10-Q 1 dan20240331_10q.htm FORM 10-Q dan20240331_10q.htm
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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: March 31, 2024

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 were144,963,217 shares of the registrant’s common stock outstanding at April 17, 2024.

 

 

 
 

DANA INCORPORATED – FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024

 

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

24

 

 

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

35

 

 

 

Item 4

Controls and Procedures

35

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

Item 1

Legal Proceedings

36

 

 

 

Item 1A

Risk Factors

36

 

 

 

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

36

     
Item 5 Other Information 36

 

 

 

Item 6

Exhibits

36

 

 

 

Signatures

37

 

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

Dana Incorporated

Consolidated Statement of Operations (Unaudited)

(In millions, except per share amounts)

 

   

Three Months Ended

 
   

March 31,

 
   

2024

   

2023

 

Net sales

  $ 2,735     $ 2,644  

Costs and expenses

               

Cost of sales

    2,491       2,415  

Selling, general and administrative expenses

    139       140  

Amortization of intangibles

    3       3  

Restructuring charges, net

    5       1  

Loss on disposal group held for sale

    (29 )        

Other income (expense), net

    2       5  

Earnings before interest and income taxes

    70       90  

Interest income

    4       4  

Interest expense

    39       34  

Earnings before income taxes

    35       60  

Income tax expense

    37       30  

Equity in earnings of affiliates

    2       1  

Net income

          31  

Less: Noncontrolling interests net income

    5       4  

Less: Redeemable noncontrolling interests net loss

    (8 )     (1 )

Net income attributable to the parent company

  $ 3     $ 28  
                 

Net income per share available to common stockholders

               

Basic

  $ 0.02     $ 0.19  

Diluted

  $ 0.02     $ 0.19  
                 

Weighted-average common shares outstanding

               

Basic

    144.8       143.9  

Diluted

    144.8       144.3  

 

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

 
  

March 31,

 
  

2024

  

2023

 

Net income

 $  $31 

Other comprehensive income (loss), net of tax:

        

Currency translation adjustments

  (20)  25 

Hedging gains and losses

  (2)  15 

Defined benefit plans

  1   1 

Other comprehensive income (loss)

  (21)  41 

Total comprehensive income (loss)

  (21)  72 

Less: Comprehensive income attributable to noncontrolling interests

  (4)  (4)

Less: Comprehensive loss attributable to redeemable noncontrolling interests

  11    

Comprehensive income (loss) attributable to the parent company

 $(14) $68 

 

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)

 

  

March 31,

  

December 31,

 
  

2024

  

2023

 

Assets

        

Current assets

        

Cash and cash equivalents

 $351  $529 

Accounts receivable

        

Trade, less allowance for doubtful accounts of $14 in 2024 and $16 in 2023

  1,526   1,371 

Other

  251   280 

Inventories

  1,625   1,676 

Other current assets

  287   247 

Current assets of disposal group held for sale

  62     

Total current assets

  4,102   4,103 

Goodwill

  257   263 

Intangibles

  169   182 

Deferred tax assets

  507   516 

Other noncurrent assets

  158   140 

Investments in affiliates

  123   123 

Operating lease assets

  315   327 

Property, plant and equipment, net

  2,226   2,311 

Total assets

 $7,857  $7,965 
         

Liabilities, redeemable noncontrolling interests and equity

        

Current liabilities

        

Short-term debt

 $39  $22 

Current portion of long-term debt

  8   35 

Accounts payable

  1,697   1,756 

Accrued payroll and employee benefits

  316   288 

Taxes on income

  90   86 

Current portion of operating lease liabilities

  41   42 

Other accrued liabilities

  352   373 

Current liabilities of disposal group held for sale

  22     

Total current liabilities

  2,565   2,602 

Long-term debt, less debt issuance costs of $23 in 2024 and $24 in 2023

  2,580   2,598 

Noncurrent operating lease liabilities

  271   284 

Pension and postretirement obligations

  318   334 

Other noncurrent liabilities

  318   319 

Noncurrent liabilities of disposal group held for sale

  4     

Total liabilities

  6,056   6,137 

Commitments and contingencies (Note 13)

          

Redeemable noncontrolling interests

  197   191 

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, 144,954,645 and 144,386,484 shares outstanding

  2   2 

Additional paid-in capital

  2,260   2,255 

Retained earnings

  297   317 

Treasury stock, at cost (821,207 and 474,981 shares)

  (13)  (9)

Accumulated other comprehensive loss

  (1,007)  (990)

Total parent company stockholders' equity

  1,539   1,575 

Noncontrolling interests

  65   62 

Total equity

  1,604   1,637 

Total liabilities, redeemable noncontrolling interests and equity

 $7,857  $7,965 

 

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

 

 

 

Dana Incorporated

Consolidated Statement of Cash Flows (Unaudited)

(In millions)

 

   

Three Months Ended

 
   

March 31,

 
   

2024

   

2023

 

Operating activities

               

Net income

  $     $ 31  

Depreciation

    101       92  

Amortization

    5       5  

Amortization of deferred financing charges

    1       1  

Earnings of affiliates, net of dividends received

    (2 )     (1 )

Stock compensation expense

    6       6  

Deferred income taxes

    2       (8 )

Pension expense, net

    (7 )      

Change in working capital

    (251 )     (304 )

Loss on disposal group held for sale

    29          

Other, net

    14       8  

Net cash used in operating activities

    (102 )     (170 )

Investing activities

               

Purchases of property, plant and equipment

    (70 )     (120 )

Proceeds from sale of property, plant and equipment

    4       2  

Settlements of undesignated derivatives

    (1 )        

Other, net

    4          

Net cash used in investing activities

    (63 )     (118 )

Financing activities

               

Net change in short-term debt

    17       269  

Repayment of long-term debt

    (27 )     (2 )

Deferred financing payments

            (2 )

Dividends paid to common stockholders

    (15 )     (15 )

Distributions to noncontrolling interests

    (3 )     (1 )

Collection of note receivable from noncontrolling interest

    11          

Contributions from redeemable noncontrolling interests

    9       10  

Other, net

    9       (4 )

Net cash provided by financing activities

    1       255  

Net decrease in cash, cash equivalents and restricted cash

    (164 )     (33 )

Cash, cash equivalents and restricted cash – beginning of period

    563       442  

Effect of exchange rate changes on cash balances

    (12 )     10  

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

  $ 387     $ 419  
                 

Non-cash investing activity

               

Purchases of property, plant and equipment held in accounts payable

  $ 44     $ 72  

 

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. Disposal Group Held for Sale
   

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. Dana is 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 with a customer base that 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, 2023 (the 2023 Form 10-K). Certain prior year amounts have been reclassified to conform to the current presentation.

 

Recently adopted accounting pronouncements

 

We did not adopt any new accounting pronouncements during the three months ended March 31, 2024

 

Recently issued accounting pronouncements

 

We do not expect any recently issued accounting pronouncements to have a material effect on our financial statements.

 

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280). The guidance enhances reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance becomes effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the guidance on our financial statement disclosures.

 

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. This guidance requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The guidance becomes effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the guidance on our financial statement disclosures.

 

 

8

 
 

Note 2. Disposal Group Held for Sale

 

In February 2024, we entered into a definitive agreement to sell our European hydraulics business to HPIH S.à r.l. for approximately $40. The sale price is subject to adjustment based on net working capital and net financial position balances as of the closing date. The results of operations of the European hydraulics business are reported within our Off-Highway operating segment. We classified the disposal group as held for sale, recognizing a $29 loss to adjust the carrying value of net assets to fair value less estimated costs to sell. The sale is expected to close during the second quarter of 2024. The carrying amounts of the major classes of assets and liabilities of our European hydraulics business are as follows:

 

 March 31,
 2024

Accounts receivable - Trade

$17
Accounts receivable - Other 1
Inventories 44
Current assets of disposal group held for sale$62
   
Accounts payable$14
Accrued payroll and employee benefits 4
Current portion of operating lease liabilities 1
Other accrued liabilities 3
Current liabilities of disposal group held for sale$22
   
Noncurrent operating lease liabilities$1
Pension and postretirement obligations 2
Other noncurrent liabilities 1
Noncurrent liabilities of disposal group held for sale$4
   

 

 

Note 3. Goodwill and Other Intangible Assets

 

Changes in the carrying amount of goodwill by segment — 

 

  

Off-Highway

 

Balance, December 31, 2023

 $263 

Reclassified to disposal group held for sale

  (2)

Currency impact

  (4)

Balance, March 31, 2024

 $257 

 

Components of other intangible assets — 

 

      

March 31, 2024

  

December 31, 2023

 
  

Weighted Average Useful Life (years)

  

Gross Carrying Amount

  

Accumulated Impairment and Amortization

  

Net Carrying Amount

  

Gross Carrying Amount

  

Accumulated Impairment and Amortization

  

Net Carrying Amount

 

Amortizable intangible assets

                            

Core technology

  8  $158  $(127) $31  $159  $(126) $33 

Trademarks and trade names

  13   25   (14)  11   29   (15)  14 

Customer relationships

  8   492   (437)  55   503   (441)  62 

Non-amortizable intangible assets

                            

Trademarks and trade names

      72       72   73       73 
      $747  $(578) $169  $764  $(582) $182 

 

Net carrying amounts of intangible assets, other than goodwill, attributable to each of our operating segments—  

 

  

March 31, 2024

 

Light Vehicle

 $13 

Commercial Vehicle

  56 

Off-Highway

  96 

Power Technologies

  4 
  $169 

 

Amortization expense related to amortizable intangible assets — 

 

  

Three Months Ended

 
  

March 31,

 
  

2024

  

2023

 

Charged to cost of sales

 $2  $2 

Charged to amortization of intangibles

  3   3 

Total amortization

 $5  $5 

 

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. Restructuring expense includes costs associated with current and previously announced actions and is comprised of contractual and noncontractual separation costs and exit costs. During the first quarter of 2024, our restructuring charges were primarily comprised of separation costs related to the rationalization of the global administrative and functional services that support our manufacturing and assembly facilities and technical centers. 

 

Accrued restructuring costs and activity

 

  

Employee Termination Benefits

  

Exit Costs

  

Total

 

Balance, December 31, 2023

 $10  $  $10 

Charges to restructuring

  2   3   5 

Cash payments

  (2)  (3)  (5)

Balance, March 31, 2024

 $10  $  $10 

 

At March 31, 2024, the accrued employee termination benefits include costs to reduce approximately 300 employees to be completed over the next year.

 

 

Note 5. Supplemental Balance Sheet and Cash Flow Information

 

Supplier finance programs

 

As of March 31, 2024 and December 31, 2023, we had $74 and $69, respectively, of confirmed obligations subject to supplier finance programs presented as accounts payable within total current liabilities on the consolidated balance sheet.

 

Inventory components

 

  

March 31, 2024

  

December 31, 2023

 

Raw materials

 $679  $681 

Work in process and finished goods

  946   995 

Total

 $1,625  $1,676 

 

Cash, cash equivalents and restricted cash —

 

  

March 31, 2024

  

December 31, 2023

  

March 31, 2023

  

December 31, 2022

 

Cash and cash equivalents

 $351  $529  $401  $425 

Restricted cash included in other current assets

  25   23   7   7 

Restricted cash included in other noncurrent assets

  11   11   11   10 

Total cash, cash equivalents and restricted cash

 $387  $563  $419  $442 

 

 

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 quarter of 2024. 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.

 

10

 

Changes in equity

 

2024

 

Common Stock

  

Additional Paid-In Capital

  

Retained Earnings

  

Treasury Stock

  

Accumulated Other Comprehensive Loss

  

Non-controlling Interests

  

Total Equity

 

Balance, December 31, 2023

 $2  $2,255  $317  $(9) $(990) $62  $1,637 

Net income

          3           5   8 

Other comprehensive loss

                  (17)  (1)  (18)

Common stock dividends and dividend equivalents

          (15)              (15)

Distributions to noncontrolling interests

                      (1)  (1)

Redeemable noncontrolling interest adjustment to redemption value

          (8)              (8)

Stock compensation

      5                   5 

Stock withheld for employee taxes

              (4)          (4)

Balance, March 31, 2024

 $2  $2,260  $297  $(13) $(1,007) $65  $1,604 

 

2023

 

Common Stock

  

Additional Paid-In Capital

  

Retained Earnings

  

Treasury Stock

  

Accumulated Other Comprehensive Loss

  

Non-controlling Interests

  

Total Equity

 

Balance, December 31, 2022

 $2  $2,229  $321  $  $(1,001) $52  $1,603 

Net income

          28           4   32 

Other comprehensive income

                  40       40 

Common stock dividends and dividend equivalents

          (15)              (15)

Distributions to noncontrolling interests

                      (1)  (1)

Redeemable noncontrolling interest adjustment to redemption value

          (1)              (1)

Stock compensation

      8                   8 

Stock withheld for employee taxes

              (8)          (8)

Balance, March 31, 2023

 $2  $2,237  $333  $(8) $(961) $55  $1,658 

 

11

 

Changes in each component of accumulated other comprehensive income (loss) (AOCI) of the parent

 

  

Parent Company Stockholders

 

2024

 

Foreign Currency Translation

  

Hedging

  

Defined Benefit Plans

  

Accumulated Other Comprehensive Loss

 

Balance, December 31, 2023

 $(868) $20  $(142) $(990)

Currency translation adjustments

  (16)          (16)

Holding gains and losses

      9       9 

Reclassification of amount to net income (a)

      (11)      (11)

Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)

          1   1 

Tax expense

               

Other comprehensive income (loss)

  (16)  (2)  1   (17)

Balance, March 31, 2024

 $(884) $18  $(141) $(1,007)

 

  

Parent Company Stockholders

 

2023

 

Foreign Currency Translation

  

Hedging

  

Defined Benefit Plans

  

Accumulated Other Comprehensive Loss

 

Balance, December 31, 2022

 $(895) $21  $(127) $(1,001)

Currency translation adjustments

  24           24 

Holding gains and losses

      16       16 

Reclassification adjustment for net actuarial losses included in net periodic benefit cost (b)

          1   1 

Tax expense

      (1)      (1)

Other comprehensive income (loss)

  24   15   1   40 

Balance, March 31, 2023

 $(871) $36  $(126) $(961)

 

 

(a) Realized gains and losses from currency-related forward contracts associated with forecasted transactions or from other derivative instruments treated as cash flow hedges are reclassified from AOCI into the same line item in the consolidated statement of operations in which the underlying forecasted transaction or other hedged item is recorded. See Note 12 for additional details.

(b) See Note 10 for additional details.

 

12

 
 

Note 7. Redeemable Noncontrolling Interests

 

Hydro-Québec owns a 45% redeemable noncontrolling interest in Dana TM4 Inc., Dana TM4 Electric Holdings BV and Dana TM4 USA, LLC. The terms of the joint venture agreement provide Hydro-Québec with the right to put all, and not less than all, of its ownership interests in Dana TM4 Inc., Dana TM4 Electric Holdings BV and Dana TM4 USA, LLC to Dana at fair value.

 

Redeemable noncontrolling interests reflected as of the balance sheet date are the greater of the redeemable noncontrolling interest balances adjusted for comprehensive income (loss) items and distributions or the redemption value. Redeemable noncontrolling interest adjustments of redemption value are recorded in retained earnings. We estimate the fair value of the redemption value using an income-based approach based on discounted cash flow projections. In determining fair value using discounted cash flow projections, we make significant assumptions and estimates about the extent and timing of future cash flows, including revenue growth rates, projected EBITDA, discount rates, and terminal growth rates. 

 

Reconciliation of changes in redeemable noncontrolling interests

 

  

Three Months Ended

 
  

March 31,

 
  

2024

  

2023

 

Balance, beginning of period

 $191  $195 

Capital contribution from redeemable noncontrolling interests

  9   10 

Adjustment to redemption value

  8   1 

Comprehensive income (loss) adjustments:

        

Net loss attributable to redeemable noncontrolling interests

  (8)  (1)

Other comprehensive income (loss) attributable to redeemable noncontrolling interests

  (3)  1 

Balance, end of period

 $197  $206 

 

 

Note 8. Earnings per Share

 

Reconciliation of the numerators and denominators of the earnings per share calculations — 

 

  

Three Months Ended

 
  

March 31,

 
  

2024

  

2023

 

Net income available to common stockholders - Numerator basic and diluted

 $3  $28 
         

Denominator:

        

Weighted-average common shares outstanding - Basic

  144.8   143.9 

Employee compensation-related shares

     0.4 

Weighted-average common shares outstanding - Diluted

  144.8   144.3 

 

The share count for diluted earnings per share is computed on the basis of the weighted-average number of common shares outstanding plus the effects of dilutive common stock equivalents (CSEs) outstanding during the period. We excluded 2.2 million and 0.2 million CSEs from the calculation of diluted earnings per share for the first quarters of 2024 and 2023 as the effect of including them would have been anti-dilutive.

 

13

 
 

Note 9. Stock Compensation

 

The Compensation Committee of our Board of Directors approved the grant of RSUs and performance share units (PSUs) shown in the table below during 2024

 

  

Granted

  

Grant Date

 
  

(In millions)

  

Fair Value*

 

RSUs

  1.6  $13.23 

PSUs

  0.7  $13.31 

* Weighted-average per share

 

We calculated the fair value of the RSUs at grant date based on the closing market price of our common stock at the date of grant. The number of PSUs that ultimately vest is contingent on achieving specified financial targets and specified total shareholder return targets relative to peer companies. For the portion of the award based on financial metrics, we estimated the fair value of the PSUs at grant date based on the closing market price of our common stock at the date of grant adjusted for the value of assumed dividends over the period because the awards are not dividend protected. For the portion of the award based on shareholder returns, we estimated the fair value of the PSUs at grant date using various assumptions as part of a Monte Carlo simulation. The expected term represents the period from the grant date to the end of the three-year performance period. The risk-free interest rate of 4.39% was based on U.S. Treasury constant maturity rates at the grant date. The dividend yield of 2.7% was calculated using our historical approach calculated by dividing the expected annual dividend by the average stock price over the prior year. The estimated volatility of 47.7% was based on observed historical volatility of daily stock returns for the 3-year period preceding the grant date. 

 

During 2024, we paid $2 of cash to settle RSUs and issued 0.9 million shares of common stock based on the vesting of RSUs. We recognized stock compensation expense of $6 in both the first quarter of 2024 and 2023. At March 31, 2024, the total unrecognized compensation cost related to the nonvested awards granted and expected to vest was $49. This cost is expected to be recognized over a weighted-average period of 2.1 years.

 

 

Note 10. Pension and Postretirement Benefit Plans

 

We have a number of defined contribution and defined benefit, qualified and nonqualified, pension plans covering eligible employees. Other postretirement benefits (OPEB), including medical and life insurance, are provided for certain employees upon retirement.

 

Components of net periodic benefit cost (credit) — 

 

  

Pension

  

OPEB

 
  

2024

  

2023

  

2024

  

2023

 

Three Months Ended March 31,

 

U.S.

  

Non-U.S.

  

U.S.

  

Non-U.S.

  

Non-U.S.

  

Non-U.S.

 

Interest cost

 $7  $3  $7  $3  $1  $1 

Expected return on plan assets

  (7)  (1)  (8)  (1)        

Service cost

      2       1         

Amortization of net actuarial (gain) loss

  2       2       (1)  (1)

Net periodic benefit cost

 $2  $4  $1  $3  $  $ 

 

The service cost components of net periodic pension and OPEB costs are included in cost of sales and selling, general and administrative expenses as part of compensation cost and are eligible for capitalization in inventory and other assets. The non-service components are reported in other income (expense), net and are not eligible for capitalization.

 

14

 
 

Note 11. Financing Agreements

 

Long-term debt at

 

 

Interest Rate

  

March 31, 2024

  

December 31, 2023

 

Senior Notes due April 15, 2025

5.750%

* $200  $200 

Senior Notes due November 15, 2027

5.375%

   400   400 

Senior Notes due June 15, 2028

5.625%

   400   400 

Senior Euro Notes due July 15, 2029

3.000%

   351   359 

Senior Notes due September 1, 2030

4.250%

   400   400 

Senior Euro Notes due July 15, 2031

8.500%

   459   469 

Senior Notes due February 15, 2032

4.500%

   350   350 

Other indebtedness

    51   79 

Debt issuance costs

    (23)  (24)
     2,588   2,633 

Less: Current portion of long-term debt

    8   35 

Long-term debt, less debt issuance costs

   $2,580  $2,598 

 

*

In conjunction with the issuance of the April 2025 Notes, we entered into 8-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the April 2025 Notes to euro-denominated debt at a fixed rate of 3.850%. See Note 12 for additional information.

 

Interest on the senior notes is payable semi-annually. Other indebtedness includes borrowings from various financial institutions and finance lease obligations.

 

15

 

Senior notes activity — On May 24, 2023, Dana Financing Luxembourg S.à.r.l. (Dana Financing), a wholly-owned subsidiary of Dana, completed the sale of €425 ($458 as of May 24, 2023) in senior unsecured notes ( July 2031 Notes) at 8.500%. The July 2031 Notes are fully and unconditionally guaranteed by Dana. The July 2031 Notes were issued through a private placement and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act). The July 2031 Notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and, outside the United States, only to non-U.S. investors in reliance on Regulation S under the Securities Act. The July 2031 Notes rank equally with Dana's other unsecured senior notes. Interest on the notes is payable on January 15 and July 15 of each year, beginning on January 15, 2024. The July 2031 Notes will mature on July 15, 2031. Net proceeds of the offering totaled €419 ($451 as of May 24, 2023). Financing costs of €6 ($7 as of May 24, 2023) were recorded as deferred costs and are being amortized to interest expense over the life of the notes. The proceeds from the offering were used to redeem $200 of our April 2025 Notes and to make payments against borrowings on our Revolving Facility. On June 9, 2023 we redeemed $200 of our April 2025 Notes at a price equal to 100.00% plus accrued and unpaid interest. The $1 loss on extinguishment of debt is comprised of the write-off of previously deferred financing costs associated with the April 2025 Notes.

 

Senior notes redemption provisions — We may redeem some or all of the senior notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on the anniversary date of the senior notes in the year set forth below:

 

  

Redemption Price

 
  

April

  

November

  

June

  

July

  

September

  

July

  

February

 

Year

 

2025 Notes

  

2027 Notes

  

2028 Notes

  

2029 Notes

  

2030 Notes

  

2031 Notes

  

2032 Notes

 

2023

  100.000%  101.344%  102.813%                

2024

  100.000%  100.000%  101.406%  101.500%            

2025

      100.000%  100.000%  100.750%            

2026

      100.000%  100.000%  100.000%  102.125%  104.250%    

2027

          100.000%  100.000%  101.417%  102.125%  102.250%

2028

              100.000%  100.708%  100.000%  101.500%

2029

                  100.000%  100.000%  100.750%

2030

                      100.000%  100.000%

2031

                          100.000%

 

At any time prior to July 15, 2024, we may redeem up to 40% of the aggregate principal amount of the July 2029 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 103.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, provided that at least 50% of the aggregate principal amount of the July 2029 Notes remain outstanding after the redemption. Prior to July 15, 2024, we may also redeem some or all of the July 2029 Notes at a redemption price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt.

 

At any time prior to May 1, 2024, we may redeem up to 40% of the aggregate principal amount of the September 2030 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 104.250% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, provided that at least 50% of the aggregate principal amount of the September 2030 Notes remains outstanding after the redemption. Prior to May 1, 2026, we may redeem some or all of the September 2030 Notes at a redemption price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt.

 

At any time prior to July 15, 2026, we may redeem up to 40% of the aggregate principal amount of the July 2031 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 108.500% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, provided that at least 50% of the aggregate principal amount of the July 2031 Notes remain outstanding after the redemption.  Prior to July 15, 2026, we may also redeem some or all of the July 2031 Notes at a redemption price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt.

 

At any time prior to February 15, 2025, we may redeem up to 40% of the aggregate principal amount of the February 2032 Notes in an amount not to exceed the amount of proceeds of one or more equity offerings, at a price equal to 104.500% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, provided that at least 50% of the aggregate principal amount of the February 2032 Notes remains outstanding after the redemption. Prior to February 15, 2027, we may redeem some or all of the February 2032 Notes at a redemption price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date plus a “make-whole” premium. We have not separated the make-whole premium from the underlying debt instrument to account for it as a derivative instrument as the economic characteristics and the risks of this embedded derivative are clearly and closely related to the economic characteristics and risks of the underlying debt.

 

Credit agreement — On March 14, 2023, we amended our credit and guaranty agreement, extending its maturity to March 14, 2028. We recorded deferred fees of $2 related to the amendment. The deferred fees are being amortized over the life of the Revolving Facility. Deferred financing costs on our Revolving Facility are included in other noncurrent assets. 

 

The Revolving Facility is guaranteed by all of our wholly-owned domestic subsidiaries subject to certain exceptions (the guarantors) and are secured by a first-priority lien on substantially all of the assets of Dana and the guarantors, subject to certain exceptions.

 

16

 

Advances under the Revolving Facility bear interest at a floating rate based on, at our option, the base rate or the Term Secured Overnight Financing Rate ("SOFR") (each as described in the credit agreement) plus a margin as set forth below:

 

  

Margin

 

Total Net Leverage Ratio

 

Base Rate

  

SOFR Rate

 

Less than or equal to 1.00:1.00

  0.25%  1.25%

Greater than 1.00:1.00 but less than or equal to 2.00:1.00

  0.50%  1.50%

Greater than 2.00:1.00

  0.75%  1.75%

 

Commitment fees are applied based on the average daily unused portion of the available amounts under the Revolving Facility as set forth below:

 

Total Net Leverage Ratio

 

Commitment Fee

 

Less than or equal to 1.00:1.00

  0.250%

Greater than 1.00:1.00 but less than or equal to 2.00:1.00

  0.375%

Greater than 2.00:1.00

  0.500%

 

Up to $275 of the Revolving Facility may be applied to letters of credit, which reduces availability. We pay a fee for issued and undrawn letters of credit in an amount per annum equal to the applicable margin for SOFR rate advances based on a quarterly average availability under issued and undrawn letters of credit under the Revolving Facility and a per annum fronting fee of 0.125%, payable quarterly.

 

At  March 31, 2024, we had $15 of outstanding borrowings under the Revolving Facility and had utilized $9 for letters of credit. We had availability at March 31, 2024 under the Revolving Facility of $1,126 after deducting the outstanding letters of credit.

 

Debt covenants — At March 31, 2024, we were in compliance with the covenants of our financing agreements. Under the Revolving Facility and the senior notes, we are required to comply with certain incurrence-based covenants customary for facilities of these types and, in the case of the Revolving Facility, a maintenance covenant tested on the last day of each fiscal quarter requiring us to maintain a first lien net leverage ratio not to exceed 2.00 to 1.00.

 

 

Note 12. Fair Value Measurements and Derivatives

 

In measuring the fair value of our assets and liabilities, we use market data or assumptions that we believe market participants would use in pricing an asset or liability including assumptions about risk when appropriate. Our valuation techniques include a combination of observable and unobservable inputs.

 

Fair value measurements on a recurring basis — Assets and liabilities that are carried in our balance sheets at fair value are as follows:

 

       

Fair Value

 

Category

 

Balance Sheet Location

 

Fair Value Level

  March 31, 2024  December 31, 2023 

Currency forward contracts

             

Cash flow hedges

 

Accounts receivable - Other

 2  $25  $43 

Cash flow hedges

 

Other accrued liabilities

 2   1   7 

Undesignated

 

Accounts receivable - Other

 2   3   3 

Undesignated

 

Other accrued liabilities

 2   2   5 

Currency swaps

             

Cash flow hedges

 

Other noncurrent assets

 2   4     

Cash flow hedges

 

Other noncurrent liabilities

 2       11 

Undesignated

 

Other noncurrent liabilities

 2   8   9 

 

Fair Value Level 2 assets and liabilities reflect the use of significant other observable inputs.

 

Fair value of financial instruments — The financial instruments that are not carried in our balance sheets at fair value are as follows:

 

      

March 31, 2024

  

December 31, 2023

 
  

Fair Value Level

 

Carrying Value

  

Fair Value

  

Carrying Value

  

Fair Value

 

Long-term debt

  2  $2,540  $2,465  $2,582  $2,495 

 

17

 

Foreign currency derivatives — Our foreign currency derivatives include forward contracts associated with forecasted transactions, primarily involving the purchases and sales of inventory, as well as currency swaps associated with certain recorded external notes payable and intercompany loans receivable and payable. Periodically, our foreign currency derivatives also include net investment hedges of certain of our investments in foreign operations.

 

We have executed fixed-to-fixed cross-currency swaps in conjunction with the issuance of certain notes to eliminate the variability in the functional-currency-equivalent cash flows due to changes in exchange rates associated with the forecasted principal and interest payments. All of the underlying designated financial instruments have been designated as the hedged items in each respective cash flow hedge relationship, as shown in the table below. Designated as cash flow hedges of the forecasted principal and interest payments of the underlying designated financial instruments, all of the swaps economically convert the underlying designated financial instruments into the functional currency of each respective holder. The impact of the interest rate differential between the inflow and outflow rates on fixed-to-fixed cross-currency swaps is recognized during each period as a component of interest expense for hedges of external debt and as a component of other income (expense), net for hedges of intercompany debt.

 

The following fixed-to-fixed cross-currency swaps were outstanding at March 31, 2024:

 

Underlying Financial Instrument

  

Derivative Financial Instrument

 

Description

 

Type

 

Face Amount

  

Rate

  Notional Amount  

Traded Amount

  

Inflow Rate

  

Outflow Rate

 

April 2025 Notes

 

Payable

 $200   5.75