 2019


Recently issued accounting pronouncements

In August 2018, the FASB issued ASU 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. This guidance allows for capitalization of implementation costs associated with certain cloud computing arrangements. This guidance becomes effective January 1, 2020 and early adoption is permitted. The guidance is to be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We do not expect the adoption of this guidance to impact our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. The guidance eliminated certain

8



disclosures about defined benefit plans, added new disclosures, and clarified other requirements. This guidance becomes effective January 1, 2020 and early adoption is permitted. There were no changes to interim disclosure requirements. Adoption of this guidance will not have a material effect on our annual financial statement disclosures.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The guidance removed or modified some disclosures while others were added. The removal and amendment of certain disclosures can be adopted immediately with retrospective application. The additional disclosure guidance becomes effective January 1, 2020. Adoption of this guidance will not have a material effect on our financial statement disclosures.

In January 2017, the FASB issued ASU 2017-04, Goodwill – Simplifying the Test for Goodwill Impairment, guidance that simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 of the goodwill impairment test. The new guidance quantifies goodwill impairment as the amount by which the carrying amount of a reporting unit, including goodwill, exceeds its fair value, with the impairment loss limited to the total amount of goodwill allocated to that reporting unit. This guidance becomes effective January 1, 2020 and will be applied on a prospective basis. Early adoption is permitted for impairment tests performed after January 1, 2017. We do not expect the adoption of this guidance to impact our consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Credit Losses – Measurement of Credit Losses on Financial Instruments, new guidance for the accounting for credit losses on certain financial instruments. 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. This guidance, which becomes effective January 1, 2020, is not expected to have a material impact on our consolidated financial statements.

Note 2. Acquisitions

Prestolite E-Propulsion Systems (Beijing) Limited On June 6, 2019, we acquired Prestolite Electric Beijing Limited's (PEBL) 50% ownership interest in Prestolite E-Propulsion Systems (Beijing) Limited (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 expense, net on the required remeasurement of our previously held equity method investment in PEPS to fair value.

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

Cash consideration
 
$
50

Fair value of previously held equity method investment
 
45

Total purchase consideration
 
$
95

 
 
 
Cash and cash equivalents
 
$
2

Accounts receivable - Trade
 
17

Inventories
 
8

Goodwill
 
73

Property, plant and equipment
 
2

Accounts payable
 
(4
)
Other accrued liabilities
 
(3
)
Total purchase consideration allocation
 
$
95



The fair value of the assets acquired and liabilities assumed, as well as the fair value of our previously held equity method investment, are provisional and could be revised as a result of additional information obtained regarding indemnified matters and liabilities assumed and revisions of provisional estimates of fair values, including but not limited to, the completion of independent appraisals and valuations related to inventories, intangibles and property, plant and equipment. Goodwill recognized in this transaction is primarily attributable to synergies expected to arise after the acquisition and the assembled

9



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 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 statements are presented. PEPS had an insignificant impact on our consolidated results of operations during the second quarter of 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. The business employs approximately 5,900 people and operates 10 manufacturing and engineering facilities in China, India, Italy, the United Kingdom, and the United States, with two additional facilities under construction in China.

We paid $626 at closing which was funded primarily through debt proceeds. See Note 14 for additional information. The purchase consideration and related provisional 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
 
(4
)
Total purchase consideration
 
$
622

 
 
 
Cash and cash equivalents
 
$
76

Accounts receivable - Trade
 
150

Accounts receivable - Other
 
15

Inventories
 
191

Other current assets
 
15

Goodwill
 
122

Intangibles
 
58

Deferred tax assets
 
51

Other noncurrent assets
 
5

Investments in affiliates
 
7

Property, plant and equipment
 
329

Current portion of long-term debt
 
(2
)
Accounts payable
 
(151
)
Accrued payroll and employee benefits
 
(35
)
Other accrued liabilities
 
(48
)
Long-term debt
 
(8
)
Pension and postretirement obligations
 
(48
)
Other noncurrent liabilities
 
(97
)
Noncontrolling interests
 
(8
)
Total purchase consideration allocation
 
$
622



The purchase consideration and the fair values of the assets acquired and liabilities assumed are provisional and could be revised as a result of additional information obtained regarding indemnified matters and liabilities assumed and revisions of provisional estimates of fair values, including but not limited to, the completion of independent appraisals and valuations related to inventory, intangibles and property, plant and equipment.

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. The provisional fair values assigned to intangibles includes $11 allocated to developed technology, $13 allocated to trademarks and trade names and $34 allocated to customer relationships. We used the relief from royalty method, an income approach, to value developed technology and trademarks and trade names. We used the multi-period excess earnings method, an income approach, to value customer relationships. We used a replacement

10



cost method to value fixed assets. The developed technology, trademarks and trade names and customer relationship intangible assets are being amortized on a straight-line basis over seven, ten and twelve years, respectively. Property, plant and equipment is being depreciated on a straight-line basis over useful lives ranging from three to twenty-five years.

The results of operations of ODS are reported in our Off-Highway and Commercial Vehicle operating segments. Transaction related expenses associated with completion of the acquisition totaling $13 were charged to other expense, net. During the second quarter and first six months of 2019, the business contributed sales of $211 and $286, respectively.

The following unaudited pro forma information has been prepared as if the ODS acquisition and the related debt financing had occurred on January 1, 2018.
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net sales
$
2,306

 
$
2,285

 
$
4,614

 
$
4,645

Net income (loss)
$
(59
)
 
$
121

 
$
67

 
$
208



The unaudited pro forma results include adjustments primarily related to purchase accounting, interest expense related to the debt proceeds used in connection with the acquisition of ODS, and non-recurring strategic transaction expense. The unaudited pro forma financial information is not indicative of the operational results that would have been obtained had the transactions actually occurred as of that date, nor is it necessarily indicative of Dana’s future operational results.

SME — On January 11, 2019, we acquired a 100% ownership interest in the S.M.E. S.p.A. (SME). SME designs, engineers, and manufactures low-voltage AC induction and synchronous reluctance motors, inverters, and controls for a wide range of off-highway electric vehicle applications, including material handling, agriculture, construction, and automated-guided vehicles. The addition of SME's low-voltage motors and inverters, which are primarily designed to meet the evolution of electrification in off-highway equipment, significantly expands Dana's electrified product portfolio.

We paid $88 at closing, consisting of $62 in cash on hand and a note payable of $26 which allows for net settlement of potential contingencies as defined in the purchase agreement. The note is payable in five years and bears annual interest of 5%. The purchase consideration and the related provisional allocation to the acquisition date fair values of the assets acquired and liabilities assumed are presented in the following table:
Total purchase consideration
 
$
88

 
 
 
Accounts receivable - Trade
 
4

Accounts receivable - Other
 
1

Inventories
 
8

Goodwill
 
68

Intangibles
 
24

Other noncurrent assets
 
1

Property, plant and equipment
 
5

Short-term debt
 
(8
)
Accounts payable
 
(6
)
Accrued payroll and employee benefits
 
(1
)
Other accrued liabilities
 
(1
)
Other noncurrent liabilities
 
(7
)
Total purchase consideration allocation
 
$
88



The fair value of the assets acquired and liabilities assumed are provisional and could be revised as a result of additional information obtained regarding liabilities assumed and revisions of provisional estimates of fair values including but not limited to, the completion of independent appraisals and valuations related to intangibles.

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. The provisional fair values assigned to intangibles include $15 allocated to developed technology and $9 allocated to customer relationships. We used the relief from royalty method, an income approach, to value developed technology. We used the multi-period excess earnings method, an income approach, to value customer relationships. We used a replacement cost method to value fixed assets. The developed technology and

11



customer relationship intangible assets are being amortized on a straight-line basis over twelve and ten years, respectively, and property, plant and equipment is being depreciated on a straight-line basis over useful lives ranging from one to twenty years.

The results of operations of the business are reported in our Off-Highway 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 statements were presented. During the second quarter and first six months of 2019, the business contributed sales of $6 and $12, respectively.

TM4 — On June 22, 2018, we acquired a 55% ownership interest in TM4 Inc. (TM4) from Hydro-Québec. TM4 designs and manufactures motors, power inverters, and control systems for electric vehicles, offering a complementary portfolio to Dana's electric gearboxes and thermal-management technologies for batteries, motors, and inverters. The transaction establishes Dana as the only supplier with full e-Drive design, engineering, and manufacturing capabilities – offering electro-mechanical propulsion solutions to each of its end markets. The transaction further strengthens Dana's position in China, the world's fastest-growing market for electric vehicles. TM4 owns a 50% interest in PEPS, a joint venture in China with PEBL, which offers electric mobility solutions throughout China and Asia. See discussion of Dana's subsequent acquisition of PEBL's 50% interest in PEPS above. The terms of the agreement provide Hydro-Québec with the right to put all, and not less than all, of its shares in TM4 to Dana at fair value any time after June 22, 2021.

We paid $125 at closing, using cash on hand. The purchase consideration and the related allocation to the acquisition date fair values of the assets acquired and liabilities assumed are presented in the following table:

Total purchase consideration
 
$
125

 
 
 
Cash and cash equivalents
 
$
3

Accounts receivable - Trade
 
3

Accounts receivable - Other
 
1

Inventories
 
4

Goodwill
 
148

Intangibles
 
24

Investments in affiliates
 
49

Property, plant and equipment
 
5

Accounts payable
 
(2
)
Accrued payroll and employee benefits
 
(1
)
Other accrued liabilities
 
(7
)
Redeemable noncontrolling interest
 
(102
)
Total purchase consideration allocation
 
$
125



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. The provisional fair values assigned to intangibles include $14 allocated to developed technology and $10 allocated to trademarks and trade names. We used the relief from royalty method, an income approach, to value developed technology and the trademarks and trade names. We used a replacement cost method to value fixed assets. We used a combination of the discounted cash flow, an income approach, and the guideline public company method, a market approach, to value the equity method investment in PEPS. The developed technology intangible assets are being amortized on a straight-line basis over ten years, and property, plant and equipment is being depreciated on a straight-line basis over useful lives ranging from five to six years. The trademarks and trade names are considered indefinite-lived intangible assets.

Dana is consolidating TM4 as the governing documents provide Dana with a controlling financial interest. The results of operations of the business are reported in our Commercial Vehicle operating segment from the date of acquisition. Transaction related expenses associated with completion of the acquisition totaling $5 were charged to other expense, net in 2018. 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 statements are presented. During 2018, the business contributed sales of $11.

BFP and BPT On February 1, 2017, we acquired 80% ownership interests in Brevini Fluid Power S.p.A. (BFP) and Brevini Power Transmission S.p.A. (BPT) from Brevini Group S.p.A. (Brevini). The acquisition expands our Off-Highway operating segment product portfolio to include technologies for tracked vehicles, doubling our addressable market for off-highway

12



driveline systems and establishing Dana as the only off-highway solutions provider that can manage the power to both move the equipment and perform its critical work functions. This acquisition also brings a platform of technologies that can be leveraged in our light and commercial-vehicle end markets, helping to accelerate our hybridization and electrification initiatives.

We paid $181 at closing, using cash on hand, and refinanced a significant portion of the debt assumed in the transaction during the first half of 2017. In December 2017, a purchase price reduction of $9 was agreed under the sale and purchase agreement provisions for determination of the net indebtedness and net working capital levels of BFP and BPT as of the closing date. In connection with the acquisition of BFP and BPT, Dana agreed to purchase certain real estate being leased by BPT from a Brevini affiliate for 25. Completion of the real estate purchase and receipt of the purchase price adjustment occurred in the second quarter of 2018 with a net cash payment of $20.
 
 
 

On August 8, 2018, we entered into an agreement to acquire Interfind S.p.A.'s, formerly Brevini Group S.p.A., remaining 20% ownership interests in BFP and BPT and to settle all claims between the parties. We paid $43 to acquire Interfind S.p.A.'s remaining ownership interests and received $10 in settlement of all pending and future claims. See Note 9 for additional information.

Note 3. Disposal Groups and Divestitures

Disposal group held for sale — In December 2017, we entered into an agreement to divest our Brazil suspension components business (the disposal group) for no consideration to an unaffiliated company. The results of operations of the Brazil suspension components business were reported within our Commercial Vehicle operating segment. To effectuate the sale, Dana was obligated to contribute $10 of additional cash to the business prior to closing. We classified the disposal group as held for sale at December 31, 2017, recognizing a $27 loss to adjust the carrying value of the net assets to fair value and to recognize the liability for the additional cash required to be contributed to the business prior to closing. During the first quarter of 2018, we made the required cash contribution to the disposal group. After being unable to complete the transaction with the counterparty to the December 2017 agreement, we entered into an agreement with another third party in June 2018. The transaction with the new counterparty closed in July 2018 and we received cash proceeds of $2. We reversed $3 of the previously recognized $27 pre-tax loss, inclusive of the proceeds received in July 2018, during the second quarter of 2018.

Note 4. Goodwill and Other Intangible Assets

Goodwill — The change in the carrying amount of goodwill in 2019 is due to the acquisitions of PEPS, ODS and SME and currency fluctuation. See Note 2 for additional information on recent acquisitions.

Changes in the carrying amount of goodwill by segment — 
 
Light Vehicle
 
Commercial Vehicle
 
Off-Highway
 
Power Technologies
 
Total
Balance, December 31, 2018
$
3

 
$
150

 
$
105

 
$
6

 
$
264

Acquisitions

 
73

 
190

 

 
263

Currency impact

 
6

 

 

 
6

Balance, June 30, 2019
$
3

 
$
229

 
$
295

 
$
6

 
$
533



13



Components of other intangible assets — 
 
 
 
June 30, 2019
 
December 31, 2018
 
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
 
$
133

 
$
(91
)
 
$
42

 
$
107

 
$
(89
)
 
$
18

Trademarks and trade names
13
 
31

 
(5
)
 
26

 
16

 
(4
)
 
12

Customer relationships
9
 
502

 
(405
)
 
97

 
460

 
(400
)
 
60

Non-amortizable intangible assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Trademarks and trade names
 
 
75

 


 
75

 
74

 


 
74

Used in research and development activities
 
 


 


 

 
20

 
(20
)
 

 
 
 
$
741

 
$
(501
)
 
$
240

 
$
677

 
$
(513
)
 
$
164



During the third quarter of 2012, we entered a strategic alliance with Fallbrook Technologies Inc. (Fallbrook). The transaction with Fallbrook was accounted for as a business combination and the original purchase price allocation included $20 of intangible assets used in research and development activities, which had been classified as indefinite-lived. Since the third quarter of 2012, we had been working with several customers to commercialize the continuously variable planetary (CVP) technology primarily in combustion engine applications. During the second quarter of 2018 key customers notified us of their intention to redirect their development efforts to electrification and cease further development efforts of the CVP technology in combustion engine applications. We determined that it was more likely than not that the fair value of the related intangible assets was less than their carrying amount. We used the multi-period excess earnings method, an income approach, to fair value the assets used in research and development activities. Given the lack of adequate identifiable future revenue streams, it was determined that the $20 of intangible assets used in research and development activities was fully impaired during the second quarter of 2018.

The net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments at June 30, 2019 were as follows: Light Vehicle — $26, Commercial Vehicle — $54, Off-Highway — $152 and Power Technologies — $8.

Amortization expense related to amortizable intangible assets — 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Charged to cost of sales
$
1

 
$