10-Q 1 dan20220930_10q.htm FORM 10-Q dan20220930_10q.htm
0000026780 Dana Inc. false --12-31 Q3 2022 11 7 22 26 50,000,000 50,000,000 0.01 0.01 0 0 450,000,000 450,000,000 0.01 0.01 143,353,224 144,238,660 13,469,842 11,661,591 0 0.10 0.10 0.10 50 50 3 8 325 396 320 391 5 3 7 Weighted-average per share See Note 10 for additional details. 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%. On April 25, 2022, we settled existing fixed-to-fixed cross-currency swaps on $100 of the April 2025 Notes. See Note 13 for additional information. 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: September 30, 2022

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

 

Securities registered pursuant to Section 12(b) of the Act:

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 143,353,465 shares of the registrant’s common stock outstanding at October 14, 2022.

 

 

 
 

DANA INCORPORATED – FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022

 

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

25

 

 

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

38

 

 

 

Item 4

Controls and Procedures

38

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1

Legal Proceedings

39

 

 

 

Item 1A

Risk Factors

39

 

 

 

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

39

 

 

 

Item 6

Exhibits

39

 

 

 

Signatures

40

 

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

Dana Incorporated

Consolidated Statement of Operations (Unaudited)

(In millions, except per share amounts)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2022

   

2021

   

2022

   

2021

 

Net sales

  $ 2,535     $ 2,204     $ 7,601     $ 6,672  

Costs and expenses

                               

Cost of sales

    2,332       1,998       7,018       5,963  

Selling, general and administrative expenses

    114       103       374       348  

Amortization of intangibles

    3       4       10       11  

Restructuring charges, net

    (1 )     1       (1 )     2  

Impairment of goodwill

    (191 )             (191 )        

Other income (expense), net

    3       (4 )     15       (33 )

Earnings (loss) before interest and income taxes

    (101 )     94       24       315  

Loss on extinguishment of debt

                            (24 )

Interest income

    2       2       6       6  

Interest expense

    32       31       95       99  

Earnings (loss) before income taxes

    (131 )     65       (65 )     198  

Income tax expense

    31       20       67       56  

Equity in earnings (loss) of affiliates

    (1 )     5       (1 )     29  

Net income (loss)

    (163 )     50       (133 )     171  

Less: Noncontrolling interests net income

    4       4       11       9  

Less: Redeemable noncontrolling interests net loss

    (79 )     (2 )     (81 )     (10 )

Net income (loss) attributable to the parent company

  $ (88 )   $ 48     $ (63 )   $ 172  
                                 

Net income (loss) per share available to common stockholders

                               

Basic

  $ (0.61 )   $ 0.33     $ (0.44 )   $ 1.19  

Diluted

  $ (0.61 )   $ 0.33     $ (0.44 )   $ 1.17  
                                 

Weighted-average common shares outstanding

                               

Basic

    143.4       144.8       143.6       145.0  

Diluted

    143.4       146.2       143.6       146.4  

 

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

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2022

   

2021

   

2022

   

2021

 

Net income (loss)

  $ (163 )   $ 50     $ (133 )   $ 171  

Other comprehensive income (loss), net of tax:

                               

Currency translation adjustments

    (82 )     (25 )     (134 )     (11 )

Hedging gains and losses

    1       (9 )     (2 )     (10 )

Defined benefit plans

    1       4       5       11  

Other comprehensive loss

    (80 )     (30 )     (131 )     (10 )

Total comprehensive income (loss)

    (243 )     20       (264 )     161  

Less: Comprehensive (income) loss attributable to noncontrolling interests

    (1 )     (4 )     (6 )     2  

Less: Comprehensive loss attributable to redeemable noncontrolling interests

    89       4       97        

Comprehensive income (loss) attributable to the parent company

  $ (155 )   $ 20     $ (173 )   $ 163  

 

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)

 

  

September 30,

  

December 31,

 
  

2022

  

2021

 

Assets

        

Current assets

        

Cash and cash equivalents

 $371  $268 

Marketable securities

  13   17 

Accounts receivable

        

Trade, less allowance for doubtful accounts of $11 in 2022 and $7 in 2021

  1,507   1,321 

Other

  252   220 

Inventories

  1,603   1,564 

Other current assets

  208   196 

Total current assets

  3,954   3,586 

Goodwill

  246   482 

Intangibles

  200   233 

Deferred tax assets

  613   580 

Other noncurrent assets

  181   131 

Investments in affiliates

  128   174 

Operating lease assets

  262   247 

Property, plant and equipment, net

  2,078   2,199 

Total assets

 $7,662  $7,632 
         

Liabilities and equity

        

Current liabilities

        

Short-term debt

 $230  $23 

Current portion of long-term debt

  7   8 

Accounts payable

  1,839   1,571 

Accrued payroll and employee benefits

  209   184 

Taxes on income

  67   41 

Current portion of operating lease liabilities

  37   43 

Other accrued liabilities

  269   304 

Total current liabilities

  2,658   2,174 

Long-term debt, less debt issuance costs of $22 in 2022 and $26 in 2021

  2,314   2,386 

Noncurrent operating lease liabilities

  229   209 

Pension and postretirement obligations

  350   398 

Other noncurrent liabilities

  244   292 

Total liabilities

  5,795   5,459 

Commitments and contingencies (Note 14)

          

Redeemable noncontrolling interests

  196   198 

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, 143,353,224 and 144,238,660 shares outstanding

  2   2 

Additional paid-in capital

  2,440   2,427 

Retained earnings

  491   662 

Treasury stock, at cost (13,469,842 and 11,661,591 shares)

  (216)  (184)

Accumulated other comprehensive loss

  (1,095)  (985)

Total parent company stockholders' equity

  1,622   1,922 

Noncontrolling interests

  49   53 

Total equity

  1,671   1,975 

Total liabilities, redeemable noncontrolling interests and equity

 $7,662  $7,632 

 

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

 

 

 

Dana Incorporated

Consolidated Statement of Cash Flows (Unaudited)

(In millions)

 

   

Nine Months Ended

 
   

September 30,

 
   

2022

   

2021

 

Operating activities

               

Net income (loss)

  $ (133 )   $ 171  

Depreciation

    270       272  

Amortization

    17       18  

Amortization of deferred financing charges

    4       5  

Redemption premium on debt

            21  

Write-off of deferred financing costs

            3  

Earnings of affiliates, net of dividends received

    29       (11 )

Stock compensation expense

    13       15  

Deferred income taxes

    (56 )     8  

Impairment of goodwill

    191          

Change in working capital

    (21 )     (501 )

Other, net

    (7 )     18  

Net cash provided by operating activities

    307       19  

Investing activities

               

Purchases of property, plant and equipment

    (300 )     (228 )

Acquisition of businesses, net of cash acquired

    (1 )     (18 )

Investments in affiliates

            (23 )

Proceeds from sale of subsidiary, net of cash disposed

            (4 )

Purchases of marketable securities

    (15 )     (25 )

Proceeds from sales of marketable securities

            30  

Proceeds from maturities of marketable securities

    18       27  

Settlement of terminated fixed-to-fixed cross currency swap

            (22 )

Settlements of undesignated derivatives

    (6 )     (2 )

Other, net

    7       5  

Net cash used in investing activities

    (297 )     (260 )

Financing activities

               

Net change in short-term debt

    212       43  

Proceeds from long-term debt

    2       802  

Repayment of long-term debt

    (19 )     (805 )

Redemption premium on debt

            (21 )

Deferred financing payments

            (13 )

Dividends paid to common stockholders

    (43 )     (44 )

Repurchases of common stock

    (25 )     (23 )

Distributions to noncontrolling interests

    (8 )     (10 )

Contributions from redeemable noncontrolling interests

    30       6  

Deconsolidation of non-wholly owned subsidiary

            (6 )

Payments to acquire noncontrolling interests

    (4 )        

Other, net

    (7 )        

Net cash provided by (used in) financing activities

    138       (71 )

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

    148       (312 )

Cash, cash equivalents and restricted cash – beginning of period

    287       567  

Effect of exchange rate changes on cash balances

    (45 )     (16 )

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

  $ 390     $ 239  
                 

Non-cash investing activity

               

Purchases of property, plant and equipment held in accounts payable

  $ 65     $ 75  

 

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. Marketable Securities

 

 

12.

Financing Agreements

 

 

13.

Fair Value Measurements and Derivatives

 

 

14.

Commitments and Contingencies

 

 

15.

Warranty Obligations

 

 

16.

Income Taxes

 

 

17.

Other Income (Expense), Net

 

 

18.

Revenue from Contracts with Customers

 

 

19.

Segments

 

 

20.

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, 2021 (the 2021 Form 10-K). Certain prior year amounts have been reclassified to conform to the current presentation.

 

During the first quarter of 2022, we identified an error related to certain intercompany inventory transfers that were not appropriately eliminated and recorded an adjustment of $8 to cost of sales. A portion of this adjustment relates to prior periods. We concluded that the correction of this error was not material to the financial statements for the quarter ended March 31, 2022 or any prior periods.  

 

Recently issued accounting pronouncements

 

In October 2021, the FASB issued Accounting Standards Update (ASU) 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The guidance is intended to provide clarification on how to account for contract assets acquired via business combination, which will generally be at the same value as recognized by the acquiree assuming the acquiree followed US GAAP. The guidance becomes effective January 1, 2023. We do not expect adoption of this guidance to have a material impact on our consolidated financial statements.

 

In November 2021, the FASB issued ASU 2021-10, Disclosures by Business Entities about Government Assistance. This guidance requires annual disclosures about the nature of certain government assistance received, the accounting policy used to account for the transactions, the location in the financial statements where such transactions were recorded and significant terms and conditions associated with such transactions. The guidance is effective for annual periods beginning after December 15, 2021, with early adoption permitted. We do not expect adoption of this guidance to have a material impact on our consolidated financial statements. 

 

In September 2022, the FASB issued ASU 2022-04, Supplier Finance Programs. This guidance enhances the transparency of supplier finance programs which includes disclosing information about the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. The guidance becomes effective January 1, 2023. We are currently assessing the impact of the guidance on our consolidated financial statements.

 

Note 2. Acquisitions

 

Pi Innovo Holding Limited — On March 1, 2021, we acquired the remaining 51% ownership interest in Pi Innovo Holding Limited (Pi Innovo). Pi Innovo designs, develops and manufactures electronic control units spanning a range of applications and industries. The acquisition of the remaining ownership interest provided us with a 100% ownership interest in Pi Innovo. The total purchase consideration of $35 is comprised of $18 of cash paid at closing and the $17 fair value of our previously held equity method investment in Pi Innovo. 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.

 

 

Note 3. Goodwill and Other Intangible Assets

 

Goodwill — Our goodwill is tested for impairment annually as of October 31 for all of our reporting units, and more frequently if events or circumstances warrant such a review. We estimate the fair value of the reporting units using discounted cash flow projections. In determining the fair value of the reporting units, we make significant assumptions and estimates about the extent and timing of future cash flows, including revenue growth rates, projected segment EBITDA, discount rates, and terminal growth rates. If the estimated fair value of the reporting unit exceeds its carrying value, the goodwill is considered not to be impaired. If the carrying value of the reporting unit exceeds its estimated fair value, a goodwill impairment charge is recorded for the difference, with the impairment loss limited to the total amount of goodwill allocated to that reporting unit.

 

8

 

We evaluated macro-economic conditions during the third quarter of 2022, including the impact of the Federal Reserve further increasing the risk-free interest rate, as well as the negative impact of sustained higher commodity costs, non-material cost increases and operational inefficiencies attributable to continued global supply chain disruptions. We believe that these conditions were factors in our market capitalization falling below the book value of net assets as of September 30, 2022. Accordingly, we concluded a triggering event had occurred and performed interim goodwill impairment analyses for our Commercial Vehicle and Off-Highway reporting units.

 

Based on the results of our interim impairment analyses, we concluded that the carrying value exceeded fair value of our Commercial Vehicle reporting unit and we recorded a goodwill impairment charge of $191, representing a full impairment of goodwill assigned to the Commercial Vehicle reporting unit. Our analysis for the Off-Highway reporting unit indicated that the fair value continues to exceed the carrying value by a substantial amount and, accordingly, no impairment charge was required. There was no impairment of indefinite-lived intangible assets in any of the periods presented. 

 

The remaining change in the carrying amount of goodwill in 2022 was due to currency fluctuation.

 

Changes in the carrying amount of goodwill by segment — 

 

  

Light Vehicle

  

Commercial Vehicle

  

Off-Highway

  

Power Technologies

  

Total

 

Balance, December 31, 2021

 $  $201  $281  $  $482 

Impairment

      (191)          (191)

Currency impact

      (10)  (35)      (45)

Balance, September 30, 2022

 $  $  $246  $  $246 

 

Components of other intangible assets — 

 

     

September 30, 2022

  

December 31, 2021

 
  

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  $152  $(111) $41  $161  $(110) $51 

Trademarks and trade names

 13   28   (12)  16   31   (12)  19 

Customer relationships

 8   489   (415)  74   519   (431)  88 

Non-amortizable intangible assets

                           

Trademarks and trade names

     69       69   75       75 
     $738  $(538) $200  $786  $(553) $233 

 

The net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments at  September 30, 2022 were as follows: Light Vehicle — $17, Commercial Vehicle — $67, Off-Highway — $111 and Power Technologies — $5.

 

Amortization expense related to amortizable intangible assets — 

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2022

  

2021

  

2022

  

2021

 

Charged to cost of sales

 $3  $2  $7  $7 

Charged to amortization of intangibles

  3   4   10   11 

Total amortization

 $6  $6  $17  $18 

 

The following table provides the estimated aggregate pre-tax amortization expense related to intangible assets for each of the next five years based on September 30, 2022 exchange rates. Actual amounts may differ from these estimates due to such factors as currency translation, customer turnover, impairments, additional intangible asset acquisitions and other events.

 

  

Remainder of 2022

  

2023

  

2024

  

2025

  

2026

 

Amortization expense

 $5  $22  $20  $19  $17 

 

9

 
 

Note 4. Restructuring of Operations

 

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.

 

Accrued restructuring costs and activity

 

   

Employee Termination Benefits

   

Exit Costs

   

Total

 

Balance, June 30, 2022

  $ 7     $     $ 7  

Charges to restructuring

          1       1  

Adjustments of accruals

    (2 )             (2 )

Cash payments

            (1 )     (1 )

Currency impact

    (1 )             (1 )

Balance, September 30, 2022

  $ 4     $     $ 4  
                         

Balance, December 31, 2021

  $ 11     $     $ 11  

Charges to restructuring

    2       1       3  

Adjustments of accruals

    (4 )             (4 )

Cash payments

    (4 )     (1 )     (5 )

Currency impact

    (1 )             (1 )

Balance, September 30, 2022

  $ 4     $     $ 4  

 

At September 30, 2022, the accrued employee termination benefits include costs to reduce approximately 100 employees to be completed over the next year.

 

 

Note 5. Supplemental Balance Sheet and Cash Flow Information

 

Inventory components at

 

   

September 30, 2022

   

December 31, 2021

 

Raw materials

  $ 674     $ 651  

Work in process and finished goods

    1,030       1,000  

Inventory reserves

    (101 )     (87 )

Total

  $ 1,603     $ 1,564  

 

Cash, cash equivalents and restricted cash at —

 

   

September 30, 2022

   

December 31, 2021

   

September 30, 2021

   

December 31, 2020

 

Cash and cash equivalents

  $ 371     $ 268     $ 220     $ 559  

Restricted cash included in other current assets

    9       9       8       5  

Restricted cash included in other noncurrent assets

    10       10       11       3  

Total cash, cash equivalents and restricted cash

  $ 390     $ 287     $ 239     $ 567  

 

 

Note 6. Stockholders’ Equity

 

Common stock — Our Board of Directors declared a cash dividend of ten cents per share of common stock in the first, second and third quarters of 2022. Dividends accrue on restricted stock units (RSUs) granted under our stock compensation program and will be paid in cash or additional units when the underlying units vest.

 

Share repurchase program — On February 16, 2021 our Board of Directors approved an extension of our existing common stock share repurchase program through December 31, 2023. Under the program, we spent $25 to repurchase 1,483,742 shares of our common stock during the first quarter of 2022 through open market transactions. Approximately $102 remained available for future share repurchases as of September 30, 2022.

 

10

 

Changes in equity

 

2022

 

Common Stock

  

Additional Paid-In Capital

  

Retained Earnings

  

Treasury Stock

  

Accumulated Other Comprehensive Loss

  

Non-controlling Interests

  

Total Equity

 

Balance, December 31, 2021

 $2  $2,427  $662  $(184) $(985) $53  $1,975 

Net income

          17           4   21 

Other comprehensive income

                  36       36 

Common stock dividends and dividend equivalents

          (14)              (14)

Common stock share repurchases

              (25)          (25)

Distributions to noncontrolling interests

                      (1)  (1)

Purchase of noncontrolling interests

                      (1)  (1)

Redeemable noncontrolling interests adjustment to redemption value

          (1)              (1)

Stock compensation

      4                   4 

Stock withheld for employees taxes

              (7)          (7)

Balance, March 31, 2022

  2   2,431   664   (216)  (949)  55   1,987 

Net income

          8           3   11 

Other comprehensive loss

                  (79)  (2)  (81)

Common stock dividends and dividend equivalents

          (15)              (15)

Distributions to noncontrolling interests

                      (1)  (1)

Purchase of noncontrolling interests

                      (1)  (1)

Redeemable noncontrolling interests adjustment to redemption value

          (1)              (1)

Stock compensation

      4                   4 

Balance, June 30, 2022

  2   2,435   656   (216)  (1,028)  54   1,903 

Net income (loss)

          (88)          4   (84)

Other comprehensive loss

                  (67)  (3)  (70)

Common stock dividends and dividend equivalents

          (14)              (14)

Distributions to noncontrolling interests

                      (6)  (6)

Redeemable noncontrolling interests adjustment to redemption value

          (63)              (63)

Stock compensation

      5                   5 

Balance, September 30, 2022

 $2  $2,440  $491  $(216) $(1,095) $49  $1,671 

 

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 loss

                  (18)  (2)  (20)

Common stock dividends and dividend equivalents

          (14)              (14)

Redeemable noncontrolling interests adjustment to redemption value

          (4)              (4)

Stock compensation

      7                   7 

Stock withheld for employees taxes

              (5)          (5)

Balance, March 31, 2021

  2   2,415   583   (161)  (1,044)  75   1,870 

Net income

          53           4   57 

Other comprehensive income (loss)